August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
Fund duration was slightly below index, but we added duration as yields rose through much of the year. We added to mortgage-backed securities (MBS) as spreads were wider than other sectors. We added to our positions in utilities and remained overweight to asset-backed securities (ABS), while reducing exposure to Treasuries and agency debentures. The Fund outperformed its index largely because of an underweight to duration early in the year. Additions to the agency MBS sector contributed as well. Our slight underweight to corporates was a mild detractor. Our large ABS exposure benefited the portfolio. A single triple net lease securitized asset selection detracted significantly from performance. We continue to maintain at least a benchmark weighting to duration. We continue to add to MBS, with other market sectors near record tight levels. With a solid economic outlook over the coming 12 to 18 months, we continue to underweight government sectors while overweighting credit and mortgages.
Value of a $10,000 Investment
Bond Fund (A Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,630 |
Aug 17 | $ | $ | $10,754 |
Aug 18 | $ | $ | $10,636 |
Aug 19 | $ | $ | $11,717 |
Aug 20 | $ | $ | $12,521 |
Aug 21 | $ | $ | $12,673 |
Aug 22 | $ | $ | $11,168 |
Aug 23 | $ | $ | $11,086 |
Aug 24 | $ | $ | $11,969 |
Aug 25 | $ | $ | $12,392 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | - | ||
- | |||
3.53% | -0.21% | 2.17% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | |
|---|---|
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
The University of Oklahoma Revenue, Series A | |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | |
Flexential Issuer, Series 2021-1A, Class A2 |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A | |
AAA | |
A+ | |
A- | |
BBB+ | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
Fund duration was slightly below index, but we added duration as yields rose through much of the year. We added to mortgage-backed securities (MBS) as spreads were wider than other sectors. We added to our positions in utilities and remained overweight to asset-backed securities (ABS), while reducing exposure to Treasuries and agency debentures. The Fund outperformed its index largely because of an underweight to duration early in the year. Additions to the agency MBS sector contributed as well. Our slight underweight to corporates was a mild detractor. Our large ABS exposure benefited the portfolio. A single triple net lease securitized asset selection detracted significantly from performance. We continue to maintain at least a benchmark weighting to duration. We continue to add to MBS, with other market sectors near record tight levels. With a solid economic outlook over the coming 12 to 18 months, we continue to underweight government sectors while overweighting credit and mortgages.
Value of a $10,000 Investment
Bond Fund (Institutional Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,630 |
Aug 17 | $ | $ | $10,754 |
Aug 18 | $ | $ | $10,636 |
Aug 19 | $ | $ | $11,717 |
Aug 20 | $ | $ | $12,521 |
Aug 21 | $ | $ | $12,673 |
Aug 22 | $ | $ | $11,168 |
Aug 23 | $ | $ | $11,086 |
Aug 24 | $ | $ | $11,969 |
Aug 25 | $ | $ | $12,392 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | - | ||
- | |||
3.53% | -0.21% | 2.17% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | |
|---|---|
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
The University of Oklahoma Revenue, Series A | |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | |
Flexential Issuer, Series 2021-1A, Class A2 |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A | |
AAA | |
A+ | |
A- | |
BBB+ | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
Fund duration was slightly below index, but we added duration as yields rose through much of the year. We added to mortgage-backed securities (MBS) as spreads were wider than other sectors. We added to our positions in utilities and remained overweight to asset-backed securities (ABS), while reducing exposure to Treasuries and agency debentures. The Fund outperformed its index largely because of an underweight to duration early in the year. Additions to the agency MBS sector contributed as well. Our slight underweight to corporates was a mild detractor. Our large ABS exposure benefited the portfolio. A single triple net lease securitized asset selection detracted significantly from performance. We continue to maintain at least a benchmark weighting to duration. We continue to add to MBS, with other market sectors near record tight levels. With a solid economic outlook over the coming 12 to 18 months, we continue to underweight government sectors while overweighting credit and mortgages.
Value of a $10,000 Investment
Bond Fund (Investor Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,630 |
Aug 17 | $ | $ | $10,754 |
Aug 18 | $ | $ | $10,636 |
Aug 19 | $ | $ | $11,717 |
Aug 20 | $ | $ | $12,521 |
Aug 21 | $ | $ | $12,673 |
Aug 22 | $ | $ | $11,168 |
Aug 23 | $ | $ | $11,086 |
Aug 24 | $ | $ | $11,969 |
Aug 25 | $ | $ | $12,392 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | - | ||
- | |||
3.53% | -0.21% | 2.17% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | |
|---|---|
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
The University of Oklahoma Revenue, Series A | |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | |
Flexential Issuer, Series 2021-1A, Class A2 |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A | |
AAA | |
A+ | |
A- | |
BBB+ | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Administrative Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased agency discount notes at increasingly wider spreads to U.S. Treasuries to extend maturities.The Select shares of our Government Securities Money Market Fund were ranked #1 by Lipper for May and ranked #3 and #4 for the previous 3-month and 6-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of callable agency notes had the greatest positive impact on the money market portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
Government Securities Money Market Fund (Administrative Shares) | |
|---|---|
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Farm Credit Banks Funding Corp. | |
|---|---|
Federal Farm Credit Banks Funding Corp. | |
Federal National Mortgage Association | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Home Loan Banks |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | |
|---|---|
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased agency discount notes at increasingly wider spreads to U.S. Treasuries to extend maturities.The Select shares of our Government Securities Money Market Fund were ranked #1 by Lipper for May and ranked #3 and #4 for the previous 3-month and 6-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of callable agency notes had the greatest positive impact on the money market portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
Government Securities Money Market Fund (Institutional Shares) | |
|---|---|
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Farm Credit Banks Funding Corp. | |
|---|---|
Federal Farm Credit Banks Funding Corp. | |
Federal National Mortgage Association | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Home Loan Banks |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | |
|---|---|
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Premier Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased agency discount notes at increasingly wider spreads to U.S. Treasuries to extend maturities.The Select shares of our Government Securities Money Market Fund were ranked #1 by Lipper for May and ranked #3 and #4 for the previous 3-month and 6-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of callable agency notes had the greatest positive impact on the money market portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
Government Securities Money Market Fund (Premier Shares) | |
|---|---|
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Premier Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Farm Credit Banks Funding Corp. | |
|---|---|
Federal Farm Credit Banks Funding Corp. | |
Federal National Mortgage Association | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Home Loan Banks |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | |
|---|---|
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Select Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased agency discount notes at increasingly wider spreads to U.S. Treasuries to extend maturities.The Select shares of our Government Securities Money Market Fund were ranked #1 by Lipper for May and ranked #3 and #4 for the previous 3-month and 6-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of callable agency notes had the greatest positive impact on the money market portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
Government Securities Money Market Fund (Select Shares) | |
|---|---|
Sep 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Farm Credit Banks Funding Corp. | |
|---|---|
Federal Farm Credit Banks Funding Corp. | |
Federal National Mortgage Association | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Home Loan Banks | |
Federal Home Loan Banks |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | |
|---|---|
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
Our options overlay balances risk and reward. While the Fund’s put options protected downside during the volatile second quarter of 2025, our disciplined call writing helped preserve upside capture before and after that period. As a result, the Fund outperformed its benchmark by more than 700 basis points. The benchmark’s performance represents a strategy that rolls covered calls at every monthly option expiry date regardless of market environment. Had we followed a similar approach, we would have resulted in our writing calls near a market bottom ahead of a sharp rally. In contrast, we were more dynamic with our call writing; this added to relative performance in April as we captured upside during the market recovery. Performance benefited from stock picking in health care, financials, and industrials, while our overweight to health care and stock picking in materials and consumer discretionary detracted. We believe recession risks have diminished meaningfully, as reflected by earnings estimates that have risen in recent months. Potential risks such as labor market weakness and reaccelerating inflation have risen. As such, the Fund’s positioning reflects our near-term neutral-to-positive outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (A Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $ | $ | $10,000 |
Aug 21 | $ | $ | $11,494 |
Aug 22 | $ | $ | $10,735 |
Aug 23 | $ | $ | $11,812 |
Aug 24 | $ | $ | $13,413 |
Aug 25 | $ | $ | $14,449 |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
A Shares | ||
S&P 500® Index | ||
CBOE S&P 500® BuyWrite Index | 7.72% | 8.19% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Microsoft Corp. | |
|---|---|
Broadcom, Inc. | |
NVIDIA Corp. | |
Apple, Inc. | |
Morgan Stanley | |
Amazon.com, Inc. | |
Alphabet, Inc., Class C | |
AbbVie, Inc. | |
Phillips 66 | |
AstraZeneca PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Consumer Staples | |
Utilities | |
Real Estate | |
Energy | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Health Care | |
Financials | |
Information Technology | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
Effective December 28, 2024, the Fund name was changed to the Hedged Equity Income Fund from Hedged Income Fund. The Fund's investment objectives and investment strategies were unchanged.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
Our options overlay balances risk and reward. While the Fund’s put options protected downside during the volatile second quarter of 2025, our disciplined call writing helped preserve upside capture before and after that period. As a result, the Fund outperformed its benchmark by more than 700 basis points. The benchmark’s performance represents a strategy that rolls covered calls at every monthly option expiry date regardless of market environment. Had we followed a similar approach, we would have resulted in our writing calls near a market bottom ahead of a sharp rally. In contrast, we were more dynamic with our call writing; this added to relative performance in April as we captured upside during the market recovery. Performance benefited from stock picking in health care, financials, and industrials, while our overweight to health care and stock picking in materials and consumer discretionary detracted. We believe recession risks have diminished meaningfully, as reflected by earnings estimates that have risen in recent months. Potential risks such as labor market weakness and reaccelerating inflation have risen. As such, the Fund’s positioning reflects our near-term neutral-to-positive outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (Institutional Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $ | $ | $10,000 |
Aug 21 | $ | $ | $11,494 |
Aug 22 | $ | $ | $10,735 |
Aug 23 | $ | $ | $11,812 |
Aug 24 | $ | $ | $13,413 |
Aug 25 | $ | $ | $14,449 |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
Institutional Shares | ||
S&P 500® Index | ||
CBOE S&P 500® BuyWrite Index | 7.72% | 8.19% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Microsoft Corp. | |
|---|---|
Broadcom, Inc. | |
NVIDIA Corp. | |
Apple, Inc. | |
Morgan Stanley | |
Amazon.com, Inc. | |
Alphabet, Inc., Class C | |
AbbVie, Inc. | |
Phillips 66 | |
AstraZeneca PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Consumer Staples | |
Utilities | |
Real Estate | |
Energy | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Health Care | |
Financials | |
Information Technology | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
Effective December 28, 2024, the Fund name was changed to the Hedged Equity Income Fund from Hedged Income Fund. The Fund's investment objectives and investment strategies were unchanged.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
Our options overlay balances risk and reward. While the Fund’s put options protected downside during the volatile second quarter of 2025, our disciplined call writing helped preserve upside capture before and after that period. As a result, the Fund outperformed its benchmark by more than 700 basis points. The benchmark’s performance represents a strategy that rolls covered calls at every monthly option expiry date regardless of market environment. Had we followed a similar approach, we would have resulted in our writing calls near a market bottom ahead of a sharp rally. In contrast, we were more dynamic with our call writing; this added to relative performance in April as we captured upside during the market recovery. Performance benefited from stock picking in health care, financials, and industrials, while our overweight to health care and stock picking in materials and consumer discretionary detracted. We believe recession risks have diminished meaningfully, as reflected by earnings estimates that have risen in recent months. Potential risks such as labor market weakness and reaccelerating inflation have risen. As such, the Fund’s positioning reflects our near-term neutral-to-positive outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (Investor Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $ | $ | $10,000 |
Aug 21 | $ | $ | $11,494 |
Aug 22 | $ | $ | $10,735 |
Aug 23 | $ | $ | $11,812 |
Aug 24 | $ | $ | $13,413 |
Aug 25 | $ | $ | $14,449 |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
Investor Shares | ||
S&P 500® Index | ||
CBOE S&P 500® BuyWrite Index | 7.72% | 8.19% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Microsoft Corp. | |
|---|---|
Broadcom, Inc. | |
NVIDIA Corp. | |
Apple, Inc. | |
Morgan Stanley | |
Amazon.com, Inc. | |
Alphabet, Inc., Class C | |
AbbVie, Inc. | |
Phillips 66 | |
AstraZeneca PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Consumer Staples | |
Utilities | |
Real Estate | |
Energy | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Health Care | |
Financials | |
Information Technology | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
Effective December 28, 2024, the Fund name was changed to the Hedged Equity Income Fund from Hedged Income Fund. The Fund's investment objectives and investment strategies were unchanged.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
The Fund maintained a relatively neutral duration, focusing instead on sector allocation and security selection. Our heavy overweight to asset-backed securities (ABS) had the largest effect on performance. Within ABS, we preferred more esoteric but less liquid securities. We funded our overweight to ABS via a large underweight to Treasuries. The Fund underperformed its benchmark. Generally, the large overweight to ABS was a positive. Our underweight to Treasuries, which underperformed most credit-based sectors, added to performance. However, a single ABS security declined significantly in price and was the primary reason for our underperformance. We continue to have a favorable outlook for U.S. economic performance. We will therefore maintain an overweight to credit-based sectors. Spreads have tightened and valuations are not attractive. However, without an unexpected shock, it is difficult to envision a significant spread-widening event in the near term. These valuations could persist.
Value of a $10,000 Investment
Limited Duration Fund (A Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,243 |
Aug 17 | $ | $ | $10,339 |
Aug 18 | $ | $ | $10,300 |
Aug 19 | $ | $ | $10,916 |
Aug 20 | $ | $ | $11,425 |
Aug 21 | $ | $ | $11,476 |
Aug 22 | $ | $ | $10,808 |
Aug 23 | $ | $ | $10,938 |
Aug 24 | $ | $ | $11,672 |
Aug 25 | $ | $ | $12,234 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | |||
- | |||
4.82% | 1.38% | 2.04% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
Flexential Issuer, Series 2021-1A, Class A2 | |
The Western Union Co. | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Truist Financial Corp., Series N | |
The Charles Schwab Corp., Series I | |
Sonic Capital LLC, Series 2021-1A, Class A2I | |
Taco Bell Funding LLC, Series 2016-1A, Class A23 | |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | |
A | |
BBB- | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
The Fund maintained a relatively neutral duration, focusing instead on sector allocation and security selection. Our heavy overweight to asset-backed securities (ABS) had the largest effect on performance. Within ABS, we preferred more esoteric but less liquid securities. We funded our overweight to ABS via a large underweight to Treasuries. The Fund underperformed its benchmark. Generally, the large overweight to ABS was a positive. Our underweight to Treasuries, which underperformed most credit-based sectors, added to performance. However, a single ABS security declined significantly in price and was the primary reason for our underperformance. We continue to have a favorable outlook for U.S. economic performance. We will therefore maintain an overweight to credit-based sectors. Spreads have tightened and valuations are not attractive. However, without an unexpected shock, it is difficult to envision a significant spread-widening event in the near term. These valuations could persist.
Value of a $10,000 Investment
Limited Duration Fund (Institutional Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,243 |
Aug 17 | $ | $ | $10,339 |
Aug 18 | $ | $ | $10,300 |
Aug 19 | $ | $ | $10,916 |
Aug 20 | $ | $ | $11,425 |
Aug 21 | $ | $ | $11,476 |
Aug 22 | $ | $ | $10,808 |
Aug 23 | $ | $ | $10,938 |
Aug 24 | $ | $ | $11,672 |
Aug 25 | $ | $ | $12,234 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
- | |||
4.82% | 1.38% | 2.04% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
Flexential Issuer, Series 2021-1A, Class A2 | |
The Western Union Co. | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Truist Financial Corp., Series N | |
The Charles Schwab Corp., Series I | |
Sonic Capital LLC, Series 2021-1A, Class A2I | |
Taco Bell Funding LLC, Series 2016-1A, Class A23 | |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | |
A | |
BBB- | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
The Fund maintained a relatively neutral duration, focusing instead on sector allocation and security selection. Our heavy overweight to asset-backed securities (ABS) had the largest effect on performance. Within ABS, we preferred more esoteric but less liquid securities. We funded our overweight to ABS via a large underweight to Treasuries. The Fund underperformed its benchmark. Generally, the large overweight to ABS was a positive. Our underweight to Treasuries, which underperformed most credit-based sectors, added to performance. However, a single ABS security declined significantly in price and was the primary reason for our underperformance. We continue to have a favorable outlook for U.S. economic performance. We will therefore maintain an overweight to credit-based sectors. Spreads have tightened and valuations are not attractive. However, without an unexpected shock, it is difficult to envision a significant spread-widening event in the near term. These valuations could persist.
Value of a $10,000 Investment
Limited Duration Fund (Investor Shares) | |||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,243 |
Aug 17 | $ | $ | $10,339 |
Aug 18 | $ | $ | $10,300 |
Aug 19 | $ | $ | $10,916 |
Aug 20 | $ | $ | $11,425 |
Aug 21 | $ | $ | $11,476 |
Aug 22 | $ | $ | $10,808 |
Aug 23 | $ | $ | $10,938 |
Aug 24 | $ | $ | $11,672 |
Aug 25 | $ | $ | $12,234 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | |||
- | |||
4.82% | 1.38% | 2.04% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
Flexential Issuer, Series 2021-1A, Class A2 | |
The Western Union Co. | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Truist Financial Corp., Series N | |
The Charles Schwab Corp., Series I | |
Sonic Capital LLC, Series 2021-1A, Class A2I | |
Taco Bell Funding LLC, Series 2016-1A, Class A23 | |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | |
A | |
BBB- | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | |
|---|---|
Mortgage-Backed Securities | |
Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
The Fund maintained a shorter duration bias versus the benchmark. We were overweight the front end of the yield curve and underweight the long end of the curve as we expected the U.S. yield curve to steepen. We continue to be overweight short maturity U.S. high yield and emerging market debt. As credit spreads tightened over the past 12 months, we increased our allocation to agency mortgage-backed securities (MBS) by reducing our exposure to U.S. investment grade. For the 12 months that ended August 31, 2025, the Fund outperformed its index by 50 basis points. Outperformance was driven by our overweight to yield-enhancing sectors. Our overweight to MBS contributed to performance. Yield curve positioning that favored a steepening trade drove positive relative performance. We maintained a longer duration bias in our Treasury sector. This positioning was a drag on performance as longer Treasury bonds underperformed. Markets are pricing a Federal Reserve rate cutting cycle from September into next year. We remain underweight in long-duration credit exposure. We are positioned for a steepening of the U.S. Treasury yield curve.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (A Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,003 |
Aug 19 | $ | $ | $10,665 |
Aug 20 | $ | $ | $11,111 |
Aug 21 | $ | $ | $11,903 |
Aug 22 | $ | $ | $10,715 |
Aug 23 | $ | $ | $10,930 |
Aug 24 | $ | $ | $12,020 |
Aug 25 | $ | $ | $12,756 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | |||
- | |||
6.12% | 2.80% | 3.22% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Fannie Mae | |
Freddie Mac | |
Fannie Mae | |
U.S. Treasury Bonds | |
Fannie Mae | |
Fannie Mae | |
U.S. Treasury Bonds |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB- | |
BB- | |
BB+ | |
BBB | |
AA+ | |
BB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | |
|---|---|
Corporate Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Yankee Debt Obligations | |
Investment in Affiliates | |
Foreign Bond |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Canada | |
Netherlands | |
Germany | |
Luxembourg | |
Mexico | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
The Fund maintained a shorter duration bias versus the benchmark. We were overweight the front end of the yield curve and underweight the long end of the curve as we expected the U.S. yield curve to steepen. We continue to be overweight short maturity U.S. high yield and emerging market debt. As credit spreads tightened over the past 12 months, we increased our allocation to agency mortgage-backed securities (MBS) by reducing our exposure to U.S. investment grade. For the 12 months that ended August 31, 2025, the Fund outperformed its index by 50 basis points. Outperformance was driven by our overweight to yield-enhancing sectors. Our overweight to MBS contributed to performance. Yield curve positioning that favored a steepening trade drove positive relative performance. We maintained a longer duration bias in our Treasury sector. This positioning was a drag on performance as longer Treasury bonds underperformed. Markets are pricing a Federal Reserve rate cutting cycle from September into next year. We remain underweight in long-duration credit exposure. We are positioned for a steepening of the U.S. Treasury yield curve.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Institutional Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,003 |
Aug 19 | $ | $ | $10,665 |
Aug 20 | $ | $ | $11,111 |
Aug 21 | $ | $ | $11,903 |
Aug 22 | $ | $ | $10,715 |
Aug 23 | $ | $ | $10,930 |
Aug 24 | $ | $ | $12,020 |
Aug 25 | $ | $ | $12,756 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
- | |||
6.12% | 2.80% | 3.22% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Fannie Mae | |
Freddie Mac | |
Fannie Mae | |
U.S. Treasury Bonds | |
Fannie Mae | |
Fannie Mae | |
U.S. Treasury Bonds |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB- | |
BB- | |
BB+ | |
BBB | |
AA+ | |
BB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | |
|---|---|
Corporate Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Yankee Debt Obligations | |
Investment in Affiliates | |
Foreign Bond |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Canada | |
Netherlands | |
Germany | |
Luxembourg | |
Mexico | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
The Fund maintained a shorter duration bias versus the benchmark. We were overweight the front end of the yield curve and underweight the long end of the curve as we expected the U.S. yield curve to steepen. We continue to be overweight short maturity U.S. high yield and emerging market debt. As credit spreads tightened over the past 12 months, we increased our allocation to agency mortgage-backed securities (MBS) by reducing our exposure to U.S. investment grade. For the 12 months that ended August 31, 2025, the Fund outperformed its index by 50 basis points. Outperformance was driven by our overweight to yield-enhancing sectors. Our overweight to MBS contributed to performance. Yield curve positioning that favored a steepening trade drove positive relative performance. We maintained a longer duration bias in our Treasury sector. This positioning was a drag on performance as longer Treasury bonds underperformed. Markets are pricing a Federal Reserve rate cutting cycle from September into next year. We remain underweight in long-duration credit exposure. We are positioned for a steepening of the U.S. Treasury yield curve.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Investor Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,003 |
Aug 19 | $ | $ | $10,665 |
Aug 20 | $ | $ | $11,111 |
Aug 21 | $ | $ | $11,903 |
Aug 22 | $ | $ | $10,715 |
Aug 23 | $ | $ | $10,930 |
Aug 24 | $ | $ | $12,020 |
Aug 25 | $ | $ | $12,756 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | |||
- | |||
6.12% | 2.80% | 3.22% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | |
|---|---|
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Fannie Mae | |
Freddie Mac | |
Fannie Mae | |
U.S. Treasury Bonds | |
Fannie Mae | |
Fannie Mae | |
U.S. Treasury Bonds |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB- | |
BB- | |
BB+ | |
BBB | |
AA+ | |
BB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | |
|---|---|
Corporate Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Yankee Debt Obligations | |
Investment in Affiliates | |
Foreign Bond |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Canada | |
Netherlands | |
Germany | |
Luxembourg | |
Mexico | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Administrative Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased U.S. Treasury securities of longer maturities. The Select shares of our U.S. Treasury Money Market Fund were ranked in the top 36% by Lipper for the year and ranked in the top 18% and top 24% for the previous 1-month and 3-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of Treasury securities had the greatest positive impact on the portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
U.S. Treasury Fund (Administrative Shares) | |
|---|---|
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bills | |
|---|---|
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | |
|---|---|
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased U.S. Treasury securities of longer maturities. The Select shares of our U.S. Treasury Money Market Fund were ranked in the top 36% by Lipper for the year and ranked in the top 18% and top 24% for the previous 1-month and 3-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of Treasury securities had the greatest positive impact on the portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
U.S. Treasury Fund (Institutional Shares) | |
|---|---|
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bills | |
|---|---|
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | |
|---|---|
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Select Shares | $ |
How did the Fund perform last year?
During the first quarter of 2025, we increased weighted average maturity to delay the effects of any additional Federal Reserve rate cuts. We have become increasingly confident the Fed will resume cutting interest rates in September and we have purchased U.S. Treasury securities of longer maturities. The Select shares of our U.S. Treasury Money Market Fund were ranked in the top 36% by Lipper for the year and ranked in the top 18% and top 24% for the previous 1-month and 3-month periods, respectively. Our decision to extend was well timed. Our decision to let the portfolios shorten naturally has performed less well. Well-timed purchases of Treasury securities had the greatest positive impact on the portfolios. However, the muted market response to increased Treasury Bill issuance has slowed performance relative to peers. The Cavanal Hill Money Market Funds are positioned shorter than the money fund index averages, which will allow for greater flexibility in often exaggerated market expectations.
Value of a $10,000 Investment
U.S. Treasury Fund (Select Shares) | |
|---|---|
Dec 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Aug 25 | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bills | |
|---|---|
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Notes | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | |
|---|---|
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved ineffective given that rates declined during the period. The Fund underperformed its benchmark for the period ended August 31, 2025, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 2.84% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will resume lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates as a result of supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (A Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,109 |
Aug 19 | $ | $ | $10,378 |
Aug 20 | $ | $ | $10,580 |
Aug 21 | $ | $ | $10,646 |
Aug 22 | $ | $ | $10,477 |
Aug 23 | $ | $ | $10,669 |
Aug 24 | $ | $ | $11,117 |
Aug 25 | $ | $ | $11,480 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | |||
3.26% | 1.65% | 1.81% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Metropolitan Washington Airports Authority Aviation Revenue, Series D-1 | |
|---|---|
County of Belmont OH, GO | |
City of Richmond Heights OH, GO | |
Saxe Gotha-Lexington Public Facilities Corp. Revenue | |
City of Fairview Park OH, GO | |
Oklahoma County Finance Authority Revenue | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
County of Lake OH, GO | |
City of Huber Heights OH, GO | |
City of Austin TX Revenue, Series B |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA+ | |
A+ | |
A-1 | |
AA | |
SP-1 | |
A-1+ | |
NR |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | |
|---|---|
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved ineffective given that rates declined during the period. The Fund underperformed its benchmark for the period ended August 31, 2025, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 2.84% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will resume lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates as a result of supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Institutional Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,109 |
Aug 19 | $ | $ | $10,378 |
Aug 20 | $ | $ | $10,580 |
Aug 21 | $ | $ | $10,646 |
Aug 22 | $ | $ | $10,477 |
Aug 23 | $ | $ | $10,669 |
Aug 24 | $ | $ | $11,117 |
Aug 25 | $ | $ | $11,480 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
3.26% | 1.65% | 1.81% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Metropolitan Washington Airports Authority Aviation Revenue, Series D-1 | |
|---|---|
County of Belmont OH, GO | |
City of Richmond Heights OH, GO | |
Saxe Gotha-Lexington Public Facilities Corp. Revenue | |
City of Fairview Park OH, GO | |
Oklahoma County Finance Authority Revenue | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
County of Lake OH, GO | |
City of Huber Heights OH, GO | |
City of Austin TX Revenue, Series B |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA+ | |
A+ | |
A-1 | |
AA | |
SP-1 | |
A-1+ | |
NR |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | |
|---|---|
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved ineffective given that rates declined during the period. The Fund underperformed its benchmark for the period ended August 31, 2025, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 2.84% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will resume lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates as a result of supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Investor Shares) | |||
|---|---|---|---|
Dec 17 | $ | $ | $10,000 |
Aug 18 | $ | $ | $10,109 |
Aug 19 | $ | $ | $10,378 |
Aug 20 | $ | $ | $10,580 |
Aug 21 | $ | $ | $10,646 |
Aug 22 | $ | $ | $10,477 |
Aug 23 | $ | $ | $10,669 |
Aug 24 | $ | $ | $11,117 |
Aug 25 | $ | $ | $11,480 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | |||
3.26% | 1.65% | 1.81% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $( |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Metropolitan Washington Airports Authority Aviation Revenue, Series D-1 | |
|---|---|
County of Belmont OH, GO | |
City of Richmond Heights OH, GO | |
Saxe Gotha-Lexington Public Facilities Corp. Revenue | |
City of Fairview Park OH, GO | |
Oklahoma County Finance Authority Revenue | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
County of Lake OH, GO | |
City of Huber Heights OH, GO | |
City of Austin TX Revenue, Series B |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA+ | |
A+ | |
A-1 | |
AA | |
SP-1 | |
A-1+ | |
NR |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | |
|---|---|
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
We favored investments in gas exploration and production, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark. The Fund outperformed its benchmark, returning 23.5% (institutional shares) for the year ended August 31, 2025 versus 5.76% for the MSCI World Energy Index. Our investments in nuclear power and electricity equipment outperformed as investors focused on artificial intelligence and companies that provide power for new data center construction. The Fund’s fixed income holdings contributed modestly to performance as well. Our investment in oil-focused exploration and production companies as well as investments in oilfield services also lagged the portfolio as a whole. AI-related demand for power remains a key driver of demand growth for natural gas and electricity. We also expect global demand for U.S. produced natural gas to continue. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy. We have also added companies to the portfolio that benefit from offshore oil drilling and production.
Value of a $10,000 Investment
World Energy Fund (A Shares) | S&P 500® Index | ||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,624 |
Aug 17 | $ | $ | $10,695 |
Aug 18 | $ | $ | $13,067 |
Aug 19 | $ | $ | $10,786 |
Aug 20 | $ | $ | $7,532 |
Aug 21 | $ | $ | $10,204 |
Aug 22 | $ | $ | $15,888 |
Aug 23 | $ | $ | $18,106 |
Aug 24 | $ | $ | $19,666 |
Aug 25 | $ | $ | $20,798 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | |||
S&P 500® Index | |||
5.76% | 22.52% | 7.60% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
GE Vernova, Inc. | |
|---|---|
Shell PLC | |
Cameco Corp. | |
Marathon Petroleum Corp. | |
Weatherford International PLC | |
Chevron Corp. | |
The Williams Cos., Inc. | |
Baker Hughes Co. | |
Phillips 66 | |
TechnipFMC PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Utilities | |
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Corporate Bonds | |
Yankee Debt Obligations | |
Investment in Affiliates |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Ireland | |
United Kingdom | |
Canada | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
C Shares | $ |
How did the Fund perform last year?
We favored investments in gas exploration and production, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark. The Fund outperformed its benchmark, returning 23.5% (institutional shares) for the year ended August 31, 2025 versus 5.76% for the MSCI World Energy Index. Our investments in nuclear power and electricity equipment outperformed as investors focused on artificial intelligence and companies that provide power for new data center construction. The Fund’s fixed income holdings contributed modestly to performance as well. Our investment in oil-focused exploration and production companies as well as investments in oilfield services also lagged the portfolio as a whole. AI-related demand for power remains a key driver of demand growth for natural gas and electricity. We also expect global demand for U.S. produced natural gas to continue. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy. We have also added companies to the portfolio that benefit from offshore oil drilling and production.
Value of a $10,000 Investment
World Energy Fund (C Shares) | S&P 500® Index | ||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,624 |
Aug 17 | $ | $ | $10,695 |
Aug 18 | $ | $ | $13,067 |
Aug 19 | $ | $ | $10,786 |
Aug 20 | $ | $ | $7,532 |
Aug 21 | $ | $ | $10,204 |
Aug 22 | $ | $ | $15,888 |
Aug 23 | $ | $ | $18,106 |
Aug 24 | $ | $ | $19,666 |
Aug 25 | $ | $ | $20,798 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
C Shares | |||
S&P 500® Index | |||
5.76% | 22.52% | 7.60% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
GE Vernova, Inc. | |
|---|---|
Shell PLC | |
Cameco Corp. | |
Marathon Petroleum Corp. | |
Weatherford International PLC | |
Chevron Corp. | |
The Williams Cos., Inc. | |
Baker Hughes Co. | |
Phillips 66 | |
TechnipFMC PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Utilities | |
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Corporate Bonds | |
Yankee Debt Obligations | |
Investment in Affiliates |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Ireland | |
United Kingdom | |
Canada | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
We favored investments in gas exploration and production, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark. The Fund outperformed its benchmark, returning 23.5% (institutional shares) for the year ended August 31, 2025 versus 5.76% for the MSCI World Energy Index. Our investments in nuclear power and electricity equipment outperformed as investors focused on artificial intelligence and companies that provide power for new data center construction. The Fund’s fixed income holdings contributed modestly to performance as well. Our investment in oil-focused exploration and production companies as well as investments in oilfield services also lagged the portfolio as a whole. AI-related demand for power remains a key driver of demand growth for natural gas and electricity. We also expect global demand for U.S. produced natural gas to continue. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy. We have also added companies to the portfolio that benefit from offshore oil drilling and production.
Value of a $10,000 Investment
World Energy Fund (Institutional Shares) | S&P 500® Index | ||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,624 |
Aug 17 | $ | $ | $10,695 |
Aug 18 | $ | $ | $13,067 |
Aug 19 | $ | $ | $10,786 |
Aug 20 | $ | $ | $7,532 |
Aug 21 | $ | $ | $10,204 |
Aug 22 | $ | $ | $15,888 |
Aug 23 | $ | $ | $18,106 |
Aug 24 | $ | $ | $19,666 |
Aug 25 | $ | $ | $20,798 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
S&P 500® Index | |||
5.76% | 22.52% | 7.60% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
GE Vernova, Inc. | |
|---|---|
Shell PLC | |
Cameco Corp. | |
Marathon Petroleum Corp. | |
Weatherford International PLC | |
Chevron Corp. | |
The Williams Cos., Inc. | |
Baker Hughes Co. | |
Phillips 66 | |
TechnipFMC PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Utilities | |
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Corporate Bonds | |
Yankee Debt Obligations | |
Investment in Affiliates |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Ireland | |
United Kingdom | |
Canada | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
August 31, 2025
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
We favored investments in gas exploration and production, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark. The Fund outperformed its benchmark, returning 23.5% (institutional shares) for the year ended August 31, 2025 versus 5.76% for the MSCI World Energy Index. Our investments in nuclear power and electricity equipment outperformed as investors focused on artificial intelligence and companies that provide power for new data center construction. The Fund’s fixed income holdings contributed modestly to performance as well. Our investment in oil-focused exploration and production companies as well as investments in oilfield services also lagged the portfolio as a whole. AI-related demand for power remains a key driver of demand growth for natural gas and electricity. We also expect global demand for U.S. produced natural gas to continue. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy. We have also added companies to the portfolio that benefit from offshore oil drilling and production.
Value of a $10,000 Investment
World Energy Fund (Investor Shares) | S&P 500® Index | ||
|---|---|---|---|
Aug 15 | $ | $ | $10,000 |
Aug 16 | $ | $ | $10,624 |
Aug 17 | $ | $ | $10,695 |
Aug 18 | $ | $ | $13,067 |
Aug 19 | $ | $ | $10,786 |
Aug 20 | $ | $ | $7,532 |
Aug 21 | $ | $ | $10,204 |
Aug 22 | $ | $ | $15,888 |
Aug 23 | $ | $ | $18,106 |
Aug 24 | $ | $ | $19,666 |
Aug 25 | $ | $ | $20,798 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | |||
S&P 500® Index | |||
5.76% | 22.52% | 7.60% |
Fund Statistics
Net Assets | $ |
|---|---|
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
GE Vernova, Inc. | |
|---|---|
Shell PLC | |
Cameco Corp. | |
Marathon Petroleum Corp. | |
Weatherford International PLC | |
Chevron Corp. | |
The Williams Cos., Inc. | |
Baker Hughes Co. | |
Phillips 66 | |
TechnipFMC PLC |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Utilities | |
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | |
|---|---|
Corporate Bonds | |
Yankee Debt Obligations | |
Investment in Affiliates |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | |
Ireland | |
United Kingdom | |
Canada | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
August 31, 2025
