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City National Rochdale Funds – ‘N-CSR’ for 9/30/17

On:  Friday, 12/8/17, at 12:36pm ET   ·   Effective:  12/8/17   ·   For:  9/30/17   ·   Accession #:  1398344-17-15656   ·   File #:  811-07923

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/08/17  City National Rochdale Funds      N-CSR       9/30/17    3:19M                                    FilePoint/FA
          → City National Rochdale California Tax – Exempt Bond Fund ⇒ 2 Classes/Contracts
          → City National Rochdale Corporate Bond Fund ⇒ 2 Classes/Contracts
          → City National Rochdale Emerging Markets Fund ⇒ Class N (RIMIX) — Class Y (CNRYX)
          → City National Rochdale Equity Income Fund ⇒ Class N (RIMHX)
          → City National Rochdale Fixed Income Opportunities Fund ⇒ Class N (RIMOX)
          → City National Rochdale Government Bond Fund ⇒ 3 Classes/Contracts
          → City National Rochdale Government Money Market Fund ⇒ 3 Classes/Contracts
          → City National Rochdale High Yield Bond Fund ⇒ 3 Classes/Contracts
          → City National Rochdale Intermediate Fixed Income Fund ⇒ Class N (RIMCX) — Institutional Class (CNRIX)
          → City National Rochdale Municipal High Income Fund ⇒ Class N (CNRNX) — Servicing Class (CNRMX)
          → City National Rochdale U.S. Core Equity Fund ⇒ 3 Classes/Contracts

Certified Annual Shareholder Report by a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report by a            HTML   4.38M 
                          Management Investment Company                          
 3: EX-99.906 CERT  Miscellaneous Exhibit                           HTML     10K 
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     14K

N-CSR   —   Certified Annual Shareholder Report by a Management Investment Company

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR
 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07923

City National Rochdale Funds
(Exact name of registrant as specified in charter)
 

400 North Roxbury Drive
Beverly Hills, CA 90210
 (Address of principal executive offices) (Zip code)

Leigh Muniz, Esq.
400 North Roxbury Drive
Beverly Hills, CA 90210
 (Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-889-0799

Date of fiscal year end: September 30, 2017

Date of reporting period: September 30, 2017

 
Item 1.
Reports to Stockholders.
 
 
 
 
 
 
TABLE OF CONTENTS
 
 
City National Rochdale Funds Annual Report
   
2
Letter to Our Shareholders
4
Fixed Income Funds Investment Adviser’s Report
7
Fixed Income Funds Overview
14
Equity Funds Investment Adviser’s Report
16
Equity Funds Overview
19
Schedule of Investments/Consolidated Schedule of Investments
119
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
122
Statements of Operations/Consolidated Statement of Operations
126
Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets
130
Consolidated Statement of Cash Flows
132
Financial Highlights/Consolidated Financial Highlights
135
Notes to Financial Statements/Consolidated Notes to Financial Statements
149
Report of Independent Registered Public Accounting Firm
150
Trustees and Officers
153
Notice to Shareholders
154
Disclosure of Fund Expenses
157
Board Approval of Advisory and Sub-Advisory Agreements
 
 
The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The Funds’ Form N-Q filings are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The most current Form N-Q filing is also available on the Funds’ website at www.citynationalrochdalefunds.com and without charge, upon request, by calling 1-888-889-0799.
 
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Commission’s website at www.sec.gov.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
letter to our shareholders (Unaudited)
September 30, 2017
 
Dear Shareholders,
 
This annual report covers the one-year period ended September 30, 2017. As the seasons begin to change and many of us prepare to face more frost than sunshine, we’re hard at work striving to ensure client portfolios are adequately prepared for changing market conditions around the globe. Perhaps the term “all-weather portfolio” resonates more with winter on the horizon.
 
Many of the economic indicators and associated growth trends we discussed this time last year remain intact, and, in some cases, are showing increased signs of life. Positive developments within the United States continue to signal modest economic growth ahead, with subsiding European headwinds and constructive emerging markets data supporting the case for synchronized global growth moving into 2018. As the domestic unemployment rate has declined to a post-2008 financial crisis low, the inflation conversation becomes increasingly more central to monetary policy decisions going forward. Though economists and market participants alike have been looking for signs of upward wage pressure as labor markets have tightened, sustained improvements in payroll data have proven rather elusive thus far. An organized unwind of the Federal Reserve's $4.5 trillion balance sheet alongside current expectations for three to four rate hikes over the next 12-18 months should inevitably influence investor behavior and risk asset performance in years to come. By maintaining an unwavering focus on capital preservation and portfolio defense, City National Rochdale's investment team seeks to pursue market and idiosyncratic opportunities only when risk-adjusted return targets meet or exceed our rigorous underwriting standards.
 
Within the equity markets, post-election volatility during Q4 2016 was quickly discarded for sharp and sustained positive performance over the course of the trailing one-year period. Though emerging market stocks suffered from geopolitical uncertainty tied to the incoming administration late last year, 2017 began with a bang as Q1 performance delivered double-digit returns on the back of investor confidence in a pro-growth policy agenda. Asian markets were among the strongest performers to start the year, led by constructive industrial production data and surging property markets. Developed international equities outpaced their domestic counterparts by a narrow margin for the year, as signs of improving economic conditions across continental Europe, supported by continued accommodative monetary policy, reinforced positive investor sentiment. Within the United States, growth equities extended their gains over value stocks, driven largely by sustained earnings strength within the Information Technology sector. Energy stocks weighed on domestic index performance, as volatile and downward trending oil prices during the first half of the year drove more sales than buys.
 
Fixed income investors benefitted handsomely from corporate credit exposure, as the enduring reach for yield drove spreads tighter, particularly within lower quality corners of the market. Though credit spreads have compressed significantly since the early 2016 flare up, they are still 100 basis points higher than they were in the summer of 2014, when they reached their lowest levels since the financial crisis. At this point in the credit cycle, underwriting standards have shifted squarely in favor of issuers, as covenant-lite deals and higher leverage levels are becoming increasingly more common. That said, our keen focus on expected default rates and other potential credit deterioration signals will continue to guide our positioning towards higher quality exposures.
 
As widely expected, the Federal Reserve (the “Fed”) maintained the targeted federal-funds rate in a range of 1.00% to 1.25% and announced that it will initiate its balance sheet normalization program in October. The balance sheet normalization program will scale back the Fed’s current re-investments to allow $10 billion of assets to roll-off per month and then increase the pace of reduction by an additional $10 billion per month every three months until it reaches a total monthly run-off rate of $50 billion (an annual run rate of $600 billion). Considering the total amount of assets currently held by the Fed ($4.5 trillion), this is a very modest pace of reduction. With that said, the Fed’s current tightening cycle is not intended to slow an overheating economy. Instead, rates are simply being lifted from emergency lows, and monetary policy remains extremely accommodative. Moreover, the Fed is painfully aware of the market impact from 2013’s taper tantrum in which interest rates rose sharply, following the announcement by the Fed chairman of the tapering of the amount of quantitative easing, and continues to favor a gradual, well-advertised approach toward policy normalization.
 
Stocks continued to climb during the third quarter of 2017. Stocks sustained their march higher over the summer as escalating tensions with North Korea, a series of devastating storms, and the Fed’s announcement that it would begin to normalize its balance sheet did not dent the market as investors focused on the prospects of lower corporate tax rates. Asset
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
    
 
markets experienced a brief blip in volatility mid-quarter, but dwindled back as Hurricanes Harvey and Irma caused only short-term market dislocations. Additionally, among geopolitical tensions, investors have seemed to become inured to North Korean rocket launches (12 thus far this year). In terms of the fixed income markets, indices performed well during the third quarter of 2017 as the brief bout of volatility kept interest rates low, whereas ongoing healthy corporate fundamentals supported corporate credit spreads. Corporate credit markets have been lifted by a combination of generally improving credit metrics and the market’s expectation that possible revisions to tax and regulatory policies will reinvigorate economic growth and boost earnings. Additionally, credit markets benefited from a flattening yield curve, in which interest rates across the medium and longer end of the yield curve declined, thus boosting long-term focused fixed income indices.
 
Moderate economic expansion and fundamentals still support equities:
 
 
●
Full but fair valuations and rising corporate profit growth support a longer-term equity outlook.
 
 
●
Equity investors should not fear initial Fed rate hikes, as they have historically been positively correlated with stock prices when interest rates are starting at low levels.
 
Coming into 2017, we expected to face more choppy seas amid a slew of uncertainty that stemmed from various geopolitical events, the pace of Fed tightening, and results of the U.S. presidential election. A steady hand, our unwavering focus on risk management and downside protection continues to serve us well, as capital preservation will always be of paramount importance within all of the investment strategies that we manage. As always, we thank you for your trust and confidence in our abilities to continue to serve you well through your investment in the City National Rochdale Funds.
 
Sincerely,
 
Garrett R. D’Alessandro
President and Chief Executive Officer
City National Rochdale Funds
 
Past performance is no guarantee of future results. Certain shareholders may be subject to the Alternative Minimum Tax (AMT). Federal income tax rules apply to any capital gain distributions.
 
This information must be preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing.
 
City National Rochdale Funds do not generally accept investments by non-U.S. persons and may not be available in all states.
 
Bloomberg Barclays U.S. 1-5 Year Government Bond Index is an index of all investment grade bonds with maturities of more than one year and less than five years. The index is a market value weighted performance benchmark.
 
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between one and five years.
 
Bloomberg Barclays High Yield Municipal Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.
 
Citigroup High Yield Market Capped Index is a U.S. Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the United States or Canada. Recognized as a broad measure of the North American high-yield market amongst all Citigroup's fixed income indices, it includes cash-pay and deferred-interest securities. All the bonds are publically placed, have a fixed coupon, and are non-convertible. Bonds issued under Rule 144A are included in their unregistered form.
 
Bloomberg Barclays Intermediate U.S. Government/Credit Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from one to ten years. The comparative market index is not directly investable and is not adjusted to reflect expenses that the SEC requires to be reflected in the fund’s performance.
 
Credit Suisse Leveraged Loan Index is designed to mirror the investible universe of the U.S.-denominated leverage loan market.
 
Bloomberg Barclays Intermediate-Short California Municipal Bond Index measures the performance of California municipal bonds.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 
investment adviser’s report (Unaudited)
September 30, 2017
Fixed Income Funds
 
GOVERNMENT BOND FUND – CNBIX
 
The Servicing Class Shares of the Fund posted a return of 0.19% for Q3, which slightly underperformed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index’s 0.29% return. Calendar year to date, as of September 30, 2017, the Fund is lagging the benchmark’s return of 1.09% by 33 basis points with a return of 0.76%. For the fiscal year ended September 30, 2017, the Servicing Class Shares of the Fund have returned -0.34% and the benchmark has delivered a return of
-0.06%.
 
As of the most recent quarter, the portfolio moved to neutral duration positioning relative to the benchmark with a barbell structure in anticipation of a flattening yield curve. This proved to be advantageous during the quarter, as longer duration assets outperformed shorter duration positions. Morningstar, Inc. rankings reflect the low risk approach of the Fund’s management, as the Fund tracks the benchmark very closely. Due to its capital preservation style, consistency since inception, and the high credit quality of its holdings, we believe the Fund is an attractive investment in a conservative space.
 
CORPORATE BOND FUND – CNCIX
 
The Servicing Class Shares of the Fund posted a return of 0.24% for Q3, underperforming the Bloomberg Barclays 1-5 Year A3 or Higher U.S. Corporate Index’s return of 0.66%. Calendar year to date, as of September 30, 2017, the Fund is underperforming its benchmark by 0.44% (1.84% for the Fund versus 2.28% for its benchmark). For the fiscal year ended September 30, 2017, the Servicing Class Shares of the Fund have underperformed its benchmark’s return by 0.51 (0.84% for the Fund versus 1.35% for its benchmark). As of the most recent quarter, the Fund continued to outpace its benchmark from a yield and total return perspective, driven by an emphasis on investing in lower quality bonds within the investment grade universe. Sector allocation detracted from relative performance as bonds within the Industrial sector lagged bonds within the Financial sector. The benchmark holds 40% exposure to banks while the Fund cannot hold exposure to any industry greater than 25% per SEC regulations. The driving force behind the underperformance was exposure to a third-party managed mutual fund that invests in the risk reinsurance market. During September 2017, the United States was hit by both Hurricanes Harvey and Irma. As a result, this allocation lost nearly 14.1% for the month or 37 basis points of performance from the Corporate Bond Fund.
 
CALIFORNIA TAX EXEMPT BOND FUND – CNTIX
 
The Servicing Class Shares of the Fund posted a return of 0.53% for Q3, slightly underperforming the Bloomberg Barclays Intermediate-Short California Municipal Bond Index’s return of 0.57% by 4 basis points. Calendar year to date, as of September 30, 2017, the Fund returned 2.77% versus the benchmark of 3.19% For the fiscal year ended September 30, 2017, the Servicing Class Shares of the Fund returned 0.31%, lagging the benchmark’s return of 0.83%. For the majority of the year, the Fund’s duration was slightly less than that of the benchmark. This proved beneficial immediately after the U.S. presidential election as rates rose sharply, but as rates started to decline after the first of the year, the Fund's short duration resulted in some underperformance. The Fund also held shares of The City National Rochdale Municipal High Income Fund, which added to some additional underperformance immediately after the election. The Fund's underweight position in pre-refunded bonds and California General Obligation bonds was additive to performance most of the year. The Fund maintained between 5% and 10% in cash equivalents that have seen yields rise steadily as the Fed has increased short-term rates. As of fiscal year end the Fund maintained a barbell strategy that helped performance during the last quarter as the yield curve has flattened.
 
MUNICIPAL HIGH INCOME FUND – CNRMX
 
The Servicing Class Shares of the Fund posted a return of 1.88% for Q3, outperforming the Bloomberg Barclays High Yield Muni Index’s return of 1.50% by 38 basis points. Calendar year to date, as of September 30, 2017, the Fund outperformed the benchmark’s return of 7.72% by 20 basis points with a return of 7.92%. For the fiscal year ended September 30, 2017, the Servicing Class Shares of the Fund returned 0.50%, lagging its benchmark’s return of 1.43% by 93 basis points. The primary reasons the Fund outperformed the benchmark both on a quarterly and annual basis were the Fund’s underweight position versus the benchmark in Puerto Rico bonds, and its overweight position in nonrated
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 
    
 
bonds. During the year, the Fund reduced its holdings of Puerto Rico bonds from less than 2% of its net assets to 0%, compared to the benchmark's holdings of approximately 24%. Worsening financial distress caused further defaults for nearly all of Puerto Rico’s debt. Ensuing bond price declines in Puerto Rico debt reduced the Index's returns. As in many sectors, credit spreads tightening caused nonrated and below investment grade bonds to outperform, contributing to the Fund outperforming its benchmark during the quarter and year to date.
 
The fiscal year underperformance was caused by the Fund’s duration being longer than the Index's duration during the fourth quarter of 2016, as rates rose substantially during the quarter. During 2017, the Fund's duration has been approximately the same as the Index's duration.
 
HIGH YIELD BOND FUND – CHYIX
 
The Servicing Class Shares of the Fund posted a return of 1.77% for Q3, lagging the Citigroup High Yield Market Capped Index’s return of 1.91% by 14 basis points. Calendar year to date, as of September 30, 2017, the Fund is behind the benchmark’s return of 6.36% by 96 basis points with a return of 5.40%. For the fiscal year ended September 30, 2017, the Servicing Class Shares of the Fund returned 8.42%, up 4 basis points over its benchmark's return of 8.38%. The Fund underperformed its benchmark in nearly all situations because of asset class exposure and risk weights. As of September 30, 2017, the Fund has 87% exposure to high yield bonds and 13% exposure to higher quality assets, such as bank loans (7%), investment grade bonds (3%), and cash (2%). The manager has maintained a similar average credit quality of the overall portfolio over the course of the last year relative to the benchmark. Similar credit risk, with lower interest rate risk from bank loan exposure is intended to help insulate against elevated volatility that has affected credit markets over the past few years. The Fund’s approximate 7% allocation to bank loans has also been a constructive hedge against downside risk, as senior secured paper has performed relatively well during periods of market stress. Loans have underperformed high yield bonds over the past year, so when comparing attribution of returns for only the high yield bonds, the underlying performance has been slightly stronger than the benchmark. Therefore, we are pleased with the absolute performance of the strategy, and with the risk adjusted performance relative to the benchmark over the past year.
 
INTERMEDIATE FIXED INCOME FUND – RIMCX
 
The Class N Shares of the Fund posted a return of 0.19% for Q3, underperforming the Bloomberg Barclays Intermediate U.S. Government/Credit Index’s return of 0.60%. Calendar year to date, as of September 30, 2017, the Fund is underperforming its benchmark’s return of 2.34% by 9 basis points with a return of 2.25%. For the fiscal year ended September 30, 2017, the Class N Shares of the Fund returned 0.48%, outperforming its benchmark’s return of 0.23% by 25 basis points. As of the most recent quarter, the Fund continued to outpace its benchmark from a yield and total return perspective, driven by an emphasis on investing in lower quality bonds within the investment grade universe. The significant overweight to credit has been the most meaningful driver of outperformance for the fiscal year. The slight underweight duration positioning relative to the benchmark was a performance tailwind. The driving force behind the underperformance was exposure to a third-party managed mutual fund that invests in the risk reinsurance market. During September 2017, the United States was hit by both Hurricanes Harvey and Irma. As a result, this allocation lost nearly 14.1% for the month and 46 basis points of performance from the Fund.
 
FIXED INCOME OPPORTUNITIES FUND – RIMOX
 
The Fund posted a return of 2.07% for Q3, outperforming all asset class specific benchmarks. Calendar year to date, as of September 30, 2017, the Fund is outperforming the Bloomberg Barclays Aggregate Index's return of 3.14% by 219 basis points with a return of 5.33%. For the fiscal year ended September 30, 2017, the Fund returned 7.99%, outperforming the Bloomberg Barclays Aggregate Index's return of 0.07% by 792 basis points. The Fund’s diversified asset class exposures have been instrumental in delivering an attractive yield profile, without assuming an inordinate amount of interest rate risk. With nearly 30% of the Fund allocated to a combination of domestic and European bank loans, the strategy has been well positioned to withstand the elevated volatility experienced in the credit markets. The
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
 
investment adviser’s report (Unaudited)
September 30, 2017
Fixed Income Funds (continued)
 
Fund’s emerging markets high yield and U.S. high yield bond allocations have been two of the strongest performers during the year. Both of these areas outperformed the more conservative segment of bank loans.
 
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
 
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
 
The Government Bond Fund’s, Corporate Bond Fund’s, California Tax Exempt Bond Fund’s, Municipal High Income Fund’s, High Yield Bond Fund’s, Intermediate Fixed Income Fund’s and Fixed Income Opportunities Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. The Adviser intends to continue these arrangements at least through January 31, 2018, but there can be no assurance that City National Rochdale, LLC will continue to waive fees.
 
Mutual fund investing involves risk, including loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
 
The California Tax Exempt Bond Fund invests primarily in California securities and may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations than a fund investing in obligations of a number of states.
 
The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSROs”). The two NRSROs currently utilized for this purpose are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”. For bonds, these credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “AA-” or “AA+” have been included in the “AA” rated category. Long-term ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
 
Duration is a measure of a bond's sensitivity to interest rate changes. The higher the bond's duration, the greater its sensitivity to the change.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Government Bond Fund
 
The Fund seeks to provide current income by investing primarily in securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Government Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays U.S. 1-5 Year Government Bond Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
10-Year
Return
Servicing Class*^
CNBIX
-0.34%
0.57%
0.19%
1.82%
Institutional Class(1)^^†
CNIGX
-0.18%
0.82%
0.43%
1.96%
Class N
CGBAX
-0.68%
0.28%
-0.09%
1.55%
Bloomberg Barclays U.S. 1-5 Year Government Bond Index
n/a
-0.06%
1.17%
0.83%
2.38%
 
*
The graph is based on only Servicing Class Shares; performance for Institutional Class and Class N Shares would be different due to differences in fee structures.
(1)
Commenced operations on February 1, 2012.
^
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms.
^^
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts.
†
Institutional Class Shares’ performance for the period of October 1, 2007, to February 1, 2012, is that of the Servicing Class Shares.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
U.S. Treasury Note
  
1.375%, 12/15/19
6.5%
U.S. Treasury Note
 
2.125%, 12/31/21
6.0%
U.S. Treasury Note
 
1.500%, 01/31/22
5.5%
U.S. Treasury Note
 
2.000%, 11/30/20
5.1%
U.S. Treasury Note
 
1.375%, 02/15/20
5.0%
FFCB
 
1.426%, 09/20/19
5.0%
FHLMC, Ser K708, Cl A2
 
2.130%, 01/25/19
5.0%
FNMA
 
1.250%, 08/17/21
5.0%
U.S. Treasury Note
 
2.375%, 12/31/20
4.7%
FNMA
 
1.750%, 06/20/19
4.6%
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Corporate Bond Fund
 
The Fund seeks to provide current income by investing in a diversified portfolio of fixed income securities, primarily investment grade corporate bonds issued by domestic and international companies denominated in U.S. dollars.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Corporate Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
 Return
10-Year
Return
Servicing Class*^
CNCIX
0.84%
1.30%
1.31%
3.09%
Class N
CCBAX
0.68%
1.06%
1.06%
2.85%
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index
n/a
1.35%
2.13%
1.81%
3.50%
 
*
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures.
^
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
Total Capital International
 
2.875%, 02/17/22
3.0%
NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A
 
2.380%, 10/15/20
2.9%
Apple
 
3.450%, 05/06/24
2.3%
Stone Ridge Reinsurance Risk Premium Interval Fund
2.2%
Costco Wholesale
 
2.150%, 05/18/21
2.2%
Hewlett Packard Enterprise 3.041%
 
10/05/17
2.2%
Standard Chartered, MTN
 
1.700%, 04/17/18
2.2%
Daimler Finance North America
  
2.250%, 07/31/19
2.1%
America Movil
  
5.000%, 03/30/20
2.0%
Prologis
  
4.250%, 08/15/23
2.0%
 
BOND CREDIT QUALITY
   
CREDIT RATINGS(1)
% OF NET
ASSETS
AAA
5.3%
AA
10.5%
A
42.2%
BBB
34.4%
B
1.0%
NR
0.4%
Registered Investment Company
2.2%
Short-Term Investments and Other Net Assets
3.3%
 
(1)
Credit quality is based on ratings from Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”). Where S&P ratings are not available, credit quality is based on ratings from Moody’s Investor Services, Inc. (“Moody’s”). S&P and Moody’s ratings have been selected fo several reasons, including the access to information and materials provided by S&P and Moody’s, as well as the Fund’s consideration of industry practice. The Not Rated category, if applicable, consists of securities that have not been rated by S&P or Moody’s.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund
 
The Fund seeks to provide current income exempt from federal and California state income tax by investing primarily in California municipal bonds and notes.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale California Tax Exempt Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays Intermediate-Short California Municipal Bond Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
10-Year
Return
Servicing Class*^
CNTIX
0.31%
1.44%
1.54%
2.91%
Class N
CCTEX
0.05%
1.18%
1.27%
2.64%
Bloomberg Barclays Intermediate-Short California Municipal Bond Index
n/a
0.83%
1.81%
2.01%
3.58%
 
*
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures.
^
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
California Infrastructure & Economic Development Bank, Pacific Gas & Electric Project, Ser B, RB,
Union Bank N.A. Callable 09/29/17 @ 100
 
0.890%, 11/01/26
2.8%
Long Beach, Unified School District, Election of 2008, Ser S, GO Pre-Refunded @ 100
 
5.250%, 08/01/19
2.4%
California State, Health Facilities Financing Authority, RB
  
0.930%, 10/10/17
2.2%
University of California, Ser AT, RB
 
1.400%, 05/15/46
2.2%
California State, Public Works Board, RB
  
5.000%, 09/01/25
2.0%
California State, GO
  
1.692%, 12/01/29
1.7%
New York City, Water & Sewer System, RB Callable 09/29/17 @ 100
  
0.980%, 06/15/48
1.5%
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
 
5.000%, 04/01/19
1.5%
Long Beach, Unified School District, GO
 
5.000%, 08/01/26
1.4%
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB Callable 06/15/24 @ 100
  
5.000%, 06/15/26
1.4%
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Municipal High Income Fund
 
The Fund seeks to provide a high level of current income that is not subject to federal income tax.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Municipal High Income Fund, Servicing Class Shares, versus the Bloomberg Barclays High Yield Municipal Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
Inception
to Date
Servicing Class*(1)^
CNRMX
0.50%
4.22%
6.19%
Class N(1)
CNRNX
0.16%
3.96%
5.91%
Bloomberg Barclays High Yield Municipal Index
n/a
1.43%
4.56%
6.93%
 
*
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures.
(1)
Commenced operations on December 30, 2013.
^
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms.
 
TOP TEN HOLDINGS*
% OF PORTFOLIO
Tobacco Settlement Financing, Ser 1A, RB Callable 10/16/17 @ 100
 
5.000%, 06/01/41
1.0%
Illinois State, Finance Authority, Ser A University of Chicago, RB Callable 10/01/25 @ 100
 
5.000%, 10/01/40
1.0%
Fayette County, Hospital Authority, Piedmont Healthcare Project, RB Callable 07/01/26 @ 100
 
5.000%, 07/01/46
0.9%
New York State, Liberty Development, World Trade Center RB Callable 11/15/24 @ 100
 
5.000%, 11/15/44
0.9%
Tarrant County, Cultural Education Facilities Finance, C.C. Young Memorial Home Project, RB Callable 02/15/27 @ 100
 
6.375%, 02/15/48
0.9%
Jefferson County, Sewer Revenue, Ser D, RB Callable 10/01/23 @ 105
 
6.000%, 10/01/42
0.9%
New York City, Transitional Finance Authority, Building Aid Revenue, Ser S-1 Callable 01/15/26 @ 100
 
4.000%, 07/15/45
0.9%
Chicago, Ser A, GO Callable 01/01/27 @ 100
 
6.000%, 01/01/38
0.9%
Nassau County, Tobacco Settlement, RB Callable 10/30/17 @ 100
 
5.125%, 06/01/46
0.8%
Salt Verde Financial, Gas Revenue, RB
 
5.000%, 12/01/37
0.8%
 
*
Excludes Cash Equivalents
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 10
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale High Yield Bond Fund
 
The Fund seeks to maximize total return by investing primarily in fixed income securities rated below investment grade including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and debt securities that are issued by U.S. and foreign governments.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale High Yield Bond Fund, Servicing Class Shares, versus the Citigroup High Yield Market Capped Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
10-Year
Return
Servicing Class*^
CHYIX
8.42%
4.60%
5.66%
6.99%
Institutional Class(1)^^†
CNIHX
8.82%
4.89%
5.92%
7.16%
Class N
CHBAX
8.28%
4.41%
5.42%
6.72%
Citigroup High Yield Market Capped Index
n/a
8.38%
5.23%
5.85%
7.32%
 
*
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures.
(1)
Commenced operations on February 2, 2012.
^
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms.
^^
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts.
†
Institutional Class Shares’ performance for the period from October 1, 2007, to February 2, 2012, is that of the Servicing Class Shares.
 
TOP TEN HOLDINGS*
% OF PORTFOLIO
Epicor Software
 
9.250%, 05/21/23
2.1%
Vector Group
 
6.125%, 02/01/25
1.9%
MDC Partners
 
6.500%, 05/01/24
1.5%
Terraform Global Operating
 
9.750%, 08/15/22
1.5%
SFR Group
 
7.375%, 05/01/26
1.4%
CCO Holdings
 
5.125%, 05/01/27
1.4%
LBC Tank Terminals Holding Netherlands
 
6.875%, 05/15/23
1.3%
Grinding Media
 
7.375%, 12/15/23
1.3%
Eldorado
 
6.125%, 12/15/20
1.3%
EIG Investors
 
10.875%, 02/01/24
1.3%
 
*
Excludes Cash Equivalents
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund
 
The Fund seeks current income and, to the extent consistent with this goal, capital appreciation, by investing primarily in fixed income securities.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Intermediate Fixed Income Fund, Class N Shares, versus the Bloomberg Barclays Intermediate U.S. Government/Credit Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
 Return
3-Year
Return
5-Year
Return
10-Year
Return
Class N*(1)
RIMCX
0.48%
1.84%
1.82%
3.12%
Institutional Class(2)^
CNRIX
1.02%
2.35%
2.20%
3.31%
Bloomberg Barclays Intermediate U.S. Government/Credit Index
n/a
0.23%
2.13%
1.61%
3.64%
 
*
The graph is based on only Class N Shares; the performance for Institutional Class Shares would be different due to differences in fee structures.
(1)
The predecessor to the City National Rochdale Intermediate Fixed Income Fund (the “Predecessor Fund”) commenced operations on December 31, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2007, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares.
(2)
Commenced operations on December 20, 2013. The performance results for Institutional Class Shares of the Fund for the period of October 1, 2007, to March 28, 2013, reflect the performance of the Predecessor Fund’s shares. The performance results for the Institutional Class Shares of the Fund for the period March 29, 2013, to December 19, 2013, reflect the performance of the Class N Shares.
^
The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirement of $1,000,000 and certain tax deferred retirement plans (including 401(k) plans, employer sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A
 
2.380%, 10/15/20
3.0%
Stone Ridge Reinsurance Risk Premium Interval Fund
2.8%
Svenska Handelsbanken, MTN
 
5.125%, 03/30/20
2.5%
Rio Tinto Finance USA
 
3.750%, 06/15/25
2.5%
FNMA, Pool AL5866
 
2.730%, 08/01/22
2.3%
U.S. Treasury Inflation Indexed Bonds
 
0.625% 01/15/26
2.3%
Apple
 
2.450%, 08/04/26
2.2%
Bank of Nova Scotia
 
2.450% 03/22/21
2.2%
Morgan Stanley, MTN
 
3.750%, 02/25/23
2.1%
HSBC Holdings
 
3.400%, 03/08/21
2.1%
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund
 
The Fund seeks a high level of current income by investing primarily in fixed income securities.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Fixed Income Opportunities Fund, Class N Shares, versus the Credit Suisse Leveraged Loan Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High Yield Bond Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
Inception
to Date
Class N(1)
RIMOX
7.99%
4.96%
5.37%
6.85%
Credit Suisse Leveraged Loan Index
n/a
5.36%
3.95%
4.40%
6.68%
Bloomberg Barclays U.S. Aggregate Bond Index
n/a
0.07%
2.71%
2.06%
3.93%
Bloomberg Barclays U.S. Corporate High Yield Bond Index
n/a
8.88%
5.83%
6.36%
10.21%
 
(1)
The predecessor to the City National Rochdale Fixed Income Opportunities Fund (the “Predecessor Fund”) commenced operations on July 1, 2009. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period July 1, 2009, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares.
 
TOP TEN HOLDINGS*
% OF PORTFOLIO
DTEK Finance
 
10.750%, 12/31/24
1.2%
EP PetroEcuador via Noble Sovereign Funding I
 
6.961%, 09/24/19
1.0%
Petroleos de Venezuela
 
8.500%, 10/27/20
1.0%
Kazkommertsbank JSC
  
5.500%, 12/21/22
1.0%
Digicel
 
6.000%, 04/15/21
0.9%
Petrobras Global Finance
 
6.875%, 01/20/40
0.9%
Altice Financing
 
7.500%, 05/15/26
0.8%
Digicel Group
 
8.250%, 09/30/20
0.8%
Energy Resources
 
2.838%, 09/30/22
0.8%
Goldman Sachs Group, MTN
 
2.415%,11/15/18
0.7%
 
*
Excludes Cash Equivalents
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 13
 
investment adviser’s report (Unaudited)
September 30, 2017
Equity Funds
 
DIVIDEND & INCOME FUND – RIMHX
 
The Fund posted a return of 0.15% for Q3, underperforming the blended benchmark’s (Dow Jones U.S. Selected Dividend Index: 60%; BofA ML Core Fixed Rate Preferred Securities Index: 25%; MSCI U.S. REIT Index: 15%) return of 1.70%. Calendar year to date, as of September 30, 2017, the Fund delivered a return of 4.25%, lagging the blended benchmark’s 8.26% return. For the fiscal year ended September 30, 2017, the Class N Shares of the Fund generated a 4.66% return, underperforming the benchmark’s return of 9.03%.
 
Coming off a very strong 2016 (and a very strong 2014 in the recent past), we found the post-Trump market to be difficult for our type valued-oriented names in terms of outperformance, as the certain cyclical and growth-oriented sectors of the market (including within our benchmark) rapidly moved upward. Specifically, roughly 2% of the Fund's underperformance (about half overall) was due to an underweight in low dividend, highly cyclical equities in the Industrial and Materials space. Another roughly 185 basis points was due to the Fund being underweight in Utilities relative to the benchmark. Finally, the Fund's overweight position in Consumer Staples hurt the Fund by roughly 50 basis points, as the sector was weak during the year. Going forward, we have confidence in the stability of the dividends paid by our companies and according to our research, we believe the growth of those dividends paid by our companies may be in the 3-8% range. Thus we feel that the Fund's strategy can accrue value relative to the benchmark, especially as the rapid upward move in cyclical, higher beta stocks slows down.
 
U.S. Core Equity Fund – CNRUX
 
For the fiscal year ended September 30, 2017, the Institutional Class Shares of the Fund returned 19.40%, versus 18.61% for the S&P 500 Index, an outperformance of 79 basis points. Stock selection was the primary reason for the outperformance representing 64% of the excess returns. At the sector level, Consumer Discretionary outperformed by 178 basis points, Health Care by 63 basis points, and Information Technology by 50 basis points. The Financial and Industrial sectors detracted performance by 58 basis points and 59 basis points, respectively.
 
On a year to date basis, as of September 30, 2017, the Institutional Share Class posted a return of 17.18%, 294 basis points above the S&P 500 Index’s return of 14.24%. Stock selection was strong for the period, representing 72% of the excess returns. Year to date, the best performing industries were Software and Services, contributing 207 basis points and Consumer Durables and Apparel contributing 70 basis points. The industries that detracted the most year to date were Technology Hardware (-50 basis points) and Insurance (-44 basis points), due to negative contributions from stock selection.
 
While we have lowered the risk profile of the portfolio as valuations in equity markets continue to rise we are maintaining our focus on high quality, visible earnings companies.
 
EMERGING MARKETS FUND – RIMIX
 
The Class N Shares of the Fund posted returns of 9.41% for Q3, outperforming the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index by 152 basis points and 239 basis points, respectively. Calendar year to date, as of September 30, 2017, the Class N Shares of the Fund returned 35.91%, outperforming the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index by 813 basis points and 409 basis points, respectively. For the fiscal year ended September 30, 2017, the Class N Shares of the Fund had a total return of 26.66%, outperforming the MSCI Emerging Markets Index by 420 basis points and the MSCI Emerging Markets Asia Index by 284 basis points. In September, the Fund's outperformance relative to the MSCI Emerging Markets Index is attributable to stock selection and currency effects. The stock selection outperformance came from continued gains in the Fund's top two Chinese Consumer Technology positions, which reported better than expected earnings in the quarter. Year to date, these top two positions in which the Fund is overweight, remain the top performers within the Fund. While currency outperformed in the month of September due to weakness in the South African Rand and South Korean Won, two currencies which the Fund has little to no exposure to, year to date currency has been the biggest detractor of relative performance. By country, China/Hong Kong, where the Fund remains overweight, was the best performing market both for the
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
 
    
 
month of September and year to date. During September, the Fund also saw contribution versus the benchmark from weakness in South Africa, a market the Fund has no exposure to.
 
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
 
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
 
The Dividend & Income Fund’s, U.S. Core Equity Fund’s and Emerging Markets Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. The Adviser intends to continue these arrangements at least through January 31, 2018 but there can be no assurance that City National Rochdale, LLC will continue to waive fees.
 
Mutual fund investing involves risk including loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
 
Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A Company may reduce or eliminate its dividend, causing losses to the fund.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Dividend & Income Fund
 
The Fund seeks to provide significant income and, as a secondary focus, long-term capital appreciation, by investing primarily in income-generating securities, principally comprised of dividend-paying equity securities.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Dividend & Income Fund, Class N Shares, versus the S&P 500 Index and the 60/25/15 Hybrid of the following 3 Indexes: Dow Jones U.S. Select Dividend Index, BofA ML Core Fixed Rate Preferred Securities Index and MSCI U.S. REIT Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
10-Year
Return
Class N(1)
RIMHX
4.66%
7.94%
9.68%
6.63%
S&P 500 Index
n/a
18.61%
10.81%
14.22%
7.44%
60/25/15 Hybrid of the following 3 Indexes:
n/a
9.03%
10.78%
11.66%
6.87%
Dow Jones U.S. Select Dividend Index
n/a
12.84%
12.14%
14.21%
7.46%
BofA ML Core Fixed Rate Preferred Securities Index
n/a
4.94%
7.70%
6.40%
4.12%
MSCI U.S. REIT Index
n/a
0.54%
9.67%
9.58%
5.79%
 
(1)
The predecessor to the City National Rochdale Dividend & Income Fund (the “Predecessor Fund”) commenced operations on June 1, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2007, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
Lockheed Martin
3.7%
Altria Group
2.9%
Philip Morris International
2.7%
McDonald's
2.4%
Verizon Communications
2.3%
Lamar Advertising
2.3%
Johnson & Johnson
2.3%
Hasbro
2.3%
General Mills
2.3%
Duke Energy
2.3%
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 16
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale U.S. Core Equity Fund
 
The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of large and middle capitalization corporations domiciled in the United States.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale U.S. Core Equity Fund, Servicing Class Shares, versus the S&P 500 Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
Inception
to Date
Servicing Class*(1)^
CNRVX
19.14%
9.63%
14.34%
Institutional Class(1)^^
CNRUX
19.40%
9.91%
14.79%
Class N(1)
CNRWX
18.81%
9.35%
14.04%
S&P 500 Index
n/a
18.61%
10.81%
15.19%
 
*
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures.
(1)
Commenced operations on December 3, 2012.
^
The Fund’s Servicing Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms.
^^
The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirements, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts.
 
TOP TEN HOLDINGS
% OF PORTFOLIO
Visa
3.6%
Mastercard
3.4%
Alphabet
3.3%
UnitedHealth Group
2.9%
JPMorgan Chase
2.9%
Home Depot
2.8%
PG&E
2.7%
Facebook
2.7%
Microsoft
2.6%
Apple
2.4%
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 17
 
fund overview (Unaudited)
September 30, 2017
City National Rochdale Emerging Markets Fund
 
The Fund seeks to provide long-term capital appreciation by investing primarily in the equity securities of companies that are operating principally in emerging market countries.
 
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Emerging Markets Fund, Class N shares versus the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index(1)
 
 
(1)
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund.
 
Past performance is no indication of future performance.
 
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
 
AVERAGE ANNUAL TOTAL RETURNS
Shares
Ticker
Symbol
1-Year
Return
3-Year
Return
5-Year
Return
Inception
to Date
Class N*(1)
RIMIX
26.66%
10.84%
12.11%
13.90%
Class Y(2)†
CNRYX
26.95%
10.96%
12.18%
13.97%
MSCI Emerging Markets Index
n/a
22.46%
4.90%
3.99%
5.72%
MSCI Emerging Markets Asia Index
n/a
23.82%
7.97%
7.42%
8.91%
 
*
The graph is based on only Class N Shares; performance for Class Y Shares would be different due to differences in fee structures.
(1)
Shares of the predecessor to the City National Rochdale Emerging Markets Fund (the “Predecessor Fund”) commenced operations on December 14, 2011. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period December 14, 2011, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares.
(2)
Commenced operations on June 1, 2016.
†
Class Y Shares’ performance for the period from December 14, 2011 to June 1, 2016 is that of the Class N Shares.
 
TOP TEN HOLDINGS*
% OF PORTFOLIO
Tencent Holdings
5.5%
Sunny Optical Technology Group
5.3%
Alibaba Group Holding
3.8%
AAC Technologies Holdings
3.8%
Galaxy Entertainment Group
2.7%
Great Wall Motor
2.4%
Ping An Insurance Group of China
2.3%
New Oriental Education & Technology Group
2.2%
Hangzhou Hikvision Digital
1.6%
Kotak Mahindra Bank
1.6%
 
*
Excludes Cash Equivalents
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 18
 
schedule of investments
September 30, 2017
City National Rochdale Government Money Market Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
U.S. Government Agency Obligations [74.8%]
  
FFCB
           
1.135%, VAR US Federal Funds Effective Rate+-0.025%, 10/01/17
  
$
50,000
    
$
49,996
  
1.155%, VAR ICE LIBOR USD 1 Month+-0.080%, 10/09/17
    
50,000
      
49,997
  
1.325%, VAR ICE LIBOR USD 1 Month+0.090%, 10/29/17
    
50,000
      
49,999
  
1.287%, VAR ICE LIBOR USD 1 Month+0.055%, 06/08/18
    
50,000
      
49,997
  
FHLB
               
1.275%, VAR ICE LIBOR USD 1 Month+0.040%, 10/01/17
    
50,000
      
50,000
  
1.245%, VAR ICE LIBOR USD 1 Month+0.010%, 10/01/17
    
75,000
      
74,999
  
1.337%, VAR ICE LIBOR USD 1 Month+0.100%, 10/19/17
    
50,000
      
50,000
  
1.042%, VAR ICE LIBOR USD 3 Month+-0.265%, 10/20/17
    
50,000
      
50,000
  
1.198%, VAR ICE LIBOR USD 1 Month+-0.040%, 10/26/17
    
50,000
      
50,000
  
1.102%, VAR ICE LIBOR USD 1 Month+-0.135%, 10/27/17
    
50,000
      
50,000
  
1.122%, VAR ICE LIBOR USD 3 Month+-0.190%, 11/08/17
    
50,000
      
50,000
  
1.051%, VAR ICE LIBOR USD 3 Month+-0.260%, 11/09/17
    
50,000
      
50,000
  
0.750%, 11/16/17
    
40,220
      
40,216
  
1.147%, VAR ICE LIBOR USD 3 Month+-0.170%, 11/18/17
    
25,000
      
25,002
  
1.116%, VAR ICE LIBOR USD 3 Month+-0.200%, 11/21/17
    
50,000
      
50,000
  
1.099%, VAR ICE LIBOR USD 3 Month+-0.230%, 12/26/17
  
 
50,000
    
 
50,000
  
FHLB DN
               
1.027%, 10/03/17(A)
    
50,000
      
49,997
  
1.022%, 10/04/17(A)
    
50,000
      
49,996
  
1.036%, 10/11/17(A)
    
335,700
      
335,604
  
1.000%, 10/12/17(A)
    
32,400
      
32,390
  
1.051%, 10/18/17(A)
    
84,000
      
83,958
  
1.021%, 10/25/17(A)
    
50,000
      
49,966
  
1.028%, 10/27/17(A)
    
50,000
      
49,963
  
1.077%, 11/01/17(A)
    
100,000
      
99,908
  
1.032%, 11/03/17(A)
    
47,000
      
46,956
  
1.056%, 11/08/17(A)
    
100,000
      
99,889
  
1.053%, 11/10/17(A)
    
24,000
      
23,972
  
1.052%, 11/15/17(A)
    
130,563
      
130,392
  
1.040%, 11/17/17(A)
    
82,700
      
82,588
  
1.040%, 11/22/17(A)
    
100,000
      
99,850
  
1.037%, 11/24/17(A)
    
79,000
      
78,877
  
1.035%, 11/29/17(A)
    
50,000
      
49,915
  
1.044%, 12/01/17(A)
    
100,000
      
99,824
  
1.048%, 12/08/17(A)
    
100,000
      
99,803
  
1.048%, 12/13/17(A)
    
18,000
      
17,962
  
1.052%, 12/20/17(A)
    
50,000
      
49,883
  
1.048%, 12/22/17(A)
    
50,000
      
49,881
  
1.053%, 12/27/17(A)
    
50,000
      
49,873
  
1.147%, 01/31/18(A)
    
64,000
      
63,753
  
1.140%, 02/02/18(A)
    
120,100
      
119,631
  
1.155%, 02/07/18(A)
    
50,000
      
49,794
  
1.147%, 02/09/18(A)
    
50,000
      
49,793
  
1.137%, 02/14/18(A)
    
50,000
      
49,787
  
1.132%, 02/21/18(A)
    
100,000
      
99,553
  
1.128%, 02/23/18(A)
    
50,000
      
49,774
  
1.142%, 03/09/18(A)
    
64,000
      
63,679
  
1.147%, 03/14/18(A)
    
8,000
      
7,958
  
1.185%, 03/23/18(A)
    
50,000
      
49,717
  
1.182%, 03/28/18(A)
    
50,000
      
49,709
  
                 
Total U.S. Government Agency Obligations
  
(Cost $3,174,801)
      
3,174,801
  
                 
Municipal Bonds [4.2%]
  
California [1.0%]
  
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
               
0.990%, 10/05/17(B)(C)(D)
    
8,000
      
8,000
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
 
schedule of investments
September 30, 2017
City National Rochdale Government Money Market Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
           
0.940%, 10/05/17(B)(C)(D)
  
$
23,910
    
$
23,910
  
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
               
0.990%, 10/05/17(B)(C)(D)
    
9,000
      
9,000
  
                 
Total California
      
40,910
  
                 
New York [2.2%]
  
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC
               
0.990%, 10/05/17(B)(C)
    
13,500
      
13,500
  
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT
               
1.050%, 10/05/17(B)(C)
    
9,350
      
9,350
  
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
               
0.950%, 10/04/17(B)(C)(D)
    
13,800
      
13,800
  
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
               
0.950%, 10/04/17(B)(C)(D)
    
23,800
      
23,800
  
New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT
               
0.990%, 10/04/17(B)(C)(D)
    
15,000
      
15,000
  
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
               
0.960%, 10/04/17(B)(C)(D)
    
20,000
      
20,000
  
                 
Total New York
      
95,450
  
                 
Texas [0.6%]
  
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
               
0.980%, 10/04/17(B)(C)(D)
    
13,095
      
13,095
  
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
               
0.990%, 10/15/17(B)(C)(D)
  
 
12,990
    
 
12,990
  
                 
Total Texas
      
26,085
  
                 
Washington [0.4%]
  
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
               
0.990%, 10/05/17(B)(C)(D)
    
16,295
      
16,295
  
                 
Total Municipal Bonds
  
(Cost $178,740)
      
178,740
  
                 
Repurchase Agreements [20.0%]
  
Barclays (E)
                
1.050%, dated 09/29/17, repurchased on 10/02/17, repurchase price $22,001,925 (collateralized by various U.S. Government obligations, par values ranging from $9,800 to $12,057,400, 1.125% - 3.125%, 03/31/18 to 06/30/23; with a total market value of $22,440,087)
    
22,000
      
22,000
  
Goldman Sachs (E)
                
1.020%, dated 09/29/17, repurchased on 10/02/17, repurchase price $125,010,625 (collateralized by various U.S. Government obligations, par values ranging from $1,430,000 - $75,220,000, 0.875% - 3.240%, 08/31/18 to 04/26/41; with a total market value of $127,500,021)
    
125,000
      
125,000
  
Wells Fargo (E)
                
1.040%, dated 09/29/17, repurchased on 10/02/17, repurchase price $700,060,667 (collateralized by various U.S. Government obligations, par values ranging from $170,562 to $557,858,508, 3.500% - 4.500%, 09/01/32 to 09/01/47; with a total market value of $714,000,000)
    
700,000
      
700,000
  
                 
Total Repurchase Agreements
  
(Cost $847,000)
      
847,000
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 20
 
schedule of investments
September 30, 2017
City National Rochdale Government Money Market Fund (concluded)
 
Description
  
Shares
    
Value (000)
  
Short-Term Investment [1.1%]
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.850%**
    
44,069,110
    
$
44,069
  
                 
Total Short-Term Investment
  
(Cost $44,069)
      
44,069
  
                 
Total Investments [100.1%]
  
(Cost $4,244,610)
    
$
4,244,610
  
 
Percentages are based on Net Assets of $4,242,213 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Zero coupon security. The rate reported is the effective yield at time of purchase.
(B)
Put and Demand Feature — The date reported is the next reset or put date.
(C)
Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.
(D)
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
(E)
Tri-Party Repurchase Agreement.
 
AMT — Alternative Minimum Tax (subject to)
DN — Discount Note
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
RB — Revenue Bond
Ser — Series
USD — United States Dollar
VAR — Variable
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
U.S. Government Agency Obligations
  
$
—
    
$
3,174,801
    
$
—
    
$
3,174,801
  
Municipal Bonds
    
—
      
178,740
      
—
      
178,740
  
Repurchase Agreements
    
—
      
847,000
      
—
      
847,000
  
Short-Term Investment
    
44,069
      
—
      
—
      
44,069
  
Total Investments in Securities
  
$
44,069
    
$
4,200,541
    
$
—
    
$
4,244,610
  
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 21
 
schedule of investments
September 30, 2017
City National Rochdale Government Bond Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
U.S. Treasury Obligations [61.8%]
  
U.S. Treasury Inflation Indexed Bonds
           
0.125%, 04/15/20
  
$
3,021
    
$
3,036
  
U.S. Treasury Notes
               
2.375%, 12/31/20
    
4,500
      
4,598
  
2.125%, 01/31/21
    
4,340
      
4,400
  
2.125%, 12/31/21
    
5,825
      
5,891
  
2.000%, 11/30/20
    
5,000
      
5,051
  
1.875%, 05/31/22
    
2,500
      
2,498
  
1.875%, 08/31/24
    
2,805
      
2,755
  
1.625%, 06/30/20
    
2,800
      
2,802
  
1.500%, 01/31/22
    
5,500
      
5,418
  
1.375%, 12/15/19
    
6,440
      
6,420
  
1.375%, 02/15/20
    
5,000
      
4,980
  
1.375%, 04/30/20
    
750
      
746
  
1.375%, 10/31/20
    
4,000
      
3,967
  
1.375%, 09/30/23
    
1,290
      
1,240
  
1.250%, 12/15/18
    
3,500
      
3,494
  
1.123%, VAR US Treasury 3 Month Bill Money Market Yield+0.070%, 04/30/19
    
3,700
      
3,702
  
                 
Total U.S. Treasury Obligations
  
(Cost $61,049)
      
60,998
  
                 
U.S. Government Agency Obligations [21.3%]
  
FFCB
               
1.426%, VAR ICE LIBOR USD 1 Month+0.190%, 09/20/19
    
4,900
      
4,923
  
FHLB
               
1.375%, 09/13/19
    
2,795
      
2,787
  
FNMA
               
1.875%, 02/19/19
    
3,825
      
3,846
  
1.750%, 06/20/19
    
4,525
      
4,545
  
1.250%, 08/17/21
    
5,000
      
4,893
  
                 
Total U.S. Government Agency Obligations
  
(Cost $21,098)
      
20,994
  
 
Description
  
Face Amount (000)
/Shares
    
Value (000)
  
U.S. Government Mortgage-Backed Obligations [15.4%]
  
FHLMC, Ser K708, Cl A2
           
2.130%, 01/25/19
  
$
4,884
    
$
4,904
  
FHLMC REMIC, Ser 2011-3874, Cl JA
               
3.000%, 04/15/25
    
841
      
847
  
FHLMC REMIC, Ser 2011-3877, Cl ND
               
3.000%, 02/15/25
    
141
      
142
  
FNMA, Pool AL5866
               
2.730%, 08/01/22
    
2,344
      
2,393
  
FNMA, Pool AS4877
               
3.000%, 04/01/30
    
2,105
      
2,167
  
FNMA, Pool FN0004
               
3.619%, 12/01/20
    
4,296
      
4,490
  
FNMA ARM, Pool 766620
               
3.351%, VAR ICE LIBOR USD 12 Month+1.648%, 03/01/34
    
104
      
109
  
GNMA, Pool 329656
               
8.000%, 08/15/22
    
3
      
3
  
GNMA, Pool 376533
               
7.500%, 06/15/24
    
1
      
1
  
GNMA, Pool 398660
               
7.500%, 05/15/26
    
1
      
1
  
GNMA, Pool 497411
               
6.000%, 01/15/29
    
3
      
4
  
GNMA, Pool 584992
               
7.500%, 04/15/32
    
9
      
9
  
GNMA ARM, Pool G2 81318
               
2.625%, VAR US Treas Yield Curve Rate T Note Constant Mat 1 Yr+1.500%, 04/20/35
    
141
      
147
  
GNMA ARM, Pool G2 81447
               
2.125%, VAR US Treas Yield Curve Rate T Note Constant Mat 1 Yr+1.500%, 08/20/35
    
34
      
35
  
                 
Total U.S. Government Mortgage-Backed Obligations
  
(Cost $15,296)
      
15,252
  
                 
Short-Term Investment [1.1%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
1,047,015
      
1,047
  
                 
Total Short-Term Investment
  
(Cost $1,047)
      
1,047
  
                 
Total Investments [99.6%]
  
(Cost $98,490)
    
$
98,291
  
 
Percentages are based on Net Assets of $98,642 (000).
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
 
schedule of investments
September 30, 2017
City National Rochdale Government Bond Fund (concluded)
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
 
ARM — Adjustable Rate Mortgage
Cl — Class
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
USD — United States Dollar
VAR — Variable
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
U.S. Treasury Obligations
  
$
—
    
$
60,998
    
$
—
    
$
60,998
  
U.S. Government Agency Obligations
    
—
      
20,994
      
—
      
20,994
  
U.S. Government Mortgage-Backed Obligations
    
—
      
15,252
      
—
      
15,252
  
Short-Term Investment
    
1,047
      
—
      
—
      
1,047
  
Total Investments in Securities
  
$
1,047
    
$
97,244
    
$
—
    
$
98,291
  
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017 (000):
 
   
City National
Rochdale
Government
Money Market Fund,
Institutional Class
  
Beginning balance as of 9/30/16
  
$
855
  
Purchases at Cost
    
18,405
  
Proceeds from Sales
    
(19,260
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
—
  
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 23
 
schedule of investments
September 30, 2017
City National Rochdale Corporate Bond Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
Corporate Bonds [87.5%]
  
Auto-Med and Heavy Duty Trks [1.9%]
  
PACCAR Financial, MTN
           
1.750%, 08/14/18
  
$
2,600
    
$
2,606
  
                 
Automotive [9.7%]
  
American Honda Finance, MTN
               
1.700%, 09/09/21
    
2,500
      
2,452
  
Daimler Finance North America
               
2.250%, 07/31/19(A)
    
2,900
      
2,913
  
Ford Motor Credit
               
2.551%, 10/05/18
    
2,000
      
2,013
  
2.375%, 01/16/18
    
1,000
      
1,002
  
General Motors Financial
               
5.250%, 03/01/26
    
1,250
      
1,357
  
Hyundai Capital America, MTN
               
2.325%, VAR ICE LIBOR USD 3 Month+1.000%, 09/18/20(A)
    
1,000
      
1,000
  
Toyota Motor Credit, MTN
               
1.200%, 04/06/18
    
2,500
      
2,497
  
                 
Total Automotive
      
13,234
  
                 
Banks [12.9%]
  
Bank of Montreal, MTN
               
1.947%, VAR ICE LIBOR USD 3 Month+0.630%, 09/11/22
    
1,200
      
1,201
  
Bank of Nova Scotia
               
2.450%, 03/22/21
    
2,500
      
2,515
  
Capital One
               
2.350%, 08/17/18
  
 
500
    
 
502
  
1.850%, 09/13/19
    
1,500
      
1,490
  
National Australia Bank
               
4.375%, 12/10/20(A)
    
751
      
798
  
Nordea Bank, MTN
               
2.375%, 04/04/19(A)
    
1,000
      
1,007
  
PNC Bank
               
2.700%, 11/01/22
    
2,500
      
2,519
  
Standard Chartered, MTN
               
1.700%, 04/17/18(A)
    
3,000
      
2,996
  
Sumitomo Mitsui Financial Group
               
2.846%, 01/11/22
    
2,500
      
2,523
  
Svenska Handelsbanken
               
1.677%, VAR ICE LIBOR USD 3 Month+0.360%, 09/08/20
    
2,000
      
2,004
  
Westpac Banking
               
4.875%, 11/19/19
    
65
      
69
  
                 
Total Banks
      
17,624
  
                 
Broadcasting & Cable [2.8%]
  
CBS
               
4.300%, 02/15/21
    
1,400
      
1,481
  
Comcast Cable Communications Holdings
               
9.455%, 11/15/22
    
1,800
      
2,393
  
                 
Total Broadcasting & Cable
      
3,874
  
                 
Computer System Design & Services [4.5%]
  
Apple
               
3.450%, 05/06/24
    
3,000
      
3,146
  
Hewlett Packard Enterprise
               
3.041%, VAR ICE LIBOR USD 3 Month+1.740%, 10/05/17
    
3,000
      
3,000
  
                 
Total Computer System Design & Services
      
6,146
  
                 
Computers-Memory Devices [0.7%]
  
NetApp
               
2.000%, 12/15/17
    
1,000
      
1,000
  
                 
Diagnostic Equipment [0.5%]
  
Danaher
               
1.650%, 09/15/18
    
700
      
701
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 24
 
schedule of investments
September 30, 2017
City National Rochdale Corporate Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Drugs [0.7%]
  
AbbVie
           
2.500%, 05/14/20
  
$
1,000
    
$
1,012
  
                 
Electric Utilities [2.7%]
  
American Electric Power
               
1.650%, 12/15/17
    
1,000
      
1,000
  
Exelon Generation
               
6.200%, 10/01/17
    
1,200
      
1,200
  
3.400%, 03/15/22
    
1,500
      
1,536
  
                 
Total Electric Utilities
      
3,736
  
                 
Electric-Distribution [0.8%]
  
Commonwealth Edison
               
6.950%, 07/15/18
    
1,000
      
1,041
  
                 
Food, Beverage & Tobacco [3.1%]
  
Anheuser-Busch InBev Finance
               
2.571%, VAR ICE LIBOR USD 3 Month+1.260%, 02/01/21
    
2,000
      
2,067
  
Kraft Heinz Foods
               
2.000%, 07/02/18
    
1,000
      
1,002
  
Molson Coors Brewing
               
1.450%, 07/15/19
    
1,250
      
1,237
  
                 
Total Food, Beverage & Tobacco
      
4,306
  
                 
Food-Confectionery [0.2%]
  
JM Smucker
               
2.500%, 03/15/20
    
250
      
252
  
                 
Insurance [1.5%]
  
Berkshire Hathaway
               
2.100%, 08/14/19
    
2,000
      
2,019
  
                 
Investment Bank/Broker-Dealer [13.1%]
  
Citigroup
               
2.746%, VAR ICE LIBOR USD 3 Month+1.430%, 09/01/23
    
1,000
      
1,026
  
Credit Suisse Group Funding Guernsey
               
3.450%, 04/16/21
    
1,250
      
1,283
  
Deutsche Bank, MTN
               
2.850%, 05/10/19
    
1,450
      
1,464
  
Goldman Sachs Group
               
2.625%, 01/31/19
    
500
      
504
  
2.485%, VAR ICE LIBOR USD 3 Month+1.170%, 11/15/21
    
2,500
      
2,534
  
HSBC Holdings
               
3.400%, 03/08/21
  
 
2,500
    
 
2,578
  
Jefferies Group
                
5.125%, 01/20/23
    
1,300
      
1,420
  
JPMorgan Chase
               
6.300%, 04/23/19
    
2,000
      
2,134
  
6.000%, 01/15/18
    
405
      
410
  
Macquarie Group
               
6.000%, 01/14/20(A)
    
2,000
      
2,161
  
Morgan Stanley, MTN
               
5.950%, 12/28/17
    
465
      
470
  
3.750%, 02/25/23
    
2,000
      
2,088
  
                 
Total Investment Bank/Broker-Dealer
      
18,072
  
                 
Medical Labs and Testing Srv [1.1%]
  
Laboratory Corp of America Holdings
                
2.625%, 02/01/20
    
1,500
      
1,516
  
   
Medical Products & Services [1.9%]
  
Gilead Sciences
               
3.700%, 04/01/24
    
2,500
      
2,640
  
                 
Medical-HMO [1.1%]
  
UnitedHealth Group
               
1.625%, 03/15/19
    
1,500
      
1,497
  
                 
Motorcycle/Motor Scooter [1.9%]
  
Harley-Davidson Funding
               
6.800%, 06/15/18(A)
    
2,500
      
2,589
  
                 
Multi-line Insurance [2.9%]
  
Genworth Holdings
               
7.700%, 06/15/20
    
1,400
      
1,405
  
MetLife
               
4.750%, 02/08/21
    
2,400
      
2,597
  
                 
Total Multi-line Insurance
      
4,002
  
                 
Petroleum & Fuel Products [7.1%]
  
Korea National Oil, MTN
               
2.750%, 01/23/19(A)
    
1,500
      
1,506
  
Shell International Finance BV
               
4.300%, 09/22/19
    
125
      
131
  
3.400%, 08/12/23
    
2,500
      
2,621
  
Sunoco Logistics Partners Operations
               
4.650%, 02/15/22
    
1,300
      
1,382
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
 
schedule of investments
September 30, 2017
City National Rochdale Corporate Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Total Capital International
           
2.875%, 02/17/22
  
$
4,000
    
$
4,085
  
                 
Total Petroleum & Fuel Products
      
9,725
  
                 
Real Estate [2.0%]
  
Prologis
               
4.250%, 08/15/23
    
2,500
      
2,716
  
                 
Real Estate Investment Trusts [4.0%]
  
HCP
               
3.150%, 08/01/22
    
1,000
      
1,012
  
Kimco Realty
               
6.875%, 10/01/19
    
1,080
      
1,176
  
Simon Property Group
               
2.500%, 09/01/20
    
2,000
      
2,024
  
Welltower
               
3.750%, 03/15/23
    
1,250
      
1,301
  
                 
Total Real Estate Investment Trusts
      
5,513
  
                 
Regional Authority [1.5%]
  
Province of Ontario Canada
               
4.400%, 04/14/20
    
2,000
      
2,122
  
                 
Retail [3.3%]
  
AutoZone
               
4.000%, 11/15/20
    
1,400
      
1,467
  
Costco Wholesale
               
2.150%, 05/18/21
    
3,000
      
3,009
  
                 
Total Retail
      
4,476
  
                 
Telephones & Telecommunications [4.7%]
  
America Movil
               
5.000%, 03/30/20
    
2,600
      
2,781
  
AT&T
               
3.600%, 02/17/23
    
2,000
      
2,058
  
Verizon Communications
               
3.125%, 03/16/22
    
1,500
      
1,537
  
                 
Total Telephones & Telecommunications
      
6,376
  
                 
Trucking & Leasing [0.9%]
  
Penske Truck Leasing
               
4.875%, 07/11/22(A)
    
1,100
      
1,198
  
                 
Total Corporate Bonds
  
(Cost $118,711)
      
119,993
  
 
Description
  
Face Amount (000)
/Shares
    
Value (000)
  
Asset-Backed Securities [4.4%]
  
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1
           
1.550%, 07/15/21
  
$
2,000
    
$
1,990
  
NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A
               
2.380%, 10/15/20(A)
    
4,000
      
4,014
  
                 
Total Asset-Backed Securities
  
(Cost $6,020)
      
6,004
  
                 
Closed-End Fund [2.2%]
  
Stone Ridge Reinsurance Risk Premium Interval Fund(B)
    
338,592
      
3,054
  
                 
Total Closed-End Fund
  
(Cost $3,449)
      
3,054
  
                 
Municipal Bonds [1.9%]
  
California [1.0%]
  
State of California, GO
               
6.200%, 03/01/19
    
1,300
      
1,381
  
                 
New York [0.9%]
  
New York State, Urban Development, RB
               
2.790%, 03/15/21
    
1,205
      
1,233
  
                 
Total Municipal Bonds
  
(Cost $2,609)
      
2,614
  
                 
Repurchase Agreement [2.2%]
  
Barclays (C)
                
1.050%, dated 09/29/17, repurchased on 10/02/17, repurchase price $3,000,263 (collateralized by various U.S. Government obligations, par values ranging from $1,261,200 - $1,446,400, 0.875% - 4.500%, 09/15/19 to 02/15/36; with a total market value of $3,060,002)
   
3,000
      
3,000
  
                 
Total Repurchase Agreement
  
(Cost $3,000)
      
3,000
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
 
schedule of investments
September 30, 2017
City National Rochdale Corporate Bond Fund (concluded)
 
Description
  
Shares
    
Value (000)
  
Short-Term Investment [1.1%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
1,432,053
    
$
1,432
  
                 
Total Short-Term Investment
  
(Cost $1,432)
      
1,432
  
                 
Total Investments [99.3%]
  
(Cost $135,221)
    
$
136,097
  
 
Percentages are based on Net Assets of $137,103 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $20,182 (000), representing 14.7% of the net assets of the Fund.
(B)
Security is considered illiquid. The total market value of such security as of September 30, 2017, was $3,054 (000) and represented 2.2% of the net assets of the Fund.
(C)
Tri-Party Repurchase Agreement.
 
Cl — Class
GO — General Obligation
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
USD — United States Dollar
VAR — Variable
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
  
$
—
    
$
119,993
    
$
—
    
$
119,993
  
Asset-Backed Securities
    
—
      
6,004
      
—
      
6,004
  
Closed-End Fund
    
3,054
      
—
      
—
      
3,054
  
Municipal Bonds
    
—
      
2,614
      
—
      
2,614
  
Repurchase Agreement
    
—
      
3,000
      
—
      
3,000
  
Short-Term Investment
    
1,432
      
—
      
—
      
1,432
  
Total Investments in Securities
  
$
4,486
    
$
131,611
    
$
—
    
$
136,097
  
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017 (000):
 
   
City National
Rochdale
Government
Money Market Fund,
Institutional Class
  
Beginning balance as of 9/30/16
  
$
808
  
Purchases at Cost
    
16,349
  
Proceeds from Sales
    
(17,157
)
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
1
  
 
Amounts designated as “—“ are $0 or have been rounded to $0.
 
For information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 27
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
Municipal Bonds [99.8%]
  
California [96.9%]
  
Bay Area, Water Supply & Conservation Agency, Ser A, RB
           
Callable 04/01/23 @ 100
            
5.000%, 10/01/23
  
$
600
    
$
709
  
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA
               
5.000%, 08/01/20
    
500
      
553
  
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA
               
Callable 08/01/23 @ 100
                
5.000%, 08/01/25
    
500
      
584
  
California Infrastructure & Economic Development Bank, Pacific Gas & Electric Project, Ser B, RB, Union Bank N.A.
               
Callable 09/29/17 @ 100
                
0.850%, 11/01/26(A) (B)
    
2,500
      
2,500
  
California State University, Ser A, RB
               
5.000%, 11/01/24
    
900
      
1,104
  
California State University, Ser A, RB
               
Callable 05/01/26 @ 100
                
5.000%, 11/01/27
    
240
      
296
  
California State, Department of Water Resources, Ser F-3, RB
               
Pre-Refunded @ 100
                
4.375%, 05/01/18(C)
    
200
      
204
  
California State, Educational Facilities Authority, Chapman University, RB
               
Callable 04/01/25 @ 100
                
5.000%, 04/01/26
  
 
100
    
 
119
  
California State, Educational Facilities Authority, Chapman University, RB
               
Callable 04/01/25 @ 100
                
5.000%, 04/01/27
    
100
      
119
  
California State, GO
               
5.250%, 09/01/22
    
1,000
      
1,182
  
California State, GO
               
5.000%, 11/01/19
    
1,000
      
1,082
  
California State, GO
               
5.000%, 09/01/20
    
1,000
      
1,112
  
California State, GO
               
5.000%, 12/01/21
    
1,000
      
1,151
  
California State, GO
               
Callable 11/01/20 @ 100
                
5.000%, 11/01/22
    
1,025
      
1,143
  
California State, GO
               
5.000%, 11/01/24
    
1,000
      
1,216
  
California State, GO
               
5.000%, 08/01/26
    
1,000
      
1,238
  
California State, GO
               
Callable 12/01/23 @ 100
                
5.000%, 12/01/26
    
1,000
      
1,191
  
California State, GO
               
Callable 11/01/23 @ 100
                
5.000%, 11/01/27
    
500
      
593
  
California State, GO
               
4.000%, 02/01/19
    
1,000
      
1,040
  
California State, GO
               
Callable 06/01/19 @ 100
                
3.000%, 12/01/32(A)
   
1,000
      
1,034
  
California State, GO
               
Callable 06/01/18 @ 100
                
1.692%, 12/01/29(A)
   
1,500
      
1,505
  
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
               
5.000%, 11/15/17
    
375
      
377
  
California State, Health Facilities Financing Authority, RB
               
0.930%, 10/10/17
    
2,000
      
2,000
  
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB
               
5.000%, 07/01/43(A)
   
875
      
876
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
           
5.000%, 07/01/43(A)
 
$
975
    
$
1,080
  
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
               
5.500%, 08/15/18
    
125
      
130
  
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
               
5.000%, 09/01/22
    
1,000
      
1,167
  
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
               
5.000%, 12/01/19
    
555
      
581
  
California State, Public Works Board, Judicial Council, Ser B, RB
               
5.000%, 10/01/23
    
475
      
566
  
California State, Public Works Board, RB
               
5.000%, 09/01/25
    
1,500
      
1,829
  
California State, Public Works Board, Ser B, RB
               
5.000%, 10/01/25
    
225
      
275
  
California State, Public Works Board, Ser C, RB
               
Callable 03/01/27 @ 100
                
5.000%, 03/01/28
    
500
      
609
  
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
               
Pre-Refunded @ 100
                
5.250%, 10/01/19(C)
    
250
      
271
  
California Statewide, Communities Development Authority, Cottage Health System, RB
               
Callable 11/01/24 @ 100
                
5.000%, 11/01/25
    
350
      
413
  
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
               
5.000%, 04/01/19
    
1,235
      
1,309
  
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
               
5.000%, 08/15/18
    
220
      
228
  
Central Basin Municipal Water District, Ser A, RB, AGM
               
Callable 08/01/26 @ 100
                
5.000%, 08/01/28
  
 
885
    
 
1,069
  
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
               
5.000%, 09/01/22
    
1,000
      
1,170
  
Chula Vista, Police Facility Project, COP
               
5.000%, 10/01/21
    
360
      
411
  
Contra Costa, Transportation Authority, Ser A, RB
               
5.000%, 03/01/27
    
420
      
528
  
East Bay, Municipal Utility District, Water System Revenue, Ser A, RB
               
Callable 06/01/25 @ 100
                
5.000%, 06/01/29
    
850
      
1,032
  
El Dorado, Irrigation District, Ser A, RB, AGM
               
4.500%, 03/01/19
    
500
      
525
  
Gilroy, Public Facilities Financing Authority, RB
               
5.000%, 11/01/21
    
940
      
1,078
  
Golden State Tobacco Securitization, Ser A, RB
               
5.000%, 06/01/19
    
1,000
      
1,067
  
Hemet, Unified School District, GO, AGM
               
4.000%, 08/01/24
    
500
      
569
  
Inglewood, Redevelopment Agency Successor Agency, Sub-Ser, TA, BAM
               
5.000%, 05/01/23
    
500
      
592
  
JPM Chase Putters, Ser 2015-ZF0159, GO
               
1.090%, 08/01/22(A) (D) (E)
    
1,000
      
1,000
  
JPM Chase Putters, Ser 2015-ZF0183, RB
               
1.090%, 12/01/22(A) (D) (E)
    
1,000
      
1,000
  
JPM Chase Putters, Ser 2015-ZF0184, RB
               
1.040%, 12/01/22(A) (D) (E)
    
1,000
      
1,000
  
JPM Chase Putters, Ser 2015-ZF0184, RB
               
0.950%, 02/01/23(A) (D) (E)
    
1,000
      
1,000
  
Jurupa, Unified School District, GO, AGM
               
5.000%, 08/01/22
    
1,000
      
1,166
  
Long Beach, Harbor Revenue, Ser A, RB, AMT
               
5.000%, 05/15/27
    
500
      
614
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 29
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Long Beach, Harbor Revenue, Ser C, RB
           
4.000%, 11/15/18
  
$
500
    
$
517
  
Long Beach, Unified School District, Election of 2008, Ser S, GO
               
Pre-Refunded @ 100
                
5.250%, 08/01/19(C)
    
2,010
      
2,167
  
Long Beach, Unified School District, GO
               
5.000%, 08/01/26
    
1,000
      
1,253
  
Los Angeles California Wastewater System Revenue, Sub-Ser C, RB
               
1.350%, 06/01/18
    
615
      
614
  
Los Angeles County, Disney Parking Hall Project, COP
               
5.000%, 09/01/22
    
500
      
585
  
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB
               
Callable 07/01/25 @ 100
                
5.000%, 07/01/26
    
500
      
612
  
Los Angeles, Department of Water, Ser A, RB
               
Callable 01/01/27 @ 100
                
5.000%, 07/01/30
    
1,000
      
1,221
  
Los Angeles, Department of Airports, Ser C, RB
               
5.000%, 05/15/25
    
550
      
673
  
Los Angeles, Department of Water & Power, Power System Project, Ser A, RB
               
5.000%, 07/01/19
    
500
      
535
  
Los Angeles, Department of Water & Power, Power System Project, Ser C, RB
               
5.000%, 07/01/23
    
500
      
598
  
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
               
4.000%, 11/01/19
    
575
      
610
  
Los Angeles, Sanitation Districts Financing Authority, Ser A, RB
               
Callable 10/01/25 @ 100
                
5.000%, 10/01/28
    
500
      
607
  
Los Angeles, Ser A, GO, ETM
               
5.000%, 09/01/21
    
270
      
310
  
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
               
5.000%, 10/01/20
    
1,000
      
1,115
  
Los Angeles, Unified School District, Ser A, GO
               
5.000%, 07/01/18
  
 
350
    
 
361
  
Merced, Irrigation District, Ser A, RB, AGM
               
5.000%, 10/01/20
    
500
      
555
  
North City, West School Facilities Financing Authority, Sub-Ser A, SPL Tax, AGM
               
5.000%, 09/01/20
    
1,000
      
1,112
  
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB, AGC
               
Callable 07/01/18 @ 100
                
5.000%, 07/01/20
    
500
      
514
  
Orange County, Redevelopment Agency Successor Agency, TA, AGM
               
5.000%, 09/01/23
    
320
      
380
  
Petaluma, Joint Unified High School District, Election of 2014, Ser A, GO
               
4.000%, 08/01/18
    
595
      
610
  
Port of Oakland, Ser B, RB, NATL
               
Callable 11/01/17 @ 100
                
5.000%, 11/01/23
    
500
      
502
  
Redding, Electric System Revenue, RB
               
5.000%, 06/01/24
    
600
      
722
  
Redding, Electric System Revenue, RB
               
5.000%, 06/01/25
    
250
      
305
  
Riverside County, RB
               
2.000%, 06/29/18
    
1,000
      
1,009
  
Riverside County, Transportation Commission, Ser A, RB
               
Callable 06/01/23 @ 100
                
5.250%, 06/01/28
    
500
      
597
  
Riverside, Public Financing Authority, Ser A, RB
               
5.000%, 11/01/21
    
1,000
      
1,144
  
Roseville, Finance Authority, RB
               
4.000%, 02/01/18
    
500
      
505
  
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB
               
5.000%, 12/01/20
    
500
      
560
  
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL
               
Pre-Refunded @ 100
                
5.000%, 10/01/17(C)
    
400
      
400
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
           
4.000%, 05/01/18
  
$
850
    
$
865
  
San Diego, Public Facilities Financing Authority, Sewer Revenue, RB
               
5.000%, 05/15/25
    
1,000
      
1,237
  
San Francisco City & County, Open Space Fund, Various Park Projects, RB, NATL
               
Callable 10/30/17 @ 100
                
3.750%, 07/01/18
    
500
      
501
  
San Francisco City & County, Public Utilities Commission, Wastewater Revenue, Ser A, RB
               
Callable 10/01/25 @ 100
                
5.000%, 10/01/27
    
1,000
      
1,215
  
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB
               
5.000%, 11/01/20
    
250
      
280
  
San Francisco City & County, Public Utilities Commission, Water Revenue, Sub-Ser, RB
               
Callable 11/01/26 @ 100
                
5.000%, 11/01/29
    
680
      
838
  
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL
               
Callable 10/30/17 @ 100
                
5.250%, 08/01/18
    
345
      
345
  
San Francisco, State Building Authority, RB
               
4.000%, 12/01/20
    
1,000
      
1,091
  
San Jose, International Airport, Ser A, RB, AMT
               
5.000%, 03/01/24
    
500
      
589
  
San Leandro, Unified School District, GO, BAM
               
5.000%, 08/01/24
    
325
      
393
  
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB
               
Callable 06/15/24 @ 100
                
5.000%, 06/15/26
    
1,035
      
1,244
  
San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM
               
5.250%, 06/01/19
    
755
      
808
  
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
               
5.000%, 06/15/21
  
 
480
    
 
542
  
Santa Clara County, Financing Authority, Lease Revenue Capital Project, Ser A, RB
               
5.000%, 02/01/20
    
500
      
546
  
Santa Cruz County, Redevelopment Agency, TA, BAM
               
5.000%, 09/01/19
    
640
      
689
  
Tahoe-Truckee, Unified School District, Ser B, GO
               
Callable 08/01/26 @ 100
                
5.000%, 08/01/27
    
200
      
247
  
Tahoe-Truckee, Unified School District, Ser B, GO
               
Callable 08/01/26 @ 100
                
5.000%, 08/01/28
    
200
      
245
  
Turlock, Irrigation District, Ser 2014, RB
               
5.000%, 01/01/19
    
200
      
210
  
Tustin, Unified School District, SPL Tax, BAM
               
5.000%, 09/01/24
    
500
      
595
  
University of California, Regents Medical Center Pooled Revenue, Ser J, RB
               
Callable 05/15/23 @ 100
                
5.000%, 05/15/26
    
605
      
701
  
University of California, Ser AT, RB
               
Callable 11/15/20 @ 100
                
1.400%, 05/15/46(A)
    
2,000
      
1,999
  
University of California, Limited Project Revenue, Ser E, RB
               
Callable 05/15/20 @ 100
                
5.000%, 05/15/22
    
500
      
552
  
University of California, Limited Project Revenue, Ser G, RB
               
Callable 05/15/22 @ 100
                
5.000%, 05/15/26
    
500
      
579
  
University of California, Ser M, RB
               
Callable 05/15/27 @ 100
                
5.000%, 05/15/29
    
1,000
      
1,237
  
Ventura County, Community College District, GO
               
Callable 08/01/21 @ 100
                
5.000%, 08/01/24
    
385
      
438
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund (continued)
 
Description
  
Face Amount (000)/Shares
    
Value (000)
  
Ventura County, Public Financing Authority, Ser A, RB
           
5.000%, 11/01/19
  
$
500
    
$
541
  
Ventura County, Public Financing Authority, Ser A, RB
               
4.000%, 11/01/18
    
500
      
517
  
Ventura County, Public Financing Authority, Ser B, RB
               
5.000%, 11/01/18
    
500
      
522
  
Walnut, Energy Center Authority, RB
               
5.000%, 01/01/19
    
300
      
315
  
Westlands, Water District, Ser A, RB, AGM
               
Callable 09/01/26 @ 100
                
5.000%, 09/01/27
    
1,000
      
1,225
  
                 
Total California
      
87,006
  
                 
New York [1.5%]
  
New York City, Water & Sewer System, RB
               
Callable 09/29/17 @ 100
                
0.980%, 06/15/48(A)
    
1,365
      
1,365
  
                 
Virginia [1.4%]
  
Virginia State, Public Building Authority, Ser A, RB
               
5.000%, 08/01/24
    
1,000
      
1,211
  
                 
Total Municipal Bonds
  
(Cost $88,002)
      
89,582
  
                 
Affiliated Registered Investment Company [0.6%]
  
City National Rochdale Municipal High Income Fund, Cl N‡
    
49,297
      
531
  
                 
Total Affiliated Registered Investment Company
  
(Cost $524)
      
531
  
 
Description
  
Shares
    
Value (000)
  
Short-Term Investment [0.6%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
547,963
    
$
548
  
                 
Total Short-Term Investment
  
(Cost $548)
      
548
  
                 
Total Investments [101.0%]
  
(Cost $89,074)
    
$
90,661
  
 
Percentages are based on Net Assets of $89,779 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
‡
Investment in Affiliate.
(A)
Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.
(B)
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
(C)
Pre-Refunded Security — The maturity date shown is the pre-refunded date.
(D)
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2017.
(E)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $4,000 (000), representing 4.5% of the net assets of the Fund.
 
AGC — American Guarantee Corporation
AGM — Assured Guarantee Municipal
AMBAC — American Municipal Bond Assurance Company
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
COP — Certificate of Participation
EPA — Environmental Protection Agency
ETM — Escrowed to Maturity
GO — General Obligation
NATL — National Public Finance Guarantee Corporation
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
SPL Tax — Special Tax
TA — Tax Allocation
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
 
schedule of investments
September 30, 2017
City National Rochdale California Tax Exempt Bond Fund (concluded)
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Bonds
  
$
—
    
$
89,582
    
$
—
    
$
89,582
  
Affiliated Registered Investment Company
    
531
      
—
      
—
      
531
  
Short-Term Investment
    
548
      
—
      
—
      
548
  
Total Investments in Securities
  
$
1,079
    
$
89,582
    
$
—
    
$
90,661
  
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017 (000):
 
   
City National Rochdale
Municipal High Income Fund,
Class N
    
City National Rochdale
Government Money Market Fund,
Class I
  
Beginning balance as of 9/30/16
  
$
2,312
    
$
1,331
  
Purchases at Cost
    
1,250
      
50,202
  
Proceeds from Sales
    
(2,928
)
    
(51,533
)
Unrealized Gain (Loss)
    
(55
)
    
—
  
Realized Gain (Loss)
    
(48
)
    
—
  
Ending balance as of 9/30/17
  
$
531
    
$
—
  
Dividend Income
  
$
33
    
$
1
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
Municipal Bonds [91.3%]
  
Alabama [1.5%]
  
Cullman County, Health Care Authority, Cullman Regional Medical Center Project, Ser A, RB
           
Callable 02/01/19 @ 100
            
7.000%, 02/01/36
  
$
4,315
    
$
4,496
  
Jefferson County, Sewer Revenue, Ser D, RB
               
Callable 10/01/23 @ 105
                
6.000%, 10/01/42
    
9,000
      
10,556
  
Jefferson County, Sewer Revenue, Sub-Ser, RB
               
Callable 10/01/23 @ 105
                
0.815%, 10/01/46(A)
    
2,500
      
2,070
  
                 
Total Alabama
      
17,122
  
                 
Alaska [0.5%]
  
Northern Tobacco Securitization, Ser A, RB
               
Callable 10/16/17 @ 100
                
5.000%, 06/01/46
    
6,000
      
5,831
  
                 
Arizona [1.9%]
  
Glendale, Industrial Development Authority, Glencroft Retirement Community RB
               
Callable 11/15/26 @ 100
                
5.250%, 11/15/46
    
1,000
      
991
  
Glendale, Industrial Development Authority, Glencroft Retirement Community RB
               
Callable 11/15/26 @ 100
                
5.250%, 11/15/51
  
 
1,500
    
 
1,474
  
Glendale, Industrial Development Authority, Glencroft Retirement Community RB
               
Callable 11/15/26 @ 100
                
5.000%, 11/15/36
    
600
      
592
  
Glendale, Industrial Development Authority, Glencroft Retirement Community RB
               
4.250%, 11/15/26
    
485
      
482
  
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB
               
Callable 07/01/25 @ 100
                
5.000%, 07/01/45(B)
    
3,300
      
3,300
  
Phoenix, Industrial Development Authority, Legacy Traditional School Projects RB
               
5.750%, 07/01/24(B)
    
1,400
      
1,531
  
Pima County, Industrial Development Authority, Noah Webster School Project, RB
               
Callable 12/15/23 @ 100
                
7.000%, 12/15/43
    
1,500
      
1,662
  
Salt Verde Financial, Gas Revenue, RB
               
5.000%, 12/01/37
    
8,000
      
9,738
  
Yavapai County, Industrial Development Authority, Ser A, RB
               
Callable 03/01/25 @ 100
                
5.000%, 09/01/34(B)
    
2,015
      
2,060
  
                 
Total Arizona
      
21,830
  
                 
California [8.2%]
  
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB
               
Callable 07/01/19 @ 100
                
6.750%, 07/01/39
    
6,500
      
6,983
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
California State, KIPP LA Project School Finance Authority, Ser A
           
Callable 07/01/27 @ 100
            
5.000%, 07/01/47(B)
  
$
500
    
$
563
  
California State, GO
               
Callable 12/01/23 @ 100
                
5.000%, 12/01/31
    
1,500
      
1,753
  
California State, Municipal Finance Authority, Windsor Mobile Country Club RB
               
Callable 11/15/27 @ 100
                
4.000%, 11/15/37
    
200
      
210
  
California State, Municipal Finance Authority, Windsor Mobile Country Club RB
               
Callable 11/15/27 @ 100
                
3.250%, 11/15/32
    
625
      
613
  
California State, Municipal Finance Authority, Baptist University, Ser A, RB
               
Callable 11/01/25 @ 100
                
5.500%, 11/01/45(B)
    
4,000
      
4,419
  
California State, Pollution Control Financing Authority, Calplant I Project RB, AMT
               
Callable 07/01/27 @ 100
                
8.000%, 07/01/39(B)
    
5,000
      
5,519
  
California State, Pollution Control Financing Authority, San Diego Water Project, RB
               
Callable 10/30/17 @ 100
                
5.000%, 11/21/45(B)
    
2,000
      
2,010
  
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
               
Callable 09/01/24 @ 100
                
5.000%, 09/01/31
    
5,000
      
5,851
  
California State, Public Works Board, Various Capital Projects, Ser A, RB
               
Callable 04/01/22 @ 100
                
5.000%, 04/01/37
    
1,000
      
1,125
  
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
               
Callable 10/01/24 @ 100
                
6.000%, 10/01/49
    
1,120
      
1,209
  
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
               
Callable 10/01/24 @ 100
                
5.875%, 10/01/44
  
 
1,000
    
 
1,091
  
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
               
Callable 10/01/24 @ 100
                
5.625%, 10/01/34
    
575
      
625
  
California Statewide, Communities Development Authority, RB
               
Callable 06/01/25 @ 100
                
7.000%, 06/01/45
    
3,155
      
2,642
  
California Statewide, Financing Authority, Ser C, RB
               
Callable 10/16/17 @ 8
                
12.268%, 06/01/55(C)
    
50,000
      
2,272
  
Folsom Ranch Financing Authority, SPL Tax
               
Callable 09/01/27 @ 100
                
5.000%, 09/01/37
    
1,435
      
1,545
  
Folsom Ranch Financing Authority, SPL Tax
               
Callable 09/01/27 @ 100
                
5.000%, 09/01/47
    
2,000
      
2,142
  
Fontana City, Community Facilities District No. 80, SPL Tax
               
Callable 09/01/27 @ 100
                
5.000%, 09/01/46
    
755
      
830
  
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
               
Callable 10/16/17 @ 100
                
5.125%, 06/01/47
    
7,280
      
7,165
  
Golden State Tobacco Securitization, RB
               
Callable 10/16/17 @ 100
                
5.750%, 06/01/47
    
9,230
      
9,250
  
Inland Empire Tobacco Securitization Authority, RB
               
Callable 10/16/17 @ 30
                
6.876%, 06/01/36(C)
    
25,000
      
7,243
  
Lake Elsinore, Public Financing Authority, SAB
               
Callable 09/01/25 @ 100
                
5.000%, 09/01/35
    
2,650
      
2,957
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
M-S-R Energy Authority, Ser C, RB
           
7.000%, 11/01/34
  
$
2,500
    
$
3,589
  
Northern California, Gas Authority No. 1, Ser B, RB
               
1.590%, 07/01/27(D)
    
5,000
      
4,860
  
Northern California, Tobacco Securitization Authority, Ser A-1
               
Callable 10/16/17 @ 100
                
5.375%, 06/01/38
    
4,650
      
4,650
  
Palomar Pomerado, Health Care District, COP
               
Callable 11/01/20 @ 100
                
6.000%, 11/01/30
    
3,920
      
4,281
  
San Buenaventura, Community Memorial Health System Project, RB
               
Callable 12/01/21 @ 100
                
7.500%, 12/01/41
    
1,000
      
1,165
  
San Buenaventura, Community Memorial Health System Project, RB
               
Callable 12/01/21 @ 100
                
7.000%, 12/01/26
    
1,000
      
1,161
  
San Mateo, Community Facilities District, SAB
               
Callable 09/01/22 @ 100
                
5.500%, 09/01/44
    
1,000
      
1,090
  
Southern California, Public Power Authority, Ser A, RB
               
2.348%, 11/01/38(D)
    
2,500
      
2,176
  
Southern California, Tobacco Securitization Authority, Ser A-1, RB
               
Callable 10/16/17 @ 100
                
5.000%, 06/01/37
    
3,000
      
3,008
  
West Hills, Community College District, Ser B, GO, AGM
               
Callable 08/01/31 @ 100
                
0.679%, 08/01/38(A)
    
2,250
      
2,041
  
                 
Total California
      
96,038
  
                 
Colorado [6.3%]
  
Arkansas State, River Power Authority, Colorado Improvement Project, RB
               
Callable 10/01/20 @ 100
                
6.125%, 10/01/40
    
2,500
      
2,685
  
Arkansas State, River Power Authority, Colorado Improvement Project, RB
               
Callable 10/01/18 @ 100
                
6.000%, 10/01/40
  
 
2,895
    
 
2,946
  
Base Village Metropolitan District No. 2, Ser A, GO
               
Callable 12/01/21 @ 103
                
5.750%, 12/01/46
    
1,500
      
1,571
  
Belleview Station Metropolitan District No. 2, GO
               
Callable 12/01/21 @ 103
                
5.125%, 12/01/46
    
3,375
      
3,453
  
Belleview Station Metropolitan District No. 2, GO
               
Callable 12/01/21 @ 103
                
5.000%, 12/01/36
    
1,500
      
1,537
  
Big Dry Creek Metropolitan District, Ser A, GO
               
Callable 12/01/22 @ 103
                
5.750%, 12/01/47
    
2,910
      
2,944
  
Canyons Metropolitan District No. 5, Ser A, GO
               
Callable 12/01/22 @ 103
                
6.125%, 12/01/47
    
1,000
      
1,014
  
Canyons Metropolitan District No. 5, Ser A, GO
               
Callable 12/01/22 @ 103
                
6.000%, 12/01/37
    
2,000
      
2,028
  
Castle Oaks Metropolitan District No. 3, GO
               
Callable 12/01/20 @ 103
                
6.250%, 12/01/44
    
2,860
      
3,047
  
Castle Oaks Metropolitan District No. 3, GO
               
Callable 12/01/20 @ 103
                
5.500%, 12/01/45
    
2,345
      
2,372
  
Clear Creek Station Metropolitan District No. 2, Ser A
               
Callable 12/01/22 @ 103
                
5.000%, 12/01/47
    
1,000
      
1,019
  
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
               
Callable 07/01/25 @ 100
                
5.250%, 07/01/46(B)
    
1,930
      
1,968
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
           
Callable 07/01/25 @ 100
            
5.000%, 07/01/36(B)
  
$
915
    
$
933
  
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
               
Callable 04/01/25 @ 100
                
5.250%, 04/01/45(B)
    
2,655
      
2,662
  
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
               
Callable 04/01/25 @ 100
                
5.125%, 04/01/35(B)
    
1,515
      
1,519
  
Colorado State, Health Facilities Authority, Sunny Vista Living Center, Ser A, RB
               
Callable 12/01/25 @ 100
                
6.125%, 12/01/45(B)
    
1,000
      
1,055
  
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT
               
Callable 01/01/23 @ 100
                
5.750%, 01/01/44
    
2,000
      
2,248
  
Colorado State, Public Energy Authority, RB
               
6.500%, 11/15/38
    
6,000
      
8,469
  
Denver City & County, United Airlines Project, Ser A, RB, AMT
               
5.250%, 10/01/32
    
1,000
      
1,003
  
Denver County, Health & Hospital Authority, Ser A
               
Callable 12/01/27 @ 100
                
4.000%, 12/01/35(B)
    
1,835
      
1,798
  
Denver County, Health & Hospital Authority, Ser A
               
Callable 12/01/27 @ 100
                
4.000%, 12/01/36(B)
    
2,305
      
2,236
  
Erie Highlands Metropolitan District No. 1, GO
               
Callable 12/01/20 @ 103
                
5.750%, 12/01/45
    
2,000
      
2,041
  
Flatiron Meadows Metropolitan District, GO
               
Callable 12/01/21 @ 103
                
5.125%, 12/01/46
    
2,000
      
1,977
  
Great Western Park Metropolitan District No. 2, Ser A, GO
               
Callable 12/01/21 @ 100
                
5.000%, 12/01/46
  
 
1,825
    
 
1,811
  
Green Gables Metropolitan District No. 1, Ser A, GO
               
Callable 12/01/21 @ 103
                
5.300%, 12/01/46
    
1,250
      
1,264
  
Lewis Pointe Metropolitan District, Ser A, GO
               
Callable 12/01/20 @ 100
                
6.000%, 12/01/44
    
2,590
      
2,613
  
Leyden Rock Metropolitan District No. 10, Ser A, GO
               
Callable 12/01/21 @ 103
                
5.000%, 12/01/45
    
1,250
      
1,271
  
Leyden Rock Metropolitan District No. 10, Ser A, GO
               
Callable 12/01/21 @ 103
                
4.375%, 12/01/33
    
1,500
      
1,489
  
Overlook Metropolitan District, GO
               
Callable 12/01/21 @ 103
                
5.500%, 12/01/46
    
1,230
      
1,199
  
Regional Transportation District, Denver Transportation Partners Project, RB
               
Callable 07/15/20 @ 100
                
6.000%, 01/15/41
    
1,000
      
1,100
  
Sierra Ridge Metropolitan District No. 2, Ser A, GO
               
Callable 12/01/21 @ 103
                
5.500%, 12/01/46
    
1,500
      
1,544
  
Solaris Metropolitan District No. 3, Ser A, GO
               
5.000%, 12/01/36
    
700
      
732
  
Solaris Metropolitan District No. 3, Ser A, GO
               
Callable 12/01/21 @ 103
                
5.000%, 12/01/46
    
2,530
      
2,622
  
Southglenn Metropolitan District, GO
               
Callable 12/01/21 @ 103
                
5.000%, 12/01/46
    
3,675
      
3,712
  
Southglenn Metropolitan District, GO
               
Callable 12/01/21 @ 103
                
3.500%, 12/01/26
    
1,000
      
963
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Water Valley Metropolitan District No. 01, GO
           
Callable 12/01/26 @ 100
            
5.250%, 12/01/40
  
$
300
    
$
319
  
Water Valley Metropolitan District No. 01, GO
               
Callable 12/01/26 @ 100
                
5.000%, 12/01/35
    
100
      
104
  
Water Valley Metropolitan District No. 01, GO
               
Callable 12/01/26 @ 100
                
4.000%, 12/01/33
    
375
      
364
  
Water Valley Metropolitan District No. 02, GO
               
Callable 12/01/26 @ 100
                
5.250%, 12/01/40
    
575
      
619
  
Water Valley Metropolitan District No. 02, GO
               
Callable 12/01/26 @ 100
                
4.000%, 12/01/33
    
250
      
240
  
                 
Total Colorado
      
74,491
  
                 
Connecticut [0.4%]
  
JPMorgan Chase, Ser 2016-XM0449, RB
               
Callable 06/01/26 @ 100
                
11.980%, 12/01/45(B)(D) (F)
    
3,335
      
4,600
  
                 
Delaware [0.2%]
  
Delaware State, Economic Development Authority, Indian River Power Project, RB
               
Callable 10/01/20 @ 100
                
5.375%, 10/01/45
    
2,000
      
2,084
  
                 
District of Columbia [0.2%]
  
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB
               
Callable 10/01/28 @ 100
                
6.500%, 10/01/44(A)
    
2,000
      
2,387
  
                 
Florida [5.2%]
  
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
               
Callable 11/15/24 @ 100
                
6.250%, 11/15/44
    
1,000
      
1,092
  
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
               
Callable 11/15/24 @ 100
                
6.000%, 11/15/34
  
 
2,500
    
 
2,720
  
Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB
               
Callable 11/01/19 @ 100
                
6.750%, 11/01/39
    
960
      
1,007
  
Capital Trust Agency, Silver Creek St. Augustine, RB
               
Callable 10/30/17 @ 100
                
9.750%, 01/01/35(A)(D) (G)
    
815
      
762
  
Capital Trust Agency, Silver Creek St. Augustine, RB
               
Callable 10/30/17 @ 100
                
5.750%, 01/01/50(G)
    
945
      
849
  
Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB
               
Callable 01/01/21 @ 103
                
8.250%, 01/01/44(G)
    
3,390
      
2,778
  
Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB
               
Callable 01/01/21 @ 103
                
8.250%, 01/01/49(G)
    
1,000
      
819
  
Florida State, Development Finance, Renaissance Charter School Project, RB
               
Callable 06/15/25 @ 100
                
6.125%, 06/15/46(B)
    
4,930
      
5,190
  
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
               
Callable 06/15/22 @ 100
                
6.125%, 06/15/43
    
1,000
      
1,056
  
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
               
Callable 06/15/24 @ 100
                
6.125%, 06/15/44
    
3,000
      
3,162
  
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
               
Callable 06/15/24 @ 100
                
6.000%, 06/15/34
    
2,110
      
2,253
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
           
Callable 06/01/22 @ 103
            
7.000%, 06/01/35(B)
  
$
1,350
    
$
1,096
  
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
               
Callable 06/01/22 @ 103
                
7.000%, 06/01/45(B)
    
3,000
      
2,436
  
Florida State, Village Community Development District No. 10, SAB
               
Callable 05/01/23 @ 100
                
6.000%, 05/01/44
    
970
      
1,142
  
Lakewood Ranch Stewardship District, SAB
               
Callable 05/01/27 @ 100
                
5.250%, 05/01/37
    
1,815
      
1,933
  
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB
               
Callable 09/15/24 @ 100
                
5.250%, 09/15/44
    
4,300
      
4,607
  
Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB
               
Callable 09/15/25 @ 100
                
5.750%, 09/15/35(B)
    
1,605
      
1,638
  
Mid-Bay Bridge Authority, Ser A, RB
               
Pre-Refunded @ 100
                
7.250%, 10/01/21(E)
    
5,200
      
6,375
  
Mid-Bay Bridge Authority, Ser A, RB
               
Callable 10/01/25 @ 100
                
5.000%, 10/01/35
    
5,000
      
5,623
  
Osceola County, Poinciana Parkway Project, Ser A, RB
               
Callable 10/01/24 @ 100
                
5.375%, 10/01/47
    
5,000
      
5,419
  
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
               
Callable 06/01/22 @ 102
                
7.500%, 06/01/49
    
2,000
      
2,438
  
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
               
Callable 06/01/22 @ 102
                
7.250%, 06/01/34
  
 
500
    
 
609
  
Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB
               
Pre-Refunded @ 100
                
6.000%, 08/01/20(E)
    
3,000
      
3,397
  
Village Community Development District No. 12, SAB
               
Callable 05/01/26 @ 100
                
3.875%, 05/01/47
    
3,000
      
2,890
  
                 
Total Florida
      
61,291
  
                 
Georgia [1.7%]
  
Atlanta, Department of Aviation, Ser A, RB
               
Callable 01/01/24 @ 100
                
5.000%, 01/01/31
    
2,500
      
2,933
  
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB
               
Callable 09/01/20 @ 100
                
6.125%, 09/01/40
    
1,000
      
1,089
  
Fayette County, Hospital Authority, Piedmont Healthcare Project, RB
               
Callable 07/01/26 @ 100
                
5.000%, 07/01/46
    
10,000
      
11,145
  
Greene County, Development Authority, GLEN-I Project, Ser A, RB
               
Callable 01/01/25 @ 100
                
7.250%, 01/01/46(B)
    
3,400
      
3,432
  
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
               
Callable 01/01/24 @ 100
                
7.250%, 01/01/49
    
810
      
928
  
                 
Total Georgia
      
19,527
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 39
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Hawaii [0.7%]
  
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
           
Pre-Refunded @ 100
            
8.750%, 11/15/19(E)
  
$
2,255
    
$
2,565
  
Hawaii State, Department of Budget & Finance, Hawaiian Election Project AMT
               
Callable 03/01/27 @ 100
                
4.000%, 03/01/37
    
5,115
      
5,294
  
 
                
Total Hawaii
      
7,859
  
                 
Illinois [8.3%]
  
Bridgeview Village, Cook County, Ser A, GO
               
Callable 12/01/25 @ 100
                
5.750%, 12/01/35
    
2,000
      
1,874
  
Bridgeview Village, Ser A, GO
               
Callable 06/01/24 @ 100
                
5.500%, 12/01/43
    
4,880
      
4,428
  
Chicago Board of Education, Ser B
               
Callable 12/01/27 @ 100
                
7.000%, 12/01/42(B)
    
5,000
      
6,015
  
Chicago Board of Education, Ser C
               
Callable 12/01/18 @ 100
                
5.000%, 12/01/21
    
1,000
      
1,005
  
Chicago, Midway International Airport, Ser B, RB
               
Callable 01/01/23 @ 100
                
5.000%, 01/01/35
    
2,000
      
2,250
  
Chicago, Midway International Airport, Ser B, RB
               
Callable 01/01/24 @ 100
                
5.000%, 01/01/35
    
3,000
      
3,372
  
Chicago, Ser A, GO
               
Callable 01/01/27 @ 100
                
6.000%, 01/01/38
    
9,000
      
10,424
  
Chicago, Waterworks Revenue, Ser A-1, RB
               
Callable 11/01/26 @ 100
                
5.000%, 11/01/28
    
1,000
      
1,162
  
Chicago, Waterworks Revenue, Ser A-1, RB
               
Callable 11/01/26 @ 100
                
5.000%, 11/01/30
    
1,025
      
1,178
  
Cook County, Ser A, GO
               
Callable 11/15/26 @ 100
                
5.000%, 11/15/30
    
2,050
      
2,361
  
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
               
Callable 05/15/20 @ 100
                
8.000%, 05/15/40
  
 
4,000
    
4,428
  
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
               
Callable 05/15/20 @ 100
                
8.000%, 05/15/46
    
1,825
      
2,016
  
Illinois State, Finance Authority, Lutheran Home and Services Project, RB
               
Callable 05/15/22 @ 100
                
5.625%, 05/15/42
    
5,000
      
5,223
  
Illinois State, Finance Authority, RB
               
Callable 09/01/26 @ 100
                
4.000%, 09/01/41
    
6,640
      
6,480
  
Illinois State, Finance Authority, Roosevelt University Project, RB
               
Callable 10/01/19 @ 100
                
6.500%, 04/01/39
    
3,445
      
3,683
  
Illinois State, Finance Authority, Roosevelt University Project, RB
               
Callable 10/01/19 @ 100
                
6.250%, 04/01/29
    
1,000
      
1,074
  
Illinois State, Finance Authority, Ser A University of Chicago, RB
               
Callable 10/01/25 @ 100
                
5.000%, 10/01/40
    
10,000
      
11,194
  
Illinois State, Finance Authority, Presence Health Network, Ser C, RB
               
Callable 02/15/27 @ 100
                
5.000%, 02/15/41
    
1,000
      
1,105
  
Illinois State, Finance Authority, Presence Health Network, Ser C, RB
               
Callable 02/15/27 @ 100
                
5.000%, 02/15/36
    
4,535
      
5,028
  
Illinois State, Finance Authority Columbia College Chicago, Ser S, RB
               
Callable 12/01/25 @ 100
                
4.125%, 12/01/30
    
1,505
      
1,527
  
Illinois State, GO
               
Callable 05/01/24 @ 100
                
5.000%, 05/01/27
    
1,500
      
1,611
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB
           
Callable 01/01/26 @ 100
            
5.600%, 01/01/56(B)
  
$
2,500
    
$
2,333
  
Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB
               
Callable 01/01/26 @ 100
                
5.450%, 01/01/46(B)
    
2,500
      
2,330
  
Illinois State, Ser A, GO
               
Callable 01/01/22 @ 100
                
4.000%, 01/01/23
    
3,000
      
3,116
  
Metropolitan Pier & Exposition Authority, Ser A, RB, NATL
               
4.675%, 12/15/32(C)
    
5,000
      
2,763
  
Southern Illinois University, Ser B, RB
               
Callable 10/01/22 @ 100
                
5.000%, 04/01/26
    
2,105
      
2,234
  
Southwestern Illinois, Development Authority, Collinsville Project, RB
               
Callable 10/30/17 @ 100
                
5.350%, 03/01/31
    
75
      
56
  
University of Illinois, Ser B, COP
               
Callable 10/01/26 @ 100
                
5.000%, 10/01/27
    
1,500
      
1,707
  
Village of Hodgkins, Redevelopement Project Area No. 4
               
Callable 01/01/27 @ 100
                
5.625%, 01/01/37
    
5,200
      
5,231
  
                 
Total Illinois
      
97,208
  
                 
Indiana [2.0%]
  
Allen County, Storypoint Fort Wayne Project, RB
               
Callable 01/15/24 @ 104
                
6.875%, 01/15/52(B)
    
1,265
      
1,333
  
Carmel City, Barrington Carmel Project, Ser A, RB
               
Callable 11/15/22 @ 100
                
7.125%, 11/15/47
    
3,000
      
3,251
  
Carmel City, Barrington Carmel Project, Ser A, RB
               
Callable 11/15/22 @ 100
                
7.000%, 11/15/32
    
1,650
      
1,806
  
Chesterton Town, Storypoint Chesterton Project Ser A-1, RB
               
Callable 01/15/24 @ 104
                
6.375%, 01/15/51(B)
  
 
2,100
    
 
2,127
  
Indiana Finance Authority, Republic Service Project AMT
                
1.150%, 05/01/34(D)
   
3,000
      
2,999
  
Indiana Finance Authority, Republic Service Project AMT
               
1.150%, 12/01/37(D)
   
2,500
      
2,499
  
Indianapolis, Ritter Affordable Assisted Living Project, RB
               
Callable 12/01/22 @ 102
                
6.900%, 12/01/33
    
4,000
      
3,920
  
Lafayette City, Glasswater Creek Project, RB
               
Callable 07/01/26 @ 101
                
5.800%, 01/01/37
    
3,310
      
3,359
  
Terre Haute, Westminster Village Project, RB
               
Callable 08/01/22 @ 100
                
6.000%, 08/01/39
    
2,355
      
2,365
  
                 
Total Indiana
      
23,659
  
                 
Iowa [0.8%]
  
Iowa State, Finance Authority, Ser B, RB
               
Callable 06/01/25 @ 100
                
5.000%, 06/01/36
    
2,000
      
2,112
  
Iowa State, Tobacco Settlement Authority, Ser C, RB
               
Callable 10/30/17 @ 100
                
5.375%, 06/01/38
    
4,500
      
4,500
  
Iowa State, Tobacco Settlement Authority, Ser C
               
Callable 10/30/17 @ 100
                
5.625%, 06/01/46
    
1,665
      
1,672
  
Iowa State, Tobacco Settlement Authority, Ser C
               
Callable 10/30/17 @ 100
                
5.500%, 06/01/42
    
1,180
      
1,185
  
                 
Total Iowa
      
9,469
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Kansas [0.7%]
  
Arkansas City, Public Building Commission, South Central Regional Medical Center, RB
           
Callable 09/01/19 @ 100
            
7.000%, 09/01/29
  
$
2,550
    
$
2,690
  
Wichita, Ser II-A, RB
               
Callable 12/01/26 @ 100
                
5.375%, 12/01/46
    
2,500
      
2,663
  
Wichita, Ser II-A, RB
               
Callable 12/01/26 @ 100
                
5.250%, 12/01/36
    
500
      
534
  
Wyandotte County-Kansas City Unified Government, RB
               
Callable 09/01/25 @ 100
                
5.750%, 09/01/32
    
2,000
      
2,019
  
                 
Total Kansas
      
7,906
  
                 
Kentucky [2.0%]
  
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
               
Pre-Refunded @ 100
                
6.500%, 06/01/20(E)
    
2,960
      
3,373
  
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
               
Pre-Refunded @ 100
                
6.375%, 06/01/20(E)
    
1,000
      
1,136
  
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB
               
Callable 05/15/26 @ 100
                
5.000%, 05/15/36
    
1,250
      
1,304
  
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB
               
Callable 05/15/26 @ 100
                
5.000%, 05/15/46
    
4,500
      
4,630
  
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB
               
Callable 05/15/26 @ 100
                
5.000%, 05/15/51
    
4,000
      
4,101
  
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, Ser A, RB
               
Callable 07/01/23 @ 100
                
5.750%, 07/01/49
  
 
5,650
    
 
6,322
  
Louisville & Jefferson County, Louisville Gas and Electric Company Project, RB
               
1.500%, 10/01/33(D)
    
3,000
      
3,010
  
                 
Total Kentucky
      
23,876
  
                 
Louisiana [1.1%]
  
Juban Crossing, Economic Development District, General Infrastructure Project, Ser C, RB
               
Callable 03/15/25 @ 100
                
7.000%, 09/15/44(B)
    
5,665
      
5,922
  
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Ser S, RB
               
Callable 06/01/25 @ 100
                
5.625%, 06/01/45
    
2,000
      
2,053
  
Louisiana State, Public Facilities Authority, Loyola University Project, RB
               
Callable 10/01/21 @ 100
                
5.000%, 10/01/41
    
5,000
      
5,239
  
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
               
Callable 07/01/23 @ 100
                
10.500%, 07/01/39(G)
    
1,435
      
14
  
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
               
7.000%, 07/01/24(B) (G)
    
1,319
      
13
  
Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT
               
Callable 07/01/24 @ 100
                
8.375%, 07/01/39(G)
    
3,474
      
35
  
                 
Total Louisiana
      
13,276
  
                 
Maryland [1.3%]
  
Baltimore, Harbor Point Project, RB
               
Callable 06/01/26 @ 100
                
5.000%, 06/01/36
    
1,000
      
1,033
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Howard County, Annapolis Junction Town Center Project, TA
           
Callable 02/15/24 @ 100
            
6.100%, 02/15/44
  
$
1,425
    
$
1,470
  
Howard County, Annapolis Junction Town Center Project, TA
               
Callable 02/15/24 @ 100
                
5.800%, 02/15/34
    
725
      
746
  
Maryland State, Economic Development, RB
               
Callable 09/01/20 @ 100
                
5.750%, 09/01/25
    
3,000
      
3,090
  
Rockville City, Ingleside at King Farm Project, RB
                
Callable 11/01/24 @ 103
                
5.000%, 11/01/42
    
1,205
      
1,311
  
Rockville City, Ingleside at King Farm Project, RB
               
Callable 11/01/24 @ 103
                
5.000%, 11/01/47
    
1,500
      
1,623
  
Westminster, Luther Village Millers Grant Project, RB
               
Callable 07/01/24 @ 100
                
6.250%, 07/01/44
    
3,780
      
4,086
  
Westminster, Luther Village Millers Grant Project, RB
               
Callable 07/01/24 @ 100
                
6.125%, 07/01/39
    
750
      
802
  
Westminster, Luther Village Millers Grant Project, RB
               
Callable 07/01/24 @ 100
                
6.000%, 07/01/34
    
1,205
      
1,289
  
                 
Total Maryland
      
15,450
  
                 
Massachusetts [0.7%]
  
Massachusetts State, Development Finance Agency, Ser A, RB
               
Callable 10/01/26 @ 100
                
5.000%, 10/01/36
    
2,305
      
2,614
  
Massachusetts State, Development Finance Agency, Ser A, RB
               
Callable 10/01/26 @ 100
                
4.000%, 10/01/46
    
6,120
      
6,203
  
                 
Total Massachusetts
      
8,817
  
                 
Michigan [1.9%]
  
Calhoun County, Hospital Finance Authority, Oaklawn Hospital, RB
               
Callable 02/15/27 @ 100
                
5.000%, 02/15/47
  
 
3,000
    
 
3,158
  
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB
               
Callable 12/01/20 @ 100
                
6.500%, 12/01/40
    
3,745
      
3,803
  
Michigan State, Finance Authority, RB
               
Callable 02/01/20 @ 101
                
5.750%, 02/01/33
    
4,000
      
4,082
  
Michigan State, Finance Authority, RB
               
Callable 11/15/25 @ 100
                
5.250%, 11/15/35
    
2,340
      
2,453
  
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
               
Callable 10/30/17 @ 100
                
5.875%, 12/01/30
    
2,000
      
2,000
  
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB
               
Callable 10/16/17 @ 100
                
5.125%, 06/01/22
    
2,860
      
2,855
  
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
               
Callable 06/01/18 @ 100
                
6.875%, 06/01/42
    
2,000
      
2,053
  
Michigan State, Tobacco Settlement Finance Authority, Ser A
               
Callable 10/16/17 @ 100
                
6.000%, 06/01/34
    
2,000
      
1,998
  
                 
Total Michigan
      
22,402
  
                 
Minnesota [0.5%]
  
Anoka, Housing Revenue Authority, Homestead Project, RB
               
Callable 11/01/24 @ 103
                
4.750%, 11/01/35
    
4,000
      
4,080
  
Dakota County, Community Development Agency, RB
               
Callable 08/01/22 @ 100
                
5.000%, 08/01/51(B)
    
1,250
      
1,258
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Saint Paul Park, Presbyterian Homes Bloomington Project, RB
           
Callable 09/01/24 @ 100
            
5.000%, 09/01/42
  
$
1,000
    
$
1,047
  
                 
Total Minnesota
      
6,385
  
                 
Missouri [3.6%]
  
Blue Springs, Improvement Adams Farm Project, Ser A, SPL Tax
               
Callable 06/01/24 @ 100
                
5.250%, 06/01/39
    
3,400
      
3,447
  
Branson, Industrial Development Authority, Branson Shoppes Redevelopment, RB
                
Callable 11/01/25 @ 100
                
3.900%, 11/01/29
    
1,150
      
1,156
  
Hanley, Eager Road Transportation Development District, Ser A, SAB
               
Callable 03/01/21 @ 100
                
4.000%, 03/01/42
    
1,000
      
956
  
Hanley, Eager Road Transportation Development District, Ser A, SAB
               
Callable 03/01/21 @ 100
                
3.625%, 03/01/33
    
500
      
474
  
Hanley, Eager Road Transportation Development District, Ser A, SAB
               
Callable 03/01/21 @ 100
                
3.000%, 03/01/26
    
500
      
481
  
Kansas City, Industrial Development Authority, Ser A, RB
               
Callable 04/01/26 @ 100
                
5.000%, 04/01/36(B)
    
1,000
      
973
  
Kansas City, Industrial Development Authority, Ser A, RB
               
Callable 04/01/26 @ 100
                
5.000%, 04/01/46(B)
    
1,150
      
1,085
  
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
               
Pre-Refunded @ 100
                
8.250%, 05/15/20(E)
    
3,000
      
3,543
  
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
               
Callable 05/15/27 @ 100
                
5.250%, 05/15/37
  
 
1,000
    
 
1,059
  
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
               
Callable 05/15/27 @ 100
                
5.250%, 05/15/42
    
1,000
      
1,054
  
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
               
Callable 05/15/27 @ 100
                
5.250%, 05/15/50
    
3,000
      
3,143
  
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB
               
Callable 08/15/24 @ 102
                
5.000%, 08/15/46
    
4,500
      
4,710
  
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB
               
Callable 08/15/24 @ 102
                
5.000%, 08/15/51
    
5,000
      
5,214
  
Poplar Bluff, Ser A, SPL Tax
               
Callable 11/01/23 @ 100
                
5.125%, 11/01/35(B)
    
5,000
      
4,950
  
St. Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
               
Callable 10/30/17 @ 100
                
7.000%, 08/15/32
    
975
      
975
  
St. Louis County, Industrial Development Authority, RB
               
Callable 09/01/24 @ 100
                
5.250%, 09/01/45(B)
    
3,000
      
3,009
  
St. Louis County, Industrial Development Authority, RB
               
Callable 09/01/24 @ 100
                
5.000%, 09/01/38(B)
    
2,000
      
2,012
  
St. Louis County, Industrial Development Authority, RB
               
Callable 11/15/25 @ 100
                
5.000%, 11/15/41
    
1,250
      
1,257
  
St. Louis County, Industrial Development Authority, RB
               
Callable 11/15/25 @ 100
                
5.000%, 11/15/46
    
1,500
      
1,501
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
St. Louis County, Industrial Development Authority, RB
           
Callable 11/15/25 @ 100
            
4.000%, 11/15/36
  
$
1,250
    
$
1,140
  
                 
Total Missouri
      
42,139
  
                 
Nebraska [0.6%]
  
Central Plains Energy Project, Project No. 3, RB
               
Callable 09/01/22 @ 100
                
5.250%, 09/01/37
    
1,000
      
1,108
  
Central Plains Energy Project, Project No. 3, RB
               
Callable 09/01/22 @ 100
                
5.000%, 09/01/42
    
5,500
      
6,001
  
                 
Total Nebraska
      
7,109
  
                 
Nevada [0.8%]
  
Clark County, Department of Aviation, Sub-Ser A-2, RB
               
Callable 07/01/24 @ 100
                
5.000%, 07/01/35
    
3,000
      
3,407
  
Las Vegas, RB
               
Callable 06/15/21 @ 100
                
4.375%, 06/15/35(B)
    
3,500
      
3,249
  
Las Vegas, Special Improvement District No. 812, SAB
               
Callable 12/01/25 @ 100
                
5.000%, 12/01/35
    
1,000
      
1,027
  
Nevada State, Department of Business & Industry, Ser A, RB
               
Callable 12/15/25 @ 100
                
5.000%, 12/15/35(B)
    
1,595
      
1,650
  
                 
Total Nevada
      
9,333
  
                 
New Jersey [1.5%]
  
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
               
Callable 08/20/22 @ 101
                
5.250%, 09/15/29
    
2,850
      
3,115
  
South Jersey Port, Ser S, RB
               
Callable 01/01/26 @ 100
                
5.000%, 01/01/39
    
750
      
754
  
Tobacco Settlement Financing, Ser 1A
               
Callable 10/16/17 @ 100
                
5.000%, 06/01/29
  
 
2,000
    
 
2,003
  
Tobacco Settlement Financing, Ser 1A, RB
               
Callable 10/16/17 @ 100
                
5.000%, 06/01/41
    
12,000
      
11,627
  
                 
Total New Jersey
      
17,499
  
                 
New Mexico [0.3%]
  
New Mexico State, Hospital Equipment Loan Council, RB
               
Callable 07/01/22 @ 100
                
5.500%, 07/01/42
    
3,110
      
3,367
  
                 
New York [7.2%]
  
Brooklyn Arena, Barclays Center Local Development, Ser A, RB
               
Callable 01/15/27 @ 100
                
5.000%, 07/15/30
    
1,500
      
1,745
  
Brooklyn Arena, Barclays Center Local Development, Ser A, RB
               
Callable 01/15/27 @ 100
                
5.000%, 07/15/42
    
5,000
      
5,636
  
Metropolitan Transportation Authority, Ser A-1, RB
               
Callable 05/15/25 @ 100
                
5.000%, 11/15/45
    
5,000
      
5,687
  
Nassau County, Industrial Development Agency, Ser A, RB
               
Callable 01/01/25 @ 101
                
6.700%, 01/01/49
    
4,789
      
4,839
  
Nassau County, Industrial Development Agency, Ser C, RB
               
Callable 01/01/18 @ 100
                
2.000%, 01/01/49
    
1,728
      
294
  
Nassau County, Tobacco Settlement, RB
               
Callable 10/30/17 @ 100
                
5.125%, 06/01/46
    
10,120
      
9,985
  
New York City, Transitional Finance Authority, Building Aid Revenue, Ser S-1
               
Callable 01/15/26 @ 100
                
4.000%, 07/15/45
    
10,000
      
10,511
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
New York Counties, Tobacco Trust IV, Ser A, RB
           
Callable 10/16/17 @ 100
            
5.000%, 06/01/45
  
$
5,800
    
$
5,524
  
New York State, Liberty Development, Goldman Sachs Headquarters, RB
               
5.250%, 10/01/35
    
3,000
      
3,836
  
New York State, Liberty Development, World Trade Center, RB
               
Callable 11/15/24 @ 100
                
5.375%, 11/15/40(B)
    
2,500
      
2,785
  
New York State, Liberty Development, World Trade Center, RB
               
Callable 11/15/24 @ 100
                
5.000%, 11/15/44(B)
    
10,000
      
10,878
  
New York State, Transportation Development, RB, AMT
               
Callable 08/01/21 @ 100
                
5.000%, 08/01/26
    
5,500
      
5,905
  
New York State, Transportation Development, RB, AMT
               
Callable 07/01/24 @ 100
                
5.000%, 07/01/34
    
1,000
      
1,111
  
New York State, Transportation Development, RB, AMT
               
Callable 07/01/24 @ 100
                
5.000%, 07/01/41
    
1,500
      
1,650
  
Niagara, Tobacco Asset Securitization, RB
               
Callable 05/15/24 @ 100
                
5.250%, 05/15/34
    
1,000
      
1,131
  
Niagara, Tobacco Asset Securitization, RB
               
Callable 05/15/24 @ 100
                
5.250%, 05/15/40
    
1,000
      
1,125
  
TSASC, Ser B, RB
                
Callable 06/01/27 @ 100
                
5.000%, 06/01/48
    
5,000
      
5,069
  
Westchester, Tobacco Asset Securitization, Sub-Ser C, RB
               
Callable 06/01/27 @ 100
                
5.125%, 06/01/51
    
7,000
      
6,972
  
                 
Total New York
      
84,683
  
                 
North Carolina [0.2%]
  
North Carolina State, Department of Transportation, I-77 Hot Lanes Project, RB, AMT
               
Callable 06/30/25 @ 100
                
5.000%, 12/31/37
  
 
1,405
    
 
1,525
  
North Carolina State, Medical Care Commission, United Church Homes and Services, RB
               
Callable 09/01/24 @ 100
                
5.000%, 09/01/37
    
1,155
      
1,199
  
                 
Total North Carolina
      
2,724
  
                 
North Dakota [0.4%]
  
Burleigh County, Education Facilities, University of Mary Project, RB
               
Callable 04/15/26 @ 100
                
5.200%, 04/15/46
    
2,000
      
2,022
  
Mandan, Park Facilities, Ser A, RB
               
Callable 09/01/24 @ 100
                
3.250%, 09/01/41
    
2,450
      
2,205
  
                 
Total North Dakota
      
4,227
  
                 
Ohio [4.2%]
  
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
               
Callable 10/16/17 @ 100
                
6.500%, 06/01/47
    
3,000
      
3,003
  
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
               
Callable 10/16/17 @ 100
                
5.875%, 06/01/30
    
5,000
      
4,850
  
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
               
Callable 10/16/17 @ 100
                
5.875%, 06/01/47
    
7,000
      
6,683
  
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
               
Callable 10/16/17 @ 100
                
5.750%, 06/01/34
    
3,090
      
2,979
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
           
Callable 10/16/17 @ 100
            
5.125%, 06/01/24
  
$
3,000
    
$
2,842
  
Butler County Port Authority, Storypoint Fairfield Project, RB
               
Callable 01/15/24 @ 104
                
6.375%, 01/15/43(B)
    
500
      
517
  
Cuyahoga County, Hospital Revenue, Metrohealth System, RB
               
Callable 02/15/27 @ 100
                
5.250%, 02/15/47
    
3,800
      
4,109
  
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
               
Callable 02/15/23 @ 100
                
5.000%, 02/15/33
    
2,240
      
2,376
  
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
               
Callable 02/15/23 @ 100
                
5.000%, 02/15/44
    
1,000
      
1,041
  
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
               
Callable 02/15/23 @ 100
                
5.000%, 02/15/48
    
3,390
      
3,524
  
Ohio State, Air Quality Development Authority, Ohio Valley Electric Project, Ser E, RB
               
5.625%, 10/01/19
    
3,350
      
3,471
  
Ohio State, Water Development Authority, FirstEnergy Nuclear Generation Project, Ser B, RB
                
4.375%, 06/01/33(D)
    
3,500
      
3,447
  
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
               
Callable 12/01/22 @ 100
                
6.000%, 12/01/42
    
7,000
      
7,694
  
Toledo-Lucas County, Port Authority, Storypoint Waterville Project, RB
               
Callable 01/15/24 @ 104
                
6.375%, 01/15/51(B)
    
2,500
      
2,532
  
                 
Total Ohio
      
49,068
  
Oklahoma [1.3%]
  
Oklahoma County, Finance Authority, Ser A, RB
               
Callable 04/01/22 @ 100
                
5.125%, 04/01/42
  
 
4,000
    
 
3,784
  
Oklahoma State, Development Finance Authority, RB
               
Callable 01/01/22 @ 100
                
6.000%, 01/01/32
    
3,030
      
3,162
  
Payne County, Economic Development Authority, RB
               
Callable 11/01/26 @ 100
                
6.875%, 11/01/46
    
5,775
      
5,574
  
Payne County, Economic Development Authority, RB
               
Callable 11/01/26 @ 100
                
6.625%, 11/01/36
    
2,500
      
2,420
  
                 
Total Oklahoma
      
14,940
  
                 
Pennsylvania [2.7%]
  
Beaver County, Industrial Development Authority, Ser B, RB
                
4.250%, 10/01/47(D)
   
1,320
      
1,305
  
Delaware County, Industrial Development Authority, Covanta Project, Ser A, RB
               
Callable 07/01/20 @ 100
                
5.000%, 07/01/43
    
2,500
      
2,520
  
Montgomery County Higher Education & Health Authority, Philadelphia Presbyterian Hospital, RB
               
Callable 12/01/24 @ 103
                
4.000%, 12/01/48
    
2,500
      
2,443
  
Pennsylvania State, Economic Development Financing Authority, Ser A-RE, RB
               
Callable 09/01/25 @ 100
                
6.400%, 12/01/38
    
3,000
      
3,069
  
Pennsylvania State, Turnpike Commission, Ser A, RB
               
Callable 12/01/24 @ 100
                
5.000%, 12/01/33
    
1,500
      
1,723
  
Pennsylvania State, Turnpike Commission, Sub-Ser A, RB
               
Callable 12/01/26 @ 100
                
5.500%, 12/01/42
    
5,000
      
5,894
  
Pennsylvania State, Turnpike Commission, Sub-Ser E, RB
               
Callable 12/01/27 @ 100
                
6.375%, 12/01/17(A)
    
2,000
      
2,483
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB
           
Callable 12/15/21 @ 100
            
7.150%, 12/15/36
  
$
2,280
    
$
2,480
  
Philadelphia, Authority for Industrial Development, RB
               
Callable 12/15/21 @ 100
                
7.625%, 12/15/41
    
1,000
      
1,105
  
Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health Systems Project, Ser A, RB
               
Callable 07/01/22 @ 100
                
5.625%, 07/01/42
    
3,000
      
3,285
  
Pottsville, Hospital Authority, RB
               
Pre-Refunded @ 100
                
5.250%, 07/01/18(B) (E)
    
2,020
      
2,143
  
Pottsville, Hospital Authority, Schuykill Health System Project, RB
               
Pre-Refunded @ 100
                
6.500%, 07/01/24(E)
    
3,000
      
3,929
  
                 
Total Pennsylvania
      
32,379
  
                 
Rhode Island [0.2%]
  
Tobacco Settlement Financing, Ser B, RB
               
Callable 10/16/17 @ 12
                
8.663%, 06/01/52(C)
    
26,270
      
2,317
  
                 
South Carolina [1.3%]
  
South Carolina State, Jobs-Economic Development Authority, Episcopal of Still Hopes, RB
               
Callable 04/01/25 @ 102
                
5.000%, 04/01/47
    
2,000
      
2,089
  
South Carolina State, Jobs-Economic Development Authority, Episcopal of Still Hopes, RB
               
Callable 04/01/25 @ 102
                
5.000%, 04/01/52
    
2,550
      
2,650
  
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB
               
Callable 11/15/24 @ 103
                
5.250%, 11/15/47
    
5,000
      
5,273
  
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB
               
Callable 11/15/24 @ 103
                
5.250%, 11/15/52
  
 
5,405
    
 
5,677
  
                 
Total South Carolina
      
15,689
  
                 
Tennessee [0.7%]
  
Chattanooga, Health Educational & Housing Facility Board, RB
               
Callable 10/01/25 @ 100
                
5.000%, 10/01/35
    
1,000
      
1,105
  
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
               
Callable 07/01/20 @ 100
                
6.000%, 07/01/38
    
2,000
      
2,156
  
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
               
Callable 09/01/23 @ 100
                
5.500%, 09/01/47
    
1,000
      
1,034
  
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
               
Callable 09/01/26 @ 100
                
5.000%, 09/01/31
    
2,750
      
2,974
  
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
               
Callable 09/01/26 @ 100
                
5.000%, 09/01/37
    
1,145
      
1,166
  
                 
Total Tennessee
      
8,435
  
                 
Texas [10.3%]
  
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
               
Callable 03/01/24 @ 100
                
7.125%, 03/01/44
    
2,300
      
2,399
  
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
               
Callable 03/01/24 @ 100
                
7.000%, 03/01/34
    
400
      
419
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 48
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Bexar County, Health Facilities Development, Army Retirement Residence Project, RB
           
Pre-Refunded @ 100
            
6.200%, 07/01/20(E)
  
$
3,250
    
$
3,690
  
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
               
Callable 09/01/20 @ 103
                
5.875%, 09/01/40
    
600
      
591
  
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
               
Callable 09/01/20 @ 103
                
5.500%, 09/01/32
    
250
      
247
  
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
               
Callable 09/01/20 @ 103
                
5.375%, 09/01/28
    
400
      
396
  
Celina, Sutton Fields II Public Improvement Project, SAB
               
Callable 03/01/23 @ 103
                
7.250%, 09/01/45
    
500
      
499
  
Central Texas, Regional Mobility Authority, Sub-Ser, RB
               
Callable 01/01/23 @ 100
                
5.000%, 01/01/33
    
1,000
      
1,109
  
Central Texas, Regional Mobility Authority, Sub-Ser, RB
               
Callable 01/01/23 @ 100
                
5.000%, 01/01/42
    
1,000
      
1,102
  
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
               
Callable 10/01/23 @ 100
                
5.000%, 04/01/53
    
2,000
      
2,270
  
Hackberry City, Public Improvement District No. 3, SAB
               
Pre-Refunded @ 100
                
7.000%, 09/01/19(E)
    
475
      
542
  
Hackberry City, Public Improvement District No. 3, SAB
               
Pre-Refunded @ 100
                
6.750%, 09/01/19(E)
    
500
      
568
  
Hackberry City, Public Improvement District No. 3, SAB
               
Pre-Refunded @ 100
                
6.750%, 09/01/19(E)
    
525
      
596
  
Hackberry City, Public Improvement District No. 3, SAB
               
Pre-Refunded @ 100
                
6.625%, 09/01/19(E)
  
 
450
    
 
510
  
Houston, Airport System Revenue, United Airlines Project, RB, AMT
               
Callable 07/01/24 @ 100
                
5.000%, 07/01/29
    
3,000
      
3,278
  
Houston, Higher Education Finance, Ser A, RB
               
Pre-Refunded @ 100
                
6.875%, 05/15/21(E)
    
5,300
      
6,338
  
Leander, Oak Creek Public Improvement District, SAB
               
Callable 09/01/19 @ 103
                
5.875%, 09/01/44
    
500
      
495
  
Leander, Oak Creek Public Improvement District, SAB
               
Callable 09/01/19 @ 103
                
5.750%, 09/01/38
    
500
      
495
  
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
               
Callable 09/15/20 @ 103
                
5.500%, 09/15/40
    
375
      
368
  
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
               
Callable 09/15/20 @ 103
                
5.125%, 09/15/28
    
500
      
502
  
McLendon-Chishom, Sonoma Public Improvement District Project, SAB
               
Callable 09/15/20 @ 103
                
5.375%, 09/15/35
    
400
      
398
  
Mission, Economic Development, RB, AMT
               
Callable 10/01/18 @ 103
                
5.750%, 10/01/31(B)
    
2,000
      
2,098
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 08/15/21 @ 100
                
5.500%, 08/15/46
    
1,000
      
1,011
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 11/15/26 @ 100
                
5.500%, 11/15/46
    
1,000
      
1,007
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 08/15/21 @ 100
                
5.500%, 08/15/51
    
2,500
      
2,524
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
New Hope, Cultural Education Facilities Finance, RB
           
Callable 11/15/26 @ 100
            
5.500%, 11/15/52
  
$
1,150
    
$
1,153
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 11/15/26 @ 100
                
5.375%, 11/15/36
    
500
      
504
  
New Hope, Cultural Education Facilities Finance, RB
               
5.000%, 11/15/26
    
400
      
408
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 07/01/24 @ 102
                
5.000%, 07/01/36
    
1,250
      
1,286
  
New Hope, Cultural Education Facilities Finance, RB
               
Callable 07/01/24 @ 102
                
5.000%, 07/01/46
    
6,445
      
6,527
  
New Hope, Cultural Education Facilities Finance, RB
               
5.000%, 08/15/46
    
3,000
      
2,982
  
New Hope, Cultural Education Facilities Finance, Ser A, RB
               
Callable 08/15/21 @ 100
                
5.000%, 08/15/36(B)
    
4,000
      
4,051
  
New Hope, Cultural Education Facilities Finance, Ser S, RB
               
Callable 08/15/21 @ 100
                
5.125%, 08/15/47(B)
    
1,500
      
1,509
  
Newark, Higher Education Finance, Ser A, RB
               
Callable 08/15/25 @ 100
                
5.750%, 08/15/45(B)
    
1,700
      
1,717
  
Newark, Higher Education Finance, Ser A, RB
               
Callable 08/15/25 @ 100
                
5.500%, 08/15/35(B)
    
900
      
919
  
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB
               
Callable 09/01/31 @ 100
                
0.549%, 09/01/43(A)
    
5,000
      
5,332
  
North Texas, Tollway Authority, Ser A, RB
               
Callable 01/01/26 @ 100
                
5.000%, 01/01/39
    
1,500
      
1,716
  
Sanger, Industrial Development Authority, Texas Pellets Project, Ser B, RB, AMT
               
Callable 07/01/22 @ 100
                
8.000%, 07/01/38(G)
    
4,950
      
1,139
  
Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services, RB
               
Callable 11/15/27 @ 100
                
5.000%, 11/15/37
  
 
1,000
    
 
1,139
  
Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services, RB
               
Callable 11/15/27 @ 100
                
5.000%, 11/15/46
    
1,000
      
1,124
  
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
               
Callable 11/15/25 @ 100
                
5.500%, 11/15/45
    
5,315
      
5,581
  
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
               
Callable 10/30/17 @ 100
                
4.500%, 11/15/21
    
5,000
      
5,000
  
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, Ser Senior LIVING, RB
               
Callable 11/15/17 @ 100
                
5.750%, 11/15/37
    
6,000
      
6,007
  
Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Yentana Project, Ser Senior LIVING, RB
               
Callable 05/15/27 @ 100
                
6.750%, 11/15/47
    
2,000
      
2,175
  
Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Yentana Project, Ser Senior LIVING, RB
               
Callable 05/15/27 @ 100
                
6.750%, 11/15/52
    
2,100
      
2,276
  
Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Yentana Project, Ser Senior LIVING, RB
               
Callable 05/15/27 @ 100
                
6.625%, 11/15/37
    
2,500
      
2,729
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Tarrant County, Cultural Education Facilities Finance, C.C. Young Memorial Home Project, RB
           
Callable 02/15/27 @ 100
            
6.375%, 02/15/48
  
$
10,000
    
$
10,693
  
Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB
               
Callable 05/15/27 @ 100
                
5.250%, 11/15/47
    
6,500
      
6,892
  
Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB
               
Pre-Refunded @ 100
                
7.300%, 06/01/19(E)
    
565
      
617
  
Texas State, Private Activity Bond Surface Transportation, LBJ Infrastructure Project, RB
               
Callable 06/30/20 @ 100
                
7.000%, 06/30/40
    
5,165
      
5,837
  
Texas State, Private Activity Bond Surface Transportation, NTE Mobility Project, RB
               
Callable 12/31/19 @ 100
                
6.875%, 12/31/39
    
5,350
      
5,944
  
Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT
               
Callable 12/31/25 @ 100
                
5.000%, 12/31/40
    
1,745
      
1,932
  
Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT
               
Callable 12/31/25 @ 100
                
5.000%, 12/31/45
    
1,000
      
1,101
  
                 
Total Texas
      
121,742
  
                 
Virgin Islands [0.3%]
  
Virgin Islands, Public Finance Authority, RB
               
Callable 10/01/20 @ 100
                
5.000%, 10/01/25
    
3,155
      
2,280
  
Virgin Islands, Public Finance Authority, Sub-Ser, RB
               
Callable 10/01/19 @ 100
                
5.000%, 10/01/22
    
2,000
      
1,375
  
                 
Total Virgin Islands
      
3,655
  
Virginia [1.4%]
  
Cherry Hill, Community Development Authority, SAB
               
Callable 03/01/25 @ 100
                
5.400%, 03/01/45(B)
  
 
2,000
    
 
2,029
  
Cherry Hill, Community Development Authority, SAB
               
Callable 03/01/25 @ 100
                
5.150%, 03/01/35(B)
    
1,000
      
1,015
  
James City County, Economic Development Authority, United Methodist Home Project, Ser A, RB
               
Callable 06/01/23 @ 100
                
6.000%, 06/01/43
    
4,675
      
4,609
  
Lower Magnolia Green, Community Development Authority, SAB
               
Callable 03/01/25 @ 100
                
5.000%, 03/01/45(B)
    
4,030
      
4,092
  
Tobacco Settlement Financing, Ser B1, RB
               
Callable 10/16/17 @ 100
                
5.000%, 06/01/47
    
4,310
      
4,161
  
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
               
Callable 07/01/22 @ 100
                
6.000%, 01/01/37
    
820
      
930
  
                 
Total Virginia
      
16,836
  
                 
Washington [0.6%]
  
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, RB
               
Callable 01/01/25 @ 102
                
5.000%, 01/01/46(B)
    
4,215
      
4,438
  
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
               
Callable 01/01/24 @ 100
                
7.500%, 01/01/49(B)
    
2,000
      
2,351
  
                 
Total Washington
      
6,789
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 51
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
West Virginia [0.1%]
  
West Virginia State, Economic Development Authority, RB, AMT
           
2.875%, 12/15/26
  
$
1,825
    
$
1,789
  
                 
Wisconsin [5.6%]
  
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, Ser B, RB, AMT
               
Callable 07/01/22 @ 100
                
5.000%, 07/01/42
    
1,000
      
1,070
  
Public Finance Authority, Coral Academy Project, RB
               
Callable 07/01/24 @ 100
                
5.625%, 07/01/44
    
3,500
      
3,780
  
Public Finance Authority, Coral Academy Project, RB
               
Callable 07/01/24 @ 100
                
5.375%, 07/01/34
    
2,000
      
2,197
  
Public Finance Authority, Las Ventanas Retirement Community Project, RB
               
Callable 10/01/20 @ 102
                
7.000%, 10/01/42
    
5,400
      
5,429
  
Public Finance Authority, RB
               
Callable 11/01/26 @ 100
                
6.850%, 11/01/46(B)
    
3,000
      
3,079
  
Public Finance Authority, RB
               
Callable 04/01/25 @ 100
                
5.875%, 04/01/45
    
6,000
      
6,572
  
Public Finance Authority, RB
               
Callable 03/01/25 @ 100
                
5.500%, 03/01/45(B)
    
3,460
      
3,601
  
Public Finance Authority, RB
               
Callable 03/01/25 @ 100
                
5.250%, 03/01/35(B)
    
1,250
      
1,302
  
Public Finance Authority, RB
               
Callable 06/01/26 @ 100
                
5.125%, 06/01/48(B)
    
2,000
      
2,019
  
Public Finance Authority, RB
               
Callable 02/01/26 @ 100
                
5.000%, 02/01/36(B)
    
3,000
      
2,885
  
Public Finance Authority, RB
               
Callable 06/01/26 @ 100
                
5.000%, 06/01/36(B)
    
1,500
      
1,513
  
Public Finance Authority, RB
               
Callable 09/01/24 @ 100
                
5.000%, 09/01/38(B)
    
1,580
      
1,616
  
Public Finance Authority, RB
               
Callable 06/01/26 @ 100
                
4.625%, 06/01/36(B)
  
 
4,100
    
 
3,976
  
Public Finance Authority, RB, AMT
               
Callable 08/01/26 @ 100
                
4.000%, 08/01/35
    
3,000
      
2,921
  
Public Finance Authority, Ser A, RB
               
Callable 06/15/25 @ 100
                
5.500%, 06/15/35(B)
    
3,000
      
3,033
  
Public Finance Authority, Ser A, RB
               
Callable 06/15/25 @ 100
                
5.500%, 06/15/45(B)
    
4,280
      
4,290
  
Public Finance Authority, Ser C, RB, AMT
               
5.000%, 07/01/22
    
1,415
      
1,537
  
Public Finance Authority, Ser E, RB, AMT
               
Callable 07/01/22 @ 100
                
5.000%, 07/01/23
    
4,655
      
5,098
  
Wisconsin State, Health & Educational Facilities Authority, RB
               
Callable 10/01/22 @ 102
                
5.500%, 10/01/49
    
2,500
      
2,667
  
Wisconsin State, Health & Educational Facilities Authority, RB
               
Callable 12/01/22 @ 102
                
5.250%, 12/01/49
    
5,000
      
5,309
  
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
               
Callable 09/15/22 @ 100
                
5.000%, 09/15/37
    
650
      
692
  
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
               
Callable 09/15/22 @ 100
                
5.000%, 09/15/45
    
1,000
      
1,058
  
                 
Total Wisconsin
      
65,644
  
                 
American Samoa [0.3%]
  
American Samoa, Economic Development Authority, Ser A, RB
               
Callable 09/01/25 @ 100
                
6.625%, 09/01/35
    
3,000
      
2,996
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Guam [1.0%]
  
Territory of Guam, Government Waterworks Authority, RB
           
Callable 07/01/20 @ 100
            
5.625%, 07/01/40
  
$
2,000
    
$
2,123
  
Territory of Guam, Ser A, GO
               
Pre-Refunded @ 100
                
7.000%, 11/15/19(E)
    
6,000
      
6,735
  
Territory of Guam, Ser A, RB
               
Callable 12/01/26 @ 100
                
5.000%, 12/01/34
    
2,500
      
2,778
  
                 
Total Guam
      
11,636
  
                 
Puerto Rico [0.6%]
  
Children’s Trust Fund
               
Callable 10/30/17 @ 100
                
5.625%, 05/15/43
    
2,000
      
2,002
  
Children’s Trust Fund, RB
               
Callable 10/30/17 @ 100
                
5.375%, 05/15/33
    
2,060
      
2,062
  
Children’s Trust Fund, Ser A, RB
               
Callable 10/30/17 @ 13
                
8.663%, 05/15/50(C)
    
25,000
      
2,814
  
                 
Total Puerto Rico
      
6,878
  
                 
Total Municipal Bonds
  
(Cost $1,045,053)
      
1,073,382
  
 
Description
  
Shares
    
Value (000)
  
Short-Term Investment [7.9%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
93,036,740
    
$
93,037
  
                 
Total Short-Term Investment
  
(Cost $93,037)
      
93,037
  
                 
Total Investments [99.2%]
  
(Cost $1,138,090)
    
$
1,166,419
  
 
Percentages are based on Net Assets of $1,176,017 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Step Bond — The rate reported is the rate in effect on September 30, 2017. The coupon on a step bond changes on a specific date.
(B)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $158,612 (000), representing 13.5% of the net assets of the Fund.
(C)
Zero coupon security. The rate reported is the effective yield at time of purchase.
(D)
Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.
(E)
Pre-Refunded Security — The maturity date shown is the pre-refunded date.
(F)
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2017.
(G)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
 
schedule of investments
September 30, 2017
City National Rochdale Municipal High Income Fund (concluded)
 
AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
Cl — Class
COP — Certificate of Participation
GO — General Obligation
NATL — National Public Finance Guarantee Corporation
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
SPL Tax — Special Tax
TA — Tax Allocation
 
The following is a list of the inputs used as of September 30, 2017, is valuing the Fund’s investments and other financial instruments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Bonds
  
$
—
    
$
1,073,382
    
$
—
    
$
1,073,382
  
Short-Term Investment
    
93,037
      
—
      
—
      
93,037
  
Total Investments in Securities
  
$
93,037
    
$
1,073,382
    
$
—
    
$
1,166,419
  
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017 (000):
 
   
City National Rochdale
Government Money Market Fund,
Institutional Class
  
Beginning balance as of 9/30/16
  
$
18,397
  
Purchases at Cost
    
168,252
  
Proceeds from Sales
    
(186,649
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
15
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
Corporate Bonds [89.4%]
  
Advertising Agencies [1.5%]
  
MDC Partners
           
6.500%, 05/01/24(A)
  
$
1,125
    
$
1,133
  
                 
Aerospace & Defense [0.6%]
  
StandardAero Aviation Holdings
               
10.000%, 07/15/23(A)
    
420
      
465
  
                 
Auto/Trk Prts and Equip-Repl [0.1%]
  
Allison Transmission
               
4.750%, 10/01/27(A)
    
75
      
76
  
                 
Automotive [1.2%]
  
Midas Intermediate Holdco II
               
7.875%, 10/01/22(A)
    
650
      
658
  
Tesla
               
5.300%, 08/15/25(A)
    
250
      
244
  
                 
Total Automotive
      
902
  
                 
Autoparts [0.5%]
  
Delphi Jersey Holdings
               
5.000%, 10/01/25(A)
    
350
      
356
  
                 
Banks [1.0%]
  
Capital One Financial
               
3.750%, 07/28/26
    
250
      
248
  
Compass Bank
               
3.875%, 04/10/25
    
300
      
299
  
PNC Financial Services Group
               
5.000%, VAR ICE LIBOR USD 3 Month+3.300%, 12/29/49
  
 
200
    
 
210
  
                 
Total Banks
      
757
  
                 
Batteries/Battery Sys [0.1%]
  
EnerSys
               
5.000%, 04/30/23(A)
    
100
      
104
  
                 
Broadcasting & Cable [9.4%]
  
AMC Networks
               
4.750%, 08/01/25
    
125
      
126
  
Anixter
               
5.500%, 03/01/23
    
450
      
489
  
CCO Holdings
               
5.125%, 05/01/27(A)
    
1,000
      
1,014
  
5.000%, 02/01/28(A)
    
400
      
399
  
Charter Communications Operating
               
4.200%, 03/15/28(A)
    
200
      
202
  
Comcast
               
3.200%, 07/15/36
    
250
      
235
  
CSC Holdings
               
6.750%, 11/15/21
    
200
      
221
  
5.500%, 04/15/27(A)
    
175
      
182
  
5.250%, 06/01/24
    
150
      
152
  
DISH DBS
               
7.750%, 07/01/26
    
500
      
574
  
5.875%, 07/15/22
    
450
      
478
  
5.875%, 11/15/24
    
300
      
314
  
Midcontinent Communications
               
6.875%, 08/15/23(A)
    
300
      
323
  
SFR Group
               
7.375%, 05/01/26(A)
    
950
      
1,026
  
6.250%, 05/15/24(A)
    
200
      
211
  
UPCB Finance IV
               
5.375%, 01/15/25(A)
    
200
      
208
  
Videotron
               
5.125%, 04/15/27(A)
    
150
      
156
  
Virgin Media Secured Finance
               
5.000%, 04/15/27(A)
    
350
      
482
  
Ziggo Secured Finance
               
5.500%, 01/15/27(A)
    
150
      
154
  
                 
Total Broadcasting & Cable
      
6,946
  
                 
Building & Construction [3.3%]
  
CalAtlantic Group
               
5.000%, 06/15/27
    
125
      
126
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Grinding Media
           
7.375%, 12/15/23(A)
  
$
900
    
$
976
  
Novelis
               
6.250%, 08/15/24(A)
    
375
      
391
  
5.875%, 09/30/26(A)
    
450
      
457
  
Standard Industries
               
5.000%, 02/15/27(A)
    
100
      
104
  
Summit Materials
               
8.500%, 04/15/22
    
350
      
394
  
                 
Total Building & Construction
      
2,448
  
                 
Building-Heavy Construct [0.5%]
  
Tutor Perini
               
6.875%, 05/01/25(A)
    
325
      
353
  
                 
Chemicals [1.1%]
  
GCP Applied Technologies
               
9.500%, 02/01/23(A)
    
350
      
395
  
PQ
               
6.750%, 11/15/22(A)
    
200
      
217
  
Valvoline
               
4.375%, 08/15/25(A)
    
175
      
178
  
                 
Total Chemicals
      
790
  
                 
Coal Mining [0.6%]
  
CONSOL Energy
               
8.000%, 04/01/23
    
400
      
425
  
                 
Commercial Serv-Finance [0.9%]
  
CDK Global
               
4.875%, 06/01/27(A)
    
100
      
103
  
WEX
               
4.750%, 02/01/23(A)
    
550
      
564
  
                 
Total Commercial Serv-Finance
      
667
  
                 
Commercial Services [0.8%]
  
Nielsen Luxembourg SARL
               
5.000%, 02/01/25(A)
    
225
      
234
  
ServiceMaster
               
5.125%, 11/15/24(A)
    
325
      
334
  
                 
Total Commercial Services
      
568
  
                 
Communication & Media [0.2%]
  
EW Scripps
               
5.125%, 05/15/25(A)
    
125
      
127
  
                 
Computer Graphics [2.1%]
  
Epicor Software
               
9.250%, 05/21/23(A) (B)
    
1,600
      
1,563
  
                 
Computer System Design & Services [0.6%]
  
NCR
               
6.375%, 12/15/23
    
400
      
427
  
                 
Consumer Products & Services [0.7%]
  
Central Garden & Pet
               
6.125%, 11/15/23
    
300
      
319
  
WMG Acquisition
               
5.000%, 08/01/23(A)
    
200
      
207
  
                 
Total Consumer Products & Services
      
526
  
                 
Containers & Packaging [0.5%]
  
BWAY Holding
               
5.500%, 04/15/24(A)
    
200
      
209
  
Multi-Color
               
4.875%, 11/01/25(A)
    
60
      
61
  
Reynolds Group Issuer
               
6.875%, 02/15/21
    
130
      
133
  
                 
Total Containers & Packaging
      
403
  
                 
Data Processing/Mgmt [0.7%]
  
First Data
               
7.000%, 12/01/23(A)
    
200
      
213
  
5.750%, 01/15/24(A)
    
300
      
314
  
                 
Total Data Processing/Mgmt
      
527
  
                 
Distribution/Wholesale [0.2%]
  
Avantor
               
6.000%, 10/01/24(A)
    
150
      
154
  
                 
Diversified Operations [0.7%]
  
Actuant
               
5.625%, 06/15/22
    
75
      
77
  
Amsted Industries
               
5.375%, 09/15/24(A)
    
450
      
473
  
                 
Total Diversified Operations
      
550
  
                 
Drugs [1.7%]
  
Endo Dac
               
5.875%, 10/15/24(A)
    
200
      
209
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Valeant Pharmaceuticals International
           
7.000%, 03/15/24(A)
  
$
800
    
$
854
  
6.500%, 03/15/22(A)
    
200
      
212
  
                 
Total Drugs
      
1,275
  
                 
Educational Software [1.2%]
  
Ascend Learning
               
6.875%, 08/01/25(A)
    
75
      
79
  
Cengage Learning
               
9.500%, 06/15/24(A)
    
925
      
805
  
                 
Total Educational Software
      
884
  
                 
Electric Utilities [2.6%]
  
AES
               
6.000%, 05/15/26
    
650
      
700
  
5.125%, 09/01/27
    
100
      
102
  
Terraform Global Operating
               
9.750%, 08/15/22(A)
    
1,000
      
1,110
  
                 
Total Electric Utilities
      
1,912
  
                 
Energy & Power [1.2%]
  
Pattern Energy Group
               
5.875%, 02/01/24(A)
    
250
      
264
  
TerraForm Power Operating
               
6.375%, 02/01/23(A) (C)
    
450
      
468
  
6.125%, 06/15/25(A) (C)
    
125
      
133
  
                 
Total Energy & Power
      
865
  
                 
Enterprise Software/Serv [1.2%]
  
Infor US
               
6.500%, 05/15/22
    
650
      
674
  
Oracle
               
3.850%, 07/15/36
    
200
      
207
  
                 
Total Enterprise Software/Serv
      
881
  
                 
Entertainment & Gaming [1.8%]
  
AMC Entertainment Holdings
               
6.125%, 05/15/27
    
375
      
370
  
5.875%, 11/15/26
    
75
      
74
  
Buffalo Thunder Development Authority
               
11.000%, 12/09/22(A) (B)
    
35
      
13
  
9.375%, 11/15/29(A) (B) (D)
    
16
      
—
  
Seminole Hard Rock Entertainment
               
5.875%, 05/15/21(A)
    
450
      
455
  
Wynn Las Vegas
               
5.500%, 03/01/25(A)
  
 
375
    
 
391
  
                 
Total Entertainment & Gaming
      
1,303
  
                 
Financial Services [5.2%]
  
FBM Finance
               
8.250%, 08/15/21(A)
    
800
      
856
  
Icahn Enterprises
               
5.875%, 02/01/22
    
650
      
669
  
Jefferies Finance
               
7.500%, 04/15/21(A)
    
350
      
362
  
7.375%, 04/01/20(A)
    
495
      
510
  
7.250%, 08/15/24(A)
    
300
      
301
  
6.875%, 04/15/22(A)
    
200
      
201
  
Jefferies LoanCore
               
6.875%, 06/01/20(A)
    
450
      
465
  
NewStar Financial
               
7.250%, 05/01/20(A)
    
450
      
464
  
                 
Total Financial Services
      
3,828
  
                 
Food, Beverage & Tobacco [2.4%]
  
Beverages & More
               
11.500%, 06/15/22(A)
    
200
      
187
  
FAGE International
               
5.625%, 08/15/26(A)
    
200
      
208
  
Vector Group
               
6.125%, 02/01/25(A)
    
1,350
      
1,397
  
                 
Total Food, Beverage & Tobacco
      
1,792
  
                 
Food-Flour and Grain [0.6%]
  
Post Holdings
               
5.500%, 03/01/25(A)
    
450
      
467
  
                 
Food-Wholesale/Distrib [0.5%]
  
KeHE Distributors
               
7.625%, 08/15/21(A)
    
370
      
372
  
                 
Gas-Distribution [1.9%]
  
AmeriGas Partners
               
5.750%, 05/20/27
    
275
      
281
  
5.500%, 05/20/25
    
100
      
103
  
LBC Tank Terminals Holding Netherlands
               
6.875%, 05/15/23(A)
    
950
      
997
  
                 
Total Gas-Distribution
      
1,381
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Gold Mining [1.7%]
  
Eldorado
           
6.125%, 12/15/20(A)
  
$
950
    
$
965
  
Yamana
               
4.950%, 07/15/24
    
300
      
308
  
                 
Total Gold Mining
      
1,273
  
                 
Hotels and Motels [0.6%]
  
Interval Acquisition
               
5.625%, 04/15/23
    
150
      
155
  
TVL Finance
               
8.500%, 05/15/23(A)
    
180
      
266
  
                 
Total Hotels and Motels
      
421
  
                 
Human Resources [0.3%]
  
AMN Healthcare
               
5.125%, 10/01/24(A)
    
200
      
207
  
                 
Insurance [1.0%]
  
American Equity Investment Life Holding
               
5.000%, 06/15/27
    
275
      
285
  
Fidelity & Guaranty Life Holdings
               
6.375%, 04/01/21(A)
    
150
      
154
  
USIS Merger Sub
               
6.875%, 05/01/25(A)
    
300
      
306
  
                 
Total Insurance
      
745
  
                 
Internet Connectiv Svcs [0.8%]
  
Zayo Group
               
6.375%, 05/15/25
    
300
      
323
  
5.750%, 01/15/27(A)
    
250
      
265
  
                 
Total Internet Connectiv Svcs
      
588
  
                 
Investment Bank/Broker-Dealer [0.2%]
  
NFP
               
6.875%, 07/15/25(A)
    
125
      
127
  
                 
Machinery-General Indust [0.1%]
  
Tennant
               
5.625%, 05/01/25(A)
    
100
      
104
  
                 
Marine Services [1.1%]
  
Great Lakes Dredge & Dock
               
8.000%, 05/15/22
    
750
      
778
  
                 
Medical Products & Services [2.9%]
  
Acadia Healthcare
               
6.500%, 03/01/24
  
 
200
    
 
215
  
5.625%, 02/15/23
    
250
      
262
  
Halyard Health
               
6.250%, 10/15/22
    
400
      
417
  
HCA
               
5.500%, 06/15/47
    
200
      
207
  
Hill-Rom Holdings
               
5.000%, 02/15/25(A)
    
160
      
166
  
Tenet Healthcare
               
7.500%, 01/01/22(A)
    
335
      
355
  
5.125%, 05/01/25(A)
    
200
      
197
  
4.625%, 07/15/24(A)
    
350
      
347
  
                 
Total Medical Products & Services
      
2,166
  
                 
Metals & Mining [2.1%]
  
Alcoa Nederland Holding
               
7.000%, 09/30/26(A)
    
200
      
226
  
6.750%, 09/30/24(A)
    
800
      
886
  
Constellium
               
7.875%, 04/01/21(A)
    
300
      
318
  
Kaiser Aluminum
               
5.875%, 05/15/24(A)
    
100
      
107
  
New Day Aluminum
               
10.000%, 10/25/20(B)
    
6
      
6
  
 
                
Total Metals & Mining
      
1,543
  
                 
Oil-Field Services [0.8%]
  
Exterran Energy Solutions
               
8.125%, 05/01/25(A)
    
475
      
492
  
Trinidad Drilling
               
6.625%, 02/15/25(A)
    
125
      
117
  
                 
Total Oil-Field Services
      
609
  
                 
Paper & Related Products [0.3%]
  
Clearwater Paper
               
5.375%, 02/01/25(A)
    
225
      
224
  
                 
Petroleum & Fuel Products [9.9%]
  
Alta Mesa Holdings
               
7.875%, 12/15/24(A)
    
400
      
432
  
American Midstream Partners
               
8.500%, 12/15/21(A)
    
825
      
852
  
Antero Resources
               
5.625%, 06/01/23
    
350
      
365
  
5.125%, 12/01/22
    
350
      
358
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 58
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Callon Petroleum
           
6.125%, 10/01/24
  
$
150
    
$
155
  
Cheniere Corpus Christi Holdings
               
7.000%, 06/30/24
    
100
      
114
  
5.125%, 06/30/27(A)
    
150
      
154
  
Comstock Resources
               
10.000% cash/12.250% PIK, 03/15/20
    
400
      
398
  
Covey Park Energy
               
7.500%, 05/15/25(A)
    
345
      
357
  
Crestwood Midstream Partners
               
6.250%, 04/01/23
    
150
      
155
  
5.750%, 04/01/25
    
150
      
153
  
EP Energy
               
8.000%, 02/15/25(A)
    
250
      
195
  
6.375%, 06/15/23
    
400
      
246
  
Gibson Energy
               
5.250%, 07/15/24(A)
    
450
      
360
  
Legacy Reserves
               
8.000%, 12/01/20
    
760
      
524
  
6.625%, 12/01/21
    
600
      
379
  
Murphy Oil
               
5.750%, 08/15/25
    
75
      
77
  
NGPL PipeCo
               
4.875%, 08/15/27(A)
    
200
      
210
  
PDC Energy
               
7.750%, 10/15/22
    
75
      
78
  
QEP Resources
               
6.875%, 03/01/21
    
50
      
53
  
5.375%, 10/01/22
    
200
      
196
  
5.250%, 05/01/23
    
400
      
389
  
Summit Midstream Holdings
               
5.750%, 04/15/25
    
300
      
305
  
Unit
               
6.625%, 05/15/21
    
850
      
852
  
                 
Total Petroleum & Fuel Products
      
7,357
  
                 
Publishing-Books [1.1%]
  
McGraw-Hill Global Education Holdings
               
7.875%, 05/15/24(A)
    
850
      
838
  
                 
Radio [1.1%]
  
Sirius XM Radio
               
5.375%, 07/15/26(A)
    
400
      
421
  
5.000%, 08/01/27(A)
    
200
      
204
  
3.875%, 08/01/22(A)
    
200
      
205
  
                 
Total Radio
      
830
  
                 
Real Estate [1.3%]
  
Kennedy-Wilson
               
5.875%, 04/01/24
  
 
905
    
 
932
  
                 
Real Estate Investment Trusts [2.2%]
  
CyrusOne
               
5.000%, 03/15/24(A)
    
200
      
211
  
GEO Group
               
6.000%, 04/15/26
    
400
      
421
  
5.875%, 10/15/24
    
200
      
209
  
Hospitality Properties Trust
               
4.500%, 03/15/25(A)
    
550
      
565
  
iStar
               
5.250%, 09/15/22
    
60
      
61
  
4.625%, 09/15/20
    
65
      
66
  
SBA Communications
               
4.000%, 10/01/22(A)
    
75
      
75
  
                 
Total Real Estate Investment Trusts
      
1,608
  
                 
Real Estate Oper/Develop [0.6%]
  
Greystar Real Estate Partners
               
8.250%, 12/01/22(A)
    
400
      
427
  
                 
Regional Authority [0.0%]
  
Mashantucket Western Pequot Tribe
               
6.500% cash/6.500% PIK, 07/01/36(B)
    
93
      
—
  
                 
Retail [5.1%]
  
Albertsons
               
6.625%, 06/15/24
    
25
      
23
  
5.750%, 03/15/25
    
300
      
264
  
Carrols Restaurant
               
8.000%, 05/01/22
    
200
      
213
  
Carrols Restaurant Group
               
8.000%, 05/01/22(A)
    
150
      
159
  
Cumberland Farms
               
6.750%, 05/01/25(A)
    
300
      
319
  
Ferrellgas
               
6.750%, 01/15/22
    
500
      
485
  
6.750%, 06/15/23
    
700
      
676
  
6.500%, 05/01/21
    
100
      
97
  
L Brands
               
6.750%, 07/01/36
    
300
      
290
  
Lithia Motors
               
5.250%, 08/01/25(A)
    
200
      
208
  
Nathan’s Famous
               
10.000%, 03/15/20(A)
    
425
      
444
  
PetSmart
               
5.875%, 06/01/25(A)
    
200
      
175
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Reliance Intermediate Holdings
           
6.500%, 04/01/23(A)
  
$
400
    
$
425
  
                 
Total Retail
      
3,778
  
                 
Security Brokers & Dealers [0.6%]
  
Citigroup
               
6.300%, VAR ICE LIBOR USD 3 Month+3.423%, 12/29/49
    
400
      
434
  
                 
Semi-Conductors [1.4%]
  
Micron Technology
               
7.500%, 09/15/23
    
385
      
428
  
5.250%, 08/01/23(A)
    
550
      
574
  
                 
Total Semi-Conductors
      
1,002
  
                 
Steel & Steel Works [0.5%]
  
Big River Steel
               
7.250%, 09/01/25(A)
    
200
      
212
  
Commercial Metals
               
5.375%, 07/15/27
    
125
      
131
  
                 
Total Steel & Steel Works
      
343
  
                 
Telephones & Telecommunications [2.3%]
  
Altice US Finance I
               
5.375%, 07/15/23(A)
    
350
      
370
  
CSC Holdings
               
6.625%, 10/15/25(A)
    
200
      
219
  
Inmarsat Finance
               
4.875%, 05/15/22(A)
    
550
      
561
  
Nokia
               
4.375%, 06/12/27
    
200
      
206
  
Virgin Media Finance
               
6.375%, 04/15/23(A)
    
350
      
366
  
                 
Total Telephones & Telecommunications
      
1,722
  
                 
Transportation & Logistics [0.1%]
  
Wabash National
               
5.500%, 10/01/25(A)
    
90
      
92
  
                 
Transportation Services [1.1%]
  
HRG Group
               
7.875%, 07/15/19
    
504
      
514
  
Sabre GLBL
               
5.250%, 11/15/23(A)
    
300
      
308
  
                 
Total Transportation Services
      
822
  
                 
Utility [1.1%]
  
Suburban Propane Partners
               
5.875%, 03/01/27
  
 
250
    
 
248
  
5.750%, 03/01/25
    
250
      
247
  
5.500%, 06/01/24
    
350
      
352
  
                 
Total Utility
      
847
  
                 
Waste Disposal [0.1%]
  
Wrangler Buyer
               
6.000%, 10/01/25(A)
    
60
      
61
  
                 
Web Hosting/Design [1.4%]
  
EIG Investors
               
10.875%, 02/01/24
    
850
      
935
  
VeriSign
               
4.750%, 07/15/27
    
100
      
103
  
                 
Total Web Hosting/Design
      
1,038
  
                 
Total Corporate Bonds
  
(Cost $65,037)
      
66,143
  
                 
Loan Participations [6.6%]
  
Automotive [0.7%]
  
Mavis Tire Supply, Term Loan
                
6.485%, 11/02/20(B)
    
538
      
533
  
                 
Communications [0.7%]
  
TIBCO Software, Term Loan B, 1st Lien
                
4.740%, 12/04/20
    
536
      
538
  
                 
Computers & Electronics [0.5%]
  
Advanced Computer, Term Loan, 1st Lien
                
10.815%, 01/31/23
    
400
      
370
  
                 
Energy [0.5%]
  
Invenergy Thermal, Term Loan, 1st Lien
                
6.833%, 10/19/22(B)
    
413
      
392
  
                 
Financial [0.3%]
  
Acrisure, Term Loan, 1st Lien
                
6.272%, 11/22/23(F) (G)
    
193
      
195
  
                 
Healthcare [0.1%]
  
Surgery Center Holdings, Term Loan B
                
4.490%, 06/20/24(F) (G)
    
100
      
99
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 60
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Information Technology [0.9%]
  
CCC Information, Term Loan, 1st Lien
            
4.240%, 04/29/24(F) (G)
  
$
349
    
$
348
  
Project Alpha Intermediate Holding, Term Loan B
                
4.810%, 04/19/24(G)
    
295
      
287
  
                 
Total Information Technology
      
635
  
                 
Oil & Gas [0.8%]
  
Cactus Wellhead, Term Loan, 1st Lien
                
7.317%, 07/31/20
    
339
      
329
  
Moss Creek, Term Loan, 1st Lien
                
9.500%, 03/29/22(B)
    
272
      
269
  
                 
Total Oil & Gas
      
598
  
                 
Retail [1.4%]
  
Authentic Brands, Term Loan, 1st Lien
                
4.833%, 09/26/24
    
125
      
125
  
Belk, Term Loan, 1st Lien
                
6.054%, 12/12/22
    
228
      
191
  
Blue Nile, Term Loan, 1st Lien
                
7.833%, 01/20/23(B) (F)
    
173
      
172
  
Hardware Holdings, Term Loan B
                
7.833%, 03/30/20(B)
    
333
      
323
  
Sears Roebuck Acceptance, Term Loan B
                
5.735%, 06/30/18
    
224
      
221
  
                 
Total Retail
      
1,032
  
                 
Specialty Apparel Stores [0.7%]
  
Boot Barn, Term Loan, 1st Lien
                
5.833%, 06/24/21(B)
    
513
      
492
  
                 
Total Loan Participations
  
(Cost $4,899)
      
4,884
  
 
Description
  
Shares/
Face Amount (000)
    
Value (000)
  
Common Stock [0.6%]
  
Electronic Equipment & Instruments [0.0%]
  
CUI * (B) (H) (I)
    
—
    
$
8
  
                 
Metals & Mining [0.0%]
  
Mirabela Nickel * (B) (H) (I)
    
2,465,571
      
—
  
                 
Miscellaneous Manufacturing [0.0%]
  
CEVA Group * (B) (I)
    
22
      
9
  
                 
Oil, Gas & Consumable Fuels [0.6%]
  
Approach Resources *
    
5,520
      
14
  
SandRidge Energy *
    
16,758
      
337
  
Titan Energy * (B)
    
11,458
      
51
  
                 
Total Oil, Gas & Consumable Fuels
      
402
  
                 
Petroleum & Fuel Products [0.0%]
  
MWO *
    
130
      
13
  
                 
Total Common Stock
  
(Cost $1,149)
      
432
  
                 
Convertible Bond [0.1%]
  
Metals & Mining [0.1%]
  
Mirabela Nickel
               
9.500% cash/9.500% PIK, 06/24/19(A) (B) (D) (I)
  
$
653
      
59
  
                 
Total Convertible Bond
  
(Cost $653)
      
59
  
                 
Preferred Stock [0.0%]
  
Miscellaneous Manufacturing [0.0%]
  
CEVA Group, Ser A2 * (B)
    
49
      
19
  
                 
Total Preferred Stock
  
(Cost $44)
      
19
  
                 
Special Stock [0.0%]
  
Broadcasting & Cable [0.0%]
  
Adelphia Recovery Trust (H) (I)
    
8,500
      
—
  
                 
Total Special Stock
  
(Cost $9)
      
—
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (continued)
 
Description
  
Shares
    
Value (000)
  
Short-Term Investment [2.1%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
1,557,324
    
$
1,557
  
                 
Total Short-Term Investment
  
(Cost $1,557)
      
1,557
  
                 
Total Investments [98.8%]
  
(Cost $73,348)
    
$
73,094
  
 
Percentages are based on Net Assets of $73,947 (000).
 
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $42,687 (000), representing 57.7% of the net assets of the Fund.
(B)
Security is considered illiquid. The total market value of such security as of September 30, 2017, was $3,909 (000) and represented 5.3% of the net assets of the Fund.
(C)
Step Bond — The rate reported is the rate in effect on September 30, 2017. The coupon on a step bond changes on a specific date.
(D)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
(E)
Unfunded bank loan. Interest rate not available.
(F)
Unsettled bank loan.
(G)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(H)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2017, was $8 (000) and represented 0.0% of the net assets of the Fund.
(I)
Level 3 security in accordance with fair value hierarchy.
 
CAD — Canadian Dollar
Cl — Class
GBP — British Pound Sterling
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
PIK — Payment in-kind
Ser — Series
USD — United States Dollar
VAR — Variable
 
A list of the open forward foreign currency contracts held by the Fund at September 30, 2017, is as follows:
 
Counterparty
Settlement Date
Currency to
Deliver
(000)
  
Currency to
Receive
(000)
    
Unrealized
Appreciation (Depreciation)
(000)
  
JPMorgan Chase Bank
10/12/17
CAD
    
453
  
USD
    
373
    
$
10
  
Robert W. Baird
10/12/17
GBP
    
583
  
USD
    
769
      
(13
)
                         
$
(3
)
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3(1)
    
Total
  
Corporate Bonds
  
$
—
    
$
66,143
    
$
—
    
$
66,143
  
Loan Participations
    
—
      
4,884
      
—
      
4,884
  
Common Stock
    
415
      
—
      
17
      
432
  
Convertible Bond
    
—
      
—
      
59
      
59
  
Preferred Stock
    
—
      
19
      
—
      
19
  
Special Stock
    
—
      
—
      
—
      
—
  
Short-Term Investment
    
1,557
      
—
      
—
      
1,557
  
Total Investments in Securities
  
$
1,972
    
$
71,046
    
$
76
    
$
73,094
  
 
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Forwards Contracts*
                        
Unrealized Appreciation
  
$
—
    
$
10
    
$
—
    
$
10
  
Unrealized Depreciation
    
—
      
(13
)
    
—
      
(13
)
Total Securities Sold Short
  
$
—
    
$
(3
)
  
$
—
    
$
(3
)
 
*
Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.
(1)
Of the $76 (000) of Level 3 securities as of September 30, 2017, $8 (000) in common stock are valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs is required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
 
schedule of investments
September 30, 2017
City National Rochdale High Yield Bond Fund (concluded)
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2017:
 
   
Investments in
Corporate Bonds
(000)
    
Investments in
Common Stock
(000)
    
Investments in
Convertible Bond
(000)
  
Beginning balance as of 10/1/16
  
$
332
    
$
16
    
$
183
  
Accrued discounts/ premiums
    
3
      
—
      
—
  
Realized gain/(loss)
    
—
      
—
      
—
  
Change in unrealized appreciation/(depreciation)
    
108
      
1
      
(124
)
Purchases
    
492
      
—
      
—
  
Sales/paydowns
    
—
      
—
      
—
  
Transfers into Level 3
    
—
      
—
      
—
  
Transfers out of Level 3
    
(935
)
    
—
      
—
  
Ending balance as of 9/30/17
    
—
      
17
      
59
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
—
    
$
1
    
$
(124
)
 
   
Total
(000)
  
Beginning balance as of 10/1/16
  
$
531
  
Accrued discounts/ premiums
    
3
  
Realized gain/(loss)
    
—
  
Change in unrealized appreciation/(depreciation)
    
(15
)
Purchases
    
492
  
Sales/paydowns
    
—
  
Transfers into Level 3
    
—
  
Transfers out of Level 3
    
(935
)
Ending balance as of 9/30/17
  
$
76
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
(123
)
 
For the year ended September 30, 2017, there were transfers between Level 2 and Level 3 assets and liabilities.
 
The transfers between fair value hierarchy levels were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
1,133
  
Purchases at Cost
    
11,881
  
Proceeds from Sales
    
(13,014
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
—
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 63
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund
 
Description
  
Face Amount (000)
    
Value (000)
  
Corporate Bonds [71.4%]
  
Consumer Discretionary [3.1%]
  
AutoZone
           
3.700%, 04/15/22
  
$
250
    
$
260
  
2.500%, 04/15/21
    
1,000
      
1,000
  
Gap
               
5.950%, 04/12/21
    
495
      
537
  
General Motors Financial
               
4.350%, 01/17/27
    
2,500
      
2,569
  
Harley-Davidson Financial Services, MTN
               
1.550%, 11/17/17(A)
    
725
      
725
  
Home Depot
               
2.625%, 06/01/22
    
1,000
      
1,016
  
Hyundai Capital America
               
2.600%, 03/19/20(A)
    
1,000
      
1,000
  
Tupperware Brands
               
4.750%, 06/01/21
    
500
      
528
  
                 
Total Consumer Discretionary
      
7,635
  
                 
Consumer Staples [1.3%]
  
Bunge Finance
               
8.500%, 06/15/19
    
105
      
116
  
Campbell Soup
               
8.875%, 05/01/21
    
350
      
423
  
CVS Health
               
3.500%, 07/20/22
  
 
2,000
    
 
2,081
  
Kraft Heinz Foods
               
3.500%, 07/15/22
    
500
      
517
  
                 
Total Consumer Staples
      
3,137
  
                 
Energy [1.0%]
  
DCP Midstream Operating
               
9.750%, 03/15/19(A)
    
114
      
125
  
Ecopetrol
               
7.625%, 07/23/19
    
250
      
274
  
Energy Transfer
               
9.700%, 03/15/19
    
330
      
365
  
9.000%, 04/15/19
    
189
      
208
  
3.600%, 02/01/23
    
200
      
203
  
Enterprise Products Operating
               
6.500%, 01/31/19
    
140
      
148
  
Kinder Morgan Energy Partners
               
5.300%, 09/15/20
    
125
      
135
  
Panhandle Eastern Pipe Line
               
7.000%, 06/15/18
    
396
      
409
  
Puget Energy
               
6.000%, 09/01/21
    
500
      
560
  
                 
Total Energy
      
2,427
  
                 
Financials [31.8%]
  
Alleghany
               
5.625%, 09/15/20
    
270
      
293
  
American Express
               
1.905%, VAR ICE LIBOR USD 3 Month+0.590%, 05/22/18
    
3,000
      
3,008
  
Axis Specialty Finance
               
5.875%, 06/01/20
    
250
      
271
  
Bank of America, MTN
               
2.205%, VAR ICE LIBOR USD 3 Month+0.870%, 04/01/19
    
5,000
      
5,045
  
Bank of Montreal, MTN
               
1.947%, VAR ICE LIBOR USD 3 Month+0.630%, 09/11/22
    
4,070
      
4,073
  
1.450%, 04/09/18
    
340
      
340
  
Bank of Nova Scotia
               
2.450%, 03/22/21
    
5,330
      
5,363
  
Barclays
               
4.375%, 01/12/26
    
1,500
      
1,566
  
Bear Stearns
               
7.250%, 02/01/18
    
275
      
280
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Capital One Financial
           
4.200%, 10/29/25
  
$
1,000
    
$
1,028
  
1.500%, 03/22/18
    
475
      
475
  
Chubb INA Holdings
               
5.800%, 03/15/18
    
300
      
306
  
Citigroup
               
4.500%, 01/14/22
    
2,000
      
2,151
  
CNA Financial
               
6.950%, 01/15/18
    
1,076
      
1,091
  
Commonwealth Bank of Australia, MTN
               
5.000%, 10/15/19(A)
    
150
      
159
  
Commonwealth Bank of Australia NY, MTN
               
2.550%, 03/15/21
    
5,000
      
5,033
  
Credit Suisse Group Funding Guernsey
               
4.550%, 04/17/26
    
2,500
      
2,680
  
Credit Suisse NY, MTN
               
5.300%, 08/13/19
    
150
      
159
  
Deutsche Bank, MTN
               
2.850%, 05/10/19
    
2,985
      
3,015
  
ERAC USA Finance
               
3.300%, 10/15/22(A)
    
250
      
256
  
Goldman Sachs Group
               
6.150%, 04/01/18
    
150
      
153
  
Goldman Sachs Group, MTN
               
6.000%, 06/15/20
    
500
      
549
  
HSBC Holdings
               
3.400%, 03/08/21
    
5,000
      
5,156
  
Jefferies Group
               
5.125%, 01/20/23
    
2,700
      
2,949
  
JPMorgan Chase
               
4.950%, 03/25/20
    
100
      
107
  
4.250%, 10/15/20
    
150
      
159
  
3.125%, 01/23/25
    
4,700
      
4,734
  
Lehman Brothers Holdings, MTN
               
7.000%, 09/28/37(B)
    
400
      
25
  
Macquarie Bank, MTN
               
2.600%, 06/24/19(A)
    
4,200
      
4,233
  
Marsh & McLennan, MTN
               
2.550%, 10/15/18
    
100
      
101
  
Metropolitan Life Global Funding I
               
3.875%, 04/11/22(A)
    
125
      
133
  
Morgan Stanley, MTN
               
3.750%, 02/25/23
    
5,000
      
5,221
  
MUFG Americas Holdings
               
2.250%, 02/10/20
    
2,000
      
2,004
  
NASDAQ OMX Group
               
5.550%, 01/15/20
    
1,249
      
1,342
  
National Rural Utilities Cooperative Finance
               
10.375%, 11/01/18
  
 
125
    
 
136
  
6.550%, 11/01/18
    
300
      
315
  
Principal Financial Group
               
3.300%, 09/15/22
    
200
      
205
  
Protective Life
               
6.400%, 01/15/18
    
250
      
253
  
Prudential Financial, MTN
               
5.375%, 06/21/20
    
145
      
158
  
Sumitomo Mitsui Financial Group
               
2.846%, 01/11/22
    
3,910
      
3,946
  
Svenska Handelsbanken, MTN
               
5.125%, 03/30/20(A)
    
5,800
      
6,227
  
TD Ameritrade Holding
               
5.600%, 12/01/19
    
290
      
312
  
Toronto-Dominion Bank, MTN
               
1.872%, VAR ICE LIBOR USD 3 Month+0.560%, 11/05/19
    
3,100
      
3,120
  
Wilmington Trust
               
8.500%, 04/02/18
    
315
      
325
  
                 
Total Financials
      
78,455
  
                 
Health Care [5.4%]
  
Abbott Laboratories
               
3.400%, 11/30/23
    
3,075
      
3,171
  
AbbVie
               
2.850%, 05/14/23
    
2,500
      
2,519
  
Gilead Sciences
               
2.950%, 03/01/27
    
5,000
      
4,957
  
Laboratory Corp of America Holdings
               
3.200%, 02/01/22
    
2,530
      
2,589
  
                 
Total Health Care
      
13,236
  
                 
Industrials [4.0%]
  
Carlisle
               
3.750%, 11/15/22
    
250
      
255
  
Eaton
               
8.875%, 06/15/19
    
125
      
138
  
GATX
               
6.000%, 02/15/18
    
170
      
172
  
IDEX
               
4.200%, 12/15/21
    
250
      
260
  
John Deere Capital, MTN
               
2.800%, 09/08/27
    
5,000
      
4,916
  
PACCAR Financial, MTN
               
1.750%, 08/14/18
    
3,000
      
3,007
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
Penske Truck Leasing
           
4.875%, 07/11/22(A)
  
$
200
    
$
218
  
4.250%, 01/17/23(A)
    
300
      
320
  
Republic Services
               
3.550%, 06/01/22
    
250
      
261
  
Roper Technologies
               
3.125%, 11/15/22
    
200
      
202
  
1.850%, 11/15/17
    
250
      
250
  
                 
Total Industrials
      
9,999
  
                 
Information Technology [7.2%]
  
Apple
               
2.450%, 08/04/26
    
5,700
      
5,500
  
Fiserv
               
3.500%, 10/01/22
    
250
      
259
  
2.700%, 06/01/20
    
2,000
      
2,023
  
KLA-Tencor
               
4.650%, 11/01/24
    
2,500
      
2,708
  
Oracle
               
2.500%, 05/15/22
    
5,000
      
5,073
  
Western Union
               
5.253%, 04/01/20
    
2,000
      
2,134
  
                 
Total Information Technology
      
17,697
  
                 
Materials [3.6%]
  
Airgas
               
2.900%, 11/15/22
    
250
      
254
  
Avery Dennison
               
5.375%, 04/15/20
    
405
      
431
  
Glencore Funding
               
2.664%, VAR ICE LIBOR USD 3 Month+1.360%, 07/15/17(A)
    
2,000
      
2,020
  
Rio Tinto Finance USA
               
3.750%, 06/15/25
    
5,780
      
6,094
  
                 
Total Materials
      
8,799
  
                 
REITs [5.0%]
  
American Tower
               
4.000%, 06/01/25
    
1,800
      
1,861
  
Boston Properties
               
5.875%, 10/15/19
    
140
      
150
  
Common Wealth
               
5.875%, 09/15/20
    
105
      
112
  
DDR
               
4.625%, 07/15/22
    
250
      
265
  
HCP
               
4.000%, 06/01/25
    
2,770
      
2,857
  
Highwoods Realty
               
3.625%, 01/15/23
  
 
200
    
 
203
  
National Retail Properties
               
6.875%, 10/15/17
    
300
      
300
  
3.800%, 10/15/22
    
350
      
364
  
Prologis
               
3.350%, 02/01/21
    
2,200
      
2,278
  
Realty Income
               
3.250%, 10/15/22
    
200
      
205
  
Regency Centers
               
3.750%, 11/15/22
    
250
      
258
  
Senior Housing Properties Trust
               
6.750%, 12/15/21
    
500
      
559
  
Washington
                
3.950%, 10/15/22
    
250
      
258
  
Welltower
               
4.950%, 01/15/21
    
155
      
166
  
3.750%, 03/15/23
    
2,500
      
2,602
  
 
                
Total REITs
      
12,438
  
                 
Telecommunication Services [5.9%]
  
America Movil
               
3.125%, 07/16/22
    
4,000
      
4,100
  
AT&T
               
5.600%, 05/15/18
    
310
      
317
  
3.600%, 02/17/23
    
5,000
      
5,144
  
Deutsche Telekom International Finance
               
6.000%, 07/08/19
    
50
      
54
  
Verizon Communications
               
4.600%, 04/01/21
    
4,100
      
4,427
  
2.321%, VAR ICE LIBOR USD 3 Month+1.000%, 03/16/22
    
500
      
507
  
                 
Total Telecommunication Services
      
14,549
  
                 
Utilities [3.1%]
  
British Transco Finance
               
6.625%, 06/01/18
    
128
      
132
  
Entergy Mississippi
               
6.640%, 07/01/19
    
540
      
580
  
Entergy Texas
               
7.125%, 02/01/19
    
190
      
202
  
Exelon Generation
               
6.200%, 10/01/17
    
2,125
      
2,125
  
3.400%, 03/15/22
    
2,500
      
2,561
  
Korea Electric Power
               
6.750%, 08/01/27
    
75
      
96
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
National Fuel Gas
           
4.900%, 12/01/21
  
$
500
    
$
530
  
Puget Energy
               
5.625%, 07/15/22
    
250
      
279
  
Southwestern Electric Power
               
5.875%, 03/01/18
    
581
      
591
  
3.550%, 02/15/22
    
500
      
518
  
                 
Total Utilities
      
7,614
  
                 
Total Corporate Bonds
  
(Cost $172,479)
      
175,986
  
                 
U.S. Treasury Obligations [6.2%]
  
U.S. Treasury Inflation Indexed Bonds
               
0.625%, 01/15/26
    
5,476
      
5,550
  
U.S. Treasury Notes
               
2.625%, 11/15/20
    
425
      
437
  
2.250%, 11/15/24
    
3,000
      
3,015
  
1.625%, 10/31/23
    
4,000
      
3,900
  
1.250%, 04/30/19
    
1,675
      
1,670
  
0.875%, 07/31/19
    
815
      
806
  
                 
Total U.S. Treasury Obligations
  
(Cost $15,533)
      
15,378
  
                 
U.S. Government Agency Obligations [5.3%]
  
FHLMC
               
1.750%, 05/30/19
    
3,000
      
3,013
  
FNMA
               
1.875%, 12/28/20
    
5,000
      
5,026
  
1.625%, 11/27/18
    
5,000
      
5,006
  
                 
Total U.S. Government Agency Obligations
  
(Cost $13,018)
      
13,045
  
                 
Asset-Backed Securities [4.8%]
  
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
               
6.205%, 05/28/37(C)
    
51
      
53
  
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589)
               
9.250%, 12/31/49(D) (E) (F) (G)
    
454
      
34
  
Carmax Auto Owner Trust, Ser 2014-2, Cl A3
               
0.980%, 01/15/19
    
145
      
145
  
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4
               
7.000%, 07/25/28(B) (C) (F)
    
5
      
4
  
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1
               
1.550%, 07/15/21
  
 
4,000
    
 
3,979
  
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
               
4.810%, 07/25/35(C)
    
2
      
2
  
NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A
               
2.380%, 10/15/20(A)
    
7,490
      
7,517
  
                 
Total Asset-Backed Securities
  
(Cost $12,183)
      
11,734
  
                 
U.S. Government Mortgage-Backed Obligations [4.5%]
  
FHLMC, Pool 1B2677
               
3.505%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35
    
4
      
4
  
FHLMC, Pool 1B2683
               
3.466%, VAR ICE LIBOR USD 12 Month+1.894%, 01/01/35
    
2
      
3
  
FHLMC, Pool 1B2692
               
3.268%, VAR ICE LIBOR USD 12 Month+1.763%, 12/01/34
    
7
      
7
  
FHLMC, Pool A93505
               
4.500%, 08/01/40
    
23
      
25
  
FHLMC, Pool A93996
               
4.500%, 09/01/40
    
35
      
38
  
FHLMC, Pool C03490
               
4.500%, 08/01/40
    
181
      
195
  
FHLMC, Pool C09015
               
3.000%, 10/01/42
    
170
      
171
  
FHLMC, Pool E01280
               
5.000%, 12/01/17
    
—
      
—
  
FHLMC, Pool G02940
               
5.500%, 05/01/37
    
5
      
5
  
FHLMC, Pool G04222
               
5.500%, 04/01/38
    
9
      
11
  
FHLMC, Pool G04913
               
5.000%, 03/01/38
    
37
      
41
  
FHLMC, Pool G08003
               
6.000%, 07/01/34
    
11
      
13
  
FHLMC, Pool G11880
               
5.000%, 12/01/20
    
5
      
5
  
FHLMC, Pool G18124
               
6.000%, 06/01/21
    
4
      
5
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
Description
  
Face Amount (000)
    
Value (000)
  
FHLMC, Pool J19197
           
3.000%, 05/01/27
  
$
98
    
$
101
  
FHLMC, Pool Q08998
               
3.500%, 06/01/42
    
126
      
130
  
FHLMC, Pool Q10378
               
3.000%, 08/01/42
    
159
      
160
  
FHLMC, Ser 2004-2804, Cl VC
               
5.000%, 07/15/21
    
22
      
22
  
FHLMC, Ser 2011-3958, Cl VA
               
4.000%, 06/15/26
    
1,566
      
1,592
  
FHLMC, Ser K708, Cl A2
               
2.130%, 01/25/19
    
293
      
294
  
FHLMC Multifamily Structured Pass-Through Certificates, Ser K003, Cl A4
               
5.053%, 01/25/19
    
150
      
155
  
FHLMC Multifamily Structured Pass-Through Certificates, Ser K704, Cl A2
               
2.412%, 08/25/18
    
388
      
389
  
FHLMC Multifamily Structured Pass-Through Certificates, Ser K705, Cl A2
               
2.303%, 09/25/18
    
200
      
201
  
FNMA, Pool 252570
               
6.500%, 07/01/29
    
3
      
4
  
FNMA, Pool 253183
               
7.500%, 04/01/30
    
1
      
1
  
FNMA, Pool 253398
               
8.000%, 08/01/30
    
1
      
1
  
FNMA, Pool 254685
               
5.000%, 04/01/18
    
1
      
1
  
FNMA, Pool 254949
               
5.000%, 11/01/33
    
8
      
9
  
FNMA, Pool 255814
               
5.500%, 08/01/35
    
13
      
14
  
FNMA, Pool 303168
               
9.500%, 02/01/25
    
1
      
1
  
FNMA, Pool 725424
               
5.500%, 04/01/34
    
12
      
14
  
FNMA, Pool 735060
               
6.000%, 11/01/34
    
8
      
9
  
FNMA, Pool 735228
               
5.500%, 02/01/35
    
6
      
7
  
FNMA, Pool 735230
               
5.500%, 02/01/35
    
16
      
18
  
FNMA, Pool 745275
               
5.000%, 02/01/36
    
62
      
68
  
 
Description
  
Face Amount (000)
/Shares
    
Value (000)
  
FNMA, Pool 745418
            
5.500%, 04/01/36
  
$
70
    
$
78
  
FNMA, Pool 827223
                
3.215%, VAR ICE LIBOR USD 12 Month+1.465%, 04/01/35
    
25
      
26
  
FNMA, Pool 844809
                
5.000%, 11/01/35
    
26
      
28
  
FNMA, Pool AD0454
                
5.000%, 11/01/21
    
7
      
7
  
FNMA, Pool AD8522
                
4.000%, 08/01/40
    
26
      
28
  
FNMA, Pool AE0828
                
3.500%, 02/01/41
    
230
      
239
  
FNMA, Pool AH0621
                
3.500%, 01/01/41
    
51
      
53
  
FNMA, Pool AJ1407
                
4.000%, 09/01/41
    
42
      
44
  
FNMA, Pool AJ7689
                
4.000%, 12/01/41
    
142
      
150
  
FNMA, Pool AK0971
                
3.000%, 02/01/27
    
90
      
93
  
FNMA, Pool AL5866
                
2.730%, 08/01/22
    
5,615
      
5,732
  
FNMA, Pool AO2970
                
3.000%, 05/01/42
    
151
      
152
  
FNMA, Pool AO4137
                
3.500%, 06/01/42
    
129
      
134
  
FNMA, Pool MA1277
                
2.500%, 12/01/27
    
90
      
91
  
GNMA, Pool G2 4696
                
4.500%, 05/20/40
    
79
      
84
  
GNMA, Pool G2 4747
                
5.000%, 07/20/40
    
30
      
33
  
GNMA, Pool G2 4923
                
4.500%, 01/20/41
    
47
      
51
  
GNMA, Pool G2 MA0155
                
4.000%, 06/20/42
    
114
      
122
  
GNMA, Pool G2 MA0392
                
3.500%, 09/20/42
    
142
      
148
  
 
                
Total U.S. Government Mortgage-Backed Obligations
  
(Cost $10,929)
      
11,007
  
 
                
Closed-End Fund [2.8%]
  
Stone Ridge Reinsurance Risk Premium Interval Fund(F)
    
761,754
      
6,871
  
 
                
Total Closed-End Fund
  
(Cost $7,749)
      
6,871
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
Description
  
Shares/
Face Amount (000)
    
Value (000)
  
Preferred Stock [2.6%]
  
Financials [1.1%]
  
BB&T, 5.625%
   
10,000
    
$
253
  
Citigroup, 5.800%
   
10,000
      
258
  
Goldman Sachs Group, 5.950%
   
25,000
      
638
  
HSBC Holdings, 8.000%
   
30,000
      
809
  
JPMorgan Chase, 5.500%
   
20,000
      
507
  
Prudential Financial, 5.750%
   
10,000
      
256
  
                 
Total Financials
      
2,721
  
                 
Industrials [0.3%]
  
Pitney Bowes, 6.700%
   
10,000
      
255
  
Stanley Black & Decker, 5.750%
   
20,000
      
509
  
                 
Total Industrials
      
764
  
                 
REITs [0.9%]
  
Kimco Realty, 5.500%
   
10,000
      
253
  
Senior Housing Properties Trust, 5.625%
   
52,500
      
1,333
  
Vornado Realty Trust, 5.700%
   
20,000
      
504
  
                 
Total REITs
      
2,090
  
                 
Telecommunication Services [0.3%]
  
Telephone & Data Systems, 5.875%
   
30,000
      
750
  
                 
Total Preferred Stock
  
(Cost $6,160)
      
6,325
  
                 
Foreign Government Bonds [1.3%]
  
Hashemite Kingdom of Jordan Government AID Bond
               
2.578%, 06/30/22
  
$
3,000
      
3,073
  
Mexico Government International Bond, MTN
               
5.125%, 01/15/20
    
100
      
107
  
Province of Quebec Canada, MTN
               
7.380%, 04/09/26(C)
    
100
      
130
  
                 
Total Foreign Government Bonds
  
(Cost $3,221)
      
3,310
  
                 
Commercial Mortgage-Backed Obligations [0.3%]
  
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
               
3.147%, 08/15/45
    
125
      
129
  
             
Description
  
Face Amount (000)
/Shares
    
Value (000)
  
GS Mortgage Securities II, Ser GCJ9, Cl A3
               
2.773%, 11/10/45
  
$
275
    
$
278
  
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
               
2.960%, 04/15/46
    
150
      
152
  
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
               
2.858%, 11/15/45
    
275
      
280
  
                 
Total Commercial Mortgage-Backed Obligations
  
(Cost $836)
      
839
  
                 
Residential Mortgage-Backed Securities [0.0%]
  
RAAC, Ser 2004-SP1, Cl AI4
               
5.285%, 08/25/27(H)
    
—
      
—
  
Residential Accredit Loans, Ser 2004-QS6, Cl A1
               
5.000%, 05/25/19
    
3
      
3
  
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
               
5.572%, 06/25/32(H)
    
19
      
19
  
WaMu Mortgage Pass-Through Certificates Trust, Ser 2004-CB2, Cl 5A
               
5.000%, 07/25/19
    
10
      
10
  
                 
Total Residential Mortgage-Backed Securities
  
(Cost $32)
      
32
  
                 
Short-Term Investment [0.1%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
205,075
      
205
  
                 
Total Short-Term Investment
  
(Cost $205)
      
205
  
                 
Total Investments [99.3%]
  
(Cost $242,345)
    
$
244,732
  
 
Percentages are based on Net Assets of $246,480 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $22,933 (000), representing 9.3% of the net assets of the Fund.
(B)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 69
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (continued)
 
(C)
Step Bond — The rate reported is the rate in effect on September 30, 2017. The coupon on a step bond changes on a specific date.
(D)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2017, was $34 (000) and represented 0.0% of the net assets of the Fund.
(E)
Level 3 security in accordance with fair value hierarchy.
(F)
Security is considered illiquid. The total market value of such security as of September 30, 2017, was $6,909 (000) and represented 2.8% of the net assets of the Fund.
(G)
Security is considered restricted. The total market value of such security as of September 30, 2017, was $34 (000) and represented 0.0% of the net assets of the Fund.
(H)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
 
AID — Agency for International Development
Cl — Class
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
MTN — Medium Term Note
NY — New York
REIT — Real Estate Investment Trust
Ser — Series
SPE — Special Purpose Entity
VAR — Variable
USD — U.S. Dollar
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
  
$
—
    
$
175,986
    
$
—
    
$
175,986
  
U.S. Treasury Obligations
    
—
      
15,378
      
—
      
15,378
  
U.S. Government Agency Obligations
    
—
      
13,045
      
—
      
13,045
  
Asset-Backed Securities
    
—
      
11,700
      
34
      
11,734
  
U.S. Government Mortgage-Backed Obligations
    
—
      
11,007
      
—
      
11,007
  
Closed-End Fund
    
6,871
      
—
      
—
      
6,871
  
Preferred Stock
    
6,325
      
—
      
—
      
6,325
  
Foreign Government Bonds
    
—
      
3,310
      
—
      
3,310
  
Commercial Mortgage-Backed Obligations
    
—
      
839
      
—
      
839
  
Residential Mortgage-Backed Securities
    
—
      
32
      
—
      
32
  
Short-Term Investment
    
205
      
—
      
—
      
205
  
Total Investments in Securities
  
$
13,401
    
$
231,297
    
$
34
    
$
244,732
  
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2017:
 
   
Investments in
Asset-Backed Securities
(000)
  
Beginning balance as of 10/1/16
  
$
135
  
Accrued discounts/premiums
    
—
  
Realized gain/(loss)
    
—
  
Change in unrealized appreciation/(depreciation)
    
(42
)
Purchases
    
—
  
Sales/paydowns
    
(59
)
Transfers into Level 3
    
—
  
Transfers out of Level 3
    
—
  
Ending balance as of 9/30/17
  
$
34
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
(42
)
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
 
 
Fair Value at
September 30, 2017
(000)
Valuation Techniques
  
BT SPE
$34
Discounted Cash Flow Model based on actual collection level and experienced defaults
 
       
   
Observable Inputs
  
   
Cumulated Collections
  
   
Cumulated Defaults
  
   
Annualized Default
  
   
Cumulated Default
  
   
Pace of Collection
  
   
Interest Rates
  
       
   
Unobservable Inputs
Range
   
Projected Default Rates
5%-12%
   
Projected Collection Rates
90%-100%
   
Expected Discount Rates
7%-9.25%
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements.
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
 
schedule of investments
September 30, 2017
City National Rochdale Intermediate Fixed Income Fund (concluded)
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
1,106
  
Purchases at Cost
    
18,018
  
Proceeds from Sales
    
(19,124
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
1
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Corporate Bonds [52.4%]
  
Advertising Sales [0.0%]
  
Clear Channel International
           
8.750%, 12/15/20(A)
  
$
200
    
$
210
  
Outfront Media Capital
               
5.875%, 03/15/25
    
675
      
707
  
5.625%, 02/15/24
    
350
      
365
  
                 
Total Advertising Sales
      
1,282
  
                 
Aerospace & Defense [0.2%]
  
TransDigm
               
6.500%, 07/15/24
    
1,000
      
1,032
  
6.500%, 05/15/25
    
1,825
      
1,880
  
6.375%, 06/15/26
    
425
      
435
  
6.000%, 07/15/22
    
950
      
986
  
5.500%, 10/15/20
    
350
      
355
  
                 
Total Aerospace & Defense
      
4,688
  
                 
Airlines [0.7%]
  
EA Partners I
               
6.875%, 09/28/20
    
4,150
      
3,600
  
EA Partners II
               
6.750%, 06/01/21
    
1,000
      
851
  
Gol LuxCo
               
8.875%, 01/24/22
    
9,090
      
9,092
  
SriLankan Airlines
               
5.300%, 06/27/19
    
4,850
      
4,915
  
                 
Total Airlines
      
18,458
  
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Apparel/Textiles [0.1%]
  
Hanesbrands
           
4.875%, 05/15/26(A)
  
$
1,050
    
$
1,091
  
SMCP Group SAS
               
5.875%, 05/01/23
  
EUR
 270      
347
  
                 
Total Apparel/Textiles
      
1,438
  
                 
Applications Software [0.1%]
  
Nuance Communications
               
6.000%, 07/01/24
    
775
      
839
  
5.625%, 12/15/26(A)
    
1,275
      
1,351
  
5.375%, 08/15/20(A)
    
383
      
390
  
                 
Total Applications Software
      
2,580
  
                 
Auction House/Art Dealer [0.0%]
  
KAR Auction Services
               
5.125%, 06/01/25(A)
    
925
      
962
  
Ritchie Bros Auctioneers
               
5.375%, 01/15/25(A)
    
350
      
370
  
                 
Total Auction House/Art Dealer
      
1,332
  
                 
Auto Rent & Lease [0.3%]
  
Avis Budget Car Rental
               
6.375%, 04/01/24(A)
    
1,425
      
1,485
  
5.250%, 03/15/25(A)
    
275
      
275
  
Hertz
               
7.625%, 06/01/22(A)
    
725
      
748
  
6.250%, 10/15/22
    
800
      
760
  
5.500%, 10/15/24(A)
    
750
      
675
  
United Rentals North America
               
5.875%, 09/15/26
    
575
      
624
  
5.750%, 11/15/24
    
175
      
186
  
5.500%, 07/15/25
    
150
      
161
  
5.500%, 05/15/27
    
900
      
960
  
4.875%, 01/15/28
    
600
      
603
  
4.625%, 07/15/23
    
325
      
339
  
                 
Total Auto Rent & Lease
      
6,816
  
                 
Auto/Trk Prts and Equip-Repl [0.0%]
  
Allison Transmission
               
5.000%, 10/01/24(A)
    
550
      
571
  
JB Poindexter
               
9.000%, 04/01/22(A)
    
675
      
705
  
                 
Total Auto/Trk Prts and Equip-Repl
      
1,276
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Automotive [0.4%]
  
General Motors Financial
           
2.643%, VAR ICE LIBOR USD 3 Month+1.310% 06/30/22
  
$
10,000
    
$
10,081
  
                 
Autoparts [0.3%]
  
Adient Global Holdings
               
4.875%, 08/15/26(A)
    
1,300
      
1,329
  
American Axle & Manufacturing
               
6.625%, 10/15/22
    
375
      
387
  
6.500%, 04/01/27(A)
    
1,275
      
1,286
  
IHO Verwaltungs GmbH
               
4.750%, 09/15/26(A)
    
1,875
      
1,910
  
4.500%, cash/0% PIK 09/15/23(A)
    
275
      
280
  
Schaeffler Finance
               
4.750%, 05/15/23(A)
    
125
      
129
  
Tenneco
               
5.375%, 12/15/24
    
175
      
184
  
5.000%, 07/15/26
    
200
      
205
  
TI Group Automotive Systems
               
8.750%, 07/15/23(A)
    
1,175
      
1,246
  
Tupy Overseas
               
6.625%, 07/17/24
    
65
      
68
  
ZF North America Capital
               
4.750%, 04/29/25(A)
    
375
      
396
  
                 
Total Autoparts
      
7,420
  
                 
Banks [4.5%]
  
Access Bank, MTN
               
10.500%, 10/19/21
    
3,733
      
4,123
  
African Bank, MTN
               
8.125%, 10/19/20
    
5,433
      
5,691
  
Akbank Turk, MTN
               
5.125%, 03/31/25
    
6,365
      
6,293
  
Alternatifbank
               
8.750%, VAR USD Swap Semi 30/360 5 Year Curr+7.833% 04/16/26
    
171
      
179
  
Australia & New Zealand Banking Group, MTN
               
2.306%, VAR ICE LIBOR USD 3 Month+0.990% 06/01/21(A)
    
10,000
      
10,154
  
Banco de Bogota
               
6.250%, 05/12/26
    
1,860
      
2,036
  
Banco do Brasil
               
8.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+7.782% 10/29/49
    
4,170
      
4,566
  
Bank Nadra via NDR Finance
               
8.250%, 07/31/18(B) (D)
  
 
721
    
 
22
  
Credit Bank of Moscow Via CBOM Finance
               
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+5.416% 10/05/27
    
1,850
      
1,591
  
5.875%, 11/07/21
    
3,290
      
3,329
  
FBN Finance
               
8.250%, 08/07/20
    
9,693
      
9,441
  
First Bank of Nigeria Via FBN Finance
               
8.000%, VAR USSW2+6.488% 07/23/21
    
8,688
      
8,156
  
ForteBank JSC
               
11.750%, 12/15/24
    
2,775
      
3,056
  
Kazkommertsbank JSC
               
5.500%, 12/21/22
    
26,860
      
26,462
  
National Savings Bank
               
8.875%, 09/18/18
    
20
      
21
  
Renaissance Credit Via Renaissance Consumer Funding
               
13.500%, 06/21/18
    
2,624
      
2,690
  
13.500%, 05/22/19
    
2,475
      
2,475
  
State Savings Bank of Ukraine Via SSB
                
9.375, 03/10/23 (C)
    
10,200
      
10,827
  
Tinkoff Credit Systems Via TCS Finance
               
9.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.592% 12/31/49
    
4,855
      
5,015
  
Turkiye Is Bankasi
               
6.000%, 10/24/22
    
9,840
      
9,953
  
3.875%, 11/07/17
    
1,290
      
1,291
  
United Bank for Africa
               
7.750%, 06/08/22
    
6,000
      
5,970
  
                 
Total Banks
      
123,341
  
                 
Beauty Products [0.1%]
  
First Quality Finance
               
5.000%, 07/01/25(A)
    
300
      
309
  
4.625%, 05/15/21(A)
    
2,100
      
2,122
  
                 
Total Beauty Products
      
2,431
  
                 
Broadcasting & Cable [3.0%]
  
Altice Financing
               
7.500%, 05/15/26
    
20,535
      
22,640
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Altice Finco, MTN
           
7.625%, 02/15/25
  
$
4,775
    
$
5,056
  
Altice US Finance I
               
5.500%, 05/15/26(A)
    
775
      
817
  
AMC Networks
               
5.000%, 04/01/24
    
1,400
      
1,445
  
4.750%, 12/15/22
    
325
      
334
  
4.750%, 08/01/25
    
175
      
177
  
Anixter
               
5.625%, 05/01/19
    
275
      
288
  
5.500%, 03/01/23
    
900
      
979
  
Belden
               
5.250%, 07/15/24(A)
    
1,125
      
1,173
  
Cablevision Systems
               
5.875%, 09/15/22
    
925
      
957
  
CCO Holdings
               
5.875%, 04/01/24(A)
    
325
      
345
  
5.875%, 05/01/27(A)
    
600
      
628
  
5.750%, 09/01/23
    
525
      
545
  
5.750%, 01/15/24
    
425
      
441
  
5.750%, 02/15/26(A)
    
300
      
315
  
5.500%, 05/01/26(A)
    
875
      
907
  
5.375%, 05/01/25(A)
    
250
      
259
  
5.250%, 09/30/22
    
925
      
953
  
5.125%, 02/15/23
    
1,275
      
1,316
  
5.125%, 05/01/27(A)
    
1,100
      
1,115
  
5.000%, 02/01/28(A)
    
1,300
      
1,296
  
Cequel Communications Holdings I
               
5.125%, 12/15/21(A)
    
1,250
      
1,272
  
Clear Channel Worldwide Holdings
               
6.500%, 11/15/22
    
1,550
      
1,597
  
CSC Holdings
               
5.500%, 04/15/27(A)
    
1,550
      
1,612
  
5.250%, 06/01/24
    
575
      
581
  
DISH DBS
               
7.750%, 07/01/26
    
200
      
230
  
5.875%, 07/15/22
    
2,425
      
2,577
  
5.875%, 11/15/24
    
600
      
629
  
5.000%, 03/15/23
    
675
      
690
  
Gray Television
               
5.875%, 07/15/26(A)
    
1,275
      
1,313
  
5.125%, 10/15/24(A)
    
450
      
452
  
iHeartCommunications
               
9.000%, 03/01/21
    
1,150
      
816
  
LIN Television
               
5.875%, 11/15/22
    
650
      
678
  
Myriad International Holdings
               
4.850%, 07/06/27
    
5,955
      
6,172
  
Nexstar Broadcasting
               
6.125%, 02/15/22(A)
  
 
875
    
 
912
  
5.625%, 08/01/24(A)
    
1,600
      
1,656
  
SFR Group
               
7.375%, 05/01/26(A)
    
2,325
      
2,511
  
6.250%, 05/15/24(A)
    
575
      
607
  
6.000%, 05/15/22(A)
    
450
      
470
  
Sinclair Television Group
               
5.875%, 03/15/26(A)
    
1,050
      
1,071
  
5.625%, 08/01/24(A)
    
1,275
      
1,308
  
5.125%, 02/15/27(A)
    
500
      
486
  
Tribune Media
               
5.875%, 07/15/22
    
1,950
      
2,028
  
Unitymedia Hessen GmbH & KG
               
5.500%, 01/15/23(A)
    
473
      
488
  
Unitymedia KabelBW GmbH
               
6.125%, 01/15/25(A)
    
1,850
      
1,973
  
Virgin Media Finance
               
6.375%, 04/15/23(A)
    
675
      
705
  
6.000%, 10/15/24(A)
    
200
      
210
  
5.750%, 01/15/25(A)
    
500
      
518
  
Virgin Media Secured Finance
               
5.500%, 08/15/26(A)
    
400
      
422
  
5.250%, 01/15/26(A)
    
2,250
      
2,343
  
VTR Finance
               
6.875%, 01/15/24
    
1,335
      
1,417
  
Ziggo Bond Finance
               
6.000%, 01/15/27(A)
    
925
      
957
  
5.875%, 01/15/25(A)
    
275
      
287
  
Ziggo Secured Finance
               
5.500%, 01/15/27(A)
    
1,325
      
1,358
  
                 
Total Broadcasting & Cable
      
82,332
  
                 
Building & Construction [0.5%]
  
Allegion US Holding
               
5.750%, 10/01/21
    
550
      
566
  
China Shanshui Cement Group
               
7.500%, 03/10/20(D)
    
4,323
      
3,372
  
Masonite International
               
5.625%, 03/15/23(A)
    
875
      
916
  
NCI Building Systems
               
8.250%, 01/15/23(A)
    
700
      
751
  
Ply Gem Industries
               
6.500%, 02/01/22
    
650
      
677
  
Standard Industries
               
6.000%, 10/15/25(A)
    
950
      
1,036
  
5.000%, 02/15/27(A)
    
1,775
      
1,850
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
USG
           
5.500%, 03/01/25(A)
  
$
400
    
$
428
  
4.875%, 06/01/27(A)
    
850
      
887
  
Yuksel Insaat
               
9.500%, 11/10/15(B) (D)
    
11,809
      
2,067
  
                 
Total Building & Construction
      
12,550
  
                 
Building & Construction Supplies [0.1%]
  
Signode Industrial Group Lux
               
6.375%, 05/01/22(A)
    
2,675
      
2,775
  
                 
Building-Heavy Construct [0.3%]
  
Andrade Gutierrez International
               
4.000%, 04/30/18
    
6,825
      
6,468
  
Odebrecht Offshore Drilling Finance
               
6.750%, 10/01/22(B)
    
7,856
      
2,808
  
                 
Total Building-Heavy Construct
      
9,276
  
                 
Business Services [0.3%]
  
Acwa Power Management And Investments One
               
5.950%, 12/15/39
    
6,145
      
6,346
  
Gartner
               
5.125%, 04/01/25(A)
    
525
      
554
  
                 
Total Business Services
      
6,900
  
                 
Cable & Satellite [0.1%]
  
United Group
               
4.375%, 07/01/22
  
EUR
 1,700      
2,059
  
                 
Casinos & Gaming [0.1%]
  
CRC Escrow Issuer LLC
               
5.250%, 10/15/25
    
2,175
      
2,175
  
                 
Chemicals [0.7%]
  
Alpha 3
               
6.250%, 02/01/25(A)
    
1,475
      
1,501
  
Eco Services Operations
               
8.500%, 11/01/22(A)
    
800
      
834
  
Hexion
               
6.625%, 04/15/20
    
1,900
      
1,701
  
Huntsman International
               
5.125%, 11/15/22
    
250
      
269
  
4.875%, 11/15/20
    
375
      
397
  
Mexichem SAB de CV
               
6.750%, 09/19/42
    
1,160
      
1,314
  
OCP
               
6.875%, 04/25/44
    
3,050
      
3,431
  
Perstorp Holding
               
7.625%, VAR Euribor 3 Month+7.625% 06/30/21
  
EUR
 500    
 
601
  
Platform Specialty Products
               
10.375%, 05/01/21(A)
  
 
325
      
354
  
6.500%, 02/01/22(A)
    
3,250
      
3,368
  
PQ
               
6.750%, 11/15/22(A)
    
875
      
947
  
Rock International Investment
               
6.625%, 03/27/20
    
2,500
      
2,400
  
Valvoline
               
5.500%, 07/15/24(A)
    
200
      
213
  
Versum Materials
               
5.500%, 09/30/24(A)
    
425
      
450
  
                 
Total Chemicals
      
17,780
  
                 
Circuit Boards [0.0%]
  
TTM Technologies
               
5.625%, 10/01/25(A)
    
750
      
759
  
                 
Coal Mining [2.3%]
  
Alliance Resource Operating Partners
               
7.500%, 05/01/25(A)
    
1,075
      
1,115
  
DTEK Finance
               
10.750%, 12/31/24
    
34,186
      
34,021
  
Energy Resources
               
2.838%, cash+PIK on avg mthly TSIPPCAE Index 09/30/22
    
21,934
      
21,989
  
2.838%, cash+PIK on avg mthly TSIPPCAE Index 12/31/49
    
10,267
      
4,928
  
New World Resources
               
8.000%, 04/07/20(B) (D)
  
EUR
 1,101      
20
  
Peabody Energy
               
6.375%, 03/31/25(A)
    
950
      
976
  
6.000%, 03/31/22(A)
    
175
      
181
  
                 
Total Coal Mining
      
63,230
  
                 
Commercial Services [0.2%]
  
Acosta
               
7.750%, 10/01/22(A)
    
1,775
      
1,278
  
Live Nation Entertainment
               
4.875%, 11/01/24(A)
    
350
      
362
  
Nielsen Luxembourg SARL
               
5.000%, 02/01/25(A)
    
1,575
      
1,640
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
ServiceMaster
           
5.125%, 11/15/24(A)
  
$
1,000
    
$
1,028
  
                 
Total Commercial Services
      
4,308
  
                 
Communication & Media [0.0%]
  
EW Scripps
               
5.125%, 05/15/25(A)
    
250
      
255
  
                 
Computer Graphics [0.1%]
  
Southern Graphics
               
8.375%, 10/15/20(A)
    
1,375
      
1,394
  
                 
Computer Software [0.1%]
  
Informatica
               
7.125%, 07/15/23(A)
    
1,850
      
1,859
  
SS&C Technologies Holdings
               
5.875%, 07/15/23
    
900
      
950
  
                 
Total Computer Software
      
2,809
  
                 
Computer System Design & Services [0.2%]
  
Dell International
               
7.125%, 06/15/24(A)
    
2,050
      
2,265
  
5.875%, 06/15/21(A)
    
250
      
261
  
NCR
               
6.375%, 12/15/23
    
625
      
667
  
5.875%, 12/15/21
    
400
      
413
  
5.000%, 07/15/22
    
975
      
997
  
4.625%, 02/15/21
    
300
      
305
  
Riverbed Technology
               
8.875%, 03/01/23(A)
    
1,725
      
1,643
  
                 
Total Computer System Design & Services
      
6,551
  
                 
Consumer Products & Services [0.3%]
  
EMI Music Publishing Group North America Holdings
               
7.625%, 06/15/24(A)
    
1,375
      
1,530
  
Prestige Brands
               
6.375%, 03/01/24(A)
    
1,450
      
1,559
  
5.375%, 12/15/21(A)
    
1,675
      
1,725
  
Scotts Miracle-Gro
               
5.250%, 12/15/26
    
75
      
79
  
ServiceMaster
               
7.450%, 08/15/27
    
225
      
246
  
7.100%, 03/01/18
    
475
      
482
  
Spectrum Brands
               
6.125%, 12/15/24
    
575
      
616
  
5.750%, 07/15/25
    
800
      
852
  
WMG Acquisition
               
5.000%, 08/01/23(A)
  
 
150
    
 
155
  
4.875%, 11/01/24(A)
    
250
      
257
  
                 
Total Consumer Products & Services
      
7,501
  
                 
Containers & Packaging [1.0%]
  
ARD Finance
               
7.125%, cash/0% PIK 09/15/23
    
1,600
      
1,712
  
Ardagh Packaging Finance
               
7.250%, 05/15/24(A)
    
2,550
      
2,797
  
6.000%, 06/30/21(A)
    
800
      
822
  
6.000%, 02/15/25(A)
    
675
      
715
  
4.625%, 05/15/23(A)
    
350
      
360
  
Berry Global
               
6.000%, 10/15/22
    
400
      
425
  
5.500%, 05/15/22
    
2,075
      
2,166
  
5.125%, 07/15/23
    
725
      
758
  
BWAY Holding
               
7.250%, 04/15/25(A)
    
3,050
      
3,142
  
5.500%, 04/15/24(A)
    
1,350
      
1,411
  
Crown Americas
               
4.250%, 09/30/26
    
225
      
227
  
Flex Acquisition
               
6.875%, 01/15/25(A)
    
2,825
      
2,933
  
Guala Closures
               
4.750%, VAR Euribor 3 Month+4.750% 11/15/21
  
EUR
  160      
190
  
Multi-Color
               
4.875%, 11/01/25(A)
    
375
      
379
  
Owens-Brockway Glass Container
               
6.375%, 08/15/25(A)
    
550
      
622
  
5.375%, 01/15/25(A)
    
950
      
1,020
  
5.000%, 01/15/22(A)
    
125
      
132
  
Pactiv
               
7.950%, 12/15/25
    
200
      
225
  
Reynolds Group Issuer
               
7.000%, 07/15/24(A)
    
2,050
      
2,183
  
5.750%, 10/15/20
    
1,650
      
1,679
  
Sealed Air
               
5.500%, 09/15/25(A)
    
700
      
770
  
5.125%, 12/01/24(A)
    
850
      
915
  
4.875%, 12/01/22(A)
    
475
      
505
  
                 
Total Containers & Packaging
      
26,088
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Data Processing/Mgmt [0.2%]
  
First Data
           
7.000%, 12/01/23(A)
  
$
1,425
    
$
1,521
  
5.750%, 01/15/24(A)
    
3,050
      
3,191
  
5.375%, 08/15/23(A)
    
1,300
      
1,360
  
                 
Total Data Processing/Mgmt
      
6,072
  
                 
Decision Support Software [0.0%]
  
MSCI
               
5.750%, 08/15/25(A)
    
525
      
573
  
5.250%, 11/15/24(A)
    
275
      
293
  
4.750%, 08/01/26(A)
    
150
      
158
  
                 
Total Decision Support Software
      
1,024
  
                 
Dental Supplies and Equip [0.1%]
  
IDH Finance
               
6.280%, VAR ICE LIBOR GBP 3 Month+6.000% 08/15/22
  
GBP
 1,500      
1,884
  
                 
Diagnostic Equipment [0.2%]
  
Ortho-Clinical Diagnostics
               
6.625%, 05/15/22(A)
    
4,400
      
4,312
  
                 
Dialysis Centers [0.0%]
  
DaVita
               
5.750%, 08/15/22
    
400
      
410
  
                 
Diamonds/Precious Stones [0.1%]
  
Petra Diamonds US Treasury
               
7.250%, 05/01/22
    
3,000
      
3,060
  
                 
Disposable Medical Prod [0.1%]
  
Sterigenics-Nordion Holdings
               
6.500%, 05/15/23(A)
    
2,300
      
2,392
  
                 
Distribution/Wholesale [0.1%]
  
American Builders & Contractors Supply
               
5.750%, 12/15/23(A)
    
200
      
213
  
5.625%, 04/15/21(A)
    
358
      
366
  
Avantor
               
9.000%, 10/01/25(A)
    
1,200
      
1,228
  
6.000%, 10/01/24(A)
    
525
      
538
  
Beacon Roofing Supply
               
6.375%, 10/01/23
    
425
      
453
  
HD Supply
               
5.750%, 04/15/24(A)
    
900
      
963
  
Performance Food Group
               
5.500%, 06/01/24(A)
  
 
200
    
 
206
  
                 
Total Distribution/Wholesale
      
3,967
  
                 
Diversified Minerals [0.2%]
  
Teck Resources
               
8.500%, 06/01/24(A)
    
725
      
832
  
6.250%, 07/15/41
    
100
      
113
  
6.125%, 10/01/35
    
1,100
      
1,232
  
6.000%, 08/15/40
    
350
      
380
  
VM Holding
               
5.375%, 05/04/27
    
3,305
      
3,478
  
                 
Total Diversified Minerals
      
6,035
  
                 
Diversified Operations [0.1%]
  
Colfax
               
3.250%, 05/15/25
  
EUR
 280      
342
  
Koppers
               
6.000%, 02/15/25(A)
    
975
      
1,048
  
                 
Total Diversified Operations
      
1,390
  
                 
Drugs [0.4%]
  
Endo Dac
               
6.000%, 07/15/23(A)
    
700
      
578
  
6.000%, 02/01/25(A)
    
2,325
      
1,883
  
Valeant Pharmaceuticals International
               
7.500%, 07/15/21(A)
    
900
      
898
  
7.250%, 07/15/22(A)
    
600
      
585
  
7.000%, 03/15/24(A)
    
525
      
560
  
6.500%, 03/15/22(A)
    
175
      
185
  
6.125%, 04/15/25(A)
    
3,075
      
2,694
  
5.875%, 05/15/23(A)
    
2,025
      
1,790
  
5.625%, 12/01/21(A)
    
700
      
655
  
5.500%, 03/01/23(A)
    
750
      
658
  
                 
Total Drugs
      
10,486
  
                 
E-Commerce/Services [0.1%]
  
Match Group
               
6.750%, 12/15/22
    
1,475
      
1,523
  
6.375%, 06/01/24
    
450
      
490
  
                 
Total E-Commerce/Services
      
2,013
  
                 
Electric Utilities [1.2%]
  
Calpine
               
5.875%, 01/15/24(A)
    
550
      
568
  
5.750%, 01/15/25
    
2,225
      
2,100
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Capex
           
6.875%, 05/15/24
  
$
3,000
    
$
3,085
  
Eskom Holdings SOC
               
7.125%, 02/11/25
    
9,295
      
9,628
  
Genneia
               
8.750%, 01/20/22
    
4,174
      
4,562
  
NRG Energy
               
7.250%, 05/15/26
    
650
      
697
  
6.625%, 03/15/23
    
1,175
      
1,215
  
6.625%, 01/15/27
    
625
      
655
  
6.250%, 05/01/24
    
1,575
      
1,638
  
Orazul Energy Egenor S en C por A
               
5.625%, 04/28/27
    
3,100
      
3,035
  
Pampa Energia
               
7.500%, 01/24/27
    
100
      
109
  
Stoneway Capital
               
10.000%, 03/01/27
    
5,000
      
5,370
  
                 
Total Electric Utilities
      
32,662
  
                 
Electrical Products [0.1%]
  
WESCO Distribution
               
5.375%, 12/15/21
    
1,650
      
1,704
  
5.375%, 06/15/24
    
500
      
527
  
                 
Total Electrical Products
      
2,231
  
 
                
Energy & Power [0.2%]
  
Enviva Partners
               
8.500%, 11/01/21
    
1,650
      
1,757
  
TerraForm Power Operating
               
6.375%, 02/01/23(A) (C)
    
1,775
      
1,846
  
6.125%, 06/15/25(A) (C)
    
700
      
746
  
                 
Total Energy & Power
      
4,349
  
                 
Engineering/R and D Services [0.0%]
  
Engility
               
8.875%, 09/01/24
    
1,075
      
1,180
  
                 
Enterprise Software/Serv [0.4%]
  
BCP Singapore VI Cayman Financing
               
8.000%, 04/15/21
    
105
      
103
  
BMC Software Finance
               
8.125%, 07/15/21(A)
    
2,225
      
2,278
  
Infor Software Parent
               
7.125%, cash/0% PIK 05/01/21(A)
    
2,450
      
2,493
  
Infor US
               
6.500%, 05/15/22
  
 
2,925
    
 
3,033
  
RP Crown Parent
               
7.375%, 10/15/24(A)
    
1,850
      
1,894
  
Sophia
               
9.000%, 09/30/23(A)
    
1,600
      
1,658
  
                 
Total Enterprise Software/Serv
      
11,459
  
                 
Entertainment & Gaming [0.7%]
  
AMC Entertainment Holdings
               
6.125%, 05/15/27
    
650
      
642
  
5.875%, 11/15/26
    
325
      
320
  
Boyd Gaming
               
6.875%, 05/15/23
    
1,225
      
1,310
  
6.375%, 04/01/26
    
500
      
546
  
Chester Downs & Marina
               
9.250%, 02/01/20(A)
    
1,300
      
1,316
  
Eldorado Resorts
               
6.000%, 04/01/25
    
1,175
      
1,234
  
MGM Resorts International
               
7.750%, 03/15/22
    
1,275
      
1,489
  
6.750%, 10/01/20
    
250
      
276
  
6.000%, 03/15/23
    
600
      
661
  
4.625%, 09/01/26
    
250
      
253
  
Mohegan Gaming & Entertainment
               
7.875%, 10/15/24(A)
    
1,425
      
1,514
  
Penn National Gaming
               
5.625%, 01/15/27(A)
    
800
      
830
  
Pinnacle Entertainment
               
5.625%, 05/01/24
    
1,450
      
1,483
  
Regal Entertainment Group
               
5.750%, 02/01/25
    
650
      
658
  
Rivers Pittsburgh Borrower
               
6.125%, 08/15/21(A)
    
1,325
      
1,339
  
Seminole Hard Rock Entertainment
               
5.875%, 05/15/21(A)
    
2,000
      
2,020
  
Seminole Indian Tribe of Florida
               
7.804%, 10/01/20(A)
    
370
      
374
  
Station Casinos
               
7.500%, 03/01/21
    
725
      
752
  
5.000%, 10/01/25(A)
    
925
      
927
  
Sugarhouse HSP Gaming Prop Mezz
               
5.875%, 05/15/25(A)
    
850
      
835
  
Wynn Las Vegas
               
5.250%, 05/15/27(A)
    
525
      
535
  
                 
Total Entertainment & Gaming
      
19,314
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Export/Import Bank [0.3%]
  
Ukreximbank Via Biz Finance
           
9.750%, 01/22/25
  
$
2,000
    
$
2,149
  
9.625%, 04/27/22
    
6,435
      
6,890
  
                 
Total Export/Import Bank
      
9,039
  
                 
Financial Services [1.0%]
  
Ally Financial
               
5.750%, 11/20/25
    
1,975
      
2,141
  
5.125%, 09/30/24
    
450
      
487
  
4.750%, 09/10/18
    
475
      
486
  
4.625%, 03/30/25
    
1,025
      
1,075
  
4.125%, 03/30/20
    
425
      
438
  
Amigo Luxembourg
               
7.625%, 01/15/24
  
GBP
 450      
628
  
Astana-Finance JSC
               
0.000%, 12/22/24(E)
    
147
      
—
  
Cabot Financial Luxembourg II
               
5.875%, VAR Euribor 3 Month+5.875% 11/15/21
  
EUR
 1,000      
1,233
  
Dana Financing Luxembourg Sarl
               
6.500%, 06/01/26(A)
    
1,250
      
1,350
  
5.750%, 04/15/25(A)
    
300
      
316
  
Louvre Bidco SAS
               
4.250%, 09/30/24
  
EUR
 200      
238
  
Navient
               
7.250%, 09/25/23
    
525
      
570
  
6.750%, 06/25/25
    
225
      
234
  
5.875%, 10/25/24
    
1,800
      
1,827
  
Navient, MTN
               
6.125%, 03/25/24
    
975
      
1,005
  
5.500%, 01/25/23
    
175
      
177
  
Promontoria MCS SAS
               
5.750%, VAR Euribor 3 Month+5.750% 09/30/21
  
EUR
 100      
126
  
Quicken Loans
               
5.750%, 05/01/25(A)
    
2,825
      
2,966
  
Russian Standard
               
13.000%, cash/0% PIK 10/27/22
    
18,005
      
6,266
  
Tempo Acquisition
               
6.750%, 06/01/25(A)
    
1,400
      
1,414
  
Unifin Financiera SOFOM ENR
               
7.250%, 09/27/23
    
3,500
      
3,649
  
                 
Total Financial Services
      
26,626
  
                 
Firearms and Ammunition [0.0%]
  
FGI Operating
               
7.875%, 05/01/20(D)
  
 
1,250
    
 
813
  
                 
Food, Beverage & Tobacco [2.1%]
  
ARAMARK
               
5.125%, 01/15/24
    
1,075
      
1,141
  
CEDC Finance International
               
10.000%, 12/31/22(A)
    
5,000
      
4,831
  
ESAL GmbH
               
6.250%, 02/05/23
    
3,250
      
3,150
  
Galapagos
               
4.421%, VAR Euribor 3 Month+4.750% 06/15/21
  
EUR
 1,888      
2,174
  
Hearthside Group Holdings
               
6.500%, 05/01/22(A)
    
1,250
      
1,278
  
JBS Investments GmbH
               
7.750%, 10/28/20
    
143
      
146
  
7.250%, 04/03/24
    
6,500
      
6,492
  
Lamb Weston Holdings
               
4.875%, 11/01/26(A)
    
700
      
735
  
MARB BondCo
               
7.000%, 03/15/24
    
4,795
      
4,723
  
Marfrig Holdings Europe
               
8.000%, 06/08/23
    
14,620
      
15,126
  
MHP
               
8.250%, 04/02/20
    
3,765
      
4,062
  
7.750%, 05/10/24
    
1,110
      
1,195
  
Minerva Luxembourg
               
6.500%, 09/20/26
    
2,800
      
2,829
  
Nova Austral
               
8.250%, 05/26/21(A)
    
8,500
      
8,711
  
Pinnacle Foods Finance
               
5.875%, 01/15/24
    
450
      
477
  
                 
Total Food, Beverage & Tobacco
      
57,070
  
                 
Food-Catering [0.0%]
  
Aramark Services
               
5.000%, 04/01/25(A)
    
750
      
798
  
                 
Food-Flour and Grain [0.1%]
  
Post Holdings
               
6.000%, 12/15/22(A)
    
150
      
157
  
5.750%, 03/01/27(A)
    
1,000
      
1,030
  
5.500%, 03/01/25(A)
    
500
      
519
  
5.000%, 08/15/26(A)
    
2,125
      
2,119
  
                 
Total Food-Flour and Grain
      
3,825
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Food-Wholesale/Distrib [0.1%]
  
US Foods
           
5.875%, 06/15/24(A)
  
$
1,700
    
$
1,781
  
                 
Gas-Distribution [0.1%]
  
AmeriGas Partners
               
5.875%, 08/20/26
    
1,075
      
1,118
  
5.750%, 05/20/27
    
925
      
946
  
5.625%, 05/20/24
    
400
      
421
  
5.500%, 05/20/25
    
675
      
694
  
                 
Total Gas-Distribution
      
3,179
  
                 
Hazardous Waste Disposal [0.0%]
  
Tervita Escrow
               
7.625%, 12/01/21(A)
    
1,150
      
1,164
  
                 
Health Care [0.1%]
  
Envision Healthcare
               
5.125%, 07/01/22(A)
    
1,400
      
1,452
  
                 
Home Decoration Products [0.1%]
  
RSI Home Products
               
6.500%, 03/15/23(A)
    
1,875
      
1,969
  
                 
Hotels and Motels [0.0%]
  
Grupo Posadas
               
7.875%, 06/30/22
    
163
      
174
  
Hilton Domestic Operating
               
4.250%, 09/01/24
    
550
      
561
  
Hilton Worldwide Finance
               
4.625%, 04/01/25
    
475
      
489
  
                 
Total Hotels and Motels
      
1,224
  
                 
Human Resources [0.1%]
  
Team Health Holdings
               
6.375%, 02/01/25(A)
    
3,050
      
2,890
  
                 
Industrial [0.3%]
  
Reward International Investment
               
7.250%, 01/25/20
    
7,470
      
7,058
  
Saderea, MTN
               
12.500%, 11/30/26
    
392
      
426
  
                 
Total Industrial
      
7,484
  
                 
Insurance [0.3%]
  
Ardonagh Midco 3
               
8.625%, 07/15/23(A)
    
1,375
      
1,447
  
AssuredPartners
               
7.000%, 08/15/25(A)
  
 
1,400
    
 
1,434
  
Hub Holdings
               
8.125%, cash/0% PIK 07/15/19(A)
    
1,525
      
1,529
  
HUB International
               
7.875%, 10/01/21(A)
    
2,600
      
2,707
  
USIS Merger Sub
               
6.875%, 05/01/25(A)
    
1,800
      
1,834
  
                 
Total Insurance
      
8,951
  
                 
Internet Connectiv Svcs [0.1%]
  
United Group
               
4.875%, 07/01/24
  
EUR
1,900      
2,301
  
                 
Internet Security [0.0%]
  
Symantec
               
5.000%, 04/15/25(A)
    
725
      
758
  
                 
Investment Bank/Broker-Dealer [0.1%]
  
BCD Acquisition
               
9.625%, 09/15/23(A)
    
1,100
      
1,210
  
NFP
               
6.875%, 07/15/25(A)
    
1,525
      
1,548
  
                 
Total Investment Bank/Broker-Dealer
      
2,758
  
                 
Machinery-General Indust [0.0%]
  
JPW Industries Holding
               
9.000%, 10/01/24(A)
    
700
      
718
  
Zebra Technologies
               
7.250%, 10/15/22
    
552
      
584
  
                 
Total Machinery-General Indust
      
1,302
  
                 
Media - Non-Cable [0.0%]
  
Intelsat Jackson Holdings
               
7.250%, 10/15/20
    
500
      
481
  
                 
Medical Information Sys [0.0%]
  
Quintiles IMS
               
5.000%, 10/15/26(A)
    
975
      
1,034
  
                 
Medical Labs and Testing Srv [0.1%]
  
Eagle Holding II
               
7.625%, cash/0% PIK 05/15/22(A)
    
775
      
804
  
West Street Merger Sub
               
6.375%, 09/01/25(A)
    
1,025
      
1,020
  
                 
Total Medical Labs and Testing Srv
      
1,824
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Medical Products & Services [1.3%]
  
Acadia Healthcare
           
6.500%, 03/01/24
  
$
2,325
    
$
2,496
  
CHS
               
6.875%, 02/01/22
    
1,875
      
1,472
  
6.250%, 03/31/23
    
1,025
      
1,007
  
5.125%, 08/01/21
    
500
      
494
  
Envision Healthcare
               
6.250%, 12/01/24(A)
    
1,000
      
1,073
  
HCA
               
7.500%, 02/15/22
    
1,225
      
1,405
  
6.500%, 02/15/20
    
300
      
327
  
5.875%, 05/01/23
    
825
      
897
  
5.875%, 02/15/26
    
1,000
      
1,074
  
5.375%, 02/01/25
    
2,250
      
2,371
  
5.250%, 04/15/25
    
2,025
      
2,190
  
5.000%, 03/15/24
    
1,875
      
1,997
  
4.500%, 02/15/27
    
250
      
256
  
HCA Healthcare
               
6.250%, 02/15/21
    
550
      
595
  
IASIS Healthcare
               
8.375%, 05/15/19
    
1,350
      
1,355
  
LifePoint Health
               
5.875%, 12/01/23
    
325
      
343
  
LifePoint Hospitals
               
5.500%, 12/01/21
    
875
      
904
  
Mallinckrodt International Finance
               
5.625%, 10/15/23(A)
    
725
      
677
  
5.500%, 04/15/25(A)
    
2,500
      
2,256
  
4.750%, 04/15/23
    
975
      
831
  
Nidda Healthcare Holding
               
3.500%, 09/30/24
  
EUR
 600      
717
  
SP Finco
               
6.750%, 07/01/25(A)
    
1,700
      
1,598
  
Sterigenics-Nordion Topco
               
8.125%, cash/0% PIK 11/01/21(A)
    
1,750
      
1,785
  
Teleflex
               
5.250%, 06/15/24
    
450
      
476
  
4.875%, 06/01/26
    
675
      
700
  
Tenet Healthcare
               
8.125%, 04/01/22
    
300
      
305
  
7.500%, 01/01/22(A)
    
325
      
344
  
7.000%, 08/01/25(A)
    
350
      
329
  
6.750%, 06/15/23
    
2,150
      
2,064
  
5.125%, 05/01/25(A)
    
1,225
      
1,208
  
4.625%, 07/15/24(A)
    
575
      
570
  
4.500%, 04/01/21
  
 
700
    
 
714
  
4.375%, 10/01/21
    
300
      
304
  
                 
Total Medical Products & Services
      
35,134
  
                 
Medical-HMO [0.1%]
  
MPH Acquisition Holdings
               
7.125%, 06/01/24(A)
    
3,575
      
3,843
  
                 
Medical-Outptnt/Home Med [0.0%]
  
Envision Healthcare
               
5.625%, 07/15/22
    
950
      
990
  
                 
Medical-Whsle Drug Dist [0.1%]
  
Vizient
               
10.375%, 03/01/24(A)
    
1,600
      
1,838
  
                 
Metal-Copper [0.4%]
  
First Quantum Minerals
               
7.500%, 04/01/25
    
1,000
      
1,023
  
7.250%, 04/01/23(A)
    
1,000
      
1,030
  
7.250%, 04/01/23
    
1,000
      
1,030
  
Freeport-McMoRan
               
5.400%, 11/14/34
    
2,300
      
2,196
  
3.875%, 03/15/23
    
1,825
      
1,798
  
Southern Copper
               
7.500%, 07/27/35
    
2,675
      
3,489
  
                 
Total Metal-Copper
      
10,566
  
                 
Metal-Iron [1.4%]
  
Koks OAO Via Koks Finance DAC
               
7.500%, 05/04/22
    
5,100
      
5,480
  
Samarco Mineracao
               
5.750%, 10/24/23(B)
    
12,900
      
7,805
  
4.125%, 11/01/22(B)
    
8,200
      
5,002
  
Vale Overseas
               
6.875%, 11/21/36
    
6,481
      
7,453
  
6.875%, 11/10/39
    
10,745
      
12,316
  
                 
Total Metal-Iron
      
38,056
  
                 
Metals & Mining [0.5%]
  
Hudbay Minerals
               
7.625%, 01/15/25(A)
    
750
      
812
  
7.250%, 01/15/23(A)
    
325
      
346
  
TiZir
               
9.500%, 07/19/22(A)
    
9,100
      
9,393
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Vedanta Resources
           
8.250%, 06/07/21
  
$
3,500
    
$
3,920
  
                 
Total Metals & Mining
      
14,471
  
                 
Miscellaneous Business Services [0.0%]
  
GW Honos Security
               
8.750%, 05/15/25(A)
    
650
      
693
  
   
Miscellaneous Manufacturing [0.2%]
  
Grupo KUO De
               
6.250%, 12/04/22
    
32
      
33
  
Magnesita Finance
               
8.625%, 04/29/49
    
4,043
      
4,027
  
Sistema via Sistema International Funding
               
6.950%, 05/17/19
    
1,000
      
985
  
                 
Total Miscellaneous Manufacturing
      
5,045
  
                 
Office Automation and Equip [0.1%]
  
CDW
               
5.500%, 12/01/24
    
1,125
      
1,253
  
5.000%, 09/01/25
    
350
      
367
  
                 
Total Office Automation and Equip
      
1,620
  
                 
Oil-Field Services [0.3%]
  
Borets Finance
               
7.625%, 09/26/18
    
2,220
      
2,304
  
Oro Negro Drilling Pte
               
7.500%, 01/24/19(A)
    
2,677
      
1,526
  
SESI
               
7.750%, 09/15/24(A)
    
1,000
      
1,035
  
Weatherford International
               
9.875%, 02/15/24(A)
    
200
      
220
  
8.250%, 06/15/23
    
1,075
      
1,107
  
7.000%, 03/15/38
    
775
      
690
  
6.800%, 06/15/37
    
225
      
195
  
Western Refining Logistics
               
7.500%, 02/15/23
    
1,125
      
1,204
  
                 
Total Oil-Field Services
      
8,281
  
                 
Oil-US Royalty Trusts [0.1%]
  
Rio Oil Finance Trust, Ser 2014-3
               
9.750%, 01/06/27
    
2,724
      
2,847
  
 
                
Paper & Related Products [0.1%]
  
Clearwater Paper
               
5.375%, 02/01/25(A)
  
 
2,300
    
 
2,289
  
   
Petrochemicals [0.1%]
  
Braskem America Finance
               
7.125%, 07/22/41
    
2,590
      
2,953
  
                 
Petroleum & Fuel Products [9.6%]
  
Andeavor
               
5.375%, 10/01/22
    
375
      
386
  
Andeavor Logistics
               
6.375%, 05/01/24
    
200
      
217
  
6.250%, 10/15/22
    
975
      
1,037
  
6.125%, 10/15/21
    
475
      
490
  
5.875%, 10/01/20
    
875
      
890
  
5.500%, 10/15/19
    
50
      
53
  
5.250%, 01/15/25
    
700
      
750
  
Antero Midstream Partners
               
5.375%, 09/15/24
    
1,300
      
1,345
  
Antero Resources
               
5.625%, 06/01/23
    
325
      
339
  
5.375%, 11/01/21
    
475
      
488
  
5.125%, 12/01/22
    
350
      
358
  
5.000%, 03/01/25
    
1,075
      
1,091
  
Ascent Resources Utica Holdings
               
10.000%, 04/01/22(A)
    
1,000
      
1,073
  
Callon Petroleum
               
6.125%, 10/01/24
    
1,155
      
1,195
  
Carrizo Oil & Gas
               
8.250%, 07/15/25
    
325
      
353
  
7.500%, 09/15/20
    
675
      
689
  
6.250%, 04/15/23
    
675
      
685
  
Cheniere Corpus Christi Holdings
               
7.000%, 06/30/24
    
750
      
855
  
5.875%, 03/31/25
    
1,050
      
1,130
  
5.125%, 06/30/27(A)
    
475
      
489
  
Cheniere Energy Partners
               
5.250%, 10/01/25(A)
    
1,850
      
1,892
  
Chesapeake Energy
               
8.000%, 12/15/22(A)
    
715
      
770
  
8.000%, 01/15/25(A)
    
350
      
354
  
8.000%, 06/15/27(A)
    
1,025
      
1,015
  
5.750%, 03/15/23
    
500
      
461
  
5.375%, 06/15/21
    
375
      
357
  
4.875%, 04/15/22
    
100
      
93
  
Continental Resources
               
4.500%, 04/15/23
    
900
      
902
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
CrownRock
           
7.750%, 02/15/23(A)
  
$
225
    
$
240
  
7.125%, 04/15/21(A)
    
350
      
361
  
CVR Refining
               
6.500%, 11/01/22
    
2,000
      
2,040
  
Dana Gas Sukuk
               
9.000%, 10/31/17(A)
    
2,120
      
1,672
  
Diamondback Energy
               
4.750%, 11/01/24
    
350
      
357
  
DNO
               
8.750%, 06/18/20(A)
    
1,400
      
1,400
  
Energy Transfer
               
5.500%, 04/15/23
    
200
      
206
  
Energy Transfer Equity
               
5.875%, 01/15/24
    
1,975
      
2,121
  
5.500%, 06/01/27
    
175
      
184
  
EP Energy
               
8.000%, 11/29/24(A)
    
800
      
808
  
6.375%, 06/15/23
    
200
      
123
  
EP PetroEcuador via Noble Sovereign Funding I
               
6.961%, VAR ICE LIBOR USD 3 Month+5.630% 09/24/19
    
28,523
      
28,665
  
Gazprom OAO Via Gaz Capital, MTN
               
8.625%, 04/28/34
    
9,150
      
12,438
  
Genel Energy Finance
               
7.500%, 05/14/19(A)
    
1,400
      
1,344
  
General Exploration Partners
               
11.500%, cash/0% PIK 11/13/18(A)
    
10,796
      
10,256
  
Georgian Oil and Gas JSC
               
6.750%, 04/26/21
    
600
      
637
  
Gulfport Energy
               
6.625%, 05/01/23
    
550
      
557
  
6.375%, 05/15/25
    
675
      
683
  
6.000%, 10/15/24
    
300
      
302
  
Holly Energy Partners
               
6.000%, 08/01/24(A)
    
1,625
      
1,704
  
Laredo Petroleum
               
7.375%, 05/01/22
    
775
      
802
  
6.250%, 03/15/23
    
200
      
206
  
5.625%, 01/15/22
    
375
      
378
  
Latina Offshore
               
8.875%, 07/03/18(A)
    
3,000
      
2,310
  
NGPL PipeCo
               
4.875%, 08/15/27(A)
    
100
      
105
  
4.375%, 08/15/22(A)
    
50
      
52
  
Nostrum Oil & Gas Finance
               
8.000%, 07/25/22
    
5,050
      
5,274
  
NuStar Logistics
               
5.625%, 04/28/27
  
 
1,200
    
 
1,266
  
Oasis Petroleum
               
6.875%, 03/15/22
    
650
      
661
  
6.875%, 01/15/23
    
175
      
178
  
6.500%, 11/01/21
    
450
      
459
  
Odebrecht Drilling Norbe VIII
               
6.350%, 06/30/21(B)
    
10,879
      
7,044
  
Offshore Drilling Holding
               
8.375%, 09/20/20
    
10,550
      
4,326
  
Oilflow SPV 1 DAC
               
12.000%, 01/13/22
    
2,950
      
3,095
  
12.000%, 01/13/22(A)
    
9,245
      
9,700
  
Parsley Energy
               
6.250%, 06/01/24(A)
    
150
      
158
  
5.375%, 01/15/25(A)
    
275
      
281
  
5.250%, 08/15/25(A)
    
275
      
279
  
PDC Energy
               
7.750%, 10/15/22
    
175
      
182
  
6.125%, 09/15/24
    
450
      
470
  
Petroamazonas EP
               
4.625%, 02/16/20
    
7,000
      
6,703
  
Petrobras Global Finance
               
8.750%, 05/23/26
    
4,740
      
5,696
  
8.375%, 12/10/18
    
3,000
      
3,197
  
7.875%, 03/15/19
    
140
      
150
  
6.875%, 01/20/40
    
23,055
      
23,343
  
6.850%, 06/05/15(L)
    
5,783
      
5,537
  
6.125%, 01/17/22
    
3,500
      
3,763
  
Petroleos de Venezuela
               
9.750%, 05/17/35
    
11,459
      
3,925
  
8.500%, 11/02/17
    
435
      
409
  
8.500%, 10/27/20
    
32,710
      
27,231
  
Precision Drilling
               
7.750%, 12/15/23
    
625
      
638
  
6.500%, 12/15/21
    
225
      
228
  
Puma International Financing
               
6.750%, 02/01/21
    
7,050
      
7,262
  
QEP Resources
               
6.875%, 03/01/21
    
400
      
421
  
5.250%, 05/01/23
    
550
      
535
  
QGOG Atlantic
               
5.250%, 07/30/18
    
1,615
      
1,591
  
QGOG Constellation
               
9.500%, 11/09/24
    
20,670
      
15,916
  
Range Resources
               
5.000%, 03/15/23(A)
    
475
      
471
  
4.875%, 05/15/25
    
772
      
760
  
Rice Energy
               
6.250%, 05/01/22
    
900
      
941
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
RSP Permian
           
6.625%, 10/01/22
  
$
625
    
$
656
  
5.250%, 01/15/25(A)
    
425
      
431
  
Seven Energy Finance
               
10.250%, cash/0% PIK 10/11/21(B) (D)
    
11,685
      
3,973
  
SM Energy
               
6.750%, 09/15/26
    
300
      
300
  
6.500%, 01/01/23
    
400
      
403
  
5.625%, 06/01/25
    
250
      
238
  
5.000%, 01/15/24
    
175
      
165
  
Southwestern Energy
               
7.750%, 10/01/27
    
1,025
      
1,063
  
7.500%, 04/01/26
    
175
      
182
  
4.100%, 03/15/22
    
850
      
817
  
Summit Midstream Holdings
               
5.750%, 04/15/25
    
1,275
      
1,294
  
5.500%, 08/15/22
    
1,600
      
1,608
  
Targa Resources Partners
               
5.375%, 02/01/27
    
1,075
      
1,119
  
5.250%, 05/01/23
    
500
      
510
  
5.125%, 02/01/25
    
475
      
489
  
Tupras Turkiye Petrol Rafinerileri
               
4.125%, 05/02/18
    
3,000
      
3,018
  
Ultra Resources
               
7.125%, 04/15/25(A)
    
750
      
758
  
6.875%, 04/15/22(A)
    
225
      
230
  
Whiting Petroleum
               
6.250%, 04/01/23
    
1,025
      
1,008
  
Williams
               
4.550%, 06/24/24
    
900
      
932
  
Williams Partners
               
4.875%, 03/15/24
    
450
      
471
  
WPX Energy
               
8.250%, 08/01/23
    
275
      
308
  
7.500%, 08/01/20
    
51
      
55
  
6.000%, 01/15/22
    
300
      
310
  
5.250%, 09/15/24
    
625
      
627
  
YPF
               
8.500%, 07/28/25
    
3,950
      
4,552
  
6.950%, 07/21/27
    
4,000
      
4,250
  
Zhaikmunai LLP
               
7.125%, 11/13/19
    
1,390
      
1,413
  
6.375%, 02/14/19
    
1,550
      
1,558
  
                 
Total Petroleum & Fuel Products
      
264,536
  
                 
Phys Practice Mgmnt [0.0%]
  
MEDNAX
               
5.250%, 12/01/23(A)
    
200
      
210
  
   
Platinum [0.2%]
  
Stillwater Mining
               
7.125%, 06/27/25
  
 
4,000
    
 
4,120
  
6.125%, 06/27/22
    
1,500
      
1,523
  
                 
Total Platinum
      
5,643
  
                 
Precious Metals [0.0%]
  
Coeur Mining
               
5.875%, 06/01/24
    
925
      
925
  
   
Printing & Publishing [0.1%]
  
Multi-Color
               
6.125%, 12/01/22(A)
    
1,550
      
1,626
  
Nielsen Finance
               
5.000%, 04/15/22(A)
    
1,700
      
1,761
  
                 
Total Printing & Publishing
      
3,387
  
                 
Publishing-Newspapers [0.1%]
  
TEGNA
               
6.375%, 10/15/23
    
1,125
      
1,196
  
5.500%, 09/15/24(A)
    
300
      
316
  
                 
Total Publishing-Newspapers
      
1,512
  
                 
Quarrying [0.0%]
  
Compass Minerals International
               
4.875%, 07/15/24(A)
    
1,200
      
1,179
  
                 
Radio [0.3%]
  
CBS Radio
               
7.250%, 11/01/24(A)
    
650
      
694
  
Sirius XM Radio
               
6.000%, 07/15/24(A)
    
975
      
1,049
  
5.375%, 04/15/25(A)
    
1,400
      
1,477
  
5.375%, 07/15/26(A)
    
575
      
605
  
5.000%, 08/01/27(A)
    
75
      
77
  
4.625%, 05/15/23(A)
    
1,250
      
1,284
  
Urban One
               
9.250%, 02/15/20(A)
    
900
      
853
  
7.375%, 04/15/22(A)
    
1,150
      
1,150
  
                 
Total Radio
      
7,189
  
                 
Real Estate Investment Trusts [0.1%]
  
GLP Capital
               
5.375%, 04/15/26
    
400
      
436
  
Iron Mountain
               
5.750%, 08/15/24
    
475
      
490
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Lamar Media
           
5.875%, 02/01/22
  
$
525
    
$
541
  
5.750%, 02/01/26
    
100
      
108
  
5.375%, 01/15/24
    
450
      
474
  
MGM Growth Properties Operating Partnership
               
5.625%, 05/01/24
    
425
      
461
  
RHP Hotel Properties
               
5.000%, 04/15/23
    
150
      
155
  
                 
Total Real Estate Investment Trusts
      
2,665
  
                 
Real Estate Oper/Develop [1.0%]
  
APL Realty Holdings Pte
               
5.950%, 06/02/24
    
3,000
      
2,993
  
BR Properties
               
9.000%, 10/29/49
    
1,000
      
1,015
  
Central China Real Estate
               
8.750%, 01/23/21
    
1,280
      
1,375
  
China Evergrande Group
               
7.500%, 06/28/23
    
5,115
      
5,080
  
China SCE Property Holdings
               
10.000%, 07/02/20
    
1,000
      
1,088
  
Ezdan Sukuk
               
4.375%, 05/18/21
    
2,850
      
2,703
  
Global Prime Capital Pte
               
5.500%, 10/18/23
    
5,000
      
5,041
  
Kaisa Group Holdings
               
8.500%, 06/30/22
    
3,445
      
3,458
  
Sunac China Holdings
               
7.950%, 08/08/22
    
5,800
      
5,791
  
                 
Total Real Estate Oper/Develop
      
28,544
  
                 
Regional Authority [0.0%]
  
Rio Oil Finance Trust, Ser 2014-1
               
9.250%, 07/06/24
    
181
      
188
  
                 
Research and Development [0.1%]
  
Jaguar Holding II
               
6.375%, 08/01/23(A)
    
3,575
      
3,740
  
                 
Resorts/Theme Parks [0.1%]
  
Cedar Fair
               
5.375%, 04/15/27(A)
    
400
      
420
  
Six Flags Entertainment
               
5.500%, 04/15/27(A)
    
2,450
      
2,511
  
4.875%, 07/31/24(A)
    
550
      
560
  
                 
Total Resorts/Theme Parks
      
3,491
  
   
Retail [0.9%]
  
1011778 BC ULC
               
6.000%, 04/01/22(A)
  
 
1,114
    
 
1,149
  
5.000%, 10/15/25(A)
    
2,100
      
2,126
  
4.250%, 05/15/24(A)
    
525
      
527
  
Albertsons
               
6.625%, 06/15/24
    
900
      
840
  
5.750%, 03/15/25
    
1,600
      
1,408
  
Ferrellgas
               
6.750%, 01/15/22
    
1,175
      
1,140
  
6.750%, 06/15/23
    
1,100
      
1,061
  
6.500%, 05/01/21
    
675
      
655
  
Hillman Group
               
6.375%, 07/15/22(A)
    
1,950
      
1,940
  
Iceland Bondco
               
4.545%, VAR ICE LIBOR GBP 3 Month+4.250% 07/15/20
  
GBP
 247      
330
  
KFC Holding
               
5.250%, 06/01/26(A)
    
625
      
662
  
5.000%, 06/01/24(A)
    
325
      
342
  
4.750%, 06/01/27(A)
    
625
      
644
  
Michaels Stores
               
5.875%, 12/15/20(A)
    
1,500
      
1,534
  
New Look Secured Issuer
               
4.500%, VAR Euribor 3 Month+4.500% 07/01/22
  
EUR
  2,000      
1,525
  
Party City Holdings
               
6.125%, 08/15/23(A)
    
1,650
      
1,716
  
PetSmart
               
8.875%, 06/01/25(A)
    
675
      
537
  
7.125%, 03/15/23(A)
    
2,550
      
1,988
  
Rite Aid
               
6.125%, 04/01/23(A)
    
1,050
      
1,020
  
Sally Holdings
               
5.625%, 12/01/25
    
1,050
      
1,076
  
Suburban Propane Partners
               
5.875%, 03/01/27
    
450
      
445
  
                 
Total Retail
      
22,665
  
                 
Rubber & Plastic [0.1%]
  
Goodyear Tire & Rubber
               
5.125%, 11/15/23
    
250
      
261
  
5.000%, 05/31/26
    
675
      
704
  
4.875%, 03/15/27
    
575
      
592
  
                 
Total Rubber & Plastic
      
1,557
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Rubber/Plastic Products [0.1%]
  
Gates Global
           
6.000%, 07/15/22(A)
  
$
2,625
    
$
2,697
  
                 
Security Brokers & Dealers [2.2%]
  
Bank of America
               
2.313%, VAR ICE LIBOR USD 3 Month+1.000% 04/24/23
    
10,000
      
10,086
  
Goldman Sachs Group, MTN
               
2.415%, VAR ICE LIBOR USD 3 Month+1.100% 11/15/18
    
20,000
      
20,185
  
JPMorgan Chase
               
2.214%, VAR ICE LIBOR USD 3 Month+0.900% 04/25/23
    
10,000
      
10,071
  
Morgan Stanley
               
2.109%, VAR ICE LIBOR USD 3 Month+0.800% 02/14/20
    
10,000
      
10,051
  
UBS Group Funding Switzerland
               
2.841%, VAR ICE LIBOR USD 3 Month+1.530% 02/01/22(A)
    
10,000
      
10,306
  
                 
Total Security Brokers & Dealers
      
60,699
  
                 
Semi-Conductors [0.2%]
  
Entegris
               
6.000%, 04/01/22(A)
    
1,300
      
1,359
  
Micron Technology
               
5.250%, 08/01/23(A)
    
275
      
287
  
5.250%, 01/15/24(A)
    
175
      
184
  
Sensata Technologies
               
5.000%, 10/01/25(A)
    
300
      
316
  
Sensata Technologies UK Financing
               
6.250%, 02/15/26(A)
    
225
      
246
  
Tunghsu Venus Holdings
               
7.000%, 06/12/20
    
3,635
      
3,453
  
                 
Total Semi-Conductors
      
5,845
  
                 
Software & Services [0.1%]
  
Rackspace Hosting
               
8.625%, 11/15/24(A)
    
2,250
      
2,401
  
                 
Steel & Steel Works [0.5%]
  
ArcelorMittal
               
6.125%, 06/01/25
    
250
      
287
  
CSN Resources
               
6.500%, 07/21/20
  
 
2,000
    
 
1,760
  
Ferrexpo Finance
               
10.375%, 04/07/19
    
2,588
      
2,749
  
Metinvest
               
9.373%, cash/0% PIK 12/31/21
    
7,265
      
7,353
  
Steel Dynamics
               
5.500%, 10/01/24
    
900
      
963
  
5.250%, 04/15/23
    
125
      
130
  
5.125%, 10/01/21
    
225
      
232
  
5.000%, 12/15/26
    
225
      
240
  
                 
Total Steel & Steel Works
      
13,714
  
                 
Telecommunication Equip [0.5%]
  
CommScope
               
5.500%, 06/15/24(A)
    
300
      
314
  
CommScope Technologies
               
6.000%, 06/15/25(A)
    
950
      
1,016
  
5.000%, 03/15/27(A)
    
125
      
125
  
HTA Group
               
9.125%, 03/08/22
    
10,925
      
11,487
  
                 
Total Telecommunication Equip
      
12,942
  
                 
Telephones & Telecommunications [4.8%]
  
Altice
               
7.750%, 05/15/22(A)
    
850
      
902
  
7.625%, 02/15/25(A)
    
1,500
      
1,618
  
Altice US Finance I
               
5.375%, 07/15/23(A)
    
575
      
608
  
AT&T
               
2.254%, VAR ICE LIBOR USD 3 Month+0.950% 07/15/21
    
10,000
      
10,126
  
Banglalink Digital Communications
               
8.625%, 05/06/19
    
1,200
      
1,252
  
Bulgarian Telecommunications EAD, MTN
               
6.625%, 11/15/18
  
EUR
1,358      
1,615
  
Cequel Communications Holdings I
               
7.750%, 07/15/25(A)
    
1,000
      
1,105
  
Comcel Trust
               
6.875%, 02/06/24
    
2,975
      
3,170
  
CSC Holdings
               
10.875%, 10/15/25(A)
    
375
      
464
  
10.125%, 01/15/23(A)
    
825
      
952
  
6.625%, 10/15/25(A)
    
625
      
684
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Digicel
           
6.000%, 04/15/21
  
$
24,415
      
23,833
  
Digicel Group
               
8.250%, 09/30/20
    
22,880
      
22,437
  
8.250%, 09/30/20(A)
    
1,075
      
1,050
  
7.125%, 04/01/22
    
14,055
      
12,732
  
GTH Finance
               
7.250%, 04/26/23
    
9,655
      
10,953
  
Intelsat Jackson Holdings
               
9.750%, 07/15/25(A)
    
525
      
530
  
8.000%, 02/15/24(A)
    
875
      
941
  
7.500%, 04/01/21
    
1,475
      
1,398
  
5.500%, 08/01/23
    
1,625
      
1,377
  
Liquid Telecommunications Financing
               
8.500%, 07/13/22
    
7,000
      
7,373
  
Matterhorn Telecom, MTN
               
3.250%, VAR Euribor 3 Month+3.250% 02/01/23
  
EUR
905      
1,070
  
Mauritius Investment
               
5.373%, 02/13/22
    
14
      
15
  
Sable International Finance
               
6.875%, 08/01/22
    
10,525
      
11,367
  
Sixsigma Networks Mexico
               
8.250%, 11/07/21
    
63
      
65
  
Sprint
               
7.875%, 09/15/23
    
3,300
      
3,828
  
7.625%, 02/15/25
    
600
      
688
  
7.125%, 06/15/24
    
500
      
562
  
Sprint Capital
               
6.875%, 11/15/28
    
1,800
      
2,016
  
Sprint Communications
               
6.000%, 11/15/22
    
1,700
      
1,820
  
T-Mobile USA
               
6.836%, 04/28/23
    
1,500
      
1,584
  
6.625%, 04/01/23
    
1,450
      
1,526
  
6.500%, 01/15/24
    
700
      
746
  
6.500%, 01/15/26
    
400
      
442
  
6.375%, 03/01/25
    
575
      
619
  
6.125%, 01/15/22
    
275
      
286
  
6.000%, 04/15/24
    
550
      
584
  
                 
Total Telephones & Telecommunications
      
132,338
  
                 
Textile-Home Furnishings [0.0%]
  
Springs Industries
               
6.250%, 06/01/21
    
627
      
647
  
                 
Textile-Products [0.3%]
  
Golden Legacy Pte. Ltd.
               
8.250%, 06/07/21
    
4,655
      
5,084
  
6.875%, 03/27/24
    
2,000
      
2,033
  
Grupo Kaltex
               
8.875%, 04/11/22
  
 
140
    
 
131
  
                 
Total Textile-Products
      
7,248
  
                 
Transactional Software [0.1%]
  
Solera
               
10.500%, 03/01/24(A)
    
2,250
      
2,562
  
                 
Transportation & Logistics [0.1%]
  
DP World, MTN
               
6.850%, 07/02/37
    
2,860
      
3,530
  
                 
Transportation Services [0.9%]
  
Air Medical Group Holdings
               
6.375%, 05/15/23(A)
    
1,800
      
1,732
  
Alfa
               
6.875%, 03/25/44
    
3,055
      
3,460
  
Brunswick Rail Finance
               
6.500%, 11/01/17
    
2,450
      
2,074
  
Far East Capital
               
8.750%, 05/02/20(B)
    
5,200
      
4,108
  
8.000%, 05/02/18(B)
    
5,500
      
4,346
  
Global Liman Isletmeleri
               
8.125%, 11/14/21
    
5,250
      
5,436
  
Nielsen Luxembourg SaRL
               
5.500%, 10/01/21(A)
    
250
      
257
  
Sabre GLBL
               
5.375%, 04/15/23(A)
    
900
      
933
  
Ukraine Railways via Shortline
               
9.875%, 09/15/21
    
3,000
      
3,171
  
                 
Total Transportation Services
      
25,517
  
                 
Transport-Equip and Leasng [0.1%]
  
Park Aerospace Holdings
               
5.500%, 02/15/24(A)
    
2,925
      
3,071
  
5.250%, 08/15/22(A)
    
250
      
260
  
4.500%, 03/15/23(A)
    
250
      
250
  
                 
Total Transport-Equip and Leasng
      
3,581
  
                 
Utility [0.1%]
  
Suburban Propane Partners
               
5.750%, 03/01/25
    
850
      
841
  
5.500%, 06/01/24
    
1,550
      
1,558
  
                 
Total Utility
      
2,399
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Waste Disposal [0.0%]
  
Wrangler Buyer
           
6.000%, 10/01/25(A)
  
$
125
    
$
127
  
                 
Water Treatment Systems [0.0%]
  
CD&R Waterworks Merger Sub
               
6.125%, 08/15/25(A)
    
550
      
564
  
                 
Web Hosting/Design [0.0%]
  
VeriSign
               
5.250%, 04/01/25
    
525
      
567
  
4.750%, 07/15/27
    
250
      
257
  
                 
Total Web Hosting/Design
      
824
  
                 
Total Corporate Bonds
  
(Cost $1,396,232)
      
1,436,540
  
                 
Loan Participations [29.2%]
  
Aerospace [0.6%]
  
Aerojet Rocketdyne Holdings, Term Loan
                
3.235%, 06/17/21
    
750
      
743
  
Air Canada, Term Loan B (2017)
                
3.568%, 10/06/23
    
1,260
      
1,265
  
American Airlines, Class B Term Loan
                
3.734%, 12/14/23
    
305
      
305
  
American Airlines, Term Loan B
                
3.735%, 04/28/23(F)
    
635
      
637
  
American Airlines, Term Loan B (2017)
                
4.813%, 10/10/21
    
495
      
495
  
Dae Aviation Holdings, Term Loan
                
0.000%, 07/07/22(F) (G)
    
1,175
      
1,183
  
Dae Aviation Holdings, Term Loan B
                
4.985%, 07/07/22
    
1,236
      
1,245
  
Engility, Term Loan B-1
                
3.985%, 08/12/20
    
1,206
      
1,213
  
Engility, Term Loan B-2
                
6.500%, 08/14/23(G)
    
1,395
      
1,410
  
Sequa, Term Loan B
                
6.814%, 10/26/21(G)
    
783
      
788
  
Sequa, Term Loan, 2nd Lien
                
10.314%, 04/26/22(G)
    
185
      
189
  
TransDigm, Term Loan D
                
4.333%, 06/04/21(G)
    
1,962
      
1,966
  
TransDigm, Term Loan F
                
4.235%, 06/09/23(G)
    
2,275
      
2,281
  
TransDigm, Term Loan G
                
4.235%, 08/16/24
  
 
753
    
 
754
  
WP CPP Holdings, Term Loan B-3
                
4.811%, 12/28/19
    
834
      
812
  
                 
Total Aerospace
      
15,286
  
                 
Automotive [0.6%]
  
Apcoa, Term Loan, 1st Lien
                
4.250%, 03/08/24
    
2,000
      
2,387
  
Car Trawler, Term Loan
                
3.750%, 04/30/21
  
EUR
  2,723      
3,187
  
Cooper, Term Loan
                
3.500%, 01/30/23
  
EUR
1,000      
1,190
  
Oasis Holdings, Term Loan
                
2.500%, 11/19/20(F)
    
10,386
      
8,828
  
                 
Total Automotive
      
15,592
  
                 
Broadcasting [0.4%]
  
CBS Radio, Term Loan B
                
4.737%, 10/17/23
    
588
      
592
  
CBS Radio, Term Loan B (2017)
                
2.750%, 03/02/24(F)
    
750
      
751
  
Cumulus Media, Term Loan B
                
4.490%, 12/23/20(G)
    
466
      
388
  
Entercom Radio LLC, Term Loan B
                
4.737%, 11/01/23
    
458
      
459
  
IHeart Communications, Term Loan E
                
8.833%, 07/30/19
    
2,143
      
1,651
  
Mission / Nexstar Broadcasting, Term Loan B2 - Mission
                
3.732%, 01/17/24(G)
    
53
      
53
  
Mission / Nexstar Broadcasting, Term Loan B2 - Nexstar
                
3.737%, 01/17/24(G)
    
417
      
418
  
Quincy Newspapers, Term Loan B
                
4.490%, 11/02/22
    
416
      
417
  
TFM Group, Term Loan
                
3.500%, 10/16/23
  
EUR
  1,000      
1,189
  
Tribune Media, Term Loan B
                
4.235%, 12/27/20
    
100
      
100
  
Tribune Media, Term Loan C
                
4.235%, 01/27/24(G)
    
1,249
      
1,250
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Univision Comm (fka Umbrella), 2017 Replacement Term Loan
            
3.985%, 03/15/24(G)
  
$
4,424
    
$
4,382
  
                 
Total Broadcasting
      
11,650
  
 
                
Broadcasting & Cable [0.1%]
  
Virgin Media, Term Loan J, 1st Lien
                
3.752%, 01/30/26
  
GBP
1,500      
2,016
  
                 
Cable/Wireless Video [1.8%]
  
Altice Financing, New Refi Term Loan
                
3.485%, 07/28/25
    
2,677
      
2,663
  
Altice Financing, Term Loan B (2017)
                
4.054%, 06/22/25
    
1,167
      
1,168
  
Atlantic Broadband, Term Loan
                
2.375%, 08/11/24
    
1,300
      
1,291
  
Cable & Wireless Communications PLC (Sable), Term Loan B-3
                
4.735%, 01/31/25(G)
    
3,415
      
3,377
  
Cable One, Term Loan B
                
3.570%, 04/12/24
    
224
      
226
  
Charter Comm Operating, LLC, Term Loan E-1
                
3.240%, 07/01/20
    
1,733
      
1,739
  
Charter Comm Operating, LLC, Term Loan H-1
                
3.240%, 01/15/22(G)
    
1,873
      
1,877
  
Charter Comm Operating, LLC, Term Loan I-1
                
3.490%, 01/15/24(G)
    
2,121
      
2,129
  
CSC Holdings, Term Loan B (2017)
                
3.484%, 07/15/25(G)
    
1,471
      
1,462
  
Intelsat Jackson Holdings, Term Loan B2
                
4.071%, 06/30/19(G)
    
3,220
      
3,208
  
Liberty Cablevision of Puerto Rico, Term Loan, 1st Lien
                
4.804%, 01/07/22
    
2,610
      
2,427
  
Liberty Cablevision of Puerto Rico, Term Loan, 2nd Lien - 2014
                
8.054%, 07/07/23
    
112
      
110
  
M7 Group, Term Loan
                
4.250%, 06/17/21
    
899
      
1,069
  
MCC Iowa (Broadband), Term Loan H
                
3.700%, 01/29/21
  
 
1,250
    
 
1,258
  
Mediacom LLC, Term Loan K
                
3.450%, 02/19/24
    
1,134
      
1,135
  
Quebecor Media, Term Loan B
                
3.565%, 08/17/20
    
2,089
      
2,094
  
Radiate Hold, Term Loan B
                
4.235%, 02/01/24(G)
    
1,129
      
1,113
  
Tele Columbus, Term Loan
                
3.250%, 10/15/24
  
EUR
2,000      
2,376
  
Telenet Financing, Term Loan AI
                
3.984%, 06/30/25(G)
    
470
      
471
  
Unitymedia, Term Loan B (2017)
                
3.487%, 09/08/25(F)
    
1,765
      
1,759
  
UPC Financing, Term Loan AP
                
3.984%, 04/15/25(G)
    
2,210
      
2,216
  
WideOpenWest Finance LLC, Term Loan B (2017)
                
4.484%, 08/18/23(G)
    
2,590
      
2,584
  
Ziggo, Term Loan E
                
3.734%, 04/15/25(G)
    
7,800
      
7,793
  
3.000%, 04/15/25
  
EUR
3,000      
3,565
  
                 
Total Cable/Wireless Video
      
49,110
  
                 
Chemicals [1.7%]
  
Albaugh, LLC, Initial Term Loan
                
6.235%, 05/31/21
    
401
      
404
  
Allnex, Term Loan B-1
                
3.250%, 06/02/23
  
EUR
1,485      
1,759
  
Alpha 3, Term Loan B-1
                
4.333%, 01/31/24(G)
    
379
      
380
  
Ashland, Term Loan B
                
3.319%, 05/25/24
    
145
      
145
  
ASP Chromaflo Intermediate Holdings, Term Loan B-1
                
5.235%, 11/20/23(G)
    
731
      
734
  
ASP Chromaflo Intermediate Holdings, Term Loan B-2
                
5.239%, 11/20/23(G)
    
951
      
955
  
Axalta Coating Systems US Holdings, Term Loan B (2017)
                
3.333%, 06/30/24
    
658
      
661
  
Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien
                
4.057%, 09/07/21
    
2,497
      
2,428
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Constantia Flexibles, 1st Lien
            
4.296%, 04/30/22(G)
  
$
629
    
$
626
  
Constantia Flexibles, Initial Term Loan
                
4.296%, 04/30/22(G)
    
123
      
122
  
Emerald Performance Materials, LLC, Initial Term Loan, 1st Lien
                
4.735%, 07/30/21(G)
    
118
      
119
  
Emerald Performance Materials, LLC, Term Loan, 2nd Lien
                
8.985%, 08/01/22
    
1,945
      
1,940
  
Ferro, Term Loan B
                
3.735%, 02/13/24(G)
    
786
      
789
  
Flint Group SA, Term Loan C
                
4.057%, 09/03/21
    
413
      
401
  
Gemini HDPE LLC, Term Loan B
                
4.172%, 08/06/21
    
1,640
      
1,648
  
Ineos Group Holdings PLC, Term Loan B (2024)
                
3.985%, 02/10/24(G)
    
1,896
      
1,908
  
Ineos Group Holdings PLC, Term Loan B 2022
                
3.985%, 03/31/22(G)
    
5,473
      
5,509
  
Ineos Group, Term Loan
                
3.250%, 03/31/22
    
1,950
      
2,316
  
Ineos Styrolution Group GmbH, Term Loan B (2017)
                
4.083%, 03/30/24
    
1,236
      
1,247
  
Kraton Polymers, Term Loan B (2017)
                
4.235%, 01/06/22(G)
    
163
      
165
  
MacDermid (Platform), Term Loan B-5
                
4.735%, 06/07/20
    
450
      
452
  
MacDermid (Platform), Term Loan B-6
                
4.239%, 06/07/23
    
573
      
576
  
MacDermid (Platform), Term Loan B-7
                
2.500%, 06/07/20
    
460
      
461
  
MacDermid, Term Loan C, 1st Lien
                
0.000%, 06/07/20
  
EUR
2,241      
2,661
  
Minerals Technologies, Fixed Term Loan B-2
                
4.750%, 05/07/21
    
3,495
      
3,539
  
Minerals Technologies, Term Loan B (2017)
                
3.490%, 02/14/24
    
2,245
      
2,256
  
NEP, Term Loan, 1st Lien
                
3.750%, 01/04/24
    
1,489
      
1,773
  
New Arclin US Holdings, Term Loan B
                
5.583%, 02/10/24
  
 
219
    
 
221
  
Oxea, Term Loan B
                
0.000%, 10/12/24
  
EUR
540      
541
  
Oxea, Term Loan, 1st Lien
                
0.000%, 09/27/24
  
EUR
1,500      
1,773
  
Parex Group, Term Loan B, 1st Lien
                
3.500%, 03/07/24
  
EUR
 1,500      
1,780
  
Perstorp, Term Loan
                
0.297%, 12/27/21
  
EUR
1,098      
1,337
  
Platform Specialty Products, 1st Lien
                
4.250%, 06/07/20
    
230
      
272
  
Royal Adhesives and Sealants LLC, Term Loan B
                
4.583%, 06/20/22(G)
    
622
      
623
  
Royal Adhesives and Sealants LLC, Term Loan, 2nd Lien
                
8.833%, 06/19/23(G)
    
552
      
550
  
Sapec, Term Loan B, 1st Lien
                
4.750%, 12/15/23(D)
  
EUR
2,500      
2,940
  
Trinseo Materials Operating S.C.A (fka Styron), Term Loan B (2017)
                
3.735%, 08/17/24(F) (G)
    
785
      
789
  
Tronox, Blocked Dollar Term Loan
                
3.000%, 09/22/24(G)
    
153
      
153
  
Tronox, Initial Dollar Term Loan
                
3.000%, 09/22/24(G)
    
352
      
354
  
Univar, Term Loan B2
                
3.985%, 07/01/22(G)
    
238
      
239
  
Venator, Term Loan B
                
4.312%, 06/29/24(F)
    
510
      
512
  
                 
Total Chemicals
      
48,058
  
                 
Consumer Durables [0.1%]
  
American Bath Group, Replacement Term Loan
                
6.583%, 09/30/23
    
1,200
      
1,202
  
WKI Holdings, Term Loan B (2017)
                
5.311%, 05/01/24
    
444
      
444
  
                 
Total Consumer Durables
      
1,646
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Consumer Non-Durables [0.3%]
  
Coty, Term Loan B (Galleria)
            
4.250%, 09/29/23(G)
  
$
525
    
$
523
  
Eastman Kodak, Exit Term Loan
                
7.507%, 09/03/19(G)
    
820
      
807
  
NBTY (Nature’s Bounty), Term Loan
                
4.738%, 09/11/24
    
395
      
390
  
Parfums Holdings, Term Loan B
                
6.083%, 06/29/24(F)
    
324
      
327
  
PHS Group Limited, Term Loan
                
6.250%, 11/15/21
  
GBP
1,697      
2,293
  
Prestige Brands, Term Loan B-4
                
3.985%, 01/20/24(G)
    
850
      
853
  
Varsity Brands (Hercules Achievement), Term Loan B
                
4.732%, 12/10/21(G)
    
1,961
      
1,974
  
                 
Total Consumer Non-Durables
      
7,167
  
                 
Containers & Packaging [0.1%]
  
Faerch, Term Loan B, 1st Lien
                
0.000%, 07/24/24
    
2,500
      
2,955
  
                 
Diversified Media [1.1%]
  
ALM Media, LLC, Term Loan B
                
5.833%, 07/31/20(D)
    
204
      
184
  
Audiotonix Term Loan, 1st Lien
                
5.924%, 03/22/24
    
1,223
      
1,217
  
Creative Artist Agency LLC, Term Loan B (2024)
                
4.734%, 02/13/24
    
1,060
      
1,063
  
Deluxe Entertainment Services Group, Term Loan
                
6.811%, 02/28/20
    
1,942
      
1,949
  
DHX Media, Term Loan B
                
4.985%, 12/29/23(F)
    
509
      
507
  
Donnelley Financial Solutions, Term Loan B
                
4.480%, 09/29/23
    
254
      
255
  
Formula One (Alpha Topco), Term Loan B
                
4.235%, 02/24/24(G)
    
840
      
845
  
Harland Clarke Holdings, Term Loan B-5
                
7.333%, 12/31/21
    
2,550
      
2,563
  
Harland Clarke Holdings, Term Loan B-6
                
6.833%, 02/09/22(G)
    
9,955
      
9,999
  
Learfield Communications, Term Loan
                
4.490%, 12/01/23(G)
  
 
248
    
 
249
  
Lions Gate Entertainment, Term Loan B
                
4.235%, 12/08/23
    
1,450
      
1,461
  
McGraw-Hill Global Education Holdings LLC, Term Loan - 2022
                
5.235%, 05/04/22(G)
    
522
      
512
  
MediArena Acquisition (Endemol), Term Loan, 1st Lien
                
7.049%, 08/13/21
    
1,446
      
1,392
  
Merrill Communications LLC, Term Loan - 2022
                
6.561%, 06/01/22
    
1,139
      
1,144
  
Micro Holdings (Internet Brands), Term Loan (2017)
                
4.820%, 08/16/24
    
1,148
      
1,141
  
Micro Holdings (Internet Brands), Term Loan, 2nd Lien
                
8.820%, 08/16/25
    
145
      
144
  
Nielsen Finance LLC, Term Loan B-4
                
6.976%, 10/04/23
    
594
      
594
  
Rovi Solutions, Term Loan B
                
3.740%, 07/02/21
    
559
      
560
  
WME IMG Holdings LLC, Initial Term Loan
                
4.490%, 05/06/21(G)
    
2,707
      
2,721
  
WME IMG Holdings LLC, Term Loan, 2nd Lien
                
8.490%, 05/06/22
    
2,427
      
2,451
  
                 
Total Diversified Media
      
30,951
  
                 
Energy [1.4%]
  
Alon USA, MLP Term Loan
                
9.250%, 11/26/18
    
537
      
539
  
Azure Midstream Holdings LLC, Term Loan B
                
7.735%, 11/15/18
    
1,377
      
1,265
  
BCP Renaissance Parent LLC, Term Loan B
                
0.000%, 10/30/24(G)
    
430
      
434
  
Biogroup, Term Loan
                
3.500%, 06/14/24
  
EUR
  767      
907
  
Biogroup, Term Loan B, 1st Lien
                
3.500%, 06/14/24
  
EUR
233      
277
  
California Resources, Term Loan
                
11.609%, 12/31/21(G)
    
790
      
841
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Chesapeake Energy, Term Loan
            
8.814%, 08/23/21(G)
  
$
2,930
    
$
3,154
  
Chief Exploration & Development LLC, Term Loan, 2nd Lien
                
7.959%, 05/16/21(G)
    
1,315
      
1,284
  
CITGO Petroleum, Term Loan B 2015
                
9.647%, 05/12/18
    
3,724
      
3,752
  
Crestwood, Term Loan B-1
                
9.234%, 06/19/19(F)
    
1,242
      
1,235
  
Eagleclaw, Term Loan B
                
5.447%, 06/22/24(G)
    
1,127
      
1,135
  
EMG Utica, Term Loan
                
5.197%, 03/27/20
    
1,847
      
1,858
  
Energy Transfer Equity LP, Term Loan B (2017)
                
4.726%, 01/31/24(G)
    
6,605
      
6,634
  
Euro Garages, Term Loan
                
6.311%, 01/31/23
  
GBP
2,000      
2,696
  
Frac Tech International, Term Loan B - 2014
                
5.985%, 04/16/21(G)
    
2,351
      
2,194
  
Gavilan Resources, Term Loan, 2nd Lien
                
7.726%, 02/24/24(G)
    
1,370
      
1,322
  
Hi-Crush Partners, Term Loan B
                
5.083%, 04/28/21
    
840
      
822
  
KCA Deutag, Term Loan
                
7.065%, 05/15/20(G)
    
1,268
      
1,221
  
Motor Fuel Group, Term Loan
                
4.871%, 07/18/22
  
GBP
 2,000      
2,714
  
New World Resources, Term Loan
                
0.000%, 10/07/17(D)
    
233
      
—
  
Paradigm, Term Loan C
                
4.840%, 07/30/19
    
136
      
101
  
Philadelphia Energy Solutions, Term Loan
                
6.333%, 04/04/18(G)
    
285
      
230
  
Sheridan Production Partners, Term Loan II-A
                
4.820%, 12/16/20(D)
    
76
      
64
  
Sheridan Production Partners, Term Loan II-M
                
4.820%, 12/16/20(D)
    
28
      
24
  
Sheridan Production Partners, Term Loan II-SIP
                
4.820%, 12/16/20(D)
    
544
      
459
  
Techem, Tem Loan B, 1st Lien
                
0.000%, 07/26/24(F)
  
EUR
 1,500      
1,781
  
Traverse Midstream, Term Loan B
                
0.000%, 09/21/24(F) (G)
  
 
755
    
 
764
  
Ultra Resources, Term Loan B
                
4.309%, 04/12/24
    
720
      
718
  
                 
Total Energy
      
38,425
  
                 
Financial [2.7%]
  
Accelya, International Term Loan, 1st Lien
                
5.687%, 03/29/24
    
2,000
      
1,990
  
Altisource, Term Loan B
                
4.739%, 12/09/20(G)
    
707
      
655
  
Aretec Group, Exit Term Loan
                
8.000%, 11/23/20
    
814
      
814
  
Aretec Group, Term Loan, 2nd Lien
                
2.000%, 05/23/21
    
1,677
      
1,669
  
Aruba Investments, Term Loan, 1st Lien
                
4.250%, 02/02/22
  
EUR
978      
1,158
  
Asurion, LLC (fka Asurion), Replacement B-4 Term Loan (2017)
                
3.985%, 08/04/22(G)
    
2,561
      
2,567
  
Asurion, LLC (fka Asurion), Replacement B-5 Term Loan
                
4.235%, 11/03/23(G)
    
3,985
      
4,002
  
Asurion, LLC (fka Asurion), Term Loan, 2nd Lien (2017)
                
7.235%, 08/04/25(G)
    
5,185
      
5,299
  
Avolon, Term Loan B-1
                
3.486%, 09/16/20
    
234
      
235
  
Avolon, Term Loan B-2
                
3.986%, 03/20/22(G)
    
1,576
      
1,579
  
Dubai World, Term Loan
                
3.000%, 09/30/18
    
14,490
      
13,209
  
4.750%, 09/30/18
    
17,616
      
16,075
  
EVO Payments International, Term Loan B
                
6.240%, 12/08/23
    
652
      
659
  
Fortress Investment, Term Loan B
                
2.750%, 06/09/22(G)
    
1,140
      
1,151
  
Freedom Mortgage, Term Loan B
                
6.956%, 02/17/22(F)
    
995
      
1,011
  
Infinitas, Term Loan
                
3.750%, 05/03/24
  
EUR
2,000      
2,346
  
iStar Financial, Term Loan B
                
4.237%, 10/01/21(G)
    
2,725
      
2,735
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Jane Street Group, LLC, Term Loan B
            
5.735%, 08/25/22
  
$
360
    
$
363
  
Jefferies Finance LLC, Term Loan B
                
4.313%, 08/03/24(G)
    
275
      
275
  
LPL Holdings, Term Loan B (2017)
                
3.576%, 03/11/24
    
250
      
249
  
Mortgage Contracting Services, Term Loan AP
                
6.056%, 05/12/24
    
589
      
594
  
Ocwen Financial, Term Loan
                
6.231%, 12/07/20
    
1,308
      
1,304
  
Optimal Payments Ltd., Term Loan
                
3.750%, 01/22/21
  
EUR
 2,000      
2,364
  
Russell Investments, Term Loan B
                
5.485%, 06/01/23
    
848
      
859
  
Tackle, Term Loan B, 1st Lien
                
3.500%, 08/08/22
  
EUR
2,000      
2,349
  
Tempo Acquisition LLC, Term Loan B
                
4.235%, 05/12/24(G)
    
1,776
      
1,776
  
USI Holdings, Term Loan B
                
4.314%, 05/16/24(G)
    
505
      
503
  
Victory Capital Management, Term Loan B (2017)
                
6.583%, 10/29/21
    
699
      
711
  
Virtu Financial LLC (aka VFH), Term Loan
                
5.061%, 12/30/21
    
921
      
930
  
Vistra Group, Ltd., Term Loan
                
4.000%, 07/21/22
    
980
      
1,165
  
Walter Investment Management, Term Loan B
                
4.985%, 12/18/20(G)
    
2,495
      
2,284
  
                 
Total Financial
      
72,880
  
                 
Food and Drug [0.4%]
  
Albertsons, LLC, 2017-1 Term Loan B-4
                
3.985%, 08/25/21(G)
    
652
      
628
  
Albertsons, LLC, 2017-1 Term Loan B-6
                
4.317%, 06/22/23(G)
    
2,274
      
2,183
  
Refresco, Term Loan B, 1st Lien
                
0.000%, 09/27/24
  
GBP
 1,000      
1,352
  
0.000%, 09/26/24
  
EUR
1,500      
1,789
  
Rite Aid, Term Loan, 2nd Lien - Tranche 1
                
5.990%, 08/21/20
  
 
1,085
    
 
1,092
  
Rite Aid, Term Loan, 2nd Lien - Tranche 2
                
5.115%, 06/21/21
    
440
      
442
  
Solina Group, Term Loan
                
4.750%, 12/16/22
  
EUR
 2,000      
2,380
  
Supervalu, Delay Draw Term Loan
                
4.735%, 06/08/24
    
209
      
200
  
Supervalu, Term Loan B
                
4.735%, 06/08/24
    
349
      
333
  
                 
Total Food and Drug
      
10,399
  
                 
Food/Tobacco [0.6%]
  
Amplify Snack Brands, Term Loan B
                
6.740%, 09/02/23(G)
    
1,075
      
1,062
  
Burger King (1011778 B.C. / New Red), Term Loan B-3
                
3.485%, 02/17/24(G)
    
4,498
      
4,491
  
Campbell Soup Europe, Term Loan B, 1st Lien
                
3.750%, 12/08/23
    
2,000
      
2,373
  
Deoleo, S.A. (Deoleo USA), Initial Term Loan
                
4.500%, 06/02/21
  
EUR
3,000      
2,504
  
Golden Nugget (fka Landry’s), Term Loan B
                
4.488%, 10/04/23(G)
    
464
      
466
  
Jacobs Douwe Egberts, Term Loan
                
2.750%, 07/01/22
    
265
      
316
  
JBS USA LLC, Term Loan B (2017)
                
3.804%, 10/30/22(G)
    
2,060
      
2,034
  
Milk Specialties, Term Loan
                
5.333%, 08/16/23
    
1,015
      
1,021
  
NPC International, Term Loan B
                
4.738%, 04/03/24
    
319
      
322
  
NPC International, Term Loan, 2nd Lien
                
8.738%, 04/03/25
    
115
      
117
  
Post Holdings, Term Loan B
                
3.490%, 05/17/24(G)
    
1,541
      
1,544
  
US Foods, Term Loan B
                
3.985%, 06/27/23(G)
    
1,402
      
1,410
  
                 
Total Food/Tobacco
      
17,660
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Forest Prod/Containers [0.7%]
  
Albea, Cov-Lite, 1st Lien
            
4.000%, 04/10/24
  
EUR
1,500    
$
1,786
  
Anchor Glass Container, Term Loan
              
4.067%, 12/07/23
  
$
464
      
465
  
Anchor Glass Container, Term Loan, 2nd Lien
                
3.700%, 12/07/24
    
230
      
232
  
Berry Plastics, Term Loan K
                
3.485%, 02/08/20(G)
    
688
      
690
  
BWAY Holding, Term Loan B
                
4.481%, 04/03/24(G)
    
1,631
      
1,635
  
Caraustar Industries, Term Loan B (2017)
                
6.833%, 03/09/22
    
1,453
      
1,452
  
Dummen Orange, Cov-Lite, Term Loan B, 1st Lien
                
3.500%, 05/18/24
    
3,000
      
3,520
  
Flex Acquisition (Novolex), Initial Term Loan
                
5.000%, 12/29/23(G)
    
239
      
240
  
IVC, Term Loan B, 1st Lien
                
3.750%, 01/26/24
    
1,500
      
1,786
  
ProAmpac, Term Loan B
                
5.179%, 11/18/23
    
905
      
913
  
Reynolds Group Holdings, Incremental US Term Loan
                
4.235%, 02/05/23(G)
    
1,912
      
1,919
  
Signode Industrial Group US, Term Loan B
                
4.083%, 05/01/21(G)
    
1,634
      
1,638
  
Verallia, Term Loan
                
3.000%, 10/22/22
    
2,000
      
2,365
  
                 
Total Forest Prod/Containers
      
18,641
  
                 
Gaming/Leisure [2.2%]
  
Amaya, Initial Term Loan B-3
                
4.833%, 08/01/21
    
1,493
      
1,496
  
Apple Leisure Group (Casablanca), Term Loan
                
6.061%, 03/31/24
    
572
      
571
  
Aristocrat (Video Gaming Tech), Term Loan B
                
0.000%, 10/31/24
    
290
      
290
  
Belmond Interfin Ltd., Term Loan B
                
3.985%, 07/03/24(F) (G)
    
763
      
764
  
Boyd Gaming, Term Loan B (2017)
                
3.694%, 09/15/23(G)
    
551
      
553
  
Caesars Entertainment, Term Loan
                
4.735%, 10/11/20
  
 
3,581
    
 
3,586
  
Caesars Entertainment, Term Loan B
                
0.000%, 04/04/24(F)
    
520
      
520
  
Caesars Entertainment, Term Loan B-5
                
1.500%, 10/31/17(F)
    
2,550
      
3,003
  
Caesars Entertainment, Term Loan B-6 Extended
                
1.500%, 03/01/18(F) (G)
    
6,176
      
7,492
  
Caesars Entertainment, Term Loan B7
                
1.500%, 03/01/18(F)
    
2,180
      
2,794
  
CityCenter Holdings, Term Loan B
                
3.735%, 04/14/24(G)
    
299
      
300
  
ClubCorp Club Operations, Term Loan B
                
4.588%, 09/15/24(G)
    
250
      
248
  
Diamond Resorts, Term Loan B
                
7.235%, 09/02/23
    
2,718
      
2,726
  
Eldorado Resorts, Term Loan B
                
3.563%, 03/16/24
    
1,012
      
1,011
  
ESH Hospitality, Term Loan B
                
3.735%, 08/20/23(G)
    
1,485
      
1,490
  
Four Seasons Holdings, Term Loan (12/13)
                
3.735%, 11/30/23
    
1,231
      
1,239
  
Gateway Casinos & Entertainment, Term Loan B-1
                
5.083%, 02/22/23(G)
    
234
      
236
  
Global Cash Access, Term Loan B (2017)
                
5.735%, 05/08/24
    
1,810
      
1,826
  
GLP Capital LP (Gaming & Leisure), Term Loan, Incremental Tranche A-1
                
4.550%, 04/29/21
    
4,955
      
4,887
  
Golden Entertainment, Term Loan B
                
0.000%, 08/15/24
    
465
      
462
  
Greektown Holdings, Term Loan B
                
4.235%, 04/25/24
    
998
      
997
  
Hilton Worldwide Finance, LLC, Term Loan B-2
                
3.237%, 10/25/23
    
8,676
      
8,710
  
La Quinta Intermediate Holdings, Term Loan B
                
4.054%, 04/14/21
    
340
      
341
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 94
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Las Vegas Sands, Term Loan B (2017)
            
3.235%, 03/29/24(G)
  
$
1,849
    
$
1,856
  
MGM Growth Properties, Term Loan B
                
3.485%, 04/25/23(G)
    
1,074
      
1,077
  
MGM Resorts, Term Loan A
                
3.485%, 04/23/21
    
698
      
698
  
Mohegan Tribal Gaming, Term Loan B (2016)
                
5.235%, 10/13/23(G)
    
1,102
      
1,112
  
Penn National Gaming, Term Loan B
                
3.735%, 01/12/24(G)
    
234
      
235
  
Playa Resorts Holding, Term Loan B (2017)
                
4.320%, 04/24/24(G)
    
519
      
515
  
Playcore, Delay Draw Term Loan
                
0.000%, 09/19/24
    
26
      
26
  
Playcore, Term Loan B
                
0.000%, 09/18/24
    
189
      
190
  
Premier Lotteries, Term Loan B, 1st Lien
                
0.000%, 06/26/24
    
2,500
      
2,966
  
Richmond Bidco, Term Loan
                
4.500%, 03/04/24
  
EUR
1,500      
2,010
  
Scientific Games, Term Loan B-4
                
4.522%, 08/14/24(G)
    
1,335
      
1,336
  
Sky Bet, Term Loan B, 1st Lien
                
4.585%, 07/26/24
    
2,000
      
2,694
  
Station Casinos, Term Loan B
                
3.740%, 06/08/23(G)
    
598
      
598
  
UFC Holdings (Buyer), Term Loan B - 2023
                
4.490%, 08/18/23(G)
    
505
      
507
  
                 
Total Gaming/Leisure
      
61,362
  
                 
Healthcare [3.0%]
  
Apollo 5 GmbH, Facility B (Dragenopharm), 1st Lien
                
5.000%, 09/29/20
    
2,000
      
2,126
  
Ardent Legacy Holdings, Term Loan B
                
6.833%, 08/04/21
    
1,174
      
1,176
  
CDRH (Healogics), Term Loan B
                
5.570%, 07/01/21
    
320
      
259
  
Cerba Healthcare, Term Loan, 1st Lien
                
3.000%, 03/21/24
    
1,000
      
1,177
  
Change Healthcare Holdings, Term Loan B
                
3.985%, 03/01/24(G)
  
 
5,312
    
 
5,323
  
Coherent Holding, Term Loan
                
4.250%, 08/01/23
  
EUR
1,532      
1,828
  
Cole-Parmer, Term Loan B
                
5.340%, 03/17/24
    
388
      
391
  
Community Health Systems, Term Loan G
                
4.067%, 12/25/19
    
1,103
      
1,096
  
Community Health Systems, Term Loan H
                
4.317%, 01/15/21(F)
    
4,157
      
4,127
  
Concordia Healthcare, Initial Dollar Term Loan
                
5.484%, 10/21/21
    
1,947
      
1,503
  
ConvaTec Healthcare, Term Loan B
                
3.583%, 10/25/23
    
584
      
585
  
Diaverum, Term Loan
                
8.000%, 05/24/24
  
EUR
 1,500      
1,744
  
3.250%, 05/24/24
  
EUR
 1,500      
1,766
  
Envision Healthcare (EMS), Term Loan B
                
4.240%, 12/01/23(G)
    
85
      
85
  
Etypharm, Term Loan, 1st Lien
                
5.057%, 07/21/23
  
GBP
 1,000      
1,349
  
Explorer Holdings, Term Loan B
                
5.061%, 05/02/23
    
465
      
467
  
Gesundheits, Term Loan
                
4.000%, 07/25/21
  
EUR
1,000      
1,158
  
Greatbatch, Ltd., Term Loan A
                
4.480%, 10/27/21
    
384
      
384
  
Greatbatch, Ltd., Term Loan B (2017)
                
4.740%, 10/27/22
    
1,533
      
1,541
  
Grifols, Term Loan B (2017)
                
3.447%, 01/24/25(G)
    
3,279
      
3,284
  
Halyard Health, Term Loan
                
3.985%, 11/01/21
    
765
      
771
  
HCA, Term Loan B-8
                
3.485%, 02/15/24
    
2,769
      
2,782
  
HCA, Term Loan B-9
                
3.235%, 03/18/23(G)
    
1,866
      
1,872
  
HRA, Term Loan, 1st Lien
                
0.000%, 07/31/24
    
2,000
      
2,363
  
INC Research, Term Loan A
                
2.985%, 08/01/22
    
1,080
      
1,083
  
INC Research, Term Loan B (2017)
                
3.485%, 06/28/24(F)
    
800
      
802
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
 (000)(1)
    
Value (000)
  
Indivior Finance S.Ã r.l., Term Loan B
            
7.320%, 12/19/19(G)
  
$
1,611
    
$
1,615
  
Innoviva, Term Loan B
                
5.817%, 08/14/22
    
525
      
529
  
Kindred Healthcare, Term Loan B
                
4.813%, 04/09/21
    
558
      
559
  
Lannett, Term Loan A
                
5.985%, 11/25/20
    
1,982
      
1,957
  
MultiPlan, Term Loan B
                
4.333%, 06/07/23(G)
    
3,776
      
3,803
  
Novacap, Term Loan
                
3.500%, 04/28/23
    
2,499
      
2,973
  
Parexel International, Term Loan B
                
3.000%, 09/27/24(F) (G)
    
470
      
473
  
Pharmaceutical Product Development, Term Loan B (2017)
                
4.083%, 08/18/22(G)
    
256
      
257
  
PharMerica, Term Loan B
                
0.000%, 09/26/24(G)
    
180
      
181
  
PharMerica, Term Loan, 2nd Lien
                
0.000%, 09/26/25(G)
    
145
      
145
  
Quintiles IMS, Term Loan B-1
                
3.333%, 03/03/24
    
390
      
392
  
Quintiles IMS, Term Loan B-2
                
3.321%, 01/15/25(G)
    
435
      
437
  
Royalty Pharma (aka RPI), Term Loan A-3
                
3.083%, 10/14/21
    
217
      
217
  
Royalty Pharma (aka RPI), Term Loan B-6
                
3.333%, 03/23/23(G)
    
3,765
      
3,774
  
Siemens Audiology, Term Loan
                
3.500%, 01/17/22
    
975
      
1,164
  
Stada/Nidda, Term Loan, 1st Lien
                
0.000%, 09/20/24
  
EUR
3,500      
4,147
  
0.000%, 09/20/24
  
GBP
1,000      
1,346
  
Sunrise Medical, Cov-lite, Term Loan
                
4.500%, 07/05/22
  
EUR
303      
358
  
Sunrise Medical, Term Loan B, 1st Lien
                
5.000%, 07/05/22
  
EUR
2,197      
2,598
  
Surgery Center Holdings, Term Loan B
                
4.490%, 06/20/24(G)
    
730
      
724
  
Team Health, Term Loan
                
3.985%, 01/12/24(G)
    
617
      
605
  
Unilabs, Term Loan
                
3.000%, 04/19/24
    
2,500
      
2,932
  
Unither, Term Loan B, 1st Lien
                
4.000%, 02/01/24
  
EUR
1,500      
1,788
  
Valeant Pharmaceuticals International, Series F-1 Tranche B Term Loan
                
5.990%, 04/01/22(G)
    
4,545
      
4,625
  
Vedici Group, Term Loan
                
3.750%, 10/31/22
  
EUR
2,000      
2,383
  
                 
Total Healthcare
      
81,024
  
                 
Housing [0.5%]
  
ABC Supply, Term Loan B-1
                
3.735%, 10/31/23(G)
    
1,254
      
1,258
  
Canam Construction, Term Loan B
                
6.799%, 06/29/24(F)
    
524
      
524
  
Capital Automotive LP, Term Loan B (2017)
                
4.240%, 03/21/24
    
2,323
      
2,334
  
Capital Automotive LP, Term Loan, 2nd Lien (2017)
                
7.240%, 03/21/25(G)
    
4,263
      
4,311
  
DTZ US Borrower LLC, 2015-1 Additional Term Loan, 1st Lien
                
4.567%, 11/04/21(G)
    
2,655
      
2,660
  
PulteGroup, Term Loan
                
3.750%, 04/11/23
    
1,500
      
1,786
  
Quikrete Holdings, Term Loan B
                
3.985%, 11/15/23
    
362
      
362
  
                 
Total Housing
      
13,235
  
                 
Industrials [0.2%]
  
Delachaux, Term Loan
                
5.250%, 09/25/21
  
GBP
360      
483
  
IVC, Term Loan B, 1st Lien
                
4.500%, 01/25/24
    
1,000
      
1,340
  
Socotec, Term Loan, 1st Lien
                
3.750%, 07/20/24
    
1,000
      
1,186
  
4.500%, 07/20/24
    
1,000
      
1,341
  
Xella, Term Loan B, 1st Lien
                
4.000%, 02/02/24
    
1,000
      
1,184
  
                 
Total Industrials
      
5,534
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 96
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
 (000)(1)
    
Value (000)
  
Information Technology [2.6%]
  
Almonde, Term Loan B
            
4.817%, 04/28/24(G)
  
$
890
    
$
894
  
Almonde, Term Loan, 2nd Lien
                
8.567%, 04/28/25(G)
    
375
      
381
  
Applied Systems, Term Loan
                
4.574%, 09/14/24(G)
    
145
      
146
  
Aricent Technologies, Term Loan
                
5.737%, 04/14/21(G)
    
567
      
567
  
Arris Group, Term Loan A
                
2.985%, 06/18/20
    
273
      
272
  
Arris Group, Term Loan B (2017)
                
3.735%, 04/26/24
    
1,049
      
1,053
  
Avaya, Term Loan B-6
                
6.814%, 03/31/18
    
873
      
734
  
Avaya, Term Loan B-7
                
6.564%, 04/30/20
    
2,031
      
1,716
  
Blackboard, Term Loan B-4
                
6.304%, 06/30/21
    
901
      
865
  
Cavium, Term Loan B (2017)
                
3.487%, 08/16/22
    
637
      
639
  
CCC Information, Term Loan B
                
4.240%, 04/24/24(F) (G)
    
594
      
592
  
Cologix, Term Loan B
                
4.456%, 03/20/24
    
388
      
388
  
Cologix, Term Loan, 2nd Lien
                
8.237%, 03/20/25
    
100
      
101
  
CompuCom Systems, Term Loan B
                
4.485%, 05/09/20
    
79
      
69
  
Computer Sciences Government Services, Term Loan B
                
3.333%, 11/30/23
    
516
      
517
  
Compuware, Term Loan B-3
                
5.490%, 12/15/21
    
404
      
408
  
Cortes NP Acquisition (Vertiv), Term Loan B (2017)
                
5.239%, 11/30/23(G)
    
1,176
      
1,184
  
Dell, Term Loan A2
                
3.490%, 09/07/21(G)
    
3,258
      
3,260
  
Dell, Term Loan A3
                
3.200%, 12/31/18(G)
    
2,355
      
2,354
  
Dell, Term Loan B (2017)
                
3.740%, 09/07/23(G)
    
4,775
      
4,790
  
Digicert, Term Loan B-2
                
0.000%, 09/20/24
    
290
      
293
  
Digicert, Term Loan, 2nd Lien
                
0.000%, 09/20/25
    
365
      
368
  
EAB Avatar Purchaser, Term Loan B
                
0.000%, 12/15/24
  
 
580
    
 
577
  
ECI Software Solutions, Term Loan B
                
0.000%, 09/29/24
    
290
      
290
  
EIG Investors, Term Loan B (2017)
                
5.236%, 02/09/23(G)
    
574
      
579
  
Equinix, Term Loan
                
5.276%, 01/05/24
    
2,488
      
2,949
  
Gartner, Term Loan A
                
3.235%, 03/16/22
    
712
      
714
  
Gartner, Term Loan B
                
3.235%, 03/16/24
    
677
      
682
  
Globallogic Holdings, Term Loan B
                
5.833%, 06/20/22
    
443
      
444
  
Help/Systems, Term Loan B
                
5.833%, 10/08/21
    
343
      
344
  
IFS, Term Loan
                
0.000%, 07/25/24
  
EUR
2,000      
2,374
  
Infor US, Term Loan, 1st Lien
                
3.750%, 02/01/22
    
1,990
      
2,361
  
Inovalon Holdings, Term Loan
                
2.485%, 09/19/19
    
2,593
      
2,554
  
Internap, Term Loan B
                
8.240%, 04/03/22(G)
    
299
      
302
  
ION Trading Technologies S.A.R.L., Tranche B-1 Euro Term Loan
                
4.000%, 06/10/21
    
1,613
      
1,922
  
IPC, Term Loan B-1
                
5.820%, 08/06/21
    
1,023
      
972
  
JDA Software Group, (RP Crown), Term Loan B
                
4.735%, 10/12/23
    
283
      
284
  
LANDesk Software, Term Loan B
                
5.490%, 01/20/24(G)
    
473
      
460
  
Leidos (Abacus Innovations), Term Loan B
                
3.250%, 08/16/23
    
566
      
569
  
LGC Science Holdings, Term Loan
                
3.750%, 03/08/23
  
EUR
1,285      
1,531
  
Lionbridge Technologies, Term Loan B
                
6.735%, 02/06/24
    
313
      
312
  
MaxLinear, Term Loan B
                
3.737%, 04/13/24
    
371
      
372
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
 (000)(1)
    
Value (000)
  
McAfee, Term Loan B
            
0.000%, 09/29/24
  
$
1,295
    
$
1,301
  
Micro Focus, MA Finance, Term Loan
                
3.987%, 04/21/24(G)
    
202
      
202
  
Micro Focus, Seattle Spin, Term Loan
                
3.987%, 04/21/24(G)
    
1,363
      
1,365
  
Oberthur, Cov-Lite, Term Loan B-1, 1st Lien
                
4.000%, 12/14/23
  
EUR
765      
887
  
Oberthur, Cov-Lite, Term Loan B-2, 1st Lien
                
3.750%, 12/14/23
  
EUR
1,235      
1,432
  
On Semiconductor, Term Loan
                
3.049%, 01/02/18
    
231
      
231
  
Peak 10, Term Loan
                
4.811%, 08/01/24
    
1,000
      
1,000
  
Peak 10, Term Loan, 2nd Lien
                
8.561%, 08/01/25
    
180
      
181
  
Presidio, Term Loan B
                
4.549%, 02/02/22
    
887
      
893
  
Project Leopard Holdings (Kofax), Term Loan B
                
6.833%, 06/21/23(F)
    
245
      
248
  
Quest Software (Seahawk), Term Loan B
                
7.235%, 10/31/22
    
243
      
246
  
Rackspace Hosting, Term Loan B (2017)
                
4.311%, 11/03/23
    
786
      
783
  
RAET, Term Loan
                
4.250%, 07/01/21
    
1,500
      
1,784
  
Redtop, Term Loan, 1st Lien
                
4.000%, 12/03/20
  
EUR
1,000      
1,182
  
Salient CRGT, Term Loan B
                
6.985%, 02/27/22
    
749
      
752
  
Sirius Computer Solutions (SCS), Term Loan B
                
5.485%, 10/30/22
    
454
      
457
  
SolarWinds, Term Loan
                
4.735%, 02/05/23(G)
    
425
      
426
  
Solera, LLC (Solera Finance), Euro Term Loan, 1st Lien
                
3.750%, 03/03/23
    
1,970
      
2,350
  
Solera, Term Loan B
                
4.485%, 03/03/23(G)
    
2,038
      
2,043
  
Southern Graphics, Term Loan - 2013
                
4.485%, 10/17/19
    
200
      
201
  
SS&C Technologies, Term Loan B-1 (new)
                
3.485%, 07/08/22(G)
  
 
1,563
    
 
1,569
  
SS&C Technologies, Term Loan B-2 (new)
                
3.485%, 07/08/22(G)
    
83
      
83
  
Symantec, Term Loan A-1
                
3.474%, 05/10/19(F)
    
260
      
259
  
Symantec, Term Loan A-2
                
2.760%, 08/01/19(F)
    
330
      
329
  
Symantec, Term Loan A-3
                
8.546%, 08/01/19(F)
    
670
      
666
  
Symantec, Term Loan A-5
                
4.546%, 08/01/21
    
1,600
      
1,594
  
Syncsort (Starfish Hold, LLC), Term Loan B
                
6.314%, 08/14/24
    
290
      
284
  
TierPoint, Term Loan B
                
4.985%, 04/28/24
    
294
      
296
  
TTM Technologies, Term Loan B (2017)
                
0.000%, 09/15/24
    
290
      
291
  
Vertafore (VF Holding), Term Loan (2016)
                
4.485%, 06/30/23(G)
    
1,143
      
1,147
  
Webhelp, Term Loan
                
4.250%, 03/16/23
    
1,000
      
1,190
  
Webhelp, Term Loan B, 1st Lien
                
4.250%, 12/31/49
    
1,500
      
2,013
  
Western Digital, Term Loan A
                
2.985%, 04/29/21
    
988
      
991
  
Western Digital, Term Loan B-2
                
3.985%, 04/29/23(G)
    
861
      
866
  
                 
Total Information Technology
      
71,725
  
                 
Manufacturing [0.6%]
  
Big River Steel LLC, Term Loan B
                
6.333%, 08/23/23(G)
    
720
      
727
  
Brand Energy & Infrastructure, Term Loan B
                
5.564%, 06/16/24(F) (G)
    
653
      
656
  
Bright Bidco, Term Loan B
                
5.833%, 07/01/24(F)
    
1,421
      
1,433
  
Columbus Mckinnon, Term Loan B
                
4.296%, 01/20/24(G)
    
346
      
347
  
DRB-HICOM Berhad, Term Loan, 1st Lien
                
3.563%, 01/22/21(D)
    
4,900
      
4,435
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Dynacast International LLC, Term Loan B-1
            
4.583%, 01/28/22(G)
  
$
808
    
$
812
  
Gates Global LLC, Term Loan B (2017)
                
4.583%, 03/30/24
    
1,410
      
1,415
  
Keurig Green Mountain, Term Loan A
                
2.750%, 03/03/21
    
2,212
      
2,205
  
Manitowoc (Welbilt), Term Loan B
                
3.985%, 03/03/23
    
819
      
824
  
Milacron, Term Loan B (2017)
                
4.235%, 09/28/23
    
313
      
314
  
Ravago Holdings America, Term Loan B (2016)
                
4.490%, 07/13/23(G)
    
444
      
446
  
Sebia, Term Loan, 1st Lien
                
0.000%, 09/22/25
    
1,000
      
1,191
  
TecoStar Holdings, Term Loan B
                
5.061%, 04/24/24(G)
    
444
      
446
  
Unifrax I LLC, Term Loan B
                
5.083%, 04/04/24
    
559
      
561
  
                 
Total Manufacturing
      
15,812
  
                 
Metals/Minerals [0.6%]
  
Atkore International, Term Loan (2016)
                
4.340%, 12/15/23
    
1,697
      
1,706
  
Atlas Iron Limited, Term Loan
                
8.580%, 05/06/21(G)
    
54
      
51
  
Blackhawk Mining, Term Loan B
                
10.780%, 02/14/22
    
1,560
      
1,428
  
Contura Energy, Term Loan B
                
6.280%, 03/13/24(G)
    
1,358
      
1,336
  
Coronado Coal LLC, Term Loan B
                
8.333%, 06/06/23
    
414
      
416
  
Fairmount Minerals, Ltd., Extended Term Loan
                
3.500%, 09/05/19
    
678
      
667
  
Fairmount Minerals, Ltd., New Term Loan B-2
                
4.735%, 09/05/19(G)
    
629
      
622
  
Foresight Energy LLC, Term Loan B
                
7.083%, 03/16/22(G)
    
1,164
      
1,086
  
Global Brass and Copper, Term Loan B
                
4.500%, 07/18/23
    
337
      
340
  
Metinvest, Term Loan, 1st Lien
                
5.388%, 06/30/21(D)
  
 
5,886
    
 
4,782
  
Peabody Energy, Exit Term Loan
                
4.735%, 02/08/22(G)
    
685
      
688
  
SLV, Term Loan B, 1st Lien
                
4.250%, 12/13/23
    
1,000
      
1,130
  
TMS International, Term Loan B (2017)
                
4.309%, 08/09/24
    
500
      
500
  
US Silica, Add-On Term Loan
                
4.875%, 07/23/20
    
840
      
842
  
US Silica, Term Loan B
                
4.375%, 07/23/20
    
717
      
718
  
Zekelman Industries (fka JMC Steel), Term Loan B
                
4.823%, 06/14/21(G)
    
657
      
660
  
                 
Total Metals/Minerals
      
16,972
  
                 
Publishing [0.1%]
  
Springer Science and Business Media, Term Loan
                
3.750%, 08/14/20
    
1,980
      
2,348
  
                 
Real Estate [0.1%]
  
Flamingo LUX II, Senior Facility Term Loan B, 1st Lien
                
4.250%, 07/28/23
    
1,482
      
1,760
  
                 
Retail [1.0%]
  
Abercrombie & Fitch Management, Term Loan B
                
4.990%, 08/07/21
    
1,068
      
1,052
  
Action Netherland, Term Loan B, 1st Lien
                
4.250%, 02/25/22
    
1,000
      
1,193
  
AS Adventure, Term Loan
                
5.617%, 04/12/22
    
1,000
      
1,313
  
AS Adventure, Term Loan B
                
5.000%, 04/01/22
  
EUR
 2,000      
2,327
  
Ascena Retail Group, Tranche B Term Loan
                
5.750%, 08/21/22(G)
    
910
      
739
  
Bass Pro Group, Term Loan B
                
6.296%, 12/16/23
    
1,585
      
1,491
  
Belk, Term Loan
                
6.054%, 12/12/22
    
790
      
661
  
CWGS Group, LLC, Term Loan B - 2023
                
4.981%, 11/08/23
    
1,345
      
1,350
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 99
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Dollar Tree, Fixed Term Loan B-2
            
4.309%, 07/06/22
  
$
4,210
    
$
4,263
  
Hudson’s Bay, Term Loan B - 2022
                
4.522%, 09/30/22
    
2,355
      
2,284
  
J Crew Group, Term Loan B - Consenting Lenders
                
4.516%, 03/05/21(G)
    
833
      
502
  
JC Penney, Term Loan B
                
5.568%, 06/23/23(G)
    
1,455
      
1,413
  
Men’s Wearhouse, Term Loan B
                
4.813%, 06/18/21
    
405
      
395
  
Men’s Wearhouse, Term Loan B1 (Fixed)
                
5.000%, 06/18/21
    
915
      
877
  
MRH, Term Loan
                
3.000%, 12/14/23
    
1,000
      
1,184
  
Petsmart (fka Argos Merger), Term Loan B
                
4.240%, 03/10/22(G)
    
439
      
370
  
Sears Roebuck Acceptance, Term Loan
                
8.732%, 07/20/20
    
742
      
747
  
Sears Roebuck Acceptance, Term Loan B
                
5.735%, 06/30/18
    
271
      
267
  
Toys R Us Property, Initial Term Loan
                
6.235%, 08/21/19
    
3,267
      
3,069
  
Toys R Us-Delaware, Term Loan B-2
                
5.250%, 05/25/18
    
1,536
      
656
  
Toys R Us-Delaware, Term Loan B-3
                
5.250%, 05/25/18
    
89
      
38
  
Toys R Us-Delaware, Term Loan B4
                
10.067%, 04/24/20
    
1,035
      
614
  
                 
Total Retail
      
26,805
  
                 
Service [2.2%]
  
AHT Cooling, Term Loan
                
4.271%, 11/19/20
  
EUR
976      
1,160
  
AI Avocado, Term Loan
                
4.250%, 09/17/21
  
EUR
1,000      
1,184
  
4.250%, 10/08/21
  
EUR
 1,000      
1,184
  
American Teleconferencing Services, Term Loan B
                
3.049%, 12/08/21
    
273
      
262
  
Ascend Learning LLC, Term Loan B
                
4.485%, 06/29/24(G)
  
 
365
    
 
366
  
Busy Bees Nurseries Ltd., Term Loan
                
5.000%, 04/29/22
  
GBP
1,000      
1,344
  
Callcredit Information Group, Term Loan, 1st Lien
                 
4.500%, 02/12/21
  
GBP
2,644      
3,540
  
Diebold, Term Loan B (2017)
                
4.480%, 11/06/23(G)
    
378
      
378
  
DigitalGlobe, Term Loan
                
3.985%, 01/15/24(G)
    
402
      
402
  
Dorna Sports, Term Loan
                
3.250%, 04/12/24
    
1,883
      
2,229
  
Engineered Machinery Holdings, Delayed Draw Term Loan
                
4.583%, 07/25/24
    
32
      
32
  
Engineered Machinery Holdings, Term Loan B
                
4.556%, 07/25/24
    
243
      
243
  
Environmental Resources, Term Loan
                
8.296%, 05/09/22
    
1,000
      
924
  
5.296%, 05/14/21(G)
    
3,471
      
3,430
  
Evertec Group, LLC, Term Loan A
                
3.509%, 04/17/18
    
31
      
31
  
Exela, Term Loan B
                
8.804%, 06/30/23(F)
    
635
      
628
  
First Data, 2022D New Dollar Term Loan
                
3.487%, 07/10/22
    
6,874
      
6,884
  
First Data, Term Loan B (2017)
                
3.737%, 04/21/24(G)
    
3,864
      
3,875
  
FleetCor Technologies, Term Loan B (2017)
                
3.235%, 08/02/24
    
720
      
722
  
Genesys, Term Loan
                
3.750%, 12/01/23
    
1,985
      
2,365
  
GFL Environmental, Term Loan B
                
4.083%, 09/29/23
    
401
      
402
  
Global Payments, Existing Term Loan
                
2.985%, 05/02/22
    
1,170
      
1,172
  
Hotelbeds Group, Term Loan
                
6.250%, 05/31/23
    
1,985
      
2,369
  
Inmar, Term Loan B
                
4.772%, 04/25/24
    
594
      
593
  
Inmar, Term Loan, 2nd Lien
                
9.272%, 04/25/25
    
150
      
150
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
iQor US, Term Loan B
            
6.299%, 04/01/21
  
$
1,657
    
$
1,639
  
KinderCare (KUEHG), Term Loan, 2nd Lien
                
9.522%, 08/16/25
    
145
      
144
  
Laureate Education, Term Loan B (2017)
                
5.735%, 04/26/24
    
627
      
629
  
LS Deco LLC (Leighton), Term Loan B
                
4.833%, 05/21/22
    
269
      
271
  
North American Bancard (NAB), Term Loan B
                
4.833%, 06/15/24(G)
    
145
      
145
  
PrePaid Legal Services, Term Loan, 2nd Lien
                
10.250%, 07/01/20(F)
    
125
      
125
  
Prime Security Services, Term Loan B-1
                
3.985%, 05/02/22
    
871
      
878
  
Prosol, Cov-Lite Term Loan, 1st Lien
                
4.000%, 04/21/24
    
2,000
      
2,374
  
QA Group, Term Loan
                
5.276%, 07/26/24
    
3,000
      
3,970
  
Redbox Automated Retail, Term Loan
                
8.735%, 09/27/21
    
414
      
416
  
Sedgwick, 2016 Replacement Term Loan
                
4.583%, 03/01/21(G)
    
119
      
119
  
Sedgwick, Term Loan, 1st Lien
                
3.985%, 03/01/21
    
1,456
      
1,458
  
Sedgwick, Term Loan, 2nd Lien
                
6.985%, 02/28/22
    
825
      
831
  
Sedgwick, Term Loan, 2nd Lien - Add-On
                
7.067%, 02/28/22
    
925
      
932
  
Spin Hold (Coinmach), Term Loan B-1
                
5.014%, 11/14/22
    
469
      
471
  
St. George’s University Scholastic Services, Term Loan B
                
5.566%, 07/06/22
    
239
      
240
  
Sutherland Global Services, Initial Cayman Term Loan
                
6.708%, 04/23/21
    
402
      
385
  
Sutherland Global Services, Initial US Term Loan
                
6.671%, 04/23/21
    
1,728
      
1,653
  
TKC Holdings, Term Loan B
                
5.522%, 02/01/23
    
468
      
472
  
TKC Holdings, Term Loan, 2nd Lien
                
9.272%, 02/01/24
  
 
115
    
 
116
  
TransUnion LLC, Term Loan B-3
                
3.235%, 04/09/23(G)
    
553
      
552
  
Travelport, Term Loan D
                
4.061%, 09/02/21
    
2,432
      
2,428
  
TriMark USA, Delay Draw Term Loan
                
0.000%, 09/15/24(F)
    
6
      
6
  
TriMark USA, Term Loan
                
0.000%, 09/15/24
    
139
      
140
  
USIC Holdings, Term Loan B (2017)
                
5.004%, 12/08/23
    
283
      
285
  
Vantiv, Incremental Term Loan
                
0.000%, 08/07/24(F)
    
605
      
605
  
Vantiv, Term Loan B-1
                
0.000%, 01/15/25(F)
    
190
      
190
  
Vivid Seats LLC, Term Loan B (2017)
                
5.235%, 06/27/24(G)
    
324
      
323
  
Waste Industries, Term Loan B
                
0.000%, 09/25/24(G)
    
250
      
251
  
Weight Watchers International, Term Loan B-2
                
4.550%, 04/02/20(G)
    
1,741
      
1,717
  
Xerox Business Services (Conduent), Term Loan B
                
5.235%, 12/07/23(G)
    
824
      
827
  
                 
Total Service
      
60,461
  
                 
Sovereign [0.2%]
  
Arab Republic of Egypt, Term Loan
                
1.884%, 01/04/21(D) (H)
  
CHF
1,879      
1,795
  
Republic of Angola, Term Loan
                
7.683%, 12/06/20(D)
    
5,688
      
5,090
  
                 
Total Sovereign
      
6,885
  
                 
Telecommunications [1.1%]
  
Alorica, Term Loan B (2017)
                
4.985%, 06/30/22
    
121
      
121
  
CenturyLink, Term Loan B
                
2.750%, 01/15/25(G)
    
5,065
      
4,905
  
Colorado Buyer, Term Loan B
                
4.310%, 03/15/24(G)
    
389
      
390
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 101
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
(000)(1)
    
Value (000)
  
Colorado Buyer, Term Loan, 2nd Lien
            
8.560%, 03/15/25(G)
  
$
295
    
$
299
  
ConvergeOne Holdings, Term Loan B
                
6.090%, 06/15/24
    
439
      
439
  
Eircom, Term Loan, 1st Lien
                
3.250%, 03/08/24
    
2,500
      
2,965
  
Hargray Communications Group, Term Loan B
                
4.235%, 05/16/24
    
384
      
385
  
Interoute, Tem Loan B, 1st Lien
                
0.000%, 09/29/23
    
2,000
      
2,364
  
Level 3 Communications, Term Loan B (2017)
                
3.486%, 02/22/24(G)
    
7,105
      
7,099
  
Neustar, Term Loan B-2
                
3.750%, 08/08/24(F)
    
740
      
745
  
Neustar, Term Loan, 2nd Lien
                
9.312%, 08/08/25(F)
    
295
      
298
  
Numericable U.S. LLC (SFR), Term Loan B-10
                
4.561%, 01/14/25(G)
    
2,529
      
2,536
  
Numericable U.S. LLC (SFR), Term Loan B-11
                
3.000%, 06/22/25
    
2,494
      
2,956
  
4.061%, 07/31/25(G)
    
2,753
      
2,739
  
PlusServer, Term Loan, 1st Lien
                
0.000%, 09/13/24
    
1,000
      
1,182
  
WestCorp, Term Loan B12
                
3.735%, 06/17/23(G)
    
153
      
153
  
WestCorp, Term Loan B14
                
3.735%, 06/17/21
    
559
      
559
  
Zayo Group LLC , Term Loan B-2 (Refi)
                
3.487%, 01/19/24(G)
    
1,300
      
1,301
  
                 
Total Telecommunications
      
31,436
  
                 
Textile & Apparel Mfg. [0.0%]
  
Vivarte, Term Loan, 1st Lien
                
4.000%, 10/29/19
  
EUR
1,148      
1,180
  
 
                
Transportation [0.9%]
  
American Axle & Manufacturing, Term Loan
                
3.490%, 03/10/24
    
1,725
      
1,720
  
Caliber Collision (CH Hold), Term Loan B
                
4.235%, 02/01/24(G)
    
668
      
673
  
Ceva, Term Loan
                
3.000%, 06/30/21
  
EUR
1,000      
1,183
  
Commercial Barge Line, Term Loan B 2022
                
9.985%, 11/12/20(D)
  
 
513
    
 
405
  
Daseke, Term Loan B
                
6.735%, 02/03/24
    
343
      
347
  
DryDocks World, Term Loan A, 1st Lien
                
5.216%, 10/18/17(D)
    
6,915
      
6,578
  
0.100%, 10/18/27(D)
    
11,050
      
2,486
  
Federal-Mogul, Term Loan C
                
9.250%, 04/15/21(F)
    
2,804
      
2,819
  
Harvey Gulf Int’l Marine, Term Loan A
                
7.500%, 06/18/18(D)
    
1,384
      
577
  
Harvey Gulf Int’l Marine, Term Loan B
                
7.750%, 06/18/20(D)
    
800
      
273
  
International Seaways, Term Loan B
                
6.740%, 06/22/22(G)
    
475
      
465
  
K&N Parent, Initial Term Loan
                
5.985%, 10/20/23
    
243
      
242
  
K&N Parent, Term Loan, 2nd Lien
                
9.989%, 10/19/24
    
165
      
162
  
Navios Maritime Midstream Partners LP, Term Loan
                
5.830%, 06/18/20
    
464
      
460
  
Navios Maritime Partners LP, Term Loan B (2017)
                
6.320%, 09/03/20(G)
    
1,205
      
1,198
  
Navistar, Term Loan B (2017)
                
5.240%, 08/07/20
    
826
      
830
  
OSG Bulk Ships, Initial Term Loan
                
5.570%, 08/05/19
    
829
      
787
  
Sage Automotive Holdings (Clearlake), Term Loan - 2022
                
6.235%, 11/08/22
    
764
      
770
  
Superior Industries, Term Loan B
                
5.736%, 03/22/24
    
813
      
801
  
Tower Auto Holdings, Term Loan B (2024)
                
4.000%, 03/07/24
    
1,074
      
1,076
  
Wabash National, Term Loan B-3
                
3.990%, 03/18/22
    
899
      
900
  
                 
Total Transportation
      
24,752
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 102
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Face Amount
 (000)(1)
    
Value (000)
  
Utility [1.1%]
  
AES, Term Loan B (2017)
            
3.317%, 05/24/22
  
$
731
    
$
732
  
Aria Energy Operating LLC, Term Loan B
                
5.735%, 05/27/22
    
347
      
348
  
Atlantic Power, Term Loan
                
5.485%, 04/13/23
    
383
      
386
  
Bronco Midstream Funding, LLC, Term Loan B
                
5.316%, 08/17/20
    
2,110
      
2,126
  
Calpine, Bridge Facility Term Loan
                
2.990%, 11/30/17(F)
    
108
      
108
  
Calpine, Construction Term Loan B1 (2020)
                
3.490%, 05/03/20
    
79
      
79
  
Calpine, Term Loan B-5
                
4.090%, 01/15/24(G)
    
791
      
789
  
Calpine, Term Loan B-6
                
3.900%, 01/15/23
    
375
      
374
  
Calpine, Term Loan B-7
                
4.090%, 05/17/23
    
474
      
473
  
Calpine, Term Loan B-8
                
2.990%, 12/26/19
    
189
      
189
  
Dynegy, Tranche C-1 Term Loan
                
4.485%, 02/07/24(G)
    
2,469
      
2,479
  
Eastern Power, LLC (TPF II), Term Loan
                
4.985%, 10/02/23
    
1,292
      
1,298
  
Empire Generating, LLC, Term Loan B
                
5.570%, 03/14/21(G)
    
1,747
      
1,616
  
Empire Generating, LLC, Term Loan C
                
5.570%, 03/14/21(G)
    
173
      
160
  
HD Supply Waterworks, Initial Term Loan
                
4.455%, 07/21/24(G)
    
225
      
225
  
Helix Gen Funding, LLC, Term Loan B
                
5.083%, 06/02/24
    
295
      
298
  
Longview Power, Term Loan B
                
7.240%, 04/13/21
    
1,569
      
961
  
Morrison Utility, Term Loan B, 1st Lien
                
5.000%, 09/13/23
    
3,000
      
4,020
  
MRP Generation Holdings, LLC (TPF), Term Loan B (2016)
                
8.333%, 10/18/22
    
1,604
      
1,500
  
 
Description
  
Face Amount
(000)(1)/
Acquisition Cost (000)
    
Value (000)
  
NRG Energy, Term Loan B
            
3.583%, 06/30/23
  
$
4,720
    
$
4,722
  
Power Buyer, LLC, Term Loan
                
4.583%, 05/06/20
    
1,009
      
1,006
  
Power Buyer, LLC, Term Loan, 2nd Lien
                
8.583%, 11/06/20
    
190
      
189
  
Summit Midstream Partners, Term Loan B
                
7.235%, 05/16/22(G)
    
2,045
      
2,070
  
Talen Energy Supply, Term Loan B-1
                
5.235%, 07/06/23
    
398
      
387
  
Talen Energy Supply, Term Loan B-2
                
5.239%, 04/13/24
    
989
      
963
  
Vistra Operations LLC, 2016 Incremental Term Loan
                
3.984%, 12/14/23(G)
    
610
      
612
  
Vistra Operations LLC, Term Loan
                
3.985%, 08/04/23(G)
    
2,372
      
2,375
  
Vistra Operations LLC, Term Loan C
                
3.982%, 08/04/23(G)
    
545
      
546
  
Viva Alamo LLC, Term Loan B
                
5.567%, 02/22/21
    
269
      
256
  
                 
Total Utility
      
31,287
  
                 
Wireless Communications [0.2%]
  
Sprint Communications, Term Loan B
                
3.750%, 01/31/24(G)
    
6,492
      
6,496
  
                 
Total Loan Participations
  
(Cost $797,856)
      
801,510
  
                 
Life Settlement Contracts (D) (H) (I) (J) [5.4%]
  
American General Life #460L
                
Acquired 05/30/2014*
    
303
      
574
  
American General Life #508L
                
Acquired 05/30/2014*
    
2,595
      
2,694
  
American General Life #542L
                
Acquired 07/30/2015*
    
83
      
300
  
American General Life #634L
                
Acquired 05/30/2014*
    
530
      
2,486
  
American General Life #906L
                
Acquired 07/30/2015*
    
479
      
2,602
  
American General Life #964L
                
Acquired 07/30/2015*
    
1,459
      
1,847
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Acquisition Cost (000)
    
Value (000)
  
AXA Equitable Life #0474
            
Acquired 11/04/2013*
  
$
7,290
    
$
10,221
  
AXA Equitable Life #1616
                
Acquired 05/30/2014*
    
3,254
      
3,815
  
AXA Equitable Life #1898
                
Acquired 11/04/2013*
    
441
      
548
  
AXA Equitable Life #7233
                
Acquired 11/04/2013*
    
395
      
1,755
  
AXA Equitable Life #7578
                
Acquired 11/04/2013*
    
2,104
      
3,820
  
AXA Equitable Life #7857
                
Acquired 11/04/2013*
    
2,297
      
2,328
  
AXA Equitable Life #8538
                
Acquired 11/04/2013*
    
1,333
      
1,599
  
AXA Equitable Life #9345
                
Acquired 11/04/2013*
    
143
      
—
  
Genworth Life and Annuity #6473
                
Acquired 10/19/2016*
    
740
      
1,220
  
Guardian Insurance #0346
                
Acquired 11/04/2013*
    
646
      
3,048
  
Hartford Life #4700
                
Acquired 11/24/2015*
    
81
      
99
  
Hartford Life #7522
                
Acquired 11/24/2015*
    
805
      
2,217
  
ING Reliastar #1234
                
Acquired 12/05/2013*
    
1,067
      
4,236
  
ING Reliastar #1649
                
Acquired 12/05/2013*
    
61
      
1,813
  
ING Reliastar #3394
                
Acquired 05/30/2014*
    
3,687
      
4,275
  
ING Reliastar #4842
                
Acquired 11/20/2013*
    
921
      
3,920
  
ING Reliastar #776H
                
Acquired 05/30/2014*
    
1,518
      
1,952
  
John Hancock #0430
                
Acquired 05/30/2014*
    
2,418
      
3,455
  
John Hancock #0801
                
Acquired 05/30/2014*
    
1,564
      
2,075
  
John Hancock #1929
                
Acquired 05/30/2014*
    
3,812
      
3,941
  
John Hancock #5072
                
Acquired 05/30/2014*
    
1,409
      
3,204
  
John Hancock #5080
                
Acquired 11/19/2013*
    
313
      
3,177
  
John Hancock #5885
                
Acquired 05/30/2014*
    
894
      
1,514
  
John Hancock #6686
                
Acquired 05/30/2014*
    
3,035
      
3,180
  
John Hancock #6912
                
Acquired 05/30/2014*
    
1,065
      
1,701
  
Lincoln National #0019
                
Acquired 09/18/2015*
  
 
2,460
    
 
5,433
  
Lincoln National #4654
                
Acquired 05/30/2014*
    
721
      
725
  
Lincoln National #4754
                
Acquired 09/18/2015*
    
610
      
3,282
  
Lincoln National #4754
                
Acquired 09/18/2015*
    
1,029
      
4,104
  
Lincoln National #5658
                
Acquired 09/18/2015*
    
329
      
1,224
  
Lincoln National #7099
                
Acquired 09/18/2015*
    
1,254
      
2,896
  
Lincoln National #8558
                
Acquired 09/18/2015*
    
1,659
      
3,925
  
Mass Mutual #1849
                
Acquired 11/05/2013*
    
2,926
      
4,899
  
Mass Mutual #5167
                
Acquired 05/30/2014*
    
63
      
1,357
  
Mass Mutual #5681
                
Acquired 11/05/2013*
    
288
      
2,320
  
Mass Mutual #5864
                
Acquired 05/30/2014*
    
4,668
      
803
  
Mass Mutual #6620
                
Acquired 11/05/2013*
    
222
      
831
  
Met Life #8MLU
                
Acquired 05/30/2014*
    
1,413
      
2,183
  
Pacific Life #7850
                
Acquired 05/30/2014*
    
550
      
915
  
Penn Life #8183
                
Acquired 10/18/2016*
    
46
      
101
  
Penn Mutual #3106
                
Acquired 05/30/2014*
    
1,294
      
1,510
  
Phoenix Life #5555
                
Acquired 05/30/2014*
    
3,946
      
5,322
  
Phoenix Life #5715
                
Acquired 10/18/2016*
    
570
      
1,833
  
Phoenix Life #6157
                
Acquired 10/18/2016*
    
569
      
1,873
  
Phoenix Life #6161
                
Acquired 05/30/2014*
    
3,472
      
8,098
  
Phoenix Life #8499
                
Acquired 05/30/2014*
    
756
      
1,058
  
Phoenix Life #8509
                
Acquired 05/30/2014*
    
761
      
1,058
  
Principal Financial #6653
                
Acquired 10/30/2013*
    
306
      
1,584
  
Prudential #5978
                
Acquired 10/02/2015*
    
372
      
1,442
  
Security Mutual Life #5380
                
Acquired 10/30/2013*
    
410
      
570
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Acquisition Cost (000)/
Face Amount
(000)(1)
    
Value (000)
  
Transamerica #1708
            
Acquired 10/28/2013*
  
$
957
    
$
2,971
  
Transamerica #3426
                
Acquired 11/12/2013*
    
274
      
568
  
Transamerica #8205
                
Acquired 10/28/2013*
    
714
      
1,828
  
Union Central Life #4500
                
Acquired 10/30/2013*
    
790
      
3,799
  
                 
Total Life Settlement Contracts
  
(Cost $80,172)
      
148,128
  
                 
Sovereign Debt [2.0%]
  
1MDB Global Investments
               
4.400%, 03/09/23
    
1,000
      
951
  
AES
               
7.750%, 02/02/24
    
3,000
      
3,215
  
Argentina Paris Club
               
3.000%, 05/30/21(D)
    
5,984
      
5,623
  
Argentine Republic Government International Bond
               
10.250%, 02/06/03(B) (D)
  
EUR
 12      
16
  
10.000%, 12/07/04(B) (D)
  
EUR
 1,244      
1,618
  
10.000%, 01/07/05(B) (D)
  
EUR
 132      
139
  
10.000%, 02/22/07(B) (D)
  
EUR
 25      
26
  
9.500%, 03/04/04(B) (D)
  
EUR
  27      
35
  
9.000%, 11/19/08(B) (D)
  
EUR
  15      
20
  
8.750%, 02/04/03(B) (D)
  
EUR
  30      
32
  
8.500%, 02/23/05(B) (D)
  
EUR
  630      
735
  
8.500%, 07/30/10(B) (D)
  
EUR
  34      
35
  
8.125%, 10/04/04(B) (D)
  
EUR
  119      
146
  
8.125%, 04/21/08(B) (D)
  
EUR
  85      
89
  
8.000%, 02/25/02(B) (D)
  
EUR
  2,033      
1,563
  
8.000%, 02/26/08(B) (D)
  
EUR
  114      
147
  
8.000%, 10/30/09(B) (D)
  
EUR
  366      
476
  
7.820%, 12/31/33(B) (D)
  
EUR
  7,618      
9,986
  
7.625%, 08/11/07(B) (D)
  
EUR
  13      
14
  
7.500%, 05/23/02(B) (D)
  
EUR
  52      
40
  
7.125%, 06/10/02(B) (D)
  
EUR
  97      
102
  
7.000%, 03/18/04(B) (D)
  
EUR
  141      
166
  
5.870%, 03/31/23(B) (D)
  
EUR
  28      
40
  
0.000%, 07/22/03(B) (D)
  
EUR
  66      
51
  
0.000%, 12/22/04(B) (D)
  
EUR
  29      
31
  
Bosnia & Herzegovina Government International Bond
               
0.500%, VAR ICE LIBOR EUR 6M+0.813% 12/22/17
  
EUR
 380      
444
  
City of Cordoba, Argentina
               
7.875%, 09/29/24
    
3,500
      
3,668
  
                 
Description
  
Face Amount
(000)(1)/Shares
    
Value (000)
  
Egyptian Paris Club
               
5.056%, 01/01/21(D) (H)
  
$
7
    
$
5
  
Ghana Government International Bond
               
8.500%, 10/04/17
    
100
      
100
  
Ivory Coast Government International Bond
               
5.750%, 12/31/32
    
57
      
56
  
Province of Salta, Argentina
               
9.500%, 03/16/22
    
1,512
      
1,618
  
Provincia de Entre Rios, Argentina
               
8.750%, 02/08/25
    
4,000
      
4,160
  
Provincia de Neuquen, Argentina
               
7.500%, 04/27/25
    
1,000
      
1,043
  
Republic of Azerbaijan International Bond
               
3.500%, 09/01/32
    
5,619
      
4,875
  
Republic of Belarus International Bond
               
8.950%, 01/26/18
    
5,100
      
5,192
  
Ukraine Government International Bond
               
7.375%, 09/25/32
    
7,500
      
7,303
  
0.000%, 05/31/40(G)
    
2,000
      
1,077
  
                 
Total Sovereign Debt
  
(Cost $54,806)
      
54,837
  
                 
Closed-End Fund [0.6%]
  
Stone Ridge Reinsurance Risk Premium Interval Fund(D)
    
1,699,627
      
15,331
  
                 
Total Closed-End Fund
  
(Cost $17,257)
      
15,331
  
                 
Limited Partnership [0.3%]
  
Financial Services [0.3%]
  
Cartesian LP * (D) (H) (I)
    
1
      
7,815
  
                 
Total Limited Partnership
  
(Cost $10,000)
      
7,815
  
                 
Common Stock [0.2%]
  
Energy [0.0%]
  
Templar Energy, Cl A *
    
105,419
      
276
  
                 
Financial [0.0%]
  
Aretec Group *
    
3,419
      
103
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
Description
  
Shares/
Face Amount
(000)(1)/
 Number of Warrants
    
Value (000)
  
Metals & Mining [0.0%]
  
New World Resources, Cl A * (D)
    
44,276,198
    
$
89
  
                 
Oil, Gas & Consumable Fuels [0.2%]
  
Gulf Keystone Petroleum *
    
2,879,160
      
3,704
  
                 
Services [0.0%]
  
A’Ayan Leasing * (D)
    
1,169,438
      
122
  
Astana Finance *
    
208,618
      
—
  
                 
Total Services
      
122
  
                 
Total Common Stock
  
(Cost $6,055)
      
4,294
  
                 
Convertible Bonds [0.2%]
  
Coal Mining [0.0%]
  
New World Resources
                
4.000%, 10/07/20(B) (D)
  
EUR
 380      
—
  
                 
Medical Products & Services [0.0%]
  
Bio City Development
                
8.000%, 07/06/18(B) (D)
  
 
1,000
      
200
  
                 
Metal-Iron [0.0%]
  
London Mining Jersey
                
12.000%, 04/30/19(B) (D)
    
1,500
      
15
  
                 
Petroleum & Fuel Products [0.2%]
  
Dana Gas Sukuk
                
9.000%, 10/31/17(B)
    
4,642
      
3,661
  
7.000%, 10/31/17
    
450
      
365
  
                 
Total Petroleum & Fuel Products
      
4,026
  
                 
Total Convertible Bonds
  
(Cost $7,400)
      
4,241
  
                 
Warrant [0.1%]
  
Central Bank of Nigeria,
                
Expires 11/15/20, Strike Price $0.0001*(D)
    
36,000
      
2,673
  
                 
Total Warrant
  
(Cost $5,425)
      
2,673
  
                 
Description
  
Face Amount
(000)(1)/Shares
    
Value (000)
  
Asset-Backed Security [0.0%]
  
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
                
9.250%, 06/06/16(D) (H) (I) (J)
  
$
4,438
    
$
328
  
                 
Total Asset-Backed Security
  
(Cost $4,438)
      
328
  
                 
Repurchase Agreement [2.7%]
  
Barclays(K)
                
1.050%, dated 09/29/17, repurchased on 10/02/17, repurchase price $75,006,563 (collateralized by various U.S. Government obligations, par values ranging from $100 ‒ $19,844,200, 0.000% ‒ 6.625%, 01/02/18 ‒ 02/15/36; with a total market value $76,500,000)
    
75,000
      
75,000
  
                 
Total Repurchase Agreement
  
(Cost $75,000)
      
75,000
  
                 
Short-Term Investment [7.0%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
192,698,140
      
192,698
  
                 
Total Short-Term Investment
  
(Cost $192,698)
      
192,698
  
                 
Total Investments [100.1%]
  
(Cost $2,647,339)
    
$
2,743,395
  
 
Percentages are based on Net Assets of $2,740,248 (000).
 
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(1)
In U.S. dollars unless otherwise indicated.
(A)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $358,544 (000), representing 13.1% of the net assets of the Fund.
(B)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
(C)
Step Bond — The rate reported is the rate in effect on September 30, 2017. The coupon on a step bond changes on a specific date.
(D)
Security is considered illiquid. The total market value of such securities as of September 30, 2017, was $236,195 (000) and represented 8.6% of the net assets of the Fund.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (continued)
 
(E)
Zero coupon security. The rate reported is the effective yield at time of purchase.
(F)
Unsettled bank loan.
(G)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(H)
Level 3 security in accordance with fair value hierarchy.
(I)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of September 30, 2017, was $156,271 (000) and represented 5.7% of the net assets of the Fund.
(J)
Security is considered restricted. The total market value of such securities as of September 30, 2017, was $148,456 (000) and represented 5.4% of the net assets of the Fund.
(K)
Tri-Party Repurchase Agreement.
(L)
Maturity date is 06/05/2115.
 
CHF — Swiss Franc
Cl — Class
EUR — Euro
Euribor — Euro Interbank Offered Rates
GBP — British Pound Sterling
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
LLC — Limited Liability Corporation
LLP — Limited Liability Partnership
LP — Limited Partnership
MLP — Master Limited Partnership
MTN — Medium Term Note
PIK — Payment in-kind
PLC — Public Limited Company
Pte. Ltd. — Private Limited
SA — Special Assessment
SAB — Special Assessment Board
Ser — Series
SPE — Special Purpose Entity
USD — United States Dollar
VAR — Variable
 
A list of the open forward foreign currency contracts held by the Fund at September 30, 2017, is as follows:
 
Counterparty
Settlement Date
Currency to
Deliver
(000)
  
Currency to
Receive
(000)
    
Unrealized
Appreciation
(Depreciation)
(000)
  
U.S. Bank
11/30/17
GBP
    
1,640
  
USD
    
2,208
    
$
6
  
U.S. Bank
10/10/17
GBP
    
28,350
  
USD
    
37,095
      
(906
)
U.S. Bank
10/10/17
EUR
    
127,960
  
USD
    
153,795
      
2,476
  
U.S. Bank
10/10/17 - 11/30/17
EUR
    
19,600
  
USD
    
23,148
      
(83
)
U.S. Bank
05/31/18
CHF
    
6,000
  
USD
    
6,325
      
21
  
U.S. Bank
03/29/18
CHF
    
1,500
  
USD
    
1,565
      
(4
)
                         
$
1,510
  
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3(1)
    
Total
  
Corporate Bonds
  
$
—
    
$
1,436,540
    
$
—
    
$
1,436,540
  
Loan Participations
    
—
      
799,715
      
1,795
      
801,510
  
Life Settlement Contracts
    
—
      
—
      
148,128
      
148,128
  
Sovereign Debt
    
—
      
54,832
      
5
      
54,837
  
Closed-End Fund
    
15,331
      
—
      
—
      
15,331
  
Limited Partnership
    
—
      
—
      
7,815
      
7,815
  
Common Stock
    
3,826
      
468
      
—
      
4,294
  
Convertible Bonds
    
—
      
4,241
      
—
      
4,241
  
Warrant
    
2,673
      
—
      
—
      
2,673
  
Asset-Backed Security
    
—
      
—
      
328
      
328
  
Repurchase Agreement
    
—
      
75,000
      
—
      
75,000
  
Short-Term Investment
    
192,698
      
—
      
—
      
192,698
  
Total Investments in Securities
  
$
214,528
    
$
2,370,796
    
$
158,071
    
$
2,743,395
  
 
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Forwards Contracts*
                        
Unrealized Appreciation
  
$
—
    
$
2,503
    
$
—
    
$
2,503
  
Unrealized Depreciation
    
—
      
(993
)
    
—
      
(993
)
Total Other Financial Instruments
  
$
—
    
$
1,510
    
$
—
    
$
1,510
  
 
*
Forwards contracts are valued at the unrealized appreciation/(depreciation) on the instrument.
(1)
Of the $158,071 (000) in Level 3 securities as of September 30, 2017, $156,271 (000) or 98.9% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party vendors or broker quotes.
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2017:
 
   
Investments in Loan Participations
(000)
    
Investments in Life Settlement Contracts
(000)
    
Investments in Sovereign Debt
(000)
  
Beginning balance as of 10/1/16
  
$
2,185
    
$
152,481
    
$
10
  
Accrued discounts/ premiums
    
89
      
—
      
—
  
Realized gain/(loss)
    
49
      
13,923
      
1
  
Change in unrealized appreciation/(depreciation)
    
(50
)
    
5,469
      
(2
)
Purchases
    
—
      
1,925
      
—
  
Sales/paydowns
    
(478
)
    
(25,670
)
    
(4
)
Transfers into Level 3
    
—
      
—
      
—
  
Transfers out of Level 3
    
—
      
—
      
—
  
Ending balance as of 9/30/17
  
$
1,795
    
$
148,128
    
$
5
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
(50
)
  
$
5,469
    
$
(2
)
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 107
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Fixed Income Opportunities Fund (concluded)
 
   
Investments in Limited Partnership
(000)
    
Investments in Asset-Backed Securities
(000)
    
Total
(000)
  
Beginning balance as of 10/1/16
  
$
—
    
$
1,316
    
$
155,992
  
Accrued discounts/ premiums
    
—
      
—
      
89
  
Realized gain/(loss)
    
—
      
—
      
13,973
  
Change in unrealized appreciation/(depreciation)
    
—
      
(407
)
    
5,010
  
Purchases
    
—
      
—
      
1,925
  
Sales/paydowns
    
—
      
(581
)
    
(26,733
)
Transfers into Level 3
    
7,815
      
—
      
7,815
  
Transfers out of Level 3
    
—
      
—
      
—
  
Ending balance as of 9/30/17
  
$
7,815
    
$
328
    
$
158,071
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
—
    
$
(407
)
  
$
5,110
  
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
 
 
Fair Value at
September 30, 2017
(000)
Valuation Techniques
  
BT SPE
$328
Discounted Cash Flow Model
 
   
based on actual collection level and experienced defaults
  
       
   
Observable Inputs
  
   
Cumulated Collections
 
   
Cumulated Defaults
 
   
Annualized Default Rate
 
   
Cumulated Default Rate
 
   
Pace of Collection
 
   
Pace of Defaults
 
   
Interest Rates
 
       
   
Unobservable Inputs
Range
   
Projected Default Rates
5%-12%
   
Projected Collection Rates
90%-100%
   
Expected Discount Rates
9.25%
       
   
Valuation Techniques
  
Life Settlement Contracts
148,128
Discounted Cash Flow Model
  
       
   
Observable Inputs
  
   
Maturity Value
 
       
   
Unobservable Inputs
Range
   
Discount Rate
13.5%
   
Expected Maturity (months)
6-130 months
       
   
Valuation Techniques
  
Limited Partnership
7,815
Fair value based on estimates of insured losses and disposition of industry loss warranties
  
       
   
Observable Inputs
  
   
Previous month's Net Asset Value
  
       
   
Unobservable Inputs
Range
   
Projected insured losses from hurricanes provided by management
30%
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements. Increases in projected collection rates in isolation would result in a higher fair value measurement, while increases in expected discount rates, projected default rates, and maturities of life settlement contracts, in isolation, would result in a lower fair value measurement.
 
For the year ended September 30, 2017, there were transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.
 
The transfers between fair values hierarchy levels were due to changes in the availability of observable inputs to determine fair value.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
8,930
  
Purchases at Cost
    
7,846
  
Proceeds from Sales
    
(16,776
)
Unrealized Gain/(Loss)
    
—
  
Realized Gain/(Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
—
  
 
At September 30, 2017, the Fund had the following investments in life settlement contracts:
 
Year
  
Number of
Contracts
    
Fair Value
(000)
    
Face Value
(Death Benefits)
(000)
  
2018
    
2
    
$
9,120
    
$
12,000
  
2019
    
6
      
14,403
      
21,824
  
2020
    
10
      
41,066
      
77,508
  
2021
    
15
      
36,513
      
88,000
  
2022
    
10
      
21,208
      
61,000
  
Thereafter
    
17
      
25,818
      
101,872
  
 
    
60
    
$
148,128
    
$
362,204
  
 
For the year ended September 30, 2017, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Consolidated Statement of Operations, as part of the unrealized appreciation/(depreciation) on investments, consisted of a net positive change to fair value on life settlement contracts of $1,497,475, offset by $19,664,536 in premiums paid and continuing costs associated with its investment in the policies. For the year ended September 30, 2017, the Fund realized gains of $13,923,133 on matured life settlements, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain/(loss) on investments.
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 108
 
schedule of investments
September 30, 2017
City National Rochdale Dividend & Income Fund
 
Description
  
Shares
    
Value (000)
  
Common Stock [96.3%]
  
Consumer Discretionary [6.2%]
  
Cedar Fair (A)
    
28,000
    
$
1,795
  
Hasbro
   
58,800
      
5,743
  
McDonald’s
   
38,800
      
6,079
  
Six Flags Entertainment
   
32,500
      
1,981
  
                 
Total Consumer Discretionary
      
15,598
  
                 
Consumer Staples [24.2%]
  
Altria Group
   
114,750
      
7,277
  
B&G Foods
   
141,800
      
4,516
  
British American Tobacco ADR
   
8,559
      
535
  
Clorox
   
37,700
      
4,973
  
Coca-Cola
   
75,372
      
3,393
  
Dr. Pepper Snapple Group
   
61,400
      
5,432
  
General Mills
   
110,780
      
5,734
  
Hershey
   
25,400
      
2,773
  
Imperial Brands ADR
   
46,304
      
2,004
  
Kellogg
   
47,000
      
2,931
  
Kimberly-Clark
   
19,000
      
2,236
  
Mondelez International, Cl A
   
25,000
      
1,017
  
Philip Morris International
   
61,700
      
6,849
  
Procter & Gamble
   
45,949
      
4,180
  
Sysco
   
38,800
      
2,093
  
Unilever ADR
   
22,200
      
1,287
  
Vector Group
   
198,979
    
 
4,073
  
                 
Total Consumer Staples
      
61,303
  
                 
Energy [5.5%]
  
Buckeye Partners (A)
    
12,400
      
707
  
Chevron
   
36,183
      
4,252
  
Enterprise Products Partners (A)
    
87,984
      
2,294
  
ExxonMobil
   
25,838
      
2,118
  
Occidental Petroleum
   
25,500
      
1,637
  
ONEOK
   
18,500
      
1,025
  
TransCanada
   
37,128
      
1,835
  
                 
Total Energy
      
13,868
  
 
                
Financials [7.5%]
  
Ares Capital
   
91,000
      
1,492
  
Arthur J Gallagher
   
13,200
      
812
  
BB&T
   
64,600
      
3,032
  
Cincinnati Financial
   
60,650
      
4,644
  
Compass Diversified Holdings (A)
    
153,000
      
2,716
  
JPMorgan Chase
   
33,400
      
3,190
  
People’s United Financial
   
30,000
      
544
  
Umpqua Holdings
   
71,000
      
1,385
  
United Bankshares
   
33,500
      
1,245
  
                 
Total Financials
      
19,060
  
                 
Health Care [7.4%]
  
Bristol-Myers Squibb
   
54,200
      
3,455
  
GlaxoSmithKline ADR
   
67,800
      
2,752
  
Johnson & Johnson
   
44,300
      
5,759
  
Merck
   
73,150
      
4,684
  
Pfizer
   
56,944
      
2,033
  
                 
Total Health Care
      
18,683
  
                 
Industrials [6.2%]
  
Eaton
   
41,300
      
3,172
  
General Dynamics
   
15,300
      
3,145
  
Lockheed Martin
   
30,117
      
9,345
  
                 
Total Industrials
      
15,662
  
                 
Information Technology [3.2%]
  
Intel
   
134,500
      
5,122
  
Paychex
   
52,000
      
3,118
  
                 
Total Information Technology
      
8,240
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 109
 
schedule of investments
September 30, 2017
City National Rochdale Dividend & Income Fund (continued)
 
Description
  
Shares
    
Value (000)
  
Materials [2.1%]
  
DowDuPont
   
58,597
    
$
4,056
  
Sonoco Products
   
24,000
      
1,211
  
                 
Total Materials
      
5,267
  
                 
REITs [13.3%]
  
EPR Properties
   
34,500
      
2,406
  
Government Properties Income Trust
   
35,000
      
657
  
Gramercy Property Trust
   
46,999
      
1,422
  
Healthcare Trust of America, Cl A
   
79,500
      
2,369
  
Lamar Advertising, Cl A
   
84,800
      
5,811
  
Liberty Property Trust
   
83,985
      
3,449
  
Life Storage
   
10,036
      
821
  
Mid-America Apartment Communities
   
26,500
      
2,832
  
National Retail Properties
   
59,500
      
2,479
  
National Storage Affiliates Trust
   
50,000
      
1,212
  
Select Income
    
35,500
      
832
  
Simon Property Group
   
10,000
      
1,610
  
Tanger Factory Outlet Centers
   
27,984
      
683
  
Ventas
   
40,232
      
2,620
  
Welltower
   
32,262
      
2,267
  
Weyerhaeuser
   
38,400
      
1,307
  
WP Carey
   
12,000
      
809
  
                 
Total REITs
      
33,586
  
                 
Telecommunication Services [5.0%]
  
AT&T
   
98,500
      
3,858
  
Consolidated Communications Holdings
   
150,900
      
2,879
  
Verizon Communications
   
119,167
      
5,898
  
                 
Total Telecommunication Services
      
12,635
  
                 
Utilities [15.7%]
  
American Electric Power
   
34,900
      
2,451
  
AmeriGas Partners (A)
    
28,200
      
1,268
  
Avangrid
   
59,000
      
2,798
  
Brookfield Infrastructure Partners
   
67,600
      
2,916
  
Dominion Energy
   
24,000
      
1,846
  
DTE Energy
   
15,000
      
1,610
  
Duke Energy
   
68,006
      
5,707
  
Entergy
   
13,700
      
1,046
  
Eversource Energy
   
39,242
      
2,372
  
OGE Energy
   
33,600
      
1,211
  
Pattern Energy Group, Cl A
   
22,000
      
530
  
Pinnacle West Capital
   
30,135
      
2,548
  
PPL
   
34,500
    
 
1,309
  
SCANA
   
44,100
      
2,139
  
Sempra Energy
   
9,000
      
1,027
  
Vectren
   
56,000
      
3,683
  
WEC Energy Group
   
38,050
      
2,389
  
Xcel Energy
   
62,100
      
2,939
  
                 
Total Utilities
      
39,789
  
                 
Total Common Stock
  
(Cost $185,630)
      
243,691
  
                 
Exchange-Traded Funds [2.0%]
  
iShares US Preferred Stock ETF
    
27,300
      
1,059
  
PowerShares Preferred Portfolio
    
269,500
      
4,051
  
                 
Total Exchange-Traded Funds
  
(Cost $5,027)
      
5,110
  
                 
Preferred Stock [1.7%]
  
Financials [0.7%]
  
AmTrust Financial Services, 7.500%
   
10,000
      
260
  
Bank of America, 6.500%
   
10,000
      
269
  
Capital One Financial, 6.700%
   
10,000
      
272
  
JPMorgan Chase, 6.125%
   
10,000
      
268
  
Wells Fargo, 6.000%
   
20,000
      
524
  
Wells Fargo Real Estate Investment, 6.375%
   
10,000
      
264
  
                 
Total Financials
      
1,857
  
                 
REITs [0.6%]
  
Digital Realty Trust, 5.250%
   
10,000
      
251
  
National Retail Properties, 5.200%
   
10,000
      
251
  
PS Business Parks, 5.200%
   
10,000
      
253
  
Public Storage, 5.050%
   
30,000
      
770
  
                 
Total REITs
      
1,525
  
                 
Telecommunication Services [0.2%]
  
Qwest, 7.000%
   
10,000
      
269
  
Verizon Communications, 5.900%
   
10,000
      
272
  
                 
Total Telecommunication Services
      
541
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 110
 
schedule of investments
September 30, 2017
City National Rochdale Dividend & Income Fund (continued)
 
Description
  
Shares/Face Amount (000)
    
Value (000)
  
Utilities [0.2%]
  
Dominion Energy, 5.250%
   
5,000
    
$
129
  
Southern, 6.250%
   
10,000
      
274
  
                 
Total Utilities
      
403
  
                 
Total Preferred Stock
  
(Cost $4,125)
      
4,326
  
                 
Asset-Backed Security [0.0%]
  
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
               
9.250%, 06/06/16(B) (C) (D)
  
$
227
      
17
  
                 
Total Asset-Backed Security
  
(Cost $227)
      
17
  
                 
Short-Term Investment [0.0%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
194
      
—
  
                 
Total Short-Term Investment
  
(Cost $0)
      
—
  
                 
Total Investments [100.0%]
  
(Cost $195,009)
    
$
253,144
  
 
Percentages are based on Net Assets of $253,209 (000).
 
**
The rate reported is the 7-day effective yield as of September 30, 2017.
(A)
Security is a Master Limited Partnership. At September 30, 2017, such securities amounted to $8,780 (000), or 3.5% of the net assets of the Fund.
(B)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2017, was $17 (000) and represented 0.0% of the net assets of the Fund.
(C)
Security is considered illiquid. The total market value of such security as of September 30, 2017, was $17 (000) and represented 0.0% of the net assets of the Fund.
(D)
Level 3 security in accordance with fair value hierarchy.
 
ADR — American Depositary Receipt
Cl — Class
ETF — Exchange-Traded Fund
REIT — Real Estate Investment Trust
SPE — Special Purpose Entity
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stock
  
$
243,691
    
$
—
    
$
—
    
$
243,691
  
Exchange-Traded Funds
    
5,110
      
—
      
—
      
5,110
  
Preferred Stock
    
4,326
      
—
      
—
      
4,326
  
Asset-Backed Security
    
—
      
—
      
17
      
17
  
Short-Term Investment
    
—
      
—
      
—
      
—
  
Total Investments in Securities
  
$
253,127
    
$
—
    
$
17
    
$
253,144
  
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2017:
 
   
Investments in Asset-Backed Security
(000)
  
Beginning balance as of 10/1/16
  
$
67
  
Accrued discounts/premiums
    
—
  
Realized gain/(loss)
    
—
  
Change in unrealized appreciation/(depreciation)
    
(21
)
Purchases
    
—
  
Sales/paydowns
    
(29
)
Transfers into Level 3
    
—
  
Transfers out of Level 3
    
—
  
Ending balance as of 9/30/17
  
$
17
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
(21
)
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
 
 
Fair Value at
September 30, 2017
(000)
Valuation Techniques
  
BT SPE
$ 17
Discounted Cash Flow Model based on actual collection level and experienced defaults
 
       
   
Observable Inputs
  
   
Cumulated Collections
  
   
Cumulated Defaults
 
   
Annualized Default Rate
 
   
Cumulated Default Rate
 
   
Pace of Collection
  
   
Pace of Defaults
  
   
Interest Rates
  
       
   
Unobservable Inputs
Range
   
Projected Default Rates
5%-12%
   
Projected Collection Rates
90%-100%
   
Expected Discount Rates
7%-9.25%
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
 
schedule of investments
September 30, 2017
City National Rochdale Dividend & Income Fund (concluded)
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
3,417
  
Purchases at Cost
    
18,275
  
Proceeds from Sales
    
(21,692
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
2
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
 
schedule of investments
September 30, 2017
City National Rochdale U.S. Core Equity Fund
 
Description
  
Shares
    
Value (000)
  
Common Stock [99.5%]
  
Aerospace & Defense [2.4%]
  
Northrop Grumman
   
12,100
    
$
3,481
  
Raytheon
   
15,000
      
2,799
  
                 
Total Aerospace & Defense
      
6,280
  
                 
Auto Components [1.7%]
  
Magna International
   
80,800
      
4,313
  
                 
Banks [4.8%]
  
Bank of America
   
104,000
      
2,635
  
PNC Financial Services Group
   
38,000
      
5,121
  
SunTrust Banks
   
76,000
      
4,543
  
                 
Total Banks
      
12,299
  
                 
Beverages [2.1%]
  
PepsiCo
   
48,000
      
5,348
  
                 
Biotechnology [2.0%]
  
Celgene *
    
36,100
      
5,264
  
                 
Building Products [0.6%]
  
Lennox International
   
8,800
      
1,575
  
                 
Capital Markets [3.2%]
  
BlackRock, Cl A
   
6,100
      
2,727
  
CME Group, Cl A
   
40,900
      
5,549
  
                 
Total Capital Markets
      
8,276
  
                 
Chemicals [2.7%]
  
DowDuPont
   
36,000
      
2,492
  
Ecolab
   
18,900
    
 
2,431
  
Westlake Chemical
   
25,000
      
2,077
  
                 
Total Chemicals
      
7,000
  
                 
Commercial Banks [4.7%]
  
JPMorgan Chase
   
77,100
      
7,364
  
US Bancorp
   
90,000
      
4,823
  
                 
Total Commercial Banks
      
12,187
  
                 
Commercial Services & Supplies [2.0%]
  
Cintas
   
35,000
      
5,050
  
                 
Diversified Financial Services [1.9%]
  
Berkshire Hathaway, Cl B *
    
27,000
      
4,950
  
                 
Electric Utilities [2.7%]
  
PG&E
   
102,800
      
7,000
  
 
                
Electronic Equipment [1.1%]
  
Amphenol, Cl A
   
33,000
      
2,793
  
                 
Energy Equipment & Services [1.0%]
  
Halliburton
   
58,000
      
2,670
  
                 
Food & Staples Retailing [3.1%]
  
Costco Wholesale
   
22,800
      
3,746
  
Wal-Mart Stores
   
54,300
      
4,243
  
                 
Total Food & Staples Retailing
      
7,989
  
                 
Health Care Equipment & Supplies [2.6%]
  
Danaher
   
28,000
      
2,402
  
Edwards Lifesciences *
    
38,000
      
4,154
  
                 
Total Health Care Equipment & Supplies
      
6,556
  
                 
Health Care Providers & Services [2.9%]
  
UnitedHealth Group
   
38,600
      
7,560
  
                 
Hotels, Restaurants & Leisure [3.1%]
  
McDonald’s
   
32,800
      
5,139
  
Starbucks
   
51,500
      
2,766
  
                 
Total Hotels, Restaurants & Leisure
      
7,905
  
                 
Household Durables [2.0%]
  
PulteGroup
   
190,000
      
5,193
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
 
schedule of investments
September 30, 2017
City National Rochdale U.S. Core Equity Fund (continued)
 
Description
  
Shares
    
Value (000)
  
Household Products [1.7%]
  
Colgate-Palmolive
   
61,700
    
$
4,495
  
 
                
Industrial Conglomerates [2.6%]
  
3M
    
15,100
      
3,169
  
Honeywell International
   
24,800
      
3,515
  
 
                
Total Industrial Conglomerates
      
6,684
  
 
                
Internet Software & Services [6.6%]
  
Alphabet, Cl A *
    
8,600
      
8,374
  
Alphabet, Cl C *
    
1,800
      
1,727
  
Facebook, Cl A *
    
40,600
      
6,937
  
 
                
Total Internet Software & Services
      
17,038
  
 
                
IT Services [7.0%]
  
Mastercard, Cl A
   
62,200
      
8,783
  
Visa, Cl A
   
87,000
      
9,156
  
 
                
Total IT Services
      
17,939
  
 
                
Life Sciences Tools & Services [2.2%]
  
Thermo Fisher Scientific
   
29,200
      
5,525
  
 
                
Machinery [1.0%]
  
Ingersoll-Rand
   
28,000
      
2,497
  
 
                
Media [4.7%]
  
Comcast, Cl A
   
153,200
      
5,895
  
Time Warner
   
26,600
      
2,725
  
Walt Disney
   
34,000
      
3,352
  
 
                
Total Media
      
11,972
  
 
                
Oil, Gas & Consumable Fuels [4.3%]
  
Cabot Oil & Gas
   
95,000
      
2,541
  
Chevron
   
26,600
      
3,126
  
Concho Resources *
    
20,000
      
2,634
  
ExxonMobil
   
35,000
      
2,869
  
 
                
Total Oil, Gas & Consumable Fuels
      
11,170
  
 
                
Pharmaceuticals [5.6%]
  
Eli Lilly
   
48,000
      
4,106
  
Johnson & Johnson
   
42,000
      
5,460
  
Zoetis, Cl A
   
74,000
      
4,718
  
 
                
Total Pharmaceuticals
      
14,284
  
 
                
Real Estate Investment Trusts [1.8%]
  
Essex Property Trust
   
18,000
    
 
4,573
  
 
                
Road & Rail [1.3%]
  
Union Pacific
   
28,500
      
3,305
  
 
                
Semiconductors & Semiconductor Equipment [2.8%]
  
NXP Semiconductors *
    
52,300
      
5,915
  
Texas Instruments
   
15,000
      
1,344
  
 
                
Total Semiconductors & Semiconductor Equipment
      
7,259
  
 
                
Software [4.5%]
  
Adobe Systems *
    
32,600
      
4,863
  
Microsoft
   
90,900
      
6,771
  
 
                
Total Software
      
11,634
  
 
                
Specialty Retail [2.8%]
  
Home Depot
   
43,500
      
7,115
  
 
                
Technology Hardware, Storage & Peripherals [2.4%]
  
Apple
   
40,300
      
6,211
  
 
                
Water Utilities [1.6%]
  
American Water Works
   
51,500
      
4,167
  
 
                
Total Common Stock
  
(Cost $181,081)
      
256,076
  
 
                
Short-Term Investment [0.4%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
1,150,459
      
1,150
  
 
                
Total Short-Term Investment
  
(Cost $1,150)
      
1,150
  
 
                
Total Investments [99.9%]
  
(Cost $182,231)
    
$
257,226
  
 
Percentages are based on Net Assets of $257,475 (000).
 
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of September 30, 2017.
 
Cl — Class
 
As of September 30, 2017, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 114
 
schedule of investments
September 30, 2017
City National Rochdale U.S. Core Equity Fund (concluded)
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
2,542
  
Purchases at Cost
    
12,851
  
Proceeds from Sales
    
(15,393
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
1
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Emerging Markets Fund
 
Description
  
Shares
    
Value (000)
  
Common Stock [88.1%]
  
China [37.1%]
  
AAC Technologies Holdings
   
3,491,200
    
$
58,637
  
Alibaba Group Holding ADR *
    
348,219
      
60,141
  
ANTA Sports Products
   
4,243,000
      
17,843
  
Baidu ADR *
    
65,400
      
16,199
  
Bloomage BioTechnology
   
5,592,500
      
11,168
  
China Medical System Holdings
   
9,949,000
      
17,372
  
China Overseas Land & Investment
   
4,369,000
      
14,206
  
China Railway Group, Cl H
   
17,876,000
      
14,783
  
China State Construction International Holdings
   
12,472,091
      
18,169
  
Ctrip.com International ADR *
    
256,500
      
13,528
  
Great Wall Motor, Cl H (A)
    
30,646,500
      
37,663
  
Minth Group
   
4,370,000
      
22,880
  
New Oriental Education & Technology Group ADR
   
391,500
      
34,554
  
Ping An Insurance Group of China, Cl H
   
4,625,000
      
35,495
  
Sunny Optical Technology Group
   
5,202,132
      
82,711
  
Tencent Holdings
   
2,011,600
      
86,576
  
Zhejiang Expressway, Cl H
   
12,607,000
      
15,671
  
ZTE, Cl H
   
6,566,824
      
21,479
  
                 
Total China
      
579,075
  
                 
Hong Kong [8.1%]
  
Chow Tai Fook Jewellery Group
   
1,523,400
      
1,827
  
Galaxy Entertainment Group
   
6,078,000
      
42,794
  
Man Wah Holdings
   
26,458,400
      
23,709
  
MTR
   
2,629,327
      
15,349
  
NagaCorp
   
25,402,063
      
15,414
  
Skyworth Digital Holdings
   
21,425,285
      
10,944
  
Tongda Group Holdings
   
59,500,000
    
 
15,919
  
                 
Total Hong Kong
      
125,956
  
                 
India [16.9%]
  
Bharat Petroleum (B)
    
1,954,760
      
14,104
  
CESC (B)
    
1,407,688
      
21,266
  
Crompton Greaves Consumer Electricals (B)
    
3,259,392
      
10,421
  
Emami (B)
    
496,740
      
8,321
  
HDFC Bank (B)
    
360,293
      
10,019
  
HDFC Bank ADR (B)
    
239,000
      
23,032
  
Housing Development Finance (B)
    
755,772
      
20,157
  
ICICI Bank (B)
    
2,121,764
      
8,985
  
ICICI Bank ADR (B)
    
1,664,775
      
14,251
  
ICICI Lombard General Insurance *(B) (C)
    
915,458
      
9,533
  
ICICI Prudential Life Insurance (B) (C)
    
1,601,144
      
9,530
  
Indian Oil (B)
    
1,713,000
      
10,503
  
ITC (B)
    
4,428,234
      
17,511
  
Kotak Mahindra Bank (B)
    
1,597,940
      
24,518
  
SBI Life Insurance *(B) (C)
    
885,576
      
9,491
  
Tata Motors, Cl A (B)
    
1,482,833
      
5,046
  
Tata Motors ADR *(B)
    
388,670
      
12,154
  
Tech Mahindra (B)
    
2,637,336
      
18,486
  
Zee Entertainment Enterprises (B)
    
2,030,000
      
16,164
  
                 
Total India
      
263,492
  
                 
Indonesia [5.4%]
  
Bank Mandiri Persero
   
23,108,600
      
11,538
  
Ciputra Development
   
150,218,059
      
13,328
  
Jasa Marga Persero
   
16,795,543
      
6,983
  
Lippo Karawaci
   
178,078,261
      
9,585
  
Mitra Adiperkasa
   
21,327,600
      
11,084
  
MNC Kapital Indonesia * (A) (D) (E)
    
89,799,800
      
7,851
  
Sarana Menara Nusantara
   
15,367,300
      
5,100
  
Surya Citra Media
   
62,420,000
      
10,149
  
United Tractors
   
4,075,000
      
9,682
  
                 
Total Indonesia
      
85,300
  
                 
Malaysia [3.4%]
  
Inari Amertron
   
40,314,879
      
24,251
  
My EG Services
   
29,721,900
      
14,430
  
Padini Holdings
   
13,839,300
      
14,912
  
                 
Total Malaysia
      
53,593
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Emerging Markets Fund (continued)
 
Description
  
Shares
    
Value (000)
  
Philippines [6.8%]
  
Ayala
   
628,210
    
$
11,996
  
BDO Unibank
   
5,940,860
      
15,285
  
GT Capital Holdings
   
612,760
      
14,004
  
JG Summit Holdings
   
5,601,680
      
8,270
  
Jollibee Foods
   
1,895,500
      
9,097
  
Megaworld
   
151,872,826
      
15,636
  
Security Bank
   
2,888,930
      
13,830
  
SM Prime Holdings
   
26,860,875
      
18,216
  
                 
Total Philippines
      
106,334
  
                 
South Korea [3.4%]
  
Cosmax
   
93,177
      
10,332
  
Innocean Worldwide
   
243,943
      
14,249
  
NAVER
   
13,150
      
8,553
  
Samsung Electronics
   
2,175
      
4,869
  
Samsung Life Insurance
   
148,100
      
14,612
  
                 
Total South Korea
      
52,615
  
                 
Taiwan [2.8%]
  
Airtac International Group
   
1,610,488
      
22,200
  
General Interface Solution Holding
   
2,106,000
      
20,939
  
                 
Total Taiwan
      
43,139
  
                 
Thailand [2.8%]
  
KCE Electronics
   
6,037,500
      
18,103
  
Minor International
   
12,350,305
      
15,091
  
Minor International NVDR
   
1,096,700
      
1,340
  
Siam Cement
   
648,000
      
9,754
  
                 
Total Thailand
      
44,288
  
                 
United States [1.4%]
  
Cognizant Technology Solutions, Cl A
   
224,000
      
16,249
  
Videocon d2h ADR *
    
658,724
      
5,863
  
                 
Total United States
      
22,112
  
                 
Total Common Stock
  
(Cost $951,168)
      
1,375,904
  
                 
Participatory Notes [2.7%]
  
Boci Financial - Credit Suisse # *
    
3,247,990
      
14,761
  
Hangzhou Hikvision Digital,
                
Expires 06/22/18 *
    
5,340,226
      
25,725
  
 
Description
  
Shares/Number of Warrants
    
Value (000)
  
Hangzhou Hikvision Digital Technology - Credit Suisse # *
    
196,770
    
$
948
  
Hangzhou Hikvision Digital-A - Credit Suisse,
                
Expires 09/27/21 *
    
65,000
      
313
  
                 
Total Participatory Notes
  
(Cost $34,310)
      
41,747
  
                 
Warrants [0.0%]
  
Inari Amertron,
                
Expires 02/17/20, Strike Price 1.60 (MYR)*
    
1,117,403
      
455
  
Minor International,
                
Expires 12/31/29, Strike Price 40 (THB)*
    
355,427
      
33
  
                 
Total Warrants
  
(Cost $—)
      
488
  
                 
Short-Term Investment [5.2%]
  
SEI Daily Income Trust Government Fund, Cl F, 0.840%**
    
81,121,352
      
81,121
  
                 
Total Short-Term Investment
  
(Cost $81,121)
      
81,121
  
                 
Total Investments [96.0%]
  
(Cost $1,066,599)
    
$
1,499,260
  
 
Percentages are based on Net Assets of $1,562,732 (000).
 
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of September 30, 2017.
#
Expiration date not available.
(A)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2017, was $45,514 (000) and represented 2.9% of the net assets of the Fund.
(B)
Securities held through a Mauritius Subsidiary.
(C)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2017, the value of these securities amounted to $28,569 (000), representing 1.8% of the net assets of the Fund.
(D)
Level 3 security in accordance with fair value hierarchy.
(E)
Security is considered illiquid. The total market value of such security as of September 30, 2017, was $7,851 (000) and represented 0.5% of the net assets of the Fund.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 117
 
consolidated schedule of investments
September 30, 2017
City National Rochdale Emerging Markets Fund (concluded)
 
ADR — American Depositary Receipt
Cl — Class
MYR — Malaysian Ringgit
NVDR — Non Voting Depositary Receipt
THB — Thai Baht
 
The following is a list of the inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value (000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stock
  
$
1,368,053
    
$
—
    
$
7,851
    
$
1,375,904
  
Participatory Notes
    
—
      
41,747
      
—
      
41,747
  
Warrants
    
—
      
488
      
—
      
488
  
Short-Term Investment
    
81,121
      
—
      
—
      
81,121
  
Total Investments in Securities
  
$
1,449,174
    
$
42,235
    
$
7,851
    
$
1,499,260
  
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2017:
 
   
Investments in
Common Stock
(000)
  
Beginning balance as of 10/1/16
  
$
8,360
  
Accrued discounts/premiums
    
—
  
Realized gain/(loss)
    
—
  
Change in unrealized appreciation/(depreciation)
    
(509
)
Purchases
    
—
  
Sales/paydowns
    
—
  
Transfers into Level 3
    
—
  
Transfers out of Level 3
    
—
  
Ending balance as of 9/30/17
  
$
7,851
  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
  
$
(509
)
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments that are not valued via one or more broker quotes as of September 30, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
 
 
Fair Value at
September 30, 2017
(000)
Valuation Techniques
  
Common Stock
$7,851
Discounted from the Last Traded Price
  
       
   
Observable Inputs
  
   
Last Traded Price
  
       
   
Unobservable Inputs
Discount Range
   
Discount Rate
25%
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements.
 
For the year ended September 30, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
 
The following is a summary of the transactions with affiliates for the year ended September 30, 2017:
 
   
City National Rochdale
Government Money Market Fund,
Class I
(000)
  
Beginning balance as of 10/1/16
  
$
24,145
  
Purchases at Cost
    
99,908
  
Proceeds from Sales
    
(124,053
)
Unrealized Gain (Loss)
    
—
  
Realized Gain (Loss)
    
—
  
Ending balance as of 9/30/17
  
$
—
  
Dividend Income
  
$
16
  
 
Amounts designated as “—“ are either $0 or have been rounded to $0.
 
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 118
 
statements of assets and liabilities (000)
September 30, 2017
 
    
City National Rochdale
Government Money
Market Fund
    
City National Rochdale
Government
Bond Fund
    
City National Rochdale
Corporate
Bond Fund
    
City National Rochdale
California Tax Exempt
Bond Fund
  
ASSETS:
                        
Cost of securities (including affiliated investments and repurchase agreements)
  
$
4,244,610
    
$
98,490
    
$
135,221
    
$
89,074
  
Investments in securities, at value
  
$
3,397,610
    
$
98,291
    
$
133,097
    
$
90,130
  
Affiliated investments, at value
    
—
      
—
      
—
      
531
  
Repurchase agreements, at value
    
847,000
      
—
      
3,000
      
—
  
Cash
    
—
      
9
      
—
      
—
  
Dividend and interest receivable
    
1,006
      
316
      
1,013
      
904
  
Receivable for capital shares sold
    
—
      
167
      
315
      
192
  
Prepaid expenses
    
83
      
3
      
2
      
1
  
Total Assets
  
$
4,245,699
    
$
98,786
    
$
137,427
    
$
91,758
  
                                 
LIABILITIES:
                                
Payable for income distributions
    
442
      
28
      
168
      
77
  
Payable for capital shares redeemed
    
—
      
49
      
38
      
2
  
Payable for investment securities purchased
    
—
      
—
      
—
      
1,830
  
Investment advisory fees payable
    
1,679
      
20
      
29
      
2
  
Shareholder servicing and distribution fees payable
    
965
      
13
      
29
      
31
  
Administrative fees payable
    
74
      
15
      
15
      
14
  
Accrued expenses
    
326
      
19
      
45
      
23
  
Total Liabilities
    
3,486
      
144
      
324
      
1,979
  
Net Assets
  
$
4,242,213
    
$
98,642
    
$
137,103
    
$
89,779
  
                                 
Net Assets:
                                
Paid-in Capital (unlimited authorization — $0.01 par value)
  
$
4,242,206
    
$
98,752
    
$
137,433
    
$
88,472
  
Undistributed net investment income
    
—
      
29
      
4
      
4
  
Accumulated net realized gain (loss) on investments
    
7
      
60
      
(1,210
)
    
(284
)
Net unrealized appreciation (depreciation) on investments
    
—
      
(199
)
    
876
      
1,587
  
Net Assets
  
$
4,242,213
    
$
98,642
    
$
137,103
    
$
89,779
  
                                 
Institutional Class Shares:
                                
Net Assets ($Dollars)
  
$
—
    
$
39,987,981
    
$
—
    
$
—
  
Total shares outstanding at end of year
    
—
      
3,815,466
      
—
      
—
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
—
    
$
10.48
    
$
—
    
$
—
  
                                 
Class N Shares:
                                
Net Assets ($Dollars)
  
$
1,099,004,904
    
$
1,743,137
    
$
5,625,681
    
$
9,344,074
  
Total shares outstanding at end of year
    
1,098,997,133
      
166,114
      
539,427
      
877,867
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
1.00
    
$
10.49
    
$
10.43
    
$
10.64
  
                                 
Class S Shares:
                                
Net Assets ($Dollars)
  
$
841,246,244
    
$
—
    
$
—
    
$
—
  
Total shares outstanding at end of year
    
841,246,141
      
—
      
—
      
—
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
1.00
    
$
—
    
$
—
    
$
—
  
                                 
Servicing Class Shares:
                                
Net Assets ($Dollars)
  
$
2,301,961,847
    
$
56,910,810
    
$
131,476,933
    
$
80,435,169
  
Total shares outstanding at end of year
    
2,301,962,858
      
5,432,338
      
12,628,331
      
7,580,940
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
1.00
    
$
10.48
    
$
10.41
    
$
10.61
  
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 119
 
statements of assets and liabilities (000)/
consolidated statement of assets and liabilities (000)
September 30, 2017
 
    
City National Rochdale
Municipal High
Income Fund
    
City National Rochdale
High Yield
Bond Fund
    
City National Rochdale
Intermediate Fixed
Income Fund
    
City National Rochdale
Fixed Income
Opportunities Fund
  
ASSETS:
                        
Cost of securities (including repurchase agreements)
  
$
1,138,090
    
$
73,348
    
$
242,345
    
$
2,647,339
  
Investments in securities, at value
  
$
1,166,419
    
$
73,094
    
$
244,732
    
$
2,668,395
  
Repurchase agreements, at value
    
—
      
—
      
—
      
75,000
  
Cash
    
—
      
2
      
—
      
3,735
  
Foreign currency
    
—
      
—
      
—
      
1,705
(1) 
Dividend and interest receivable
    
16,130
      
1,292
      
1,729
      
31,268
  
Foreign tax reclaim receivable
    
—
      
2
      
—
      
312
  
Receivable for capital shares sold
    
2,295
      
220
      
264
      
5,583
  
Receivable for investment securities sold
    
—
      
264
      
—
      
19,551
  
Unrealized gain on forward foreign currency contracts
    
—
      
10
      
—
      
2,503
  
Prepaid expenses
    
18
      
1
      
6
      
42
  
Total Assets
  
$
1,184,862
    
$
74,885
    
$
246,731
    
$
2,808,094
  
                                 
LIABILITIES:
                                
Payable for investment securities purchased
    
5,289
      
728
      
—
      
63,904
  
Payable for income distributions
    
2,131
      
81
      
—
      
—
  
Payable for capital shares redeemed
    
416
      
29
      
25
      
331
  
Unrealized loss on forward foreign currency contracts
    
—
      
13
      
—
      
993
  
Investment advisory fees payable
    
482
      
36
      
77
      
1,075
  
Shareholder servicing and distribution fees payable
    
387
      
10
      
100
      
1,120
  
Administrative fees payable
    
28
      
14
      
17
      
48
  
Accrued expenses
    
112
      
27
      
32
      
375
  
Total Liabilities
  
$
8,845
    
$
938
    
$
251
    
$
67,846
  
Net Assets
  
$
1,176,017
    
$
73,947
    
$
246,480
    
$
2,740,248
  
                                 
NET ASSETS:
                                
Paid-in Capital (unlimited authorization — $0.01 par value)
  
$
1,167,397
    
$
79,105
    
$
244,391
    
$
2,784,305
  
Undistributed (Distributions in excess of) net investment income
    
1,697
      
69
      
94
      
(76,057
)
Accumulated net realized gain (loss) on investments
    
(21,406
)
    
(4,971
)
    
(392
)
    
6,092
  
Net unrealized appreciation (depreciation) on:
                                
Investments
    
28,329
      
(254
)
    
2,387
      
24,430
  
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies
    
—
      
(2
)
    
—
      
1,478
  
Net Assets
  
$
1,176,017
    
$
73,947
    
$
246,480
    
$
2,740,248
  
                                 
Institutional Class Shares:
                                
Net Assets ($Dollars)
  
$
—
    
$
40,698,117
    
$
4,589,126
    
$
—
  
Total shares outstanding at end of year
    
—
      
5,050,529
      
175,307
      
—
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
—
    
$
8.06
    
$
26.18
    
$
—
  
                                 
Class N Shares:
                                
Net Assets ($Dollars)
  
$
686,922,118
    
$
16,705,260
    
$
241,890,688
    
$
2,740,248,090
  
Total shares outstanding at end of year
    
63,836,890
      
2,073,159
      
9,243,249
      
106,165,938
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
10.76
    
$
8.06
    
$
26.17
    
$
25.81
  
                                 
Servicing Class Shares:
                                
Net Assets ($Dollars)
  
$
489,094,508
    
$
16,543,683
    
$
—
    
$
—
  
Total shares outstanding at end of year
    
45,432,297
      
2,054,078
      
—
      
—
  
Net asset value, offering and redemption price per share
                                
(net assets ÷ shares outstanding)
  
$
10.77
    
$
8.05
    
$
—
    
$
—
  
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
(1)
Cost of foreign currency $1,705 (000).
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 120
 
statements of assets and liabilities (000)/
consolidated statement of assets and liabilities (000)
September 30, 2017
 
    
City National Rochdale
Dividend &
Income Fund
    
City National Rochdale
U.S. Core
Equity Fund
    
City National Rochdale
Emerging
Markets Fund
  
ASSETS:
                  
Cost of securities
  
$
195,009
    
$
182,231
    
$
1,066,599
  
Investments in securities, at value
  
$
253,144
    
$
257,226
    
$
1,499,260
  
Cash
    
18
      
—
      
—
  
Foreign currency
    
—
      
—
      
71,786
(1) 
Dividend and interest receivable
    
648
      
192
      
1,682
  
Receivable for investment securities sold
    
—
      
—
      
1,700
  
Foreign tax reclaim receivable
    
15
      
2
      
11
  
Receivable for capital shares sold
    
262
      
338
      
5,123
  
Prepaid expenses
    
4
      
4
      
20
  
Total Assets
    
254,091
      
257,762
      
1,579,582
  
                         
LIABILITIES:
                        
Payable for investment securities purchased
    
—
      
—
      
14,147
  
Payable for capital shares redeemed
    
229
      
80
      
439
  
Investment advisory fees payable
    
142
      
84
      
1,287
  
Shareholder servicing and distribution fees payable
    
104
      
78
      
712
  
Administrative fees payable
    
16
      
17
      
34
  
Line of credit
    
363
      
—
      
—
  
Accrued foreign capital gains tax on appreciated securities
    
—
      
—
      
10
  
Accrued expenses
    
28
      
28
      
221
  
Total Liabilities
    
882
      
287
      
16,850
  
Net Assets
  
$
253,209
    
$
257,475
    
$
1,562,732
  
                         
NET ASSETS:
                        
Paid-in Capital (unlimited authorization — $0.01 par value)
  
$
185,522
    
$
181,667
    
$
1,116,029
  
Undistributed (Distributions in excess of) net investment income
    
(14
)
    
68
      
(1,814
)
Accumulated net realized gain (loss) on investments and foreign currency
    
9,566
      
745
      
15,836
  
Net unrealized appreciation (depreciation) on:
                        
Investments
    
58,135
      
74,995
      
432,661
  
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies
    
—
      
—
      
30
  
Accumulated foreign capital gains tax on appreciated securities
    
—
      
—
      
(10
)
Net Assets
  
$
253,209
    
$
257,475
    
$
1,562,732
  
                         
Institutional Class Shares:
                        
Net Assets ($Dollars)
  
$
—
    
$
16,835
    
$
—
  
Total shares outstanding at end of year
    
—
      
1,063
      
—
  
Net asset value, offering and redemption price per share
                        
(net assets ÷ shares outstanding)
  
$
—
    
$
15.83
*
  
$
—
  
                         
Class N Shares:
                        
Net Assets ($Dollars)
  
$
253,209,211
    
$
127,086,287
    
$
175,874,776
  
Total shares outstanding at end of year
    
6,268,170
      
8,112,975
      
3,338,344
  
Net asset value, offering and redemption price per share
                        
(net assets ÷ shares outstanding)
  
$
40.40
    
$
15.66
    
$
52.68
  
                         
Servicing Class Shares:
                        
Net Assets ($Dollars)
  
$
—
    
$
130,372,100
    
$
—
  
Total shares outstanding at end of year
    
—
      
8,310,579
      
—
  
Net asset value, offering and redemption price per share
                        
(net assets ÷ shares outstanding)
  
$
—
    
$
15.69
    
$
—
  
                         
Class Y Shares:
                        
Net Assets ($Dollars)
  
$
—
    
$
—
    
$
1,386,857,679
  
Total shares outstanding at end of year
    
—
      
—
      
26,262,975
  
Net asset value, offering and redemption price per share
                        
(net assets ÷ shares outstanding)
  
$
—
    
$
—
    
$
52.81
  
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
(1)
Cost of foreign currency $74,827 (000).
*
Net assets divided by total share outstanding do not calculate to the stated net asset value because net assets and total shares outstanding amounts are shown rounded.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 121
 
statements of operations (000)
For the year ended September 30, 2017
 
    
City National Rochdale Government Money
Market Fund
    
City National Rochdale Government
Bond Fund
    
City National Rochdale
Corporate
Bond Fund
    
City National Rochdale
California Tax Exempt
Bond Fund
  
INVESTMENT INCOME:
                        
Dividend Income
  
$
—
    
$
6
    
$
208
    
$
4
  
Dividend Income from Affiliated Investments
    
—
      
—
      
1
      
34
  
Interest Income
    
35,397
      
1,914
      
3,153
      
1,837
  
Foreign Taxes Withheld
    
—
      
—
      
(2
)
    
—
  
Total Investment Income
    
35,397
      
1,920
      
3,360
      
1,875
  
                                 
EXPENSES:
                                
Investment Advisory Fees
    
13,294
      
568
      
527
      
254
  
Shareholder Servicing Fees — Class N(1)
    
16,738
      
9
      
25
      
44
  
Shareholder Servicing Fees — Class S(1)
    
6,927
      
—
      
—
      
—
  
Shareholder Servicing Fees — Servicing Class
    
2,866
      
193
      
317
      
213
  
Administration Fees
    
969
      
180
      
180
      
174
  
Transfer Agent Fees
    
387
      
10
      
10
      
7
  
Trustee Fees
    
178
      
32
      
32
      
31
  
Professional Fees
    
336
      
20
      
21
      
18
  
Custody Fees
    
207
      
6
      
12
      
4
  
Registration Fees
    
262
      
7
      
6
      
5
  
Printing Fees
    
105
      
3
      
3
      
2
  
Insurance and Other Expenses
    
242
      
11
      
37
      
21
  
Total Expenses
    
42,511
      
1,039
      
1,170
      
773
  
Recovery of Investment Advisory Fees Previously Waived(2)
    
5,520
      
—
      
—
      
—
  
Less, Waivers and/or Reimbursements of:
                                
Investment Advisory Fees
    
—
      
(136
)
    
(156
)
    
(158
)
Shareholder Servicing Fees — Class N(1)
    
(11,716
)
    
—
      
—
      
—
  
Shareholder Servicing Fees — Class S(1)
    
(5,226
)
    
—
      
—
      
—
  
Shareholder Servicing Fees — Servicing Class
    
(619
)
    
—
      
—
      
—
  
Net Expenses
   
30,470
      
903
      
1,014
      
615
  
                                 
Net Investment Income
   
4,927
      
1,017
      
2,346
      
1,260
  
Net Realized Gain (Loss):
                                
Investments
    
7
      
170
      
117
      
(237
)
Affiliated Investments
    
—
      
—
      
—
      
(48
)
Net Change in Unrealized Appreciation (Depreciation) on:
                                
Investments
    
—
      
(1,758
)
    
(1,287
)
    
(756
)
Affiliated Investments
    
—
      
—
      
—
      
(55
)
Net Increase (Decrease) in Net Assets Resulting from Operations
 
$
4,934
    
$
(571
)
  
$
1,176
    
$
164
  
 
(1)
Includes class specific distribution expenses.
(2)
See Note 4 for advisory fees recovered.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 122
 
statements of operations (000)/
consolidated statement of operations (000)
For the year ended September 30, 2017
 
     
City National Rochdale
Municipal High
Income Fund
    
City National Rochdale
High Yield
Bond Fund
    
City National Rochdale Intermediate Fixed
Income Fund
    
City National Rochdale
Fixed Income
Opportunities Fund
  
INVESTMENT INCOME:
                        
Dividend Income
  
$
249
    
$
9
    
$
765
    
$
2,206
  
Dividend Income from Affiliated Investments
    
15
      
—
      
1
      
—
  
Interest Income
    
51,415
      
4,834
      
6,762
      
147,446
  
Less: Foreign Taxes Withheld
    
—
      
—
      
(3
)
    
(39
)
Total Investment Income
    
51,679
      
4,843
      
7,525
      
149,613
  
                                 
EXPENSES:
                                
Investment Advisory Fees
    
5,406
      
452
      
1,016
      
12,179
  
Shareholder Servicing Fees — Class N(1)
    
3,168
      
89
      
1,246
      
12,179
  
Shareholder Servicing Fees — Servicing Class
    
1,119
      
43
      
—
      
—
  
Administration Fees
    
331
      
171
      
199
      
622
  
Transfer Agent Fees
    
81
      
6
      
19
      
183
  
Trustee Fees
    
60
      
31
      
36
      
109
  
Professional Fees
    
82
      
17
      
28
      
278
  
Custody Fees
    
42
      
12
      
10
      
482
  
Registration Fees
    
47
      
4
      
11
      
107
  
Printing Fees
    
24
      
2
      
5
      
57
  
Insurance and Other Expenses
    
150
      
32
      
30
      
325
  
Total Expenses
    
10,510
      
859
      
2,600
      
26,521
  
Recovery of Investment Advisory Fees Previously Waived(2)
    
—
      
—
      
—
      
222
  
Less, Waivers of:
                                
Investment Advisory Fees
    
—
      
—
      
(59
)
    
—
  
Net Expenses
   
10,510
      
859
      
2,541
      
26,743
  
                                 
Net Investment Income
   
41,169
      
3,984
      
4,984
      
122,870
  
Net Realized Gain (Loss) from:
                                
Securities Transactions
    
(14,443
)
    
595
      
787
      
51,518
  
Purchased Options
    
—
      
—
      
—
      
(1
)
Forward Foreign Currency Contracts
    
—
      
64
      
—
      
(5,586
)
Foreign Currency Transactions
    
—
      
(105
)
    
—
      
(9,877
)
Net Change in Unrealized Appreciation (Depreciation) on:
                                
Investments
    
(21,106
)
    
1,715
      
(4,620
)
    
26,066
  
Purchased Options
    
—
      
—
      
—
      
1
  
Forward Foreign Currency Contracts
    
—
      
(10
)
    
—
      
1,620
  
Foreign Currency Translations
    
—
      
1
      
—
      
(65
)
Net Increase in Net Assets Resulting from Operations
 
$
5,620
    
$
6,244
    
$
1,151
    
$
186,546
  
 
(1)
Includes class specific distribution expenses.
(2)
See Note 4 for advisory fees recovered.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 123
 
statements of operations (000)/
consolidated statement of operations (000)
For the year ended September 30, 2017
 
     
City National Rochdale
Dividend &
Income Fund
    
City National Rochdale
U.S. Core
Equity Fund
    
City National Rochdale
Emerging
Markets Fund
  
INVESTMENT INCOME:
                  
Dividend Income
  
$
8,462
    
$
4,070
    
$
18,981
  
Dividend Income from Affiliated Investments
    
2
      
1
      
16
  
Interest Income
    
17
      
7
      
26
  
Less: Foreign Taxes Withheld
    
(6
)
    
(13
)
    
(809
)
Total Investment Income
    
8,475
      
4,065
      
18,214
  
                         
EXPENSES:
                        
Investment Advisory Fees
    
1,225
      
940
      
12,161
  
Shareholder Servicing Fees — Class N(1)
    
1,225
      
583
      
638
  
Shareholder Servicing Fees — Servicing Class(1)
    
—
      
296
      
—
  
Shareholder Servicing Fees — Class Y(1)
    
—
      
—
      
2,721
  
Administration Fees
    
198
      
196
      
353
  
Transfer Agent Fees
    
18
      
18
      
92
  
Trustee Fees
    
36
      
35
      
63
  
Professional Fees
    
28
      
27
      
103
  
Custody Fees
    
10
      
10
      
484
  
Registration Fees
    
11
      
10
      
45
  
Printing Fees
    
6
      
5
      
30
  
Insurance and Other Expenses
    
14
      
12
      
190
  
Total Expenses
    
2,771
      
2,132
      
16,880
  
Net Expenses
   
2,771
      
2,132
      
16,880
  
                         
Net Investment Income
    
5,704
      
1,933
      
1,334
  
Net Realized Gain (Loss) from:
                        
Securities Transactions
    
7,992
      
1,991
      
40,766
  
Foreign Currency Transactions
    
—
      
—
      
(1,112
)
Net Change in Unrealized Appreciation (Depreciation) on:
                        
Investments
    
(2,636
)
    
37,144
      
273,424
  
Foreign Currency Translations
    
—
      
—
      
(139
)
Foreign Capital Gains Tax
    
—
      
—
      
(10
)
Net Increase in Net Assets Resulting from Operations
 
$
11,060
    
$
41,068
    
$
314,263
  
 
(1)
Includes class specific distribution expenses.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 124
 
 
 
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CITY NATIONAL ROCHDALE FUNDS | PAGE 125
 
statements of changes in net assets (000)
For the years ended September 30,
 
   
City National Rochdale
Government Money Market Fund
    
City National Rochdale
Government Bond Fund
  
    
 
2017
    
2016
    
2017
    
2016
  
OPERATIONS:
                        
Net Investment Income
  
$
4,927
    
$
896
    
$
1,017
    
$
1,032
  
Net Realized Gain (Loss) from Security Transactions
    
7
      
—
      
170
      
255
  
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments
    
—
      
—
      
(1,758
)
    
111
  
Net Increase (Decrease) in Net Assets Resulting from Operations
    
4,934
      
896
      
(571
)
    
1,398
  
                                 
DIVIDENDS AND DISTRIBUTIONS FROM:
                                
Net Investment Income:
                                
Institutional Class
   
—
      
—
      
(518
)
    
(553
)
Class N
   
(1,583
)
    
(649
)
    
(9
)
    
(6
)
Class S
   
(555
)
    
(154
)
    
—
      
—
  
Servicing Class
   
(2,789
)
    
(94
)
    
(571
)
    
(556
)
Realized Capital Gains:
                                
Institutional Class
   
—
      
—
      
(42
)
    
—
  
Class N
   
—
      
—
      
(1
)
    
—
  
Servicing Class
    
—
      
—
      
(52
)
    
—
  
Total Dividends and Distributions
    
(4,927
)
    
(897
)
    
(1,193
)
    
(1,115
)
                                 
CAPITAL SHARE TRANSACTIONS:(1)
                                
Institutional Class:
                               
Shares Issued
    
—
      
—
      
7,014
      
15,023
  
Shares Issued in Lieu of Dividends and Distributions
    
—
      
—
      
557
      
553
  
Shares Redeemed
    
—
      
—
      
(32,811
)
    
(7,967
)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions
    
—
      
—
      
(25,240
)
    
7,609
  
                                 
Class N:
                               
Shares Issued
    
4,345,705
      
5,798,518
      
1,013
      
245
  
Shares Issued in Lieu of Dividends and Distributions
    
1,332
      
550
      
6
      
3
  
Shares Redeemed
    
(7,118,824
)
    
(4,887,064
)
    
(711
)
    
(690
)
Increase (Decrease) in Net Assets from Class N Share Transactions
    
(2,771,787
)
    
912,004
      
308
      
(442
)
                                 
Class S:
                               
Shares Issued
    
2,288,322
      
2,017,973
      
—
      
—
  
Shares Issued in Lieu of Dividends and Distributions
    
—
      
—
      
—
      
—
  
Shares Redeemed
    
(2,330,002
)
    
(1,803,230
)
    
—
      
—
  
Increase (Decrease) in Net Assets from Class S Share Transactions
    
(41,680
)
    
214,743
      
—
      
—
  
                                 
Servicing Class:
                                
Shares Issued
    
4,547,446
      
2,473,708
      
18,242
      
20,079
  
Shares Issued in Lieu of Dividends and Distributions
    
1,557
      
3
      
254
      
272
  
Shares Redeemed
    
(3,229,008
)
    
(1,800,335
)
    
(43,816
)
    
(27,963
)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions
    
1,319,995
      
673,376
      
(25,320
)
    
(7,612
)
                                 
Net Increase (Decrease) in Net Assets from Share Transactions
    
(1,493,472
)
    
1,800,123
      
(50,252
)
    
(445
)
Total Increase (Decrease) in Net Assets
    
(1,493,465
)
    
1,800,122
      
(52,016
)
    
(162
)
                                 
NET ASSETS:
                                
Beginning of Year
    
5,735,678
      
3,935,556
      
150,658
      
150,820
  
End of Year
  
$
4,242,213
    
$
5,735,678
    
$
98,642
    
$
150,658
  
Undistributed net investment income
  
$
—
    
$
—
    
$
29
    
$
—
  
 
(1)
See Note 8 for shares issued and redeemed.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 126
 
 
City National Rochdale
Corporate Bond Fund
    
City National Rochdale
California Tax Exempt Bond Fund
   
City National Rochdale
Municipal High Income Fund
  
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
                                 
$
2,346
    
$
2,271
    
$
1,260
    
$
1,330
    
$
41,169
    
$
32,575
  
 
117
      
(1,132
)
    
(285
)
    
591
      
(14,443
)
    
(7,503
)
 
(1,287
)
    
2,206
      
(811
)
    
434
      
(21,106
)
    
41,554
  
 
1,176
      
3,345
      
164
      
2,355
      
5,620
      
66,626
  
                                             
                                             
                                             
 
—
      
—
      
—
      
—
      
—
      
—
  
 
(76
)
    
(59
)
    
(97
)
    
(121
)
    
(22,943
)
    
(17,013
)
 
—
      
—
      
—
      
—
      
—
      
—
  
 
(2,271
)
    
(2,212
)
    
(1,164
)
    
(1,207
)
    
(17,313
)
    
(14,761
)
                                             
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
(10
)
    
(47
)
    
(4
)
    
—
      
(88
)
 
—
      
(300
)
    
(540
)
    
(32
)
    
—
      
(73
)
 
(2,347
)
    
(2,581
)
    
(1,848
)
    
(1,364
)
    
(40,256
)
    
(31,935
)
                                             
                                             
                                             
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
                                             
                                             
 
2,779
      
1,049
      
5,211
      
7,217
      
272,975
      
251,922
  
 
47
      
47
      
87
      
60
      
13,377
      
10,334
  
 
(950
)
    
(1,738
)
    
(3,295
)
    
(11,347
)
    
(174,843
)
    
(68,453
)
 
1,876
      
(642
)
    
2,003
      
(4,070
)
    
111,509
      
193,803
  
                                             
                                             
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
  
                                             
                                             
 
34,383
      
28,449
      
24,846
      
26,329
      
161,767
      
141,729
  
 
226
      
192
      
245
      
108
      
2,061
      
1,137
  
 
(26,711
)
    
(36,068
)
    
(33,769
)
    
(23,113
)
    
(103,735
)
    
(31,971
)
 
7,898
      
(7,427
)
    
(8,678
)
    
3,324
      
60,093
      
110,895
  
                                             
 
9,774
      
(8,069
)
    
(6,675
)
    
(746
)
    
171,602
      
304,698
  
 
8,603
      
(7,305
)
    
(8,359
)
    
245
      
136,966
      
339,389
  
                                             
                                             
 
128,500
      
135,805
      
98,138
      
97,893
      
1,039,051
      
699,662
  
$
137,103
    
$
128,500
    
$
89,779
    
$
98,138
    
$
1,176,017
    
$
1,039,051
  
$
4
    
$
1
    
$
4
    
$
5
    
$
1,697
    
$
1,095
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 127
 
statements of changes in net assets/
consolidated statement of changes in net assets (000)
For the years ended September 30,
 
   
City National Rochdale
High Yield Bond Fund
    
City National Rochdale
Intermediate Fixed Income Fund
  
 
  
2017
    
2016
    
2017
    
2016
  
OPERATIONS:
                        
Net Investment Income
  
$
3,984
    
$
4,754
    
$
4,984
    
$
5,187
  
Net Realized Gain (Loss) from:
                                
Security Transactions and Purchased Options
    
595
      
(5,252
)
    
787
      
(771
)
Foreign Currency Transactions
    
(41
)
    
81
      
—
      
—
  
Net Change in Unrealized Appreciation (Depreciation) on:
                                
Investments, Affiliated Investments and Purchased Options
    
1,715
      
7,095
      
(4,620
)
    
5,455
  
Foreign Currency Translations
    
(9
)
    
1
      
—
      
—
  
Foreign Capital Gains Tax
    
—
      
—
      
—
      
—
  
Net Increase in Net Assets Resulting from Operations
    
6,244
      
6,679
      
1,151
      
9,871
  
                                 
DIVIDENDS AND DISTRIBUTIONS FROM:
                                
Net Investment Income:
                                
Institutional Class
   
(2,085
)
    
(2,453
)
    
(109
)
    
(229
)
Class N
   
(841
)
    
(1,193
)
    
(4,851
)
    
(4,999
)
Servicing Class
    
(866
)
    
(1,362
)
    
—
      
—
  
Class Y
    
—
      
—
      
—
      
—
  
Realized Capital Gains:
                                
Institutional Class
   
—
      
—
      
—
      
—
  
Class N
   
—
      
—
      
—
      
—
  
Servicing Class
    
—
      
—
      
—
      
—
  
Class Y
    
—
      
—
      
—
      
—
  
Return of Capital:
                                
Class N
    
—
      
—
      
—
      
—
  
Total Dividends and Distributions
    
(3,792
)
    
(5,008
)
    
(4,960
)
    
(5,228
)
                                 
CAPITAL SHARE TRANSACTIONS:(1)
                                
Institutional Class:
                               
Shares Issued
    
6,135
      
5,639
      
549
      
4,239
  
Shares Issued in Lieu of Dividends and Distributions
    
2,071
      
2,367
      
56
      
177
  
Shares Redeemed
    
(9,514
)
    
(6,783
)
    
(3,145
)
    
(12,885
)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions
    
(1,308
)
    
1,223
      
(2,540
)
    
(8,469
)
                                 
Class N:
                               
Shares Issued
    
3,545
      
6,488
      
46,407
      
62,311
  
Shares Issued in Lieu of Dividends and Distributions
    
436
      
600
      
4,533
      
4,709
  
Shares Redeemed
    
(6,360
)
    
(10,001
)
    
(58,443
)
    
(73,449
)
Increase (Decrease) in Net Assets from Class N Share Transactions
    
(2,379
)
    
(2,913
)
    
(7,503
)
    
(6,429
)
                                 
Servicing Class:
                               
Shares Issued
    
4,197
      
15,267
      
—
      
—
  
Shares Issued in Lieu of Dividends and Distributions
    
232
      
363
      
—
      
—
  
Shares Redeemed
    
(7,082
)
    
(24,287
)
    
—
      
—
  
Increase (Decrease) in Net Assets from Servicing Class Share Transactions
    
(2,653
)
    
(8,657
)
    
—
      
—
  
                                 
Class Y:
                               
Shares Issued
    
—
      
—
      
—
      
—
  
Shares Issued in Lieu of Dividends and Distributions
    
—
      
—
      
—
      
—
  
Shares Redeemed
    
—
      
—
      
—
      
—
  
Increase (Decrease) in Net Assets from Class Y Share Transactions
    
—
      
—
      
—
      
—
  
Net Increase (Decrease) in Net Assets from Share Transactions
    
(6,340
)
    
(10,347
)
    
(10,043
)
    
(14,898
)
Total Increase (Decrease) in Net Assets
    
(3,888
)
    
(8,676
)
    
(13,852
)
    
(10,255
)
                                 
NET ASSETS:
                                
Beginning of Year
    
77,835
      
86,511
      
260,332
      
270,587
  
End of Year
  
$
73,947
    
$
77,835
    
$
246,480
    
$
260,332
  
Undistributed (distribution in excess of) net investment income
  
$
69
    
$
(67
)
  
$
94
    
$
52
  
 
(1)
See Note 8 for shares issued and redeemed.
(2)
Class Y commenced operations on June 1, 2016.
(3)
Includes transfer from Class N to Class Y of $692,420 (000).
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 128
 
 
City National Rochdale
Fixed Income Opportunities Fund
    
City National Rochdale
Dividend & Income Fund
    
City National Rochdale
U.S. Core Equity Fund
    
City National Rochdale
Emerging Markets Fund (2)
  
2017
    
2016
    
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
                                             
$
122,870
    
$
94,069
    
$
5,704
    
$
5,245
    
$
1,933
    
$
1,522
    
$
1,334
    
$
2,049
  
                                                             
 
51,517
      
(42,394
)
    
7,992
      
824
      
1,991
      
8,913
      
40,766
      
(15,955
)
 
(15,463
)
    
5,529
      
—
      
—
      
—
      
—
      
(1,112
)
    
(1,573
)
                                                             
 
26,067
      
96,056
      
(2,636
)
    
30,072
      
37,144
      
7,967
      
273,424
      
149,893
  
 
1,555
      
(478
)
    
—
      
—
      
—
      
—
      
(139
)
    
766
  
 
—
      
—
      
—
      
—
      
—
      
—
      
(10
)
    
—
  
 
186,546
      
152,782
      
11,060
      
36,141
      
41,068
      
18,402
      
314,263
      
135,180
  
                                                             
                                                             
                                                             
 
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
  
 
(145,340
)
    
(131,462
)
    
(6,846
)
    
(5,466
)
    
(810
)
    
(636
)
    
(178
)
    
(228
)
 
—
      
—
      
—
      
—
      
(1,099
)
    
(923
)
    
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
      
(2,287
)
    
—
  
                                                             
 
—
      
—
      
—
      
—
      
(1
)
    
—
      
—
      
—
  
 
—
      
—
      
—
      
(164
)
    
(4,736
)
    
(710
)
    
—
      
—
  
 
—
      
—
      
—
      
—
      
(4,806
)
    
(739
)
    
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
  
                                                             
 
—
      
—
      
—
      
(823
)
    
—
      
—
      
—
      
—
  
 
(145,340
)
    
(131,462
)
    
(6,846
)
    
(6,453
)
    
(11,452
)
    
(3,008
)
    
(2,465
)
    
(228
)
                                                             
                                                             
                                                             
 
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
1
      
—
      
—
      
—
  
 
—
      
—
      
—
      
—
      
—
      
(7,205
)
    
—
      
—
  
 
—
      
—
      
—
      
—
      
1
      
(7,205
)
    
—
      
—
  
                                                             
                                                             
 
810,702
      
813,637
      
70,855
      
73,266
      
17,564
      
16,276
      
139,570
      
360,912
  
 
107,788
      
97,392
      
4,498
      
4,329
      
4,871
      
1,151
      
155
      
162
  
 
(382,028
)
    
(411,723
)
    
(63,315
)
    
(58,011
)
    
(18,854
)
    
(18,823
)
    
(107,632
)
    
(1,043,367
)(3)
 
536,462
      
499,306
      
12,038
      
19,584
      
3,581
      
(1,396
)
    
32,093
      
(682,293
)
                                                             
                                                             
 
—
      
—
      
—
      
—
      
27,687
      
23,794
      
—
      
—
  
 
—
      
—
      
—
      
—
      
303
      
41
      
—
      
—
  
 
—
      
—
      
—
      
—
      
(23,547
)
    
(24,637
)
    
—
      
—
  
 
—
      
—
      
—
      
—
      
4,443
      
(802
)
    
—
      
—
  
                                                             
                                                             
 
—
      
—
      
—
      
—
      
—
      
—
      
370,807
      
874,121
(3) 
 
—
      
—
      
—
      
—
      
—
      
—
      
1,673
      
—
  
 
—
      
—
      
—
      
—
      
—
      
—
      
(146,903
)
    
(17,698
)
 
—
      
—
      
—
      
—
      
—
      
—
      
225,577
      
856,423
  
 
536,462
      
499,306
      
12,038
      
19,584
      
8,025
      
(9,403
)
    
257,670
      
174,130
  
 
577,668
      
520,626
      
16,252
      
49,272
      
37,641
      
5,991
      
569,468
      
309,082
  
                                                             
                                                             
 
2,162,580
      
1,641,954
      
236,957
      
187,685
      
219,834
      
213,843
      
993,264
      
684,182
  
$
2,740,248
    
$
2,162,580
    
$
253,209
    
$
236,957
    
$
257,475
    
$
219,834
    
$
1,562,732
    
$
993,264
  
$
(76,057
)
  
$
(39,650
)
  
$
(14
)
  
$
(12
)
  
$
68
    
$
34
    
$
(1,814
)
  
$
419
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 129
 
consolidated statement of cash flows (000)
For the year ended September 30, 2017
 
   
City National
Rochdale
Fixed Income
Opportunities Fund
 
Cash Flows from Operating Activities:
      
Net increase in net assets from operations
  
$
186,546
  
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
        
Purchase of investment securities
    
(5,168,589
)
Proceeds from disposition of investment securities
    
4,702,103
  
Amortization (accretion of market discount)
    
(15,514
)
Premium payments
    
(19,664
)
Net realized gain on investments
    
(51,517
)
Net change in unrealized appreciation on investments
    
(26,067
)
Net change in unrealized appreciation on currency
    
(9,051
)
         
Changes in assets:
        
Dividend and interest receivable
    
(3,153
)
Foreign tax reclaim receivable
    
(90
)
Receivable for investment securities sold
    
37,896
  
Unrealized gain on forward foreign currency contracts
    
(2,397
)
Prepaid expenses
    
(5
)
         
Changes in liabilities:
       
Payable for investment securities purchased
    
(28,743
)
Unrealized loss on forward foreign currency contracts
    
777
  
Investment advisory fees payable
    
243
  
Shareholder servicing and distribution fees payable
    
241
  
Administrative fees payable
    
9
  
Accrued expenses
    
(40
)
Net cash used in operating activities
    
(397,015
)
 
        
Cash Flows from Financing Activities:
        
Proceeds from shares issued
    
809,885
  
Cost of shares redeemed
    
(382,015
)
Distributions
    
(37,552
)
Net cash provided by financing activities
    
390,318
  
Net change in cash
    
(6,697
)
Cash at beginning of year
    
12,137
  
Cash at end of year
  
$
5,440
  
 
        
NON-Cash Financing Activities:
        
Reinvestments of dividends and distributions
  
$
107,788
  
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 130
 
 
 
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CITY NATIONAL ROCHDALE FUNDS | PAGE 131
 
financial highlights
For a Share Outstanding Throughout Each Period
For the year or period ended September 30,
 
  
 
Net Asset Value Beginning of Period
    
Net Investment Income†
    
Net Realized and Unrealized Gains (Losses) on Securities†
    
Dividends from Net Investment Income
    
Distributions from Realized Capital Gains
    
Net Asset Value End of Period
  
Total Return‡
    
Net Assets
End of Period (000)
  
Ratio of Expenses to Average Net Assets(1)(2)
  
Ratio of Net Investment Income to Average Net
Assets(1)(2)
  
Ratio of
Expenses to Average Net Assets (Excluding Waivers & Recovered
Fees)(1)
  
Portfolio Turnover Rate
  
City National Rochdale Government Money Market Fund
  
Class N (commenced operations on June 21, 1999)
  
2017
  
$
1.00
    
$
0.001
    
$
0.000
*
  
$
(0.001
)
  
$
—
    
$
1.00
    
0.06
%
  
$
1,099,005
    
0.60
%
  
0.05
%
  
0.86
%
  
—
%
2016
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.02
      
3,870,786
    
0.30
    
0.02
    
0.86
    
—
  
2015
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
2,958,782
    
0.10
    
0.01
    
0.87
    
—
  
2014
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
3,174,351
    
0.08
    
0.01
    
0.88
    
—
  
2013
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
3,040,396
    
0.13
    
0.01
    
0.97
    
—
  
Class S (commenced operations on October 6, 1999)
  
2017
  
$
1.00
    
$
0.001
    
$
0.000
*
  
$
(0.001
)
  
$
—
    
$
1.00
    
0.06
%
  
$
841,246
    
0.67
%
  
0.06
%
  
1.06
%
  
—
%
2016
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.02
      
882,925
    
0.31
    
0.02
    
1.06
    
—
  
2015
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
668,183
    
0.10
    
0.01
    
1.07
    
—
  
2014
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
705,932
    
0.08
    
0.01
    
1.08
    
—
  
2013
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
475,151
    
0.12
    
0.01
    
1.11
    
—
  
Servicing Class (commenced operations on April 3, 2000)^^
  
2017
  
$
1.00
    
$
0.002
    
$
0.000
*
  
$
(0.002
)
  
$
—
    
$
1.00
    
0.17
%
  
$
2,301,962
    
0.53
%
  
0.24
%
  
0.56
%
  
—
%
2016
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.02
      
981,967
    
0.31
    
0.02
    
0.56
    
—
  
2015
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
308,591
    
0.10
    
0.01
    
0.57
    
—
  
2014
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
211,958
    
0.08
    
0.01
    
0.58
    
—
  
2013
    
1.00
      
0.000
*
    
0.000
*
    
(0.000
)*
    
—
      
1.00
    
0.01
      
128,423
    
0.12
    
0.01
    
0.61
    
—
  
City National Rochdale Government Bond Fund
  
Institutional Class (commenced operations on February 1, 2012)
  
2017
  
$
10.61
    
$
0.10
    
$
(0.12
)
  
$
(0.10
)
  
$
(0.01
)
  
$
10.48
    
(0.18
)%
  
$
39,988
    
0.53
%
  
0.90
%
  
0.63
%
  
55
%
2016
    
10.59
      
0.09
      
0.02
      
(0.09
)
    
—
      
10.61
    
1.09
      
66,021
    
0.53
    
0.84
    
0.58
    
37
  
2015
    
10.49
      
0.06
      
0.10
      
(0.06
)
    
—
      
10.59
    
1.55
      
58,301
    
0.53
    
0.59
    
0.57
    
37
  
2014
    
10.47
      
0.06
      
0.02
      
(0.06
)
    
—
      
10.49
    
0.80
      
56,722
    
0.53
    
0.59
    
0.57
    
59
  
2013
    
10.73
      
0.11
      
(0.23
)
    
(0.14
)
    
—
      
10.47
    
(1.11
)
    
56,351
    
0.54
    
1.03
    
0.52
    
28
  
Class N (commenced operations on April 13, 2000)
  
2017
  
$
10.62
    
$
0.05
    
$
(0.12
)
  
$
(0.05
)
  
$
(0.01
)
  
$
10.49
    
(0.68
)%
  
$
1,743
    
1.03
%
  
0.43
%
  
1.13
%
  
55
%
2016
    
10.60
      
0.03
      
0.03
      
(0.04
)
    
—
      
10.62
    
0.58
      
1,453
    
1.03
    
0.33
    
1.08
    
37
  
2015
    
10.51
      
0.01
      
0.09
      
(0.01
)
    
—
      
10.60
    
0.95
      
1,895
    
1.03
    
0.08
    
1.07
    
37
  
2014
    
10.49
      
0.01
      
0.02
      
(0.01
)
    
—
      
10.51
    
0.29
      
2,027
    
1.03
    
0.10
    
1.07
    
59
  
2013
    
10.75
      
0.04
      
(0.21
)
    
(0.09
)
    
—
      
10.49
    
(1.60
)
    
2,505
    
1.03
    
0.38
    
1.02
    
28
  
Servicing Class (commenced operations on January 14, 2000)
  
2017
  
$
10.60
    
$
0.07
    
$
(0.10
)
  
$
(0.08
)
  
$
(0.01
)
  
$
10.48
    
(0.34
)%
  
$
56,911
    
0.78
%
  
0.68
%
  
0.88
%
  
55
%
2016
    
10.58
      
0.06
      
0.03
      
(0.07
)
    
—
      
10.60
    
0.84
      
83,184
    
0.78
    
0.59
    
0.83
    
37
  
2015
    
10.49
      
0.04
      
0.09
      
(0.04
)
    
—
      
10.58
    
1.21
      
90,624
    
0.78
    
0.33
    
0.82
    
37
  
2014
    
10.47
      
0.04
      
0.02
      
(0.04
)
    
—
      
10.49
    
0.54
      
113,485
    
0.78
    
0.34
    
0.82
    
59
  
2013
    
10.72
      
0.07
      
(0.20
)
    
(0.12
)
    
—
      
10.47
    
(1.26
)
    
114,953
    
0.79
    
0.62
    
0.77
    
28
  
City National Rochdale Corporate Bond Fund
  
Class N (commenced operations on April 13, 2000)
  
2017
  
$
10.52
    
$
0.16
    
$
(0.09
)
  
$
(0.16
)
  
$
—
    
$
10.43
    
0.68
%
  
$
5,626
    
1.01
%
  
1.53
%
  
1.13
%
  
26
%
2016
    
10.45
      
0.16
      
0.08
      
(0.15
)
    
(0.02
)
    
10.52
    
2.39
      
3,783
    
1.01
    
1.52
    
1.09
    
30
  
2015
    
10.67
      
0.15
      
(0.14
)
    
(0.15
)
    
(0.08
)
    
10.45
    
0.14
      
4,411
    
1.01
    
1.42
    
1.07
    
32
  
2014
    
10.71
      
0.14
      
0.03
      
(0.14
)
    
(0.07
)
    
10.67
    
1.64
      
4,008
    
1.01
    
1.32
    
1.07
    
37
  
2013
    
10.91
      
0.16
      
(0.10
)
    
(0.17
)
    
(0.09
)
    
10.71
    
0.49
      
3,100
    
1.00
    
1.51
    
1.00
    
29
  
Servicing Class (commenced operations on January 14, 2000)
  
2017
  
$
10.51
    
$
0.19
    
$
(0.10
)
  
$
(0.19
)
  
$
—
    
$
10.41
    
0.84
%
  
$
131,477
    
0.76
%
  
1.79
%
  
0.88
%
  
26
%
2016
    
10.44
      
0.18
      
0.09
      
(0.18
)
    
(0.02
)
    
10.51
    
2.69
      
124,717
    
0.76
    
1.75
    
0.84
    
30
  
2015
    
10.66
      
0.18
      
(0.14
)
    
(0.18
)
    
(0.08
)
    
10.44
    
0.39
      
131,394
    
0.76
    
1.67
    
0.82
    
32
  
2014
    
10.70
      
0.17
      
0.03
      
(0.17
)
    
(0.07
)
    
10.66
    
1.89
      
142,766
    
0.76
    
1.57
    
0.82
    
37
  
2013
    
10.90
      
0.19
      
(0.11
)
    
(0.19
)
    
(0.09
)
    
10.70
    
0.75
      
135,184
    
0.75
    
1.77
    
0.75
    
29
  
 
*
Amount represents less than $0.001.
†
Per share calculations are based on Average Shares outstanding throughout the period.
‡
Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
^^
Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.
(1)
Annualized for periods less than one year.
(2)
Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 132
 
     
 
   
 
Net Asset Value Beginning of Period
    
Net Investment Income†
    
Net Realized and Unrealized Gains (Losses) on Securities†
    
Dividends from Net Investment Income
    
Distributions from Realized Capital Gains
    
Net Asset Value End of Period
  
Total Return‡
    
Net
Assets
End of
Period
(000)
  
Ratio of Expenses
to
Average Net
Assets(1)(2)
  
Ratio of Net Investment Income to Average Net
Assets(1)(2)
  
Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered
Fees)(1)
  
Portfolio Turnover Rate
  
City National Rochdale California Tax Exempt Bond Fund
  
Class N (commenced operations on April 13, 2000)
  
2017
  
$
10.82
    
$
0.12
    
$
(0.12
)
  
$
(0.12
)
  
$
(0.06
)
  
$
10.64
    
0.05
%
  
$
9,344
    
0.88
%
  
1.11
%
  
1.05
%
  
45
%
2016
    
10.71
      
0.12
      
0.11
      
(0.12
)
  
—^ ^
      
10.82
    
2.20
      
7,444
    
0.88
    
1.14
    
0.99
    
25
  
2015
    
10.74
      
0.12
      
0.02
      
(0.12
)
    
(0.05
)
    
10.71
    
1.30
      
11,386
    
0.88
    
1.10
    
1.00
    
10
  
2014
    
10.54
      
0.13
      
0.22
      
(0.13
)
    
(0.02
)
    
10.74
    
3.31
      
10,955
    
0.88
    
1.17
    
1.02
    
36
  
2013
    
10.86
      
0.18
      
(0.22
)
    
(0.18
)
    
(0.10
)
    
10.54
    
(0.45
)
    
8,197
    
0.87
    
1.64
    
0.86
    
34
  
Servicing Class (commenced operations on January 14, 2000)
  
2017
  
$
10.79
    
$
0.14
    
$
(0.12
)
  
$
(0.14
)
  
$
(0.06
)
  
$
10.61
    
0.31
%
  
$
80,435
    
0.63
%
  
1.36
%
  
0.80
%
  
45
%
2016
    
10.68
      
0.15
      
0.11
      
(0.15
)
  
—^ ^
      
10.79
    
2.48
      
90,694
    
0.63
    
1.39
    
0.74
    
25
  
2015
    
10.71
      
0.14
      
0.03
      
(0.15
)
    
(0.05
)
    
10.68
    
1.56
      
86,507
    
0.63
    
1.36
    
0.75
    
10
  
2014
    
10.51
      
0.15
      
0.22
      
(0.15
)
    
(0.02
)
    
10.71
    
3.58
      
70,698
    
0.63
    
1.43
    
0.77
    
36
  
2013
    
10.83
      
0.20
      
(0.22
)
    
(0.20
)
    
(0.10
)
    
10.51
    
(0.20
)
    
59,149
    
0.62
    
1.91
    
0.62
    
34
  
City National Rochdale Municipal High Income Fund
  
Class N (commenced operations on December 30, 2013)
  
2017
  
$
11.14
    
$
0.38
    
$
(0.38
)
  
$
(0.38
)
  
$
—
    
$
10.76
    
0.16
%
  
$
686,922
    
1.07
%
  
3.62
%
  
1.07
%
  
50
%
2016
    
10.67
      
0.41
      
0.46
      
(0.40
)
  
—^ ^
      
11.14
    
8.34
      
595,221
    
1.04
    
3.76
    
1.04
    
28
  
2015
    
10.71
      
0.41
      
(0.04
)
    
(0.41
)
    
—
      
10.67
    
3.55
      
382,461
    
1.04
    
3.85
    
1.03
    
2
  
2014
    
10.00
      
0.32
      
0.71
      
(0.32
)
    
—
      
10.71
    
10.38
      
201,200
    
1.08
    
4.02
    
1.08
    
1
  
Servicing Class (commenced operations on December 30, 2013)
  
2017
  
$
11.14
    
$
0.41
    
$
(0.37
)
  
$
(0.41
)
  
$
—
    
$
10.77
    
0.50
%
  
$
489,095
    
0.83
%
  
3.87
%
  
0.83
%
  
50
%
2016
    
10.68
      
0.44
      
0.45
      
(0.43
)
  
—^ ^
      
11.14
    
8.50
      
443,830
    
0.79
    
4.01
    
0.79
    
28
  
2015
    
10.72
      
0.44
      
(0.04
)
    
(0.44
)
    
—
      
10.68
    
3.81
      
317,201
    
0.79
    
4.10
    
0.79
    
2
  
2014
    
10.00
      
0.34
      
0.72
      
(0.34
)
    
—
      
10.72
    
10.68
      
220,851
    
0.83
    
4.27
    
0.84
    
1
  
City National Rochdale High Yield Bond Fund
  
Institutional Class (commenced operations on February 2, 2012)
  
2017
  
$
7.80
    
$
0.43
    
$
0.24
    
$
(0.41
)
  
$
—
    
$
8.06
    
8.82
%
  
$
40,698
    
0.96
%
  
5.46
%
  
0.96
%
  
59
%
2016
    
7.58
      
0.47
      
0.24
      
(0.49
)
    
—
      
7.80
    
9.88
      
40,701
    
0.83
    
6.39
    
0.89
    
69
  
2015
    
8.76
      
0.49
      
(0.77
)
    
(0.49
)
    
(0.41
)
    
7.58
    
(3.47
)
    
38,274
    
0.70
    
5.94
    
0.83
    
77
  
2014
    
8.59
      
0.53
      
0.19
      
(0.53
)
    
(0.02
)
    
8.76
    
8.49
      
40,639
    
0.70
    
5.98
    
0.78
    
59
  
2013
    
8.64
      
0.60
      
(0.05
)
    
(0.60
)
    
—
      
8.59
    
6.49
      
39,219
    
0.75
    
6.87
    
0.75
    
56
  
Class N (commenced operations on January 14, 2000)
  
2017
  
$
7.80
    
$
0.39
    
$
0.24
    
$
(0.37
)
  
$
—
    
$
8.06
    
8.28
%
  
$
16,705
    
1.46
%
  
4.95
%
  
1.46
%
  
59
%
2016
    
7.58
      
0.45
      
0.23
      
(0.46
)
    
—
      
7.80
    
9.44
      
18,513
    
1.23
    
6.02
    
1.30
    
69
  
2015
    
8.76
      
0.44
      
(0.76
)
    
(0.45
)
    
(0.41
)
    
7.58
    
(3.94
)
    
21,063
    
1.20
    
5.43
    
1.33
    
77
  
2014
    
8.59
      
0.49
      
0.18
      
(0.48
)
    
(0.02
)
    
8.76
    
7.95
      
26,166
    
1.20
    
5.49
    
1.28
    
59
  
2013
    
8.64
      
0.56
      
(0.05
)
    
(0.56
)
    
—
      
8.59
    
5.95
      
34,371
    
1.27
    
6.37
    
1.26
    
56
  
Servicing Class (commenced operations on January 14, 2000)
  
2017
  
$
7.80
    
$
0.41
    
$
0.23
    
$
(0.39
)
  
$
—
    
$
8.05
    
8.42
%
  
$
16,544
    
1.21
%
  
5.21
%
  
1.21
%
  
59
%
2016
    
7.58
      
0.46
      
0.23
      
(0.47
)
    
—
      
7.80
    
9.61
      
18,621
    
1.07
    
6.16
    
1.14
    
69
  
2015
    
8.76
      
0.47
      
(0.77
)
    
(0.47
)
    
(0.41
)
    
7.58
    
(3.71
)
    
27,174
    
0.95
    
5.67
    
1.08
    
77
  
2014
    
8.59
      
0.51
      
0.19
      
(0.51
)
    
(0.02
)
    
8.76
    
8.22
      
43,974
    
0.95
    
5.83
    
1.02
    
59
  
2013
    
8.63
      
0.58
      
(0.04
)
    
(0.58
)
    
—
      
8.59
    
6.35
      
88,949
    
0.99
    
6.58
    
0.99
    
56
  
City National Rochdale Intermediate Fixed Income Fund
  
Institutional Class (commenced operations on December 20, 2013)
  
2017
  
$
26.56
    
$
0.64
    
$
(0.38
)
  
$
(0.64
)
  
$
—
    
$
26.18
    
1.02
%
  
$
4,589
    
0.51
%
  
2.43
%
  
0.53
%
  
20
%
2016
    
26.12
      
0.63
      
0.45
      
(0.64
)
    
—
      
26.56
    
4.20
      
7,249
    
0.51
    
2.38
    
0.51
    
25
  
2015
    
26.23
      
0.60
      
(0.11
)
    
(0.60
)
    
—
      
26.12
    
1.87
      
15,574
    
0.51
    
2.29
    
0.53
    
21
  
2014
    
25.89
      
0.53
      
0.33
      
(0.52
)
    
—
      
26.23
    
3.35
      
8,784
    
0.51
    
2.57
    
0.52
    
28
  
Class N (commenced operations on December 31, 1999)
  
2017
  
$
26.56
    
$
0.51
    
$
(0.39
)
  
$
(0.51
)
  
$
—
    
$
26.17
    
0.48
%
  
$
241,891
    
1.01
%
  
1.95
%
  
1.03
%
  
20
%
2016
    
26.11
      
0.50
      
0.46
      
(0.51
)
    
—
      
26.56
    
3.72
      
253,083
    
1.01
    
1.90
    
1.01
    
25
  
2015
    
26.23
      
0.47
      
(0.12
)
    
(0.47
)
    
—
      
26.11
    
1.34
      
255,013
    
1.01
    
1.79
    
1.03
    
21
  
2014
    
25.89
      
0.57
      
0.34
      
(0.57
)
    
—
      
26.23
    
3.54
      
204,264
    
1.01
    
2.17
    
1.04
    
28
  
2013*
    
26.76
      
0.60
      
(0.85
)
    
(0.62
)
    
—
      
25.89
    
(0.96
)
    
155,740
    
1.02
    
3.04
    
1.04
    
21
  
2012
    
25.68
      
0.95
      
1.08
      
(0.95
)
    
—
      
26.76
    
7.99
      
130,359
    
1.13
    
3.59
    
1.12
    
26
  
 
*
For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Intermediate Fixed Income Fund. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.
†
Per share calculations are based on Average Shares outstanding throughout the period.
‡
Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
^^
Amount represents less than $0.01.
(1)
Annualized for periods less than one year.
(2)
Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 133
 
financial highlights/consolidated financial highlights
For a Share Outstanding Throughout Each Period
For the year or period ended September 30,
 
      
Net Asset Value Beginning of Period
  
Net Investment Income†
  
Net Realized and Unrealized Gains (Losses) on Securities†
  
Redemption Fees†
  
Dividends from Net Investment Income
    
Distributions from Realized Capital Gains
    
Distributions from Return of Capital
    
Net Asset Value End of Period
  
Total Return‡
    
Net Assets End of Period (000)
  
Ratio of
Expenses
to
Average Net
Assets(1)(2)
  
Ratio of Net Investment Income to Average Net
Assets(1)(2)
  
Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered
Fees)(1)
  
Portfolio Turnover Rate
  
City National Rochdale Fixed Income Opportunities Fund
  
Class N (commenced operations on July 1, 2009)
  
2017
    
$
25.36
  
$
1.30
  
$
0.67
  
$
—
  
$
(1.52
)
  
$
—
    
$
—
    
$
25.81
    
7.99
%
  
$
2,740,248
    
1.10
%(6)
  
5.04
%
  
1.09
%(6)
  
140
%
2016
      
25.22
    
1.28
    
0.65
    
—
    
(1.79
)
    
—
      
—
      
25.36
    
8.04
      
2,162,580
    
1.10
(5) 
  
5.15
    
1.10
(5) 
  
124
  
2015
      
27.19
    
1.34
    
(1.59
)
  
—
    
(1.60
)
    
(0.12
)
    
—
      
25.22
    
(0.88
)
    
1,641,954
    
1.10
(4) 
  
5.08
    
1.12
(4) 
  
73
  
2014
      
26.83
    
1.28
    
0.38
    
—
    
(1.17
)
    
(0.13
)
    
—
      
27.19
    
6.20
      
1,391,497
    
1.11
(3) 
  
4.65
    
1.12
(3) 
  
82
  
2013
*
    
27.20
    
1.28
    
(0.43
)
  
—
    
(1.22
)
  
—^
      
—
      
26.83
    
3.16
      
924,444
    
1.08
    
6.24
    
1.11
    
52
  
2012
      
26.16
    
1.70
    
1.04
    
—
    
(1.64
)
    
(0.06
)
    
—
      
27.20
    
10.70
      
654,095
    
1.12
    
6.29
    
1.12
    
41
  
City National Rochdale Dividend & Income Fund
  
Class N (commenced operations on June 1, 1999)
  
2017
    
$
39.68
  
$
0.94
  
$
0.90
  
$
—
  
$
(1.12
)
  
$
—
    
$
—
    
$
40.40
    
4.66
%
  
$
253,209
    
1.13
%
  
2.33
%
  
1.13
%
  
15
%
2016
      
34.22
    
0.94
    
5.67
    
—
    
(0.97
)
    
(0.03
)
    
(0.15
)
    
39.68
    
19.50
      
236,957
    
1.11
    
2.49
    
1.12
    
5
  
2015
      
35.08
    
0.94
    
(0.72
)
  
—
    
(1.08
)
    
—
      
—
      
34.22
    
0.53
      
187,685
    
1.11
    
2.60
    
1.13
    
13
  
2014
      
32.25
    
0.95
    
2.96
    
—
    
(1.08
)
    
—
      
—
      
35.08
    
12.20
      
172,917
    
1.09
    
2.74
    
1.14
    
16
  
2013
*
    
29.07
    
0.62
    
3.37
    
—
    
(0.54
)
    
—
      
(0.27
)
    
32.25
    
13.74
      
155,807
    
1.16
    
2.55
    
1.19
    
17
  
2012
      
28.06
    
0.92
    
1.17
    
—
    
(0.92
)
    
—
      
(0.16
)
    
29.07
    
7.49
      
116,138
    
1.38
    
3.18
    
1.37
    
13
  
City National Rochdale U.S. Core Equity Fund
  
Institutional Class (commenced operations on December 3, 2012)
  
2017
    
$
14.00
  
$
0.17
  
$
2.43
  
$
—
  
$
(0.17
)
  
$
(0.60
)
  
$
—
    
$
15.83
    
19.40
%
  
$
17
    
0.53
%
  
1.19
%
  
0.53
%
  
25
%
2016
      
13.04
    
0.13
    
1.07
    
—
    
(0.15
)
    
(0.09
)
    
—
      
14.00
    
9.25
      
14
    
0.52
    
0.93
    
0.52
    
31
  
2015
      
14.21
    
0.11
    
0.13
    
—
    
(0.10
)
    
(1.31
)
    
—
      
13.04
    
1.79
      
6,870
    
0.52
    
0.79
    
0.52
    
32
  
2014
      
12.13
    
0.08
    
2.30
    
—
    
(0.08
)
    
(0.22
)
    
—
      
14.21
    
19.86
      
6,759
    
0.53
    
0.59
    
0.53
    
60
  
2013
      
10.00
    
0.14
    
2.08
    
—
    
(0.09
)
    
—
      
—
      
12.13
    
22.23
      
—
  
0.00^
    
1.57
  
0.00^
    
32
  
Class N (commenced operations on December 3, 2012)
  
2017
    
$
13.86
  
$
0.10
  
$
2.40
  
$
—
  
$
(0.10
)
  
$
(0.60
)
  
$
—
    
$
15.66
    
18.81
%
  
$
127,086
    
1.03
%
  
0.70
%
  
1.03
%
  
25
%
2016
      
12.92
    
0.08
    
1.03
    
—
    
(0.08
)
    
(0.09
)
    
—
      
13.86
    
8.63
      
108,807
    
1.02
    
0.58
    
1.02
    
31
  
2015
      
14.09
    
0.04
    
0.14
    
—
    
(0.04
)
    
(1.31
)
    
—
      
12.92
    
1.31
      
102,753
    
1.02
    
0.29
    
1.02
    
32
  
2014
      
12.08
    
0.01
    
2.23
    
—
    
(0.01
)
    
(0.22
)
    
—
      
14.09
    
18.80
      
97,205
    
1.03
    
0.09
    
1.04
    
60
  
2013
      
10.00
    
0.05
    
2.08
    
—
    
(0.05
)
    
—
      
—
      
12.08
    
21.33
      
66,145
    
0.99
    
0.52
    
0.99
    
32
  
Servicing Class (commenced operations on December 3, 2012)
  
2017
    
$
13.88
  
$
0.14
  
$
2.40
  
$
—
  
$
(0.13
)
  
$
(0.60
)
  
$
—
    
$
15.69
    
19.14
%
  
$
130,372
    
0.78
%
  
0.95
%
  
0.78
%
  
25
%
2016
      
12.93
    
0.11
    
1.04
    
—
    
(0.11
)
    
(0.09
)
    
—
      
13.88
    
8.97
      
111,013
    
0.77
    
0.83
    
0.77
    
31
  
2015
      
14.11
    
0.07
    
0.13
    
—
    
(0.07
)
    
(1.31
)
    
—
      
12.93
    
1.48
      
104,220
    
0.77
    
0.54
    
0.77
    
32
  
2014
      
12.09
    
0.05
    
2.24
    
—
    
(0.05
)
    
(0.22
)
    
—
      
14.11
    
19.15
      
103,246
    
0.78
    
0.34
    
0.79
    
60
  
2013
      
10.00
    
0.07
    
2.08
    
—
    
(0.06
)
    
—
      
—
      
12.09
    
21.60
      
68,919
    
0.74
    
0.73
    
0.74
    
32
  
City National Rochdale Emerging Markets Fund
  
Class N (commenced operations on December 14, 2011)
  
2017
    
$
41.67
  
$
(0.05
)
$
11.13
  
$
—
  
$
(0.07
)
  
$
—
    
$
—
    
$
52.68
    
26.66
%
  
$
175,875
    
1.61
%
  
(0.12
)%
  
1.61
%
  
24
%
2016
      
35.38
    
0.04
    
6.26
    
—
    
(0.01
)
    
—
      
—
      
41.67
    
17.81
      
112,388
    
1.61
    
0.11
    
1.62
    
15
†† 
2015
      
38.90
    
0.09
    
(3.48
)
  
—
    
(0.13
)
    
—
      
—
      
35.38
    
(8.74
)
    
684,182
    
1.61
    
0.21
    
1.65
    
34
  
2014
      
34.24
    
0.22
    
4.55
    
—
    
(0.11
)
    
—
      
—
      
38.90
    
13.96
      
582,490
    
1.61
    
0.58
    
1.64
    
42
  
2013
*
    
32.31
    
0.33
    
1.60
    
—
    
—
      
—
      
—
      
34.24
    
5.97
      
294,040
    
1.62
    
1.31
    
1.69
    
25
  
2012
      
25.28
    
0.04
    
7.00
    
0.01
    
—
      
—
      
(0.02
)
    
32.31
    
27.87
      
136,838
    
1.97
    
0.15
    
1.94
    
69
  
Class Y (commenced operations on June 1, 2016)
  
2017
    
$
41.71
  
$
0.06
  
$
11.14
  
$
—
  
$
(0.10
)
  
$
—
    
$
—
    
$
52.81
    
26.95
%
  
$
1,386,857
    
1.36
%
  
0.14
%
  
1.36
%
  
24
%
2016
      
38.33
    
0.10
    
3.28
    
—
    
—
      
—
      
—
      
41.71
    
8.82
      
880,876
    
1.37
    
0.74
    
1.37
    
15
†† 
 
*
For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Fixed Income Opportunities Portfolio, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio, and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Funds’ City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Funds’ City National Rochdale Dividend & Income Fund, and City National Rochdale Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.
†
Per share calculations are based on Average Shares outstanding throughout the period.
††
Portfolio turnover rate is presented at the Fund level.
‡
Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
^
Amount represents less than $0.01 per share.
(1)
Annualized for periods less than one year.
(2)
Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.
(3)
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively.
(4)
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.11%, respectively.
(5)
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.
(6)
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.08%, respectively.
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
See accompanying notes to financial statements.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 134
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
1.
ORGANIZATION:
 
City National Rochdale Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended ( the “1940 Act”), as an open-end management investment company currently offering the following 11 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”); City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), and City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) (collectively, the “Fixed Income Funds”); and City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).
 
On June 1, 2016, a new Class Y of the Emerging Markets Fund opened.
 
The City National Rochdale California Tax Exempt Money Market Fund was liquidated on October 3, 2016.
 
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund and the Emerging Markets Fund, which are non-diversified.
 
2.
SIGNIFICANT ACCOUNTING POLICIES:
 
The following is a summary of significant accounting policies followed by the Funds.
 
Use of Estimates – The Funds are investment companies that conform with accounting principles generally accepted in the United States of America (“GAAP”). Therefore the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with 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 financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
 
Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Funds’ Fair Value Committee concludes it approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.
 
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; for international securities, market events occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 135
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
 
Beginning January 1, 2017, investments in life settlement policies (“Policies”) are valued using a probabilistic method, for an actuarially derived valuation approach, in order to determine the fair value of each Policy. Previously, the Policies were valued using a deterministic method. The change in methodology resulted in approximately $22.5 million decrease to the fair value. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the probabilistic method, two life expectancies are obtained from established life expectancy providers on the insured(s) of the Policy and an actuarial table is used to determine the probability of survival in each year going forward for the insured(s) for each of the two life expectancies. The probabilities associated with each life expectancy are then utilized along with the premiums due and the death benefit of the Policy for each year of the Policy to determine expected cash flows. These cash flows are then discounted at a rate that accounts for the risk associated with the Policy and various other factors. The valuations from each life expectancy are then typically averaged to obtain the desired market valuation for the investor. Life settlement policies are included in Level 3 of the fair value hierarchy.
 
In accordance with GAAP, the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
 
 
●
Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
 
 
●
Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
 
 
●
Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).
 
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
 
For the year ended September 30, 2017, the Funds’ fair valuation methodology for Policies changed from a discounted cash flow model, which used a “deterministic method” for valuing the Policies, to the probabilistic method described above. None of the Funds’ other fair valuation methodologies changed during the period. For more details on the investment classifications, refer to the Schedules of Investments/Consolidated Schedule of Investments.
 
Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Government Money Market Fund, which use a straight line basis which is not materially different from the scientific method.
 
Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by BNY Mellon until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreements. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by a Fund may be delayed or limited.
 
TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 136
 
   
 
record TBA securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased.
 
Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, (iii) equally, or (iv) a combination of the above, depending on the nature of the expenditure.
 
Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.
 
Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Government Money Market Fund and Fixed Income Funds except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Equity Funds, except for the Emerging Markets Fund. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.
 
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss upon the sale of a security resulting from changes in foreign exchange rates is included with the net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.
 
Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded as an unrealized gain (loss) on forward foreign currency contracts in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, which is included within realized gain (loss) on foreign currency transactions in the Statements of Operations/Consolidated Statement of Operations. A Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.
 
To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the High Yield Bond Fund and the Fixed Income Opportunities Fund have entered into master netting arrangements, established within the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the High Yield Bond Fund and the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the High Yield Bond Fund and the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the High Yield Bond Fund and/or the Fixed Income Opportunities Fund.
 
For financial reporting purposes, the High Yield Bond Fund and the Fixed Income Opportunities Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
 
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, or the counterparty.
 
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is reported separately on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the High Yield
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 137
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
Bond Fund and the Fixed Income Opportunities Fund, if any, is noted in the Schedule of Investments/Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the High Yield Bond Fund and the Fixed Income Opportunities Fund from the Funds' counterparties are not fully collateralized, contractually or otherwise, the High Yield Bond Fund and the Fixed Income Opportunities Fund bear the risk of loss from counterparty nonperformance.
 
The following tables present, by derivative type, the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s OTC derivative assets and liabilities net of the related collateral posted for the benefit of the High Yield Bond Fund and the Fixed Income Opportunities Fund at September 30, 2017 (000):
 
Derivative Type
  
Derivative Assets Subject to a Netting Agreement or Similar Arrangement
    
Derivative Available for Offset
    
Collateral Received
    
Net Amount
  
High Yield Bond Fund
  
JP Morgan Chase Bank
                        
Forward Foreign Currency Contracts
  
$
10
    
$
—
    
$
—
    
$
10
  
Fixed Income Opportunities Fund
  
U.S. Bank
                                
Forward Foreign Currency Contracts
    
2,503
      
(993
)
    
—
      
1,510
  
 
Derivative Type
  
Derivative Liabilities Subject to a Netting Agreement or Similar Arrangement
    
Derivative Available for Offset
    
Collateral Pledged
    
Net Amount
  
High Yield Bond Fund
  
Robert W. Baird
                        
Forward Foreign Currency Contracts
  
$
(13
)
  
$
—
    
$
—
    
$
(13
)
Fixed Income Opportunities Fund
  
U.S. Bank
                                
Forward Foreign Currency Contracts
    
(993
)
    
993
      
—
      
—
  
 
Futures Contracts – To the extent consistent with their investment objective and strategies, certain Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains or losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
 
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures contract and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
 
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. As of September 30, 2017, there were no open futures contracts.
 
Options Contracts – A Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When purchasing an option, a Fund will pay a premium which is included on the Fund’s Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the unrealized gain or loss.
 
The net realized gain or loss on options contracts is reflected in the Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations. Realized and changes in unrealized gains or losses on options contracts during the period as
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 138
 
   
 
disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for a Fund. As of September 30, 2017, there were no open options contracts.
 
Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale.
 
A Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% (5% in the case of the Government Money Market Fund) of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by a Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
 
Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. Federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from certain mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities, and gains from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines), of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sectors.
 
Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a wholly-owned subsidiary of the Fund under the laws of Ireland (the “Subsidiary”).
 
The principal purpose of investment in the Subsidiary is to allow the Fixed Income Opportunities Fund to gain exposure to life insurance policies within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is a company organized under the laws of Ireland and is overseen by its own board of directors. Although the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the Fund. The Subsidiary is not an investment company registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act.
 
Information regarding the Fixed Income Opportunities Fund and the Subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and Consolidated Statement of Cash Flows.
 
The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at September 30, 2017, were $160,003,996, which represented 5.8% of the net assets of the Fixed Income Opportunities Fund.
 
Investments in Mauritius Subsidiary – To the extent that the Emerging Markets Fund seeks to invest in the securities of Indian companies, it currently intends to do so by investing in shares of a wholly-owned collective investment vehicle (the “Mauritius Subsidiary”) registered with and regulated by the Mauritius Financial Services Commission that is also managed by City National Rochdale. The Mauritius Subsidiary was formed to allow the Fund’s investments in Indian companies to benefit from a favorable tax treaty between Mauritius and India. In order to do so, the Mauritius Subsidiary will seek to maintain residency in Mauritius.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 139
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
Due to the recent amendment of the tax treaty between India and Mauritius, the capital gains tax exemption on shares of Indian companies will be phased out over a two-year period that began on April 1, 2017, and ends on March 31, 2019. Shares of Indian companies acquired after April 1, 2017, will be subject to a reduced capital gains tax until March 31, 2019, and shares will be taxed at India’s full tax rate thereafter. There is no guarantee that the tax treaty will not be amended further.
 
Investments in Affiliated Securities – The Fixed Income Funds and Equity Funds may invest excess cash in the Government Money Market Fund and Municipal High Income Fund.
 
3.
ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:
 
Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee based on the average daily net assets of the Trust and subject to a minimum annual fee.
 
The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution and servicing fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) may receive a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Government Money Market Fund and 0.25% of the Class N Shares of the Fixed Income Funds and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities. Pursuant to a Distribution Coordination Agreement, the entirety of the fees received by the Distributor pursuant to the Distribution Plan is transmitted to RIM Securities LLC (“RIM Securities”) as Sub-Distribution Coordinator. RIM Securities then reallows those fees to broker-dealers and service providers, including City National Rochdale and other affiliates, for payments for distribution services of the type identified in the Distribution Plan, and retains any undistributed balance of fees received from the Distributor.
 
US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.
 
The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Class N, Class S, or Servicing Class Shares, as applicable. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of the average daily net assets of the relevant class of each Fund.
 
The Board has adopted, on behalf of Class Y shares of the Emerging Markets Fund, a Shareholder Service Plan (the “Service Plan”) under which City National Rochdale will provide, or arrange for others (such as banks, trust companies, broker-dealers and other financial intermediaries (each, a “Service Organization”)) to provide, certain specified non-distribution shareholder servicing functions for Class Y shares of the Emerging Markets Fund owned by its respective customers, including but not limited to (a) establishing and maintaining accounts and records relating to customers who invest in the Class; (b) aggregating and processing orders involving Class Y shares; (c) processing dividend and other distribution payments from the Class on behalf of customers; (d) preparing tax reports or forms on behalf of customers; (e) forwarding communications from the Fund; (f) providing subaccounting with respect to Class Y shares of the Fund or the information to the Fund necessary for subaccounting; (g) providing customers with a service that invests the assets of their accounts in Class Y shares of the Fund pursuant to specific or pre-authorized instructions; and (h) providing such other similar services as the Adviser may reasonably request to the extent it or a Service Organization is permitted to do so under applicable statutes, rules or regulations. The Class Y shares of the Emerging Markets Fund will pay the City National Rochdale or Service Organizations, as applicable, at an annual rate of up to 0.25% of the average daily net assets of Class Y shares owned by its respective customers, payable monthly.
 
CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the year ended September 30, 2017, CNB and City National Rochdale received $23,445,372 in shareholder servicing fees from the Trust.
 
Certain officers of the Trust are also officers or employees of City National Rochdale, CNB or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 140
 
   
 
4.
INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:
 
Under the terms of the current investment management agreements, City National Rochdale receives an annual fee equal to a percentage of the average daily net assets of each Fund, as follows:
 
Fund
Fee
Government Money Market Fund
0.26%
Government Bond Fund
0.43
Corporate Bond Fund
0.40
California Tax Exempt Bond Fund
0.27
Municipal High Income Fund
0.50
High Yield Bond Fund
0.60
Intermediate Fixed Income Fund
0.40
Fixed Income Opportunities Fund
0.50
Dividend & Income Fund
0.50
U.S. Core Equity Fund
0.40
Emerging Markets Fund
1.00
 
Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.
 
Alcentra LTD, All Financial Partners II LLC, Ashmore Investment Management Limited, Federated Investment Management Company, GML Capital LLP and Seix Investment Advisors LLC act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.
 
Sub-adviser fees are paid by City National Rochdale.
 
City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of the average daily net assets) are as follows:
 
 
Government Money Market Fund
Government
Bond Fund
Corporate
Bond Fund
Institutional Class
n/a
0.53%
n/a
Class N
0.93%
1.03%
1.01%
Class S
1.13%
n/a
n/a
Servicing Class
0.63%
0.78%
0.76%
 
 
California
Tax Exempt
Bond Fund
Intermediate
Fixed Income
Fund
Fixed Income
Opportunities
Fund
Institutional Class
n/a
0.51%
n/a
Class N
0.88%
1.01%
1.09%
Servicing Class
0.63%
n/a
n/a
 
Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Municipal High Income Fund, High Yield Bond Fund, Dividend & Income Fund, U.S. Core Equity Fund, and Emerging Markets Fund.
 
Any fee reductions or expense reimbursements may be repaid by a Fund to City National Rochdale, within three years after occurrence if such repayments can be achieved within the Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.
 
As of September 30, 2017, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:
 
Fund
Potential Amount of Recovery
(000)
Expiration
Government Money Market Fund
$ 3,066
2018
 
345
2019
Government Bond Fund
74
2018
 
79
2019
 
136
2020
Corporate Bond Fund
89
2018
 
109
2019
 
156
2020
California Tax Exempt Bond Fund
109
2018
 
105
2019
 
158
2020
Intermediate Fixed Income Fund
43
2018
 
8
2019
 
59
2020
Fixed Income Opportunities Fund
248
2018
Dividend & Income Fund
44
2018
 
12
2019
Emerging Markets Fund
291
2018
 
47
2019
 
During the year ended September 30, 2017, the Adviser recovered $5,520 (000) and $222 (000) in previously waived fees for the Government Money Market Fund and Fixed Income Opportunities Fund, respectively.
 
City National Rochdale and CNB have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Government Money Market Fund in order to maintain a one-day net income yield (yield floor) of not less than
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 141
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
0.01% of the Fund’s average daily net assets. The following table shows waivers, with respect to such yield floor, by class for the year ended September 30, 2017:
 
   
 
Shareholder Servicing Fee Waiver
(000)
  
Government Money Market Fund
  
Class N
  
$
11,716
(1) 
Class S
    
5,226
(1) 
Servicing Class
    
619
  
 
(1)
Includes class specific distribution expenses.
 
5.
INVESTMENT TRANSACTIONS:
 
The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the year ended September 30, 2017, were as follows for the Fixed Income Funds and Equity Funds:
 
   
Purchases
    
Sales and Maturities
  
Fund
  
U.S. Gov’t
(000)
   
Other
(000)
   
U.S. Gov’t
(000)
   
Other
(000)
 
Government Bond Fund
  
$
63,984
    
$
—
    
$
104,592
    
$
300
  
Corporate Bond Fund
    
—
      
36,475
      
3
      
30,613
  
California Tax Exempt Bond Fund
    
—
      
36,234
      
—
      
42,921
  
Municipal High Income Fund
    
—
      
579,683
      
—
      
481,513
  
High Yield Bond Fund
    
—
      
37,508
† 
    
—
      
40,550
† 
Intermediate Fixed Income Fund
    
11,367
      
35,843
      
6,774
      
50,341
  
Fixed Income Opportunities Fund
    
31,489
      
2,196,788
‡ 
    
33,285
      
1,974,471
‡ 
Dividend & Income Fund
    
—
      
55,884
      
—
      
35,526
  
U.S. Core Equity
    
—
      
61,379
      
—
      
58,408
  
Emerging Markets Fund
    
—
      
466,380
      
—
      
261,966
  
 
†
Includes 17a-7 related party transactions of $1,453 (000) and $1,703 (000), respectively.
‡
Includes 17a-7 related party transactions of $13,060 (000) and $1,853 (000), respectively.
 
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
 
6.
FEDERAL TAX INFORMATION:
 
Each Fund intends to qualify or continue to qualify as a regulated investment company for U.S. Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for U.S. Federal income taxes are required.
 
Management has analyzed the Funds’ tax positions taken on U.S. Federal income tax returns for all open tax years and has concluded that as of September 30, 2017, no provision for income tax would be required in the Funds’ financial statements. The Funds’ U.S. Federal and state income and U.S. Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
 
The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
 
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with U.S. Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income/(loss), accumulated net realized gain/(loss), or paid-in capital, as appropriate, in the period that the differences arise.
 
Accordingly, the following permanent differences, primarily attributable to foreign currency transactions, REIT adjustments, investments in partnerships, realized gains/(losses) on paydowns, default bonds, non-deductible excise tax paid, PFIC adjustments, expired capital loss carryforward, reclass of distribution, return of capital distribution received and market discount adjustment, were reclassified to/from the following accounts as of September 30, 2017:
 
  
 
Increase (Decrease)
Undistributed Net
Investments Income (Loss)
(000)
    
Increase (Decrease)
Accumulated Net
Realized Gain (Loss)
(000)
    
Increase (Decrease)
Paid-in Capital
(000)
  
Government Bond Fund
  
$
110
    
$
(110
)
  
$
—
  
Corporate Bond Fund
    
4
      
—
      
(4
)
Municpal High Income Fund
    
(311
)
    
311
      
—
  
High Yield Bond Fund
    
(56
)
    
56
      
—
  
Intermediate Fixed Income Fund
    
18
      
2,099
      
(2,117
)
Fixed Income Opportunities Fund
    
(13,937
)
    
13,937
      
—
  
Dividend & Income Fund
    
1,140
      
(1,135
)
    
(5
)
U.S. Core Equity Fund
    
10
      
(10
)
    
—
  
Emerging Markets Fund
    
(1,102
)
    
1,102
      
—
  
 
Amounts designated as “—” are either $0 or have been rounded to $0.
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 142
 
  
 
The tax character of dividends and distributions declared during the years ended September 30, 2017, and September 30, 2016, unless otherwise indicated were as follows:
 
Fund
  
Tax Exempt
Income
(000)
    
Ordinary
Income
(000)
    
Long-Term
Capital Gain
(000)
    
Return of
Capital
(000)
    
Total
(000)
  
Government Money Market Fund
  
2017
  
$
—
    
$
4,927
    
$
—
    
$
—
    
$
4,927
  
2016
    
—
      
897
      
—
      
—
      
897
  
Government Bond Fund
  
2017
  
$
—
    
$
1,098
    
$
95
    
$
—
    
$
1,193
  
2016
    
—
      
1,115
      
—
      
—
      
1,115
  
Corporate Bond Fund
  
2017
  
$
—
    
$
2,347
    
$
—
    
$
—
    
$
2,347
  
2016
    
—
      
2,271
      
310
      
—
      
2,581
  
California Tax Exempt Bond Fund
  
2017
  
$
1,261
    
$
151
    
$
436
    
$
—
    
$
1,848
  
2016
    
1,328
      
—
      
36
      
—
      
1,364
  
Municipal High Income Fund
  
2017
  
$
39,585
    
$
671
    
$
—
    
$
—
    
$
40,256
  
2016
    
31,625
      
261
      
49
      
—
      
31,935
  
High Yield Bond Fund
  
2017
  
$
—
    
$
3,792
    
$
—
    
$
—
    
$
3,792
  
2016
    
—
      
5,008
      
—
      
—
      
5,008
  
Intermediate Fixed Income Fund
  
2017
  
$
—
    
$
4,960
    
$
—
    
$
—
    
$
4,960
  
2016
    
—
      
5,228
      
—
      
—
      
5,228
  
Fixed Income Opportunities Fund
  
2017
  
$
—
    
$
145,340
    
$
—
    
$
—
    
$
145,340
  
2016
    
—
      
131,462
      
—
      
—
      
131,462
  
Dividend & Income Fund
  
2017
  
$
—
    
$
5,052
    
$
1,794
    
$
—
    
$
6,846
  
2016
    
—
      
5,018
      
612
      
823
      
6,453
  
U.S. Core Equity Fund
  
2017
  
$
—
    
$
1,909
    
$
9,543
    
$
—
    
$
11,452
  
2016
    
—
      
1,581
      
1,427
      
—
      
3,008
  
Emerging Markets Fund
  
2017
  
$
—
    
$
2,465
    
$
—
    
$
—
    
$
2,465
  
2016
    
—
      
228
      
—
      
—
      
228
  
 
As of September 30, 2017, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:
 
Fund
  
Undistributed Tax-Exempt Income
(000)
    
Undistributed Ordinary Income
(000)
    
Undistributed Long-Term Capital Gain
(000)
    
Capital Loss Carryforwards
(000)
    
Post-October Losses
(000)
    
Unrealized Appreciation (Depreciation)
(000)
    
Other Temporary Differences
(000)
    
Total Distributable Earnings (Accumulated Losses)
(000)
  
Government Money Market Fund
  
$
—
    
$
1,345
    
$
—
    
$
—
    
$
—
    
$
—
    
$
(1,338
)
  
$
7
  
Government Bond Fund
    
—
      
94
      
60
      
—
      
—
      
(199
)
    
(65
)
    
(110
)
Corporate Bond Fund
    
—
      
195
      
—
      
(1,210
)
    
—
      
876
      
(191
)
    
(330
)
California Tax Exempt Bond Fund
    
100
      
—
      
—
      
(123
)
    
(161
)
    
1,587
      
(96
)
    
1,307
  
Municipal High Income Fund
    
3,497
      
—
      
—
      
(7,924
)
    
(13,257
)
    
29,805
      
(3,501
)
    
8,620
  
High Yield Bond Fund
    
—
      
363
      
—
      
(4,936
)
    
—
      
(289
)
    
(296
)
    
(5,158
)
Intermediate Fixed Income Fund
    
—
      
103
      
—
      
(392
)
    
—
      
2,380
      
(2
)
    
2,089
  
Fixed Income Opportunities Fund
    
—
      
7,694
      
—
      
(44,910
)
    
—
      
(6,841
)
    
—
      
(44,057
)
Dividend & Income Fund
    
—
      
—
      
7,344
      
—
      
—
      
60,358
      
(15
)
    
67,687
  
U.S. Core Equity Fund
    
—
      
67
      
1,195
      
—
      
(434
)
    
74,980
      
—
      
75,808
  
Emerging Markets Fund
    
—
      
4,328
      
15,956
      
—
      
—
      
426,421
      
(2
)
    
446,703
  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 143
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2016, through September 30, 2017, that, in accordance with U.S. Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
 
Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:
 
Fund
 
Short-Term Loss
(000)
    
Long-Term Loss
(000)
    
Total
(000)
  
Corporate Bond Fund
  
$
—
    
$
(1,210
)
  
$
(1,210
)
California Tax Exempt Bond Fund
    
(123
)
    
—
      
(123
)
Municipal High Income Fund
    
(1,358
)
    
(6,566
)
    
(7,924
)
High Yield Bond Fund
    
—
      
(4,936
)
    
(4,936
)
Intermediate Fixed Income Fund
    
—
      
(392
)
    
(392
)
Fixed Income Opportunities Fund
    
—
      
(44,910
)
    
(44,910
)
 
During the year ended September 30, 2017, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
 
Fund
  
Amount
(000)
  
Municipal High Income Fund
  
$
521
  
High Yield Bond Fund
    
150
  
Fixed Income Opportunities Fund
    
26,744
  
Emerging Markets Fund
    
6,801
  
 
The aggregate gross unrealized appreciation on investments, the aggregate gross unrealized depreciation on investments and the net unrealized appreciation/(depreciation) for tax purposes as of September 30, 2017, for each of the Fixed Income Funds' and Equity Funds' investments were as follows:
 
Fund
 
Federal
Tax Cost
(000)
    
Aggregate
Gross Unrealized Appreciation
(000)
    
Aggregate
Gross Unrealized Depreciation
(000)
    
Net Unrealized Appreciation (Depreciation)
(000)
  
Government Bond Fund
  
$
98,490
    
$
169
    
$
(368
)
  
$
(199
)
Corporate Bond Fund
    
135,221
      
1,516
      
(640
)
    
876
  
California Tax Exempt Bond Fund
    
89,074
      
1,764
      
(177
)
    
1,587
  
Municipal High Income Fund
    
1,136,614
      
49,414
      
(19,609
)
    
29,805
  
High Yield Bond Fund
    
73,381
      
2,386
      
(2,673
)
    
(287
)
Intermediate Fixed Income Fund
    
242,352
      
4,559
      
(2,179
)
    
2,380
  
Fixed Income Opportunities Fund
    
2,654,760
      
155,237
      
(65,047
)
    
90,190
  
Dividend & Income Fund
    
192,786
      
61,647
      
(1,289
)
    
60,358
  
U.S. Core Equity Fund
    
182,246
      
75,085
      
(105
)
    
74,980
  
Emerging Markets Fund
    
1,072,859
      
458,822
      
(32,392
)
    
426,430
  
 
At September 30, 2017, the Government Money Market Fund’s cost of securities for U.S. Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.
 
7.
CONCENTRATION OF RISK
 
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.
 
The Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund, the Dividend & Income Fund and the Emerging Markets Fund may invest in exchange-traded notes (“ETNs”), each as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Funds will generally invest in ETNs which are linked to commodities indexes. A Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 144
 
   
 
and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return expected.
 
The Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and investors are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay the principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.
 
The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.
 
The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.
 
The Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance policies. A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or may refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board of Trustees. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.
 
California Tax Exempt Bond Fund – Specific Risks
 
The ability of issuers to pay interest on, and repay the principal of, California municipal securities may be affected by economic and political developments in the State of California.
 
Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if the Fund concentrates its letters of credit in any one financial institution, the risk of credit quality deterioration increases.
 
The Fund invests in Certificates of Participation in a municipal obligation, which are subject to annual appropriation risk.
 
Emerging Markets Fund – Specific Risks
 
Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 145
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
As long as the Emerging Markets Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the United States or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.
 
Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Emerging Market Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.
 
A more complete description of risks is included in the Funds’ prospectus and statement of additional information.
 
8.
CAPITAL SHARES ISSUED AND REDEEMED:
 
Capital share activity for the year ended September 30, 2017, and the year ended September 30, 2016, were as follows (000):
 
   
Government Money
Market Fund
    
Government
Bond Fund
    
Corporate
Bond Fund
  
   
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
CAPITAL SHARES ISSUED AND REDEEMED:
                                
Institutional Class:
                                   
Shares issued
    
—
      
—
      
668
      
1,418
      
—
      
—
  
Shares issued in lieu of dividends and distributions
    
—
      
—
      
53
      
52
      
—
      
—
  
Shares redeemed
    
—
      
—
      
(3,130
)
    
(753
)
    
—
      
—
  
Net Institutional Class transactions
    
—
      
—
      
(2,409
)
    
717
      
—
      
—
  
Class N:
                                               
Shares issued
    
4,345,705
      
5,798,519
      
96
      
23
      
267
      
100
  
Shares issued in lieu of dividends and distributions
    
1,332
      
550
      
1
      
—
      
4
      
4
  
Shares redeemed
    
(7,118,824
)
    
(4,887,064
)
    
(68
)
    
(65
)
    
(91
)
    
(167
)
Net Class N transactions
    
(2,771,787
)
    
912,005
      
29
      
(42
)
    
180
      
(63
)
Class S:
                                               
Shares issued
    
2,288,322
      
2,017,973
      
—
      
—
      
—
      
—
  
Shares issued in lieu of dividends and distribtuions
    
—
      
—
      
—
      
—
      
—
      
—
  
Shares redeemed
    
(2,330,002
)
    
(1,803,230
)
    
—
      
—
      
—
      
—
  
Net Class S transactions
    
(41,680
)
    
214,743
      
—
      
—
      
—
      
—
  
Servicing Class:
                                               
Shares issued
    
4,547,445
      
2,473,708
      
1,738
      
1,899
      
3,301
      
2,733
  
Shares issued in lieu of dividends and distributions
    
1,557
      
3
      
24
      
26
      
22
      
18
  
Shares redeemed
    
(3,229,008
)
    
(1,800,335
)
    
(4,176
)
    
(2,642
)
    
(2,566
)
    
(3,466
)
Net Servicing Class transactions
    
1,319,994
      
673,376
      
(2,414
)
    
(717
)
    
757
      
(715
)
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 146
 
   
 
   
California Tax Exempt
Bond Fund
    
Municipal High
Income Fund
  
   
2017
    
2016
    
2017
    
2016
  
CAPITAL SHARES ISSUED AND REDEEMED:
                        
Class N:
                       
Shares issued
    
493
      
668
      
25,835
      
22,941
  
Shares issued in lieu of dividends and distributions
    
8
      
6
      
1,265
      
943
  
Shares redeemed
    
(311
)
    
(1,049
)
    
(16,699
)
    
(6,281
)
Net Class N transactions
    
190
      
(375
)
    
10,401
      
17,603
  
Servicing Class:
                               
Shares issued
    
2,351
      
2,445
      
15,348
      
12,941
  
Shares issued in lieu of dividends and distributions
    
23
      
10
      
195
      
103
  
Shares redeemed
    
(3,199
)
    
(2,150
)
    
(9,938
)
    
(2,923
)
Net Servicing Class transactions
    
(825
)
    
305
      
5,605
      
10,121
  
 
   
High Yield
Bond Fund
   
Intermediate Fixed
Income Fund
    
Fixed Income
Opportunities Fund
  
   
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
CAPITAL SHARES ISSUED AND REDEEMED:
                    
Institutional Class:
                                   
Shares issued
    
772
      
759
      
21
      
161
      
—
      
—
  
Shares issued in lieu of dividends and distributions
    
260
      
319
      
2
      
7
      
—
      
—
  
Shares redeemed
    
(1,196
)
    
(910
)
    
(120
)
    
(491
)
    
—
      
—
  
Net Institutional Class transactions
    
(164
)
    
168
      
(97
)
    
(323
)
    
—
      
—
  
Class N:
                                               
Shares issued
    
444
      
880
      
1,770
      
2,371
      
31,530
      
32,737
  
Shares issued in lieu of dividends and distributions
    
55
      
81
      
174
      
180
      
4,227
      
3,950
  
Shares redeemed
    
(798
)
    
(1,368
)
    
(2,230
)
    
(2,787
)
    
(14,867
)
    
(16,515
)
Net Class N transactions
    
(299
)
    
(407
)
    
(286
)
    
(236
)
    
20,890
      
20,172
  
Servicing Class:
                                               
Shares issued
    
528
      
2,051
      
—
      
—
      
—
      
—
  
Shares issued in lieu of dividends and distributions
    
29
      
49
      
—
      
—
      
—
      
—
  
Shares redeemed
    
(890
)
    
(3,298
)
    
—
      
—
      
—
      
—
  
Net Servicing Class transactions
    
(333
)
    
(1,198
)
    
—
      
—
      
—
      
—
  
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 147
 
notes to financial statements/
consolidated notes to financial statements
September 30, 2017
 
   
Dividend &
Income Fund
   
U.S. Core
Equity Fund
    
Emerging
Markets Fund (1)
  
   
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
CAPITAL SHARES ISSUED AND REDEEMED:
                    
Institutional Class:
                                   
Shares issued
    
—
      
—
      
—
      
—
      
—
      
—
  
Shares issued in lieu of dividends and distributions
    
—
      
—
      
—
      
—
      
—
      
—
  
Shares redeemed
    
—
      
—
      
—
      
(526
)
    
—
      
—
  
Net Institutional Class transactions
    
—
      
—
      
—
      
(526
)
    
—
      
—
  
Class N:
                                               
Shares issued
    
1,762
      
1,906
      
1,221
      
1,225
      
3,093
      
9,641
  
Shares issued in lieu of dividends and distributions
    
111
      
114
      
355
      
85
      
4
      
4
  
Shares redeemed
    
(1,577
)
    
(1,532
)
    
(1,312
)
    
(1,416
)
    
(2,456
)
    
(26,285
)(2)
Net Class N transactions
    
296
      
488
      
264
      
(106
)
    
641
      
(16,640
)
Servicing Class:
                                               
Shares issued
    
—
      
—
      
1,929
      
1,778
      
—
      
—
  
Shares issued in lieu of dividends and distributions
    
—
      
—
      
22
      
3
      
—
      
—
  
Shares redeemed
    
—
      
—
      
(1,638
)
    
(1,841
)
    
—
      
—
  
Net Servicing Class transactions
    
—
      
—
      
313
      
(60
)
    
—
      
—
  
Class Y:
                                               
Shares issued
    
—
      
—
      
—
      
—
      
8,286
      
21,547
(2) 
Shares issued in lieu of dividends and distributions
    
—
      
—
      
—
      
—
      
44
      
—
  
Shares redeemed
    
—
      
—
      
—
      
—
      
(3,186
)
    
(428
)
Net Class Y transactions
    
—
      
—
      
—
      
—
      
5,144
      
21,119
  
 
(1)
Class Y commenced operations on June 1, 2016.
 
(2)
Includes transfers of 17,188 (000) Shares from Class N into 17,183 (000) Shares of Class Y.
 
9.
LINE OF CREDIT
 
The Funds, except for the Government Money Market Fund, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.
 
Borrowing activity under the LOC for the year ended September 30, 2017, was as follows:
 
Fund
  
Maximum Amount
of Line of Credit
(000)
    
Interest
Expense
(000)
    
Average
Rate
    
Average
Borrowings
(000)
    
Maximum Amount Outstanding
(000)
  
Dividend & Income Fund
  
$
50,000
    
$
—
      
3.75
%
  
$
385
    
$
428
  
 
10.
REGULATORY MATTERS
 
In October 2016, the Commission released its final rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X, which impact the form and content of financial statements, particularly with respect to the disclosure of derivative investments. Management is still evaluating the impact of the Rule, but they believe that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and they expect that the Funds will be in compliance with the Rule’s Regulation S-X amendments by the August 1, 2017, compliance date.
 
11.
SUBSEQUENT EVENTS
 
The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2017, and no issues were noted to disclose.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 148
 
report of independent registered public accounting firm
  
 
To the Shareholders and Board of Trustees
of City National Rochdale Funds
 
We have audited the accompanying statements of assets and liabilities of Government Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund (consolidated), Dividend & Income Fund, U.S. Core Equity Fund, and Emerging Markets Fund (consolidated), each a series of shares of beneficial interest in City National Rochdale Funds (the “Funds”), including the schedules of investments, as of September 30, 2017, and the related statements of operations and cash flows (for Fixed Income Opportunities Fund only) for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the three-year period then ended (consolidated for Fixed Income Opportunities Fund and Emerging Markets Fund). These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights (consolidated for Fixed Income Opportunities and Emerging Markets Fund) for each of the years or periods presented through September 30, 2014 for each of the Funds were audited by other auditors, whose reports dated November 28, 2014 and March 31, 2013 expressed an unqualified opinion on those financial highlights.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017 by correspondence with the custodian, brokers, and other counterparties, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights (consolidated where noted) referred to above present fairly, in all material respects, the financial position of each of the Funds comprising the City National Rochdale Funds as of September 30, 2017, and the results of their operations and cash flows (for Fixed Income Opportunities Fund only) for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.
 
 
 
Philadelphia, Pennsylvania
November 28, 2017
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 149
 
trustees and officers (Unaudited)
September 30, 2017
 
The Trustees and officers of the Trust, their principal occupations during the past five years, and their affiliations, if any, with City National Rochdale, the investment manager to the Funds, are set forth below. The persons listed below may have held other positions with their employers named below during the relevant periods. Certain officers of the Trust also serve as officers to one or more other mutual funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor. Andrew S. Clare (the “Interested Trustee”) is an “interested person” of the Trust, as defined in the 1940 Act. Each Trustee other than Mr. Clare may be referred to in this SAI as an “Independent Trustee” and collectively as the “Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-889-0799.
 
Name,
Address,
and Age
Position
with the Trust
Term of Office(1) and Length of
Time Served
Principal Occupation
for the Past Five Years
Number of Portfolios in
Fund Complex(2) Overseen by Trustee
Other Directorships
Held by Trustee For the
Past Five Years
INDEPENDENT TRUSTEES
Daniel A. Hanwacker
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 65
Trustee
Since 2013
CEO and President, Hanwacker Associates, Inc. (asset management consulting and executive search services) (2001-present). Managing Director - Asset Management, Putnam Lovell Securities (2000-2001). Co-Founding Partner, Constellation Financial Management, Co., LLC (1995-2000).
16
Rochdale Investment Trust (2011- 2013)
Jon C. Hunt
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 65
Trustee
Since 2013
Retired (March 2013-present). Consultant to Management, Convergent Capital Management, LLC (“CCM”) (July 2012-March 2013). Managing Director and Chief Operating Officer, CCM (1998-June 2012).
16
Nuveen Commodities Asset Management, member of Independent Committee (February 2012 - present); Advisor’s Inner Circle Fund III (February 2014 – present); Winton Series Trust and Winton Diversified Opportunities Fund, Lead Independent Trustee (January 2015 - present)
Vernon C. Kozlen
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 74
Trustee
 
Chairman
Since 2007
 
Since 2016
Retired (2007-present). President and Chief Executive Officer, City National Rochdale Funds (2000-2007). Executive Vice President and Director of Asset Management Development, CNB (1996-2007). Director, Reed, Conner & Birdwell LLC (2000-2007), and Convergent Capital Management, LLC (2003-2007). Chairman of the Board, City National Asset Management, Inc. (2001-2005). Chairman of the Board, City National Securities, Inc. (1999-2005). Director, City National Asset Management, Inc. (2001-2006), and City National Securities, Inc. (1999-2006).
16
Windermere Jupiter Fund, LLC, CMS/Ironwood Multi-Strategy Fund LLC, CMS/Barlow Long-Short Equity Fund, LLC (3)
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 150
 
   
 
Name,
Address,
and Age
Position
with the Trust
Term of Office(1) and Length of
Time Served
Principal Occupation
for the Past Five Years
Number of Portfolios in
Fund Complex(2) Overseen by Trustee
Other Directorships
Held by Trustee For the
Past Five Years
INDEPENDENT TRUSTEES (Continued)
Jay C. Nadel
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 58
Trustee
Since 2013
Financial Services Consultant (2005-present). Executive Vice President, Bank of New York Broker-Dealer and Member of the Operating Committee (2002-2004). Weiss, Peck & Greer, Partner, Managing Director and Chair of the Operations Committee (1986-2001).
16
Lapolla Industries, Inc. (2007 – present); Rochdale Investment Trust (2011-2013)
James R. Wolford
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 63
Trustee
Since 1999
Chief Executive Officer of Corinthian Development Company (December 2013-present). President, Chief Operating Officer and Chief Financial Officer, Thompson National Properties (March 2011-December 2013). Chief Financial Officer, Pacific Office Properties, a real estate investment trust (April 2010-March 2011). Chief Financial Officer, Bixby Land Company, a real estate company (2004-March 2010). Regional Financial Officer, AIMCO, a real estate investment trust (2004). Chief Financial Officer, DBM Group, a direct mail marketing company (2001-2004). Senior Vice President and Chief Operating Officer, Forecast Commercial Real Estate Service, Inc. (2000-2001). Senior Vice President and Chief Financial Officer, Bixby Ranch Company (1985-2000).
16
None
INTERESTED TRUSTEE
Andrew S. Clare (4)
City National Rochdale Funds
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 71
Trustee
Since 2013
Attorney and partner, Loeb & Loeb LLP, a law firm (1972-present).
16
None
 
(1)
The Trustees serve for terms of office as follows:
 
Name of Trustee
End of Term of Office
Vernon C. Kozlen
December 31, 2018*
James Wolford
March 29, 2023
Andrew S. Clare
December 31, 2020*
Daniel A. Hanwacker
March 29, 2023
Jon C. Hunt
March 29, 2023
Jay C. Nadel
March 29, 2023
 
 
*
Subject to extension by the Board for up to two years.
 
(2)
“Fund complex” is defined as two or more registered investment companies that hold themselves out to investors as related companies or have a common investment adviser or affiliated investment advisers and in this case includes the following registered closed-end funds: City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC and City National Rochdale International Trade Fixed Income Fund.
 
(3)
Convergent Wealth Advisors, LLC, which is under common control with CNB, serves as investment adviser to Windermere Jupiter Fund, LLC, CMS/Ironwood Multi-Strategy Fund, LLC and CMS/Barlow Long-Short Equity Fund, LLC, each of which is a private investment fund.
 
(4)
Mr. Clare is an “interested person” of the Trust, as defined in the 1940 Act, by virtue of the provision of significant legal services by him and his law firm to CNB.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 151
 
trustees and officers (Unaudited) (Continued)
September 30, 2017
 
Name,
Address,
and Age
Position
with the Trust
Term of Office(1) and Length of
Time Served
Principal Occupation
for the Past Five Years
OFFICERS
Garrett R. D’Alessandro
City National Rochdale, LLC
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 60
President and Chief Executive Officer
Since 2013
Chief Executive Officer, City National Rochdale (1986-present); Chief Investment Officer, City National Rochdale (April 2016-present).
Eric Kleinschmidt
SEI Investments
One Freedom Valley Drive
Oaks, Pennsylvania 19456
Age: 49
Treasurer
Since 2005
Director of Fund Accounting, SEI Investments Company (2004-present). Manager of Fund Accounting, SEI Investments (1999-2004).
F. Michael Gozzillo
City National Rochdale, LLC
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 52
Vice President; Chief Compliance Officer (“CCO”); Anti-Money Laundering Officer & Identity Theft Program Officer
Since 2013
Senior Vice President & Chief Compliance Officer, City National Rochdale (2012-present). CCO, Symphonic Financial Advisers LLC (2013 to Present). CCO, City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC and City National Rochdale International Trade Fixed Income Fund (2013-present). Director & Compliance Officer, TIAA-CREF (2008-2012). CCO, TIAA-CREF Life Insurance Co. Separate Accounts (2009-2012).
Lisa Whittaker
SEI Investments
One Freedom Valley Drive
Oaks, Pennsylvania 19456
Age: 38
Vice President and Assistant Secretary
Since 2012
Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011).
Mitchell Cepler
City National Rochdale, LLC
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 34
Vice President and Assistant Treasurer
Since 2015
Group Finance Manager, City National Rochdale (2011-present). Manager, Financial Planning and Analysis, ESP Technologies Corporation (2008-2011).
Kurt Hawkesworth
City National Rochdale, LLC
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 46
Vice President and Secretary
Since 2013
Chief Operating Officer, City National Rochdale (2003-present).
Anthony Sozio
City National Rochdale, LLC
400 N. Roxbury Drive
Beverly Hills, California 90210
Age: 46
Vice President and Assistant Secretary
Since 2013
Assistant Vice President of Registered Fund Operations, City National Rochdale (1998-present).
 
(1)
Each officer serves until removed by the Board or the principal executive officer of the Trust, or until such officer resigns.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 152
 
notice to shareholders (Unaudited)
September 30, 2017
 
For shareholders that do not have a September 30, 2017, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2017, taxable year end, please consult your tax advisor as to the pertinence of this notice.
 
For California income tax purposes, for the fiscal year ended September 30, 2017, each of the California Tax Exempt Bond Fund and Municipal High Income Fund is designating 98.18% and 9.07%, respectively, of its distributions paid from net investment income as exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.
 
For Federal income tax purposes, for the fiscal year ended September 30, 2017, each Fund is designating the following items with regard to distributions paid during the year:
 
 
(A)
Long Term Capital Gain Distributions
(B)
Return of Capital
(C)
Ordinary Income Distributions
(D)
Tax Exempt Interest
(E)
Total Distributions
(F)
Dividends Qualifying for Corporate Dividends Rec. Deduction (1)
(G)
Qualifying Dividend Income (2)
(H)
U.S. Government Interest (3)
(I)
Interest Related Dividends (4)
(J)
Qualified Short-Term Capital Gain Dividends (5)
(K)
Foreign
Tax
Credit
Government Money Market Fund
0.00%
0.00%
100.00%
0.00%
100.00%
0.00%
0.00%
89.79%
99.81%
0.00%
0.00%
Government Bond Fund
7.79%
0.00%
92.21%
0.00%
100.00%
0.00%
0.00%
58.37%
99.80%
0.00%
0.00%
Corporate Bond Fund
0.00%
0.00%
100.00%
0.00%
100.00%
0.00%
0.00%
0.00%
85.30%
0.00%
0.00%
California Tax Exempt Bond Fund
23.50%
0.00%
8.12%
68.38%
100.00%
0.00%
0.00%
0.00%
0.00%
100.00%
0.00%
Municipal High Income Fund
0.00%
0.00%
1.69%
98.31%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
High Yield Bond Fund
0.00%
0.00%
100.00%
0.00%
100.00%
0.00%
0.00%
0.00%
99.80%
0.00%
0.00%
Intermediate Fixed Income Fund
0.00%
0.00%
100.00%
0.00%
100.00%
8.96%
10.15%
3.97%
84.18%
0.00%
0.00%
Fixed Income Opportunities Fund
0.00%
0.00%
100.00%
0.00%
100.00%
26.74%
26.74%
0.01%
84.15%
0.00%
0.00%
Dividend & Income Fund
26.20%
0.00%
73.80%
0.00%
100.00%
100.00%
100.00%
0.00%
1.62%
0.00%
0.00%
U.S. Core Equity Fund
83.33%
0.00%
16.67%
0.00%
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
0.00%
Emerging Markets Fund (6)
0.00%
0.00%
100.00%
0.00%
100.00%
0.00%
100.00%
0.00%
0.00%
0.00%
10.45%
 
(1)
“Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.
(2)
“Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount permitted by law.
(3)
“U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
(4)
“Interest Related Dividends” represent qualifying interest that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.
(5)
“Short-Term Capital Gain Dividends” represent qualifying short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.
(6)
The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended September 30, 2017, the total amount of foreign source income was $19,023,212. The total amount of foreign tax to be paid is $287,625. Your allocable share of foreign tax credit will be reported on Form 1099-DIV.
Items (A), (B), (C), (D), (E) and (K) are based on the percentage of each fund’s total distribution.
Items (F) and (G) are based on the percentage of “Ordinary Income Distributions.”
Item (H) is based on the percentage of gross income of each Fund.
Item (I) is based on the percentage of net investment income distributions.
Item (J) is based on the percentage of short-term capital gain distributions.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 153
 
disclosure of fund expenses (Unaudited)
   
 
All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees, acquired fund fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
 
Operating expenses such as these are deducted from a Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.
 
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (April 1, 2017 to September 30, 2017).
 
The table below illustrates your Fund’s costs in two ways:
 
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in each Fund, and the “Ending Account Value” number is derived from deducting that expense cost from each Fund’s gross investment return.
 
You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
 
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that each Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
 
NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 154
 
  
 
  
Beginning
Account Value
4/01/2017
Ending
Account Value
9/30/2017
Annualized
Expense Ratios
Expense Paid
During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,000.40
1.42%
$ 7.12
Class S
1,000.00
1,000.40
0.86%
4.31
Servicing Class
1,000.00
1,001.40
0.33%
1.66
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,017.95
1.42%
$ 7.18
Class S
1,000.00
1,020.76
0.86%
4.36
Servicing Class
1,000.00
1,023.41
0.33%
1.67
         
City National Rochdale Government Bond Fund
Actual Fund Return
        
Institutional Class
$ 1,000.00
$ 1,005.10
0.53%
$ 2.66
Class N
1,000.00
1,002.60
1.03%
5.17
Servicing Class
1,000.00
1,002.90
0.78%
3.92
         
Hypothetical 5% Return
        
Institutional Class
$ 1,000.00
$ 1,022.41
0.53%
$ 2.69
Class N
1,000.00
1,019.90
1.03%
5.22
Servicing Class
1,000.00
1,021.16
0.78%
3.95
         
City National Rochdale Corporate Bond Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,008.90
1.01%
$ 5.09
Servicing Class
1,000.00
1,010.20
0.76%
3.83
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,020.00
1.01%
$ 5.11
Servicing Class
1,000.00
1,021.26
0.76%
3.85
 
City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,015.20
0.88%
$ 4.45
Servicing Class
1,000.00
1,016.50
0.63%
3.18
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,020.66
0.88%
$ 4.46
Servicing Class
1,000.00
1,021.91
0.63%
3.19
         
City National Rochdale Municipal High Income Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,044.10
1.08%
$ 5.53
Servicing Class
1,000.00
1,045.30
0.83%
4.26
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,019.65
1.08%
$ 5.47
Servicing Class
1,000.00
1,020.91
0.83%
4.20
 
City National Rochdale High Yield Bond Fund
Actual Fund Return
        
Institutional Class
$ 1,000.00
$ 1,038.10
0.97%
$ 4.98
Class N
1,000.00
1,035.50
1.47%
7.50
Servicing Class
1,000.00
1,035.70
1.22%
6.24
         
Hypothetical 5% Return
        
Institutional Class
$ 1,000.00
$ 1,020.19
0.97%
$ 4.93
Class N
1,000.00
1,017.70
1.47%
7.44
Servicing Class
1,000.00
1,018.94
1.22%
6.19
         
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
        
Institutional Class
$ 1,000.00
$ 1,014.50
0.51%
$ 2.58
Class N
1,000.00
1,011.90
1.01%
5.09
         
Hypothetical 5% Return
        
Institutional Class
$ 1,000.00
$ 1,022.51
0.51%
$ 2.59
Class N
1,000.00
1,020.00
1.01%
5.12
         
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,037.70
1.09%
$ 5.57
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,019.60
1.09%
$ 5.52
 
*
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 155
 
disclosure of fund expenses (Unaudited) (Continued)
   
 
 
Beginning
Account Value
4/01/2017
Ending
Account Value
9/30/2017
Annualized
Expense Ratios
Expense Paid
During Period*
City National Rochdale Dividend & Income Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,004.60
1.13%
$ 5.66
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,019.42
1.13%
$ 5.71
         
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
        
Institutional Class
$ 1,000.00
$ 1,100.10
0.53%
$ 2.75
Class N
1,000.00
1,097.00
1.03%
5.41
Servicing Class
1,000.00
1,098.20
0.78%
4.10
         
Hypothetical 5% Return
        
Institutional Class
$ 1,000.00
$ 1,022.45
0.53%
$ 2.65
Class N
1,000.00
1,019.91
1.03%
5.21
Servicing Class
1,000.00
1,021.16
0.78%
3.95
         
City National Rochdale Emerging Markets Fund
Actual Fund Return
        
Class N
$ 1,000.00
$ 1,183.90
1.62%
$ 8.85
Class Y
$ 1,000.00
$ 1,185.20
1.37%
7.48
         
Hypothetical 5% Return
        
Class N
$ 1,000.00
$ 1,016.96
1.62%
$ 8.17
Class Y
$ 1,000.00
$ 1,018.22
1.37%
6.91
 
*
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 156
 
board approval of advisory and sub-advisory agreements
(Unaudited)
 
The Board of Trustees of City National Rochdale Funds (the “Trust”) is comprised of six Trustees, five of whom are Independent Trustees (i.e., not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended). During the six months ended September 30, 2017, the Board and the Independent Trustees approved renewal of the following advisory and sub-advisory agreements:
 
 
●
The advisory agreement between City National Rochdale, LLC (the “Adviser”) and the Trust, on behalf of the City National Rochdale Government Money Market Fund (“Government Money Market Fund”), City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”), City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (each a “Fund” and collectively, the “Funds”);
 
 
●
The sub-advisory agreement between the Adviser and Guggenheim Partners Investment Management, LLC (“Guggenheim”), with respect to the High Yield Bond Fund;
 
 
●
The sub-advisory agreement between the Adviser and Seix Investment Advisors LLC (“Seix”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The sub-advisory agreement between the Adviser and Federated Investment Management Company (“Federated”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The sub-advisory agreement between the Adviser and GML Capital LLP (“GML”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The sub-advisory agreement between the Adviser and Alcentra Limited (“Alcentra”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The sub-advisory agreement between the Adviser and Ashmore Investment Management Limited (“Ashmore”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The sub-advisory agreement between the Adviser and AllFinancial Partners II, LLC (“AllFinancial”), with respect to the Fixed Income Opportunities Fund;
 
 
●
The advisory agreement between the Adviser and Rochdale Emerging Markets (Mauritius) (the “Mauritius Subsidiary”), a wholly-owned subsidiary of the Emerging Markets Fund; and
 
 
●
The advisory agreement between the Adviser and City National Rochdale Fixed Income Opportunities (Ireland) Limited (the “Irish Subsidiary”), a wholly-owned subsidiary of the Fixed Income Opportunities Fund.
 
The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” Guggenheim, Seix, Federated, GML, Alcentra, Ashmore, and AllFinancial are collectively referred to below as the “Sub-Advisers,” and the Mauritius Subsidiary and the Irish Subsidiary are collectively referred to below as the “Subsidiaries.”
 
The Board also approved amendments to the sub-advisory agreements with Federated, Ashmore and Seix with respect to the Fixed Income Opportunities Fund, each of which provided for reductions of fees payable by the Adviser to the Sub-Adviser, as applicable. The amendment to the Ashmore sub-advisory agreement also included an expansion of its mandate with respect the Fixed Income Opportunities Fund to include investments in emerging market local currency bonds.
 
General Information
 
The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Agreements were considered separately for each Fund and Subsidiary, although the Board took into account the common interests of the Funds and the Subsidiaries in its review. As described below, the Board considered the nature, quality and extent of the various investment advisory and administrative services performed by the Adviser and each Sub-Adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in private sessions with their independent counsel at which no representatives of the Adviser or the Sub-Advisers were present.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 157
 
board approval of advisory and sub-advisory agreements
(Unaudited) (Continued)
 
The Board reviewed extensive materials regarding investment results of the Adviser and each Sub-Adviser with respect to the Funds (or portions of the Funds) and the Subsidiaries they manage, advisory fee and expense comparisons, financial information with respect to each firm, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management and administrative services to the Funds and the Subsidiaries. The Board also took into account information they received at past meetings of the Board and its committees with respect to these matters.
 
In deciding to approve the Agreements, the Board and the Independent Trustees did not identify a single factor as controlling and this summary does not describe all of the matters considered. In addition, each Board member did not necessarily attribute the same weight to each matter. However, the Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval.
 
CITY NATIONAL ROCHDALE, LLC
 
Nature, Extent and Quality of Services
 
In reviewing the services provided by the Adviser to the Funds and the Subsidiaries, the Board considered a variety of matters, including the overall quality and depth of the Adviser’s organization, its overall financial strength and stability, its commitment to compliance with applicable laws and regulations and the systems in place to ensure compliance with those requirements, its portfolio trading and soft dollar practices, and its disaster recovery and contingency planning practices. The Board also considered the experience, capability and integrity of the Adviser’s senior management, the background, education and experience of the Adviser’s personnel, and its efforts to retain, attract and motivate capable personnel to serve the Funds and the Subsidiaries. The Board found all of these matters to be satisfactory.
 
The Board assessed the performance of each Fund compared with the returns of its respective benchmark index or indexes and the averages of the funds included in its respective peer group category selected by Lipper, Inc. (each, a “Lipper Universe”), and for the Government Money Market Fund, an iMoneyNet, Inc. index. They reviewed these matters for the one-, three-, five-, ten- and 15-year and since inception periods ended June 30, 2017, as applicable. In addition, the Board reviewed the performance of each Fund compared to the performance of a select group of comparable funds determined by the Adviser to have investment objectives similar to that of the Fund. With respect to the performance results of the Funds, the Trustees noted that the meeting materials indicated as follows:
 
 
●
The Government Money Market Fund (Servicing Class) underperformed the average returns of the funds in the Lipper Institutional U.S. Government Money Market Objective group (by 0.20% or less), and the iMoneyNet, Inc. Government Institutional group (by 0.22% or less) for the one-, three-, five-, ten- and 15-year and since inception periods.
 
 
●
The Government Bond Fund (Institutional Class) outperformed the Lipper Short/Intermediate U.S. Government Objective group, but trailed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (by 0.38% or less), for the three- and five-year periods. The Fund underperformed the Bloomberg Barclays Index (by 0.45% or less), and the Lipper Universe average returns (by 0.39% or less) for the one-, ten- and 15-year and since inception periods. The Board considered the Adviser’s explanation that the Fund’s underperformance compared to its Lipper Universe was primarily due to longer maturity profiles and greater allocations to mortgage-backed securities by the Fund’s peers.
 
 
●
The Corporate Bond Fund (Servicing Class) outperformed the Lipper Short/Intermediate Investment-Grade Objective group and the Bloomberg Barclays U.S. Corp 1-5 A3+, 2% Issuer Constrained Index for the one-year period, and outperformed the average return of the funds in the Lipper Universe, but underperformed the Barclays Index (by 0.42% or less), for the five-, ten- and 15-year and since inception periods. The Fund underperformed the Bloomberg Barclays Index (by 0.73%) and the Lipper Universe average (by 0.19%) for the three-year period. The Board noted the Adviser’s explanation that the Fund’s near-term outperformance was primarily attributable to the Fund’s conservative duration positioning which, in the previous year, contributed to the then near-term underperformance. The Board also considered several structural differences between the Fund, the benchmark, and Lipper peer group funds.
 
 
●
The California Tax Exempt Bond Fund (Servicing Class) outperformed the average returns of the funds in the Lipper CA Short/Intermediate Municipal Debt Objective group, but underperformed the Bloomberg Barclays CA Intermediate-Short Municipal Index (by 0.68% or less) for the one-, three-, five-, ten- and 15-year and since inception
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 158
 
   
 
periods. The Board considered the Adviser’s explanation that although the Fund was outperforming its peers, it was underperforming its index primarily due to the size of the Fund and the low interest rate environment.
 
 
●
The Municipal High Income Fund (Servicing Class) underperformed the average returns of the funds in the Lipper High Yield Municipal Classification group (by 0.98% or less), and the Bloomberg Barclays High Yield Municipal Index (by 2.36% or less) for the one- and three-year and since inception periods. The Board noted that the Adviser was satisfied with the performance of the new portfolio management team, and considered the positive effect of the Fund’s relative overweight in tobacco-related holdings and below investment grade securities during the second half of the year.
 
 
●
The High Yield Bond Fund (Institutional Class) outperformed the average returns of the funds in the Lipper High Yield Bond Funds Objective group for the one-, three-, five-, ten- and 15-year and since inception periods. The Fund outperformed the Citigroup High-Yield Market Capped Index for the one- and five-year and since inception periods, but underperformed the Citigroup Index (by 0.72% or less) for the three-, ten- and 15-year periods. The Board considered the Adviser’s explanation that much of the Fund’s underperformance as compared to its benchmark was due to the higher credit quality of the Fund’s portfolio securities.
 
 
●
The Intermediate Fixed Income Fund (Institutional Class) outperformed the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index and the Lipper Core Bond Funds Classification group for the one-, three- and five-year periods. The Fund underperformed the Lipper Universe averages (by 0.65% or less) and the Bloomberg Barclays Index (by 0.38% or less) for the ten- and 15-year and since inception periods.
 
 
●
The Fixed Income Opportunities Fund (Class N) outperformed the average returns of the funds in the Lipper High Yield Bond Funds Classification group, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Credit Suisse Leveraged Loan Index, but underperformed the Bloomberg Barclays U.S. Corporate High Yield Index (by 0.45%) for the three-year period. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, but underperformed the Credit Suisse Index (by 3.48% or less), the Lipper Universe average return (by 2.25% or less), and the Bloomberg Barclays U.S. Corporate High Yield Index (by 3.48% or less) for the one- and five-year and since inception periods. The Board noted that the Fund is a blended fund with several sleeves managed by the Adviser and different sub-advisers according to various investment mandates, that it was therefore difficult to compare the Fund to a broad-based securities index, and that many of the Fund’s secondary benchmarks were benchmarks applicable only to certain sleeves of the Fund.
 
 
●
The Dividend & Income Fund (Class N) outperformed the average returns of the funds in the Lipper Equity Income Funds Classification group, but underperformed the S&P 500 Index (by 2.35%) and the Blended Index (a customized index composed of 60% Dow Jones U.S. Select Dividend Index, 25% Bank of America ML Core Fixed Rate Preferred Securities Index and 15% MSCI U.S. REIT Index) (by 2.09%), for the three-year period. The Fund outperformed the Lipper Universe average return and the Blended Index, but underperformed the S&P 500 Index return (by 0.57%), for the ten-year period. For the one-, five- and 15-year periods, the Fund underperformed the Blended Index (by 5.71% or less), the Lipper Universe (by 10.91% or less), and the S&P 500 Index (by 15.6% or less). The Fund outperformed the S&P 500 Index but trailed the Lipper Universe average returns (by 0.41%) and the Blended Index (by 2.77%) for the since inception period. The Board noted the Adviser’s observation that most of the Fund’s underperformance compared to the Blended Index was due to weak performance over the one-year period ending June 30, 2017, and that, as of the prior year, the Fund had performed well. The Board also noted that the Fund had been ranked in the five-star category by Morningstar, Inc. for the ten-year period as of June 30, 2017, and is a four-star fund in the Large Value Category overall.
 
 
●
The U.S. Core Equity Fund (Institutional Class) outperformed the average returns of the funds in the Lipper Large Cap Core Funds Classification group and the S&P 500 Index, but underperformed the Lipper Large Cap Growth Funds Classification group (by 1.57%), for the one-year period. The Fund outperformed the Lipper Large Cap Core Universe, but underperformed the S&P 500 Index (by 0.84% or less) and the Lipper Large Cap Growth Universe (by 0.85% or less) for the three-year and since inception periods.
 
 
●
The Emerging Markets Fund (Class N) outperformed the MSCI Emerging Markets Index, the average returns of the funds in the Lipper Emerging Markets Funds Classification group and the MSCI Emerging Markets Asia Index for
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 159
 
board approval of advisory and sub-advisory agreements
(Unaudited) (Continued)
 
the three- and five-year and since inception periods. For the one-year period, the Fund outperformed the Lipper Universe but slightly underperformed the MSCI Emerging Markets Index (by 0.22%), and underperformed the MSCI Emerging Markets Asia Index (by 4.33%).
 
The Board concluded that the Adviser continues to provide high quality management and oversight services to the Funds, the Mauritius Subsidiary, and the Irish Subsidiary. The Board noted that the investment results of the Funds over the long term were generally competitive; that the Adviser had given reasonable explanations for the performance of those Funds that had underperformed relative to their benchmarks; that the results for the Government Money Market Fund compared to its peer group were acceptable given the special services and investment focuses of the Fund and the unusual market conditions applicable to the money market fund industry in recent years; and that consideration of returns of market indexes needed to take into account that indexes do not reflect the expenses of operating mutual funds.
 
Advisory Fees and Fund Expenses
 
The Board then reviewed information regarding the advisory fees (both before and after waivers) charged by the Adviser to each Fund, and the total expenses (net of fee waivers) for the last fiscal year of the Institutional Class, Servicing Class, and Class N shares of each Fund (as percentages of their respective average annual net assets), as applicable (“Total Expense Ratios”), compared to those of the funds included in its respective Lipper Universe and peer group identified by the Adviser (each, a “Peer Group”), as applicable.
 
The Board observed that the meeting materials indicated as follows with respect to the Funds’ investment advisory fees (net of fee waivers):
 
 
●
The net advisory fees paid by the Government Money Market Fund, Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, and Emerging Markets Fund were above their Lipper Universe averages and Peer Group averages.
 
 
●
The net advisory fees paid by the Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Dividend & Income Fund, and U.S. Core Equity Fund were below their Peer Group and Lipper Universe averages.
 
 
●
The net advisory fee paid by the Fixed Income Opportunities Fund was below its Peer Group average but above its Lipper Universe average.
 
The Board noted that the Adviser does not manage investment portfolios for other registered investment companies, pension funds, or institutional accounts that have similar investment objectives and policies as the Funds, so it did not have a basis to compare the Funds’ advisory fees with advisory fees charged by the Adviser to other such clients.
 
The Board observed that the meeting materials indicated as follows with respect to the Total Expense Ratios of each Fund (net of fee waivers):
 
 
●
The Total Expense Ratios of the Institutional Class of the California Tax-Exempt Bond Fund, Corporate Bond Fund, Government Bond Fund, Municipal High Income Fund, Fixed Income Opportunities Fund, and Emerging Markets Fund; the Class N, Servicing Class and Institutional Class of the U.S. Core Equity Fund; and the Class N and Institutional Class of the Dividend & Income Fund were below both their respective Peer Group and Lipper Universe averages.
 
 
●
The Total Expense Ratios of the Servicing Class of the Government Bond Fund, California Tax Exempt Bond Fund, Emerging Markets Fund, and Municipal High Income Fund; and the Institutional Class of the Government Money Market Fund, High Yield Bond Fund, and Intermediate Fixed Income Fund were below their respective Lipper Universe averages but above their respective Peer Group averages.
 
 
●
The Total Expense Ratio of the Servicing Class of the Corporate Bond Fund was below its Peer Group average but above its Lipper Universe average.
 
 
●
The Total Expense Ratios of the Servicing Class of the Government Money Market Fund and High Yield Bond Fund; and the Class N of the Government Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, and Emerging Markets Fund were above their respective Peer Group and Lipper Universe averages. However, the Total Expense Ratios for the Government Bond Fund (Institutional Class), Corporate Bond Fund (Servicing Class), California Tax Exempt Bond Fund (Servicing Class), Municipal High Income Fund (Servicing Class), High Yield Bond Fund (Institutional Class), Intermediate Fixed Income Fund (Institutional Class), Fixed Income Opportunities Fund (Class N), and Emerging Markets Fund (Class N) were in the middle 60% of funds in their Lipper Universes.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 160
 
   
 
The Board concluded that the advisory fees charged by the Adviser were fair and reasonable in relation to the value of services provided, and the total expenses of each Fund continued to be reasonable in light of the services provided, noting the different expense structure and arrangements for shareholder services and distribution of the various classes of the Funds. The Board noted that the Government Money Market Fund offered unique features which created substantial demands on the Adviser’s portfolio management staff. The Board also noted that the Adviser was recouping previously waived advisory fees from the Government Money Market Fund and that its affiliates had begun to collect shareholder servicing fees again after years of waiving those fees in order to maintain yields at certain levels.
 
Profitability, Benefits to the Adviser and Economies of Scale
 
The Board next considered information prepared by the Adviser relating to its costs and profits, as well as the benefits received by the Adviser and its affiliates as a result of its relationship with the Funds (other than the investment advisory fees paid to the Adviser), including fees paid to City National Bank (“CNB”), City National Securities, Inc., the Adviser, and RIM Securities, LLC for providing certain shareholder servicing, distribution and sub-distribution services to the Trust, benefits to CNB’s brokerage and wealth management business as a result of the availability of the Funds to its customers, and any research received from broker-dealers that execute transactions on behalf of the Funds. The Board determined that the profitability to the Adviser of its relationship with the Funds was reasonable. The Board also concluded that although there were no advisory fee breakpoints, significant economies of scale were not available until the asset levels of the Funds were materially higher than their current levels.
 
Conclusion
 
The Board and the Independent Trustees concluded that, based on the various factors they had reviewed, the compensation payable to the Adviser under the advisory agreements was fair and reasonable in light of the nature and quality of the services it provides to the Funds, the Mauritius Subsidiary, and the Irish Subsidiary, and that renewal of the advisory agreements would be in the best interests of each Fund, the Mauritius Subsidiary, and the Irish Subsidiary and their respective shareholders.
 
SUB-ADVISERS
 
Nature, Extent and Quality of Services
 
In reviewing the services provided by each Sub-Adviser, the Board considered a variety of matters, including the overall quality and depth of each Sub-Adviser’s organization and each Sub-Adviser’s overall financial strength and stability. The Board also considered, among other things, the investment operations and staff of each Sub-Adviser, its commitment to compliance with applicable laws and regulations and the Trust’s compliance policies and procedures, its portfolio trading and soft dollar practices and its disaster recovery and contingency planning practices. In addition, the Board considered the background, education and experience of each Sub-Adviser’s key portfolio management and operational personnel, and each Sub-Adviser’s efforts to retain, attract and motivate capable personnel to serve the relevant Fund. The Board found all of these matters to be satisfactory.
 
Investment Performance
 
The Board reviewed information provided in the meeting materials setting forth the performance of the portion of the Fixed Income Opportunities Fund managed by each of its Sub-Advisers compared with applicable benchmarks for various periods ended June 30, 2017. The Board noted that since Guggenheim sub-advises the entire High Yield Bond Fund, the performance of Guggenheim had already been reviewed as a part of the review of the performance of the High Yield Bond Fund generally. The Board made the following additional observations in reviewing the performance of the following Sub-Advisers of the Fixed Income Opportunities Fund:
 
 
●
The annualized returns for the portion of the Fund managed by Federated were above the returns of the Bloomberg Barclays U.S. Corporate High Yield Index for the three- and five-year periods, but below the return of the Barclays Index (by 0.57%) for the one-year period.
 
 
●
The annualized returns for the portion of the Fund managed by Seix were above the return of the Credit Suisse Institutional Leveraged Loan Index for the three-year period, but below the return of the Credit Suisse Index (by 0.80% or less) for the one- and five-year periods.
 
 
●
The annualized returns for the portion of the Fund managed by Alcentra were below the returns of the Credit Suisse Institutional Western Europe Leveraged Loan Index (by 0.76% or less) for the one- and three-year periods.
 
 
●
The annualized returns for the portion of the Fund managed by GML were above the returns of the JP Morgan CEMBI Broad High Yield Index for the one-year period, but slightly below the JP Morgan Index (by 0.21% or less) for the three- and five-year periods.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 161
 
board approval of advisory and sub-advisory agreements
(Unaudited) (Continued)
 
 
●
The annualized returns for the portion of the Fund managed by Ashmore were above the returns of the JP Morgan CEMBI Broad High Yield Index for the one-year period, but below the JP Morgan Index (by 0.58%) for the three-year period.
 
The Board noted that, while not all of the Sub-Advisers outperformed their respective benchmarks for the periods under evaluation, the Adviser had reviewed their performance relative to current market conditions, with an understanding of each Sub-Adviser’s style and philosophy, and was satisfied with the performance of each Sub-Adviser.
 
The Board considered the investment results of the Funds to be generally competitive, and determined that each of Guggenheim, Seix, Federated, GML, Alcentra, Ashmore and AllFinancial continued to provide high quality sub-advisory services to the applicable Funds.
 
Sub-Advisory Fees and Fund Expenses
 
The Board reviewed information included in the meeting materials regarding the sub-advisory fees charged by each Sub-Adviser, and observed that the fees were generally low compared to the fees charged by the Sub-Advisers to their other institutional clients and noted that although certain Sub-Advisers charged lower fees to other mutual funds advised by the Sub-Advisers, those funds were significantly larger than the relevant Fund. The Trustees noted that the Adviser pays all sub-advisory fees out of its advisory fee. The Board considered that Ashmore, Seix and Federated had recently agreed to lower their fee rates, and that the Adviser had indicated that any net fee retained by the Adviser in connection with the decreased sub-advisory fees would be rebated to Fund shareholders investing in the Fixed Income Opportunities Fund through the Adviser’s managed accounts.
 
Benefits to Sub-Advisers and Economies of Scale
 
The Board also evaluated the financial information prepared by each Sub-Adviser. The Board considered that none of the Sub-Advisers or their affiliates receive benefits (other than the sub-advisory fees) as a result of their relationship with the Funds, except the intangible benefits of their association with the Funds generally, any favorable publicity arising in connection with the Funds’ performance, and any research received from broker-dealers that execute transactions on behalf of the Funds. The Board also considered that the asset levels of most of the Funds were relatively small and were currently not likely to lead to significant economies of scale.
 
Conclusion
 
Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each Sub-Adviser pursuant to its respective sub-advisory agreement was fair and reasonable in light of the nature and quality of the services being provided by each Sub-Adviser to the respective Fund and its shareholders, and it would be in the best interests of each of the Funds and their respective shareholders to renew the sub-advisory agreements with each of Guggenheim, Seix, Federated, GML, Alcentra, Ashmore and AllFinancial.
 
AMENDMENTS TO SUB-ADVISORY AGREEMENTS
 
In connection with the proposed amendments to the Federated, Ashmore and Seix sub-advisory agreements, each of which provided for reduction of the applicable sub-advisory fee, the Board reviewed the performance of the relevant Sub-Adviser’s current portfolio. The Board noted the Adviser’s representation that there would be no change to the quality or quantity of services provided to the Fund by the Adviser or the relevant Sub-Adviser in connection with the proposed amendments to the sub-advisory agreements, and that any net fee retained by the Adviser in connection with the decreased sub-advisory fees would be rebated to Fund shareholders investing in the Fund through separately managed accounts.
 
With respect to the proposed amendment to the Ashmore sub-advisory agreement, which would also expand Ashmore’s mandate to include investments in emerging market local currency bonds, the Board considered information regarding Ashmore’s management of such investments, including performance of a Luxembourg registered fund managed by Ashmore using the same strategies it would use to manage the new emerging market local currency bond portion of the Fund. The Board observed that the Luxembourg fund outperformed its benchmark, the JP Morgan GBI-EM GD Index, for recent one-, three- and five-year and since inception periods.
 
Conclusion
 
Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each Sub-Adviser pursuant to the amendment to its respective sub-advisory agreement was fair and reasonable and in the best interest of the Fixed Income Opportunities Fund and its shareholders to approve the amendments to the sub-advisory agreement with each of Federated, Seix and Ashmore.
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 162
 
 
 
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CITY NATIONAL ROCHDALE FUNDS | PAGE 163
 
 
 
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CITY NATIONAL ROCHDALE FUNDS | PAGE 164
 
 
Item 2.
Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer and principal accounting officer.

Item 3.
Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is James R. Wolford. Mr. Wolford is independent as defined in Form N-CSR Item 3(a)(2).

Item 4.
Principal Accountant Fees and Services.

Fees billed by BBD LLP Related to the Trust

BBD LLP billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:
 
 
2017
2016
   
All fees and services to the Trust that were pre-approved
All fees and services to service affiliates that were pre-approved
All other fees and services to service affiliates that did not require pre-approval
All fees and services to the Trust that were pre-approved
All fees and services to service affiliates that were pre-approved
All other fees and services to service affiliates that did not require pre-approval
(a)
Audit Fees(1)
$224,000
N/A
N/A
$214,000
N/A
N/A
(b)
Audit-Related Fees
N/A
N/A
N/A
N/A
N/A
N/A
(c)
Tax Fees
N/A
N/A
N/A
N/A
N/A
N/A
(d)
All Other Fees
N/A
N/A
N/A
N/A
N/A
N/A
 
Notes:
 
(1)
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1)
Not Applicable

(e)(2)
Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 
2017
2016
Audit-Related Fees
N/A
N/A
Tax Fees
N/A
N/A
All Other Fees
N/A
N/A
 
(f)
Not Applicable

(g)
The aggregate non-audit fees and services billed by BBD LLP for the last two fiscal years were $0 and $0 for 2017 and 2016, respectively.

(h)
Not Applicable

Item 5.
Audit Committee of Listed Registrants.

Not applicable.

Item 6.
Schedule of Investments

Not applicable.

Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.
Portfolio Managers of Closed-End Management Investment Companies

Not applicable

Item 9.
Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.
Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees during the period covered by this report.

Item 11.
Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 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 significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12.
Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.
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)
City National Rochdale Funds
  
     
By (Signature and Title)
 /s/ Garrett R. D’Alessandro   
 
Garrett R. D’Alessandro,
  
 
President & Chief Executive Officer
  

Date: December 8, 2017

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/ Garrett R. D’Alessandro  
 
Garrett R. D’Alessandro,
  
 
President & Chief Executive Officer
  
     
Date: December 8, 2017
    
     
By (Signature and Title)
 /s/ Eric Kleinschmidt  
 
Eric Kleinschmidt,
  
 
Treasurer
  
     
Date: December 8, 2017
    
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-CSR’ Filing    Date    Other Filings
3/29/23
12/31/20
3/31/19
12/31/18
1/31/18
Filed on / Effective on:12/8/17
11/28/17
For Period End:9/30/17N-MFP2,  NSAR-B
8/1/17
6/30/17N-MFP2,  N-PX,  N-Q
4/1/17
1/1/17
11/1/16
10/3/16
9/30/1624F-2NT,  N-CSR,  N-MFP1,  NSAR-B
6/1/16
1/31/16485BPOS,  N-MFP
11/28/14
9/30/1424F-2NT,  N-CSR,  N-MFP,  NSAR-B
12/30/13485BPOS,  497,  497K,  CORRESP
12/20/13
12/19/13
10/3/13
9/30/1324F-2NT,  N-CSR,  N-MFP,  NSAR-B
3/31/13N-CSRS,  N-MFP,  NSAR-A
3/29/13
3/28/13
1/1/13
12/3/12
11/28/12485BPOS,  497K,  CORRESP,  NSAR-B
2/2/12
2/1/12497J
12/14/11
12/22/10
7/1/09
10/1/07497
4/13/00
4/3/00
1/14/00
12/31/99
10/6/99
6/21/99
6/1/99
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