(40-17F2)
March 22 2013 - 2:21PM
Edgar (US Regulatory)
United States
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Securities
and Exchange Commission
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Washington, D.C. 20549
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OMB
APPROVAL
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OMB Number: 3235-0360
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FORM N-17f-2
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Expires: December 31, 2014
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Estimated average burden
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Certificate of Accounting of Securities and Similar
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hours per response ..............2.0
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Investments in the Custody of
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Management Investment Companies
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Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number:
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Date examination completed:
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811-06114
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December 31, 2012
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2. State identification Number:
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AL
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AK
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AZ
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AR
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CA
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CO
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CT
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DE
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DC
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FL
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GA
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HI
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ID
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IL
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IN
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IA
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KS
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KY
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LA
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ME
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MD
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MA
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MI
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MN
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MS
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MO
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MT
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NE
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NV
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NH
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NJ
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NM
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NY
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NC
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ND
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OH
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OK
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OR
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PA
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RI
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SC
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SD
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TN
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TX
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UT
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VT
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VA
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WA
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WV
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WI
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WY
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PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
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Cavanal Hill Funds
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4. Address of principal executive office (number, street, city, state, zip code):
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Citi Fund Services of Ohio, Inc., 3435 Stelzer Road, Columbus, Ohio 43219
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INSTRUCTIONS
This Form must be completed by investment companies that have custody
of securities or similar investments.
Investment Company
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1.
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All items must be completed by the investment company.
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2.
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Give this Form to the independent public accountant who, in compliance with Rule 17f-2 under the Act and applicable state law,
examines securities and similar investments in the custody of the investment company.
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Accountant
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3.
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Submit this Form to the Securities and Exchange Commission and appropriate state securities administrators when filing the
certificate of accounting required by Rule 17f-2 under the Act and applicable state law. File the original and one copy with the
Securities and Exchange Commission’s principal office in Washington, D.C., one copy with the regional office for the region
in which the investment company’s principal business operations are conducted, and one copy with the appropriate state of
administrator(s), if applicable.
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THIS FORM
MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of
Cavanal Hill Funds:
We have examined management’s assertion, included
in the accompanying Management Statement Regarding Compliance With Certain Provisions of the Investment Company Act of 1940 (the
Act), that Cavanal Hill Funds (individually, U.S. Treasury Fund, Cash Management Fund, Tax-Free Money Market Fund, 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) (collectively, the “Funds”) complied with the applicable requirements of subsections (b) and (c) of rule 17f-2
under the Act as of December 31, 2012. Management is responsible for the Funds’ compliance with those requirements.
Our responsibility is to express an opinion on management’s assertion about the Funds’ compliance based on our examination.
Our examination was conducted in accordance with the
standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis,
evidence about the Funds’ compliance with those requirements and performing such other procedures as we considered necessary
in the circumstances. Included among our procedures were the following tests performed as of December 31, 2012, and, with
respect to agreement of security purchases and sales, for the period from August 31, 2012 (the date of our last examination) through
December 31, 2012:
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1.
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Confirmation of all securities held by Bank of Oklahoma, N.A. (the Custodian) on behalf of the Funds, without prior notice
to management;
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2.
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Reconciliation of all such securities to the books and record of the Funds and Custodian and inspection of relevant trade documentation
for reconciling items;
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3.
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Confirmation of all securities held in book entry form by Federal Reserve Bank and The Bank of New York Mellon on behalf of
the Custodian at an omnibus level;
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4.
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Reconciliation of a sample of Custodian investment positions held on behalf of the Custodian at an omnibus level at the Federal
Reserve Bank and The Bank of New York Mellon and inspection of relevant documentation for reconciling items;
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5.
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Confirmation or inspection of documentation of all securities purchased/sold but not received delivered;
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6.
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Confirmation of all repurchase agreements as of December 31, 2012 with brokers/banks and agreement of underlying collateral
with the Custodian’s records and;
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7.
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Agreement of 15 security purchases and 15 security sales since August 31, 2012 from the books and records of the Funds to trade
documentation and bank statements.
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To the Board of Trustees of
Cavanal Hill Funds
Page 3 of 3
We believe that our examination provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on the Funds’ compliance with specified requirements.
In our opinion, management’s assertion that the
Funds complied with the applicable requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company Act of 1940
as of December 31, 2012, and for the period from August 31, 2012 through December 31, 2012, with respect to securities
reflected in the investment accounts of the Funds is fairly stated, in all material respects.
This report is intended solely for the information
and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified parties.
/s/ KPMG LLP
Columbus, Ohio
March 20, 2013
Cavanal Hill Funds
3435 Stelzer Road
Columbus, Ohio 43219
March 20, 2013
Management Statement Regarding Compliance
with Certain Provisions of the Investment
Company Act of 1940
We, as members of management of Cavanal
Hill Funds – U.S. Treasury Fund, Cash Management Fund, Tax-Free Money Market Fund, 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 (collectively,
the Funds) - are responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments
by Registered Investment Companies,” of the Investment Company Act of 1940. We are also responsible for establishing and
maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds’
compliance with the requirements of subsections (b) and (c) of rule 17f-2 as of December 31, 2012 and from August 31, 2012 through
December 31, 2012.
Based on this evaluation, we assert that
the Funds were in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company Act of 1940
as of December 31, 2012 and from August 31, 2012 through December 31, 2012, with respect to securities reflected in the investment
accounts of the Funds.
Cavanal Hill Funds
By:
/s/ Scott Rhodes
Scott Rhodes
Treasurer
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