# EDGAR Filing Document

**Accession Number:** 0000864508
**File Stem:** 0001213900-25-123706
**Filing Date:** 2025-12
**Character Count:** 27050
**Document Hash:** 599b2437994a50262d43c07cb22e6a86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-123706.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001213900-25-123706

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**EFFECTIVENESS DATE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cavanal Hill Funds
- **CENTRAL INDEX KEY:** 0000864508

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-35190
- **FILM NUMBER:** 251586698

**BUSINESS ADDRESS:**
- **STREET 1:** 4400 EASTON COMMONS #200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219
- **BUSINESS PHONE:** 800-762-7085

**MAIL ADDRESS:**
- **STREET 1:** 4400 EASTON COMMONS #200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN PERFORMANCE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN PLUS FUNDS
- **DATE OF NAME CHANGE:** 19900910

## Series and Classes Contracts Data

### Ultra Short Tax-Free Income Fund (Series ID: S000060081)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000196703 | Class A       | AAUSX           |
| C000196704 | Institutional | AIUSX           |
| C000196705 | Investor      | APUSX           |

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| | | | |
|:---|:---|:---|:---|
|  **ULTRA SHORT TAX-FREE INCOME FUND** | **ULTRA SHORT TAX-FREE INCOME FUND** | **ULTRA SHORT TAX-FREE INCOME FUND** | ![](tcavanai_logo.jpg) |
| A: | AAUSX |  | ![](tcavanai_logo.jpg) |
| Investor: | APUSX |  | ![](tcavanai_logo.jpg) |
| Institutional: | AIUSX |  | ![](tcavanai_logo.jpg) |
|  **SUMMARY PROSPECTUS** | **SUMMARY PROSPECTUS** | **December 28, 2025** | **December 28, 2025** |

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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at http://prospectus-express.newriver.com/summary.asp?doctype=pros&clientid=cavanalhill&fundid=14956P679. You can also get this information at no cost by calling 1-800-762-7085 or sending an e-mail request to info@cavanalhill.com. The Fund's prospectus and Statement of Additional Information, both dated December 28, 2025, and most recent annual report, dated August 31, 2025, are incorporated by reference into this Summary Prospectus and may be obtained, without charge, at the website and by calling the phone number noted above.

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

#### Investment Objective
To generate current income exempt from federal income taxes consistent with the preservation of capital.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Ultra Short Tax-Free Income Fund. You may qualify for sales charge discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information about these and other discounts is available from your financial professional and in the section "Initial Sales Charge (Bond and Equity Funds, Class A Shares Only)" on page 46 of the prospectus and "Contingent Deferred Sales Charges (CDSC-Class A and C Only)" on page 47 in the prospectus and in the section "Additional Purchase and Redemption Information" on page 34 of the Statement of Additional Information. **An investor transacting in Institutional Shares, which do not have any front**-end **sales charge, contingent deferred sales charge, or other asset**-based **fee for sales or distribution, may be required to pay a commission to a broker or other financial intermediary for effecting such transactions on an agency basis. Such commissions are not reflected in the tables or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

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| | | | |
|:---|:---|:---|:---|
|  **Shareholder Fees<br>(fees paid directly from your investment)** | **A <br>Shares** | **Investor <br>Shares** | **Institutional <br>Shares** |
|  Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | 1.00% |  |  |
|  Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds) | 1.00%\* |  |  |

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| | | | |
|:---|:---|:---|:---|
|  **Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment).** | **A <br>Shares** | **Investor <br>Shares** | **Institutional <br>Shares** |
|  Management Fees | 0.15% | 0.15% | 0.15% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 0.25% |  |
|  Other Expenses | 1.43% | 1.45% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees | 0.10% | 0.25% | 0.25% |
|  **Total Annual Fund Operating Expenses** | **1.83%** | **1.85%** | **1.73%** |
|  Less Fee Waivers<sup>†</sup> | (1.23)% | (1.25)% | (1.38)% |
|  **Total Annual Fund Operating Expenses After Fee Waivers** | **0.60%** | **0.60%** | **0.35%** |

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\* Class A Shares are available with no front-end sales charge on investments of $200,000 or more. There is, however, a contingent deferred sales charge (CDSC) of 1.00% on any Class A Shares upon which a dealer concession was paid that are sold within one year of purchase.

† The Adviser has contractually agreed to waive fees payable to it or reimburse certain expenses so that expenses (other than extraordinary expenses and any Acquired Fund Fees and Expenses) for each Class do not exceed 0.35%, plus class-specific fees, until December 31, 2026. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees to which they are entitled. The affiliate waivers result in a reduction of the Shareholder Servicing Fee paid by all purchasers of a Class to the extent shown in the table. Contractual waivers are in place for the period through December 31, 2026, and may only be terminated or modified with the approval of the Fund's Board of Trustees.

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>1</sub> | **1-800-762-7085** |

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#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **10 Year** |
|  A Shares | $161 | $551 | $967 | $2126 |
|  Investor Shares | &nbsp;&nbsp; $61 | $460 | $884 | $2067 |
|  Institutional Shares | &nbsp;&nbsp; $36 | $410 | $809 | $1926 |

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#### Portfolio Turnover
The Ultra Short Tax-Free Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 173% of the average value of its portfolio.

#### Principal Investment Strategy
To pursue its objective, under normal circumstances, the Fund invests in a diversified portfolio of municipal bonds and debentures. Such debt obligations are "investment grade" or better, rated within the four highest long-term or two highest short-term rating categories assigned by a nationally recognized statistical ratings organization ("NRSRO"), with at least 65% of the Fund's net assets invested in securities that are rated within the three highest long-term or highest short-term rating categories or, if not rated, found by the Adviser under guidelines approved by the Trust's Board of Trustees to be of comparable quality.

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund's shareholders to continue to hold the security. In making that determination, the factors considered at the time of purchase are reviewed. The Fund does not apply an automatic sale trigger.

As a matter of fundamental policy, the Fund invests, under normal circumstances, at least 80% of its net assets in municipal securities, the income from which is both exempt from federal income tax and not subject to federal alternative minimum tax for individuals.

The Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue securities. The Fund may also utilize credit enhancers, such as insurance. The Fund may invest in money market instruments such as short term tax-exempt notes, commercial paper, variable-rate demand notes, and money market funds.

Purchase and sale decisions are based on the Adviser's judgment about issuers, risk, prices of securities, market conditions, potential returns, and other economic factors.

The Fund, under normal circumstances, invests at least 80% of its net assets in tax-free bonds and maintains a dollar-weighted average maturity between 1 day to 1 year. These policies will not be changed without at least 60 days' prior notice to shareholders.

#### Principal Investment Risks
Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund's net asset value, yield or total return are:

• **Municipal Bond Risk** — Like other bonds, municipal bonds have credit risk. It is possible that the government that issued the bond will not have the funds to make timely payments of interest or principal. Municipal bonds often count on the projects they finance to bring in expected revenues and there is a risk that the projects will fail to produce the revenue needed to pay off the bonds.

**• Interest Rate Risk** — The value of the Fund's interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security's maturity, the greater the interest rate risk. For a portfolio with a duration of 3 years, each 1% rise in interest rates would reduce the value of the portfolio by an estimated 3%. The Fund's yield may decrease due to a decline in interest rates. Very low or negative interest rates may magnify interest rate risk. Recent and any future declines in interest rate levels could cause the Fund's earnings to fall below the Fund's expense ratio, resulting in a negative yield

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>2</sub> | **1-800-762-7085** |

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and a decline in the Fund's share price. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.

• **Credit Risk** — Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill its obligations, reducing the Fund's return. This includes failure by a bond issuer to repay interest and principal.

• **Credit Enhancement Risk** — A "credit enhancer," such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund's investments.

• **Liquidity Risk** — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market. The portfolio manager may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. If a Fund is required to sell securities quickly or at a particular time (including sales to meet redemption requests) the Fund could realize a loss.

• **Tax Risk** — To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for federal income tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund's taxable year. If the proportion of taxable investments held by the Fund exceeded 50% of the Fund's total assets as of the close of any quarter of the Fund's taxable year, the Fund would not, for that taxable year, satisfy the general eligibility test that would otherwise permit it to pay exempt-interest dividends for that taxable year. The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code of 1986, as amended, which could cause adverse tax consequences. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes, and the Adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. Distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be taxable as long-term capital gains. The value of the Fund's investments and its NAV may be adversely affected by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect the Fund's NAV and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments.

• **Regulatory Risk —** The risk that a change in laws or regulations will materially affect a security, business, sector or market. A change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business, reduce the attractiveness of investment and/or change the competitive landscape. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans. These laws include restrictions on foreclosures, redemption rights after foreclosure, federal and state bankruptcy and debtor relief laws, restrictions on "due on sale" clauses, and state usury laws.

• **Market Risk** — The value of the Fund's assets will fluctuate as the markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, military conflict, acts of terrorism, social unrest, environmental disasters, natural disasters or events, recessions, supply chain disruptions, political instability, and infectious disease epidemics or pandemics.

• **Prepayment/Call Risk** — There is a chance that the repayment of an asset-backed or mortgage-backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will "call" — or repay — its bond before the bond's maturity date.

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>3</sub> | **1-800-762-7085** |

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**• Issuer Specific** — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer's goods or services.

• **Portfolio Turnover Risk** — A Fund may engage in active and frequent trading to achieve its principal investment objectives. This may result in the realization and distribution to shareholders of higher capital gains as compared to a fund with less active trading policies, which would increase an investor's tax liability unless shares are held through a tax deferred or exempt vehicle. Frequent trading also increases transaction costs, which could detract from a Fund's performance.

• **Management Risk** — There is no guarantee that the investment techniques and risk analyses used by the Fund's portfolio managers will produce the desired results.

• **Banking Risk** — To the extent that a Fund invests in securities issued by U.S. Banks, foreign banks or U.S. branches of foreign banks, the Fund's performance will be susceptible to the risks associated with the financial services sector. The financial services sector is highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services sector can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

• **High Yield Securities Risk** — Fixed income securities rated below investment grade and unrated securities of similar credit quality (commonly referred to as "junk bonds" or high yield securities) are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Investments in such securities involve substantial risk. Issuers of high yield securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with investment grade securities. The value of high yield securities tends to be very volatile due to such factors as specific corporate developments, interest rate sensitivity, less secondary market activity, and negative perceptions of high yield securities and the junk bond markets generally, particularly in times of market stress.

To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay.

For more information about these risks, please refer to the section titled "Investment Practices and Risks" in the Fund's prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

#### Performance Information
The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. The Fund's past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund's website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund's performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each Class.

#### Annual Total Returns for Investor Shares (Periods Ended 12/31)
![](tbarchart_006.jpg)

<sup>1</sup>The performance information shown above is based on a calendar year. The Fund's total return from 1/1/25 to 9/30/25 was 2.19%.

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>4</sub> | **1-800-762-7085** |

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This table compares the Fund's average annual total returns for periods ended December 31, 2024, to those of the Bloomberg 1-Year Municipal Bond Index and the Bloomberg Municipal Bond Index. The Bloomberg 1-Year Municipal Bond Index demonstrates how the Fund's performance compares with the returns of indices with similar investment objectives, whereas the Bloomberg Municipal Bond Index is a broad-based index, which provides a benchmark reflecting the overall U.S. municipal bond market. The stated returns assume the highest historical federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. After-tax returns are shown only for the Investor Class Shares and after-tax returns for other shares will vary.

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| | | | |
|:---|:---|:---|:---|
|  **Average Annual Total Returns (Periods Ended 12/31/24)** | **1 Year** | **5 Years** | **Since<br>Inception<br>(12/26/2017)** |
|  Investor Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 3.12% | 1.15% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 3.12% | 1.14% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 3.16% | 1.15% | 1.06% |
|  Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 3.27% | 1.37% | 1.34% |
|  A Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes (With Load) | 1.99% | 0.94% | 0.78% |
|  Bloomberg 1-Year Municipal Bond Index<br>(reflects no deduction for expenses, fees or taxes) | 2.71% | 1.39% | 1.30% |
|  Bloomberg Municipal Bond Index <br>(reflects no deduction for expenses, fees or taxes) | 1.05% | 0.99% | 2.25% |

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#### Investment Adviser
Cavanal Hill<sup>®</sup> Investment Management, Inc. serves as the investment adviser for the Fund.

#### Portfolio Manager
The following individual is primarily responsible for the day-to-day management of the Fund's portfolio:

Keaton Hoppe, CFA, is a Vice President of Cavanal Hill Investment Management, Inc. and has been a portfolio manager of the Fund since 2024.

Leslie Martin is a Vice President of Cavanal Hill Investment Management, Inc. and has been a portfolio manager of the Fund since December 28, 2025.

#### Purchase and Sale of Fund Shares
The following initial and additional purchase requirements apply:

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| | | |
|:---|:---|:---|
|  | **Initial Purchase** | **Additional Purchases** |
|  Bond and Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; $100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | &nbsp;&nbsp; $1000 |  |

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#### Shares may be purchased, sold (redeemed) or exchanged on any business day by:
• Sending a written request by mail to the Funds Custodian: BOKF, NA, Attention: Cavanal Hill Funds, P.O. Box 182730, Columbus, Ohio 43218-2730.

• Sending a written request by overnight mail to: Cavanal Hill Funds, c/o FIS Investor Services, LLC, 4249 Easton Way, Suite 400, Columbus, OH, 43219-6171.

• Calling us at 1-800-762-7085 with instructions as to how you wish to complete the transaction (mail, wire, electronic transfer).

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>5</sub> | **1-800-762-7085** |

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#### Tax Information
The Fund intends to qualify and to provide shareholders with income exempt from U.S. Federal income tax in the form of exempt-interest dividends. The Fund's distributions other than exempt-interest dividends are generally taxable to you as ordinary income, capital gains, or a combination of the two.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund or its service providers may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. In addition, if you purchase shares that do not have any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution from a broker or other financial intermediary on an acting agency basis, you may be required to pay a commission in an amount charged and separately disclosed to you by such party.

CH-SU-STF-1225

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| | |
|:---|:---|
| **www.cavanalhillfunds.com**<sub>6</sub> | **1-800-762-7085** |

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