N-CSR 1 ea164209_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06114

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Address of principal executive offices)	(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-762-7085

Date of fiscal year end: 8/31

Date of reporting period: 8/31/23

Item 1. Reports to Stockholders.

Annual Report

August 31, 2023

U.S. Treasury Fund

Government Securities Money Market Fund

Limited Duration Fund

Moderate Duration Fund

Bond Fund

Strategic Enhanced Yield Fund

Ultra Short Tax-Free Income Fund

Opportunistic Fund

World Energy Fund

Hedged Income Fund

On January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website (www.cavanalhillfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling (800) 762-7085.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund you can call (800) 762-7085 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

Management Discussion of Fund Performance

Statements of Assets and Liabilities

Statements of Operations

Statements of Changes in Net Assets

Schedules of Portfolio Investments

Notes to the Financial Statements

Financial Highlights

Report of Independent Registered Public Accounting Firm

Additional Fund Information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to the portfolio securities and information during the most recent 12-month period ended June 30th is available without charge, upon request, by calling 1-800-762-7085 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

A complete schedule of each non-Money Market Fund’s portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the Securities and Exchange Commission on Form N-PORT. The Money Market Funds file completed Schedules of Portfolio Holdings with the Securities and Exchange Commission on Form N-NMFP. Schedules of Portfolio Holdings for the funds are available without charge on the Securities and Exchange Commission’s website at http://www.sec.gov. In addition, the schedules may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus or summary prospectus. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus or summary prospectus. To obtain a prospectus or summary prospectus, please call 1-800-762-7085. Please read the prospectus carefully before investing.

Cavanal Hill Distributors, Inc., member FINRA, serves as the distributor for the Cavanal Hill Funds.

Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, BOKF, NA, any of its affiliates or the Distributor. Shares are NOT FDIC INSURED, nor are they insured by any other government agency. An investment in the Funds involves investment risk, including possible loss of principal.

This document may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements give our current expectations of forecasts of future events. They include statements regarding our anticipated future operating and financial performance. Although we believe the expectations and statements reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions, by inaccurate information from third parties, or by known or unknown risks and uncertainties.

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Glossary of Terms

Bloomberg 1-Year Municipal Bond Index includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years.

Bloomberg Asset-Backed Securities (ABS) Index includes pass-through, bullet, and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche.

Bloomberg U.S. Aggregate Bond Index measures the investment-grade, USD-denominated, fixed-rate taxable bond market, including Treasuries, government-re-lated and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS, and CMBS.

Bloomberg U.S. CMBS Investment Grade Index measures the market of U.S. Agency and US Non-Agency conduit and fusion CMBS deals with a minimum current deal size of $300m. The index is divided into two subcomponents: the U.S. Aggregate-eligible component, which contains bonds that are ERISA eligible under the underwriter’s exemption, and the non-US Aggregate-eligible component, which consists of bonds that are not ERISA eligible.

Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high-yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/ BB+ or below. Bonds from issuers with an emerging markets (EM) country of risk, based on Barclays EM country definition, are excluded.

Bloomberg U.S. Corporate Investment-Grade Index covers all publicly issued U.S. corporate, non-corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements, to qualify, bonds must be SEC-registered.

Bloomberg U.S. Intermediate Aggregate Bond Index is representative of investment-grade debt issues with maturities from one year up to (but not including) 10 years.

Bloomberg U.S. Mortgage-Backed Securities tracks agency mortgage pass-through securities (no longer incorporates hybrid ARM) guaranteed by Ginnie Mae (GNMA), Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage.

Bloomberg U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index.

Bloomberg U.S. Treasury Index is an index of the public obligations of the U.S. Treasury with a remaining maturity of one year or more are non-convertible and are denominated in U.S. dollars. Securities must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade.

CBOE S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buywrite strategy using S&P 500 index call options.

Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations, and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index is comprised of investment-grade government and corporate debt securities with maturities between one- and five-years.

MSCI World Energy Index captures the large- and mid-cap segments across 23 developed markets and includes securities classified in the energy sector per Global Industry Classification Standard.

Russell 1000^® Index is designed to represent the performance of companies within specific sectors of the Russell 1000^®Index. Methodology equally weights securities within each sector, mitigating security specific risk an offering balanced exposure to particular sectors.

Russell 2000^® Index is designed to represent the performance of companies within specific sectors of the Russell 2000^®Index. Methodology equally weights securities within each sector, mitigating security specific risk and offering balanced exposure to particular sectors.

Russell 3000^® Index is designed to represent the performance of companies within specific sectors of the Russell 3000^®Index. Methodology equally weights securities within each sector, mitigating security specific risk and offering balanced exposure to particular sectors.

Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000^® Index. The Russell 3000^® Growth Index includes companies that display signs of above average growth, exhibit higher price-to-book, and forecasted earnings.

Russell 3000^® Value Index is a market capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000^® Index, included in the index are stocks from the Russell 3000 with lower price-to-book ratios and lower expected growth rates.

Russell Midcap^® Index tracks the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^®Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^®Index represents approximately 27% of the total market capitalization of the Russell 1000 companies.

Secured Overnight Financing Rate (SOFR) is a measure of the cost of borrowing cash overnight collateralized by Treasury securities, the benchmark is fully transaction based, founded on a robust underlying market–actual transaction level data is provided by Bank of New York Mellon and an affiliate of the Depository Trust & Clearing Corporation, DTCC Solutions LLC.

Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index is produced by Municipal Market Data (MMD), which is a 7-day high-grade market index comprised of tax-exempt variable rate demand obligations (VRDO’s) from MMD’s extensive database. SIFMA is a leading securities industry trade group representing securities firms, banks, and asset management companies in the U.S. and Hong Kong.

Standard & Poor 500 Index (S&P 500 Index) is regarded as a gauge of the U.S. equities market; this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market.

The above indices are unmanaged and do not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Gross Domestic Product (GDP) measures the market value of the goods and services produced by labor and property within the respective country/economic region. Yield to Worst (YTW) is lowest potential bond yield received without the issuer defaulting, it assumes the worst-case scenario, or earliest redemption possible under terms of the bond.

Organization of Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 14 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.

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Money Market Funds (Unaudited)

Market Conditions

A material economic slowdown, although anticipated by a number of market participants, did not happen over the course of the Funds’ fiscal year ended August 31, 2023, and Federal Reserve actions to lower inflation took considerably more effort than many had thought.

The overall environment for the money market fund industry was quite benign. In fact, U.S. money market fund assets reached an all-time high of $6.007 trillion as of August 31, according to Money Fund Intelligence. For the 12 months ended August 31, the industry enjoyed growth of $965.4 billion, or 19.1%. This growth was driven by the high returns available in the money fund sector.

As of August 31, 2023, the average money market fund yield was 5.04%. The market environment rewarded very short maturity instruments as rates continued to climb upwards. The main challenge was to try to anticipate when the Fed’s monetary tightening campaign would end.

The U.S. Treasury Fund and the Government Securities Money Market Fund

The key investment opportunity during the year was to ride the wave of ever-higher short-term interest rates. To that end, we kept a very sizable proportion of funds in overnight repurchase agreements (repos), which quickly captured rate increases as they happened, and being priced at par, they did not fluctuate in value as rates rose.

Both money market funds have Treasury Bill positions maturing later in the year to capture yields that are better than overnight repos. Our Government Securities Money Market Fund also has U.S. Government Agency floating rate notes that, again, yield more than overnight repos.*

We began investing in overnight repos issued by the Federal Reserve Bank of New York in the U.S. Treasury Fund, as we have been doing for more than a year in the Government Securities Money Market Fund. This adds an appreciable advantage over the typical yield of other overnight repos.*

Outlook

The federal funds futures market indicates that the Fed is close to the end of its tightening campaign, and we agree. We feel that rates will stay elevated for some time to come. The challenge will be to maintain the optimal blend of maturities and securities types to be able to exploit the opportunities the markets present.

*	The composition of the Funds’ portfolio is subject to change.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-762-7085 or visit www.cavanalhillfunds.com.

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Limited Duration Fund (Unaudited)

Fund Goal

We pursue a strategy of broad diversification in order to benefit from investments in both corporate and government fixed-income securities as well as mortgage-backed securities (MBS) and asset-backed securities (ABS), with the Fund maintaining a dollar-weighted average duration of no longer than 3.5 years.

For the year ended August 31, 2023, the Limited Duration Fund A Shares (at NAV) returned 1.13%; Investor Shares returned 1.33%, while the Institutional Shares returned 1.56%. The Fund’s benchmark, the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index1 posted a total return of 1.20%.

Market Conditions

Real economic growth has remained remarkably resilient over the past 12 months, surprising many forecasters who expected a significant decline in economic activity. In its mandate to achieve stable prices, the Federal Reserve maintained its hawkish stance throughout the period, embarking on the largest rate hike cycle in decades. While inflation remains well above the Fed’s stated 2% target, inflation is far from its peak and appears to be on a path towards the 2% level.

Tighter Fed policy has yet to affect employment, with the unemployment rate remaining well below 4% over the past 12 months. The strength in employment and wage gains provided a strong tailwind for consumer spending. Most notably, the housing and auto markets have remained strong in the face of significantly higher borrowing costs.

Despite the sharp increase in interest rates, risk markets performed admirably over the past year.

Within the domestic fixed income market, high yield was the star performer, posting mid- to high-single-digit returns. Looking at the U.S. high grade fixed income market, the two paths to outperformance were being short duration or having a lower quality bias. Long duration, high quality bonds were the laggards over the period, bearing the brunt of the increase in interest rates without much of a spread component to soften the blow.

The interest rate curve remains significantly inverted, as the market continues to price in interest rate cuts within the next two years. Given the low level of unemployment and inflation remaining above the Fed’s stated target, along with strength in the risk markets, interest rate cuts appear implausible. If these trends continue, the market should have to price out the interest rate cuts. In that environment, interest rates in the belly of the curve should rise, reducing the level of inversion. Given the potential for this outcome, we favor maintaining a short duration bias.

We also favor a high quality bias. Tight monetary policy has historically been effective at slowing down economic growth and inflation. The Fed has raised interest rates to levels not seen in 15 years. It makes sense to maintain a degree of caution as the ultimate impacts of the new interest rate regime may not yet be fully known. If the economy continues to strengthen, there would very likely be further spread narrowing in the riskier parts of the bond market. However, given the high absolute level of interest rates, the opportunity cost in eschewing riskier credits appears marginal.

Fund Strategy

We remain short of our benchmark on duration. Given the continued strength in the economy and risk markets, we expect monetary policy to remain tight for longer than the market currently expects. This would pressure interest rates in the belly of the curve higher and supports a shorter duration bias.*

We also continue to favor higher quality credits over lower quality. The spread tightening over the past 12 months has reduced the opportunity cost of holding higher quality relative to lower quality. We believe the yields available in some government sectors appear very attractive, certainly relative to much of the Baa-rated corporate market. If tight monetary policy does indeed begin to negatively affect economic growth, a high quality bias is appropriate.*

The same idea holds true in our preference for maintaining a high degree of liquidity. With the cash market now yielding over 5%, the hurdle rate for taking on liquidity risk is much higher than it has been in a very long time.*

Outlook

Expected returns across fixed income are as high as they have been in 15 years. Inflation is the most troubling economic outcome for fixed income investors and inflation has remained higher and stickier than most had predicted. However, the trend has certainly been lower and the rhetoric from the Fed has been consistent in that it is committed to bringing inflation back down to its 2% target. With that backdrop, fixed income appears extremely attractive compared with the low rate environment that had existed since the Great Financial Crisis.

¹	For additional information, please refer to the Glossary of Terms.

^*	The composition of the Funds’ portfolio is subject to change.

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Limited Duration Fund (Unaudited)

Index Description

The performance of the Limited Duration Fund is measured against the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index, an unmanaged index that is comprised of investment-grade government and corporate debt securities with maturities between one- and five-years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Funds’ prospectus.

Value of a $10,000 Investment

The growth of $10,000 investment chart represents a hypothetical investment in the indicated share class versus a similar investment in the Fund’s benchmark, and represents the reinvestment of distributions and capital gains.

Average Annual Total Return
For the periods ended 8/31/2023	1 Year		5 years		10 Year
A Shares (at NAV)¹		1.13%		0.78%		0.96%
A Shares (with 2.00% maximum load)¹		(0.85)%		0.37%		0.76%
Investor Shares		1.33%		0.80%		0.95%
Institutional Shares		1.56%		1.04%		1.21%
ICE BofA ML 1-5 Year US Corporate/Government Index		1.20%		1.21%		1.24%
Lipper Short Investment Grade Debt Funds Average²		2.54%		1.38%		1.32%

Expense Ratios

Gross

A Shares

0.93%

Investor Shares

1.08%

Institutional Shares

0.83%

Investment performance for the Fund’s classes reflects fee waivers that have been in effect during the applicable periods. Without such waivers, the performance would have been lower. Contractual fee waivers are in effect through December 31, 2023.

The above expense ratios are from the Funds’ prospectus dated December 28, 2022. Additional information pertaining to the Funds’ expense ratios for the year ended August 31, 2023 can be found in the Financial Highlights.

Class A Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, one year performance quoted would be lower. This performance reflects the Fund’s no-Load Investor class (“Investor Shares”) for periods prior to May 2, 2011 for the A Shares. The A Shares began presenting performance linked to the Investor Class in September of 2011. Unlike Institutional Shares, Investor Shares and A Shares bear a 12b-1 fee of 0.25%. Investor Shares and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance information would have been different as a result of differing annual operating expenses.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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Moderate Duration Fund (Unaudited)

Fund Goal

For the year ended August 31, 2023, the Moderate Duration Fund A Shares (at NAV) returned 0.59%; Investor Shares returned 0.59%, and the Institutional Shares returned 0.74%. The Fund’s benchmark, the Bloomberg U.S. Intermediate Aggregate Bond Index1, showed total return of -0.35%.

Market Conditions

Despite the sharp increase in interest rates, risk markets performed admirably over the past year.

Fund Strategy

Outlook

¹	For additional information, please refer to the Glossary of Terms.

^*	The composition of the Funds’ portfolio is subject to change.

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Moderate Duration Fund (Unaudited)

Index Description

The performance of the Moderate Duration Fund is measured against the Bloomberg U.S. Intermediate Aggregate Bond Index, an unmanaged index that is representative of investment-grade debt issues with maturities from one year up to (but not including) 10 years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return
For the periods ended 8/31/2023	1 Year		5 years		10 Year
A Shares (at NAV)¹		0.59%		0.32%		0.99%
A Shares (with 2.00% maximum load)¹		(1.44)%		(0.08)%		0.79%
Investor Shares		0.59%		0.30%		0.96%
Institutional Shares		0.74%		0.55%		1.22%
Bloomberg U.S. Intermediate Aggregate Bond Index		(0.35)%		0.68%		1.34%
Lipper Short-Intermediate Investment Grade Debt Funds Average²		1.33%		1.16%		1.23%

Expense Ratios

Gross

A Shares

1.38%

Investor Shares

1.53%

Institutional Shares

1.28%

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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Bond Fund (Unaudited)

Fund Goal

For the year ended August 31, 2023, the Bond Fund A Shares (at NAV) returned -1.42%; the Investor Shares returned -1.42%; and the Institutional Shares returned -1.19%. The Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index1, showed a total return of -1.19%.

Market Conditions

Despite the sharp increase in interest rates, risk markets performed admirably over the past year. Within the domestic fixed income market, high yield was the star performer, posting mid- to high-single-digit returns. Looking at the U.S. high grade fixed income market, the two paths to outperformance were being short duration or having a lower quality bias. Long duration, high quality bonds were the laggards over the period, bearing the brunt of the increase in interest rates without much of a spread component to soften the blow.

Fund Strategy

Outlook

¹	For additional information, please refer to the Glossary of Terms.

^*	The composition of the Funds’ portfolio is subject to change.

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Bond Fund (Unaudited)

Index Description

The performance of the Bond Fund is measured against the Bloomberg U.S. Aggregate Bond Index, an unmanaged index that is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return
For the periods ended 8/31/2023	1 Year	5 years	10 Year
A Shares (at NAV)¹	(1.42)%	0.05%	0.83%
A Shares (with 2.00% maximum load)¹	(3.43)%	(0.36)%	0.63%
Investor Shares	(1.42)%	0.02%	0.83%
Institutional Shares	(1.19)%	0.27%	1.07%
Bloomberg U.S. Aggregate Bond Index	(1.19)%	0.49%	1.48%
Lipper Core Bond Funds Average²	(1.08)%	0.51%	1.45%

Expense Ratios
			Gross
A Shares			0.84%
Investor Shares			0.99%
Institutional Shares			0.74%

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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Strategic Enhanced Yield Fund (Unaudited)

Fund Goal

The Fund seeks to achieve its investment objective by investing in a diversified portfolio of fixed income instruments of varying maturities. In an effort to actively enhance total return and minimize risk, the Fund will engage in opportunistic trading among various sectors based on the perceived market anomalies and inefficiencies detected by the Fund’s portfolio managers.

For the year ended August 31, 2023, the Strategic Enhanced Yield Fund A shares (at NAV) returned -2.66%; Investor Shares returned -2.69%, and the Institutional shares returned -2.31%. The Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, posted a total return of -1.19%.

Market Conditions

The financial markets evolved significantly during the 12-month period ended August 31, 2023. After experiencing two consecutive quarters of slight decline in gross domestic product in the first half of 2022, the U.S. economy resumed growth, inflation was seen as persistent rather than transient, and the labor market remained resilient throughout the 12 months. The Federal Reserve remained on path to continue its aggressive rate hike schedule, only briefly pausing in June 2023. Government spending and an ongoing threat of shutdowns resulted in a quality downgrade of U.S. government debt to AA+. Some economic sectors, including banking and housing, suffered as a consequence of the interest rate hikes, while other sectors, mainly energyrelated and selected technology, had banner years.

Fixed income assets leveled last year’s poor returns due to a more subdued rate of inflation and smaller rate hikes. Credit spreads tightened during the period after a significant widening in March. Throughout most of 2023, the Treasury yield curve was inverted, which brought additional uncertainty and volatility to the Treasury marketplace.

Fund Strategy

For the first four months of the fiscal year, the Fund transitioned to a more diverse and aggressive strategy. In addition to the sectors associated with the Bloomberg U.S. Aggregate Bond Index, it included out-of-benchmark securities in high yield and emerging market debt.*

Our defensive position holds a portfolio duration targeted at 8% to 10% short of the benchmark index, with an underweight allocation to the Treasury sector. Our corporate sector holds a market overweight as we closely monitor credit spreads. The Fund has a neutral weighting in agency mortgage-backed securities and, as noted above, holds an allocation to the emerging market debt and high yield sectors.*

If the premium received from the portfolio’s riskier assets diminishes, we will reduce their allocation until spreads normalize to where we believe the portfolio can outperform in all its sectors. *

Outlook

Tighter monetary policy remains the dominant theme in fixed income markets. The federal funds futures market, which had underpriced the Fed’s resolve in past months, now reflects a more aggressive position, reaffirming hawkish statements by Chairman Powell and other Fed governors following the Jackson Hole conference.

High inflation appears to be persisting for longer than anticipated due to a combination of the resilient U.S. labor market and inflationary pressures from higher food prices and wages. The situation is further amplified by loose fiscal policy evidenced by recent Congressional legislation. The Federal Open Market Committee’s tighter monetary policy of higher rates and quantitative tightening continues to raise fears of a recession in 2023, but concerns also exist regarding financial instability. As spreads in the riskier sectors continue to tighten, we may further reduce positions in emerging market debt, as we remain focused on evaluating the risk-reward equation regarding individual security selection.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

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Strategic Enhanced Yield Fund (Unaudited)

Index Description

The performance of the Strategic Enhanced Yield Fund is measured against the Bloomberg U.S. Aggregate Bond Index, an unmanaged index that is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher-yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return
For the periods ended 8/31/2023	1 Year	5 years	Since Inception (12/26/2017)
A Shares (at NAV)¹	(2.66)%	0.03%	0.31%
A Shares (with 2.00% maximum load)¹	(4.66)%	(0.37)%	(0.04)%
Investor Shares	(2.69)%	0.00	0.36%
Institutional Shares	(2.31)%	0.26%	0.56%
Bloomberg U.S. Aggregate Bond Index	(1.19)%	0.49%	0.33%
Lipper Multi-Sector Income Funds Average²	1.98%	1.43%	1.21%

- 11 -

Ultra Short Tax-Free Income Fund (Unaudited)

Fund Goal

We seek to generate current income that is exempt from federal income taxes by investing primarily in a diversified portfolio of municipal securities, with at least 65% of the Fund’s assets invested in securities that are rated within the three highest long-term or highest short-term rating categories at the time of purchase. The Fund normally maintains a dollarweighted average maturity of one day to one year.

For the year ended August 31, 2023, the Ultra Short Tax-Free Fund A Shares (at NAV) returned 2.37%; the Investor Shares returned 2.37% and the Institutional Shares returned 2.63%. The Fund’s benchmark, the Bloomberg 1-year Municipal Bond Index¹, showed a total return of 1.83%.

Market Conditions

The Federal Reserve continued its aggressive fight to lower the inflation rate by raising the overnight lending rate at seven of the eight Federal Open Market Committee meetings during the period. The total increase of 300 basis points (3.0%) brought the federal funds level to the highest since 2007. The rate increases have certainly worked, as evidenced by the drop in the Consumer Price Index (CPI), which saw a year-over-year decline from 8.2% to 3.7%. Although the trend is a positive development for the Fed, the level is still above its target inflation rate of 2% and the Fed has left the possibility open for another rate hike before the tightening cycle is over.

While the overall trend for yields in the short end of the municipal market was higher for the period given the Fed’s aggressive moves, there was an unusual amount of volatility throughout the Fund’s fiscal year. The fixed rate portion of the market saw rates rise about 100 basis points (1.0%) over the course of the period, but there were several moves of 50 basis points in both directions within a short timeframe.

Yields on variable rate demand notes (VRDNs) experienced even more pronounced moves during the period, as nine different months featured moves of at least 100 basis points. Over the entire year, the SIFMA index, which is an average of yields on VRDNs, rose from 1.50% to 4.06% and reached its highest sustained levels since the early 2000s.

The regional bank crisis in early 2023 was a highprofile news event in the financial markets, but it had very little impact on the short end of the muni market. While it led to the liquidation of longer fixed rate bonds held in the bank’s portfolios, the secondary market easily absorbed the volume.

Fund Strategy

The Fund has looked for opportunities to lock in attractive yields in fixed rate bonds, while maintaining a core position of VRDNs, as that structure shores up the liquidity for the Fund while also taking advantage of the recent environment of rising weekly resets.*

Outlook

It appears that the Federal Reserve is nearing the end of its tightening cycle, but it has maintained its stance to keep the overnight rate at an elevated level until the inflation rate reaches its 2% target rate, so the short end of the muni market should continue to mirror those levels.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

- 12 -

Ultra Short Tax-Free Income Fund (Unaudited)

Index Description

The performance of the Ultra Short Tax-Free Fund is measured against the Bloomberg 1-Year Municipal Bond Index, an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. The Fund’s income may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return
For the periods ended 8/31/2023	1 Year	5 years	Since Inception (12/26/2017)
A Shares (at NAV)¹	2.37%	0.44%	0.41%
A Shares (with 2.00% maximum load)¹	1.35%	0.24%	0.23%
Investor Shares	2.37%	0.62%	0.57%
Institutional Shares	2.63%	0.85%	0.86%
Bloomberg 1-Year Municipal Bond Index	1.83%	1.08%	1.15%
Lipper Short Municipal Debt Funds Average²	1.91%	0.83%	0.86%
Expense Ratios
			Gross
A Shares			1.16%
Investor Shares			1.28%
Institutional Shares			1.03%

The above expense ratios are from the Funds’ prospectus dated December 28, 2023. Additional information pertaining to the Funds’ expense ratios for the year ended 2023 can be found in the Financial Highlights.

- 13 -

Opportunistic Fund (Unaudited)

Fund Goal

We pursue positive investment returns by opportunistically investing in equities, real estate investment trusts (REITs), fixed income securities, preferred stocks, exchange traded funds (ETFs), which may include leveraged and inverse ETFs, options, commodities, and money market funds. The Fund's management team will consider all asset classes and may invest in domestic as well as international securities. The team pursues investment opportunities with the most attractive risk/return profiles.

For the year ended August 31, 2023, the Opportunistic Fund’s A Shares (at NAV) returned -0.48%; the C Shares returned -1.22%; the Investor Shares returned -0.53%, and the Institutional Shares returned -0.29%. The Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, posted total returns of 15.94% and 4.10%, for the same time period.

Market Conditions

The heavily anticipated recession didn’t show up during the fiscal year, as economic data remained resilient despite the Federal Reserve’s restrictive monetary policy, effectuated through aggressive interest rate hikes and quantitative tightening. As a result, investors weren’t ready to sell equities. However, without a clear direction on the economy, they flocked to the largest stocks, concentrated in technology and communication services, which they perceived to be defensive. To demonstrate the impact of the top-heavy market leadership, the cap-weighted S&P 500 Index outperformed the equal-weighted S&P 500 by more than 700 bps (7 percentage points) during the roughly 18 months from mid-March 2022 through August 2023.

After two quarters of a slight decline in the U.S. gross domestic product to start 2022, the U.S. economy resumed growth at an annual pace of close to 3% for the second half of 2022 and moderated to around 2% for the first half of 2023.

During the Fund’s fiscal year, the core consumer price index decelerated from 6.6% in September 2022 to 4.3% in August 2023. The fiscal year-end figure of 4.7% is still at levels much higher than the Fed’s target of 2%. More recently, inflation data were bolstered by a $10 increase in West Texas Intermediate oil prices in July and August 2023, rising to $80 per barrel.

We expect this to keep the Fed hawkish and, as a result, maintain upward pressure on interest rates, which could bode poorly for tech stocks, real estate, and utilities.

For the Fund’s fiscal year, ended August 31, 2023, the S&P 500 Index had a total return of almost 16%. Among the leading sectors were information technology (+33%) and communication services (+26%). The weakest-performing sectors were utilities (-12.7%) and real estate (-8%).

Large-cap and mega-cap stocks were both up more than 14%. In contrast, small caps were up only 3% over the same period. Growth easily outperformed value stocks as the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by more than 1300 basis points (13 percentage points).

Fund Strategy

We believe attractive investment opportunities often arise where Wall Street research is lacking. We use bottom-up research to identify opportunities and we adjust the Fund’s level of exposure to risk assets accordingly, which can lead to fluctuations of the Fund’s net risk exposure over time.*

We may use ETFs to hedge the Fund’s long positions, and we may use options on indices or ETFs to hedge a portion of the portfolio. When opportunities are scarce, we also may raise cash to lower our net market exposure. We track and modulate the Fund’s stock market exposure based on our view of market conditions and investment opportunities.*

Given our increasing concerns about the economy, and our view of there being more attractive opportunities in other asset classes, the Fund’s equity exposure was meaningfully reduced for the final eight months of the fiscal year ended August 31, 2023.*

Outlook

The effects of monetary policy have a long and variable lag. The pace at which the Fed increased interest rates over the past 18 months is the fastest and most severe in several decades. As such, we are deeply concerned about the negative impact that could have on U.S. economic growth and the labor market. We retain a cautious view with regard to equity markets from here.

¹	For additional information, please refer to the Glossary of Terms.

*	The composition of the Funds’ portfolio is subject to change.

- 14 -

Opportunistic Fund (Unaudited)

Index Description

The performance of the Opportunistic Fund is measured against the S&P 500 Index and the HFRX Equity Hedge Index. The S&P 500 is regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. These indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. International investing involves increased risk and volatility. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. The ETFs in which the Funds invest are subject to the risks applicable to the types of securities and investments used by the ETFs. Because an ETF charges its own fees and expenses, Fund shareholders will indirectly bear these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. An inverse ETF seeks to provide returns that are the opposite of the underlying referenced financial asset, index, or commodity’s returns. Exposure to commodities may subject the Fund to greater volatility than investments in traditional securities.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return

For the periods ended 8/31/2023	1 Year		5 years		10 Year
A Shares (at NAV)¹		(0.48)%		(0.44)%		3.24%
A Shares (with 2.00% maximum load)¹		(2.45)%		(0.85)%		3.03%
C Shares¹		(1.22)%		(1.20)%		2.56%
Investor Shares		(0.53)%		(0.44)%		3.23%
Institutional Shares		(0.29)%		(0.20)%		3.50%
S&P 500 Index		15.94%		11.12%		12.81%
HFRX Equity Hedge Index		3.62%		3.28%		3.15%
Lipper Absolute Return Funds Average²		4.63%		2.23%		2.45%

Expense Ratios
	Gross
A Shares		1.72%
C Shares		2.62%
Investor Shares		1.87%
Institutional Shares		1.62%

Class A Shares and C Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, one year performance quoted would be lower. Class C Shares performance reflects the Fund’s no-Load Investor class (“Investor Shares”) for periods prior to December 31, 2014. Unlike Investor Shares, which bear a 12b-1 fee of 0.25%, C Shares bear a 12b-1 fee of 1.00%. This difference is reflected in the performance information. Accordingly, had the C Shares of the Fund been offered for periods prior to December 31, 2014, the performance information would have been different as a result of differing annual operating expenses.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

- 15 -

World Energy Fund (Unaudited)

Fund Goal

We seek to provide growth and income by primarily investing net assets in a wide range of energy-related financial instruments issued in the U.S. and markets around the world.

Fund Performance

For the year ended August 31, 2023, the World Energy Fund’s A Shares (at NAV) posted a total return of 10.77%; the C Shares returned 9.93%; the Investor Shares returned 10.72% and the Institutional Shares posted a total return of 11.02%.The Fund’s benchmarks, the S&P 500 Index¹and the MSCI World Energy Index¹ returned 15.94% and 13.96%, respectively.

Oil Market Backdrop

Russia’s invasion of Ukraine coupled with the ending of global COVID restrictions created significant volatility in energy markets. Immediately following the February 2022 invasion, investors were concerned with the availability of Russian natural gas and oil exports. Russia is a top-three global oil producer, producing more than 11 million barrels of oil daily. In addition, prior to the invasion, Russia was the primary source of European natural gas.

As a result, in the first half of calendar 2022, oil prices were above $100 for months. However, during the first half of the Fund’s fiscal year, which began in September 2022, as Russian oil continued to reach the market, oil prices traded lower. Brent crude began the year at $96 and traded as low as $70 a barrel in March 2023. After bottoming in March, oil prices rose as China’s recovery led to increased oil demand, resulting in prices at $86 per barrel at fiscal year end.

Natural gas had even more volatility as shortages in Europe caused natural gas prices to spike, particularly for liquefied natural gas. However, global natural gas prices plummeted in response to Europe’s unusually warm winter.

Despite global economic expansion, energy prices ended the year lower in most markets. Brent opened the fiscal year at $96 per barrel and closed the period down about $10. U.S. natural gas prices fell from $9 per mcf in September 2022 to below $2.80/mcf by August 2023.

Fund Strategy

First, we lowered our exposure to alternative energy in favor of fossil fuel-related companies. Where we began the year with positions in wind, solar, and hydrogen, most of our alternative investments are now focused on nuclear power, with limited exposure to wind and solar.*

During the fiscal year, we decreased our substantial overweight to U.S. exploration and production (E&P) companies in favor of international major oil companies and offshore oilfield service stocks. We continue to believe the U.S. E&P companies are focused on returns rather than production growth. As a result, with global demand growing, we believe offshore oil is going to be increasingly necessary to meet global demand. While we reduced our exposure to international major oil companies during the fiscal year, we added materially to our allocation to offshore oil services.*

At year end, we are positioned with a focus on U.S. E&Ps that have substantial international opportunities as well as offshore drilling and service companies.*

Fossil fuel stocks performed well. We had the best returns from our oil field service investments as well as our offshore drilling stocks. We had strong returns from our international major oil companies and solid returns from our investments in refining.*

The Fund’s weakest performance came from our midstream/pipeline assets as rising interest rates dampened valuation for these cash-flow-focused firms. In addition, wind/solar/hydrogen assets performed poorly after those stocks began the year at elevated valuations. As noted above, we reduced our exposure to alternative energy, and replaced some of it with a focus on nuclear power assets, which performed well. Fixed income securities were also a drag on overall performance as rising rates dampened bond prices.*

Outlook

Europe appears to be approaching a recession, and global growth is slowing as China’s economic activity has fallen short of expectations. However, we believe stimulus in China is likely, and continued U.S. economic growth should be a positive for energy markets.

We have a favorable view toward offshore energy as well as nuclear power. We also see great opportunities in U.S. companies that have significant discoveries offshore, particularly off the east coast of South America.

The greatest uncertainty is over Chinese demand. If China’s economy accelerates, it will be positive for energy companies. But if China’s economy continues to slip, that could be a headwind. On the supply side, for fossil fuels, uncertainty around the Ukraine-Russia war as well as the continued willingness of OPEC+ to support oil prices with voluntary supply cuts remains a risk (if they no longer cut supply). However, we are optimistic and see opportunities in global energy markets for the long term.

¹	For additional information, please refer to the Glossary of Terms.

*	The composition of the Funds’ portfolio is subject to change.

- 16 -

World Energy Fund (Unaudited)

Index Description

The World Energy Fund performance is measured against the S&P 500 Index and the MSCI World Energy Index. The S&P 500 Index is regarded as a gauge of the U.S. equities market; this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The MSCI World Energy Index captures the large- and mid-cap segments across 23 developed markets and includes securities classified in the energy sector per Global Industry Classification Standard. These indexes are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in below investment-grade fixed income securities. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. The Fund invests in foreign and emerging market securities, which involves certain risks such as currency volatility, political and social instability, and reduced market liquidity. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. Concentration in energy-related industry securities may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. A downturn in the energy sectors would have a larger impact on the Fund than on a fund that does not concentrate in these industries. Energy sector securities can be significantly affected by events related to political developments, energy conservation, commodity prices, and tax and government regulations. The performance of securities in the Fund may, at times, lag the performance of companies in other sectors or the broader market as a whole. Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return

For the periods ended 8/31/2023	1 Year	5 years	Since Inception (2/3/2014)
A Shares (at NAV)¹	10.77%	9.37%	4.66%
A Shares (with 2.00% maximum load)¹	8.59%	8.93%	4.44%
C Shares¹	9.93%	8.55%	3.89%
Investor Shares	10.72%	9.37%	4.64%
Institutional Shares	11.02%	9.65%	4.93%
S&P 500 Index	15.94%	11.12%	12.56%
MSCI World Energy Index	13.96%	6.74%	4.10%
Lipper Global Natural Resources Funds Average²	5.92%	6.65%	2.11%

Expense Ratios
			Gross
A Shares			1.48%
C Shares			2.36%
Investor Shares			1.58%
Institutional Shares			1.35%

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from January 31, 2014.

- 17 -

Hedged Income Fund (Unaudited)

Fund Goal

We seek current income with the potential for long-term capital appreciation with less volatility than the broad equity market. The Fund invests primarily in dividend-paying equity securities and it will also seek to generate income through option premiums by writing (selling) call options. The Fund will buy index and ETF put options in order to seek to reduce volatility and provide downside market protection.

For the year ended August 31, 2023, the Hedged Income Fund’s A Shares (at NAV) returned 6.71%; the Fund’s Investor Shares returned 6.61%, and the Fund’s Institutional Shares posted a total return of 6.92%. The Fund’s benchmark the CBOE S&P 500 BuyWrite Index¹and S&P 500 Index¹ returned 10.04% and 15.94%, respectively, during the same period.

Market Conditions

We expect this to keep the Fed hawkish and, as a result, maintain upward pressure on interest rates, which could bode poorly for tech stocks, real estate, and utilities.

Fund Strategy

The Fund seeks to provide income in the form of dividends and covered call writing on the portfolio’s stock positions. Additionally, the Fund seeks to limit downside volatility with protective puts on broad market indexes. The Fund targets companies that have consistent and sustainable dividends, a strong track record of and future ability to increase the dividend, a proven history of predictable cash flows that increase over time, and barriers to competition.*

The Fed remains committed to fighting inflation at the cost of slowing the economy, even at the risk of entering a recession. We remain concerned that consensus outlooks for economic growth and earnings estimates are too high given these circumstances. As such, we continue to position the Fund for the late portion of the economic cycle via lower exposure to cyclical and high-beta (more-volatile) stocks.*

Outlook

1	For additional information, please refer to the Glossary of Terms.

*	The composition of the Funds’ portfolio is subject to change.

- 18 -

Hedged Income Fund (Unaudited)

Index Description

The CBOE S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 Index call options. The S&P 500 Index is regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in below investment-grade fixed income securities. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments. By writing covered call options, a fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose a fund to additional costs. Writing of covered call options are also subject to the risk that the counterparty to the transaction will not fulfill its obligations. When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. The Fund is also exposed to default by the put writer who may be unwilling or unable to perform its contractual obligations to the Fund. The Fund’s investment in dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stock of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

Average Annual Total Return

		Since
		Inception
For the periods ended 8/31/2023	1 Year	(12/28/2020)
A Shares (at NAV)¹	6.71%	3.10%
A Shares (with 2.00% maximum load)¹	4.60%	2.34%
Investor Shares	6.61%	3.09%
Institutional Shares	6.92%	3.36%
S&P 500 Index	15.94%	8.98%
CBOE S&P 500 BuyWrite Index	10.04%	6.43%
Lipper Options Arbitrage/Options Strategies Funds Average²	11.37%	4.92%

Expense Ratios
		Gross
A Shares		1.75%
Investor Shares		1.98%
Institutional Shares		1.69%

¹	Class A Shares is subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, one year performance quoted would be lower.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from December 31, 2020.

- 19 -

Statements of Assets and Liabilities

August 31, 2023

	U.S. Treasury Fund			Government Securities Money Market Fund
Assets:
Investments, at cost	$	363,190,796		$	894,623,521
Investments, at value		363,190,796			894,623,521
Repurchase agreements, at value/cost		1,385,000,000			1,665,000,000
Total Investments		1,748,190,796			2,559,623,521
Interest and dividends receivable		976,828			3,101,605
Receivable for capital shares reinvested		1,031			1,933,454
Prepaid expenses and other assets		21,889			560,750
Total Assets		1,749,190,544			2,565,219,330
Liabilities:
Distributions payable		7,072,884			9,803,468
Accrued expenses and other payables:
Investment advisory fees		74,893			107,787
Administration fees		74,893			107,787
Distribution fees		334,285			383,607
Custodian fees		14,980			21,559
Trustee fees		7,130			10,494
Fund accounting and compliance fees		33,923			47,951
Transfer agent fees		11,098			20,952
Shareholder servicing fees		346,432			137,131
Other accrued liabilities		77,736			140,327
Total Liabilities		8,048,254			10,781,063
Net Assets	$	1,741,142,290		$	2,554,438,267
Composition of Net Assets:
Shares of beneficial interest, at par	$	17,411		$	25,552
Additional paid-in capital		1,741,126,309			2,554,413,483
Total distributable earnings/(loss)		(1,430	)		(768	)
Net Assets	$	1,741,142,290		$	2,554,438,267
Net Assets:
Administrative Shares	$	1,560,349,093		$	602,860,713
Institutional Shares		176,655,832			238,178,938
Select Shares		4,137,365			1,224,619,220
Premier Shares		—			488,779,396
Total	$	1,741,142,290		$	2,554,438,267
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		1,560,347,724			603,199,906
Institutional Shares		176,656,968			238,259,732
Select Shares		4,137,262			1,224,936,010
Premier Shares		—			488,815,094
Total		1,741,141,954			2,555,210,742
Net Asset Value, offering price & redemption price per share:
Administrative Shares	$	1.00		$	1.00
Institutional Shares	$	1.00		$	1.00
Select Shares	$	1.00		$	1.00
Premier Shares	$	—		$	1.00

See notes to financial statements.

- 20 -

Statements of Assets and Liabilities
August 31, 2023	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Assets:
Investments, at cost	$	36,244,691		$	12,818,594		$	130,383,714		$	4,964,588
Investments in affiliates, at cost		1,777,121			865,097			1,364,029			124,636
Total Investments, at cost		38,021,812			13,683,691			131,747,743			5,089,224
Investments, at value		32,147,610			11,878,618			119,440,709			4,813,560
Investments in affiliates, at value		1,777,121			865,097			1,364,029			124,636
Total Investments, at value		33,924,731			12,743,715			120,804,738			4,938,196
Cash		—			—			—			47,503
Interest and dividends receivable		206,766			107,213			858,688			55,177
Receivable for capital shares issued		429			914			23,804			997
Receivable for capital shares reinvested		55,444			19,530			104,739			12,375
Receivable for investments sold		—			762			—			—
Receivable from adviser		—			10,794			—			11,822
Prepaid expenses and other assets		19,908			20,429			21,655			7,165
Total Assets		34,207,278			12,903,357			121,813,624			5,073,235
Liabilities:
Distributions payable		93,027			34,084			338,464			21,747
Payable for investments purchased		—			—			—			47,503
Payable for capital shares redeemed		9,159			4,995			5,085			2,223
Accrued expenses and other payables:
Investment advisory fees		4,406			2,195			20,591			2,150
Administration fees		2,350			878			8,236			344
Distribution fees		847			639			225			101
Custody fees		294			110			1,030			43
Trustee fees		103			35			373			13
Fund accounting and compliance fees		4,017			1,957			5,136			651
Transfer agent fees		8,578			6,464			9,348			6,543
Shareholder servicing fees		774			644			1,234			594
Other accrued liabilities		2,771			812			5,120			506
Total Liabilities		126,326			52,813			394,842			82,418
Net Assets	$	34,080,952		$	12,850,544		$	121,418,782		$	4,990,817
Composition of Net Assets:
Shares of beneficial interest, at par	$	38		$	14		$	147		$	6
Additional paid-in capital		44,493,632			20,354,769			142,631,200			7,788,394
Total distributable earnings/(loss)		(10,412,718	)		(7,504,239	)		(21,212,565	)		(2,797,583	)
Net Assets	$	34,080,952		$	12,850,544		$	121,418,782		$	4,990,817
Net Assets:
Investor Shares	$	1,360,319		$	2,848,798		$	1,009,113		$	346,337
Institutional Shares		30,082,322			9,831,281			120,354,697			4,513,744
A Shares		2,638,311			170,465			54,972			130,736
Total	$	34,080,952		$	12,850,544		$	121,418,782		$	4,990,817
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		153,408			300,095			121,856			40,353
Institutional Shares		3,394,848			1,035,458			14,570,512			533,118
A Shares		297,357			17,949			6,638			15,435
Total		3,845,613			1,353,502			14,699,006			588,906
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	8.87		$	9.49		$	8.28		$	8.58
Institutional Shares	$	8.86		$	9.49		$	8.26		$	8.47
A Shares	$	8.87		$	9.50		$	8.28		$	8.47
Maximum Sales Charge:
A Shares		2.00	%		2.00	%		2.00	%		2.00	%
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	9.05		$	9.69		$	8.45		$	8.64

See notes to financial statements.

- 21 -

Statements of Assets and Liabilities
August 31, 2023	Concluded

	Ultra Short Tax- Free Income Fund			Opportunistic Fund			World Energy Fund			Hedged Income Fund
Assets:
Investments, at cost	$	17,510,576		$	18,026,248		$	68,874,345		$	31,085,830
Investments in affiliates, at cost		1,569			791,924			241,697			464,620
Total Investments, at cost		17,512,145			18,818,172			69,116,042			31,550,450
Investments, at value		17,493,568			18,622,058			84,306,667			33,700,748
Investments in affiliates, at value		1,569			791,924			241,697			464,620
Total Investments, at value		17,495,137			19,413,982			84,548,364			34,165,368
Interest and dividends receivable		232,300			75,239			350,290			118,198
Receivable for capital shares issued		—			—			52,661			176,000
Receivable for capital shares reinvested		1,392			—			—			—
Receivable for investments sold		—			32,815			1,423,153			1,623
Receivable from adviser		10,348			13,610			12,137			7,970
Receivable from fees waived or reimbursed		271			168			—			—
Prepaid expenses and other assets		7,296			27,779			16,450			9,030
Total Assets		17,746,744			19,563,593			86,403,055			34,478,189
Liabilities:
Written Options (Premiums received $0, $0, $0 and $2,049,230, respectively)		—			—			—			1,562,443
Distributions payable		34,204			—			—			—
Payable for investments purchased		1,320,689			21,192			1,324,775			—
Payable for capital shares redeemed		13			1,837			45,768			—
Accrued expenses and other payables:
Investment advisory fees		2,103			15,429			42,246			22,311
Administration fees		1,122			1,452			5,633			2,231
Distribution fees		5			505			9,776			235
Custody fees		140			181			704			279
Trustee fees		45			65			249			85
Fund accounting and compliance fees		903			1,107			1,686			732
Transfer agent fees		6,628			11,140			10,736			6,510
Shareholder servicing fees		—			—			5,886			93
Other accrued liabilities		984			2,642			4,286			1,148
Total Liabilities		1,366,836			55,550			1,451,745			1,596,067
Net Assets	$	16,379,908		$	19,508,043		$	84,951,310		$	32,882,122
Composition of Net Assets:
Shares of beneficial interest, at par	$	16		$	15		$	63		$	32
Additional paid-in capital		16,397,307			28,333,588			84,953,171			33,158,549
Total distributable earnings/(loss)		(17,415	)		(8,825,560	)		(1,924	)		(276,459	)
Net Assets	$	16,379,908		$	19,508,043		$	84,951,310		$	32,882,122
Net Assets:
Investor Shares	$	9,074		$	572,432		$	19,477,912		$	164,383
Institutional Shares		16,354,037			17,834,546			56,537,421			31,801,852
A Shares		16,797			885,556			2,825,601			915,887
C Shares		—			215,509			6,110,376			—
Total	$	16,379,908		$	19,508,043		$	84,951,310		$	32,882,122
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		910			43,793			1,437,238			15,876
Institutional Shares		1,631,798			1,347,160			4,168,997			3,071,514
A Shares		1,681			67,457			209,025			88,531
C Shares		—			17,050			456,414			—
Total		1,634,389			1,475,460			6,271,674			3,175,921
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.97		$	13.07		$	13.55		$	10.35
Institutional Shares	$	10.02		$	13.24		$	13.56		$	10.35
A Shares	$	9.99		$	13.13		$	13.52		$	10.35
C Shares	$	—		$	12.64		$	13.39		$	—
Maximum Sales Charge:
A Shares		1.00	%		2.00	%		2.00	%		2.00	%
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	10.09		$	13.40		$	13.80		$	10.56

See notes to financial statements.

- 22 -

Statements of Operations

August 31, 2023

	U.S. Treasury Fund			Government Securities Money Market Fund
Investment Income:
Interest income	$	51,405,825		$	97,952,820
Dividend income		5,889,388			9,577,729
Total income		57,295,213			107,530,549

Expenses:
Investment advisory fees		642,938			1,216,647
Administration fees		642,938			1,216,647
Distribution fees - Administrative Shares		2,760,247			1,620,617
Distribution fees - Service Shares		128,741	^(a)		—
Distribution fees - Premier Shares		—			2,560,725
Shareholder servicing fees - Administrative Shares		2,759,020			1,610,872
Shareholder servicing fees - Service Shares		128,741	^(a)		—
Shareholder servicing fees - Institutional Shares		308,742			364,549
Shareholder servicing fees - Select Shares		16,864			2,817,530
Shareholder servicing fees - Premier Shares		—			1,280,363
Fund accounting and compliance fees		274,934			524,195
Transfer agent fees		76,136			144,831
Custodian fees		128,597			242,534
Trustee fees		53,368			104,835
Professional fees		214,831			409,475
Printing fees		15,284			30,010
Registration fees		33,030			493,533
Other expenses		138,197			229,509

Total expenses before fee and expense reductions		8,322,608			14,866,872

Distribution fees waived - Administrative Shares		—			(714,508	)
Distribution fees waived - Service Shares		(77,245	)^(a)		—
Distribution fees waived - Premier Shares		—			(1,831,305	)
Shareholder servicing fees waived - Administrative Shares		—			—
Shareholder servicing fees waived - Service Shares		(77,246	)^(a)		—
Shareholder servicing fees waived - Institutional Shares		(209,943	)		(247,161	)
Shareholder servicing fees waived - Select Shares		(16,864	)		(2,817,530	)
Shareholder servicing fees waived - Premier Shares		—			(1,280,363	)

Net expenses		7,941,310			7,976,005

Net investment income/(loss)		49,353,903			99,554,544

Realized/Unrealized Gains/(Losses) on Investments:
Net realized/unrealized gains/(losses) on investments		—			—
Change in net assets resulting from operations	$	49,353,903		$	99,554,544

See notes to financial statements.

- 23 -

Statements of Operations
August 31, 2023	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Investment Income:
Interest income	$	1,318,753		$	503,436		$	3,968,342		$	347,737
Dividend income from affiliates		98,951			36,888			203,669			11,431
Total income		1,417,704			540,324			4,172,011			359,168

Expenses:
Investment advisory fees		58,621			31,778			239,198			35,252
Administration fees		31,265			12,711			95,679			5,640
Distribution fees - Investor Shares		4,380			7,091			2,669			1,104
Distribution fees - A Shares		6,526			435			137			372
Shareholder servicing fees - Investor Shares		4,380			7,092			2,669			1,104
Shareholder servicing fees - Institutional Shares		86,795			32,196			296,189			16,150
Shareholder servicing fees - A Shares		2,610			174			55			149
Fund accounting and compliance fees		35,128			20,155			49,688			7,501
Transfer agent fees		78,189			70,649			83,971			69,435
Custodian fees		3,442			1,609			11,400			27
Trustee fees		1,669			704			5,215			319
Professional fees		8,514			3,239			19,806			1,773
Printing fees		4,358			2,592			4,977			9,273
Registration fees		45,987			43,026			46,249			42,256
Other expenses		5,824			3,978			10,705			3,380

Total expenses before fee and expense reductions		377,688			237,429			868,607			193,735

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(1,144	)		(114,765	)		(2,655	)		(126,142	)
Administration fees waived		(1,144	)		(456	)		(2,655	)		(170	)
Shareholder servicing fees waived - Investor Shares		(4,380	)		(6,931	)		(2,669	)		(899	)
Shareholder servicing fees waived - Institutional Shares		(81,942	)		(29,838	)		(294,016	)		(11,513	)
Shareholder servicing fees waived - A Shares		(357	)		(150	)		(55	)		(59	)

Net expenses		288,721			85,289			566,557			54,952

Net investment income/(loss)		1,128,983			455,035			3,605,454			304,216

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(810,746	)		(1,142,596	)		(6,997,380	)		(1,358,352	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		186,223			734,169			1,540,008			804,309
Net realized/unrealized gains/(losses) on investments		(624,523	)		(408,427	)		(5,457,372	)		(554,043	)
Change in net assets resulting from operations	$	504,460		$	46,608		$	(1,851,918	)	$	(249,827	)

See notes to financial statements.

- 24 -

Statements of Operations
August 31, 2023	Concluded

	Ultra Short Tax- Free Income Fund			Opportunistic Fund			World Energy Fund			Hedged Income Fund
Investment Income:
Interest income	$	385,041		$	159,282		$	210,811		$	—
Dividend income		—			417,554			2,680,815			1,232,610
Dividend income from affiliates		15,473			241,157			51,248			35,567
Foreign tax withholding		—			(254	)		(68,002	)		(2,658	)
Total income		400,514			817,739			2,874,872			1,265,519

Expenses:
Investment advisory fees		32,271			263,951			505,188			283,203
Administration fees		17,211			24,843			67,359			28,321
Distribution fees - Investor Shares		121			1,922			60,489			599
Distribution fees - A Shares		174			2,569			7,028			3,078
Distribution fees - C Shares		—			2,587			48,652			—
Shareholder servicing fees - Investor Shares		121			1,922			60,489			599
Shareholder servicing fees - Institutional Shares		53,489			72,494			130,814			84,824
Shareholder servicing fees - A Shares		69			1,028			2,905			1,231
Shareholder servicing fees - C Shares		—			647			12,163			—
Fund accounting and compliance fees		11,355			10,933			20,144			9,165
Transfer agent fees		67,177			105,043			99,281			72,145
Custodian fees		2,309			2,821			7,627			3,501
Trustee fees		967			1,443			3,641			1,541
Professional fees		4,234			7,990			12,534			5,639
Printing fees		1,968			9,722			27,104			7,556
Registration fees		41,618			60,856			57,684			41,590
Other expenses		4,422			6,679			8,800			5,464

Total expenses before fee and expense reductions		237,506			577,450			1,131,902			548,456

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(109,157	)		(184,765	)		(108,709	)		(71,917	)
Administration fees waived		(184	)		(2,698	)		(663	)		(453	)
Shareholder servicing fees waived - Investor Shares		(110	)		(1,084	)		(40,883	)		(459	)
Shareholder servicing fees waived - Institutional Shares		(52,493	)		(70,922	)		(99,109	)		(81,864	)
Shareholder servicing fees waived - A Shares		(69	)		(708	)		—			(762	)
Shareholder servicing fees waived - C Shares		—			(388	)		(8,241	)		—

Net expenses		75,493			316,885			874,297			393,001

Net investment income/(loss)		325,021			500,854			2,000,575			872,518
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(422	)		(1,300,199	)		4,632,825			(3,035,676	)
Net realized gains/(losses) from written options contracts		—			—			—			833,904
Change in unrealized appreciation/(depreciation) on unaffiliated investments		218,218			216,517			(1,055,466	)		4,188,584
Change in unrealized appreciation/(depreciation) on written options contracts		—			—			—			(531,268	)
Net realized/unrealized gains/(losses) on investments		217,796			(1,083,682	)		3,577,359			1,455,544
Change in net assets resulting from operations	$	542,817		$	(582,828	)	$	5,577,934		$	2,328,062

(a)	Service Shares activity is for the period September 1, 2022 to August 1, 2023 (date of termination).

See notes to financial statements.

- 25 -

Statements of Changes in Net Assets
August 31, 2023

	U.S. Treasury Fund						Government Securities Money Market Fund
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income	$	49,353,903		$	2,203,508		$	99,554,544		$	7,685,925
Net realized gains/(losses) from investment transactions		—			(168	)		—			(6,707	)
Change in net assets resulting from operations		49,353,903			2,203,340			99,554,544			7,679,218
Distributions to Shareholders:
Administrative Shares		(41,814,990	)		(1,749,036	)		(24,553,485	)		(1,669,478	)
Service Shares		(1,905,466	)^(a)		(184,272	)		—			—
Institutional Shares		(5,357,370	)		(209,132	)		(6,201,697	)		(380,181	)
Select Shares		(275,378	)		(61,057	)		(47,235,533	)		(4,329,024	)
Premier Shares		—			—			(21,562,129	)		(1,306,844	)
Change in net assets from shareholder distributions		(49,353,204	)		(2,203,497	)		(99,552,844	)		(7,685,527	)
Change in net assets from capital transactions		794,011,887			(33,840,465	)		383,321,872			316,902,768
Change in net assets		794,012,586			(33,840,622	)		383,323,572			316,896,459
Net Assets:
Beginning of year		947,129,704			980,970,326			2,171,114,695			1,854,218,236
End of year	$	1,741,142,290		$	947,129,704		$	2,554,438,267		$	2,171,114,695
Capital Share Transactions*:
Administrative Shares
Issued		2,130,992,466			1,678,622,267			913,933,849			953,834,098
Reinvested		9,435			523			130,648			9,474
Redeemed		(1,401,561,228	)		(1,730,087,789	)		(977,408,473	)		(866,420,293	)
Change in Administrative Shares		729,440,673			(51,464,999	)		(63,343,976	)		87,423,279
Service Shares
Issued		141,263,215	^(a)		148,007,474			—			—
Reinvested		63,835	^(a)		—			—			—
Redeemed		(197,757,009	)^(a)		(126,039,925	)		—			—
Change in Service Shares		(56,429,959	)		21,967,549			—			—
Institutional Shares
Issued		415,892,527			224,497,009			785,051,677			584,293,451
Reinvested		—			—			171,321			17,777
Redeemed		(288,694,160	)		(236,069,899	)		(669,123,722	)		(586,580,544	)
Change in Institutional Shares		127,198,367			(11,572,890	)		116,099,276			(2,269,316	)
Select Shares
Issued		35,397,270			157,631,817			1,726,084,173			1,428,279,436
Reinvested		—			—			176,563			—
Redeemed		(41,594,463	)		(150,401,941	)		(1,550,081,270	)		(1,245,473,587	)
Change in Select Shares		(6,197,193	)		7,229,876			176,179,466			182,805,849
Premier Shares
Issued		—			—			2,880,953,233			1,052,142,156
Reinvested		—			—			20,616,623			1,287,632
Redeemed		—			—			(2,747,182,749	)		(1,004,486,832	)
Change in Premier Shares		—			—			154,387,107			48,942,956
Change in shares:		794,011,888			(33,840,464	)		383,321,873			316,902,768

(a)	Service Shares activity is for the period September 1, 2022 to August 1, 2023 (date of termination).
*	Share transactions are at net assets value of $1.00 per share.

See notes to financial statements.

- 26 -

Statements of Changes in Net Assets
August 31, 2023	Continued

	Limited Duration Fund						Moderate Duration Fund
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	1,128,983		$	1,020,374		$	455,035		$	376,800
Net realized gains/(losses) from investment transactions		(810,746	)		(465,156	)		(1,142,596	)		(265,468	)
Change in unrealized appreciation/(depreciation) on investments		186,223			(4,142,455	)		734,169			(2,097,032	)
Change in net assets resulting from operations		504,460			(3,587,237	)		46,608			(1,985,700	)
Distributions to Shareholders:
Investor Shares		(48,161	)		(43,079	)		(75,801	)		(50,038	)
Institutional Shares		(1,040,661	)		(1,075,264	)		(372,991	)		(336,629	)
A Shares		(70,171	)		(44,280	)		(4,641	)		(3,815	)
Change in net assets from shareholder distributions		(1,158,993	)		(1,162,623	)		(453,433	)		(390,482	)
Change in net assets from capital transactions		(10,061,434	)		(34,002,430	)		(6,528,448	)		(3,399,115	)
Change in net assets		(10,715,967	)		(38,752,290	)		(6,935,273	)		(5,775,297	)
Net Assets:
Beginning of year		44,796,919			83,549,209			19,785,817			25,561,114
End of year	$	34,080,952		$	44,796,919		$	12,850,544		$	19,785,817
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	4,777		$	11,269		$	364,691		$	220,100
Dividends reinvested		46,028			41,806			75,800			50,038
Cost of shares redeemed		(995,315	)		(807,602	)		(419,918	)		(867,266	)
Change in net assets from Investor Shares		(944,510	)		(754,527	)		20,573			(597,128	)
Institutional Shares
Proceeds from shares issued		4,226,637			16,752,816			2,385,512			1,883,193
Dividends reinvested		546,331			606,576			170,617			164,140
Cost of shares redeemed		(13,925,081	)		(50,654,500	)		(9,096,179	)		(4,676,574	)
Change in net assets from Institutional Shares		(9,152,113	)		(33,295,108	)		(6,540,050	)		(2,629,241	)
A Shares
Proceeds from shares issued		21			290,622			12			25
Dividends reinvested		70,169			44,279			4,641			3,815
Cost of shares redeemed		(35,001	)		(287,696	)		(13,624	)		(176,586	)
Change in net assets from A Shares		35,189			47,205			(8,971	)		(172,746	)
Change in net assets resulting from capital transactions:	$	(10,061,434	)	$	(34,002,430	)	$	(6,528,448	)	$	(3,399,115	)
Share Transactions:
Investor Shares
Issued		539			1,187			38,462			21,305
Reinvested		5,192			4,477			7,974			4,904
Redeemed		(111,850	)		(85,460	)		(44,260	)		(83,755	)
Change in Investor Shares		(106,119	)		(79,796	)		2,176			(57,546	)
Institutional Shares
Issued		476,253			1,770,616			251,237			181,904
Reinvested		61,637			64,665			17,962			16,084
Redeemed		(1,570,311	)		(5,403,133	)		(957,590	)		(456,243	)
Change in Institutional Shares		(1,032,421	)		(3,567,852	)		(688,391	)		(258,255	)
A Shares
Issued		3			30,037			1			3
Reinvested		7,906			4,747			488			372
Redeemed		(3,958	)		(30,469	)		(1,422	)		(16,926	)
Change in A Shares		3,951			4,315			(933	)		(16,551	)
Change in shares:		(1,134,589	)		(3,643,333	)		(687,148	)		(332,352	)

See notes to financial statements.

- 27 -

Statements of Changes in Net Assets
August 31, 2023	Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	3,605,454		$	2,482,631		$	304,216		$	444,263
Net realized gains/(losses) from investment transactions		(6,997,380	)		(979,869	)		(1,358,352	)		(703,588	)
Change in unrealized appreciation/(depreciation) on investments		1,540,008			(15,380,049	)		804,309			(1,353,067	)
Change in net assets resulting from operations		(1,851,918	)		(13,877,287	)		(249,827	)		(1,612,392	)
Distributions to Shareholders:
Investor Shares		(30,059	)		(25,319	)		(18,077	)		(20,396	)
Institutional Shares		(3,636,991	)		(2,582,656	)		(279,906	)		(437,694	)
A Shares		(1,551	)		(1,520	)		(6,143	)		(6,659	)
Change in net assets from shareholder distributions		(3,668,601	)		(2,609,495	)		(304,126	)		(464,749	)
Change in net assets from capital transactions		(3,308,660	)		36,779,451			(4,518,202	)		(9,488,193	)
Change in net assets		(8,829,179	)		20,292,669			(5,072,155	)		(11,565,334	)
Net Assets:
Beginning of year		130,247,961			109,955,292			10,062,972			21,628,306
End of year	$	121,418,782		$	130,247,961		$	4,990,817		$	10,062,972
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	29,455		$	38,538		$	674		$	4,816
Dividends reinvested		30,059			25,319			18,076			20,393
Cost of shares redeemed		(134,289	)		(194,231	)		(168,435	)		(532,997	)
Change in net assets from Investor Shares		(74,775	)		(130,374	)		(149,685	)		(507,788	)
Institutional Shares
Proceeds from shares issued		26,442,313			55,317,752			1,055,569			4,994,688
Dividends reinvested		1,115,253			622,019			142,063			265,982
Cost of shares redeemed		(30,792,058	)		(19,030,180	)		(5,548,459	)		(13,511,894	)
Change in net assets from Institutional Shares		(3,234,492	)		36,909,591			(4,350,827	)		(8,251,224	)
A Shares
Proceeds from shares issued		18			29,202			16			24
Dividends reinvested		1,549			1,520			6,143			6,660
Cost of shares redeemed		(960	)		(30,488	)		(23,849	)		(735,865	)
Change in net assets from A Shares		607			234			(17,690	)		(729,181	)
Change in net assets resulting from capital transactions:	$	(3,308,660	)	$	36,779,451		$	(4,518,202	)	$	(9,488,193	)
Share Transactions:
Investor Shares
Issued		3,510			4,214			75			476
Reinvested		3,602			2,725			2,062			2,065
Redeemed		(15,966	)		(20,095	)		(19,213	)		(52,982	)
Change in Investor Shares		(8,854	)		(13,156	)		(17,076	)		(50,441	)
Institutional Shares
Issued		3,161,583			6,062,396			122,212			506,971
Reinvested		133,952			68,147			16,418			27,093
Redeemed		(3,702,411	)		(2,051,876	)		(640,076	)		(1,390,504	)
Change in Institutional Shares		(406,876	)		4,078,667			(501,446	)		(856,440	)
A Shares
Issued		2			2,954			2			3
Reinvested		185			162			710			678
Redeemed		(116	)		(3,242	)		(2,764	)		(71,774	)
Change in A Shares		71			(126	)		(2,052	)		(71,093	)
Change in shares:		(415,659	)		4,065,385			(520,574	)		(977,974	)

See notes to financial statements.

- 28 -

Statements of Changes in Net Assets
August 31, 2023	Continued

	Ultra Short Tax-Free Income Fund						Opportunistic Fund
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	325,021		$	41,768		$	500,854		$	446,726
Net realized gains/(losses) from investment transactions		(422	)		(138	)		(1,300,199	)		(7,952,662	)
Change in unrealized appreciation/(depreciation) on investments		218,218			(251,564	)		216,517			(6,048,563	)
Change in net assets resulting from operations		542,817			(209,934	)		(582,828	)		(13,554,499	)
Distributions to Shareholders:
Investor Shares		(555	)		(56	)		(8,778	)		(49,301	)
Institutional Shares		(323,394	)		(42,794	)		(397,293	)		(2,292,163	)
A Shares		(814	)		(23	)		(11,964	)		(44,392	)
C Shares		—			—			(1,248	)		(8,783	)
Change in net assets from shareholder distributions		(324,763	)		(42,873	)		(419,283	)		(2,394,639	)
Change in net assets from capital transactions		(10,552,155	)		(5,666,684	)		(25,154,563	)		(16,196,533	)
Change in net assets		(10,334,101	)		(5,919,491	)		(26,156,674	)		(32,145,671	)
Net Assets:
Beginning of year		26,714,009			32,633,500			45,664,717			77,810,388
End of year	$	16,379,908		$	26,714,009		$	19,508,043		$	45,664,717
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	141		$	89		$	1,795		$	120,089
Dividends reinvested		556			56			8,779			49,301
Cost of shares redeemed		(95,429	)		(383	)		(369,759	)		(3,534,195	)
Change in net assets from Investor Shares		(94,732	)		(238	)		(359,185	)		(3,364,805	)
Institutional Shares
Proceeds from shares issued		423,970			2,094,894			7,013,081			10,231,974
Dividends reinvested		15,507			3,420			149,338			1,254,755
Cost of shares redeemed		(10,868,216	)		(7,792,909	)		(31,705,926	)		(24,242,171	)
Change in net assets from Institutional Shares		(10,428,739	)		(5,694,595	)		(24,543,507	)		(12,755,442	)
A Shares
Proceeds from shares issued		135,165			29,696			22,952			173,387
Dividends reinvested		814			22			11,477			44,036
Cost of shares redeemed		(164,663	)		(1,569	)		(222,090	)		(298,797	)
Change in net assets from A Shares		(28,684	)		28,149			(187,661	)		(81,374	)
C Shares
Proceeds from shares issued		—			—			900			2,870
Dividends reinvested		—			—			1,248			8,783
Cost of shares redeemed		—			—			(66,358	)		(6,566	)
Change in net assets from C Shares		—			—			(64,210	)		5,087
Change in net assets resulting from capital transactions:	$	(10,552,155	)	$	(5,666,684	)	$	(25,154,563	)	$	(16,196,534	)
Share Transactions:
Investor Shares
Issued		11			9			139			7,187
Reinvested		56			6			684			3,069
Redeemed		(9,640	)		(39	)		(28,559	)		(212,100	)
Change in Investor Shares		(9,573	)		(24	)		(27,736	)		(201,844	)
Institutional Shares
Issued		42,796			210,484			528,468			649,147
Reinvested		1,555			242			11,540			77,257
Redeemed		(1,090,554	)		(781,970	)		(2,408,502	)		(1,683,372	)
Change in Institutional Shares		(1,046,203	)		(571,244	)		(1,868,494	)		(956,968	)
A Shares
Issued		13,660			2,985			1,785			10,885
Reinvested		82			2			890			2,735
Redeemed		(16,547	)		(158	)		(17,083	)		(19,201	)
Change in A Shares		(2,805	)		2,829			(14,408	)		(5,581	)
C Shares
Issued		—			—			72			189
Reinvested		—			—			100			562
Redeemed		—			—			(5,239	)		(420	)
Change in C Shares		—			—			(5,067	)		331
Change in shares:		(1,058,581	)		(568,439	)		(1,915,705	)		(1,164,062	)

See notes to financial statements.

- 29 -

Statements of Changes in Net Assets
August 31, 2023	Concluded

	World Energy Fund						Hedged Income Fund
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	2,000,575		$	1,109,112		$	872,518		$	674,612
Net realized gains/(losses) from investment transactions		4,632,825			2,458,560			(2,201,772	)		(858,439	)
Change in unrealized appreciation/(depreciation) on investments		(1,055,466	)		11,611,800			3,657,316			(1,892,903	)
Change in net assets resulting from operations		5,577,934			15,179,472			2,328,062			(2,076,730	)
Distributions to Shareholders:
Investor Shares		(518,068	)		(317,594	)		(5,713	)		(10,989	)
Institutional Shares		(1,281,672	)		(541,066	)		(857,007	)		(579,966	)
A Shares		(64,703	)		(63,255	)		(25,272	)		(33,527	)
C Shares		(69,659	)		(42,779	)		—			—
Change in net assets from shareholder distributions		(1,934,102	)		(964,694	)		(887,992	)		(624,482	)
Change in net assets from capital transactions		10,556,016			28,684,398			(3,829,214	)		11,784,372
Change in net assets		14,199,848			42,899,176			(2,389,144	)		9,083,160
Net Assets:
Beginning of year		70,751,462			27,852,286			35,271,266			26,188,106
End of year	$	84,951,310		$	70,751,462		$	32,882,122		$	35,271,266
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	12,296,209		$	31,810,076		$	23,025		$	211,824
Dividends reinvested		517,565			317,360			5,713			10,988
Cost of shares redeemed		(18,723,312	)		(17,548,706	)		(180,140	)		(1,287,615	)
Change in net assets from Investor Shares		(5,909,538	)		14,578,730			(151,402	)		(1,064,803	)
Institutional Shares
Proceeds from shares issued		48,259,551			33,008,856			6,345,162			14,567,900
Dividends reinvested		1,044,996			419,586			161,680			106,536
Cost of shares redeemed		(33,267,016	)		(19,436,098	)		(9,318,096	)		(2,049,979	)
Change in net assets from Institutional Shares		16,037,531			13,992,344			(2,811,254	)		12,624,457
A Shares
Proceeds from shares issued		1,269,850			3,028,302			530,998			1,118,043
Dividends reinvested		64,019			63,116			25,272			32,708
Cost of shares redeemed		(1,931,273	)		(3,345,308	)		(1,422,828	)		(926,033	)
Change in net assets from A Shares		(597,404	)		(253,890	)		(866,558	)		224,718
C Shares
Proceeds from shares issued		2,711,773			1,446,540			—			—
Dividends reinvested		69,402			42,590			—			—
Cost of shares redeemed		(1,755,748	)		(1,121,916	)		—			—
Change in net assets from C Shares		1,025,427			367,214			—			—
Change in net assets resulting from capital transactions:	$	10,556,016		$	28,684,398		$	(3,829,214	)	$	11,784,372
Share Transactions:
Investor Shares
Issued		946,202			2,778,942			2,305			20,287
Reinvested		43,006			28,654			575			1,063
Redeemed		(1,548,986	)		(1,586,455	)		(18,116	)		(123,208	)
Change in Investor Shares		(559,778	)		1,221,141			(15,236	)		(101,858	)
Institutional Shares
Issued		3,800,588			2,959,442			635,288			1,399,840
Reinvested		86,749			38,796			16,188			10,323
Redeemed		(2,739,600	)		(1,735,811	)		(920,726	)		(198,643	)
Change in Institutional Shares		1,147,737			1,262,427			(269,250	)		1,211,520
A Shares
Issued		102,933			286,867			52,101			108,174
Reinvested		5,360			5,923			2,528			3,174
Redeemed		(153,000	)		(288,992	)		(146,257	)		(89,360	)
Change in A Shares		(44,707	)		3,798			(91,628	)		21,988
C Shares
Issued		213,818			124,853			—			—
Reinvested		5,843			3,988			—			—
Redeemed		(144,214	)		(101,005	)		—			—
Change in C Shares		75,447			27,836			—			—
Change in shares:		618,699			2,515,202			(376,114	)		1,131,650

See notes to financial statements.

- 30 -

Schedule of Portfolio Investments	U.S. Treasury Fund
August 31, 2023

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Treasury Obligations (11.4%)
U.S. Treasury Bills
$	50,000,000	5.30%, 9/14/23(a)	$	49,904,936
	50,000,000	5.33%, 10/24/23(a)		49,610,891
	50,000,000	5.38%, 11/28/23(a)		49,353,872
	50,000,000	5.42%, 12/26/23(a)		49,142,728
Total U.S. Treasury Obligations (Cost $198,012,427)				198,012,427

Repurchase Agreements (79.5%)
	55,000,000	Bank of Montreal, 5.24%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $55,008,006, Collateralized by U.S. Treasury Obligation, (4.38%), (8/15/26), fair value of $56,100,035)		55,000,000
	75,000,000	Credit Agricole CIB, 5.25%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $75,010,938, Collateralized by U.S. Treasury Obligation, (4.13%), (6/15/26), fair value of $76,500,094)		75,000,000
	530,000,000	Federal Reserve Bank of New York, 5.3%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $530,078,028, Collateralized by various U.S. Treasury Obligations, (0.25% - 2.13%), (3/31/24 - 8/15/29), fair value of $530,078,110)		530,000,000
	115,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 5.25%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $115,016,771, Collateralized by various U.S. Treasury Obligations, (0.25% - 1.63%), (8/31/25 - 10/31/28), fair value of $117,300,023)		115,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued:
$	310,000,000	Fixed Income Clearing Corporation – State Street Bank & Trust Co., 5.28%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $310,045,467, Collateralized by various U.S. Treasury Obligations, (0.50% - 1.25%), (3/31/25 - 11/30/26), fair value of $316,200,091)	$	310,000,000
	40,000,000	Goldman Sachs & Co., 5.17%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $40,005,744, Collateralized by various U.S. Treasury Obligations, (0.38% - 1.50%), (1/31/26 - 11/30/28), fair value of $40,800,043)		40,000,000
	80,000,000	Nomura Securities International, Inc., 5.27%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $80,011,711, Collateralized by various U.S. Treasury Obligations, (0.00% - 4.25%), (10/10/23 - 5/15/43), fair value of $81,600,000)		80,000,000
	180,000,000	RBC Dominion Securities, Inc., 5.24%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $180,026,200, Collateralized by various U.S. Treasury Obligations, (0.13% - 6.88%), (10/15/23 - 8/15/50), fair value of $183,600,025)		180,000,000
Total Repurchase Agreements (Cost $1,385,000,000)				1,385,000,000

Investment Companies (9.5%)
	48,009,333	Goldman Sachs Financial Square Treasury Obligations Fund, 5.23%(b)		48,009,333
	117,169,036	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 5.26%(b)		117,169,036
Total Investment Companies (Cost $165,178,369)				165,178,369

Total Investments (Cost $1,748,190,796)(c) — 100.4%				1,748,190,796
Liabilities in excess of other assets — (0.4)%				(7,048,506	)
Net Assets - 100.0%			$	1,741,142,290

(a)

Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.

(c)

Cost and value for federal income tax and financial reporting purposes are the same.

See notes to financial statements.

- 31 -

Schedule of Portfolio Investments	Government Securities Money Market Fund
August 31, 2023

Shares or Principal Amount		Security Description		Amortized Cost or Value
U.S. Government Agency Securities (14.3%)
Federal Farm Credit Banks Funding Corp.
$	40,000,000	5.39% (SOFR + 8 bps), 8/14/24	$	40,000,000
	100,000,000	5.39% (SOFR + 8 bps), 8/28/24, Callable 2/28/24 @ 100 *		100,000,000
				140,000,000
Federal Home Loan Bank
	100,000,000	5.17%, 3/8/24, Callable 11/10/23 @ 100 *		100,000,000
	100,000,000	5.41% (SOFR + 10 bps), 9/21/23		100,000,000
				200,000,000
Federal Home Loan Mortgage Corporation
	25,000,000	5.27%, 6/11/24, Callable 9/15/23 @ 100 *		25,000,000
Total U.S. Government Agency Securities (Cost $365,000,000)				365,000,000

U.S. Treasury Obligations (12.4%)
U.S. Treasury Bills
	100,000,000	5.30%, 9/14/23(a)		99,809,871
	100,000,000	5.38%, 11/28/23(a)		98,707,745
	120,000,000	5.38%, 12/5/23(a)		118,326,258
Total U.S. Treasury Obligations (Cost $316,843,874)				316,843,874

Repurchase Agreements (65.2%)
	15,000,000	Bank of Montreal, 5.24%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $15,002,183, Collateralized by U.S. Treasury Obligation, (4.38%), (8/15/26), fair value of $15,300,019)		15,000,000
	5,000,000	Credit Agricole CIB, 5.25%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $5,000,729, Collateralized by U.S. Treasury Obligation, (4.38%), (8/15/26), fair value of $5,100,039)		5,000,000
	950,000,000	Federal Reserve Bank of New York, 5.3%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $950,139,861, Collateralized by various U.S. Treasury Obligations, (0.25% - 2.13%), (3/31/24 - 8/15/29), fair value of $950,139,916)		950,000,000

Shares or Principal Amount		Security Description		Amortized Cost or Value
Repurchase Agreements, continued:
$	85,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 5.25%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $85,012,396, Collateralized by U.S. Treasury Obligation, (2.88%), (5/15/32), fair value of $86,700,002)	$	85,000,000
	405,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 5.28%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $405,059,400, Collateralized by various U.S. Treasury Obligations, (0.13% - 3.88%), (3/31/25 - 11/30/26), fair value of $413,100,081)		405,000,000
	5,000,000	Goldman Sachs & Co., 5.17%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $5,000,718, Collateralized by U.S. Treasury Obligation, (0.25%), (3/15/24), fair value of $5,100,005)		5,000,000
	120,000,000	Nomura Securities International, Inc., 5.27%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $120,017,567, Collateralized by various U.S. Treasury Obligations, (0.00% - 1.88%), (3/15/24 - 2/15/51), fair value of $122,400,000)		120,000,000
	80,000,000	RBC Dominion Securities, Inc., 5.24%, 9/1/23, (Purchased on 8/31/23, proceeds at maturity $80,011,644, Collateralized by various U.S. Government Agency Obligations and U.S. Treasury Obligations, (0.00% - 6.50%), (2/22/24 - 7/20/53), fair value of $81,600,076)		80,000,000
Total Repurchase Agreements (Cost $1,665,000,000)				1,665,000,000

Investment Companies (8.3%)
	120,966,607	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 5.26%(b)		120,966,607
	91,813,040	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 5.26%(b)		91,813,040
Total Investment Companies (Cost $212,779,647)				212,779,647

Total Investments (Cost $2,559,623,521)(c) — 100.2%				2,559,623,521
Liabilities in excess of other assets — (0.2)%				(5,185,254	)
Net Assets - 100.0%			$	2,554,438,267

(a)	Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(c)	Cost and value for federal income tax and financial reporting purposes are the same.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.

SOFR	Secured Overnight Financing Rate

See notes to financial statements.

- 32 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (26.5%)
$	436,281	CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 6.05% (TSFR1M + 73 bps), 1/25/33, Callable 9/25/23 @ 100*	$	429,703
	155,820	CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 6.78% (TSFR1M + 146 bps), 10/25/37, Callable 1/25/25 @ 100*(a)		155,452
	588,123	CLI Funding VIII LLC, Series 2021-1A, Class B, 2.38%, 2/18/46, Callable 9/18/23 @ 100*(a)		498,283
	160	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32, Callable 9/25/23 @ 100*(b)(c)		160
	663,307	DRIVEN BRANDS FUNDING LLC, Series 2019-2A, Class A2, 3.98%, 10/20/49, Callable 10/20/24 @ 100*(a)		607,933
	744,166	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.45%, 9/26/33, Callable 9/26/23 @ 100*(b)(c)		709,763
	4,960	Fannie Mae REMIC Trust, Series 2001-W1, Class AF6, 6.40%, 7/25/31, Callable 9/25/23 @ 100*(b)(c)		5,000
	3,291	Fannie Mae REMIC Trust, Series 2001-W2, Class AF6, 6.09%, 10/25/31, Callable 9/25/23 @ 100*(b)(c)		3,280
	1,488	Fannie Mae REMIC Trust, Series 2001-W4, Class AF6, 5.11%, 1/25/32, Callable 9/25/23 @ 100*(b)(c)		1,467
	317,149	Fannie Mae REMIC Trust, Series 2003-W16, Class AF5, 4.40%, 11/25/33, Callable 9/25/23 @ 100*(b)(c)		304,859
	806,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		703,634
	457,984	Fremont Home Loan Trust, Series 2004-3, Class M5, 7.30% (TSFR1M + 199 bps), 11/25/34, Callable 9/25/23 @ 100*		309,972
	1,243,513	Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/55, Callable 10/15/40 @ 100*(a)		1,025,210
	345,000	HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 11/1/23 @ 100*(a)		317,677
	10	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)(c)		10
	761,450	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a)		679,754
	270,972	RAAC Trust, Series 2007-SP1, Class M1, 6.28% (TSFR1M + 97 bps), 3/25/37, Callable 9/25/23 @ 100*		268,208
	57,503	RAMP Trust, Series 2002-RS2, Class AI5, 4.83%, 3/25/32, Callable 9/25/23 @ 100*		55,463
	1,070	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.23%, 12/25/33, Callable 9/25/23 @ 100*(b)(c)		1,003
	784,667	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 8/20/51, Callable 8/20/25 @ 100*(a)		629,170
	44,080	Soundview Home Loan Trust, Series 2005-B, Class M2, 6.22%, 5/25/35, Callable 9/25/23 @ 100*(b)(c)		40,002
	174,722	Soundview Home Loan Trust, Series 2005- OPT3, Class M1, 6.13% (TSFR1M + 82 bps), 11/25/35, Callable 9/25/23 @ 100*		169,796

Shares or Principal Amount		Security Description	Value
Asset Backed Securities, continued:
$	484,080	Structured Asset Investment Loan Trust, Series 2005-HE3, Class M1, 6.15% (TSFR1M + 83 bps), 9/25/35, Callable 9/25/23 @ 100*	$	472,268
	50,317	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 9/25/23 @ 100*(b)(c)		49,793
	656,250	Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 5/25/46, Callable 11/25/23 @ 100*(a)		632,602
	476,742	Textainer Marine Containers VII, Ltd., Series 2020-1A, Class A, 2.73%, 8/21/45, Callable 9/20/23 @ 100*(a)		435,053
	641,900	ZAXBY'S FUNDING LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		540,224
	Total Asset Backed Securities (Cost $10,263,061)			9,045,739

Mortgage Backed Securities† (24.8%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.8%)
	8,601	Alternative Loan Trust, Series 2005-24, Class 1A1, 5.74% (12MTA + 131 bps), 7/20/35, Callable 9/19/23 @ 100*		7,259
	56,982	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 4.13%, 2/25/36, Callable 9/25/23, @ 100*(b)		39,827
	8,648	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 4.35%, 7/25/35, Callable 9/25/23 @ 100*(b)		6,118
	885	Deutsche Alternative Securities Mortgage Loan Trust, Series 2006-AB4, Class A1B1, 5.53% (TSFR1M + 21 bps), 10/25/36, Callable 9/25/23 @ 100*		680
	3,021	Deutsche Alternative Securities Mortgage Loan Trust, Series 2006-AB4, Class A1A, 6.01%, 10/25/36, Callable 9/25/23 @ 100*(b)		2,406
	1,333	Deutsche Alternative Securities, Inc. Mortgage Loan Trust, Series 2003-4XS, Class A6A, 5.32%, 10/25/33, Callable 9/25/23 @ 100*(b)(c)		1,263
	2,523	First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1, 6.06%, 9/25/34, Callable 9/25/23 @ 100*(b)		2,406
	12,635	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 4.71%, 4/21/34, Callable 9/21/23 @ 100*(b)		11,974
	172,312	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR4, Class 3A1, 5.19%, 8/25/35, Callable 9/25/23 @ 100*(b)		172,104
	21,392	RALI Trust, Series 2004-QA4, Class NB21, 4.36%, 9/25/34, Callable 9/25/23 @ 100*(b)		19,825
	13,388	RALI Trust, Series 2006-QA1, Class A21, 5.04%, 1/25/36, Callable 9/25/23 @ 100*(b)		9,721
				273,583
	Alt-A - Fixed Rate Mortgage Backed Securities (1.7%)
	9,623	Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35, Callable 9/25/23 @ 100*		6,672
	15,047	Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36, Callable 9/25/23 @ 100*		6,265

See notes to financial statements.

- 33 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	15,920	Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36, Callable 9/25/23 @ 100*	$	9,433
	15,496	Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37, Callable 9/25/23 @ 100*		8,480
	111,856	Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 9/25/23 @ 100*		48,750
	55,025	Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 9/25/23 @ 100*		49,382
	10,525	ChaseFlex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 9/25/23 @ 100*		8,394
	13,795	CitiMortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 9/25/23 @ 100*		11,920
	107,377	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100*		106,859
	104	MASTR Alternative Loan Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19, Callable 9/25/23 @ 100*		100
	681	MASTR Alternative Loan Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20		589
	2,763	MASTR Alternative Loan Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 9/25/23 @ 100*		2,706
	247,086	MASTR Alternative Loan Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 9/25/23 @ 100*		245,032
	16,701	MASTR Alternative Loan Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 9/25/23 @ 100*		17,040
	2,584	MASTR Alternative Loan Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 9/25/23 @ 100*		2,603
	101	RALI Trust, Series 2004-QS13, Class CB, 5.00%, 9/25/19, Callable 9/25/23 @ 100*		97
	5,563	RALI Trust, Series 2004-QS6, Class A1, 5.00%, 5/25/19, Callable 9/25/23 @ 100*		5,164
	20,328	RALI Trust, Series 2006-QS6, Class 1A2, 6.00%, 6/25/36, Callable 9/25/23 @ 100*		16,005
	40,458	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 2/25/25 @ 100*		13,283
	23,663	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 9/25/23 @ 100*		12,906
	7,208	Wells Fargo Alternative Loan Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 9/25/23 @ 100*		6,915
				578,595
Prime Adjustable Rate Mortgage Backed Securities (1.1%)
	187	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.68%, 5/25/35(b)		186
	327,920	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 9/25/23 @ 100*(b)(c)		52,551
	3,919	Banc of America Mortgage Trust, Series 2006-A, Class 2A1, 3.89%, 2/25/36, Callable 9/25/23 @ 100*(b)		3,513

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	2,307	Banc of America Mortgage Trust, Series 2006-B, Class 2A1, 4.06%, 11/20/46, Callable 9/20/23 @ 100*(b)	$	2,036
	3,163	Banc of America Mortgage Trust, Series 2004-E, Class 1A1, 5.41%, 6/25/34, Callable 9/25/23 @ 100*(b)		2,962
	4,119	Banc of America Mortgage Trust, Series 2003-H, Class 2A3, 5.90%, 9/25/33, Callable 9/25/23 @ 100*(b)		3,827
	4,334	Bear Stearns ARM Trust, Series 2004-6, Class 1A1, 4.48%, 9/25/34, Callable 9/25/23 @ 100*(b)		3,917
	2,023	Bear Stearns ARM Trust, Series 2004-10, Class 15A1, 4.74%, 1/25/35, Callable 9/25/23 @ 100*(b)		2,038
	3,680	Bear Stearns ARM Trust, Series 2006-4, Class 1A1, 5.13%, 10/25/36, Callable 9/25/23 @ 100*(b)		3,445
	3,063	Bear Stearns ARM Trust, Series 2005-9, Class A1, 7.67% (H15T1Y + 230 bps), 10/25/35, Callable 9/25/23 @ 100*		2,870
	1,893	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.81%, 3/25/31, Callable 9/25/23 @ 100*(b)		1,868
	8,532	Chase Mortgage Finance Trust, Series 2007-A2, Class 7A1, 4.53%, 7/25/37, Callable 9/25/23 @ 100*(b)		6,736
	208	CHL Mortgage Pass-Through Trust, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 9/25/23 @ 100*(b)		169
	3,040	CHL Mortgage Pass-Through Trust, Series 2003-60, Class 2A1, 4.12%, 2/25/34, Callable 9/25/23 @ 100*(b)		2,800
	6,200	CHL Mortgage Pass-Through Trust, Series 2003-58, Class 2A2, 4.25%, 2/19/34, Callable 9/19/23 @ 100*(b)		5,954
	4,214	Citigroup Mortgage Loan Trust, Series 2005-3, Class 2A2A, 5.21%, 8/25/35(b)		4,033
	22,279	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 4.17%, 11/25/32, Callable 9/25/23 @ 100*(b)		13,971
	17,634	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.57%, 11/25/34, Callable 9/25/23 @ 100*(b)		16,936
	4,201	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.35%, 10/25/35, Callable 9/25/23 @ 100*(b)		3,923
	22,248	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.62%, 11/19/35, Callable 9/19/23 @ 100*(b)		19,363
	12,820	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 3.87%, 4/25/35, Callable 9/25/23 @ 100*(b)		11,724
	4,167	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.48%, 11/25/35, Callable 9/25/23 @ 100*(b)		4,118
	53,083	HarborView Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.90%, 1/19/35, Callable 9/19/23 @ 100*(b)		46,157
	2,645	HarborView Mortgage Loan Trust, Series 2005- 14, Class 3A1A, 5.27%, 12/19/35, Callable 9/19/23 @ 100*(b)		2,489

See notes to financial statements.

- 34 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023	Continued

Shares or
Principal
Amount Security Description Value

Mortgage Backed Securities†, continued:

Prime Adjustable Rate Mortgage Backed Securities, continued:

$ 30,288 IndyMac INDX Mortgage Loan Trust, Series 2006- AR19, Class 1A2, 3.80%, 8/25/36, Callable 9/25/23 @ 100*(b) $ 21,582

18,217 IndyMac INDX Mortgage Loan Trust, Series 2006- AR13, Class A1, 3.83%, 7/25/36, Callable 9/25/23 @ 100*(b) 13,129

7,517 IndyMac INDX Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.42%, 8/25/34, Callable 9/25/23 @ 100*(b)     7,126

17,510 IndyMac INDX Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.70%, 8/25/34, Callable 9/25/23 @ 100*(b)     16,188

1,319 JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 4.52%, 8/25/36, Callable 9/25/23 @ 100*(b) 1,063

645 Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 4.10%, 2/25/34, Callable 9/25/23 @ 100*(b) 589

5,481 Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 4.39%, 12/25/34, Callable 9/25/23 @ 100*(b) 5,121

5,851 Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 5.52%, 7/25/34, Callable 12/25/23 @ 100*(b) 5,526

3,355 Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 5.22%, 8/25/34, Callable 7/25/25 @ 100*(b)    3,226

1,645 Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 5.25%, 8/25/34, Callable 1/25/25 @ 100*(b)     1,586

17,921 Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 4.85%, 12/25/34, Callable 9/25/23 @ 100*(b) 15,622

820 Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 5.19%, 2/25/34, Callable 9/25/23 @ 100*(b) 766

1,674 Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 1A1, 4.59%, 12/27/35, Callable 9/25/23 @ 100*(b) 1,669

9,010 Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-24A, Class 1A3, 6.54%, 7/25/33, Callable 9/25/23 @ 100*(b) 8,780

38,544 Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.34%, 11/25/36, Callable 9/25/23 @ 100*(b) 32,984

6,074 Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 4.31%, 9/25/36, Callable 9/25/23 @ 100*(b) 5,056

1,124 Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 4.44%, 8/25/46, Callable 9/25/23 @ 100*(b) 997

2,825 Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2, 4.52%, 6/25/34, Callable 9/25/23 @ 100*(b) 2,562

3,622 Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 6.27% (TSFR1M + 95 bps), 7/25/44, Callable 9/25/23 @ 100* 3,344

364,502

Shares or
Principal
Amount Security Description Value

Mortgage Backed Securities†, continued:

Prime Fixed Mortgage Backed Securities (9.5%)

$ 430,690 Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, 11/25/59, Callable 9/25/23 @ 100*(a)(b) $ 412,422

4,249 Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 9/25/23 @ 100* 4,113

53,193 Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 9/25/23 @ 100* 47,472

9,696 Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 9/25/23 @ 100* 9,633

57,421 Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33 52,743

7,580 Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 9/25/23 @ 100* 7,407

14,165 Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 9/25/23 @ 100* 13,949

30,741 Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 9/25/23 @ 100* 8,438

172,446 Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 9/25/23 @ 100* 176,934

3,376 CSFB Mortgage-Backed Trust, Series 2004-7, Class 5A1, 5.00%, 10/25/19, Callable 9/25/23 @ 100* 3,257

347,446 GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ2, Class A8, 4.00%, 11/25/49, Callable 9/25/23 @ 100*(a)(b) 321,132

14,917 GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 9/25/23 @ 100* 13,683

20,159 GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 9/25/26 @ 100* 7,843

503,558 JPMorgan Mortgage Trust, Series 2020-4, Class A3A, 2.50%, 11/25/50, Callable 2/25/30 @ 100*(a)(b) 409,523

401,310 JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 11/25/30 @ 100*(a)(b) 338,376

8,966 Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 9/25/23 @ 100* 4,531

1,343,333 NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 6.83% (TSFR1M + 151 bps), 5/25/55, Callable 5/25/24 @ 100*(a) 1,330,560

4,006 RFMSI Trust, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 9/25/23 @ 100* 3,160

11,448 RFMSI Trust, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 9/25/23 @ 100* 11,050

54,051 Structured Asset Mortgage Investments Trust, Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 9/25/23 @ 100* 51,862

3,228,088

See notes to financial statements.

- 35 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities (1.1%)
$	46,858	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 8/25/31 @ 100*(a)(b)	$	46,274
	69,907	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57, Callable 11/25/27 @ 100*(a)(b)		69,308
	292,239	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 2/25/33 @ 100*(a)(b)		277,043
				392,625
U.S. Government Agency Mortgage Backed Securities (10.6%)
	10,751	Fannie Mae, 3.67% (US00012M + 133 bps), 1/1/35, Pool #805386		10,567
	337	Fannie Mae, 5.02% (H15T1Y + 222 bps), 6/1/32, Pool #725286		333
	19,145	Fannie Mae, 6.29% (H15T1Y + 229 bps), 2/1/30, Pool #556998		18,918
	143,830	Fannie Mae REMIC, Series 2013-68, Class NA, 1.00%, 3/25/42		117,796
	26,532	Fannie Mae REMIC, Series 2012-31, Class PA, 2.00%, 4/25/41		25,533
	14,065	Fannie Mae REMIC, Series 2012-96, Class PD, 2.00%, 7/25/41		13,895
	116,878	Fannie Mae REMIC, Series 2013-18, Class NA, 2.00%, 12/25/42		101,547
	75,023	Fannie Mae REMIC, Series 2013-73, Class PD, 2.25%, 6/25/42		67,894
	71,997	Fannie Mae REMIC, Series 2013-74, Class DY, 2.25%, 6/25/42(b)		67,123
	54,991	Fannie Mae REMIC, Series 2011-118, Class NA, 3.00%, 11/25/41		50,698
	114,980	Fannie Mae REMIC, Series 2014-1, Class AB, 3.00%, 6/25/43		107,249
	425,575	Fannie Mae REMIC, Series 2018-83, Class LC, 3.00%, 11/25/48		377,976
	1,000	Fannie Mae REMIC, Series 1996-42, Class LL, 7.50%, 9/25/26		999
	504,077	Fannie Mae REMIC Trust, Series 2003-W14, Class 2A, 4.34%, 1/25/43, Callable 9/25/23 @ 100*(b)		469,624
	767,492	Fannie Mae REMIC Trust, Series 2004-W10, Class A6, 5.75%, 8/25/34, Callable 9/25/23 @ 100*		758,548
	2,014	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		1,919
	2,206	Freddie Mac, 6.22% (US0006M + 152 bps), 4/1/36, Pool #1N0148		2,235
	30,635	Freddie Mac REMIC, Series 4146, Class ML, 1.50%, 10/15/42		29,246
	277,528	Freddie Mac REMIC, Series 4220, Class KC, 1.50%, 5/15/32		259,953
	36,214	Freddie Mac REMIC, Series 3982, Class MD, 2.00%, 5/15/39		34,807
	109,959	Freddie Mac REMIC, Series 4019, Class GB, 2.00%, 12/15/41		99,019
	87,445	Freddie Mac REMIC, Series 4272, Class YG, 2.00%, 11/15/26		85,796
	80,685	Freddie Mac REMIC, Series 3913, Class PC, 2.50%, 3/15/41		76,704
	324,105	Freddie Mac REMIC, Series 4374, Class GA, 3.00%, 9/15/36		302,558

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	255,443	Freddie Mac Structured Pass-Through Certificates, Series T-67, Class 1A1C, 4.07%, 3/25/36, Callable 9/25/23 @ 100*(b)	$	237,463
	315,521	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		270,218
	900	Government National Mortgage Assoc., 2.75% (H15T1Y + 150 bps), 12/20/27, Pool #80141		875
	383	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 1/20/25, Pool #8580		375
	702	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 1/20/25, Pool #8585		688
	365	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 3/20/26, Pool #8832		354
	979	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 3/20/29, Pool #80263		940
	5,622	Government National Mortgage Assoc., 3.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		5,501
	45	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		46
	5	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		5
	8	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		8
	6	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439		6
				3,597,416
Total Mortgage Backed Securities (Cost $9,500,171)				8,434,809

Corporate Bonds (16.2%)
Aerospace & Defense (2.7%)
	920,000	Boeing Co. (The), 7.95%, 8/15/24		934,188
Banks (3.2%)
	1,057,740	SouthTrust Bank, 7.74%, 5/15/25		1,081,939
Capital Markets (3.1%)
	1,116,000	Goldman Sachs Group, Inc. (The), 1.30%, 11/15/24, Callable 11/15/23 @ 100 *		1,048,723
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)		3,000
				1,051,723
Financial Services (5.0%)
	670,000	Athene Global Funding, 1.72%, 1/7/25 (a)		627,385
	1,206,000	Western Union Co. (The), 1.35%, 3/15/26, Callable 2/15/26 @ 100 *		1,079,390
				1,706,775
Tobacco (2.2%)
	806,000	BAT Capital Corp., 3.22%, 9/6/26, Callable 7/6/26 @ 100 *		752,351
		Total Corporate Bonds (Cost $7,014,472)		5,526,976

Taxable Municipal Bonds (0.5%)
Pennsylvania (0.5%)
	190,000	Philadelphia Authority for Industrial Development Revenue, 3.96%, 4/15/26		184,922
Total Taxable Municipal Bonds (Cost $189,839)				184,922

U.S. Government Agency Securities (13.1%)
Federal Farm Credit Banks Funding Corp.
	1,000,000	1.23%, 9/10/29, Callable 9/14/23 @ 100 *		818,672
	475,000	5.36% (SOFR + 5 bps), 2/13/24		475,111
	350,000	5.37% (SOFR + 6 bps), 10/8/24		349,689
				1,643,472

See notes to financial statements.

- 36 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
U.S. Government Agency Securities, continued:
Federal Home Loan Banks
$	35,000	0.90%, 8/27/26, Callable 11/27/23 @ 100 *	$	31,171
	250,000	1.00%, 3/29/29, Callable 9/29/23 @ 100 *(b)		213,091
	252,500	1.25%, 2/19/30, Callable 11/19/23 @ 100 *		202,606
	370,000	Series 4, 1.50%, 6/30/25, Callable 9/30/23 @ 100 *(b)		349,136
	180,000	2.10%, 11/26/31, Callable 9/14/23 @ 100 *		146,701
	300,000	4.84%, 5/15/30, Callable 5/15/25 @ 100 *		288,979
	220,000	5.40%, 2/24/28, Callable 11/24/23 @ 100 *		217,056
	350,000	5.43% (SOFR + 12 bps), 5/1/25		350,070
	400,000	5.45% (SOFR + 14 bps), 4/21/25		400,063
				2,198,873
Federal Home Loan Mortgage Corporation
	249,000	3.63%, 7/26/24, Callable 10/26/23 @ 100 *		244,847
	180,000	5.50%, 6/18/24, Callable 9/22/23 @ 100 *		179,471
				424,318
Federal National Mortgage Association
	250,000	Series 1, 1.00%, 10/27/28, Callable 10/27/23 @ 100 *		208,587
Total U.S. Government Agency Securities (Cost $4,726,499)				4,475,250

U.S. Treasury Obligations (13.2%)
U.S. Treasury Bills
	400,000	5.28%, 9/26/23		398,487
U.S. Treasury Notes
	730,000	1.50%, 2/15/30		619,302
	400,000	3.88%, 12/31/27		392,594
	942,000	4.13%, 9/30/27		933,095
	2,161,000	4.25%, 9/30/24		2,136,436
				4,081,427
Total U.S. Treasury Obligations (Cost $4,550,649)				4,479,914

Investment in Affiliates (5.2%)
	1,777,121	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(e)		1,777,121
Total Investment in Affiliates (Cost $1,777,121)				1,777,121

Total Investments (Cost $38,021,812)(f) — 99.5%				33,924,731
Other assets in excess of liabilities — 0.5%				156,221
Net Assets - 100.0%				$ 34,080,952

(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 August 31, 2023.

(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 August 31, 2023.

(d)

Issuer has defaulted on the payment of interest.

(e)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.

(f)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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.

12MTA	12 Month Treasury Average
H15T1Y	1 Year Treasury Constant Maturity Rate

See notes to financial statements.

- 37 -

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2023	Concluded

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
TSFR1M CME	Term Secured Overnight Financing Rate 1-Month
US0006M	6 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 38 -

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2023

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (12.5%)
$	280,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)	$	244,439
	250,000	HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 11/1/23 @ 100*(a)		230,201
	286,807	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		272,054
	115,250	MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/38, Callable 1/20/26 @ 100*(a)		108,147
	250,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(a)		238,169
	213,119	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(a)		186,801
	226,250	Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		211,018
	142,498	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)		113,999
Total Asset Backed Securities (Cost $1,778,099)				1,604,828

Mortgage Backed Securities† (17.0%)
Alt-A - Fixed Rate Mortgage Backed Securities (2.2%)
	2,393	Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 9/25/23 @ 100*		2,062
	7,317	Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 9/25/23 @ 100*		7,213
	58,871	Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 9/25/23 @ 100*		25,658
	42,459	ChaseFlex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 9/25/23 @ 100*		28,474
	70,028	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100*		69,691
	6,328	MASTR Alternative Loan Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 9/25/23 @ 100*		6,024
	3,767	MASTR Alternative Loan Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19		2,774
	6,321	MASTR Alternative Loan Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 9/25/23 @ 100*		5,999
	143	MASTR Alternative Loan Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20		124
	12,272	MASTR Alternative Loan Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 9/25/23 @ 100*		11,593
	6,197	MASTR Alternative Loan Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 9/25/23 @ 100*		6,270
	10,813	MASTR Alternative Loan Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 9/25/23 @ 100*		10,470
	18,891	MASTR Alternative Loan Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 9/25/23 @ 100*		18,267

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	273	Nomura Asset Acceptance Corp Alternative Loan Trust, Series 2005-WF1, Class 2A5, 5.66%, 3/25/35, Callable 9/25/23 @ 100*(b)(c)	$	266
	30,519	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 2.81%, 10/25/40, Callable 9/25/23 @ 100*(a)(b)		18,250
	19,928	Residential Accredit Loans, Inc., Series 2006- QS12, Class 1A2, 6.50%, 9/25/36, Callable 9/25/23 @ 100*		9,129
	33,894	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 9/25/23 @ 100*		16,025
	38,901	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 9/25/23 @ 100*		24,766
	27,654	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 9/25/23 @ 100*		24,354
				287,409
Prime Adjustable Rate Mortgage Backed Securities (2.2%)
	4,027	Banc of America Funding Trust, Series 2004-B, Class 5A1, 4.56%, 11/20/34, Callable 9/20/23 @ 100*(b)		3,835
	751	Bear Stearns ARM Trust, Series 2003-7, Class 4A, 4.31%, 10/25/33, Callable 9/25/23 @ 100*(b)		759
	2,532	Bear Stearns ARM Trust, Series 2004-9, Class 12A3, 4.32%, 11/25/34, Callable 9/25/23 @ 100*(b)		2,532
	7,183	CHL Mortgage Pass-Through Trust, Series 2004-2, Class 2A1, 3.74%, 2/25/34, Callable 9/25/23 @ 100*(b)		5,917
	6,752	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.64%, 4/25/37, Callable 9/25/23 @ 100*(b)		5,762
	12,354	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.89%, 10/25/36, Callable 9/25/23 @ 100*(b)		9,132
	2,446	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 4.16% (US0003M + 101 bps), 4/25/36, Callable 9/25/23 @ 100*		2,124
	13,657	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.49%, 2/25/35, Callable 9/25/23 @ 100*(b)		12,894
	160,482	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.87%, 9/25/35, Callable 9/25/23 @ 100*(b)		145,831
	106,731	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.92%, 6/20/44, Callable 9/20/23 @ 100*(a)(b)		98,760
				287,546
Prime Fixed Mortgage Backed Securities (4.9%)
	1,741	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 9/25/23 @ 100*(b)(c)		1,455
	53,794	Angel Oak Mortgage Trust, Series 2019-5, Class A1, 2.59%, 10/25/49, Callable 9/25/23 @ 100*(a)(b)		51,405
	11,942	Chase Mortgage Finance Trust, Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 9/25/23 @ 100*		994

See notes to financial statements.

- 39 -

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	185	CHL Mortgage Pass-Through Trust, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 9/25/23 @ 100*		183
	5,915	CHL Mortgage Pass-Through Trust, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 9/25/23 @ 100*		2,925
	5,048	Citigroup Mortgage Loan Trust, Inc., Series 2005- 1, Class 3A1, 6.50%, 4/25/35.		4,864
	4,400	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM1, Class 1A3, 6.75%, 7/25/34, Callable 9/25/23 @ 100*		4,240
	3,904	CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-1, Class 4A1, 5.00%, 2/25/19		3,652
	9,911	CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 9/25/23 @ 100*		9,829
	203,857	Flagstar Mortgage Trust, Series 2021-4, Class A5, 2.50%, 6/1/51, Callable 3/25/45 @ 100*(a)(b)		174,210
	10,678	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 5/25/31 @ 100*(a)(b)		9,632
	111,304	GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3, Class A14, 3.00%, 10/25/50, Callable 4/25/29 @ 100*(a)(b)		92,052
	129,714	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 9/25/23 @ 100*		119,846
	68	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19		68
	444	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 9/25/23 @ 100*		417
	834	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 9/25/23 @ 100*		791
	17,833	RAMP Trust, Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 9/25/29 @ 100*		14,071
	6,707	Structured Asset Mortgage Investments Trust, Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 9/25/23 @ 100*		6,435
	36	Structured Asset Sec Corp Mort Pass-Through Certificate Trust, Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 9/28/23 @ 100*		36
	598	WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 9/25/23 @ 100*		556
	226	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 9/25/23 @ 100*		219
	145,273	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 5/25/47 @ 100*(a)(b)		124,509
				622,389
Subprime Mortgage Backed Securities (0.7%)
	25,761	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 9/25/31 @ 100*(a)(b)		24,737
	67,990	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 10/25/33 @ 100*(a)(b)		64,859

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities, continued:
			$	89,596
U.S. Government Agency Mortgage Backed Securities (7.0%)
$	93,934	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30		90,770
	1,648	Fannie Mae, 4.11% (US0012M + 186 bps), 1/1/37, Pool #906675		1,619
	1,290	Fannie Mae, 5.03% (US0012M + 163 bps), 9/1/33, Pool #739372		1,266
	73	Fannie Mae, 6.00%, 4/1/35, Pool #735503		75
	241	Fannie Mae Grantor Trust, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 9/25/23 @ 100*		248
	48,878	Fannie Mae REMIC, Series 2010-100, Class LA, 2.50%, 7/25/40		44,961
	48,647	Fannie Mae REMIC, Series 2014-61, Class P, 2.50%, 7/25/44		43,748
	17,494	Fannie Mae REMIC, Series 2015-12, Class PC, 2.50%, 7/25/44		16,663
	97,605	Fannie Mae REMIC, Series 2015-59, Class LM, 3.00%, 7/25/45		88,246
	145,742	Fannie Mae REMIC, Series 2023-16, Class VE, 5.50%, 3/25/34		145,350
	450	Fannie Mae REMIC, Series 2001-55, Class PC, 6.50%, 10/25/31		455
	8,039	Fannie Mae Trust, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 9/25/23 @ 100*		8,291
	4,694	Freddie Mac, 6.98% (H15T1Y + 237 bps), 8/1/34, Pool #755230		4,590
	38,838	Freddie Mac REMIC, Series 4220, Class KC, 1.50%, 5/15/32		36,378
	23,539	Freddie Mac REMIC, Series 4076, Class QC, 2.00%, 11/15/41		22,203
	34,317	Freddie Mac REMIC, Series 4461, Class EA, 2.00%, 7/15/37		32,447
	152,293	Freddie Mac REMIC, Series 3908, Class B, 2.50%, 6/15/39		136,302
	166,092	Freddie Mac REMIC, Series 5303, Class B, 5.50%, 6/25/45		164,683
	70	Freddie Mac REMIC, Series 1714, Class K, 7.00%, 4/15/24, Callable 9/15/23 @ 100*		69
	318	Freddie Mac REMIC, Series 1904, Class D, 7.50%, 10/15/26, Callable 9/15/23 @ 100*		319
	67,612	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		57,904
	2,554	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		2,536
	27	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		27
	23	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		23
	16	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		16
	371	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		372
	1,530	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		1,538
				901,099
Total Mortgage Backed Securities (Cost $2,441,456)				2,188,039

See notes to financial statements.

- 40 -

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds (17.6%)
Air Freight & Logistics (1.4%)
$	177,537	United Airlines Pass-Through Trust, Series 2020- 1, Class A, 5.88%, 10/15/27	$	177,153
Banks (0.9%)
	150,000	Bank of America Corp., 1.90% (SOFR + 153 bps), 7/23/31, Callable 7/23/30 @ 100, MTN *		118,520
Capital Markets (1.0%)
	140,000	Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		131,580
Diversified Telecommunication Services (2.3%)
	310,000	AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100 *		293,130
Electric Utilities (1.9%)
	275,000	Emerson Electric Co., 2.20%, 12/21/31, Callable 9/21/31 @ 100 *		249,601
Electrical Equipment (1.6%)
	250,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		205,842
Financial Services (2.3%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		291,705
Food Products (2.1%)
	300,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		270,709
Household Durables (3.0%)
	400,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		388,579
Semiconductors & Semiconductor Equipment (1.1%)
	150,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 *		137,147
Total Corporate Bonds (Cost $2,544,127).				2,263,966

Taxable Municipal Bonds (9.7%)
Arizona (1.9%)
	250,000	City of Glendale Arizona, Certificate Participation, 0.90%, 7/1/24		240,107
Colorado (2.2%)
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, 0.86%, 11/1/23, GNMA: GOV. NATL MTGE ASSOCIATION		148,846
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, 1.11%, 5/1/25, GNMA: GOV. NATL MTGE ASSOCIATION		139,076
				287,922
New York (2.1%)
	300,000	New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100		264,546
Rhode Island (3.0%)
	400,000	Rhode Island Convention Center Authority Revenue, Series A, 3.15%, 5/15/25		383,823
Wisconsin (0.5%)
	65,000	Public Financial Authority Revenue, 4.45%, 10/1/25, AGM		64,051
Total Taxable Municipal Bonds (Cost $1,316,064)				1,240,449

U.S. Government Agency Securities (9.4%)
Federal Farm Credit Banks Funding Corp.
	350,000	2.12%, 5/23/31, Callable 9/14/23 @ 100 *		288,377
	250,000	2.32%, 1/26/32, Callable 9/14/23 @ 100 *		206,509
				494,886

Shares or Principal Amount		Security Description	Value
U.S. Government Agency Securities, continued:
Federal Home Loan Banks
$	250,000	1.25%, 8/16/28, Callable 11/16/23 @ 100 *(b)	$	218,760
	220,000	1.25%, 3/17/31, Callable 9/17/23 @ 100 *(b)		184,867
	200,000	1.38%, 10/28/31, Callable 10/28/23 @ 100 *(b)		163,901
				567,528
Federal Home Loan Mortgage Corporation
	150,000	4.00%, 6/27/25 (b)(c)		146,55
Total U.S. Government Agency Securities (Cost $1,302,171)				1,208,967

U.S. Treasury Obligations (26.3%)
U.S. Treasury Notes
	350,000	3.13%, 8/31/29		329,424
	795,000	4.13%, 9/30/27		787,485
	643,000	4.13%, 11/15/32		643,000
	1,631,000	4.25%, 9/30/24		1,612,460
Total U.S. Treasury Obligations (Cost $3,436,677)				3,372,369

Investment in Affiliates (6.7%)
	865,097	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(d)		865,097
Total Investment in Affiliates (Cost $865,097)				865,097

Total Investments (Cost $13,683,691)(e) — 99.2%				12,743,715
Other assets in excess of liabilities — 0.8%				106,829
Net Assets - 100.0%			$	12,850,544

See notes to financial statements.

- 41 -

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2023	Concluded

(a)

(b)

(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 August 31, 2023.

(d)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.

(e)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

Represents next call date. Additional subsequent call dates and amounts may apply to this security.

†

AGM	Assured Guaranty Municipal Corporation
GNMA	Government National Mortgage Association
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 42 -

Schedule of Portfolio Investments	Bond Fund
August 31, 2023

Shares or
Principal
Amount Security Description Value

Asset Backed Securities (12.4%)

$ 825,000 Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100*(a) $ 731,208

1,250,000 Amur Equipment Finance Receivables IX LLC, Series 2021-1A, Class C, 1.75%, 6/21/27, Callable 11/20/24 @ 100*(a) 1,178,662

394,572 BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 7/25/26 @ 100*(a) 369,259

1,100,000 CoreVest American Finance Trust, Series 2021-2, Class B, 2.38%, 7/15/54, Callable 7/15/31 @ 100*(a) 873,133

585,000 Dext ABS 2023-1 LLC, Series 2023-1, Class A2, 5.99%, 3/15/32, Callable 4/15/27 @ 100*(a) 576,915

9,155 Fannie Mae REMIC Trust, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 9/25/23 @ 100*(b)(c) 8,156

1,240,219 Finance of America Structured Securities RMF Trust, Series 2023-S1, Class A1, 3.00%, 9/25/61(a)(b) 1,135,139

1,490,000 Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a) 1,300,763

1,500,000 HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 11/1/23 @ 100*(a) 1,381,206

654,750 Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a) 584,502

928,477 Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a) 880,718

507,349 MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/38, Callable 1/20/26 @ 100*(a) 476,084

– RAAC Trust, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 9/25/23 @ 100*(b) –

515,000 Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(a) 490,629

1,028,200 Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 1/20/50, Callable 1/20/24 @ 100*(a) 938,519

352,683 Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 9/25/23 @ 100*(a) 348,518

638,175 Taco Bell Funding LLC, Series 2018-1A, Class A2II, 4.94%, 11/25/48, Callable 11/25/25 @ 100*(a) 603,028

450,956 Triumph Rail Holdings LLC, Series 2021-2, Class A, 2.15%, 6/19/51, Callable 9/17/23 @ 100*(a) 394,370

83,250 VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(a) 72,969

1,086,000 Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a) 1,012,884

595,745 Willis Engine Structured Trust III, Series 2017-A, Class A, 4.69%, 8/15/42, Callable 7/15/27 @ 100*(a)(b) 537,483

854,989 Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a) 683,991

Shares or
Principal
Amount Security Description Value

Asset Backed Securities, continued:

$ 519,400 ZAXBY'S FUNDING LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a) $ 437,128

Total Asset Backed Securities (Cost $16,486,104) 15,015,264

Mortgage Backed Securities† (17.8%)

Alt-A - Adjustable Rate Mortgage Backed Securities (0.0%^)

50,858 Bear Stearns Alternative Trust, Series 2006-6, Class 32A1, 4.09%, 11/25/36, Callable 5/25/28 @ 100*(b) 26,477

2,442 JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 6.21%, 12/25/36, Callable 9/25/23 @ 100*(b)(c) 2,340

28,817

Alt-A - Fixed Rate Mortgage Backed Securities (1.6%)

39,704 Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35, Callable 9/25/23 @ 100* 28,025

5,101 Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 9/25/23 @ 100* 5,045

21,075 Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 9/25/23 @ 100* 10,009

141,062 Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 9/25/23 @ 100* 71,997

166,071 Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 9/25/23 @ 100* 72,898

5,788 Banc of America Alternative Loan Trust, Series 2006-4, Class 4CB1, 6.50%, 5/25/46, Callable 9/25/23 @ 100* 5,062

16,257 Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 9/25/23 @ 100*(b)(c) 13,571

25,476 ChaseFlex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 9/25/23 @ 100* 17,084

20,764 ChaseFlex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 9/25/23 @ 100* 7,716

536,883 COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100* 534,295

1,250,000 JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.72%, 3/15/50, Callable 4/15/27 @ 100* 1,151,536

9,554 MASTR Alternative Loan Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 5/25/25 @ 100* 8,664

33,099 MASTR Alternative Loan Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 9/25/23 @ 100* 32,420

12,272 MASTR Alternative Loan Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 9/25/23 @ 100* 11,593

12,769 MASTR Alternative Loan Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 5/25/25 @ 100* 10,348

684 MASTR Alternative Loan Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 9/25/23 @ 100* 689

See notes to financial statements.

- 43 -

Schedule of Portfolio Investments

August 31, 2023

Bond Fund

Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	4,738	MASTR Alternative Loan Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 9/25/23 @ 100*	$	4,663
				1,985,615
Prime Adjustable Rate Mortgage Backed Securities (1.5%)
	392,900	GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A6, 2.50%, 2/25/52, Callable 6/25/45 @ 100*(a)(b)		335,310
	852,454	GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A8, 2.50%, 1/25/52, Callable 4/25/45 @ 100*(a)(b)		729,508
	3,369	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 4.05%, 6/25/36, Callable 9/25/23 @ 100*(b)		2,350
	92,451	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 5.83%, 8/25/35, Callable 9/25/23 @ 100*(b)		86,495
	7,458	Merrill Lynch Mortgage Investors Trust, Series 2004-HB1, Class A3, 5.06%, 4/25/29, Callable 9/25/23 @ 100*(b)		6,646
	813,613	Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.92%, 9/25/66, Callable 10/25/24 @ 100*(a)(b)		651,958
	3,434	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 4.56%, 6/25/36, Callable 9/25/23 @ 100*(b)		2,258
				1,814,525
Prime Fixed Mortgage Backed Securities (3.8%)
	249,389	Arroyo Mortgage Trust, Series 2019-3, Class A1, 2.96%, 10/25/48, Callable 9/25/23 @ 100*(a)(b)		226,267
	2,302	Chase Mortgage Finance Trust, Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 9/25/23 @ 100*		2,121
	89,021	ChaseFlex Trust, Series 2006-2, Class A5, 4.42%, 9/25/36, Callable 9/25/23 @ 100*(b)		77,114
	1,000	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 9/25/23 @ 100*		948
	3,029	CHL Mortgage Pass-Through Trust, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 9/25/23 @ 100*		2,878
	2,867	CHL Mortgage Pass-Through Trust, Series 2004- 21, Class A10, 6.00%, 11/25/34, Callable 9/25/23 @ 100*		2,731
	1,200,245	CIM Trust, Series 2021-J2, Class A4, 2.50%, 4/25/51, Callable 7/25/44 @ 100*(a)(b)		1,028,713
	13,727	Citigroup Mortgage Loan Trust, Inc., Series 2005- 1, Class 3A1, 6.50%, 4/25/35		13,228
	92,208	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 9/25/23 @ 100*		29,786
	95	FNT Mortgage-Backed Pass-Through Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		90
	452	GMACM Mortgage Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33, Callable 9/25/23 @ 100*(b)(c)		445
	860,418	GS Mortgage-Backed Securities Trust, Series 2022-MM1, Class A8, 2.50%, 7/25/52, Callable 2/25/48 @ 100*(a)(b)		730,985

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	829,596	JPMorgan Mortgage Trust, Series 2019-6, Class A5, 3.50%, 12/25/49, Callable 11/25/23 @ 100*(a)(b)	$	746,643
	10,770	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 4.26%, 4/25/36, Callable 9/25/23 @ 100*(b)		9,163
	15,197	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 9/25/23 @ 100*		13,498
	805,145	Mello Mortgage Capital Acceptance, Series 2021- MTG2, Class A10, 2.50%, 6/25/51, Callable 8/25/48 @ 100*(a)(b)		691,723
	2,685	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 9/25/23 @ 100*		2,603
	76,922	RAAC Trust, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 9/25/23 @ 100*		67,161
	14,075	Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 9/25/23 @ 100*(a)		13,028
	36,631	TBW Mortgage-Backed Trust, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 9/25/23 @ 100*		4,620
	2,826	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 9/25/23 @ 100*		2,766
	144,209	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2005-3, Class 1CB5, 5.50%, 5/25/35, Callable 9/25/23 @ 100*		120,553
	20,274	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 9/25/23 @ 100*		19,685
	645,657	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 5/25/47 @ 100*(a)(b)		553,373
	224,597	Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.50%, 7/25/49, Callable 7/25/24 @ 100*(a)(b)		198,923
	94,709	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 9/20/23 @ 100*(a)(b)		84,751
				4,643,796
Subprime Mortgage Backed Securities (0.4%)
	178,266	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 2/25/33 @ 100*(a)(b)		168,996
	68,696	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 9/25/31 @ 100*(a)(b)		65,965
	192,638	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 10/25/33 @ 100*(a)(b)		183,769
				418,730
U.S. Goverment Agency Mortagage Backed Securities (0.9%)
	1,101,869	Government National Mortgage Assoc., Series 2023-47, Class AQ, 5.00%, 6/20/48		1,079,444
U.S. Government Agency Mortgage Backed Securities (9.6%)
	319,375	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30		308,618

See notes to financial statements.

- 44 -

Schedule of Portfolio Investments

August 31, 2023

Bond Fund

Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	6,935	Fannie Mae, 4.43% (H15T1Y + 231 bps), 12/1/27, Pool #422279	$	6,797
	170	Fannie Mae, 5.00%, 8/1/33, Pool #730856		169
	79	Fannie Mae, 5.00%, 7/1/35, Pool #832198		79
	104	Fannie Mae, 5.50%, 2/1/33, Pool #683351		106
	67	Fannie Mae, 5.50%, 9/1/34, Pool #725773		68
	763,280	Fannie Mae REMIC, Series 2021-52, Class JC, 1.25%, 7/25/51		609,525
	216,839	Fannie Mae REMIC, Series 2012-111, Class EC, 2.00%, 12/25/41		192,834
	102,649	Fannie Mae REMIC, Series 2013-23, Class AB, 2.00%, 2/25/43		90,465
	348,061	Fannie Mae REMIC, Series 2020-54, Class TA, 2.00%, 5/25/43		316,054
	117,454	Fannie Mae REMIC, Series 2012-30, Class CB, 2.25%, 10/25/41		107,588
	81,678	Fannie Mae REMIC, Series 2010-100, Class LA, 2.50%, 7/25/40		75,133
	143,340	Fannie Mae REMIC, Series 2012-104, Class QC, 2.50%, 5/25/42		129,071
	36,485	Fannie Mae REMIC, Series 2014-61, Class P, 2.50%, 7/25/44		32,811
	141,730	Fannie Mae REMIC, Series 2020-2, Class JD, 2.50%, 2/25/50		115,840
	168,390	Fannie Mae REMIC, Series 2014-33, Class PE, 3.00%, 4/25/43		158,294
	195,892	Fannie Mae REMIC, Series 2015-59, Class LM, 3.00%, 7/25/45		177,108
	791,487	Fannie Mae REMIC, Series 2018-94, Class ZE, 3.50%, 1/25/49		721,075
	449,239	Fannie Mae REMIC, Series 2022-35, Class CK, 4.00%, 3/25/47		423,279
	1,094,518	Fannie Mae REMIC, Series 2022-61, Class D, 4.00%, 6/25/44		1,047,465
	1,268,297	Fannie Mae REMIC, Series 2023-19, Class BA, 5.00%, 12/25/50		1,234,100
	1,943,226	Fannie Mae REMIC, Series 2023-16, Class VE, 5.50%, 3/25/34		1,938,003
	749	Fannie Mae REMIC, Series 1998-36, Class ZB, 6.00%, 7/18/28		751
	17,340	Fannie Mae Trust, Series 2003-W6, Class 6A, 3.96%, 8/25/42, Callable 9/25/23 @ 100*(b)		16,486
	392	Freddie Mac, 5.13% (H15T1Y + 213 bps), 4/1/24, Pool #409624		388
	177	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		177
	484	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		499
	65,976	Freddie Mac REMIC, Series 4019, Class GB, 2.00%, 12/15/41		59,412
	62,914	Freddie Mac REMIC, Series 4461, Class EA, 2.00%, 7/15/37		59,487
	120,946	Freddie Mac REMIC, Series 3913, Class PC, 2.50%, 3/15/41		114,979
	849,689	Freddie Mac REMIC, Series 4893, Class PD, 2.50%, 5/15/49		729,370
	86,023	Freddie Mac REMIC, Series 3721, Class PE, 3.50%, 9/15/40		81,293
	30,506	Freddie Mac REMIC, Series 3780, Class MK, 3.50%, 10/15/40		28,753
	122	Freddie Mac REMIC, Series 2610, Class VB, 5.50%, 7/15/24		121

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,352,460	Freddie Mac REMIC, Series 5303, Class B, 5.50%, 6/25/45	$	1,340,989
	696	Freddie Mac REMIC, Series 2148, Class ZA, 6.00%, 4/15/29		697
	4,603	Freddie Mac REMIC, Series 2036, Class PD, 6.50%, 3/15/28		4,671
	146,492	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		125,458
	194,709	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		183,184
	77,896	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		73,052
	8,594	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		8,313
	1,184,489	Government National Mortgage Assoc., Series 2022-205, Class UA, 5.00%, 5/20/52		1,167,147
	2,389	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		2,394
	82	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		82
				11,682,185
Total Mortgage Backed Securities (Cost $23,324,366)				21,653,112

Corporate Bonds (17.3%)
Air Freight & Logistics (0.8%)
	1,021,518	United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27		1,019,309
Banks (3.3%)
	2,475,000	Bank of America Corp., 3.31% (SOFR + 158 bps), 4/22/42, Callable 4/22/41 @ 100 *		1,855,785
	1,350,000	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100 *		1,132,696
	1,350,000	Wells Fargo & Co., 3.07% (SOFR + 253 bps), 4/30/41, Callable 4/30/40 @ 100 *		967,367
				3,955,848
Beverages (0.6%)
	800,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *		712,245
Capital Markets (1.2%)
	1,600,000	Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		1,503,770
Electric Utilities (0.8%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		907,641
Electrical Equipment (0.9%)
	1,250,000	Emerson Electric Co., 2.20%, 12/21/31, Callable 9/21/31 @ 100 *		1,029,209
Financial Services (1.5%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,069,586
	770,000	Western Union Co. (The), 6.20%, 11/17/36		770,963
				1,840,549
Food Products (1.7%)
	1,059,000	Conagra Brands, Inc., 4.60%, 11/1/25, Callable 9/1/25 @ 100 *		1,036,409
	320,000	Mars, Inc., 0.88%, 7/16/26, Callable 6/16/26 @ 100 *(a)		284,448
	825,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		744,449
				2,065,306

See notes to financial statements.

- 45 -

Schedule of Portfolio Investments

August 31, 2023

Bond Fund

Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Health Care Providers & Services (0.4%)
$	520,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *	$	470,974
Household Durables (0.9%)
	1,120,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		1,088,020
Interactive Media & Services (1.0%)
	1,300,000	Meta Platforms, Inc., 3.85%, 8/15/32, Callable 5/15/32 @ 100 *		1,194,534
Oil, Gas & Consumable Fuels (0.9%)
	1,200,000	Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27 @ 100 *		1,143,359
Passenger Airlines (0.8%)
	998,110	Alaska Airlines Pass-Through Trust, Series 2020- 1, Class A, 4.80%, 8/15/27, (a)		964,424
Semiconductors & Semiconductor Equipment (1.6%)
	2,178,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 *		1,991,379
Specialized REITs (0.9%)
	1,255,000	SBA Tower Trust, 1.88%, 1/15/26, Callable 1/15/25 @ 100 *(a)		1,133,059
Total Corporate Bonds (Cost $24,246,736)				21,019,626

Taxable Municipal Bonds (7.8%)
Georgia (1.0%)
	1,200,000	State of Georgia, GO, 4.57%, 10/1/30		1,172,863
Kentucky (0.5%)
	750,000	Lexington-Fayette Urban County Airport Board Revenue, Series A, 2.84%, 7/1/31		653,461
Michigan (0.2%)
	190,000	Michigan State Housing Development Authority Revenue, Series B, 2.72%, 10/1/35, Continuously Callable @100		173,334
Missouri (1.0%)
	1,250,000	Fort Zumwalt School District, GO, Series D, 5.30%, 3/1/29, STATE AID WITHHOLDING		1,252,274
Oklahoma (1.9%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		454,847
	1,650,000	The University of Oklahoma Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,521,540
	450,000	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @100		366,941
				2,343,328
Pennsylvania (0.9%)
	1,110,000	City of Bethlehem, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM		1,102,438
Texas (2.3%)
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/26, PSF-GTD		992,576
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/27, PSF-GTD		990,599
	785,000	Texas Transportation Commission State Highway Fund Revenue, Series B, 5.18%, 4/1/30		790,065
				2,773,240
Total Taxable Municipal Bonds (Cost $10,321,874)				9,470,938

Shares or
Principal
Amount		Security Description	Value
U.S. Government Agency Securities (11.0%)
Federal Farm Credit Banks Funding Corp.
$	1,000,000	1.32%, 9/9/30, Callable 9/14/23 @ 100 *	$	794,622
	1,625,000	2.00%, 9/27/33, Callable 9/14/23 @ 100 *		1,268,525
	1,565,000	2.13%, 4/19/34, Callable 9/14/23 @ 100 *		1,213,536
	1,408,000	2.15%, 3/7/36, Callable 9/14/23 @ 100 *		1,040,876
	1,350,000	2.23%, 3/12/35, Callable 9/14/23 @ 100 *		1,031,851
	1,150,000	2.32%, 1/26/32, Callable 9/14/23 @ 100 *		949,942
	1,220,000	2.75%, 2/2/37, Callable 9/14/23 @ 100 *		952,445
				7,251,797
Federal Home Loan Banks
	1,100,000	1.00%, 10/29/29, Callable 10/29/23 @ 100 *(b)		949,613
	1,000,000	1.00%, 2/11/36, Callable 11/11/23 @ 100 *(b)		732,047
	1,345,000	1.25%, 10/8/30, Callable 9/14/23 @ 100 *		1,060,840
	3,000,000	1.25%, 3/24/33, Callable 9/24/23 @ 100 *(b)		2,429,125
	1,170,000	1.50%, 2/25/36, Callable 11/25/23 @ 100 *(b)		854,747
				6,026,372
Total U.S. Government Agency Securities (Cost $14,732,359)				13,278,169

U.S. Treasury Obligations (32.1%)
U.S. Treasury Bonds
	5,704,000	1.75%, 8/15/41		3,834,603
	14,755,000	3.13%, 8/15/44		12,143,480
				15,978,083
U.S. Treasury Notes
	3,915,000	3.13%, 8/31/29		3,684,841
	8,156,000	4.13%, 9/30/27		8,078,900
	8,894,000	4.13%, 11/15/32		8,894,000
	2,395,000	4.25%, 9/30/24		2,367,776
				23,025,517
Total U.S. Treasury Obligations (Cost $41,272,275)				39,003,600

Investment in Affiliates (1.1%)
	1,364,029	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(d)		1,364,029
Total Investment in Affiliates (Cost $1,364,029)				1,364,029

Total Investments (Cost $131,747,743)(e) — 99.5%				120,804,738
Other assets in excess of liabilities — 0.5%				614,044
Net Assets - 100.0%			$	121,418,782

See notes to financial statements.

- 46 -

Schedule of Portfolio Investments

August 31, 2023

Bond Fund

Concluded

(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 August 31, 2023.
(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 August 31, 2023.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(e)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
*	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.

Amounts shown as “—” are either 0 or round to less than 1.

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
PSF-GTD	Public School Fund Guaranteed
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate

See notes to financial statements.

- 47 -

Schedule of Portfolio Investments

August 31, 2023

Strategic Enhanced Yield Fund

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities† (22.2%)
Prime Fixed Mortgage Backed Securities (4.1%)
$	358,035	Brean Asset Backed Securities Trust, Series 2021- RM1, Class M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100*(a)	$	203,006
U.S. Government Agency Mortgage Backed Securities (18.1%)
	260,455	Fannie Mae, 4.50%, 10/1/52, Pool #MA4784		247,057
	206,722	Freddie Mac, 4.00%, 11/1/52, Pool #SD8265		190,899
	201,619	Freddie Mac, 5.00%, 10/1/52, Pool #SD8258		195,604
	76,679	Freddie Mac, 5.50%, 4/1/53, Pool #SD8316		75,727
	212,949	Government National Mortgage Assoc., 3.50%, 10/20/52, Pool #MA8345		193,429
				902,716
Total Mortgage Backed Securities (Cost $1,243,972)				1,105,722

Corporate Bonds (53.5%)
Aerospace & Defense (1.8%)
	90,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100*		88,994
Banks (10.5%)
	150,000	Banco GNB Sudameris SA, 7.50% (H15T5Y + 666 bps), 4/16/31, Callable 4/16/26 @ 100 *(b)		123,658
	90,000	Bank of America Corp., 3.42% (TSFR3M + 130 bps), 12/20/28, Callable 12/20/27 @ 100 *		82,513
	90,000	Citigroup, Inc., 4.41% (SOFR + 391 bps), 3/31/31, Callable 3/31/30 @ 100 *		83,599
	50,000	JPMorgan Chase & Co., 3.63%, 12/1/27, Callable 12/1/26 @ 100 *		47,013
	90,000	JPMorgan Chase & Co., 6.40%, 5/15/38		99,175
	90,000	Wachovia Corp., 5.50%, 8/1/35		86,920
				522,878
Capital Markets (3.5%)
	90,000	Morgan Stanley, 4.43% (TSFR3M + 189 bps), 1/23/30, Callable 1/23/29 @ 100 *		85,448
	90,000	The Goldman Sachs Group, Inc., 6.17% (SOFR + 82 bps), 9/10/27, Callable 9/10/26 @ 100 *		88,627
				174,075
Chemicals (7.6%)
	200,000	Corp. Andina de Fomento, 4.75%, 4/1/26		195,902
	200,000	Orbia Advance Corp. SAB de CV, 4.00%, 10/4/27, Callable 7/4/27 @ 100 *(b)		184,464
				380,366
Construction & Engineering (3.9%)
	200,000	Arcos Dorados BV, 6.13%, 5/27/29, Callable 5/27/26 @ 103 * (b)		192,750
Diversified Telecommunication Services (1.8%)
	90,000	AT&T, Inc., 6.72% (US0003M + 118 bps), 6/12/24,		90,405
Health Care Providers & Services (0.9%)
	45,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100 *		43,208
IT Services (3.6%)
	200,000	Sixsigma Networks Mexico SA de CV, 7.50%, 5/2/25, Callable 10/9/23 @ 102 * (b)		178,788
Media (1.2%)
	70,000	Paramount Global, 4.95%, 1/15/31, Callable 10/15/30 @ 100 *		62,584
Metals & Mining (7.1%)
	80,000	Cleveland-Cliffs, Inc., 6.75%, 4/15/30, Callable 4/15/26 @ 103 * (b)		76,261
	50,000	Commercial Metals Co., 3.88%, 2/15/31, Callable 2/15/26 @ 102 *		42,556
	45,000	Freeport-McMoRan, Inc., 4.25%, 3/1/30, Callable 3/1/25 @ 102 *		40,840

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Metals & Mining, continued:
$	200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, 4.75%, 5/15/25, Callable 4/15/25 @ 100 * (b)	$	196,008
				355,665
Oil, Gas & Consumable Fuels (6.5%)
	90,000	Kinder Morgan Energy Partners LP, 5.63%, 9/1/41		81,778
	90,000	Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26, Callable 10/10/23 @ 102 * (b)		86,136
	50,000	Petrobras Global Finance BV, 6.50%, 7/3/33, Callable 4/3/33 @ 100 *		48,667
	70,000	Petroleos Mexicanos, 6.50%, 3/13/27		61,276
	45,000	Range Resources Corp., 8.25%, 1/15/29, Callable 1/15/24 @ 104 *		46,717
				324,574
Paper & Forest Products (0.8%)
	50,000	Suzano Austria GmbH, 3.75%, 1/15/31, Callable 10/15/30 @ 100 *		42,328
Sovereign Bond (0.9%)
	50,000	Leviathan Bond, Ltd., 6.75%, 6/30/30, Callable 12/30/29 @ 100 * (b)		46,800
Specialized REITs (1.7%)
	100,000	Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102 * (b)		85,904
Technology Hardware, Storage & Peripherals (0.8%)
	45,000	Apple, Inc., 3.95%, 8/8/52, Callable 2/8/52 @ 100 *		38,133
Wireless Telecommunication Services (0.9%)
	50,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 102 *		44,805
Total Corporate Bonds (Cost $2,670,564)				2,672,257

U.S. Government Agency Securities (7.5%)
Dominican Republic International Bond
	100,000	5.95%, 1/25/27 (b)		97,691
Federal Home Loan Banks
	80,000	3.25%, 11/16/28		76,131
Mongolia Government International Bond
	200,000	4.45%, 7/7/31 (b)		154,124
Uruguay Government International Bond
	50,000	4.38%, 1/23/31, Callable 10/23/30 @ 100 *		49,111
Total U.S. Government Agency Securities (Cost $379,869)				377,057

U.S. Treasury Obligations (13.2%)
U.S. Treasury Bonds
	110,000	1.88%, 2/15/51		67,878
	78,000	3.88%, 5/15/43		72,577
	106,000	4.50%, 2/15/36		110,836
	115,000	4.75%, 2/15/41		121,608
				372,899
U.S. Treasury Notes
	100,000	1.13%, 2/28/27		89,391
	53,000	2.00%, 8/15/25		50,161
	88,000	2.38%, 5/15/29		79,709
	73,000	2.88%, 5/15/32		66,364
				285,625
Total U.S. Treasury Obligations (Cost $670,183)				658,524

See notes to financial statements.

- 48 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2023	Concluded

Shares or Principal Amount		Security Description	Value
Investment in Affiliates (2.5%)
	124,636	Cavanal Hill Government Securities Money Market
		Fund, Select Shares, 5.15%(c)	$	124,636
Total Investment in Affiliates (Cost $124,636)				124,636

Total Investments (Cost $5,089,224)(d) — 98.9%				4,938,196
Other assets in excess of liabilities — 1.1%				52,621
		Net Assets - 100.0%	$	4,990,817

(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 August 31, 2023, illiquid securities were 4.1% 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)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(d)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
*	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.

H15T5Y	5 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
TSFR3M	CME Term Secured Overnight Financing Rate 3-Month
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 49 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2023

Shares or Principal Amount		Security Description	Value
Municipal Bonds (106.8%)
Alaska (1.8%)
$	300,000	City of Valdez AK Revenue, 2.92%, 12/1/29, Continuously Callable @100(a)	$	300,000
Colorado (4.3%)
	700,000	City of Colorado Springs CO Utilities System Revenue, Series A, 3.38%, 11/1/37, Continuously Callable @100(a)		700,000
Florida (3.1%)
	500,000	County of Palm Beach FL Revenue, 3.43%,7/1/32, Callable 10/2/23 @ 100*(a)		500,000
Illinois
	300,000	Cook County School District No. 81 Schiller Park, GO, 5.00%, 12/1/23		301,131
	200,000	Henry County Community Unit School District No. 229 Kewanee, GO, Series B, 3.00%, 12/1/23, AGM		199,609
	250,000	Village of Libertyville IL, GO, Series A, 3.00%, 12/15/23		249,333
	250,000	Yorkville-Bristol Sanitation District, GO, 5.00%,12/15/23, AGM		250,960
				1,001,033
Kansas (5.5%)
	155,000	City of Olathe KS, GO, Series 233, 3.00%, 10/1/23		154,924

	750,000	Wyandotte County-Kansas City Unified Government, GO, Series 2023-II, 4.25%, 4/1/24, Continuously Callable @100		750,315
				905,239
Kentucky (3.7%)
	615,000	Mason County School District Finance Corp.
		Revenue, 2.00%, 9/1/23, ST INTERCEPT		614,969
		Michigan (2.6%)
	150,000	Central Michigan University Revenue, 5.00%, 10/1/23		150,153
	285,000	City of Gibraltar MI, GO, 3.00%, 11/1/23, BAM		284,711
				434,864
Minnesota (2.3%)
	375,000	City of Minneapolis MN Revenue, Series B, 3.40%, 12/1/27, Callable 10/2/23 @ 100*(a)		375,000
Mississippi (3.1%)
	500,000	Mississippi Business Finance Corp. Revenue, Series G, 2.95%, 11/1/35, Callable 10/2/23 @ 100*(a)		500,000

Nevada (3.1%)
	500,000	County of Clark NV Revenue, Series A, 3.40%,12/1/39, Continuously Callable @100(a)		500,000
Ohio (36.0%)
	350,000	American Municipal Power, Inc. Revenue, 4.25%, 10/27/23		350,125
	200,000	American Municipal Power, Inc. Revenue, 4.50%, 6/28/24		200,867
	300,000	City of Bay Village OH, GO, 4.50%, 5/31/24		301,635
	1,000,000	City of Brecksville OH, GO, 4.00%, 9/21/23		1,000,110

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Ohio, continued:
$	305,000	City of Huber Heights OH, GO, 5.00%, 11/14/23	$	305,580
	500,000	City of Lyndhurst OH, GO, 4.50%, 3/21/24(b)		501,192
	375,000	City of Trenton OH, GO, 4.00%, 11/7/23		374,969
	600,000	County of Franklin OH Revenue, Series A, 3.38%, 11/15/41, Continuously Callable @100(a)		600,000
	500,000	County of Lucas OH, GO, 3.88%, 10/13/23		500,194
	400,000	Owens State Community College Revenue, 5.00%, 12/1/23(c)		401,050
	405,000	Township of Blendon OH, GO, 5.00%, 11/16/23		405,790
	455,000	Village of Oakwood OH/Cuyahoga County, GO, 5.25%, 6/13/24(b)(c)		459,687
	500,000	Village of Oakwood Ohio/Cuyahoga County, GO, 4.00%, 9/14/23		500,081
				5,901,280
Pennsylvania (7.2%)
	580,000	Borough of Lewistown PA, GO, 4.00%, 12/15/23, BAM		580,885
	600,000	City of Philadelphia PA, GO, Series B, 3.35%, 8/1/31, Continuously Callable @100(a)		600,000
				1,180,885
Tennessee (5.2%)
	850,000	Montgomery County Public Building Authority Revenue, 3.45%, 11/1/27, Callable 10/1/23 @ 100*(a)		850,000
Texas (14.5%)
	195,000	Brazoria County Municipal Utility District No. 28, GO, Series A, 2.00%, 9/1/23, BAM		194,988
	680,000	City of Austin TX Revenue, Series B, 3.48%, 11/15/29, Continuously Callable @100(a)		680,000
	455,000	Fort Bend County Municipal Utility District No.182, GO, 5.00%, 9/1/24, BAM(c)		460,305
	220,000	Fulshear Municipal Utility District No. 3A, GO, 4.00%, 9/1/23, AGM		220,002
	375,000	Harris County Municipal Utility District No. 278, GO, 4.00%, 9/1/23, BAM		375,006
	450,000	Harris County Municipal Utility District No. 449, GO, 3.00%, 9/1/23, AGM		449,992
				2,380,293
Washington (3.7%)
	600,000	County of King WA, GO, Series B, 3.45%, 1/1/46, Continuously Callable @100(a)		600,000
Wisconsin (1.5%)
	250,000	County of Eau Claire WI, GO, Series A, 4.00%, 9/1/23		250,005
Wyoming (3.1%)
	500,000	County of Lincoln WY Revenue, Series E, 2.92%, 10/1/44, Continuously Callable @100(a)		500,000
Total Municipal Bonds (Cost $17,510,576)				17,493,568
Investment in Affiliates (0.0%^)
	1,569	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(d)		1,569
Total Investment in Affiliates (Cost $1,569)				1,569

Total Investments (Cost $17,512,145)(e) — 106.8%				17,495,137
Liabilities in excess of other assets — (6.8)				(1,115,229	)
Net Assets - 100.0%			$	16,379,908

See notes to financial statements.

- 50 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2023	Concluded

(a)	Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at August 31, 2023.

(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)	Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of August 31, 2023.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(e)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.

AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Company
GO	General Obligation

See notes to financial statements.

- 51 -

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2023

Shares or Principal Amount		Security Description	Value
Common Stocks (65.2%)
Aerospace & Defense (2.1%)
	4,000	BWX Technologies, Inc.	$	295,040
	1,255	RTX Corp.		107,980
	1	TransDigm Group, Inc.(a)		904
				403,924
Automobile Components (0.1%)
	9	BorgWarner, Inc.		367
	29	Gentex Corp.		947
	116	Patrick Industries, Inc.		9,702
	1	Phinia, Inc.(a)		28
				11,044
Banks (0.2%)
	299	JPMorgan Chase & Co.		43,752
	88	Pathward Financial, Inc.		4,336
				48,088
Beverages (1.7%)
	6	Coca-Cola Consolidated, Inc.		4,193
	250	Constellation Brands, Inc., Class A		65,140
	113	Monster Beverage Corp.(a)		6,487
	918	PepsiCo, Inc.		163,331
	1,674	The Coca-Cola Co.		100,156
				339,307
Biotechnology (3.1%)
	866	AbbVie, Inc.		127,267
	21	Alnylam Pharmaceuticals, Inc.(a)		4,154
	16	Biogen, Inc.(a)		4,278
	55	Exact Sciences Corp.(a)		4,602
	16	Mirati Therapeutics, Inc.(a)		595
	4	Neurocrine Biosciences, Inc.(a)		436
	1,339	Vertex Pharmaceuticals, Inc.(a)		466,427
				607,759
Broadline Retail (0.4%)
	527	Amazon.com, Inc.(a)		72,731
	13	Dillard's, Inc., Class A		4,487
	55	Nordstrom, Inc.		892
				78,110
Building Products (0.1%)
	11	Allegion PLC		1,252
	3	Lennox International, Inc.		1,130
	42	Simpson Manufacturing Co., Inc.		6,710
	2	Trane Technologies PLC		411
	62	UFP Industries, Inc.		6,470
				15,973
Capital Markets (1.1%)
	127	Artisan Partners Asset Management, Inc., Class A		4,879
	84	BlackRock, Inc.		58,845
	399	Intercontinental Exchange, Inc.		47,078
	640	Morgan Stanley		54,496
	1	MSCI, Inc.		544
	21	Nasdaq, Inc.		1,102
	63	PJT Partners, Inc., Class A		4,976
	23	State Street Corp.		1,581
	15	T. Rowe Price Group, Inc.		1,684
	34	The Bank of New York Mellon Corp.		27,855
	85	The Goldman Sachs Group, Inc.		1,526
	31	Virtu Financial, Inc., Class A		27,855
	42	Virtus Investment Partners, Inc.		581
				8,698
				213,845
Chemicals (1.0%)
	208	AdvanSix, Inc.		6,881
	34	Axalta Coating Systems, Ltd.(a)		962
	780	CF Industries Holdings, Inc.		60,115

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Chemicals, continued:
	24	Corteva, Inc.	$	1,212
	1,596	Dow, Inc.		87,078
	4	Eastman Chemical Co.		340
	171	Ecolab, Inc.		31,432
	76	Hawkins, Inc.		3,825
	378	LSB Industries, Inc.(a)		196,571

Commercial Services & Supplies (0.0%^)
	8	Cintas Corp.		4,034
	9	Republic Services, Inc.		1,297
				5,331
Communications Equipment (2.3%)
	1,626	Arista Networks, Inc.(a)		317,444
	2,258	Cisco Systems, Inc.		129,496
	6	F5, Inc.(a)		982
				447,922
Construction & Engineering (0.1%)
	16	MDU Resources Group, Inc.		326
	2	Quanta Services, Inc.		419
	105	Sterling Infrastructure, Inc.(a)		8,690
				9,435
Construction Materials (0.0%^)
	7	Vulcan Materials Co.		1,528
Consumer Finance (0.1%)
	137	Bread Financial Holdings, Inc.		5,148
	25	Discover Financial Services		2,252
	172	Enova International, Inc.(a)		8,677
	46	FirstCash Holdings, Inc.		4,109
	232	Green Dot Corp., Class A(a)		3,443
	19	OneMain Holdings, Inc.		789
	46	Synchrony Financial		1,485
				25,903
Consumer Staples Distribution & Retail (2.4%)
	65	Albertsons Cos., Inc., Class A		1,456
	100	Costco Wholesale Corp.		54,928
	95	Ingles Markets, Inc., Class A		7,422
	180	SpartanNash Co.		3,917
	2,500	Walmart, Inc.		406,525
				474,248
Containers & Packaging (0.5%)
	570	Ball Corp.		31,036
	26	Berry Global Group, Inc.		1,699
	478	Packaging Corp. of America		71,270
				104,005
Diversified Consumer Services (0.0%^)
	5	Bright Horizons Family Solutions, Inc.(a)		472
	15	Grand Canyon Education, Inc.(a)		1,759
				2,231
Diversified Telecommunication Services (0.0%^)
	237	EchoStar Corp., Class A(a)		4,119
	9	Frontier Communications Parent, Inc.(a)		144
				4,263

Electric Utilities (1.4%)
	1,079	American Electric Power Co., Inc.		84,593
	1,049	Duke Energy Corp.		93,151
	1,979	FirstEnergy Corp.		71,382
	48	MGE Energy, Inc.		3,477
	67	NextEra Energy, Inc.		4,476
	98	Otter Tail Corp.		8,072
	42	PPL Corp.		1,047

See notes to financial statements.

- 52 -

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Electric Utilities, continued:
	7	Xcel Energy, Inc.	$	400
				266,598
Electrical Equipment (4.4%)
	10	Acuity Brands, Inc.		1,613
	41	Atkore, Inc.(a)		6,313
	5,334	Emerson Electric Co.		524,065
	31	Encore Wire Corp.		5,109
	9	Regal Rexnord Corp.		1,460
	1,016	Rockwell Automation, Inc.		317,073
				855,633
Electronic Equipment, Instruments & Components (0.8%)
	579	Amphenol Corp., Class A		51,172
	15	CDW Corp.		3,167
	1,831	Corning, Inc.		60,094
	284	Keysight Technologies, Inc.(a)		37,857
	96	Sanmina Corp.(a)		5,347
	198	Vishay Intertechnology, Inc.		5,433
				163,070
Energy Equipment & Services (4.4%)
	11,601	Baker Hughes Co.		419,840
	1,496	Schlumberger NV		88,204
	18,000	TechnipFMC PLC		342,720
				850,764
Entertainment (1.6%)
	3,799	The Walt Disney Co.(a)		317,900
Financial Services (0.6%)
	142	Berkshire Hathaway, Inc., Class B(a)		51,148
	128	Mastercard, Inc., Class A		52,818
	169	NMI Holdings, Inc., Class A(a)		4,837
	14	Voya Financial, Inc.		976
				109,779
Food Products (0.1%)
	85	Cal-Maine Foods, Inc.		4,062
	12	Ingredion, Inc.		1,235
	6	Kellogg Co.		366
	5	Lamb Weston Holdings, Inc.		487
	20	Lancaster Colony Corp.		3,304
	6	Post Holdings, Inc.(a)		538
	7	The J.M. Smucker Co.		1,015
				11,007
Gas Utilities (0.0%^)
	29	Chesapeake Utilities Corp.		3,193
	10	National Fuel Gas Co.		538
	45	ONE Gas, Inc.		3,261
				6,992
Ground Transportation (0.3%)
	64	ArcBest Corp.		6,758
	9	Old Dominion Freight Line, Inc.		3,846
	199	Uber Technologies, Inc.(a)		9,399
	171	Union Pacific Corp.		37,717
				57,720
Health Care Equipment & Supplies (1.0%)
	442	Abbott Laboratories.		45,482
	3	Align Technology, Inc.(a)		1,110
	40	Dexcom, Inc.(a)		4,039
	11	Hologic, Inc.(a)		822
	3	IDEXX Laboratories, Inc.(a)		1,534
	29	Inspire Medical Systems, Inc.(a)		6,580
	23	Insulet Corp.(a)		4,409
	16	Intuitive Surgical, Inc.(a)		5,003
	51	Lantheus Holdings, Inc.(a)		3,491

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Health Care Equipment & Supplies, continued:
	806	Medtronic PLC.	$	65,689
	15	QuidelOrtho Corp.(a)		1,235
	87	STAAR Surgical Co.(a)		3,772
	185	Stryker Corp.		52,457
	24	Tandem Diabetes Care, Inc.(a)		657
	1	Teleflex, Inc.		213
				196,493
Health Care Providers & Services (3.8%)
	85	AMN Healthcare Services, Inc.(a)		7,512
	1,555	Cardinal Health, Inc.		135,798
	2	Chemed Corp.		1,023
	166	Cross Country Healthcare, Inc.(a).		4,276
	57	Elevance Health, Inc.		25,195
	112	Fulgent Genetics, Inc.(a)		3,669
	500	McKesson Corp.		206,160
	96	National Research Corp.		4,013
	10,145	Option Care Health, Inc.(a)		353,350
	154	Select Medical Holdings Corp.		4,498
	48	The Ensign Group, Inc.		4,811
				750,305
Health Care REITs (0.0%^)
	135	CareTrust REIT, Inc.		2,720
	45	Omega Healthcare Investors, Inc.		1,432
				4,152
Health Care Technology (0.0%^)
	176	Computer Programs and Systems, Inc.(a)		2,863
	70	Teladoc Health, Inc.(a)		1,585
	10	Veeva Systems, Inc., Class A(a)		2,087
				6,535
Hotel & Resort REITs (0.0%^)
	173	Apple Hospitality REIT, Inc.		2,599
	317	DiamondRock Hospitality Co.		2,555
				5,154
Hotels, Restaurants & Leisure (0.8%)
	22	Airbnb, Inc., Class A(a)		2,894
	3	Chipotle Mexican Grill, Inc.(a)		5,780
	2	Darden Restaurants, Inc.		311
	9	Domino's Pizza, Inc.		3,487
	282	Everi Holdings, Inc.(a)		4,078
	9	Expedia Group, Inc.(a)		976
	363	McDonald's Corp.		102,057
	314	Starbucks Corp.		30,596
	3	Vail Resorts, Inc.		679
				150,858
Household Durables (0.0%^)
	20	Lennar Corp., Class A		2,382
Household Products (0.7%)
	555	Church & Dwight Co., Inc.		53,707
	5	The Clorox Co.		782
	587	The Procter & Gamble Co.		90,598
				145,087
Independent Power and Renewable Electricity Producers (0.0%^)
	70	The AES Corp.		1,255
Industrial Conglomerates (0.2%)
	199	Honeywell International, Inc.		37,400
Industrial REITs (0.5%)
	2,518	STAG Industrial, Inc.		91,983
Insurance (0.1%)
	5	Aflac, Inc.		373
	105	American Equity Investment Life Holding Co.		5,636
	2	Arthur J. Gallagher & Co.		461

See notes to financial statements.

- 53 -

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2023	Continued

Shares or Principal Amount		Security	Description Value
Common Stocks, continued:
Insurance, continued:
	14	Fidelity National Financial, Inc.	$	580
	25	Lincoln National Corp.		641
	22	Prudential Financial, Inc.		2,083
	2	RenaissanceRe Holdings, Ltd.		376
	5	The Hanover Insurance Group, Inc.		534
	15	The Hartford Financial Services Group, Inc.		1,077
	58	Unum Group		2,853
				14,614
Interactive Media & Services (0.4%)
	199	Alphabet, Inc., Class A(a)		27,098
	242	Alphabet, Inc., Class C(a)		33,239
	96	Pinterest, Inc., Class A(a)		2,639
	113	Yelp, Inc.(a)		4,842
				67,818
IT Services (0.3%)
	128	Accenture PLC, Class A		41,442
	46	DXC Technology Co.(a)		954
	3	EPAM Systems, Inc.(a)		777
	6	MongoDB, Inc.(a)		2,288
	262	The Hackett Group, Inc.		6,175
	2	VeriSign, Inc.(a)		416
				52,052
Leisure Products (0.0%^)
	11	Hasbro, Inc.		792
Life Sciences Tools & Services (1.9%)
	6	Charles River Laboratories International, Inc.(a)		1,241
	195	IQVIA Holdings, Inc.(a)		43,413
	1	Mettler-Toledo International, Inc.(a)		1,213
	9,212	Stevanato Group SpA		295,152
	57	Thermo Fisher Scientific, Inc.		31,755
	5	Waters Corp.(a)		1,404
				374,178
Machinery (0.1%)
	37	Allison Transmission Holdings, Inc.		2,237
	14	Graco, Inc.		1,105
	3	IDEX Corp.		679
	65	Mueller Industries, Inc.		5,015
	1	Parker-Hannifin Corp.		417
	3	Snap-on, Inc.		806
	13	The Timken Co.		993
	11	The Toro Co.		1,126
	5	Xylem, Inc.		518
				12,896
Marine Transportation (0.0%^)
	74	Matson, Inc.		6,503
Media (0.1%)
	326	AMC Networks, Inc., Class A(a)		3,795
	2	Cable One, Inc.		1,301
	103	John Wiley & Sons, Inc., Class A		3,827
	110	TechTarget, Inc.(a)		3,163
	165	Thryv Holdings, Inc.(a)		3,364
				15,450
Metals & Mining (0.5%)
	83	Commercial Metals Co.		4,672
	239	Constellium SE(a)		4,302
	2,218	Newmont Corp.		87,433
	10	Reliance Steel & Aluminum Co.		2,850
	208	Ryerson Holding Corp.		6,477
				105,734
Multi-Utilities (0.1%)
	64	NorthWestern Corp.		3,226

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Multi-Utilities, continued:
	34	Public Service Enterprise Group, Inc.	$	2,077
	69	Unitil Corp.		3,368
	18	WEC Energy Group, Inc.		1,514
				10,185
Oil, Gas & Consumable Fuels (15.8%)
	44	Arch Resources, Inc.		5,746
	12,000	BP PLC ADR		446,160
	147	Callon Petroleum Co.(a)		5,767
	8,000	Cameco Corp.		296,000
	5	Cheniere Energy, Inc.		816
	66	Chord Energy Corp.		10,659
	30,000	Comstock Resources, Inc.		367,800
	4,319	Coterra Energy, Inc.		121,753
	15,000	Delek US Holdings, Inc.		386,250
	8	Devon Energy Corp.		409
	21	EQT Corp.		908
	3,000	Exxon Mobil Corp.		333,570
	2,500	Hess Corp.		386,250
	240	Magnolia Oil & Gas Corp., Class A		5,472
	12,000	Marathon Oil Corp.		316,200
	98	Matador Resources Co.		6,223
	153	Northern Oil and Gas, Inc.		6,400
	1,493	ONEOK, Inc.		97,344
	124	PBF Energy, Inc., Class A		5,814
	1,047	Phillips 66		119,525
	709	Pioneer Natural Resources Co.		168,692
				3,087,758
Passenger Airlines (0.0%^)
10 Southwest Airlines Co.				316
Personal Care Products (0.0%^)
	49	Medifast, Inc.		4,133
	64	USANA Health Sciences, Inc.(a)		4,114
				8,247
Pharmaceuticals (3.7%)
	1,255	AstraZeneca PLC ADR		85,114
	335	Innoviva, Inc.(a)		4,271
	356	Johnson & Johnson		57,558
	1,208	Merck & Co., Inc.		131,648
	77	Prestige Consumer Healthcare, Inc.(a)		4,491
	14	Royalty Pharma PLC, Class A		418
	127	Supernus Pharmaceuticals, Inc.(a)		4,044
	56	Viatris, Inc.		602
	2,269	Zoetis, Inc.		432,267
				720,413
Professional Services (0.3%)
	342	Jacobs Solutions, Inc.		46,108
	89	Kforce, Inc.		5,576
	9	Robert Half, Inc.		666
				52,350
Real Estate Management & Development (0.1%)
	403	Newmark Group, Inc., Class A		2,857
	137	RE/MAX Holdings, Inc.		2,220
	225	The RMR Group, Inc., Class A		5,688
				10,765
Residential REITs (0.0%^)
	67	American Homes 4 Rent, Class A		2,415
	17	Equity LifeStyle Properties, Inc.		1,138
	3	Sun Communities, Inc.		367
				3,920
Retail REITs (0.0%^)
	121	Tanger Factory Outlet Centers, Inc.		2,813

See notes to financial statements.

- 54 -

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2023	Continued

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Semiconductors & Semiconductor Equipment (0.7%)
	203	Amkor Technology, Inc.	$	5,676
	128	Broadcom, Inc.		118,130
	12	Enphase Energy, Inc.(a)		1,518
	10	Marvell Technology, Inc.		582
	19	Microchip Technology, Inc.		1,555
	18	NXP Semiconductors NV		3,703
	22	Qorvo, Inc.(a)		2,363
				133,527
Software (2.9%)
	75	CommVault Systems, Inc.(a)		5,123
	62	InterDigital, Inc.		5,376
	71	Intuit, Inc.		38,468
	8	Manhattan Associates, Inc.(a)		1,621
	285	Microsoft Corp.		93,412
	515	Mitek Systems, Inc.(a)		5,752
	261	Palo Alto Networks, Inc.(a)		63,501
	90	Progress Software Corp.		5,476
	43	Qualys, Inc.(a)		6,693
	39	Splunk, Inc.(a)		4,729
	32	SPS Commerce, Inc.(a)		5,956
	7,118	Tenable Holdings, Inc.(a)		322,944
	21	Teradata Corp.(a)		972
				560,023
Specialized REITs (0.2%)
	67	CubeSmart		2,795
	216	Extra Space Storage, Inc.		27,795
	11	Lamar Advertising Co., Class A		1,003
	112	PotlatchDeltic Corp.		5,293
	12	Weyerhaeuser Co.		393
				37,279
Specialty Retail (0.9%)
	20	Asbury Automotive Group, Inc.(a)		4,600
	17	AutoNation, Inc.(a)		2,671
	18	Group 1 Automotive, Inc.		4,760
	117	Hibbett, Inc.		5,418
	157	Lowe's Cos., Inc.		36,185
	203	Shoe Carnival, Inc.		4,695
	133	The Buckle, Inc.		4,860
	188	The Home Depot, Inc.		62,097
	186	Tractor Supply Co.		40,641
	12	Winmark Corp.		4,566
				170,493
Technology Hardware, Storage & Peripherals (0.5%)
	470	Apple, Inc.		88,299
	184	Pure Storage, Inc., Class A(a)		6,733
				95,032
Textiles, Apparel & Luxury Goods (0.0%^)
	12	Lululemon Athletica, Inc.(a)		4,575
Trading Companies & Distributors (0.6%)
	18	Air Lease Corp.		734
	71	Boise Cascade Co.		7,765
	1,049	MSC Industrial Direct Co., Inc.		107,061
	3	Watsco, Inc.		1,094
				116,654
Water Utilities (0.0%^)
	41	American States Water Co.		3,453
Wireless Telecommunication Services (0.2%)
	273	T-Mobile US, Inc.(a)		37,196
Total Common Stocks (Cost $12,135,234)				12,725,590

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (6.8%)
$	250,000	Bayview Financial Mortgage Pass-Through Trust, Series 2006-A, Class B1, 7.46% (TSFR1M + 214 bps), 2/28/41, Callable 9/28/23 @ 100*	$	244,853
	377,019	Centex Home Equity Loan Trust, Series 2005-A, Class M3, 6.25% (TSFR1M + 94 bps), 1/25/35, Callable 9/25/23 @ 100*		354,175
	369,965	CHEC Loan Trust, Series 2004-1, Class A3, 6.43% (TSFR1M + 111 bps), 7/25/34, Callable 9/25/23 @ 100*(b)		351,799
	400,000	Frontier Issuer LLC, Series 2023-1, Class B, 8.30%, 8/20/53, Callable 7/20/26 @ 100*(b)		383,529
Total Asset Backed Securities (Cost $1,325,947)				1,334,356

Mortgage Backed Securities† (7.4%)
Prime Adjustable Rate Mortgage Backed Securities (7.4%)
	355,000	Mello Warehouse Securitization Trust, Series 2021-3, Class E, 8.68% (TSFR1M + 336 bps), 11/25/55(b)		348,539
	112,359	PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, 8.34% (TSFR1M + 301 bps), 2/27/24, Callable 2/25/24 @ 100*(b)		111,709
	350,000	PNMAC GMSR ISSUER TRUST, Series 2018-GT2, Class A, 8.08% (US0001M + 265 bps), 8/25/25(b)		347,643
	350,000	PNMAC GMSR ISSUER TRUST, Series 2018-GT1, Class A, 9.28% (US0001M + 385 bps), 2/25/25(b)		349,621
	304,479	Sequoia Mortgage Trust, Series 2007-2, Class 1A1, 5.85% (US0001M + 42 bps), 6/20/36, Callable 9/20/23 @ 100*		281,034
Total Mortgage Backed Securities (Cost $1,439,806)				1,438,546

Corporate Bonds (3.7%)
Banks (1.8%)
	400,000	Truist Financial Corp., Series N, 4.80% (H15T5Y + 300 bps) , Callable 9/1/24 @ 100 *(c)		354,200
Capital Markets (1.9%)
	415,000	Charles Schwab Corp. (The), Series I, 4.00% (H15T5Y + 317 bps) , Callable 6/1/26 @ 100 *(c)		358,987
Total Corporate Bonds (Cost $715,710)				713,187

U.S. Treasury Obligations (12.3%)
U.S. Treasury Notes
	2,450,000	2.13%, 2/29/24		2,410,379
Total U.S. Treasury Obligations (Cost $2,409,551)				2,410,379

Investment in Affiliates (4.1%)
	791,924	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(d)		791,924
Total Investment in Affiliates (Cost $791,924)				791,924

Total Investments (Cost $18,818,172)(e) — 99.5%				19,413,982
Other assets in excess of liabilities — 0.5%				94,061
Net Assets - 100.0%			$	19,508,043

See notes to financial statements.

- 55 -

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2023	Concluded

(a)	Non-income producing security.
(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)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(e)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represent 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.

ADR	American Depositary Receipt
H15T5Y	5 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
TSFR1M	CME Term Secured Overnight Financing Rate 1-Month
US0001M	1 Month US Dollar LIBOR

See notes to financial statements.

- 56 -

Schedule of Portfolio Investments	World Energy Fund
August 31, 2023

Shares or

Principal

Amount
Security Description Value

Common Stocks (93.1%)

Aerospace & Defense (3.5%)

40,000 BWX Technologies, Inc. $ 2,950,400

Chemicals (1.4%)

6,000 Albemarle Corp 1,192,260

Electric Utilities (0.0%^)

46 ALLETE, Inc. 2,525

24 Eversource Energy 1,532

79 Fortis, Inc. 3,097

11 IDACORP, Inc. 1,054

31 MGE Energy, Inc. 2,245

88 NextEra Energy, Inc. 5,878

66 Otter Tail Corp. 5,437

23 Xcel Energy, Inc. 1,314

23,082

Energy Equipment & Services (25.2%)

107,000 Baker Hughes Co. 3,872,330

100,000 Diamond Offshore Drilling, Inc.(a) 1,487,000

250,000 Helix Energy Solutions Group, Inc.(a) 2,535,000

667 Helmerich & Payne, Inc. 26,673

35,908 Noble Corp. PLC 1,893,788

30,000 Schlumberger NV 1,768,800

180,000 TechnipFMC PLC 3,427,200

12,458 Tenaris SA ADR 397,784

38,505 Valaris, Ltd.(a) 2,900,197

35,000 Weatherford International PLC(a) 3,098,200

21,406,972

Gas Utilities (0.0%^)

34 Brookfield Infrastructure Corp., Class A 1,321

20 Chesapeake Utilities Corp. 2,202

81 National Fuel Gas Co. 4,353

7,876

Independent Power and Renewable Electricity Producers (0.2%)

2,599 Brookfield Renewable Corp., Class A 72,642

1,024 Ormat Technologies, Inc. 77,762

15 Sunnova Energy International, Inc.(a) 209

86 TransAlta Corp. 825

151,438

Multi-Utilities (0.0%^)

40 CMS Energy Corp. 2,248

61 DTE Energy Co. 6,306

148 National Grid PLC ADR 9,355

38 Sempra 2,668

36 WEC Energy Group, Inc. 3,028

23,605

Oil, Gas & Consumable Fuels (62.8%)

55,000 APA Corp. 2,411,200

130 Arch Resources, Inc. 16,978

93,645 BP PLC ADR 3,481,721

83,229 Cameco Corp. 3,079,473

637 Canadian Natural Resources, Ltd. 41,207

7,507 Cheniere Energy, Inc. 1,225,142

22,000 Chesapeake Energy Corp. 1,940,620

326 Chevron Corp. 52,519

200,000 Comstock Resources, Inc. 2,452,000

18,189 ConocoPhillips 2,165,037

85,000 Delek US Holdings, Inc. 2,188,750

9,000 Diamondback Energy, Inc. 1,366,020

63,600 Enbridge, Inc. 2,231,088

330 EOG Resources, Inc. 42,445

48,041 Exxon Mobil Corp. 5,341,679

33,000 Hess Corp. 5,098,500

27,000 HF Sinclair Corp. 1,487,430

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	12,097	Kinder Morgan, Inc.	$	208,310
	190,000	Marathon Oil Corp.		5,006,500
	19,000	Marathon Petroleum Corp.		2,712,630
	27,808	ONEOK, Inc.		1,813,082
	1,020	Peabody Energy Corp.		22,012
	4,470	Phillips 66		510,295
	7,000	Pioneer Natural Resources Co.		1,665,510
	30,044	Shell PLC ADR		1,865,432
	300,000	Southwestern Energy Co.(a)		2,034,000
	33,409	TC Energy Corp.		1,206,733
	37,385	The Williams Cos., Inc.		1,290,904
	5,628	TotalEnergies SE ADR		354,057
				53,311,274
Water Utilities (0.0%^)
	55	American States Water Co.		4,632
	34	American Water Works Co., Inc.		4,717
	38	California Water Service Group		1,909
	49	Middlesex Water Co.		3,688
	11	The York Water Co.		448
				15,394
Total Common Stocks (Cost $63,571,635)				79,082,301

Corporate Bonds (5.0%)
Energy Equipment & Services (3.0%)
$	715,000	Halliburton Co., 2.92%, 3/1/30, Callable 12/1/29 @ 100 *		623,697
	400,000	Schlumberger Holdings Corp., 3.90%, 5/17/28, Callable 2/17/28 @ 100 *(b)		379,229
	261,250	Transocean, Inc., 8.75%, 2/15/30, Callable 2/15/26 @ 104 *(b)		267,263
	506,000	Transocean, Inc., 11.50%, 1/30/27, Callable 9/18/23 @ 106 *(b)		532,894
	700,000	Valaris, Ltd., 8.38%, 4/30/30, Callable 4/30/26 @ 104 *(b)		712,985
				2,516,068
Oil, Gas & Consumable Fuels (2.0%)
	725,000	Enbridge, Inc., 1.60%, 10/4/26, Callable 9/4/26 @ 100 *		649,892
	700,000	Matador Resources Co., 5.88%, 9/15/26, Callable 9/25/23 @ 101 *		682,746
	400,000	Range Resources Corp., 8.25%, 1/15/29, Callable 1/15/24 @ 104 *		415,260
				1,747,898
Total Corporate Bonds (Cost $4,347,534)				4,263,966

Investment in Affiliates (0.3%)
	241,697	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(c)		241,697
Total Investment in Affiliates (Cost $241,697)				241,697

Exchange Traded Fund (1.1%)
	40,000	Global X Uranium ETF		960,400
Total Exchange Traded Fund (Cost $955,176)				960,400

Total Investments (Cost $69,116,042)(d) — 99.5%				84,548,364
Other assets in excess of liabilities — 0.5%				402,946
Net Assets - 100.0%			$	84,951,310

See notes to financial statements.

- 57 -

Schedule of Portfolio Investments	World Energy Fund
August 31, 2023	Concluded

The Adviser has determined that 56.8% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a)	Non-income producing security.
(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)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(d)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represent less than 0.05%.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund

See notes to financial statements.

- 58 -

Schedule of Portfolio Investments	Hedged Income Fund
August 31, 2023

Shares		Security Description	Value
Common Stocks+ (101.7%)
Aerospace & Defense (2.3%)
	8,700	RTX Corp.	$	748,548
Beverages (7.7%)
	8,000	PepsiCo, Inc.		1,423,360
	18,600	The Coca-Cola Co.		1,112,838
				2,536,198
Biotechnology (4.3%)
	9,600	AbbVie, Inc.		1,410,816
Capital Markets (4.8%)
	1,100	BlackRock, Inc.		770,594
	9,500	Morgan Stanley.		808,925
				1,579,519
Chemicals (5.8%)
	8,700	CF Industries Holdings, Inc.		670,509
	22,900	Dow, Inc.		1,249,424
				1,919,933
Communications Equipment (3.9%)
	22,100	Cisco Systems, Inc.		1,267,435
Containers & Packaging (3.0%)
	6,600	Packaging Corp. of America.		984,060
Electric Utilities (9.8%)
	14,400	American Electric Power Co., Inc.		1,128,960
	12,200	Duke Energy Corp.		1,083,360
	27,800	FirstEnergy Corp.		1,002,746
				3,215,066
Electrical Equipment (3.3%)
	11,000	Emerson Electric Co.		1,080,750
Electronic Equipment, Instruments & Components (2.4%)
	23,900	Corning, Inc.		784,398
Energy Equipment & Services (2.7%)
	24,200	Baker Hughes Co.		875,798
Health Care Equipment & Supplies (2.0%)
	8,000	Medtronic PLC.		652,000
Health Care Providers & Services (4.1%)
	15,500	Cardinal Health, Inc.		1,353,615
Hotels, Restaurants & Leisure (3.2%)
	3,800	McDonald's Corp.		1,068,370

Shares		Security Description	Value
Common Stocks+, continued:
Household Products (2.8%)
	6,000	The Procter & Gamble Co.	$	926,040
Industrial REITs (2.3%)
	21,000	STAG Industrial, Inc.		767,130
Metals & Mining (2.1%)
	17,500	Newmont Corp.		689,850
Oil, Gas & Consumable Fuels (15.5%)
	38,100	Coterra Energy, Inc.		1,074,039
	19,900	ONEOK, Inc.		1,297,480
	14,100	Phillips 66		1,609,656
	4,700	Pioneer Natural Resources Co.		1,118,271
				5,099,446
Pharmaceuticals (10.0%)
	18,700	AstraZeneca PLC ADR		1,268,234
	18,500	Merck & Co., Inc.		2,016,130
				3,284,364
Semiconductors & Semiconductor Equipment (2.2%)
	800	Broadcom, Inc.		738,312
Specialty Retail (2.7%)
	2,700	The Home Depot, Inc.		891,810
Trading Companies & Distributors (4.8%)
	15,500	MSC Industrial Direct Co., Inc.		1,581,930
Total Common Stocks (Cost $30,743,324)				33,455,388

Purchased Options (0.8%)^
	122	Duke Energy Corp.		10,980
	80	PepsiCo, Inc.		20,000
	24	S&P 500 Index		122,880
	300	SPDR Dow Jones Industrial		91,500
Total Purchased Options (Cost $342,506)				245,360

Investment in Affiliates (1.4%)
	464,620	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.15%(a)		464,620
Total Investment in Affiliates (Cost $464,620)				464,620

Total Investments (Cost $31,550,450)(b) — 103.9%				34,165,368
Liabilities in excess of other assets — (3.9)%				(1,283,246)
Net Assets - 100.0%			$	32,882,122

(a)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2023.
(b)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.
+	All or a portion of each common stock has been pledged as collateral for outstanding call options written.

ADR	American Depositary Receipt
^	See Options table below for more details.

See notes to financial statements.

- 59 -

Schedule of Portfolio Investments	Hedged Income Fund
August 31, 2023	Concluded

At August 31, 2023, the Fund's exchange traded options purchased were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts	Notional Amount(a)		Fair Value
Duke Energy Corp.	Put	85.00 USD	10/20/23	122	$	10,370	$	10,980
PepsiCo, Inc.	Put	175.00 USD	10/20/23	80		14,000		20,000
S&P 500 Index	Put	3975.00 USD	3/15/24	24		95,400		122,880
SPDR Dow Jones Industrial	Put	315.00 USD	3/15/24	300		94,500		91,500
Total (Cost $342,506)							$	245,360

At August 31, 2023, the Fund's exchange traded options written were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts	Notional Amount(a)		Fair Value
Abbvie, Inc.	Call	125.00 USD	11/17/23	6	$	750	$	(13,650	)
Abbvie, Inc.	Call	115.00 USD	3/15/24	90		10,350		(301,950	)
AstraZeneca PLC Spons ADR	Call	70.00 USD	9/15/23	187		13,090		(6,732	)
Baker Hughes Co.	Call	33.00 USD	10/20/23	242		7,986		(91,960	)
BlackRock, Inc.	Call	780.00 USD	9/1/23	10		7,800		(50	)
Broadcom, Inc.	Call	690.00 USD	10/20/23	8		5,520		(183,280	)
Cardinal Health, Inc.	Call	80.00 USD	9/15/23	155		12,400		(126,790	)
CF Industries Holdings, Inc.	Call	90.00 USD	9/29/23	44		3,960		(440	)
Cisco Systems, Inc.	Call	57.00 USD	9/8/23	101		5,757		(7,070	)
Cisco Systems, Inc.	Call	57.00 USD	9/22/23	120		6,840		(13,320	)
Coterra Energy, Inc.	Call	28.00 USD	9/29/23	170		4,760		(13,600	)
Coterra Energy, Inc.	Call	30.00 USD	9/29/23	206		6,180		(3,090	)
Dow, Inc.	Call	59.00 USD	9/1/23	176		10,384		(176	)
Dow, Inc.	Call	60.00 USD	9/22/23	53		3,180		(53	)
Emerson Electric Co.	Call	100.00 USD	9/15/23	55		5,500		(2,750	)
Emerson Electric Co.	Call	94.00 USD	10/6/23	50		4,700		(26,000	)
McDonald's Corp.	Call	295.00 USD	9/29/23	20		5,900		(820	)
Medtronic PLC	Call	90.00 USD	10/20/23	40		3,600		(480	)
Merck Co., Inc.	Call	90.00 USD	1/19/24	150		13,500		(321,150	)
Merck Co., Inc.	Call	100.00 USD	1/19/24	35		3,500		(42,700	)
Morgan Stanley	Call	95.00 USD	9/8/23	37		3,515		(74	)
Morgan Stanley	Call	92.50 USD	9/15/23	53		4,903		(212	)
MSC Industrial Direct Co., Inc.	Call	90.00 USD	11/17/23	155		13,950		(187,550	)
Newmont Mining Corp.	Call	49.00 USD	9/1/23	88		4,312		(176	)
ONEOK, Inc.	Call	60.00 USD	1/19/24	124		7,440		(92,256	)
Packaging Corp. of America	Call	165.00 USD	9/15/23	36		5,940		(360	)
Packaging Corp. of America	Call	170.00 USD	9/15/23	30		5,100		(300	)
Phillips 66	Call	112.00 USD	9/29/23	65		7,280		(24,700	)
Phillips 66	Call	105.00 USD	11/17/23	71		7,455		(83,780	)
Pioneer Natural Resources Co.	Call	250.00 USD	9/15/23	22		5,500		(770	)
Pioneer Natural Resources Co.	Call	250.00 USD	9/29/23	20		5,000		(2,300	)
The Coca-Cola Co.	Call	60.00 USD	9/15/23	186		11,160		(8,556	)
The Home Depot, Inc.	Call	340.00 USD	9/29/23	14		4,760		(3,598	)
The Home Depot, Inc.	Call	350.00 USD	10/13/23	10		3,500		(1,720	)
The Procter Gamble Co.	Call	165.00 USD	9/22/23	30		4,950		(30	)
Total (Premiums $(2,049,230))							$	(1,562,443	)

(a)	Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

Balances Reported in the Statements of Assets and Liabilities for Options Written
	Value
Options Written	$	(1,562,443	)

See notes to financial statements.

- 60 -

Notes to the Financial Statements

August 31, 2023

1.	Organization:

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of August 31, 2023, the Trust offered shares of U.S. Treasury Fund and Government Securities Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund (each referred to as a “Fund” and collectively, “the Funds”). Each Fund is registered as a diversified portfolio of the Trust, with the exception of the Hedged Income Fund, which is non-diversified. The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares, and A Shares. The Opportunistic Fund and World Energy Fund are also authorized to issue an unlimited number of C Shares. The Money Market Funds are authorized to issue an unlimited number of shares in the following classes: Administrative Shares, Institutional Shares, and Select Shares. In addition, the Government Securities Money Market Fund is authorized to issue an unlimited number of Premier Shares. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

2.	Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

Fair Value Measurements:

The Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:’

	●	Level 1 – quoted prices in active markets for identical assets

	●	Level 2 – other observable significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2 in the fair value hierarchy.

When determining the fair value of the Funds’ investments, additional consideration is given to those assets or liabilities that have experienced a significant decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly. In cases where market prices for portfolio securities are not readily available or where prices provided by pricing services are believed not to reflect current value, a Pricing Committee established by the Board of Trustees (the “Board”) determines in good faith, subject to Trust procedures, the fair value of such portfolio securities in accordance with Rule 2a-5 under the 1940 Act. Examples of the types of securities that may be fair valued include securities halted or suspended from trading, thinly traded or illiquid securities, high-yield securities and fixed-income securities held in amounts less than their normal unit of trading.

The following is a summary categorization, as of August 31, 2023, of each Fund’s investments in the fair value hierarchy:

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
U.S. Treasury Fund
U.S. Treasury Obligations	$	—	$	198,012,427	$	—	$	198,012,427
Repurchase Agreements		—		1,385,000,000		—		1,385,000,000
Investment Companies		165,178,369		—		—		165,178,369
Total Investments		165,178,369		1,583,012,427		—		1,748,190,796

Government Securities Money Market Fund
U.S. Government Agency Securities		—		365,000,000		—		365,000,000
U.S. Treasury Obligations		—		316,843,874		—		316,843,874
Repurchase Agreements		—		1,665,000,000		—		1,665,000,000
Investment Companies		212,779,647		—		—		212,779,647
Total Investments		212,779,647		2,346,843,874		—		2,559,623,521

- 61 -

Notes to the Financial Statements

August 31, 2023

Fund LEVEL 1-
Quoted Prices
LEVEL 2 -

Other Significant
Observable Inputs

LEVEL 3 -

Significant
Unobservable Inputs
Total

Limited Duration Fund

Asset Backed Securities $ — $ 9,045,739 $ — $ 9,045,739

Mortgage Backed Securities¹ — 8,434,809 — 8,434,809

Corporate Bonds² — 5,526,976 — 5,526,976

Taxable Municipal Bonds³ — 184,922 — 184,922

U.S. Government Agency Securities — 4,475,250 — 4,475,250

U.S. Treasury Obligations — 4,479,914 — 4,479,914

Investment in Affiliates 1,777,121 — — 1,777,121

Total Investments 1,777,121 32,147,610 — 33,924,731

Moderate Duration Fund

Asset Backed Securities — 1,604,828 — 1,604,828

Mortgage Backed Securities¹ — 2,188,039 — 2,188,039

Corporate Bonds² — 2,263,966 — 2,263,966

Taxable Municipal Bonds³ — 1,240,449 — 1,240,449

U.S. Government Agency Securities — 1,208,967 — 1,208,967

U.S. Treasury Obligations — 3,372,369 — 3,372,369

Investment in Affiliates 865,097 — — 865,097

Total Investments 865,097 11,878,618 — 12,743,715

Bond Fund

Asset Backed Securities — 15,015,264 — 15,015,264

Mortgage Backed Securities¹ — 21,653,112 — 21,653,112

Corporate Bonds² — 21,019,626 — 21,019,626

Taxable Municipal Bonds³ — 9,470,938 — 9,470,938

U.S. Government Agency Securities — 13,278,169 — 13,278,169

U.S. Treasury Obligations — 39,003,600 — 39,003,600

Investment in Affiliates 1,364,029 — — 1,364,029

Total Investments 1,364,029 119,440,709 — 120,804,738

Strategic Enhanced Yield Fund

Mortgage Backed Securities¹
— 1,105,722 — 1,105,722

Corporate Bonds² — 2,672,257 — 2,672,257

U.S. Government Agency Securities — 377,057 — 377,057

U.S. Treasury Obligations — 658,524 — 658,524

Investment in Affiliates 124,636 — — 124,636

Total Investments 124,636 4,813,560 — 4,938,196

Ultra Short Tax-Free Income Fund

Municipal Bonds³
— 17,493,568 — 17,493,568

Investment in Affiliates 1,569 — — 1,569

Total Investments 1,569 17,493,568 — 17,495,137

Opportunistic Fund

Common Stocks² 12,725,590 — — 12,725,590

Asset Backed Securities — 1,334,356 — 1,334,356

Mortgage Backed Securities¹ — 1,438,546 — 1,438,546

Corporate Bonds² — 713,187 — 713,187

U.S. Treasury Obligations — 2,410,379 — 2,410,379

Investment in Affiliates 791,924 — — 791,924

Total Investments 13,517,514 5,896,468 — 19,413,982

World Energy Fund

Common Stocks²
79,082,301 — — 79,082,301

Corporate Bonds² — 4,263,966 — 4,263,966

Investment in Affiliates 241,697 — — 241,697

Exchange Traded Fund 960,400 — — 960,400

Total Investments 80,284,398 4,263,966 — 84,548,364

Hedged Income Fund

Common Stocks²
33,455,388 — — 33,455,388

Purchased Options — 245,360 — 245,360

Investment in Affiliates 464,620 — — 464,620

Written Options — (1,562,443 ) — (1,562,443 )

Total Investments 33,920,008 (1,317,083 ) — 32,602,925

1	Please see the Schedule of Portfolio investments for Mortgage Backed Securities classification.

2	Please see the Schedule of Portfolio Investments for Industry classification.

3	Please see the Schedule of Portfolio Investments for State classification.

- 62 -

Notes to the Financial Statements

August 31, 2023

Securities Valuation:

The Money Market Funds, which operate as government funds, are eligible and have elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Money Market Fund would receive if it sold the investment. The value of securities in the Money Market Funds can be expected to vary inversely with changes in prevailing interest rates.

The following is an overview of how securities are valued in the Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund (the “Variable Net Asset Value Funds”).

Equity securities are valued at the closing price on the exchange or market where the security is principally traded (except for those traded on Nasdaq, which will be valued at the Nasdaq Official Closing Price). If there have been no sales for the day on any exchange or market, the security is valued at the latest available bid price on the exchange or market where the security is principally traded. Equity securities are typically categorized as Level 1 in the fair value hierarchy.

Fixed-income securities are valued using matrix pricing as determined by an independent pricing service approved by the Board. Fixed-income securities are valued using various inputs including new issue data, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy. In addition to the inputs noted for fixed-income securities, asset-backed and mortgage-backed securities are valued using principal payment and collateral performance information, and are typically categorized as Level 2 in the fair value hierarchy.

Short-term fixed-income securities purchased with 60 days or fewer to maturity and of sufficient credit quality are generally valued at amortized cost, which approximates current value, and are typically categorized as Level 2 in the fair value hierarchy.

Open-end mutual fund investments and exchange-traded funds are valued at the most recently calculated net asset value, and are typically categorized as Level 1 in the fair value hierarchy.

Repurchase agreements are valued at original cost, and are typically categorized as Level 2 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the exchange. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

Securities Sold Short:

The Funds may enter into short sales. Short sales are transactions in which a fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund.

Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends declared on open short positions are recorded on ex-date as dividend expense. To borrow the security, the Fund also may be required to pay a fee, which is shown as interest expense. The Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet the margin requirements, until the short position is closed. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, is recognized upon the close of a short sale.

None of the Funds shall sell securities short (unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short or has segregated with the Custodian an amount of cash or liquid assets to cover the short position), however, this policy does not prevent the Funds from entering into short positions in foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments.

The Funds did not engage in short sales during the year ending August 31, 2023.

Options Contracts:

Each of the Funds, except U.S. Treasury Fund and the Government Securities Money Market Fund, may write (sell) covered call options and purchase options to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for the portfolio, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes. An option gives the purchaser of the option the right to buy, and a writer has the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is consideration for undertaking the obligations under the option contract. Options purchased by the Fund will be valued at the last sale price, or in the absence of such a price, at the latest available bid price. The Funds may also purchase index options. Index options (or options on securities indices) are similar in many respects to options on securities, except that an index option gives the holder the right to receive, upon exercise, cash instead of securities, if the closing value of the securities index upon which the option is based is greater than the exercise price of the option.

- 63 -

Notes to the Financial Statements

August 31, 2023

Purchasing options is a specialized investment technique that entails the possibility of a complete loss of the amounts paid as premiums to writers of options. The Funds can purchase options and index options provided that their total investment in such options immediately after such purchase does not exceed 5% of its total assets.

The Hedged Income Fund engaged in purchased and written options activity during the period ending August 31, 2023 detailed below.

Purchased Options Contracts—The Fund pays a premium which is included in “Investments, at value” on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts—The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the year ended August 31, 2023, the monthly average notional amount for written options contracts was $(244) thousand. Realized gains and losses are reported as “Net realized gains/(losses) from written options contracts” on the Statements of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Statement of Assets and Liabilities for Hedged Income Fund, categorized by risk exposure, as of August 31, 2023:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets
and Liabilities Location

Total Fair
Value

Statement of Assets
and Liabilities Location

Total Fair Value

Equity Risk

Options Contracts

—

Written Options Contracts

1,562,443

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized
Equity Risk
Options Contracts	Net realized gains/(losses) on written options contracts/ Change in net unrealized appreciation/depreciation on written options contracts	$	833,904	$	(531,268	)

Security Transactions and Related Income:

For all purposes other than financial reporting, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium and accretion of discount. Dividend income is recorded on the ex-dividend date or for certain foreign dividends, when the Funds become aware of such dividends declared. Gains or losses realized from sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

Real Estate Investment Trusts:

Some of the Variable Net Asset Value Funds may invest in real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of August 31, 2023 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
Strategic Enhanced Yield Fund:
Brean Asset Backed Securities Trust, Series 2021-RM1, M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100	03/25/21	$	327,678	$	358,035	$	203,006

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Notes to the Financial Statements

August 31, 2023

Repurchase Agreements:

The Funds may invest in repurchase agreements with financial institutions such as member banks of the Federal Deposit Insurance Corporation (FDIC) or from registered broker/dealers that Cavanal Hill Investment Management, Inc. (the “Adviser”) deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities collateral. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by each Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Distributions to Shareholders:

Distributions from net investment income are declared daily and paid monthly for the Money Market Funds, Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Ultra Short Tax-Free Income Fund. Distributions from net investment income are declared and paid quarterly for the Opportunistic Fund, World Energy Fund, and Hedged Income Fund. Net realized capital gains, if any, are declared and distributed at least annually.

The character of income and gains distributed is determined in accordance with income tax regulations which may differ from U.S. GAAP. These “book/ tax” differences are either considered temporary or permanent in nature. To the extent that these differences are permanent in nature (e.g., reclassification of bond discount and premium, gain/loss on principal payments from mortgage-backed securities, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification (e.g., wash sales). To the extent that distributions from net investment income and net realized gains exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital.

Allocations:

Expenses that directly relate to a specific Fund are charged directly to that Fund. Class-specific expenses are charged directly to the class incurring the expense. Other operating expenses of the Funds are prorated to each Fund on the basis of relative net assets or another appropriate method. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.

Fees and Transactions with Related and Other Parties:

The Adviser, a wholly-owned subsidiary of BOKF, NA (“BOKF”), serves as the Funds’ investment adviser. Under the terms of the Investment Advisory Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:

Fund	Annual Advisory Fee (as a percentage of net assets)	Annual Expense Limitations*
U.S. Treasury Fund	0.05%
Government Securities Money Market Fund	0.05%
Limited Duration Fund	0.15%
Moderate Duration Fund	0.20%	0.49%
Bond Fund	0.20%
Strategic Enhanced Yield Fund	0.50%	0.76%
Ultra Short Tax-Free Income Fund	0.15%	0.35%
Opportunistic Fund	0.85%	1.00%
World Energy Fund	0.60%	0.90%
Hedged Income Fund	0.80%	1.10%

The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed the percentage of average daily net assets, plus class-specific fees, through December 31, 2023.

The Adviser serves as the Funds’ administrator. Under the terms of the Administration Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:

Fund		Annual Administration Fee (as a percentage of net assets)
U.S. Treasury Fund		0.05%
Government Securities Money Market Fund		0.05%
Limited Duration Fund		0.08%
Moderate Duration Fund		0.08%
Bond Fund		0.08%
Strategic Enhanced Yield Fund		0.08%

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Notes to the Financial Statements

August 31, 2023

Fund		Annual Administration Fee (as a percentage of net assets)
Ultra Short Tax-Free Income Fund		0.08%
Opportunistic Fund		0.08%
World Energy Fund		0.08%
Hedged Income Fund		0.08%

Investment Sub-Advisory Services are provided to the Hedged Income Fund by Lavaca Capital, LLC (“Lavaca”) pursuant to an Investment Sub-Advisory Agreement. Lavaca, subject to the general supervision of the Board, is responsible for providing hedging services to the Hedged Income Fund. Lavaca is paid half of the fees payable to the Adviser for the services provided to the Hedged Income Fund.

Investment Sub-Advisory Services are provided to the Strategic Enhanced Yield Fund by LM Capital Group, LLC (“LM Capital”) pursuant to an Investment Sub-Advisory Agreement. LM Capital is paid 40% of the fee payable to the Adviser for the services provided to the Strategic Enhanced Yield Fund.

Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the year ending August 31, 2023, Citi was paid $739,844 by the Administrator. Citi serves the Trust as fund accountant and makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Citi receives additional fees for its services as fund accountant and CCO which are paid by the Funds.

BOKF serves the Trust as custodian for which it is paid a fee of up to 0.01% of each Fund’s average daily net assets. As custodian, BOKF is also entitled to any out-of-pocket expenses incurred.

FIS Investor Services, LLC (“FIS”) serves as transfer agent to the Trust and receives a fee for its services as transfer agent.

Certain officers of the Trust are affiliated with Citi, the Adviser, the distributor (see below) and/or BOKF. These persons are paid no fees directly by the Trust for serving as officers of the Trust.

Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, Service and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the year ending August 31, 2023, BOKF received $3,736,317 under the agreement. CHD contractually agreed to waive 0.15% of such fee paid by the Service Shares through its termination date on August 1, 2023 and 0.45% of such fee paid by the Premier Shares and 0.13% of such fee paid by the Administrative Shares of the Government Securities Money Market Fund through June 30, 2023 and the waivers were eliminated on July 1, 2023.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the year ending August 31, 2023, BOKF received net shareholder servicing fees of $4,635,868. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.15%, 0.17% and 0.25% of such fees paid by the Select, Service, Institutional and Premier Shares, respectively, of the Money Market Funds and 0.25%, 0.25%, 0.10% and 0.25% of such fees paid by the Institutional, Investor, A, and C Shares, respectively, of the Variable Net Asset Value Funds through December 31, 2023. The affiliate waivers result in reduction of the Shareholder Servicing Fee paid by all affiliated purchasers of a class.

From time to time, the Funds’ service providers may provide fee reductions and waivers in order to assist one or more of the Funds in maintaining more competitive expense ratios. Such reductions may be contractual, as disclosed in the Funds’ statutory prospectus, or voluntary and, as such, may occur on an ad hoc basis. No such reductions are subject to recoupment in subsequent fiscal periods, and voluntary reductions and waivers may be terminated at any time. Amounts reduced or waived under these arrangements are identified on the accompanying Statements of Operations.

Affiliated Transactions:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the year ending August 31, 2023 is noted below:

	Fair Value							Fair Value		Shares as of		Dividend
Fund	8/31/22		Purchases		Sales			8/31/23		8/31/23		Income
Limited Duration Fund	$	1,667,001	$	19,837,119	$	(19,726,999	)	$	1,777,121		1,777,121	$	98,951
Moderate Duration Fund		816,231		11,112,046		(11,063,180	)		865,097		865,097		36,888
Bond Fund		6,466,384		55,664,639		(60,766,994	)		1,364,029		1,364,029		203,669
Strategic Enhanced Yield Fund		456,996		7,635,806		(7,968,166	)		124,636		124,636		11,431
Ultra Short Tax-Free Income Fund		20,027		16,744,398		(16,762,856	)		1,569		1,569		15,473
Opportunistic Fund		3,531,733		61,006,427		(63,746,236	)		791,924		791,924		241,157
World Energy Fund		712,430		56,225,103		(56,695,836	)		241,697		241,697		51,248
Hedged Income Fund		941,095		12,473,800		(12,950,275	)		464,620		464,620		35,567
	$	14,611,897	$	240,699,338	$	(249,680,542	)	$	5,630,693		5,630,693	$	694,384

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Notes to the Financial Statements

August 31, 2023

Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the year ending August 31, 2023 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	787,371	$	13,102,809
Moderate Duration Fund		148,266		5,601,891
Bond Fund		8,932,393		24,744,053
Strategic Enhanced Yield Fund		4,948,644		9,301,356
Ultra Short Tax-Free Income Fund		19,549,443		29,260,000
Opportunistic Fund		48,398,290		73,297,231
World Energy Fund		147,917,576		137,055,486
Hedged Income Fund		10,370,732		13,206,839

Purchases and sales of long-term U.S. government securities for the year ending August 31, 2023 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	6,748,002	$	4,883,468
Moderate Duration Fund		8,879,084		9,990,574
Bond Fund		60,582,071		43,181,246
Strategic Enhanced Yield Fund		5,660,878		5,561,462
Opportunistic Fund		6,761,328		6,672,422

Credit Risk and Other Risk Considerations:

The Ultra Short Tax-Free Income Fund invests primarily in debt instruments of municipal issuers. The issuers’ ability to meet their obligations may be affected by economic developments in a specific industry, sector or locale.

The Limited Duration Fund, Moderate Duration Fund, Bond Fund and Strategic Enhanced Yield Fund are each invested in mortgage-related, fixed-income instruments. Mortgage-backed securities are subject to prepayment risk and credit risk of mortgagors and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed-income securities generally declines.

The World Energy Fund’s concentration in securities in energy-related industries may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. Energy-related securities can be significantly affected by world events relating to political developments, energy conservation, commodity prices, and tax and government regulations. The Fund is also subject to foreign investment risk which is associated with higher transaction costs, delayed settlements, currency controls or adverse economic and political developments. Foreign securities may be affected by incomplete or inaccurate financial information on companies. There is a risk of loss attributable to social upheavals, unfavorable governmental or political actions, seizure of foreign deposits, changes in tax or trade statutes, and governmental collapse and war. These risks are more significant in emerging markets.

Hedged Income Fund invests primarily in dividend paying equity securities, with at least 80% of its net assets in income generating equity securities and equity- related instruments traded on U.S. exchanges. The Fund is subject to market risk in which market value of a security may move up and down, sometimes rapidly and unpredictably. The Fund also invests in call and put options that involve risks different from, or possibly greater than, the risks associated with investing directly in securities, including leverage risk, tracking risk and counterparty default risk. The risk of potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, a fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put option, the Fund risks losing the entire premium invested if the value of the reference index or security is above the put strike at maturity. Writing of covered call options are also subject to the risk that the counterparty to the transaction will not fulfill its obligations.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Funds may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority has announced that it will stop compelling banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly-used U.S. dollar LIBOR settings after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond 2023, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

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Notes to the Financial Statements

August 31, 2023

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by tax authorities (i.e., the last three tax year ends and any interim tax period since then, as applicable). Management has determined that there are no uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds’ financial statements.

The Funds may be subject to foreign taxes on dividends and realized capital gains. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

At August 31, 2023, the cost basis of securities including derivatives for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Limited Duration Fund	$	38,017,891	$	24,155	$	(4,117,315	)	$	(4,093,160	)
Moderate Duration Fund		13,655,794		12,510		(924,589	)		(912,079	)
Bond Fund		131,712,599		59,877		(10,967,738	)		(10,907,861	)
Strategic Enhanced Yield Fund		5,110,813		29,695		(202,312	)		(172,617	)
Ultra Short Tax-Free Income Fund		17,512,145		930		(17,938	)		(17,008	)
Opportunistic Fund		18,862,843		777,212		(226,073	)		551,139
World Energy Fund		70,345,907		16,080,073		(1,877,616	)		14,202,457
Hedged Income Fund		31,705,848		4,419,565		(1,473,258	)		2,946,307

The tax characteristics of distributions paid to shareholders during fiscal years ending August 31, 2023 and 2022 were as follows:

	Distributions Paid From:
2023	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	43,519,384	$	—	$	43,519,384	$	—	$	43,519,384
Government Securities Money Market Fund		93,050,842		—		93,050,842		—		93,050,842
Limited Duration Fund		1,154,466		—		1,154,466		—		1,154,466
Moderate Duration Fund		455,511		—		455,511		—		455,511
Bond Fund		3,606,324		—		3,606,324		—		3,606,324
Strategic Enhanced Yield Fund		318,413		—		318,413		—		318,413
Ultra Short Tax-Free Income Fund		13,947		—		13,947		290,692		304,639
Opportunistic Fund		419,283		—		419,283		—		419,283
World Energy Fund		1,934,102		—		1,934,102		—		1,934,102
Hedged Income Fund		887,992		—		887,992		—		887,992

Total distributions paid may differ from that disclosed in the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

	Distributions Paid From:
2022	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	964,434	$	—	$	964,434	$	—	$	964,434
Government Securities Money Market Fund		4,399,373		399		4,399,772		—		4,399,772
Limited Duration Fund		1,166,487		—		1,166,487		—		1,166,487
Moderate Duration Fund		406,575		—		406,575		—		406,575
Bond Fund		2,595,738		—		2,595,738		—		2,595,738
Strategic Enhanced Yield Fund		468,181		—		468,181		—		468,181
Ultra Short Tax-Free Income Fund		—		—		—		26,555		26,555
Opportunistic Fund		1,285,367		—		1,285,367		—		1,285,367
World Energy Fund		964,694		—		964,694		—		964,694
Hedged Income Fund		624,482		—		624,482		—		624,482

Total distributions paid may differ from that disclosed in the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

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Notes to the Financial Statements

August 31, 2023

As of August 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income/Tax Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable			Accumulated Capital and Other Losses*			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/ (Deficit)
U.S. Treasury Fund	$	7,073,594	$	—	$	7,073,594	$	(7,072,884	)	$	(2,140	)	$	—		$	(1,430	)
Government Securities Money Market Fund		9,809,407		—		9,809,407		(9,803,468	)		(6,707	)		—			(768	)
Limited Duration Fund		148,000		—		148,000		(93,027	)		(6,374,531	)		(4,093,160	)		(10,412,718	)
Moderate Duration Fund		87,422		—		87,422		(34,084	)		(6,645,498	)		(912,079	)		(7,504,239	)
Bond Fund		333,709		—		333,709		(338,464	)		(10,299,949	)		(10,907,861	)		(21,212,565	)
Strategic Enhanced Yield Fund		21,915		—		21,915		(21,747	)		(2,625,134	)		(172,617	)		(2,797,583	)
Ultra Short Tax-Free Income Fund		34,551		—		34,551		(34,204	)		(754	)		(17,008	)		(17,415	)
Opportunistic Fund		118,002		—		118,002		—			(9,494,701	)		551,139			(8,825,560	)
World Energy Fund		314,280		—		314,280		—			(14,518,661	)		14,202,457			(1,924	)
Hedged Income Fund		119,651		—		119,651		—			(2,985,701	)		2,946,307			80,257

	*	See below for post-October losses and capital loss carryforwards.
	**	The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sale, straddles, and the difference between book and tax amortization methods for premium and market discounts.

At August 31, 2023, the following Funds had capital loss carryforwards as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF has been offset.

Capital loss carryforwards not subject to expiration:

	Short-Term			Long-Term
Fund	Amount			Amount			Total
U.S. Treasury Fund	$	(2,140	)	$	–		$	(2,140	)
Government Securities Money Market Fund		(6,707	)		–			(6,707	)
Limited Duration Fund		(843,364	)		(5,531,167	)		(6,374,531	)
Moderate Duration Fund		(1,275,254	)		(5,370,244	)		(6,645,498	)
Bond Fund		(4,634,832	)		(5,665,117	)		(10,299,949	)
Strategic Enhanced Yield Fund		(941,005	)		(1,684,129	)		(2,625,134	)
Ultra Short Tax-Free Income Fund		(332	)		(422	)		(754	)
Opportunistic Fund		(9,494,701	)		–			(9,494,701	)
World Energy Fund		(14,518,661	)		–			(14,518,661	)
Hedged Income Fund		(2,614,822	)		(370,879	)		(2,985,701	)

To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

7.	Recent Regulatory Pronouncements:

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Funds.

8.	Recent Accounting Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”), Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit LIBOR quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts is a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2020-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have significant impact on the Funds’ financial statements and various filings.

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Notes to the Financial Statements

August 31, 2023

In June 2022, the FASB issued Accounting Standard Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Funds are currently evaluating the impact, if any, of these amendments on the financial statements.

9.	Subsequent Events:

On October 13, 2023, the Board of Trustees of the Funds approved a plan to liquidate and terminate the Opportunistic Fund. The liquidation date is anticipated to be on or around December 14, 2023.

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Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Total from Investment Activities
U.S. Treasury Fund
Administrative Shares
Year Ended August 31, 2023	$	1.000	$	0.037	^(d)	$	0.037
Year Ended August 31, 2022		1.000		0.002			0.002
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Institutional Shares
Year Ended August 31, 2023		1.000		0.041	^(d)		0.041
Year Ended August 31, 2022		1.000		0.003			0.003
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Select Shares
Year Ended August 31, 2023		1.000		0.042	^(d)		0.042
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020

(a)	Annualized for periods less than one year.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Calculated using average shares.

Amounts designated as “—” are 0 or have been rounded to 0.

- 72 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)


$	(0.037	)	$	—	$	(0.037	)	$	1.000		3.72	%	$	1,560,349		0.67	%		3.79	%		0.67	%
	(0.002	)		—		(0.002	)		1.000		0.20	%		830,908		0.25	%		0.21	%		0.67	%
	—			—		—			1.000		—	%		882,438		0.06	%		—	%		0.68	%
	(0.010	)		—		(0.010	)		1.000		0.55	%		988,206		0.51	%		0.57	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.63	%		864,882		0.69	%		1.62	%		0.69	%

	(0.041	)		—		(0.041	)		1.000		4.15	%		176,656		0.25	%		4.34	%		0.42	%
	(0.003	)		—		(0.003	)		1.000		0.34	%		49,457		0.14	%		0.35	%		0.42	%
	—			—		—			1.000		—	%		60,980		0.07	%		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.81	%		82,420		0.24	%		0.82	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.05	%		94,055		0.27	%		2.04	%		0.44	%

	(0.042	)		—		(0.042	)		1.000		4.23	%		4,137		0.17	%		4.08	%		0.42	%
	(0.004	)		—		(0.004	)		1.000		0.37	%		10,335		0.13	%		0.61	%		0.42	%
	—			—		—			1.000		0.01	%		3,105		0.08	%		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.88	%		37,975		0.17	%		0.94	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		58,826		0.19	%		2.13	%		0.44	%

- 73 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Total from Investment Activities
Government Securities Money Market Fund
Administrative Shares
Year Ended August 31, 2023	$	1.000	$	0.038	^(d)	$	0.038
Year Ended August 31, 2022		1.000		0.003			0.003
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Institutional Shares
Year Ended August 31, 2023		1.000		0.041	^(d)		0.041
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Select Shares
Year Ended August 31, 2023		1.000		0.042	^(d)		0.042
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Premier Shares
Year Ended August 31, 2023		1.000		0.041	^(d)		0.041
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020

(a)	Annualized for periods less than one year.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Calculated using average shares.

Amounts designated as “—” are 0 or have been rounded to 0.

- 74 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)


$	(0.038	)	$	—	$	(0.038	)	$	1.000		3.87	%	$	602,861		0.58	%		3.79	%		0.69	%
	(0.003	)		—		(0.003	)		1.000		0.28	%		666,206		0.22	%		0.25	%		0.67	%
	—			—		—			1.000		0.01	%		578,785		0.07	%		0.01	%		0.69	%
	(0.010	)		—		(0.010	)		1.000		0.62	%		608,177		0.44	%		0.58	%		0.68	%
	(0.020	)		—		(0.020	)		1.000		1.77	%		489,932		0.56	%		1.77	%		0.69	%

	(0.041	)		—		(0.041	)		1.000		4.19	%		238,179		0.27	%		4.25	%		0.44	%
	(0.004	)		—		(0.004	)		1.000		0.37	%		122,080		0.12	%		0.28	%		0.43	%
	—			—		—			1.000		0.01	%		124,349		0.08	%		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.82	%		165,610		0.25	%		0.76	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.06	%		94,595		0.27	%		2.05	%		0.44	%

	(0.042	)		—		(0.042	)		1.000		4.27	%		1,224,619		0.19	%		4.19	%		0.44	%
	(0.004	)		—		(0.004	)		1.000		0.41	%		1,048,440		0.10	%		0.44	%		0.43	%
	—			—		—			1.000		0.01	%		865,637		0.07	%		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.89	%		947,249		0.18	%		0.84	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		988,003		0.19	%		2.13	%		0.44	%

	(0.041	)		—		(0.041	)		1.000		4.14	%		488,779		0.33	%		4.21	%		0.94	%
	(0.004	)		—		(0.004	)		1.000		0.38	%		334,389		0.12	%		0.41	%		0.93	%
	—			—		—			1.000		0.01	%		285,447		0.07	%		0.01	%		0.94	%
	(0.010	)		—		(0.010	)		1.000		0.84	%		321,321		0.23	%		0.75	%		0.93	%
	(0.020	)		—		(0.020	)		1.000		2.09	%		233,659		0.24	%		2.08	%		0.94	%

- 75 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Limited Duration Fund
Investor Shares
Year Ended August 31, 2023	$	9.00	$	0.24	^(e)	$	(0.12	)	$	0.12
Year Ended August 31, 2022		9.70		0.13			(0.68	)		(0.55	)
Year Ended August 31, 2021		9.79		0.12			(0.07	)		0.05
Year Ended August 31, 2020		9.62		0.17			0.17			0.34
Year Ended August 31, 2019		9.41		0.21			0.21			0.42
Institutional Shares
Year Ended August 31, 2023		8.99		0.26	^(e)		(0.12	)		0.14
Year Ended August 31, 2022		9.69		0.15			(0.68	)		(0.53	)
Year Ended August 31, 2021		9.79		0.14			(0.08	)		0.06
Year Ended August 31, 2020		9.62		0.19			0.18			0.37
Year Ended August 31, 2019		9.40		0.23			0.23			0.46
A Shares
Year Ended August 31, 2023		9.01		0.23	^(e)		(0.13	)		0.10
Year Ended August 31, 2022		9.70		0.12			(0.66	)		(0.54	)
Year Ended August 31, 2021		9.80		0.12			(0.08	)		0.04
Year Ended August 31, 2020		9.62		0.17			0.18			0.35
Year Ended August 31, 2019		9.41		0.21			0.21			0.42

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(e)	Calculated using average shares.

Amounts designated as “—” are 0 or have been rounded to 0.

- 76 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.25	)	$	—	$	(0.25	)	$	8.87		1.33	%	$	1,360		0.95	%		2.67	%		1.20	%		21	%
	(0.15	)		—		(0.15	)		9.00		(5.72	)%		2,336		0.82	%		1.38	%		1.08	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.52	%		3,290		0.76	%		1.24	%		1.01	%		74	%
	(0.17	)		—		(0.17	)		9.79		3.62	%		3,941		0.69	%		1.76	%		0.94	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%

	(0.27	)		—		(0.27	)		8.86		1.56	%		30,082		0.71	%		2.92	%		0.95	%		21	%
	(0.17	)		—		(0.17	)		8.99		(5.51	)%		39,818		0.59	%		1.58	%		0.83	%		49	%
	(0.16	)		—		(0.16	)		9.69		0.65	%		77,455		0.52	%		1.47	%		0.76	%		74	%
	(0.20	)		—		(0.20	)		9.79		3.87	%		92,362		0.44	%		1.98	%		0.69	%		89	%
	(0.24	)		—		(0.24	)		9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%

	(0.24	)		—		(0.24	)		8.87		1.13	%		2,638		1.03	%		2.61	%		1.05	%		21	%
	(0.15	)		—		(0.15	)		9.01		(5.63	)%		2,643		0.84	%		1.37	%		0.93	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.42	%		2,804		0.76	%		1.22	%		0.86	%		74	%
	(0.17	)		—		(0.17	)		9.80		3.73	%		952		0.68	%		1.72	%		0.79	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%

- 77 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Moderate Duration Fund
Investor Shares
Year Ended August 31, 2023	$	9.69	$	0.27	$	(0.22	)	$	0.05
Year Ended August 31, 2022		10.77		0.15		(1.07	)		(0.92	)
Year Ended August 31, 2021		10.81		0.16		(0.03	)		0.13
Year Ended August 31, 2020		10.64		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.32			0.56
Institutional Shares
Year Ended August 31, 2023		9.70		0.29		(0.22	)		0.07
Year Ended August 31, 2022		10.77		0.18		(1.07	)		(0.89	)
Year Ended August 31, 2021		10.82		0.19		(0.04	)		0.15
Year Ended August 31, 2020		10.65		0.22		0.16			0.38
Year Ended August 31, 2019		10.31		0.26		0.34			0.60
A Shares
Year Ended August 31, 2023		9.70		0.27		(0.22	)		0.05
Year Ended August 31, 2022		10.77		0.15		(1.06	)		(0.91	)
Year Ended August 31, 2021		10.82		0.16		(0.04	)		0.12
Year Ended August 31, 2020		10.65		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.33			0.57

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(e)	The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

Amounts designated as “—” are 0 or have been rounded to 0.

- 78 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.25	)	$	—	$	(0.25	)	$	9.49		0.59	%	$	2,849		0.74	%		2.68	%		1.70	%		61	%
	(0.16	)		—		(0.16	)		9.69		(8.63	)%		2,888		0.74	%		1.46	%		1.53	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.21	%		3,828		0.74	%		1.49	%		1.29	%		64	%
	(0.19	)		—		(0.19	)		10.81		3.40	%		3,835		0.74	%		1.79	%		1.29	%		83	%
	(0.23	)		—		(0.23	)		10.64		5.54	%		4,271		0.83	%^(e)		2.26	%		1.26	%		25	%

	(0.28	)		—		(0.28	)		9.49		0.74	%		9,831		0.49	%		2.91	%		1.45	%		61	%
	(0.18	)		—		(0.18	)		9.70		(8.31	)%		16,715		0.49	%		1.71	%		1.29	%		29	%
	(0.20	)		—		(0.20	)		10.77		1.37	%		21,351		0.49	%		1.73	%		1.04	%		64	%
	(0.21	)		—		(0.21	)		10.82		3.66	%		26,765		0.49	%		2.02	%		1.04	%		83	%
	(0.26	)		—		(0.26	)		10.65		5.90	%		23,463		0.58	%^(e)		2.51	%		1.01	%		25	%

	(0.25	)		—		(0.25	)		9.50		0.59	%		170		0.74	%		2.68	%		1.55	%		61	%
	(0.16	)		—		(0.16	)		9.70		(8.54	)%		183		0.74	%		1.44	%		1.38	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.11	%		382		0.74	%		1.49	%		1.15	%		64	%
	(0.19	)		—		(0.19	)		10.82		3.40	%		314		0.74	%		1.79	%		1.14	%		83	%
	(0.23	)		—		(0.23	)		10.65		5.63	%		381		0.85	%^(e)		2.24	%		1.11	%		25	%

- 79 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Bond Fund
Investor Shares
Year Ended August 31, 2023	$	8.64	$	0.23	$	(0.35	)	$	(0.12	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.22		0.21		0.60			0.81
Institutional Shares
Year Ended August 31, 2023		8.62		0.25		(0.35	)		(0.10	)
Year Ended August 31, 2022		9.95		0.20		(1.32	)		(1.12	)
Year Ended August 31, 2021		10.10		0.19		(0.14	)		0.05
Year Ended August 31, 2020		9.80		0.21		0.31			0.52
Year Ended August 31, 2019		9.20		0.23		0.61			0.84
A Shares
Year Ended August 31, 2023		8.64		0.23		(0.35	)		(0.12	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.21		0.21		0.62			0.83

(a)

Annualized for periods less than one year, except for Portfolio Turnover.

(b)

Not annualized for periods less than one year.

(c)

During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

(d)

Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

Amounts designated as “—” are 0 or have been rounded to 0.

- 80 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.24	)	$	—	$	(0.24	)	$	8.28		(1.42	)%	$	1,009		0.72	%		2.76	%		0.97	%		59	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		1,129		0.74	%		1.93	%		0.99	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		1,435		0.72	%		1.70	%		0.97	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		2,383		0.73	%		1.86	%		0.98	%		65	%
	(0.21	)		—		(0.21	)		9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%

	(0.26	)		—		(0.26	)		8.26		(1.19	)%		120,355		0.47	%		3.02	%		0.72	%		59	%
	(0.21	)		—		(0.21	)		8.62		(11.35	)%		129,062		0.49	%		2.19	%		0.74	%		38	%
	(0.20	)		—		(0.20	)		9.95		0.51	%		108,453		0.47	%		1.95	%		0.72	%		47	%
	(0.22	)		—		(0.22	)		10.10		5.34	%		94,112		0.48	%		2.14	%		0.73	%		65	%
	(0.24	)		—		(0.24	)		9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%

	(0.24	)		—		(0.24	)		8.28		(1.42	)%		55		0.72	%		2.77	%		0.82	%		59	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		57		0.74	%		1.93	%		0.84	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		67		0.72	%		1.70	%		0.82	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		60		0.73	%		1.91	%		0.83	%		65	%
	(0.22	)		—		(0.22	)		9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%

- 81 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(b)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Strategic Enhanced Yield Fund
Investor Shares
Year Ended August 31, 2023	$	9.19	$	0.36	$	(0.61	)	$	(0.25	)
Year Ended August 31, 2022		10.49		0.25		(1.28	)		(1.03	)
Year Ended August 31, 2021		10.82		0.18		(0.16	)		0.02
Year Ended August 31, 2020		10.70		0.19		0.28			0.47
Year Ended August 31, 2019		10.10		0.29		0.60			0.89
Institutional Shares
Year Ended August 31, 2023		9.06		0.38		(0.59	)		(0.21	)
Year Ended August 31, 2022		10.35		0.27		(1.27	)		(1.00	)
Year Ended August 31, 2021		10.67		0.21		(0.15	)		0.06
Year Ended August 31, 2020		10.56		0.21		0.27			0.48
Year Ended August 31, 2019		9.97		0.31		0.59			0.90
A Shares
Year Ended August 31, 2023		9.07		0.36		(0.60	)		(0.24	)
Year Ended August 31, 2022		10.35		0.24		(1.25	)		(1.01	)
Year Ended August 31, 2021		10.67		0.18		(0.15	)		0.03
Year Ended August 31, 2020		10.56		0.20		0.25			0.45
Year Ended August 31, 2019		9.96		0.28		0.60			0.88

(a)

Annualized for periods less than one year, except for Portfolio Turnover.

(b)

Calculated using average shares.

(c)

Not annualized for periods less than one year.

(d)

During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

(e)

Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

Amounts designated as “—” are 0 or have been rounded to 0.

- 82 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income				Distributions from Net Realized Gains from Investments			Total Dividends and Distributions			Net Asset Value, End of Period	Total Return (Excludes Sales Charge)^(c)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Gross Expenses to Average Net Assets^(d)		Portfolio Turnover^(e)


$	(0.36	)	$	—		$	(0.36	)	$	8.58	(2.69	)%	$	346		1.01	%	4.11	%	2.99	%	159	%
	(0.27	)		—			(0.27	)		9.19	(9.93	)%		528		1.01	%	2.51	%	2.07	%	18	%
	(0.17	)		(0.18	)		(0.35	)		10.49	0.22	%		1,132		1.01	%	1.67	%	1.66	%	129	%
	(0.20	)		(0.15	)		(0.35	)		10.82	4.47	%		2,178		1.01	%	1.82	%	2.05	%	96	%
	(0.29	)		—			(0.29	)		10.70	8.96	%		1,546		1.01	%	2.79	%	3.16	%	59	%

	(0.38	)		—			(0.38	)		8.47	(2.31	)%		4,514		0.76	%	4.34	%	2.74	%	159	%
	(0.29	)		—			(0.29	)		9.06	(9.78	)%		9,377		0.76	%	2.77	%	1.82	%	18	%
	(0.20	)		(0.18	)		(0.38	)		10.35	0.55	%		19,579		0.76	%	2.01	%	1.42	%	129	%
	(0.22	)		(0.15	)		(0.37	)		10.67	4.66	%		17,335		0.76	%	2.00	%	1.77	%	96	%
	(0.31	)		—			(0.31	)		10.56	9.21	%		6,370		0.76	%	3.02	%	3.23	%	59	%

	(0.36	)		—			(0.36	)		8.47	(2.66	)%		131		1.01	%	4.13	%	2.84	%	159	%
	(0.27	)		—			(0.27	)		9.07	(9.91	)%		159		1.01	%	2.43	%	1.83	%	18	%
	(0.17	)		(0.18	)		(0.35	)		10.35	0.30	%		917		1.01	%	1.75	%	1.52	%	129	%
	(0.19	)		(0.15	)		(0.34	)		10.67	4.41	%		393		1.01	%	1.94	%	1.97	%	96	%
	(0.28	)		—			(0.28	)		10.56	9.05	%		468		1.01	%	2.82	%	4.02	%	59	%

- 83 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Ultra Short Tax-Free Income Fund
Investor Shares
Year Ended August 31, 2023	$	9.87	$	0.11	^(e)	$	0.12		$	0.23
Year Ended August 31, 2022		9.97		(0.01	)^(e)		(0.09	)		(0.10	)
Year Ended August 31, 2021		10.00		(0.03	)^(e)		—			(0.03	)
Year Ended August 31, 2020		10.00		0.06			—			0.06
Year Ended August 31, 2019		9.98		0.11			0.02			0.13
Institutional Shares
Year Ended August 31, 2023		9.92		0.15	^(e)		0.11			0.26
Year Ended August 31, 2022		10.01		0.01	^(e)		(0.08	)		(0.07	)
Year Ended August 31, 2021		10.01		—	^(e)		—			—
Year Ended August 31, 2020		10.01		0.09			—			0.09
Year Ended August 31, 2019		10.00		0.14			0.01			0.15
A Shares
Year Ended August 31, 2023		9.89		0.12	^(e)		0.11			0.23
Year Ended August 31, 2022		9.98		—	^(e)		(0.09	)		(0.09	)
Year Ended August 31, 2021		10.01		(0.03	)^(e)		—			(0.03	)
Year Ended August 31, 2020		10.01		0.06			—			0.06
Year Ended August 31, 2019		10.01		0.03			0.01			0.04

(a)

Annualized for periods less than one year, except for Portfolio Turnover.

(b)

Not annualized for periods less than one year.

(c)

During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

(d)

Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(e)

Calculated using average shares.

(f)

The net expense ratio shown for the period reflects the expense limitation agreement in effect as of December 26, 2018 and the higher limit in effect prior to that date.

Amounts designated as “—” are 0 or have been rounded to 0.

- 84 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.13	)	$	—	$	(0.13	)	$	9.97		2.37	%	$	9		0.60	%		1.15	%		1.35	%		96	%
	—			—		—			9.87		(0.95	)%		103		0.60	%		(0.10	)%		1.28	%		96	%
	—			—		—			9.97		(0.30	)%		105		0.60	%		(0.28	)%		1.07	%		130	%
	(0.06	)		—		(0.06	)		10.00		0.64	%		539		0.60	%		0.53	%		1.16	%		129	%
	(0.11	)		—		(0.11	)		10.00		1.35	%		175		0.66	%^(f)		1.12	%		1.59	%		135	%

	(0.16	)		—		(0.16	)		10.02		2.63	%		16,354		0.35	%		1.51	%		1.10	%		96	%
	(0.02	)		—		(0.02	)		9.92		(0.74	)%		26,566		0.35	%		0.14	%		1.03	%		96	%
	—			—		—			10.01		0.01	%		32,512		0.35	%		(0.04	)%		0.82	%		130	%
	(0.09	)		—		(0.09	)		10.01		0.89	%		38,955		0.35	%		0.81	%		0.92	%		129	%
	(0.14	)		—		(0.14	)		10.01		1.50	%		20,529		0.41	%^(f)		1.38	%		1.34	%		135	%

	(0.13	)		—		(0.13	)		9.99		2.37	%		17		0.60	%		1.17	%		1.20	%		96	%
	—			—		—			9.89		(0.85	)%		44		0.60	%		(0.04	)%		1.16	%		96	%
	—			—		—			9.98		(0.30	)%		17		0.60	%		(0.28	)%		0.92	%		130	%
	(0.06	)		—		(0.06	)		10.01		0.64	%		17		0.60	%		0.65	%		1.04	%		129	%
	(0.04	)		—		(0.04	)		10.01		0.36	%		21		0.66	%^(f)		1.07	%		1.44	%		135	%

- 85 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Opportunistic Fund
Investor Shares
Year Ended August 31, 2023	$	13.30	$	0.19	^(e)	$	(0.26	)	$	(0.07	)
Year Ended August 31, 2022		16.88		0.07	^(e)		(3.16	)		(3.09	)
Year Ended August 31, 2021		13.78		0.10	^(e)		3.06			3.16
Year Ended August 31, 2020		12.83		0.11			0.96			1.07
Year Ended August 31, 2019		15.43		0.13			(1.65	)		(1.52	)
Institutional Shares
Year Ended August 31, 2023		13.48		0.21	^(e)		(0.25	)		(0.04	)
Year Ended August 31, 2022		17.10		0.10	^(e)		(3.19	)		(3.09	)
Year Ended August 31, 2021		13.95		0.14	^(e)		3.10			3.24
Year Ended August 31, 2020		12.98		0.13			0.99			1.12
Year Ended August 31, 2019		15.61		0.17			(1.68	)		(1.51	)
A Shares
Year Ended August 31, 2023		13.35		0.20	^(e)		(0.27	)		(0.07	)
Year Ended August 31, 2022		16.95		0.07	^(e)		(3.18	)		(3.11	)
Year Ended August 31, 2021		13.83		0.09	^(e)		3.10			3.19
Year Ended August 31, 2020		12.88		0.10			0.96			1.06
Year Ended August 31, 2019		15.48		0.13			(1.65	)		(1.52	)
C Shares
Year Ended August 31, 2023		12.86		0.09	^(e)		(0.25	)		(0.16	)
Year Ended August 31, 2022		16.37		(0.05	)^(e)		(3.06	)		(3.11	)
Year Ended August 31, 2021		13.42		(0.03	)^(e)		3.00			2.97
Year Ended August 31, 2020		12.51		0.02			0.92			0.94
Year Ended August 31, 2019		15.07		0.02			(1.60	)		(1.58	)

(a)

Annualized for periods less than one year, except for Portfolio Turnover.

(b)

Not annualized for periods less than one year.

(c)

During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

(d)

Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(e)

Calculated using average shares.

(f)

The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

Amounts designated as “—” are 0 or have been rounded to 0.

- 86 -

Less Dividends From:																Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.16	)	$	—		$	(0.16	)	$	13.07		(0.53	)%	$	572		1.25	%		1.43	%		2.10	%		235	%
	(0.11	)		(0.38	)		(0.49	)		13.30		(18.75	)%		951		1.25	%		0.44	%		1.77	%		260	%
	(0.06	)		—			(0.06	)		16.88		22.97	%		4,616		1.25	%		0.59	%		1.77	%		265	%
	(0.12	)		—			(0.12	)		13.78		8.46	%		1,319		1.25	%		0.83	%		2.01	%		240	%
	(0.15	)		(0.93	)		(1.08	)		12.83		(9.28	)%		3,118		1.37	%^(f)		0.97	%		1.89	%		183	%

	(0.20	)		—			(0.20	)		13.24		(0.29	)%		17,835		1.00	%		1.63	%		1.85	%		235	%
	(0.15	)		(0.38	)		(0.53	)		13.48		(18.53	)%		43,336		1.00	%		0.68	%		1.52	%		260	%
	(0.09	)		—			(0.09	)		17.10		23.27	%		71,356		1.00	%		0.85	%		1.54	%		265	%
	(0.15	)		—			(0.15	)		13.95		8.74	%		30,697		1.00	%		1.03	%		1.77	%		240	%
	(0.19	)		(0.93	)		(1.12	)		12.98		(9.10	)%		34,492		1.13	%^(f)		1.22	%		1.64	%		183	%

	(0.15	)		—			(0.15	)		13.13		(0.48	)%		886		1.25	%		1.51	%		1.95	%		235	%
	(0.11	)		(0.38	)		(0.49	)		13.35		(18.79	)%		1,093		1.25	%		0.44	%		1.62	%		260	%
	(0.07	)		—			(0.07	)		16.95		23.05	%		1,482		1.25	%		0.55	%		1.66	%		265	%
	(0.11	)		—			(0.11	)		13.83		8.37	%		1,380		1.25	%		0.79	%		1.87	%		240	%
	(0.15	)		(0.93	)		(1.08	)		12.88		(9.24	)%		1,898		1.37	%^(f)		0.98	%		1.74	%		183	%

	(0.06	)		—			(0.06	)		12.64		(1.22	)%		216		2.00	%		0.75	%		2.85	%		235	%
	(0.02	)		(0.38	)		(0.40	)		12.86		(19.41	)%		285		2.00	%		(0.31	)%		2.52	%		260	%
	(0.02	)		—			(0.02	)		16.37		22.11	%		357		2.00	%		(0.20	)%		2.56	%		265	%
	(0.03	)		—			(0.03	)		13.42		7.58	%		307		2.00	%		0.03	%		2.77	%		240	%
	(0.05	)		(0.93	)		(0.98	)		12.51		(9.95	)%		343		2.15	%^(f)		0.19	%		2.64	%		183	%

- 87 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
World Energy Fund
Investor Shares
Year Ended August 31, 2023	$	12.52	$	0.28	^(e)	$	1.02		$	1.30
Year Ended August 31, 2022		8.89		0.20	^(e)		3.62			3.82
Year Ended August 31, 2021		6.16		0.13			2.71			2.84
Year Ended August 31, 2020		6.71		0.10			(0.51	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)
Institutional Shares
Year Ended August 31, 2023		12.53		0.31	^(e)		1.03			1.34
Year Ended August 31, 2022		8.89		0.23	^(e)		3.63			3.86
Year Ended August 31, 2021		6.16		0.14			2.72			2.86
Year Ended August 31, 2020		6.72		0.13			(0.53	)		(0.40	)
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)
A Shares
Year Ended August 31, 2023		12.49		0.28	^(e)		1.03			1.31
Year Ended August 31, 2022		8.86		0.20	^(e)		3.62			3.82
Year Ended August 31, 2021		6.15		0.13			2.70			2.83
Year Ended August 31, 2020		6.70		0.11			(0.52	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)
C Shares
Year Ended August 31, 2023		12.37		0.19	^(e)		1.01			1.20
Year Ended August 31, 2022		8.78		0.13	^(e)		3.57			3.70
Year Ended August 31, 2021		6.10		0.08			2.67			2.75
Year Ended August 31, 2020		6.64		0.05			(0.51	)		(0.46	)
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)

(a)

Annualized for periods less than one year, except for Portfolio Turnover.

(b)

Not annualized for periods less than one year.

(c)

During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

(d)

Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(e)

Calculated using average shares.

(f)

The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

Amounts designated as “—” are 0 or have been rounded to 0.

- 88 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)


$	(0.27	)	$	—	$	(0.27	)	$	13.55		10.72	%	$	19,478		1.15	%		2.31	%		1.46	%		166	%
	(0.19	)		—		(0.19	)		12.52		43.38	%		25,003		1.15	%		1.99	%		1.57	%		192	%
	(0.11	)		—		(0.11	)		8.89		46.49	%		6,895		1.15	%		1.69	%		1.96	%		174	%
	(0.14	)		—		(0.14	)		6.16		(6.19	)%		2,984		1.15	%		1.68	%		2.18	%		191	%
	(0.11	)		—		(0.11	)		6.71		(28.27	)%		3,079		1.25	%^(f)		1.56	%		1.68	%		145	%

	(0.31	)		—		(0.31	)		13.56		11.02	%		56,537		0.90	%		2.49	%		1.21	%		166	%
	(0.22	)		—		(0.22	)		12.53		43.81	%		37,866		0.90	%		2.16	%		1.34	%		192	%
	(0.13	)		—		(0.13	)		8.89		46.78	%		15,641		0.90	%		1.88	%		1.69	%		174	%
	(0.16	)		—		(0.16	)		6.16		(5.91	)%		6,254		0.90	%		1.82	%		1.89	%		191	%
	(0.13	)		—		(0.13	)		6.72		(28.12	)%		11,163		0.97	%^(f)		1.88	%		1.43	%		145	%

	(0.28	)		—		(0.28	)		13.52		10.77	%		2,826		1.15	%		2.23	%		1.31	%		166	%
	(0.19	)		—		(0.19	)		12.49		43.54	%		3,170		1.15	%		1.88	%		1.47	%		192	%
	(0.12	)		—		(0.12	)		8.86		46.33	%		2,216		1.15	%		1.54	%		1.83	%		174	%
	(0.14	)		—		(0.14	)		6.15		(6.13	)%		1,867		1.15	%		1.66	%		2.02	%		191	%
	(0.11	)		—		(0.11	)		6.70		(28.35	)%		2,485		1.21	%^(f)		1.67	%		1.53	%		145	%

	(0.18	)		—		(0.18	)		13.39		9.93	%		6,110		1.90	%		1.55	%		2.21	%		166	%
	(0.11	)		—		(0.11	)		12.37		42.42	%		4,713		1.90	%		1.13	%		2.35	%		192	%
	(0.07	)		—		(0.07	)		8.78		45.25	%		3,101		1.90	%		0.94	%		2.74	%		174	%
	(0.08	)		—		(0.08	)		6.10		(6.89	)%		2,458		1.90	%		0.87	%		2.91	%		191	%
	(0.05	)		—		(0.05	)		6.64		(28.82	)%		3,688		1.95	%^(f)		0.97	%		2.43	%		145	%

- 89 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(b)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Hedged Income Fund
Investor Shares
Year Ended August 31, 2023	$	9.93	$	0.23	^(b)	$	0.42		$	0.65
Year Ended August 31, 2022		10.81		0.19	^(b)		(0.88	)		(0.69	)
December 28, 2020^(f) through August 31, 2021		10.00		0.14			0.74			0.88
Institutional Shares
Year Ended August 31, 2023		9.93		0.25	^(b)		0.42			0.67
Year Ended August 31, 2022		10.82		0.23	^(b)		(0.91	)		(0.68	)
December 28, 2020^(f) through August 31, 2021		10.00		0.15			0.75			0.90
A shares
Year Ended August 31, 2023		9.91		0.23	^(b)		0.43			0.66
Year Ended August 31, 2022		10.80		0.20	^(b)		(0.90	)		(0.70	)
December 28, 2020^(f) through August 31, 2021		10.00		0.14			0.74			0.88

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Calculated using average shares.
(c)	Not annualized for periods less than one year.
(d)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(f)	Commencement of operations.

Amounts designated as “—” are 0 or have been rounded to 0.

- 90 -

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(c)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(d)			Portfolio Turnover^(e)


$	(0.23	)	$	—	$	(0.23	)	$	10.35		6.61	%	$	164		1.35	%		2.24	%		1.79	%		30	%
	(0.19	)		—		(0.19	)		9.93		(6.47	)%		309		1.35	%		1.86	%		1.98	%		18	%
	(0.07	)		—		(0.07	)		10.81		8.79	%		1,438		1.35	%		1.90	%		2.26	%		23	%

	(0.25	)		—		(0.25	)		10.35		6.92	%		31,802		1.10	%		2.47	%		1.54	%		30	%
	(0.21	)		—		(0.21	)		9.93		(6.31	)%		33,178		1.10	%		2.21	%		1.69	%		18	%
	(0.08	)		—		(0.08	)		10.82		9.04	%		23,042		1.10	%		2.14	%		2.01	%		23	%

	(0.22	)		—		(0.22	)		10.35		6.71	%		916		1.35	%		2.24	%		1.64	%		30	%
	(0.19	)		—		(0.19	)		9.91		(6.51	)%		1,785		1.35	%		1.94	%		1.75	%		18	%
	(0.08	)		—		(0.08	)		10.80		8.77	%		1,709		1.35	%		1.88	%		2.11	%		23	%

- 91 -

	KPMG LLP
	Suite 500
	191 West Nationwide Blvd.
	Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Cavanal Hill Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Funds listed in the Appendix (collectively, the Funds), including the schedules of portfolio investments, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2023, the results of their operations, the changes in their net assets, and the financial highlights for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2023, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

Emphasis of Matter

As discussed in Note 9 to the financial statements, the Board of Trustees of the Opportunistic Fund approved a plan of liquidation on October 13, 2023. Our opinion is not modified with respect to this matter.

We have served as the auditor of one or more Cavanal Hill Funds investment companies since 1990.

Columbus, Ohio

October 26, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

- 92 -

Appendix

Fund	Financial Statement	Period
U.S. Treasury Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Government Securities Money Market Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Limited Duration Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Moderate Duration Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Bond Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Strategic Enhanced Yield Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Ultra Short Tax-Free Income Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Opportunistic Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

World Energy Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Five years ended August 31, 2023.

Hedged Income Fund
	Statement of Operations	Year ended August 31, 2023.
	Statements of Changes in Net Assets	Two years ended August 31, 2023.
	Financial Highlights	Two years ended August 31, 2023 and for the period December 28, 2020 (commencement of operations) through August 31, 2021.

- 93 -

Additional Fund Information (Unaudited)

August 31, 2023

Notification of Sources of Distributions Pursuant to Rule 19a-1 under the Investment Company Act of 1940:

As noted in the table below, during the fiscal year ending August 31, 2023, certain Funds made distributions to shareholders from net income in excess of that which was earned for book purposes (capital sources).* Distributions are not anticipated to exceed earnings for U.S. income tax purposes. As of August 31, 2023, the sources of these distributions were as follows (amounts represent dollars per share):

Investor Shares

Institutional Shares

Class A

Fund

Net
Income

Capital
Sources

Total
Distributions

Net
Income

Capital
Sources

Total
Distributions

Net
Income

Capital
Sources

Total
Distributions

Bond Fund

0.23164

0.00430

0.23594

0.25142

0.00467

0.25609

0.23182

0.00430

0.23612

Capital gains and losses from periodic repayment of bond principal are recognized as income for book purposes but, for U.S. income tax purposes, are distributed to shareholders from net capital gains. 'Final 2023 tax information for the Funds will be mailed to shareholders next year by January 31, 2024. Accordingly, shareholders should not use the information provided in this notice for tax reporting purposes.

Other Federal Income Tax Information:

For the year ended August 31, 2023, a portion of the ordinary income distributions paid by the Funds may be qualified dividend income. The Funds intend to designate the maximum amount allowable. Complete information will be reported in conjunction with the 2023 Form 1099-DIV.

For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended August 31, 2023, qualify for the corporate dividends received deduction for the following Funds:

Fund	Percentage
Opportunistic Fund		76.63	%
World Energy Fund		80.21	%
Hedged Income Fund		0.10	%

For the year ended August 31, 2023, the following Funds paid dividends, a portion of which may be subject to a maximum tax rate of 23.8%:

Fund	Percentage
Opportunistic Fund		74.15	%
World Energy Fund		100.00	%
Hedged Income Fund		0.73	%

The Ultra Short Tax-Free Income Fund designated $290,692 of its income distributions as tax-exempt distributions for the year ended August 31, 2023.

For the year ended August 31, 2023, certain Funds designate the maximum amount allowable but not less than the following amounts as interest-related dividends in accordance with Section 871(k)(1) and 881(e) of the Internal Revenue Code:

Fund	Amount
U.S. Treasury Fund	$	43,519,384
Government Securities Money Market Fund		93,050,843
Limited Duration Fund		1,123,921
Moderate Duration Fund		414,037
Bond Fund		3,206,553
Strategic Enhanced Yield Fund		273,652
Ultra Short Tax-Free Income Fund		11,221
Opportunistic Fund		194,395
World Energy Fund		120,433
Hedged Income Fund		21,523

- 94 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

REVIEW AND APPROVAL OF THE FUNDS’ ADVISORY AGREEMENT

The Trust’s investment advisory agreement (the “Advisory Agreement”) with Cavanal Hill Investment Management, Inc. (the “Adviser”) was formally considered and approved by the Board of Trustees at a meeting held on July 28, 2023. The Trustees reviewed extensive material throughout the year in connection with their consideration of the Advisory Agreement. In connection with such approval, the Trustees, reviewed data produced by an independent provider of mutual fund data (as assembled by the Funds’ sub-administrator) which provided comparisons to industry averages for comparable funds for advisory fees and total fund expenses. The information provided to the Trustees at the meeting also included a report from an independent evaluator of brokerage practices and best execution. The Board was assisted in its review by independent legal counsel, as well as Counsel to the Funds, which provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received a detailed presentation by the Adviser, which included a fund-by-fund analysis of performance and profitability. The Board also deliberated outside the presence of management and the Adviser.

In their deliberations, each Trustee attributed different weights to various factors involved in an analysis of whether the Investment Advisory Agreement should be amended and continued, and no factor alone was considered determinative. The Trustees, including a majority of independent Trustees, determined that the overall arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

The matters addressed below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent, and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Board meetings, as well as materials furnished specifically in connection with the annual review process. The Adviser’s senior management and portfolio managers presented information to the Trustees at Board meetings and discussed the Funds’ performance and the Funds’ investment objectives, strategies and outlook. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees also considered the Adviser’s research and portfolio management capabilities, oversight of day-to-day Fund operations, including fund accounting and administration, shareholder communications, regulatory and other reporting, and assistance in meeting legal and regulatory requirements. Materials provided throughout the year covered matters such as compliance of portfolio managers and other management personnel with the code of ethics and the adherence to fair pricing procedures. Consideration was given to the overall performance of the Adviser in light of the economy. The Trustees concluded that the nature, extent, and quality of services under the Advisory Agreement were appropriate and consistent with industry norms.

Investment Performance

Investment performance reports and related financial information for the Funds were discussed throughout the year and were presented in association with the renewal. The Trustees considered performance results of each Fund in absolute terms and relative to each Fund’s peer group as reported by Lipper. One, three, five and ten-year performance data was presented. The Trustees discussed with the Adviser the performance goals and the actual results achieved in managing the Funds as well as the effect of market conditions on the Funds.

The Cavanal Hill Government Securities Money Market Fund ended the period at $2,590,628,279.50, up 16% from a year earlier; the Cavanal Hill US Treasury Fund totaled $1,682,310,695.35, up 79%. Lipper peer group rankings for the Cavanal Hill Government Securities Money Market Fund were as follows: Administrative Class, 61; Institutional Class, 42; Premier Class, 38; Select Class, 27. Peer rakings for the Cavanal Hill US Treasury Fund were as follows: Administrative Class, 90; Institutional Class, 53; Select Class, 32; and Service Class, 70.

The Limited Duration Fund Institutional share class was in the 69th percentile in its peer group for the one-year period. The relatively conservative positioning of the fund was mildly positive for the fund. However, the duration was slightly longer than peers, hurting performance in a rising rate environment. The Moderate Duration Fund Institutional share class was in the 64th percentile in its peer group for the one year period. The fund's duration, by design, is at the very high end of its peer group. This was the main reason for underperformance during the past year. The Bond Fund Institutional share class was in the 25th percentile for the one-year period. The fund was conservatively positioned, which was beneficial to the fund as credit weakened through much of the period. A duration in line with peers did not have a significant effect on performance. The Strategic Enhanced Yield Fund Institutional share class was in the 83rd percentile for the one-year period. The portfolio experienced significant return swings during January and February, and the March to May period continued slightly smoother. The Ultra Short Tax-Free Income Fund was in the 17th percentile (23/136) of the Lipper Short Municipal Fund group for the year. The Fund's outperformance was due to the short duration; the investment mix of variable rate demand notes (VRDNs) and fixed rate paper positively impacted performance, as rates in the short end of the muni market rose throughout the period.

The Opportunistic Fund (institutional shares) underperformed its Lipper peer group for the one-year period ended May 31, 2023 (92nd percentile). Material underperformance during the first seven months of this period was due to high overall equity exposure relative to peers. Underperformance during the final five months of the period was less drastic as the Fund’s asset allocation was likely more similar to that of its peers. The Fund remains in the top quintile of its Lipper peer group for the 10-year period as of May 31, 2023. As of May 31, 2023, the Institutional class shares of the World Energy Fund had a Morningstar percentile ranking of 55th for the one-year period. Note that Lipper does not have an Energy category, so we compare Fund performance to the Morningstar Energy category. As of May 31, 2023, the fund was a 4-star Morningstar fund. The Mid Cap Diverse Leadership Fund’s under-performance is relative to the Mid Cap Core Lipper peer group. Volatile, high-growth, mega-cap stocks produced some of the highest returns over the one-year period ended May 31, 2023 due to a narrowing market, a robust economy, and indications that the Federal Reserve was nearing the end of the current interest rate hiking cycle. Technology and Consumer Discretionary names that were sold-off in early 2022 also had a resurgence in 2023. The fund was positioned in, generally speaking, higher quality, less volatile stocks compared to the Lipper peer group where many peers have greater exposure to mega-cap tech and higher growth stocks. The fund’s more balanced approach and lack of megacap stocks during this period detracted slightly from performance, especially in Q3 2022. The institutional share class ranks at the 34th percentile for the 1-year period. As of May 31, 2023, the fund was a 4-star Morningstar fund.

- 95 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

The Hedged Income Fund performance is equally reflective of both Lavaca and Cavanal Hill Investment Management. The Funds trailing 1-year return as of 5/31/23 was -2.8%, which compared to a benchmark return (CBOE S&P 500 BuyWrite Monthly Index) of 3.6%. The Fund’s cyclical bias, lack of ownership of the five largest stocks, and protective puts (relative to the benchmark which does not own any), all detracted from performance over the full time period. This unfavorable performance comparison is to be expected given the fast-rising rally in equity markets YTD which was driven by a very small number of individual stocks. During the period covered calls generated a yield of 3.9%, more than fully offsetting the annualized cost of the protective puts (2.8%). Additionally, the options successfully dampened daily volatility, reducing the standard deviation of daily returns from 0.79% to 0.64% when comparing the Fund to its benchmark. For the first eight months of the period from 6/1/22 through 1/31/23, the Fund outperformed its benchmark. Over the years, the Funds have received numerous Lipper Fund Awards in recognition of outstanding performance. Based on their review, and in light of market conditions, the Trustees were satisfied that the performance of each of the Funds was within an acceptable range.

Cost of Services and Profits Realized by Cavanal Hill Investment Management, Inc. and its Affiliates

The Trustees also considered peer group comparable information with respect to the investment advisory fees charged by the Adviser to each of the Funds. Information on voluntary fee waivers was presented and considered. The Trustees reviewed administration, custody and distributor fees received, respectively, by the Adviser and its affiliates, BOKF, NA and Cavanal Hill Distributors, Inc. and selling agreement fees earned by BOKF, NA and BOKFS, Inc. The Trustees also considered the fallout benefits to the Adviser of soft dollars based on presentations to the Board. The Trustees also reviewed profitability information provided by the Adviser with respect to investment advisory, administration, distribution and custody services to each Fund. The Trustees recognized that the data presented was not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. In reviewing the analysis, attention was given to the methodology followed in allocating costs to the Funds, it being recognized that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. In reviewing and discussing such analysis, management discussed with the Trustees its belief that costs incurred in establishing and maintaining the infrastructure necessary to support mutual fund operations conducted by the Adviser affect the expenses allocated to the Funds in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. The Trustees also took into account the need to meet regulatory and compliance requirements resulting from the Sarbanes-Oxley Act, SEC and other regulatory requirements. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts, because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, and numerous assumptions regarding allocations. However, the Lipper peer group report reflected that investment advisory fees charged by the Adviser were generally in line with median fees. The investment advisory fees, net of waivers and expenses, with respect to the Funds, were equal to or below the median for all fund classes. The Trustees analyzed the fees paid to the Adviser in light of performance and the services provided, and in light of profitability to the Adviser. Based on their review, the Trustees concluded that the fees paid to, and the profitability of, Cavanal Hill Investment Management, Inc. under the Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

Economies of Scale

Finally, the Trustees considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Trust’s assets. The Trustees concluded that the Funds had not yet attained sufficient size to realize material economies of scale. The Trustees further concluded that current asset levels of the Funds did not warrant formal contractual breakpoints. The Trustees determined that their review of potential economies of scale supported their decision to approve the Advisory Agreement.

- 96 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

OPERATION AND IMPLEMENTATION OF THE LIQUIDITY RISK MANAGEMENT PROGRAM

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Cavanal Hill Funds (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust, exclusive of the money market funds (each a “Fund” and collectively the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. Liquidity risk is the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the Program and the designation of the Cavanal Hill Liquidity Risk Management Oversight Committee as the Administrator of the Program, subject to the oversight of the Board. The Cavanal Hill Liquidity Risk Management Oversight Committee includes investment, compliance and administration representatives.

The Administrator provided its annual report, dated June 1, 2023 (“Liquidity Report”) to the Board in board meeting materials for the Trust’s July 28, 2023 board meeting. The Liquidity Report assessed the adequacy and effectiveness of the Program. The Liquidity Report addressed the key components of the Program, including (i) the Fund’s investment strategy and liquidity of investments during both normal and reasonably foreseeable stressed conditions, (ii) short-term and long-term cash flow projections, (iii) any liquidity events or applicable highly liquid investment minimums and (iv) classification of portfolio holdings into one of four liquidity categories. The Administrator also reported on filings of Forms N-PORT and N-Liquid with the SEC, including confirmation that none of the Funds exceeded the 15% illiquid security limit.

As reflected in the Liquidity Report, the Program is operating as intended and is an effective tool in implementing the requirements of the Liquidity Rule. Each Fund’s liquidity risk continues to be appropriate in light of the Fund’s investment objective and strategies. No changes to the Program were recommended.

- 97 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

U.S. Treasury Fund:

Security Allocation	Percentage of Net Assets
U.S. Treasury Obligations		11.4	%
Repurchase Agreements		79.5	%
Investment Companies		9.5	%
Liabilities in excess of other assets		(0.4	)%
Total		100.0	%

Government Securities Money Market Fund:

Security Allocation	Percentage of Net Assets
U.S. Government Agency Securities		14.3	%
U.S. Treasury Obligations		12.4	%
Repurchase Agreements		65.2	%
Investment Companies		8.3	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%

Limited Duration Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		26.5	%
Mortgage Backed Securities		24.8	%
Corporate Bonds		16.2	%
Taxable Municipal Bonds		0.5	%
U.S. Government Agency Securities		13.1	%
U.S. Treasury Obligations		13.2	%
Investment in Affiliates		5.2	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

Moderate Duration Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		12.5	%
Mortgage Backed Securities		17.0	%
Corporate Bonds		17.6	%
Taxable Municipal Bonds		9.7	%
U.S. Government Agency Securities		9.4	%
U.S. Treasury Obligations		26.3	%
Investment in Affiliates		6.7	%
Other assets in excess of liabilities		0.8	%
Total		100.0	%

Bond Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		12.4	%
Mortgage Backed Securities		17.8	%
Corporate Bonds		17.3	%
Taxable Municipal Bonds		7.8	%
U.S. Government Agency Securities		11.0	%
U.S. Treasury Obligations		32.1	%
Investment in Affiliates		1.1	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

Strategic Enhanced Yield Fund:

Security Allocation	Percentage of Net Assets
Mortgage Backed Securities		22.2	%
Corporate Bonds		53.5	%
U.S. Government Agency Securities		7.5	%
U.S. Treasury Obligations		13.2	%
Investment in Affiliates		2.5	%
Other assets in excess of liabilities		1.1	%
Total		100.0	%

Ultra Short Tax-Free Income Fund:

Security Allocation	Percentage of Net Assets
Municipal Bonds		106.8	%
Investment in Affiliates		0.0	%
Liabilities in excess of other assets		(6.8	)%
Total		100.0	%

Opportunistic Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		65.2	%
Asset Backed Securities		6.8	%
Mortgage Backed Securities		7.4	%
Corporate Bonds		3.7	%
U.S. Treasury Obligations		12.3	%
Investment in Affiliates		4.1	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

World Energy Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		93.1	%
Corporate Bonds		5.0	%
Investment in Affiliates		0.3	%
Exchange Traded Funds		1.1	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

Hedged Income Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		101.7	%
Purchased Options		0.8	%
Investment in Affiliates		1.4	%
Liabilities in excess of other assets		(3.9	)%
Total		100.0	%

- 98 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

Trustees and Officers of Cavanal Hill Funds

The following table sets forth certain information about each of the Trust’s Officers.

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustee
Officers
Bill King (1959)	President, Assistant Secretary	Indefinite, 5/20 — Present	From 2016 to present, President and CEO of Cavanal Hill Distributors, Inc. Since 2013, national sales manager of Cavanal Hill Investment Management, Inc.	N/A	N/A

Amy Siefer (1977)	Chief Compliance Officer, Anti-Money Laundering Officer and Disaster Recovery Plan Business Operations Manager	Indefinite, 4/23 — Present	From May 2012 to present, Vice President, Citi Fund Services Ohio, Inc.	N/A	N/A

Denise Lewis (1963)	Treasurer	Indefinite, 7/22 — Present	From 2020 to present, SVP of Citi Fund Services Ohio, Inc.	N/A	N/A

Cheryl Briggs (1960)	Vice President and Secretary	Indefinite, 4/15 — Present	From March 2015 to present, Officer, Cavanal Hill Funds Administrator. From November 2008 to March 2015, Executive Assistant for Institutional Wealth Management at BOKF, NA.	N/A	N/A

Catherine Dunn (1971)	Assistant Secretary	Indefinite, 4/22 — Present	From October 2022 to present, Senior Vice President, Cavanal Hill Fund Administration Manager. From April 2021 to September 2022, Manager, Global Fund Services at U.S. Bank. From October 2016 to April 2022, Vice President, Financial Reporting at State Street Bank & Trust.	N/A	N/A

For interested officers, Mr. King, Ms. Dunn and Ms. Briggs, positions held with affiliated persons or principal underwriters of the Trust are provided above. For interested Trustees, the information is listed in the following table:

Name		Positions Held With Affiliated Persons Or Principal Underwriters Of The Funds
Scott Grauer (1964)		BOK Financial, Executive Vice President, Wealth Management Division; BOKFS, Chief Executive Officer. Mr. Grauer is also Chairman of the Board of BOKFS, CHD, CHIM and affiliated advisers, BOK Financial Asset Management and BOK Financial Private Wealth, Inc., and serves as an officer or as a member of the board for other BOK Financial subsidiaries.

- 99 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

Trustees and Officers of Cavanal Hill Funds

The following table sets forth certain information about each of the Trust’s Trustees.

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustee During the Past 5 Years*
Independent Trustees:
William H. Wilson Jr. (1958)	Trustee, Chairman	Indefinite, 5/08—Present	Ownership interest and/or executive positions with Sage Partners and Lonestar Ecology	10	N/A

Jennifer Wheeler (1972)	Trustee	Indefinite, 11/16—Present	Counsel to the American Fidelity Insurance Company; Shareholder, McAfee & Taft	10	N/A

Interested Trustees:
Scott Grauer** (1964)	Trustee	Indefinite, 1/10—Present	From July 2008 to present, Executive Vice President, Wealth Management Division, BOKF; from 1991 to present, CEO, BOK Financial Securities, Inc.	10	N/A

Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Mr. Grauer is treated by the Funds as an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) of the Funds. Mr. Grauer is an “interested person” because he is an Executive Vice President of BOK Financial, the parent of Cavanal Hill Distributors, Inc. (“CHD”) and the indirect parent of Cavanal Hill Investment Management, Inc. (“CHIM”). Mr. Grauer is also Chairman of the Board of BOKFS, CHD, CHIM and affiliated advisers, BOK Financial Asset Management, Inc. and BOK Financial Private Wealth, and serves as an officer or as a member of the board for other BOK Financial subsidiaries.

The Funds’ Statement of Additional Information includes additional information about the Trustees and Officers. The Statement of Additional Information may be obtained by calling 1-800-762-7085.

- 100 -

Additional Fund Information (Unaudited)

Continued

August 31, 2023

As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Expenses Paid During Period 3/1/23 - 8/31/23		Expense Ratio During Period* 3/1/23 - 8/31/23
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,022.10	$	3.41		0.67	%
Institutional Shares		1,000.00		1,024.20		1.28		0.25	%
Select Shares		1,000.00		1,024.70		0.87		0.17	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,022.60		3.11		0.61	%
Institutional Shares		1,000.00		1,024.30		1.43		0.28	%
Select Shares		1,000.00		1,024.70		1.02		0.20	%
Premier Shares		1,000.00		1,023.60		2.09		0.41	%
Limited Duration Fund
Investor Shares		1,000.00		1,014.60		4.72		0.93	%
Institutional Shares		1,000.00		1,015.70		3.56		0.70	%
A Shares		1,000.00		1,014.00		5.23		1.03	%
Moderate Duration Fund
Investor Shares		1,000.00		1,016.20		3.76		0.74	%
Institutional Shares		1,000.00		1,017.40		2.49		0.49	%
A Shares		1,000.00		1,017.20		3.76		0.74	%
Bond Fund
Investor Shares		1,000.00		1,011.10		3.60		0.71	%
Institutional Shares		1,000.00		1,012.40		2.38		0.47	%
A Shares		1,000.00		1,011.20		3.60		0.71	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,010.20		5.12		1.01	%
Institutional Shares		1,000.00		1,011.40		3.85		0.76	%
A Shares		1,000.00		1,010.10		5.12		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,014.90		3.05		0.60	%
Institutional Shares		1,000.00		1,016.20		1.78		0.35	%
A Shares		1,000.00		1,014.90		3.05		0.60	%
Opportunistic Fund
Investor Shares		1,000.00		1,022.40		6.37		1.25	%
Institutional Shares		1,000.00		1,024.30		5.10		1.00	%
A Shares		1,000.00		1,022.80		6.37		1.25	%
C Shares		1,000.00		1,018.80		10.18		2.00	%
World Energy Fund
Investor Shares		1,000.00		1,089.00		6.06		1.15	%
Institutional Shares		1,000.00		1,090.50		4.74		0.90	%
A Shares		1,000.00		1,090.20		6.06		1.15	%
C Shares		1,000.00		1,086.10		9.99		1.90	%
Hedged Income Fund
Investor Shares		1,000.00		1,041.10		6.95		1.35	%
Institutional Shares		1,000.00		1,042.50		5.66		1.10	%
A Shares		1,000.00		1,042.20		6.95		1.35	%

*	Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period).

- 101 -

Additional Fund Information (Unaudited)

Concluded

August 31, 2023

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each of the Cavanal Hill Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expense may not be used to estimate actual ending account balance or expense you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
3/1/23 Ending
Account Value
8/31/23 Expenses Paid
During Period
3/1/23 - 8/31/23 Expense Ratio
During Period*
3/1/23 - 8/31/23

U.S. Treasury Fund

Administrative Shares $ 1,000.00 $ 1,021.83 $ 3.41 0.67 %

Institutional Shares 1,000.00 1,023.95 1.28 0.25 %

Select Shares 1,000.00 1,024.35 0.87 0.17 %

Government Securities Money Market Fund

Administrative Shares 1,000.00 1,022.13 3.11 0.61 %

Institutional Shares 1,000.00 1,023.79 1.43 0.28 %

Select Shares 1,000.00 1,024.20 1.02 0.20 %

Premier Shares 1,000.00 1,023.14 2.09 0.41 %

Limited Duration Fund

Investor Shares 1,000.00 1,020.52 4.74 0.93 %

Institutional Shares 1,000.00 1,021.68 3.57 0.70 %

A Shares 1,000.00 1,020.01 5.24 1.03 %

Moderate Duration Fund

Investor Shares 1,000.00 1,021.48 3.77 0.74 %

Institutional Shares 1,000.00 1,022.74 2.50 0.49 %

A Shares 1,000.00 1,021.48 3.77 0.74 %

Bond Fund

Investor Shares 1,000.00 1,021.63 3.62 0.71 %

Institutional Shares 1,000.00 1,022.84 2.40 0.47 %

A Shares 1,000.00 1,021.63 3.62 0.71 %

Strategic Enhanced Yield Fund

Investor Shares 1,000.00 1,020.11 5.14 1.01 %

Institutional Shares 1,000.00 1,021.37 3.87 0.76 %

A Shares 1,000.00 1,020.11 5.14 1.01 %

Ultra Short Tax-Free Income Fund

Investor Shares 1,000.00 1,022.18 3.06 0.60 %

Institutional Shares 1,000.00 1,023.44 1.79 0.35 %

A Shares 1,000.00 1,022.18 3.06 0.60 %

Opportunistic Fund

Investor Shares 1,000.00 1,018.90 6.36 1.25 %

Institutional Shares 1,000.00 1,020.16 5.09 1.00 %

A Shares 1,000.00 1,018.90 6.36 1.25 %

C Shares 1,000.00 1,015.12 10.16 2.00 %

World Energy Fund

Investor Shares 1,000.00 1,019.41 5.85 1.15 %

Institutional Shares 1,000.00 1,020.67 4.58 0.90 %

A Shares 1,000.00 1,019.41 5.85 1.15 %

C Shares 1,000.00 1,015.63 9.65 1.90 %

Hedged Income Fund

Investor Shares 1,000.00 1,018.40 6.87 1.35 %

Institutional Shares 1,000.00 1,019.66 5.60 1.10 %

A Shares 1,000.00 1,018.40 6.87 1.35 %

*	Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period).

- 102 -

Ann-08/23

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is William H. Wilson Jr. who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

	2023		2022
(a) Audit Fees	$	143,840	$	172,175
(b) Audit-Related Fees	$	37,925	$	42,000
(c) Tax Fees*	$	45,666	$	59,355
(d) All Other Fees	$	-	$	-

*	Related to preparation of federal income, excise tax returns, state tax return and review of capital gain distribution calculations.

4(e)(1)

The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Funds and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Fund officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.

4(e)(2)

2022 – 0%

2021 – 0%

4(f) Not Applicable

4(g)

2022 – $83,591

2021 – $101,355

4(h) Not Applicable

4(i) Not Applicable

4(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The schedules of investments are included as part of the report to shareholders filed under Item 1of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Nomination Committee will consider and evaluate nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1).

The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Cavanal Hill Funds

By (Signature and Title)*	/s/ Bill King
	Bill King, President (Principal Executive Officer)

Date October 27, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bill King
	Bill King, President (Principal Executive Officer)

Date October 27, 2023

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer (Principal Financial Officer)

Date October 26, 2023

Fund	LEVEL 1- Quoted Prices		LEVEL 2 - Other Significant Observable Inputs			LEVEL 3 - Significant Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	9,045,739		$	—	$	9,045,739
Mortgage Backed Securities¹		—		8,434,809			—		8,434,809
Corporate Bonds²		—		5,526,976			—		5,526,976
Taxable Municipal Bonds³		—		184,922			—		184,922
U.S. Government Agency Securities		—		4,475,250			—		4,475,250
U.S. Treasury Obligations		—		4,479,914			—		4,479,914
Investment in Affiliates		1,777,121		—			—		1,777,121
Total Investments		1,777,121		32,147,610			—		33,924,731

Moderate Duration Fund
Asset Backed Securities		—		1,604,828			—		1,604,828
Mortgage Backed Securities¹		—		2,188,039			—		2,188,039
Corporate Bonds²		—		2,263,966			—		2,263,966
Taxable Municipal Bonds³		—		1,240,449			—		1,240,449
U.S. Government Agency Securities		—		1,208,967			—		1,208,967
U.S. Treasury Obligations		—		3,372,369			—		3,372,369
Investment in Affiliates		865,097		—			—		865,097
Total Investments		865,097		11,878,618			—		12,743,715

Bond Fund
Asset Backed Securities		—		15,015,264			—		15,015,264
Mortgage Backed Securities¹		—		21,653,112			—		21,653,112
Corporate Bonds²		—		21,019,626			—		21,019,626
Taxable Municipal Bonds³		—		9,470,938			—		9,470,938
U.S. Government Agency Securities		—		13,278,169			—		13,278,169
U.S. Treasury Obligations		—		39,003,600			—		39,003,600
Investment in Affiliates		1,364,029		—			—		1,364,029
Total Investments		1,364,029		119,440,709			—		120,804,738

Strategic Enhanced Yield Fund
Mortgage Backed Securities¹		—		1,105,722			—		1,105,722
Corporate Bonds²		—		2,672,257			—		2,672,257
U.S. Government Agency Securities		—		377,057			—		377,057
U.S. Treasury Obligations		—		658,524			—		658,524
Investment in Affiliates		124,636		—			—		124,636
Total Investments		124,636		4,813,560			—		4,938,196

Ultra Short Tax-Free Income Fund
Municipal Bonds³		—		17,493,568			—		17,493,568
Investment in Affiliates		1,569		—			—		1,569
Total Investments		1,569		17,493,568			—		17,495,137

Opportunistic Fund
Common Stocks²		12,725,590		—			—		12,725,590
Asset Backed Securities		—		1,334,356			—		1,334,356
Mortgage Backed Securities¹		—		1,438,546			—		1,438,546
Corporate Bonds²		—		713,187			—		713,187
U.S. Treasury Obligations		—		2,410,379			—		2,410,379
Investment in Affiliates		791,924		—			—		791,924
Total Investments		13,517,514		5,896,468			—		19,413,982

World Energy Fund
Common Stocks²		79,082,301		—			—		79,082,301
Corporate Bonds²		—		4,263,966			—		4,263,966
Investment in Affiliates		241,697		—			—		241,697
Exchange Traded Fund		960,400		—			—		960,400
Total Investments		80,284,398		4,263,966			—		84,548,364

Hedged Income Fund
Common Stocks²		33,455,388		—			—		33,455,388
Purchased Options		—		245,360			—		245,360
Investment in Affiliates		464,620		—			—		464,620
Written Options		—		(1,562,443	)		—		(1,562,443	)
Total Investments		33,920,008		(1,317,083	)		—		32,602,925

Expense Ratios

A Shares

Investor Shares

Institutional Shares