Cavanal Hill Investment Management, Inc. (Cavanal Hill) announced today that its Cavanal Hill Short-Term Income Fund, Institutional (AISTX) was recognized at the annual Lipper Awards last week for ranking number one out of 199 share classes in the short investment-grade debt category for the three-year period ending Nov. 30, 2011.

“Our taxable fixed income team has a long history of earning number one Lipper performance rankings with the Cavanal Hill Short-Term Income Fund,” says Brian Henderson, president of Cavanal Hill. “To earn a number one ranking for any period of time is an outstanding accomplishment and achieving it for a three-year period is exceptional.”

Henderson said that Cavanal Hill has achieved this level of performance several times against the most competitive and best known fund families in the industry.

“It’s what we are known for and why our clients seek our advice when it comes to short term fixed income investing,” Henderson says. “This 2012 Lipper fund award is special though and it’s something our team has wanted for a long time. It’s a reflection of not only the outstanding performance we have given our clients, but it puts a big exclamation point behind our risk-managed approach that has worked so well since we launched the fund in 1994.”

The Lipper Fund Awards are given out annually to recognize funds that have excelled in delivering strong risk-adjusted performance, relative to their peers. This year’s award is for three-year performance ending in 2011. Last year, four Cavanal Hill funds were honored with number one Lipper rankings for performance in 2010.

Henderson said Tulsa-based Cavanal Hill is unique in the mutual fund world for a number of reasons.

“We’re committed to staying nimble so we can really dive into individual bonds and look at them on a very micro level, which is something the mega funds can’t do,” Henderson said. “This flexibility, and the discipline of our management, has led to consistent performance and long-term success. We really feel like we’re Wall Street on Main Street.”

Henderson said his firm’s flexibility and ability to find fund opportunities is possible because Cavanal Hill has top talent and access to world-class resources. As an affiliate of financial holding company BOK Financial Corporation (BOKF), a $25 billion regional financial services company with seven bank subsidiaries in eight states, Cavanal Hill can attract nationally-recognized money managers and leverage the resources of a sound Fortune 500 corporation.

BOK Financial was the largest commercial bank in the United States that elected to not participate in the Treasury’s Capital Purchase Plan, an element of the Troubled Asset Relief Plan (TARP). BOKF provides Cavanal Hill with first-class infrastructure and logistics that are often out of reach for smaller investment managers. Cavanal Hill’s advisers therefore have the luxury of being 100 percent focused on the discipline of investing and serving clients. Cavanal Hill also serves as investment adviser to the Cavanal Hill Funds.

About Lipper Fund Awards

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts, and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit excellence.thomsonreuters.com.

Disclosures

Lipper, Inc. is a Reuters Company. Lipper ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Bonds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term bonds in a rising interest rate environment. Fund rankings are from Lipper. The Lipper Mutual Fund rankings are the ranking of mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

Lipper Rankings:

FUND     1 Year   3 Year   5 Year   10 Year

Short-Term Income Fund, Institutional (AISTX) as of 11/30/11

    1   4   98   NA          

Cavanal Hill Investment Management, Inc. is an SEC registered investment adviser and a wholly-owned subsidiary of BOKF, NA, a wholly-owned subsidiary of BOK Financial Corporation, a financial holding company ("BOKF"). SEC registration does not imply a certain level of skill or training. BOKF, NA serves as the custodian for the Cavanal Hill Funds. BOKF holdings also include BOSC, Inc., the distributor for the Cavanal Hill Funds (the Funds).

BOSC, Inc. is a registered Broker/Dealer, member FINRA/SIPC. BOSC, Inc. is a wholly-owned subsidiary of BOK Financial Corporation and an affiliate of BOKF, NA and Cavanal Hill Investment Management, Inc.

BOK Financial Corporation is a $25 billion regional financial services company based in Tulsa, Oklahoma. The company's stock is publicly traded on NASDAQ under the Global Select market listings (symbol: BOKF). BOK Financial's holdings include BOKF, NA, BOSC, Inc. and Cavanal Hill Investment Management, Inc. BOKF, NA operates the TransFund electronic funds network and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

Past performance does not guarantee future results. Investments are subject to risks, including the possible loss of the principle amount invested. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus online, please visit www.cavanalhillfunds.com or call 1-800-762-7085. Please read the prospectus carefully before investing.

MUTUAL FUNDS AND OTHER INVESTMENTS:

NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE