# EDGAR Filing Document

**Accession Number:** 0000864508
**File Stem:** 0001213900-25-123703
**Filing Date:** 2025-12
**Character Count:** 22647
**Document Hash:** 406a8e43a4feeec89504bae034251a28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-123703.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001213900-25-123703

**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:** 251586694

**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

### Bond Fund (Series ID: S000008942)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000024292 | Investor      | APBDX           |
| C000024293 | Institutional | AIBNX           |
| C000102309 | Class A       | AABOX           |

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| | | | |
|:---|:---|:---|:---|
|  **BOND FUND** | **BOND FUND** | **BOND FUND** | ![](tcavanai_logo.jpg) |
| A: | AABOX |  | ![](tcavanai_logo.jpg) |
| Investor: | APBDX |  | ![](tcavanai_logo.jpg) |
| Institutional: | AIBNX |  | ![](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 seek total return.

#### 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 Bond 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) | 2.00% |  |  |
|  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 | 0.20% | 0.20% | 0.20% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 0.25% |  |
|  Other Expenses | 0.38% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees | 0.10% | 0.25% | 0.25% |
|  **Total Annual Fund Operating Expenses** | **0.83%** | **0.98%** | **0.73%** |
|  Less Fee Waivers<sup>†</sup> | (0.10)% | (0.25)% | (0.24)% |
|  **Total Annual Fund Operating Expenses After Fee Waivers** | **0.73%** | **0.73%** | **0.49%** |

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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.

† 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 and each year 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 | $273 | $450 | $642 | $1196 |
|  Investor Shares | &nbsp;&nbsp; $75 | $287 | $517 | $1179 |
|  Institutional Shares | &nbsp;&nbsp; $50 | $209 | $382 | &nbsp;&nbsp;&nbsp; $884 |

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#### Portfolio Turnover
The Bond 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 24% of the average value of its portfolio.

#### Principal Investment Strategy
To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-backed securities, asset-backed securities, collateralized mortgage obligations and fixed income ETFs. Such debt obligations are "investment grade," rated within the four highest ratings categories assigned by a nationally recognized statistical ratings organization, or, if not rated, found by the Adviser under guidelines approved by the Trust's Board of Trustees to be of comparable quality. The Fund also invests in money market instruments.

Total return is defined as a percentage change, over a specified time period, in a mutual fund's net asset value, with the ending net asset value adjusted to account for the reinvestment of all distributions of dividends and capital gains.

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.

The Fund will generally maintain a dollar-weighted average portfolio maturity of three to ten years.

In managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but also at the individual security level. 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.

Under normal circumstances the Fund invests at least 80% of its net assets in bonds. This policy 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:

• **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 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.

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

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**• 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.

• **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.

• **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.

• **Mortgage**-Backed **Securities Risk** — The value of the Fund's mortgage-backed securities can fall if the owners of the underlying mortgages pay off their mortgages sooner than expected, which could happen when interest rates fall, or later than expected, which could happen when interest rates rise. If the underlying mortgages are paid off sooner than expected, the Fund may have to reinvest this money in mortgage-backed or other securities that have lower yields.

• **Collateralized Mortgage Obligations Risk** — There are risks associated with collateralized mortgage obligations that relate to the risks of the underlying mortgage pass-through securities (i.e., an increase or decrease in prepayment rates, resulting from a decrease or increase in mortgage interest rates, will affect the yield, average life, and price of collateralized mortgage obligations).

• **Asset**-Backed **Securities Risk** — Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing asset-backed securities. The value of the Fund's asset-backed securities may also be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements.

• **Exchange Traded Fund (ETF) Risk** — The ETFs in which the Fund invests are subject to the risks applicable to the types of securities and investments used by the ETFs. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. Due to daily rebalancing, leverage, and liquidity, inverse ETFs may perform worse than the inverse movement of the underlying referenced financial asset, index or commodity's return.

• **Valuation Risk** — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.

• **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.

• **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.

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.

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

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#### 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, 5 and 10 years 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_004.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 5.38%.

This table compares the Fund's average annual total returns for periods ended December 31, 2024, to those of the Bloomberg U.S. Aggregate Bond Index. The A Shares commenced operations on May 1, 2011 with a sales charge of 3.75% which was reduced to 2.00% on December 31, 2014. 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** | **10 Years** |
|  Investor Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 1.90% | (0.42)% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 0.49% | (1.42)% | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 1.12% | (0.73)% | 0.26% |
|  Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 2.15% | (0.18)% | 1.09% |
|  A Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes (With Load) | (0.10)% | (0.82)% | 0.65% |
|  Bloomberg U.S. Aggregate Bond Index <br>(reflects no deduction for expenses, fees or taxes) | 1.25% | (0.33)% | 1.35% |

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

#### Portfolio Managers
The following individuals are jointly and primarily responsible for the day-to-day management of the Fund's portfolio:

Michael P. Maurer, CFA, is a Senior Vice President of Cavanal Hill Investment Management, Inc. and has been a portfolio manager of the Fund since 2003.

Chase McLean is an Assistant Vice President of Cavanal Hill Investment Management, Inc. and has been a portfolio manager of the Fund since December 28, 2025.

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

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#### 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; $100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $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).

#### Tax Information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Retirement accounts may be taxed at a later date.

#### 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-BF-1225

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

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