CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

1

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

2

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

3

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

4

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

5

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2020, illiquid securities were 1.3% of the Fund's net assets.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2020.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2020.
(e)	Issuer has defaulted on the payment of interest.
(f)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

6

CAVANAL HILL FUNDS

Limited Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

7

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

8

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

9

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

10

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

11

CAVANAL HILL FUNDS

Moderate Duration Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2020.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2020.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

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

12

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

13

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

14

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

15

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

16

CAVANAL HILL FUNDS

Bond Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

(a)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2020.
(b)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2020.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
(e)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Schedules of Portfolio Investments.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

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

17

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

18

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

19

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

(a)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2020.
(b)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2020.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR

20

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

21

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Texas, continued:
$	265,000	Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/22, AGM	$	269,577
	380,000	Fort Bend County Municipal Utility District No 169, GO, 3.00%, 12/1/21, AGM		389,207
	675,000	Galveston County Municipal Utility District No 56, GO, 4.50%, 12/1/22, AGM		729,013
	170,000	Grand Mission Municipal Utility District No 1, GO, 3.00%, 9/1/22, AGM		177,779
	365,000	Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/21, AGM		369,187
	570,000	Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/22, AGM		585,156
	125,000	Remington Municipal Utility District No 1, GO, 4.00%, 9/1/21, AGM		128,391
	150,000	Spring West Municipal Utility District, GO, 3.00%, 9/1/21, AGM		152,441
				4,172,309
Wisconsin (1.8%)
	675,000	County of Green Wisconsin, GO, Series A, 3.00%, 12/1/20		675,048
Wyoming (1.6%)
	600,000	County of Lincoln Wyoming Revenue, 0.12%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a)		600,000
Total Municipal Bonds				39,536,403
Investment in Affiliates (0.1%)
	33,057	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		33,057
Total Investment in Affiliates				33,057
Total Investments (Cost $39,552,035) - 103.6%				39,569,460
Liabilities in excess of other assets — (3.6)%				(1,390,446	)
Net Assets - 100.0%			$	38,179,014

(a)	Interest rate is determined by the Remarketing Agent.  The rate presented is the rate in effect at November 30, 2020.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

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

22

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

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

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

23

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

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

24

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

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

Shares		Security Description	Value
Common Stocks, continued:
Household Durables (0.1%)
	474	Garmin, Ltd.	$	55,344
Household Products (0.9%)
	238	Central Garden & Pet Co.(a)		9,530
	476	Church & Dwight Co., Inc.		41,778
	1,015	Colgate-Palmolive Co.		86,925
	181	Kimberly-Clark Corp.		25,215
	671	The Clorox Co.		136,186
	950	The Procter & Gamble Co.		131,926
				431,560
Independent Power and Renewable Electricity Producers (0.1%)
	1,187	AES Corp.		24,262
	141	NRG Energy, Inc.		4,618
				28,880
Industrial Conglomerates (0.6%)
	1,251	3M Co.		216,085
	93	Carlisle Cos., Inc.		13,469
	330	Honeywell International, Inc.		67,294
	43	Roper Technologies, Inc.		18,361
				315,209
Insurance (1.2%)
	151	AON PLC, Class A		30,938
	170	Athene Holdings, Ltd., Class A(a)		7,539
	1,011	Brighthouse Financial, Inc.(a)		35,486
	566	Brown & Brown, Inc.		25,487
	73	Chubb, Ltd.		10,792
	172	Cincinnati Financial Corp.		13,132
	1,240	FNF Group		44,628
	955	Heritage Insurance Holdings		9,875
	293	Marsh & McLennan Cos., Inc.		33,589
	1,852	Prudential Financial, Inc.		140,048
	428	The Allstate Corp.		43,806
	217	The Hanover Insurance Group, Inc.		24,380
	1,103	The Hartford Financial Services Group, Inc.		48,753
	398	The Progressive Corp.		34,670
	124	Travelers Companies, Inc.		16,077
	2,553	Unum Group		56,753
				575,953
Interactive Media & Services (2.5%)
	182	Alphabet, Inc., Class A(a)		319,301
	226	Alphabet, Inc., Class C(a)		397,927
	389	Cargurus, Inc.(a)		9,745
	1,762	Facebook, Inc., Class A(a)		488,021
	486	Twitter, Inc.(a)		22,604
	280	Yelp, Inc.(a)		8,943
				1,246,541
Internet & Direct Marketing Retail (2.5%)
	310	Amazon.com, Inc.(a)		982,092
	26	Booking Holdings, Inc.(a)		52,740
	556	eBay, Inc.		28,039
	194	Etsy, Inc.(a)		31,176
	921	Expedia Group, Inc.		114,655
				1,208,702
IT Services (2.8%)
	522	Accenture PLC, Class A		130,025
	81	Akamai Technologies, Inc.(a)		8,384
	458	Alliance Data Systems Corp.		33,498
	270	Automatic Data Processing, Inc.		46,948
	248	Booz Allen Hamilton Holding Corp.		21,524
	49	Broadridge Financial Solutions, Inc.		7,197
	21	CACI International, Inc., Class A(a)		4,983
	327	CSG Systems International, Inc.		14,185

25

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks, continued:
IT Services, continued:
	1,010	DXC Technology Co.	$	22,129
	153	Fidelity National Information Services, Inc.		22,707
	144	Fiserv, Inc.(a)		16,586
	978	Hackett Group, Inc. (The)		13,770
	637	International Business Machine Corp.		78,682
	28	Jack Henry & Associates, Inc.		4,504
	150	Leidos Holdings, Inc.		15,105
	903	MasterCard, Inc., Class A		303,869
	153	Okta, Inc.(a)		37,491
	350	Paychex, Inc.		32,602
	438	Paypal Holdings, Inc.(a)		93,785
	778	The Western Union Co.		17,552
	208	TTEC Holdings, Inc.		14,073
	73	Twilio, Inc., Class A(a)		23,367
	785	VeriSign, Inc.(a)		157,565
	1,173	Visa, Inc., Class A		246,741
				1,367,272
Leisure Products (0.1%)
	267	Hasbro, Inc.		24,839
	188	YETI Holdings, Inc.(a)		11,876
				36,715
Life Sciences Tools & Services (1.2%)
	1,323	Agilent Technologies, Inc.		154,659
	23	Bio-Techne Corp.		6,976
	140	Charles River Laboratories International, Inc.(a)		32,833
	130	Illumina, Inc.(a)		41,872
	284	Iqvia Holdings, Inc.(a)		47,993
	103	Medpace Holdings, Inc.(a)		13,221
	85	Mettler-Toledo International, Inc.(a)		97,753
	351	Thermo Fisher Scientific, Inc.		163,208
	229	Waters Corp.(a)		53,130
				611,645
Machinery (1.3%)
	1,836	Allison Transmission Holdings, Inc.		75,368
	290	Caterpillar, Inc.		50,341
	150	Deere & Co.		39,243
	229	DMC Global, Inc.		9,355
	117	Dover Corp.		14,277
	966	Fortive Corp.		67,746
	452	Graco, Inc.		30,618
	1,957	Hillenbrand, Inc.		73,329
	284	IDEX Corp.		54,855
	301	Illinois Tool Works, Inc.		63,538
	113	ITT, Inc.		8,207
	403	Meritor, Inc.(a)		10,639
	75	Omega Flex, Inc.		10,629
	218	Otis Worldwide Corp.		14,593
	182	PACCAR, Inc.		15,845
	655	The Timken Co.		48,103
	368	The Toro Co.		33,381
				620,067
Media (0.5%)
	7	Cable One, Inc.		13,865
	1,810	Comcast Corp., Class A		90,934
	1,633	Discovery, Inc., Class C(a)		39,225
	1,599	DISH Network Corp., Class A(a)		57,356
	1,070	Gray Television, Inc.(a)		18,896
	781	Msg Networks, Inc., Class A(a)		9,481
	183	TechTarget, Inc.(a)		9,607

Shares		Security Description	Value
Common Stocks, continued:
Media, continued:
	1,316	TEGNA, Inc.	$	18,964
				258,328
Metals & Mining (0.2%)
	394	Commercial Metals Co.		7,845
	372	Newmont Mining Corp.		21,881
	136	Reliance Steel & Aluminum Co.		16,021
	1,163	Steel Dynamics, Inc.		42,112
				87,859
Mortgage Real Estate Investment Trusts (0.0%^)
	942	AGNC Investment Corp.		14,394
	893	New Residential Investment Corp.		8,269
				22,663
Multiline Retail (0.3%)
	334	Dollar General Corp.		73,006
	421	Target Corp.		75,582
				148,588
Multi-Utilities (0.3%)
	130	Black Hills Corp.		7,908
	341	CenterPoint Energy, Inc.		7,908
	149	CMS Energy Corp.		9,169
	450	MDU Resources Group, Inc.		11,223
	135	NorthWestern Corp.		7,830
	635	Public Service Enterprise Group, Inc.		37,008
	441	WEC Energy Group, Inc.		41,873
				122,919
Oil, Gas & Consumable Fuels (0.6%)
	1,132	Cabot Oil & Gas Corp.		19,833
	626	Chevron Corp.		54,575
	978	Cimarex Energy Co.		35,159
	204	ConocoPhillips		8,070
	1,210	Exxon Mobil Corp.		46,137
	729	ONEOK, Inc.		26,149
	602	Phillips 66		36,469
	422	Pioneer Natural Resources Co.		42,445
	310	Renewable Energy Group, Inc.(a)		18,005
	620	World Fuel Services Corp.		17,620
				304,462
Paper & Forest Products (0.0%^)
	189	Boise Cascade Co.		8,174
Personal Products (0.1%)
	47	Medifast, Inc.		9,595
	118	The Estee Lauder Cos., Inc., Class A		28,948
	125	USANA Health Sciences, Inc.(a)		9,397
				47,940
Pharmaceuticals (2.0%)
	1,234	Bristol-Myers Squibb Co.		77,002
	477	Corcept Therapeutics, Inc.(a)		10,799
	730	Eli Lilly & Co.		106,324
	1,012	Innoviva, Inc.(a)		10,580
	1,800	Johnson & Johnson		260,424
	2,185	Merck & Co., Inc.		175,652
	5,528	Pfizer, Inc.		211,778
	502	Supernus Pharmaceuticals, Inc.(a)		10,693
	139	Viatris, Inc.(a)		2,338
	652	Zoetis, Inc.		104,568
				970,158
Professional Services (0.2%)
	15	CoStar Group, Inc.(a)		13,659
	163	FTI Consulting, Inc.(a)		17,118
	261	Kforce, Inc.		10,714
	164	ManpowerGroup, Inc.		14,211
	300	Mastech Digital, Inc.(a)		5,340

26

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks, continued:
Professional Services, continued:
	302	Robert Half International, Inc.	$	19,382
	86	TransUnion		7,834
	68	Verisk Analytics, Inc., Class A		13,485
				101,743
Real Estate Management & Development (0.1%)
	324	Exp World Holdings, Inc.(a)		17,279
	548	Re/MAX Holdings, Inc.		17,153
	482	The RMR Group, Inc., Class A		17,853
				52,285
Road & Rail (0.4%)
	346	JB Hunt Transport Services, Inc.		46,807
	367	Old Dominion Freight Line, Inc.		74,633
	472	Uber Technologies, Inc.(a)		23,439
	334	Union Pacific Corp.		68,163
				213,042
Semiconductors & Semiconductor Equipment (2.6%)
	456	Advanced Micro Devices, Inc.(a)		42,253
	190	Applied Materials, Inc.		15,671
	546	Broadcom, Inc.		219,263
	215	Diodes, Inc.(a)		14,611
	92	Entegris, Inc.		8,521
	1,220	Intel Corp.		58,987
	176	KLA-Tencor Corp.		44,347
	235	Lam Research Corp.		106,375
	517	Microchip Technology, Inc.		69,480
	517	Micron Technology, Inc.(a)		33,135
	167	NVIDIA Corp.		89,522
	1,533	ON Semiconductor Corp.(a)		44,074
	201	Power Integrations, Inc.		14,349
	504	Qorvo, Inc.(a)		78,967
	732	QUALCOMM, Inc.		107,728
	442	Skyworks Solutions, Inc.		62,397
	1,086	Texas Instruments, Inc.		175,117
	585	Xilinx, Inc.		85,147
				1,269,944
Software (4.0%)
	248	Adobe, Inc.(a)		118,660
	192	Alarm.com Holdings, Inc.(a)		14,575
	92	Appfolio, Inc., Class A(a)		14,990
	258	Aspen Technology, Inc.(a)		34,688
	1,268	Cadence Design Systems, Inc.(a)		147,468
	501	Citrix Systems, Inc.		62,084
	329	Crowdstrike Holdings, Inc., Class A(a)		50,429
	196	DocuSign, Inc.(a)		44,664
	24	Fair Isaac Corp.(a)		11,347
	274	Fortinet, Inc.(a)		33,765
	344	Intuit, Inc.		121,095
	453	Manhattan Associates, Inc.(a)		46,315
	4,909	Microsoft Corp.		1,050,870
	1,623	Oracle Corp.		93,680
	152	Qualys, Inc.(a)		14,441
	54	RingCentral, Inc., Class A(a)		16,041
	355	salesforce.com, Inc.(a)		87,259
	18	ServiceNow, Inc.(a)		9,622
	9	Zoom Video Communications, Inc., Class A(a)		4,305
				1,976,298
Specialty Retail (1.6%)
	128	Asbury Automotive Group, Inc.(a)		14,435
	551	AutoNation, Inc.(a)		33,771
	52	AutoZone, Inc.(a)		59,158
	635	Best Buy Co., Inc.		69,088

Shares		Security Description	Value
Common Stocks, continued:
Specialty Retail, continued:
	85	Burlington Stores, Inc.(a)	$	18,576
	432	Lowe's Cos., Inc.		67,314
	224	O'Reilly Automotive, Inc.(a)		99,107
	646	Penske Automotive Group, Inc.		35,575
	339	Ross Stores, Inc.		36,449
	395	Shoe Carnival, Inc.		14,445
	169	Sleep Number Corp.(a)		11,727
	927	The Home Depot, Inc.		257,159
	646	The TJX Cos., Inc.		41,027
	66	Ulta Beauty, Inc.(a)		18,176
	67	Winmark Corp.		12,060
				788,067
Technology Hardware, Storage & Peripherals (2.3%)
	9,133	Apple, Inc.		1,087,283
	516	HP, Inc.		11,316
	264	NetApp, Inc.		14,074
				1,112,673
Textiles, Apparel & Luxury Goods (0.4%)
	46	Deckers Outdoor Corp.(a)		11,711
	60	Lululemon Athletica, Inc.(a)		22,213
	814	NIKE, Inc., Class B		109,646
	915	VF Corp.		76,311
				219,881
Thrifts & Mortgage Finance (0.0%^)
	288	Axos Financial, Inc.(a)		9,648
	372	Mr Cooper Group, Inc.(a)		9,918
				19,566
Tobacco (0.1%)
	1,200	Altria Group, Inc.		47,796
	256	Philip Morris International, Inc.		19,392
				67,188
Trading Companies & Distributors (0.4%)
	495	Fastenal Co.		24,478
	2,834	H&E Equipment Services, Inc.		76,178
	1,292	HD Supply Holdings, Inc.(a)		72,068
	262	MSC Industrial Direct Co., Inc., Class A		21,830
	85	Watsco, Inc.		19,325
				213,879
Water Utilities (0.1%)
	109	American States Water Co.		8,047
	234	American Water Works Co., Inc.		35,891
	722	Consolidated Water Co., Ltd.		7,913
	841	Pure Cycle Corp.(a)		8,023
				59,874
Wireless Telecommunication Services (0.1%)
	317	T-Mobile US, Inc.(a)		42,142
Total Common Stocks				25,538,253

27

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (1.9%)
$	215,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46, Callable 11/15/22 @ 100*(b)	$	221,486
	70,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45, Callable 11/20/23 @ 100*(b)		74,610
	131,503	Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.55%, 12/25/33, Callable 12/25/20 @ 100*(c)(d)		134,416
	210,000	SLM Student Loan Trust, Series 2012-7, Class B, 1.95% (US0001M + 180 bps), 9/25/43, Callable 10/25/28 @ 100*		199,556
	196,500	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 2/25/23 @ 100*(b)		210,719
	67,393	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51, Callable 3/15/23 @ 100*		68,936
Total Asset Backed Securities				909,723
Mortgage Backed Securities† (9.4%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	166,344	Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.16%, 4/25/37, Callable 2/25/26 @ 100*(c)		145,026
	1,017	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33, Callable 12/25/20 @ 100*(d)		1,024
				146,050
Alt-A - Fixed Rate Mortgage Backed Securities (1.0%)
	40,214	Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35, Callable 12/25/20 @ 100*		40,173
	53,894	Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37, Callable 10/25/22 @ 100*		54,247
	21,961	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35, Callable 3/25/25 @ 100*		17,144
	3,674	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36, Callable 12/25/20 @ 100*		3,484
	9,824	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37, Callable 7/25/21 @ 100*		7,862
	15,207	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34, Callable 12/25/20 @ 100*		15,606
	66,922	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.01%, 6/25/36, Callable 2/25/21 @ 100*(c)		64,876
	4,163	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 12/25/20 @ 100*		4,364
	22,983	Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34, Callable 6/25/21 @ 100*		23,862
	61,830	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 12/25/20 @ 100*		63,502

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	22,642	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35, Callable 12/25/20 @ 100*(c)(d)	$	23,139
	16,156	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35, Callable 12/25/20 @ 100*(c)(d)		11,215
	141,976	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36, Callable 10/25/21 @ 100*(c)		47,220
	8,307	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 12/25/20 @ 100*		7,932
	56,959	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35, Callable 12/25/20 @ 100*		47,171
	35,274	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36, Callable 4/25/22 @ 100*		22,154
	31,516	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35, Callable 12/25/20 @ 100*		31,102
				485,053
Prime Adjustable Rate Mortgage Backed Securities (0.8%)
	7,782	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 3.48%, 9/25/34, Callable 12/25/20 @ 100*(c)		7,500
	7,305	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.25%, 7/25/37, Callable 10/25/24 @ 100*(c)		6,595
	402,999	LSTAR Securities Investment Trust, Series 2019-1, Class A1, 1.85% (US0001M + 170 bps), 3/1/24, Callable 10/1/21 @ 100*		398,692
				412,787
Prime Fixed Mortgage Backed Securities (1.4%)
	171,395	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 9/25/35, Callable 12/25/20 @ 100*(c)(d)		126,220
	17,498	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36, Callable 3/25/36 @ 100*		16,455
	29,212	CHL Mortgage Pass-Through Trust, Series 2005-22, Class 2A1, 2.71%, 11/25/35, Callable 12/25/20 @ 100*(c)		27,541
	9,253	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 3.38%, 5/25/35, Callable 12/25/20 @ 100*(c)		9,327
	73,686	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34, Callable 6/25/21 @ 100*		80,669
	22,517	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35, Callable 12/25/20 @ 100*		23,020
	29,337	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37, Callable 12/25/20 @ 100*		18,984

28

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35, Callable 12/25/20 @ 100*	$	40,731
	22,764	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36, Callable 12/25/20 @ 100*		9,533
	95,868	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 3/25/23 @ 100*(b)(c)		97,539
	48,379	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 10/25/24 @ 100*(b)(c)		49,735
	12,944	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36, Callable 12/25/20 @ 100*		13,749
	12,125	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31, Callable 9/25/21 @ 100*		12,781
	156,991	Shellpoint Co.-Originator Trust, Series 2017-1, Class A4, 3.50%, 4/25/47, Callable 11/25/23 @ 100*(b)(c)		158,979
				685,263
Subprime Mortgage Backed Securities (0.5%)
	91,983	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/28 @ 100*(b)(c)		94,755
	56,322	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 8/25/28 @ 100*(b)(c)		58,484
	108,801	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 2/25/35 @ 100*(b)(c)		113,525
				266,764
U.S. Government Agency Mortgage Backed Securities (5.4%)
	54,065	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		53,484
	8,007	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		8,022
	47,982	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		49,090
	113,118	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		117,221
	96,108	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		97,997
	101,315	Fannie Mae, Series 2011-146, Class HE, 2.50%, 10/25/41		105,321
	3,745	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		3,766
	83,343	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		88,040
	182,860	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		197,052
	60,155	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		63,183
	29,681	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		31,701
	60,501	Fannie Mae, Series 2015-46, Class MD, 3.00%, 5/25/43		61,773

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	85,391	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45	$	90,425
	36,827	Fannie Mae, Series 18-70, Class KA, 3.50%, 3/25/43		37,003
	203,981	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		231,977
	186,581	Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(c)		216,990
	18,438	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		19,891
	11,914	Fannie Mae, 4.50%, 4/1/35, Pool #814522		13,157
	12,649	Fannie Mae, 5.50%, 10/1/35, Pool #838584		14,150
	1,065	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,250
	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29		3,335
	27,990	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		28,194
	8,564	Freddie Mac, 1.89% (H15T1Y + 172 bps), 6/1/28, Pool #605508		8,607
	45,592	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		46,669
	70,258	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		72,497
	76,398	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		79,661
	78,739	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		83,762
	69,222	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		73,610
	95,923	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44		98,790
	138,376	Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55		147,101
	79,473	Freddie Mac, Series 4683, Class PD, 3.00%, 4/15/46		81,224
	935	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,107
	3,002	Freddie Mac, Series 2302, Class J, 6.50%, 4/15/31		3,359
	6,917	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22, Callable 1/15/21 @ 100*		7,232
	3,681	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		3,718
	69,984	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		72,782
	186,125	Government National Mortgage Assoc., Series 2020-5, Class PE, 3.00%, 9/20/49		189,429
	89,085	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		92,680
	609	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		673
	36,215	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		39,743

29

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	4,167	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747	$	4,602
				2,640,268
Total Mortgage Backed Securities				4,636,185
Corporate Bonds (12.5%)
Banks (2.1%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		468,651
	255,000	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100 *		273,814
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		275,324
				1,017,789
Beverages (0.8%)
	335,000	Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable 2/25/28 @ 100 *		405,491
Capital Markets (0.6%)
	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		280,312
Consumer Finance (0.4%)
	200,000	Toyota Motor Credit Corp., 1.35%, 8/25/23		205,072
Diversified Financial Services (1.1%)
	325,000	BP Capital Markets America, Inc., 2.75%, 5/10/23		343,258
	160,000	National Rural Utilities Cooperative Finance Corp., 3.25%, 11/1/25, Callable 8/1/25 @ 100 *		178,142
				521,400
Diversified Telecommunication Services (0.7%)
	328,000	AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100 *		334,622
Electric Utilities (0.9%)
	210,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		230,606
	200,000	Southern California Edison Co., 3.50%, 10/1/23, Callable 7/1/23 @ 100 *		215,187
				445,793
Entertainment (0.3%)
	155,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100 *		161,188
Food Products (0.4%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *		197,142
Health Care Providers & Services (1.6%)
	225,000	Advocate Health & Hospitals Corp., 2.21%, 6/15/30, Callable 3/15/30 @ 100 *		235,036
	130,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		141,057
	215,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		229,322
	180,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		199,746
				805,161
Hotels, Restaurants & Leisure (0.6%)
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		83,725

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Hotels, Restaurants & Leisure, continued:
$	190,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100 *	$	220,878
				304,603
Industrial Conglomerates (0.5%)
	230,000	General Electric Co., 3.10%, 1/9/23		241,996
Insurance (0.4%)
	200,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		212,876
Internet & Direct Marketing Retail (0.4%)
	200,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100 *		209,979
Media (0.4%)
	185,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100 *		208,698
Semiconductors & Semiconductor Equipment (0.2%)
	70,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100 *		80,648
Specialty Retail (0.6%)
	220,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100 *		272,101
Technology Hardware, Storage & Peripherals (0.5%)
	200,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		226,852
Total Corporate Bonds				6,131,723
Taxable Municipal Bonds (7.9%)
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		150,285
Massachusetts (0.6%)
	250,000	Massachusetts State College Building Authority Revenue, Series C, 2.44%, 5/1/28, ST APPROP		263,610
Michigan (1.4%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100		265,078
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		227,640
	200,000	Michigan State Housing Development Authority Revenue, Series B, 2.96%, 12/1/35, Continuously Callable @100		206,430
				699,148
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		100,422
New York (0.5%)
	225,000	New York City Housing Development Corp. Revenue, Class L, 2.79%, 5/1/28, Continuously Callable @100		238,048
Ohio (0.7%)
	330,000	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100		357,789

30

CAVANAL HILL FUNDS

Active Core Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Oklahoma (0.4%)
$	200,000	The University of Oklahoma Revenue, 1.88%, 7/1/28	$	200,380
Rhode Island (0.5%)
	225,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		233,919
Texas (2.0%)
	360,000	County of Burnet Texas, GO, 4.20%, 3/1/34, Continuously Callable @100		391,810
	200,000	Northwest Independent School District, GO, Series A, 5.00%, 2/15/27, PSF-GTD		245,142
	350,000	Schertz-Cibolo-Universal City Independent School District, GO, 0.93%, 2/1/26, PSF-GTD		350,532
				987,484
Utah (0.5%)
	250,000	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @100		251,880
Washington (0.5%)
	250,000	Pierce County School District No 10 Tacoma, GO, 1.73%, 12/1/31, SCH BD GTY		256,030
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100		142,778
Total Taxable Municipal Bonds				3,881,773

Shares or Principal Amount		Security Description	Value
U.S. Treasury Obligations (6.4%)
U.S. Treasury Bonds
$	638,000	2.25%, 8/15/46	$	738,609
U.S. Treasury Notes
	1,192,000	1.38%, 10/15/22		1,219,239
	597,000	2.00%, 4/30/24		633,100
	504,000	2.25%, 2/15/27		557,491
				2,409,830
Total U.S. Treasury Obligations				3,148,439
Investment Companies (5.8%)
	18,502	iShares MSCI EAFE Index Fund ETF		1,297,916
	23,570	iShares MSCI Emerging Markets Index Fund ETF		1,148,566
	2,430	SPDR Gold Shares		405,008
Total Investment Companies				2,851,490
Investment in Affiliates (4.1%)
	1,670,008	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(e)		1,670,008
	52,409	Cavanal Hill World Energy Fund, Institutional Shares		358,894
Total Investment in Affiliates				2,028,902
Total Investments (Cost $37,236,232) - 100.1%				49,126,488
Liabilities in excess of other assets — (0.1)%				(70,997	)
Net Assets - 100.0%			$	49,055,491

(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 November 30, 2020.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2020.
(e)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
PSF-GTD	Public School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
REIT	Real Estate Investment Trust
SCH BD GTY	School Board Guaranty
SOFR	Secured Overnight Financing Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

31

CAVANAL HILL FUNDS

Mid Cap Diverse Leadership Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks (94.3%)
Aerospace & Defense (1.0%)
	19	TransDigm Group, Inc.	$	11,005
Airlines (1.0%)
	229	Southwest Airlines Co.		10,612
Auto Components (2.0%)
	198	BorgWarner, Inc.		7,692
	250	Gentex Corp.		8,150
	44	Lear Corp.		6,290
				22,132
Banks (1.4%)
	90	East West Bancorp, Inc.		3,845
	20	SVB Financial Group(a)		6,897
	81	Western Alliance Bancorp		4,153
				14,895
Biotechnology (0.8%)
	49	Alexion Pharmaceuticals, Inc.(a)		5,984
	30	Neurocrine Biosciences, Inc.(a)		2,848
				8,832
Building Products (1.5%)
	76	Allegion PLC		8,667
	26	Lennox International, Inc.		7,484
				16,151
Capital Markets (2.6%)
	82	LPL Financial Holdings, Inc.		7,443
	36	MSCI, Inc., Class A		14,739
	50	Nasdaq, Inc.		6,400
				28,582
Chemicals (0.6%)
	221	Axalta Coating Systems, Ltd.(a)		6,323
Commercial Services & Supplies (2.4%)
	58	Cintas Corp.		20,608
	95	IAA, Inc.(a)		5,692
				26,300
Communications Equipment (1.0%)
	42	Arista Networks, Inc.(a)		11,369
Construction & Engineering (1.0%)
	157	Quanta Services, Inc.		10,729
Construction Materials (0.6%)
	51	Vulcan Materials Co.		7,122
Consumer Finance (1.3%)
	8	Credit Acceptance Corp.(a)		2,388
	169	Onemain Holdings, Inc.		6,589
	177	Synchrony Financial		5,393
				14,370
Containers & Packaging (3.3%)
	42	AptarGroup, Inc.		5,305
	195	Berry Global Group, Inc.(a)		10,335
	103	Packaging Corp. of America		13,390
	206	Silgan Holdings, Inc.		6,963
				35,993
Distributors (0.6%)
	19	Pool Corp.		6,576
Diversified Consumer Services (1.1%)
	33	Bright Horizons Family Solutions, Inc.(a)		5,614
	134	Terminix Global Holdings, Inc.(a)		6,570
				12,184
Diversified Financial Services (0.5%)
	103	Voya Financial, Inc.		5,936
Electric Utilities (1.9%)
	44	Alliant Energy Corp.		2,314
	222	OGE Energy Corp.		7,191
	290	PPL Corp.		8,242

Shares		Security Description	Value
Common Stocks, continued:
Electric Utilities, continued:
	48	Xcel Energy, Inc.	$	3,233
				20,980
Electrical Equipment (1.6%)
	47	Acuity Brands, Inc.		5,580
	103	Regal-Beloit Corp.		12,261
				17,841
Electronic Equipment, Instruments & Components (1.5%)
	125	CDW Corp.		16,311
Entertainment (1.1%)
	16	Spotify Technology SA(a)		4,662
	39	Take-Two Interactive Software, Inc.(a)		7,040
				11,702
Equity Real Estate Investment Trusts (7.1%)
	427	American Homes 4 Rent, Class A		12,263
	70	Apartment Investment & Management Co.		2,124
	141	Corporate Office Properties Trust		3,755
	358	CubeSmart		11,646
	277	Duke Realty Corp.		10,543
	119	Equity LifeStyle Properties, Inc.		6,972
	82	Extra Space Storage, Inc.		9,244
	296	Host Hotels & Resorts, Inc.		4,153
	92	Lamar Advertising Co.		7,324
	73	SL Green Realty Corp.		4,227
	96	Welltower, Inc.		6,046
				78,297
Food Products (2.2%)
	227	Hormel Foods Corp.		10,710
	102	Ingredion, Inc.		7,869
	36	Kellogg Co.		2,301
	48	Lamb Weston Holdings, Inc.		3,474
				24,354
Gas Utilities (0.6%)
	191	UGI Corp.		6,777
Health Care Equipment & Supplies (4.7%)
	20	Align Technology, Inc.(a)		9,626
	80	Hill-Rom Holdings, Inc.		7,589
	173	Hologic, Inc.(a)		11,959
	27	IDEXX Laboratories, Inc.(a)		12,446
	25	Teleflex, Inc.		9,569
				51,189
Health Care Providers & Services (1.3%)
	14	Chemed Corp.		6,696
	40	Molina Healthcare, Inc.(a)		8,165
				14,861
Health Care Technology (1.6%)
	63	Veeva Systems, Inc.(a)		17,443
Hotels, Restaurants & Leisure (3.0%)
	83	Darden Restaurants, Inc.		8,962
	12	Domino’s Pizza, Inc.		4,711
	192	Hilton Worldwide Holdings, Inc.		19,897
				33,570
Household Products (1.4%)
	80	Church & Dwight Co., Inc.		7,022
	40	The Clorox Co.		8,118
				15,140
Independent Power and Renewable Electricity Producers (0.5%)
	261	AES Corp.		5,335
Insurance (4.2%)
	179	Brighthouse Financial, Inc.(a)		6,283
	39	Cincinnati Financial Corp.		2,978
	179	FNF Group		6,442
	165	Prudential Financial, Inc.		12,477

32

CAVANAL HILL FUNDS

Mid Cap Diverse Leadership Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

Shares		Security Description	Value
Common Stocks, continued:
Insurance, continued:
	29	The Hanover Insurance Group, Inc.	$	3,258
	109	The Hartford Financial Services Group, Inc.		4,818
	441	Unum Group		9,803
				46,059
Interactive Media & Services (0.4%)
	107	Twitter, Inc.(a)		4,976
Internet & Direct Marketing Retail (0.6%)
	43	Etsy, Inc.(a)		6,910
IT Services (3.7%)
	101	Alliance Data Systems Corp.		7,387
	223	DXC Technology Co.		4,886
	20	Okta, Inc.(a)		4,901
	16	Twilio, Inc., Class A(a)		5,121
	91	VeriSign, Inc.(a)		18,266
				40,561
Leisure Products (0.5%)
	58	Hasbro, Inc.		5,396
Life Sciences Tools & Services (4.0%)
	180	Agilent Technologies, Inc.		21,042
	21	Charles River Laboratories International, Inc.(a)		4,925
	8	Mettler-Toledo International, Inc.(a)		9,200
	37	Waters Corp.(a)		8,585
				43,752
Machinery (3.6%)
	253	Allison Transmission Holdings, Inc.		10,386
	100	Graco, Inc.		6,774
	23	IDEX Corp.		4,442
	144	The Timken Co.		10,575
	81	The Toro Co.		7,348
				39,525
Media (1.7%)
	1	Cable One, Inc.		1,981
	360	Discovery, Inc., Class C(a)		8,647
	234	DISH Network Corp., Class A(a)		8,393
				19,021
Metals & Mining (0.8%)
	256	Steel Dynamics, Inc.		9,270
Mortgage Real Estate Investment Trusts (0.3%)
	207	AGNC Investment Corp.		3,163
Multi-Utilities (1.5%)
	99	MDU Resources Group, Inc.		2,469
	112	Public Service Enterprise Group, Inc.		6,527
	77	WEC Energy Group, Inc.		7,311
				16,307
Oil, Gas & Consumable Fuels (0.9%)
	251	Cabot Oil & Gas Corp.		4,398

Shares		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	160	ONEOK, Inc.	$	5,739
				10,137
Professional Services (0.4%)
	67	Robert Half International, Inc.		4,300
Road & Rail (1.5%)
	80	Old Dominion Freight Line, Inc.		16,269
Semiconductors & Semiconductor Equipment (5.9%)
	39	KLA-Tencor Corp.		9,827
	96	Microchip Technology, Inc.		12,901
	337	ON Semiconductor Corp.(a)		9,689
	79	Qorvo, Inc.(a)		12,378
	62	Skyworks Solutions, Inc.		8,752
	76	Xilinx, Inc.		11,062
				64,609
Software (6.6%)
	57	Aspen Technology, Inc.(a)		7,664
	197	Cadence Design Systems, Inc.(a)		22,911
	72	Citrix Systems, Inc.		8,922
	73	Crowdstrike Holdings, Inc., Class A(a)		11,190
	22	DocuSign, Inc.(a)		5,013
	60	Fortinet, Inc.(a)		7,394
	60	Manhattan Associates, Inc.(a)		6,134
	12	RingCentral, Inc., Class A(a)		3,565
				72,793
Specialty Retail (3.9%)
	122	AutoNation, Inc.(a)		7,478
	8	AutoZone, Inc.(a)		9,101
	19	Burlington Stores, Inc.(a)		4,152
	23	O’Reilly Automotive, Inc.(a)		10,176
	144	Penske Automotive Group, Inc.		7,930
	15	Ulta Beauty, Inc.(a)		4,131
				42,968
Textiles, Apparel & Luxury Goods (0.5%)
	14	Lululemon Athletica, Inc.(a)		5,183
Trading Companies & Distributors (1.7%)
	173	HD Supply Holdings, Inc.(a)		9,650
	57	MSC Industrial Direct Co., Inc., Class A		4,749
	19	Watsco, Inc.		4,320
				18,719
Water Utilities (0.4%)
	32	American Water Works Co., Inc.		4,908
Total Common Stocks				1,037,737
Investment in Affiliates (1.8%)
	19,560	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		19,560
Total Investment in Affiliates				19,560
Total Investments (Cost $843,570) - 96.1%				1,057,297
Other assets in excess of liabilities — 3.9%				42,813
Net Assets - 100.0%			$	1,100,110

(a)	Non-income producing security.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.

33

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (82.2%)
Aerospace & Defense (1.3%)
	15,700	Parsons Corp.(a)	$	513,390
Airlines (2.9%)
	37,650	American Airlines Group, Inc.		531,995
	12,550	United Airlines Holdings, Inc.(a)		565,377
				1,097,372
Auto Components (1.9%)
	35,872	Veoneer, Inc.(a)		714,929
Banks (2.4%)
	7,920	JPMorgan Chase & Co.		933,610
Beverages (1.5%)
	11,300	The Coca-Cola Co.		583,080
Biotechnology (6.8%)
	7,413	AbbVie, Inc.		775,251
	4,396	Exact Sciences Corp.(a)		532,180
	4,080	Sarepta Therapeutics, Inc.(a)		574,709
	3,163	Vertex Pharmaceuticals, Inc.(a)		720,373
				2,602,513
Communications Equipment (1.6%)
	2,101	Palo Alto Networks, Inc.(a)		617,526
Construction & Engineering (1.7%)
	5,919	Jacobs Engineering Group, Inc.		638,305
Consumer Finance (1.5%)
	11,040	Green Dot Corp., Class A(a)		591,302
Diversified Consumer Services (1.6%)
	7,846	Chegg, Inc.(a)		611,439
Electric Utilities (1.0%)
	4,472	Pinnacle West Capital Corp.		366,033
Electrical Equipment (1.3%)
	25,100	Ballard Power Systems, Inc.(a)		515,303
Electronic Equipment, Instruments & Components (3.9%)
	15,700	Corning, Inc.		587,494
	6,568	Keysight Technologies, Inc.(a)		788,423
	3,732	Vontier Corp.(a)		123,790
				1,499,707
Entertainment (3.2%)
	4,034	The Walt Disney Co.		597,073
	21,377	Warner Music Group Corp., Class A		635,538
				1,232,611
Equity Real Estate Investment Trusts (2.0%)
	9,738	Lamar Advertising Co.		775,242
Food & Staples Retailing (2.0%)
	1,975	Costco Wholesale Corp.		773,746
Health Care Equipment & Supplies (3.0%)
	21,955	Cutera, Inc.(a)		549,314
	6,515	Hill-Rom Holdings, Inc.		618,013
				1,167,327
Health Care Providers & Services (3.3%)
	1,760	Anthem, Inc.		548,275
	5,740	Quest Diagnostics, Inc.		711,645
				1,259,920
Hotels, Restaurants & Leisure (7.7%)
	24,710	MGM Resorts International		698,058
	13,642	Monarch Casino & Resort, Inc.(a)		753,311
	36,763	Norwegian Cruise Line Holdings, Ltd.(a)		840,770
	9,682	Penn National Gaming, Inc.(a)		677,740
				2,969,879
Interactive Media & Services (1.3%)
	10,937	Snap, Inc., Class A(a)		485,822
Internet & Direct Marketing Retail (2.3%)
	280	Amazon.com, Inc.(a)		887,051

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
IT Services (4.2%)
	2,307	Accenture PLC, Class A	$	574,651
	13,110	GoDaddy, Inc.(a)		1,042,769
				1,617,420
Machinery (3.4%)
	9,852	Fortive Corp.		690,921
	9,124	Otis Worldwide Corp.		610,760
				1,301,681
Multiline Retail (1.7%)
	7,535	Ollie’s Bargain Outlet Holdings, Inc.(a)		663,532
Pharmaceuticals (3.1%)
	19,620	Elanco Animal Health, Inc.(a)		600,176
	151,240	MediWound, Ltd.(a)		568,662
				1,168,838
Road & Rail (3.7%)
	15,650	Uber Technologies, Inc.(a)		777,179
	3,140	Union Pacific Corp.		640,811
				1,417,990
Semiconductors & Semiconductor Equipment (2.2%)
	5,243	NXP Semiconductors NV		830,596
Software (5.1%)
	6,515	Datadog, Inc., Class A(a)		644,464
	1,885	RingCentral, Inc., Class A(a)		559,939
	6,280	SAP SE ADR		760,885
				1,965,288
Specialty Retail (1.4%)
	12,550	Children’s Place, Inc. The		539,399
Textiles, Apparel & Luxury Goods (1.6%)
	1,626	Lululemon Athletica, Inc.(a)		601,978
Trading Companies & Distributors (1.6%)
	22,825	H&E Equipment Services, Inc.		613,536
Total Common Stocks				31,556,365
Mortgage Backed Securities† (1.4%)
Prime Fixed Mortgage Backed Securities (1.4%)
$	523,020	Onslow Bay Financial LLC, Series 2018-EXP2, 1A1, 4.00%, 7/25/58, Callable 6/25/27 @ 100*(b)(c)		531,164
Total Mortgage Backed Securities				531,164
Corporate Bonds (13.4%)
Airlines (2.3%)
	777,000	Delta Air Lines, Inc., 7.38%, 1/15/26, Callable 12/15/25 @ 100 *		873,650
Hotels, Restaurants & Leisure (2.6%)
	917,000	Royal Caribbean Cruises, Ltd., 7.50%, 10/15/27		981,190
Machinery (2.4%)
	792,000	Wabtec Corp., 4.70%, 9/15/28, Callable 6/15/28 @ 100 *		924,727
Oil, Gas & Consumable Fuels (2.5%)
	887,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100 *		965,377
Semiconductors & Semiconductor Equipment (3.6%)
	1,290,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 *		1,394,768
Total Corporate Bonds				5,139,712
Investment in Affiliates (4.2%)
	1,602,224	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)		1,602,224
Total Investment in Affiliates				1,602,224
Total Investments (Cost 34,147,718) - 101.2%			$	38,829,465
Liabilities in excess of other assets — (1.2)%			$	(462,412	)
Net Assets - 100%			$	38,367,053

34

CAVANAL HILL FUNDS

Opportunistic Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

(a)	Non-income producing security.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security.  The rate presented is the rate in effect at November 30, 2020.
(c)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

ADR American Depositary Receipt

35

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments

November 30, 2020

(Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (87.6%)
Chemicals (1.7%)
	22,000	Umicore SA ADR	$	245,740
Electric Utilities (0.8%)
	42	ALLETE, Inc.		2,362
	22	American Electric Power Co., Inc.		1,868
	284	Duke Energy Corp.		26,315
	31	Evergy, Inc.		1,718
	62	Fortis, Inc.		2,497
	792	NextEra Energy, Inc.		58,283
	30	Otter Tail Corp.		1,195
	25	Pinnacle West Capital Corp.		2,046
	399	The Southern Co.		23,880
				120,164
Electrical Equipment (11.6%)
	17,000	Ballard Power Systems, Inc.(a)		349,010
	16,000	Bloom Energy Corp., Class A(a)		392,320
	16,000	Plug Power, Inc.(a)		422,240
	8,000	TPI Composites, Inc.(a)		321,840
	3,000	Vestas Wind Systems A/S ADR		203,160
				1,688,570
Energy Equipment & Services (9.6%)
	22,000	Baker Hughes Co.		411,840
	20,948	Halliburton Co.		347,527
	343	Helmerich & Payne, Inc.		7,810
	25,629	Schlumberger NV		532,827
	7,084	Tenaris SA ADR		107,535
				1,407,539
Gas Utilities (0.1%)
	45	Atmos Energy Corp.		4,315
	20	Chesapeake Utilities Corp.		2,080
	49	National Fuel & Gas Co.		2,017
	30	Northwest Natural Holding Co.		1,438
	27	Southwest Gas Holdings, Inc.		1,735
				11,585
Independent Power and Renewable Electricity Producers (0.2%)
	169	AES Corp.		3,455
	152	Atlantica Yield PLC		5,227
	107	NRG Energy, Inc.		3,504
	63	Ormat Technologies, Inc.		4,965
	70	Sunnova Energy International, Inc.(a)		2,836
	124	Vistra Corp.		2,316
				22,303
Multi-Utilities (1.1%)
	19	Consolidated Edison, Inc.		1,449
	729	Dominion Resources, Inc.		57,219
	32	DTE Energy Co.		4,026
	259	MDU Resources Group, Inc.		6,459
	869	National Grid PLC ADR		49,255
	275	Sempra Energy		35,057
	27	WEC Energy Group, Inc.		2,564
				156,029
Oil, Gas & Consumable Fuels (55.3%)
	33,770	BP PLC ADR		660,541
	18,000	Cabot Oil & Gas Corp.		315,360
	2,520	Chevron Corp.		219,694
	15,000	Cimarex Energy Co.		539,250

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	65	CNOOC, Ltd. ADR	$	6,417
	11,161	ConocoPhillips		441,529
	11,000	Diamondback Energy, Inc.		439,560
	11,250	Enbridge, Inc.		351,112
	8,084	EOG Resources, Inc.		378,978
	22,000	EQT Corp.		327,360
	3,766	Exxon Mobil Corp.		143,598
	1,191	Kinder Morgan, Inc.		17,127
	16,680	Marathon Petroleum Corp.		648,518
	10,233	ONEOK, Inc.		367,058
	40,000	Parsley Energy, Inc., Class A		501,200
	6,786	Pembina Pipeline Corp.		172,975
	7,305	Phillips 66		442,537
	3,700	Pioneer Natural Resources Co.		372,146
	920	Royal Dutch Shell PLC ADR, Class A		31,133
	7,557	TC Energy Corp.		331,979
	18,370	TOTAL SA ADR		774,112
	10,935	Valero Energy Corp.		587,975
				8,070,159
Semiconductors & Semiconductor Equipment (5.0%)
	1,000	First Solar, Inc.(a)		93,430
	9,000	Infineon Technologies AG ADR		319,185
	2,000	NXP Semiconductors NV		316,840
				729,455
Water Utilities (2.2%)
	237	American States Water Co.		17,495
	1,142	American Water Works Co., Inc.		175,160
	2,597	Essential Utilities, Inc.		117,592
	24	Middlesex Water Co.		1,644
	35	SJW Group		2,296
				314,187
Total Common Stocks				12,765,731
Corporate Bonds (8.9%)
Diversified Financial Services (3.8%)
	275,000	BP Capital Markets America, Inc., 3.19%, 4/6/25, Callable 3/6/25 @ 100 *		301,953
	250,000	Total Capital International SA, 2.75%, 6/19/21		253,199
				555,152
Oil, Gas & Consumable Fuels (5.1%)
	250,000	Callon Petroleum Co., 6.13%, 10/1/24, Callable 1/8/21 @ 103 *		107,500
	200,000	Equinor ASA, 3.15%, 1/23/22		206,480
	200,000	Shell International Finance BV, 2.00%, 11/7/24, Callable 10/7/24 @ 100 *		210,604
	200,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100 *		220,322
				744,906
Total Corporate Bonds				1,300,058
Investment in Affiliates (2.6%)
	379,257	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		379,257
Total Investment in Affiliates				379,257
Total Investments (Cost 12,397,631) - 99.1%				14,445,046
Other assets in excess of liabilities — 0.9%				137,663
Net Assets - 100%			$	14,582,709

36

CAVANAL HILL FUNDS

World Energy Fund

Schedule of Portfolio Investments, Continued

November 30, 2020

(Unaudited)

The Advisor has determined that 47.7% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a)	Non-income producing security.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
*	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

ADR American Depositary Receipt

37

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

November 30, 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 November 30, 2020 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	08/22/18	$	459,993	$	460,038	$	461,927
Sun Trust Student Loan Trust, Series 2006-1A, B, 0.49%, 10/28/37	5/26/2017 and 4/11/18		817,619		890,840		795,052

38

CAVANAL HILL FUNDS

Notes to Schedule of Portfolio Investments

November 30, 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 November 30, 2020 is noted below:

 

Fund	Fair Value 8/31/20		Purchases		Sales			Net Realized Gains/(Losses)		Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/20		Shares as of 11/30/20		Dividend Income
Limited Duration Fund	$	6,439,763	$	21,404,452	$	(23,960,101	)	$	-	$	-	$	3,884,114		3,884,114	$	55
Moderate Duration Fund		3,443,883		4,436,284		(6,149,519	)		-		-		1,730,648		1,730,648		21
Bond Fund		2,590,008		12,363,842		(8,960,566	)		-		-		5,993,284		5,993,284		(11	)
Strategic Enhanced Yield Fund		2,048,668		7,977,364		(7,085,269	)		-		-		2,940,763		2,940,763		28
Ultra Short Tax-Free Income Fund		1,847,685		6,285,426		(8,100,054	)		-		-		33,057		33,057		19
Active Core Fund		1,213,800		3,224,116		(2,767,908	)		-		-		1,670,008		1,670,008		23
Mid Cap Diverse Leadership Fund		37,581		131,098		(149,119	)		-		-		19,560		19,560		-
Opportunistic Fund		2,970,000		12,404,394		(13,772,170	)		-		-		1,602,224		1,602,224		22
World Energy Fund		330,331		1,922,019		(1,873,093	)		-		-		379,257		379,257		6
	$	20,921,719	$	70,148,995	$	(72,817,799	)	$	-	$	-	$	18,252,915		18,252,915	$	163
A summary of the Opportunistic Fund’s investment in an affiliated money market fund for the period ending November 30, 2020 is noted below:
Fund	Fair Value 8/31/20		Purchases		Sales			Net Realized Gains/(Losses)		Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/20		Shares as of 11/30/20		Dividend Income
U.S. Treasury Fund, Select Shares	$	47,026	$	3,368	$	(50,394	)	$	-	$	-	$	-		-	$	(5	)
	$	47,026	$	3,368	$	(50,394	)	$	-	$	-	$	-		-	$	(5	)
A summary of the Active Core Fund’s investment in an affiliated fund for the period ending November 30, 2020 is noted below:
Fund	Fair Value 8/31/20		Purchases		Sales			Net Realized Gains/(Losses)		Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 11/30/20		Shares as of 11/30/20		Dividend Income
World Energy Fund, Institutional Shares	$	322,919	$	-	$	-		$	-	$	35,975	$	358,894		52,409	$	1,391
	$	322,919	$	-	$	-		$	-	$	35,975	$	358,894		52,409	$	1,391

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