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 39