CAVANAL HILL FUNDS

Supplement dated December 1, 2008
to the following Prospectuses, each dated January 1, 2008, as amended:

Bond Funds
Equity Funds
Money Market Funds — Administrative Shares
Money Market Funds — Institutional Shares
Money Market Funds — Select Shares
Money Market Funds — Service Shares

The American Performance Funds changed its name to “Cavanal Hill Funds” on December 1, 2008.

As a result of the name change, the following changes were also made to the Class/Series names and Funds’ CUSIP numbers:

					Ticker
Fund Name	Old CUSIP		New CUSIP		(No Change)
Cavanal Hill Balanced Fund — Institutional Shares		028846772		14956P208	AIBLX
Cavanal Hill Balanced Fund — No-Load Investor Shares		028846889		14956P109	APBAX
Cavanal Hill Bond Fund — Institutional Shares		028846822		14956P851	AIBNX
Cavanal Hill Bond Fund — No-Load Investor Shares		028846301		14956P869	APBDX
Cavanal Hill Cash Management Fund — Administrative Shares		028846202		14956P836	APCXX
Cavanal Hill Cash Management Fund — Service Shares		028846673		14956P828	APFXX
Cavanal Hill Cash Management Fund — Institutional Shares		028846665		14956P844	APHXX
Cavanal Hill Intermediate Bond Fund — Institutional Shares		028846814		14956P745	AIFBX
Cavanal Hill Intermediate Bond Fund — No-Load Investor Shares		028846400		14956P752	APFBX
Cavanal Hill Intermediate Tax-Free Bond Fund — No-Load Investor Shares		028846509		14956P737	APTFX
Cavanal Hill Intermediate Tax-Free Bond Fund — Institutional Shares		028846798		14956P729	AITEX
Cavanal Hill Short-Term Income Fund — No-Load Investor Shares		028846806		14956P307	APSTX
Cavanal Hill Short-Term Income Fund — Institutional Shares		028846780		14956P406	AISTX
Cavanal Hill Tax-Free Money Market Fund — Administrative Shares		028846749		14956P786	APBXX
Cavanal Hill Tax-Free Money Market Fund — Institutional Shares		028846723		14956P794	APEXX
Cavanal Hill Tax-Free Money Market Fund — Select Shares		028846830		14956P760	AIFXX
Cavanal Hill Tax-Free Money Market Fund — Service Shares		028846731		14956P778	APDXX
Cavanal Hill U.S. Large Cap Equity Fund — Institutional Shares		028846764		14956P604	AIEQX
Cavanal Hill U.S. Large Cap Equity Fund — No-Load Investor Shares		028846608		14956P505	APEQX
Cavanal Hill U.S. Treasury Fund — Administrative Shares		028846103		14956P802	APGXX
Cavanal Hill U.S. Treasury Fund — Institutional Shares		028846699		14956P703	APKXX
Cavanal Hill U.S. Treasury Fund — Service Shares		028846715		14956P885	APJXX

Funds not yet launched	Old CUSIP		New CUSIP		Ticker
Cavanal Hill Cash Management Fund — Select Shares		028846657		14956P810		n/a
Cavanal Hill U.S. Treasury Fund — Select Shares		028846681		14956P877		n/a

The new names and CUSIP numbers shown above should be used for all purposes from this date forward.

Additionally, the Funds’ web-site address has changed from www.apfunds.com to www.cavanalhillfunds.com.

Shareholders should retain this Supplement for future reference.

CH-SPALL-1208

CAVANAL HILL FUNDS

Supplement dated December 1, 2008
to the following Statements of Additional Information (“SAI”),
each dated January 1, 2008, as amended:
Bond and Equity Funds
Money Market Funds

The American Performance Funds changed its name to “Cavanal Hill Funds” on December 1, 2008. The “Cavanal Hill” name should replace all instances of “American Performance” in the Funds’ Statements of Additional Information.

CH-SAI-1208