0001534424-12-000244.txt : 20120925 0001534424-12-000244.hdr.sgml : 20120925 20120925160032 ACCESSION NUMBER: 0001534424-12-000244 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120925 DATE AS OF CHANGE: 20120925 EFFECTIVENESS DATE: 20120925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cavanal Hill Funds CENTRAL INDEX KEY: 0000864508 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-35190 FILM NUMBER: 121109034 BUSINESS ADDRESS: STREET 1: 3435 STELZER RD CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 800-762-7085 MAIL ADDRESS: STREET 1: 3435 STELZER ROAD CITY: COLUMBUS STATE: OH ZIP: 43219 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN PERFORMANCE FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN PLUS FUNDS DATE OF NAME CHANGE: 19900910 0000864508 S000008937 Balanced Fund C000024283 Investor APBAX C000024284 Institutional AIBLX C000102306 Balanced Fund - Class A AABAX 0000864508 S000008938 Short Term Income Fund C000024285 Investor APSTX C000024286 Institutional AISTX C000102307 Short Term Income Fund - Class A AASTX 0000864508 S000008939 U.S. Large Cap Equity Fund C000024287 Investor APEQX C000024288 Institutional AIEQX C000102308 U.S. Large Cap Equity Fund - Class A AAEQX 0000864508 S000008941 U.S. Treasury Fund C000041645 Institutional APKXX C000041646 Administrative APGXX C000041647 Service APJXX C000041648 Select C000073541 Premier 0000864508 S000008942 Bond Fund C000024292 Investor APBDX C000024293 Institutional AIBNX C000102309 Bond Fund - Class A AABOX 0000864508 S000008943 Cash Management Fund C000041649 Institutional APHXX C000041650 Administrative APCXX C000041651 Service APFXX C000041652 Select C000073542 Premier 0000864508 S000008946 Tax-Free Money Market Fund C000041653 Administrative APBXX C000041654 Service APDXX C000041655 Select AIFXX C000041656 Institutional APEXX C000073543 Premier 0000864508 S000008948 Intermediate Bond Fund C000024299 Investor APFBX C000024300 Institutional AIFBX C000102310 Intermediate Bond Fund - Class A AAIBX 0000864508 S000008949 Intermediate Tax-Free Bond Fund C000024301 Investor APTFX C000024302 Institutional AITEX C000102311 Intermediate Tax-Free Bond Fund - Class A AATFX 0000864508 S000033655 Opportunistic Fund C000103431 Opportunistic Fund - Class A AAOPX C000103432 Investor APOPX C000103433 Institutional AIOPX 497 1 f12_1939.htm CAVANAL HILL 485BPOS
As filed with the Securities and Exchange Commission on September 25, 2012
Registration Nos. 033-35190 and 811-06114


     
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

     
  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 R
  Post-Effective Amendment No. 56 R
     
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 R
  Amendment No. 54 R
CAVANAL HILL ® FUNDS
     (Exact Name of Registrant as Specified in Charter)

3435 Stelzer Road
Columbus, Ohio 43219
(Address of Principal Executive Office) (Zip Code)
(800) 762-7085
(Registrant’s Telephone Number, including Area Code)

James L. Huntzinger
President
Cavanal Hill Funds
3435 Stelzer Road
Columbus, Ohio 43219
(Name and Address of Agent for Service)

with a copy to:
Amy E. Newsome
Frederic Dorwart, Lawyers
124 East Fourth Street
Tulsa, OK 74103

Approximate Date of Proposed Public Offering: Continuous.
     
It is proposed that this filing will become effective (check appropriate box):
     
R   Immediately upon filing pursuant to paragraph (b)
     
o   On __________ pursuant to paragraph (b)
     
o   60 days after filing pursuant to paragraph (a)(1)
     
o   On __________ pursuant to paragraph (a)(1)
     
o   75 days after filing pursuant to paragraph (a)(2)
     
o   On __________ pursuant to paragraph (a)(2) of Rule 485
     
If appropriate, check the following box:
o   This post-effective amendment designates a new effective date for a previously-filed post-effective amendment.
     
Title of securities being registered: Shares of Beneficial Interest
     



EXPLANATORY NOTE

This Post-Effective Amendment No. 56 to the Registrant Registration Statement on Form N-1A is filed for the sole purpose of submitting amendment XBRL data filed on May 5, 2012 in connection with the XBRL exhibits for the risk/return summary first provided in its Post-Effective Amendment No. 53 filed December 20, 2011 and incorporates Parts A, B and C from said amendment and its prospectus filed on January 3, 2012 pursuant to Rule 497(c).


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Amendment No. 56 to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Tulsa, Oklahoma on the 25th day of September of 2012.

  Cavanal Hill Funds
     
  By: */s/ James L. Huntzinger
    James L. Huntzinger
    President

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 55 to the registration statement to be signed below by the following persons in the capacities and on the date(s) indicated.

Signature   Title   Date
         
*/s/ James L. Huntzinger   President, Chief Executive Officer   September 25, 2012
James L. Huntzinger        
         
*/s/ Scott H. Rhodes   Treasurer, Chief Financial Officer   September 25, 2012
Scott H. Rhodes        
         
*/s/ William H. Wilson Jr.   Trustee   September 25, 2012
William H. Wilson Jr.        
         
*/s/ David L. Foster   Trustee   September 25, 2012
David L. Foster        
         
*/s/ Scott Grauer   Trustee   September 25, 2012
Scott Grauer        
         
*    By Power of attorney.        


   

EXHIBIT INDEX

     
     
Index No.   Description of Exhibit
     
EX-101.INS   XBRL Instance Document
EX-101.SCH   XBRL Taxonomy Extension Schema Document
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase
     
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http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact chf_S000008948Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact chf_S000008949Member row primary compact * ~</div> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2009</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2008</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">12.13%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(14.85)%</font></p></td></tr></table> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000<sup>&#174;</sup> Index and the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. The Russell 1000<sup>&#174;</sup> Index is presented to show how the Fund&#146;s performance compares to an index of equity funds, while the Barclays Capital U.S. Aggregate Bond Index shows how the Fund&#146;s performance compares to an index of&nbsp; bond funds.</font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2009</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2008</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">6.26%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(12.47)%</font></p></td></tr></table> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index. Prior to January 1, 2006, a maximum sales charge of 2.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. </font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2009</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2008</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">16.83%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(23.25)%</font></p></td></tr></table> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000<sup>&#174;</sup> Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods prior to December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">1st 2001</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2010</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">1.20%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">0.00%</font></p></td></tr></table> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.&nbsp; The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses. </font></p> <!--egx--><table width="253" style="WIDTH:189.9pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="127" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:95.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="126" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:94.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="127" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:95.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">3rd 2009</font></p></td> <td width="126" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:94.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2008</font></p></td></tr> <tr> <td width="127" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:95.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">6.55%</font></p></td> <td width="126" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:94.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 2pt; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(6.50)%</font></p></td></tr></table> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 3.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">1st 2001</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2010</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">1.29%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">0.00%</font></p></td></tr></table> <p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund.&nbsp; Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.&nbsp; The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses. </font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">2nd 2007</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">3rd 2010</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">0.89%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">0.03%</font></p></td></tr></table> <p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><sup><font style="font-size:11.0pt; font-family:Times New Roman"></font></sup>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2010. Administrative, Service and Institutional Class Shares commenced operations on January 2, 2007.&nbsp; The performance shown for periods before January 2, 2007 is that of the Select Class Shares, which commenced operations on April 11, 2005. The Premier Class Shares have not commenced operations as of the date of this prospectus. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">3rd 2009</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2008</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">6.12%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(10.13)%</font></p></td></tr></table> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Intermediate Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subJect to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p> <!--egx--><table style="BORDER-RIGHT:medium none; BORDER-TOP:medium none; MARGIN:auto auto auto 5.4pt; BORDER-LEFT:medium none; BORDER-BOTTOM:medium none; BORDER-COLLAPSE:collapse" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Best quarter:</font></b></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Worst quarter:</font></b></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">3rd 2009</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4th 2010</font></p></td></tr> <tr> <td width="107" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">4.87%</font></p></td> <td width="124" style="BORDER-RIGHT:#ece9d8; PADDING-RIGHT:5.4pt; BORDER-TOP:#ece9d8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#ece9d8; WIDTH:92.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:2pt 0in; TEXT-ALIGN:center" align="center"><font style="font-size:11.0pt; font-family:Times New Roman">(3.78)%</font></p></td></tr></table> <p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><sup><font style="font-size:11.0pt; font-family:Times New Roman"></font></sup>&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Municipal Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund&#146;s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Funds shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemptions, as well as the effect of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such IRA or 401(k) plans.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was (3.54)%.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 2.85%.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was (14.71)%.</font></p> <p style="MARGIN:0in 0in 2pt"><sup><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong></sup>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:8.0pt; font-family:Times New Roman">[1]&nbsp; The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 0.01%.</font></p> <p style="MARGIN:0in 0in 2pt"><font style="font-size:8.0pt; font-family:Times New Roman"></font>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 6.86%.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 0.01%.</font></p> <p style="MARGIN:0in 0in 2pt"><font style="font-size:8.0pt; font-family:Times New Roman"></font>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 0.05%.</font></p> <p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman"></font>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 5.78%.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><font style="font-size:8.0pt; font-family:Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/11 to 9/30/11 was 7.42%.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:8.0pt; font-family:Times New Roman"></font></strong>&nbsp;</p> -0.0354 0.0285 -0.1471 0.0001 0.0686 0.0001 0.0005 0.0686 0.0742 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2011-09-30 0000864508 0.0039 0.0039 0.0039 0.0042 0.0042 0.0042 0.0039 0.0039 0.0039 0.0022 0.0022 0.0022 0.0022 0.0022 0.0047 0.0047 0.0047 0.0022 0.0022 0.0022 0.0022 0.0022 0.0022 0.0022 0.0022 0.0022 0.0022 0.0055 0.0055 0.0055 0.0041 0.0041 0.0041 0.0036 0.0036 0.0036 0.0025 0.0000 0.0025 0.0025 0.0000 0.0025 0.0025 0.0000 0.0025 0.0000 0.0025 0.0025 0.0000 0.0050 0.0025 0.0000 0.0025 0.0025 0.0025 0.0050 0.0025 0.0025 0.0000 0.0000 0.0050 0.0025 0.0000 0.0025 0.0025 0.0000 0.0025 0.0025 0.0025 0.0000 2011-12-31 2012-01-20 2011-12-31 Other <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font> </strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font></b></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses of the Fund</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Example</font></strong></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be: </font></p> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008937Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008938Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008939Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008941Member column rr_ProspectusShareClassAxis compact * 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column dei_LegalEntityAxis compact chf_S000008948Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact chf_S000008949Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact chf_S000033655Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 95 69 640 75 49 323 97 72 642 29 72 41 20 26 84 58 455 29 58 41 20 26 68 38 17 25 22 91 66 463 77 52 450 731 217 167 1914 1638 2215 1704 1422 1760 1835 1557 2139 742 1057 1029 734 1285 1752 1471 1912 742 1045 1029 734 1285 1051 1023 728 735 1279 1841 1563 1999 1685 1402 1847 454 376 949 394 316 603 439 361 935 164 261 231 156 269 411 333 740 164 248 231 156 269 257 227 152 160 265 436 358 764 392 314 722 1151 691 591 838 706 1281 737 603 905 805 673 1250 312 466 436 304 533 762 629 1046 312 453 436 304 533 461 432 299 307 528 804 672 1087 730 597 1015 <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="MARGIN:0in 59.6pt 2pt 0in"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.&nbsp; More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest. More information is available from your financial professional and in the section &#147;Initial Sales Charge (Bond and Equity Funds, Class A Only)&#148; in the prospectus and in the section &#147;Additional Purchase and Redemption Information&#148; of the statement of additional information. </font></p> 0.1213 0.0285 0.1683 0.0120 0.0655 0.0129 0.0089 0.0612 0.0487 2009-06-30 2009-06-30 2009-06-30 2001-03-31 2009-09-30 2001-03-31 2007-06-30 2009-09-30 2009-09-30 <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> -0.0074 -0.0074 -0.0059 -0.0075 -0.0075 -0.0060 -0.0064 -0.0064 -0.0049 -0.0034 -0.0017 -0.0047 -0.0042 -0.0087 -0.0070 -0.0070 -0.0055 -0.0034 -0.0030 -0.0047 -0.0042 -0.0087 -0.0020 -0.0050 -0.0045 -0.0037 -0.0090 -0.0070 -0.0070 -0.0055 -0.0070 -0.0070 -0.0055 -0.0020 -0.0010 -0.0035 -0.1485 -0.1247 -0.2325 0.00 -0.0650 0.00 0.0003 -0.1013 -0.0378 2008-12-31 2008-12-31 2008-12-31 2010-06-30 2008-12-31 2010-06-30 2010-09-30 2008-12-31 2010-12-31 <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <!--egx--><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> 0.0074 0.0074 0.0074 0.0055 0.0055 0.0055 0.0069 0.0069 0.0069 0.0015 0.0015 0.0015 0.0015 0.0015 0.0055 0.0055 0.0055 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0135 0.0135 0.0135 <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008937Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008938Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008939Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008941Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008942Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008943Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008946Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008948Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008949Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000033655Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 0 0 0.0100 0 0 0.0100 0 0 0.0100 0 0 0.0100 0 0 0.0100 0 0 0.0100 0.0100 0 0 0 0 0.0550 0 0 0.0250 0 0 0.0550 0 0 0.0375 0 0 0.0375 0 0 0.0375 0.0550 0 0 0.0001 0.0001 0.0001 0.0001 0.0002 0.0001 0.0001 0.0001 0.00 0.0005 <!--egx--><p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--><p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.02% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--><p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.00% for Service Shares; 0.05% for Institutional Shares; and 0.13% for Select Shares. The Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <!--egx--><p style="MARGIN:0mm 0mm 0pt"><b><font style="font-size:11.0pt; font-family:Times New Roman">Yield</font></b></p> <!--egx--><p style="MARGIN:0mm 0mm 0pt"><b><font style="font-size:11.0pt; font-family:Times New Roman">Yield</font></b></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><strong><font style="LETTER-SPACING:-0.25pt">Y</font>ield</strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font> </strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales charges are not reflected in the total return figures.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">secondarily to seek capital appreciation.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman"> secondarily, income.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek capital appreciation and income.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Primarily to seek income and</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek growth of capital and,</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">To seek current income with liquidity and stability of principal.</font> </p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek total return.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">To seek current income with liquidity and stability of principal.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek high current income exempt from federal income tax.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek total return.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To seek current income, consistent with the preservation of capital, that is exempt from federal income taxes.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Opportunistically investing to generate positive investment returns.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Annual Fund Operating Expenses <br/></strong></font><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Annual Fund Operating Expenses <br/></strong></font><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:1pt 0in 2pt; LINE-HEIGHT:9pt"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></b></p> <p style="MARGIN:1pt 0in 2pt; LINE-HEIGHT:9pt"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Fund Operating Expenses</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> 0.0064 0.0064 0.0049 0.0067 0.0067 0.0052 0.0064 0.0064 0.0049 0.0047 0.0047 0.0047 0.0047 0.0047 0.0072 0.0072 0.0057 0.0047 0.0047 0.0047 0.0047 0.0047 0.0047 0.0047 0.0047 0.0047 0.0047 0.0080 0.0080 0.0065 0.0066 0.0066 0.0051 0.0046 0.0061 0.0061 <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008937Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008938Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008939Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008941Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008942Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008943Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008946Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008948Member row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact chf_S000008949Member row primary compact * ~</div> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">www. cavanalhillfunds.com</font> </font> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085. </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085. </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1, 5 and 10 years. The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085. </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1, 5 and 10 years. The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Select Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1 and 5 years, and since inception. The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for Administrative, Service, Institutional and Premier Shares will differ from the returns for Select Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.&nbsp; Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085. </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund&#146;s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">This bar chart shows changes in the Fund&#146;s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">Because it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information may be obtained on the Fund&#146;s website www. cavanalhillfunds.com or by calling 1-800-762-7085.&nbsp; Please also see the section titled &#147;Historical Performance of Similar Accounts Managed by the Portfolio Manager&#148; in Appendix A in the prospectus. </font></p> <!--egx--> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"> <font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.</font> </p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. </font></p> <!--egx--><p style="LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1, 5 and 10 years.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1, 5 and 10 years. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Select Share Class by showing changes in the Fund&#146;s performance from year to year and by showing the Fund&#146;s average annual returns for 1 and 5 years, and since inception. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">Because it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. </font></p> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance does not necessarily indicate how the Fund will perform in the future.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">The Fund&#146;s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.</font> </font> <!--egx--> <p style="font-size:11.0pt; font-family:Times New Roman;MARGIN:0mm 0mm 2pt"><strong><font style="font-size:11.0pt; font-family:Times New Roman;LETTER-SPACING:-0.25pt">Y</font>ield</strong></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--> <p style="font-size:11.0pt; font-family:Times New Roman;MARGIN:0mm 0mm 2pt"><strong><font style="font-size:11.0pt; font-family:Times New Roman;LETTER-SPACING:-0.25pt">Y</font>ield</strong></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.02% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--> <p style="font-size:11.0pt; font-family:Times New Roman;MARGIN:0mm 0mm 2pt"><strong><font style="font-size:11.0pt; font-family:Times New Roman;LETTER-SPACING:-0.25pt">Y</font>ield</strong></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.00% for Service Shares; 0.05% for Institutional Shares; and 0.13% for Select Shares. The Premier Shares have not commenced operations as of the date of this prospectus.</font></p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman"></font>&nbsp;</p> <p style="MARGIN:0mm 0mm 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors.<br/>&nbsp;(Periods Ended 12/31/2010)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)</font> </strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Average Annual Total Returns (Periods Ended 12/31/10)</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Portfolio Turnover</font></strong></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 86% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 36% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 72% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 36% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 28% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.</font></p> 0.86 0.36 0.72 0.36 0.28 0.11 2011-12-31 Cavanal Hill Funds <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></b></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></b></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></b></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></b></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> </font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.</font> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk</b> &#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Foreign Investment Risk</b> &#151; Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk </b>&#151; The value of the Fund&#146;s investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Issuer Specific</b> &#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Mortgage Market Risk</b> &#151; The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund&#146;s mortgage-related investments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Prepayment/Call Risk</b> &#151; There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will &#147;call&#148;&#151; or repay &#151; its bond before the bond&#146;s maturity date.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Small Cap Risk</b> &#151; Small cap companies may be more vulnerable to adverse business or economic developments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Valuation Risk</b> &#151; The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.&nbsp; </font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk</b> &#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.&nbsp; </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk</b> &#151; The value of the Fund&#146;s investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Mortgage Market Risk</b> &#151; The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund&#146;s mortgage-related investments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Prepayment/Call Risk</b> &#151; There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will &#147;call&#148;&#151; or repay &#151; its bond before the bond&#146;s maturity date. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Valuation Risk</b> &#151; The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.&nbsp;&nbsp; </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Zero Coupon</b> &#151; The market prices of securities structured as zero coupon or pay-in-kind securities are generally affected to a greater extent by interest rate changes.</font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order): </font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Issuer Specific </b>&#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk </b>&#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk </b>&#151; The market value of a security may move up and down, sometimes rapidly and unpredictably. </font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Income Risk</b> &#151; The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk</b> &#151; The value of the Fund&#146;s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk</b> &#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk </b>&#151; The Fund&#146;s investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Mortgage Market Risk</b> &#151; The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund&#146;s mortgage-related investments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Regulatory Risk</b> &#151; Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Valuation Risk</b> &#151; The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.&nbsp; </font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Banking Risk </b>&#151; To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund&#146;s performance will be susceptible to the risks associated with the financial services sector. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk </b>&#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Foreign Investment Risk </b>&#151; Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Income Risk </b>&#151; The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk </b>&#151; The value of the Fund&#146;s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Issuer Specific</b> &#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk </b>&#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk </b>&#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Regulatory Risk </b>&#151; Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.</font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Enhancement Risk </b>&#151; A &#147;credit enhancer,&#148; such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund&#146;s investments.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk </b>&#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Interest Rate Risk </b>&#151; The value of the Fund&#146;s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rate.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Issuer Specific </b>&#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk </b>&#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Management Risk </b>&#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk </b>&#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Tax Risk </b>&#151; The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency. </font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Banking Risk </b>&#151; To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund&#146;s performance will be susceptible to the risks associated with the financial services sector. </font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk</b><i> &#151; </i>Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Derivative Risk</b> &#151; The risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation.&nbsp; Changes in the value of derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Interest Rate Risk</b> &#151; The value of the Fund&#146;s investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Mortgage Market Risk</b> &#151; The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund&#146;s mortgage-related investments. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Prepayment/Call Risk</b> &#151; There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will &#147;call&#148;&#151; or repay &#151; its bond before the bond&#146;s maturity date.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Valuation Risk</b> &#151; The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.</font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Enhancement Risk </b>&#151; A &#147;credit enhancer,&#148; such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund&#146;s investments.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk </b>&#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.&nbsp; </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Interest Rate Risk </b>&#151; The value of the Fund&#146;s investments may decline due to an increase in interest rates. In general, the longer a security&#146;s maturity, the greater the interest rate risk. The Fund&#146;s yield may decrease due to a decline in interest rates.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><font style="FONT-FAMILY:Symbol"><font style="FONT:7pt 'Times New Roman'">&nbsp;</font></font><b>Issuer Specific</b> &#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market. </font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Prepayment/Call Risk</b> &#151; There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will &#147;call&#148;&#151; or repay &#151; its bond before the bond&#146;s maturity date.</font></div></li> <li> <div><font style="font-size:11.0pt; font-family:Times New Roman"><b>Tax Risk</b> &#151; The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</font></div></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><p><font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund&#146;s net asset value, yield and total return are (in alphabetical order):</font></p> <ul> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Credit Risk</b> &#151; Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund&#146;s return.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Income Risk</b> &#151; The Fund&#146;s yield may decrease due to a decline in interest rates.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><strong>Issuer Specific Risk</strong> &#151; The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer&#146;s goods or services.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Leverage Risk</b> &#151; The risk associated with securities or practices that multiply small index or market movements into large changes in value. Leverage is often associated with investments in derivatives, but also may be embedded directly in the characteristics of other securities.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Limited Number of Holdings</b> &#151; As a large percentage of a fund&#146;s assets may be invested in a limited number of securities, each investment has a greater effect on a Fund&#146;s overall performance and any change in the value of those securities could significantly affect the value of your investment in the fund.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Liquidity Risk</b> &#151; Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Management Risk</b> &#151; There is no guarantee that the investment techniques and risk analyses used by the Fund&#146;s portfolio managers will produce the desired results.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Market Risk</b> &#151; The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Mid Cap Risk</b> &#151; The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.</font></li> <li><font style="font-size:11.0pt; font-family:Times New Roman"><b>Small Cap Risk</b> &#151; Small cap companies may be more vulnerable to adverse business or economic developments.</font></li></ul> <p><font style="font-size:11.0pt; font-family:Times New Roman">To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay. </font></p> <p><font style="font-size:11.0pt; font-family:Times New Roman">For more information about these risks, please refer to the section titled &#147;Investment Practices and Risks&#148; in the Fund&#146;s prospectus. An investment in the Fund is not a deposit of BOKF, N.A., or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><font style="font-size:11.0pt; font-family:Times New Roman">An investment in the Fund is not a deposit of BOKF, N.A., or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">BALANCED FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">SHORT-TERM INCOME FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">U.S. LARGE CAP EQUITY FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">U.S.TREASURY FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">BOND FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">CASH MANAGEMENT FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">TAX-FREE MONEY MARKET FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">INTERMEDIATE BOND FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">INTERMEDIATE TAX-FREE BOND FUND</font></b></p></div> <!--egx--><div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">OPPORTUNISTIC FUND</font></b></p></div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008937Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008938Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008939Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008942Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008948Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000008949Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact chf_S000033655Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font> </strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong> <font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment): None. </font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong> <font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment): None. </font></p> <!--egx--><p style="MARGIN:0in 0in 2pt; LINE-HEIGHT:normal"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font> </b><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment): None. </font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Shareholder Fees</font></strong></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font></p> 0.0025 0.0025 0.0010 0.0025 0.0025 0.0010 0.0025 0.0025 0.0010 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0010 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0010 0.0025 0.0025 0.0010 0.0010 0.0025 0.0025 0.0171 0.0185 0.0198 0.0192 0.0198 <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund normally invests between 50% and 75% of its total assets in equity securities and at least 25% of its assets in fixed income securities that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The equity portion of the Fund primarily consists of large capitalization, mid capitalization and small capitalization stocks. Large capitalization stocks include large U.S. companies with a market capitalization in excess of $7 billion. Mid capitalization stocks include U.S. companies with a market capitalization between $2 and $7 billion at the time of purchase. Small capitalization stocks include small U.S. companies having an average market capitalization below $2billion at the time of purchase. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">As its primary strategy, the portfolio management team of the Fund selects equity securities using a proprietary system that ranks stocks. Stocks are ranked using a large array of factors including but not limited to fundamental factors (i.e. valuation and growth) and technical factors (i.e. momentum, reversal and volatility) that have historically been linked to performance. Portfolio construction and risk management techniques are used to seek consistent, superior risk adjusted returns.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The portfolio management team of the Fund may augment its primary strategy by utilizing additional strategies involving exchange-traded funds. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The debt portion of the Fund primarily consists of bonds; notes, debentures and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities; mortgage-related securities; asset backed securities,&nbsp; collateralized mortgage obligations and municipal bonds. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund seeks to maintain a dollar-weighted average portfolio maturity of three to twelve years for the debt portion of its portfolio. The Fund also invests in money market instruments. If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interests of the Fund&#146;s shareholders to continue to hold the security.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The portion of the Fund&#146;s assets invested in equity and debt securities will vary in accordance with economic conditions, the level of stock prices, interest rates, and the risk associated with each investment.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In addition to the securities described above, the Fund may invest in other equity and debt securities. For example, the Fund may invest in foreign securities, including emerging market securities.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund&#146;s shareholders to continue to hold the security. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will seek to increase the value of your investment through a combination of income and capital gains.&nbsp; </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but also at the individual security level.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In addition to the securities described above, the Fund may invest in other debt securities.&nbsp; </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">Under normal circumstances, the Fund invests at least 80% of its assets in securities with an average maturity of less than three years and maintains a dollar-weighted average maturity of its portfolio of three years or less. These policies will not be changed without at least 60 days prior notice to shareholders. In addition, the Fund normally invests at least 65% of its assets in interest-bearing bonds.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders. &#147;Equity securities&#148; for purposes of this policy refers to common stocks and securities convertible into common stocks.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund invests at least 80% of its assets in a universe of equity securities of large U.S. companies having an average market capitalization in excess of $7 billion at the time of purchase.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The portfolio management team of the Fund seeks to identify companies that possess the following fundamental characteristics: strong, sustainable earnings and revenue growth prospects, industry leadership with a competitive advantage, high levels of profitability and earnings quality, strong management teams, understandable business models and limited exposure to cyclical earnings.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">In pursuing the investment strategy, the portfolio management team seeks to enhance the after-tax returns to shareholders by employing various investment practices that are designed to reduce taxable distributions to shareholders. For example, the Fund may hold securities for a long enough period to avoid higher short-term capital gains taxes. The Fund will also attempt to offset capital gains from sales of securities by selling other securities at a loss. These practices are expected to reduce, but not eliminate, taxable distributions.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury Obligations, some or all of which may be subject to repurchase agreements. This policy will not be changed without at least 60 days prior notice to shareholders. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments. </font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">Total return is defined as a percentage change, over a specified time period, in a mutual funds net asset value, with the ending net asset value adjusted to account for the reinvestment of all distributions of dividends and capital gains.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund&#146;s shareholders to continue to hold the security. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will seek to increase the value of your investment through a combination of income and capital gains.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will generally maintain a dollar-weighted average portfolio maturity of three to ten years. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but also at the individual security level.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In addition to the securities described above, the Fund may invest in other debt securities.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Under normal circumstances the Fund invests at least 80% of its assets in bonds. This policy will not be changed without at least 60 days prior notice to shareholders.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements. These obligations may be variable or floating rate instruments or variable rate master demand notes.</font></p> <p style="MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">To be considered high-quality, a security must be rated in one of the two highest credit quality categories for short-term securities, or, if unrated, determined to be of comparable quality. </font></p> <p style="MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.</font></p> <p style="MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund may, from time to time, concentrate its investments in certain securities issued by U.S. banks and U.S. branches of foreign banks. </font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">As a fundamental policy, the Fund, under normal circumstances, invests at least 80% of its assets in short-term municipal securities that provide income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax. Short-term municipal securities are debt obligations, such as bonds and notes, issued by or on behalf of states, territories and possessions of the United States, the District of Columbia and other political subdivisions, agencies, instrumentalities and authorities, which generally have remaining maturities of one year or less. Municipal securities purchased by the Fund may also include rated and unrated variable and floating rate tax-exempt notes which may have a stated maturity in excess of one year but which will be subject to a feature permitting the Fund to demand payment within a year. The Fund may also invest in the securities of money market mutual funds that invest primarily in obligations exempt from federal income tax. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">When selecting securities for the Fund&#146;s portfolio, the portfolio manager first considers safety of principal and the quality of an investment. The portfolio manager then focuses on generating a high level of income. The portfolio manager generally evaluates investments based on interest rate sensitivity selecting those securities whose maturities fit the Fund&#146;s interest rate sensitivity target and that the portfolio manager believes to be the best relative values. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund may invest in certain other short-term debt securities in addition to those described above. The Fund may invest up to 20% of its assets in obligations, the interest on which is either subject to federal income tax or treated as a preference item for purposes of the federal alternative minimum tax (&#147;Taxable Obligations&#148;). Taxable Obligations may include obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (some of which may be subject to repurchase agreements), certificates of deposit and bankers&#146; acceptances of selected banks, and commercial paper.</font></p> <p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will invest only in those municipal securities and other obligations that are considered by the portfolio manager to present minimal credit risks. In addition, investments will be limited to those obligations that, at the time of purchase, (i) possess one of the two highest short-term ratings from a nationally recognized statistical rating organization (&#147;NRSRO&#148;), in the case of single-rated securities, or (ii) possess one of the two highest short-term ratings by at least two NRSROs, in the case of multiple-rated securities; or (iii) do not possess a rating ( i.e., are unrated) but are determined by the portfolio manager to be of comparable quality to the rated instruments eligible for purchase by the Fund under the guidelines adopted by the Board of Trustees.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Total return is defined as a percentage change, over a specified time period, in a mutual funds net asset value, with the ending net asset value adjusted to account for the reinvestment of all distributions of dividends and capital gains.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund&#146;s shareholders to continue to hold the security. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will seek to increase the value of your investment through a combination of income and capital gains.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but also at the individual security level.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In addition to the securities described above, the Fund may invest in other debt securities.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Under normal circumstances the Fund invests at least 80% of its assets in bonds and maintains the dollar-weighted average maturity of its portfolio between three and ten years. These policies will not be changed without at least 60 days prior notice to shareholders.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 65% of its assets in municipal bonds and debentures that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization (&#147;NRSRO&#148;), or of comparable quality, at the time of purchase. As a matter of fundamental policy the Fund invests, under normal circumstances, at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Additionally, the Fund will normally invest at least 80% of its assets in bonds which pay interest that is not subject to federal alternative minimum tax for shareholders who are individuals. The Fund invests in municipal securities which are within the three highest rating categories assigned by NRSRO, in the case of bonds; rated within the highest ratings category assigned by an NRSRO, in the case of notes; rated in the highest ratings category assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO, in the case of variable rate demand obligations.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue securities. The Fund also will utilize credit enhancers. The Fund also invests in money market instruments. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund&#146;s shareholders to continue to hold the security.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in tax-free bonds and maintains a dollar-weighted average maturity between three to ten years. These policies will not be changed without at least 60 days prior notice to shareholders. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In managing the portfolio, the portfolio management team uses a &#147;top down&#148; investment management approach focusing on actual or anticipated changes or trends in interest rates, the financial markets, or the economy.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">In addition to the securities described above, the Fund may invest in other debt securities.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments, market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid market. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.</font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund may invest in equity securities of issuers of any market capitalization, including convertible, private placement/restricted, initial public offering (&#147;IPOs&#148;), emerging market securities, real estate investment trusts and master limited partnerships. It may hold all or a portion of its assets in U.S. Treasury Obligations, cash or short-term fixed income or money market securities. The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund may from time to time invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e.,&#148;junk bonds&#148;) and thus rated below Baa3 by Moody&#146;s, BBB- by S&amp;P or BBB- by Fitch Ratings Ltd. or unrated and securities in default. </font></p> <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">The Fund may buy securities that it believes are undervalued and may write options on securities that it believes are overvalued. The Fund may sell these securities and cover (buyback) options when it believes they have reached their target price or more compelling investments are available.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 2pt; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury Obligations, some or all of which may be subject to repurchase agreements.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund normally invests between 50% and 75% of its total assets in equity securities and at least 25% of its assets in fixed income securities that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders. &#147;Equity securities&#148; for purposes of this policy refers to common stocks and securities convertible into common stocks.</font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements.</font></p> <!--egx--><p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">As a fundamental policy, the Fund, under normal circumstances, invests at least 80% of its assets in short-term municipal securities that provide income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax. Short-term municipal securities are debt obligations, such as bonds and notes, issued by or on behalf of states, territories and possessions of the United States, the District of Columbia and other political subdivisions, agencies, instrumentalities and authorities, which generally have remaining maturities of one year or less. Municipal securities purchased by the Fund may also include rated and unrated variable and floating rate tax-exempt notes which may have a stated maturity in excess of one year but which will be subject to a feature permitting the Fund to demand payment within a year. The Fund may also invest in the securities of money market mutual funds that invest primarily in obligations exempt from federal income tax. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund invests at least 65% of its assets in municipal bonds and debentures that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization (&#147;NRSRO&#148;), or of comparable quality, at the time of purchase. As a matter of fundamental policy the Fund invests, under normal circumstances, at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Additionally, the Fund will normally invest at least 80% of its assets in bonds which pay interest that is not subject to federal alternative minimum tax for shareholders who are individuals. The Fund invests in municipal securities which are within the three highest rating categories assigned by NRSRO, in the case of bonds; rated within the highest ratings category assigned by an NRSRO, in the case of notes; rated in the highest ratings category assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO, in the case of variable rate demand obligations. </font></p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal; TEXT-ALIGN:justify"><font style="font-size:11.0pt; font-family:Times New Roman">To pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments, market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid market. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund.</font></p> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> <div style="display:inline;"><p style="text-align:justify;margin:0in 0in 0pt;font-family:times new roman;font-size:10pt;">(reflects no deduction for expenses, fees or taxes)</p> </div> 0.0167 0.0142 0.0152 0.0148 0.0123 0.0133 0.0159 0.0134 0.0144 0.0062 0.0087 0.0087 0.0062 0.0112 0.0152 0.0127 0.0137 0.0062 0.0087 0.0087 0.0062 0.0112 0.0087 0.0087 0.0062 0.0062 0.0112 0.0160 0.0135 0.0145 0.0146 0.0121 0.0131 0.0209 0.0224 0.0199 0.0093 0.0068 0.0093 0.0073 0.0048 0.0073 0.0095 0.0070 0.0095 0.0028 0.0070 0.0040 0.0020 0.0025 0.0082 0.0057 0.0082 0.0028 0.0057 0.0040 0.0020 0.0025 0.0067 0.0037 0.0017 0.0025 0.0022 0.0090 0.0065 0.0090 0.0076 0.0051 0.0076 0.0189 0.0214 0.0164 <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <!--egx--><p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select Shares Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees. The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class and 0.13% paid by the Administrative Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees. The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees. On shares purchased without an initial sales charge and redeemed within 12 months of purchase. The Adviser has contractually agreed to waive 0.40% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. The Adviser has contractually agreed to waive 0.35% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. The Adviser has contractually agreed to waive 0.29% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. Other Expenses are based on estimated amount for the current fiscal year. The Adviser has contractually agreed to waive or assume certain expenses so that the common expenses (other than extraordinary expenses and Acquired Fund Fees and Expenses) for each Class do not exceed 1.64% plus class-specific fees until December 31, 2012. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Contractual waiver of the Administration Fee is in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy A Shares or Institutional Shares through such affiliates. The Adviser has contractually agreed to waive 0.39% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. 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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2011
Registrant Name dei_EntityRegistrantName Cavanal Hill Funds
Central Index Key dei_EntityCentralIndexKey 0000864508
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Dec. 31, 2011
Document Effective Date dei_DocumentEffectiveDate Jan. 20, 2012
Prospectus Date rr_ProspectusDate Dec. 31, 2011
U.S. Treasury Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

U.S.TREASURY FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek current income with liquidity and stability of principal.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment): None.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment).

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury Obligations, some or all of which may be subject to repurchase agreements. This policy will not be changed without at least 60 days prior notice to shareholders. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury Obligations, some or all of which may be subject to repurchase agreements.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  •  Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Money Market Fund [Text] rr_RiskMoneyMarketFund Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)

Annual Return 2001 rr_AnnualReturn2001 3.21%
Annual Return 2002 rr_AnnualReturn2002 0.98%
Annual Return 2003 rr_AnnualReturn2003 0.41%
Annual Return 2004 rr_AnnualReturn2004 0.60%
Annual Return 2005 rr_AnnualReturn2005 2.48%
Annual Return 2006 rr_AnnualReturn2006 4.32%
Annual Return 2007 rr_AnnualReturn2007 4.28%
Annual Return 2008 rr_AnnualReturn2008 1.06%
Annual Return 2009 rr_AnnualReturn2009 0.05%
Annual Return 2010 rr_AnnualReturn2010 0.10%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1]  The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.01%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

1st 2001

2nd 2010

1.20%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.  The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2001
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.00%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors.
 (Periods Ended 12/31/2010)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield, Caption [Text] rr_MoneyMarketSevenDayYieldCaption

Yield

Money Market Seven Day Yield Column [Text] rr_MoneyMarketSevenDayYieldColumnName

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield Phone rr_MoneyMarketSevenDayYieldPhone (800) 762-7085
U.S. Treasury Fund | Administrative
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.17%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 261
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 466
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,057
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 1.94%
10 Years rr_AverageAnnualReturnYear10 1.74%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
U.S. Treasury Fund | Service
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.47%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.40%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 41
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 231
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 436
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,029
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.04%
10 Years rr_AverageAnnualReturnYear10 1.79%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
U.S. Treasury Fund | Institutional
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.34%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.28%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 29
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 164
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 312
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 742
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.10%
10 Years rr_AverageAnnualReturnYear10 1.82%
U.S. Treasury Fund | Select
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.42%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 20
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 156
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 304
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 734
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 1.94%
10 Years rr_AverageAnnualReturnYear10 1.74%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
U.S. Treasury Fund | Premier
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.12%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.87%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 26
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 269
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 533
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,285
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 1.94%
10 Years rr_AverageAnnualReturnYear10 1.74%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
Cash Management Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

CASH MANAGEMENT FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek current income with liquidity and stability of principal.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment): None.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment).

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

 

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements. These obligations may be variable or floating rate instruments or variable rate master demand notes.

To be considered high-quality, a security must be rated in one of the two highest credit quality categories for short-term securities, or, if unrated, determined to be of comparable quality.

The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

The Fund may, from time to time, concentrate its investments in certain securities issued by U.S. banks and U.S. branches of foreign banks.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Banking Risk — To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund’s performance will be susceptible to the risks associated with the financial services sector.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Foreign Investment Risk — Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments.
  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Regulatory Risk — Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Money Market Fund [Text] rr_RiskMoneyMarketFund Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)

Annual Return 2001 rr_AnnualReturn2001 3.66%
Annual Return 2002 rr_AnnualReturn2002 1.33%
Annual Return 2003 rr_AnnualReturn2003 0.64%
Annual Return 2004 rr_AnnualReturn2004 0.84%
Annual Return 2005 rr_AnnualReturn2005 2.64%
Annual Return 2006 rr_AnnualReturn2006 4.53%
Annual Return 2007 rr_AnnualReturn2007 4.73%
Annual Return 2008 rr_AnnualReturn2008 1.86%
Annual Return 2009 rr_AnnualReturn2009 0.11%
Annual Return 2010 rr_AnnualReturn2010 0.10%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.01%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

1st 2001

2nd 2010

1.29%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund.  Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.  The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2001
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.00%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.02% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield, Caption [Text] rr_MoneyMarketSevenDayYieldCaption

Yield

Money Market Seven Day Yield Column [Text] rr_MoneyMarketSevenDayYieldColumnName

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.02% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield Phone rr_MoneyMarketSevenDayYieldPhone (800) 762-7085
Cash Management Fund | Administrative
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.30%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.57%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 58
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 248
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 453
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,045
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.24%
10 Years rr_AverageAnnualReturnYear10 2.03%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
Cash Management Fund | Service Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.47%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.40%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 41
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 231
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 436
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,029
1 Year rr_AverageAnnualReturnYear01 0.14%
5 Years rr_AverageAnnualReturnYear05 2.35%
10 Years rr_AverageAnnualReturnYear10 2.08%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
Cash Management Fund | Institutional
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.34%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.28%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 29
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 164
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 312
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 742
1 Year rr_AverageAnnualReturnYear01 0.16%
5 Years rr_AverageAnnualReturnYear05 2.43%
10 Years rr_AverageAnnualReturnYear10 2.12%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.02%
Cash Management Fund | Select
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.42%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 20
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 156
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 304
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 734
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.24%
10 Years rr_AverageAnnualReturnYear10 2.03%
Cash Management Fund | Premier
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.12%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.87%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 26
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 269
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 533
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,285
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.24%
10 Years rr_AverageAnnualReturnYear10 2.03%
Tax-Free Money Market Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

TAX-FREE MONEY MARKET FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek high current income exempt from federal income tax.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment): None.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

As a fundamental policy, the Fund, under normal circumstances, invests at least 80% of its assets in short-term municipal securities that provide income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax. Short-term municipal securities are debt obligations, such as bonds and notes, issued by or on behalf of states, territories and possessions of the United States, the District of Columbia and other political subdivisions, agencies, instrumentalities and authorities, which generally have remaining maturities of one year or less. Municipal securities purchased by the Fund may also include rated and unrated variable and floating rate tax-exempt notes which may have a stated maturity in excess of one year but which will be subject to a feature permitting the Fund to demand payment within a year. The Fund may also invest in the securities of money market mutual funds that invest primarily in obligations exempt from federal income tax.

When selecting securities for the Fund’s portfolio, the portfolio manager first considers safety of principal and the quality of an investment. The portfolio manager then focuses on generating a high level of income. The portfolio manager generally evaluates investments based on interest rate sensitivity selecting those securities whose maturities fit the Fund’s interest rate sensitivity target and that the portfolio manager believes to be the best relative values. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

The Fund may invest in certain other short-term debt securities in addition to those described above. The Fund may invest up to 20% of its assets in obligations, the interest on which is either subject to federal income tax or treated as a preference item for purposes of the federal alternative minimum tax (“Taxable Obligations”). Taxable Obligations may include obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (some of which may be subject to repurchase agreements), certificates of deposit and bankers’ acceptances of selected banks, and commercial paper.

The Fund will invest only in those municipal securities and other obligations that are considered by the portfolio manager to present minimal credit risks. In addition, investments will be limited to those obligations that, at the time of purchase, (i) possess one of the two highest short-term ratings from a nationally recognized statistical rating organization (“NRSRO”), in the case of single-rated securities, or (ii) possess one of the two highest short-term ratings by at least two NRSROs, in the case of multiple-rated securities; or (iii) do not possess a rating ( i.e., are unrated) but are determined by the portfolio manager to be of comparable quality to the rated instruments eligible for purchase by the Fund under the guidelines adopted by the Board of Trustees.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

As a fundamental policy, the Fund, under normal circumstances, invests at least 80% of its assets in short-term municipal securities that provide income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax. Short-term municipal securities are debt obligations, such as bonds and notes, issued by or on behalf of states, territories and possessions of the United States, the District of Columbia and other political subdivisions, agencies, instrumentalities and authorities, which generally have remaining maturities of one year or less. Municipal securities purchased by the Fund may also include rated and unrated variable and floating rate tax-exempt notes which may have a stated maturity in excess of one year but which will be subject to a feature permitting the Fund to demand payment within a year. The Fund may also invest in the securities of money market mutual funds that invest primarily in obligations exempt from federal income tax.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Enhancement Risk — A “credit enhancer,” such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund’s investments.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rate.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  •  Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Tax Risk — The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Money Market Fund [Text] rr_RiskMoneyMarketFund Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Select Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 and 5 years, and since inception. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Administrative, Service, Institutional and Premier Shares will differ from the returns for Select Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Select Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 and 5 years, and since inception.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Select Shares (Periods Ended 12/31)

Annual Return 2006 rr_AnnualReturn2006 3.33%
Annual Return 2007 rr_AnnualReturn2007 3.50%
Annual Return 2008 rr_AnnualReturn2008 2.18%
Annual Return 2009 rr_AnnualReturn2009 0.42%
Annual Return 2010 rr_AnnualReturn2010 0.12%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.05%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2nd 2007

3rd 2010

0.89%

0.03%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. Administrative, Service and Institutional Class Shares commenced operations on January 2, 2007.  The performance shown for periods before January 2, 2007 is that of the Select Class Shares, which commenced operations on April 11, 2005. The Premier Class Shares have not commenced operations as of the date of this prospectus. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

 

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.05%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2007
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.89%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.03%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.00% for Service Shares; 0.05% for Institutional Shares; and 0.13% for Select Shares. The Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield, Caption [Text] rr_MoneyMarketSevenDayYieldCaption

Yield

Money Market Seven Day Yield Column [Text] rr_MoneyMarketSevenDayYieldColumnName

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.00% for Service Shares; 0.05% for Institutional Shares; and 0.13% for Select Shares. The Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Money Market Seven Day Yield Phone rr_MoneyMarketSevenDayYieldPhone (800) 762-7085
Tax-Free Money Market Fund | Administrative Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.20%) [10]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.67%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 68
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 257
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 461
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,051
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.59%
Since Inception rr_AverageAnnualReturnSinceInception 1.71%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
Tax-Free Money Market Fund | Service Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.87%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.50%) [10]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.37%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 38
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 227
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 432
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,023
1 Year rr_AverageAnnualReturnYear01 none
5 Years rr_AverageAnnualReturnYear05 1.76%
Since Inception rr_AverageAnnualReturnSinceInception 1.85%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.00%
Tax-Free Money Market Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.37%) [10]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 25
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 160
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 307
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 735
1 Year rr_AverageAnnualReturnYear01 0.04%
5 Years rr_AverageAnnualReturnYear05 1.83%
Since Inception rr_AverageAnnualReturnSinceInception 1.92%
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.05%
Tax-Free Money Market Fund | Select Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.62%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.45%) [10]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.17%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 17
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 152
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 299
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 728
1 Year rr_AverageAnnualReturnYear01 0.12%
5 Years rr_AverageAnnualReturnYear05 1.90%
Since Inception rr_AverageAnnualReturnSinceInception 1.98%
Tax-Free Money Market Fund | Premier Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.12%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.90%) [10]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.22%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 22
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 265
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 528
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,279
1 Year rr_AverageAnnualReturnYear01 0.12%
5 Years rr_AverageAnnualReturnYear05 1.90%
Since Inception rr_AverageAnnualReturnSinceInception 1.98%
Short Term Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

SHORT-TERM INCOME FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Primarily to seek income and

Objective Secondary [TextBlock] rr_ObjectiveSecondaryTextBlock

secondarily to seek capital appreciation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same.

Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains. 

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

In addition to the securities described above, the Fund may invest in other debt securities. 

Under normal circumstances, the Fund invests at least 80% of its assets in securities with an average maturity of less than three years and maintains a dollar-weighted average maturity of its portfolio of three years or less. These policies will not be changed without at least 60 days prior notice to shareholders. In addition, the Fund normally invests at least 65% of its assets in interest-bearing bonds.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return. 
  • Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  •  Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.  
  • Zero Coupon — The market prices of securities structured as zero coupon or pay-in-kind securities are generally affected to a greater extent by interest rate changes.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 7.58%
Annual Return 2002 rr_AnnualReturn2002 6.27%
Annual Return 2003 rr_AnnualReturn2003 3.56%
Annual Return 2004 rr_AnnualReturn2004 2.21%
Annual Return 2005 rr_AnnualReturn2005 2.84%
Annual Return 2006 rr_AnnualReturn2006 4.43%
Annual Return 2007 rr_AnnualReturn2007 4.75%
Annual Return 2008 rr_AnnualReturn2008 (17.82%)
Annual Return 2009 rr_AnnualReturn2009 17.37%
Annual Return 2010 rr_AnnualReturn2010 10.32%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 2.85%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2nd 2009

4th 2008

6.26%

(12.47)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index. Prior to January 1, 2006, a maximum sales charge of 2.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.85%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.85%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.47%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

Short Term Income Fund | BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 4.17%
5 Years rr_AverageAnnualReturnYear05 5.04%
10 Years rr_AverageAnnualReturnYear10 4.84%
Short Term Income Fund | A Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.42%
Total Other Expenses rr_OtherExpensesOverAssets 0.52%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.60%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.73%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 323
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 603
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 905
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,760
Short Term Income Fund | Investor Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.42%
Total Other Expenses rr_OtherExpensesOverAssets 0.67%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.48%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.75%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.73%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 75
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 394
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 737
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,704
Short Term Income Fund | Investor Share | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.32%
5 Years rr_AverageAnnualReturnYear05 3.08%
10 Years rr_AverageAnnualReturnYear10 3.78%
Short Term Income Fund | Investor Share | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.85%
5 Years rr_AverageAnnualReturnYear05 1.40%
10 Years rr_AverageAnnualReturnYear10 2.12%
Short Term Income Fund | Investor Share | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.68%
5 Years rr_AverageAnnualReturnYear05 1.63%
10 Years rr_AverageAnnualReturnYear10 2.23%
Short Term Income Fund | Institutional Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.42%
Total Other Expenses rr_OtherExpensesOverAssets 0.67%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.75%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.48%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 49
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 316
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 603
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,422
Short Term Income Fund | Institutional Share | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.66%
5 Years rr_AverageAnnualReturnYear05 3.37%
10 Years rr_AverageAnnualReturnYear10 3.92%
Intermediate Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

INTERMEDIATE BOND FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek total return.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

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

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains.

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

In addition to the securities described above, the Fund may invest in other debt securities.

Under normal circumstances the Fund invests at least 80% of its assets in bonds and maintains the dollar-weighted average maturity of its portfolio between three and ten years. These policies will not be changed without at least 60 days prior notice to shareholders.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Banking Risk — To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund’s performance will be susceptible to the risks associated with the financial services sector.
  • Credit RiskCredit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  •  Derivative Risk — The risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation.  Changes in the value of derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.
  •  Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  •  Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 7.92%
Annual Return 2002 rr_AnnualReturn2002 7.02%
Annual Return 2003 rr_AnnualReturn2003 4.03%
Annual Return 2004 rr_AnnualReturn2004 2.73%
Annual Return 2005 rr_AnnualReturn2005 2.81%
Annual Return 2006 rr_AnnualReturn2006 4.40%
Annual Return 2007 rr_AnnualReturn2007 5.38%
Annual Return 2008 rr_AnnualReturn2008 (16.71%)
Annual Return 2009 rr_AnnualReturn2009 14.20%
Annual Return 2010 rr_AnnualReturn2010 13.56%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 5.78%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3rd 2009

4th 2008

6.12%

(10.13)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Intermediate Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subJect to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.12%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.13%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

Intermediate Bond Fund | Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 6.15%
5 Years rr_AverageAnnualReturnYear05 5.81%
10 Years rr_AverageAnnualReturnYear10 5.66%
Intermediate Bond Fund | A Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.55%
Total Other Expenses rr_OtherExpensesOverAssets 0.65%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.45%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.55%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 463
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 764
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,087
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,999
Intermediate Bond Fund | Investor Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.55%
Total Other Expenses rr_OtherExpensesOverAssets 0.80%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.60%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 91
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 436
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 804
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,841
Intermediate Bond Fund | Investor Share | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.56%
5 Years rr_AverageAnnualReturnYear05 3.51%
10 Years rr_AverageAnnualReturnYear10 4.19%
Intermediate Bond Fund | Investor Share | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.48%
5 Years rr_AverageAnnualReturnYear05 1.67%
10 Years rr_AverageAnnualReturnYear10 2.35%
Intermediate Bond Fund | Investor Share | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.76%
5 Years rr_AverageAnnualReturnYear05 1.91%
10 Years rr_AverageAnnualReturnYear10 2.48%
Intermediate Bond Fund | Institutional Share
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.55%
Total Other Expenses rr_OtherExpensesOverAssets 0.80%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.35%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 358
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 672
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,563
Intermediate Bond Fund | Institutional Share | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.84%
5 Years rr_AverageAnnualReturnYear05 3.80%
10 Years rr_AverageAnnualReturnYear10 4.34%
Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

BOND FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek total return.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

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

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains.

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

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

In addition to the securities described above, the Fund may invest in other debt securities.

Under normal circumstances the Fund invests at least 80% of its assets in bonds. This policy will not be changed without at least 60 days prior notice to shareholders.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Interest Rate Risk — The Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Regulatory Risk — Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available. 

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 8.96%
Annual Return 2002 rr_AnnualReturn2002 9.40%
Annual Return 2003 rr_AnnualReturn2003 4.48%
Annual Return 2004 rr_AnnualReturn2004 3.91%
Annual Return 2005 rr_AnnualReturn2005 3.15%
Annual Return 2006 rr_AnnualReturn2006 4.07%
Annual Return 2007 rr_AnnualReturn2007 5.23%
Annual Return 2008 rr_AnnualReturn2008 (13.02%)
Annual Return 2009 rr_AnnualReturn2009 14.32%
Annual Return 2010 rr_AnnualReturn2010 13.80%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 6.86%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3rd 2009

4th 2008

6.55%

(6.50)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 3.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.55%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.50%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 6.54%
5 Years rr_AverageAnnualReturnYear05 5.80%
10 Years rr_AverageAnnualReturnYear10 5.84%
Bond Fund | A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.47%
Total Other Expenses rr_OtherExpensesOverAssets 0.57%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.37%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.55%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.82%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 455
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 740
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,046
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,912
Bond Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.47%
Total Other Expenses rr_OtherExpensesOverAssets 0.72%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.52%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.82%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 411
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 762
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,752
Bond Fund | Investor Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.80%
5 Years rr_AverageAnnualReturnYear05 4.38%
10 Years rr_AverageAnnualReturnYear10 5.16%
Bond Fund | Investor Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.82%
5 Years rr_AverageAnnualReturnYear05 2.50%
10 Years rr_AverageAnnualReturnYear10 3.13%
Bond Fund | Investor Shares | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.91%
5 Years rr_AverageAnnualReturnYear05 2.62%
10 Years rr_AverageAnnualReturnYear10 3.20%
Bond Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.47%
Total Other Expenses rr_OtherExpensesOverAssets 0.72%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.27%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.57%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 58
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 333
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 629
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,471
Bond Fund | Institutional Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.95%
5 Years rr_AverageAnnualReturnYear05 4.63%
10 Years rr_AverageAnnualReturnYear10 5.29%
Intermediate Tax-Free Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

INTERMEDIATE TAX-FREE BOND FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek current income, consistent with the preservation of capital, that is exempt from federal income taxes.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 11.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund invests at least 65% of its assets in municipal bonds and debentures that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization (“NRSRO”), or of comparable quality, at the time of purchase. As a matter of fundamental policy the Fund invests, under normal circumstances, at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Additionally, the Fund will normally invest at least 80% of its assets in bonds which pay interest that is not subject to federal alternative minimum tax for shareholders who are individuals. The Fund invests in municipal securities which are within the three highest rating categories assigned by NRSRO, in the case of bonds; rated within the highest ratings category assigned by an NRSRO, in the case of notes; rated in the highest ratings category assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO, in the case of variable rate demand obligations.

The Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue securities. The Fund also will utilize credit enhancers. The Fund also invests in money market instruments.

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

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

In managing the portfolio, the portfolio management team uses a “top down” investment management approach focusing on actual or anticipated changes or trends in interest rates, the financial markets, or the economy.

In addition to the securities described above, the Fund may invest in other debt securities.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund invests at least 65% of its assets in municipal bonds and debentures that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization (“NRSRO”), or of comparable quality, at the time of purchase. As a matter of fundamental policy the Fund invests, under normal circumstances, at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Additionally, the Fund will normally invest at least 80% of its assets in bonds which pay interest that is not subject to federal alternative minimum tax for shareholders who are individuals. The Fund invests in municipal securities which are within the three highest rating categories assigned by NRSRO, in the case of bonds; rated within the highest ratings category assigned by an NRSRO, in the case of notes; rated in the highest ratings category assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO, in the case of variable rate demand obligations.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Enhancement Risk — A “credit enhancer,” such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund’s investments.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return. 
  •  Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Tax Risk — The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 4.39%
Annual Return 2002 rr_AnnualReturn2002 7.77%
Annual Return 2003 rr_AnnualReturn2003 3.88%
Annual Return 2004 rr_AnnualReturn2004 2.41%
Annual Return 2005 rr_AnnualReturn2005 1.45%
Annual Return 2006 rr_AnnualReturn2006 2.84%
Annual Return 2007 rr_AnnualReturn2007 3.89%
Annual Return 2008 rr_AnnualReturn2008 3.88%
Annual Return 2009 rr_AnnualReturn2009 6.47%
Annual Return 2010 rr_AnnualReturn2010 1.94%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 7.42%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3rd 2009

4th 2010

4.87%

(3.78)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Municipal Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Funds shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemptions, as well as the effect of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such IRA or 401(k) plans.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.42%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.87%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.78%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

Intermediate Tax-Free Bond Fund | Barclays Capital U.S. Municipal Bond Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 2.38%
5 Years rr_AverageAnnualReturnYear05 4.09%
10 Years rr_AverageAnnualReturnYear10 4.83%
Intermediate Tax-Free Bond Fund | A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.41%
Total Other Expenses rr_OtherExpensesOverAssets 0.51%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.55%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 450
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 722
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,015
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,847
Intermediate Tax-Free Bond Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.41%
Total Other Expenses rr_OtherExpensesOverAssets 0.66%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.46%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 77
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 392
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 730
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,685
Intermediate Tax-Free Bond Fund | Investor Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.94%
5 Years rr_AverageAnnualReturnYear05 3.79%
10 Years rr_AverageAnnualReturnYear10 3.88%
Intermediate Tax-Free Bond Fund | Investor Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.93%
5 Years rr_AverageAnnualReturnYear05 3.78%
10 Years rr_AverageAnnualReturnYear10 3.84%
Intermediate Tax-Free Bond Fund | Investor Shares | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.34%
5 Years rr_AverageAnnualReturnYear05 3.71%
10 Years rr_AverageAnnualReturnYear10 3.82%
Intermediate Tax-Free Bond Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.41%
Total Other Expenses rr_OtherExpensesOverAssets 0.66%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.21%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.51%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 52
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 314
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 597
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,402
Intermediate Tax-Free Bond Fund | Institutional Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.20%
5 Years rr_AverageAnnualReturnYear05 4.08%
10 Years rr_AverageAnnualReturnYear10 4.02%
Balanced Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

BALANCED FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek capital appreciation and income.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 86% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 86.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, the Fund normally invests between 50% and 75% of its total assets in equity securities and at least 25% of its assets in fixed income securities that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase.

The equity portion of the Fund primarily consists of large capitalization, mid capitalization and small capitalization stocks. Large capitalization stocks include large U.S. companies with a market capitalization in excess of $7 billion. Mid capitalization stocks include U.S. companies with a market capitalization between $2 and $7 billion at the time of purchase. Small capitalization stocks include small U.S. companies having an average market capitalization below $2billion at the time of purchase.

As its primary strategy, the portfolio management team of the Fund selects equity securities using a proprietary system that ranks stocks. Stocks are ranked using a large array of factors including but not limited to fundamental factors (i.e. valuation and growth) and technical factors (i.e. momentum, reversal and volatility) that have historically been linked to performance. Portfolio construction and risk management techniques are used to seek consistent, superior risk adjusted returns.

The portfolio management team of the Fund may augment its primary strategy by utilizing additional strategies involving exchange-traded funds.

The debt portion of the Fund primarily consists of bonds; notes, debentures and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities; mortgage-related securities; asset backed securities,  collateralized mortgage obligations and municipal bonds.

The Fund seeks to maintain a dollar-weighted average portfolio maturity of three to twelve years for the debt portion of its portfolio. The Fund also invests in money market instruments. If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interests of the Fund’s shareholders to continue to hold the security.

The portion of the Fund’s assets invested in equity and debt securities will vary in accordance with economic conditions, the level of stock prices, interest rates, and the risk associated with each investment.

In addition to the securities described above, the Fund may invest in other equity and debt securities. For example, the Fund may invest in foreign securities, including emerging market securities.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, the Fund normally invests between 50% and 75% of its total assets in equity securities and at least 25% of its assets in fixed income securities that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Foreign Investment Risk — Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments.
  • Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Small Cap Risk — Small cap companies may be more vulnerable to adverse business or economic developments.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available. 

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 (2.83%)
Annual Return 2002 rr_AnnualReturn2002 (10.77%)
Annual Return 2003 rr_AnnualReturn2003 20.92%
Annual Return 2004 rr_AnnualReturn2004 8.73%
Annual Return 2005 rr_AnnualReturn2005 6.36%
Annual Return 2006 rr_AnnualReturn2006 11.50%
Annual Return 2007 rr_AnnualReturn2007 5.87%
Annual Return 2008 rr_AnnualReturn2008 (27.26%)
Annual Return 2009 rr_AnnualReturn2009 24.00%
Annual Return 2010 rr_AnnualReturn2010 13.24%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was (3.54)%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2nd 2009

4th 2008

12.13%

(14.85)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000® Index and the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. The Russell 1000® Index is presented to show how the Fund’s performance compares to an index of equity funds, while the Barclays Capital U.S. Aggregate Bond Index shows how the Fund’s performance compares to an index of  bond funds.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (3.54%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.13%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.85%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

Balanced Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 6.54%
5 Years rr_AverageAnnualReturnYear05 5.80%
10 Years rr_AverageAnnualReturnYear10 5.84%
Balanced Fund | Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.10%
5 Years rr_AverageAnnualReturnYear05 2.59%
10 Years rr_AverageAnnualReturnYear10 1.83%
Balanced Fund | A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.52%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.59%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.93%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 640
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 949
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,281
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,215
Balanced Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.64%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.67%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.74%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.93%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 95
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 454
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 838
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,914
Balanced Fund | Investor Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.24%
5 Years rr_AverageAnnualReturnYear05 3.81%
10 Years rr_AverageAnnualReturnYear10 3.87%
Balanced Fund | Investor Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 12.48%
5 Years rr_AverageAnnualReturnYear05 2.34%
10 Years rr_AverageAnnualReturnYear10 2.73%
Balanced Fund | Investor Shares | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.76%
5 Years rr_AverageAnnualReturnYear05 2.63%
10 Years rr_AverageAnnualReturnYear10 2.81%
Balanced Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.64%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.42%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.74%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.68%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 69
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 376
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 706
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,638
Balanced Fund | Institutional Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.49%
5 Years rr_AverageAnnualReturnYear05 4.05%
10 Years rr_AverageAnnualReturnYear10 4.03%
U.S. Large Cap Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

U.S. LARGE CAP EQUITY FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

To seek growth of capital and,

Objective Secondary [TextBlock] rr_ObjectiveSecondaryTextBlock

secondarily, income.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 72% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 72.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders. “Equity securities” for purposes of this policy refers to common stocks and securities convertible into common stocks.

The Fund invests at least 80% of its assets in a universe of equity securities of large U.S. companies having an average market capitalization in excess of $7 billion at the time of purchase.

The portfolio management team of the Fund seeks to identify companies that possess the following fundamental characteristics: strong, sustainable earnings and revenue growth prospects, industry leadership with a competitive advantage, high levels of profitability and earnings quality, strong management teams, understandable business models and limited exposure to cyclical earnings.

In pursuing the investment strategy, the portfolio management team seeks to enhance the after-tax returns to shareholders by employing various investment practices that are designed to reduce taxable distributions to shareholders. For example, the Fund may hold securities for a long enough period to avoid higher short-term capital gains taxes. The Fund will also attempt to offset capital gains from sales of securities by selling other securities at a loss. These practices are expected to reduce, but not eliminate, taxable distributions.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders. “Equity securities” for purposes of this policy refers to common stocks and securities convertible into common stocks.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, NA, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cavanalhillfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

Annual Return 2001 rr_AnnualReturn2001 (13.66%)
Annual Return 2002 rr_AnnualReturn2002 (25.59%)
Annual Return 2003 rr_AnnualReturn2003 29.28%
Annual Return 2004 rr_AnnualReturn2004 14.95%
Annual Return 2005 rr_AnnualReturn2005 9.49%
Annual Return 2006 rr_AnnualReturn2006 13.22%
Annual Return 2007 rr_AnnualReturn2007 9.67%
Annual Return 2008 rr_AnnualReturn2008 (35.69%)
Annual Return 2009 rr_AnnualReturn2009 31.02%
Annual Return 2010 rr_AnnualReturn2010 13.60%
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was (14.71)%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2nd 2009

4th 2008

16.83%

(23.25)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000® Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods prior to December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Year to Date Return, Label rr_YearToDateReturnLabel

Year to Date Return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2011
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (14.71%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.83%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.25%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns (Periods Ended 12/31/10)

U.S. Large Cap Equity Fund | Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees Expenses Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for expenses, fees or taxes)

1 Year rr_AverageAnnualReturnYear01 16.10%
5 Years rr_AverageAnnualReturnYear05 2.59%
10 Years rr_AverageAnnualReturnYear10 1.83%
U.S. Large Cap Equity Fund | A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.69%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.44%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.49%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 642
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 935
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,250
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,139
U.S. Large Cap Equity Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.69%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.64%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.59%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.64%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 439
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 805
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,835
U.S. Large Cap Equity Fund | Investor Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.60%
5 Years rr_AverageAnnualReturnYear05 3.51%
10 Years rr_AverageAnnualReturnYear10 2.19%
U.S. Large Cap Equity Fund | Investor Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.49%
5 Years rr_AverageAnnualReturnYear05 3.44%
10 Years rr_AverageAnnualReturnYear10 1.65%
U.S. Large Cap Equity Fund | Investor Shares | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.96%
5 Years rr_AverageAnnualReturnYear05 3.00%
10 Years rr_AverageAnnualReturnYear10 1.64%
U.S. Large Cap Equity Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.69%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.64%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.34%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.64%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 361
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 673
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,557
U.S. Large Cap Equity Fund | Institutional Shares | Return Before Taxes
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.84%
5 Years rr_AverageAnnualReturnYear05 3.78%
10 Years rr_AverageAnnualReturnYear10 2.32%
Opportunistic Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

OPPORTUNISTIC FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Opportunistically investing to generate positive investment returns.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest. More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategy

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments, market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid market. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Fund may invest in equity securities of issuers of any market capitalization, including convertible, private placement/restricted, initial public offering (“IPOs”), emerging market securities, real estate investment trusts and master limited partnerships. It may hold all or a portion of its assets in U.S. Treasury Obligations, cash or short-term fixed income or money market securities. The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs.

The Fund may from time to time invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e.,”junk bonds”) and thus rated below Baa3 by Moody’s, BBB- by S&P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.

The Fund may buy securities that it believes are undervalued and may write options on securities that it believes are overvalued. The Fund may sell these securities and cover (buyback) options when it believes they have reached their target price or more compelling investments are available.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

To pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments, market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid market. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific Risk — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk — The risk associated with securities or practices that multiply small index or market movements into large changes in value. Leverage is often associated with investments in derivatives, but also may be embedded directly in the characteristics of other securities.
  • Limited Number of Holdings — As a large percentage of a fund’s assets may be invested in a limited number of securities, each investment has a greater effect on a Fund’s overall performance and any change in the value of those securities could significantly affect the value of your investment in the fund.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mid Cap Risk — The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
  • Small Cap Risk — Small cap companies may be more vulnerable to adverse business or economic developments.

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

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

Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BOKF, N.A., or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information may be obtained on the Fund’s website www. cavanalhillfunds.com or by calling 1-800-762-7085.  Please also see the section titled “Historical Performance of Similar Accounts Managed by the Portfolio Manager” in Appendix A in the prospectus.

Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

Because it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-762-7085
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www. cavanalhillfunds.com
Opportunistic Fund | A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.35%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Other Expenses rr_Component2OtherExpensesOverAssets 0.36% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.09%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.20%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 731
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,151
Opportunistic Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.35%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.36% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.24%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.10%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.14%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 217
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 691
Opportunistic Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.35%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.36% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.99%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.35%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.64%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 167
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 591
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.
[2] Other Expenses are based on estimated amount for the current fiscal year.
[3] The Adviser has contractually agreed to waive 0.39% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[4] The Adviser has contractually agreed to waive 0.40% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[5] The Adviser has contractually agreed to waive 0.29% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[6] The Adviser has contractually agreed to waive 0.35% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[7] The Adviser has contractually agreed to waive or assume certain expenses so that the common expenses (other than extraordinary expenses and Acquired Fund Fees and Expenses) for each Class do not exceed 1.64% plus class-specific fees until December 31, 2012. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Contractual waiver of the Administration Fee is in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy A Shares or Institutional Shares through such affiliates.
[8] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select Shares Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[9] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class and 0.13% paid by the Administrative Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[10] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
XML 17 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
U.S. Treasury Fund

U.S.TREASURY FUND

Investment Objective

To seek current income with liquidity and stability of principal.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment): None.

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses U.S. Treasury Fund
Administrative
Service
Institutional
Select
Premier
Management Fees 0.15% 0.15% 0.15% 0.15% 0.15%
Distribution/Service (12b-1) Fees 0.25% 0.25% none none 0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.22% 0.22% 0.22% 0.22% 0.22%
Total Other Expenses 0.47% 0.47% 0.47% 0.47% 0.47%
Total Annual Fund Operating Expenses 0.87% 0.87% 0.62% 0.62% 1.12%
Less Fee Waivers [1] (0.17%) (0.47%) (0.34%) (0.42%) (0.87%)
Total Annual Fund Operating Expenses After Fee Waiver 0.70% 0.40% 0.28% 0.20% 0.25%
[1] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select Shares Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example U.S. Treasury Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Administrative
72 261 466 1,057
Service
41 231 436 1,029
Institutional
29 164 312 742
Select
20 156 304 734
Premier
26 269 533 1,285
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008941Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury Obligations, some or all of which may be subject to repurchase agreements. This policy will not be changed without at least 60 days prior notice to shareholders. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

Principal Investment Risks

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  •  Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund.

Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)

Bar Chart

[1]  The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.01%.

 

Best quarter:

Worst quarter:

1st 2001

2nd 2010

1.20%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.  The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors.
 (Periods Ended 12/31/2010)

Average Annual Total Returns U.S. Treasury Fund
1 Year
5 Years
10 Years
Administrative
0.10% 1.94% 1.74%
Service
0.10% 2.04% 1.79%
Institutional
0.10% 2.10% 1.82%
Select
0.10% 1.94% 1.74%
Premier
0.10% 1.94% 1.74%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008941Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Cash Management Fund

CASH MANAGEMENT FUND

Investment Objective

To seek current income with liquidity and stability of principal.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment): None.

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Cash Management Fund
Administrative
Service Shares
Institutional
Select
Premier
Management Fees 0.15% 0.15% 0.15% 0.15% 0.15%
Distribution/Service (12b-1) Fees 0.25% 0.25%     0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.22% 0.22% 0.22% 0.22% 0.22%
Total Other Expenses 0.47% 0.47% 0.47% 0.47% 0.47%
Total Annual Fund Operating Expenses 0.87% 0.87% 0.62% 0.62% 1.12%
Less Fee Waivers [1] (0.30%) (0.47%) (0.34%) (0.42%) (0.87%)
Total Annual Fund Operating Expenses After Fee Waiver 0.57% 0.40% 0.28% 0.20% 0.25%
[1] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.07% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class and 0.13% paid by the Administrative Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

 

Expense Example Cash Management Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Administrative
58 248 453 1,045
Service Shares
41 231 436 1,029
Institutional
29 164 312 742
Select
20 156 304 734
Premier
26 269 533 1,285
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008943Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements. These obligations may be variable or floating rate instruments or variable rate master demand notes.

To be considered high-quality, a security must be rated in one of the two highest credit quality categories for short-term securities, or, if unrated, determined to be of comparable quality.

The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

The Fund may, from time to time, concentrate its investments in certain securities issued by U.S. banks and U.S. branches of foreign banks.

Principal Investment Risks

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Banking Risk — To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund’s performance will be susceptible to the risks associated with the financial services sector.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Foreign Investment Risk — Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments.
  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Regulatory Risk — Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Administrative Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and 10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Service, Institutional, Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative Class Shares of the Fund.

Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.01%.

 

Best quarter:

Worst quarter:

1st 2001

2nd 2010

1.29%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. The performance of the Administrative Class before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund.  Service and Institutional Class Shares commenced operations on January 2, 2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund.  The Select and Premier Class Shares have not commenced operations as of the date of this prospectus. The performance shown is that of the Administrative Class Shares. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)

Average Annual Total Returns Cash Management Fund
1 Year
5 Years
10 Years
Administrative
0.10% 2.24% 2.03%
Service Shares
0.14% 2.35% 2.08%
Institutional
0.16% 2.43% 2.12%
Select
0.10% 2.24% 2.03%
Premier
0.10% 2.24% 2.03%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008943Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.02% for Institutional Shares. The Select Shares and the Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Tax-Free Money Market Fund

TAX-FREE MONEY MARKET FUND

Investment Objective

To seek high current income exempt from federal income tax.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment): None.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Tax-Free Money Market Fund
Administrative Shares
Service Shares
Institutional Shares
Select Shares
Premier Shares
Management Fees 0.15% 0.15% 0.15% 0.15% 0.15%
Distribution/Service (12b-1) Fees 0.25% 0.25% none none 0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.22% 0.22% 0.22% 0.22% 0.22%
Total Other Expenses 0.47% 0.47% 0.47% 0.47% 0.47%
Total Annual Fund Operating Expenses 0.87% 0.87% 0.62% 0.62% 1.12%
Less Fee Waivers [1] (0.20%) (0.50%) (0.37%) (0.45%) (0.90%)
Total Annual Fund Operating Expenses After Fee Waiver 0.67% 0.37% 0.25% 0.17% 0.22%
[1] The Adviser has contractually agreed to waive 0.10% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administration Fee. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares if you buy through such affiliates. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Tax-Free Money Market Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Administrative Shares
68 257 461 1,051
Service Shares
38 227 432 1,023
Institutional Shares
25 160 307 735
Select Shares
17 152 299 728
Premier Shares
22 265 528 1,279
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008946Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Principal Investment Strategy

As a fundamental policy, the Fund, under normal circumstances, invests at least 80% of its assets in short-term municipal securities that provide income that is exempt from federal income tax and is not a tax preference item for purposes of the federal alternative minimum tax. Short-term municipal securities are debt obligations, such as bonds and notes, issued by or on behalf of states, territories and possessions of the United States, the District of Columbia and other political subdivisions, agencies, instrumentalities and authorities, which generally have remaining maturities of one year or less. Municipal securities purchased by the Fund may also include rated and unrated variable and floating rate tax-exempt notes which may have a stated maturity in excess of one year but which will be subject to a feature permitting the Fund to demand payment within a year. The Fund may also invest in the securities of money market mutual funds that invest primarily in obligations exempt from federal income tax.

When selecting securities for the Fund’s portfolio, the portfolio manager first considers safety of principal and the quality of an investment. The portfolio manager then focuses on generating a high level of income. The portfolio manager generally evaluates investments based on interest rate sensitivity selecting those securities whose maturities fit the Fund’s interest rate sensitivity target and that the portfolio manager believes to be the best relative values. The dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.

The Fund may invest in certain other short-term debt securities in addition to those described above. The Fund may invest up to 20% of its assets in obligations, the interest on which is either subject to federal income tax or treated as a preference item for purposes of the federal alternative minimum tax (“Taxable Obligations”). Taxable Obligations may include obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (some of which may be subject to repurchase agreements), certificates of deposit and bankers’ acceptances of selected banks, and commercial paper.

The Fund will invest only in those municipal securities and other obligations that are considered by the portfolio manager to present minimal credit risks. In addition, investments will be limited to those obligations that, at the time of purchase, (i) possess one of the two highest short-term ratings from a nationally recognized statistical rating organization (“NRSRO”), in the case of single-rated securities, or (ii) possess one of the two highest short-term ratings by at least two NRSROs, in the case of multiple-rated securities; or (iii) do not possess a rating ( i.e., are unrated) but are determined by the portfolio manager to be of comparable quality to the rated instruments eligible for purchase by the Fund under the guidelines adopted by the Board of Trustees.

Principal Investment Risks

Although the Fund seeks to preserve the value of your investment at $1.00 per share, loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Enhancement Risk — A “credit enhancer,” such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund’s investments.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Interest Rate Risk — The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rate.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  •  Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Tax Risk — The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Select Share Class by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 and 5 years, and since inception. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for Administrative, Service, Institutional and Premier Shares will differ from the returns for Select Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Select Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 0.05%.

 

Best quarter:

Worst quarter:

2nd 2007

3rd 2010

0.89%

0.03%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2010. Administrative, Service and Institutional Class Shares commenced operations on January 2, 2007.  The performance shown for periods before January 2, 2007 is that of the Select Class Shares, which commenced operations on April 11, 2005. The Premier Class Shares have not commenced operations as of the date of this prospectus. In each case when predecessor information is used performance has not been adjusted to reflect the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.

 

Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors. (Periods Ended 12/31/2010)

Average Annual Total Returns Tax-Free Money Market Fund
1 Year
5 Years
Since Inception
Administrative Shares
0.01% 1.59% 1.71%
Service Shares
none 1.76% 1.85%
Institutional Shares
0.04% 1.83% 1.92%
Select Shares
0.12% 1.90% 1.98%
Premier Shares
0.12% 1.90% 1.98%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008946Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

Yield

The 7-day yield for the period ended 12/31/10 was 0.01% for Administrative Shares; 0.00% for Service Shares; 0.05% for Institutional Shares; and 0.13% for Select Shares. The Premier Shares have not commenced operations as of the date of this prospectus.

 

You may obtain the most current yield information for the Fund by calling (800) 762-7085.

Short Term Income Fund

SHORT-TERM INCOME FUND

Investment Objective

Primarily to seek income and

secondarily to seek capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Short Term Income Fund
A Share
Investor Share
Institutional Share
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 2.50% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Short Term Income Fund
A Share
Investor Share
Institutional Share
Management Fees 0.55% 0.55% 0.55%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.42% 0.42% 0.42%
Total Other Expenses 0.52% 0.67% 0.67%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 1.33% 1.48% 1.23%
Less Fee Waivers [1] (0.60%) (0.75%) (0.75%)
Total Annual Fund Operating Expenses After Fee Waiver 0.73% 0.73% 0.48%
[1] The Adviser has contractually agreed to waive 0.40% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same.

Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Short Term Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Share
323 603 905 1,760
Investor Share
75 394 737 1,704
Institutional Share
49 316 603 1,422
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008938Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains. 

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

In addition to the securities described above, the Fund may invest in other debt securities. 

Under normal circumstances, the Fund invests at least 80% of its assets in securities with an average maturity of less than three years and maintains a dollar-weighted average maturity of its portfolio of three years or less. These policies will not be changed without at least 60 days prior notice to shareholders. In addition, the Fund normally invests at least 65% of its assets in interest-bearing bonds.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return. 
  • Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  •  Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.  
  • Zero Coupon — The market prices of securities structured as zero coupon or pay-in-kind securities are generally affected to a greater extent by interest rate changes.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 2.85%.

 

Best quarter:

Worst quarter:

2nd 2009

4th 2008

6.26%

(12.47)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index. Prior to January 1, 2006, a maximum sales charge of 2.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns Short Term Income Fund
1 Year
5 Years
10 Years
BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index (reflects no deduction for expenses, fees or taxes)
4.17% 5.04% 4.84%
Investor Share Return Before Taxes
10.32% 3.08% 3.78%
Investor Share After Taxes on Distributions
8.85% 1.40% 2.12%
Investor Share After Taxes on Distributions and Sales
6.68% 1.63% 2.23%
Institutional Share Return Before Taxes
10.66% 3.37% 3.92%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008938Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
Intermediate Bond Fund

INTERMEDIATE BOND FUND

Investment Objective

To seek total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Intermediate Bond Fund
A Share
Investor Share
Institutional Share
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 3.75% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Intermediate Bond Fund
A Share
Investor Share
Institutional Share
Management Fees 0.55% 0.55% 0.55%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.55% 0.55% 0.55%
Total Other Expenses 0.65% 0.80% 0.80%
Total Annual Fund Operating Expenses 1.45% 1.60% 1.35%
Less Fee Waivers [1] (0.55%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver 0.90% 0.90% 0.65%
[1] The Adviser has contractually agreed to waive 0.35% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Intermediate Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Share
463 764 1,087 1,999
Investor Share
91 436 804 1,841
Institutional Share
66 358 672 1,563
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008948Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

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

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains.

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

In addition to the securities described above, the Fund may invest in other debt securities.

Under normal circumstances the Fund invests at least 80% of its assets in bonds and maintains the dollar-weighted average maturity of its portfolio between three and ten years. These policies will not be changed without at least 60 days prior notice to shareholders.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Banking Risk — To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks and U.S. branches of foreign banks, the Fund’s performance will be susceptible to the risks associated with the financial services sector.
  • Credit RiskCredit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  •  Derivative Risk — The risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation.  Changes in the value of derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.
  •  Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  •  Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 5.78%.

 

Best quarter:

Worst quarter:

3rd 2009

4th 2008

6.12%

(10.13)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Intermediate Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subJect to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns Intermediate Bond Fund
1 Year
5 Years
10 Years
Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
6.15% 5.81% 5.66%
Investor Share Return Before Taxes
13.56% 3.51% 4.19%
Investor Share After Taxes on Distributions
11.48% 1.67% 2.35%
Investor Share After Taxes on Distributions and Sales
8.76% 1.91% 2.48%
Institutional Share Return Before Taxes
13.84% 3.80% 4.34%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008948Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
Bond Fund

BOND FUND

Investment Objective

To seek total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Bond Fund
A Shares
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 3.75% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Bond Fund
A Shares
Investor Shares
Institutional Shares
Management Fees 0.55% 0.55% 0.55%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.47% 0.47% 0.47%
Total Other Expenses 0.57% 0.72% 0.72%
Total Annual Fund Operating Expenses 1.37% 1.52% 1.27%
Less Fee Waivers [1] (0.55%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver 0.82% 0.82% 0.57%
[1] The Adviser has contractually agreed to waive 0.35% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
455 740 1,046 1,912
Investor Shares
84 411 762 1,752
Institutional Shares
58 333 629 1,471
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008942Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities and collateralized mortgage obligations that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase. The Fund also invests in money market instruments.

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

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

The Fund will seek to increase the value of your investment through a combination of income and capital gains.

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

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

In addition to the securities described above, the Fund may invest in other debt securities.

Under normal circumstances the Fund invests at least 80% of its assets in bonds. This policy will not be changed without at least 60 days prior notice to shareholders.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Interest Rate Risk — The Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Regulatory Risk — Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available. 

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 6.86%.

 

Best quarter:

Worst quarter:

3rd 2009

4th 2008

6.55%

(6.50)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 3.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns Bond Fund
1 Year
5 Years
10 Years
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
6.54% 5.80% 5.84%
Investor Shares Return Before Taxes
13.80% 4.38% 5.16%
Investor Shares After Taxes on Distributions
11.82% 2.50% 3.13%
Investor Shares After Taxes on Distributions and Sales
8.91% 2.62% 3.20%
Institutional Shares Return Before Taxes
13.95% 4.63% 5.29%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008942Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
Intermediate Tax-Free Bond Fund

INTERMEDIATE TAX-FREE BOND FUND

Investment Objective

To seek current income, consistent with the preservation of capital, that is exempt from federal income taxes.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Intermediate Tax-Free Bond Fund
A Shares
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 3.75% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Intermediate Tax-Free Bond Fund
A Shares
Investor Shares
Institutional Shares
Management Fees 0.55% 0.55% 0.55%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.41% 0.41% 0.41%
Total Other Expenses 0.51% 0.66% 0.66%
Total Annual Fund Operating Expenses 1.31% 1.46% 1.21%
Less Fee Waivers [1] (0.55%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver 0.76% 0.76% 0.51%
[1] The Adviser has contractually agreed to waive 0.35% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Intermediate Tax-Free Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
450 722 1,015 1,847
Investor Shares
77 392 730 1,685
Institutional Shares
52 314 597 1,402
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008949Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund invests at least 65% of its assets in municipal bonds and debentures that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization (“NRSRO”), or of comparable quality, at the time of purchase. As a matter of fundamental policy the Fund invests, under normal circumstances, at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Additionally, the Fund will normally invest at least 80% of its assets in bonds which pay interest that is not subject to federal alternative minimum tax for shareholders who are individuals. The Fund invests in municipal securities which are within the three highest rating categories assigned by NRSRO, in the case of bonds; rated within the highest ratings category assigned by an NRSRO, in the case of notes; rated in the highest ratings category assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO, in the case of variable rate demand obligations.

The Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue securities. The Fund also will utilize credit enhancers. The Fund also invests in money market instruments.

If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security.

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

In managing the portfolio, the portfolio management team uses a “top down” investment management approach focusing on actual or anticipated changes or trends in interest rates, the financial markets, or the economy.

In addition to the securities described above, the Fund may invest in other debt securities.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Enhancement Risk — A “credit enhancer,” such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund’s investments.
  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return. 
  •  Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  •  Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Tax Risk — The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was 7.42%.

 

Best quarter:

Worst quarter:

3rd 2009

4th 2010

4.87%

(3.78)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Barclays Capital U.S. Municipal Bond Index. Prior to January 1, 2006, a maximum sales charge of 2.50% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 3.75%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Funds shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemptions, as well as the effect of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns Intermediate Tax-Free Bond Fund
1 Year
5 Years
10 Years
Barclays Capital U.S. Municipal Bond Index (reflects no deduction for expenses, fees or taxes)
2.38% 4.09% 4.83%
Investor Shares Return Before Taxes
1.94% 3.79% 3.88%
Investor Shares After Taxes on Distributions
1.93% 3.78% 3.84%
Investor Shares After Taxes on Distributions and Sales
2.34% 3.71% 3.82%
Institutional Shares Return Before Taxes
2.20% 4.08% 4.02%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008949Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
Balanced Fund

BALANCED FUND

Investment Objective

To seek capital appreciation and income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Balanced Fund
A Shares
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 5.50% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Balanced Fund
A Shares
Investor Shares
Institutional Shares
Management Fees 0.74% 0.74% 0.74%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.39% 0.39% 0.39%
Total Other Expenses 0.49% 0.64% 0.64%
Acquired Fund Fees and Expenses 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses 1.52% 1.67% 1.42%
Less Fee Waivers [1] (0.59%) (0.74%) (0.74%)
Total Annual Fund Operating Expenses After Fee Waiver 0.93% 0.93% 0.68%
[1] The Adviser has contractually agreed to waive 0.39% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Balanced Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
640 949 1,281 2,215
Investor Shares
95 454 838 1,914
Institutional Shares
69 376 706 1,638
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008937Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 86% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, the Fund normally invests between 50% and 75% of its total assets in equity securities and at least 25% of its assets in fixed income securities that are rated within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or of comparable quality, at the time of purchase.

The equity portion of the Fund primarily consists of large capitalization, mid capitalization and small capitalization stocks. Large capitalization stocks include large U.S. companies with a market capitalization in excess of $7 billion. Mid capitalization stocks include U.S. companies with a market capitalization between $2 and $7 billion at the time of purchase. Small capitalization stocks include small U.S. companies having an average market capitalization below $2billion at the time of purchase.

As its primary strategy, the portfolio management team of the Fund selects equity securities using a proprietary system that ranks stocks. Stocks are ranked using a large array of factors including but not limited to fundamental factors (i.e. valuation and growth) and technical factors (i.e. momentum, reversal and volatility) that have historically been linked to performance. Portfolio construction and risk management techniques are used to seek consistent, superior risk adjusted returns.

The portfolio management team of the Fund may augment its primary strategy by utilizing additional strategies involving exchange-traded funds.

The debt portion of the Fund primarily consists of bonds; notes, debentures and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities; mortgage-related securities; asset backed securities,  collateralized mortgage obligations and municipal bonds.

The Fund seeks to maintain a dollar-weighted average portfolio maturity of three to twelve years for the debt portion of its portfolio. The Fund also invests in money market instruments. If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interests of the Fund’s shareholders to continue to hold the security.

The portion of the Fund’s assets invested in equity and debt securities will vary in accordance with economic conditions, the level of stock prices, interest rates, and the risk associated with each investment.

In addition to the securities described above, the Fund may invest in other equity and debt securities. For example, the Fund may invest in foreign securities, including emerging market securities.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Foreign Investment Risk — Higher transaction costs, delayed settlements, currency controls and adverse economic and political developments may affect foreign investments.
  • Interest Rate Risk — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mortgage Market Risk — The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments.
  • Prepayment/Call Risk — There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.
  • Small Cap Risk — Small cap companies may be more vulnerable to adverse business or economic developments.
  • Valuation Risk — The risk associated with the assessment of appropriate pricing in a changing market where trading information may not be readily available. 

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was (3.54)%.

 

Best quarter:

Worst quarter:

2nd 2009

4th 2008

12.13%

(14.85)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000® Index and the Barclays Capital U.S. Aggregate Bond Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods before December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. The Russell 1000® Index is presented to show how the Fund’s performance compares to an index of equity funds, while the Barclays Capital U.S. Aggregate Bond Index shows how the Fund’s performance compares to an index of  bond funds.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns Balanced Fund
1 Year
5 Years
10 Years
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
6.54% 5.80% 5.84%
Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
16.10% 2.59% 1.83%
Investor Shares Return Before Taxes
13.24% 3.81% 3.87%
Investor Shares After Taxes on Distributions
12.48% 2.34% 2.73%
Investor Shares After Taxes on Distributions and Sales
8.76% 2.63% 2.81%
Institutional Shares Return Before Taxes
13.49% 4.05% 4.03%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008937Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
U.S. Large Cap Equity Fund

U.S. LARGE CAP EQUITY FUND

Investment Objective

To seek growth of capital and,

secondarily, income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest.  More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees U.S. Large Cap Equity Fund
A Shares
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 5.50% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses U.S. Large Cap Equity Fund
A Shares
Investor Shares
Institutional Shares
Management Fees 0.69% 0.69% 0.69%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.39% 0.39% 0.39%
Total Other Expenses 0.49% 0.64% 0.64%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 1.44% 1.59% 1.34%
Less Fee Waivers [1] (0.49%) (0.64%) (0.64%)
Total Annual Fund Operating Expenses After Fee Waiver 0.95% 0.95% 0.70%
[1] The Adviser has contractually agreed to waive 0.29% of its Management Fees. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy through such affiliates. Contractual waivers are in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example U.S. Large Cap Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
642 935 1,250 2,139
Investor Shares
97 439 805 1,835
Institutional Shares
72 361 673 1,557
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000008939Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders. “Equity securities” for purposes of this policy refers to common stocks and securities convertible into common stocks.

The Fund invests at least 80% of its assets in a universe of equity securities of large U.S. companies having an average market capitalization in excess of $7 billion at the time of purchase.

The portfolio management team of the Fund seeks to identify companies that possess the following fundamental characteristics: strong, sustainable earnings and revenue growth prospects, industry leadership with a competitive advantage, high levels of profitability and earnings quality, strong management teams, understandable business models and limited exposure to cyclical earnings.

In pursuing the investment strategy, the portfolio management team seeks to enhance the after-tax returns to shareholders by employing various investment practices that are designed to reduce taxable distributions to shareholders. For example, the Fund may hold securities for a long enough period to avoid higher short-term capital gains taxes. The Fund will also attempt to offset capital gains from sales of securities by selling other securities at a loss. These practices are expected to reduce, but not eliminate, taxable distributions.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Issuer Specific — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.

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

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

Performance Information

The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.

This bar chart shows changes in the Fund’s performance from year to year1. The returns for A Shares and Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.

Annual Total Returns for Investor Shares (Periods Ended 12/31)

Bar Chart

[1] The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/11 to 9/30/11 was (14.71)%.

 

Best quarter:

Worst quarter:

2nd 2009

4th 2008

16.83%

(23.25)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2010 to those of the Russell 1000® Index. Prior to January 1, 2006, a maximum sales charge of 5.00% was imposed. Sales charges are not reflected in the total return figures. The A Shares, which impose a maximum sales charge of 5.50%, were not in existence before May 1, 2011. Institutional Shares were not in existence before December 30, 2005. Performance information reflects the Fund’s Investor Shares for periods prior to December 29, 2005 and May 2, 2011 for the Institutional and A Shares, respectively. The A Shares began presenting performance linked to the Investor Shares in September of 2011. Unlike Institutional Shares, Investor and A Shares bear a 12b-1 fee of 0.25%. Investor and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the Institutional and A Shares of the Fund been offered for periods prior to December 30, 2005 and May 2, 2011, respectively, the performance information would have been different as a result of lower annual operating expenses. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal marginal income and capital gains tax rates. Returns after taxes on distributions assume a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund shares assume all shares were redeemed at the end of each measurement period and show the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/10)

Average Annual Total Returns U.S. Large Cap Equity Fund
1 Year
5 Years
10 Years
Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
16.10% 2.59% 1.83%
Investor Shares Return Before Taxes
13.60% 3.51% 2.19%
Investor Shares After Taxes on Distributions
13.49% 3.44% 1.65%
Investor Shares After Taxes on Distributions and Sales
8.96% 3.00% 1.64%
Institutional Shares Return Before Taxes
13.84% 3.78% 2.32%
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000008939Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
Opportunistic Fund

OPPORTUNISTIC FUND

Investment Objective

Opportunistically investing to generate positive investment returns.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a lower shareholder fee depending upon the amount that you invest. More information is available from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” in the prospectus and in the section “Additional Purchase and Redemption Information” of the statement of additional information.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Opportunistic Fund
A Shares
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 5.50% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, for shares held less than 12 months) 1.00% [1] none none
[1] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment).

Annual Fund Operating Expenses Opportunistic Fund
A Shares
Investor Shares
Institutional Shares
Management Fees 1.35% 1.35% 1.35%
Distribution/Service (12b-1) Fees 0.25% 0.25% none
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses [1] 0.36% 0.36% 0.36%
Total Other Expenses 0.46% 0.61% 0.61%
Acquired Fund Fees and Expenses 0.03% 0.03% 0.03%
Total Annual Fund Operating Expenses 2.09% 2.24% 1.99%
Less Fee Waivers [2] (0.20%) (0.10%) (0.35%)
Total Annual Fund Operating Expenses After Fee Waiver 1.89% 2.14% 1.64%
[1] Other Expenses are based on estimated amount for the current fiscal year.
[2] The Adviser has contractually agreed to waive or assume certain expenses so that the common expenses (other than extraordinary expenses and Acquired Fund Fees and Expenses) for each Class do not exceed 1.64% plus class-specific fees until December 31, 2012. The Administrator has contractually agreed to waive 0.10% of its Administrator Fees. Contractual waiver of the Administration Fee is in place for the period through December 31, 2012 and may only be terminated or modified with the approval of the Fund's Board of Trustees. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees if you buy A Shares or Institutional Shares through such affiliates.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund expenses remain the same. Although your actual costs and returns may be different, your approximate costs of investing $10,000 in the Fund would be:

Expense Example Opportunistic Fund (USD $)
1 Year
3 Years
A Shares
731 1,151
Investor Shares
217 691
Institutional Shares
167 591
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact chf_S000033655Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Principal Investment Strategy

To pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments, market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid market. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Fund may invest in equity securities of issuers of any market capitalization, including convertible, private placement/restricted, initial public offering (“IPOs”), emerging market securities, real estate investment trusts and master limited partnerships. It may hold all or a portion of its assets in U.S. Treasury Obligations, cash or short-term fixed income or money market securities. The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs.

The Fund may from time to time invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e.,”junk bonds”) and thus rated below Baa3 by Moody’s, BBB- by S&P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.

The Fund may buy securities that it believes are undervalued and may write options on securities that it believes are overvalued. The Fund may sell these securities and cover (buyback) options when it believes they have reached their target price or more compelling investments are available.

Principal Investment Risks

Loss of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value, yield and total return are (in alphabetical order):

  • Credit Risk — Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund, reducing the Fund’s return.
  • Income Risk — The Fund’s yield may decrease due to a decline in interest rates.
  • Issuer Specific Risk — The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk — The risk associated with securities or practices that multiply small index or market movements into large changes in value. Leverage is often associated with investments in derivatives, but also may be embedded directly in the characteristics of other securities.
  • Limited Number of Holdings — As a large percentage of a fund’s assets may be invested in a limited number of securities, each investment has a greater effect on a Fund’s overall performance and any change in the value of those securities could significantly affect the value of your investment in the fund.
  • Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.
  • Management Risk — There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.
  • Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably.
  • Mid Cap Risk — The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
  • Small Cap Risk — Small cap companies may be more vulnerable to adverse business or economic developments.

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

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

Performance Information

Because it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information may be obtained on the Fund’s website www. cavanalhillfunds.com or by calling 1-800-762-7085.  Please also see the section titled “Historical Performance of Similar Accounts Managed by the Portfolio Manager” in Appendix A in the prospectus.

~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact chf_S000033655Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
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