CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (6.0%)
$	1,886,554	AccessLex Institute, Series 2007-1, Class C, 2.34% (US0003M + 40 bps), 10/25/35*	$	1,647,051
	878,515	Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30*(a)		884,195
	1,586	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34*(b)		1,597
	318	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32*(b)		318
	4,390	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 1.99% (US0001M + 22 bps), 1/15/34*		4,368
	1,053,865	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.65%, 9/26/33*(b)		1,194,687
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 3.58% (US0001M + 188 bps), 11/25/34*		297,811
	186	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29*(b)		187
	792,000	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.68%, 8/25/35*(b)		806,730
	6,163	Raspro Trust, Series 2005-1A, Class G, 2.56% (US0003M + 40 bps), 3/23/24(c)		6,162
	149,359	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32*		154,998
	6,539	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.67%, 12/25/33*(b)		6,580
	125,243	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35*(b)		119,419
	199,828	Structured Asset Investment Loan, Series 2004-10, Class A4, 2.71% (US0001M + 100 bps), 11/25/34*		200,089
	856,109	Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34*(b)		875,400
	1,014,130	Sun Trust Student Loan Trust, Series 2006-1A, Class B, 2.21% (US0003M + 27 bps), 10/28/37*(a)		906,435
Total Asset Backed Securities				7,106,027
Mortgage Backed Securities† (46.0%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.2%)
	11,599	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.80%, 7/25/35*(b)		10,246
	117,073	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.96%, 2/25/36*(b)		101,165
	21,241	Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 3.64% (12MTA + 131 bps), 7/20/35*		18,083
	1,745	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 1.81% (US0001M + 10 bps), 10/25/36*		1,330

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	12,458	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*	$	12,530
	5,926	Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.01%, 10/25/36*(b)		5,634
	9,117	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 4.07%, 9/25/34*(b)		9,145
	30,740	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 4.60%, 4/21/34*(b)		31,386
	1,121,837	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.51%, 8/25/35*(b)		1,132,289
	20,837	RBSSP Resecuritization Trust, Series 2009-5, Class 13A4, 2.28% (US0001M + 50 bps), 8/26/37(c)		20,770
	24,985	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.03%, 1/25/36*(b)		22,622
	43,173	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.38%, 9/25/34*(b)		43,721
				1,408,921
Alt-A - Fixed Rate Mortgage Backed Securities (0.8%)
	15,561	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35*		14,038
	26,602	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36*		26,250
	1,742	Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19*		1,740
	20,475	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35*		18,423
	22,017	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36*		15,774
	22,823	Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36*		19,036
	23,233	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37*		19,100
	155,899	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		106,967
	72,874	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34*		76,472
	54,133	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36*		41,184
	685	Master Adjustable Rate Mortgage Trust, Series 2005-3, Class 4A1, 5.50%, 3/25/20*		684
	928	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		986
	4,634	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		4,959

See notes to the schedule of portfolio investments.

-1-

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	400,930	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*	$	438,753
	21,627	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34*		23,130
	3,933	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34*		4,362
	1,746	Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18*		1,704
	745	Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19*		739
	6,858	Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19*		6,631
	39,700	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36*		37,721
	45,106	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36*		26,953
	33,731	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37*		28,584
	20,169	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35*		20,002
				934,192
Prime Adjustable Rate Mortgage Backed Securities (1.3%)
	39,814	Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 3.56%, 3/25/35*(b)		39,411
	6,617	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.65%, 5/25/35(b)		6,716
	343,732	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36*(b)		116,611
	6,355	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 3.85%, 11/20/46*(b)		6,149
	9,631	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 4.38%, 2/25/36*(b)		9,020
	9,583	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.59%, 9/25/33*(b)		9,630
	5,596	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 4.83%, 6/25/34*(b)		5,673
	8,770	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 4.27% (H15T1Y + 230 bps), 10/25/35*		9,011
	7,859	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 4.32%, 9/25/34*(b)		7,760
	5,711	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 4.37%, 1/25/35*(b)		5,823
	24,899	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.65%, 10/25/36*(b)		24,478

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	26,120	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.31%, 3/25/31*(b)	$	26,013
	16,229	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.80%, 7/25/37*(b)		14,713
	14,595	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.54%, 8/25/35(b)		14,850
	284,660	Coast Savings & Loan Association, Series 1992-1, Class A, 3.15%, 7/25/22*(b)		288,903
	278	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33*(b)		260
	12,190	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.14%, 8/25/34*(b)		12,265
	12,636	Countrywide Home Loans, Series 2003-58, Class 2A2, 4.15%, 2/19/34*(b)		12,970
	5,238	Countrywide Home Loans, Series 2003-60, Class 2A1, 4.43%, 2/25/34*(b)		5,308
	38,454	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 4.10%, 11/25/32*(b)		17,909
	35,169	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.39%, 11/25/34*(b)		36,486
	13,200	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.09%, 10/25/35*(b)		12,861
	79,683	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.93%, 11/19/35*(b)		76,625
	40,492	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 4.40%, 4/25/35*(b)		41,283
	17,280	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.67%, 11/25/35*(b)		17,405
	77,650	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.95%, 1/19/35*(b)		78,170
	10,622	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.54%, 12/19/35*(b)		10,544
	22,568	Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.47%, 9/25/36*(b)		22,434
	29,381	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.68%, 7/25/36*(b)		25,444
	45,549	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.91%, 8/25/36*(b)		37,113
	15,290	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.04%, 8/25/34*(b)		15,545
	30,619	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.29%, 8/25/34*(b)		30,706
	3,032	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 4.18%, 8/25/36*(b)		2,810
	2,995	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 4.28%, 7/25/35*(b)		3,042

See notes to the schedule of portfolio investments.

-2-

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	13,048	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 4.03%, 12/25/34*(b)	$	13,251
	1,518	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 4.21%, 2/25/34*(b)		1,539
	11,303	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 4.80%, 7/25/34*(b)		11,525
	13,348	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 4.34%, 8/25/34*(b)		13,632
	17,604	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 4.72%, 8/25/34*(b)		17,822
	38,570	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 4.02%, 12/25/34*(b)		37,756
	78,233	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.46%, 4/25/34*(b)		78,662
	3,381	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.52%, 2/25/34*(b)		3,487
	10,397	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.95%, 12/27/35*(b)		11,570
	23,679	Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 4.40%, 7/25/33*(b)		24,196
	204,320	Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 4.05%, 9/25/37*(b)		205,314
	3,741	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.85%, 8/20/35*(b)		321
	11,664	Washington Mutual, Series 2006-AR10, Class 1A2, 3.73%, 9/25/36*(b)		11,261
	2,064	Washington Mutual, Series 2006-AR8, Class 1A1, 3.88%, 8/25/46*(b)		1,998
	7,396	Washington Mutual, Series 2004-AR3, Class A2, 4.49%, 6/25/34*(b)		7,596
	9,693	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 2.13% (US0001M + 42 bps), 7/25/44*		9,646
	74,955	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.27%, 11/25/36*(b)		72,247
				1,565,764
Prime Fixed Mortgage Backed Securities (19.4%)
	263,996	Agate Bay Mortgage Trust, Series 2015-7, Class A6, 3.00%, 10/25/45*(b)(c)		262,955
	1,564,716	Citigroup Mortgage Loan Trust, Series 2014-C, Class A, 3.25%, 2/25/54*(b)(c)		1,563,129
	18,492	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31*		19,016
	104,149	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34*		111,983

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	17,933	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34*	$	19,834
	6,903	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19*		7,082
	95,745	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		98,953
	35,443	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		37,136
	24,744	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33*		27,306
	64,986	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32*		38,542
	112,091	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32*		126,409
	1,780,165	Credit Suisse Mortgage Trust, Series 2015-3, Class A9, 3.50%, 3/25/45*(b)(c)		1,815,283
	1,560,080	EverBank Mortgage Loan Trust, Series 2018-1, Class A4, 3.50%, 2/25/48*(b)(c)		1,583,055
	2,751,727	Flagstar Mortgage Trust, Series 2017-1, Class 1A5, 3.50%, 3/25/47*(b)(c)		2,806,012
	120,725	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57*(b)(c)		122,027
	54,306	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33*		53,867
	2,977	GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20*		1,858
	27,154	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35*		19,793
	2,203,451	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47*(b)(c)		2,212,994
	1,515,134	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(b)(c)		1,534,606
	1,369,870	JPMorgan Mortgage Trust, Series 2018-1, Class A5, 3.50%, 6/25/48*(b)(c)		1,390,044
	13,166	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36*		10,905
	1,172,332	MFRA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/57*(b)(c)		1,166,256
	1,411,708	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(b)(c)		1,425,572
	2,434	Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20*		2,429
	1,228,284	PSMC Trust, Series 2018-1, Class A3, 3.50%, 2/25/48*(b)(c)		1,247,140
	9,863	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35*		9,338
	14,959	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32*		15,455
	1,253,045	Sequoia Mortgage Trust, Series 2018-5, Class A4, 3.50%, 5/25/48*(b)(c)		1,266,800

See notes to the schedule of portfolio investments.

-3-

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	709,882	Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48*(b)(c)	$	717,052
	678,113	Sequoia Mortgage Trust, Series 2018-CH2, Class A12, 4.00%, 6/25/48*(b)(c)		683,542
	102,954	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		109,835
	890,193	Verus Securitization Trust, Series 2017-SG1A, Class A1, 2.69%, 11/25/47*(b)(c)		887,524
	1,706,174	Verus Securitization Trust, Series 2018-INV2, Class A1FX, 4.15%, 10/25/58*(b)(c)		1,737,833
	5,326	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*		5,504
	1,153	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB4, Class 22A, 6.00%, 12/25/19*		1,151
				23,138,220
Subprime Mortgage Backed Securities (3.8%)
	888,053	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55*(b)(c)		888,971
	886,614	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56*(b)(c)		890,288
	1,704,301	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57*(b)(c)		1,718,301
	1,065,740	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		1,074,363
				4,571,923
U.S. Government Agency Mortgage Backed Securities (19.5%)
	421,876	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		412,096
	257,054	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		256,125
	594,594	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		591,015
	599,065	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		595,540
	474,422	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		471,015
	266,196	Fannie Mae, Series 2013-68, Class LE, 2.00%, 4/25/43		260,997
	317,209	Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40		318,194
	201,519	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		201,636
	330,938	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		331,561
	48,961	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		49,528
	2,973,862	Fannie Mae, Series 18-83, Class LC, 3.00%, 11/25/48		2,997,718
	153,968	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		158,058
	64,453	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		64,654

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	572,421	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43	$	587,736
	4,214	Fannie Mae, 3.99% (H15T1Y + 187 bps), 12/1/22, Pool #303247		4,278
	16,988	Fannie Mae, 4.42% (US0012M + 132 bps), 1/1/35, Pool #805386		17,543
	1,012,705	Fannie Mae, Series 2003-W14, Class 2A, 4.53%, 1/25/43*(b)		1,058,900
	734,695	Fannie Mae, Series 2003-W16, Class AF5, 4.53%, 11/25/33*(b)		802,166
	3,401	Fannie Mae, 4.59% (H15T1Y + 216 bps), 6/1/32, Pool #725286		3,507
	2,282,740	Fannie Mae, Series 2003-W12, Class 3A, 4.61%, 3/25/43*(b)		2,381,712
	44,263	Fannie Mae, 4.70% (H15T1Y + 229 bps), 2/1/30, Pool #556998		45,374
	2,725,000	Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34*		3,040,655
	17,343	Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32*(b)		18,469
	1,157	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22		1,202
	13,709	Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31*(b)		14,475
	10,230	Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31*(b)		12,183
	41	Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21		42
	253	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		264
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,094
	241,144	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		243,065
	1,067,841	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		1,051,964
	224,425	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		223,746
	387,368	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		384,902
	574,960	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		572,464
	779,574	Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40		775,591
	1,018,857	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		1,022,036
	323,633	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		321,651
	750,106	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(b)		748,064
	73,546	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		73,959
	542,607	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		546,654
	648,925	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		654,988
	49,012	Freddie Mac, Series 3752, Class JA, 2.75%, 4/15/40		49,134
	121,646	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		124,641
	709,194	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		730,390

See notes to the schedule of portfolio investments.

-4-

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	469,288	Freddie Mac, Series T-67, Class 1A1C, 3.84%, 3/25/36*(b)	$	478,794
	4,139	Freddie Mac, 3.86% (US0006M + 154 bps), 4/1/36, Pool #1N0148		4,282
	14,664	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		15,225
	15,084	Freddie Mac, Series 3819, Class JP, 4.00%, 8/15/39		15,070
	150,916	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		153,451
	1,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		1,008
	205	Freddie Mac, Series 180, Class H, 6.50%, 9/15/21*		207
	399	Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21*		404
	976	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23*		1,026
	1,188	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		1,252
	810	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22*		857
	372,496	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		362,721
	11,072	Government National Mortgage Assoc., Series 2012-14, Class PE, 3.00%, 11/20/40*		11,072
	12,596	Government National Mortgage Assoc., 3.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		13,113
	2,162	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123		2,193
	3,141	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580		3,220
	4,418	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/25, Pool #8585		4,528
	1,547	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832		1,558
	3,585	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263		3,611
	1,228	Government National Mortgage Assoc., 4.12% (H15T1Y + 150 bps), 12/20/21, Pool #8889		1,238
	2,382	Government National Mortgage Assoc., 4.12% (H15T1Y + 150 bps), 12/20/27, Pool #80141		2,458
	5,367	Government National Mortgage Assoc., 4.12% (H15T1Y + 150 bps), 11/20/29, Pool #876947		5,376
	107	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		119
	86	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		91
	33	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		33

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	265	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439	$	271
				23,304,164
Total Mortgage Backed Securities				54,923,184
Corporate Bonds (12.5%)
Banks (4.7%)
	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		1,507,187
	1,500,000	Mizuho Financial Group, 2.95%, 2/28/22		1,525,470
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		1,040,002
	1,500,000	Wells Fargo & Co., 2.63%, 7/22/22, MTN		1,518,084
				5,590,743
Capital Markets (0.0%)
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)		25,000
Diversified Telecommunication Services (1.5%)
	1,743,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100 *		1,758,314
Interactive Media & Services (2.6%)
	3,000,000	Baidu, Inc., 3.88%, 9/29/23, Callable 8/29/23 @ 100 *		3,119,534
Sovereign Bond (1.3%)
	500,000	Export-Import Bank of Korea, 2.13%, 1/25/20		499,986
	1,050,000	Export-Import Bank of Korea, 2.25%, 1/21/20		1,050,215
				1,550,201
Tobacco (2.0%)
	2,150,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 *		2,325,127
Trading Companies & Distributors (0.4%)
	447,000	Aviation Capital Group LLC, 7.13%, 10/15/20 (c)		465,308
Total Corporate Bonds				14,834,227
Taxable Municipal Bonds (1.1%)
Georgia (1.1%)
1,175,000 State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25				1,266,944
Total Taxable Municipal Bonds				1,266,944
U.S. Government Agency Securities (2.9%)
Federal Farm Credit Bank
	3,503,000	2.23%, 10/15/26, Callable 10/15/20 @ 100 *		3,469,165
Total U.S. Government Agency Securities				3,469,165
U.S. Treasury Obligations (21.2%)
U.S. Treasury Notes
	12,000,000	1.75%, 7/31/24		12,063,749
	5,500,000	2.25%, 2/29/20		5,506,875
	2,000,000	2.63%, 7/15/21		2,030,078
	5,200,000	2.88%, 8/15/28		5,664,953
				25,265,655
Total U.S. Treasury Obligations				25,265,655

See notes to the schedule of portfolio investments.

-5-

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Investment in Affiliates (3.9%)
	4,591,519	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(e)	$	4,591,519
Total Investment in Affiliates				4,591,519

Shares or Principal Amount	Security Description	Value
Investment in Affiliates, continued:
Total Investments (Cost $111,911,422) - 93.6%		$	111,456,721
Other assets in excess of liabilities — 6.4%			7,563,504
Net Assets - 100.0%		$	119,020,225

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2019, illiquid securities were 1.5% of the Fund’s net assets.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2019.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	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 November 30, 2019.
*	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
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0006M	6 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to the schedule of portfolio investments.

-6-

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (5.6%)
$	327,003	AccessLex Institute, Series 2007-1, Class C, 2.34% (US0003M + 40 bps), 10/25/35*	$	285,489
	273,441	Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52		283,018
	1,641	Raspro Trust, Series 2005-1A, Class G, 2.56% (US0003M + 40 bps), 3/23/24(a)		1,640
	300,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class D, 3.17%, 4/17/23*		302,759
	570,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.51% (US0001M + 180 bps), 9/25/43*		548,789
	201,413	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		208,288
Total Asset Backed Securities				1,629,983
Mortgage Backed Securities† (32.9%)
Alt-A - Fixed Rate Mortgage Backed Securities (2.3%)
	2,035	Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20*		1,976
	65,492	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		62,866
	4,493	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35*		4,456
	15,159	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34*		15,795
	82,052	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		56,298
	64,379	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.18%, 6/25/36*(b)		62,362
	12,683	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34*		13,136
	3,783	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19*		3,666
	19,268	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34*		20,596
	195	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		207
	42,628	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		45,503
	20,470	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,260
	8,403	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33*		8,754
	20,392	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34*		21,848
	32,226	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34*		34,731
	8,060	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(b)		8,274
	3,177	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35*(b)		3,344

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	33,293	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(b)	$	25,738
	91,699	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(b)		33,807
	44,296	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.85%, 10/25/40*(a)(b)		42,616
	218	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18*		175
	9,463	Residential Accredit Loans, Inc., Series 2005-QS2, Class A1, 5.50%, 2/25/35*		9,600
	6,668	Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21*		6,334
	14,011	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		13,328
	30,067	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36*		22,331
	47,269	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35*		38,469
	59,278	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36*		51,233
	54,769	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35*		52,274
				680,977
Prime Adjustable Rate Mortgage Backed Securities (2.3%)
	9,309	Bank of America Funding Corp., Series 2004-B, Class 5A1, 4.27%, 11/20/34*(b)		9,228
	8,786	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 4.04%, 11/25/34*(b)		8,879
	3,350	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 4.25%, 10/25/33*(b)		3,528
	11,692	Countrywide Home Loans, Series 2004-2, Class 2A1, 3.87%, 2/25/34*(b)		11,243
	6,772	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.14%, 8/25/34*(b)		6,814
	17,222	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.73%, 4/25/37*(b)		15,229
	260,000	JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.98%, 10/25/29*(a)(b)		262,115
	27,665	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 4.10%, 10/25/36*(b)		24,886
	5,806	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 4.20% (US0003M + 101 bps), 4/25/36*		5,715
	281,612	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.39%, 9/25/35*(b)		269,743
	38,250	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.51%, 2/25/35*(b)		39,538

See notes to the schedule of portfolio investments.

-7-

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	1,870	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.85%, 8/20/35*(b)	$	160
				657,078
Prime Fixed Mortgage Backed Securities (7.6%)
	7,554	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.06%, 9/25/35*(b)		7,272
	16,470	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37*		12,497
	8,614	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		9,043
	9,055	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34*		9,890
	5,115	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33*		5,262
	2,709	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24*		2,688
	10,095	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35*		8,503
	1,207	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 2/25/19*		1,251
	24,565	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33*		26,108
	9,291	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		9,734
	221,703	Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3, 3.50%, 10/25/47*(a)(b)		224,968
	300,000	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)		303,202
	215,678	Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.00%, 9/25/48*(a)(b)		217,909
	120,575	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(b)		122,414
	237,887	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34*		243,039
	119	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19*		119
	876	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32*		926
	327,416	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(a)(b)		329,079
	27,414	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		29,209
	2,391	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34*		2,549
	236,772	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48(a)(b)		239,519
	58,229	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32*		56,087
	209,735	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(a)(b)		210,408

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	137,796	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(a)(b)	$	139,208
	12,774	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		13,628
	142	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30*		156
	1,545	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33*		1,590
	781	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		835
				2,227,093
Subprime Mortgage Backed Securities (2.2%)
	292,975	Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/59*(a)(b)		294,709
	106,274	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)		107,399
	231,125	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		234,736
				636,844
U.S. Government Agency Mortgage Backed Securities (18.5%)
	52,735	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		51,512
	267	Fannie Mae, Series 1992-45, Class F, 1.78% (T7Y ), 4/25/22		267
	132,401	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		132,866
	311,637	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		309,735
	272,696	Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		271,521
	79,070	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		78,502
	100,759	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		100,818
	132,376	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		132,625
	136,606	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		137,530
	24,481	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		24,764
	248,845	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		250,795
	383,342	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		383,255
	265,196	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		275,020
	142,421	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		146,203
	16,113	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		16,164
	294,790	Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40		295,573
	316,113	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		326,257
	240,725	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		262,679

See notes to the schedule of portfolio investments.

-8-

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,752	Fannie Mae, 4.00% (US0012M + 162 bps), 9/1/33, Pool #739372	$	1,810
	1,990	Fannie Mae, 4.86% (US0012M + 186 bps), 1/1/37, Pool #906675		2,115
	1,004	Fannie Mae, 4.88% (H15T1Y + 250 bps), 7/1/23, Pool #224951		1,015
	157	Fannie Mae, 6.00%, 4/1/35, Pool #735503		181
	297	Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20		300
	1,141	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		1,295
	11,968	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42*		13,977
	510	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31*		601
	1,147	Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		1,201
	329	Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21		342
	52	Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21		53
	347	Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21		358
	61	Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21		63
	32	Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21		32
	13	Fannie Mae, Series 1990-62, Class G, 9.00%, 6/25/20		14
	56	Freddie Mac, Series 1222, Class P, 1.46% (T10Y - 40 bps), 3/15/22*		56
	60,286	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		60,766
	149,435	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		147,214
	129,818	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		130,930
	289,374	Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		283,561
	179,631	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		178,531
	117,372	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		116,134
	228,854	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		231,388
	117,888	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		118,990
	175,985	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		182,298
	139,688	Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		142,235
	202,898	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		208,962
	14,805	Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230		15,148
	983	Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21*		1,005
	2,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		2,015
	523	Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21*		533

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,428	Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22*	$	1,489
	1,334	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24*		1,428
	77	Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21*		78
	1,572	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26*		1,743
	233	Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21*		240
	1,940	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		2,031
	2,811	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		2,964
	3	Freddie Mac, Series 138, Class E, 8.07%, 7/15/21*		3
	43,612	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		43,581
	79,821	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		77,726
	78,417	Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		78,749
	43,085	Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39		43,539
	56,588	Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39		57,445
	5,589	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		5,602
	77	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		83
	940	Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406		943
	554	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		591
	62	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		67
	144	Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		154
	1,595	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		1,715
	4,053	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		4,404
				5,363,784
Total Mortgage Backed Securities				9,565,776
Corporate Bonds (19.7%)
Banks (2.4%)
	385,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		400,184
	290,000	Wells Fargo & Co., 3.00%, 10/23/26		298,142
				698,326
Beverages (1.0%)
	300,000	Keurig Dr Pepper, Inc., 3.55%, 5/25/21		306,190
Biotechnology (1.2%)
	350,000	Amgen, Inc., 2.20%, 5/11/20		350,345
Capital Markets (3.4%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		302,648

See notes to the schedule of portfolio investments.

-9-

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Capital Markets, continued:
$	925,350	Preferred Term Securities XX, Class B2, 2.57% (US0003M + 45 bps), 3/22/38, Callable 1/9/20 @ 100 *(a)	$	675,505
				978,153
Diversified Financial Services (1.2%)
	350,000	BP Capital Markets America, Inc., 2.75%, 5/10/23		357,318
Diversified Telecommunication Services (1.6%)
	360,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 *		428,255
	39,000	Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 1/9/20 @ 100 *		39,244
				467,499
Electric Utilities (1.0%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		285,235
Equity Real Estate Investment Trusts (0.8%)
	225,046	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		230,850
Food Products (1.3%)
	350,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		371,106
Hotels, Restaurants & Leisure (1.4%)
	420,000	Royal Caribbean Cruises, Ltd., 2.65%, 11/28/20		422,230
Industrial Conglomerates (1.3%)
	375,000	General Electric Co., 3.10%, 1/9/23		383,723
Insurance (1.0%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		305,176
Multiline Retail (0.8%)
	250,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 *		246,942
Technology Hardware, Storage & Peripherals (1.3%)
	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		371,313
Total Corporate Bonds				5,774,406
Taxable Municipal Bonds (7.5%)
Alabama (1.0%)
	300,000	The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27		304,926
Illinois (1.8%)
	500,000	Rosemont Illinois State, GO, Series A, 2.76%, 12/1/19, Insured by: MAC		500,000

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Missouri (0.6%)
$	165,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds Revenue, 7.50%, 10/1/39, Continuously Callable @100	$	165,587
Rhode Island (1.4%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		416,180
Texas (1.0%)
	300,000	Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26		303,033
Wisconsin (1.7%)
	465,000	Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC		489,998
Total Taxable Municipal Bonds				2,179,724
U.S. Government Agency Securities (2.9%)
Federal Farm Credit Bank
	275,000	2.34%, 5/27/25, Callable 12/16/19 @ 100 *		274,822
	275,000	2.52%, 6/24/26, Callable 12/24/19 @ 100 *		274,991
				549,813
Federal Home Loan Bank
	300,000	2.45%, 9/24/25, Callable 12/24/19 @ 100 *		298,473
Total U.S. Government Agency Securities				848,286
U.S. Treasury Obligations (29.0%)
U.S. Treasury Inflation Indexed Notes
	1,150,931	0.38%, 7/15/25		1,165,956
U.S. Treasury Notes
	2,316,000	1.38%, 10/15/22		2,300,801
	920,000	2.00%, 4/30/24		934,447
	1,920,000	2.25%, 2/29/20		1,922,400
	2,064,000	2.25%, 2/15/27		2,136,804
				7,294,452
Total U.S. Treasury Obligations				8,460,408
Investment in Affiliates (3.1%)
	915,558	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(c)		915,558
Total Investment in Affiliates				915,558
Total Investments (Cost $29,140,013) - 100.7%				29,374,141
Liabilities in excess of other assets — (0.7)%				(200,060	)
Net Assets - 100.0%			$	29,174,081

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2019.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

See notes to the schedule of portfolio investments.

-10-

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

† Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

AGC	Assured Guaranty Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MAC	Municipal Assurance Corporation
T10Y	10 Year Treasury Constant Maturity Rate
T7Y	7 Year Treasury Constant Maturity Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to the schedule of portfolio investments.

-11-

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (3.9%)
$	1,031,316	AccessLex Institute, Series 2007-1, Class C, 2.34% (US0003M + 40 bps), 10/25/35*	$	900,388
	553,182	American Credit Acceptance Receivables Trust, Series 2017-4, Class C, 2.94%, 1/10/24*(a)		554,060
	25,530	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34*(b)		25,837
	497,165	Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52(a)		514,578
	271	RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27*(b)		272
	942,875	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(a)		993,107
	48,242	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31(a)		48,041
	453,574	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		461,095
	501,075	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		518,180
Total Asset Backed Securities				4,015,558
Mortgage Backed Securities† (34.1%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.1%)
	71,678	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.84%, 11/25/36*(b)		59,347
	17,003	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36*(b)		16,833
				76,180
Alt-A - Fixed Rate Mortgage Backed Securities (1.0%)
	14,474	Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35*		14,631
	18,214	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46*		18,993
	39,295	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		37,720
	26,096	Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37*		15,123
	72,331	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35*		68,830
	61,704	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		59,735
	10,869	Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34*		11,127
	27,752	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36*		21,529
	197,103	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37*		136,582
	207,288	Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36*		141,131

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	13,575	Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33*	$	13,944
	3,860	Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25*		3,885
	30,722	Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35*		31,467
	55,505	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		59,402
	53,285	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		56,879
	20,470	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,260
	23,698	Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35*		24,713
	4,456	Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33*		4,761
	11,930	Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34*		12,429
	20,016	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		19,040
	230,946	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*		203,157
	133,558	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*		93,758
				1,070,096
Prime Adjustable Rate Mortgage Backed Securities (1.3%)
	1,080,002	JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.98%, 10/25/29*(a)(b)		1,088,784
	8,173	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 4.40%, 6/25/36*(b)		7,267
	246,445	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.59%, 8/25/35*(b)		250,742
	24,625	MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 3.80%, 4/25/29*(b)		24,594
	6,783	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.93%, 6/25/36*(b)		5,864
	935	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.85%, 8/20/35*(b)		80
				1,377,331
Prime Fixed Mortgage Backed Securities (10.4%)
	2,999	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32*		3,095
	167,800	Chaseflex Trust, Series 2006-2, Class A5, 4.60%, 9/25/36*(b)		167,020
	23,426	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		24,592
	48,087	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		48,712
	7,160	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34*		7,511
	8,519	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34*		9,040
	93,452	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		67,733

See notes to the schedule of portfolio investments.

-12-

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	4,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34*	$	4,048
	109,161	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35*		56,777
	832	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21*		786
	182,913	Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 4/25/58*(a)(b)		184,271
	124	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		129
	1,000,000	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)		1,010,671
	526,043	Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.00%, 9/25/48*(a)(b)		531,484
	2,385	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33*(b)		2,448
	889,722	GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A, 3.75%, 10/25/57*(a)		925,406
	914,929	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(a)(b)		919,577
	383,712	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(a)(b)		388,644
	27,769	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 4.28%, 4/25/36*(b)		25,502
	29,157	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34*		29,492
	34,392	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		36,644
	9,421	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33*		9,675
	776,439	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(a)(b)		784,065
	792,999	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48(a)(b)		802,200
	140,788	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32*		142,331
	808,304	Sequoia Mortgage Trust, Series 2017-7, Class A4, 3.50%, 10/25/47*(a)(b)		823,643
	803,984	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(a)(b)		806,563
	790,879	Sequoia Mortgage Trust, Series 2018-3, Class A4, 3.50%, 3/25/48*(a)(b)		804,503
	350,470	Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48*(a)(b)		353,920
	565,180	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(a)(b)		570,970
	37,889	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36*		10,062
	273,090	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35*		272,186

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	8,954	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34*	$	9,618
	70,108	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		75,010
	822,953	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45*(a)(b)		838,159
				10,746,487
Subprime Mortgage Backed Securities (2.0%)
	488,292	Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/59*(a)(b)		491,180
	650,101	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(a)(b)		655,361
	283,398	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)		286,399
	654,853	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		665,086
				2,098,026
U.S. Government Agency Mortgage Backed Securities (19.3%)
	237,834	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		236,756
	220,669	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		221,443
	396,466	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		392,744
	736,709	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		732,214
	735,007	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41		729,676
	426,980	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		423,913
	315,090	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		312,138
	393,174	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		394,036
	201,519	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		201,636
	165,469	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		165,781
	228,275	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		229,820
	384,804	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		388,499
	48,961	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		49,528
	186,633	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		188,096
	980,279	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		1,016,591
	660,152	Fannie Mae, Series 2016-10, Class BA, 3.00%, 3/25/46(b)		680,691
	153,968	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		158,058
	16,113	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		16,164

See notes to the schedule of portfolio investments.

-13-

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	754,979	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43	$	772,364
	187,568	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		189,487
	634,436	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		654,796
	818,465	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		893,107
	932,890	Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(b)		1,031,237
	53,901	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		56,209
	12,474	Fannie Mae, 4.97% (H15T1Y + 231 bps), 12/1/27, Pool #422279		12,783
	390	Fannie Mae, 5.00%, 8/1/33, Pool #730856		426
	187	Fannie Mae, 5.00%, 7/1/35, Pool #832198		207
	256	Fannie Mae, 5.50%, 2/1/33, Pool #683351		284
	152	Fannie Mae, 5.50%, 9/1/34, Pool #725773		171
	2,362	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		2,598
	1,000	Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24		1,072
	5,827	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		6,146
	2,162	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		2,262
	38,356	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 4.34%, 8/25/42*(b)		39,520
	18,567	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32*(b)		19,994
	132,629	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		133,686
	259,636	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		261,861
	148,146	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40		149,370
	232,421	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		230,941
	946,852	Freddie Mac, Series 4031, Class PA, 2.00%, 3/15/42		931,651
	889,514	Freddie Mac, Series 4137, Class GA, 2.00%, 2/15/42		881,894
	195,620	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		193,556
	1,000,000	Freddie Mac, 2.00%, 11/27/24*(b)		998,357
	813,368	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		819,435
	234,940	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41*		239,528
	874,222	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		883,903
	502,917	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		507,616
	263,978	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		273,446
	286,474	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		293,147
	511,985	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		527,287

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	203,786	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40	$	213,633
	71,552	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		74,380
	4,890	Freddie Mac, 4.62% (H15T1Y + 213 bps), 4/1/24, Pool #409624		4,940
	1,436	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		1,510
	222	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		245
	1,942	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		2,142
	1,140	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		1,322
	13,395	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		14,833
	534	Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31		577
	2,049	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		2,145
	172,945	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		168,406
	557,177	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		577,171
	204,015	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		210,545
	989,707	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		1,017,444
	35,876	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		37,331
	2,480	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		2,582
	10,251	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		11,233
	4,122	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		4,357
	233	Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511		233
				19,891,154
Total Mortgage Backed Securities				35,259,274
Corporate Bonds (19.8%)
Banks (3.9%)
	1,320,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		1,372,059
	1,315,000	BB&T Corp., 2.15%, 2/1/21, Callable 1/1/21 @ 100 *		1,316,610
	1,300,000	Wells Fargo & Co., 3.00%, 10/23/26		1,336,498
				4,025,167
Beverages (0.8%)
	745,000	Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *		812,955
Capital Markets (1.5%)
	1,300,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		1,356,700
	200,000	Intercontinental Exchange, Inc., 3.10%, 9/15/27, Callable 6/15/27 @ 100 *		209,214
				1,565,914

See notes to the schedule of portfolio investments.

-14-

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Diversified Financial Services (1.4%)
$	600,000	BP Capital Markets America, Inc., 2.75%, 5/10/23	$	612,545
	850,000	Korea Development Bank, 2.75%, 3/19/23		867,009
				1,479,554
Diversified Telecommunication Services (1.7%)
	1,250,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 *		1,486,997
	107,000	Qwest Corp., 6.88%, 9/15/33, Callable 1/9/20 @ 100 *		107,410
	118,000	Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 1/9/20 @ 100 *		118,738
				1,713,145
Electric Utilities (1.0%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		1,037,217
Equity Real Estate Investment Trusts (0.3%)
	337,570	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		346,275
Food Products (2.3%)
	1,025,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		1,086,809
	1,150,000	Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 *		1,306,089
				2,392,898
Health Care Providers & Services (1.0%)
	995,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *		992,716
Hotels, Restaurants & Leisure (0.4%)
	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22		373,928
Industrial Conglomerates (1.1%)
	1,120,000	General Electric Co., 3.10%, 1/9/23		1,146,053
Insurance (1.1%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,118,979
IT Services (1.0%)
	1,000,000	International Business Machines Corp., 3.50%, 5/15/29		1,078,202
Multiline Retail (0.9%)
	1,010,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 *		997,647
Technology Hardware, Storage & Peripherals (1.4%)
	1,300,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		1,379,161
Total Corporate Bonds				20,459,811
Taxable Municipal Bonds (8.9%)
Georgia (2.1%)
	1,955,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		2,107,978
Kentucky (0.7%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		755,685

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Missouri (0.2%)
$	235,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds Revenue, 7.50%, 10/1/39, Continuously Callable @100	$	235,837
New York (1.3%)
	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @100		1,321,375
Oklahoma (2.2%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		542,615
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,773,667
				2,316,282
Pennsylvania (1.2%)
	1,110,000	City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM		1,269,596
Utah (1.2%)
	1,175,000	Central Utah Water Conservancy District Taxable Water Conservancy Revenue, Build America Bonds, GO, 5.70%, 10/1/40, Continuously Callable @100		1,189,570
Total Taxable Municipal Bonds				9,196,323
U.S. Government Agency Securities (1.9%)
Federal Farm Credit Bank
	1,000,000	2.25%, 11/26/24, Callable 12/16/19 @ 100 *		989,795
	1,000,000	2.34%, 5/27/25, Callable 12/16/19 @ 100 *		999,353
				1,989,148
Total U.S. Government Agency Securities				1,989,148
U.S. Treasury Obligations (29.3%)
U.S. Treasury Bonds
	11,945,000	2.25%, 8/15/46		12,033,654
U.S. Treasury Inflation Indexed Notes
	4,144,652	0.38%, 7/15/25		4,198,757
U.S. Treasury Notes
	7,406,000	1.38%, 10/15/22		7,357,398
	2,602,000	2.25%, 2/29/20		2,605,253
	4,003,000	2.25%, 2/15/27		4,144,200
				14,106,851
Total U.S. Treasury Obligations				30,339,262
Investment in Affiliates (1.8%)
	1,832,016	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(c)		1,832,016
Total Investment in Affiliates				1,832,016
Total Investments (Cost $100,140,063) - 99.7%				103,091,392
Other assets in excess of liabilities — 0.3%				285,439
Net Assets - 100.0%			$	103,376,831

See notes to the schedule of portfolio investments.

-15-

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2019.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
US0003M	3 Month US Dollar LIBOR

See notes to the schedule of portfolio investments.

-16-

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (6.0%)
$	36,549	Bayview Financial Mortgage Pass, Series 2005-D, Class AF4, 5.50%, 12/28/35*(a)	$	36,599
	52,420	Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57*(a)(b)		52,945
	42,297	Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32*		43,020
	72,641	Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35*(a)		72,602
	15,409	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35*(a)		15,557
	112,806	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF4, 5.21%, 3/25/34*(a)		113,770
	50,000	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.29%, 11/25/34*(a)		51,068
	39,543	Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.69%, 12/25/34*(a)		40,738
	49,423	Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34*(a)		51,256
	149,272	Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34*(a)		152,346
Total Asset Backed Securities				629,901
Mortgage Backed Securities† (43.0%)
Alt-A - Fixed Rate Mortgage Backed Securities (10.5%)
	31,208	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34*(a)		31,697
	26,935	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34*		28,098
	30,224	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34*		31,468
	144,047	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33*		149,535
	58,362	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34*		59,899
	49,248	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		50,354
	21,410	MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34*		22,303
	146,496	MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34*		153,572
	164,573	MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33*		176,111
	57,832	MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34*		60,729
	218,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33*		222,437
	96,000	Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33*		97,100

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	27,723	Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.14%, 2/25/34*(a)	$	28,748
				1,112,051
Prime Adjustable Rate Mortgage Backed Securities (3.2%)
	75,705	Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 4.02%, 8/25/34*(a)		76,560
	136,776	Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 4.86%, 8/25/33*(a)		140,629
	67,186	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 4.21%, 9/25/34*(a)		68,597
	47,511	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 4.37%, 7/25/34*(a)		48,016
				333,802
Prime Fixed Mortgage Backed Securities (20.3%)
	183,307	Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34*		189,855
	24,570	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34*		26,212
	12,168	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36*		12,273
	14,380	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36*		14,759
	118,000	Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35*		120,370
	49,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34*		49,703
	111,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34*		114,845
	117,000	Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35*		119,467
	196,253	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34*		199,704
	64,000	Countrywide Home Loans Mortgage Pass, Series 2004-9, Class A5, 5.25%, 6/25/34*		65,327
	84,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34*		85,000
	56,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A7, 5.75%, 7/25/34*		56,883
	147,045	Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43*(a)(b)		138,655
	97,909	Credit Suisse Mortgage Trust, Series 2015-3, Class A9, 3.50%, 3/25/45*(a)(b)		99,841
	82,878	Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47*(a)(b)		84,202
	58,571	GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34*		60,863
	177,971	GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34*		180,055
	84,362	JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47*(a)(b)		84,850

See notes to the schedule of portfolio investments.

-17-

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	56,461	JPMorgan Mortgage Trust, Series 2017-1, Class A5, 3.50%, 1/25/47*(a)(b)	$	57,126
	122,434	Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43*(a)		117,698
	44,220	Sequoia Mortgage Trust, Series 2017-1, Class A4, 3.50%, 2/25/47*(a)(b)		44,983
	121,870	Verus Securitization Trust, Series 2018-INV2, Class A1FX, 4.15%, 10/25/58*(a)(b)		124,131
	104,000	WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33*		107,277
				2,154,079
U.S. Government Agency Mortgage Backed Securities (9.0%)
	143,247	Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41		143,807
	120,734	Fannie Mae, Series 2003-W14, Class 2A, 4.53%, 1/25/43*(a)		126,241
	224,819	Fannie Mae, Series 2003-W13, Class AF5, 4.70%, 10/25/33*(a)		237,717
	166,470	Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34*		185,274
	86,827	Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41		87,677
	168,244	Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46*		173,203
				953,919
Total Mortgage Backed Securities				4,553,851
Corporate Bonds (4.1%)
Tobacco (4.1%)
	180,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100 *		216,857

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Tobacco, continued:
$	156,000	Philip Morris International, Inc., 6.38%, 5/16/38	$	217,369
				434,226
Total Corporate Bonds				434,226
U.S. Government Agency Securities (8.3%)
Federal Farm Credit Bank
	210,000	2.23%, 10/15/26, Callable 10/15/20 @ 100 *		207,972
	225,000	2.50%, 10/9/29, Callable 10/9/20 @ 100 *		224,760
	250,000	2.87%, 11/4/32, Callable 2/4/20 @ 100 *		247,945
				680,677
Federal Home Loan Bank
	200,000	2.75%, 10/24/30, Callable 4/24/20 @ 100 *		199,536
Total U.S. Government Agency Securities				880,213
U.S. Treasury Obligations (31.4%)
U.S. Treasury Bonds
	1,070,000	3.00%, 8/15/48		1,250,228
U.S. Treasury Notes
	1,035,000	1.75%, 7/31/24		1,040,498
	944,000	2.88%, 8/15/28		1,028,407
				2,068,905
Total U.S. Treasury Obligations				3,319,133
Investment in Affiliates (6.6%)
	698,630	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(c)		698,630
Total Investment in Affiliates				698,630
Total Investments (Cost $10,352,028)(d) - 99.4%				10,515,954
Other assets in excess of liabilities — 0.6%				64,723
Net Assets - 100.0%			$	10,580,677

(a)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2019.
(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 November 30, 2019.
*	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.

See notes to the schedule of portfolio investments.

-18-

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds (103.2%)
Alaska (3.4%)
$	800,000	Valdez Alaska Marine Terminal Revenue, Series C, 1.14%, 12/1/29, Continuously Callable @100, Insured by: GTY(a)	$	800,000
Arkansas (0.6%)
	140,000	Russellville School District No 14, GO, 2.00%, 2/1/20, State Aid Withholding		140,165
Colorado (2.6%)
	630,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 1.11%, 11/1/40, Continuously Callable @100, Barclays Bank(a)		630,000
Connecticut (3.9%)
	700,000	State of Connecticut Special Tax Revenue, Series A, 5.00%, 9/1/20		719,698
	225,000	State of Connecticut, GO, Series F, 5.00%, 11/15/20		233,226
				952,924
Florida (4.0%)
	550,000	Palm Beach County Revenue, 1.14%, 7/1/32, Callable 1/2/20 @ 100, Northern Trust Co*(a)		550,000
	400,000	School Board of Miami-Dade County Revenue, 2.00%, 2/27/20		400,812
				950,812
Georgia (2.1%)
	500,000	Georgia Private Colleges & Universities Authority Revenue, Series B-3, 1.05%, 9/1/35, Continuously Callable @100(a)		500,000
Illinois (12.4%)
	105,000	Adams County School District No 172, GO, 4.00%, 2/1/20, BAM		105,396
	700,000	Channahon Illinois, Morris Hospital Revenue, 1.13%, 12/1/34, Continuously Callable @100, U.S. Bank NA(a)		700,000
	235,000	Cook County School District No 130 Blue Island, GO, 5.00%, 12/1/19, AGC		235,022
	300,000	Cook County School District No 148 Dolton, GO, 5.00%, 12/1/19		300,024
	250,000	Hancock County Community Consolidated School District No 328 Hamilton, GO, 3.00%, 12/1/19		250,010
	700,000	Illinois State Finance Authority Revenue, Series C, 1.09%, 2/15/33, Continuously Callable @100, LOC(a)		700,000
	250,000	Knox & Warren Counties Community Unit School District No 205 Galesburg, GO, Series A, 4.00%, 12/1/20		256,798
	170,000	Sycamore Park District, GO, Series A, 2.00%, 12/15/20, BAM		171,025
	200,000	Village of Morton Grove Illinois, GO, 5.00%, 12/15/20		207,276
				2,925,551
Indiana (1.8%)
	415,000	Lafayette School Corp., GO, 4.00%, 7/15/20, ST INTERCEPT		420,860

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Kansas (4.0%)
$	440,000	City of Wichita Kansas, GO, Series 824, 4.50%, 6/1/20	$	447,379
	500,000	Riley County Unified School District No 383 Manhattan-Ogden, GO, 3.00%, 9/1/20		505,375
				952,754
Kentucky (0.7%)
	160,000	Trigg County School District Finance Corp. Revenue, 2.25%, 11/1/20, ST INTERCEPT		161,240
Louisiana (2.0%)
	485,000	Louisiana Public Facilities Authority Revenue, Series B-3, 1.10%, 7/1/47, Continuously Callable @100, BNY(a)		485,000
Michigan (2.1%)
	500,000	Bishop International Airport Authority, GO, 3.13%, 12/1/19		500,023
Minnesota (4.0%)
	230,000	City of Jordan Minnesota, GO, Series B, 2.00%, 2/1/20		230,278
	735,000	Clearbrook-Gonvick Independent School District No 2311, GO, Series A, 2.00%, 2/1/20, SD CRED PROG		735,933
				966,211
Missouri (3.3%)
	800,000	Missouri Public Utilities Commission Revenue, 1.50%, 3/1/21, Continuously Callable @100		800,703
New Jersey (2.3%)
	539,000	Township of Freehold New Jersey, GO, 1.50%, 10/15/20		539,323
Ohio (15.7%)
	499,000	American Municipal Power, Inc. Revenue, 2.25%, 8/13/20		501,580
	500,000	City of Akron Ohio Income Tax Revenue, 3.50%, 12/10/19		500,292
	500,000	City of Parma Heights Ohio, GO, 2.50%, 4/9/20		502,205
	700,000	City of Vandalia Ohio, GO, 2.13%, 9/2/20		704,235
	500,000	City of Whitehall Ohio Revenue, 3.50%, 12/11/19		500,242
	200,000	County of Belmont Ohio, GO, 3.00%, 1/29/20		200,521
	300,000	County of Lake Ohio, GO, 2.25%, 4/4/20		300,957
	500,000	Shelby City School District Revenue, 4.00%, 11/1/20		512,460
				3,722,492
Oklahoma (0.5%)
	115,000	Cleveland County Educational Facilities Authority Revenue, 4.00%, 9/1/20		117,300
Pennsylvania (4.2%)
	1,000,000	Philadelphia Pennsylvania, GO, Series B, 1.11%, 8/1/31, Continuously Callable @100, Barclays Bank(a)		1,000,000
South Dakota (0.4%)
	100,000	Custer School District 16-1, GO, 3.00%, 8/1/20, State Aid Withholding		101,168
Tennessee (3.0%)
	300,000	Clarksville Tennessee Public Building Authority Revenue, 1.18%, 1/1/33, Callable 1/1/20 @ 100, BAM*(a)		300,000

See notes to the schedule of portfolio investments.

-19-

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Tennessee, continued:
$	400,000	Montgomery Country Public Building Authority Revenue, 1.18%, 2/1/36, Callable 1/1/20 @ 100, Bank of America*(a)	$	400,000
				700,000
Texas (20.4%)
	870,000	Austin Texas Hotel Occupancy Tax Revenue, 1.14%, 11/15/29, Continuously Callable @100, JPM(a)		870,000
	375,000	Cibolo Canyons Special Improvement District, GO, Series A, 5.00%, 8/15/20, AGM		384,071
	185,000	City of Diboll Texas, GO, 5.00%, 2/15/20, BAM		186,343
	450,000	City of Houston Texas Airport System Revenue, 1.13%, 7/1/30, Continuously Callable @100, Barclays Bank(a)		450,000
	230,000	Crosby Municipal Utility District, GO, 2.00%, 8/15/20, BAM		230,828
	570,000	El Paso Downtown Development Corp. Revenue, 4.00%, 8/15/20		580,277
	215,000	Fort Bend County Municipal Utility District No 134D, GO, 4.00%, 9/1/20, AGM		219,057
	185,000	Galveston County Municipal Utility District No 14, GO, 1.75%, 10/1/20, BAM		185,607
	285,000	Montgomery County Municipal Utility District No 18, 2.00%, 3/1/20		285,487
	125,000	Paseo del Este Municipal Utility District No 10, 4.00%, 8/15/20, Capital Markets Assurance Corp.		127,280
	100,000	Remington Municipal Utility District No 1, 3.00%, 9/1/20, AGM		101,224
	185,000	Reunion Ranch Water Control & Improvement District, GO, 2.00%, 8/15/20, AGM		185,623

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Texas, continued:
$	420,000	State of Texas Revenue, 4.00%, 8/27/20	$	428,744
	240,000	Sunfield Municipal Utility District No 1, GO, 4.00%, 9/1/20, AGM		244,476
	275,000	Travis County Municipal Utility District No 18, GO, 2.00%, 9/1/20, BAM		276,216
	100,000	Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 3.00%, 2/1/20		100,297
				4,855,530
Wisconsin (6.4%)
	135,000	City of Onalaska Wisconsin, GO, 3.00%, 10/1/20		136,983
	675,000	County of Green Wisconsin, GO, Series A, 3.00%, 12/1/20		686,705
	100,000	Village of Osceola Wisconsin, GO, 3.00%, 6/1/20, AGM		100,880
	150,000	Western Technical College District, GO, Series C, 3.00%, 4/1/20		150,845
	460,000	Wisconsin Health & Educational Facilities Authority Revenue, 1.15%, 3/1/36, Callable 1/2/20 @ 100, JPM*(a)		460,000
				1,535,413
Wyoming (3.4%)
	800,000	County of Lincoln Wyoming Revenue, 1.14%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a)		800,000
Total Municipal Bonds				24,557,469
Investment in Affiliates (2.3%)
	542,836	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(b)		542,836
Total Investment in Affiliates				542,836
Total Investments (Cost $25,086,423) - 105.5%				25,100,305
Liabilities in excess of other assets — (5.5)%				(1,298,111	)
Net Assets - 100.0%			$	23,802,194

(a)	Interest rate is determined by the Remarketing Agent.  The rate presented is the rate in effect at November 30, 2019.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Company
BNY	Bank of New York Mellon
GO	General Obligation
GTY	Guarantor Agreement
JPM	J.P. Morgan Chase Bank
LOC	Letter of Credit

See notes to the schedule of portfolio investments.

-20-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (48.0%)
Aerospace & Defense (1.4%)
	201	BWX Technologies, Inc.	$	12,086
	382	General Dynamics Corp.		69,425
	46	HEICO Corp.		5,975
	163	HEICO Corp., Class A		16,372
	725	L3Harris Technologies, Inc.		145,789
	303	Lockheed Martin Corp.		118,482
	131	Northrop Grumman Corp.		46,082
	310	Raytheon Co.		67,400
	512	Spirit AeroSystems Holdings, Inc., Class A		44,539
	18	Teledyne Technologies, Inc.(a)		6,156
	272	The Boeing Co.		99,601
	132	United Technologies Corp.		19,581
	117	Vectrus, Inc.(a)		5,960
				657,448
Air Freight & Logistics (0.1%)
	640	Expeditors International of Washington, Inc.		47,846
Airlines (0.2%)
	701	Delta Air Lines, Inc.		40,174
	779	JetBlue Airways Corp.(a)		15,011
	142	Southwest Airlines Co.		8,185
	181	United Airlines Holdings, Inc.(a)		16,797
				80,167
Auto Components (0.1%)
	1,228	Gentex Corp.		34,875
	188	Lear Corp.		22,618
				57,493
Banks (3.1%)
	5,675	Bank of America Corp.		189,091
	236	BankUnited, Inc.		8,274
	1,871	BB&T Corp.		102,381
	246	Citigroup, Inc.		18,480
	181	Comerica, Inc.		12,744
	725	Commerce Bancshares, Inc.		48,597
	402	Cullen/Frost Bankers, Inc.		37,611
	441	East West Bancorp, Inc.		20,207
	64	First Citizens Bancshares, Inc.		33,267
	660	First Horizon National Corp.		10,613
	78	First Republic Bank		8,572
	868	HSBC Holdings PLC ADR		32,342
	3,607	JPMorgan Chase & Co.		475,257
	55	M&T Bank Corp.		9,061
	165	PacWest Bancorp		6,145
	1,056	People’s United Financial, Inc.		17,424
	95	Preferred Bank/Los Angeles CA		5,239
	131	SunTrust Banks, Inc.		9,280
	139	SVB Financial Group(a)		32,210
	432	The PNC Financial Services Group, Inc.		66,187
	2,635	U.S. Bancorp		158,179
	2,015	Umpqua Holdings Corp.		32,986
	2,413	Wells Fargo & Co.		131,412
	475	Western Alliance Bancorp		24,776
				1,490,335
Beverages (0.8%)
	180	Monster Beverage Corp.(a)		10,768
	1,751	PepsiCo, Inc.		237,838
	11	The Boston Beer Co, Inc., Class A(a)		4,228
	2,563	The Coca-Cola Co.		136,864
				389,698

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Biotechnology (1.1%)
	696	AbbVie, Inc.	$	61,060
	296	Alkermes PLC(a)		6,222
	549	Amgen, Inc.		128,861
	84	BioSpecifics Technologies Corp.(a)		4,620
	84	Eagle Pharmaceuticals, Inc.(a)		4,912
	2,578	Exelixis, Inc.(a)		42,872
	1,908	Gilead Sciences, Inc.		128,294
	257	Ionis Pharmaceuticals, Inc.(a)		16,438
	1,002	Moderna, Inc.(a)		20,401
	38	Regeneron Pharmaceuticals, Inc.(a)		14,022
	413	Vertex Pharmaceuticals, Inc.(a)		91,583
				519,285
Building Products (0.3%)
	393	Allegion PLC		47,172
	92	Armstrong World Industries, Inc.		8,834
	242	Builders FirstSource, Inc.(a)		6,149
	70	CSW Industrials, Inc.		5,168
	158	Lennox International, Inc.		40,425
	129	Patrick Industries, Inc.(a)		6,388
	74	Simpson Manufacturing Co, Inc.		6,009
	55	Trex Co, Inc.(a)		4,733
				124,878
Capital Markets (1.5%)
	308	Ameriprise Financial, Inc.		50,472
	117	BlackRock, Inc.		57,904
	705	CME Group, Inc.		142,926
	87	Cohen & Steers, Inc.		5,840
	208	Eaton Vance Corp.		9,811
	42	FactSet Research Systems, Inc.		10,905
	263	GAMCO Investors, Inc., Class A		4,729
	261	Intercontinental Exchange, Inc.		24,578
	570	LPL Financial Holdings, Inc.		52,640
	63	Moody’s Corp.		14,280
	188	Morgan Stanley		9,302
	79	Morningstar, Inc.		12,411
	432	MSCI, Inc., Class A		111,971
	520	Nasdaq, Inc.		54,496
	91	Northern Trust Corp.		9,759
	265	S&P Global, Inc.		70,133
	138	SEI Investments Co.		8,905
	88	Stifel Financial Corp.		5,502
	108	T. Rowe Price Group, Inc.		13,344
	389	The Bank of New York Mellon Corp.		19,049
	560	The Charles Schwab Corp.		27,720
	55	The Goldman Sachs Group, Inc.		12,174
	168	Westwood Holdings Group, Inc.		5,184
				734,035
Chemicals (0.7%)
	370	Advanced Emissions Solutions, Inc.		3,763
	211	AdvanSix, Inc.(a)		4,269
	206	Air Products & Chemicals, Inc.		48,684
	762	Axalta Coating Systems, Ltd.(a)		21,694
	1,020	CF Industries Holdings, Inc.		47,134
	47	Chase Corp.		5,530
	13	Corteva, Inc.		338
	460	Dow, Inc.		24,550
	340	Ecolab, Inc.		63,468
	62	Ingevity Corp.(a)		5,599
	53	International Flavors & Fragrances, Inc.		7,485
	406	LyondellBasell Industries NV, Class A		37,571
	30	Quaker Chemical Corp.		4,477
	129	RPM International, Inc.		9,511

See notes to the schedule of portfolio investments.

-21-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Chemicals, continued:
	28	The Sherwin-Williams Co.	$	16,328
	135	Trinseo SA		5,129
	315	Westlake Chemical Corp.		21,634
				327,164
Commercial Services & Supplies (0.6%)
	397	Cintas Corp.		102,053
	5,978	Covanta Holding Corp.		87,936
	303	IAA, Inc.(a)		13,735
	268	Kimball International, Inc., Class B		5,730
	572	Waste Management, Inc.		64,585
				274,039
Communications Equipment (0.6%)
	441	Arista Networks, Inc.(a)		86,052
	3,052	Cisco Systems, Inc.		138,286
	208	Palo Alto Networks, Inc.(a)		47,262
				271,600
Construction & Engineering (0.0%)
	339	AECOM Technology Corp.(a)		14,688
	422	Sterling Construction Co, Inc.(a)		6,149
				20,837
Consumer Finance (0.2%)
	321	American Express Co.		38,558
	54	Credit Acceptance Corp.(a)		23,245
	149	Discover Financial Services		12,646
	196	Enova International, Inc.(a)		4,514
	651	Santander Consumer USA Holdings, Inc.		15,331
	320	Synchrony Financial		11,971
	34	World Acceptance Corp.(a)		3,230
				109,495
Containers & Packaging (0.3%)
	257	AptarGroup, Inc.		28,815
	1,166	Berry Global Group, Inc.(a)		54,440
	474	Packaging Corp. of America		53,041
	127	Sonoco Products Co.		7,687
	116	UFP Technologies, Inc.(a)		5,377
				149,360
Distributors (0.1%)
	144	Core-Mark Holding Co, Inc.		3,881
	166	Genuine Parts Co.		17,325
	94	Pool Corp.		19,407
				40,613
Diversified Consumer Services (0.2%)
	241	Bright Horizons Family Solutions, Inc.(a)		36,276
	17	Graham Holdings Co., Class B		10,737
	176	K12, Inc.(a)		3,458
	688	ServiceMaster Global Holdings, Inc.(a)		26,963
				77,434
Diversified Financial Services (0.5%)
	757	Berkshire Hathaway, Inc., Class B(a)		166,767
	350	Jefferies Financial Group, Inc.		7,315
	784	Voya Financial, Inc.		45,692
				219,774
Diversified Telecommunication Services (0.5%)
	3,585	AT&T, Inc.		134,007
	1,812	Verizon Communications, Inc.		109,155
				243,162
Electric Utilities (0.7%)
	245	Alliant Energy Corp.		12,985
	140	Eversource Energy		11,570
	697	Exelon Corp.		30,947
	361	NextEra Energy, Inc.		84,409

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Electric Utilities, continued:
	1,641	OGE Energy Corp.	$	69,020
	656	Pinnacle West Capital Corp.		57,328
	83	Portland General Electric Co.		4,607
	2,125	PPL Corp.		72,314
	495	Spark Energy, Inc., Class A		5,460
				348,640
Electrical Equipment (0.4%)
	106	AMETEK, Inc.		10,495
	1,378	Emerson Electric Co.		101,779
	2,351	nVent Electric PLC		58,093
	147	Regal-Beloit Corp.		12,014
				182,381
Electronic Equipment, Instruments & Components (0.8%)
	513	Amphenol Corp., Class A		53,352
	1,117	CDW Corp.		150,851
	3,249	Corning, Inc.		94,351
	97	Insight Enterprises, Inc.(a)		6,362
	374	Keysight Technologies, Inc.(a)		40,029
	50	Tech Data Corp.(a)		7,245
	1,160	Trimble Inc.(a)		47,015
				399,205
Energy Equipment & Services (0.2%)
	300	Apergy Corp.(a)		7,662
	184	Cactus, Inc., Class A		5,555
	1,890	Helmerich & Payne, Inc.		74,711
	789	Liberty Oilfield Services, Inc., Class A		6,975
				94,903
Entertainment (0.9%)
	239	Cinemark Holdings, Inc.		8,095
	178	Netflix, Inc.(a)		56,009
	760	Take-Two Interactive Software(a)		92,226
	1,814	The Walt Disney Co.		274,967
				431,297
Equity Real Estate Investment Trusts (2.6%)
	1,246	American Homes 4 Rent, Class A		33,281
	204	American Tower Corp.		43,662
	634	Apartment Investment & Management Co.		34,090
	61	AvalonBay Communities, Inc.		13,079
	742	Brixmor Property Group, Inc.		16,279
	3	Brookfield Property REIT, Inc., Class A		57
	1,825	Caretrust REIT, Inc.		38,106
	936	Columbia Property Trust, Inc.		19,431
	58	CoreSite Realty Corp.		6,577
	740	Crown Castle International Corp.		98,909
	1,692	CubeSmart		52,181
	838	Digital Reality Trust, Inc.		101,357
	443	Douglas Emmett, Inc.		19,523
	1,843	Duke Realty Corp.		64,837
	1,147	Empire State Realty Trust, Inc.		16,012
	517	Equity Commonwealth		16,983
	584	Equity LifeStyle Properties, Inc.		43,263
	681	Equity Residential		57,953
	30	Essex Property Trust, Inc.		9,365
	682	Extra Space Storage, Inc.		72,326
	2,952	Host Hotels & Resorts, Inc.		51,630
	688	JBG SMITH Properties		27,437
	1,193	Lamar Advertising Co.		99,533
	452	Lexington Realty Trust		5,008
	60	Mid-America Apartment Communities, Inc.		8,167
	3,044	Park Hotels & Resorts, Inc.		71,991

See notes to the schedule of portfolio investments.

-22-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Equity Real Estate Investment Trusts, continued:
	597	Prologis, Inc.	$	54,655
	26	PS Business Parks, Inc.		4,591
	359	Public Storage		75,634
	129	Realty Income Corp.		9,885
	290	RLJ Lodging Trust		4,956
	59	Ryman Hospitality Properties, Inc.		5,265
	26	SBA Communications Corp.		6,148
	144	Simon Property Group, Inc.		21,774
	138	SL Green Realty Corp.		11,776
	275	The GEO Group, Inc.		3,812
	513	Vici Properties, Inc.		12,686
	283	Weingarten Realty Investors		9,011
	71	Welltower, Inc.		6,004
	234	Xenia Hotels & Resorts, Inc.		4,928
				1,252,162
Food & Staples Retailing (0.6%)
	275	Costco Wholesale Corp.		82,447
	122	Ingles Markets, Inc., Class A		5,422
	429	SpartanNash Co.		6,075
	223	Sysco Corp.		17,963
	605	US Foods Holding Corp.(a)		24,061
	148	Walgreens Boots Alliance, Inc.		8,821
	1,312	Wal-Mart Stores, Inc.		156,245
				301,034
Food Products (0.8%)
	278	General Mills, Inc.		14,823
	1,302	Hormel Foods Corp.		57,978
	51	John B Sanfilippo & Son, Inc.		4,985
	526	Kellogg Co.		34,253
	33	Lancaster Colony Corp.		5,215
	57	McCormick & Co.		9,647
	2,731	Mondelez International, Inc., Class A		143,487
	68	The Hershey Co.		10,075
	1,361	Tyson Foods, Inc., Class A		122,340
				402,803
Gas Utilities (0.2%)
	98	Atmos Energy Corp.		10,482
	50	Chesapeake Utilities Corp.		4,557
	104	New Jersey Resources Corp.		4,424
	51	ONE Gas, Inc.		4,532
	1,180	UGI Corp.		51,390
				75,385
Health Care Equipment & Supplies (1.7%)
	1,097	Abbott Laboratories		93,739
	39	ABIOMED, Inc.(a)		7,651
	116	Align Technology, Inc.(a)		32,171
	1,232	Baxter International, Inc.		100,986
	264	Becton, Dickinson & Co.		68,244
	141	Boston Scientific Corp.(a)		6,098
	533	Danaher Corp.		77,807
	367	Edwards Lifesciences Corp.(a)		89,893
	600	Hill-Rom Holdings, Inc.		64,326
	1,005	Hologic, Inc.(a)		51,577
	1	IDEXX Laboratories, Inc.(a)		252
	45	Intuitive Surgical, Inc.(a)		26,681
	617	Medtronic PLC		68,728
	66	ResMed, Inc.		9,874
	61	STERIS PLC		9,220
	363	Stryker Corp.		74,364
	145	Teleflex, Inc.		51,234
	21	The Cooper Cos., Inc.		6,575
				839,420

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Health Care Providers & Services (0.8%)
	72	Amedisys, Inc.(a)	$	11,733
	181	Anthem, Inc.		52,247
	94	Chemed Corp.		40,422
	571	Covetrus, Inc.(a)		8,171
	42	HCA Healthcare, Inc.		5,824
	130	Henry Schein, Inc.(a)		8,957
	39	LHC Group, Inc.(a)		5,203
	184	Molina Healthcare, Inc.(a)		24,932
	73	National Research Corp.		4,709
	47	Pennant Group, Inc.(a)		1,101
	197	Premier, Inc., Class A(a)		7,001
	90	Quest Diagnostics, Inc.		9,590
	331	RadNet, Inc.(a)		6,342
	292	Select Medical Holdings Corp.(a)		6,456
	94	The Ensign Group, Inc.		4,082
	718	UnitedHealth Group, Inc.		200,947
	43	Universal Health Services, Inc., Class B		5,998
				403,715
Health Care Technology (0.1%)
	365	Veeva Systems, Inc.(a)		54,451
Hotels, Restaurants & Leisure (1.4%)
	281	Bloomin’ Brands, Inc.		6,758
	299	Carnival Corp.		13,479
	775	Darden Restaurants, Inc.		91,791
	391	Dunkin’ Brands Group, Inc.		29,931
	990	Hilton Worldwide Holdings, Inc.		103,950
	107	Hyatt Hotels Corp., Class A		8,646
	120	Marriott International, Inc., Class A		16,843
	414	McDonald’s Corp.		80,515
	1,207	Six Flags Entertainment Corp.		52,480
	2,263	Starbucks Corp.		193,327
	2,497	Wendy’s Co. (The)		53,536
	259	Yum! Brands, Inc.		26,074
				677,330
Household Durables (0.1%)
	503	Garmin, Ltd.		49,138
Household Products (1.0%)
	177	Central Garden & Pet Co.(a)		4,669
	502	Church & Dwight Co., Inc.		35,260
	949	Colgate-Palmolive Co.		64,361
	160	Kimberly-Clark Corp.		21,814
	893	The Clorox Co.		132,369
	1,812	The Procter & Gamble Co.		221,174
				479,647
Independent Power and Renewable Electricity Producers (0.0%)
	869	AES Corp.		16,433
Industrial Conglomerates (0.7%)
	1,026	3M Co.		174,184
	61	Carlisle Cos., Inc.		9,515
	582	Honeywell International, Inc.		103,916
	85	Roper Technologies, Inc.		30,631
				318,246
Insurance (1.6%)
	345	Aflac, Inc.		18,920
	192	AON PLC		39,093
	86	Arthur J. Gallagher & Co.		8,021
	744	Assured Guaranty, Ltd.		36,940
	191	Athene Holdings, Ltd.(a)		8,599
	1,014	Brighthouse Financial, Inc.(a)		41,736
	213	Chubb, Ltd.		32,265
	223	Cincinnati Financial Corp.		23,872
	171	Erie Indemnity Co., Class A		28,950

See notes to the schedule of portfolio investments.

-23-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Insurance, continued:
	1,324	FNF Group	$	63,062
	332	Lincoln National Corp.		19,605
	327	Marsh & McLennan Cos., Inc.		35,339
	199	National General Holdings Corp.		4,237
	197	Principal Financial Group, Inc.		10,855
	456	Prudential Financial, Inc.		42,691
	692	The Allstate Corp.		77,054
	148	The Hanover Insurance Group, Inc.		20,118
	435	The Hartford Financial Services Group, Inc.		26,909
	1,042	The Progressive Corp.		76,118
	355	Travelers Companies, Inc.		48,536
	194	Universal Insurance Holdings, Inc.		5,645
	1,553	Unum Group		47,739
	55	Willis Towers Watson PLC		10,804
				727,108
Interactive Media & Services (1.3%)
	95	Alphabet, Inc., Class A(a)		123,889
	131	Alphabet, Inc., Class C(a)		170,950
	971	Facebook, Inc., Class A(a)		195,792
	86	IAC/InterActiveCorp.(a)		19,152
	1,149	Match Group, Inc.		80,982
	819	QuinStreet, Inc.(a)		12,891
	275	TripAdvisor, Inc.		7,810
	374	Twitter, Inc.(a)		11,560
	140	Yelp, Inc.(a)		4,855
				627,881
Internet & Direct Marketing Retail (0.7%)
	133	Amazon.com, Inc.(a)		239,506
	26	Booking Holdings, Inc.(a)		49,505
	578	eBay, Inc.		20,531
	613	Etsy, Inc.(a)		26,598
	141	Expedia, Inc.		14,334
				350,474
IT Services (2.8%)
	299	Accenture PLC, Class A		60,147
	276	Automatic Data Processing, Inc.		47,135
	524	Booz Allen Hamilton Holding Corp.		38,126
	174	Broadridge Financial Solutions, Inc.		21,526
	215	Cognizant Technology Solutions Corp., Class A		13,784
	142	CoreLogic, Inc.(a)		5,883
	89	CSG Systems International, Inc.		5,090
	153	Fidelity National Information Services, Inc.		21,137
	1,717	Fiserv, Inc.(a)		199,583
	40	FleetCor Technologies, Inc.(a)		12,277
	440	Global Payments, Inc.		79,684
	444	International Business Machine Corp.		59,696
	108	Jack Henry & Associates, Inc.		16,410
	151	Leidos Holdings, Inc.		13,717
	794	MasterCard, Inc., Class A		232,030
	51	Okta, Inc.(a)		6,619
	313	Paychex, Inc.		26,956
	592	Paypal Holdings, Inc.(a)		63,942
	567	The Western Union Co.		15,241
	102	TTEC Holdings, Inc.		4,685
	1,016	VeriSign, Inc.(a)		193,792
	1,131	Visa, Inc., Class A		208,680
				1,346,140
Leisure Products (0.1%)
	377	Hasbro, Inc.		38,341

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Leisure Products, continued:
	166	YETI Holdings, Inc.(a)	$	5,282
				43,623
Life Sciences Tools & Services (0.7%)
	808	Agilent Technologies, Inc.		65,262
	5	Bruker Corp.		256
	209	Charles River Laboratories International, Inc.(a)		30,357
	31	Illumina, Inc.(a)		9,944
	262	Iqvia Holdings, Inc.(a)		38,247
	93	Mettler-Toledo International, Inc.(a)		66,905
	167	PRA Health Sciences, Inc.(a)		18,171
	274	Thermo Fisher Scientific, Inc.		86,022
	186	Waters Corp.(a)		41,305
				356,469
Machinery (0.7%)
	1,751	Allison Transmission Holdings, Inc.		84,748
	144	Crane Co.		11,962
	105	DMC Global, Inc.		4,839
	933	Fortive Corp.		67,335
	415	Graco, Inc.		20,049
	251	IDEX Corp.		40,848
	271	Illinois Tool Works, Inc.		47,243
	112	Ingersoll-Rand PLC		14,684
	163	ITT, Inc.		11,374
	277	Meritor, Inc.(a)		6,994
	124	PACCAR, Inc.		10,090
	437	The Timken Co.		22,982
	344	The Toro Co.		26,894
				370,042
Media (0.5%)
	41	Cable One, Inc.		62,934
	941	CBS Corp., Class B		37,998
	883	Comcast Corp., Class A		38,984
	347	Cumulus Media, Inc., Class A(a)		6,017
	406	Discovery Communications, Inc., Class A(a)		13,374
	639	Fox Corp., Class A		22,851
	211	GCI Liberty, Inc., Class A(a)		14,979
	315	Gray Television, Inc.(a)		6,376
	329	Msg Networks, Inc., Class A(a)		5,343
	102	Omnicom Group, Inc.		8,107
	162	Saga Communications, Inc., Class A		4,980
	197	TechTarget, Inc.(a)		5,224
				227,167
Metals & Mining (0.2%)
	511	Alcoa Corp.(a)		10,399
	316	Reliance Steel & Aluminum Co.		37,282
	209	Schnitzer Steel Industries, Inc.		4,504
	1,619	Steel Dynamics, Inc.		54,608
				106,793
Mortgage Real Estate Investment Trusts (0.1%)
	1,193	AGNC Investment Corp.		20,663
	1,064	Annaly Capital Management, Inc.		9,927
				30,590
Multiline Retail (0.2%)
	334	Dollar General Corp.		52,559
	114	Dollar Tree, Inc.(a)		10,426
	243	Kohl’s Corp.		11,423
	160	Target Corp.		20,002
				94,410
Multi-Utilities (0.3%)
	61	Black Hills Corp.		4,671

See notes to the schedule of portfolio investments.

-24-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Multi-Utilities, continued:
	1,212	CenterPoint Energy, Inc.	$	29,767
	99	Consolidated Edison, Inc.		8,602
	57	DTE Energy Co.		7,122
	437	MDU Resources Group, Inc.		12,690
	65	NorthWestern Corp.		4,652
	720	Public Service Enterprise Group, Inc.		42,703
	45	Sempra Energy		6,627
	492	WEC Energy Group, Inc.		43,616
				160,450
Oil, Gas & Consumable Fuels (1.5%)
	3,930	Cabot Oil & Gas Corp.		62,644
	542	Chevron Corp.		63,484
	1,170	ConocoPhillips		70,130
	1,138	Continental Resources, Inc.		35,141
	242	CVR Energy, Inc.		10,500
	145	Delek US Holdings, Inc.		4,975
	4,518	Devon Energy Corp.		98,900
	541	EOG Resources, Inc.		38,357
	412	Equitrans Midstream Corp.		4,108
	830	Exxon Mobil Corp.		56,548
	531	HollyFrontier Corp.		27,373
	409	Murphy Oil Corp.		9,411
	96	NACCO Industries, Inc., Class A		4,522
	291	Noble Energy, Inc.		6,041
	560	Occidental Petroleum Corp.		21,599
	615	ONEOK, Inc.		43,696
	1,210	PBF Energy, Inc.		37,873
	248	Pioneer Natural Resources Co.		31,704
	880	TOTAL SA ADR		46,235
	496	Valero Energy Corp.		47,363
				720,604
Paper & Forest Products (0.0%)
	321	Domtar Corp.		11,980
Personal Products (0.1%)
	48	Medifast, Inc.		4,220
	101	The Estee Lauder Cos., Inc., Class A		19,742
	70	USANA Health Sciences, Inc.(a)		5,152
				29,114
Pharmaceuticals (2.0%)
	1,078	Bristol-Myers Squibb Co.		61,381
	515	Elanco Animal Health, Inc.(a)		14,271
	414	Innoviva, Inc.(a)		5,581
	2,784	Johnson & Johnson		382,772
	1,782	Merck & Co., Inc.		155,355
	5,722	Pfizer, Inc.		220,411
	842	Zoetis, Inc.		101,478
				941,249
Professional Services (0.1%)
	135	IHS Markit, Ltd.(a)		9,808
	143	Kforce, Inc.		5,651
	166	ManpowerGroup, Inc.		15,378
	244	Robert Half International, Inc.		14,201
	74	Verisk Analytics, Inc., Class A		10,914
				55,952
Real Estate Management & Development (0.1%)
	443	CBRE Group, Inc., Class A(a)		25,260
	74	Consolidated-Tomoka Land Co.		4,639
	184	Re/MAX Holdings, Inc.		7,056
	202	The RMR Group, Inc., Class A		9,488
				46,443
Road & Rail (0.3%)
	281	Old Dominion Freight Line, Inc.		53,837

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Road & Rail, continued:
	113	Ryder System, Inc.	$	5,931
	302	Schneider National, Inc., Class B		6,871
	379	Union Pacific Corp.		66,700
				133,339
Semiconductors & Semiconductor Equipment (1.6%)
	1,092	Advanced Micro Devices, Inc.(a)		42,752
	189	Applied Materials, Inc.		10,943
	389	Broadcom, Inc.		123,005
	89	Cirrus Logic, Inc.(a)		6,381
	377	Cree, Inc.(a)		16,667
	129	Diodes, Inc.(a)		5,952
	391	First Solar, Inc.(a)		21,599
	812	Intel Corp.		47,137
	67	KLA-Tencor Corp.		10,979
	807	Lam Research Corp.		215,331
	699	Maxim Integrated Products, Inc.		39,612
	1,141	Micron Technology, Inc.(a)		54,209
	71	NVIDIA Corp.		15,389
	169	Onto Innovation, Inc.(a)		5,672
	636	QUALCOMM, Inc.		53,138
	832	Texas Instruments, Inc.		100,015
	67	Xilinx, Inc.		6,216
				774,997
Software (3.5%)
	451	Adobe Systems, Inc.(a)		139,598
	100	Alarm.com Holdings, Inc.(a)		4,362
	1,841	Cadence Design Systems, Inc.(a)		129,330
	549	Citrix Systems, Inc.		61,933
	81	Elastic NV(a)		6,432
	1,445	Fortinet, Inc.(a)		151,884
	384	Intuit, Inc.		99,414
	431	Manhattan Associates, Inc.(a)		35,993
	5,589	Microsoft Corp.		846,062
	890	Oracle Corp.		49,965
	124	Progress Software Corp.		5,209
	90	Proofpoint, Inc.(a)		10,682
	58	Qualys, Inc.(a)		5,076
	249	Salesforce.com, Inc.(a)		40,560
	318	SolarWinds Corp.(a)		6,150
	164	Workday, Inc.(a)		29,376
				1,622,026
Specialty Retail (1.0%)
	56	Advance Auto Parts, Inc.		8,796
	28	AutoZone, Inc.(a)		32,982
	71	Burlington Stores, Inc.(a)		15,975
	130	Genesco, Inc.(a)		4,828
	466	Lowe’s Cos., Inc.		54,666
	199	O’Reilly Automotive, Inc.(a)		88,014
	408	Ross Stores, Inc.		47,389
	153	Shoe Carnival, Inc.		5,432
	111	Sleep Number Corp.(a)		5,358
	727	The Home Depot, Inc.		160,312
	572	The TJX Cos., Inc.		34,966
	61	Ulta Beauty, Inc.(a)		14,265
	29	Winmark Corp.		5,133
				478,116
Technology Hardware, Storage & Peripherals (2.2%)
	3,741	Apple, Inc.		999,782
	130	Dell Technologies, Inc., Class C(a)		6,304
	1,578	HP, Inc.		31,686
	243	NCR Corp.(a)		7,978

See notes to the schedule of portfolio investments.

-25-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Technology Hardware, Storage & Peripherals, continued:
	178	NetApp, Inc.	$	10,785
				1,056,535
Textiles, Apparel & Luxury Goods (0.4%)
	66	Columbia Sportswear Co.		6,105
	32	Deckers Outdoor Corp.(a)		5,382
	651	NIKE, Inc., Class B		60,862
	67	Oxford Industries, Inc.		4,986
	130	Ralph Lauren Corp.		13,954
	872	VF Corp.		77,207
				168,496
Thrifts & Mortgage Finance (0.1%)
	771	New York Community Bancorp, Inc.		9,190
	2,789	Oritani Financial Corp.		51,875
	209	Radian Group, Inc.		5,401
				66,466
Tobacco (0.2%)
	1,353	Altria Group, Inc.		67,245
	137	Philip Morris International, Inc.		11,361
				78,606
Trading Companies & Distributors (0.4%)
	606	Fastenal Co.		21,525
	1,490	H&E Equipment Services, Inc.		49,170
	1,288	HD Supply Holdings, Inc.(a)		51,288
	792	MSC Industrial Direct Co., Inc., Class A		58,141
	71	Watsco, Inc.		12,636
				192,760
Water Utilities (0.0%)
	51	American States Water Co.		4,350
	151	American Water Works Co., Inc.		18,275
				22,625
Wireless Telecommunication Services (0.0%)
	275	T-Mobile US, Inc.(a)		21,601
Total Common Stocks				23,022,909
Right (0.0%)
	329	Bristol-Myers Squibb Co.(a)		707
Total Right				707
Asset Backed Securities (2.0%)
$	201,232	AccessLex Institute, Series 2007-1, Class C, 2.34% (US0003M + 40 bps), 10/25/35*		175,685
	144,194	Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.67%, 12/25/33*(b)		145,997
	210,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.51% (US0001M + 180 bps), 9/25/43*		202,185
	198,500	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(c)		209,075
	89,164	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		90,643
	147,375	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(c)		152,406
Total Asset Backed Securities				975,991
Mortgage Backed Securities† (14.7%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	186,330	Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.65%, 4/25/37*(b)		161,980

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	2,530	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*	$	2,545
				164,525
Alt-A - Fixed Rate Mortgage Backed Securities (1.3%)
	49,050	Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35*		49,920
	64,079	Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37*		63,699
	23,768	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35*		18,941
	30,852	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		29,867
	11,107	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37*		9,340
	18,545	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		18,962
	104	Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34*		104
	74,860	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.18%, 6/25/36*(b)		72,514
	5,330	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		5,690
	34,081	Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34*		35,282
	79,835	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*		87,367
	29,291	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(b)		30,068
	19,239	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(b)		14,873
	148,616	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(b)		54,791
	10,008	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		9,520
	61,586	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*		54,175
	38,159	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*		26,788
	40,410	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35*		39,389
				621,290
Prime Adjustable Rate Mortgage Backed Securities (0.4%)
	8,720	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 3.94%, 9/25/34*(b)		8,443

See notes to the schedule of portfolio investments.

-26-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	8,280	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.80%, 7/25/37*(b)	$	7,507
	172,727	JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.98%, 10/25/29*(b)(c)		174,132
				190,082
Prime Fixed Mortgage Backed Securities (3.7%)
	195,407	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.41%, 9/25/35*(b)		147,693
	22,331	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36*		21,291
	13,402	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 4.27%, 5/25/35*(b)		13,447
	97,047	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34*		105,852
	158,969	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, 7/27/48*(b)(c)		159,529
	33,419	Countrywide Home Loans, Series 2005-22, Class 2A1, 3.63%, 11/25/35*(b)		30,283
	28,852	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		29,227
	33,376	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		24,190
	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35*		40,301
	24,739	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36*		11,874
	215,000	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(b)(c)		217,293
	79,702	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(b)(c)		80,918
	198,898	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(b)(c)		199,908
	16,162	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36*		16,681
	155,288	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(b)(c)		156,813
	157,848	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48(b)(c)		159,680
	16,539	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31*		17,739
	76,903	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(b)(c)		77,150
	143,796	Sequoia Mortgage Trust, Series 2018-3, Class A4, 3.50%, 3/25/48*(b)(c)		146,273
	102,271	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(b)(c)		103,318
	429	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*		443
				1,759,903

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities (1.1%)
$	209,966	Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/59*(b)(c)	$	211,208
	117,231	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		118,180
	70,850	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(b)(c)		71,600
	134,823	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(b)(c)		136,929
				537,917
U.S. Government Agency Mortgage Backed Securities (7.9%)
	70,313	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		68,683
	66,551	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		66,784
	86,977	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		86,353
	159,737	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		158,241
	100,759	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		100,818
	165,469	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		165,781
	12,240	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		12,382
	145,055	Fannie Mae, Series 2015-71, Class PD, 2.50%, 3/25/43		145,972
	115,777	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		118,132
	194,162	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		201,354
	119,252	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		122,123
	39,262	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		40,305
	8,057	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		8,082
	128,614	Fannie Mae, Series 2015-46, Class MD, 3.00%, 5/25/43		131,531
	123,792	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		127,765
	199,253	Fannie Mae, Series 18-70, Class KA, 3.50%, 3/25/43		201,332
	211,838	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		231,158
	188,563	Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(b)		208,442
	26,950	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		28,104
	14,354	Fannie Mae, 4.50%, 4/1/35, Pool #814522		15,541
	13,118	Fannie Mae, 5.50%, 10/1/35, Pool #838584		14,128
	1,119	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,249
	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29		3,313
	66,315	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		66,843

See notes to the schedule of portfolio investments.

-27-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	59,382	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41	$	59,019
	68,656	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		69,416
	103,828	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		104,798
	93,516	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		94,199
	126,489	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		131,026
	85,942	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		87,944
	105,241	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44		108,469
	163,271	Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55		168,579
	9,582	Freddie Mac, 3.65% (H15T1Y + 172 bps), 6/1/28, Pool #605508		9,639
	1,165	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,307
	12,404	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22*		13,055
	140,867	Freddie Mac Pass-Through Certificates, Series KJ17, Class A1, 2.40%, 10/25/24		143,069
	17,595	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		17,583
	73,169	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		71,249
	140,499	Government National Mortgage Assoc., Series 2016-141, Class PA, 2.25%, 8/20/46		140,198
	191,082	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		196,437
	766	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		835
	38,370	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		41,701
	4,690	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747		5,058
				3,787,997
Total Mortgage Backed Securities				7,061,714
Corporate Bonds (7.6%)
Banks (1.4%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		457,354
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		257,019
				714,373
Beverages (0.4%)
	155,000	Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *		169,138
Capital Markets (0.8%)
	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		260,904
	185,070	Preferred Term Securities XX, Class B2, 2.57% (US0003M + 45 bps), 3/22/38, Callable 1/9/20 @ 100 *(c)		135,101
				396,005

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Diversified Financial Services (0.7%)
$	325,000	BP Capital Markets America, Inc., 2.75%, 5/10/23	$	331,795
Diversified Telecommunication Services (0.7%)
	270,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 *		321,191
Electric Utilities (0.5%)
	250,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		259,304
Food Products (1.0%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		185,553
	250,000	Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 *		283,932
				469,485
Hotels, Restaurants & Leisure (0.2%)
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		92,127
Industrial Conglomerates (0.5%)
	230,000	General Electric Co., 3.10%, 1/9/23		235,350
Insurance (0.4%)
	200,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (c)		203,451
Multiline Retail (0.5%)
	220,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 *		217,309
Technology Hardware, Storage & Peripherals (0.5%)
	225,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		238,701
Total Corporate Bonds				3,648,229
Taxable Municipal Bonds (4.4%)
Illinois (0.9%)
	150,000	Northern Illinois Municipal Power Agency Power Project Revenue, Build America Bonds Revenue, 6.29%, 1/1/21, Continuously Callable @100		150,441
	300,000	Rosemont Illinois State, GO, Series A, 2.76%, 12/1/19, Insured by: MAC		300,000
				450,441
Michigan (0.9%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100		259,325
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		214,490
				473,815
Missouri (0.2%)
	100,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds Revenue, 7.50%, 10/1/39, Continuously Callable @100		100,356
Ohio (0.7%)
	330,000	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100		352,275
Rhode Island (0.5%)
	225,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		234,101

See notes to the schedule of portfolio investments.

-28-

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Texas (0.9%)
$	360,000	County of Burnet Texas, GO, 4.20%, 3/1/34, Continuously Callable @100	$	378,770
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100		145,243
Total Taxable Municipal Bonds				2,135,001
U.S. Government Agency Securities (2.2%)
Fannie Mae
	185,000	2.50%, 12/27/32, Callable 12/27/19 @ 100 *(b)		184,173
Federal Farm Credit Bank
	225,000	2.25%, 11/26/24, Callable 12/16/19 @ 100 *		222,704
	225,000	2.34%, 5/27/25, Callable 12/16/19 @ 100 *		224,855
				447,559
Federal Home Loan Bank
	200,000	2.67%, 3/5/29, Callable 12/16/19 @ 100 *		199,388
Freddie Mac
	213,008	Series 4683, 3.00%, 4/15/46		216,232
	3,391	Series 2302, 6.50%, 4/15/31		3,772
				220,004
Total U.S. Government Agency Securities				1,051,124

Shares or Principal Amount		Security Description	Value
U.S. Treasury Obligations (13.2%)
U.S. Treasury Bonds
$	2,405,000	2.25%, 8/15/46	$	2,422,850
U.S. Treasury Inflation Indexed Notes
	835,860	0.38%, 7/15/25		846,771
U.S. Treasury Notes
	1,367,000	1.38%, 10/15/22		1,358,029
	425,000	2.00%, 4/30/24		431,674
	425,000	2.25%, 2/29/20		425,531
	804,000	2.25%, 2/15/27		832,360
				3,047,594
Total U.S. Treasury Obligations				6,317,215
Investment Companies (4.1%)
	17,930	iShares MSCI EAFE Index Fund ETF		1,222,468
	17,845	iShares MSCI Emerging Markets Index Fund ETF		759,126
Total Investment Companies				1,981,594
Investment in Affiliates (3.5%)
	1,161,025	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(d)		1,161,025
	73,409	Cavanal Hill World Energy Fund, Institutional Class		515,788
Total Investment in Affiliates				1,676,813
Total Investments (Cost $38,048,892) - 99.7%				47,871,297
Other assets in excess of liabilities — 0.3%				140,999
Net Assets - 100.0%			$	48,012,296

(a)	Non-income producing security.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2019.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	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.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MAC	Municipal Assurance Corporation
Q-SBLF	Qualified School Bond Loan Fund
REIT	Real Estate Investment Trust
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to the schedule of portfolio investments.

-29-

CAVANAL HILL FUNDS

Mid Cap Core Equity Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares		Security Description	Value
Common Stocks (93.2%)
Aerospace & Defense (2.7%)
	123	L3Harris Technologies, Inc.	$	24,734
	141	Spirit AeroSystems Holdings, Inc., Class A		12,266
				37,000
Air Freight & Logistics (0.2%)
	33	Expeditors International of Washington, Inc.		2,467
Airlines (0.3%)
	50	United Airlines Holdings, Inc.(a)		4,640
Auto Components (1.2%)
	339	Gentex Corp.		9,628
	52	Lear Corp.		6,256
				15,884
Banks (3.3%)
	50	Comerica, Inc.		3,521
	147	Commerce Bancshares, Inc.		9,852
	88	Cullen/Frost Bankers, Inc.		8,233
	122	East West Bancorp, Inc.		5,590
	7	First Citizens Bancshares, Inc.		3,639
	31	SVB Financial Group(a)		7,184
	131	Western Alliance Bancorp		6,833
				44,852
Biotechnology (1.0%)
	487	Exelixis, Inc.(a)		8,099
	276	Moderna, Inc.(a)		5,619
				13,718
Building Products (1.5%)
	92	Allegion PLC		11,043
	36	Lennox International, Inc.		9,211
				20,254
Capital Markets (3.6%)
	57	Eaton Vance Corp.		2,689
	12	FactSet Research Systems, Inc.		3,116
	117	LPL Financial Holdings, Inc.		10,805
	82	MSCI, Inc., Class A		21,253
	80	Nasdaq, Inc.		8,384
	38	SEI Investments Co.		2,452
				48,699
Chemicals (0.8%)
	210	Axalta Coating Systems, Ltd.(a)		5,979
	36	RPM International, Inc.		2,654
	42	Westlake Chemical Corp.		2,885
				11,518
Commercial Services & Supplies (1.8%)
	80	Cintas Corp.		20,565
	84	IAA, Inc.(a)		3,808
				24,373
Communications Equipment (1.0%)
	72	Arista Networks, Inc.(a)		14,049
Consumer Finance (0.3%)
	11	Credit Acceptance Corp.(a)		4,735
Containers & Packaging (2.1%)
	42	AptarGroup, Inc.		4,709
	196	Berry Global Group, Inc.(a)		9,151
	131	Packaging Corp. of America		14,659
				28,519
Distributors (0.4%)
	26	Pool Corp.		5,368
Diversified Consumer Services (0.9%)
	36	Bright Horizons Family Solutions, Inc.(a)		5,419
	190	ServiceMaster Global Holdings, Inc.(a)		7,446
				12,865

Shares		Security Description	Value
Common Stocks, continued:
Diversified Financial Services (0.7%)
	163	Voya Financial, Inc.	$	9,500
Electric Utilities (1.8%)
	293	OGE Energy Corp.		12,323
	358	PPL Corp.		12,183
				24,506
Electrical Equipment (0.2%)
	41	Regal-Beloit Corp.		3,351
Electronic Equipment, Instruments & Components (1.6%)
	162	CDW Corp.		21,878
Energy Equipment & Services (1.1%)
	83	Apergy Corp.(a)		2,120
	331	Helmerich & Payne, Inc.		13,084
				15,204
Entertainment (1.5%)
	163	Take-Two Interactive Software(a)		19,780
Equity Real Estate Investment Trusts (9.3%)
	344	American Homes 4 Rent, Class A		9,188
	93	Apartment Investment & Management Co.		5,001
	177	Columbia Property Trust, Inc.		3,675
	16	CoreSite Realty Corp.		1,814
	467	CubeSmart		14,402
	122	Douglas Emmett, Inc.		5,377
	427	Duke Realty Corp.		15,022
	205	Empire State Realty Trust, Inc.		2,862
	91	Equity Commonwealth		2,989
	161	Equity LifeStyle Properties, Inc.		11,927
	166	Extra Space Storage, Inc.		17,604
	549	Host Hotels & Resorts, Inc.		9,602
	78	JBG SMITH Properties		3,111
	75	Lamar Advertising Co.		6,257
	451	Park Hotels & Resorts, Inc.		10,666
	38	SL Green Realty Corp.		3,243
	20	Welltower, Inc.		1,691
				124,431
Food & Staples Retailing (0.3%)
	111	US Foods Holding Corp.(a)		4,414
Food Products (2.0%)
	309	Hormel Foods Corp.		13,759
	48	Kellogg Co.		3,126
	121	Tyson Foods, Inc., Class A		10,877
				27,762
Gas Utilities (0.8%)
	260	UGI Corp.		11,323
Health Care Equipment & Supplies (3.2%)
	32	Align Technology, Inc.(a)		8,875
	60	Hill-Rom Holdings, Inc.		6,433
	276	Hologic, Inc.(a)		14,163
	40	Teleflex, Inc.		14,134
				43,605
Health Care Providers & Services (1.3%)
	13	Chemed Corp.		5,590
	36	Henry Schein, Inc.(a)		2,480
	51	Molina Healthcare, Inc.(a)		6,911
	25	Quest Diagnostics, Inc.		2,664
				17,645
Health Care Technology (1.0%)
	87	Veeva Systems, Inc.(a)		12,979
Hotels, Restaurants & Leisure (3.5%)
	104	Darden Restaurants, Inc.		12,318
	53	Dunkin’ Brands Group, Inc.		4,057
	273	Hilton Worldwide Holdings, Inc.		28,665

See notes to the schedule of portfolio investments.

-30-

CAVANAL HILL FUNDS

Mid Cap Core Equity Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

Shares		Security Description	Value
Common Stocks, continued:
Hotels, Restaurants & Leisure, continued:
	57	Six Flags Entertainment Corp.	$	2,478
				47,518
Household Products (0.8%)
	107	Church & Dwight Co., Inc.		7,515
	25	The Clorox Co.		3,706
				11,221
Independent Power and Renewable Electricity Producers (0.3%)
	240	AES Corp.		4,538
Insurance (5.1%)
	155	Assured Guaranty, Ltd.		7,696
	280	Brighthouse Financial, Inc.(a)		11,525
	61	Cincinnati Financial Corp.		6,530
	38	Erie Indemnity Co., Class A		6,433
	197	FNF Group		9,383
	35	Lincoln National Corp.		2,067
	54	Principal Financial Group, Inc.		2,975
	41	The Hanover Insurance Group, Inc.		5,573
	62	The Hartford Financial Services Group, Inc.		3,835
	428	Unum Group		13,158
				69,175
Interactive Media & Services (1.3%)
	206	Match Group, Inc.		14,519
	103	Twitter, Inc.(a)		3,184
				17,703
Internet & Direct Marketing Retail (0.8%)
	169	Etsy, Inc.(a)		7,333
	39	Expedia, Inc.		3,965
				11,298
IT Services (6.0%)
	283	Fiserv, Inc.(a)		32,896
	104	Global Payments, Inc.		18,834
	146	VeriSign, Inc.(a)		27,848
				79,578
Leisure Products (0.6%)
	83	Hasbro, Inc.		8,441
Life Sciences Tools & Services (2.1%)
	76	Agilent Technologies, Inc.		6,139
	36	Charles River Laboratories International, Inc.(a)		5,229
	11	Mettler-Toledo International, Inc.(a)		7,914
	41	Waters Corp.(a)		9,104
				28,386
Machinery (3.1%)
	331	Allison Transmission Holdings, Inc.		16,021
	40	Crane Co.		3,323
	115	Graco, Inc.		5,556
	18	IDEX Corp.		2,929
	121	The Timken Co.		6,363
	95	The Toro Co.		7,427
				41,619
Media (1.5%)
	8	Cable One, Inc.		12,280
	217	CBS Corp., Class B		8,762
				21,042
Metals & Mining (1.4%)
	36	Reliance Steel & Aluminum Co.		4,247
	447	Steel Dynamics, Inc.		15,078
				19,325
Mortgage Real Estate Investment Trusts (0.6%)
	329	AGNC Investment Corp.		5,698
	294	Annaly Capital Management, Inc.		2,743
				8,441

Shares		Security Description	Value
Common Stocks, continued:
Multiline Retail (0.5%)
	29	Dollar General Corp.	$	4,564
	31	Dollar Tree, Inc.(a)		2,835
				7,399
Multi-Utilities (1.9%)
	119	CenterPoint Energy, Inc.		2,923
	121	MDU Resources Group, Inc.		3,514
	148	Public Service Enterprise Group, Inc.		8,778
	12	Sempra Energy		1,767
	94	WEC Energy Group, Inc.		8,333
				25,315
Oil, Gas & Consumable Fuels (3.5%)
	702	Cabot Oil & Gas Corp.		11,191
	314	Continental Resources, Inc.		9,696
	238	Devon Energy Corp.		5,210
	44	HollyFrontier Corp.		2,268
	113	Murphy Oil Corp.		2,600
	89	ONEOK, Inc.		6,323
	333	PBF Energy, Inc.		10,423
				47,711
Paper & Forest Products (0.2%)
	89	Domtar Corp.		3,321
Professional Services (0.3%)
	67	Robert Half International, Inc.		3,899
Real Estate Management & Development (0.5%)
	122	CBRE Group, Inc., Class A(a)		6,956
Road & Rail (1.1%)
	78	Old Dominion Freight Line, Inc.		14,944
Semiconductors & Semiconductor Equipment (3.3%)
	109	Advanced Micro Devices, Inc.(a)		4,267
	108	First Solar, Inc.(a)		5,966
	130	Lam Research Corp.		34,688
				44,921
Software (5.4%)
	406	Cadence Design Systems, Inc.(a)		28,521
	96	Citrix Systems, Inc.		10,830
	245	Fortinet, Inc.(a)		25,752
	80	Manhattan Associates, Inc.(a)		6,681
				71,784
Specialty Retail (1.6%)
	3	AutoZone, Inc.(a)		3,534
	19	Burlington Stores, Inc.(a)		4,275
	23	O’Reilly Automotive, Inc.(a)		10,172
	17	Ulta Beauty, Inc.(a)		3,976
				21,957
Textiles, Apparel & Luxury Goods (0.3%)
	36	Ralph Lauren Corp.		3,864
Trading Companies & Distributors (1.2%)
	210	HD Supply Holdings, Inc.(a)		8,363
	57	MSC Industrial Direct Co., Inc., Class A		4,184
	20	Watsco, Inc.		3,559
				16,106
Water Utilities (0.4%)
	42	American Water Works Co., Inc.		5,083
Total Common Stocks				1,266,864
Investment in Affiliates (3.6%)
	48,731	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(b)		48,731
Total Investment in Affiliates				48,731
Total Investments (Cost $1,092,316) - 96.8%				1,315,595
Other assets in excess of liabilities — 3.2%				44,174
Net Assets - 100.0%			$	1,359,769

See notes to the schedule of portfolio investments.

-31-

CAVANAL HILL FUNDS

Mid Cap Core Equity Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

(a)	Non-income producing security.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.

See notes to the schedule of portfolio investments.

-32-

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (53.4%)
Aerospace & Defense (4.2%)
	28,355	Kratos Defense & Security Solutions, Inc.(a)	$	512,091
	2,110	Northrop Grumman Corp.		742,235
	805	The Boeing Co.		294,775
				1,549,101
Airlines (2.1%)
	13,735	Delta Air Lines, Inc.		787,153
Banks (4.7%)
	17,625	Bank of America Corp.		587,265
	7,645	Citigroup, Inc.		574,292
	10,820	Wells Fargo & Co.		589,258
				1,750,815
Biotechnology (3.3%)
	6,000	BioMarin Pharmaceutical, Inc.(a)		484,260
	6,520	Sarepta Therapeutics, Inc.(a)		733,435
				1,217,695
Commercial Services & Supplies (7.2%)
	30,265	Advanced Disposal Services, Inc., Class I(a)		997,232
	117,022	Covanta Holding Corp.		1,721,394
				2,718,626
Communications Equipment (7.5%)
	18,930	Acacia Communications, Inc.(a)		1,261,495
	3,935	Palo Alto Networks, Inc.(a)		894,111
	28,000	Radware, Ltd.(a)		674,520
				2,830,126
Diversified Telecommunication Services (1.6%)
	16,181	AT&T, Inc.		604,846
Electrical Equipment (1.7%)
	25,300	nVent Electric PLC		625,163
Electronic Equipment, Instruments & Components (3.7%)
	24,830	Corning, Inc.		721,063
	12,345	FLIR Systems, Inc.		661,198
				1,382,261
Industrial Conglomerates (1.3%)
	2,790	3M Co.		473,658
Interactive Media & Services (2.9%)
	69,900	Snap, Inc., Class A(a)		1,065,975
Internet & Direct Marketing Retail (1.4%)
	280	Amazon.com, Inc.(a)		504,224
Life Sciences Tools & Services (2.6%)
	189,236	Pacific Biosciences of California, Inc.(a)		972,673
Oil, Gas & Consumable Fuels (1.2%)
	7,330	Marathon Petroleum Corp.		444,491
Pharmaceuticals (1.3%)
	157,111	MediWound, Ltd.(a)		471,333
Semiconductors & Semiconductor Equipment (3.7%)
	72,788	Everspin Technologies, Inc.(a)		380,681
	8,620	Mellanox Technologies, Ltd.(a)		990,438
				1,371,119
Software (3.0%)
	22,660	Tenable Holdings, Inc.(a)		615,219
	6,510	Zendesk, Inc.(a)		514,290
				1,129,509
Total Common Stocks				19,898,768

Shares or Principal Amount		Security Description	Value
Convertible Preferred Stocks (7.2%)
Chemicals (2.5%)
$	18,000	International Flavor & Fragrances, 5.68%,	$	931,500
Household Products (4.7%)
	16,699	Energizer Holdings, Inc., Series A, 1.15%,		1,747,884
Total Convertible Preferred Stocks				2,679,384
Mortgage Backed Securities† (2.8%)
Prime Fixed Mortgage Backed Securities (2.8%)
	1,016,429	Onslow Bay Financial LLC, Series 2018-EXP2, 1A1, 4.00%, 11/25/48*(b)(c)		1,026,412
Total Mortgage Backed Securities				1,026,412
Corporate Bonds (14.2%)
Banks (1.3%)
	500,000	Bank of America Corp., Series G, 2.63% (US0003M + 66 bps), 7/21/21, Callable 7/21/20 @ 100 *		501,428
Diversified Financial Services (2.4%)
	858,000	BP Capital Markets America, Inc., 4.50%, 10/1/20		875,929
Food & Staples Retailing (2.6%)
	981,000	Walmart, Inc., 2.39% (US0003M + 23 bps), 6/23/21		983,868
Machinery (2.4%)
	792,000	Wabtec Corp., 4.70%, 9/15/28, Callable 6/15/28 @ 100 *		880,082
Oil, Gas & Consumable Fuels (1.9%)
	620,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100 *		693,612
Semiconductors & Semiconductor Equipment (3.6%)
	1,290,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 *		1,357,989
Total Corporate Bonds				5,292,908
U.S. Treasury Obligations (9.7%)
U.S. Treasury Notes
	720,000	1.88%, 12/31/19		720,032
	720,000	2.25%, 2/29/20		720,900
	720,000	2.38%, 4/30/20		722,025
	720,000	2.50%, 5/31/20		722,897
	720,000	2.50%, 6/30/20		723,459
				3,609,313
Total U.S. Treasury Obligations				3,609,313
Investment Companies (2.6%)
	66,035	Direxion Daily S&P 500 Bear 3X Shares ETF		954,866
Total
Investment Companies				954,866
Investment in Affiliates (9.8%)
	1,824,123	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(d)		1,824,123
	1,824,000	Cavanal Hill U.S. Treasury Fund, Select Shares, 1.42%(d)		1,824,000
Total Investment in Affiliates				3,648,123
Total Investments (Cost $35,923,588) - 99.7%				37,109,774
Other assets in excess of liabilities — 0.3%				119,875
Net Assets - 100%			$	37,229,649

See notes to the schedule of portfolio investments.

-33-

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

(a)	Non-income producing security.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at November 30, 2019.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	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.

ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
US0003M	3 Month US Dollar LIBOR

See notes to the schedule of portfolio investments.

-34-

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments

November 30, 2019

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (87.6%)
Auto Components (3.3%)
	7,000	Aptiv PLC	$	657,160
Chemicals (6.3%)
	9,000	Albemarle Corp.		588,420
	10,000	W.R. Grace & Co.		668,300
				1,256,720
Commercial Services & Supplies (4.1%)
	56,000	Covanta Holding Corp.		823,760
Electric Utilities (1.2%)
	166	ALLETE, Inc.		13,298
	690	Duke Energy Corp.		60,837
	437	NextEra Energy, Inc.		102,180
	93	Otter Tail Corp.		4,572
	95	Pinnacle West Capital Corp.		8,302
	869	The Southern Co.		53,869
				243,058
Electrical Equipment (0.6%)
	4,000	Vestas Wind Systems A/S ADR		126,440
Energy Equipment & Services (4.5%)
	2,066	Halliburton Co.		43,365
	747	Helmerich & Payne, Inc.		29,529
	13,367	Schlumberger, Ltd.		483,885
	15,931	Tenaris SA ADR		339,171
				895,950
Gas Utilities (0.3%)
	145	Atmos Energy Corp.		15,509
	80	Chesapeake Utilities Corp.		7,291
	183	National Fuel & Gas Co.		8,239
	121	Northwest Natural Holding Co.		8,321
	88	ONE Gas, Inc.		7,821
	149	Southwest Gas Holdings, Inc.		11,288
	129	Spire, Inc.		9,987
				68,456
Household Products (1.5%)
	6,000	Energizer Holdings, Inc.		299,340
Independent Power and Renewable Electricity Producers (0.2%)
	369	AES Corp.		6,978
	341	Atlantica Yield PLC		8,839
	294	NRG Energy, Inc.		11,681
	185	Ormat Technologies, Inc.		14,217
	270	Vistra Energy Corp.		7,163
				48,878
Multi-Utilities (1.9%)
	79	Consolidated Edison, Inc.		6,864
	1,588	Dominion Resources, Inc.		131,979
	110	DTE Energy Co.		13,743
	846	MDU Resources Group, Inc.		24,568
	1,948	National Grid PLC ADR		111,932
	623	Sempra Energy		91,749
	46	WEC Energy Group, Inc.		4,078
				384,913
Oil, Gas & Consumable Fuels (51.1%)
	9,508	BP PLC ADR		355,790
	2,200	Chevron Corp.		257,686
	142	CNOOC, Ltd. ADR		20,621
	13,356	ConocoPhillips		800,559
	20,000	Continental Resources, Inc.		617,600
	13,277	Enbridge, Inc.		504,526
	9,984	EOG Resources, Inc.		707,866

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	7,135	Exxon Mobil Corp.	$	486,108
	3,648	Kinder Morgan, Inc.		71,537
	45,000	Marathon Oil Corp.		524,250
	20,321	Marathon Petroleum Corp.		1,232,265
	3,247	Occidental Petroleum Corp.		125,237
	7,867	ONEOK, Inc.		558,950
	4,429	Pembina Pipeline Corp.		155,015
	5,856	Phillips 66		671,800
	4,900	Pioneer Natural Resources Co.		626,416
	856	Royal Dutch Shell PLC ADR, Class A		49,211
	10,703	TC Energy Corp.		545,104
	3,787	TOTAL SA ADR		198,969
	12,304	Valero Energy Corp.		1,174,909
	60,000	WPX Energy, Inc.(a)		590,400
				10,274,819
Road & Rail (2.9%)
	20,000	Uber Technologies, Inc.(a)		592,000
Semiconductors & Semiconductor Equipment (7.2%)
	35,000	Infineon Technologies AG ADR		746,200
	6,000	NXP Semiconductors NV		693,480
				1,439,680
Water Utilities (2.5%)
	654	American States Water Co.		55,780
	2,516	American Water Works Co., Inc.		304,512
	3,022	Aqua America, Inc.		133,784
	68	Middlesex Water Co.		4,271
	103	SJW Group		7,294
				505,641
Total Common Stocks				17,616,815
Corporate Bonds (8.3%)
Diversified Financial Services (1.1%)
	220,000	Total Capital International SA, 2.43%, 1/10/25, Callable 10/10/24 @ 100 *		222,328
Oil, Gas & Consumable Fuels (7.2%)
	350,000	Callon Petroleum Co., 6.13%, 10/1/24, Callable 1/9/20 @ 105 *		332,500
	325,000	Chevron Corp., 2.95%, 5/16/26, Callable 2/16/26 @ 100 *		341,761
	350,000	Exxon Mobil Corp., 2.44%, 8/16/29, Callable 5/16/29 @ 100 *		351,657
	200,000	Shell International Finance BV, 2.00%, 11/7/24, Callable 10/7/24 @ 100 *		199,158
	200,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100 *		211,227
				1,436,303
Total Corporate Bonds				1,658,631
Investment Companies (1.7%)
	17,000	SPDR S&P Oil & Gas Exploration & Production ETF		346,120
Total
Investment Companies				346,120
Investment in Affiliates (1.9%)
	377,704	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.39%(b)		377,704
Total Investment in Affiliates				377,704
Total Investments (Cost $18,545,035) - 99.5%				19,999,270
Other assets in excess of liabilities — 0.5%				105,182
Net Assets - 100%			$	20,104,452

See notes to the schedule of portfolio investments.

-35-

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments, Continued

November 30, 2019

(Unaudited)

The Advisor has determined that 45.7% 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)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2019.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund

See notes to the schedule of portfolio investments.

-36-

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

November 30, 2019 (Unaudited)

1.    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 November 30, 2019 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	8/22/18	$	878,428	$	878,515	$	884,195
Sun Trust Student Loan Trust, Series 2006-1A, B, 2.21%, 10/28/37	5/26/17 and 4/11/18		930,892		1,014,130		906,435

-37-

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

November 30, 2019 (Unaudited)

2.    Affiliated Holdings Disclosures:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the period ending November 30, 2019 is noted below:

Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/19		Shares as of 11/30/19		Dividend Income		Net Realized Gains/(Losses)
Limited Duration Fund	$	5,044,235	$	10,983,126	$	(11,435,842	)	$	-	$	4,591,519		4,591,519	$	18,035	$	-
Moderate Duration Fund		1,055,296		3,885,736		(4,025,474	)		-		915,558		915,558		3,832		-
Bond Fund		1,405,699		7,858,720		(7,432,403	)		-		1,832,016		1,832,016		5,782		-
Strategic Enhanced Yield Fund		766,036		3,231,392		(3,298,798	)		-		698,630		698,630		2,882		-
Ultra Short Tax-Free Income Fund		123,186		6,519,908		(6,100,258	)		-		542,836		542,836		2,215		-
Active Core Fund		2,249,789		3,262,428		(4,351,192	)		-		1,161,025		1,161,025		6,883		-
Mid Cap Core Equity Fund		51,148		115,715		(118,132	)		-		48,731		48,731		171		-
Opportunistic Fund		5,329,540		12,345,246		(15,850,663	)		-		1,824,123		1,824,123		23,181		-
World Energy Fund		531,505		1,855,598		(2,009,399	)		-		377,704		377,704		2,205		-
	$	16,556,434	$	50,057,869	$	(54,622,161	)	$	-	$	11,992,142		11,992,142	$	65,186	$	-
A summary of the Opportunistic Fund’s investment in an affiliated fund (U.S. Treasury Fund, Institutional Class) for the period ending November 30, 2019 is noted below:
Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/19		Shares as of 11/30/19		Dividend Income		Net Realized Gains/(Losses)
Opportunistic Fund	$	5,329,000	$	-	$	(5,329,000	)	$	-	$	-		-	$	5,187	$	-
	$	5,329,000	$	-	$	(5,329,000	)	$	-	$	-		-	$	5,187	$	-
A summary of the Opportunistic Fund’s investment in an affiliated fund (U.S. Treasury Fund, Select Class) for the period ending November 30, 2019 is noted below:
Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/19		Shares as of 11/30/19		Dividend Income		Net Realized Gains/(Losses)
Opportunistic Fund	$	-	$	2,075,000	$	(251,000	)	$	-	$	1,824,000		1,824,000	$	141	$	-
	$	-	$	2,075,000	$	(251,000	)	$	-	$	1,824,000		1,824,000	$	141	$	-
A summary of the Active Core Fund’s investment in an affiliated fund (World Energy Fund, Institutional Class) for the period ending November 30, 2019 is noted below:
Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/19		Shares as of 11/30/19		Dividend Income		Net Realized Gains/(Losses)
Active Core Fund	$	493,296	$	-	$	-		$	22,492	$	515,788		73,409	$	3,992	$	-
	$	493,296	$	-	$	-		$	22,492	$	515,788		73,409	$	3,992	$	-

-38-