N-Q 1 f14-0509.htm N-Q FILING
 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number   811-06114

 

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

 

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, Ohio                  43219

(Address of principal executive offices)                                                       (Zip code)

 

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, Ohio                 43219

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:  (800) 762-7085

 

Date of fiscal year end:  8/31

 

Date of reporting period:  11/30/13

 

 
 

 

Item 1. Schedule of Investments.

 

CAVANAL HILL FUNDS

U.S. Treasury Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

  

Principal
Amount		   Security Description   Amortized
Cost
         
U.S. Treasury Obligations (33.1%)
U.S. Treasury Bills    
$20,000,000   0.00%, 12/5/13 (a)   $19,999,991
 30,000,000   0.00%, 12/12/13 (a)    29,999,954
 20,000,000   0.03%, 1/23/14 (a)    19,999,249
       69,999,194
U.S. Treasury Notes    
 5,000,000   0.25%, 12/15/14    5,005,234
 5,000,000   0.63%, 7/15/14    5,013,104
 10,000,000   0.75%, 12/15/13    10,002,146
 13,000,000   0.75%, 6/15/14    13,041,703
 20,000,000   1.25%, 2/15/14    20,044,298
 10,000,000   1.25%, 3/15/14    10,030,349
 30,000,000   1.75%, 1/31/14    30,078,926
 10,000,000   1.88%, 2/28/14    10,041,369
 15,000,000   2.13%, 11/30/14    15,294,376
 5,000,000   2.25%, 5/31/14    5,052,102
 25,000,000   2.38%, 8/31/14    25,413,515
 10,000,000   2.38%, 9/30/14    10,183,635
 5,000,000   2.63%, 6/30/14    5,071,173
 10,000,000   2.63%, 7/31/14    10,162,613
 10,000,000   4.25%, 8/15/14    10,287,229
 10,000,000   4.25%, 11/15/14    10,391,723
 20,000,000   4.75%, 5/15/14    20,415,419
       215,528,914
Total U.S. Treasury Obligations     285,528,108
Repurchase Agreements (64.4%)
 35,000,000   Bank of Montreal, 0.07%, 12/2/13, proceeds at maturity $35,000,204, collateralized by various U.S. Treasury Notes, (0.63% - 4.25%), (11/15/14 - 11/15/18), fair value $35,700,032    35,000,000
 165,800,000   Credit Agricole CIB, 0.07%, 12/2/13, proceeds at maturity $165,800,967, collateralized by various U.S. Treasury Obligations, (0.25% - 3.75%), (3/31/15 - 11/15/43), fair value $169,116,058    165,800,000
 175,000,000   Deutsche Bank Securities, Inc., 0.09%, 12/2/13, proceeds at maturity $175,001,313, collateralized by various U.S. Treasury Obligations, (0.00% - 1.75%), (10/31/20 - 8/15/21), fair value $178,500,034    175,000,000
 20,000,000   Goldman Sachs & Co., 0.03%, 12/2/13, proceeds at maturity $20,000,050, collateralized by various U.S. Treasury Obligations, (0.13% - 4.25%), (8/15/15 - 1/15/23), fair value $20,400,001    20,000,000
 60,000,000   RBC Capital Markets, LLC, 0.05%, 12/2/13, proceeds at maturity $60,000,250, collateralized by various U.S. Treasury Obligations, (0.63% - 4.25%), (5/31/17 - 11/15/41), fair value $61,200,010    60,000,000
100,000,000   Societe Generale, 0.07%, 12/2/13, proceeds at maturity $100,000,583, collateralized by various U.S. Treasury Obligations, (0.00% - 6.25%), (12/26/13 - 5/15/30), fair value $102,000,004   100,000,000
Total Repurchase Agreements     555,800,000
Total Investments (Cost $841,328,108) (b) — 97.5%     841,328,108
Other assets in excess of liabilities — 2.5%     21,449,792
Net Assets — 100.0%   $862,777,900

 

(a) Rate represents the effective yield at purchase.
(b) Cost and value for federal income tax and financial reporting purposes are the same.

  

See notes to schedules of portfolio investments.

 

-1-
 

 

CAVANAL HILL FUNDS

Cash Management Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Principal
Amount		   Security Description   Amortized
Cost
         
Certificates of Deposit (8.8%)
$25,000,000   BNP Paribas NY, 0.16%, 1/7/14   $25,000,000
 10,000,000   Rabobank Nederland NV NY, 0.20%, 3/10/14    10,000,000
 10,000,000   Rabobank Nederland NV NY, 0.21%, 2/24/14    10,000,000
 10,000,000   Rabobank Nederland NV NY, 0.21%, 2/24/14    10,000,000
 30,000,000   Svenska Handelsbanken NY, 0.23%, 4/21/14    30,000,586
 10,000,000   Toronto Dominion Bank NY, 0.24%, 5/22/14    10,000,477
 5,000,000   Toronto Dominion Bank NY, 0.30%, 6/5/14    5,000,000
Total Certificates of Deposit     100,001,063
Commercial Paper (24.9%)
Automobiles (2.7%)
 30,000,000   Toyota Motor Credit Corp., 0.19%, 12/17/13 (a)    29,997,333
Banking (8.0%)
 30,000,000   Australia & New Zealand Banking Group, 0.17%, 4/17/14 (a)(b)    29,980,021
 30,000,000   National Australia Funding, 0.25%, 5/16/14 (a)(b)    29,965,417
 30,000,000   Nordea Bank AB, 0.15%, 12/9/13 (a)(b)    29,998,867
       89,944,305
Beverages (2.6%)
 14,800,000   Coca-Cola Co., 0.19%, 2/27/14 (a)(b)    14,793,126
 15,000,000   Coca-Cola Co., 0.21%, 2/14/14 (a)(b)    14,993,438
       29,786,564
Diversified Manufacturing Operations (2.6%)
 30,000,000   Total Capital Canada, Ltd., 0.21%, 4/11/14 (a)(b)    29,977,075
Food-Miscellaneous/Diversified (2.6%)
 30,000,000   Nestle Capital Corp., 0.20%, 1/9/14 (a)(b)    29,993,500
Industrial Conglomerates (1.1%)
 13,000,000   3M Co., 0.03%, 12/3/13 (a)(b)    12,999,964
Internet Software & Services (2.6%)
 30,000,000   Google, Inc., 0.08%, 1/22/14 (a)(b)    29,996,533
Oil, Gas & Consumable Fuels (2.7%)
 30,000,000   Exxon Mobil Corp., 0.07%, 1/23/14 (a)    29,996,967
Total Commercial Paper     282,692,241
U.S. Government Agency Securities (18.6%)
Federal Farm Credit Bank    
 10,000,000   0.09%, 2/28/14 (c)    9,999,759
Federal Home Loan Bank    
 15,000,000   0.01%, 12/16/13 (a)    14,999,938
 20,000,000   0.03%, 12/20/13 (a)    19,999,683
 40,000,000   0.04%, 12/26/13 (a)    39,998,890
 10,000,000   0.10%, 8/22/14 (c)    10,000,000
 10,000,000   0.11%, 4/25/14 (c)    10,000,000
 5,000,000   0.11%, 11/26/14 (c)    4,999,753
 5,000,000   0.11%, 8/21/14 (c)    5,000,000
 10,000,000   Series 1, 0.11%, 5/13/14 (c)    10,000,000
 10,000,000   0.12%, 4/1/14 (c)    10,000,000
 20,000,000   0.13%, 4/11/14    19,998,299
 10,000,000   0.16%, 10/10/14    9,999,811
 15,000,000   0.18%, 3/4/14    15,000,000
       169,996,374
Federal Home Loan Mortgage Corp.    
15,000,000   0.12%, 4/8/14 (a)   14,993,600
 16,898,000   3.00%, 7/28/14    17,206,237
       32,199,837
Total U.S. Government Agency Securities     212,195,970
Repurchase Agreements (46.6%)
 50,000,000   Bank of Montreal, 0.07%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $50,000,292, collateralized by various U.S. Treasury Notes, (0.38% - 3.75%), (11/15/15 - 11/15/18), fair value $51,000,089)    50,000,000
 150,000,000   Credit Agricole CIB, 0.07%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $150,000,875, collateralized by various U.S. Treasury Notes, (0.63% - 1.63%), (1/15/15 - 5/31/17), fair value $153,000,112)    150,000,000
 180,000,000   Deutsche Bank Securities, Inc., 0.09%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $180,001,350, collateralized by various U.S. Government Agency Obligations, (0.00% - 7.88%), (7/28/14 - 2/15/43), fair value $183,600,026)    180,000,000
 50,000,000   Goldman Sachs & Co., 0.06%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $50,000,250, collateralized by various U.S. Government Agency Obligations, (0.00% - 4.75%), (8/15/16 - 12/12/14), fair value $51,002,429)    50,000,000
 50,000,000   RBC Capital Markets LLC, 0.07%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $50,000,292, collateralized by various U.S. Government Agency Obligations, (0.00% - 5.25%), (5/1/14 - 9/27/32), fair value $51,002,325)    50,000,000
 50,000,000   Wells Fargo Securities LLC, 0.05%, 12/2/13, (Purchased on 11/29/13, proceeds at maturity $50,000,208, collateralized by various U.S. Government Agency Obligations, (0.00% - 8.25%), (12/27/13 - 2/6/38), fair value $51,000,072)    50,000,000
Total Repurchase Agreements     530,000,000
Time Deposit (1.1%)
 12,775,226   Royal Bank of Canada, Toronto, 0.05%, 12/2/13    12,775,226
Total Time Deposit     12,775,226
Total Investments (Cost $1,137,664,500) (d) — 100.0%     1,137,664,500
Other assets in excess of liabilities — 0.0%     374,345
Net Assets — 100.0%   $1,138,038,845

 

See notes to schedules of portfolio investments.

 

-2-
 

 

CAVANAL HILL FUNDS

Cash Management Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Rate represents the effective yield at purchase.
(b) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(d) Cost and value for federal income tax and financial reporting purposes are the same.

 

See notes to schedules of portfolio investments.

 

-3-
 

 

CAVANAL HILL FUNDS

Tax-Free Money Market Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

Shares or
Principal
Amount		   Security Description   Amortized
Cost or Value
         
Municipal Bonds (84.8%)
Variable Rate Demand Notes (81.1%)
Alaska (3.7%)
$10,000,000   Valdez Alaska Marine Terminal Revenue, Series C, 0.04%, next reset date 12/1/13, final maturity 12/1/29, Insured by: GTY(a)   $10,000,000
Colorado (1.8%)
 5,000,000   Castle Rock Colorado Certificate of Participation, 0.11%, next reset date 12/7/13, final maturity 9/1/37, Enhanced by: LOC(a)    5,000,000
Florida (1.7%)
 4,590,000   Orange County Florida Housing Financial Authority Multifamily Revenue, 0.09%, next reset date 12/7/13, final maturity 8/15/35, Enhanced by: LOC, AMT(a)    4,590,000
Georgia (4.1%)
 11,000,000   Georgia Private Colleges & Universities Authority Revenue, Emory University, Series B-3, 0.03%, next reset date 12/7/13, final maturity 9/1/35(a)    11,000,000
Illinois (3.0%)
 8,200,000   Cook County Illinois Revenue, 0.06%, next reset date 12/7/13, final maturity 5/1/35, Enhanced by: LOC(a)    8,200,000
Indiana (8.3%)
 11,110,000   Indiana Municipal Power Agency Revenue, Series A, 0.06%, next reset date 12/7/13, final maturity 1/1/18, Enhanced by: LOC(a)    11,110,000
 11,195,000   Indiana State Financial Authority Hospital Revenue, Series C, 0.04%, next reset date 12/7/13, final maturity 3/1/33, Enhanced by: LOC(a)    11,195,000
       22,305,000
Kentucky (1.5%)
 4,000,000   Jeffersontown Kentucky Lease Programe Revenue, 0.07%, next reset date 12/7/13, final maturity 3/1/30, Enhanced by: LOC(a)    4,000,000
Mississippi (4.1%)
 11,000,000   Mississippi State Business Finance Commission Gulf Opportunity Zone Revenue, Chevron U.S.A., Inc., Series B, 0.05%, next reset date 12/7/13, final maturity 12/1/30, Insured by: GTY(a)    11,000,000
Missouri (3.4%)
 9,265,000   Jackson County Missouri Industrial Development Authority Recreational Facilities Revenue, 0.08%, next reset date 12/7/13, final maturity 11/1/18, Enhanced by: LOC(a)    9,265,000
North Carolina (5.4%)
8,000,000   Charlotte-Mecklenburg North Carolina Hospital Authority Health Care System Revenue, Series E, 0.04%, next reset date 12/7/13, final maturity 1/15/44, Insured by: AGM(a)   8,000,000
 6,400,000   North Carolina State Medical Care Commission Health Care Facilities Revenue, Series B, 0.05%, next reset date 12/7/13, final maturity 10/1/38, Enhanced by: LOC(a)    6,400,000
       14,400,000
Pennsylvania (9.4%)
 11,000,000   Delaware River Port Authority Pennsylvania & New Jersey Revenue, Series A, 0.04%, next reset date 12/7/13, final maturity 1/1/26, Enhanced by: LOC(a)    11,000,000
 4,400,000   Emmaus Pennsylvania General Authority Revenue, 0.04%, next reset date 12/7/13, final maturity 3/1/24, Enhanced by: LOC(a)    4,400,000
 10,000,000   Philadelphia Pennsylvania, GO, Series B, 0.08%, next reset date 12/7/13, final maturity 8/1/31, Enhanced by: LOC(a)    10,000,000
       25,400,000
South Carolina (4.1%)
 6,545,000   South Carolina Jobs - Economic Development Authority Student Housing Revenue, Bon Secours Health Systems, Inc., Series D, 0.08%, next reset date 12/7/13, final maturity 11/1/25, Enhanced by: LOC(a)    6,545,000
 4,540,000   South Carolina Jobs - Economic Development Authority Student Housing Revenue, State University Housing LLC, Series A, 0.08%, next reset date 12/7/13, final maturity 3/1/27, Enhanced by: LOC(a)    4,540,000
       11,085,000
Tennessee (3.6%)
 9,850,000   Montgomery County Tennessee Public Building Pooled Authority Revenue, 0.09%, next reset date 12/7/13, final maturity 11/1/27, Enhanced by: LOC(a)    9,850,000

 

See notes to schedules of portfolio investments.

 

-4-
 

 

CAVANAL HILL FUNDS

Tax-Free Money Market Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Amortized
Cost or Value
 
Municipal Bonds, continued:
Variable Rate Demand Notes, continued:
Texas (9.6%)
$9,600,000   Austin Texas Hotel Occupancy Tax Revenue, 0.06%, next reset date 12/7/13, final maturity 11/15/29, Enhanced by: LOC(a)   $9,600,000
 6,300,000   Gulf Coast Waste Disposal Authority Revenue, Exxon Mobil Corp., 0.04%, next reset date 12/1/13, final maturity 6/1/20(a)    6,300,000
 10,000,000   University of Texas Revenue, Series B, 0.03%, next reset date 12/7/13, final maturity 8/1/39, Enhanced by: LIQ FAC(a)    10,000,000
       25,900,000
Utah (3.7%)
 10,000,000   Utah Transit Authority Sales Tax Revenue, 0.04%, next reset date 12/1/13, final maturity 6/15/36, Enhanced by: LOC(a)    10,000,000
Virginia (5.3%)
 8,400,000   Hanover County Virginia Economic Development Authority Revenue, Bon Secours Health Systems, Inc., Series D-1, 0.08%, next reset date 12/7/13, final maturity 11/1/25, Enhanced by: LOC(a)    8,400,000
 6,000,000   Virginia Small Business Financing Authority Revenue, Museum of Fine Arts Foundation, 0.05%, next reset date 12/7/13, final maturity 8/1/35, Enhanced by: LOC(a)    6,000,000
       14,400,000
Wisconsin (4.7%)
 5,860,000   Milwaukee Wisconsin Redevelopment Authority Redevelopment Lease Revenue, 0.05%, next reset date 12/7/13, final maturity 9/1/40, Enhanced by: LOC(a)    5,860,000
 6,895,000   Wisconsin State Health & Educational Facilities Authority Revenue, 0.06%, next reset date 12/7/13, final maturity 3/1/36, Enhanced by: LOC(a)    6,895,000
       12,755,000
Wyoming (3.7%)
 10,000,000   Sweetwater County Wyoming Pollution Control Revenue, Series A, 0.04%, next reset date 12/7/13, final maturity 7/1/15, Enhanced by: LOC(a)    10,000,000
Total Variable Rate Demand Notes     219,150,000
Fixed Rate Municipal Bonds (3.7%)
Texas (3.7%)
 10,000,000   Texas State Revenue, 0.21%, final maturity 8/28/14    10,132,819
Total Fixed Rate Municipal Bonds     10,132,819
Total Municipal Bonds     229,282,819
Municipal Commercial Paper (12.0%)
Arizona (3.8%)
10,400,000   Phoenix Civic Improvement Corp., 0.13%, final maturity 4/3/14, Enhanced by: LOC   10,400,000
Illinois (4.9%)
 13,000,000   Illinois Educational Facilities Authority Revenue, 0.12%, final maturity 12/12/13, Enhanced by: LOC    13,000,000
Virginia (3.3%)
 8,995,000   Peninsula Ports Authority of Virginia Revenue, 0.13%, final maturity 3/19/14, Enhanced by: LOC    8,995,000
Total Municipal Commercial Paper     32,395,000
Investment Companies (3.2%)
 7,055,392   Goldman Sachs Financial Square Funds-Tax Free Money Market Fund, 0.01%(b)    7,055,392
 1,547,373   SEI Tax-Exempt Trust Institutional Tax Free Fund, Class A, 0.02%(b)    1,547,373
Total Investment Companies     8,602,765
Total Investments (Cost $270,280,584) (c) — 100.0%     270,280,584
Other assets in excess of liabilities — 0.0%     64,747
Net Assets — 100.0%   $270,345,331

 

See notes to schedules of portfolio investments.

 

-5-
 

 

CAVANAL HILL FUNDS

Tax-Free Money Market Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.  The Fund has the option to put (sell) the security back to the issuer's agent on the next and subsequent reset dates.
(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(c) Cost and value for federal income tax and financial reporting purposes are the same.

 

AGM Assured Guaranty Municipal Corp.
GO General Obligation
GTY Guarantor Agreement
LIQ FAC Liquidity Facility
LOC Letter of Credit

 

See notes to schedules of portfolio investments.

 

-6-
 

 

CAVANAL HILL FUNDS

Intermediate Tax-Free Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
         
Municipal Bonds (96.7%)
Arizona (4.2%)
$650,000   Arizona Water Infrastructure Finance Authority Revenue, Series A, 5.00%, 10/1/25, Continuously Callable @ 100   $732,440
 750,000   Chandler Arizona, GO, 4.00%, 7/1/24, Callable 7/1/18 @ 100*    784,538
       1,516,978
California (0.2%)
 80,000   Pomona California Public Financing Authority Revenue, 5.00%, 2/1/24, Continuously Callable @ 100, Insured by: NATL-RE    80,071
Colorado (2.5%)
 750,000   Douglas County Colorado School District No. RE-1 Douglas & Elbert Counties, GO, 5.25%, 12/15/24, Insured by: State Aid Withholding    897,832
Florida (2.1%)
 700,000   Sarasota County Florida Utility System Revenue, Series A, 5.00%, 10/1/25, Callable 10/1/15 @ 100, Insured by: NATL-RE, AGC, FGIC*    748,524
Georgia (1.1%)
 350,000   Georgia State, GO, Series B, 5.00%, 1/1/24, Callable 1/1/19 @ 100*    396,932
Hawaii (2.3%)
 750,000   Honolulu Hawaii City & County, GO, Series A, 5.00%, 7/1/23, Callable 7/1/17 @ 100, Insured by: AGM*    843,937
Illinois (3.6%)
 215,000   Du Page County Illinois Community Unit School District No. 200 Wheaton, GO, Series A, 5.00%, 10/1/19, Continuously Callable @ 100, Insured by: FSA    242,327
 285,000   Du Page County Illinois Community Unit School District No. 200 Wheaton, GO, Series A, 5.00%, 10/1/19, Continuously Callable @ 100, Insured by: AGM, ETM    339,156
 10,000   Williamson County Illinois Community High School District No. 210 Lincoln-Way School Building, GO, 5.00%, 1/1/17 , Insured by: NATL-RE, FGIC    11,173
 660,000   Williamson County Illinois Community High School District No. 210 Lincoln-Way School Building, GO, 5.00%, 1/1/17 , Insured by: NATL-RE, FGIC, ETM    748,129
       1,340,785
Indiana (3.5%)
 390,000   Bartholomew County Indiana Building Corp. Revenue, 4.25%, 7/15/14     399,259
 305,000   Bartholomew County Indiana Building Corp. Revenue, 4.25%, 7/15/15     322,946
500,000   Wayne Township Indiana Marion County School Building Corp. Revenue, 5.00%, 7/15/26, Continuously Callable @ 100, Insured by: NATL-RE, FGIC, State Aid Withholding   542,245
       1,264,450
Iowa (4.4%)
 720,000   Bettendorf Iowa, GO, Series A, 4.00%, 6/1/22, Callable 6/1/19 @ 100*    771,314
 805,000   Davenport Iowa, GO, Series A, 4.38%, 6/1/20, Callable 6/1/14 @ 100, Insured by: NATL-RE, FGIC*    820,906
       1,592,220
Kansas (2.0%)
 700,000   Topeka Kansas Utility Revenue, Series A, 4.38%, 8/1/23, Continuously Callable @ 101, Insured by: NATL-RE    726,446
Maryland (1.7%)
 550,000   Maryland State, GO, 5.00%, 3/15/20, Callable 3/15/17 @ 100*    627,270
Massachusetts (1.9%)
 550,000   Massachusetts State, GO, Series D, 5.50%, 10/1/20, Insured by: NATL-RE    672,056
Minnesota (2.2%)
 750,000   Minnesota State, GO, Series A, 4.00%, 12/1/24, Callable 12/1/19 @ 100*    798,075
New York (0.1%)
 25,000   New York City Transit Authority Revenue, 5.40%, 1/1/18, Insured by: AGM, ETM    27,237
North Carolina (2.2%)
 750,000   Guilford County North Carolina, GO, Series A, 4.00%, 2/1/24, Callable 2/1/19 @ 100*    794,205
Oregon (2.3%)
 750,000   Washington County Oregon, GO, 5.00%, 6/1/24, Callable 6/1/16 @ 102*    841,409
Pennsylvania (6.7%)
 750,000   Central Bucks Pennsylvania School District, GO, 5.00%, 5/15/24, Callable 5/15/18 @ 100, Insured by: State Aid Withholding*    879,420
 645,000   Mount Lebanon Pennsylvania School District, GO, Series A, 5.00%, 2/15/25, Callable 2/15/19 @ 100, Insured by: State Aid Withholding*    732,288
 750,000   Upper Dublin Pennsylvania School District, GO, 4.75%, 11/15/23, Callable 5/15/19 @ 100, Insured by: State Aid Withholding*    818,175
       2,429,883
South Carolina (2.3%)
 775,000   South Carolina State, GO, Series A66, 4.00%, 4/1/24, Continuously Callable @ 100    820,206

 

See notes to schedules of portfolio investments.

 

-7-
 

 

CAVANAL HILL FUNDS

Intermediate Tax-Free Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Municipal Bonds, continued:
Tennessee (2.2%)
$750,000   Williamson County Tennessee, GO, Series A, 4.00%, 4/1/25, Callable 4/1/19 @ 100*   $782,775
Texas (30.9%)
 300,000   Allen Texas Independent School District, GO, 5.00%, 2/15/25, Continuously Callable @ 100    334,317
 610,000   Frisco Texas Independent School District, GO, Series A, 4.00%, 8/15/24, Continuously Callable @ 100    633,577
 700,000   Goose Creek Texas Consolidated Independent School District, GO, 4.50%, 2/15/28, Callable 2/15/15 @ 100, Insured by: NATL-RE, FGIC, PSF-GTD*    717,395
 750,000   Harris County Texas, GO, Series B, 5.00%, 10/1/24, Callable 10/1/14 @ 100*    780,255
 500,000   Houston Texas Community College, GO, 5.00%, 2/15/37, Continuously Callable @ 100    516,810
 625,000   Houston Texas Utility System Revenue, Series A, 5.00%, 11/15/27, Continuously Callable @ 100, Insured by: AGM    675,794
 640,000   Kyle Texas, GO, 4.00%, 2/15/22, Continuously Callable @ 100, Insured by: GTY    683,482
 750,000   Lewisville Texas Independent School District, GO, 5.00%, 8/15/21, Callable 2/15/19 @ 100*    873,255
 500,000   Liberty Hill Texas Independent School District, GO, 5.00%, 8/1/35, Continuously Callable @ 100, Insured by: PSF-GTD    528,440
 135,000   Midlothian Texas Independent School District, GO, 5.00%, 2/15/34, Insured by: PSF-GTD    138,467
 365,000   Midlothian Texas Independent School District, GO, 5.00%, 2/15/34, Insured by: PSF-GTD    385,940
 500,000   San Marcos Texas Tax & Toll Revenue, GO, 5.00%, 8/15/26, Callable 8/15/17 @ 100, Insured by: AGM*    534,035
 500,000   Spring Texas Independent School District, GO, 5.00%, 8/15/27, Continuously Callable @ 100, Insured by: PSF-GTD    554,120
 575,000   Texas State, GO, 4.50%, 4/1/33, Continuously Callable @ 100    580,980
 450,000   Waller Texas Independent School District, GO, 5.50%, 2/15/28, Callable 2/15/18 @ 100, Insured by: PSF-GTD*    500,292
 750,000   Williamson County Texas Pass-Through Toll Bond, GO, 5.00%, 2/15/21, Callable 2/15/19 @ 100*    870,532
640,000   Wylie Texas, GO, 5.00%, 2/15/21, Continuously Callable @ 100   723,955
 1,050,000   Ysleta Texas Independent School District, GO, 5.00%, 8/15/23, Callable 8/15/16 @ 100, Insured by: PSF-GTD*    1,165,184
       11,196,830
Utah (2.0%)
 700,000   Utah State Transit Authority Sales Tax Revenue, Series A, 5.00%, 6/15/32, Continuously Callable @ 100, Insured by: AGM    737,030
Virginia (2.2%)
 750,000   Fairfax County Virginia, GO, Series A, 4.00%, 4/1/24, Callable 4/1/19 @ 100, Insured by: State Aid Withholding*    797,198
Washington (10.6%)
 500,000   King County Washington Public Hospital District No.1, GO, Series B, 5.25%, 12/1/37, Continuously Callable @ 100    513,050
 500,000   King County Washington Sewer Revenue, Series C, 5.00%, 1/1/35, Continuously Callable @ 100    527,380
 500,000   Lewis County Washington Public Utility Revenue District No. 1, Series A, 5.00%, 12/1/27, Continuously Callable @ 100, Insured by: AGM    522,460
 750,000   Seattle Washington, GO, 5.00%, 5/1/21, Callable 5/1/19 @ 100*    863,497
 685,000   Snohomish County Washington, GO, Series A, 5.00%, 12/1/27, Continuously Callable @ 100    748,363
 605,000   Washington State, GO, Series B-1, 5.00%, 8/1/25, Continuously Callable @ 100    680,607
       3,855,357
Wisconsin (3.5%)
 550,000   Madison Wisconsin, GO, Series A, 4.25%, 10/1/17, Callable 10/1/16 @ 100*    602,828
 555,000   Racine Wisconsin, GO, 5.00%, 12/1/19, Callable 12/1/18 @ 100*    638,539
       1,241,367
Total Municipal Bonds     35,029,073
Investment in Affiliates (2.2%)
 806,793   Cavanal Hill Tax-Free Money Market Fund, Institutional Class, 0.00%(a)    806,793
Total Investment in Affiliates     806,793
Total Investments (Cost $34,002,762) (b) — 98.9%     35,835,866
Other assets in excess of liabilities — 1.1%     386,369
Net Assets — 100.0%   $36,222,235

 

See notes to schedules of portfolio investments.

 

-8-
 

 

CAVANAL HILL FUNDS

Intermediate Tax-Free Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(b) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.

 

AGC Assured Guaranty Corp.
AGM Assured Guaranty Municipal Corp.
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
GTY Guarantor Agreement
NATL-RE National Public Finance Guarantee Corp.
PSF-GTD Public School Fund Guaranteed

 

See notes to schedules of portfolio investments.

 

-9-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
         
Asset Backed Securities (8.0%)
$152,970   ACE Securities Corp., Series 2005-SD3, Class A, 0.57%, 8/25/45(a)   $152,482
 270,779   Aegis Asset Backed Securities Trust, Series 2004-6, Class M1, 0.98%, 3/25/35(a)    270,324
 1,115,145   Alesco Preferred Funding Ltd., Series 8A, Class C2, 1.60%, 12/23/35(a)(b)    223,029
 46,234   Ameriquest Mortgage Securities, Inc., Series 2003-IA1, Class A4, 4.97%, 11/25/33    46,138
 444,966   Bayview Financial Acquisition Trust, Series 2003-AA, Class M2, 5.28%, 2/25/33    445,575
 120,050   Bayview Financial Acquisition Trust, Series 2005-B, Class 1A6, 5.21%, 4/28/39(a)    120,037
 811,265   Bayview Financial Acquisition Trust, Series 2006-A, Class 1A2, 5.48%, 2/28/41(a)    822,180
 1,007,807   Bayview Financial Acquisition Trust, Series 2006-A, Class 1A5, 5.70%, 2/28/41(a)    1,013,440
 1,237,215   Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27(c)    1,237,988
 361,588   Chase Funding Loan Acquisition Trust, Series 2003-C1, Class 1A5, 3.42%, 2/25/15    359,797
 73,039   Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2002-3, Class 1A6, 4.71%, 6/25/32    73,058
 4,431   CIT Marine Trust, Series 1999-A, Class A4, 6.25%, 11/15/19    4,452
 175,231   Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34(a)    178,466
 2,787,639   Coast Savings & Loan Assoc., Series 1992-1, Class A, 2.90%, 7/25/22(a)    2,773,274
 63,348   Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 11/25/16(a)    65,541
 43,379   Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 0.39%, 1/15/34(a)    40,626
 814,703   Fremont Home Loan Trust, Series 2004-3, Class M5, 2.04%, 11/25/34(a)    86,571
 802,372   GSAMP Trust, Series 2005-HE4, Class M1, 0.62%, 7/25/45(a)    796,349
 3,213   IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(a)    3,218
 222,279   Master Specialized Loan Trust, Series 2005-2, Class A2, 5.01%, 7/25/35(a)    223,308
 917,680   Nations Equipment Finance Funding LLC, Series 2013-1A, Class A, 1.70%, 11/20/16(c)    917,680
 727,716   Popular ABS Mortgage Pass-Through Trust, Series 2004-4, Class AF6, 4.65%, 9/25/34(a)    731,428
 103,064   RAAC, Series 2006-RP1, Class A3, 0.47%, 10/25/45(a)(c)    101,100
428,291   Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32   418,577
 190,411   Residential Asset Mortgage Products, Inc., Series 2003-RS8, Class MI2, 5.76%, 9/25/33(a)    100,897
 424,795   Residential Asset Mortgage Products, Inc., Series 2003-RZ4, Class A7, 4.79%, 6/25/33(a)    435,412
 41,559   Residential Asset Securitization Trust, Series 2001-KS2, Class AI6, 6.49%, 10/25/30(a)    41,611
 177,122   Residential Funding Mortgage Securities, Series 2003-HS2, Class AI4, 3.87%, 7/25/33(a)    176,269
 127,802   Saxon Asset Securities Trust, Series 2003-3, Class AF6, 5.02%, 12/25/33(a)    129,848
 418,512   Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35(a)    264,534
Total Asset Backed Securities     12,253,209
Mortgage Backed Securities† (34.0%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.7%)
 254,727   Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 2.52%, 2/25/36(a)    169,503
 21,543   Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 4.40%, 7/25/35(a)    16,767
 57,265   Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 1.45%, 7/20/35(a)    43,402
 4,938   Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 0.27%, 10/25/36(a)    2,736
 283,015   Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 4.82%, 10/25/33(a)    292,788
 47,603   Deutsche Mortgage Securities, Inc., Series 2004-5, Class A3, 5.59%, 7/25/34(a)    49,541
 16,680   Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.01%, 10/25/36(a)    12,400
 52,822   First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 2.19%, 9/25/34(a)    52,272
 1,018,170   JPMorgan Re-REMIC, Series 2009-7, Class 2A1, 6.00%, 2/27/37(a)(c)    1,033,903
 37,207   Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 2.64%, 4/21/34(a)    38,087
 78,934   Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 2.93%, 8/25/35(a)    75,117
 552,787   Nomura Asset Acceptance Corp., Series 2006-AF2, Class 1A3, 6.22%, 8/25/36(a)    289,588

 

See notes to schedules of portfolio investments.

 

-10-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$164,800   Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 3.22%, 9/25/34(a)   $162,666
 54,423   Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 3.80%, 1/25/36(a)    40,260
 72,475   Residential Funding Mortgage Securities I, Series 2004-HS1, Class AI6, 3.64%, 3/25/34(a)    72,428
 200,871   Structured Asset Securities Corp., Series 2004-11XS, Class 1A4A, 5.84%, 6/25/34(a)    202,424
       2,553,882
Alt-A - Fixed Rate Mortgage Backed Securities (2.1%)
 11,520   Bank of America Alternative Loan Trust, Series 2004-5, Class 4A1, 5.00%, 6/25/19    11,502
 41,509   Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35    40,080
 67,717   Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36    58,869
 18,585   Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19    19,299
 86,973   Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35    78,630
 52,278   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36    40,284
 3,958   Countrywide Alternative Loan Trust, Series 2004-35T2, Class A1, 6.00%, 2/25/35    3,990
 50,921   Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36    40,664
 54,471   Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37    43,080
 306,893   Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37    222,190
 141,976   Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34    144,205
 163,509   First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36    138,883
 55,955   Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19    57,653
 168,388   Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20    171,558
 208,122   Master Alternative Loans Trust, Series 2005-3, Class 4A1, 5.50%, 3/25/20    217,507
 9,747   Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34    10,101
 629,216   Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34    657,004
47,015   Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34   48,922
 12,009   Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34    12,115
 31,831   Residential Accredit Loans, Inc., Series 2002-QS19, Class A5, 4.20%, 12/25/32    31,969
 416,883   Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18    424,838
 59,691   Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19    61,243
 248,508   Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19    253,050
 94,175   Residential Accredit Loans, Inc., Series 2002-QS17, Class CB1, 6.00%, 11/25/32    95,298
 113,486   Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36    87,541
 33,247   Residential Accredit Loans, Inc., Series 2001-QS16, Class A2, 6.25%, 11/25/31    35,076
 25,879   Residential Accredit Loans, Inc., Series 2002-QS8, Class A5, 6.25%, 6/25/17    26,379
 8,900   Residential Accredit Loans, Inc., Series 2001-QS18, Class A1, 6.50%, 12/25/31    9,365
 22,959   Residential Asset Securitization Trust, Series 2003-A12, Class A1, 5.00%, 11/25/18    23,407
 71,192   Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36    44,865
 87,474   Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37    75,768
 68,195   Wells Fargo Alternative Loan Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35    69,267
       3,254,602
Commercial Mortgage Backed Securities (8.3%)
 728,214   Bank of America Commercial Mortgage Trust, Series 2007-4, Class A3, 6.00%, 2/10/51(a)    744,877
 220,000   CD Commercial Mortgage Trust, Series 2006-CD2, Class A3, 5.55%, 1/15/46(a)    226,331
 1,321,250   Commercial Mortgage Trust, Series 2004-LB3A, Class A5, 5.54%, 7/10/37(a)    1,333,779
 1,951,745   GMAC Commercial Mortgage Securities, Inc., Series 2004-C2, Class A4, 5.30%, 8/10/38(a)    1,976,080
 961,428   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2004-C2, Class A3, 5.44%, 5/15/41(a)    968,569

 

See notes to schedules of portfolio investments.

 

-11-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Commercial Mortgage Backed Securities, continued:
$3,615,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A3, 5.82%, 2/12/51   $3,638,182
 618,203   LB-UBS Commercial Mortgage Trust, Series 2004-C6, Class A6, 5.02%, 1/1/49(a)    627,875
 3,017,140   LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, 5.71%, 6/15/29(a)    3,053,855
 208,329   Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5, 5.13%, 1/15/41    209,733
       12,779,281
Prime Adjustable Rate Mortgage Backed Securities (4.8%)
 138,566   Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 2.43%, 3/25/35(a)    127,859
 51,103   Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 2.85%, 5/25/35(a)    49,310
 27,081   American Home Mortgage Investment Trust, Series 2005-2, Class 5A3, 5.08%, 9/25/35(a)    27,022
 415,568   American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.20%, 6/25/36(a)    252,422
 18,589   Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 2.70%, 6/25/34(a)    18,653
 55,004   Bank of America Mortgage Securities, Series 2003-F, Class 2A1, 2.77%, 7/25/33(a)    54,920
 34,335   Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 2.77%, 9/25/33(a)    34,432
 28,484   Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 2.83%, 11/20/36(a)    22,866
 42,419   Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 2.93%, 2/25/36(a)    35,906
 43,239   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.43%, 10/25/35(a)    42,495
 19,949   Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 2.46%, 9/25/34(a)    17,422
 143,363   Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 2.66%, 10/25/36(a)    120,388
 34,331   Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 2.67%, 1/25/35(a)    34,639
 123,088   Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.39%, 3/25/31(a)    129,377
 58,327   Chase Mortgage Finance Corp., Series 2007-A2, Class 7A1, 5.22%, 7/25/37(a)    55,509
76,744   Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 2.61%, 8/25/35(a)   75,629
 44,245   Countrywide Home Loans, Series 2003-58, Class 2A2, 2.62%, 2/19/34(a)    43,784
 123,859   Countrywide Home Loans, Series 2004-12, Class 12A1, 2.67%, 8/25/34(a)    114,572
 17,516   Countrywide Home Loans, Series 2003-60, Class 2A1, 2.72%, 2/25/34(a)    16,813
 532   Countrywide Home Loans, Series 2003-42, Class 1A1, 3.01%, 9/25/33(a)    508
 205,088   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 2.60%, 11/25/32(a)    70,608
 121,688   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 2.79%, 11/25/34(a)    121,682
 446,529   Credit Suisse Mortgage Capital Certificates, Series 2009-2R, Class 2A5, 2.19%, 6/26/37(a)(c)    446,259
 596,812   Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.63%, 7/27/36(a)(c)    593,367
 48,915   First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 2.59%, 10/25/35(a)    42,315
 305,929   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.31%, 11/19/35(a)    287,241
 357,459   GS Mortgage Securities Corp., Series 2009-3R, Class 2A1, 3.46%, 7/25/35(a)(c)    356,448
 138,052   GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 2.66%, 11/25/35(a)    133,386
 109,234   GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 2.82%, 4/25/35(a)    103,290
 229,735   Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 2.72%, 1/19/35(a)    198,431
 51,889   Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 2.72%, 12/19/35(a)    45,458
 36,249   Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 2.41%, 8/25/34(a)    30,834
 135,307   Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 2.43%, 8/25/34(a)    131,292
 13,383   Indymac Index Mortgage Loan Trust, Series 2004-AR6, Class 3A2, 2.57%, 10/25/34(a)    12,569
 159,520   Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 2.73%, 9/25/36(a)    126,314

 

See notes to schedules of portfolio investments.

 

-12-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$90,254   Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 2.79%, 8/25/36(a)   $62,049
 62,224   Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 4.91%, 7/25/36(a)    57,185
 10,692   JPMorgan Adjustable Rate Mortgage Trust, Series 2006-A5, Class 3A4, 2.70%, 8/25/36(a)    9,241
 21,455   JPMorgan Adjustable Rate Mortgage Trust, Series 2005-A6, Class 3A2, 2.79%, 9/25/35(a)    21,199
 25,625   JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 2.28%, 7/25/35(a)    25,385
 178,292   JPMorgan Re-REMIC, Series 2009-5, Class 2A1, 2.07%, 1/26/37(a)(c)    178,753
 107,813   JPMorgan Re-REMIC, Series 2009-7, Class 8A1, 4.43%, 1/27/47(a)(c)    109,099
 321,351   JPMorgan Re-REMIC, Series 2009-7, Class 5A1, 6.00%, 2/27/37(a)(c)    328,827
 51,879   Master Adjustable Rate Mortgages Trust, Series 2004-9, Class 1A4, 0.77%, 11/25/34(a)    51,848
 11,934   Master Seasoned Securities Trust, Series 2005-1, Class 2A1, 6.20%, 9/25/17(a)    12,349
 4,849   Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 2.46%, 2/25/34(a)    4,837
 43,645   Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 2.79%, 7/25/34(a)    42,875
 56,704   MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2, 2.16%, 12/25/34(a)    57,931
 536,796   Morgan Stanley Capital, Inc., Series 04-SD3, Class A, 0.63%, 6/25/34(a)    518,604
 124,675   Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 2.61%, 8/25/34(a)    123,058
 74,503   Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 2.79%, 8/25/34(a)    72,845
 12,781   RAAC, Series 2004-SP2, Class A1, 6.00%, 1/25/17(a)    12,985
 32,827   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22, Class 1A2, 1.37%, 12/25/35(a)    30,442
 102,538   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 1A2, 2.47%, 11/25/34(a)    95,002
 151,460   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 1A, 2.49%, 6/25/34(a)    150,549
 6,969   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 2.53%, 2/25/34(a)    6,965
563,576   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 2.59%, 4/25/34(a)   553,317
 110,417   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 4.05%, 12/25/34(a)    102,047
 44,630   Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 2.47%, 12/27/35(a)    33,920
 68,621   Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 2.46%, 7/25/33(a)    67,882
 129,413   Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 5.32%, 8/20/35(a)    76,394
 6,243   Washington Mutual, Series 2006-AR8, Class 1A1, 2.39%, 8/25/46(a)    5,193
 28,818   Washington Mutual, Series 2004-AR3, Class A2, 2.45%, 6/25/34(a)    28,988
 28,175   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 0.61%, 7/25/44(a)    27,066
 205,344   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 2.07%, 11/25/36(a)    170,833
 34,147   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 2.37%, 9/25/36(a)    29,816
 130,140   Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR1, Class 1A1, 2.61%, 2/25/35(a)    129,798
 40,707   Wells Fargo Mortgage Backed Securities Trust, Series 2004-H, Class A1, 2.62%, 6/25/34(a)    41,247
 14,042   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A4, 2.63%, 4/25/36(a)    13,150
 23,657   Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR9, Class 3A1, 2.65%, 6/25/34(a)    23,752
 27,400   Wells Fargo Mortgage Backed Securities Trust, Series 2004-I, Class 1A1, 2.66%, 7/25/34(a)    27,550
 68,878   Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 1A1, 2.67%, 8/25/33(a)    69,938
 18,341   Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 3A1, 2.71%, 12/25/34(a)    18,407
 21,790   Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 3A1, 5.25%, 1/25/20    22,697
       7,388,043
Prime Fixed Mortgage Backed Securities (3.9%)
 3,854   Bank of America Funding Corp., Series 2003-2, Class 2A1, 6.00%, 6/25/17    3,956
 14,376   Chase Mortgage Finance Corp., Series 2004-S1, Class A3, 5.50%, 2/25/19    14,728

 

See notes to schedules of portfolio investments.

 

-13-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$252,883   Citigroup Mortgage Loan Trust, Inc., Series 2009-5, Class 6A1, 6.00%, 2/25/37(c)   $259,561
 380   Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA1, 6.50%, 6/25/16    387
 68,875   Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31    72,463
 265,754   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34    279,726
 25,305   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34    26,261
 164,336   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19    166,148
 5,274   Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 7A1, 5.00%, 9/25/15    5,286
 1,101   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-8, Class 4A4, 5.50%, 12/25/34    1,101
 36,240   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 1A1, 5.75%, 2/25/34    36,654
 265,968   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33    270,419
 123,647   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33    125,185
 57,625   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33    60,577
 183,202   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32    74,141
 95,891   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32    105,224
 79,234   First Horizon Alternative Mortgage Securities, Series 2006-FA5, Class A3, 6.25%, 8/25/36    66,855
 50,255   First Horizon Mortgage Pass-Through Trust, Series 2004-1, Class 2A1, 4.75%, 3/25/19    51,151
 125,259   GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33    121,460
 72,262   GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20    74,331
 70,755   GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35    65,288
 205,423   JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(a)(c)    208,972
 39,442   Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36    33,201
32,051   Master Asset Securitization Trust, Series 2003-8, Class 2A1, 4.50%, 9/25/18   33,160
 204,653   Master Asset Securitization Trust, Series 2003-11, Class 10A1, 5.00%, 12/25/18    211,054
 46,141   Master Asset Securitization Trust, Series 2002-8, Class 1A2, 5.25%, 12/25/17    47,232
 17,535   Master Asset Securitization Trust, Series 2002-7, Class 1A1, 5.50%, 11/25/17    18,114
 23,497   Master Asset Securitization Trust, Series 2003-3, Class 5A1, 5.50%, 4/25/18    24,935
 19,045   Prime Mortgage Trust, Series 2004-CL1, Class 2A1, 5.00%, 2/25/19    19,300
 26,621   Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20    27,041
 763   Residential Asset Mortgage Products, Inc., Series 2004-SL2, Class A1, 6.50%, 10/25/16    770
 4,588   Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A11, 7.13%, 3/25/16    4,720
 37,427   Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35    35,478
 55,123   Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32    57,823
 244,820   Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29    244,844
 2,391,493   Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37(a)(c)    2,346,653
 209,581   Structured Asset Securities Corp., Series 2004-20, Class 4A1, 6.00%, 11/25/34    210,574
 2,000   Structured Mortgage Asset Residential Trust, Series 1992-12B, Class G, 7.60%, 1/25/24    2,065
 29,755   Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32    30,001
 14,464   Washington Mutual, Series 2003-S13, Class 21A1, 4.50%, 12/25/18    14,867
 11,724   Washington Mutual, Series 2003-S7, Class A1, 4.50%, 8/25/18    11,870
 1,570   Washington Mutual, Series 2002-S8, Class 2A7, 5.25%, 1/25/18    1,601
 36,446   Washington Mutual Mortgage Pass-Through Certificates, Series 2003-MS5, Class 1A1, 5.00%, 3/25/18    37,272
 358,338   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 5A, 5.00%, 6/25/19    369,516

 

See notes to schedules of portfolio investments.

 

-14-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$134,052   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB4, Class 22A, 6.00%, 12/25/19   $138,747
       6,010,712
U.S. Government Agency Mortgage Backed Securities (13.2%)
 2,721,528   Fannie Mae, Series 2013-68, Class NA, 1.00%, 3/25/42    2,636,202
 1,401,656   Fannie Mae, Series 2013-18, Class NA, 2.00%, 12/25/42    1,284,751
 81,581   Fannie Mae, 2.24%, 1/1/35, Pool #805386(a)    87,041
 485,547   Fannie Mae, Series 2013-73, Class PD, 2.25%, 6/25/42    478,513
 978,881   Fannie Mae, Series 2013-74, Class DY, 2.25%, 6/25/42(a)    983,116
 22,396   Fannie Mae, 2.32%, 6/1/32, Pool #725286(a)    23,852
 69,470   Fannie Mae, 2.41%, 2/1/30, Pool #556998(a)    74,161
 38,959   Fannie Mae, 2.45%, 12/1/22, Pool #303247(a)    39,767
 659,304   Fannie Mae, Series 2012-2, Class HA, 2.50%, 5/25/41    672,011
 4,770,912   Fannie Mae, Series 2013-50, Class BE, 2.50%, 8/25/42    4,771,655
 28,408   Fannie Mae, 3.00%, 7/1/27, Pool #123496(a)    28,540
 665,603   Fannie Mae, Series 2011-118, Class NA, 3.00%, 11/25/41    695,145
 1,074,540   Fannie Mae, Series 2011-124, Class CG, 3.00%, 9/25/29    1,107,936
 1,170,602   Fannie Mae, Series 2012-38, Class AG, 3.00%, 2/25/39    1,194,131
 3,042   Fannie Mae, Series 2004-90, Class XN, 4.35%, 3/25/34    3,099
 67,572   Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32(a)    70,567
 9,719   Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22    10,705
 31,914   Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31(a)    37,659
 481   Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21    563
 2,849   Fannie Mae, Series 1993-250, Class Z, 7.00%, 12/25/23    2,941
 1,833   Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22    2,099
 6,000   Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26    6,937
 24,561   Fannie Mae Whole Loan, Series 2001-W2, Class AF6, 6.59%, 10/25/31(a)    27,313
 925,286   Freddie Mac, Series 4146, Class ML, 1.50%, 10/15/42    886,560
 2,947   Freddie Mac, 1.63%, 3/1/17, Pool #350044(a)    3,062
 18,085   Freddie Mac, 1.91%, 4/1/36, Pool #1N0148(a)    19,190
 1,566,724   Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41    1,573,258
464,485   Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40   473,287
 848,943   Freddie Mac, Series 3724, Class NE, 3.00%, 7/15/38    876,616
 388,220   Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41    388,496
 114,082   Freddie Mac, 4.00%, 9/1/33, Pool #N31025    117,512
 37,481   Freddie Mac, Series 3238, Class LN, 4.50%, 6/15/35    38,030
 1,199   Freddie Mac, Series 1599, Class C, 6.10%, 10/15/23    1,208
 19,000   Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32    20,815
 13,501   Freddie Mac, Series 180, Class H, 6.50%, 9/15/21    14,706
 1,339   Freddie Mac, Series 1568, Class D, 6.75%, 8/15/23    1,341
 7,369   Freddie Mac, Series 114, Class H, 6.95%, 1/15/21    8,151
 5,385   Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21    6,015
 981   Freddie Mac, Series 139, Class G, 7.00%, 4/15/21    1,107
 3,398   Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23    3,769
 2,000   Freddie Mac, Series 53, Class A, 7.13%, 7/20/26    2,306
 7,050   Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22    8,087
 5,076   Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22    5,813
 11,027   Government National Mortgage Assoc., 1.63%, 1/20/23, Pool #8123(a)    11,443
 5,450   Government National Mortgage Assoc., 1.63%, 3/20/26, Pool #8832(a)    5,655
 6,904   Government National Mortgage Assoc., 1.63%, 12/20/27, Pool #80141(a)    7,169
 6,294   Government National Mortgage Assoc., 1.63%, 3/20/29, Pool #80263(a)    6,532
 11,511   Government National Mortgage Assoc., 1.63%, 11/20/29, Pool #876947(a)    11,855
 35,798   Government National Mortgage Assoc., 1.63%, 5/20/34, Pool #80916(a)    37,258
 957,631   Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42    927,440
 10,816   Government National Mortgage Assoc., 2.00%, 1/20/25, Pool #8580(a)    11,284
 7,216   Government National Mortgage Assoc., 2.50%, 12/20/18, Pool #8437(a)    7,509
 6,176   Government National Mortgage Assoc., 2.50%, 12/20/21, Pool #8889(a)    6,378
 15,238   Government National Mortgage Assoc., 2.50%, 1/20/25, Pool #8585(a)    15,897
 418,980   Government National Mortgage Assoc., Series 2012-14, Class PE, 3.00%, 11/20/40    424,162
 1,759   Government National Mortgage Assoc., 4.00%, 2/20/16, Pool #8103(a)    1,840

 

See notes to schedules of portfolio investments.

 

-15-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$179   Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856   $199
 240   Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655    270
 92   Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320    104
 530   Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439    565
       20,163,593
Total Mortgage Backed Securities     52,150,113
Corporate Bonds (6.1%)
Beverages (1.8%)
 2,853,000   Bottling Group LLC, 6.95%, 3/15/14    2,906,407
Computers & Peripherals (1.1%)
 1,650,000   Cisco Systems, Inc., 2.90%, 11/17/14    1,691,288
Diversified Financial Services (0.5%)
 545,000   General Electric Capital Corp., 1.63%, 7/2/15    553,513
 227,000   SLM Corp., 6.55%, 12/2/13    227,079
       780,592
Financial Services (1.0%)
 500,000   American Express Credit Corp., 1.75%, 6/12/15, MTN    508,789
 300,000   BP Capital Markets PLC, 3.63%, 5/8/14    304,277
 2,000,000   Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)    422,500
 500,000   Preferred Term Securities IX, 2.05%, 4/3/33, Callable 1/6/14 @ 100*(a)(b)    290,000
 327,041   Preferred Term Securities V, 2.35%, 4/3/32, Callable 1/6/14 @ 100*(a)(c)    40,880
 406,542   Preferred Term Securities XXIII, 0.08%, 12/22/36 (b)(e)    203
       1,566,649
Insurance (0.7%)
 1,000,000   MetLife Global Funding I, 1.70%, 6/29/15 (c)    1,016,077
Real Estate Investment Trusts (0.4%)
 500,000   Arden Realty LP, 5.25%, 3/1/15, Callable 12/1/14 @ 100*    519,557
Telecommunications (0.6%)
 900,000   Verizon New York, Inc., 7.00%, 12/1/33, Callable 12/1/13 @ 100*    900,000
Total Corporate Bonds     9,380,570
Municipal Bonds (1.4%)
Colorado (0.2%)
 350,000   High Plains Co. Library District Cos. Certificate of Participation, 2.00%, 12/15/13     350,161
Florida (0.6%)
 900,000   Florida State Board of Public Education, GO, Series A, 5.00%, 6/1/31, Callable 6/1/14 @ 101*    930,438
Oklahoma (0.3%)
 200,000   Oklahoma County Finance Authority Educational Facilities, Lease Revenue, 4.00%, 3/1/14     201,800
230,000   Oklahoma State Capitol Improvement Authority State Facilities Revenue, Series B, 2.03%, 7/1/14    231,587
       433,387
Texas (0.3%)
 500,000   Houston Texas, GO, Series B, 5.00%, 3/1/21, Callable 3/1/14 @ 100, NATL-RE*    505,855
Total Municipal Bonds     2,219,841
U.S. Government Agency Securities (4.2%)
Fannie Mae    
 1,500,000   1.02%, 12/10/18, Callable 6/10/14 @ 100*(f)    1,499,706
Fannie Mae Strips    
 1,000,000   12.14%, 11/15/16 (e)    968,815
Federal Home Loan Mortgage Corp.    
 462,490   Series 3819, 4.00%, 8/15/39    482,181
Freddie Mac    
 3,500,000   1.00%, 9/29/17    3,491,730
Total U.S. Government Agency Securities     6,442,432
U.S. Treasury Obligations (39.2%)
U.S. Treasury Notes    
 12,000,000   0.25%, 5/15/15    12,007,032
 15,000,000   0.25%, 9/15/15    14,997,660
 3,000,000   0.75%, 12/31/17    2,967,186
 5,000,000   0.88%, 11/30/16    5,044,140
 2,000,000   0.88%, 7/31/19    1,916,094
 5,000,000   1.00%, 10/31/16    5,064,455
 10,000,000   1.25%, 3/15/14    10,032,030
 8,000,000   2.00%, 4/30/16    8,310,624
Total U.S. Treasury Obligations     60,339,221
Investment in Affiliates (7.8%)
 12,004,798   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(g)    12,004,798
Total Investment in Affiliates     12,004,798
Total Investments (Cost $159,482,497) (h) — 100.7%     154,790,184
Liabilities in excess of other assets — (0.7)%     (1,150,798)
Net Assets — 100.0%   $153,639,386

 

See notes to schedules of portfolio investments.

 

-16-
 

 

CAVANAL HILL FUNDS

Short-Term Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(b) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2013, illiquid securities were 0.3% of the Fund's net assets.
(c) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d) Issuer has defaulted on the payment of interest.
(e) Rate represents the effective yield at purchase.
(f) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2013.
(g) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(h) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
† Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

 

GO General Obligation
MTN Medium Term Note
NATL-RE National Public Finance Guarantee Corp.
Re-REMIC Restructured Real Estate Mortgage Investment Conduits

 

See notes to schedules of portfolio investments.

 

-17-
 

 

CAVANAL HILL FUNDS

Intermediate Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
         
Asset Backed Securities (8.2%)
$613,428   Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 0.53%, 10/25/34(a)   $600,857
 698,068   Alesco Preferred Funding Ltd., Series 15A, Class C1, 1.40%, 12/23/37(a)(b)    69,807
 918,868   Alesco Preferred Funding Ltd., Series 15A, Class C2, 6.05%, 12/23/37(b)    91,887
 336,820   Bayview Financial Acquisition Trust, Series 2006-A, Class 1A5, 5.70%, 2/28/41(a)    338,702
 33,652   Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34(a)    35,230
 178,273   Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27(c)    178,384
 853,552   Renaissance Home Equity Loan Trust, Series 2004-2, Class AF4, 5.39%, 7/25/34(a)    874,348
 126,941   Residential Asset Mortgage Products, Inc., Series 2003-RS8, Class MI2, 5.76%, 9/25/33(a)    67,265
 317,033   Residential Funding Mortgage Securities II, Inc., Series 2005-HI2, Class A5, 5.08%, 5/25/35(a)    323,605
Total Asset Backed Securities     2,580,085
Mortgage Backed Securities† (26.6%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.1%)
 43,485   Residential Funding Mortgage Securities I, Series 2004-HS1, Class AI6, 3.64%, 3/25/34(a)    43,457
Alt-A - Fixed Rate Mortgage Backed Securities (7.0%)
 49,612   Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20    49,508
 139,271   Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35    125,271
 54,402   Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35    51,218
 197,187   Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A6, 5.50%, 5/25/35    9,259
 39,481   Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34    39,771
 56,997   Countrywide Alternative Loan Trust, Series 2004-J1, Class 1A1, 6.00%, 2/25/34    58,210
 161,523   Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37    116,942
 161,451   Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 6.27%, 6/25/36(a)    124,323
 4,133   First Horizon Mortgage Pass-Through Trust, Series 2005-8, Class 2A1, 5.25%, 2/25/21    4,155
36,011   Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34   37,703
 34,644   Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19    35,107
 64,329   Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34    67,459
 35,346   Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20    36,011
 127,601   Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34    130,117
 52,146   Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34    53,526
 17,606   Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33    18,277
 55,284   Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34    58,864
 68,055   Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34    68,116
 89,449   Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.85%, 2/25/35(a)    89,602
 131,028   Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 4.98%, 5/25/35(a)    120,677
 71,208   Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35(a)    71,125
 126,463   Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36(a)    72,931
 73,233   Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 7.00%, 10/25/40(a)(c)    69,861
 25,199   Residential Accredit Loans, Inc., Series 2003-QS1, Class A1, 5.00%, 1/25/33    25,496
 27,838   Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18    28,585
 38,876   Residential Accredit Loans, Inc., Series 2005-QS2, Class A1, 5.50%, 2/25/35    37,637
 142,595   Residential Accredit Loans, Inc., Series 2004-QS2, Class CB, 5.75%, 2/25/34    149,249
 44,338   Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21    43,260
 8,610   Residential Accredit Loans, Inc., Series 2002-QS19, Class A8, 6.00%, 12/25/32    8,702
 41,394   Residential Asset Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36    33,141
 64,921   Residential Asset Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36    47,013
 93,868   Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35    80,250

 

See notes to schedules of portfolio investments.

 

-18-
 

 

CAVANAL HILL FUNDS

Intermediate Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$146,161   Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36   $125,295
 138,796   Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35    114,253
       2,200,914
Prime Adjustable Rate Mortgage Backed Securities (5.6%)
 29,253   Bank of America Funding Corp., Series 2004-B, Class 5A1, 2.83%, 11/20/34(a)    27,627
 15,549   Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 2.54%, 10/25/33(a)    15,671
 53,390   Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 2.85%, 11/25/34(a)    51,913
 68,810   Countrywide Home Loans, Series 2004-12, Class 12A1, 2.67%, 8/25/34(a)    63,651
 60,472   Countrywide Home Loans, Series 2004-2, Class 2A1, 2.71%, 2/25/34(a)    57,341
 61,794   HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 2.55%, 4/25/37(a)    43,687
 101,469   JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 2.68%, 10/25/36(a)    84,257
 20,282   JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 2.71%, 4/25/36(a)    17,992
 665,000   JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 2.79%, 9/25/35(a)    579,557
 189,106   JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 3.77%, 2/25/35(a)    190,360
 7,263   Merrill Lynch Mortgage Investors Trust, Series 2005-A8, Class A1C1, 5.25%, 8/25/36(a)    7,266
 12,781   RAAC, Series 2004-SP2, Class A1, 6.00%, 1/25/17(a)    12,985
 408,994   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-6XS, Class A4, 0.81%, 3/25/35(a)    387,268
 184,421   Structured Mortgage Loan, Series 2004-3AC, Class A1, 2.37%, 3/25/34(a)    181,683
 64,706   Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 5.32%, 8/20/35(a)    38,197
 5,378   Wells Fargo Mortgage Backed Securities Trust, Series 2004-E, Class A1, 4.88%, 5/25/34(a)    5,384
       1,764,839
Prime Fixed Mortgage Backed Securities (5.3%)
76,753   American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.06%, 9/25/35(a)   76,648
 16,075   Bank of America Mortgage Securities, Series 2003-9, Class 3A1, 5.00%, 12/25/18    16,235
 27,308   Bank of America Mortgage Securities, Series 2004-8, Class 3A1, 5.25%, 10/25/19    28,057
 4,792   Chase Mortgage Finance Corp., Series 2004-S1, Class A3, 5.50%, 2/25/19    4,909
 37,854   Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37    37,298
 24,580   Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35    24,911
 28,776   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34    30,501
 7,438   Countrywide Alternative Loan Trust, Series 2003-12CB, Class 2A1, 5.00%, 7/25/18    7,601
 45,519   Countrywide Alternative Loan Trust, Series 2004-24CB, Class 2A1, 5.00%, 11/25/19    45,757
 36,646   Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33    38,688
 53,056   Countrywide Home Loans, Series 2003-40, Class A5, 4.50%, 10/25/18    54,384
 15,741   Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24    15,756
 40,652   Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35    36,755
 27,280   Countrywide Home Loans, Series 2002-22, Class A20, 6.25%, 10/25/32    28,464
 19,438   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 2/25/19    19,877
 11,509   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 1A5, 5.75%, 9/25/34    11,535
 91,004   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33    95,089
 52,338   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-29, Class 8A1, 6.00%, 11/25/18    54,166
 32,411   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33    32,814
 7,416   GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19    7,641
 2,626   GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32    2,603

 

See notes to schedules of portfolio investments.

 

-19-
 

 

CAVANAL HILL FUNDS

Intermediate Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$11,899   Master Asset Securitization Trust, Series 2002-7, Class 1A1, 5.50%, 11/25/17   $12,292
 84,371   Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34    87,591
 9,004   Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34    9,486
 151,520   Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32    156,777
 3,025   Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A11, 7.13%, 3/25/16    3,112
 21,886   Residential Funding Mortgage Securities I, Series 2003-S12, Class 2A1, 4.00%, 12/25/32    22,313
 14,968   Residential Funding Mortgage Securities I, Series 2004-S5, Class 2A1, 4.50%, 5/25/19    15,369
 30,377   Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29    30,380
 592,914   Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37(a)    581,797
 13,484   Structured Asset Securities Corp., Series 2002-3, Class A4, 6.40%, 3/25/32    13,718
 4,417   Structured Asset Securities Corp., Series 2002-6, Class 1A5, 6.50%, 4/25/32    4,631
 485   Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30    489
 27,044   Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S6, Class 2A3, 4.75%, 7/25/18    27,864
 5,166   Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33    5,409
 2,743   Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34    2,890
 19,689   Wells Fargo Mortgage Backed Securities Trust, Series 2005-13, Class A1, 5.00%, 11/25/20    20,216
 8,062   Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A9, 5.50%, 3/25/36    8,051
 46,349   Wells Fargo Mortgage Backed Securities Trust, Series 2007-7, Class A48, 6.00%, 6/25/37    2,834
       1,674,908
U.S. Government Agency Mortgage Backed Securities (8.6%)
 340,191   Fannie Mae, Series 2013-68, Class NA, 1.00%, 3/25/42    329,526
233,609   Fannie Mae, Series 2013-18, Class NA, 2.00%, 12/25/42   214,125
 1,841   Fannie Mae, Series 1992-45, Class F, 2.09%, 4/25/22(a)    1,898
 242,774   Fannie Mae, Series 2013-73, Class PD, 2.25%, 6/25/42    239,256
 391,554   Fannie Mae, Series 2013-74, Class DY, 2.25%, 6/25/42(a)    393,249
 10,423   Fannie Mae, 2.29%, 9/1/33, Pool #739372(a)    11,023
 329,652   Fannie Mae, Series 2012-2, Class HA, 2.50%, 5/25/41    336,006
 14,415   Fannie Mae, 2.63%, 7/1/23, Pool #224951(a)    15,322
 16,379   Fannie Mae, 2.73%, 1/1/37, Pool #906675(a)    17,463
 268,635   Fannie Mae, Series 2011-124, Class CG, 3.00%, 9/25/29    276,985
 23,231   Fannie Mae, Series 2005-48, Class MD, 5.00%, 4/25/34    24,243
 592   Fannie Mae, 6.00%, 4/1/35, Pool #735503    661
 11,579   Fannie Mae, Series 1989-52, Class G, 6.00%, 8/25/19    12,363
 23   Fannie Mae, Series 2002-27, Class GC, 6.00%, 5/25/17    24
 6,352   Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20    6,938
 5,234   Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31    5,947
 24,801   Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42    28,872
 1,471   Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31    1,726
 7,471   Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22    8,538
 5,516   Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21    6,283
 868   Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21    989
 3,254   Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21    3,699
 1,326   Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21    1,484
 1,509   Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21    1,729
 730   Fannie Mae, Series 1990-62, Class G, 9.00%, 6/25/20    836
 231,321   Freddie Mac, Series 4146, Class ML, 1.50%, 10/15/42    221,640
 639   Freddie Mac, Series 1222, Class P, 2.17%, 3/15/22(a)    670
 64,438   Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36    66,219
 47,228   Freddie Mac, Series 2590, Class AQ, 4.25%, 3/15/18    49,079
 60,748   Freddie Mac, 5.18%, 8/1/34, Pool #755230(a)    65,021

 

See notes to schedules of portfolio investments.

 

-20-
 

 

CAVANAL HILL FUNDS

Intermediate Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$2,493   Freddie Mac, Series 2419, Class QL, 5.50%, 3/15/17   $2,661
 11,837   Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21    12,524
 6,000   Freddie Mac, Series 2470, Class LL, 6.00%, 7/15/32    6,736
 8,000   Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32    8,764
 9,191   Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21    10,306
 9,111   Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22    10,309
 6,337   Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24    7,231
 346   Freddie Mac, Series 1688, Class W, 7.25%, 3/15/14    348
 3,330   Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21    3,771
 6,999   Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26    8,098
 2,697   Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21    3,056
 13,084   Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22    14,928
 16,688   Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22    19,142
 2,216   Freddie Mac, Series 138, Class E, 8.07%, 7/15/21    2,473
 2,356   Freddie Mac, 9.00%, 5/1/16, Pool #170164    2,493
 2,491   Freddie Mac, 9.00%, 6/1/16, Pool #170171    2,645
 3,071   Freddie Mac, 9.00%, 9/1/16, Pool #170192    3,277
 2,529   Freddie Mac, 9.50%, 6/1/16, Pool #274005    2,540
 205,207   Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42    198,737
 8,974   Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128    9,127
 258   Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394    301
 3,821   Government National Mortgage Assoc., Series 1996-20, Class D, 7.50%, 9/16/26    4,428
 712   Government National Mortgage Assoc., 8.00%, 2/15/22, Pool #319029    715
 5,232   Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406    5,527
 1,749   Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884    2,015
 317   Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171    368
 802   Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187    926
 3,332   Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205    3,827
14,014   Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219   16,221
 12,352   Government National Mortgage Assoc., 8.00%, 6/15/26, Pool #426149    14,086
 706   Government National Mortgage Assoc., 10.00%, 2/15/19, Pool #269976    723
       2,720,117
Total Mortgage Backed Securities     8,404,235
Corporate Bonds (10.8%)
Computers & Peripherals (1.3%)
 400,000   Hewlett-Packard Co., 3.00%, 9/15/16    416,362
Financial Services (6.9%)
 500,000   JBG/Rockville NCI Campus LLC, Series 10-A, 3.90%, 7/15/23 (c)    514,129
 500,000   Preferred Term Securities IX, 2.05%, 4/3/33, Callable 1/6/14 @ 100*(a)(b)    290,000
 500,000   Preferred Term Securities XI, Class B-1, 1.85%, 9/24/33, Callable 1/6/14 @ 100*(a)(b)    275,000
 973,987   Preferred Term Securities XX, Class B-2, 0.70%, 3/22/38, Callable 1/6/14 @ 100*(a)(c)    584,392
 406,542   Preferred Term Securities XXIII, 0.08%, 12/22/36 (b)(d)    203
 1,213,524   Preferred Term Securities XXVI, Series B-2, 0.81%, 9/22/37, Callable 1/6/14 @ 100*(a)(c)    521,815
       2,185,539
Security Brokers & Dealers (2.4%)
 300,000   Bear Stearns Co., Inc., 5.55%, 1/22/17    334,144
 1,100,000   Lehman Brothers Holdings, Inc., 6.50%, 7/19/17 (e)    220
 365,000   Merrill Lynch & Co., Inc., 6.50%, 7/15/18    429,330
       763,694
Telecommunications (0.2%)
 50,000   Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 1/6/14 @ 100*    48,512
Total Corporate Bonds     3,414,107
Taxable Municipal Bonds (1.3%)
Illinois (0.8%)
 250,000   Illinois State, GO, Series B, 3.65%, 4/1/20     237,227
Missouri (0.5%)
 165,000   Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, 7.50%, 10/1/39, Callable 10/1/19 @ 100*    171,737
Total Taxable Municipal Bonds     408,964
U.S. Government Agency Securities (8.6%)
Fannie Mae    
 500,000   1.00%, 4/17/28, Callable 4/17/14 @ 100*(f)    461,450

 

See notes to schedules of portfolio investments.

 

-21-
 

 

CAVANAL HILL FUNDS

Intermediate Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
U.S. Government Agency Securities, continued:
Fannie Mae Strips    
$1,000,000   12.14%, 11/15/16 (d)   $968,815
Federal Home Loan Bank    
 300,000   1.00%, 9/5/23, Callable 12/5/13 @ 100*(f)    300,022
 1,000,000   1.00%, 9/13/23, Callable 12/13/13 @ 100*(f)    1,000,299
       1,300,321
Total U.S. Government Agency Securities     2,730,586
U.S. Treasury Obligations (39.5%)
U.S. Treasury Bonds    
 250,000   3.00%, 5/15/42    214,766
 275,000   4.25%, 11/15/40    299,535
       514,301
U.S. Treasury Inflation Index Notes    
 844,000   0.13%, 1/15/23    822,852
U.S. Treasury Notes    
 1,500,000   0.25%, 4/30/14    1,500,762
 1,500,000   0.25%, 9/15/15    1,499,766
 2,000,000   1.00%, 10/31/16    2,025,782
 1,000,000   1.00%, 11/30/19    955,938
 1,500,000   1.38%, 6/30/18    1,510,196
 500,000   1.50%, 7/31/16    513,750
 1,000,000   1.75%, 5/31/16    1,033,359
 250,000   2.00%, 11/15/21    243,828
 500,000   2.13%, 5/31/15    514,239
 1,000,000   2.13%, 2/29/16    1,040,078
 300,000   3.63%, 2/15/20    332,578
       11,170,276
Total U.S. Treasury Obligations     12,507,429
Investment in Affiliates (3.5%)
 1,114,059   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(g)    1,114,059
Total Investment in Affiliates     1,114,059
Total Investments (Cost $34,525,737) (h) — 98.5%     31,159,465
Other assets in excess of liabilities — 1.5%     488,890
Net Assets — 100.0%   $31,648,355

 

(a) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(b) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2013, illiquid securities were 2.3% of the Fund's net assets.
(c) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d) Rate represents the effective yield at purchase.
(e) Issuer has defaulted on the payment of interest.
(f) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2013.
(g) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(h) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
† Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

 

GO General Obligation

 

See notes to schedules of portfolio investments.

 

-22-
 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
         
Asset Backed Securities (2.2%)
$536,975   Alesco Preferred Funding Ltd., Series 15A, Class C1, 1.40%, 12/23/37(a)(b)   $53,698
 918,868   Alesco Preferred Funding Ltd., Series 15A, Class C2, 6.05%, 12/23/37(b)    91,887
 676,292   Bayview Financial Acquisition Trust, Series 2006-A, Class 1A5, 5.70%, 2/28/41(a)    680,071
 63,939   Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34(a)    66,936
 188,351   Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27(c)    188,469
 44,291   RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27(a)    44,279
 168,143   Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31(c)    163,771
Total Asset Backed Securities     1,289,111
Mortgage Backed Securities† (33.2%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.7%)
 129,687   Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 2.61%, 11/25/36(a)    89,146
 69,738   Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34(a)    71,889
 239,626   JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36(a)    223,526
       384,561
Alt-A - Fixed Rate Mortgage Backed Securities (5.3%)
 49,051   Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35    44,750
 68,500   Bank of America Alternative Loan Trust, Series 2006-4, Class 4CB1, 6.50%, 5/25/46    59,995
 83,562   Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35    75,163
 54,016   Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37    38,558
 202,737   Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35    181,234
 371,214   Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36    309,366
 32,531   Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34    33,178
 68,497   Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36    55,452
 421,001   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37    328,218
 397,400   Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36    300,403
84,916   Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33   89,208
 23,354   Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25    23,579
 125,749   Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35    125,016
 199,883   Master Alternative Loans Trust, Series 2004-10, Class 5A6, 5.75%, 9/25/34    203,080
 116,761   Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34    121,007
 159,501   Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34    162,646
 52,146   Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34    53,526
 64,675   Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35    64,892
 15,731   Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33    16,266
 38,821   Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34    40,166
 59,134   Residential Asset Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36    47,344
 588,723   Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35    525,463
 241,935   Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36    184,005
       3,082,515
Commercial Mortgage Backed Securities (1.6%)
 927,304   LB-UBS Commercial Mortgage Trust, Series 2004-C6, Class A6, 5.02%, 1/1/49(a)    941,813
Prime Adjustable Rate Mortgage Backed Securities (2.5%)
 503,709   Citigroup Mortgage Loan Trust, Inc., Series 2010-3, Class 4A1, 2.43%, 2/25/36(a)    505,242
 880,000   JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 2.76%, 8/25/35(a)    829,378
 26,782   JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 5.18%, 6/25/36(a)    23,619
 89,811   MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 2.15%, 4/25/29(a)    88,660
 20,890   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 5.31%, 6/25/36(a)    18,686
 32,353   Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 5.32%, 8/20/35(a)    19,099
       1,484,684
Prime Fixed Mortgage Backed Securities (7.1%)
 35,271   Bank of America Funding Corp., Series 2005-3, Class 1A9, 5.25%, 6/25/35    35,447
 33,011   Bank of America Mortgage Securities, Series 2004-7, Class 2A2, 5.75%, 8/25/34    33,130

 

See notes to schedules of portfolio investments.

 

-23-
 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$662   Chase Mortgage Finance Corp., Series 2005-S1, Class 1A9, 5.50%, 5/25/35   $675
 6,283   Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32    6,434
 367,315   Chaseflex Trust, Series 2006-2, Class A5, 5.65%, 9/25/36(a)    339,253
 80,510   Citicorp Mortgage Securities, Inc., Series 2006-3, Class 1A2, 6.25%, 6/25/36    81,712
 66,847   Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35    67,747
 63,866   Countrywide Alternative Loan Trust, Series 2005-J3, Class 2A12, 5.50%, 5/25/35    36,067
 63,901   Countrywide Home Loans, Series 2003-40, Class AS, 4.50%, 10/25/18    65,440
 86,000   Countrywide Home Loans, Series 2003-34, Class A15, 5.25%, 9/25/33    86,509
 1,000   Countrywide Home Loans, Series 2003-1, Class 1A2, 5.50%, 3/25/33    1,013
 112,000   Countrywide Home Loans, Series 2003-14, Class A4, 5.50%, 6/25/33    114,570
 15,123   Countrywide Home Loans, Series 2003-28, Class A8, 5.50%, 8/25/33    15,490
 8,979   Countrywide Home Loans, Series 2003-J6, Class 1A1, 5.50%, 8/25/33    9,266
 741   Countrywide Home Loans, Series 2004-4, Class A24, 5.50%, 5/25/34    742
 23,000   Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34    23,238
 84,693   Countrywide Home Loans, Series 2005-12, Class 2A9, 5.50%, 5/25/35    84,933
 181,105   Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35    178,179
 29,046   Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34    30,250
 35,881   Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34    38,137
 322,855   Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*    264,153
 62,944   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-8, Class 1A5, 5.50%, 12/25/34    63,650
 221,642   Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35    147,094
 35,049   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21    32,657
 529   First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31    545
 8,520   GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.00%, 10/25/33(a)    8,868
 97,596   JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 5.14%, 4/25/36(a)    89,408
68,119   JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34   67,395
 84,885   JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(a)(c)    86,352
 27,300   Master Asset Securitization Trust, Series 2003-7, Class 1A1, 5.50%, 9/25/33    28,008
 9,100   Master Asset Securitization Trust, Series 2003-7, Class 1A2, 5.50%, 9/25/33    9,336
 45,152   Master Asset Securitization Trust, Series 2005-1, Class 5A4, 5.50%, 5/25/35    45,033
 12,315   Master Asset Securitization Trust, Series 2004-3, Class 5A1, 6.25%, 1/25/32    12,522
 105,847   Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34    109,887
 13,365   Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33    13,621
 1,000,000   Prime Mortgage Trust, Series 2005-4, Class 2A3, 5.50%, 10/25/35    330,222
 376,545   RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32    382,516
 2,017   Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A11, 7.13%, 3/25/16    2,075
 92,020   Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37(a)(c)    90,294
 12,870   Structured Asset Securities Corp., Series 2005-6, Class 4A1, 5.00%, 5/25/35    12,948
 43,667   Structured Asset Securities Corp., Series 2004-3, Class 3A1, 5.50%, 3/25/19    44,868
 80,128   Structured Asset Securities Corp., Series 2004-20, Class 5A1, 6.25%, 11/25/34    81,658
 48,381   TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36    16,880
 712,000   Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35    618,654
 36,299   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34    38,190
 246,388   Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34    259,543
 29,380   Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37    30,581

 

See notes to schedules of portfolio investments.

 

-24-
 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$31,130   Wells Fargo Mortgage Backed Securities Trust, Series 2007-7, Class A48, 6.00%, 6/25/37   $1,903
       4,137,093
U.S. Government Agency Mortgage Backed Securities (16.0%)
 300,000   Fannie Mae, 1.63%, 10/26/15    307,382
 747,550   Fannie Mae, Series 2013-18, Class NA, 2.00%, 12/25/42    685,200
 485,547   Fannie Mae, Series 2013-73, Class PD, 2.25%, 6/25/42    478,512
 489,442   Fannie Mae, Series 2013-74, Class DY, 2.25%, 6/25/42(a)    491,559
 61,575   Fannie Mae, 2.39%, 2/1/33, Pool #683235(a)    64,049
 31,699   Fannie Mae, 2.45%, 12/1/27, Pool #422279(a)    33,650
 659,304   Fannie Mae, Series 2012-2, Class HA, 2.50%, 5/25/41    672,010
 665,603   Fannie Mae, Series 2011-118, Class NA, 3.00%, 11/25/41    695,144
 268,635   Fannie Mae, Series 2011-124, Class CG, 3.00%, 9/25/29    276,984
 873,583   Fannie Mae, Series 2012-38, Class AG, 3.00%, 2/25/39    891,141
 223,308   Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41    233,098
 2,046   Fannie Mae, 4.50%, 5/1/19, Pool #761398    2,179
 626   Fannie Mae, 5.00%, 3/1/18, Pool #688031    667
 2,152   Fannie Mae, 5.00%, 8/1/33, Pool #730856    2,343
 1,012   Fannie Mae, 5.00%, 7/1/35, Pool #832198    1,099
 1,258   Fannie Mae, 5.50%, 2/1/33, Pool #683351    1,379
 610   Fannie Mae, 5.50%, 9/1/34, Pool #725773    668
 13,787   Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28    15,166
 9,000   Fannie Mae, Series 2002-21, Class LL, 6.25%, 4/25/32    10,015
 13,000   Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24    14,744
 32,813   Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23    36,370
 27,113   Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21    30,923
 105,349   Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 3.03%, 8/25/42(a)    110,745
 45,704   Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32(a)    48,400
 508,907   Freddie Mac, Series 4146, Class ML, 1.50%, 10/15/42    487,607
 313,345   Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41    314,652
 32,721   Freddie Mac, 2.25%, 4/1/24, Pool #409624(a)    33,024
 802,098   Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41    818,876
143,434   Freddie Mac, Series 3879, Class NK, 3.00%, 5/15/39   147,676
 144,985   Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36    148,992
 817,325   Freddie Mac, Series 4012, Class MH, 3.00%, 11/15/40    836,666
 243,290   Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40    257,202
 396,030   Freddie Mac, Series 4051, Class YD, 3.50%, 3/15/41    394,012
 47,228   Freddie Mac, Series 2590, Class AQ, 4.25%, 3/15/18    49,079
 10,524   Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24    11,534
 1,366   Freddie Mac, 6.00%, 7/1/35, Pool #A36085    1,518
 8,595   Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29    9,609
 1,225   Freddie Mac, Series 3133, Class TD, 6.00%, 9/15/34    1,227
 4,509   Freddie Mac, 6.50%, 2/1/36, Pool #G08113    5,047
 44,895   Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28    51,116
 719   Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31    792
 3,292   Freddie Mac, Series 194, Class E, 7.00%, 9/15/21    3,505
 2,695   Freddie Mac, Series 1688, Class W, 7.25%, 3/15/14    2,706
 13,815   Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22    15,763
 342,011   Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42    331,229
 220,036   Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39    234,456
 9,153   Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688    10,190
 16,670   Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215    18,886
 12,945   Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701    14,633
 11,770   Government National Mortgage Assoc., Series 1996-20, Class J, 7.50%, 9/20/26    13,931
 250   Government National Mortgage Assoc., 8.00%, 6/15/26, Pool #426149    285
 5,808   Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511    6,675
       9,324,315
Total Mortgage Backed Securities     19,354,981
Corporate Bonds (6.9%)
Computers & Peripherals (0.9%)
 505,000   Hewlett-Packard Co., 4.38%, 9/15/21    508,421
Financial Services (3.0%)
 100,000   BP Capital Markets PLC, 3.63%, 5/8/14    101,426

 

See notes to schedules of portfolio investments.

 

-25-
 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Corporate Bonds, continued:
Financial Services, continued:
$3,000   Citigroup, Inc., 5.13%, 5/5/14   $3,059
 750,000   JBG/Rockville NCI Campus LLC, Series 10-A, 3.90%, 7/15/23 (c)    771,194
 1,000,000   Preferred Term Securities IX, Series 144, 2.05%, 4/3/33, Callable 1/6/14 @ 100*(a)(b)    580,000
 500,000   Preferred Term Securities XI, Class B-1, 1.85%, 9/24/33, Callable 1/6/14 @ 100*(a)(b)    275,000
 203,271   Preferred Term Securities XXIII, 0.08%, 12/22/36 (b)(d)    102
       1,730,781
Security Brokers & Dealers (2.3%)
 500,000   Bear Stearns Co., Inc., 5.55%, 1/22/17    556,907
 700,000   Lehman Brothers Holdings, Inc., 6.50%, 7/19/17 (e)    140
 700,000   Merrill Lynch & Co., Inc., 6.50%, 7/15/18    823,371
       1,380,418
Telecommunication Services (0.3%)
 130,000   Verizon Communications, Inc., 8.75%, 11/1/18    167,186
Telecommunications (0.4%)
 126,000   Qwest Corp., 6.88%, 9/15/33, Callable 1/6/14 @ 100*    122,249
 135,000   Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 1/6/14 @ 100*    130,981
       253,230
Total Corporate Bonds     4,040,036
Taxable Municipal Bonds (1.1%)
Illinois (0.7%)
 400,000   Illinois State, GO, Series B, 3.65%, 4/1/20     379,564
Missouri (0.4%)
 135,000   Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, 7.50%, 10/1/39, Callable 10/1/19 @ 100*    140,512
 125,000   Missouri State Housing Development Community Single Family Mortgage Revenue, 5.78%, 3/1/38, Callable 9/1/16 @ 100, Insured by: GNMA, FNMA, FHLMC*    131,845
       272,357
Total Taxable Municipal Bonds     651,921
U.S. Government Agency Securities (10.2%)
Fannie Mae    
 1,000,000   1.00%, 4/17/28, Callable 4/17/14 @ 100*(f)    922,899
 1,500,000   1.02%, 12/10/18, Callable 6/10/14 @ 100*(f)    1,499,705
       2,422,604
Fannie Mae Strips    
 500,000   12.14%, 11/15/16 (d)    484,408
Federal Home Loan Bank    
1,000,000   1.00%, 3/13/23, Callable 12/13/13 @ 100*(f)   971,644
 1,000,000   1.00%, 9/13/23, Callable 12/13/13 @ 100*(f)    1,000,299
 100,000   1.25%, 10/29/21 (f)    94,863
       2,066,806
Freddie Mac    
 1,000,000   1.25%, 11/20/18, Callable 5/20/14 @ 100*(f)    1,001,514
Total U.S. Government Agency Securities     5,975,332
U.S. Treasury Obligations (37.5%)
U.S. Treasury Bonds    
 2,794,000   3.00%, 5/15/42    2,400,219
 925,000   4.25%, 11/15/40    1,007,528
       3,407,747
U.S. Treasury Inflation Index Notes    
 1,436,000   0.13%, 1/15/23    1,400,019
U.S. Treasury Notes    
 1,000,000   0.25%, 9/15/15    999,844
 6,000,000   1.00%, 10/31/16    6,077,345
 250,000   1.25%, 8/31/15    254,356
 3,000,000   1.38%, 2/28/19    2,987,814
 1,000,000   1.50%, 7/31/16    1,027,500
 500,000   1.75%, 5/31/16    516,680
 1,875,000   2.00%, 11/15/21    1,828,710
 500,000   3.63%, 2/15/20    554,297
 2,500,000   3.63%, 2/15/21    2,755,470
       17,002,016
Total U.S. Treasury Obligations     21,809,782
Investment in Affiliates (10.6%)
 6,189,735   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(g)    6,189,735
Total Investment in Affiliates     6,189,735
Total Investments (Cost $62,267,354) (h) — 101.7%     59,310,898
Liabilities in excess of other assets — (1.7)%     (1,005,212)
Net Assets — 100.0%   $58,305,686

 

See notes to schedules of portfolio investments.

 

-26-
 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(b) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2013, illiquid securities were 1.7% of the Fund's net assets.
(c) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d) Rate represents the effective yield at purchase.
(e) Issuer has defaulted on the payment of interest.
(f) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2013.
(g) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(h) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
† Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

 

FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation
Re-REMIC Restructured Real Estate Mortgage Investment Conduits

 

See notes to schedules of portfolio investments.

 

-27-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
         
Common Stocks (52.1%)
Aerospace & Defense (1.0%)
1,005   Alliant Techsystems, Inc.   $121,836
307   Arch Capital Group Ltd.(a)    18,061
1,493   General Dynamics Corp.    136,848
158   Lockheed Martin Corp.    22,384
892   Northrop Grumman Corp.    100,511
86   Precision Castparts Corp.    22,227
2,603   Raytheon Co.    230,833
127   The Boeing Co.    17,050
       669,750
Air Freight & Logistics (0.1%)
884   United Parcel Service, Inc., Class B    90,504
Airlines (0.5%)
3,643   Alaska Air Group, Inc.    283,207
217   Copa Holdings SA ADR, Class A    32,858
2,157   Southwest Airlines Co.    40,099
       356,164
Apparel Manufacturers (0.6%)
175   Coach, Inc.    10,133
5,748   Foot Locker, Inc.    223,539
1,432   NIKE, Inc., Class B    113,328
172   Ralph Lauren Corp.    30,140
260   VF Corp.    60,991
       438,131
Auto Manufacturers (0.4%)
16,621   Ford Motor Co.    283,887
226   General Motors Co.(a)    8,753
       292,640
Auto Parts & Equipment (0.3%)
183   Advance Auto Parts, Inc.    18,485
3,027   Gentex Corp.    90,235
406   Lear Corp.    33,661
67   O'Reilly Automotive, Inc.(a)    8,372
1,053   TRW Automotive Holdings Corp.(a)    81,713
       232,466
Banking (3.0%)
2,537   BB&T Corp.    88,135
211   Comerica, Inc.    9,569
1,379   East West Bancorp, Inc.    47,272
4,535   Fifth Third Bancorp    92,151
11,094   First Niagara Financial Group, Inc.    123,587
8,157   FNB Corp.    103,675
10,202   JPMorgan Chase & Co.    583,759
1,611   KeyCorp    20,540
77   M&t Bank Corp.    8,883
3,765   PNC Financial Services Group    289,717
253   SVB Financial Group(a)    25,614
15,088   TrustCo Bank Corp. NY    114,669
7,731   U.S. Bancorp    303,210
6,968   Wells Fargo & Co.    306,732
       2,117,513
Beverages (1.0%)
38   Beam, Inc.    2,566
321   Brown-Forman Corp., Class B    24,081
1,690   Constellation Brands, Inc., Class A(a)    118,993
64   Dr Pepper Snapple Group, Inc.    3,089
2,103   Molson Coors Brewing Co., Class B    110,765
425   Monster Beverage Corp.(a)    25,152
3,593   PepsiCo, Inc.    303,464
2,340   The Coca-Cola Co.   94,045
       682,155
Biotechnology (0.5%)
115   Alexion Pharmaceuticals, Inc.(a)    14,318
827   Amgen, Inc.    94,343
142   Biogen Idec, Inc.(a)    41,318
907   BioMarin Pharmaceutical, Inc.(a)    63,835
295   Celgene Corp.(a)    47,722
81   Life Technologies Corp.(a)    6,132
3,034   Myriad Genetics, Inc.(a)    90,262
106   Regeneron Pharmaceuticals(a)    31,149
       389,079
Broadcasting/Cable (0.4%)
668   CBS Corp., Class B    39,118
3,421   Comcast Corp., Class A    170,606
256   Time Warner Cable, Inc.    35,384
       245,108
Building Materials (0.2%)
2,036   The Valspar Corp.    143,762
Building Products (0.3%)
5,914   Owens Corning, Inc.(a)    231,592
Business Equipment & Services (0.1%)
915   Paychex, Inc.    40,013
Capital Markets (0.5%)
1,354   Federated Investors, Inc., Class B    36,951
2,477   Invesco Ltd.    86,323
480   LPL Financial Holdings, Inc.    20,578
5,374   New Mountain Finance Corp.    80,986
3,012   Raymond James Financial, Inc.    145,119
1,373   SEI Investments Co.    46,105
       416,062
Chemicals (1.0%)
817   Airgas, Inc.    88,751
667   Cytec Industries, Inc.    59,683
1,768   E.I. du Pont de Nemours & Co.    108,520
1,434   Ecolab, Inc.    153,682
125   Monsanto Co.    14,166
1,499   Praxair, Inc.    189,264
74   Sigma-Aldrich Corp.    6,382
530   W.R. Grace & Co.(a)    50,896
647   Westlake Chemical Corp.    72,839
       744,183
Commercial Services & Supplies (0.4%)
367   Cintas Corp.    20,369
2,000   Corrections Corp. of America    66,700
6,082   Knoll, Inc.    107,956
51   Stericycle, Inc.(a)    5,991
1,411   Total System Services, Inc.    43,812
88   Verisk Analytics, Inc., Class A(a)    5,730
183   Waste Management, Inc.    8,359
       258,917
Communications Equipment (0.2%)
1,930   Harris Corp.    124,504
1,714   Juniper Networks, Inc.(a)    34,743
       159,247
Computer Software & Services (1.3%)
302   Adobe Systems, Inc.(a)    17,148
1,093   Citrix Systems, Inc.(a)    64,837
4,471   EMC Corp.    106,633

 

See notes to schedules of portfolio investments.

 

-28-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Common Stocks, continued:
Computer Software & Services, continued:
191   FactSet Research Systems, Inc.   $21,583
12,679   Microsoft Corp.    483,449
225   Motorola Solutions, Inc.    14,823
2,617   Oracle Corp.    92,354
2,698   VeriSign, Inc.(a)    153,408
       954,235
Computers & Peripherals (2.0%)
1,512   Apple, Inc.    840,777
8,991   Cisco Systems, Inc.    191,059
3,557   Diebold, Inc.    121,400
467   International Business Machines Corp.    83,911
2,370   Lexmark International, Inc., Class A    83,827
907   Quanta Services, Inc.(a)    26,856
56   Western Digital Corp.    4,202
       1,352,032
Construction & Engineering (0.3%)
2,897   AECOM Technology Corp.(a)    84,187
2,035   Jacobs Engineering Group, Inc.(a)    121,632
       205,819
Consumer Finance (0.1%)
734   American Express Co.    62,977
Consumer Products (0.9%)
1,569   Church & Dwight Co., Inc.    102,378
568   Colgate-Palmolive Co.    37,380
286   Snap-on, Inc.    30,359
389   The Clorox Co.    36,243
5,547   The Procter & Gamble Co.    467,169
       673,529
Containers & Packaging (0.4%)
1,240   Ball Corp.    61,974
1,085   Bemis Co., Inc.    42,348
226   Crown Holdings, Inc.(a)    9,976
2,681   Greif, Inc., Class A    147,321
       261,619
Data Processing & Outsourced Services (0.0%)
826   CoreLogic, Inc.(a)    29,100
Distribution/Wholesale (0.1%)
853   Fastenal Co.    39,690
94   Genuine Parts Co.    7,787
906   LKQ Corp.(a)    30,034
144   MSC Industrial Direct Co., Inc., Class A    11,066
       88,577
Diversified Consumer Services (0.3%)
4,392   Hillenbrand, Inc.    123,415
2,124   Weight Watchers International, Inc.    68,839
       192,254
Diversified Financial Services (0.7%)
1,811   Berkshire Hathaway, Inc., Class B(a)    211,036
1,312   Goldman Sachs Group, Inc.    221,649
637   Moody's Corp.    47,539
       480,224
Diversified Manufacturing Operations (2.5%)
1,112   3M Co.    148,463
13,113   Corning, Inc.    223,970
2,084   Danaher Corp.    155,883
1,766   Donaldson Co., Inc.    73,695
18,476   General Electric Co.    492,571
2,279   Honeywell International, Inc.    201,714
3,135   Johnson & Johnson   296,759
2,425   Packaging Corp. of America    148,556
       1,741,611
Diversified Telecommunication Services (0.2%)
3,862   CenturyLink, Inc.    118,564
Electric Integrated (0.3%)
122   Consolidated Edison, Inc.    6,736
775   Duke Energy Corp.    54,219
377   Integrys Energy Group, Inc.    20,260
2,636   Pepco Holdings, Inc.    50,294
786   PPL Corp.    24,138
522   Southern Co.    21,209
       176,856
Electric Utilities (0.8%)
4,904   Ameren Corp.    175,808
164   American Electric Power Co., Inc.    7,718
2,704   Edison International    124,952
859   Entergy Corp.    53,164
7,636   FirstEnergy Corp.    249,163
189   Northeast Utilities    7,764
451   NV Energy, Inc.    10,666
       629,235
Electrical Components & Equipment (0.0%)
147   AMETEK, Inc.    7,235
150   Hubbell, Inc., Class B    16,187
43   Rockwell Automation, Inc.    4,884
       28,306
Electronic Components/Instruments (0.5%)
98   Amphenol Corp., Class A    8,330
895   FLIR Systems, Inc.    26,555
1,774   L-3 Communications Holdings, Inc.    183,538
1,223   Thermo Fisher Scientific, Inc.    123,340
       341,763
Energy Equipment & Services (0.8%)
1,123   Atwood Oceanics, Inc.(a)    59,025
784   Cameron International Corp.(a)    43,426
1,879   GulfMark Offshore, Inc., Class A    92,747
881   Oceaneering International, Inc.    68,004
296   Superior Energy Services, Inc.(a)    7,542
4,764   The Williams Cos., Inc.    167,788
2,570   Transocean Ltd.    129,477
       568,009
Entertainment (0.2%)
121   Activision Blizzard, Inc.    2,082
1,636   Hasbro, Inc.    88,050
64   Liberty Media Corp.(a)    9,821
3,552   Regal Entertainment Group, Class A    69,193
       169,146
Financial Services (0.9%)
462   Discover Financial Services    24,625
818   Eaton Vance Corp.    34,201
808   Franklin Resources, Inc.    44,755
2,733   SLM Corp.    72,834
1,744   T. Rowe Price Group, Inc.    140,322
3,084   The NASDAQ OMX Group, Inc.    121,170
1,199   Visa, Inc., Class A    243,949
       681,856
Food & Staples Retailing (0.2%)
354   Bunge Ltd.    28,362

 

See notes to schedules of portfolio investments.

 

-29-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Common Stocks, continued:
Food & Staples Retailing, continued:
1,737   CVS Caremark Corp.   $116,310
       144,672
Food Products (1.1%)
250   ConAgra Foods, Inc.    8,248
608   Dean Foods Co.(a)    10,932
2,440   Flowers Foods, Inc.    53,021
390   General Mills, Inc.    19,668
40   Green Mountain Coffee Roasters, Inc.(a)    2,695
1,054   Hain Celestial Group, Inc.(a)    87,155
91   Hershey Co.    8,817
1,096   Hillshire Brands Co.    36,628
461   Ingredion, Inc.    31,883
146   Kellogg Co.    8,853
10   McCormick & Co.    690
4,486   Mondelez International, Inc.    150,415
1,509   Nestle SA ADR    110,323
3,802   Snyder's-Lance, Inc.    109,536
67   The J.M. Smucker Co.    6,984
3,249   Tyson Foods, Inc., Class A    102,961
       748,809
Food Products & Services (0.8%)
1,537   Campbell Soup Co.    59,528
2,725   Hormel Foods Corp.    122,680
353   Sysco Corp.    11,871
7,649   The Kroger Co.    319,345
486   Whole Foods Market, Inc.    27,508
       540,932
Gas (0.3%)
127   Air Products & Chemicals, Inc.    13,821
1,462   National Fuel & Gas Co.    98,655
700   Sempra Energy    61,908
1,522   UGI Corp.    61,276
       235,660
Health Care Equipment & Supplies (0.9%)
333   Baxter International, Inc.    22,794
1,107   CareFusion Corp.(a)    44,113
384   Edwards Lifesciences Corp.(a)    25,164
3,930   Medtronic, Inc.    225,267
1,019   Qiagen NV(a)    23,733
202   ResMed, Inc.    9,860
2,246   St. Jude Medical, Inc.    131,211
923   The Cooper Cos., Inc.    121,596
397   Varian Medical Systems, Inc.(a)    30,986
100   Zimmer Holdings, Inc.    9,141
       643,865
Health Care Providers & Services (1.3%)
51   AmerisourceBergen Corp.    3,597
205   Cardinal Health, Inc.    13,243
1,758   Cerner Corp.(a)    101,032
171   CIGNA Corp.    14,954
1,816   Community Health System, Inc.    74,910
480   Express Scripts Holding Co.(a)    32,328
933   HCA Holdings, Inc.    43,310
599   Health Management Assoicates, Inc., Class A(a)    7,841
4,170   Health Net, Inc.(a)    127,394
57   Humana, Inc.    5,927
315   Laboratory Corp. of America Holdings(a)   32,083
766   LifePoint Hospitals, Inc.(a)    39,242
2,222   Omnicare, Inc.    127,276
15   Quest Diagnostics, Inc.    914
2,373   UnitedHealth Group, Inc.    176,741
2,953   VCA Antech, Inc.(a)    88,442
112   WellPoint, Inc.    10,403
       899,637
Health Care Providers & Servicess (0.0%)
361   Tenet Healthcare Corp.(a)    15,577
Home Builders (0.1%)
1,362   Thor Industries, Inc.    73,643
Hotels, Restaurants & Leisure (0.9%)
1,447   Bally Technologies, Inc.(a)    107,903
242   Brinker International, Inc.    11,381
20   Chipotle Mexican Grill, Inc.(a)    10,477
344   Hyatt Hotels Corp.(a)    16,639
6,129   International Game Technology    107,196
2,135   Marriott International, Inc., Class A    100,388
457   Panera Bread Co.(a)    80,839
1,861   Penn National Gaming, Inc.(a)    26,873
3,074   Six Flags Entertainment Corp.    114,383
903   Wyndham Worldwide Corp.    64,754
47   Wynn Resorts Ltd.    7,796
       648,629
Household Durables (0.4%)
1,186   Jarden Corp.(a)    66,701
1,373   Leggett & Platt, Inc.    41,478
2,441   MDC Holdings, Inc.    73,767
1,137   Tupperware Brands Corp.    103,854
       285,800
Household Products (0.2%)
129   Energizer Holdings, Inc.    14,235
2,261   The Scotts Miracle-Gro Co.    132,449
       146,684
Industrial Conglomerates (0.3%)
1,580   Siemens AG    208,750
Insurance (1.9%)
15,111   Aegon NV    134,185
1,690   American International Group, Inc.    84,078
1,024   Axis Capital Holdings Ltd.    50,309
372   Cincinnati Financial Corp.    19,497
66   Everest Re Group Ltd.    10,351
1,874   Fidelity National Financial, Inc., Class A    54,477
282   HCC Insurance Holdings, Inc.    12,966
388   Kemper Corp.    14,558
4,588   Marsh & McLennan Cos., Inc.    217,700
1,482   Principal Financial Group, Inc.    75,034
2,115   Progressive Corp.    59,072
1,168   Prudential Financial, Inc.    103,672
619   StanCorp Financial Group, Inc.    39,684
2,020   The Allstate Corp.    109,625
923   The Chubb Corp.    89,023
639   Torchmark Corp.    48,564
1,111   Travelers Companies, Inc.    100,812
1,334   XL Group PLC    42,675
       1,266,282

 

See notes to schedules of portfolio investments.

 

-30-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Common Stocks, continued:
Internet (0.9%)
1,728   eBay, Inc.(a)   $87,299
4,230   Facebook, Inc., Class A(a)    198,852
322   Google, Inc., Class A(a)    341,188
       627,339
Internet & Catalog Retail (0.2%)
319   Amazon.com, Inc.(a)    125,565
30   Priceline.com, Inc.(a)    35,770
       161,335
Internet Software & Services (0.1%)
618   IAC/InterActiveCorp    35,356
Investment Banking & Brokerage (0.0%)
403   Lazard Ltd., Class A    16,817
Investment Companies (0.1%)
4,037   Golub Capital BDC, Inc.    75,936
IT Services (0.8%)
31   Alliance Data Systems Corp.(a)    7,510
296   Automatic Data Processing, Inc.    23,686
1,337   Broadridge Financial Solutions, Inc.    51,007
181   Cognizant Technology Solutions Corp.(a)    16,994
3,386   Computer Sciences Corp.    178,171
901   Fidelity National Services, Inc.    45,663
1,041   Fiserv, Inc.(a)    114,395
185   Mastercard, Inc., Class A    140,750
       578,176
Leisure Equipment & Products (0.0%)
416   Mattel, Inc.    19,248
Life Sciences Tools & Services (0.3%)
65   BIO-RAD Laboratories, Inc.(a)    7,970
1,370   Bruker Corp.(a)    26,496
1,131   Covance, Inc.(a)    95,434
599   Illumina, Inc.(a)    58,702
       188,602
Machinery (1.2%)
290   AGCO Corp.    16,901
428   Crane Co.    26,669
1,407   Flowserve Corp.    100,431
115   Graco, Inc.    8,881
839   Illinois Tool Works, Inc.    66,768
480   Kennametal, Inc.    22,790
1,088   Lincoln Electric Holdings, Inc.    77,770
713   McGrath Rentcorp    27,729
194   MSCI, Inc.(a)    8,612
1,109   Oshkosh Corp.    54,064
58   Roper Industries, Inc.    7,523
2,072   Terex Corp.(a)    75,255
1,215   Trinity Industries, Inc.    63,071
2,037   United Technologies Corp.    225,821
       782,285
Marine (0.0%)
337   Kirby Corp.(a)    31,830
Media (1.3%)
4,739   AOL, Inc.(a)    211,265
3,666   Cablevision Systems Corp.    61,479
1,462   DIRECTV(a)    96,653
327   Discovery Communications, Inc., Class A(a)    28,537
526   Gannett Co., Inc.    14,234
59   Omnicom Group, Inc.    4,216
51   Scripps Networks Interactive   3,804
165   The McGraw-Hill Cos., Inc.    12,293
996   Thomson Reuters Corp.    37,230
275   Time Warner, Inc.    18,070
4,761   Twenty-First Century Fox, Inc.    159,446
197   Viacom, Inc., Class B    15,793
2,967   Walt Disney Co.    209,292
       872,312
Medical Equipment & Supplies (0.2%)
1,031   AMC Networks, Inc.(a)    66,180
121   Becton, Dickinson & Co.    13,139
24   Intuitive Surgical, Inc.(a)    9,046
924   Sirona Dental Systems, Inc.(a)    63,552
185   Stryker Corp.    13,768
       165,685
Metals & Mining (0.2%)
765   Cliffs Natural Resources, Inc.    19,133
191   Compass Minerals International, Inc.    13,666
1,768   Nucor Corp.    90,274
288   Reliance Steel & Aluminum Co.    21,177
       144,250
Miscellaneous Manufacturing (0.4%)
3,408   Eaton Corp. PLC    247,625
778   Ingersoll-Rand PLC    55,565
       303,190
Multiline Retail (0.0%)
79   Dollar General Corp.(a)    4,498
263   Family Dollar Stores, Inc.    18,350
       22,848
Multi-Utilities (0.1%)
229   Dominion Resources, Inc. VA    14,865
102   DTE Energy Co.    6,807
158   Public Service Enterprise Group, Inc.    5,165
69   Wisconsin Energy Corp.    2,882
292   Xcel Energy, Inc.    8,182
       37,901
Office Services & Supplies (0.1%)
803   Avery Dennison Corp.    39,267
Oil & Gas Exploration, Production and Services (1.3%)
1,666   Baker Hughes, Inc.    94,895
876   CVR Energy, Inc.    34,584
170   Diamond Offshore Drilling, Inc.    10,209
221   Dril-Quip, Inc.(a)    23,992
767   Helmerich & Payne, Inc.    59,059
2,962   Murphy Oil Corp.    192,323
1,322   Noble Energy, Inc.    92,857
87   Oil States International, Inc.(a)    8,904
6,452   Patterson-UTI Energy, Inc.    150,396
1,598   Questar Corp.    35,987
452   Schlumberger Ltd.    39,966
463   Southwestern Energy Co.(a)    17,900
1,170   Ultra Petroleum Corp.(a)    23,950
1,277   Whiting Petroleum Corp.(a)    77,131
       862,153
Oil, Gas & Consumable Fuels (1.0%)
751   Anardarko Petroleum Corp.    66,704
2,077   Cabot Oil & Gas Production    71,553
551   Concho Resources, Inc.(a)    57,265
759   Dresser-Rand Group, Inc.(a)    42,838

 

See notes to schedules of portfolio investments.

 

-31-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
300   Hess Corp.   $24,339
2,023   Kinder Morgan, Inc.    71,897
346   Marathon Petroleum Corp.    28,628
539   Pbf Energy, Inc.    15,550
1,696   QEP Resources, Inc.    54,306
1,855   Royal Dutch Shell PLC ADR    123,729
1,070   RPC, Inc.    18,907
3,214   Spectra Energy Corp.    107,830
       683,546
Oil-Integrated Companies (2.3%)
4,190   Chevron Corp.    513,023
4,516   ConocoPhillips    328,765
5,964   Exxon Mobil Corp.    557,514
3,105   Marathon Oil Corp.    111,904
1,830   Occidental Petroleum Corp.    173,777
       1,684,983
Paper & Forest Products (0.3%)
1,233   Kimberly-Clark Corp.    134,594
1,457   MeadWestvaco Corp.    51,155
589   Plum Creek Timber Co., Inc.    25,763
       211,512
Pharmaceuticals (1.5%)
936   Abbott Laboratories    35,746
2,729   Abbvie, Inc.    132,220
1,398   Bristol-Myers Squibb Co.    71,829
2,264   Eli Lilly & Co.    113,698
276   Forest Laboratories, Inc.(a)    14,162
915   Gilead Sciences, Inc.(a)    68,451
4,893   Merck & Co., Inc.    243,819
56   Perrigo Co.    8,730
6,067   Pfizer, Inc.    192,506
2,177   Roche Holding AG ADR    152,499
       1,033,660
Professional Services (0.3%)
2,600   Nielsen Holdings NV    112,216
1,632   Robert Half International, Inc.    63,044
72   The Dun & Bradstreet Corp.    8,413
       183,673
Property & Casualty Insurance (0.1%)
287   Endurance Specialty Holdings Ltd.    16,330
538   Hanover Insurance Group, Inc.    32,447
       48,777
Real Estate Investment Trusts (1.3%)
1,661   American Capital Ltd.(a)    25,413
2,380   Annaly Capital Management, Inc.    24,181
432   Apartment Investment & Management Co., Class A    10,848
22   AvalonBay Cmntys, Inc.    2,608
6,863   Campus Crest Communities, Inc.    68,287
792   CBRE Group, Inc., Class A(a)    19,198
3,285   Chesapeake Lodging Trust    78,412
1,387   Commonwealth REIT    33,108
2,423   DDR Corp.    38,744
1,294   Douglas Emmett, Inc.    29,735
56   Equity Residential    2,886
568   Extra Space Storage, Inc.    23,811
7,881   General Growth Properties, Inc.    163,530
140   Home Properties, Inc.    7,361
269   Jones Lang LaSalle, Inc.    26,287
869   Liberty Property Trust   28,147
2,179   MFA Financial, Inc.    15,885
155   Public Storage, Inc.    23,669
638   Rayonier, Inc.    28,142
1,849   Senior Housing Properties Trust    41,879
175   Simon Property Group, Inc.    26,224
1,668   Stag Industrial, Inc.    36,162
334   Taubman Centers, Inc.    21,837
60   Ventas, Inc.    3,410
420   Weingarten Realty Investors    11,987
109   WP Carey, Inc.    6,842
       798,593
Restaurants (0.6%)
1,768   Cheesecake Factory, Inc.    86,190
2,202   Darden Restaurants, Inc.    117,433
956   McDonald's Corp.    93,086
1,081   Starbucks Corp.    88,058
277   Yum! Brands, Inc.    21,517
       406,284
Retail (1.5%)
4,865   American Eagle Outfitters, Inc.    79,154
183   AutoZone, Inc.(a)    84,473
132   Bed Bath & Beyond, Inc.(a)    10,300
2,864   Chico's FAS, Inc.    53,528
261   Costco Wholesale Corp.    32,737
137   Dollar Tree, Inc.(a)    7,624
1,102   Home Depot, Inc.    88,898
3,828   Nordstrom, Inc.    238,139
155   Signet Jewelers Ltd.    11,910
2,219   Target Corp.    141,861
434   Walgreen Co.    25,693
1,025   Wal-Mart Stores, Inc.    83,035
1,632   Williams-Sonoma, Inc.    96,484
       953,836
Road & Rail (0.0%)
650   Con-Way, Inc.    26,904
Semiconductors (1.3%)
99   Altera Corp.    3,193
180   Analog Devices, Inc.    8,680
436   Cree, Inc.(a)    24,329
6,945   Intel Corp.    165,568
1,519   Lam Research Corp.(a)    79,155
746   Maxim Integrated Products, Inc.    21,246
3,747   Microchip Technology, Inc.    162,207
2,212   NXP Semiconductors NV(a)    94,010
2,753   ON Semiconductor Corp.(a)    19,519
634   Silicon Laboratories, Inc.(a)    24,758
1,281   Skyworks Solutions, Inc.(a)    34,062
2,698   Teradyne, Inc.(a)    45,947
2,118   Texas Instruments, Inc.    91,074
2,470   Xilinx, Inc.    109,742
       883,490
Software (0.4%)
262   Amdocs Ltd.    10,601
74   CA, Inc.    2,442
1,168   Cadence Design Systems, Inc.(a)    15,476
288   Intuit, Inc.    21,378
1,525   Rovi Corp.(a)    28,060
1,148   Salesforce.com, Inc.(a)    59,800

 

See notes to schedules of portfolio investments.

 

-32-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Common Stocks, continued:
Software, continued:
353   Solarwinds, Inc.(a)   $11,804
683   Splunk, Inc.(a)    49,286
437   Symantec Corp.    9,828
691   Synopsys, Inc.(a)    25,311
518   VMware, Inc., Class A(a)    41,766
       275,752
Specialty Retail (0.8%)
2,366   Gap, Inc. (The)    96,934
2,952   GUESS?, Inc.    101,135
1,376   L Brands, Inc.    89,426
900   Lowe's Cos., Inc.    42,732
198   PetSmart, Inc.    14,674
135   Ross Stores, Inc.    10,322
52   The Sherwin-Williams Co.    9,518
1,511   Tiffany & Co.    134,690
444   TJX Cos., Inc.    27,919
       527,350
Technology (0.1%)
809   Ingram Micro, Inc.(a)    18,963
333   SAIC, Inc.    16,194
729   Waters Corp.(a)    72,557
       107,714
Telecommunications (0.5%)
474   Palo Alto Networks, Inc.(a)    23,676
2,242   QUALCOMM, Inc.    164,966
2,994   TW Telecom, Inc.(a)    84,790
1,886   Verizon Communications, Inc.    93,583
       367,015
Textiles, Apparel & Luxury Goods (0.2%)
1,647   Hanesbrands, Inc.    115,455
Thrifts & Mortgage Finance (0.2%)
946   Ocwen Financial Corp.(a)    53,600
6,494   Peoples United Financial, Inc.    98,320
       151,920
Tobacco & Tobacco Products (0.5%)
5,923   Altria Group, Inc.    219,033
235   Lorillard, Inc.    12,063
1,286   Philip Morris International, Inc.    110,004
621   Reynolds American, Inc.    31,329
       372,429
Trading Companies & Distributors (0.1%)
2,208   MRC Global, Inc.(a)    67,543
35   W.W. Grainger, Inc.    9,027
       76,570
Transportation & Shipping (0.5%)
353   C.H. Robinson Worldwide, Inc.    20,696
199   FedEx Corp.    27,601
1,219   Norfolk Southern Corp.    106,894
1,323   Union Pacific Corp.    214,380
       369,571
Water (0.1%)
1,342   American Water Works Co., Inc.    56,833
1,809   Aqua America, Inc.    43,543
       100,376
Wireless Telecommunication Services (0.1%)
960   Crown Castle International Corp.(a)    71,261
Total Common Stocks     36,537,139
Asset Backed Securities (2.6%)
602,934   Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 0.53%, 10/25/34(b)   590,579
 25,010   Bayview Financial Acquisition Trust, Series 2005-B, Class 1A6, 5.21%, 4/28/39(b)    25,008
 169,736   Bayview Financial Acquisition Trust, Series 2006-A, Class 1A5, 5.70%, 2/28/41(b)    170,685
 130,734   Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27(c)    130,815
 63,470   Residential Asset Mortgage Products, Inc., Series 2003-RS8, Class MI2, 5.76%, 9/25/33(b)    33,632
 55,708   Residential Funding Mortgage Securities, Series 2004-HI1, Class A5, 5.68%, 4/25/29(b)    58,934
 443,846   Residential Funding Mortgage Securities II, Inc., Series 2005-HI2, Class A5, 5.08%, 5/25/35(b)    453,047
 332,662   Saxon Asset Securities Trust, Series 2003-3, Class AF5, 5.02%, 12/25/33(b)    341,354
Total Asset Backed Securities     1,804,054
Mortgage Backed Securities† (17.2%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.4%)
 380,302   Bear Stearns Alternative-A Trust, 2.48%, 4/25/37(b)    254,685
 57,474   Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 4.82%, 10/25/33(b)    59,458
       314,143
Alt-A - Fixed Rate Mortgage Backed Securities (3.3%)
 179,156   Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35    156,557
 209,855   Bank of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.00%, 11/25/34    217,465
 171,395   Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37    142,737
 62,000   Countrywide Alternative Loan Trust, Series 2003-13T1, Class A9, 5.00%, 8/25/33    64,320
 148,000   Countrywide Alternative Loan Trust, Series 2003-15T2, Class A10, 5.00%, 8/25/33    144,116
 54,886   Countrywide Alternative Loan Trust, 5.50%, 11/25/35    43,194
 185,607   Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36    154,683
 27,327   Countrywide Alternative Loan Trust, 6.00%, 1/25/37    21,770
 62,141   Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34    66,261

 

See notes to schedules of portfolio investments.

 

-33-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$11,485   Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34   $11,472
 187,733   Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 6.27%, 6/25/36(b)    144,561
 15,953   Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34    16,268
 143,498   Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34    151,193
 125,292   Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34    130,825
 325,071   Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.85%, 2/25/35(b)    325,625
 75,717   Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 4.98%, 5/25/35(b)    69,736
 204,957   Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36(b)    118,199
 30,789   Residential Accredit Loans, Inc., Series 2004-QS9, Class A1, 5.00%, 6/25/19    30,904
 29,567   Residential Asset Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36    23,672
 156,993   Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35    140,124
 69,124   Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36    52,573
 103,520   Washington Mutual Mortgage Pass-Through Certificates, 5.50%, 7/25/35    101,078
       2,327,333
Commercial Mortgage Backed Securities (1.1%)
 750,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A3, 5.82%, 2/12/51    754,810
Prime Adjustable Rate Mortgage Backed Securities (0.5%)
 34,888   Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 2.83%, 9/25/34(b)    15,817
 29,759   Chase Mortgage Finance Corp., Series 2007-A2, Class 7A1, 5.22%, 7/25/37(b)    28,321
 182,615   Credit Suisse Mortgage Capital Certificates, Series 2009, 5.93%, 5/26/37(b)(c)    191,055
 85,158   JPMorgan Re-REMIC, Series 2009-7, Class 5A1, 6.00%, 2/27/37(b)(c)    87,139
       322,332
Prime Fixed Mortgage Backed Securities (3.7%)
 350,000   American Home Mortgage Investment Trust, 5.41%, 9/25/35(b)    270,969
 74,154   Bank of America Funding Corp., 6.00%, 7/25/36    65,137
35,657   Bank of America Mortgage Securities, Series 2004-4, Class 3A1, 5.00%, 5/25/19   36,944
 8,217   Bank of America Mortgage Securities, Series 2004-4, Class 2A2, 5.50%, 5/25/34    8,274
 59,636   Chase Mortgage Finance Corp., 5.50%, 10/25/33    61,513
 61,880   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.63%, 5/25/35(b)    59,011
 282,974   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34    297,105
 19,508   Countrywide Alternative Loan Trust, Series 2004-24CB, Class 2A1, 5.00%, 11/25/19    19,610
 55,595   Countrywide Alternative Loan Trust, Series 2005-J8, Class 1A6, 5.50%, 7/25/35    8,491
 108,537   Countrywide Home Loans, 2.59%, 11/25/35(b)    88,541
 6,476   Countrywide Home Loans, Series 2003-20, Class 1A14, 5.50%, 7/25/33    6,298
 217,688   Countrywide Home Loans, Series 2005-12, Class 2A9, 5.50%, 5/25/35    218,305
 108,663   Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35    106,908
 115,306   Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*    94,340
 42,000   Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35    36,195
 50,299   Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36    33,219
 25,127   First Horizon Mortgage Pass-Through Trust, Series 2004-1, Class 2A1, 4.75%, 3/25/19    25,576
 6,269   GSR Mortgage Loan Trust, Series 2006-10F, Class 5A1, 6.00%, 1/25/27    5,420
 57,536   Lehman Mortgage Trust, 5.50%, 1/25/36    52,079
 4,699   Master Asset Securitization Trust, Series 2003-3, Class 5A1, 5.50%, 4/25/18    4,987
 20,028   Master Asset Securitization Trust, Series 2003-8, Class 1A1, 5.50%, 9/25/33    20,812
 118,427   Residential Asset Mortgage Products, Inc., Series 2003-RZ5, Class A7, 4.97%, 9/25/33(b)    122,549
 47,260   Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31    49,619
 306,733   Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37(b)(c)    300,981

 

See notes to schedules of portfolio investments.

 

-34-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$219,777   Structured Asset Securities Corp., Series 2005-3, Class 1A8, 5.75%, 3/25/35   $213,424
 2,396   Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32    2,416
 291,792   Wells Fargo Mortgage Backed Securities Trust, Series 2007-9, Class 1A5, 5.50%, 7/25/37    296,069
 52,153   Wells Fargo Mortgage Backed Securities Trust, Series 2006-11, Class A8, 6.00%, 9/25/36    49,442
       2,554,234
U.S. Government Agency Mortgage Backed Securities (8.2%)
 453,588   Fannie Mae, Series 2013-68, Class NA, 1.00%, 3/25/42    439,367
 250,000   Fannie Mae, 1.63%, 10/26/15    256,151
 256,970   Fannie Mae, Series 2013-18, Class NA, 2.00%, 12/25/42    235,538
 242,774   Fannie Mae, Series 2013-73, Class PD, 2.25%, 6/25/42    239,256
 489,442   Fannie Mae, Series 2013-74, Class DY, 2.25%, 6/25/42(b)    491,560
 164,826   Fannie Mae, Series 2012-2, Class HA, 2.50%, 5/25/41    168,003
 169,729   Fannie Mae, Series 2011-118, Class NA, 3.00%, 11/25/41    177,262
 134,318   Fannie Mae, Series 2011-124, Class CG, 3.00%, 9/25/29    138,492
 502,310   Fannie Mae, Series 2012-38, Class AG, 3.00%, 2/25/39    512,407
 103,137   Fannie Mae, 4.00%, 4/1/25, Pool #AD3828    109,814
 13,913   Fannie Mae, Series 2003-19, Class ME, 4.00%, 1/25/33    14,266
 111,654   Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41    116,549
 65,264   Fannie Mae, 4.50%, 4/1/35, Pool #814522    69,756
 500,000   Fannie Mae, 5.00%, 2/13/17    567,339
 1,795   Fannie Mae, 5.00%, 3/1/18, Pool #681351    1,914
 71,952   Fannie Mae, 5.50%, 10/1/35, Pool #838584    78,573
 6,538   Fannie Mae, 6.00%, 5/1/35, Pool #357778    7,274
 9,000   Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29    10,265
 56,766   Fannie Mae Grantor Trust, Series 2002-T6, Class A1, 3.31%, 2/25/32    58,280
 254,454   Freddie Mac, Series 4146, Class ML, 1.50%, 10/15/42    243,804
 20,366   Freddie Mac, 1.88%, 6/1/28, Pool #605508(b)    20,425
 600,000   Freddie Mac, 2.50%, 1/7/14    601,475
 149,411   Freddie Mac, Series 3879, Class NK, 3.00%, 5/15/39    153,829
 67,660   Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36    69,529
 326,930   Freddie Mac, Series 4012, Class MH, 3.00%, 11/15/40    334,667
197,943   Freddie Mac, Series 4051, Class YD, 3.50%, 3/15/41   196,934
 45,405   Freddie Mac, Series 2877, Class JD, 4.50%, 3/15/19    47,811
 3,036   Freddie Mac, 5.00%, 5/1/18, Pool #E96372    3,227
 5,045   Freddie Mac, 5.00%, 9/1/18, Pool #E99582    5,365
 4,528   Freddie Mac, 5.50%, 1/1/35, Pool #A30935    4,933
 5,323   Freddie Mac, Series 2378, Class CB, 6.00%, 11/15/31    5,996
 20,534   Freddie Mac, Series 2302, Class J, 6.50%, 4/15/31    23,331
 85,664   Freddie Mac, 7.50%, 12/15/22    98,063
 188,106   Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42    182,176
 2,213   Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166    2,451
 48,652   Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258    54,355
 3,268   Government National Mortgage Assoc., 7.00%, 1/15/26, Pool #421420    3,421
 13,772   Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747    15,512
       5,759,370
Total Mortgage Backed Securities     12,032,222
Corporate Bonds (1.0%)
Financial Services (0.4%)
 125,000   BP Capital Markets PLC, 3.63%, 5/8/14    126,782
 194,797   Preferred Term Securities XX, Class B-2, 0.70%, 3/22/38, Callable 1/6/14 @ 100*(b)(c)    116,878
 121,963   Preferred Term Securities XXIII, 0.08%, 12/22/36 (d)(e)    61
 271,990   Regional Diversified Funding, 1.56%, 1/25/36 (b)(e)    8,160
       251,881
Real Estate Investment Trusts (0.3%)
 200,000   Arden Realty LP, 5.25%, 3/1/15, Callable 12/1/14 @ 100*    207,823
         
Security Brokers & Dealers (0.3%)
 200,000   Bear Stearns Co., Inc., 5.55%, 1/22/17    222,763
 350,000   Lehman Brothers Holdings, Inc., 6.50%, 7/19/17 (f)    70
       222,833
Total Corporate Bonds     682,537
Taxable Municipal Bonds (0.4%)
Illinois (0.3%)
 150,000   Northern Illinois Municipal Power Agency Power Project Revenue, Build America Bonds, 6.29%, 1/1/21, Callable 1/1/19 @ 100*    162,528

 

See notes to schedules of portfolio investments.

 

-35-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or
Principal
Amount		   Security Description   Value
 
Taxable Municipal Bonds, continued:
Missouri (0.1%)
$100,000   Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, 7.50%, 10/1/39, Callable 10/1/19 @ 100*   $104,083
Total Taxable Municipal Bonds     266,611
U.S. Government Agency Securities (4.9%)
Fannie Mae    
 500,000   1.00%, 4/17/28, Callable 4/17/14 @ 100*(g)    461,450
 285,000   1.02%, 12/10/18, Callable 6/10/14 @ 100*(g)    284,944
       746,394
Fannie Mae Strips    
 300,000   12.14%, 11/15/16 (d)    290,645
Federal Home Loan Bank    
 550,000   1.00%, 3/13/23, Callable 12/13/13 @ 100*(g)    534,404
 550,000   1.00%, 9/5/23, Callable 12/5/13 @ 100*(g)    550,041
 750,000   1.00%, 9/13/23, Callable 12/13/13 @ 100*(g)    750,223
       1,834,668
Freddie Mac    
 550,000   1.25%, 11/20/18, Callable 5/20/14 @ 100*(g)    550,833
Total U.S. Government Agency Securities     3,422,540
U.S. Treasury Obligations (13.6%)
U.S. Treasury Bonds    
 1,771,000   3.00%, 5/15/42    1,521,399
 315,000   4.25%, 11/15/40    343,104
       1,864,503
U.S. Treasury Inflation Index Notes    
 809,000   0.13%, 1/15/23    788,729
U.S. Treasury Notes    
 1,050,000   0.25%, 4/30/14    1,050,533
 500,000   0.25%, 9/15/15    499,922
 300,000   0.75%, 3/31/18    295,195
 1,175,000   2.00%, 11/15/21    1,145,992
 300,000   2.13%, 2/29/16    312,023
 1,125,000   2.25%, 11/30/17    1,180,810
 500,000   2.75%, 2/28/18    534,688
 810,000   2.75%, 2/15/19    863,410
 150,000   3.63%, 2/15/21    165,328
 750,000   4.50%, 2/15/16    818,672
       6,866,573
Total U.S. Treasury Obligations     9,519,805
Investment Companies (4.2%)
 22,776   iShares MSCI EAFE Index Fund, 2.59%    1,508,682
 33,149   iShares MSCI Emerging Markets Index Fund, 1.23%    1,403,860
Total Investment Companies     2,912,542
Investment in Affiliates (3.9%)
 2,710,234   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(h)    2,710,234
Total Investment in Affiliates     2,710,234
Total Investments (Cost $60,425,280) (i) — 99.9%    69,887,684
Other assets in excess of liabilities — 0.1%     52,500
Net Assets — 100.0%   $69,940,184

 

See notes to schedules of portfolio investments.

 

-36-
 

 

CAVANAL HILL FUNDS

Balanced Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Non-income producing security.
(b) Variable rate investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(c) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(d) Rate represents the effective yield at purchase.
(e) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At November 30, 2013, illiquid securities were 0.0% of the Fund's net assets.
(f) Issuer has defaulted on the payment of interest.
(g) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at November 30, 2013.
(h) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(i) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to the Schedules of Portfolio Investments.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
† Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

 

ADR American Depositary Receipt
Re-REMIC Restructured Real Estate Mortgage Investment Conduits

 

See notes to schedules of portfolio investments.

 

-37-
 

 

CAVANAL HILL FUNDS

U.S. Large Cap Equity Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares   Security Description   Value
         
Common Stocks (97.0%)
Air Freight & Logistics (1.4%)
4,374   United Parcel Service, Inc., Class B   $447,810
Apparel Manufacturers (1.2%)
4,907   NIKE, Inc., Class B    388,340
Auto Manufacturers (2.1%)
39,261   Ford Motor Co.    670,578
Banking (6.5%)
22,419   Fifth Third Bancorp    455,554
12,353   JPMorgan Chase & Co.    706,838
6,410   PNC Financial Services Group    493,250
12,166   U.S. Bancorp    477,151
       2,132,793
Beverages (1.7%)
6,501   PepsiCo, Inc.    549,074
Biotechnology (2.4%)
4,085   Amgen, Inc.    466,017
4,482   BioMarin Pharmaceutical, Inc.(a)    315,443
       781,460
Broadcasting/Cable (1.9%)
12,711   Comcast Corp., Class A    633,898
Capital Markets (1.8%)
12,078   Raymond James Financial, Inc.    581,918
Chemicals (4.6%)
6,317   Ecolab, Inc.    676,993
6,528   Praxair, Inc.    824,225
       1,501,218
Computer Software & Services (2.3%)
5,407   Citrix Systems, Inc.(a)    320,743
18,100   EMC Corp.    431,685
       752,428
Computers & Peripherals (2.8%)
1,640   Apple, Inc.    911,955
Construction & Engineering (1.2%)
6,492   Jacobs Engineering Group, Inc.(a)    388,027
Consumer Products (2.9%)
4,954   Church & Dwight Co., Inc.    323,249
7,414   The Procter & Gamble Co.    624,407
       947,656
Diversified Financial Services (3.2%)
3,662   Berkshire Hathaway, Inc., Class B(a)    426,733
3,644   Goldman Sachs Group, Inc.    615,617
       1,042,350
Diversified Manufacturing Operations (8.6%)
8,579   Danaher Corp.    641,709
8,739   Donaldson Co., Inc.    364,678
25,528   General Electric Co.    680,577
4,515   Honeywell International, Inc.    399,623
7,340   Johnson & Johnson    694,804
       2,781,391
Electronic Components/Instruments (1.6%)
5,282   Thermo Fisher Scientific, Inc.    532,690
Financial Services (1.9%)
7,852   T. Rowe Price Group, Inc.    631,772
Food Products (3.6%)
5,209   Hain Celestial Group, Inc.(a)    430,732
22,164   Mondelez International, Inc.    743,159
       1,173,891
Health Care Equipment & Supplies (3.4%)
8,338   Medtronic, Inc.    477,934
10,845   St. Jude Medical, Inc.    633,565
       1,111,499
Hotels, Restaurants & Leisure (1.2%)
2,258   Panera Bread Co.(a)   399,418
Household Durables (1.0%)
5,857   Jarden Corp.(a)    329,398
Insurance (1.3%)
8,371   American International Group, Inc.    416,457
Internet (5.3%)
6,606   eBay, Inc.(a)    333,735
13,459   Facebook, Inc., Class A(a)    632,707
715   Google, Inc., Class A(a)    757,607
       1,724,049
Internet & Catalog Retail (1.9%)
1,576   Amazon.com, Inc.(a)    620,345
IT Services (1.4%)
591   Mastercard, Inc., Class A    449,639
Machinery (2.6%)
10,239   Terex Corp.(a)    371,880
4,489   United Technologies Corp.    497,651
       869,531
Media (3.4%)
13,446   Twenty-First Century Fox, Inc.    450,307
9,361   Walt Disney Co.    660,325
       1,110,632
Miscellaneous Manufacturing (1.5%)
6,809   Eaton Corp. PLC    494,742
Oil & Gas Exploration, Production and Services (3.9%)
8,188   Baker Hughes, Inc.    466,387
6,494   Noble Energy, Inc.    456,139
6,279   Whiting Petroleum Corp.(a)    379,252
       1,301,778
Oil, Gas & Consumable Fuels (1.9%)
3,714   Anardarko Petroleum Corp.    329,877
2,720   Concho Resources, Inc.(a)    282,690
       612,567
Oil-Integrated Companies (1.3%)
3,424   Chevron Corp.    419,235
Pharmaceuticals (1.7%)
11,042   Merck & Co., Inc.    550,223
Restaurants (2.1%)
8,738   Cheesecake Factory, Inc.    425,977
3,080   Starbucks Corp.    250,896
       676,873
Retail (1.5%)
7,877   Nordstrom, Inc.    490,028
Semiconductors (2.8%)
10,923   NXP Semiconductors NV(a)    464,228
10,472   Texas Instruments, Inc.    450,296
       914,524
Software (0.9%)
5,669   Salesforce.com, Inc.(a)    295,298
Specialty Retail (2.0%)
7,463   Tiffany & Co.    665,252
Technology (1.1%)
3,605   Waters Corp.(a)    358,806
Transportation & Shipping (3.1%)
6,018   Norfolk Southern Corp.    527,718
2,921   Union Pacific Corp.    473,319
       1,001,037
Total Common Stocks     31,660,580

 

See notes to schedules of portfolio investments.

 

-38-
 

 

CAVANAL HILL FUNDS

U.S. Large Cap Equity Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares   Security Description   Value
 
Investment in Affiliates (1.7%)
$563,669   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(b)   $563,669
Total Investment in Affiliates     563,669
Total Investments (Cost $24,553,169) (c) — 98.7%     32,224,249
Other assets in excess of liabilities — 1.3%     416,937
Net Assets — 100.0%   $32,641,186

 

(a) Non-income producing security.
(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(c) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.

 

See notes to schedules of portfolio investments.

 

-39-
 

 

CAVANAL HILL FUNDS

Opportunistic Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

Shares or Principal Amount   Security Description   Value
         
Common Stocks (76.7%)
Advertising (0.9%)
7,640   Reachlocal, Inc.(a)   $96,646
Auto Components (1.5%)
10,750   Douglas Dynamics, Inc.    171,355
Auto Manufacturers (1.4%)
9,422   Ford Motor Co.    160,928
Auto Parts & Equipment (1.7%)
3,317   Arctic Cat, Inc.    186,648
Banking (1.6%)
13,696   FNB Corp.    174,076
Beverages (2.2%)
29,207   Cott Corp.    244,462
Biotechnology (2.1%)
6,023   Kythera Biopharmaceuticals, Inc.(a)    234,777
Broadcasting/Cable (1.8%)
1,460   Time Warner Cable, Inc.    201,801
Building Products (1.6%)
2,409   Trex Co., Inc.(a)    174,388
Capital Markets (2.8%)
20,882   New Mountain Finance Corp.    314,692
Chemicals (2.0%)
4,744   The Mosaic Co.    227,238
Computer Software & Services (2.1%)
10,033   EMC Corp.    239,287
Computers & Peripherals (1.8%)
371   Apple, Inc.    206,302
Consumer Products (5.7%)
26,104   Black Diamond, Inc.(a)    348,487
11,963   Callaway Golf Co.    96,900
2,162   The Procter & Gamble Co.    182,084
       627,471
Consumer Services (2.3%)
14,777   Monarch Casino & Resort, Inc.(a)    262,292
Diversified Financial Services (1.6%)
19,900   MicroFinancial, Inc.    176,911
Diversified Manufacturing Operations (2.0%)
8,283   General Electric Co.    220,825
Electronic Components/Instruments (3.6%)
36,954   GSI Group, Inc.(a)    405,754
Environmental Control (1.4%)
8,688   Covanta Holding Corp.    155,515
Food Products (2.3%)
3,473   Nestle SA ADR    253,911
Health Care Equipment & Supplies (1.5%)
3,374   ResMed, Inc.    164,685
Household Durables (2.3%)
16,922   LGI Homes, Inc.(a)    260,599
Industrial Conglomerates (1.8%)
1,518   Siemens AG    200,558
Internet (1.0%)
2,252   eBay, Inc.(a)    113,771
Internet Software & Services (1.2%)
21,971   Millennial Media, Inc.(a)    139,736
Investment Banking & Brokerage (2.3%)
6,221   Lazard Ltd., Class A    259,602
Machinery (2.1%)
6,477   Terex Corp.(a)    235,245
Media (1.1%)
3,861   Lions Gate Entertainment Corp.(a)    122,162
Movies & Entertainment (1.9%)
6,914   Imax Corp.(a)   213,159
Oil & Gas Exploration, Production and Services (2.1%)
3,944   Whiting Petroleum Corp.(a)    238,218
Oil, Gas & Consumable Fuels (3.4%)
3,119   Dresser-Rand Group, Inc.(a)    176,036
7,145   Newfield Exploration Co.(a)    200,775
       376,811
Pharmaceuticals (2.7%)
3,152   Allergan, Inc.    305,902
Real Estate Investment Trusts (3.9%)
16,542   Campus Crest Communities, Inc.    164,593
10,693   MFA Financial, Inc.    267,217
       431,810
Semiconductors (1.0%)
3,168   Cavium, Inc.(a)    114,682
Software (1.0%)
2,879   Informatica Corp.(a)    111,734
Steel (1.3%)
9,546   Vale SA    146,245
Textiles, Apparel & Luxury Goods (1.7%)
2,673   Columbia Sportswear Co.    185,479
Transportation & Shipping (2.0%)
1,386   Union Pacific Corp.    224,587
Total Common Stocks     8,580,264
Convertible Bonds (8.1%)
 347,000   Intel Corp., 2.95%, 12/15/35    376,495
 230,000   M/I Homes, Inc., 3.00%, 3/1/18    242,075
 288,000   Volcano Corp., 1.75%, 12/1/17    287,460
Total Convertible Bonds     906,030
Investment Companies (7.3%)
 3,482   ProShares UltraShort 20+ Year Treasury    266,582
 3,440   ProShares UltraShort Yen    231,340
 16,633   U.S. Natural Gas Fund LP    318,522
Total Investment Companies     816,444
Investment in Affiliates (11.8%)
 1,325,191   Cavanal Hill Cash Management Fund, Institutional Class, 0.01%(b)    1,325,191
Total Investment in Affiliates     1,325,191
Total Investments (Cost $10,879,852) (c) — 103.9%     11,627,929
Liabilities in excess of other assets — (3.9)%     (441,134)
Net Assets — 100.0%   $11,186,795

 

See notes to schedules of portfolio investments.

 

-40-
 

 

CAVANAL HILL FUNDS

Opportunistic Fund

 

Schedule of Portfolio Investments

 

November 30, 2013

(Unaudited)

 

(a) Non-income producing security.
(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2013.
(c) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Schedules of Portfolio Investments.

 

ADR American Depositary Receipt

 

See notes to schedules of portfolio investments.

 

-41-
 

 

Notes to Schedule of Portfolio Investments

November 30, 2013

(Unaudited)

 

1. Organization:

 

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end investment company. As of November 30, 2013, the Trust offered shares of the U.S. Treasury Fund, Cash Management Fund, Tax-Free Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Intermediate Tax-Free Bond Fund, Short-Term Income Fund, Intermediate Bond Fund, Bond Fund, Balanced Fund, U.S. Large Cap Equity Fund and Opportunistic Fund (each referred to as a “Fund” and collectively, “the Funds”). The Intermediate Tax-Free Bond Fund, Short-Term Income Fund, Intermediate Bond Fund, Bond Fund, Balanced Fund, U.S. Large Cap Equity Fund and Opportunistic Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares and A Shares. The Money Market Funds are each authorized to issue an unlimited number of shares in five classes of shares: Administrative Shares, Institutional Shares, Select Shares, Service Shares and Premier Shares. As of November 30, 2013, the Service Shares of the Cash Management Fund and Tax-Free Money Market Fund, the Select Shares of the U.S. Treasury Fund and the Cash Management Fund, and the Premier Shares of the U.S. Treasury Fund were not offered for sale. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

 

2. Significant Accounting Policies:

 

The following is a summary of significant accounting policies followed by the Trust in the preparation of its Schedules of Portfolio Investments. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The presentation of Schedules of Portfolio Investments in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Schedules of Portfolio Investments. Actual results could differ from those estimates.

 

Fair Value Measurements:

 

The Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

 

• Level 1 – quoted prices in active markets for identical assets
   
• Level 2 – other observable significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

 

When determining the fair value of the Funds’ investments, additional consideration is given to those assets or liabilities that have experienced a significant decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly. In cases where market prices for portfolio securities are not readily available or where prices provided by pricing services are believed not to reflect current value, a Pricing Committee established by the Board of Trustees (the “Board”) determines in good faith, subject to Trust procedures, the fair value of such portfolio securities. Examples of the types of securities that may be fair valued include securities halted or suspended from trading, thinly traded or illiquid securities, high-yield securities and fixed-income securities held in amounts less than their normal unit of trading.

 

-42-
 

 

Notes to Schedule of Portfolio Investments

November 30, 2013

(Unaudited)

 

The following is a summary categorization, as of November 30, 2013, of each Fund’s investments based on the inputs used in determining the value of such investments:

 

Fund  LEVEL 1 -
Quoted Prices		   LEVEL 2 - Other
Significant
Observable
Inputs		   LEVEL 3 -
Significant
Unobservable
Inputs		   Total 
                     
U.S. Treasury Fund                    
U.S. Treasury Obligations  $—   $285,528,108   $—   $285,528,108 
Repurchase Agreements   —    555,800,000    —    555,800,000 
Total Investments   —    841,328,108    —    841,328,108 
Cash Management Fund                    
Certificates of Deposit   —    100,001,063    —    100,001,063 
Commercial Paper1   —    282,692,241    —    282,692,241 
U.S. Government Agency Securities   —    212,195,970    —    212,195,970 
Repurchase Agreements   —    530,000,000    —    530,000,000 
Time Deposit   —    12,775,226    —    12,775,226 
Total Investments   —    1,137,664,500    —    1,137,664,500 
Tax-Free Money Market Fund                    
Municipal Bonds2   —    229,282,819    —    229,282,819 
Municipal Commercial Paper2   —    32,395,000    —    32,395,000 
Investment Companies   8,602,765    —    —    8,602,765 
Total Investments   8,602,765    261,677,819    —    270,280,584 
Intermediate Tax-Free Bond Fund                    
Municipal Bonds2   —    35,029,073    —    35,029,073 
Investment in Affiliates   806,793    —    —    806,793 
Total Investments   806,793    35,029,073    —    35,835,866 
Short-Term Income Fund                    
Asset Backed Securities   —    12,253,209    —    12,253,209 
Mortgage Backed Securities3   —    52,150,113    —    52,150,113 
Corporate Bonds1   —    9,380,570    —    9,380,570 
Municipal Bonds2   —    2,219,841    —    2,219,841 
U.S. Government Agency Securities   —    6,442,432    —    6,442,432 
U.S. Treasury Obligations   —    60,339,221    —    60,339,221 
Investment in Affiliates   12,004,798    —    —    12,004,798 
Total Investments   12,004,798    142,785,386    —    154,790,184 
Intermediate Bond Fund                    
Asset Backed Securities   —    2,580,085    —    2,580,085 
Mortgage Backed Securities3   —    8,404,235    —    8,404,235 
Corporate Bonds1   —    3,414,107    —    3,414,107 
Taxable Municipal Bonds2   —    408,964    —    408,964 
U.S. Government Agency Securities   —    2,730,586    —    2,730,586 
U.S. Treasury Obligations   —    12,507,429    —    12,507,429 
Investment in Affiliates   1,114,059    —    —    1,114,059 
Total Investments   1,114,059    30,045,406    —    31,159,465 
Bond Fund                    
Asset Backed Securities   —    1,289,111    —    1,289,111 
Mortgage Backed Securities3   —    19,354,981    —    19,354,981 
Corporate Bonds1   —    4,040,036    —    4,040,036 
Taxable Municipal Bonds2   —    651,921    —    651,921 
U.S. Government Agency Securities   —    5,975,332    —    5,975,332 
U.S. Treasury Obligations   —    21,809,782    —    21,809,782 
Investment in Affiliates   6,189,735    —    —    6,189,735 
Total Investments   6,189,735    53,121,163    —    59,310,898 
Balanced Fund                    
Common Stocks1   36,537,139    —    —    36,537,139 
Asset Backed Securities   —    1,804,054    —    1,804,054 
Mortgage Backed Securities3   —    12,032,222    —    12,032,222 
Corporate Bonds1   —    682,537    —    682,537 
Taxable Municipal Bonds2   —    266,611    —    266,611 
U.S. Government Agency Securities   —    3,422,540    —    3,422,540 
U.S. Treasury Obligations   —    9,519,805    —    9,519,805 
Investment Companies   2,912,542    —    —    2,912,542 
Investment in Affiliates   2,710,234    —    —    2,710,234 
Total Investments   42,159,915    27,727,769    —    69,887,684 
U.S. Large Cap Equity Fund                    
Common Stocks1   31,660,580    —    —    31,660,580 
Investment in Affiliates   563,669    —    —    563,669 
Total Investments   32,224,249    —    —    32,224,249 
Opportunistic Fund                    
Common Stocks1   8,580,264    —   —    8,580,264 
Convertible Bonds   —    906,030    —    906,030 
Investment Companies   816,444    —    —    816,444 
Investment in Affiliates   1,325,191    —    —    1,325,191 
Total Investments   10,721,899    906,030    —    11,627,929 
                     

 

1 Please see the Schedule of Portfolio Investments for Industry classification.

2 Please see the Schedule of Portfolio Investments for State classification.

3 Please see the Schedule of Portfolio Investments for Mortgage Backed Securities classification.

 

The Funds determine transfers between fair value hierarchy levels based on valuations at the reporting period end. There were no transfers between Levels 1 and 2 as of November 30, 2013, based on levels assigned to securities on August 31, 2013.

 

-43-
 

 

Notes to Schedule of Portfolio Investments

November 30, 2013

(Unaudited)

 

Securities Valuation:

 

The Money Market Funds have elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant amortization or accretion to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Money Market Fund would receive if it sold the investment. The value of securities in the Money Market Funds can be expected to vary inversely with changes in prevailing interest rates.

 

The following is an overview of how securities are valued in the Intermediate Tax-Free Bond Fund, Short-Term Income Fund, Intermediate Bond Fund, Bond Fund, Balanced Fund, U.S. Large Cap Equity Fund and Opportunistic Fund (the “Variable Net Asset Value Funds”).

 

Domestic equity securities are valued at the closing price on the exchange or market where the security is principally traded (except for those traded on NASDAQ, which are valued at the NASDAQ Official Closing Price). If there have been no sales for the day on any exchange or market, the security is valued at the latest available bid price on the exchange or market where the security is principally traded. Domestic equity securities are typically categorized as Level 1 in the fair value hierarchy.

 

Fixed-income securities are valued using matrix pricing as determined by an independent pricing service approved by the Board. Fixed-income securities are valued using various inputs including new issue data, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy. In addition to the inputs noted for fixed-income securities, asset-backed and mortgage-backed securities are valued using principal payment and collateral performance information, and are typically categorized as Level 2 in the fair value hierarchy.

 

Short-term fixed-income securities purchased with 60 days or fewer to maturity and of sufficient credit quality are generally valued at amortized cost, which approximates current value, and are typically categorized as Level 2 in the fair value hierarchy.

 

Open-end mutual fund investments are valued at the most recently calculated net asset value, and are typically categorized as Level 1 in the fair value hierarchy.

 

Repurchase agreements are valued at original cost, and are typically categorized as Level 2 in the fair value hierarchy.

 

Exchange-traded options are valued at the closing price from the exchange, and are typically categorized as Level 1 in the fair value hierarchy.

 

Purchased Options:

 

Each of the Funds, except the U.S. Treasury Fund, may purchase options to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for the portfolio, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes. An option gives the purchaser of the option the right to buy, and a writer has the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is consideration for undertaking the obligations under the option contract. Options purchased by the Fund will be valued at the last sale price, or in the absence of such a price, at the mean between bid and asked prices. The Funds may also purchase index options. Index options (or options on securities indices) are similar in many respects to options on securities, except that an index option gives the holder the right to receive, upon exercise, cash instead of securities, if the closing value of the securities index upon which the option is based is greater than the exercise price of the option.

 

Purchasing options is a specialized investment technique that entails the possibility of a complete loss of the amounts paid as premiums to writers of options. Each of the Funds will purchase options and index options only when its total investment in such options immediately after such purchase will not exceed 5% of its total assets.

 

The Opportunistic Fund engaged in limited purchased option activity during the period ended November 30, 2013, representing less than 1% of the Opportunistic Fund’s average monthly fair value of purchased options as a percentage of net assets to hedge against the Fund’s stock positions.

 

Security Transactions and Related Income:

 

For all purposes other than financial reporting, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

 

Restricted Securities:

 

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. At November 30, 2013, the Cash Management Fund, Short-Term Income Fund, Intermediate Bond Fund, Bond Fund and Balanced Fund held restricted securities comprising 19.6%, 6.3%, 8.2%, 3.9% and 1.2% of net assets, respectively. The restricted securities held as of November 30, 2013 are identified below:

 

-44-
 

 

Notes to Schedule of Portfolio Investments

November 30, 2013

(Unaudited)

 

Security    Acquisition
Date		    Acquisition
Cost		    Principal
Amount		    Fair
Value		  
                       
Cash Management Fund:                      
3M Co., 0.03%, 12/3/13    09/30/13    $12,998,844   $13,000,000   $12,999,964 
Australia & New Zealand Banking Group, 0.17%, 4/17/14    11/20/13     29,978,417    30,000,000    29,980,021 
The Coca-Cola Co., 0.19%, 2/27/14    08/06/13     14,783,987    14,800,000    14,793,126 
The Coca-Cola Co., 0.21%, 2/14/14    06/17/13     14,978,825    15,000,000    14,993,438 
Google, Inc., 0.08%, 1/22/14    09/24/13     29,992,000    30,000,000    29,996,533 
National Australia Funding, 0.25%, 5/16/14    08/19/13     29,943,750    30,000,000    29,965,417 
Nestle Capital Corp., 0.20%, 1/9/14    02/25/13     29,947,000    30,000,000    29,993,500 
Nordea Bank AB, 0.15%, 12/9/13    09/05/13     29,986,542    30,000,000    29,998,867 
Total Capital Canada, Ltd., 0.21%, 4/11/14    07/16/13     29,952,925    30,000,000    29,977,075 
                       
Short-Term Income Fund:                    
Alesco Preferred Funding Ltd., Series 8A, Class C2, 1.60%, 12/23/35   07/24/07   $1,050,849   $1,115,145   $223,029 
Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27   12/14/12    1,271,092    1,237,215    1,237,988 
Citigroup Mortgage Loan Trust, Inc., Series 2009-5, Class 6A1, 6.00%, 2/25/37   12/14/09    247,825    252,883    259,561 
Credit Suisse Mortgage Capital Certificates, Series 2009-2R, Class 2A5, 2.19%, 6/26/37   03/30/10    438,340    446,529    446,259 
Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.63%, 7/27/36   06/19/12    518,481    596,812    593,367 
GS Mortgage Securities Corp., Series 2009-3R, Class 2A1, 3.46%, 7/25/35    06/21/12    326,181    357,459    356,448 
JPMorgan Re-REMIC, Series 2009-7, Class 8A1, 4.43%, 1/27/47   10/01/09    103,501    107,813    109,099 
JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37   09/02/09    197,206    205,423    208,972 
JPMorgan Re-REMIC, Series 2009-7, Class 5A1, 6.00%, 2/27/37   08/31/11    327,778    321,351    328,827 
JPMorgan Re-REMIC, Series 2009-5, Class 2A1, 2.07%, 1/26/37   09/01/10    174,248    178,292    178,753 
JPMorgan Re-REMIC, Series 2009-7, Class 2A1, 6.00%, 2/27/37   12/14/10    1,025,022    1,018,170    1,033,903 
MetLife Global Funding I, 1.70%, 6/29/15   06/26/12    999,210    1,000,000    1,016,077 
Nations Equipment Finance Funding LLC, Series 2013-1A, Class A, 1.70%, 11/20/16   06/13/13    917,680    917,680    917,680 
Preferred Term Securities IX, 2.05%, 4/3/33, Callable 1/6/14 @ 100   03/17/03    500,000    500,000    290,000 
Preferred Term Securities V, 2.35%, 4/3/32, Callable 1/6/14 @ 100   09/14/06    305,890    327,041    40,880 
Preferred Term Securities XXIII, 0.08%, 12/22/36   05/03/10    398,411    406,542    203 
RAAC, Series 2006-RP1, Class A3, 0.47%, 10/25/45   06/19/12    98,555    103,064    101,100 
Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37   06/22/12    2,262,441    2,391,493    2,346,653 
                     
Intermediate Bond Fund:                    
Alesco Preferred Funding Ltd., Series 15A, Class C2, 6.05%, 12/23/37   08/04/08   $176,336   $918,868   $91,887 
Alesco Preferred Funding Ltd., Series 15A, Class C1, 1.40%, 12/23/37   11/27/07    532,073    698,068    69,807 
Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27   12/14/12    184,123    178,273    178,384 
JBG/Rockville NCI Campus LLC, Series 10-A, 3.90%, 7/15/23   08/27/10    500,000    500,000    514,129 
Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 7.00%, 10/25/40   06/02/06    73,233    73,233    69,861 
Preferred Term Securities IX, 2.05%, 4/3/33, Callable 1/6/14 @ 100   03/18/03    500,000    500,000    290,000 
Preferred Term Securities XI, Class B-1, 1.85%, 9/24/33, Callable 1/6/14 @ 100   09/12/03    500,000    500,000    275,000 
Preferred Term Securities XX, Class B-2, 0.70%, 3/22/38, Callable 1/6/14 @ 100   12/21/07    880,319    973,987    584,392 
Preferred Term Securities XXIII, 0.08%, 12/22/36   05/03/10    398,411    406,542    203 
Preferred Term Securities XXVI, Series B-2, 0.81%, 9/22/37, Callable 1/6/14 @ 100   11/08/07    961,668    1,213,525    521,815 
                     
Bond Fund:                    
Alesco Preferred Funding Ltd., Series 15A, Class C2, 6.05%, 12/23/37   08/04/08   $176,336   $918,868   $91,887 
Alesco Preferred Funding Ltd., Series 15A, Class C1, 1.40%, 12/23/37   11/27/07    409,287    536,975    53,698 
Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27   12/14/12    194,532    188,351    188,469 
JBG/Rockville NCI Campus LLC, Series 10-A, 3.90%, 7/15/23   08/27/10    750,000    750,000    771,194 
JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37   09/02/09    81,490    84,885    86,352 
Preferred Term Securities IX, Series 144, 2.05%, 4/3/33, Callable 1/6/14 @ 100   03/18/03    1,000,000    1,000,000    580,000 
Preferred Term Securities XI, Class B-1, 1.85%, 9/24/33, Callable 1/6/14 @ 100   09/12/03    500,000    500,000    275,000 
Preferred Term Securities XXIII, 0.08%, 12/22/36   05/03/10    199,206    203,271    102 
Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31   11/17/09    137,036    168,143    163,771 
Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37   09/26/12    90,564    92,020    90,294 
                     
Balanced Fund:                    
Castle Trust, Series 2003-1A, Class A2, 5.36%, 5/15/27   12/14/12   $135,023   $130,734   $130,815 
Credit Suisse Mortgage Capital Certificates, Series 2009, 5.93%, 5/26/37   04/26/10    182,615    182,615    191,055 
JPMorgan Re-REMIC, Series 2009-7, Class 5A1, 6.00%, 2/27/37    04/28/10    84,307    85,158    87,139 
Preferred Term Securities XX, Class B-2, 0.70%, 3/22/38, Callable 1/6/14 @ 100   12/21/07    176,064    194,797    116,878 
Preferred Term Securities XXIII, 0.08%, 12/22/36   05/03/10    119,523    121,963    61 
Regional Diversified Funding, 1.56%, 1/25/36   01/09/07    263,627    271,990    8,160 
Structured Asset Securities Corp., Series 2002-RM1, Class A, 0.82%, 10/25/37   09/19/12    301,748    306,733    300,981 

 

-45-
 

 

Notes to Schedule of Portfolio Investments

November 30, 2013

(Unaudited)

 

Repurchase Agreements:

 

The Funds may invest in repurchase agreements with financial institutions such as member banks of the Federal Deposit Insurance Corporation or from registered broker/dealers, which Cavanal Hill Investment Management, Inc. deems creditworthy under guidelines approved by the Board, subject to the seller's agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by each Fund's custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential for loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the securities collateral, including the risk of a possible decline in the fair value of the underlying securities while the Fund seeks to assert its rights.

 

3. Credit Risk and Other Risk Considerations:

 

The Tax-Free Money Market Fund and Intermediate Tax-Free Bond Fund invest primarily in debt instruments of municipal issuers. The issuers’ ability to meet their obligations may be affected by economic developments in a specific industry, sector or locale.

 

The Short-Term Income Fund, Intermediate Bond Fund, Bond Fund and Balanced Fund are each invested in mortgage-related, fixed-income instruments. Mortgage-backed securities are subject to prepayment risk and credit risk of mortgagors and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed-income securities generally declines.

 

4. Federal Income Taxes:

 

At November 30, 2013, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/depreciation were as follows:

 

   Tax Cost of
Securities		   Tax Unrealized
Appreciation		   Tax Unrealized
Depreciation		   Net Tax
Unrealized
Appreciation/
(Depreciation)		 
Intermediate Tax-Free Bond Fund  $34,002,742   $1,974,769   $(141,645)  $1,833,124 
Short-Term Income Fund   159,349,806    1,325,953    (5,885,575)   (4,559,622)
Intermediate Bond Fund   34,250,836    967,054    (4,058,425)   (3,091,371)
Bond Fund   62,072,917    1,387,066    (4,149,085)   (2,762,019)
Balanced Fund   60,528,721    11,335,283    (1,976,320)   9,358,963 
U.S. Large Cap Equity Fund   24,588,059    7,706,590    (70,400)   7,636,190 
Opportunistic Fund   10,897,015    894,580    (163,666)   730,914 

 

-46-
 

 

Item 2. Controls and Procedures.

 

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) are attached hereto.

 

-47-
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Cavanal Hill Funds  
         
By (Signature and Title)* /s/ Scott Rhodes  
      Scott Rhodes, Treasurer  
         
Date 1/28/14  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)* /s/ Scott Rhodes  
      Scott Rhodes, Treasurer  
         
Date 1/28/14  

 

By (Signature and Title)* /s/ James L Huntzinger  
      James L. Huntzinger, President  
         
Date 1/28/14  

 

* Print the name and title of each signing officer under his or her signature.