0001534424-13-000009.txt : 20130110 0001534424-13-000009.hdr.sgml : 20130110 20130110080520 ACCESSION NUMBER: 0001534424-13-000009 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130110 DATE AS OF CHANGE: 20130110 EFFECTIVENESS DATE: 20130110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cavanal Hill Funds CENTRAL INDEX KEY: 0000864508 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-35190 FILM NUMBER: 13521543 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cavanal Hill Funds CENTRAL INDEX KEY: 0000864508 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06114 FILM NUMBER: 13521544 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 485BPOS 1 f12-2011.htm 485BPOS FILING

As filed with the Securities and Exchange Commission on January 10, 2013
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   þ
Post-Effective Amendment No. 57   þ
     
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940   þ
Amendment No. 55   þ

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):

þ Immediately upon filing pursuant to paragraph (b)

o On December 31, 2011 pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o On September 1, 2011 pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o On September 1, 2011 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. 57 to the Company’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 56 filed December 21, 2012 and incorporates Parts A, B and C from said amendment.

 
 

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. 57 to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Tulsa, Oklahoma on the 10th day of January of 2013.

     
  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 of effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 57 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   January 10, 2013
James L. Huntzinger        
         
*/s/ Scott H. Rhodes   Treasurer, Chief Financial Officer   January 10, 2013
Scott H. Rhodes        
         
*/s/ William H. Wilson Jr.   Trustee   January 10, 2013
William H. Wilson Jr        
         
*/s/ David L. Foster   Trustee   January 10, 2013
David L. Foster        
         
*/s/ Scott Grauer   Trustee   January 10, 2013
Scott Grauer        
         
* By Power of Attorney.        

 

 
 
 

EXHIBIT INDEX

Index No. Description of Index
   
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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0000864508 chf:S000008939Member chf:C000102308Member chf:ReturnBeforeTaxesMember 2012-12-31 2012-12-31 iso4217:USD xbrli:pure 485BPOS 2012-12-31 Cavanal Hill Funds 0000864508 false chf 2012-12-31 2012-12-31 2012-12-31 <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">U.S.TREASURY FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">CASH MANAGEMENT FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">TAX-FREE MONEY MARKET FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">SHORT-TERM INCOME FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">INTERMEDIATE BOND FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">BOND FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">INTERMEDIATE TAX-FREE BOND FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">BALANCED FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">U.S. LARGE CAP EQUITY FUND</font></b></p></div> <div><p><b><font style="font-size:14.0pt; font-family:Arial,sans-serif; ">OPPORTUNISTIC FUND</font></b></p></div> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font> </strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Investment Objective</font></strong></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Times New Roman">To seek current income with liquidity and stability of principal.</font> </p> <p style="MARGIN:0in 0in 2pt"><font 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Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </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 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> <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> <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. 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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> <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> <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> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><strong>Annual Fund Operating Expenses <br /></strong></font><font style="font: 11pt Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><strong>Annual Fund Operating Expenses <br /></strong></font><font style="font: 11pt Times New Roman">(expenses that you pay each year as a percentage of the value of your investment).</font></p> <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> <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> <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> <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> <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> <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> <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> <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> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <div style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Example</b></font></div> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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:&#160;</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Strategy</font></strong></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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> <p style="margin: 0in 0in 12pt 0pt"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="margin: 0in 0in 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman, Times, Serif">As a fundamental policy, the Fund 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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="margin: 0in 0in 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">The Fund will seek to increase the value of your investment through a combination of income and capital gains.&#160; </font></p> <p style="margin: 0in 0in 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">In addition to the securities described above, the Fund may invest in other debt securities.&#160; </font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">In addition to the securities described above, the Fund may invest in other debt securities.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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,&#160; collateralized mortgage obligations and municipal bonds. </font></p> <p style="margin: 0in 0in 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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&#38;P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.</font></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <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> <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> <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> <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> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Principal Investment Risks</font></strong></p> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><b>Banking Risk </b>&#151; To the extent that the Fund invests in securities issued by U.S. Banks, foreign banks or 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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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. 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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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><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.&#160; </font></div> </li> <li><div><font style="font: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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.&#160;&#160; </font></div> </li> <li><div><font style="font: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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.&#160; 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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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. 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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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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.&#160; </font></div> </li> </ul> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt 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: 11pt 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: 11pt 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.&#160; </font></div> </li> <li> <div><font style="font: 7pt Times New Roman">&#160;</font><font style="font-size: 11pt"><b>Interest Rate Risk </b>&#151; <font style="font-family: Times New Roman, Times, Serif">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></font></div> </li> <li> <div><font style="font: 11pt Times New Roman"><font style="font-family: Symbol"><font style="font: 7pt Times New Roman">&#160;</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: 11pt 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: 11pt 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: 11pt 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: 11pt 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. 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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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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: 11pt 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. 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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><font style="font-family: Times New Roman"> </font></p> <p><font style="font: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt 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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><b>Issuer Specific Risk</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></li> <li><font style="font: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif"><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: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Performance Information</font></strong></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; text-align: justify; line-height: normal; margin: 0in 0in 12pt 0pt"><font style="font: 11pt Times New Roman, Times, Serif">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.&#160; 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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; text-align: justify; line-height: normal; margin: 0in 0in 12pt 0pt"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; text-align: justify; line-height: normal; margin: 0in 0in 12pt 0pt"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="line-height: normal; margin: 0in 0in 12pt 0pt"><font style="font: 11pt Times New Roman, Times, Serif">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: 11pt Times New Roman, Times, Serif">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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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.&#160; 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> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Select Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="MARGIN:0in 0in 2pt"><strong><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Annual Total Returns for Investor Shares (Periods Ended 12/31)</font></strong></p> <p style="margin: 0in 0in 2pt"><font style="font: 8pt Times New Roman">[1]&#160; The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 0.01%.</font></p> <p style="margin: 0in 0in 2pt"><font style="font: 8pt Times New Roman"></font>&#160;</p> <p style="margin: 0in 0in 0pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 0.01%.</font></p> <p style="margin: 0in 0in 2pt"><font style="font: 8pt Times New Roman"></font>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 0.03%.</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman"></font>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 4.02%.</font></p> <p style="margin: 0in 0in 2pt"><strong><font style="font: 8pt Times New Roman"></font></strong>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 7.09%.</font></p> <p style="margin: 0in 0in 2pt"><strong><font style="font: 8pt Times New Roman"></font></strong>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 5.69%.</font></p> <p style="margin: 0in 0in 2pt"><strong><font style="font: 8pt Times New Roman"></font></strong>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 3.48%.</font></p> <p style="margin: 0in 0in 2pt"><strong><font style="font: 8pt Times New Roman"></font></strong>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 9.00%.</font></p> <p style="margin: 0in 0in 2pt"><strong><font style="font: 8pt Times New Roman"></font></strong>&#160;</p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 8pt Times New Roman">[1] The performance information shown above is based on a calendar year. The Fund&#146;s total return from 1/1/12 to 9/30/12 was 11.93%.</font></p> <p style="margin: 0in 0in 2pt"><sup><strong><font style="font: 8pt Times New Roman"></font></strong></sup>&#160;</p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2006</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2011</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">1.16%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt 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: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman"></font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"><font style="font: 11pt Times New Roman, Times, Serif">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2011. 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 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2006</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2011</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">1.20%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">0.00%</font></p></td> </tr></table> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2011. 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 and Institutional Class Shares commenced operations on January 2, 2007 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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><font style="font-family: Times New Roman"> </font></p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">2Q 2007</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">3Q 2011</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">0.89%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">0.00%</font></p></td> </tr></table> <p style="margin: 0in 0in 2pt; line-height: normal"><sup><font style="font: 11pt Times New Roman"></font></sup>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">This table shows the Fund&#146;s average annual total returns for periods ended December 31, 2011. Administrative 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 commenced operations on September 17, 2012; performance shown for prior periods is that of the Select Class. 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.&#160;</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">2Q 2009</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2008</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">6.26%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt 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: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman"></font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 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> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman"> </font></p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">3Q 2009</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2008</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">6.12%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt 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: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman"></font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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</font> <font style="font: 11pt Times New Roman, Times, Serif">are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="width: 253px; width: 189.9pt; border-collapse: collapse"> <tr> <td style="width: 127px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 95.4pt; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 126px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 94.5pt; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 127px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 95.4pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">3Q 2009</font></p></td> <td style="width: 126px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 94.5pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2008</font></p></td> </tr> <tr> <td style="width: 127px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 95.4pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">6.55%</font></p></td> <td style="width: 126px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 94.5pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 0in 0in 2pt; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">(6.50)%</font></p></td> </tr></table> <p style="margin: 0in 0in 12pt 0pt; line-height: normal"><font style="font: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">3Q 2009</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2010</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4.87%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">(3.78)%</font></p></td> </tr></table> <p style="margin: 0in 0in 2pt; line-height: normal"><sup><font style="font: 11pt Times New Roman"></font></sup>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman"></font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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 as IRA or 401(k) plans.</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">2Q 2009</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2008</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">12.13%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt 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: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 to those of the Russell 1000</font><font style="vertical-align: text-top">&#174; <font style="font: 11pt Times New Roman, Times, Serif">Index and the Barclays 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.&#160;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</font>&#174; <font style="font: 11pt Times New Roman, Times, Serif">Index is presented to show how the Fund&#146;s performance compares to an index of equity funds, while the Barclays U.S. Aggregate Bond Index shows how the Fund&#146;s performance compares to an index of&#160;&#160;bond funds.</font></font></p> <table border="1" cellpadding="0" cellspacing="0" style="border-style: none; margin: auto auto auto 5.4pt; border-width: medium; border-collapse: collapse"> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 80pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Best quarter:</font></b></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: #ece9d8; width: 92.7pt; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><b><font style="font: 11pt Arial,sans-serif">Worst quarter:</font></b></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">2Q 2009</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">4Q 2008</font></p></td> </tr> <tr> <td style="width: 107px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 80pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt Times New Roman">16.83%</font></p></td> <td style="width: 124px; border-right-color: #ece9d8; padding: 0in 5.4pt; border-top-color: #ece9d8; border-left-color: #ece9d8; width: 92.7pt; border-bottom: windowtext 1pt solid; background-color: transparent; vertical-align: top"> <p style="margin: 2pt 0in; text-align: center; text-align: center"><font style="font: 11pt 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: 11pt Times New Roman"></font>&#160;</p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">This table compares the Fund&#146;s average annual total returns for periods ended December 31, 2011 to those of the Russell 1000</font><font style="vertical-align: text-top">&#174; </font><font style="font: 11pt Times New Roman, Times, Serif">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> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns for Administrative, Service, Institutional, Select and Premier Shares and predecessors.<br style="clear: left" /> (Periods Ended 12/31/2011)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns for Administrative, Institutional, Select and Premier Shares and predecessors.<br style="clear: left" /> (Periods Ended 12/31/2011)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns for Administrative, Institutional, Select and Premier Shares and predecessors.<br style="clear: left" /> (Periods Ended 12/31/2011)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><b>Average Annual Total Returns (Periods Ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman; margin: 0mm 0mm 2pt"><strong><font style="font: 11pt Times New Roman; letter-spacing: -0.25pt">Y</font>ield</strong></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman"></font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"><font style="font: 11pt Times New Roman, Times, Serif">The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares; 0.00% for Service Shares; and 0.00% for Institutional Shares. The Select Shares have not commenced operations as of the date of this prospectus and the Premier Shares had not commenced operation as of the reporting period.</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <p style="font: 11pt Times New Roman; margin: 0mm 0mm 2pt"><strong><font style="font: 11pt Times New Roman; letter-spacing: -0.25pt">Y</font>ield</strong></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares and 0.00% 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: 11pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <p style="font: 11pt Times New Roman; margin: 0mm 0mm 2pt"><strong><font style="font: 11pt Times New Roman; letter-spacing: -0.25pt">Y</font>ield</strong></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">The 7-day yield for the period ended 12/31/11 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.01% 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: 11pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <p style="MARGIN:0in 0in 2pt"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font></b></p> <p style="MARGIN:0in 0in 2pt"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font></b></p> <p style="MARGIN:0in 0in 2pt"><b><font style="font-size:11.0pt; font-family:Arial,sans-serif; ">Fees and Expenses</font></b></p> <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> <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> <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> <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> <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> <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> <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> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment): None.</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment): None.</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment): None.</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <p style="margin: 0in 0in 2pt; line-height: normal"><font style="font: 11pt Arial,sans-serif"><b>Shareholder Fees</b></font><b> </b><font style="font: 11pt Times New Roman">(fees paid directly from your investment):</font></p> <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> <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> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0in 0in 2pt"><font style="font: 11pt Arial,sans-serif"><b>Portfolio Turnover</b></font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 62% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 34% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 34% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 8% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 64% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 51% of the average value of its portfolio.</font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 11pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">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 resent fiscal year, the Fund&#146;s portfolio turnover rate was 207% of the average value of its portfolio. </font></p> <p style="text-justify: inter-ideograph; margin: 0in 0in 2pt; text-align: justify"><font style="font: 11pt 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> <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> <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">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt 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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt 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">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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt 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="text-justify: inter-ideograph; margin: 0in 0in 12pt 0pt; line-height: normal; text-align: justify"><font style="font: 11pt 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="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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">1-800-762-7085</font> <font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www.cavanalhillfunds.com</font> </font> <font><font style="font-size:11.0pt; font-family:Times New Roman">www. cavanalhillfunds.com</font> </font> <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> <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> <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><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> <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><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> <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> <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> <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> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> <p style="MARGIN:0mm 0mm 2pt"><font style="font-size:11.0pt; font-family:Times New Roman">Year to Date Return</font></p> 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Best quarter:</strong></font> 2006-12-31 2006-12-31 2007-06-30 2009-06-30 2009-09-30 2009-09-30 2009-09-30 2009-06-30 2009-06-30 <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> <font style="font-size:11.0pt; font-family:Arial,sans-serif; "><strong>Worst quarter:</strong></font> 2011-12-31 2011-12-31 2011-09-30 2008-12-31 2008-12-31 2008-12-31 2010-12-31 2008-12-31 2008-12-31 <p style="MARGIN:0mm 0mm 0pt"><b><font style="font-size:11.0pt; font-family:Times New Roman">Yield</font></b></p> <p style="MARGIN:0mm 0mm 0pt"><b><font style="font-size:11.0pt; font-family:Times New Roman">Yield</font></b></p> <p style="MARGIN:0mm 0mm 0pt"><b><font style="font-size:11.0pt; font-family:Times New Roman">Yield</font></b></p> <font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <font style="font-size:11.0pt; font-family:Times New Roman">(800) 762-7085</FONT> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif">The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares; 0.00% for Service Shares; and 0.00% for Institutional Shares. The Select Shares have not commenced operations as of the date of this prospectus and the Premier Shares had not commenced operation as of the reporting period.</p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman"></font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman"></font>&#160;</p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares and 0.00% 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: 11pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman, Times, Serif">You may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p> <p style="margin: 0mm 0mm 0pt"><font style="font: 11pt Times New Roman">The 7-day yield for the period ended 12/31/11 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.01% for Select Shares. 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Roman">Loss of money is a risk of investing in the Fund.</font> </font> <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> <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> <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> <font style="font-size:11.0pt; font-family:Times New Roman">Loss of money is a risk of investing in the Fund.</font> <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> <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> 0.62 0.34 0.34 0.08 0.64 0.51 2.07 <p style="MARGIN:0in 0in 12pt 0pt; LINE-HEIGHT:normal"><font style="font-size:11.0pt; font-family:Times New Roman">Sales 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compact * column dei_LegalEntityAxis compact chf_S000008939Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> On shares purchased without an initial sales charge and redeemed within 12 months of purchase. 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. 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 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 0.13% 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 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. 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 0.40% 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, 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 0.35% 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, 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 0.39% 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, 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 0.29% 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, 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 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, 2013. 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, 2013 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. 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Footnotes Performance Table Closing [Text Block] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 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) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Column [Text] Management Fees Distribution/Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Shareholder Servicing Fees Other Expenses Component3 Other Expenses Total Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Less Fee Waivers Total Annual Fund Operating Expenses After Fee Waiver Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption, By Year, Column [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Label 1 Year 5 Years 10 Years Since Inception Inception Date Risk/Return Detail [Table] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield U.S. Treasury Fund. Administrative shares class. Service shares class. Institutional shares class. Select shares class. Premier shares class. Cash Management Fund. Administrative shares class. Institutional shares class. Select shares class. Premier shares class. Tax-Free Money Market Fund. Administrative shares class. Institutional shares class. Select shares class. Premier shares class. Short-Term Income Fund. A shares class. Investor shares class. Institutional shares class. BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index (reflects no deduction for expenses, fees or taxes). Intermediate Bond Fund. A shares class. Investor shares class. Institutional shares class. Barclays U.S. Intermediate Aggregate Bond Index (reflects no deduction for expenses, fees or taxes). Bond Fund. A shares class. Investor shares class. Institutional shares class. Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes). Intermediate Tax-Free Bond Fund. A shares class. Investor shares class. Institutional shares class. Barclays U.S. Municipal Bond Index (reflects no deduction for expenses, fees or taxes). Balanced Fund. A shares class. Investor shares class. Institutional shares class. Russell 1000® Index (reflects no deduction for expenses, fees or taxes). U.S. Large Cap Equity Fund. A share class. Investor share class. Institutional share class. Opportunistic Fund. A share class. Investor share class. Institutional share class. The default member of the Performance Measure axis. It represents any return that is measured before taxes. 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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName Cavanal Hill Funds
Central Index Key dei_EntityCentralIndexKey 0000864508
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol chf
Document Creation Date dei_DocumentCreationDate Dec. 31, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 31, 2012
Prospectus Date rr_ProspectusDate Dec. 31, 2012
U.S. Treasury Fund
 
[RiskReturnAbstract] 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 [Text] 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 [Text] 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 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%
Annual Return 2011 rr_AnnualReturn2011 0.01%
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 1/1/12 to 9/30/12 was 0.01%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

4Q 2006

4Q 2011

1.16%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. 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 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2006
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.16%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2011
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 12/31/2011)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares; 0.00% for Service Shares; and 0.00% for Institutional Shares. The Select Shares have not commenced operations as of the date of this prospectus and the Premier Shares had not commenced operation as of the reporting period.

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 12/31/11 was 0.00% for Administrative Shares; 0.00% for Service Shares; and 0.00% for Institutional Shares. The Select Shares have not commenced operations as of the date of this prospectus and the Premier Shares had not commenced operation as of the reporting period.

 

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 Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.17%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.69%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 70
3 Years rr_ExpenseExampleYear03 257
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 460
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,045
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.09%
10 Years rr_AverageAnnualReturnYear10 1.42%
U.S. Treasury Fund | Service Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.47%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.39%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 40
3 Years rr_ExpenseExampleYear03 227
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 431
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,017
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.18%
10 Years rr_AverageAnnualReturnYear10 1.46%
U.S. Treasury Fund | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.61%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.34%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.27%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 28
3 Years rr_ExpenseExampleYear03 161
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 306
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 730
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.24%
10 Years rr_AverageAnnualReturnYear10 1.49%
U.S. Treasury Fund | Select Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.61%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.42%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.19%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 19
3 Years rr_ExpenseExampleYear03 153
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 299
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 722
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.09%
10 Years rr_AverageAnnualReturnYear10 1.42%
U.S. Treasury Fund | Premier Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.87%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.24%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 25
3 Years rr_ExpenseExampleYear03 266
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 527
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,273
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.09%
10 Years rr_AverageAnnualReturnYear10 1.42%
Cash Management Fund
 
[RiskReturnAbstract] 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 [Text] 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 or 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 [Text] 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 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%
Annual Return 2011 rr_AnnualReturn2011 0.01%
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 1/1/12 to 9/30/12 was 0.01%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

4Q 2006

4Q 2011

1.20%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. 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 and Institutional Class Shares commenced operations on January 2, 2007 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2006
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.00%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for Administrative, Institutional, Select and Premier Shares and predecessors.
(Periods Ended 12/31/2011)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares and 0.00% 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 12/31/11 was 0.00% for Administrative Shares and 0.00% 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 Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.30%) [2]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.56%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 57
3 Years rr_ExpenseExampleYear03 244
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 447
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,033
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.34%
10 Years rr_AverageAnnualReturnYear10 1.66%
Cash Management Fund | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.61%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.34%) [2]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.27%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 28
3 Years rr_ExpenseExampleYear03 161
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 306
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 730
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.53%
10 Years rr_AverageAnnualReturnYear10 1.76%
Cash Management Fund | Select Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.61%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.42%) [2]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.19%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 19
3 Years rr_ExpenseExampleYear03 153
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 299
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 722
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.34%
10 Years rr_AverageAnnualReturnYear10 1.66%
Cash Management Fund | Premier Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.87%) [2]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.24%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 25
3 Years rr_ExpenseExampleYear03 266
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 527
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,273
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 1.34%
10 Years rr_AverageAnnualReturnYear10 1.66%
Tax-Free Money Market Fund
 
[RiskReturnAbstract] 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 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 [Text] 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 [Text] 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%
Annual Return 2011 rr_AnnualReturn2011 0.06%
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 1/1/12 to 9/30/12 was 0.03%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2Q 2007

3Q 2011

0.89%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. Administrative 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 commenced operations on September 17, 2012; performance shown for prior periods is that of the Select Class. 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.03%
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, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.00%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for Administrative, Institutional, Select and Premier Shares and predecessors.
(Periods Ended 12/31/2011)

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Yield

The 7-day yield for the period ended 12/31/11 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.01% 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 12/31/11 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.01% 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
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.88%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.20%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.68%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 69
3 Years rr_ExpenseExampleYear03 261
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 468
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,066
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 0.93%
Since Inception rr_AverageAnnualReturnSinceInception 1.45%
Tax-Free Money Market Fund | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.37%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.26%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 27
3 Years rr_ExpenseExampleYear03 164
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 315
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 751
1 Year rr_AverageAnnualReturnYear01 0.02%
5 Years rr_AverageAnnualReturnYear05 1.17%
Since Inception rr_AverageAnnualReturnSinceInception 1.63%
Tax-Free Money Market Fund | Select Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.15%
Distribution/Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.45%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 18
3 Years rr_ExpenseExampleYear03 156
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 307
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 743
1 Year rr_AverageAnnualReturnYear01 0.06%
5 Years rr_AverageAnnualReturnYear05 1.25%
Since Inception rr_AverageAnnualReturnSinceInception 1.69%
Tax-Free Money Market Fund | Premier Shares
 
[RiskReturnAbstract] 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 0.21%
Total Other Expenses rr_OtherExpensesOverAssets 0.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.90%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.23%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 24
3 Years rr_ExpenseExampleYear03 270
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 535
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,294
1 Year rr_AverageAnnualReturnYear01 0.06%
5 Years rr_AverageAnnualReturnYear05 1.25%
Since Inception rr_AverageAnnualReturnSinceInception 1.69%
Short-Term Income Fund
 
[RiskReturnAbstract] 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 [Text Block] 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 62% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 62.00%
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 [Text] 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 3.19%
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 1/1/12 to 9/30/12 was 4.02%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

6.26%

(12.47)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.02%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.26%
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 12/31/11)

Short-Term Income Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.28%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.60%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.68%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 318
3 Years rr_ExpenseExampleYear03 588
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 879
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,705
Short-Term Income Fund | Investor Shares
 
[RiskReturnAbstract] 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 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.63%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.75%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.68%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 69
3 Years rr_ExpenseExampleYear03 379
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 710
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,648
Short-Term Income Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.63%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.18%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.75%) [5]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.43%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 44
3 Years rr_ExpenseExampleYear03 300
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 577
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,365
Short-Term Income Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.25%
5 Years rr_AverageAnnualReturnYear05 1.29%
10 Years rr_AverageAnnualReturnYear10 1.83%
Short-Term Income Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.07%
5 Years rr_AverageAnnualReturnYear05 1.49%
10 Years rr_AverageAnnualReturnYear10 1.95%
Short-Term Income Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.68%
5 Years rr_AverageAnnualReturnYear05 2.33%
10 Years rr_AverageAnnualReturnYear10 3.09%
Short-Term Income Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.19%
5 Years rr_AverageAnnualReturnYear05 2.84%
10 Years rr_AverageAnnualReturnYear10 3.19%
Short-Term Income Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.43%
5 Years rr_AverageAnnualReturnYear05 3.12%
10 Years rr_AverageAnnualReturnYear10 3.51%
Short-Term Income Fund | BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 3.10%
5 Years rr_AverageAnnualReturnYear05 4.81%
10 Years rr_AverageAnnualReturnYear10 4.26%
Intermediate Bond Fund
 
[RiskReturnAbstract] 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 34% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
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 [Text] 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):

  • 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 5.95%
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 1/1/12 to 9/30/12 was 7.09%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3Q 2009

4Q 2008

6.12%

(10.13)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.09%
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 12/31/11)

Intermediate Bond Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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 0.54%
Total Other Expenses rr_OtherExpensesOverAssets 0.64%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.44%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.55%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 462
3 Years rr_ExpenseExampleYear03 761
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,082
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,989
Intermediate Bond Fund | Investor Shares
 
[RiskReturnAbstract] 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 0.54%
Total Other Expenses rr_OtherExpensesOverAssets 0.79%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.59%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 91
3 Years rr_ExpenseExampleYear03 433
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 799
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,830
Intermediate Bond Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.54%
Total Other Expenses rr_OtherExpensesOverAssets 0.79%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.34%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.64%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 65
3 Years rr_ExpenseExampleYear03 355
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 667
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,552
Intermediate Bond Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.64%
5 Years rr_AverageAnnualReturnYear05 2.04%
10 Years rr_AverageAnnualReturnYear10 2.26%
Intermediate Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.86%
5 Years rr_AverageAnnualReturnYear05 2.20%
10 Years rr_AverageAnnualReturnYear10 2.38%
Intermediate Bond Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.02%
5 Years rr_AverageAnnualReturnYear05 3.02%
10 Years rr_AverageAnnualReturnYear10 3.60%
Intermediate Bond Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.95%
5 Years rr_AverageAnnualReturnYear05 3.82%
10 Years rr_AverageAnnualReturnYear10 4.00%
Intermediate Bond Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.22%
5 Years rr_AverageAnnualReturnYear05 4.09%
10 Years rr_AverageAnnualReturnYear10 4.17%
Intermediate Bond Fund | Barclays U.S. Intermediate Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 5.97%
5 Years rr_AverageAnnualReturnYear05 6.09%
10 Years rr_AverageAnnualReturnYear10 5.39%
Bond Fund
 
[RiskReturnAbstract] 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 34% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
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 [Text] 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 7.61%
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 1/1/12 to 9/30/12 was 5.69%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3Q 2009

4Q 2008

6.55%

(6.50)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 5.69%
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 12/31/11)

Bond Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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
3 Years rr_ExpenseExampleYear03 722
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,016
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,848
Bond Fund | Investor Shares
 
[RiskReturnAbstract] 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 78
3 Years rr_ExpenseExampleYear03 393
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 731
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,686
Bond Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
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
3 Years rr_ExpenseExampleYear03 315
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 598
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,404
Bond Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.19%
5 Years rr_AverageAnnualReturnYear05 3.27%
10 Years rr_AverageAnnualReturnYear10 3.12%
Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.92%
5 Years rr_AverageAnnualReturnYear05 3.25%
10 Years rr_AverageAnnualReturnYear10 3.16%
Bond Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.56%
5 Years rr_AverageAnnualReturnYear05 4.29%
10 Years rr_AverageAnnualReturnYear10 4.63%
Bond Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.61%
5 Years rr_AverageAnnualReturnYear05 5.08%
10 Years rr_AverageAnnualReturnYear10 5.03%
Bond Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.89%
5 Years rr_AverageAnnualReturnYear05 5.34%
10 Years rr_AverageAnnualReturnYear10 5.18%
Bond Fund | Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 7.84%
5 Years rr_AverageAnnualReturnYear05 6.50%
10 Years rr_AverageAnnualReturnYear10 5.78%
Intermediate Tax-Free Bond Fund
 
[RiskReturnAbstract] 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 8% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 8.00%
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 [Text] 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 9.56%
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 1/1/12 to 9/30/12 was 3.48%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

3Q 2009

4Q 2010

4.87%

(3.78)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.48%
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 12/31/11)

Intermediate Tax-Free Bond Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.55%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.74%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 448
3 Years rr_ExpenseExampleYear03 716
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,005
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,827
Intermediate Tax-Free Bond Fund | Investor Shares
 
[RiskReturnAbstract] 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 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.62%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.44%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.74%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 76
3 Years rr_ExpenseExampleYear03 387
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 720
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,664
Intermediate Tax-Free Bond Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.62%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.19%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.70%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.49%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 50
3 Years rr_ExpenseExampleYear03 308
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 587
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,381
Intermediate Tax-Free Bond Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.47%
5 Years rr_AverageAnnualReturnYear05 5.09%
10 Years rr_AverageAnnualReturnYear10 4.34%
Intermediate Tax-Free Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.38%
5 Years rr_AverageAnnualReturnYear05 4.84%
10 Years rr_AverageAnnualReturnYear10 4.23%
Intermediate Tax-Free Bond Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.55%
5 Years rr_AverageAnnualReturnYear05 4.33%
10 Years rr_AverageAnnualReturnYear10 3.98%
Intermediate Tax-Free Bond Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.56%
5 Years rr_AverageAnnualReturnYear05 5.11%
10 Years rr_AverageAnnualReturnYear10 4.38%
Intermediate Tax-Free Bond Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.82%
5 Years rr_AverageAnnualReturnYear05 5.40%
10 Years rr_AverageAnnualReturnYear10 4.55%
Intermediate Tax-Free Bond Fund | Barclays U.S. Municipal Bond Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 10.70%
5 Years rr_AverageAnnualReturnYear05 5.22%
10 Years rr_AverageAnnualReturnYear10 5.38%
Balanced Fund
 
[RiskReturnAbstract] 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 64% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 64.00%
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 [Text] 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 3.03%
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 1/1/12 to 9/30/12 was 9.00%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

12.13%

(14.85)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Russell 1000® Index and the Barclays 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 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 9.00%
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 12/31/11)

Balanced Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.48%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.53%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.59%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 641
3 Years rr_ExpenseExampleYear03 952
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,286
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,226
Balanced Fund | Investor Shares
 
[RiskReturnAbstract] 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 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.63%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.68%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.74%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 96
3 Years rr_ExpenseExampleYear03 457
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 843
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,925
Balanced Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.38%
Total Other Expenses rr_OtherExpensesOverAssets 0.63%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.74%) [7]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.69%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 70
3 Years rr_ExpenseExampleYear03 380
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 711
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,649
Balanced Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.44%
5 Years rr_AverageAnnualReturnYear05 1.15%
10 Years rr_AverageAnnualReturnYear10 3.38%
Balanced Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.15%
5 Years rr_AverageAnnualReturnYear05 1.37%
10 Years rr_AverageAnnualReturnYear10 3.38%
Balanced Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.64%)
5 Years rr_AverageAnnualReturnYear05 1.05%
10 Years rr_AverageAnnualReturnYear10 3.89%
Balanced Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.03%
5 Years rr_AverageAnnualReturnYear05 2.19%
10 Years rr_AverageAnnualReturnYear10 4.48%
Balanced Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.37%
5 Years rr_AverageAnnualReturnYear05 2.46%
10 Years rr_AverageAnnualReturnYear10 4.68%
Balanced Fund | Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 1.50%
5 Years rr_AverageAnnualReturnYear05 (0.02%)
10 Years rr_AverageAnnualReturnYear10 3.34%
Balanced Fund | Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 7.84%
5 Years rr_AverageAnnualReturnYear05 6.50%
10 Years rr_AverageAnnualReturnYear10 5.78%
U.S. Large Cap Equity Fund
 
[RiskReturnAbstract] 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 [Text Block] 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 51% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 51.00%
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 [Text] 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 [Text] 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 [Text] rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the total return figures.

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%
Annual Return 2011 rr_AnnualReturn2011 (4.40%)
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 1/1/12 to 9/30/12 was 11.93%.

 

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

16.83%

(23.25)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 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, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 11.93%
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 12/31/11)

U.S. Large Cap Equity Fund | A Shares
 
[RiskReturnAbstract] 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% [4]
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 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.47%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.41%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.49%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.92%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 639
3 Years rr_ExpenseExampleYear03 926
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,235
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,108
U.S. Large Cap Equity Fund | Investor Shares
 
[RiskReturnAbstract] 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 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.62%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.56%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.64%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.92%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 94
3 Years rr_ExpenseExampleYear03 430
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 789
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,802
U.S. Large Cap Equity Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 0.37%
Total Other Expenses rr_OtherExpensesOverAssets 0.62%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.64%) [8]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.67%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 68
3 Years rr_ExpenseExampleYear03 352
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 657
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,523
U.S. Large Cap Equity Fund | Return After Taxes on Distributions | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.51%)
5 Years rr_AverageAnnualReturnYear05 (0.02%)
10 Years rr_AverageAnnualReturnYear10 3.11%
U.S. Large Cap Equity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.80%)
5 Years rr_AverageAnnualReturnYear05 0.05%
10 Years rr_AverageAnnualReturnYear10 2.76%
U.S. Large Cap Equity Fund | Return Before Taxes | A Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.70%)
5 Years rr_AverageAnnualReturnYear05 (1.06%)
10 Years rr_AverageAnnualReturnYear10 2.65%
U.S. Large Cap Equity Fund | Return Before Taxes | Investor Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.44%)
5 Years rr_AverageAnnualReturnYear05 0.06%
10 Years rr_AverageAnnualReturnYear10 3.24%
U.S. Large Cap Equity Fund | Return Before Taxes | Institutional Shares
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.20%)
5 Years rr_AverageAnnualReturnYear05 0.31%
10 Years rr_AverageAnnualReturnYear10 3.39%
U.S. Large Cap Equity Fund | Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for expenses, fees or taxes)
1 Year rr_AverageAnnualReturnYear01 1.50%
5 Years rr_AverageAnnualReturnYear05 (0.02%)
10 Years rr_AverageAnnualReturnYear10 3.34%
Opportunistic Fund
 
[RiskReturnAbstract] 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. During the most resent fiscal year, the Fund’s portfolio turnover rate was 207% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 207.00%
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 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.

Strategy Portfolio Concentration [Text] 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 [Text] 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
 
[RiskReturnAbstract] 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% [4]
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 2.61%
Total Other Expenses rr_OtherExpensesOverAssets 2.71%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.45%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (2.42%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.03%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 745
3 Years rr_ExpenseExampleYear03 1,615
Opportunistic Fund | Investor Shares
 
[RiskReturnAbstract] 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 2.61%
Total Other Expenses rr_OtherExpensesOverAssets 2.86%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.60%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (2.32%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.28%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 231
3 Years rr_ExpenseExampleYear03 1,180
Opportunistic Fund | Institutional Shares
 
[RiskReturnAbstract] 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   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses rr_Component2OtherExpensesOverAssets 2.61%
Total Other Expenses rr_OtherExpensesOverAssets 2.86%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.35%
Less Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (2.57%) [9]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.78%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 181
3 Years rr_ExpenseExampleYear03 1,085
[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. 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.
[2] 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 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 0.13% 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.
[3] 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 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. 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.
[4] On shares purchased without an initial sales charge and redeemed within 12 months of purchase.
[5] 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, 2013 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, 2013 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 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, 2013 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
[8] 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, 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 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, 2013. 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, 2013 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.
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 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%       0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.21% 0.21% 0.21% 0.21% 0.21%
Total Other Expenses 0.46% 0.46% 0.46% 0.46% 0.46%
Total Annual Fund Operating Expenses 0.86% 0.86% 0.61% 0.61% 1.11%
Less Fee Waivers [1] (0.17%) (0.47%) (0.34%) (0.42%) (0.87%)
Total Annual Fund Operating Expenses After Fee Waiver 0.69% 0.39% 0.27% 0.19% 0.24%
[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. 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 Shares
70 257 460 1,045
Service Shares
40 227 431 1,017
Institutional Shares
28 161 306 730
Select Shares
19 153 299 722
Premier Shares
25 266 527 1,273

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 1/1/12 to 9/30/12 was 0.01%.

 

Best quarter:

Worst quarter:

4Q 2006

4Q 2011

1.16%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. 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 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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 12/31/2011)

Average Annual Total Returns U.S. Treasury Fund
1 Year
5 Years
10 Years
Administrative Shares
0.01% 1.09% 1.42%
Service Shares
0.01% 1.18% 1.46%
Institutional Shares
0.01% 1.24% 1.49%
Select Shares
0.01% 1.09% 1.42%
Premier Shares
0.01% 1.09% 1.42%

Yield

The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares; 0.00% for Service Shares; and 0.00% for Institutional Shares. The Select Shares have not commenced operations as of the date of this prospectus and the Premier Shares had not commenced operation as of the reporting period.

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 Shares
Institutional Shares
Select Shares
Premier Shares
Management Fees 0.15% 0.15% 0.15% 0.15%
Distribution/Service (12b-1) Fees 0.25%       0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.21% 0.21% 0.21% 0.21%
Total Other Expenses 0.46% 0.46% 0.46% 0.46%
Total Annual Fund Operating Expenses 0.86% 0.61% 0.61% 1.11%
Less Fee Waivers [1] (0.30%) (0.34%) (0.42%) (0.87%)
Total Annual Fund Operating Expenses After Fee Waiver 0.56% 0.27% 0.19% 0.24%
[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 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 0.13% 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 Shares
57 244 447 1,033
Institutional Shares
28 161 306 730
Select Shares
19 153 299 722
Premier Shares
25 266 527 1,273

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 or 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 1/1/12 to 9/30/12 was 0.01%.

 

Best quarter:

Worst quarter:

4Q 2006

4Q 2011

1.20%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. 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 and Institutional Class Shares commenced operations on January 2, 2007 and Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares have not commenced operations as of the date of this prospectus. The performance shown for Select Class Shares and for Premier Class Shares for periods prior to September 17, 2012 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, Institutional, Select and Premier Shares and predecessors.
(Periods Ended 12/31/2011)

Average Annual Total Returns Cash Management Fund
1 Year
5 Years
10 Years
Administrative Shares
0.01% 1.34% 1.66%
Institutional Shares
0.01% 1.53% 1.76%
Select Shares
0.01% 1.34% 1.66%
Premier Shares
0.01% 1.34% 1.66%

Yield

The 7-day yield for the period ended 12/31/11 was 0.00% for Administrative Shares and 0.00% 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
Institutional Shares
Select Shares
Premier Shares
Management Fees 0.15% 0.15% 0.15% 0.15%
Distribution/Service (12b-1) Fees 0.25%       0.50%
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.21% 0.21% 0.21% 0.21%
Total Other Expenses 0.46% 0.46% 0.46% 0.46%
Acquired Fund Fees and Expenses 0.02% 0.02% 0.02% 0.02%
Total Annual Fund Operating Expenses 0.88% 0.63% 0.63% 1.13%
Less Fee Waivers [1] (0.20%) (0.37%) (0.45%) (0.90%)
Total Annual Fund Operating Expenses After Fee Waiver 0.68% 0.26% 0.18% 0.23%
[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 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. 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
69 261 468 1,066
Institutional Shares
27 164 315 751
Select Shares
18 156 307 743
Premier Shares
24 270 535 1,294

Principal Investment Strategy

As a fundamental policy, the Fund 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 1/1/12 to 9/30/12 was 0.03%.

 

Best quarter:

Worst quarter:

2Q 2007

3Q 2011

0.89%

0.00%

 

This table shows the Fund’s average annual total returns for periods ended December 31, 2011. Administrative 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 commenced operations on September 17, 2012; performance shown for prior periods is that of the Select Class. 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, Institutional, Select and Premier Shares and predecessors.
(Periods Ended 12/31/2011)

Average Annual Total Returns Tax-Free Money Market Fund
1 Year
5 Years
Since Inception
Administrative Shares
0.01% 0.93% 1.45%
Institutional Shares
0.02% 1.17% 1.63%
Select Shares
0.06% 1.25% 1.69%
Premier Shares
0.06% 1.25% 1.69%

Yield

The 7-day yield for the period ended 12/31/11 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.01% 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 Shares
Investor Shares
Institutional Shares
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 Shares
Investor Shares
Institutional Shares
Management Fees 0.55% 0.55% 0.55%
Distribution/Service (12b-1) Fees 0.25% 0.25%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.38% 0.38% 0.38%
Total Other Expenses 0.48% 0.63% 0.63%
Total Annual Fund Operating Expenses 1.28% 1.43% 1.18%
Less Fee Waivers [1] (0.60%) (0.75%) (0.75%)
Total Annual Fund Operating Expenses After Fee Waiver 0.68% 0.68% 0.43%
[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, 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 Short-Term Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
318 588 879 1,705
Investor Shares
69 379 710 1,648
Institutional Shares
44 300 577 1,365

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 62% 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 1/1/12 to 9/30/12 was 4.02%.

 

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

6.26%

(12.47)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 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 12/31/11)

Average Annual Total Returns Short-Term Income Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
0.68% 2.33% 3.09%
Investor Shares Return After Taxes on Distributions
2.25% 1.29% 1.83%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
2.07% 1.49% 1.95%
Investor Shares Return Before Taxes
3.19% 2.84% 3.19%
Institutional Shares Return Before Taxes
3.43% 3.12% 3.51%
BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index (reflects no deduction for expenses, fees or taxes)
3.10% 4.81% 4.26%
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 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 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%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.54% 0.54% 0.54%
Total Other Expenses 0.64% 0.79% 0.79%
Total Annual Fund Operating Expenses 1.44% 1.59% 1.34%
Less Fee Waivers [1] (0.55%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver 0.89% 0.89% 0.64%
[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, 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 Intermediate Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
462 761 1,082 1,989
Investor Shares
91 433 799 1,830
Institutional Shares
65 355 667 1,552

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 34% 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):

  • 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 1/1/12 to 9/30/12 was 7.09%.

 

Best quarter:

Worst quarter:

3Q 2009

4Q 2008

6.12%

(10.13)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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 12/31/11)

Average Annual Total Returns Intermediate Bond Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
2.02% 3.02% 3.60%
Investor Shares Return After Taxes on Distributions
4.64% 2.04% 2.26%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
3.86% 2.20% 2.38%
Investor Shares Return Before Taxes
5.95% 3.82% 4.00%
Institutional Shares Return Before Taxes
6.22% 4.09% 4.17%
Barclays U.S. Intermediate Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
5.97% 6.09% 5.39%
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%   
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, 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 Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
450 722 1,016 1,848
Investor Shares
78 393 731 1,686
Institutional Shares
52 315 598 1,404

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 34% 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 1/1/12 to 9/30/12 was 5.69%.

 

Best quarter:

Worst quarter:

3Q 2009

4Q 2008

6.55%

(6.50)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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 12/31/11)

Average Annual Total Returns Bond Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
3.56% 4.29% 4.63%
Investor Shares Return After Taxes on Distributions
6.19% 3.27% 3.12%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
4.92% 3.25% 3.16%
Investor Shares Return Before Taxes
7.61% 5.08% 5.03%
Institutional Shares Return Before Taxes
7.89% 5.34% 5.18%
Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
7.84% 6.50% 5.78%
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%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.37% 0.37% 0.37%
Total Other Expenses 0.47% 0.62% 0.62%
Acquired Fund Fees and Expenses 0.02% 0.02% 0.02%
Total Annual Fund Operating Expenses 1.29% 1.44% 1.19%
Less Fee Waivers [1] (0.55%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver 0.74% 0.74% 0.49%
[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, 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 Intermediate Tax-Free Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
448 716 1,005 1,827
Investor Shares
76 387 720 1,664
Institutional Shares
50 308 587 1,381

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 8% 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 1/1/12 to 9/30/12 was 3.48%.

 

Best quarter:

Worst quarter:

3Q 2009

4Q 2010

4.87%

(3.78)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Barclays 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 as IRA or 401(k) plans.

Average Annual Total Returns (Periods Ended 12/31/11)

Average Annual Total Returns Intermediate Tax-Free Bond Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
5.55% 4.33% 3.98%
Investor Shares Return After Taxes on Distributions
9.47% 5.09% 4.34%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
7.38% 4.84% 4.23%
Investor Shares Return Before Taxes
9.56% 5.11% 4.38%
Institutional Shares Return Before Taxes
9.82% 5.40% 4.55%
Barclays U.S. Municipal Bond Index (reflects no deduction for expenses, fees or taxes)
10.70% 5.22% 5.38%
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%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.38% 0.38% 0.38%
Total Other Expenses 0.48% 0.63% 0.63%
Acquired Fund Fees and Expenses 0.06% 0.06% 0.06%
Total Annual Fund Operating Expenses 1.53% 1.68% 1.43%
Less Fee Waivers [1] (0.59%) (0.74%) (0.74%)
Total Annual Fund Operating Expenses After Fee Waiver 0.94% 0.94% 0.69%
[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, 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 Balanced Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
641 952 1,286 2,226
Investor Shares
96 457 843 1,925
Institutional Shares
70 380 711 1,649

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 64% 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 1/1/12 to 9/30/12 was 9.00%.

 

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

12.13%

(14.85)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 to those of the Russell 1000® Index and the Barclays 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 U.S. Aggregate Bond Index shows how the Fund’s performance compares to an index of  bond funds.

Average Annual Total Returns (Periods Ended 12/31/11)

Average Annual Total Returns Balanced Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
(2.64%) 1.05% 3.89%
Investor Shares Return After Taxes on Distributions
2.44% 1.15% 3.38%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
2.15% 1.37% 3.38%
Investor Shares Return Before Taxes
3.03% 2.19% 4.48%
Institutional Shares Return Before Taxes
3.37% 2.46% 4.68%
Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
1.50% (0.02%) 3.34%
Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes)
7.84% 6.50% 5.78%
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%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 0.37% 0.37% 0.37%
Total Other Expenses 0.47% 0.62% 0.62%
Total Annual Fund Operating Expenses 1.41% 1.56% 1.31%
Less Fee Waivers [1] (0.49%) (0.64%) (0.64%)
Total Annual Fund Operating Expenses After Fee Waiver 0.92% 0.92% 0.67%
[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, 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. Large Cap Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
A Shares
639 926 1,235 2,108
Investor Shares
94 430 789 1,802
Institutional Shares
68 352 657 1,523

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 51% 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 1/1/12 to 9/30/12 was 11.93%.

 

Best quarter:

Worst quarter:

2Q 2009

4Q 2008

16.83%

(23.25)%

 

This table compares the Fund’s average annual total returns for periods ended December 31, 2011 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 12/31/11)

Average Annual Total Returns U.S. Large Cap Equity Fund
1 Year
5 Years
10 Years
A Shares Return Before Taxes
(9.70%) (1.06%) 2.65%
Investor Shares Return After Taxes on Distributions
(4.51%) (0.02%) 3.11%
Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
(2.80%) 0.05% 2.76%
Investor Shares Return Before Taxes
(4.44%) 0.06% 3.24%
Institutional Shares Return Before Taxes
(4.20%) 0.31% 3.39%
Russell 1000® Index (reflects no deduction for expenses, fees or taxes)
1.50% (0.02%) 3.34%
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%   
Shareholder Servicing Fees 0.10% 0.25% 0.25%
Other Expenses 2.61% 2.61% 2.61%
Total Other Expenses 2.71% 2.86% 2.86%
Acquired Fund Fees and Expenses 0.14% 0.14% 0.14%
Total Annual Fund Operating Expenses 4.45% 4.60% 4.35%
Less Fee Waivers [1] (2.42%) (2.32%) (2.57%)
Total Annual Fund Operating Expenses After Fee Waiver 2.03% 2.28% 1.78%
[1] 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, 2013. 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, 2013 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
745 1,615
Investor Shares
231 1,180
Institutional Shares
181 1,085

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 resent fiscal year, the Fund’s portfolio turnover rate was 207% of the average value of its portfolio.

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.

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.

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