CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (6.9%)
$	1,764,848	AccessLex Institute, Series 2007-1, Class C, 1.39% (US0003M + 40 bps), 10/25/35*	$	1,508,407
	1,300,000	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4, 0.47% (US0001M + 30 bps), 1/25/36*		1,253,341
	694,662	Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)		687,815
	943	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34*(b)		943
	272	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32*(b)		272
	2,984	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 0.40% (US0001M + 22 bps), 1/15/34*		2,926
	921,558	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.61%, 9/26/33*(b)		1,047,419
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 2.04% (US0001M + 188 bps), 11/25/34*		287,806
	703,827	HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 1A1, 0.34% (US0001M + 17 bps), 3/25/36*		701,478
	150	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)		150
	612,328	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.69%, 8/25/35*(b)		616,116
	133,608	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32*		137,232
	1,414,468	Residential Asset Mortgage Products, Inc., Series 2005-RS3, Class M3, 0.89% (US0001M + 72 bps), 3/25/35*		1,410,429
	5,461	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.58%, 12/25/33*(b)		5,490
	108,510	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35*(b)		103,474
	655,326	Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34*(b)		662,457
	947,077	Sun Trust Student Loan Trust, Series 2006-1A, Class B, 1.16% (US0003M + 27 bps), 10/28/37*(a)		793,169
Total Asset Backed Securities				9,218,924
Mortgage Backed Securities† (32.9%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.9%)
	109,763	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.63%, 2/25/36*(b)		88,525
	11,574	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.84%, 7/25/35*(b)		9,158
	18,839	Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 3.00% (12MTA + 131 bps), 7/20/35*		15,337

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	1,619	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 0.27% (US0001M + 10 bps), 10/25/36*	$	1,173
	7,759	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*		7,730
	5,501	Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.00%, 10/25/36*(b)		5,073
	6,675	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 3.54%, 9/25/34*(b)		6,391
	26,652	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 4.35%, 4/21/34*(b)		25,964
	956,626	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.12%, 8/25/35*(b)		955,747
	39,403	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.35%, 9/25/34*(b)		37,650
	23,150	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.67%, 1/25/36*(b)		20,521
				1,173,269
Alt-A - Fixed Rate Mortgage Backed Securities (0.6%)
	15,177	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35*		13,237
	24,472	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36*		23,456
	381	Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19*		380
	18,322	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35*		15,105
	20,867	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36*		14,128
	21,514	Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36*		17,139
	21,833	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37*		16,627
	148,305	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		94,797
	72,816	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34*		76,527
	51,195	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36*		36,480
	138	Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19*		138
	760	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		718
	4,238	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		4,334
	393,292	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*		404,249

1

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	21,627	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34*	$	23,325
	3,540	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34*		3,669
	1,667	Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18*		1,657
	246	Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19*		245
	5,590	Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19*		5,388
	36,881	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36*		32,888
	44,644	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36*		24,026
	32,081	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37*		25,477
	17,522	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35*		16,765
				850,755
Prime Adjustable Rate Mortgage Backed Securities (3.6%)
	11,146	Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 3.06%, 3/25/35*(b)		11,038
	6,440	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.12%, 5/25/35(b)		6,314
	340,171	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36*(b)		100,912
	2,250,977	Banc of America Funding Trust, Series 2015-R4, Class 8A1, 0.66% (US0001M + 17 bps), 1/27/35*(c)		2,215,993
	9,041	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 3.76%, 2/25/36*(b)		8,126
	6,178	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 3.90%, 11/20/46*(b)		5,601
	5,394	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 4.13%, 6/25/34*(b)		5,036
	9,293	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.42%, 9/25/33*(b)		8,646
	21,238	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.25%, 10/25/36*(b)		20,077
	7,464	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 4.27% (H15T1Y + 230 bps), 10/25/35*		7,280
	5,238	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 4.29%, 1/25/35*(b)		4,785
	7,637	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 4.31%, 9/25/34*(b)		7,042

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	22,571	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.29%, 3/25/31*(b)	$	22,479
	15,132	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.98%, 7/25/37*(b)		12,892
	11,927	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.33%, 8/25/35(b)		11,223
	210,604	Coast Savings & Loan Association, Series 1992-1, Class A, 2.99%, 7/25/22*(b)		210,901
	272	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33*(b)		243
	3,591	Countrywide Home Loans, Series 2003-60, Class 2A1, 3.99%, 2/25/34*(b)		3,349
	10,045	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.08%, 8/25/34*(b)		9,977
	10,988	Countrywide Home Loans, Series 2003-58, Class 2A2, 4.11%, 2/19/34*(b)		10,753
	39,137	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 3.78%, 11/25/32*(b)		17,851
	32,771	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.14%, 11/25/34*(b)		32,484
	11,731	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.05%, 10/25/35*(b)		10,983
	60,691	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.81%, 11/19/35*(b)		54,159
	1,510,718	GSMSC Resecuritization Trust, Series 2015-5R, Class 1A, 0.63% (US0001M + 14 bps), 4/26/37(c)		1,504,325
	14,692	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 3.84%, 11/25/35*(b)		14,220
	35,981	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 4.01%, 4/25/35*(b)		33,731
	75,942	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.81%, 1/19/35*(b)		72,699
	8,843	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.16%, 12/19/35*(b)		8,154
	11,655	Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.42%, 9/25/36*(b)		11,793
	28,496	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.67%, 7/25/36*(b)		22,492
	42,140	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.73%, 8/25/36*(b)		31,022
	14,364	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.87%, 8/25/34*(b)		13,708
	28,264	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.07%, 8/25/34*(b)		27,150
	2,594	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.87%, 8/25/36*(b)		2,239

2

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	1,742	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 3.89%, 7/25/35*(b)	$	1,697
	11,484	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 3.53%, 12/25/34*(b)		11,090
	1,315	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.71%, 2/25/34*(b)		1,280
	10,079	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 4.45%, 7/25/34*(b)		9,847
	10,413	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 3.98%, 8/25/34*(b)		10,020
	15,405	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 4.51%, 8/25/34*(b)		14,741
	35,833	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 3.67%, 12/25/34*(b)		33,130
	2,953	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.14%, 2/25/34*(b)		2,801
	57,601	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.34%, 4/25/34*(b)		55,066
	9,325	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.50%, 12/27/35*(b)		9,178
	22,001	Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 3.70%, 7/25/33*(b)		20,899
	49,810	Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 3.99%, 9/25/37*(b)		49,768
	1,722	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35*(b)		161
	6,290	Washington Mutual, Series 2004-AR3, Class A2, 3.68%, 6/25/34*(b)		5,998
	8,376	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 0.59% (US0001M + 42 bps), 7/25/44*		7,890
	68,039	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.27%, 11/25/36*(b)		60,827
	10,979	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 3.72%, 9/25/36*(b)		9,894
	1,878	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 3.91%, 8/25/46*(b)		1,696
				4,845,660
Prime Fixed Mortgage Backed Securities (5.5%)
	151,247	Agate Bay Mortgage Trust, Series 2015-7, Class A6, 3.00%, 10/25/45*(b)(c)		151,472
	1,603,952	Citigroup Mortgage Loan Trust, Inc., Series 2014-C, Class A, 3.25%, 2/25/54*(b)(c)		1,611,076

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	17,632	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31*	$	17,788
	98,240	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34*		103,463
	17,053	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34*		18,652
	6,903	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19*		7,171
	89,660	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		93,651
	32,470	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		34,065
	23,409	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33*		24,594
	55,108	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32*		23,872
	109,600	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32*		115,885
	84,515	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57*(b)(c)		85,071
	52,101	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33*		50,659
	953	GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20*		478
	25,823	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35*		17,019
	1,822,896	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47*(b)(c)		1,883,025
	947,026	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(b)(c)		959,634
	12,868	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36*		9,752
	1,016,224	MFRA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/57*(b)(c)		1,017,985
	2,411	Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20*		2,403
	8,896	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35*		8,236
	14,539	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32*		15,280
	516,861	Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48*(b)(c)		521,891
	483,761	Sequoia Mortgage Trust, Series 2018-CH2, Class A12, 4.00%, 6/25/48*(b)(c)		487,667
	100,019	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		104,852

3

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	5,214	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*	$	5,459
				7,371,100
Subprime Mortgage Backed Securities (3.0%)
	731,559	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55*(b)(c)		739,612
	774,815	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56*(b)(c)		785,974
	1,479,601	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57*(b)(c)		1,500,733
	973,960	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		999,044
				4,025,363
U.S. Government Agency Mortgage Backed Securities (19.3%)
	381,858	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		371,526
	221,782	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		226,961
	524,294	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		532,817
	509,545	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		517,834
	378,402	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		385,342
	229,195	Fannie Mae, Series 2013-68, Class LE, 2.00%, 4/25/43		232,045
	231,750	Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40		234,912
	180,944	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		186,009
	256,099	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		260,165
	34,210	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		34,594
	2,064,781	Fannie Mae, Series 18-83, Class LC, 3.00%, 11/25/48		2,149,473
	135,763	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		144,671
	13,640	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		13,643
	513,806	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		535,753
	16,509	Fannie Mae, 3.33% (US0012M + 132 bps), 1/1/35, Pool #805386		17,125
	3,439	Fannie Mae, 3.69% (H15T1Y + 187 bps), 12/1/22, Pool #303247		3,467
	2,707	Fannie Mae, 4.06% (H15T1Y + 216 bps), 6/1/32, Pool #725286		2,721
	921,630	Fannie Mae, Series 2003-W14, Class 2A, 4.28%, 1/25/43*(b)		974,732
	2,097,893	Fannie Mae, Series 2003-W12, Class 3A, 4.38%, 3/25/43*(b)		2,258,130
	42,300	Fannie Mae, 4.48% (H15T1Y + 229 bps), 2/1/30, Pool #556998		42,342
	696,506	Fannie Mae, Series 2003-W16, Class AF5, 4.54%, 11/25/33*(b)		777,156
	2,725,000	Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34*		3,117,621

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	16,428	Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32*(b)	$	18,076
	814	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22		844
	10,904	Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31*(b)		11,640
	9,704	Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31*(b)		12,201
	24	Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21		25
	191	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		199
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,107
	134,628	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		135,281
	946,355	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		964,054
	578,140	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(b)		587,837
	211,024	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		215,843
	344,812	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		354,515
	448,216	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		457,798
	620,424	Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40		623,787
	870,774	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		893,113
	288,427	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		294,815
	60,760	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		62,048
	467,308	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		481,133
	563,704	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		582,705
	27,386	Freddie Mac, Series 3752, Class JA, 2.75%, 4/15/40		27,484
	95,617	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		97,202
	658,333	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		699,600
	3,717	Freddie Mac, 3.34% (US0006M + 154 bps), 4/1/36, Pool #1N0148		3,823
	432,099	Freddie Mac, Series T-67, Class 1A1C, 3.59%, 3/25/36*(b)		443,818
	14,031	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		14,991
	68,005	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		69,038
	32	Freddie Mac, Series 180, Class H, 6.50%, 9/15/21*		32
	147	Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21*		147
	813	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23*		857
	879	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		927
	622	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22*		658

4

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	363,746	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42	$	372,582
	4,843,043	Government National Mortgage Assoc., Series 2013-176, Class BE, 2.65%, 3/16/46*(b)		5,001,744
	1,670	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123		1,687
	2,717	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580		2,801
	3,994	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8585		4,136
	1,255	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832		1,276
	3,422	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263		3,471
	924	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/21, Pool #8889		935
	2,233	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141		2,317
	5,154	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947		5,193
	11,621	Government National Mortgage Assoc., 3.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		12,121
	100	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		110
	77	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		82
	31	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		32
	237	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439		242
				25,483,366
Total Mortgage Backed Securities				43,749,513
Corporate Bonds (10.2%)
Banks (4.4%)
	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		1,539,675
	1,500,000	Mizuho Financial Group, Inc., 2.95%, 2/28/22		1,550,856
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		1,057,593
	1,500,000	Wells Fargo & Co., 2.63%, 7/22/22		1,547,471
				5,695,595

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Capital Markets (0.0%^)
$	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)	$	22,400
Diversified Telecommunication Services (1.3%)
	1,743,000	AT&T, Inc., 2.80%, 2/17/21		1,767,195
Interactive Media & Services (2.4%)
	3,000,000	Baidu, Inc., 3.88%, 9/29/23, Callable 8/29/23 @ 100 *		3,194,043
Tobacco (1.8%)
	2,150,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 *		2,458,109
Trading Companies & Distributors (0.3%)
	447,000	Aviation Capital Group LLC, 7.13%, 10/15/20 (c)		429,782
Total Corporate Bonds				13,567,124
Taxable Municipal Bonds (1.0%)
Georgia (1.0%)
	1,175,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		1,285,897
Total Taxable Municipal Bonds				1,285,897
U.S. Government Agency Securities (20.6%)
Federal Farm Credit Banks
	4,000,000	1.22%, 5/5/28, Callable 5/5/22 @ 100 *		3,983,027
	3,760,000	1.50%, 4/30/29, Callable 4/30/21 @ 100 *		3,738,498
	4,000,000	1.68%, 4/29/30, Callable 4/29/21 @ 100 *		4,023,285
				11,744,810
Federal Home Loan Bank
	2,800,000	2.00%, 5/4/35, Callable 5/4/21 @ 100 *		2,773,205
Federal Home Loan Banks
	4,250,000	1.90%, 3/18/37, Callable 3/18/22 @ 100 *		4,063,334
	4,855,000	2.07%, 4/2/32, Callable 10/2/20 @ 100 *		4,872,849
	4,000,000	2.32%, 4/16/35, Callable 4/16/21 @ 100 *		4,002,122
				12,938,305
Total U.S. Government Agency Securities				27,456,320
U.S. Treasury Obligations (19.5%)
U.S. Treasury Notes
	6,930,000	1.50%, 10/31/21		7,059,125
	17,925,000	1.50%, 10/31/24		18,887,069
				25,946,194
Total U.S. Treasury Obligations				25,946,194
Investment in Affiliates (9.8%)
	13,085,833	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(e)		13,085,833
Total Investment in Affiliates				13,085,833
Total Investments (Cost $133,419,680) - 100.9%				134,309,805
Liabilities in excess of other assets — (0.9)%				(1,261,161	)
Net Assets - 100.0%			$	133,048,644

5

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(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 illiquid according to the policies and procedures adopted by the Board of Trustees. At May 31, 2020, illiquid securities were 1.1% 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 May 31, 2020.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	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 May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

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

6

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (7.0%)
$	305,907	AccessLex Institute, Series 2007-1, Class C, 1.39% (US0003M + 40 bps), 10/25/35*	$	261,457
	271,817	Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52(a)		278,447
	119,771	Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(a)		120,009
	300,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(a)		294,347
	175,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45*(a)		177,569
	300,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class D, 3.17%, 4/17/23*		302,925
	570,000	SLM Student Loan Trust, Series 2012-7, Class B, 1.97% (US0001M + 180 bps), 9/25/43*		489,682
	200,388	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		202,613
Total Asset Backed Securities				2,127,049
Mortgage Backed Securities† (22.3%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.0%)
	313,214	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.71% (US0001M + 54 bps), 8/25/35*		309,451
Alt-A - Fixed Rate Mortgage Backed Securities (2.0%)
	951	Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20*		890
	62,869	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		56,151
	4,136	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35*		4,046
	13,761	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34*		13,900
	78,055	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		49,892
	60,583	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.12%, 6/25/36*(b)		56,742
	11,553	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34*		11,768
	3,768	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19*		3,365
	16,625	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34*		17,271
	160	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		151
	36,480	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		38,298
	20,211	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,436
	8,254	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33*		8,798
	17,542	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34*		18,396

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	29,929	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34*	$	31,969
	6,857	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(b)		6,916
	2,316	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35*(b)		2,427
	29,050	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(b)		20,243
	88,958	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(b)		30,102
	42,748	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.69%, 10/25/40*(a)(b)		39,605
	218	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18*		164
	4,844	Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21*		4,557
	12,926	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		11,919
	29,610	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36*		20,599
	45,216	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35*		33,660
	57,276	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36*		46,779
	50,304	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35*		49,139
				599,183
Prime Adjustable Rate Mortgage Backed Securities (1.1%)
	7,974	Bank of America Funding Corp., Series 2004-B, Class 5A1, 4.25%, 11/20/34*(b)		7,498
	6,941	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 3.96%, 11/25/34*(b)		6,813
	2,749	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 4.04%, 10/25/33*(b)		2,731
	11,446	Countrywide Home Loans, Series 2004-2, Class 2A1, 3.22%, 2/25/34*(b)		10,222
	5,581	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.08%, 8/25/34*(b)		5,543
	16,472	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.06%, 4/25/37*(b)		13,692
	5,242	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.65% (US0003M + 101 bps), 4/25/36*		4,930
	29,853	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.01%, 2/25/35*(b)		28,405
	25,037	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 4.02%, 10/25/36*(b)		21,146
	235,480	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.34%, 9/25/35*(b)		219,723

7

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	861	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35*(b)	$	81
				320,784
Prime Fixed Mortgage Backed Securities (2.4%)
	6,145	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35*(b)		5,578
	15,851	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37*		11,064
	8,362	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		8,620
	8,640	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34*		9,257
	4,654	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33*		4,718
	2,415	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24*		2,378
	9,491	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35*		7,465
	4,023	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 12/31/99*		4,152
	24,103	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33*		25,291
	8,511	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		8,929
	233,490	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)		234,050
	91,886	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(a)(b)		93,692
	216,927	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34*		217,578
	115	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19*		115
	855	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32*		910
	25,301	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		26,439
	2,085	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34*		2,189
	53,069	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32*		50,006
	12,410	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		13,010
	127	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30*		131
	1,356	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33*		1,413
	623	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		651
				727,636

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities (1.0%)
$	96,674	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)	$	99,398
	212,852	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		219,698
				319,096
U.S. Government Agency Mortgage Backed Securities (14.8%)
	181	Fannie Mae, Series 1992-45, Class F, 0.51% (T7Y ), 4/25/22		180
	47,732	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		46,441
	78,483	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		79,204
	276,320	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		284,244
	216,599	Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		222,233
	63,067	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		64,224
	102,440	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		104,066
	122,217	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		127,479
	17,105	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		17,297
	211,001	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		220,025
	309,688	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		317,835
	258,239	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		279,213
	125,581	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		133,821
	3,410	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		3,411
	214,193	Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40		218,489
	277,490	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		294,206
	236,464	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		268,318
	1,950	Fannie Mae, 3.86% (US0012M + 186 bps), 1/1/37, Pool #906675		1,967
	1,641	Fannie Mae, 4.02% (US0012M + 162 bps), 9/1/33, Pool #739372		1,651
	144	Fannie Mae, 6.00%, 4/1/35, Pool #735503		167
	42	Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20		42
	1,011	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		1,183
	11,477	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42*		13,871
	472	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31*		576
	876	Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		917
	193	Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21		199
	30	Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21		31

8

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	202	Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21	$	208
	36	Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21		37
	10	Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21		10
	42	Freddie Mac, Series 1222, Class P, 0.24% (T10Y - 40 bps), 3/15/22*		42
	33,657	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		33,820
	132,435	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		134,911
	112,536	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		114,326
	271,504	Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		274,713
	160,090	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		163,636
	107,589	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		110,624
	293,366	Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39		307,782
	102,406	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		105,858
	147,762	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		157,463
	109,430	Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		112,036
	13,700	Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230		13,759
	614	Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21*		628
	1,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		1,003
	245	Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21*		248
	1,128	Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22*		1,179
	1,103	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24*		1,191
	25	Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21*		25
	1,365	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26*		1,542
	144	Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21*		148
	1,411	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		1,475
	2,081	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		2,194
	26,394	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		26,667
	77,946	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		79,839
	62,046	Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		63,006
	34,403	Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39		35,390

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	45,443	Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39	$	46,682
	5,233	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		5,254
	70	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		79
	800	Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406		803
	425	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		459
	54	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		60
	123	Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		133
	1,426	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		1,559
	3,770	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		4,179
				4,504,258
Total Mortgage Backed Securities				6,780,408
Corporate Bonds (32.0%)
Banks (2.4%)
	385,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		408,810
	290,000	Wells Fargo & Co., 3.00%, 10/23/26		309,282
				718,092
Beverages (4.0%)
	600,000	Keurig Dr Pepper, Inc., 3.20%, 5/1/30, Callable 2/1/30 @ 100 *		653,368
	300,000	Keurig Dr Pepper, Inc., 3.55%, 5/25/21		308,444
	240,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *		264,917
				1,226,729
Capital Markets (2.8%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		312,589
	925,350	Preferred Term Securities XX, Class B2, 1.19% (US0003M + 45 bps), 3/22/38, Callable 7/7/20 @ 100 *(a)		564,463
				877,052
Consumer Finance (2.2%)
	650,000	Toyota Motor Credit Corp., 1.35%, 8/25/23, MTN		656,005
Diversified Financial Services (2.3%)
	350,000	BP Capital Markets America, Inc., 2.75%, 5/10/23		367,782
	300,000	National Rural Utilities Cooperative Finance Corp., 3.25%, 11/1/25, Callable 8/1/25 @ 100, MTN *		329,713
				697,495
Diversified Telecommunication Services (1.6%)
	450,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100 *		485,892
Electric Utilities (1.7%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		294,853
	220,000	Georgia Power Co., 2.40%, 4/1/21, Callable 3/1/21 @ 100 *		222,900
				517,753

9

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Entertainment (1.8%)
$	215,000	Walt Disney Co. (The), 2.00%, 9/1/29, Callable 6/1/29 @ 100 *	$	217,848
	300,000	Walt Disney Co. (The), 3.35%, 3/24/25		330,365
				548,213
Equity Real Estate Investment Trusts (0.7%)
	196,199	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		205,010
Food Products (3.5%)
	300,000	Archer-Daniels-Midland Co., 3.25%, 3/27/30, Callable 12/27/29 @ 100 *		339,284
	350,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		388,632
	300,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		340,265
				1,068,181
Health Care Providers & Services (1.4%)
	370,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		413,021
Hotels, Restaurants & Leisure (1.3%)
	420,000	Royal Caribbean Cruises, Ltd., 2.65%, 11/28/20		407,580
Industrial Conglomerates (1.3%)
	375,000	General Electric Co., 3.10%, 1/9/23		386,395
Insurance (2.0%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		311,496
	300,000	New York Life Global Funding, 3.25%, 8/6/21 (a)		309,807
				621,303
Media (1.0%)
	275,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100 *		306,478
Semiconductors & Semiconductor Equipment (0.7%)
	225,000	Applied Materials, Inc., 1.75%, 6/1/30, Callable 3/1/30 @ 100 *		224,548
Technology Hardware, Storage & Peripherals (1.3%)
	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		394,944
Total Corporate Bonds				9,754,691
Taxable Municipal Bonds (10.7%)
Alabama (1.0%)
	300,000	The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27		317,652
California (2.1%)
	600,000	Riverside Unified School District, GO, 2.27%, 2/1/25		620,305

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Missouri (0.5%)
$	165,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100	$	165,584
New York (2.0%)
	300,000	New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100		313,734
	300,000	New York City Transitional Finance Authority Revenue, 2.63%, 11/1/29		311,892
				625,626
Rhode Island (1.5%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		423,648
Texas (1.0%)
	300,000	Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26		307,824
Utah (0.9%)
	300,000	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @100		287,688
Wisconsin (1.7%)
	465,000	Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC		489,519
Total Taxable Municipal Bonds				3,237,846
U.S. Treasury Obligations (23.0%)
U.S. Treasury Bills
	1,000,000	0.15%, 10/1/20 (c)		999,441
U.S. Treasury Notes
	600,000	0.50%, 3/15/23		605,273
	3,166,000	1.38%, 10/15/22		3,255,662
	1,983,000	2.00%, 4/30/24		2,118,712
				5,979,647
Total U.S. Treasury Obligations				6,979,088
Investment in Affiliates (4.7%)
	1,427,917	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(d)		1,427,917
Total Investment in Affiliates				1,427,917
Total Investments (Cost $29,993,808) - 99.7%				30,306,999
Other assets in excess of liabilities — 0.3%				92,085
Net Assets - 100.0%			$	30,399,084

(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 May 31, 2020.
(c)	Rate represents the effective yield at purchase.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

AGC	Assured Guaranty Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
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

10

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (5.6%)
$	964,783	AccessLex Institute, Series 2007-1, Class C, 1.39% (US0003M + 40 bps), 10/25/35*	$	824,596
	75,117	American Credit Acceptance Receivables Trust, Series 2017-4, Class C, 2.94%, 1/10/24*(a)		75,153
	23,893	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34*(b)		24,083
	494,212	Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52(a)		506,268
	399,236	Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(a)		400,031
	1,000,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(a)		981,157
	89	RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27*(b)		89
	415,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45*(a)		421,093
	938,125	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(a)		962,003
	42,547	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31*(a)		41,367
	399,325	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		408,229
	498,525	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		504,061
Total Asset Backed Securities				5,148,130
Mortgage Backed Securities† (22.6%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.2%)
	1,010,459	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.71% (US0001M + 54 bps), 8/25/35*		998,320
	68,244	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.77%, 11/25/36*(b)		43,926
	13,957	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36*(b)		13,595
				1,055,841
Alt-A - Fixed Rate Mortgage Backed Securities (1.0%)
	13,034	Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35*		12,522
	16,246	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46*		16,047
	37,721	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		33,691
	25,144	Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37*		13,826
	66,937	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35*		56,684
	34,447	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		32,466

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	10,046	Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34*	$	10,437
	27,223	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36*		19,357
	190,301	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37*		112,055
	200,945	Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36*		130,633
	10,679	Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33*		10,842
	3,662	Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25*		3,651
	25,434	Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35*		25,489
	50,771	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		51,916
	45,600	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		47,873
	20,211	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,436
	23,350	Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35*		23,458
	4,058	Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33*		4,251
	11,073	Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34*		11,348
	18,466	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		17,027
	223,361	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*		181,967
	129,573	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*		82,936
				919,912
Prime Adjustable Rate Mortgage Backed Securities (0.3%)
	7,188	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 3.84%, 6/25/36*(b)		5,903
	210,609	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.54%, 8/25/35*(b)		201,642
	21,571	MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 3.27%, 4/25/29*(b)		20,343
	6,068	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.60%, 6/25/36*(b)		4,786
	430	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35*(b)		40
				232,714
Prime Fixed Mortgage Backed Securities (3.2%)
	2,954	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32*		3,160
	153,788	Chaseflex Trust, Series 2006-2, Class A5, 4.60%, 9/25/36*(b)		150,752
	22,740	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		23,443

11

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	4,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34*	$	4,185
	44,094	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		43,846
	6,949	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34*		7,235
	6,716	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34*		7,081
	85,851	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		56,163
	104,337	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35*		48,176
	666	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21*		607
	148,663	Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 4/25/58*(a)(b)		150,090
	120	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		127
	778,301	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)		780,170
	2,167	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33*(b)		2,207
	239,837	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(a)(b)		243,030
	25,068	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 3.65%, 4/25/36*(b)		21,470
	27,919	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34*		27,366
	31,741	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		33,168
	9,421	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33*		9,615
	124,547	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32*		123,700
	186,682	Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48*(a)(b)		188,199
	37,434	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36*		7,960
	248,039	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35*		242,064
	8,137	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34*		8,582
	55,996	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		58,504
	671,126	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45*(a)(b)		694,724
				2,935,624
Subprime Mortgage Backed Securities (1.6%)
	594,116	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(a)(b)		609,417

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities, continued:
$	257,796	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)	$	265,061
	603,081	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		622,477
				1,496,955
U.S. Government Agency Mortgage Backed Securities (15.3%)
	213,965	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		219,017
	130,805	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		132,006
	361,750	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		370,497
	653,222	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		671,953
	678,756	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41		693,341
	340,562	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		346,807
	261,554	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		270,185
	346,093	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		356,349
	128,050	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		130,083
	622,257	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50		645,032
	204,231	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		213,024
	340,367	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		354,875
	34,210	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		34,594
	158,251	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		165,019
	954,561	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		1,032,091
	135,763	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		144,671
	3,410	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		3,411
	651,525	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		689,294
	157,615	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		165,436
	556,921	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		590,470
	803,979	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		912,283
	929,037	Fannie Mae, Series 2018-M13, Class A1, 3.70%, 3/25/30(b)		1,068,268
	11,803	Fannie Mae, 3.93% (H15T1Y + 231 bps), 12/1/27, Pool #422279		11,931
	46,803	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		50,589
	337	Fannie Mae, 5.00%, 8/1/33, Pool #730856		387
	178	Fannie Mae, 5.00%, 7/1/35, Pool #832198		203
	230	Fannie Mae, 5.50%, 2/1/33, Pool #683351		263

12

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	138	Fannie Mae, 5.50%, 9/1/34, Pool #725773	$	161
	2,173	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		2,445
	1,000	Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24		1,082
	4,528	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		4,794
	1,655	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		1,725
	34,792	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 4.03%, 8/25/42*(b)		36,659
	16,720	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32*(b)		19,246
	74,046	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		74,405
	225,071	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		228,651
	118,832	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40		120,340
	206,887	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		212,709
	179,314	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		184,373
	700,495	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		721,219
	208,047	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41*		215,696
	436,871	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		451,596
	221,643	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		236,195
	260,102	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		275,334
	188,098	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		204,893
	66,590	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		71,494
	4,232	Freddie Mac, 3.62% (H15T1Y + 213 bps), 4/1/24, Pool #409624		4,258
	1,196	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		1,275
	217	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		241
	1,725	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		1,955
	1,042	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		1,233
	12,456	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		14,136
	514	Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31		560
	1,490	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		1,558
	168,882	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		172,984
	495,970	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		526,805
	186,784	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		200,112

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	733,808	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49	$	766,913
	31,816	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		34,231
	1,952	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		2,045
	9,732	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		10,986
	3,640	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		3,894
	84	Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511		84
				14,078,366
Total Mortgage Backed Securities				20,719,412
Corporate Bonds (30.5%)
Banks (2.9%)
	1,320,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		1,401,634
	1,300,000	Wells Fargo & Co., 3.00%, 10/23/26		1,386,439
				2,788,073
Beverages (3.1%)
	1,000,000	Keurig Dr Pepper, Inc., 3.20%, 5/1/30, Callable 2/1/30 @ 100 *		1,088,947
	745,000	Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *		848,762
	800,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *		883,057
				2,820,766
Capital Markets (1.8%)
	1,300,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		1,401,262
	200,000	Intercontinental Exchange, Inc., 3.10%, 9/15/27, Callable 6/15/27 @ 100 *		217,905
				1,619,167
Diversified Financial Services (1.7%)
	600,000	BP Capital Markets America, Inc., 2.75%, 5/10/23		630,483
	850,000	Korea Development Bank, 2.75%, 3/19/23		887,588
				1,518,071
Diversified Telecommunication Services (1.7%)
	1,250,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 *		1,527,975
Electric Utilities (1.2%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		1,072,192
Entertainment (0.8%)
	715,000	Walt Disney Co. (The), 2.00%, 9/1/29, Callable 6/1/29 @ 100 *		724,470
Equity Real Estate Investment Trusts (0.3%)
	294,299	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		307,514
Food Products (3.7%)
	1,025,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		1,138,134
	1,150,000	Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 *		1,365,997

13

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Food Products, continued:
$	825,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)	$	935,729
				3,439,860
Health Care Providers & Services (3.3%)
	925,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *		954,853
	1,050,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		1,068,963
	890,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		993,483
				3,017,299
Hotels, Restaurants & Leisure (0.9%)
	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22		286,350
	555,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100 *		583,446
				869,796
Industrial Conglomerates (1.3%)
	1,120,000	General Electric Co., 3.10%, 1/9/23		1,154,034
Insurance (2.4%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,142,151
	1,000,000	New York Life Global Funding, 2.88%, 4/10/24 (a)		1,070,894
				2,213,045
IT Services (1.2%)
	1,000,000	International Business Machines Corp., 3.50%, 5/15/29		1,140,742
Semiconductors & Semiconductor Equipment (1.2%)
	700,000	Applied Materials, Inc., 1.75%, 6/1/30, Callable 3/1/30 @ 100 *		698,594
	325,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100 *		359,771
				1,058,365
Specialty Retail (1.4%)
	1,000,000	Lowe's Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100 *		1,203,608
Technology Hardware, Storage & Peripherals (1.6%)
	1,300,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		1,466,935
Total Corporate Bonds				27,941,912
Taxable Municipal Bonds (10.9%)
Georgia (2.2%)
	1,955,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		2,139,512
Kentucky (0.8%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		743,880
Missouri (0.3%)
	235,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100		235,832

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
New York (1.5%)
$	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @100	$	1,346,096
Oklahoma (2.6%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		524,095
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,795,794
				2,319,889
Pennsylvania (1.4%)
	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		1,290,431
Texas (2.1%)
	740,000	Country of Galveston Texas, Build America Bonds, GO, 5.91%, 2/1/29		876,767
	785,000	Texas Transportation Commission State Highway Fund Revenue, 5.18%, 4/1/30		1,000,098
				1,876,865
Total Taxable Municipal Bonds				9,952,505
U.S. Government Agency Securities (1.1%)
Federal Farm Credit Bank
	1,000,000	1.35%, 4/21/26, Callable 7/21/20 @ 100 *		999,999
Total U.S. Government Agency Securities				999,999
U.S. Treasury Obligations (23.6%)
U.S. Treasury Bonds
	6,075,000	2.25%, 8/15/46		7,204,096
U.S. Treasury Notes
	6,314,000	1.38%, 10/15/22		6,492,814
	3,522,000	2.00%, 4/30/24		3,763,037
	3,683,000	2.25%, 2/15/27		4,115,753
				14,371,604
Total U.S. Treasury Obligations				21,575,700
Investment Companies (1.1%)
	7,710	iShares Iboxx $ Investment Grade Corporate Bond ETF		1,017,874
Total Investment Companies				1,017,874
Investment in Affiliates (5.7%)
	5,232,195	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(c)		5,232,195
Total Investment in Affiliates				5,232,195
Total Investments (Cost $87,150,274) - 101.1%				92,587,727
Liabilities in excess of other assets — (1.1)%				(1,002,670	)
Net Assets - 100.0%			$	91,585,057

14

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(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 May 31, 2020.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

AGM	Assured Guaranty Municipal Corporation
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

15

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (8.0%)
$	32,250	Bayview Financial Mortgage Pass, Series 2005-D, Class AF4, 5.50%, 12/28/35*(a)	$	31,437
	45,975	Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57*(a)(b)		46,602
	310,536	Bear Stearns Structured Products Trust, Series 2007-EMX1, Class A2, 1.47% (US0001M + 130 bps), 3/25/37*		306,593
	34,542	Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32*		35,114
	58,976	Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35*(a)		58,986
	11,103	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35*(a)		11,173
	81,877	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF4, 5.21%, 3/25/34*(a)		82,092
	50,000	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.30%, 11/25/34*(a)		50,855
	359,359	MASTR Asset Backed Securities Trust, Series 2004-FRE1, Class M6, 2.27% (US0001M + 210 bps), 7/25/34*		355,028
	102,725	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class AV1B, 0.43% (US0001M + 26 bps), 7/25/35*		102,648
	36,877	Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.67%, 12/25/34*(a)		37,810
	49,423	Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34*(a)		50,435
	149,272	Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34*(a)		149,178
Total Asset Backed Securities				1,317,951
Mortgage Backed Securities† (30.5%)
Alt-A - Fixed Rate Mortgage Backed Securities (7.1%)
	28,211	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34*(a)		28,333
	22,302	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34*		23,050
	25,652	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34*		26,556
	125,107	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33*		130,177
	77,255	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34*		79,283
	47,660	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		49,018
	15,863	MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34*		16,214
	132,363	MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34*		138,372
	156,034	MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33*		163,277

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	52,265	MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34*	$	54,359
	330,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33*		333,804
	94,000	Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33*		95,582
	25,967	Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.15%, 2/25/34*(a)		27,139
				1,165,164
Prime Adjustable Rate Mortgage Backed Securities (2.9%)
	68,258	Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 3.62%, 8/25/34*(a)		64,706
	129,297	Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 4.94%, 8/25/33*(a)		131,513
	56,975	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 3.82%, 9/25/34*(a)		56,349
	42,475	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 3.89%, 7/25/34*(a)		42,192
	175,357	Winwater Mortgage Loan Trust, Series 2014-1, Class A1, 3.84%, 6/20/44*(a)(b)		180,096
				474,856
Prime Fixed Mortgage Backed Securities (11.9%)
	173,670	Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34*		180,113
	22,923	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34*		24,163
	10,568	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36*		10,375
	12,489	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36*		12,479
	158,714	Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35*		166,333
	40,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34*		41,063
	130,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34*		129,751
	55,000	Countrywide Home Loans, Series 2004-9, Class A5, 5.25%, 6/25/34*		53,083
	322,000	Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35*		325,850
	178,789	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34*		178,732
	67,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34*		70,104
	69,000	Countrywide Home Loans, Series 2004-8, Class 1A7, 5.75%, 7/25/34*		73,040
	119,831	Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43*(a)(b)		119,297
	51,532	Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47*(a)(b)		52,350

16

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	72,803	GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34*	$	75,596
	157,227	GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34*		156,553
	52,730	JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47*(a)(b)		53,253
	40,678	JPMorgan Mortgage Trust, Series 2017-1, Class A5, 3.50%, 1/25/47*(a)(b)		41,197
	96,346	Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43*(a)		96,024
	97,000	WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33*		100,278
				1,959,634
U.S. Government Agency Mortgage Backed Securities (8.6%)
	124,603	Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41		128,341
	109,876	Fannie Mae, Series 2003-W14, Class 2A, 4.28%, 1/25/43*(a)		116,207
	230,421	Fannie Mae, Series 2003-W13, Class AF5, 4.74%, 10/25/33*(a)		259,234
	166,470	Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34*		190,849
	70,770	Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41		72,058
	143,913	Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46*		148,312
	483,521	Government National Mortgage Assoc., Series 2013-176, Class BE, 2.65%, 3/16/46*(a)		499,365
				1,414,366
Total Mortgage Backed Securities				5,014,020
Corporate Bonds (5.6%)
Sovereign Bond (2.8%)
	450,000	International Bank for Reconstruction & Development, 2.70%, 12/28/37, Callable 12/28/22 @ 100, MTN *		459,215
Tobacco (2.8%)
	180,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100 *		233,094

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Tobacco, continued:
$	156,000	Philip Morris International, Inc., 6.38%, 5/16/38	$	227,960
				461,054
Total Corporate Bonds				920,269
U.S. Government Agency Securities (22.0%)
Federal Farm Credit Bank
	150,000	2.00%, 5/14/40, Callable 5/14/25 @ 100 *		149,628
	400,000	2.12%, 6/4/40, Callable 6/4/21 @ 100 *		400,164
	230,000	2.13%, 5/21/40, Callable 5/21/21 @ 100 *		230,004
	955,000	2.35%, 4/16/35, Callable 4/16/21 @ 100 *		952,120
				1,731,916
Federal Home Loan Bank
	375,000	1.78%, 5/4/35, Callable 5/4/23 @ 100 *		371,810
	220,000	1.92%, 6/4/37, Callable 6/4/21 @ 100 *		220,095
	220,000	1.95%, 6/3/36, Callable 12/3/20 @ 100 *		220,050
	285,000	2.00%, 5/4/35, Callable 5/4/21 @ 100 *		282,273
	160,000	2.30%, 5/11/45, Callable 5/11/21 @ 100 *		159,334
	640,000	2.70%, 8/10/35, Callable 6/10/20 @ 100 *		638,553
				1,892,115
Total U.S. Government Agency Securities				3,624,031
U.S. Treasury Obligations (19.7%)
U.S. Treasury Bonds
	1,630,000	1.13%, 5/15/40		1,616,629
	1,680,000	1.25%, 5/15/50		1,616,475
				3,233,104
Total U.S. Treasury Obligations				3,233,104
Investment in Affiliates (28.3%)
	4,660,330	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(c)		4,660,330
Total Investment in Affiliates				4,660,330
Total Investments (Cost $18,611,396) - 114.1%				18,769,705
Liabilities in excess of other assets — (14.1)%				(2,323,289	)
Net Assets - 100.0%			$	16,446,416

(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 May 31, 2020.
(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 May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

MTN	Medium Term Note
LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR

17

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds (95.6%)
Alaska (3.1%)
$	1,000,000	City of Valdez Alaska Revenue, Series C, 0.03%, 12/1/29, Continuously Callable @100, GTY(a)	$	1,000,000
Arizona (1.6%)
	500,000	City of Tucson Arizona, 4.00%, 7/1/20, AGM		501,220
Colorado (4.6%)
	1,150,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 0.14%, 11/1/40, Continuously Callable @100, Barclays Bank(a)		1,150,000
	325,000	Colorado State Education Loan Program Revenue, Series A, 3.00%, 6/29/20		325,629
				1,475,629
Connecticut (2.9%)
	700,000	State of Connecticut Special Tax Revenue Revenue, Series A, 5.00%, 9/1/20		707,322
	225,000	State of Connecticut, GO, Series F, 5.00%, 11/15/20		229,437
				936,759
Florida (3.3%)
	1,050,000	Palm Beach County Revenue, 0.14%, 7/1/32, Callable 7/1/20 @ 100, Northern Trust Co*(a)		1,050,000
Illinois (8.8%)
	1,100,000	Channahon Illinois, Morris Hospital Revenue, 0.14%, 12/1/34, Continuously Callable @100, U.S. Bank NA(a)		1,100,000
	1,095,000	Illinois State Finance Authority Revenue, Series C, 0.11%, 2/15/33, Continuously Callable @100, Northern Trust Co.(a)		1,095,000
	250,000	Knox & Warren Counties Community Unit School District No 205 Galesburg, GO, Series B, 4.00%, 12/1/20		254,365
	170,000	Sycamore Park District, GO, Series A, 2.00%, 12/15/20, BAM		171,418
	200,000	Village of Morton Grove Illinois, GO, 5.00%, 12/15/20		205,098
				2,825,881
Indiana (1.3%)
	415,000	Lafayette School Corp., GO, 4.00%, 7/15/20, ST INTERCEPT		416,528
Iowa (0.8%)
	250,000	College Community School District, GO, Series B, 3.00%, 6/1/20		250,011
Kansas (3.0%)
	440,000	City of Wichita Kansas, GO, Series 824, 4.50%, 6/1/20		440,038
	500,000	Riley County Unified School District No 383 Manhattan-Ogden, GO, 3.00%, 9/1/20		502,980
				943,018
Kentucky (2.5%)
	300,000	Hardin County School District Finance Corp. Revenue, Series B, 2.00%, 6/1/20, ST INTERCEPT		300,004

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Kentucky, continued:
$	135,000	Kenton County School District Finance Corp. Revenue, 2.50%, 6/1/20, ST INTERCEPT	$	135,003
	215,000	Letcher County School District Finance Corp. Revenue, 3.00%, 6/1/20, ST INTERCEPT		215,008
	160,000	Trigg County School District Finance Corp. Revenue, 2.25%, 11/1/20, ST INTERCEPT		161,003
				811,018
Louisiana (2.9%)
	935,000	Louisiana Public Facilities Authority Revenue, Series B-3, 0.15%, 7/1/47, Continuously Callable @100, BNY(a)		935,000
Minnesota (3.4%)
	1,100,000	City of Minneapolis MN Revenue, Series B, 0.12%, 12/1/27, Callable 7/1/20 @ 100*(a)		1,100,000
Mississippi (2.5%)
	800,000	Mississippi State Business Finance Commission Gulf Opportunity Zone Revenue, Series C, 0.06%, 12/1/30, Callable 7/1/20 @ 100, GTY*(a)		800,000
Missouri (2.5%)
	800,000	Missouri Public Utilities Commission Revenue, 1.50%, 3/1/21, Continuously Callable @100		802,087
Nevada (3.9%)
	1,000,000	County of Clark Nevada Industrial Development Revenue, Series A, 0.16%, 12/1/39, Continuously Callable @100, Bank of America(a)		1,000,000
	250,000	County of Clark NV Revenue, 5.00%, 7/1/20		250,842
				1,250,842
New Jersey (1.7%)
	539,000	Township of Freehold New Jersey, GO, 1.50%, 10/15/20		541,048
New Mexico (2.4%)
	160,000	Albuquerque Bernalillo County Water Utility Authority Revenue, 5.00%, 7/1/20		160,543
	345,000	City of Las Cruces NM Revenue, 4.00%, 6/1/20		345,018
	250,000	The University of New Mexico Revenue, Series C, 5.00%, 6/1/20		250,024
				755,585
Ohio (14.3%)
	499,000	American Municipal Power, Inc. Revenue, 2.25%, 8/13/20		500,821
	215,000	American Municipal Power, Inc. Revenue, 2.25%, 1/22/21		215,983
	500,000	American Municipal Power, Inc. Revenue, 3.00%, 4/28/21		507,055
	400,000	City of Cuyahoga Falls Ohio, GO, 2.00%, 11/19/20		403,092
	700,000	City of Vandalia Ohio, GO, 2.13%, 9/2/20		703,227
	473,435	City of Willowick Ohio, GO, 2.00%, 2/18/21		478,558
	485,000	County of Lake Ohio, GO, 2.00%, 10/15/20		488,026

18

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Ohio, continued:
$	500,000	County of Trumbull Ohio, GO, 2.25%, 7/23/20	$	501,212
	215,000	Liberty Community Infrastructure Financing Authority, 4.00%, 12/1/20		218,440
	500,000	Shelby City School District Revenue, 4.00%, 11/1/20		507,370
				4,523,784
Oklahoma (0.4%)
	115,000	Cleveland County Educational Facilities Authority Revenue, 4.00%, 9/1/20		115,983
Pennsylvania (3.1%)
	1,000,000	Philadelphia Pennsylvania, GO, Series B, 0.13%, 8/1/31, Continuously Callable @100, Barclays Bank(a)		1,000,000
South Dakota (0.3%)
	100,000	Custer School District 16-1, GO, 3.00%, 8/1/20, State Aid Withholding		100,440
Tennessee (3.7%)
	1,000,000	Clarksville Tennessee Public Building Authority Revenue, 0.09%, 11/1/35, Callable 7/1/20 @ 100, Bank of America*(a)		1,000,000
	200,000	Montgomery Country Public Building Authority Revenue, 0.09%, 2/1/36, Callable 7/1/20 @ 100, Bank of America*(a)		200,000
				1,200,000
Texas (17.9%)
	1,170,000	Austin Texas Hotel Occupancy Tax Revenue, 0.18%, 11/15/29, Continuously Callable @100, JPM(a)		1,170,000
	375,000	Cibolo Canyons Special Improvement District, GO, Series A, 5.00%, 8/15/20, AGM		378,000
	1,150,000	City of Houston Texas Airport System Revenue, 0.16%, 7/1/30, Continuously Callable @100, Barclays Bank(a)		1,150,000
	230,000	Crosby Municipal Utility District, GO, 2.00%, 8/15/20, BAM		230,543
	570,000	El Paso Downtown Development Corp. Revenue, 4.00%, 8/15/20		572,708

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Texas, continued:
$	215,000	Fort Bend County Municipal Utility District No 134D, GO, 4.00%, 9/1/20, AGM	$	216,570
	185,000	Galveston County Municipal Utility District No 14, GO, 1.75%, 10/1/20, BAM		185,622
	125,000	Paseo del Este Municipal Utility District No 10, GO, 4.00%, 8/15/20, Capital Markets Assurance Corp.		125,813
	100,000	Remington Municipal Utility District No 1, GO, 3.00%, 9/1/20, AGM		100,559
	185,000	Reunion Ranch Water Control & Improvement District, GO, 2.00%, 8/15/20, AGM		185,361
	830,000	State of Texas Revenue, 4.00%, 8/27/20		837,585
	240,000	Sunfield Municipal Utility District No 1, GO, 4.00%, 9/1/20, AGM		241,752
	275,000	Travis County Municipal Utility District No 18, GO, 2.00%, 9/1/20, BAM		275,655
				5,670,168
Wisconsin (2.8%)
	135,000	City of Onalaska Wisconsin, GO, 3.00%, 10/1/20		136,207
	675,000	County of Green Wisconsin, GO, Series A, 3.00%, 12/1/20		683,944
	100,000	Village of Osceola Wisconsin, GO, 3.00%, 6/1/20, AGM		100,004
				920,155
Wyoming (1.9%)
	600,000	County of Lincoln Wyoming Revenue, 0.07%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a)		600,000
Total Municipal Bonds				30,525,156
Investment in Affiliates (3.7%)
	1,172,534	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(b)		1,172,534
Total Investment in Affiliates				1,172,534
Total Investments (Cost $31,656,167) - 99.3%				31,697,690
Other assets in excess of liabilities — 0.7%				208,782
Net Assets - 100.0%			$	31,906,472

(a)	Interest rate is determined by the Remarketing Agent.  The rate presented is the rate in effect at May 31, 2020.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

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

19

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares  or Principal Amount		Security Description	Value
Common Stocks (50.5%)
Aerospace & Defense (0.9%)
	146	BWX Technologies, Inc.	$	9,135
	394	General Dynamics Corp.		57,851
	71	HEICO Corp.		7,154
	163	HEICO Corp., Class A		13,684
	517	L3Harris Technologies, Inc.		103,116
	289	Lockheed Martin Corp.		112,258
	155	Northrop Grumman Corp.		51,956
	415	Raytheon Technologies Corp.		26,776
	564	Spirit AeroSystems Holdings, Inc., Class A		12,222
	22	Teledyne Technologies, Inc.(a)		8,231
	32	The Boeing Co.		4,667
	188	Vectrus, Inc.(a)		10,325
				417,375
Air Freight & Logistics (0.1%)
	304	Expeditors International of Washington, Inc.		23,216
Airlines (0.0%^)
	597	JetBlue Airways Corp.(a)		6,012
Auto Components (0.2%)
	1,765	BorgWarner, Inc.		56,745
	1,238	Gentex Corp.		32,733
	183	Lear Corp.		19,407
				108,885
Automobiles (0.0%^)
	6	Tesla, Inc.(a)		5,010
Banks (2.1%)
	3,520	Bank of America Corp.		84,902
	1,314	CIT Group, Inc.		23,836
	597	Citigroup, Inc.		28,602
	710	Commerce Bancshares, Inc.		45,248
	416	East West Bancorp, Inc.		14,539
	35	First Citizens Bancshares, Inc.		13,475
	610	First Horizon National Corp.		5,704
	110	First Republic Bank		11,899
	3,934	JPMorgan Chase & Co.		382,819
	73	M&T Bank Corp.		7,713
	576	People's United Financial, Inc.		6,595
	174	Preferred Bank/Los Angeles CA		6,537
	115	SVB Financial Group(a)		24,696
	460	The PNC Financial Services Group, Inc.		52,458
	1,711	Truist Financial Corp.		62,931
	2,254	U.S. Bancorp		80,152
	3,337	Wells Fargo & Co.		88,330
	473	Western Alliance Bancorp		18,045
				958,481
Beverages (1.0%)
	527	Molson Coors Brewing Co., Class B		20,005
	247	Monster Beverage Corp.(a)		17,762
	1,876	PepsiCo, Inc.		246,788
	26	The Boston Beer Co, Inc., Class A(a)		14,683
	3,149	The Coca-Cola Co.		146,995
				446,233
Biotechnology (1.6%)
	1,248	AbbVie, Inc.		115,652
	803	Amgen, Inc.		184,448
	64	Biogen, Inc.(a)		19,654
	168	BioSpecifics Technologies Corp.(a)		10,450
	218	Eagle Pharmaceuticals, Inc.(a)		11,175
	1,780	Exelixis, Inc.(a)		43,984
	1,779	Gilead Sciences, Inc.		138,460

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Biotechnology, continued:
	269	Incyte Corp.(a)	$	27,414
	190	Ionis Pharmaceuticals, Inc.(a)		10,680
	150	Neurocrine Biosciences, Inc.(a)		18,714
	72	Regeneron Pharmaceuticals, Inc.(a)		44,122
	440	Vertex Pharmaceuticals, Inc.(a)		126,702
				751,455
Building Products (0.3%)
	411	Allegion PLC		40,977
	92	Armstrong World Industries, Inc.		6,936
	427	Builders FirstSource, Inc.(a)		8,886
	146	CSW Industrials, Inc.		10,448
	123	Lennox International, Inc.		26,302
	190	Patrick Industries, Inc.		9,855
	125	Simpson Manufacturing Co, Inc.		10,008
	147	Trane Technologies PLC		13,261
	101	Trex Co, Inc.(a)		12,132
				138,805
Capital Markets (2.2%)
	323	Ameriprise Financial, Inc.		45,243
	141	BlackRock, Inc.		74,538
	714	CME Group, Inc.		130,377
	131	Cohen & Steers, Inc.		8,325
	598	Evercore, Inc.		32,956
	582	GAMCO Investors, Inc., Class A		7,519
	168	Houlihan Lokey, Inc.		10,161
	879	Intercontinental Exchange, Inc.		85,483
	192	INTL. FCStone, Inc.(a)		9,794
	614	LPL Financial Holdings, Inc.		43,833
	64	Moody's Corp.		17,114
	174	Morgan Stanley		7,691
	74	Morningstar, Inc.		11,346
	363	MSCI, Inc., Class A		119,373
	507	Nasdaq, Inc.		60,059
	123	Northern Trust Corp.		9,718
	361	S&P Global, Inc.		117,332
	361	SEI Investments Co.		19,573
	162	Stifel Financial Corp.		7,729
	371	T. Rowe Price Group, Inc.		44,854
	522	The Bank of New York Mellon Corp.		19,403
	739	The Charles Schwab Corp.		26,537
	517	The Goldman Sachs Group, Inc.		101,585
				1,010,543
Chemicals (0.5%)
	473	AdvanSix, Inc.(a)		5,600
	186	Air Products & Chemicals, Inc.		44,947
	786	Axalta Coating Systems, Ltd.(a)		18,164
	1,056	CF Industries Holdings, Inc.		31,015
	79	Chase Corp.		7,872
	1	Corteva, Inc.		27
	347	Dow, Inc.		13,394
	396	Ecolab, Inc.		84,183
	180	Hawkins, Inc.		7,722
	79	Innospec, Inc.		6,090
	58	International Flavors & Fragrances, Inc.		7,725
	322	Trinseo SA		6,627
	153	Westlake Chemical Corp.		7,298
				240,664
Commercial Services & Supplies (0.5%)
	396	Cintas Corp.		98,192
	4,233	Covanta Holding Corp.		38,097
	283	IAA, Inc.(a)		11,603
	667	Kimball International, Inc., Class B		7,464

20

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Commercial Services & Supplies, continued:
	628	Waste Management, Inc.	$	67,039
				222,395
Communications Equipment (0.6%)
	289	Arista Networks, Inc.(a)		67,470
	3,248	Cisco Systems, Inc.		155,319
	229	Palo Alto Networks, Inc.(a)		53,877
				276,666
Construction & Engineering (0.1%)
	418	Jacobs Engineering Group, Inc.		35,120
	690	Sterling Construction Co, Inc.(a)		6,245
				41,365
Consumer Finance (0.4%)
	424	American Express Co.		40,310
	232	Capital One Financial Corp.		15,785
	38	Credit Acceptance Corp.(a)		14,053
	189	Discover Financial Services		8,979
	463	Enova International, Inc.(a)		6,551
	2,777	Navient Corp.		20,661
	872	Onemain Holdings, Inc.		20,344
	488	Santander Consumer USA Holdings, Inc.		8,067
	3,008	Synchrony Financial		61,273
	117	World Acceptance Corp.(a)		7,781
				203,804
Containers & Packaging (0.4%)
	247	AptarGroup, Inc.		27,513
	490	Ball Corp.		34,917
	1,221	Berry Global Group, Inc.(a)		54,835
	482	Packaging Corp. of America		48,880
	138	UFP Technologies, Inc.(a)		6,239
				172,384
Distributors (0.1%)
	422	Core-Mark Holding Co, Inc.		11,808
	150	Genuine Parts Co.		12,512
	96	Pool Corp.		25,825
				50,145
	Diversified Consumer Services (0.2%)
	259	Bright Horizons Family Solutions, Inc.(a)		28,977
	918	H&R Block, Inc.		15,606
	563	K12, Inc.(a)		13,861
	648	ServiceMaster Global Holdings, Inc.(a)		21,319
				79,763
Diversified Financial Services (0.4%)
	680	Berkshire Hathaway, Inc., Class B(a)		126,194
	357	Jefferies Financial Group, Inc.		5,230
	775	Voya Financial, Inc.		34,914
				166,338
Diversified Telecommunication Services (0.6%)
	3,626	AT&T, Inc.		111,898
	2,694	Verizon Communications, Inc.		154,582
				266,480
Electric Utilities (0.7%)
	245	Alliant Energy Corp.		12,093
	187	Eversource Energy		15,652
	821	Exelon Corp.		31,453
	371	NextEra Energy, Inc.		94,812
	1,582	OGE Energy Corp.		49,548
	465	Pinnacle West Capital Corp.		36,224
	152	Portland General Electric Co.		7,161
	2,041	PPL Corp.		57,025
				303,968

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Electrical Equipment (0.3%)
	232	Acuity Brands, Inc.	$	19,987
	145	AMETEK, Inc.		13,298
	729	Emerson Electric Co.		44,483
	242	Regal-Beloit Corp.		19,249
	128	Rockwell Automation, Inc.		27,668
				124,685
Electronic Equipment, Instruments & Components (0.7%)
	599	Amphenol Corp., Class A		57,839
	1,133	CDW Corp.		125,662
	1,970	Corning, Inc.		44,896
	178	Insight Enterprises, Inc.(a)		9,124
	555	Keysight Technologies, Inc.(a)		60,012
	179	National Instruments Corp.		6,931
	388	Sanmina Corp.(a)		10,325
				314,789
Energy Equipment & Services (0.0%^)
	253	Cactus, Inc., Class A		4,827
	570	Matrix Service Co.(a)		6,282
				11,109
Entertainment (0.6%)
	125	Netflix, Inc.(a)		52,466
	1,931	The Walt Disney Co.		226,507
				278,973
Equity Real Estate Investment Trusts (2.3%)
	2,066	American Homes 4 Rent, Class A		52,146
	266	American Tower Corp.		68,673
	663	Apartment Investment & Management Co.		24,445
	79	AvalonBay Communities, Inc.		12,325
	1,565	Columbia Property Trust, Inc.		19,922
	796	Corporate Office Properties Trust		19,876
	672	Crown Castle International Corp.		115,691
	1,729	CubeSmart		49,207
	700	Digital Reality Trust, Inc.		100,491
	426	Douglas Emmett, Inc.		12,507
	1,899	Duke Realty Corp.		65,478
	605	Equity LifeStyle Properties, Inc.		37,692
	700	Equity Residential		42,392
	42	Essex Property Trust, Inc.		10,196
	698	Extra Space Storage, Inc.		67,532
	2,939	Host Hotels & Resorts, Inc.		35,092
	489	JBG SMITH Properties		14,538
	740	Lamar Advertising Co.		49,062
	845	Lexington Realty Trust		8,213
	58	Mid-America Apartment Communities, Inc.		6,749
	1,701	Park Hotels & Resorts, Inc.		16,721
	413	Prologis, Inc.		37,790
	57	PS Business Parks, Inc.		7,617
	348	Public Storage		70,554
	170	Realty Income Corp.		9,403
	708	RLJ Lodging Trust		7,299
	198	Simon Property Group, Inc.		11,425
	388	SL Green Realty Corp.		16,343
	576	The GEO Group, Inc.		6,900
	466	Vici Properties, Inc.		9,143
	262	Weingarten Realty Investors		4,685
	466	Welltower, Inc.		23,612
	615	Xenia Hotels & Resorts, Inc.		5,535
				1,039,254
Food & Staples Retailing (0.7%)
	339	Costco Wholesale Corp.		104,571

21

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Food & Staples Retailing, continued:
	249	Ingles Markets, Inc., Class A	$	10,610
	216	Performance Food Group Co.(a)		5,756
	288	Sysco Corp.		15,886
	339	Walgreens Boots Alliance, Inc.		14,557
	1,287	Wal-Mart Stores, Inc.		159,666
				311,046
Food Products (1.0%)
	363	General Mills, Inc.		22,884
	1,325	Hormel Foods Corp.		64,701
	671	Ingredion, Inc.		56,518
	119	John B Sanfilippo & Son, Inc.		10,346
	556	Kellogg Co.		36,312
	241	Lamb Weston Holdings, Inc.		14,474
	59	Lancaster Colony Corp.		9,054
	78	McCormick & Co. , Inc/MD		13,662
	2,652	Mondelez International, Inc., Class A		138,223
	93	The Hershey Co.		12,618
	903	Tyson Foods, Inc., Class A		55,480
				434,272
Gas Utilities (0.1%)
	103	Atmos Energy Corp.		10,586
	101	ONE Gas, Inc.		8,481
	1,136	UGI Corp.		36,171
				55,238
Health Care Equipment & Supplies (1.9%)
	924	Abbott Laboratories		87,706
	35	ABIOMED, Inc.(a)		7,837
	119	Align Technology, Inc.(a)		29,229
	816	Baxter International, Inc.		73,448
	144	Becton, Dickinson & Co.		35,558
	650	Danaher Corp.		108,296
	152	Dentsply Sirona, Inc.		7,071
	333	Edwards Lifesciences Corp.(a)		74,832
	843	Hill-Rom Holdings, Inc.		85,708
	962	Hologic, Inc.(a)		50,986
	153	IDEXX Laboratories, Inc.(a)		47,259
	59	Intuitive Surgical, Inc.(a)		34,222
	1,039	Medtronic PLC		102,424
	90	ResMed, Inc.		14,474
	61	STERIS PLC		10,119
	151	Teleflex, Inc.		54,792
	35	The Cooper Cos., Inc.		11,094
	681	Zynex, Inc.(a)		13,211
				848,266
Health Care Providers & Services (1.2%)
	57	Amedisys, Inc.(a)		10,947
	133	AMN Healthcare Services, Inc.(a)		5,900
	311	Anthem, Inc.		91,468
	332	Centene Corp.(a)		21,995
	120	Chemed Corp.		57,421
	56	HCA Healthcare, Inc.		5,986
	172	Magellan Health, Inc.(a)		12,898
	169	Molina Healthcare, Inc.(a)		31,404
	178	National Research Corp.		10,096
	453	RadNet, Inc.(a)		7,719
	408	Select Medical Holdings Corp.(a)		6,585
	228	The Ensign Group, Inc.		9,968
	868	UnitedHealth Group, Inc.		264,611
	54	Universal Health Services, Inc., Class B		5,694
				542,692
Health Care Technology (0.2%)
	370	Computer Programs & System, Inc.		8,184

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Health Care Technology, continued:
	387	Veeva Systems, Inc.(a)	$	84,703
				92,887
Hotels, Restaurants & Leisure (1.0%)
	643	Bloomin' Brands, Inc.		7,337
	636	Darden Restaurants, Inc.		48,883
	393	Dunkin' Brands Group, Inc.		25,101
	929	Hilton Worldwide Holdings, Inc.		73,679
	100	Hyatt Hotels Corp., Class A		5,509
	161	Marriott International, Inc., Class A		14,249
	535	McDonald's Corp.		99,681
	2,304	Starbucks Corp.		179,688
	110	Yum! Brands, Inc.		9,870
				463,997
Household Durables (0.1%)
	356	Garmin, Ltd.		32,101
Household Products (1.3%)
	344	Central Garden & Pet Co.(a)		12,621
	559	Church & Dwight Co., Inc.		41,964
	1,056	Colgate-Palmolive Co.		76,380
	214	Kimberly-Clark Corp.		30,268
	834	The Clorox Co.		172,013
	2,142	The Procter & Gamble Co.		248,301
				581,547
Independent Power and Renewable Electricity Producers (0.0%^)
	926	AES Corp.		11,566
Industrial Conglomerates (0.7%)
	1,140	3M Co.		178,342
	61	Carlisle Cos., Inc.		7,311
	1,021	General Electric Co.		6,708
	787	Honeywell International, Inc.		114,784
	34	Roper Technologies, Inc.		13,389
				320,534
Insurance (1.3%)
	462	Aflac, Inc.		16,849
	227	AON PLC, Class A		44,708
	121	Arthur J. Gallagher & Co.		11,408
	524	Assured Guaranty, Ltd.		13,587
	174	Athene Holdings, Ltd., Class A(a)		5,027
	1,035	Brighthouse Financial, Inc.(a)		30,750
	566	Brown & Brown, Inc.		22,753
	285	Chubb, Ltd.		34,752
	219	Cincinnati Financial Corp.		12,910
	118	Erie Indemnity Co., Class A		21,268
	1,821	FNF Group		58,090
	190	Lincoln National Corp.		7,207
	408	Marsh & McLennan Cos., Inc.		43,215
	453	National General Holdings Corp.		9,196
	327	Prudential Financial, Inc.		19,934
	688	The Allstate Corp.		67,293
	285	The Hanover Insurance Group, Inc.		28,600
	1,272	The Hartford Financial Services Group, Inc.		48,705
	911	The Progressive Corp.		70,766
	164	Travelers Companies, Inc.		17,545
	429	Universal Insurance Holdings, Inc.		7,662
	3,097	Unum Group		46,920
	76	Willis Towers Watson PLC		15,420
				654,565
Interactive Media & Services (1.5%)
	115	Alphabet, Inc., Class A(a)		164,855
	115	Alphabet, Inc., Class C(a)		164,326
	311	Cargurus, Inc.(a)		8,080

22

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Interactive Media & Services, continued:
	1,096	Facebook, Inc., Class A(a)	$	246,698
	45	IAC/InterActiveCorp.(a)		12,167
	476	Match Group, Inc.(a)		42,383
	417	TripAdvisor, Inc.		8,040
	374	Twitter, Inc.(a)		11,583
	245	Yelp, Inc.(a)		5,326
				663,458
Internet & Direct Marketing Retail (1.2%)
	187	Amazon.com, Inc.(a)		456,723
	33	Booking Holdings, Inc.(a)		54,101
	581	eBay, Inc.		26,459
	183	Etsy, Inc.(a)		14,819
				552,102
IT Services (3.5%)
	587	Accenture PLC, Class A		118,351
	345	Automatic Data Processing, Inc.		50,539
	433	Booz Allen Hamilton Holding Corp.		34,536
	191	Broadridge Financial Solutions, Inc.		23,130
	286	Cognizant Technology Solutions Corp., Class A		15,158
	194	CoreLogic, Inc.		9,615
	224	CSG Systems International, Inc.		10,606
	137	Fidelity National Information Services, Inc.		19,020
	1,553	Fiserv, Inc.(a)		165,814
	56	FleetCor Technologies, Inc.(a)		13,652
	392	Global Payments, Inc.		70,360
	647	Hackett Group, Inc. (The)		8,922
	589	International Business Machine Corp.		73,566
	99	Jack Henry & Associates, Inc.		17,905
	138	Leidos Holdings, Inc.		14,530
	952	MasterCard, Inc., Class A		286,447
	364	Paychex, Inc.		26,310
	720	Paypal Holdings, Inc.(a)		111,607
	551	The Western Union Co.		11,031
	263	TTEC Holdings, Inc.		11,141
	966	VeriSign, Inc.(a)		211,564
	1,395	Visa, Inc., Class A		272,360
				1,576,164
Leisure Products (0.1%)
	295	Hasbro, Inc.		21,685
	317	YETI Holdings, Inc.(a)		10,176
				31,861
Life Sciences Tools & Services (1.1%)
	1,540	Agilent Technologies, Inc.		135,735
	29	Bio-Techne Corp.		7,679
	194	Charles River Laboratories International, Inc.(a)		34,854
	31	Illumina, Inc.(a)		11,255
	284	Iqvia Holdings, Inc.(a)		42,464
	99	Mettler-Toledo International, Inc.(a)		78,705
	83	PRA Health Sciences, Inc.(a)		8,591
	346	Thermo Fisher Scientific, Inc.		120,820
	204	Waters Corp.(a)		40,769
				480,872
Machinery (0.8%)
	1,771	Allison Transmission Holdings, Inc.		66,802
	190	DMC Global, Inc.		5,425
	846	Fortive Corp.		51,589
	434	Graco, Inc.		20,923
	1,472	Hillenbrand, Inc.		37,889
	236	IDEX Corp.		37,611

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Machinery, continued:
	320	Illinois Tool Works, Inc.	$	55,187
	108	ITT, Inc.		6,232
	473	Meritor, Inc.(a)		9,640
	173	PACCAR, Inc.		12,778
	444	The Timken Co.		18,888
	357	The Toro Co.		25,372
				348,336
Media (0.3%)
	892	AMC Networks, Inc., Class A(a)		25,218
	1,119	Comcast Corp., Class A		44,313
	1,170	Discovery, Inc., Class C(a)		22,920
	155	GCI Liberty, Inc., Class A(a)		10,724
	576	Gray Television, Inc.(a)		8,029
	582	Msg Networks, Inc., Class A(a)		7,205
	128	Omnicom Group, Inc.		7,013
	344	TechTarget, Inc.(a)		9,457
	688	TEGNA, Inc.		8,063
				142,942
Metals & Mining (0.1%)
	394	Reliance Steel & Aluminum Co.		38,217
	425	Schnitzer Steel Industries, Inc.		6,673
	862	Steel Dynamics, Inc.		22,895
				67,785
Mortgage Real Estate Investment Trusts (0.0%^)
	1,223	AGNC Investment Corp.		15,826
Multiline Retail (0.2%)
	462	Dollar General Corp.		88,477
	148	Target Corp.		18,105
				106,582
Multi-Utilities (0.4%)
	113	Black Hills Corp.		6,973
	713	CenterPoint Energy, Inc.		12,677
	132	Consolidated Edison, Inc.		9,908
	75	DTE Energy Co.		8,068
	436	MDU Resources Group, Inc.		9,487
	117	NorthWestern Corp.		7,034
	699	Public Service Enterprise Group, Inc.		35,677
	212	Sempra Energy		26,778
	547	WEC Energy Group, Inc.		50,176
				166,778
Oil, Gas & Consumable Fuels (0.6%)
	1,518	Cabot Oil & Gas Corp.		30,117
	587	Chevron Corp.		53,829
	376	ConocoPhillips		15,860
	513	CVR Energy, Inc.		10,465
	741	Delek US Holdings, Inc.		14,575
	462	Diamondback Energy, Inc.		19,672
	962	Exxon Mobil Corp.		43,742
	374	HollyFrontier Corp.		11,762
	402	ONEOK, Inc.		14,749
	453	Phillips 66		35,452
	247	Pioneer Natural Resources Co.		22,625
	249	World Fuel Services Corp.		6,345
				279,193
Personal Products (0.1%)
	115	Medifast, Inc.		11,769
	132	The Estee Lauder Cos., Inc., Class A		26,066
	133	USANA Health Sciences, Inc.(a)		11,268
				49,103
Pharmaceuticals (2.8%)
	2,316	Bristol-Myers Squibb Co.		138,312
	367	Elanco Animal Health, Inc.(a)		7,857

23

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Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Pharmaceuticals, continued:
	216	Eli Lilly & Co.	$	33,037
	712	Innoviva, Inc.(a)		9,947
	3,520	Johnson & Johnson		523,600
	2,560	Merck & Co., Inc.		206,643
	6,350	Pfizer, Inc.		242,507
	898	Zoetis, Inc.		125,172
				1,287,075
Professional Services (0.1%)
	330	Kforce, Inc.		9,966
	150	ManpowerGroup, Inc.		10,371
	236	Robert Half International, Inc.		11,975
	101	Verisk Analytics, Inc., Class A		17,440
				49,752
Real Estate Management & Development (0.1%)
	158	Cto Realty Growth, Inc.		6,601
	317	Re/MAX Holdings, Inc.		8,873
	474	The RMR Group, Inc., Class A		12,779
				28,253
Road & Rail (0.3%)
	396	Old Dominion Freight Line, Inc.		67,752
	403	Union Pacific Corp.		68,453
				136,205
Semiconductors & Semiconductor Equipment (2.1%)
	907	Advanced Micro Devices, Inc.(a)		48,797
	256	Applied Materials, Inc.		14,382
	377	Broadcom, Inc.		109,809
	146	Cirrus Logic, Inc.(a)		10,582
	228	Diodes, Inc.(a)		11,090
	1,200	Intel Corp.		75,516
	94	KLA-Tencor Corp.		16,540
	678	Lam Research Corp.		185,549
	962	Maxim Integrated Products, Inc.		55,488
	1,010	Micron Technology, Inc.(a)		48,389
	121	NVIDIA Corp.		42,957
	451	Qorvo, Inc.(a)		47,238
	516	QUALCOMM, Inc.		41,734
	643	Skyworks Solutions, Inc.		76,221
	1,197	Texas Instruments, Inc.		142,132
	297	Xilinx, Inc.		27,309
				953,733
Software (4.2%)
	535	Adobe, Inc.(a)		206,831
	212	Alarm.com Holdings, Inc.(a)		10,025
	184	Aspen Technology, Inc.(a)		19,438
	1,493	Cadence Design Systems, Inc.(a)		136,296
	475	Citrix Systems, Inc.		70,357
	97	Fair Isaac Corp.(a)		39,057
	393	Fortinet, Inc.(a)		54,706
	537	Intuit, Inc.		155,902
	491	Manhattan Associates, Inc.(a)		43,404
	5,695	Microsoft Corp.		1,043,608
	442	NortonLifeLock, Inc.		10,069
	1,346	Oracle Corp.		72,374
	285	Progress Software Corp.		11,514
	32	Proofpoint, Inc.(a)		3,721
	126	Qualys, Inc.(a)		14,530
	332	Salesforce.com, Inc.(a)		58,030
				1,949,862
Specialty Retail (1.3%)
	18	AutoZone, Inc.(a)		20,661
	477	Best Buy Co., Inc.		37,249
	71	Burlington Stores, Inc.(a)		14,887

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Specialty Retail, continued:
	514	Lowe's Cos., Inc.	$	67,000
	215	O'Reilly Automotive, Inc.(a)		89,707
	472	Ross Stores, Inc.		45,765
	398	Shoe Carnival, Inc.		10,344
	202	Sleep Number Corp.(a)		6,296
	1,041	The Home Depot, Inc.		258,667
	764	The TJX Cos., Inc.		40,309
	61	Ulta Beauty, Inc.(a)		14,885
	46	Winmark Corp.		6,618
				612,388
Technology Hardware, Storage & Peripherals (2.4%)
	3,396	Apple, Inc.		1,079,725
	965	HP, Inc.		14,610
	180	NetApp, Inc.		8,017
				1,102,352
Textiles, Apparel & Luxury Goods (0.3%)
	53	Deckers Outdoor Corp.(a)		9,674
	858	NIKE, Inc., Class B		84,582
	154	Oxford Industries, Inc.		6,563
	627	VF Corp.		35,175
				135,994
Thrifts & Mortgage Finance (0.0%^)
	708	New York Community Bancorp, Inc.		7,115
	384	Radian Group, Inc.		6,098
				13,213
Tobacco (0.2%)
	1,647	Altria Group, Inc.		64,316
	254	Philip Morris International, Inc.		18,633
				82,949
Trading Companies & Distributors (0.3%)
	695	Fastenal Co.		28,676
	1,660	H&E Equipment Services, Inc.		28,452
	1,230	HD Supply Holdings, Inc.(a)		39,003
	210	MSC Industrial Direct Co., Inc., Class A		14,561
	71	Watsco, Inc.		12,632
				123,324
Water Utilities (0.1%)
	107	American States Water Co.		8,775
	153	American Water Works Co., Inc.		19,431
	994	Consolidated Water Co., Ltd.		14,741
	704	Pure Cycle Corp.(a)		7,153
				50,100
Wireless Telecommunication Services (0.1%)
	657	Telephone & Data Systems, Inc.		13,462
	247	T-Mobile US, Inc.(a)		24,710
				38,172
Total Common Stocks				23,051,882
Asset Backed Securities (2.8%)
$	188,250	AccessLex Institute, Series 2007-1, Class C, 1.39% (US0003M + 40 bps), 10/25/35*		160,897
	79,847	Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(b)		80,006
	215,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(b)		210,948
	70,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45*(b)		71,028
	136,206	Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.58%, 12/25/33*(c)		136,998

24

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Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities, continued:
$	210,000	SLM Student Loan Trust, Series 2012-7, Class B, 1.97% (US0001M + 180 bps), 9/25/43*	$	180,409
	197,500	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(b)		202,527
	78,500	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		80,250
	146,625	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(b)		148,253
Total Asset Backed Securities				1,271,316
Mortgage Backed Securities† (10.9%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	174,440	Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.35%, 4/25/37*(c)		141,332
	1,576	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*		1,570
				142,902
Alt-A - Fixed Rate Mortgage Backed Securities (1.2%)
	44,990	Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35*		42,588
	59,140	Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37*		57,110
	22,765	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35*		17,084
	17,224	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		16,233
	10,495	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37*		7,740
	17,947	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		18,459
	70,445	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.12%, 6/25/36*(c)		65,980
	4,562	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		4,789
	30,541	Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34*		31,831
	78,314	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*		80,495
	24,921	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(c)		25,135
	16,787	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(c)		11,698
	144,173	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(c)		48,785
	9,233	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		8,513
	59,563	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*		48,525

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	37,021	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*	$	23,696
	35,271	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35*		33,727
				542,388
Prime Adjustable Rate Mortgage Backed Securities (0.0%^)
	8,271	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 3.91%, 9/25/34*(c)		7,560
	7,720	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.98%, 7/25/37*(c)		6,578
				14,138
Prime Fixed Mortgage Backed Securities (1.6%)
	183,763	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 9/25/35*(c)		127,693
	19,620	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36*		17,889
	31,628	CHL Mortgage Pass-Through Trust 2005-22, Series 2005-22, Class 2A1, 3.56%, 11/25/35*(c)		27,767
	11,353	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 3.48%, 5/25/35*(c)		10,919
	86,494	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34*		92,396
	106,787	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, 7/27/48*(b)(c)		107,276
	26,457	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		26,307
	30,661	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		20,058
	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35*		39,534
	24,281	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36*		10,818
	167,335	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(b)(c)		167,736
	60,738	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(b)(c)		61,932
	13,630	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36*		13,833
	15,025	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31*		15,695
	420	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*		440
				740,293
Subprime Mortgage Backed Securities (0.7%)
	107,136	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		109,895

25

CAVANAL HILL FUNDS

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Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities, continued:
$	64,449	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(b)(c)	$	66,265
	124,164	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(b)(c)		128,157
				304,317
U.S. Government Agency Mortgage Backed Securities (7.1%)
	63,643	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		61,921
	39,449	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		39,811
	69,374	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		70,646
	132,597	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		136,972
	128,050	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		130,083
	178,167	Fannie Mae, Series 2011-146, Class HE, 2.50%, 10/25/41		185,643
	8,553	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		8,649
	100,400	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		105,555
	189,068	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		204,424
	104,941	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		110,875
	34,620	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		36,891
	1,705	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		1,705
	108,355	Fannie Mae, Series 2015-46, Class MD, 3.00%, 5/25/43		110,899
	108,668	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		115,214
	133,079	Fannie Mae, Series 18-70, Class KA, 3.50%, 3/25/43		134,578
	208,089	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		236,119
	187,784	Fannie Mae, Series 2018-M13, Class A1, 3.70%, 3/25/30(c)		215,926
	23,402	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		25,295
	12,998	Fannie Mae, 4.50%, 4/1/35, Pool #814522		14,276
	12,887	Fannie Mae, 5.50%, 10/1/35, Pool #838584		14,191
	1,092	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,238
	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29		3,406
	37,023	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		37,202
	52,922	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		54,095
	90,193	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		93,233
	85,872	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		89,538
	106,204	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		113,177

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	78,031	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39	$	82,600
	99,826	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44		102,225
	150,594	Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55		159,104
	9,165	Freddie Mac, 3.65% (H15T1Y + 172 bps), 6/1/28, Pool #605508		9,260
	1,136	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,323
	9,499	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22*		10,025
	30,104	Freddie Mac Pass-Through Certificates, Series KJ17, Class A1, 2.40%, 10/25/24		30,837
	10,648	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		10,759
	71,450	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		73,186
	210,713	Government National Mortgage Assoc., Series 2020-5, Class PE, 3.00%, 9/20/49		216,133
	141,676	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		148,067
	689	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		758
	37,311	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		40,620
	4,434	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747		4,908
				3,241,367
Total Mortgage Backed Securities				4,985,405
Corporate Bonds (13.0%)
Banks (1.5%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		467,211
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		266,623
				733,834
Beverages (0.9%)
	200,000	Keurig Dr Pepper, Inc., 3.20%, 5/1/30, Callable 2/1/30 @ 100 *		217,789
	155,000	Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *		176,588
				394,377
Capital Markets (0.8%)
	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		269,474
	185,070	Preferred Term Securities XX, Class B2, 1.19% (US0003M + 45 bps), 3/22/38, Callable 7/7/20 @ 100 *(b)		112,893
				382,367
Consumer Finance (0.4%)
	200,000	Toyota Motor Credit Corp., 1.35%, 8/25/23, MTN		201,848
Diversified Financial Services (1.1%)
	325,000	BP Capital Markets America, Inc., 2.75%, 5/10/23		341,511

26

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Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Diversified Financial Services, continued:
$	160,000	National Rural Utilities Cooperative Finance Corp., 3.25%, 11/1/25, Callable 8/1/25 @ 100, MTN *	$	175,847
				517,358
Diversified Telecommunication Services (1.0%)
	130,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100 *		140,369
	270,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 *		330,042
				470,411
Electric Utilities (1.0%)
	210,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		225,160
	200,000	Southern California Edison Co., 3.50%, 10/1/23, Callable 7/1/23 @ 100 *		211,898
				437,058
Entertainment (0.3%)
	155,000	Walt Disney Co. (The), 2.00%, 9/1/29, Callable 6/1/29 @ 100 *		157,053
Food Products (1.1%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		194,316
	250,000	Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 *		296,955
				491,271
Health Care Providers & Services (1.4%)
	225,000	Advocate Health & Hospitals Corp., 2.21%, 6/15/30, Callable 3/15/30 @ 100 *		228,652
	215,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		218,883
	180,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		200,929
				648,464
Hotels, Restaurants & Leisure (0.3%)
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		70,550
	55,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100 *		57,819
				128,369
Industrial Conglomerates (0.5%)
	230,000	General Electric Co., 3.10%, 1/9/23		236,989
Insurance (0.5%)
	200,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		207,664
Media (0.5%)
	185,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100 *		206,176
Semiconductors & Semiconductor Equipment (0.5%)
	130,000	Applied Materials, Inc., 1.75%, 6/1/30, Callable 3/1/30 @ 100 *		129,739
	70,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100 *		77,489
				207,228
Specialty Retail (0.6%)
	220,000	Lowe's Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100 *		264,794

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Technology Hardware, Storage & Peripherals (0.6%)
$	225,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *	$	253,893
Total Corporate Bonds				5,939,154
Taxable Municipal Bonds (5.1%)
Illinois (0.3%)
	150,000	Northern Illinois Municipal Power Agency Power Project Revenue, Build America Bonds Revenue, 6.29%, 1/1/21, Continuously Callable @100		150,513
Michigan (1.1%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100		262,313
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		218,492
				480,805
Missouri (0.2%)
	100,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100		100,354
New York (0.5%)
	225,000	New York City Housing Development Corp. Revenue, Class L, 2.79%, 5/1/28, Continuously Callable @100		234,954
Ohio (0.8%)
	330,000	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100		352,846
Rhode Island (0.5%)
	225,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		238,302
Texas (0.9%)
	360,000	County of Burnet Texas, GO, 4.20%, 3/1/34, Continuously Callable @100		377,691
Utah (0.5%)
	250,000	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @100		239,740
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100		143,032
Total Taxable Municipal Bonds				2,318,237
U.S. Government Agency Securities (0.8%)
Federal Farm Credit Bank
	200,000	1.35%, 4/21/26, Callable 7/21/20 @ 100 *		199,999
Freddie Mac
	152,923	Series 4683, 3.00%, 4/15/46		156,302
	3,196	Series 2302, 6.50%, 4/15/31		3,564
				159,866
Total U.S. Government Agency Securities				359,865
U.S. Treasury Obligations (8.2%)
U.S. Treasury Bonds
	1,028,000	2.25%, 8/15/46		1,219,063

27

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
U.S. Treasury Obligations, continued:
U.S. Treasury Notes
$	1,342,000	1.38%, 10/15/22	$	1,380,006
	747,000	2.00%, 4/30/24		798,123
	304,000	2.25%, 2/15/27		339,720
				2,517,849
Total U.S. Treasury Obligations				3,736,912
Investment Companies (6.2%)
	1,662	iShares Iboxx $ Investment Grade Corporate Bond ETF		219,417
	17,502	iShares MSCI EAFE Index Fund ETF		1,043,820
	21,570	iShares MSCI Emerging Markets Index Fund ETF		813,836
	20,945	iShares Silver Trust		348,944
	2,430	SPDR Gold Shares		395,871
Total Investment Companies				2,821,888

Shares or Principal Amount		Security Description	Value
Investment in Affiliates (2.2%)
705,509		Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(d)	$	705,509
	52,409	Cavanal Hill World Energy Fund, Institutional Shares		309,472
Total Investment in Affiliates				1,014,981
Total Investments (Cost $36,654,701) - 99.7%				45,499,640
Other assets in excess of liabilities — 0.3%				114,883
Net Assets - 100.0%			$	45,614,523

(a)	Non-income producing security.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	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 May 31, 2020.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
Q-SBLF	Qualified School Bond Loan Fund
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

28

CAVANAL HILL FUNDS

Mid Cap Core Equity Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks (94.3%)
Aerospace & Defense (1.5%)
	61	L3Harris Technologies, Inc.	$	12,166
	122	Spirit AeroSystems Holdings, Inc., Class A		2,644
				14,810
Auto Components (1.8%)
	206	BorgWarner, Inc.		6,623
	267	Gentex Corp.		7,059
	39	Lear Corp.		4,136
				17,818
Banks (2.6%)
	284	CIT Group, Inc.		5,152
	113	Commerce Bancshares, Inc.		7,201
	90	East West Bancorp, Inc.		3,146
	25	SVB Financial Group(a)		5,369
	102	Western Alliance Bancorp		3,891
				24,759
Biotechnology (1.6%)
	230	Exelixis, Inc.(a)		5,683
	58	Incyte Corp.(a)		5,911
	32	Neurocrine Biosciences, Inc.(a)		3,992
				15,586
Building Products (1.4%)
	74	Allegion PLC		7,378
	27	Lennox International, Inc.		5,774
				13,152
Capital Markets (3.4%)
	100	LPL Financial Holdings, Inc.		7,139
	48	MSCI, Inc., Class A		15,785
	63	Nasdaq, Inc.		7,463
	51	SEI Investments Co.		2,765
				33,152
Chemicals (0.4%)
	170	Axalta Coating Systems, Ltd.(a)		3,929
Commercial Services & Supplies (1.8%)
	60	Cintas Corp.		14,878
	61	IAA, Inc.(a)		2,501
				17,379
Communications Equipment (1.0%)
	43	Arista Networks, Inc.(a)		10,039
Consumer Finance (2.1%)
	8	Credit Acceptance Corp.(a)		2,959
	600	Navient Corp.		4,464
	188	Onemain Holdings, Inc.		4,386
	407	Synchrony Financial		8,290
				20,099
Containers & Packaging (2.2%)
	33	AptarGroup, Inc.		3,676
	162	Berry Global Group, Inc.(a)		7,275
	104	Packaging Corp. of America		10,547
				21,498
Distributors (0.6%)
	21	Pool Corp.		5,649
Diversified Consumer Services (0.9%)
	33	Bright Horizons Family Solutions, Inc.(a)		3,692
	140	ServiceMaster Global Holdings, Inc.(a)		4,606
				8,298
Diversified Financial Services (0.6%)
	128	Voya Financial, Inc.		5,766
Electric Utilities (1.5%)
	228	OGE Energy Corp.		7,141
	278	PPL Corp.		7,767
				14,908

Shares		Security Description	Value
Common Stocks, continued:
Electrical Equipment (0.8%)
	37	Acuity Brands, Inc.	$	3,188
	52	Regal-Beloit Corp.		4,136
				7,324
Electronic Equipment, Instruments & Components (1.4%)
	126	CDW Corp.		13,975
Equity Real Estate Investment Trusts (9.5%)
	446	American Homes 4 Rent, Class A		11,256
	77	Apartment Investment & Management Co.		2,839
	224	Columbia Property Trust, Inc.		2,852
	172	Corporate Office Properties Trust		4,295
	373	CubeSmart		10,616
	92	Douglas Emmett, Inc.		2,701
	345	Duke Realty Corp.		11,895
	131	Equity LifeStyle Properties, Inc.		8,161
	134	Extra Space Storage, Inc.		12,964
	441	Host Hotels & Resorts, Inc.		5,266
	63	JBG SMITH Properties		1,873
	61	Lamar Advertising Co.		4,044
	367	Park Hotels & Resorts, Inc.		3,608
	84	SL Green Realty Corp.		3,538
	101	Welltower, Inc.		5,118
				91,026
Food Products (3.4%)
	247	Hormel Foods Corp.		12,062
	109	Ingredion, Inc.		9,181
	39	Kellogg Co.		2,547
	52	Lamb Weston Holdings, Inc.		3,123
	96	Tyson Foods, Inc., Class A		5,898
				32,811
Gas Utilities (0.7%)
	199	UGI Corp.		6,336
Health Care Equipment & Supplies (5.0%)
	26	Align Technology, Inc.(a)		6,386
	90	Hill-Rom Holdings, Inc.		9,150
	208	Hologic, Inc.(a)		11,024
	33	IDEXX Laboratories, Inc.(a)		10,193
	33	Teleflex, Inc.		11,975
				48,728
Health Care Providers & Services (1.9%)
	72	Centene Corp.(a)		4,770
	15	Chemed Corp.		7,177
	36	Molina Healthcare, Inc.(a)		6,690
				18,637
Health Care Technology (1.6%)
	71	Veeva Systems, Inc.(a)		15,540
Hotels, Restaurants & Leisure (2.5%)
	77	Darden Restaurants, Inc.		5,918
	41	Dunkin' Brands Group, Inc.		2,619
	201	Hilton Worldwide Holdings, Inc.		15,941
				24,478
Household Products (1.6%)
	87	Church & Dwight Co., Inc.		6,531
	43	The Clorox Co.		8,869
				15,400
Independent Power and Renewable Electricity Producers (0.3%)
	200	AES Corp.		2,498
Insurance (4.3%)
	113	Assured Guaranty, Ltd.		2,930
	224	Brighthouse Financial, Inc.(a)		6,655
	47	Cincinnati Financial Corp.		2,771
	26	Erie Indemnity Co., Class A		4,686
	228	FNF Group		7,273
	43	The Hanover Insurance Group, Inc.		4,315

29

CAVANAL HILL FUNDS

Mid Cap Core Equity Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks, continued:
Insurance, continued:
	138	The Hartford Financial Services Group, Inc.	$	5,284
	542	Unum Group		8,212
				42,126
Interactive Media & Services (0.9%)
	74	Match Group, Inc.(a)		6,589
	81	Twitter, Inc.(a)		2,509
				9,098
Internet & Direct Marketing Retail (0.3%)
	39	Etsy, Inc.(a)		3,158
IT Services (6.1%)
	225	Fiserv, Inc.(a)		24,022
	85	Global Payments, Inc.		15,257
	92	VeriSign, Inc.(a)		20,149
				59,428
Leisure Products (0.5%)
	64	Hasbro, Inc.		4,705
Life Sciences Tools & Services (3.9%)
	218	Agilent Technologies, Inc.		19,214
	25	Charles River Laboratories International, Inc.(a)		4,492
	9	Mettler-Toledo International, Inc.(a)		7,155
	36	Waters Corp.(a)		7,195
				38,056
Machinery (2.7%)
	264	Allison Transmission Holdings, Inc.		9,958
	94	Graco, Inc.		4,532
	14	IDEX Corp.		2,231
	96	The Timken Co.		4,084
	77	The Toro Co.		5,472
				26,277
Media (1.0%)
	154	AMC Networks, Inc., Class A(a)		4,354
	253	Discovery, Inc., Class C(a)		4,956
				9,310
Metals & Mining (1.1%)
	55	Reliance Steel & Aluminum Co.		5,335
	186	Steel Dynamics, Inc.		4,940
				10,275
Mortgage Real Estate Investment Trusts (0.4%)
	264	AGNC Investment Corp.		3,416
Multiline Retail (0.8%)
	41	Dollar General Corp.		7,852
Multi-Utilities (2.1%)
	94	MDU Resources Group, Inc.		2,045
	116	Public Service Enterprise Group, Inc.		5,921
	46	Sempra Energy		5,810
	75	WEC Energy Group, Inc.		6,880
				20,656

Shares		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels (0.7%)
	194	Cabot Oil & Gas Corp.	$	3,849
	87	ONEOK, Inc.		3,192
				7,041
Professional Services (0.3%)
	51	Robert Half International, Inc.		2,588
Road & Rail (1.5%)
	85	Old Dominion Freight Line, Inc.		14,543
Semiconductors & Semiconductor Equipment (5.6%)
	109	Advanced Micro Devices, Inc.(a)		5,864
	84	Lam Research Corp.		22,989
	116	Maxim Integrated Products, Inc.		6,691
	69	Qorvo, Inc.(a)		7,227
	52	Skyworks Solutions, Inc.		6,164
	54	Xilinx, Inc.		4,965
				53,900
Software (6.3%)
	40	Aspen Technology, Inc.(a)		4,226
	237	Cadence Design Systems, Inc.(a)		21,635
	72	Citrix Systems, Inc.		10,665
	19	Fair Isaac Corp.(a)		7,650
	62	Fortinet, Inc.(a)		8,630
	63	Manhattan Associates, Inc.(a)		5,569
	96	NortonLifeLock, Inc.		2,187
				60,562
Specialty Retail (1.9%)
	4	AutoZone, Inc.(a)		4,591
	15	Burlington Stores, Inc.(a)		3,145
	19	O'Reilly Automotive, Inc.(a)		7,928
	13	Ulta Beauty, Inc.(a)		3,172
				18,836
Trading Companies & Distributors (1.1%)
	162	HD Supply Holdings, Inc.(a)		5,137
	45	MSC Industrial Direct Co., Inc., Class A		3,120
	15	Watsco, Inc.		2,669
				10,926
Water Utilities (0.4%)
	33	American Water Works Co., Inc.		4,191
Wireless Telecommunication Services (0.3%)
	142	Telephone & Data Systems, Inc.		2,910
Total Common Stocks				913,449
Investment in Affiliates (3.4%)
	33,386	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(b)		33,386
Total Investment in Affiliates				33,386
Total Investments (Cost $875,737) - 97.7%				946,835
Other assets in excess of liabilities — 2.3%				22,438
Net Assets - 100.0%			$	969,273

(a)	Non-income producing security.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.

30

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (73.7%)
Banks (2.4%)
	7,500	JPMorgan Chase & Co.	$	729,825
Biotechnology (7.1%)
	7,720	AbbVie, Inc.		715,412
	3,201	BioMarin Pharmaceutical, Inc.(a)		341,067
	9,300	Exact Sciences Corp.(a)		798,683
	2,510	Sarepta Therapeutics, Inc.(a)		382,198
				2,237,360
Commercial Services & Supplies (4.5%)
	19,192	Advanced Disposal Services, Inc., Class I(a)		598,407
	91,017	Covanta Holding Corp.		819,153
				1,417,560
Communications Equipment (5.6%)
	18,930	Acacia Communications, Inc.(a)		1,277,774
	10,590	Cisco Systems, Inc.		506,414
				1,784,188
Diversified Telecommunication Services (2.2%)
	22,791	AT&T, Inc.		703,330
Electric Utilities (3.1%)
	4,050	American Electric Power Co., Inc.		345,262
	3,740	Duke Energy Corp.		320,256
	4,235	Pinnacle West Capital Corp.		329,907
				995,425
Electronic Equipment, Instruments & Components (2.1%)
	6,220	Keysight Technologies, Inc.(a)		672,569
Entertainment (3.8%)
	1,245	NetEase, Inc. ADR		476,711
	6,225	The Walt Disney Co.		730,193
				1,206,904
Equity Real Estate Investment Trusts (1.4%)
	6,845	Lamar Advertising Co.		453,824
Food & Staples Retailing (1.6%)
	3,100	Casey's General Stores, Inc.		495,163
Health Care Equipment & Supplies (1.4%)
	4,355	Hill-Rom Holdings, Inc.		442,773
Hotels, Restaurants & Leisure (6.5%)
	3,115	Cracker Barrel Old Country Store Inc		333,710
	11,810	Restaurant Brands International, Inc.		644,354
	19,930	Six Flags Entertainment Corp.		457,991
	8,100	Starbucks Corp.		631,718
				2,067,773
Household Durables (1.6%)
	5,595	Garmin, Ltd.		504,501
Interactive Media & Services (4.6%)
	2,175	IAC/InterActiveCorp.(a)		588,054
	19,870	Pinterest, Inc., Class A(a)		403,162
	25,525	Snap, Inc., Class A(a)		483,444
				1,474,660
Internet & Direct Marketing Retail (3.5%)
	265	Amazon.com, Inc.(a)		647,228
	5,920	Expedia Group, Inc.		470,522
				1,117,750
IT Services (4.1%)
	4,055	Accenture PLC, Class A		817,569
	6,230	GoDaddy, Inc.(a)		481,268
				1,298,837
Oil, Gas & Consumable Fuels (3.3%)
	8,100	Diamondback Energy, Inc.		344,898
	4,730	Phillips 66		370,170

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	3,610	Pioneer Natural Resources Co.	$	330,676
				1,045,744
Pharmaceuticals (2.3%)
	143,221	MediWound, Ltd.(a)		293,603
	5,605	Merck & Co., Inc.		452,436
				746,039
Semiconductors & Semiconductor Equipment (3.9%)
	2,200	Lam Research Corp.		602,074
	6,580	NXP Semiconductors NV		632,338
				1,234,412
Software (3.3%)
	6,225	Elastic NV(a)		534,852
	1,900	Ringcentral, Inc.(a)		521,075
				1,055,927
Specialty Retail (2.1%)
	3,420	Ross Stores, Inc.		331,603
	6,220	The TJX Cos., Inc.		328,167
				659,770
Textiles, Apparel & Luxury Goods (3.3%)
	2,005	Lululemon Athletica, Inc.(a)		601,690
	8,085	VF Corp.		453,569
				1,055,259
Total Common Stocks				23,399,593
Convertible Preferred Stocks (2.2%)
Household Products (2.2%)
	7,372	Energizer Holdings, Inc., Series A, 1.28%,		689,945
Total Convertible Preferred Stocks				689,945
Mortgage Backed Securities† (2.5%)
Prime Fixed Mortgage Backed Securities (2.5%)
	778,325	Onslow Bay Financial LLC, Series 2018-EXP2, 1A1, 4.00%, 7/25/58*(b)(c)		788,777
Total Mortgage Backed Securities				788,777
Corporate Bonds (11.7%)
Diversified Financial Services (2.7%)
	858,000	BP Capital Markets America, Inc., 4.50%, 10/1/20		868,044
Machinery (2.6%)
	792,000	Wabtec Corp., 4.70%, 9/15/28, Callable 6/15/28 @ 100 *		830,896
Oil, Gas & Consumable Fuels (2.1%)
	620,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100 *		671,614
Semiconductors & Semiconductor Equipment (4.3%)
	1,290,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 *		1,363,805
Total Corporate Bonds				3,734,359
Investment Companies (3.6%)
	29,900	iShares Silver Trust		498,134
	3,970	SPDR Gold Shares		646,753
Total Investment Companies				1,144,887

31

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Investment in Affiliates (6.1%)
	1,931,434	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(d)	$	1,931,434
Total Investment in Affiliates				1,931,434

Shares or Principal Amount	Security Description	Value
Total Investments (Cost $30,451,393) - 99.8%		$	31,688,995
Other assets in excess of liabilities — 0.2%			63,507
Net Assets - 100%		$	31,752,502

(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 May 31, 2020.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

ADR American Depositary Receipt

32

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments

May 31, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (90.2%)
Auto Components (2.0%)
	3,500	Aptiv PLC	$	263,725
Chemicals (2.0%)
	3,500	Albemarle Corp.		267,820
Commercial Services & Supplies (3.3%)
	50,000	Covanta Holding Corp.		450,000
Electric Utilities (0.8%)
	42	ALLETE, Inc.		2,467
	22	American Electric Power Co., Inc.		1,876
	284	Duke Energy Corp.		24,319
	31	Evergy, Inc.		1,912
	62	Fortis, Inc.		2,378
	198	NextEra Energy, Inc.		50,600
	30	Otter Tail Corp.		1,287
	25	Pinnacle West Capital Corp.		1,948
	399	The Southern Co.		22,771
				109,558
Electrical Equipment (6.2%)
	25,000	Bloom Energy Corp., Class A(a)		200,750
	13,000	TPI Composites, Inc.(a)		269,750
	11,000	Vestas Wind Systems A/S ADR		373,560
				844,060
Energy Equipment & Services (4.6%)
	27,000	Baker Hughes Co.		445,770
	948	Halliburton Co.		11,139
	343	Helmerich & Payne, Inc.		6,905
	2,629	Schlumberger, Ltd.		48,558
	8,378	Tenaris SA ADR		106,065
				618,437
Gas Utilities (0.1%)
	45	Atmos Energy Corp.		4,624
	20	Chesapeake Utilities Corp.		1,807
	49	National Fuel & Gas Co.		2,057
	30	Northwest Natural Holding Co.		1,923
	27	Southwest Gas Holdings, Inc.		2,051
				12,462
Independent Power and Renewable Electricity Producers (0.1%)
	169	AES Corp.		2,111
	152	Atlantica Yield PLC		3,982
	107	NRG Energy, Inc.		3,857
	63	Ormat Technologies, Inc.		4,587
	70	Sunnova Energy International, Inc.(a)		1,050
	124	Vistra Energy Corp.		2,535
				18,122
Multi-Utilities (1.2%)
	19	Consolidated Edison, Inc.		1,426
	729	Dominion Resources, Inc.		61,972
	32	DTE Energy Co.		3,442
	259	MDU Resources Group, Inc.		5,636
	869	National Grid PLC ADR		49,637
	275	Sempra Energy		34,735
	27	WEC Energy Group, Inc.		2,477
				159,325
Oil, Gas & Consumable Fuels (60.1%)
	15,572	BP PLC ADR		360,336

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	3,965	Chevron Corp.	$	363,591
	65	CNOOC, Ltd. ADR		7,418
	13,161	ConocoPhillips		555,131
	7,500	Diamondback Energy, Inc.		319,350
	15,208	Enbridge, Inc.		493,500
	9,084	EOG Resources, Inc.		463,011
	4,374	Exxon Mobil Corp.		198,886
	13,000	HollyFrontier Corp.		408,850
	1,367	Kinder Morgan, Inc.		21,599
	50,000	Magnolia Oil&Gas Corp., Class A(a)		277,500
	20,680	Marathon Petroleum Corp.		726,694
	12,663	ONEOK, Inc.		464,605
	40,000	Parsley Energy, Inc., Class A		365,600
	8,362	Pembina Pipeline Corp.		209,301
	6,910	Phillips 66		540,777
	5,000	Pioneer Natural Resources Co.		458,000
	1,027	Royal Dutch Shell PLC ADR, Class A		32,813
	9,821	TC Energy Corp.		442,043
	13,020	TOTAL SA ADR		489,292
	8,456	Valero Energy Corp.		563,508
	65,000	WPX Energy, Inc.(a)		368,550
				8,130,355
Semiconductors & Semiconductor Equipment (7.7%)
	9,000	First Solar, Inc.(a)		419,580
	18,000	Infineon Technologies AG ADR		381,420
	2,500	NXP Semiconductors NV		240,250
				1,041,250
Water Utilities (2.1%)
	237	American States Water Co.		19,436
	1,142	American Water Works Co., Inc.		145,034
	2,597	Essential Utilities, Inc.		113,645
	24	Middlesex Water Co.		1,629
	35	SJW Group		2,199
				281,943
Total Common Stocks				12,197,057
Corporate Bonds (7.1%)
Diversified Financial Services (1.9%)
	250,000	Total Capital International SA, 2.75%, 6/19/21		255,245
Oil, Gas & Consumable Fuels (5.2%)
	250,000	Callon Petroleum Co., 6.13%, 10/1/24, Callable 7/6/20 @ 105 *		80,000
	200,000	Equinor ASA, 3.15%, 1/23/22		207,167
	200,000	Shell International Finance BV, 2.00%, 11/7/24, Callable 10/7/24 @ 100 *		207,935
	200,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100 *		211,132
				706,234
Total Corporate Bonds				961,479
Investment in Affiliates (0.5%)
	72,397	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.18%(b)		72,397
Total Investment in Affiliates				72,397
Total Investments (Cost $12,428,787) - 97.8%				13,230,933
Other assets in excess of liabilities — 2.2%				301,540
Net Assets - 100%			$	13,532,473

33

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments, Continued

May 31, 2020

(Unaudited)

The Advisor has determined that 49.0% 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 May 31, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

ADR American Depositary Receipt

34

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

May 31, 2020 (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 May 31, 2020 are identified below:

Security	Acquisition Date(a)	Acquisition Cost		Principal Amount		Fair Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	08/22/18	$	694,593	$	694,662	$	687,815
Sun Trust Student Loan Trust, Series 2006-1A, B, 1.16%, 10/28/37	5/26/17 and 4/11/18		869,287		947,077		793,169

(a) Acquisition date represents the initial purchase date of the security.

35

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

May 31, 2020 (Unaudited)

2.    Affiliated Transactions:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the period ending May 31, 2020 is noted below:

	Fair Value							Net Change in Unrealized Appreciation/			Fair Value		Shares as of		Dividend		Net Realized
Fund	2/29/20		Purchases		Sales			(Depreciation)			5/31/20		5/31/20		Income		Gains/(Losses)
Limited Duration Fund	$	10,828,515	$	49,575,020	$	(47,317,702	)	$	-		$	13,085,833		13,085,833	$	19,068	$	-
Moderate Duration Fund		945,381		9,329,329		(8,846,793	)		-			1,427,917		1,427,917		2,472		-
Bond Fund		4,779,658		23,723,713		(23,271,176	)		-			5,232,195		5,232,195		5,645		-
Strategic Enhanced Yield Fund		1,037,019		9,556,621		(5,933,310	)		-			4,660,330		4,660,330		2,164		-
Ultra Short Tax-Free Income Fund		96,421		7,693,194		(6,617,081	)		-			1,172,534		1,172,534		322		-
Active Core Fund		1,446,390		6,424,371		(7,165,252	)		-			705,509		705,509		1,135		-
Mid Cap Core Equity Fund		43,654		119,534		(129,802	)		-			33,386		33,386		46		-
Opportunistic Fund		3,500,000		9,807,642		(11,376,208	)		-			1,931,434		1,931,434		2,360		-
World Energy Fund		578,808		4,080,346		(4,586,757	)		-			72,397		72,397		652		-
	$	23,255,846	$	120,309,770	$	(115,244,081	)	$	-		$	28,321,535		28,321,535	$	33,864	$	-
A summary of the Opportunistic Fund’s investment in an affiliated money market fund for the period ending May 31, 2020 is noted below:
	Fair Value							Net Change in Unrealized Appreciation/			Fair Value		Shares as of		Dividend		Net Realized
Fund	2/29/20		Purchases		Sales			(Depreciation)			5/31/20		5/31/20		Income		Gains/(Losses)
U.S. Treasury Fund, Select Shares	$	723,120	$	7,552,467	$	(8,275,587	)	$	-		$	-		-	$	597	$	-
	$	723,120	$	7,552,467	$	(8,275,587	)	$	-		$	-		-	$	597	$	-
A summary of the Active Core Fund’s investment in an affiliated fund for the period ending May 31, 2020 is noted below:
	Fair Value							Net Change in Unrealized Appreciation/			Fair Value		Shares as of		Dividend		Net Realized
Fund	2/29/20		Purchases		Sales			(Depreciation)			5/31/20		5/31/20		Income		Gains/(Losses)
World Energy Fund, Institutional Shares	$	330,120	$	-	$	-		$	(20,648	)	$	309,472		52,409	$	1,889	$	-
	$	330,120	$	-	$	-		$	(20,648	)	$	309,472		52,409	$	1,889	$	-

36