City National Rochdale Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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, California 90210

 (Address of principal executive offices) (Zip code)

William J. Souza, Esq.

400 North Roxbury Drive

Beverly Hills, California 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, 2014

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

	City National Rochdale Funds Semi-Annual Report
2	Letter to Our Shareholders
4	Schedule of Investments/Consolidated Schedule of Investments
96	Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
100	Statements of Operations/Consolidated Statement of Operations
104	Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets
110	Financial Highlights/Consolidated Financial Highlights
115	Notes to Financial Statements/Consolidated Notes to Financial Statements
129	Disclosure of Fund Expenses
132	Shareholder Voting Results
133	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 Securities and Exchange Commission’s website at www.sec.gov.

CITY NATIONAL ROCHDALE FUNDS | PAGE 1

letter to our shareholders

March 31, 2014 (Unaudited)

Dear Shareholders,

This semi-annual report covers the six-month period ended March 31, 2014. Calendar year 2013 ended on a high note for most risk assets, with the S&P 500 Index delivering almost an 11% return during the final quarter of the year. From an investment standpoint, there was little competition for domestic stocks from other asset classes. Growth stocks generally outpaced their value-oriented counterparts, as investor optimism and improving economic fundamentals helped support expectations of continued expansion in corporate earnings. Within fixed income markets, investors willing to assume higher levels of credit risk were rewarded, whereas securities more sensitive to interest rate movement struggled.

Through the first quarter of the year, equity markets generally treaded water, finishing either slightly ahead or slightly behind where they started, depending on their respective geographies. Volatility in emerging markets led to a sharp sell-off in risk assets during the month of January, as investor concerns surrounding China’s slowing growth and tension in Ukraine heavily influenced market sentiment around the world. Bond investors benefited from a modest decline in interest rates, with the 10-year Treasury note rallying from a 3.03% to 2.72% yield during the quarter. Severe winter weather experienced by most of the country pressured a number of economic indicators, though market participants seem willing to look beyond some of the short-term softness in hopes of fundamental resurgence as we move into the second quarter.

Our bullish positioning over the last six months has generally been well rewarded by the market, and though valuations have expanded we are still finding opportunities for continued upside. Below is a summary of the asset classes in which the City National Rochdale Funds are invested for the six months ended March 31, 2014. Please note the inclusion of our newly added City National Rochdale Municipal High Income Fund to the family as a result of our investment team’s identification of what we believe to be a compelling opportunity within the municipal bond space.

MONEY MARKET FUNDS

With short term interest rates steadily hovering near zero, we remain committed to helping our clients preserve positive returns by waiving a substantial portion of our fees. The three City National Rochdale money market funds all delivered either flat or positive absolute performance for the six-month period ending with the close of the first quarter. The Federal Reserve’s stated policy of continuing to maintain extremely low interest rates will likely keep a lid on yields for the foreseeable future, although the much-anticipated tapering agenda has recently become a reality. Though tapering is not tightening, if the economy continues to show improvement it is not unreasonable to expect an eventual rise in interest rates sometime in the late 2015 or early 2016 time frame.

BOND FUNDS

Our newest addition to the City National Rochdale fixed income offerings started off 2014 on solid footing. The City National Rochdale Municipal High Income Fund was launched on December 30, 2013, and thus far has demonstrated respectable performance and commendable asset growth. We continue to optimize investment strategies housed within our City National Rochdale Fixed Income Opportunities Fund, with recent enhancements designed to broaden credit exposure while insulating against impending interest rate risk.

U.S. core fixed income markets delivered positive performance for the six-month period ended March 31, 2014, with corporate credit leading the way in terms of return attribution. Given the low yield environment, investors have increasingly gravitated towards high yield bonds and other spread products in order to capture reasonable levels of income, relatively speaking. The Barclays U.S. Corporate High Yield Index posted a 6.7% return over the six-month period, outpacing nearly all segments of the domestic fixed income market. Domestic bank loans also generated an attractive six month print, with a return of 3.2% as measured by the Credit Suisse Leveraged Loan Index. The Barclays U.S. Aggregate Bond Index, which contains securities more susceptible to interest rate movements, delivered a 1.7% return.

CITY NATIONAL ROCHDALE FUNDS | PAGE 2

Fixed income strategies remain an important component within broadly diversified investment portfolios. By offering our clients access to unique and differentiated sources of risk premia within the space, we believe that we can preserve expectations for future positive absolute returns without incurring undue levels of interest rate risk.

ABSOLUTE RETURN FUND

Our City National Rochdale Multi-Asset Fund, designed to deliver positive absolute performance in excess of inflation irrespective of the market environment, generated an attractive return pattern during the trailing six-month period, with only two months finishing in the red. The strategy held up particularly well during the month of January, when risk assets traded off significantly. We believe this flexible, “go-anywhere” type of strategy should continue to serve investors well going forward, as our ability to invest across a wide range of asset classes within a well-defined, conservative risk framework offers valuable diversification benefits.

EQUITY FUNDS

As mentioned in the introduction, equity markets were the place to be over the trailing six-month period. Domestic stocks generated returns in the low teens, with international developed and emerging markets equities posting returns in the mid and low single digit ranges, respectively. Investment teams for our equity strategies continue to scour the globe for attractive opportunities, while maintaining a strong focus on quality and valuation. Given the run up we’ve experienced in equity markets over the last five years, it is not unreasonable to expect a correction of some sort in the coming quarters. Sticking to our knitting and not falling victim to attitudes of complacency that often surface in the latter stages of a bull market are as important as ever at this point in time.

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. We will continue to work hard to ensure that we maintain your confidence and respect as stewards of your capital.

Sincerely,

Bruce Simon

Chief Investment Officer

City National Rochdale Funds

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

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.

Investing involves risk, including the loss of principal.

Fund expenses have been waived during the period on which the performance is based. Without waivers, performance would be lower.

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.

The Barclays U.S. Corporate High Yield Index covers the U.S.-dollar denominated, non-investment grade, fixed rate, taxable corporate bond market and includes securities with ratings by Moody’s, Fitch, and S&P of Bal/BB+/BB+ or below.

The Credit Suisse Leveraged Loan Index is designed to mirror the investible universe of the U.S.-dollar denominated leveraged loan market.

The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market.

CITY NATIONAL ROCHDALE FUNDS | PAGE 3

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Government Money Market Fund

Description	Face Amount (000)			Value (000)
U.S. Government Agency Obligations [76.5%]
FAMC, MTN
3.250%, 06/25/14		$	3,500	$	3,524
FAMC DN (A)
0.109%, 04/01/13			55,000		55,000
0.025%, 04/02/14			60,000		60,000
0.050%, 04/24/14			8,000		8,000
0.070%, 05/01/14			25,000		24,999
0.070%, 05/02/14			25,000		24,998
0.100%, 05/06/14			16,839		16,837
0.065%, 05/15/14			50,000		49,996
0.100%, 07/25/14			25,000		24,992
FFCB
0.221%, 04/01/14(B)			31,690		31,690
0.186%, 04/13/14(B)			12,300		12,308
0.175%, 04/23/14(B)			26,500		26,517
0.200%, 05/13/14			20,000		20,001
0.250%, 05/21/14(B)			21,000		21,003
FFCB DN
0.160%, 04/15/14(A)			19,095		19,094
0.140%, 08/08/14(A)			10,000		9,995
0.090%, 09/03/14(A)			25,000		24,991
FHLB
0.104%, 04/08/14(B)			40,000		40,000
0.109%, 04/09/14(B)			40,000		40,000
0.119%, 04/10/14(B)			50,000		50,004
0.125%, 04/11/14			8,800		8,800
0.106%, 04/14/14(B)			15,000		15,001
0.135%, 04/15/14(B)			50,000		50,009
0.115%, 04/16/14(B)			50,000		50,004
0.125%, 04/17/14			51,765		51,764
0.106%, 04/19/14(B)			50,000		50,002
0.094%, 04/25/14(B)			50,000		49,997
0.125%, 05/02/14			9,350		9,350
0.054%, 06/12/14(B)			20,000		20,000
5.250%, 06/18/14			10,000		10,110
0.125%, 06/18/14			31,040		31,038
0.110%, 06/23/14			40,000		39,998
0.120%, 07/14/14			50,000		50,001
0.100%, 07/15/14			50,000		49,999
0.125%, 09/03/14			25,000		24,994

Description	Face Amount (000)			Value (000)
0.130%, 10/30/14		$	50,000	$	49,997
0.250%, 01/16/15			25,000		25,021
0.250%, 02/20/15			14,435		14,447
FHLB DN (A)
0.040%, 04/01/14			50,000		50,000
0.100%, 04/02/14			25,000		25,000
0.077%, 04/04/14			150,000		149,999
0.061%, 04/09/14			97,350		97,349
0.050%, 04/14/14			40,000		39,999
0.062%, 04/16/14			100,000		99,997
0.056%, 04/21/14			55,725		55,723
0.061%, 04/23/14			45,550		45,548
0.078%, 04/25/14			66,500		66,497
0.075%, 04/30/14(C)			5,095		5,095
0.053%, 05/02/14			62,365		62,362
0.070%, 05/07/14			35,000		34,998
0.070%, 05/16/14			26,000		25,998
0.071%, 05/21/14			50,000		49,995
0.060%, 05/28/14			51,686		51,681
0.085%, 06/06/14			24,500		24,496
0.091%, 07/09/14			96,550		96,526
0.135%, 08/15/14			25,000		24,987
0.095%, 09/05/14			44,799		44,780
0.095%, 09/12/14			97,294		97,252
FHLMC
0.135%, 04/16/14(B)			50,000		50,010
1.000%, 08/20/14			13,903		13,949
0.320%, 12/03/14			47,004		47,056
FHLMC DN
0.110%, 07/07/14(A) (C)			50,000		49,985
FNMA
0.137%, 04/11/14(B)			9,000		9,002
4.125%, 04/15/14			5,540		5,549
2.500%, 05/15/14			21,026		21,086
0.360%, 06/23/14(B)			29,000		29,013
1.150%, 11/18/14			10,000		10,065
FNMA DN (A)
1.125%, 06/27/14			50,368		50,491
Tennessee Valley Authority DN
0.010%, 04/02/14(A)			65,000		65,000
Total U.S. Government Agency Obligations
(Cost $2,663,969)					2,663,969
U.S. Treasury Obligations [10.7%]
U.S. Treasury Bill
0.001%, 04/03/14(A)			40,000		40,000
U.S. Treasury Notes
0.090%, 04/01/14(B)			30,000		29,993
1.250%, 04/15/14			50,000		50,022

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 4

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Government Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
1.875%, 04/30/14		$	50,000	$	50,072
0.250%, 04/30/14			50,000		50,006
2.250%, 05/31/14			50,000		50,177
2.625%, 06/30/14			50,000		50,313
0.625%, 07/15/14			50,000		50,080
Total U.S. Treasury Obligations
(Cost $370,663)					370,663
Municipal Bonds [7.4%]
California [1.9%]
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
0.070%, 04/03/14(B) (D)			15,000		15,000
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT
0.070%, 04/03/14(B) (D)			6,300		6,300
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
0.070%, 04/03/14(B) (D)			8,000		8,000
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
0.070%, 04/03/14(B) (D)			28,450		28,450
Sacramento County Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
0.070%, 04/03/14(B) (D)			9,000		9,000
Total California					66,750
New York [4.2%]
New York State, Housing Finance Agency, 11th Avenue Project, Ser A, RB, FNMA, AMT
0.050%, 04/02/14(B) (D)			19,000		19,000
New York State, Housing Finance Agency, 345 East 94th Street Project, Ser A, RB, FHLMC, AMT
0.070%, 04/02/14(B) (D)			13,200		13,200

Description	Face Amount (000)			Value (000)
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.050%, 04/02/14(B) (D)		$	14,100	$	14,100
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.050%, 04/02/14(B) (D)			23,800		23,800
New York State, Housing Finance Agency, 750 6th Avenue Project, Ser A, RB, FNMA, AMT
0.050%, 04/02/14(B) (D)			7,500		7,500
New York State, Housing Finance Agency, RB
0.050%, 04/02/14(B) (D) (E)			25,200		25,200
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
0.050%, 04/02/14(B) (D)			25,500		25,500
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
0.070%, 04/02/14(B) (D)			20,000		20,000
Total New York					148,300
Texas [0.8%]
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
0.090%, 04/02/14(B) (D)			13,595		13,595
Texas Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
0.090%, 04/03/14(B) (D)			13,610		13,610
Total Texas					27,205
Washington [0.5%]
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
0.090%, 04/03/14(B) (D)			16,295		16,295
Total Municipal Bonds
(Cost $258,550)					258,550

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 5

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Government Money Market Fund (concluded)

Description	Face Amount (000)			Value (000)
Repurchase Agreements (F) [5.0%]
Bank of America
0.050%, dated 03/31/14, repurchased on 04/01/14, repurchase price $37,000,051 (collateralized by various U.S. Government obligations, par values ranging from $11,900,000 to $30,900,000, 0.000%, 07/01/14 to 01/15/21; with a total market value $37,700,000)		$	37,000	$	37,000
Barclays
0.060%, dated 03/31/14, repurchased on 04/01/14, repurchase price $28,000,047 (collateralized by a U.S. Treasury Note, par value $28,800,000, 2.000%, 11/30/20; with a total market value $28,600,000)			28,000		28,000
Deutsche Bank
0.050%, dated 03/31/14, repurchased on 04/01/14, repurchase price $25,000,035 (collateralized by various U.S. Treasury Notes, par values ranging from $1,400 to $22,500,000, 0.000% - 8.750%, 05/15/14 to 05/15/23; with a total market value $25,539,088)			25,000		25,000
Deutsche Bank
0.080%, dated 03/31/14, repurchased on 04/01/14, repurchase price $25,000,056 (collateralized by various U.S. Government obligations, par values ranging from $1,000 to $4,602,000, 0.000% - 6.625%, 07/15/14 to 07/15/37; with a total market value $25,502,997)			25,000		25,000
Goldman Sachs
0.070%, dated 03/31/14, repurchased on 04/01/14, repurchase price $60,000,117 (collateralized by various U.S. Government obligations, par values ranging from $4.859.000 to $55,900,000, 0.500% - 4.375%, 10/15/15 to 05/13/16; with a total market value $61,151,600)			60,000		60,000
Total Repurchase Agreements
(Cost $175,000)					175,000

Description	Shares		Value (000)
Short-Term Investment [0.3%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.050%*		10,219,370	$	10,219
Total Short-Term Investment
(Cost $10,219)				10,219
Total Investments [99.9%]
(Cost $3,478,401)			$	3,478,401

Percentages are based on Net Assets of $3,480,431 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

(A) Zero coupon security. The rate reported is the effective yield at time of purchase.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(C) The rate reported is the effective yield at time of purchase.

(D) Put and Demand Feature — The date reported is the next reset or put date.

(E) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(F) Tri-Party Repurchase Agreement.

ABAG — Association of Bay Area Governments

AMT — Alternative Minimum Tax (subject to)

DN — Discount Note

FAMC — Federal Agriculture Mortgage Corporation

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

The following is a list of the inputs used as of March 31, 2014 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	$	—	$	2,663,969	$	—	$	2,663,969
U.S. Treasury Obligations		—		370,663		—		370,663
Municipal Bonds		—		258,550		—		258,550
Repurchase Agreements		—		175,000		—		175,000
Short-Term Investment		10,219		—		—		10,219
Total Investments in Securities	$	10,219	$	3,468,182	$	—	$	3,478,401

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 6

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Prime Money Market Fund

Description	Face Amount (000)			Value (000)
Commercial Paper [49.1%]
Banks [28.7%]
Australia and New Zealand Banking Group (A)
0.200%, 07/08/14		$	20,000	$	19,989
Bank of Tokyo- Mitsubishi UFJ NY
0.220%, 04/23/14			15,000		14,998
0.190%, 04/21/14			10,000		9,999
BNP Paribas Finance
0.310%, 04/24/14			10,000		9,998
Commonwealth Bank of Australia (A)
0.165%, 06/30/14			35,000		34,986
Credit Suisse NY
0.260%, 09/09/14			10,000		9,988
Deutsche Bank Financial
0.300%, 08/25/14			10,000		9,988
HSBC USA
0.230%, 08/25/14			5,000		4,995
0.230%, 08/13/14			5,305		5,300
Korea Development Bank NY
0.190%, 04/14/14			25,000		24,998
Macquarie Bank (A)
0.200%, 05/08/14			35,000		34,993
National Australia Funding Delaware (A)
0.250%, 05/23/14			20,000		19,993
0.163%, 05/05/14			22,400		22,397
Natixis US Finance
0.330%, 07/01/14			15,000		14,988
0.150%, 05/05/14			10,000		9,999
Skandinaviska Enskilda Banken (A)
0.235%, 04/21/14			15,000		14,998
Societe Generale North America
0.300%, 05/02/14			15,000		14,996
Standard Chartered Bank (A)
0.250%, 09/04/14			10,000		9,989
Sumitomo Mitsui Banking (A)
0.200%, 04/21/14			5,000		4,999

Description	Face Amount (000)			Value (000)
Sumitomo Mitsui Trust Bank Limited (A)
0.200%, 04/01/14		$	20,000	$	20,000
Westpac Securities NZ (A)
0.200%, 09/26/14			25,000		24,975
Total Banks					337,566
Financial Services [16.0%]
AllianceBernstein (A)
0.190%, 04/09/14			10,000		10,000
0.150%, 04/11/14			10,000		10,000
0.120%, 04/01/14			15,000		15,000
Allianz Finance (A)
0.270%, 04/28/14			10,000		9,998
Caisse Centrale Desjardins (A)
0.170%, 04/28/14			15,000		14,998
0.110%, 04/03/14			10,000		10,000
Collateralized Commercial Paper
0.150%, 04/25/14			10,000		9,999
Liberty Street Funding (A)
0.180%, 05/29/14			7,700		7,698
0.130%, 04/01/14			30,000		30,000
Mizuho Funding (A)
0.195%, 06/02/14			20,000		19,993
0.175%, 05/21/14			15,000		14,996
Toyota Financial Services de Puerto Rico
0.200%, 04/04/14			10,000		10,000
Toyota Motor Credit
0.110%, 04/08/14			25,000		24,999
Total Financial Services					187,681
Food, Beverage & Tobacco [1.0%]
Coca-Cola (A)
0.070%, 04/11/14			12,200		12,200
Import/Export [2.1%]
Sumitomo Corp of America
0.210%, 05/07/14			25,000		24,995
Schools [1.3%]
University of California
0.150%, 07/07/14			15,000		14,994
Total Commercial Paper
(Cost $577,436)					577,436

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 7

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Prime Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Certificates of Deposit [16.1%]
Banco Del Estado De Chile
0.230%, 04/08/14		$	10,000	$	10,000
0.210%, 04/11/14			15,000		15,000
0.260%, 07/08/14			15,000		15,000
Bank of America
0.230%, 07/07/14			25,000		25,000
0.250%, 09/08/14			10,000		10,000
Bank of Montreal IL
0.210%, 09/08/14			25,000		25,000
Bank of Tokyo-Mitsubishi UFJ NY
0.220%, 08/22/14			15,000		15,000
Korea Development Bank NY
0.210%, 04/16/14			15,000		15,000
Norinchukin Bank
0.210%, 05/13/14			15,000		15,000
0.210%, 06/16/14			20,000		20,000
Skandinaviska Enskilda Banken NY
0.250%, 08/25/14			15,000		15,000
Sumitomo Mitsui Banking
0.210%, 04/16/14			10,000		10,000
Total Certificates of Deposit
(Cost $190,000)					190,000
Municipal Bonds [16.0%]
California [8.7%]
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
0.060%, 04/01/14(B) (C) (D)			29,000		29,000
California State, Pollution Control Financing Authority, Pacific Gas & Electric Project, Ser C, RB
0.030%, 04/01/14(B) (C) (D)			5,000		5,000
California State, Ser A-2, RAN
2.000%, 06/23/14			15,000		15,060
Los Angeles, Department of Water & Power, Ser B-3, RB
0.040%, 04/01/14(C) (D)			13,000		13,000
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
0.050%, 04/03/14(C) (D)			25,000		25,000

Description	Face Amount (000)			Value (000)
Southern California, Metropolitan Water District, Ser B-3, RB
0.020%, 04/01/14(C) (D)		$	15,000	$	15,000
Total California					102,060
Illinois [1.1%]
Chicago, Midway Airport Authority, Ser B, RB, AMT
0.060%, 04/01/14(B) (C) (D)			12,600		12,600
North Carolina [1.3%]
Charlotte, Water and Sewer System, Ser B, RB
0.060%, 04/03/14(C) (D)			15,900		15,900
Ohio [1.5%]
Ohio State, Higher Educational Facility Commission, Cleveland Clinic Project, Ser B-4, RB
0.040%, 04/01/14(C) (D)			17,485		17,485
Texas [3.4%]
Lower Neches Valley Authority Industrial Development, Exxon-Mobil Project, RB
0.040%, 04/01/14(C) (D)			24,102		24,102
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
0.040%, 04/01/14(C) (D)			16,700		16,700
Total Texas					40,802
Total Municipal Bonds
(Cost $188,847)					188,847
U.S. Treasury Obligations [10.3%]
U.S. Treasury Bill
0.001%, 04/03/14(E)			60,000		60,000
U.S. Treasury Note
4.250%, 08/15/14			30,000		30,464
4.250%, 11/15/14			30,000		30,771
Total U.S. Treasury Obligations
(Cost $121,235)					121,235

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Prime Money Market Fund (concluded)

Description	Face Amount (000)			Value (000)
Repurchase Agreements (F) [7.6%]
Bank of America
0.050%, dated 03/31/14, repurchased on 04/01/14, repurchase price $21,000,029 (collateralized by various U.S. Government obligations, par values ranging from $5,294,000 to $20,000,000, 0.000% - 3.000%, 01/15/21 to 03/01/28; with a total market value $21,414,254)		$	21,000	$	21,000
Barclays
0.060%, dated 03/31/14, repurchased on 04/01/14, repurchase price $18,000,030 (collateralized by a U.S. Treasury Note, par value $18,500,000, 1.375%, 09/30/18; with a total market value $18,400,000)			18,000		18,000
Deutsche Bank
0.050%, dated 03/31/14, repurchased on 04/01/14, repurchase price $25,000,035 (collateralized by various U.S. Treasury Notes, par values ranging from $5,162,500 to $11,000,000 0.000% - 1.750%, 07/10/14 to 05/15/23; with a total market value $25,545,532)			25,000		25,000
Deutsche Bank
0.080%, dated 03/31/14, repurchased on 04/01/14, repurchase price $25,000,056 (collateralized by various U.S. Government obligations, par values ranging from $1,000 to $11,300,000, 0.000% - 1.625%, 11/06/14 to 10/15/20; with a total market value $25,504,867)			25,000		25,000
Total Repurchase Agreements
(Cost $89,000)					89,000

Description	Shares		Value (000)
Short-Term Investment [0.8%]
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*		9,662,678	$	9,663
Total Short-Term Investment
(Cost $9,663)				9,663
Total Investments [99.9%]
(Cost $1,176,181)			$	1,176,181

Percentages are based on Net Assets of $1,176,835 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

(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 March 31, 2014, the value of these securities amounted to $362,202 (000), representing 30.8% of the net assets of the Fund.

(B) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(D) Put and Demand Feature — The date reported is the next reset date or put date.

(E) Zero coupon security. The rate reported is the effective yield at time of purchase.

(F) Tri-Party Repurchase Agreement.

AMT — Alternative Minimum Tax (subject to)

Cl — Class

NY — New York

NZ — New Zealand

RAN — Revenue Anticipation Note

RB — Revenue Bond

Ser — Series

The following is a summary of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000).

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	577,436	$	—	$	577,436
Certificates of Deposit		—		190,000		—		190,000
Municipal Bonds		—		188,847		—		188,847
U.S. Treasury Obligations		—		121,235		—		121,235
Repurchase Agreements		—		89,000		—		89,000
Short-Term Investment		9,663		—		—		9,663
Total Investments in Securities	$	9,663	$	1,166,518	$	—	$	1,176,181

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 9

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [81.9%]
California [75.7%]
Bay Area Toll Authority, Ser A-2, RB
0.050%, 04/03/14(A) (B) (C)		$	16,700	$	16,700
Bay Area Toll Authority, Ser C-1, RB
0.050%, 04/03/14(A) (B) (C)			14,445		14,445
Bay Area Toll Authority, Ser C-2, RB
0.050%, 04/03/14(A) (B) (C)			4,190		4,190
California State University, Ser A, RB, AGM
Pre-Refunded @ 100
5.000%, 05/01/14(D)			3,800		3,815
California State, GO
5.250%, 04/01/14			1,000		1,000
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser A, RB
0.050%, 04/03/14(A) (B) (C)			2,600		2,600
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB
0.030%, 04/01/14(A) (B) (C)			8,380		8,380
California State, Health Facilities Financing Authority, Health Facility Catholic Project, Ser B, RB
0.050%, 04/02/14(A) (B) (C)			2,450		2,450
California State, Health Facilities Financing Authority, Health Facility Catholic Project, Ser I, RB
0.050%, 04/02/14(A) (B) (C)			3,900		3,900

Description	Face Amount (000)			Value (000)
California State, Health Facilities Financing Authority, Scripps Health Project, Ser A, RB
0.050%, 04/02/14(A) (B) (C)		$	2,085	$	2,085
California State, Health Facilities Financing Authority, Scripps Health Project, Ser C, RB
0.060%, 04/02/14(A) (B) (C)			8,650		8,650
California State, Kindergarten Project, Ser A-1, GO
0.030%, 04/01/14(A) (B) (C)			1,540		1,540
California State, Kindergarten Project, Ser A-2, GO
0.040%, 04/01/14(A) (B) (C)			19,085		19,085
California State, Kindergarten Project, Ser A-3, GO
0.050%, 04/01/14(A) (B) (C)			16,360		16,360
California State, Kindergarten Project, Ser A-8, GO
0.050%, 04/03/14(A) (B) (C)			15,400		15,400
California State, Kindergarten Project, Ser B-1, GO
0.030%, 04/01/14(A) (B) (C)			3,100		3,100
California State, Kindergarten Project, Ser B-2, GO
0.070%, 04/01/14(A) (B) (C)			5,800		5,800
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, RB
0.050%, 04/01/14(A) (C)			10,100		10,100
California State, Public Works Board, Department of Mental Health Project, Ser A, RB
Pre-Refunded @ 100
5.500%, 06/01/14(D)			2,600		2,624
California State, Public Works Board, University of California Research Project, Ser L, RB, NATL-RE, ETM
5.250%, 11/01/14			1,000		1,030
California State, Ser A-1, RAN
2.000%, 05/28/14			5,500		5,516
California State, Ser A-2, RAN
2.000%, 06/23/14			23,500		23,594
California State, Ser B-4, GO
0.060%, 04/02/14(A) (B) (C)			1,900		1,900
California State, Sub-Ser A-1, GO
0.050%, 04/02/14(A) (B) (C)			7,500		7,500

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 10

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Sub-Ser A-2, GO
0.060%, 04/02/14(A) (B) (C)		$	1,500	$	1,500
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser D, RB
0.040%, 04/02/14(A) (C)			25,000		25,000
California Statewide, Communities Development Authority, Masters College Project, Ser A, RB
0.080%, 04/03/14(A) (B) (C)			3,000		3,000
East Bay, Municipal Utility District, Ser A-3, RB
0.050%, 04/02/14(A) (C)			10,000		10,000
East Bay, Municipal Utility District, Sub-Ser C, RB
0.060%, 04/02/14(A) (C)			7,000		7,000
Eastern Municipal Water District, Ser C, COP
0.060%, 04/02/14(A) (C)			26,475		26,475
Eastern Municipal Water District, Ser D, COP
0.060%, 04/02/14(A) (C)			13,200		13,200
Elsinore Valley, Municipal Water District, Ser A, COP
0.070%, 04/02/14(A) (B) (C)			3,240		3,240
Elsinore Valley, Municipal Water District, Ser B, COP
0.070%, 04/02/14(A) (B) (C)			2,500		2,500
Fresno County, TRAN
1.250%, 06/30/14			5,000		5,013
Irvine Ranch, Water District, SAB
0.060%, 04/03/14(A) (B) (C)			4,600		4,600
Irvine Ranch, Water District, Ser B, SAB
0.070%, 04/01/14(A) (B) (C)			4,725		4,725
Irvine, California, Ser A, SAB
0.060%, 04/02/14(A) (B) (C)			5,000		5,000
Los Angeles County, Metropolitan Transportation Authority, Ser A1, RB
0.060%, 04/03/14(A) (C)			36,180		36,180
Los Angeles, Department of Water & Power, Ser A-5, RB
0.040%, 04/03/14(A) (C)			5,000		5,000
Los Angeles, Department of Water & Power, Sub-Ser A-3, RB
0.050%, 04/03/14(A) (C)			2,500		2,500

Description	Face Amount (000)			Value (000)
Los Angeles, Department of Water & Power, Sub-Ser A-8, RB
0.060%, 04/03/14(A) (C)		$	3,000	$	3,000
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
0.050%, 04/03/14(A) (C)			7,250		7,250
Los Angeles, Department of Water & Power, Sub-Ser B-2, RB
0.070%, 04/01/14(A) (C)			34,900		34,900
Los Angeles, Department of Water & Power, Sub-Ser B-4, RB
0.050%, 04/03/14(A) (C)			4,075		4,075
Los Angeles, Department of Water & Power, Sub-Ser B-6, RB
0.070%, 04/01/14(A) (C)			23,200		23,200
Metropolitan Water District of Southern California, Ser A-1, RB
0.080%, 04/03/14(A) (C)			10,000		10,000
Metropolitan Water District of Southern California, Ser A-1, RB
0.040%, 04/03/14(A) (C)			1,520		1,520
Metropolitan Water District of Southern California, Ser A-2, RB
0.070%, 04/03/14(A) (C)			11,000		11,000
Metropolitan Water District of Southern California, Ser A-3, RB
0.080%, 04/03/14(A) (C)			11,000		11,000
Metropolitan Water District of Southern California, Ser D, RB
0.040%, 04/03/14(A) (C)			3,800		3,800
Orange County, Apartment Development Authority, Riverbend Apartments Project, Ser B, RB
0.060%, 04/03/14(A) (C)			10,000		10,000
Orange County, Water District Authority, Ser A, COP
0.060%, 04/02/14(A) (B) (C)			25,350		25,350
Riverside County, Public Facilities Authority, Ser C, COP
0.050%, 04/02/14(A) (B) (C)			3,200		3,200

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 11

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Riverside County, Water Authority, Ser A, RB
0.080%, 04/03/14(A) (C)		$	33,140	$	33,140
San Diego County, Regional Transportation Commission, Ser B, RB
0.070%, 04/03/14(A) (C)			9,180		9,180
San Diego County, Regional Transportation Commission, Ser D, RB
0.050%, 04/03/14(A) (C)			12,390		12,390
San Diego County, School District, Ser A, TRAN
2.000%, 06/30/14			2,500		2,511
San Francisco City & County, Airports Commission, Ser 37C, RB
0.060%, 04/02/14(A) (B) (C)			15,900		15,900
San Francisco City & County, Finance Authority, Moscone Center Project, Ser 2008-1, RB
0.050%, 04/03/14(A) (B) (C)			2,810		2,810
San Francisco, Bay Area Rapid Transit District, Election 2004, Ser C, GO
2.000%, 08/01/14			4,455		4,483
Santa Barbara County, Ser A, TRAN
2.000%, 06/30/14			5,000		5,022
Santa Clara County, Financing Authority, VMC Facility Replacement Project, Ser B, RB
0.060%, 04/02/14(A) (C)			13,820		13,820
Santa Clara Valley, Transportation Authority, Ser C, RB
0.050%, 04/03/14(A) (C)			24,300		24,300
Santa Clara Valley, Transportation Authority, Ser C, RB
0.050%, 04/03/14(A) (C)			995		995
Santa Clara Valley, Transportation Authority, Ser D, RB
0.050%, 04/03/14(A) (C)			14,000		14,000
Southern California, Public Power Authority, Magnolia Power Project, Ser A-1, RB
0.070%, 04/02/14(A) (B) (C)			19,300		19,300

Description	Face Amount (000)			Value (000)
Southern California, Public Power Authority, Southern Transmission Project, Ser A, RB, AGM
0.060%, 04/02/14(A) (C)		$	35,000	$	35,000
University of California, Ser AL-2, RB
0.050%, 04/03/14(A) (C)			5,000		5,000
Total California					682,843
New York [3.4%]
New York City, Municipal Water Finance Authority, RB
0.040%, 04/01/14(A) (C)			10,000		10,000
New York City, Municipal Water Finance Authority, Ser DD-1, RB
0.040%, 04/01/14(A) (C)			5,010		5,010
New York, New York, Ser A-5, GO
0.060%, 04/01/14(A) (C)			16,160		16,160
Total New York					31,170
Texas [2.8%]
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
0.050%, 04/01/14(A) (C)			13,385		13,385
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
0.040%, 04/01/14(A) (C)			11,600		11,600
Total Texas					24,985
Total Municipal Bonds
(Cost $738,998)					738,998
Commercial Paper [18.0%]
California [18.0%]
California State
0.080%, 06/03/14			10,000		10,000
0.070%, 05/20/14			5,000		5,000
California State University
0.060%, 06/03/14			5,000		5,000
California State, Department of Water
0.080%, 07/03/14			2,838		2,838

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 12

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (concluded)

Description	Face Amount (000)			Value (000)
California State, Educational Facilities Authority
0.130%, 10/16/14		$	25,000	$	25,000
0.080%, 05/16/14			8,121		8,121
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser B-2, RB
0.130%, 06/04/14			18,550		18,550
Sacramento, Municipal Utility District
0.090%, 05/08/14			10,500		10,500
0.070%, 07/03/14			20,000		20,000
San Diego, Water Authority
0.090%, 04/03/14			13,100		13,100
0.090%, 06/04/14			10,000		10,000
San Francisco City & County
0.080%, 07/02/14			15,245		15,245
San Francisco City & County, Airport Commission
0.070%, 07/09/14			5,000		5,000
Santa Clara Valley Water District
0.070%, 06/02/14			13,865		13,865
Total California					162,219
Total Commercial Paper
(Cost $162,219)					162,219
Total Investments [99.9%]
(Cost $901,217)				$	901,217

Percentages are based on Net Assets of $902,004 (000).

(A) Put and Demand Feature — The date reported is the next reset or put date.

(B) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

AGM — Assured Guarantee Municipal

COP — Certificate of Participation

ETM — Escrowed to Maturity

GO — General Obligation

NATL-RE — National Public Finance Guarantee Corporation

RAN — Revenue Anticipation Note

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

TRAN — Tax and Revenue Anticipation Note

As of March 31, 2014, all of the Fund’s investments are Level 2, in accordance with the authoritative guidance on the fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 13

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [45.9%]
Banks [20.8%]
Barclays Bank, MTN
2.638%, 01/10/14(A)		$	545	$	545
Citigroup
5.850%, 08/02/16			975		1,076
Deutsche Bank
3.250%, 01/11/16			900		937
Goldman Sachs Group
5.125%, 01/15/15			900		932
Korea Development Bank
3.250%, 03/09/16			575		599
Morgan Stanley
5.375%, 10/15/15			900		959
Wachovia
5.750%, 06/15/17			900		1,023
Total Banks					6,071
Diversified Operations [3.4%]
Glencore Funding
1.700%, 05/27/16(B)			1,000		1,003
Financial Services [3.4%]
General Electric Capital, MTN
2.950%, 05/09/16			950		990
Investment Banker/Broker Dealer [3.7%]
Merrill Lynch, MTN
6.400%, 08/28/17			940		1,079
Oil, Gas & Consumable Fuels [3.4%]
ConocoPhillips Canada Funding I
5.625%, 10/15/16			900		1,005

Description	Face Amount (000)			Value (000)
Petroleum & Fuel Products [3.3%]
Occidental Petroleum
1.750%, 02/15/17		$	940	$	953
Telephones & Telecommunications [7.9%]
America Movil
1.234%, 03/12/14(A)			1,000		1,011
AT&T
2.400%, 08/15/16			1,000		1,030
Verizon Communications
1.763%, 03/17/14(A)			250		257
Total Telephones & Telecommunications					2,298
Total Corporate Bonds
(Cost $13,254)					13,399
U.S. Government Agency Obligations [25.4%]
FHLB
0.500%, 11/20/15			580		581
FHLMC
4.375%, 07/17/15			1,800		1,896
FNMA
5.000%, 03/15/16			1,175		1,279
0.500%, 07/02/15			1,500		1,506
0.500%, 03/30/16			1,200		1,201
0.175%, 01/16/14(A)			940		940
Total U.S. Government Agency Obligations
(Cost $7,375)					7,403
U.S. Treasury Obligations [10.1%]
U.S. Treasury Note
4.250%, 08/15/15			560		591
3.125%, 10/31/16			625		664
2.000%, 01/31/16			750		772
1.000%, 08/31/16			900		908
Total U.S. Treasury Obligations
(Cost $2,919)					2,935
U.S. Government Mortgage-Backed Obligations [4.7%]
FHLMC, Pool G12806
5.500%, 09/01/22			59		64
FHLMC, Pool G18247
5.000%, 04/01/23			36		39
FHLMC, Pool G18251
5.000%, 05/01/23			55		60

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 14

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FHLMC, Pool G18321
4.500%, 08/01/24		$	28	$	30
FHLMC, Pool J04241
5.500%, 01/01/22			27		29
FHLMC, Pool J04459
5.000%, 03/01/22			29		31
FHLMC, Pool J04508
5.000%, 03/01/22			31		33
FHLMC, Pool J07575
5.000%, 04/01/23			27		29
FHLMC REMIC, Ser 2011-3877, Cl ND,
3.000%, 02/15/25			479		499
FNMA, Pool 837196
5.500%, 02/01/21			59		64
FNMA, Pool 933915
4.500%, 06/01/23			39		42
FNMA, Pool 961783
4.500%, 02/01/23			58		61
FNMA REMIC, Ser 2010-39, Cl PD,
3.000%, 06/25/38			371		380
Total U.S. Government Mortgage-Backed Obligations
(Cost $1,299)					1,361
Municipal Bonds [5.6%]
California [2.4%]
Southern California, Public Power Authority, Sub-Ser B, RB, AGM, ETM
6.930%, 05/15/17			595		688
Florida [3.2%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18			930		935
Total Municipal Bonds
(Cost $1,607)					1,623
Sovereign Debt [3.3%]
Province of Ontario, Canada
1.600%, 09/21/16			950		967
Total Sovereign Debt
(Cost $962)					967

Description	Face Amount (000)/Shares			Value (000)
Asset-Backed Security [3.1%]
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
0.530%, 03/15/16		$	896	$	897
Total Asset-Backed Security
(Cost $896)					897
Short-Term Investments [1.5%]
City National Rochdale Government Money Market Fund, 0.010%*†			219,880		220
SEI Daily Income Trust Government Fund, Cl A, 0.010%*			219,880		220
Total Short-Term Investments
(Cost $440)					440
Total Investments [99.6%]
(Cost $28,752)				$	29,025

Percentages are based on Net Assets of $29,156 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(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 March 31, 2014, the value of these securities amounted to $1,003 (000), representing 3.4% of the net assets of the Fund.

AGM — Assured Guarantee Municipal

Cl — Class

ETM — Escrowed to Maturity

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 15

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund (concluded)

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	13,399	$	—	$	13,399
U.S. Government Agency Obligations		—		7,403		—		7,403
U.S. Treasury Obligations		—		2,935		—		2,935
U.S. Government Mortgage-Backed Obligations		—		1,361		—		1,361
Municipal Bonds		—		1,623		—		1,623
Sovereign Debt		—		967		—		967
Asset-Backed Security		—		897		—		897
Short-Term Investments		440		—		—		440
Total Investments in Securities	$	440	$	28,585	$	—	$	29,025

For the period ended March 31, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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 16

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Government Bond Fund

Description	Face Amount (000)			Value (000)
U.S. Government Agency Obligations [74.5%]
Egypt Government AID Bond
4.450%, 09/15/15		$	8,000	$	8,472
FFCB
0.239%, 01/26/14(A)			10,000		9,983
FHLB
3.250%, 09/12/14			3,000		3,043
1.150%, 07/25/18			1,520		1,475
1.000%, 06/09/17			6,675		6,654
0.683%, 01/08/14(A)			8,000		8,001
0.500%, 11/20/15			4,930		4,939
FHLMC
1.250%, 05/12/17			2,350		2,368
1.000%, 06/29/17			4,000		3,986
1.000%, 09/29/17			4,325		4,290
FNMA
5.000%, 03/15/16			5,475		5,961
5.000%, 02/13/17			5,395		6,021
4.875%, 12/15/16			5,000		5,544
2.375%, 04/11/16			5,000		5,189
1.875%, 02/19/19			445		447
1.625%, 11/27/18			5,000		4,980
1.000%, 10/16/17			7,000		6,911
0.875%, 05/21/18			4,500		4,378
0.625%, 08/26/16			5,000		4,997
0.175%, 01/15/14(A)			10,000		10,000
Israel Government AID Bond
3.815%, 05/15/20(B)			15,528		13,326
Tennessee Valley Authority, Ser E
6.250%, 12/15/17			8,000		9,388
Total U.S. Government Agency Obligations
(Cost $129,180)					130,353
U.S. Treasury Obligations [22.1%]
U.S. Treasury Bond
2.625%, 02/29/16			5,000		5,212
U.S. Treasury Notes
3.250%, 05/31/16			5,000		5,298
3.000%, 02/28/17			2,415		2,563
2.875%, 03/31/18			5,000		5,295

Description	Face Amount (000)/Shares			Value (000)
2.750%, 02/28/18		$	5,000	$	5,271
1.375%, 11/30/15 to 09/30/18			10,500		10,553
0.875%, 02/28/17			4,500		4,500
Total U.S. Treasury Obligations
(Cost $38,800)					38,692
U.S. Government Mortgage-Backed Obligations [2.0%]
FHLMC REMIC, Ser 2011-3877, Cl ND,
3.000%, 02/15/25			1,902		1,980
FNMA ARM, Pool 766620
2.419%, 01/01/14(A)			214		229
FNMA REMIC, Ser 2011-144, Cl CE,
1.250%, 06/25/35			780		782
GNMA, Pool 329656
8.000%, 08/15/22			5		5
GNMA, Pool 376533
7.500%, 06/15/24			2		2
GNMA, Pool 398660
7.500%, 05/15/26			2		2
GNMA, Pool 497411
6.000%, 01/15/29			5		5
GNMA, Pool 571376
7.000%, 12/15/16			4		4
GNMA, Pool 584992
7.500%, 04/15/32			28		31
GNMA ARM, Pool G2 81318
1.625%, 01/01/14(A)			291		303
GNMA ARM, Pool G2 81447
1.625%, 01/01/14(A)			60		63
Total U.S. Government Mortgage-Backed Obligations
(Cost $3,291)					3,406
Short-Term Investments [0.9%]
City National Rochdale Government Money Market Fund, 0.010%*†			800,857		801
SEI Daily Income Trust Government Fund, Cl A, 0.010%*			800,857		801
Total Short-Term Investments
(Cost $1,602)					1,602
Total Investments [99.5%]
(Cost $172,873)				$	174,053

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 17

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Government Bond Fund (concluded)

Percentages are based on Net Assets of $174,937 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

AID — Agency for International Development

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

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2014 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	$	—	$	130,353	$	—	$	130,353
U.S. Treasury Obligations		—		38,692		—		38,692
U.S. Government Mortgage-Backed Obligations		—		3,406		—		3,406
Short-Term Investments		1,602		—		—		1,602
Total Investments in Securities	$	1,602	$	172,451	$	—	$	174,053

For the period ended March 31, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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 18

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Corporate Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [89.8%]
Banks [10.9%]
Bank of America, MTN
6.400%, 08/28/17		$	400	$	459
Barclays Bank, MTN
2.638%, 01/10/14(A)			1,950		1,950
Citigroup
5.850%, 08/02/16			980		1,082
5.500%, 02/15/17			250		276
Countrywide Financial
6.250%, 05/15/16			1,200		1,316
HSBC Finance
5.250%, 04/15/15			1,250		1,306
JPMorgan Chase
6.300%, 04/23/19			2,000		2,351
6.000%, 01/15/18			405		465
National Australia Bank, MTN
2.750%, 03/09/17			480		500
Nordea Bank
2.250%, 03/20/15(B)			500		509
UBS, MTN
5.875%, 12/20/17			2,000		2,291
Wells Fargo Bank
5.750%, 05/16/16			2,400		2,639
Total Banks					15,144

Description	Face Amount (000)			Value (000)
Broadcasting & Cable [1.6%]
Time Warner Cable
5.000%, 02/01/20		$	2,000	$	2,184
Coatings/Paint [1.1%]
Sherwin-Williams
3.125%, 12/15/14			1,450		1,476
Computers-Memory Devices [0.8%]
NetApp
2.000%, 12/15/17			1,000		1,011
Diversified Metals & Mining [1.8%]
Rio Tinto
2.250%, 09/20/16			2,500		2,570
Diversified Minerals [3.5%]
BHP Billiton
5.250%, 12/15/15			2,377		2,567
Teck Resources
3.150%, 01/15/17			1,250		1,296
2.500%, 02/01/18			1,000		1,004
Total Diversified Minerals					4,867
Diversified Operations [2.7%]
Glencore Funding
1.700%, 05/27/16(B)			1,500		1,505
Siemens Finc
5.750%, 10/17/16(B)			2,000		2,235
Total Diversified Operations					3,740
Drugs [2.9%]
AbbVie
1.200%, 11/06/15			1,000		1,009
GlaxoSmithKline Capital
5.650%, 05/15/18			405		465
Wyeth
5.500%, 02/15/16			2,000		2,180
5.450%, 04/01/17			330		370
Total Drugs					4,024
Electric Utilities [3.4%]
American Electric Power
1.650%, 12/15/17			1,000		994
Commonwealth Edison
6.950%, 07/15/18			1,000		1,171

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 19

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Exelon
4.900%, 06/15/15		$	1,138	$	1,190
Exelon Generation
6.200%, 10/01/17			1,200		1,356
Total Electric Utilities					4,711
Financial Services [16.1%]
American Honda Finance
1.600%, 02/16/18(B)			1,000		990
Caisse Centrale Desjardins du Quebec
2.650%, 09/16/15(B)			3,000		3,085
Daimler Finance North America
2.300%, 01/09/15(B)			1,350		1,367
1.875%, 09/15/14(B)			1,000		1,006
Ford Motor Credit
8.000%, 12/15/16			1,000		1,170
2.375%, 01/16/18			1,000		1,008
General Electric Capital
5.300%, 02/11/21			2,500		2,812
General Electric Capital, MTN
2.950%, 05/09/16			50		52
Harley-Davidson Financial Services, MTN
3.875%, 03/15/16(B)			1,000		1,053
Nissan Motor Acceptance, MTN
1.950%, 09/12/17(B)			2,000		2,009
PACCAR Financial, MTN
0.800%, 02/08/16			1,500		1,501
Toyota Motor Credit, MTN
2.050%, 01/12/17			2,000		2,053
VW Credit, MTN
1.875%, 10/13/16			3,000		3,057
Western Union
5.930%, 10/01/16			1,000		1,107
Total Financial Services					22,270
Food, Beverage & Tobacco [1.6%]
Anheuser-Busch InBev Worldwide
5.375%, 11/15/14			1,195		1,231
Dr Pepper Snapple Group
2.900%, 01/15/16			1,000		1,037
Total Food, Beverage & Tobacco					2,268

Description	Face Amount (000)			Value (000)
Home Decoration Products [0.3%]
Newell Rubbermaid
2.000%, 06/15/15		$	500	$	506
Insurance [4.2%]
Aflac
8.500%, 05/15/19			1,100		1,414
Genworth Financial
7.700%, 06/15/20			1,400		1,706
Metropolitan Life Global Funding I, MTN
1.875%, 06/22/18(B)			2,700		2,689
Total Insurance					5,809
Investment Banker/Broker Dealer [8.4%]
Deutsche Bank
1.400%, 02/13/17			2,500		2,500
Goldman Sachs Group
5.625%, 01/15/17			1,700		1,877
2.625%, 01/31/19			500		499
Jefferies Group
8.500%, 07/15/19			1,370		1,684
Macquarie Group
6.000%, 01/14/20(B)			2,000		2,218
Morgan Stanley, MTN
6.250%, 08/28/17			2,000		2,289
5.950%, 12/28/17			465		531
Total Investment Banker/Broker Dealer					11,598
Machinery [0.1%]
Caterpillar Financial Services, MTN
1.625%, 06/01/17			215		217
Medical Products & Services [1.9%]
Genentech
4.750%, 07/15/15			2,500		2,633
Medical-HMO [0.9%]
UnitedHealth Group
4.875%, 03/15/15			1,205		1,256
Metal-Copper [0.7%]
Freeport-McMoRan Copper & Gold
1.400%, 02/13/15			1,000		1,006

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 20

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Petroleum & Fuel Products [8.2%]
BP Capital Markets
1.375%, 05/10/18		$	2,800	$	2,741
Kinder Morgan Energy Partners
6.000%, 02/01/17			1,000		1,114
Shell International Finance
3.250%, 09/22/15			2,500		2,611
Sunoco Logistics Partners Operations
4.650%, 02/15/22			1,300		1,359
Total Capital International
1.550%, 06/28/17			425		429
1.500%, 02/17/17			2,980		3,025
Total Petroleum & Fuel Products					11,279
Real Estate Investment Trusts [5.1%]
American Tower
7.250%, 05/15/19			1,200		1,427
HCP
5.625%, 05/01/17			1,000		1,120
Health Care REIT
4.700%, 09/15/17			1,000		1,093
Kimco Realty
6.875%, 10/01/19			1,080		1,286
Simon Property Group
6.100%, 05/01/16			2,000		2,189
Total Real Estate Investment Trusts					7,115
Regional Authority [1.0%]
Province of Ontario Canada
1.600%, 09/21/16			1,360		1,385
Retail [4.0%]
Lowe’s
6.100%, 09/15/17			3,000		3,451
Wal-Mart Stores
2.875%, 04/01/15			2,000		2,050
Total Retail					5,501
Telephones & Telecommunications [7.7%]
America Movil
1.234%, 03/12/14(A)			2,750		2,781
AT&T
5.100%, 09/15/14			2,000		2,042
2.950%, 05/15/16			2,600		2,707

Description	Face Amount (000)/Shares			Value (000)
Motorola Solutions
6.000%, 11/15/17		$	1,000	$	1,143
Telefonica Emisiones SAU
6.421%, 06/20/16			1,000		1,107
Verizon Communications
2.550%, 06/17/19			1,000		1,006
Total Telephones & Telecommunications					10,786
Trucking & Leasing [0.9%]
Penske Truck Leasing
3.750%, 05/11/17(B)			750		796
3.125%, 05/11/15(B)			500		512
Total Trucking & Leasing					1,308
Total Corporate Bonds
(Cost $122,323)					124,664
Municipal Bonds [3.1%]
California [0.1%]
California State, GO
5.700%, 11/01/21			185		216
Florida [3.0%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18			4,130		4,150
Total Municipal Bonds
(Cost $4,317)					4,366
Unaffiliated Registered Investment Company [1.9%]
Vanguard High-Yield Corporate Fund			427,350		2,611
Total Unaffiliated Registered Investment Company
(Cost $2,500)					2,611
Asset-Backed Security [1.0%]
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
0.530%, 03/15/16			1,345		1,346
Total Asset-Backed Security
(Cost $1,345)					1,346

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 21

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Corporate Bond Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Sovereign Debt [0.7%]
Petroleum & Fuel Products [0.7%]
Korea National Oil
2.875%, 11/09/15(B)		$	1,000	$	1,028
Total Sovereign Debt
(Cost $999)					1,028
U.S. Government Mortgage-Backed Obligation [0.1%]
FNMA REMIC, Ser 2002-56, Cl MC
5.500%, 09/25/17			93		98
Total U.S. Government Mortgage-Backed Obligation
(Cost $93)					98
Short-Term Investments [2.5%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%*†			1,754,959		1,755
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*			1,754,959		1,755
Total Short-Term Investments
(Cost $3,510)					3,510
Total Investments [99.1%]
(Cost $135,087)				$	137,623

Percentages are based on Net Assets of $138,864 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(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 March 31, 2014, the value of these securities amounted to $21,002 (000), representing 15.1% of the net assets of the Fund.

Cl — Class

FNMA — Federal National Mortgage Association

GO — General Obligation

HMO — Health Maintenance Organization

MTN — Medium Term Note

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	124,664	$	—	$	124,664
Municipal Bonds		—		4,366		—		4,366
Unaffiliated Registered Investment Company		2,611		—		—		2,611
Asset-Backed Security		—		1,346		—		1,346
Sovereign Debt		—		1,028		—		1,028
U.S. Government Mortgage-Backed Obligation		—		98		—		98
Short-Term Investments		3,510		—		—		3,510
Total Investments in Securities	$	6,121	$	131,502	$	—	$	137,623

For the period ended March 31, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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 22

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [97.6%]
California [93.3%]
ABAG Finance Authority for Nonprofit, Odd Fellows Home Project, Ser A, RB
Callable 04/01/23 @ 100
5.000%, 04/01/24		$	1,000	$	1,134
Bay Area, Infrastructure Financing Authority, State Payment Acceleration Project, RB, NATL-RE FGIC
Pre-Refunded @ 100
5.000%, 08/01/14(A)			860		874
Beverly Hills, Community Facilities District, Ser 2002-A
4.000%, 09/01/22			250		266
Brea, Redevelopment Agency, Redevelopment Project AB, TA
5.000%, 08/01/20			500		580
California State, Department of Water Resources, Ser F-3, RB
Callable 05/01/18 @ 100
4.375%, 05/01/20			200		226
California State, Economic Recovery Authority, Ser A, GO
Callable 07/01/19 @ 100
5.000%, 07/01/20			1,000		1,182
California State, Economic Recovery Authority, Ser A, GO, NATL-RE
Callable 07/01/14 @ 100
5.000%, 07/01/15			965		976

Description	Face Amount (000)			Value (000)
California State, GO
Callable 03/01/15 @ 100
5.000%, 03/01/16		$	1,500	$	1,563
California State, GO
Callable 11/01/20 @ 100
5.000%, 11/01/22			1,025		1,178
California State, GO
4.000%, 02/01/18			1,000		1,108
4.000%, 02/01/19			1,000		1,121
5.000%, 11/01/19			1,000		1,182
5.000%, 09/01/20			1,000		1,180
5.000%, 09/01/21			1,200		1,413
5.000%, 12/01/21			1,000		1,179
California State, Ser E, GO
Callable 06/01/18 @ 100
0.939%, 12/01/29(B)			1,000		1,007
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
5.000%, 07/01/18			500		563
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
Callable 03/01/21 @ 100
5.250%, 03/01/22			265		302
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
5.000%, 08/15/17			750		850
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
5.000%, 11/15/17			375		423
California State, Health Facilities Financing Authority, Memorial Health Services Corp, Ser A, RB
5.000%, 10/01/15			450		482
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
5.000%, 07/01/43(B)			500		580
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/17			500		571
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/18			125		147

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 23

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
4.000%, 09/01/17		$	500	$	550
5.000%, 09/01/22			1,000		1,160
California State, Public Works Board, Department of Corrections-Administration Project, Ser A, RB, AMBAC
Callable 05/02/14 @ 100
5.250%, 03/01/18			155		156
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
5.000%, 12/01/19			850		940
California State, Public Works Board, State Prisons, Ser C, RB
5.000%, 10/01/16			1,000		1,108
California State, Public Works Board, University of California Research Project, Ser L, RB, NATL-RE
Pre-Refunded @ 100
5.250%, 11/01/15(A)			1,000		1,081
California State, Public Works Board, Various Capital Projects, Ser A, RB
4.000%, 04/01/17			500		545
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
Callable 10/01/19 @ 100
5.250%, 10/01/23			250		289
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
5.000%, 04/01/19			850		994
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
Callable 02/01/17 @ 100
1.010%, 04/01/52(B)			2,000		2,007
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
3.900%, 08/01/31(B)			625		631

Description	Face Amount (000)			Value (000)
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
5.000%, 08/15/18		$	200	$	230
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
4.500%, 09/01/16			350		376
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
5.000%, 09/01/22			1,000		1,128
Chula Vista, Police Facility Project, COP
5.000%, 10/01/21			360		412
El Dorado, Irrigation District, Ser A, RB, AGM
4.500%, 03/01/19			500		568
Gilroy, Public Facilities Financing Authority, RB
5.000%, 11/01/21			940		1,053
Irvine Ranch, Water District, Ser B, SAB
Callable 04/01/14 @ 100
0.070%, 10/01/41 (B) (C)			2,500		2,500
Jefferson, Unified High School District, Ser A, GO, NATL-RE FGIC
5.000%, 08/01/14			200		203
Jurupa, Unified School District, GO, AGM
5.000%, 08/01/22			1,000		1,150
Los Angeles County, Metropolitan Transportation Authority, Proposition C, Ser A, RB, NATL-RE
Pre-Refunded @ 100
5.000%, 07/01/14(A)			200		202
Los Angeles, Department of Airports, Ser C, RB
4.000%, 05/15/17			545		598
Los Angeles, Department of Water & Power, Power Systems Revenue, Ser A, RB
5.000%, 07/01/19			500		591
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
4.000%, 11/01/19			575		634

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 24

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Los Angeles, Municipal Improvement Authority, Real Property, Ser E, RB
5.000%, 09/01/15		$	275	$	293
Los Angeles, Municipal Improvement Authority, Ser C, RB
4.000%, 09/01/16			500		538
Los Angeles, Ser A, GO
5.000%, 09/01/21			240		289
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
Callable 07/01/17 @ 100
5.000%, 07/01/19			500		565
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
5.000%, 10/01/20			1,000		1,155
Los Angeles, Unified School District, Headquarters Building Project, Ser B, COP
Callable 10/01/22 @ 100
5.000%, 10/01/25			1,000		1,126
Los Angeles, Unified School District, Ser A-1, GO, NATL-RE
Callable 07/01/14 @ 100
5.000%, 07/01/17			165		167
Modesto, Irrigation District, Ser A, RB
5.000%, 07/01/17			1,000		1,129
Mount San Antonio, Community College District, GO, ETM
3.456%, 05/01/15(D)			635		633
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB
Callable 07/01/18 @ 100
5.000%, 07/01/20			500		575
Oakland-Alameda County, Coliseum Authority, Ser A, RB
5.000%, 02/01/20			795		905
Orange County, Public Financing Authority, RB, NATL-RE
5.000%, 07/01/17			1,050		1,187
Orange County, Sanitation District, Ser A, COP
3.000%, 02/01/17			500		533

Description	Face Amount (000)			Value (000)
Port of Oakland, Ser B, RB, NATL-RE
Callable 11/01/17 @ 100
5.000%, 11/01/23		$	500	$	543
Port of Oakland, Ser C, RB, NATL-RE
5.000%, 11/01/15			450		481
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
5.000%, 11/01/17			1,600		1,787
Riverside Public Financing Authority, Ser A, RB
5.000%, 11/01/21			1,000		1,143
Roseville, Finance Authority, RB
4.000%, 02/01/18			500		553
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL-RE FGIC
Callable 10/01/17 @ 100
5.000%, 10/01/21			400		440
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
4.000%, 05/01/18			850		930
Sacramento, Unified School District, Election of 2002, GO, NATL-RE
Pre-Refunded @ 100
5.000%, 07/01/15(A)			300		318
San Francisco City & County, Airports Commission, Ser B, RB
5.000%, 05/01/17			495		558
San Francisco City & County, Finance, RB, NATL-RE
Callable 07/01/14 @ 100
3.750%, 07/01/18			500		503
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
Callable 04/01/19 @ 100
5.000%, 04/01/22			735		832
San Francisco City & County, Public Utilities Commission Water Revenue, Sub-Ser A, RB
5.000%, 11/01/20			250		297
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
5.000%, 08/01/17			540		573

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 25

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL-RE FGIC
Callable 05/02/14 @ 100
5.250%, 08/01/18		$	600	$	601
San Mateo County, Transportation Authority, Ser A, RB, NATL-RE
5.250%, 06/01/19			755		884
San Mateo, Unified High School District, GO, ETM
1.071%, 02/15/15(D)			1,000		998
Santa Clara County, Financing Authority, Lease Revenue Capital Project, RB
5.000%, 02/01/20			500		577
Santa Cruz County, Redevelopment Agency, TA
5.000%, 09/01/19	��		640		730
Santa Margarita, Dana Point Authority, Improvement Districts 3-3A-4-4A, Ser A, RB, AMBAC
Callable 08/01/14 @ 100
5.000%, 08/01/15			290		295
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
5.000%, 07/01/17			1,200		1,364
Turlock, Irrigation District, Ser A, RB
5.000%, 01/01/17			575		634
University of California, Revenues Limited Project, Ser E, RB
Callable 05/15/20 @ 100
5.000%, 05/15/22			500		575
University of California, Ser AK, RB
5.000%, 05/15/14(B)			1,000		1,189
Ventura County, Public Financing Authority, Ser A, RB
4.000%, 11/01/18			500		558
Ventura County, Public Financing Authority, Ser B, RB
5.000%, 11/01/18			500		580
Total California					66,231

Description	Face Amount (000)/Shares			Value (000)
Connecticut [2.9%]
Connecticut State, Ser A, GO
Callable 03/01/15 @ 100
1.410%, 03/01/19(B)		$	1,000	$	1,011
Connecticut State, Ser D, GO
0.940%, 08/15/19 (B)			1,000		1,014
Total Connecticut					2,025
Illinois [0.9%]
Illinois State, GO
4.000%, 07/01/18			600		656
New York [0.3%]
New York State, Local Assistance Correction Authority, Ser E, RB
6.000%, 04/01/14			190		190
Puerto Rico [0.2%]
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB, ETM
4.000%, 08/01/16			130		141
Total Municipal Bonds
(Cost $68,130)					69,243
Short-Term Investment [4.2%]
City National Rochdale Tax Exempt Money Market Fund, Institutional Class, 0.010%*†			2,986,997		2,987
Total Short-Term Investment
(Cost $2,987)					2,987
Total Investments [101.8%]
(Cost $71,117)				$	72,230

Percentages are based on Net Assets of $70,979 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(C) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(D) Zero coupon security. The rate reported is the effective yield at time of purchase.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 26

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (concluded)

ABAG — Association of Bay Area Governments

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

COP — Certificate of Participation

EPA — Environmental Protection Agency

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

GO — General Obligation

NATL-RE — National Public Finance Guarantee Corporation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	69,243	$	—	$	69,243
Short-Term Investment		2,987		—		—		2,987
Total Investments in Securities	$	2,987	$	69,243	$	—	$	72,230

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 27

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [89.3%]
Alabama [2.6%]
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	$	4,612
Alaska [0.8%]
Northern Tobacco Securitization, Ser A, RB
Callable 06/01/14 @ 100
5.000%, 06/01/46			2,000		1,397
Arizona [2.2%]
La Paz County, Industrial Development Authority, RB
Callable 10/01/21 @ 102
7.800%, 10/01/39			2,250		2,334
Pima County, Industrial Development Authority, Noah Webster School Project, RB
Callable 12/15/23 @ 100
7.000%, 12/15/43			1,500		1,510
Total Arizona					3,844

Description	Face Amount (000)			Value (000)
California [10.2%]
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/31		$	1,500	$	1,658
California State, Pollution Control Financing Authority, San Diego Water Project, RB
Callable 07/01/17 @ 100
5.000%, 11/21/45 (A)			2,000		1,972
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		5,431
California State, Public Works Board, Various Capital Projects, Ser A, RB
Callable 04/01/22 @ 100
5.000%, 04/01/37			1,000		1,047
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A, RB
Callable 06/01/15 @ 100
5.000%, 06/01/45			1,000		1,001
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.125%, 06/01/47			2,000		1,475
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.500%, 12/01/41			1,000		1,128
7.000%, 12/01/26			1,000		1,136
San Mateo, Community Facilities District, SAB
Callable 09/01/22 @ 100
5.500%, 09/01/44			1,000		1,005
Southern California, Tobacco Securitization Authority, Ser A-1, RB
Callable 06/01/14 @ 100
5.000%, 06/01/37			3,000		2,286
Total California					18,139

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 28

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Colorado [7.2%]
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/20 @ 100
6.125%, 10/01/40		$	2,500	$	2,636
Colorado State, High Performance Transportation Enterprise, US 36 & I-25 Managed Lanes Project, RB, AMT
Callable 01/01/23 @ 100
5.750%, 01/01/44			2,000		2,004
Colorado State, Public Energy Authority, RB
6.500%, 11/15/38			4,000		5,050
Denver City & County, United Airlines Project, Ser A, RB, AMT
Callable 10/01/17 @ 100
5.250%, 10/01/32			1,000		956
Regional Transportation District, Denver Transportation Partners Project, RB
Callable 07/15/20 @ 100
6.000%, 01/15/41			1,000		1,052
Wildgrass County, Metropolitan District, GO
Callable 12/01/16 @ 100
6.200%, 12/01/34			1,000		979
Total Colorado					12,677
Delaware [1.1%]
Delaware State, Economic Development Authority, Indian River Power Project, RB
Callable 10/01/20 @ 100
5.375%, 10/01/45			2,000		2,016

Description	Face Amount (000)			Value (000)
Florida [4.7%]
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.000%, 11/15/34		$	1,500	$	1,488
Florida State, Development Finance Corp., Renaissance Charter School Project, Ser A, RB
Callable 06/15/22 @ 100
6.125%, 06/15/43			1,000		910
Florida State, Village Community Development District No. 10, SAB
Callable 05/01/23 @ 100
6.000%, 05/01/44			1,000		1,008
Mid-Bay Bridge Authority, Ser A, RB
Callable 10/01/21 @ 100
7.250%, 10/01/34			1,000		1,139
Osceola County, Poinciana Parkway Project, Ser A, RB
Callable 10/01/24 @ 100
5.375%, 10/01/47			4,000		3,948
Total Florida					8,493
Georgia [2.7%]
Atlanta, Department of Aviation, RB
Callable 01/01/24 @ 100
5.000%, 01/01/31			2,500		2,751
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB
Callable 09/01/20 @ 100
6.125%, 09/01/40			1,000		1,013
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
Callable 01/01/24 @ 100
7.250%, 01/01/49			810		818
Total Georgia					4,582

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 29

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Guam [1.8%]
Territory of Guam, Government Waterworks Authority, RB
Callable 07/01/20 @ 100
5.625%, 07/01/40		$	2,000	$	2,072
Territory of Guam, Ser A, GO
Callable 11/15/19 @ 100
7.000%, 11/15/39			1,000		1,059
Total Guam					3,131
Hawaii [0.6%]
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
Callable 11/15/19 @ 100
8.750%, 11/15/29			1,000		1,123
Illinois [7.8%]
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/23 @ 100
5.000%, 01/01/35			2,000		2,063
Chicago, Refunding Project, Ser A, GO, AGM
Callable 01/01/24 @ 100
5.250%, 01/01/31			1,000		1,047
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/40			4,000		4,206
Illinois State, Finance Authority, Roosevelt University Project, RB
Callable 10/01/19 @ 100
6.500%, 04/01/39			3,445		3,547
6.250%, 04/01/29			1,000		1,031
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB
Callable 02/15/16 @ 100
5.875%, 02/15/38			1,000		965
Southwestern Illinois, Development Authority, Collinsville Project, RB
Callable 03/01/16 @ 100
5.350%, 03/01/31			1,000		742
Total Illinois					13,601

Description	Face Amount (000)			Value (000)
Indiana [4.0%]
Carmel, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.125%, 11/15/47		$	2,000	$	2,063
7.000%, 11/15/32			1,650		1,707
Indiana State, Finance Authority, Ohio Valley Electric Corporation Project, Ser A, RB
Callable 06/01/22 @ 100
5.000%, 06/01/39			1,000		983
Terre Haute, Westminster Village Project, RB
Callable 08/01/22 @ 100
6.000%, 08/01/39			2,355		2,131
Total Indiana					6,884
Kentucky [4.8%]
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.500%, 03/01/45			2,960		3,180
6.375%, 06/01/40			1,000		1,070
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, RB
Callable 07/01/23 @ 100
5.750%, 07/01/49			4,000		4,207
Total Kentucky					8,457
Louisiana [0.6%]
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
Callable 07/01/23 @ 100
10.500%, 07/01/39			1,000		1,021

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 30

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Maryland [1.2%]
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
5.800%, 02/15/34		$	725	$	727
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
6.100%, 02/15/44			1,425		1,429
Total Maryland					2,156
Michigan [4.4%]
Kent, Hospital Finance Authority, Metropolitan Hospital Project, Ser A, RB
Callable 07/01/15 @ 100
6.000%, 07/01/35			3,805		3,968
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
Callable 12/01/15 @ 100
5.875%, 12/01/30			2,000		1,826
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
Callable 06/01/18 @ 100
6.875%, 06/01/42			2,000		1,865
Total Michigan					7,659
Missouri [3.1%]
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/20 @ 100
8.250%, 05/15/45			3,000		3,382
Saint Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
Callable 05/19/14 @ 101
7.000%, 08/15/32			1,000		1,000
Saint Louis County, Lambert Airport Project, SAB
Callable 11/01/16 @ 105
9.000%, 11/01/31			1,000		1,016
Total Missouri					5,398

Description	Face Amount (000)			Value (000)
Nebraska [2.3%]
Central Plains Energy Project, Project #3, RB
Callable 09/01/22 @ 100
5.250%, 09/01/37		$	1,000	$	1,047
5.000%, 09/01/42			3,000		3,049
Total Nebraska					4,096
Nevada [1.8%]
Clark County, Department of Aviation, Sub-Ser A-2, RB
Callable 07/01/24 @ 100
5.000%, 07/01/35			3,000		3,211
New Jersey [1.9%]
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
Callable 08/20/22 @ 101
5.250%, 09/15/29			1,000		997
Tobacco Settlement Financing, Ser 1A, RB
Callable 06/01/17 @ 100
5.000%, 06/01/41			3,000		2,257
Total New Jersey					3,254
New York [0.6%]
New York City, Industrial Development Agency, American Airlines JFK International Airport Project, RB, AMT
Callable 08/01/16 @ 101
7.750%, 08/01/31			1,000		1,094
Ohio [0.5%]
Muskingum County, Genesis Healthcare System Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/33			1,000		845
Pennsylvania [0.9%]
Pennsylvania Turnpike Commission, Ser A, RB
Callable 12/01/24 @ 100
5.000%, 12/01/33			1,500		1,613

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 31

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Tennessee [1.2%]
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
Callable 07/01/20 @ 100
6.000%, 07/01/38		$	2,000	$	2,176
Texas [9.7%]
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.125%, 03/01/44			2,300		2,273
7.000%, 03/01/34			400		396
Central Texas, Regional Mobility Authority, RB
Callable 01/01/23 @ 100
5.000%, 01/01/33			1,000		977
5.000%, 01/01/42			1,000		939
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
Callable 10/01/23 @ 100
5.000%, 04/01/53			2,000		2,080
Red River, Health Facilities Development, MRC Crossings Project, Ser B, RB
Callable 05/15/15 @ 100
5.000%, 11/15/19			1,075		1,074
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
8.000%, 07/01/38			3,000		3,100
Tarrant County, Cultural Education Facilities Finance Corp., Buckingham Senior Living Community Project, RB
Callable 11/15/17 @ 100
5.750%, 11/15/37			1,000		990
Texas State, Municipal Gas Acquisition & Supply I, Ser Senior D, RB
6.250%, 12/15/26			2,000		2,383
Texas State, Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Project, RB
Callable 06/30/20 @ 100
7.000%, 06/30/40			1,000		1,131

Description	Face Amount (000)			Value (000)
Texas State, Private Activity Bond Surface Transportation Corp., NTE Mobility Project, RB
Callable 12/31/19 @ 100
6.875%, 12/31/39		$	1,350	$	1,506
Total Texas					16,849
Virginia [0.6%]
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
Callable 07/01/22 @ 100
6.000%, 01/01/37			1,000		1,064
Washington [2.2%]
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/15 @ 100
5.375%, 01/01/20 (A)			2,000		1,993
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/24 @ 100
7.500%, 01/01/49 (A)			2,000		2,016
Total Washington					4,009
Wisconsin [0.5%]
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/42			1,000		910
Puerto Rico [7.3%]
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/24			2,590		1,932
5.250%, 07/01/42			840		562
Puerto Rico Commonwealth, Ser A, GO
Callable 07/01/20 @ 100
8.000%, 07/01/35			4,000		3,733

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 32

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Municipal High Income Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/23 @ 100
7.000%, 07/01/33		$	1,440	$	1,019
7.000%, 07/01/40			1,000		703
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/22 @ 100
5.000%, 07/01/42			1,310		772
Puerto Rico, Electric Power Authority, Ser WW, RB
Callable 07/01/18 @ 100
5.500%, 07/01/38			1,060		637
Puerto Rico, Electric Power Authority, Ser XX, RB
Callable 07/01/20 @ 100
5.750%, 07/01/36			940		585
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 08/01/19 @ 100
6.500%, 08/01/44			1,250		1,070
6.000%, 08/01/42			1,500		1,206
Puerto Rico, Sales Tax Financing, Sub-Ser C, RB
Callable 08/01/20 @ 100
5.250%, 08/01/41			1,000	$	740
Total Puerto Rico					12,959
Total Municipal Bonds
(Cost $155,281)					157,270
Short-Term Investments [15.9%]
City National Rochdale Government Money Market Fund, 0.010%*†			14,056,430		14,056
SEI Daily Income Trust Government Fund, Cl A, 0.010%*			14,056,430		14,056
Total Short-Term Investments
(Cost $28,112)					28,112
Total Investments [105.2%]
(Cost $183,393)				$	185,382

Percentages are based on Net Assets of $176,162 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(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 March 31, 2014, the value of these securities amounted to $5,981 (000), representing 3.4% of the net assets of the Fund.

AGM — Assured Guarantee Municipal

AMT — Alternative Minimum Tax (subject to)

Cl — Class

GO — General Obligation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	157,270	$	—	$	157,270
Short-Term Investments		28,112		—		—		28,112
Total Investments in Securities	$	28,112	$	157,270	$	—	$	185,382

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [94.5%]
Advertising Agencies [2.0%]
MDC Partners
6.750%, 04/01/20(A)		$	2,300	$	2,421
Air Transportation [0.5%]
CEVA Group
9.000%, 09/01/21(A)			300		307
7.000%, 03/01/21(A)			300		305
Total Air Transportation					612
Airlines [0.2%]
Continental Airlines, Ser 2007-1, Cl C
7.339%, 04/19/14			65		65
Continental Airlines, Ser 2009-2, Cl B
9.250%, 05/10/17			122		137
Total Airlines					202
Autoparts [0.9%]
Stanadyne
10.000%, 08/15/14			900		897
Stanadyne Holdings
12.000%, 02/15/15(C)			225		170
Total Autoparts					1,067

Description	Face Amount (000)			Value (000)
Broadcasting & Cable [1.5%]
CSC Holdings
6.750%, 11/15/21		$	300	$	335
DCP
10.750%, 08/15/15(A)			500		513
DISH DBS
6.750%, 06/01/21			300		336
Unitymedia Hessen GmbH & KG
5.500%, 01/15/23(A)			725		740
Total Broadcasting & Cable					1,924
Building & Construction [1.5%]
Building Materials Corp of America
6.750%, 05/01/21(A)			950		1,031
CPG Merger Sub
8.000%, 10/01/21(A)			500		532
Dycom Investments
7.125%, 01/15/21			300		324
Total Building & Construction					1,887
Business Services [0.9%]
FTI Consulting
6.750%, 10/01/20			400		431
6.000%, 11/15/22			680		693
Total Business Services					1,124
Chemicals [0.2%]
Nexeo Solutions
8.375%, 03/01/18			250		252
Communications Software [1.6%]
Aspect Software
10.625%, 05/15/17			1,910		2,020
Computer Graphics [0.4%]
Epicor Software
8.625%, 05/01/19			400		437
Computer System Design & Services [3.4%]
Brocade Communications Systems
4.625%, 01/15/23(A)			1,000		955
iGate
9.000%, 05/01/16			1,250		1,312

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 34

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
NCR
5.875%, 12/15/21(A)		$	600	$	632
Stratus Technologies Bermuda
12.000%, 03/29/15			747		829
Stream Global Services
11.250%, 10/01/14			525		525
Total Computer System Design & Services					4,253
Consumer Products & Services [3.3%]
Central Garden and Pet
8.250%, 03/01/18			2,200		2,269
Gibson Brands
8.875%, 08/01/18(A)			175		186
Spectrum Brands
6.625%, 11/15/22			65		71
6.375%, 11/15/20			130		141
WMG Acquisition
6.750%, 04/15/22(A)			500		503
6.000%, 01/15/21(A)			893		931
Total Consumer Products & Services					4,101
Containers & Packaging [0.8%]
Pretium Packaging
11.500%, 04/01/16			900		963
Data Processing/Mgmt [3.5%]
Audatex North America
6.000%, 06/15/21(A)			1,700		1,815
First Data
8.750%, 01/15/22(A) (D)			2,310		2,524
Total Data Processing/Mgmt					4,339
Diversified Operations [0.5%]
Amsted Industries
5.000%, 03/15/22(A)			650		653
Drugs [0.2%]
Grifols Worldwide Operations
5.250%, 04/01/22(A)			200		204
E-Commerce/Services [0.7%]
IAC
4.750%, 12/15/22			900		881
Educational Services [1.4%]
Laureate Education
9.250%, 09/01/19(A)			1,680		1,789

Description	Face Amount (000)			Value (000)
Electric Utilities [0.8%]
AES
7.375%, 07/01/21		$	850		$	969
Engines-Internal Combust [0.4%]
Briggs & Stratton
6.875%, 12/15/20			500			555
Enterprise Software/Serv [0.8%]
Eagle Midco
9.000%, 06/15/18(A)			950			997
Entertainment & Gaming [1.7%]
Buffalo Thunder Development Authority
9.375%, 12/15/14(A) (B) (E)			75			30
Carmike Cinemas
7.375%, 05/15/19			310			338
Choctaw Resort Development Enterprise
7.250%, 11/15/19(A)			175			173
Diamond Resorts
12.000%, 08/15/18			750			820
Greektown Holdings
8.875%, 03/15/19(A)			500			516
Inn of the Mountain Gods Resort & Casino
9.250%, 11/30/20(A) (C)			99			97
Mashantucket Western Pequot Tribe
6.500%, 07/01/36			77			12
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)			100			101
Tunica-Biloxi Gaming Authority
9.000%, 11/15/15(A)			125			108
Total Entertainment & Gaming						2,195
Financial Services [4.7%]
Credit Acceptance
6.125%, 02/15/21(A)			1,400			1,456
Icahn Enterprises
6.000%, 08/01/20(A)			1,250			1,325
5.875%, 02/01/22(A)			800			812
4.875%, 03/15/19(A)			200			203
Jefferies Finance
7.375%, 04/01/20(A)			395			415
Jefferies LoanCore
6.875%, 06/01/20(A)			450			457

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 35

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Nationstar Mortgage
6.500%, 08/01/18		$	100	$	100
6.500%, 07/01/21			400		377
Oxford Finance
7.250%, 01/15/18(A)			650		689
Total Financial Services					5,834
Food, Beverage & Tobacco [2.8%]
ARAMARK
5.750%, 03/15/20			375		396
B&G Foods
4.625%, 06/01/21			600		593
Darling International
5.375%, 01/15/22(A)			300		308
Diamond Foods
7.000%, 03/15/19(A)			300		311
Le-Nature’s
9.000%, 06/15/13(A) (B) (E) (I)			150		—
Vector Group
7.750%, 02/15/21			1,750		1,881
Total Food, Beverage & Tobacco					3,489
Food-Wholesale/Distrib [1.0%]
KeHE Distributors
7.625%, 08/15/21(A)			1,100		1,183
Gas-Distribution [1.7%]
LBC Tank Terminals Holding Netherlands
6.875%, 05/15/23(A)			1,200		1,281
NGL Energy Partners
6.875%, 10/15/21(A)			900		936
Total Gas-Distribution					2,217
Gold Mining [0.6%]
Eldorado
6.125%, 12/15/20(A)			750		750
Insurance [2.2%]
American Equity Investment Life Holding
6.625%, 07/15/21			1,100		1,173
Fidelity & Guaranty Life Holdings
6.375%, 04/01/21(A)			425		453

Description	Face Amount (000)			Value (000)
Ironshore Holdings US
8.500%, 05/15/20(A)		$	950	$	1,107
Total Insurance					2,733
Internet Connectiv Svcs [1.1%]
Zayo Group
10.125%, 07/01/20			1,135		1,317
Internet Infrastr Equip [0.6%]
CyrusOne
6.375%, 11/15/22			725		765
Investment Banker/Broker Dealer [1.3%]
Nuveen Investments
9.125%, 10/15/17(A)			1,560		1,650
Machinery [0.4%]
Tempel Steel
12.000%, 08/15/16(A)			500		470
Medical Products & Services [0.6%]
HCA
5.000%, 03/15/24			250		251
Physio-Control International
9.875%, 01/15/19(A)			419		470
Total Medical Products & Services					721
Metal-Copper [1.4%]
KGHM International
7.750%, 06/15/19(A)			1,590		1,677
Metals & Mining [0.7%]
Kaiser Aluminum
8.250%, 06/01/20			500		564
Mirabela Nickel
8.750%, 04/15/18(A) (B) (E)			1,020		245
3.500%, 06/30/14(A) (B)			161		161
Total Metals & Mining					970
Miscellaneous Business Services [1.9%]
ADT
6.250%, 10/15/21(A)			400		411
4.125%, 04/15/19			400		397
MCBC Holdings
6.817%, 04/15/14(A) (B) (E)			50		5

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 36

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Sitel
11.000%, 08/01/17(A)		$	1,425	$	1,530
Total Miscellaneous Business Services					2,343
Miscellaneous Manufacturing [0.4%]
AGY Holding
11.000%, 11/15/14(B)			100		98
Atkore International
9.875%, 01/01/18			392		421
Total Miscellaneous Manufacturing					519
Motion Pictures and Services [0.5%]
DreamWorks Animation SKG
6.875%, 08/15/20(A)			600		649
Multi-line Insurance [0.6%]
ING US
5.650%, 05/15/14(F)			750		745
Oil-Field Services [0.8%]
Exterran Partners
6.000%, 04/01/21			225		224
Hiland Partners
7.250%, 10/01/20(A)			725		788
Total Oil-Field Services					1,012
Oil-US Royalty Trusts [0.2%]
IronGate Energy Services
11.000%, 07/01/18(A)			225		224
Paper & Related Products [2.4%]
Opal Acquisition
8.875%, 12/15/21(A)			1,800		1,809
Unifrax I
7.500%, 02/15/19(A)			1,025		1,087
Total Paper & Related Products					2,896
Petrochemicals [1.8%]
TPC Group
8.750%, 12/15/20(A)			2,000		2,192
Petroleum & Fuel Products [20.5%]
Access Midstream Partners
4.875%, 03/15/24			350		349

Description	Face Amount (000)			Value (000)
Atlas Energy Holdings Operating
9.250%, 08/15/21(A)		$	650	$	715
7.750%, 01/15/21			550		577
Atlas Pipeline Partners
5.875%, 08/01/23			876		865
4.750%, 11/15/21			400		380
Bill Barrett
7.625%, 10/01/19			1,600		1,734
BreitBurn Energy Partners
7.875%, 04/15/22			2,300		2,490
Carrizo Oil & Gas
7.500%, 09/15/20			300		330
Crestwood Midstream Partners
6.125%, 03/01/22(A)			200		209
Eagle Rock Energy Partners
8.375%, 06/01/19			1,675		1,817
Endeavor Energy Resources
7.000%, 08/15/21(A)			2,100		2,205
Gibson Energy
6.750%, 07/15/21(A)			1,575		1,689
Jones Energy Holdings
6.750%, 04/01/22(A)			250		255
Legacy Reserves
8.000%, 12/01/20			760		813
6.625%, 12/01/21			600		598
Memorial Production Partners
7.625%, 05/01/21(A)			1,000		1,055
Midstates Petroleum
10.750%, 10/01/20			700		774
9.250%, 06/01/21			400		418
Milagro Oil & Gas
10.500%, 05/15/16(B) (E)			400		312
Pacific Drilling
5.375%, 06/01/20(A)			750		744
Penn Virginia Resource Partners
8.375%, 06/01/20			1,245		1,398
Precision Drilling
6.625%, 11/15/20			575		615
6.500%, 12/15/21			400		428
Rosetta Resources
5.875%, 06/01/22			500		511
SandRidge Energy
8.125%, 10/15/22			1,000		1,090
7.500%, 03/15/21			650		694
Summit Midstream Holdings
7.500%, 07/01/21(A)			550		589
Ultra Petroleum
5.750%, 12/15/18(A)			700		735

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 37

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Unit
6.625%, 05/15/21		$	1,000	$	1,060
Total Petroleum & Fuel Products					25,449
Printing & Publishing [0.0%]
Expo Event Transco
9.000%, 06/15/21(A)			55		56
Property/Casualty Ins [0.6%]
Lancashire Holdings
5.700%, 10/01/22(A)			480		512
QBE Capital Funding III
7.250%, 05/24/41(A) (F)			250		268
Total Property/Casualty Ins					780
Publishing-Books [0.3%]
Baker & Taylor Acquisitions
15.000%, 04/01/17(A) (B)			383		306
Real Estate [1.2%]
Kennedy-Wilson
8.750%, 04/01/19			1,100		1,202
5.875%, 04/01/24			200		200
Total Real Estate					1,402
Retail [6.1%]
AmeriGas Finance
7.000%, 05/20/22			1,510		1,650
Brunswick
4.625%, 05/15/21(A)			550		538
Checkers Drive-In Restaurants
11.000%, 12/01/17(A)			650		725
CST Brands
5.000%, 05/01/23			150		147
GRD Holdings III
10.750%, 06/01/19(A)			2,170		2,387
Guitar Center
6.500%, 04/15/19(A)			1,400		1,391
PF Chang’s China Bistro
10.250%, 06/30/20(A)			285		300
Sally Holdings
5.500%, 11/01/23			400		407
Total Retail					7,545

Description	Face Amount (000)			Value (000)
Schools-Day Care [0.3%]
Knowledge Universe Education
7.750%, 02/01/15(A)		$	400	$	401
Security Brokers & Dealers [1.5%]
Bank of America
5.200%, 06/01/14(F)			1,000		940
Royal Bank of Scotland Group
1.173%, 06/30/14(F)			800		801
Total Security Brokers & Dealers					1,741
Telecommunication Equip [1.7%]
Alcatel-Lucent USA
8.875%, 01/01/20(A)			900		1,022
6.750%, 11/15/20(A)			300		317
Avaya
7.000%, 04/01/19(A)			850		844
Total Telecommunication Equip					2,183
Telephones & Telecommunications [1.9%]
Level 3 Financing
6.125%, 01/15/21(A)			400		422
SBA Telecommunications
5.750%, 07/15/20			300		314
UPCB Finance V
7.250%, 11/15/21(A)			500		551
Virgin Media Finance
6.375%, 04/15/23(A)			700		742
Virgin Media Secured Finance
5.375%, 04/15/21(A)			355		367
Total Telephones & Telecommunications					2,396
Textile-Home Furnishings [0.5%]
Empire Today
11.375%, 02/01/17(A)			665		676
Transportation Services [5.0%]
Harbinger Group
7.875%, 07/15/19			1,900		2,085
Marquette Transportation
10.875%, 01/15/17			1,110		1,168
Pegasus Solutions
10.500%, 04/15/15(A) (B)			100		93
Sabre
8.500%, 05/15/19(A)			1,095		1,210

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 38

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Travelport
13.875%, 03/01/16(A) (D)		$	174	$	184
11.875%, 09/01/16			90		92
8.861%, 06/03/14(A) (F)			1,316		1,326
Total Transportation Services					6,158
Total Corporate Bonds
(Cost $113,441)					117,294
Loan Participations [5.8%]
Acosta, Term Loan
0.000%, 03/03/18(H)			500		502
AlliedBarton, Delayed Term Loan
4.250%, 02/12/21(G)			63		—
AlliedBarton, First Lien Term Loan
0.000%, 02/12/21(H)			177		176
American Tire Distributors, First Lien Term Loan
0.000%, 06/19/18(H)			300		301
Asurion, Incremental Tranche B-1
5.000%, 05/24/19			500		501
Atkore International, First Lien Term Loan
0.000%, 03/26/21(H)			650		649
CEVA Group, First Lien Term Loan
0.000%, 03/12/21(H)			200		199
Entergis, First Lien Term Loan
0.000%, 03/25/21(H)			100		100
Flexera Software, Term Loan
0.000%, 04/02/20(H)			500		498
Fortescue Metals Group (FMG), Cov-Lite Term Loan
0.000%, 06/30/19(H)			500		504
Global Aviation, Term Loan (B) (E) (I)
10.000%, 07/13/17			22		—
3.000%, 02/13/17			216		—
Interline Brands, Term Loan
0.000%, 03/12/21(H)			400		399
International Lease Finance, Term Loan
3.500%, 02/26/21			500		500
J. Crew Group, Term Loan B
0.000%, 03/05/21(H)			1,000		997
Neiman Marcus Group, First Lien Term Loan
4.250%, 10/25/20			350		351

Description	Face Amount (000)/Shares			Value (000)
Tectum Holdings, Term Loan
4.250%, 03/04/19		$	1,250	$	1,247
Travelport, Secon Lien Term Loan
0.000%, 01/31/16(H)			300		310
Total Loan Participations
(Cost $7,400)					7,234
Preferred Stock [0.9%]
Insurance [0.8%]
Aspen Insurance Holdings (F)			40,000		992
Miscellaneous Manufacturing [0.1%]
CEVA Group *			49		62
Total Preferred Stock
(Cost $1,044)					1,054
Common Stock [0.3%]
Miscellaneous Manufacturing [0.0%]
CEVA Group *			22		28
Printing & Publishing [0.3%]
Houghton Mifflin Harcourt *			16,866		343
Total Common Stock
(Cost $379)					371
Mortgage-Backed Security [0.3%]
SRERS Funding, Ser 2011-RS, Cl A1B1
0.407%, 04/09/14(A) (F)			363		336
Total Mortgage-Backed Security
(Cost $319)					336
Asset-Backed Security [0.3%]
United Airlines, Pass-Through Trust, Ser 2013-1, Cl B
5.375%, 08/15/21			400		416
Total Asset-Backed Security
(Cost $400)					416

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 39

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Number of Warrants/Shares		Value (000)
Warrants* [0.0%]
Alion Science and Technology,
Expires 03/15/17 (B)		380	$	—
CUI Acquisition,
Expires 09/20/20 (B) (I) (J)		2,756		28
Global Aviation (B)		35,583		—
Total Warrants
(Cost $250)				28
Special Stock [0.0%]
Broadcasting & Cable [0.0%]
Adelphia Recovery Trust * (B) (I)		8,500		—
Total Special Stock
(Cost $9)				—
Short-Term Investments [1.4%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**†		847,858		848
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		847,858		848
Total Short-Term Investments
(Cost $1,696)				1,696
Total Investments [103.5%]
(Cost $124,938)			$	128,429

Percentages are based on Net Assets of $124,114 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(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 March 31, 2014, the value of these securities amounted to $66,287 (000), representing 53.4% of the net assets of the Fund.

(B) Security is considered illiquid. The total market value of such securities as of March 31, 2014 was $1,278 (000) and represented 1.0% of the net assets of the Fund.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2014. The coupon on a step bond changes on a specific date.

(D) Payment in Kind

(E) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(F) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(G) Unfunded bank loan.

(H) Unsettled bank loan.

(I) Security is 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 March 31, 2014 was $28 (000) and represented 0.0% of net assets of the Fund.

(J) This warrant is a result of the restructuring of Cleveland Unlimited, has an exercise price of $0.0001 per share of common stock and does not have an expiration date.

Cl — Class

Ser — Series

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	117,294	$	—	$	117,294
Loan Participations		—		7,234		—		7,234
Preferred Stock		—		1,054		—		1,054
Common Stock		—		371		—		371
Mortgage-Backed Security		—		336		—		336
Asset-Backed Security		—		416		—		416
Warrants		—		—		28		28
Special Stock		—		—		—		—
Short-Term Investments		1,696		—		—		1,696
Total Investments in Securities	$	1,696	$	126,705	$	28	$	128,429

(1) Of the $28 (000) in Level 3 securities as of March 31, 2014, $28 (000) or 0.00% 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.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 40

schedule of investments

March 31, 2014 (Unaudited)

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 (000) as of March 31, 2014:

	Investments in Mortgage-Backed Securities			Investments in Preferred Stock			Investments in Common Stock
Beginning balance as of October 1, 2013	$	334		$	40		$	19
Accrued discounts/ premiums		1			—			—
Realized gain/(loss)		3			—			—
Change in unrealized appreciation/(depreciation)		17			22			10
Purchases		5			—			—
Sales/paydowns		(24	)		—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		(336	)		(62	)		(29	)
Ending balance as of March 31, 2014	$	—		$	—		$	—
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	17		$	22		$	10

	Investments in Warrants		Total
Beginning balance as of October 1, 2013	$	28	$	421
Accrued discounts/ premiums		—		1
Realized gain/(loss)		—		3
Change in unrealized appreciation/(depreciation)		—		49
Purchases		—		5
Sales/paydowns		—		(24	)
Transfers into Level 3		—		—
Transfers out of Level 3		—		(427	)
Ending balance as of March 31, 2014	$	28	$	28
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—	$	49

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2014, the transfers out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

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 41

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [71.6%]
Consumer Discretionary [2.6%]
AutoZone
3.700%, 04/15/22		$	250	$	251
Best Buy
3.750%, 03/15/16			300		309
CBS
3.375%, 03/01/22			175		171
Comcast
3.125%, 07/15/22			200		198
Expedia
5.950%, 08/15/20			250		277
Gap
5.950%, 04/12/21			495		557
Hasbro
6.125%, 05/15/14			250		251
Scripps Networks Interactive
2.700%, 12/15/16			1,000		1,038
Time Warner Cable
4.125%, 02/15/21			165		173
Toys R Us
7.375%, 10/15/18			500		400
Toys R Us Property II
8.500%, 12/01/17			21		22
Tupperware Brands
4.750%, 06/01/21			500		524
Viacom
6.250%, 04/30/16			125		138

Description	Face Amount (000)			Value (000)
WPP Finance UK
8.000%, 09/15/14		$	749	$	774
5.875%, 06/15/14			400		404
Yum! Brands
6.250%, 03/15/18			30		34
Total Consumer Discretionary					5,521
Consumer Staples [2.1%]
Avon Products
6.500%, 03/01/19			250		279
Bunge Finance
8.500%, 06/15/19			105		130
5.900%, 04/01/17			100		110
5.100%, 07/15/15			500		525
Campbell Soup
8.875%, 05/01/21			350		453
ConAgra Foods
4.950%, 08/15/20			410		448
1.900%, 01/25/18			200		198
CVS Caremark
2.750%, 12/01/22			500		472
Lorillard Tobacco
8.125%, 06/23/19			500		618
PepsiAmericas
4.875%, 01/15/15			250		259
PepsiCo
3.125%, 11/01/20			260		265
Reynolds American
6.750%, 06/15/17			100		115
WM Wrigley Jr
4.650%, 07/15/15			750		784
Total Consumer Staples					4,656
Energy [6.3%]
Boardwalk Pipelines
5.875%, 11/15/16			146		159
5.750%, 09/15/19			175		190
5.500%, 02/01/17			221		239
5.200%, 06/01/18			84		88
BP Capital Markets
3.200%, 03/11/16			100		105
3.125%, 10/01/15			145		150
Buckeye Partners
6.050%, 01/15/18			155		173
Chesapeake Energy
9.500%, 02/15/15			385		411
ConocoPhillips
5.750%, 02/01/19			290		339

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 42

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
DCP Midstream
9.750%, 03/15/19(A)		$	114	$	145
DCP Midstream Operating
3.250%, 10/01/15			120		124
Ecopetrol
7.625%, 07/23/19			250		300
Enbridge Energy Partners
5.875%, 12/15/16			191		212
5.350%, 12/15/14			20		21
Energy Transfer Partners
9.700%, 03/15/19			330		426
9.000%, 04/15/19			189		237
6.125%, 02/15/17			426		477
3.600%, 02/01/23			200		191
Enterprise Products Operating
6.500%, 01/31/19			140		166
3.700%, 06/01/15			125		129
EOG Resources
5.625%, 06/01/19			290		335
FMC Technologies
3.450%, 10/01/22			200		191
Husky Energy
3.950%, 04/15/22			150		154
Kinder Morgan Energy Partners
5.950%, 02/15/18			75		85
5.625%, 02/15/15			284		296
5.300%, 09/15/20			125		137
Marathon Oil
6.000%, 10/01/17			150		171
National Oilwell Varco
6.125%, 08/15/15			100		100
ONEOK Partners
2.000%, 10/01/17			155		156
Panhandle Eastern Pipe Line
7.000%, 06/15/18			396		458
Petrobras International Finance
5.875%, 03/01/18			160		171
5.750%, 01/20/20			250		261
3.875%, 01/27/16			100		103
2.875%, 02/06/15			500		506
Petrofac
3.400%, 10/10/18(A)			125		127
Plains All American Pipeline
5.875%, 08/15/16			205		223
Plains Exploration & Production
6.125%, 06/15/19			2,000		2,207
PPL Energy Supply
6.200%, 05/15/16			105		116
Puget Energy
6.000%, 09/01/21			500		576

Description	Face Amount (000)			Value (000)
Rowan
4.875%, 06/01/22		$	200	$	207
Sabine Pass LNG
7.500%, 11/30/16			100		111
Spectra Energy Capital
6.750%, 07/15/18			745		849
6.200%, 04/15/18			135		154
Spectra Energy Partners
4.750%, 03/15/24			125		132
Total Capital International
1.500%, 02/17/17			100		101
Transocean
7.375%, 04/15/18			494		568
6.000%, 03/15/18			500		556
Williams Partners
3.350%, 08/15/22			200		192
Total Energy					13,525
Financials [23.9%]
ACE INA Holdings
5.800%, 03/15/18			300		340
2.700%, 03/13/23			850		804
Alleghany
5.625%, 09/15/20			270		302
American Express
0.826%, 05/22/14(B)			3,000		3,008
American Express Credit, MTN
2.800%, 09/19/16			175		183
American International Group
6.400%, 12/15/20			125		149
Aon
3.500%, 09/30/15			200		208
Associates Corp of North America
6.950%, 11/01/18			150		179
Axis Specialty Finance
5.875%, 06/01/20			250		283
Bank of America
10.200%, 07/15/15			350		387
5.700%, 05/02/17			950		1,057
5.420%, 03/15/17			42		46
Bank of America, MTN
5.650%, 05/01/18			145		164
Bank of Montreal, MTN
1.450%, 04/09/18			340		335
Bank of New York Mellon, MTN
3.100%, 01/15/15			175		179
Barclays Bank
5.125%, 01/08/20			100		112

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 43

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
BB&T, MTN
1.600%, 08/15/17		$	355	$	356
Bear Stearns
7.250%, 02/01/18			275		327
5.550%, 01/22/17			468		519
Berkshire Hathaway
3.000%, 02/11/23			250		246
1.550%, 02/09/18			300		299
Berkshire Hathaway Finance
1.600%, 05/15/17			440		445
BlackRock
3.500%, 12/10/14			170		174
Capital One Financial
7.375%, 05/23/14			100		101
1.500%, 03/22/18			475		465
Citigroup
6.125%, 05/15/18			140		161
5.000%, 09/15/14			503		513
4.500%, 01/14/22			2,000		2,119
CNA Financial
6.950%, 01/15/18			1,076		1,228
Commonwealth Bank of Australia, MTN
5.000%, 10/15/19(A)			150		167
Countrywide Financial, MTN
6.000%, 08/26/20(C)			313		311
Credit Suisse NY, MTN
5.300%, 08/13/19			150		170
Dresdner Bank NY
7.250%, 09/15/15			1,150		1,231
ERAC USA Finance
3.300%, 10/15/22(A)			250		240
Ford Motor Credit
4.250%, 02/03/17			2,000		2,147
1.700%, 05/09/16			1,000		1,011
Goldman Sachs Group
6.250%, 09/01/17			550		629
6.150%, 04/01/18			150		171
5.625%, 01/15/17			700		773
5.350%, 01/15/16			250		269
5.125%, 01/15/15			355		367
Goldman Sachs Group, MTN
6.000%, 06/15/20			500		574
HSBC Finance
6.676%, 01/15/21			83		97
ING Bank
3.750%, 03/07/17(A)			200		213
International Lease Finance, MTN
6.100%, 04/15/14			250		250
5.650%, 06/01/14			197		198

Description	Face Amount (000)			Value (000)
Janus Capital Group
6.700%, 06/15/17		$	600	$	677
Jefferies Group
8.500%, 07/15/19			1,000		1,229
6.450%, 06/08/27			100		107
5.875%, 06/08/14			733		740
5.500%, 03/15/16			1,000		1,073
JPMorgan Chase
4.250%, 10/15/20			150		160
3.375%, 05/01/23			2,500		2,366
JPMorgan Chase, MTN
5.300%, 05/15/18			150		149
Kookmin Bank
7.250%, 05/14/14(A)			100		101
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(D)			400		95
Manulife Financial
3.400%, 09/17/15			198		205
Marsh & McLennan, MTN
2.550%, 10/15/18			100		101
MetLife
6.817%, 08/15/18			3,500		4,177
5.000%, 06/15/15			175		184
Metropolitan Life Global Funding I
3.875%, 04/11/22(A)			125		129
Moody’s
5.500%, 09/01/20			800		885
Morgan Stanley
5.375%, 10/15/15			210		224
4.750%, 04/01/14			3,398		3,398
4.750%, 03/22/17			155		169
4.200%, 11/20/14			250		256
Morgan Stanley, MTN
6.625%, 04/01/18			100		117
6.000%, 05/13/14			1,050		1,056
6.000%, 04/28/15			600		633
5.450%, 01/09/17			100		111
NASDAQ OMX Group
5.550%, 01/15/20			1,249		1,371
National Bank of Canada, MTN
1.450%, 11/07/17			750		740
National Rural Utilities Cooperative Finance
10.375%, 11/01/18			125		169
6.550%, 11/01/18			300		357
PNC Funding
4.250%, 09/21/15			325		341

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 44

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Principal Financial Group
8.875%, 05/15/19		$	130	$	166
3.300%, 09/15/22			200		195
Protective Life
6.400%, 01/15/18			250		276
Prudential Financial, MTN
6.200%, 01/15/15			160		167
5.375%, 06/21/20			145		164
Royal Bank of Canada, MTN
0.695%, 06/11/14(B)			125		126
Silicon Valley Bank
6.050%, 06/01/17			355		381
SLM, MTN
5.050%, 11/14/14			500		511
5.000%, 06/15/18			802		794
Sumitomo Mitsui Banking
3.150%, 07/22/15(A)			200		206
SunTrust Banks
6.000%, 09/11/17			254		289
TD Ameritrade Holding
5.600%, 12/01/19			290		332
Toyota Motor Credit, MTN
2.000%, 09/15/16			100		103
UBS, MTN
7.375%, 06/15/17			388		437
US Bancorp, MTN
1.650%, 05/15/17			345		349
Volkswagen International Finance
2.375%, 03/22/17(A)			125		128
Wells Fargo
1.500%, 01/16/18			150		149
Wells Fargo, MTN
3.625%, 04/15/15			125		129
3.450%, 02/13/23			250		243
2.625%, 12/15/16			235		245
2.100%, 05/08/17			575		589
Wells Fargo Bank
5.750%, 05/16/16			100		110
Westpac Banking, MTN
1.600%, 01/12/18			250		248
Wilmington Trust
8.500%, 04/02/18			315		375
Total Financials					51,539
Healthcare [0.6%]
Actavis
3.250%, 10/01/22			500		479
Boston Scientific
6.400%, 06/15/16			145		161

Description	Face Amount (000)			Value (000)
Express Scripts Holding
3.500%, 11/15/16		$	150	$	159
UnitedHealth Group
4.700%, 02/15/21			200		221
1.625%, 03/15/19			250		243
Total Healthcare					1,263
Industrials [6.9%]
Canadian National Railway
2.250%, 11/15/22			650		598
Carlisle
3.750%, 11/15/22			250		243
CNH America
7.250%, 01/15/16			388		424
Eaton
8.875%, 06/15/19			125		155
Embraer Overseas
5.696%, 09/16/23			520		539
GATX
8.750%, 05/15/14			200		202
6.000%, 02/15/18			170		192
General Electric Capital
5.300%, 02/11/21			3,500		3,936
General Electric Capital, MTN
6.000%, 08/07/19			410		481
5.625%, 09/15/17			300		341
4.375%, 09/16/20			150		163
IDEX
4.200%, 12/15/21			250		256
Johnson Controls
5.500%, 01/15/16			100		108
Joy Global
6.000%, 11/15/16			500		556
Lennox International
4.900%, 05/15/17			250		265
NuStar Logistics
8.150%, 04/15/18			250		285
4.800%, 09/01/20			200		197
Owens Corning
6.500%, 12/01/16			620		685
Penske Truck Leasing
4.875%, 07/11/22(A)			200		212
4.250%, 01/17/23(A)			300		303
3.750%, 05/11/17(A)			3,000		3,184
3.375%, 03/15/18(A)			250		260
2.500%, 03/15/16(A)			500		512
Republic Services
3.550%, 06/01/22			250		250

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 45

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Roper Industries
3.125%, 11/15/22		$	200	$	189
1.850%, 11/15/17			250		251
Xylem
3.550%, 09/20/16			200		211
Total Industrials					14,998
Information Technology [4.4%]
Arrow Electronics
6.875%, 06/01/18			400		455
Avnet
6.625%, 09/15/16			128		143
Fidelity National Information Services
7.875%, 07/15/20			140		151
Fiserv
3.500%, 10/01/22			250		244
Hewlett-Packard
4.750%, 06/02/14			850		856
4.650%, 12/09/21			150		159
1.550%, 05/30/14			920		921
KLA-Tencor
6.900%, 05/01/18			200		234
Lexmark International
5.125%, 03/15/20			2,250		2,351
Nokia
5.375%, 05/15/19			950		1,000
Texas Instruments
1.650%, 08/03/19			295		285
Western Union
5.253%, 04/01/20			2,000		2,170
Xerox
8.250%, 05/15/14			473		477
Total Information Technology					9,446
Materials [8.2%]
Airgas
2.900%, 11/15/22			250		233
Alcoa
6.750%, 07/15/18			700		798
6.150%, 08/15/20			200		218
5.720%, 02/23/19			385		418
AngloGold Ashanti Holdings
5.375%, 04/15/20			1,317		1,313
ArcelorMittal
10.350%, 06/01/19			200		253
9.500%, 02/15/15			400		427
6.125%, 06/01/18			800		877

Description	Face Amount (000)			Value (000)
Avery Dennison
5.375%, 04/15/20		$	405	$	418
Cabot
5.000%, 10/01/16			300		327
Glencore Canada
6.000%, 10/15/15			1,192		1,278
5.500%, 06/15/17			1,010		1,107
Glencore Funding
4.125%, 05/30/23(A)			150		143
1.700%, 05/27/16(A)			1,500		1,505
1.604%, 04/15/14			2,000		1,994
International Paper
7.950%, 06/15/18			130		159
Kinross
5.125%, 09/01/21			303		300
Rio Tinto Finance USA
8.950%, 05/01/14			100		101
6.500%, 07/15/18			100		118
3.500%, 03/22/22			4,000		4,001
RPM International
6.125%, 10/15/19			150		170
3.450%, 11/15/22			250		235
Southern Copper
6.375%, 07/27/15			380		403
Vale Canada
5.700%, 10/15/15			100		107
Vale Overseas
5.625%, 09/15/19			505		558
Worthington Industries
6.500%, 04/15/20			250		267
Total Materials					17,728
REITs [7.1%]
American Tower
3.400%, 02/15/19			2,100		2,152
BioMed Realty
3.850%, 04/15/16			500		526
Boston Properties
5.875%, 10/15/19			140		162
CommonWealth REIT
6.650%, 01/15/18			300		327
5.875%, 09/15/20			105		111
DDR
4.625%, 07/15/22			250		262
Equity One
3.750%, 11/15/22			250		241
HCP
6.000%, 03/01/15			215		225
6.000%, 01/30/17			350		394
2.625%, 02/01/20			175		171

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 46

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
HCP, MTN
6.300%, 09/15/16		$	462	$	519
Health Care REIT
5.875%, 05/15/15			268		283
4.950%, 01/15/21			155		168
Healthcare Realty Trust
6.500%, 01/17/17			250		282
Highwoods Realty
3.625%, 01/15/23			200		189
Liberty Property, MTN
7.500%, 01/15/18			177		208
National Retail Properties
6.875%, 10/15/17			300		348
3.800%, 10/15/22			350		345
Post Apartment Homes
3.375%, 12/01/22			200		190
Prologis
6.875%, 03/15/20			101		120
3.350%, 02/01/21			2,200		2,176
Realty Income
5.950%, 09/15/16			129		143
3.250%, 10/15/22			200		191
Senior Housing Properties Trust
6.750%, 12/15/21			500		564
4.300%, 01/15/16			500		520
Simon Property Group
6.100%, 05/01/16			600		657
5.750%, 12/01/15			408		437
2.200%, 02/01/19			2,800		2,792
2.150%, 09/15/17			350		358
Tanger Properties
6.150%, 11/15/15			115		125
Washington Real Estate Investment Trust
3.950%, 10/15/22			250		244
Total REITs					15,430
Shipping & Transportation [0.5%]
Burlington Northern Santa Fe
3.000%, 03/15/23			250		236
Federal Express 1998 Pass-Through Trust
7.020%, 01/15/16			382		402
Union Pacific
4.875%, 01/15/15			400		414
Total Shipping & Transportation					1,052

Description	Face Amount (000)			Value (000)
Telecommunication Services [4.8%]
America Movil
5.750%, 01/15/15		$	186	$	193
1.234%, 06/12/14(B)			3,000		3,033
AT&T
5.600%, 05/15/18			310		352
CenturyLink
6.450%, 06/15/21			355		382
5.800%, 03/15/22			250		256
COX Communications
7.250%, 11/15/15			231		254
COX Communications, MTN
6.850%, 01/15/18			224		255
Deutsche Telekom International Finance BV
8.750%, 06/15/30			75		108
6.000%, 07/08/19			50		59
New Cingular Wireless Services
8.750%, 03/01/31			75		109
Qwest
6.500%, 06/01/17			100		113
Telecom Italia Capital
6.175%, 06/18/14			1,375		1,389
Telefonica Emisiones SAU
6.421%, 06/20/16			275		304
6.221%, 07/03/17			286		324
5.462%, 02/16/21			115		126
5.134%, 04/27/20			300		324
4.949%, 01/15/15			764		788
3.992%, 02/16/16			500		524
3.729%, 04/27/15			400		412
Verizon Communications
2.500%, 09/15/16			1,000		1,035
Total Telecommunication Services					10,340
Utilities [4.2%]
AmeriGas Partners
6.500%, 05/20/21			477		509
Arizona Public Service
6.250%, 08/01/16			44		49
British Transco Finance
6.625%, 06/01/18			128		150
Cleveland Electric Illuminating
7.880%, 11/01/17			10		12
5.700%, 04/01/17			6		6
Commonwealth Edison
4.700%, 04/15/15			250		260
Duke Energy Progress
5.150%, 04/01/15			80		84

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 47

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Entergy Mississippi
6.640%, 07/01/19		$	540	$	623
4.950%, 06/01/18			39		39
Entergy Texas
7.125%, 02/01/19			190		224
Exelon Generation
6.200%, 10/01/17			2,125		2,401
5.200%, 10/01/19			150		164
4.250%, 06/15/22			100		101
Jersey Central Power & Light
5.625%, 05/01/16			265		287
KeySpan
8.000%, 11/15/30			50		67
Korea Electric Power
6.750%, 08/01/27			75		91
National Fuel Gas
4.900%, 12/01/21			500		534
National Grid
6.300%, 08/01/16			270		302
Nisource Capital Markets, MTN
7.860%, 03/27/17			163		186
Nisource Finance
5.400%, 07/15/14			266		270
Northern Indiana Public Service, MTN
7.590%, 06/12/17			440		503
ONEOK
4.250%, 02/01/22			294		282
Pennsylvania Electric
6.625%, 04/01/19			15		17
PPL Energy Supply
5.700%, 10/15/15			75		80
Puget Energy
5.625%, 07/15/22			250		285
Puget Sound Energy, MTN
6.740%, 06/15/18			57		67
Southwestern Electric Power
5.875%, 03/01/18			581		653
3.550%, 02/15/22			500		503
Southwestern Public Service
8.750%, 12/01/18			250		320
Trans-Allegheny Interstate Line
4.000%, 01/15/15(A)			100		102
Xcel Energy
5.613%, 04/01/17			10		11
Total Utilities					9,182
Total Corporate Bonds
(Cost $150,953)					154,680

Description	Face Amount (000)/Shares			Value (000)
U.S. Government Agency Obligations [9.5%]
FFCB
3.600%, 05/14/32		$	200	$	182
FHLB
3.480%, 03/25/33			990		886
3.400%, 10/04/32			279		250
3.100%, 07/09/26			538		492
3.070%, 10/15/27			110		99
FHLMC
1.750%, 05/30/19			3,000		2,973
1.000%, 09/29/17			660		655
FNMA
5.000%, 03/15/16			5,700		6,206
2.375%, 07/28/15			820		843
1.875%, 09/18/18			150		152
1.625%, 11/27/18			6,000		5,976
1.375%, 11/15/16			460		467
1.125%, 04/27/17			470		472
0.875%, 05/21/18			350		340
0.625%, 10/30/14			570		572
Total U.S. Government Agency Obligations
(Cost $20,806)					20,565
Municipal Bonds [3.7%]
California [1.9%]
California State, Department of Water Resources, Ser L, RB
Callable 05/01/20 @ 100
5.000%, 05/01/21			3,460		4,042
Florida [1.8%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18			3,870		3,889
Total Municipal Bonds
(Cost $7,947)					7,931
Preferred Stock [3.4%]
Financials [1.2%]
BB&T			10,000		224
Citigroup			10,000		229
Goldman Sachs Group			25,000		576
HSBC Holdings			30,000		809
JPMorgan Chase			20,000		437
Prudential Financial			10,000		236
Total Financials					2,511

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 48

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares/ Face Amount (000)			Value (000)
Industrials [0.3%]
Pitney Bowes			10,000	$	254
Stanley Black & Decker			20,000		479
Total Industrials					733
REITs [1.4%]
Digital Realty Trust			10,000		229
Kimco Realty			10,000		208
National Retail Properties			20,000		485
Realty Income			20,000		504
Senior Housing Properties Trust			52,500		1,147
Vornado Realty Trust			20,000		434
Total REITs					3,007
Telecommunication Services [0.3%]
Telephone & Data Systems			30,000		660
Utilities [0.2%]
SCE Trust I			20,000		455
Total Preferred Stock
(Cost $7,904)					7,366
U.S. Government Mortgage-Backed Obligations [3.4%]
FHLMC, Pool 1B2677
2.525%, 04/01/14(B)		$	8		8
FHLMC, Pool 1B2683
2.522%, 04/01/14(B)			5		6
FHLMC, Pool 1B2692
2.375%, 04/01/14(B)			13		14
FHLMC, Pool A93505
4.500%, 08/01/40			57		61
FHLMC, Pool A93996
4.500%, 09/01/40			83		88
FHLMC, Pool C03490
4.500%, 08/01/40			432		461
FHLMC, Pool C09015
3.000%, 10/01/42			251		242
FHLMC, Pool C20300
6.500%, 01/01/29			4		5
FHLMC, Pool E01280
5.000%, 12/01/17			6		6
FHLMC, Pool G02940
5.500%, 05/01/37			20		22
FHLMC, Pool G04222
5.500%, 04/01/38			30		33
FHLMC, Pool G04913
5.000%, 03/01/38			105		114

Description	Face Amount (000)			Value (000)
FHLMC, Pool G08003
6.000%, 07/01/34		$	25	$	28
FHLMC, Pool G11431
6.000%, 04/01/14			4		4
FHLMC, Pool G11880
5.000%, 12/01/20			20		21
FHLMC, Pool G18124
6.000%, 04/01/14			15		16
FHLMC, Pool J19197
3.000%, 05/01/27			193		198
FHLMC, Pool Q08998
3.500%, 06/01/42			219		220
FHLMC, Pool Q10378
3.000%, 08/01/42			241		233
FHLMC, Ser 2004-2804, Cl VC
5.000%, 07/15/21			106		114
FHLMC Multifamily Structured Pass Through Certificates, Ser K003, Cl A4
5.053%, 01/25/19			150		168
FHLMC Multifamily Structured Pass Through Certificates, Ser K704, Cl A2
2.412%, 08/25/18			400		410
FHLMC Multifamily Structured Pass Through Certificates, Ser K705, Cl A2
2.303%, 09/25/18			200		203
FHLMC Multifamily Structured Pass Through Certificates, Ser K708, Cl A2
2.130%, 01/25/19			300		302
FNMA, Pool 252570
6.500%, 07/01/29			7		8
FNMA, Pool 253183
7.500%, 04/01/30			1		1
FNMA, Pool 253398
8.000%, 08/01/30			2		3
FNMA, Pool 254545
5.000%, 12/01/17			16		17
FNMA, Pool 254685
5.000%, 04/01/18			14		15
FNMA, Pool 254949
5.000%, 11/01/33			19		20
FNMA, Pool 255814
5.500%, 08/01/35			36		40
FNMA, Pool 303168
9.500%, 02/01/25			3		3
FNMA, Pool 725424
5.500%, 04/01/34			29		33

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 49

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FNMA, Pool 735060
6.000%, 11/01/34		$	19	$	21
FNMA, Pool 735228
5.500%, 02/01/35			16		18
FNMA, Pool 735230
5.500%, 02/01/35			39		43
FNMA, Pool 745275
5.000%, 02/01/36			159		173
FNMA, Pool 745418
5.500%, 04/01/36			188		209
FNMA, Pool 827223
2.215%, 04/01/14(B)			75		78
FNMA, Pool 844809
5.000%, 11/01/35			80		87
FNMA, Pool AD0454
5.000%, 11/01/21			45		48
FNMA, Pool AD8522
4.000%, 08/01/40			58		60
FNMA, Pool AE0828
3.500%, 02/01/41			410		413
FNMA, Pool AE0949
4.000%, 02/01/41			419		435
FNMA, Pool AH0621
3.500%, 01/01/41			100		101
FNMA, Pool AJ1407
4.000%, 09/01/41			93		97
FNMA, Pool AJ7689
4.000%, 12/01/41			296		308
FNMA, Pool AK0971
3.000%, 02/01/27			181		186
FNMA, Pool AO2970
3.000%, 05/01/42			228		220
FNMA, Pool AO4137
3.500%, 06/01/42			238		240
FNMA, Pool MA1277
2.500%, 12/01/27			168		168
FNMA REMIC Trust, Ser 2004-W6, Cl 1A6
5.500%, 07/25/34			106		111
GNMA, Pool 780315
9.500%, 12/15/17			3		3
GNMA, Pool G2 4696
4.500%, 05/20/40			207		224
GNMA, Pool G2 4747
5.000%, 07/20/40			79		87
GNMA, Pool G2 4923
4.500%, 01/20/41			112		121
GNMA, Pool G2 MA0155
4.000%, 06/20/42			274		288

Description	Face Amount (000)			Value (000)
GNMA, Pool G2 MA0392
3.500%, 09/20/42		$	279	$	285
NCUA Guaranteed Notes Trust, Ser 2010-C1, Cl A2
2.900%, 10/29/20			225		233
NCUA Guaranteed Notes Trust, Ser 2010-R1, Cl 2A
1.840%, 10/07/20			44		44
Total U.S. Government Mortgage-Backed Obligations
(Cost $7,349)					7,418
U.S. Treasury Obligations [3.1%]
U.S. Treasury Bond
6.250%, 08/15/23			550		718
U.S. Treasury Note
2.750%, 02/15/19			845		887
2.625%, 11/15/20			425		436
2.375%, 07/31/17			1,010		1,052
1.750%, 10/31/18			610		614
1.250%, 04/30/19			2,375		2,315
0.875%, 07/31/19			815		774
Total U.S. Treasury Obligations
(Cost $6,913)					6,796
Asset-Backed Securities [1.9%]
American Express Credit Account Master Trust, Ser 2009-2, Cl A
1.405%, 04/15/14(B)			575		578
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/37			121		129
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589)
9.250%, 06/06/16(E) (F) (G)			1,011		953
Cityscape Home Equity Loan Trust Series, Ser 1997-C, Cl A4
7.000%, 07/25/28(D) (F)			5		—
Conseco Financial, Ser 1997-7, Cl A6
6.760%, 07/15/28			32		33
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28			—		—
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
4.810%, 07/25/35			33		33

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 50

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
0.530%, 03/15/16		$	2,241	$	2,243
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 04/01/14(B)			9		9
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(B)			34		34
Total Asset-Backed Securities
(Cost $4,072)					4,012
Commercial Mortgage-Backed Obligations [1.1%]
Bear Stearns Commercial Mortgage Securities Trust, Ser PWR9, Cl A4A
4.871%, 09/11/42			200		209
CD 2005-CD1 Commercial Mortgage Trust, Ser CD1, Cl A4
5.219%, 04/01/14(B)			199		209
Commercial Mortgage Trust, Ser 2005-C6, Cl A5A
5.116%, 06/10/44(B)			274		286
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
3.147%, 04/01/14			125		123
Credit Suisse First Boston Mortgage Securities, Ser C5, Cl A4
5.100%, 08/15/38(B)			274		284
GS Mortgage Securities II, Ser GCJ9, Cl A3
2.773%, 11/10/45			275		262
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2005-CB12, Cl A4
4.895%, 09/12/37			275		286
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
2.960%, 04/01/14			150		144
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
2.858%, 11/15/45			275		264

Description	Face Amount (000)			Value (000)
Wachovia Bank Commercial Mortgage Trust Series, Ser C22, Cl A4
5.291%, 04/01/14(B)		$	250	$	265
Total Commercial Mortgage-Backed Obligations
(Cost $2,388)					2,332
Foreign Government Bonds [0.2%]
Mexico Government International Bond, MTN
5.125%, 01/15/20			100		111
Province of Newfoundland and Labrador Canada
7.320%, 10/13/23			100		129
Province of Quebec Canada, MTN
7.380%, 04/09/26(C)			100		131
Total Foreign Government Bonds
(Cost $363)					371
Certificate of Deposit [0.1%]
Swiss Bank
7.375%, 07/15/15			175		189
Total Certificate of Deposit
(Cost $180)					189
Residential Mortgage-Backed Securities [0.1%]
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
5.500%, 03/25/19			35		36
Residential Accredit Loans, Ser 2004-QS5, Cl A5
4.750%, 04/25/34			10		11
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19			17		17
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A
5.000%, 07/25/19			53		54
Total Residential Mortgage-Backed Securities
(Cost $114)					118

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 51

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)/Shares			Value (000)
Convertible Bond [0.0%]
Information Technology [0.0%]
Advanced Micro Devices
8.125%, 12/15/17		$	61	$	64
Total Convertible Bond
(Cost $62)					64
Short-Term Investments [0.8%]
City National Rochdale Government Money Market Fund, 0.010%*†			129,763		130
SEI Daily Income Trust Government Fund, Cl A, 0.010%*			1,698,015		1,698
Total Short-Term Investments
(Cost $1,828)					1,828
Total Investments [98.9%]
(Cost $210,879)				$	213,670

Percentages are based on Net Assets of $216,066 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(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 March 31, 2014, the value of these securities amounted to $7,677 (000), representing 3.6% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2014. 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) Security is 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 March 31, 2014 was $953 (000) and represented 0.4% of the net assets of the Fund.

(F) Security is considered illiquid. The total market value of such securities as of March 31, 2014 was $953 (000) and represented 0.4% of the net assets of the Fund.

(G) Security is considered restricted. The total market value of such securities as of March 31, 2014 was $953 (000) and represented 0.4% of the net assets of the Fund.

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

MTN — Medium Term Note

NCUA — National Credit Union Administration

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SPE — Special Purpose Entity

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	154,680	$	—	$	154,680
U.S. Government Agency Obligations		—		20,565		—		20,565
Municipal Bonds		—		7,931		—		7,931
Preferred Stock		4,551		2,815		—		7,366
U.S. Government Mortgage-Backed Obligations		—		7,418		—		7,418
U.S. Treasury Obligations		—		6,796		—		6,796
Asset-Backed Securities		—		3,059		953		4,012
Commercial Mortgage-Backed Obligations		—		2,332		—		2,332
Foreign Government Bonds		—		371		—		371
Certificate of Deposit		—		189		—		189
Residential Mortgage-Backed Securities		—		118		—		118
Convertible Bond		—		64		—		64
Short-Term Investments		1,828		—		—		1,828
Total Investments in Securities	$	6,379	$	206,338	$	953	$	213,670

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 52

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (concluded)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2014:

	Investments in Asset-Backed Securities
Beginning balance as of October 1, 2013	$	1,158
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		13
Purchases		—
Sales/paydowns		(218	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2014	$	953
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	13

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2014. 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 March 31, 2014 (000)	Valuation Techniques
BT SPE	$953	Discounted Cash Flow Model
		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 increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements. financial statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 53

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [50.5%]
Advertising Sales [0.1%]
CBS Outdoor Americas Capital
5.625%, 02/15/24(A)		$	100	$	103
5.250%, 02/15/22(A)			125		128
Lamar Media
5.875%, 02/01/22			525		556
5.375%, 01/15/24(A)			475		487
5.000%, 05/01/23			450		450
Total Advertising Sales					1,724
Aerospace & Defense [0.5%]
Accudyne Industries Borrower
7.750%, 12/15/20(A)			1,425		1,535
BE Aerospace
5.250%, 04/01/22			1,050		1,080
Guanay Finance
6.000%, 12/15/20			1,450		1,530
TransDigm
7.750%, 12/15/18			1,875		2,011
7.500%, 07/15/21			100		111
Total Aerospace & Defense					6,267
Applications Software [0.2%]
Emdeon
11.000%, 12/31/19			1,075		1,246
Nuance Communications
5.375%, 08/15/20(A)			800		796
Total Applications Software					2,042

Description	Face Amount (000)			Value (000)
Auto Rent & Lease [0.4%]
Hertz
6.750%, 04/15/19		$	825	$	884
6.250%, 10/15/22			1,025		1,097
United Rentals North America
8.375%, 09/15/20			675		748
7.625%, 04/15/22			300		336
6.125%, 06/15/23			575		610
5.750%, 11/15/24			175		176
Total Auto Rent & Lease					3,851
Auto/Trk Prts and Equip-Repl [0.2%]
Allison Transmission
7.125%, 05/15/19(A)			650		700
Exide Technologies
8.625%, 02/01/18(B)			375		285
IDQ Holdings
11.500%, 04/01/17(A)			450		489
JB Poindexter
9.000%, 04/01/22(A)			550		588
UCI International
8.625%, 02/15/19			1,575		1,528
Total Auto/Trk Prts and Equip-Repl					3,590
Automotive [0.1%]
Chrysler Group
8.250%, 06/15/21			675		764
Jaguar Land Rover Automotive
8.125%, 05/15/21(A)			625		709
5.625%, 02/01/23(A)			325		339
Total Automotive					1,812
Autoparts [0.8%]
Affinia Group
7.750%, 05/01/21			1,025		1,107
American Axle & Manufacturing
7.750%, 11/15/19			1,225		1,415
6.625%, 10/15/22			300		325
6.250%, 03/15/21			275		293
5.125%, 02/15/19			500		521
International Automotive Components Group
9.125%, 06/01/18(A)			625		659
Lear
4.750%, 01/15/23(A)			1,075		1,048

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 54

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Schaeffler Finance BV
8.500%, 02/15/19(A)		$	1,150	$	1,284
4.750%, 05/15/21(A)			625		639
Schaeffler Holding Finance BV
6.875%, 08/15/18(A)			850		904
Stackpole International Intermediate
7.750%, 10/15/21(A)			1,150		1,232
Tenneco
6.875%, 12/15/20			275		302
Titan International
6.875%, 10/01/20(A)			325		345
Tomkins
9.000%, 10/01/18			461		495
Total Autoparts					10,569
Banks [4.8%]
Alfa Bank Via Alfa Bond Issuance
7.500%, 09/26/19			1,800		1,791
Alliance Bank JSC
22.844%, 03/25/20(I) (J)			7,034		1,126
10.500%, 03/25/17(I)			137		60
10.014%, 03/25/20(A)(I) (J)			1,838		294
Banco BMG
8.000%, 04/15/18			1,000		1,009
Banco de Reservas de la Republica Dominicana
7.000%, 02/01/23(I)			133		125
Banco do Brasil, MTN
3.750%, 07/25/18			1,000		1,412
Bank of Georgia JSC, MTN
7.750%, 07/05/17			4,100		4,371
Bank of Moscow Via Kuznetski Capital
6.020%, 05/10/17(C) (D)			4,033		3,952
CIT Group
6.625%, 04/01/18(A)			325		364
5.375%, 05/15/20			225		241
5.250%, 03/15/18			1,050		1,129
5.000%, 08/01/23			1,175		1,202
4.750%, 02/15/15(A)			225		231
4.250%, 08/15/17			175		183
CorpGroup Banking
6.750%, 03/15/23			2,000		1,955
Credit Bank of Moscow Via CBOM Finance
8.700%, 11/13/18			500		460
Credit Europe Bank
8.000%, 01/24/23(C)			2,400		2,376

Description	Face Amount (000)			Value (000)
East and South African Development Bank
6.375%, 12/06/18		$	3,000	$	3,154
Eastern and Southern African Trade and Development Bank
6.375%, 12/06/18			1,500		1,581
Halyk Savings Bank of Kazakhstan JSC
7.250%, 05/03/17			6,000		6,381
Home Credit & Finance Bank OOO Via Eurasia Capital
9.375%, 04/24/20(C)			3,000		2,745
Kaspi Bank JSC
9.875%, 10/28/16			3,000		3,053
Kazkommertsbank JSC
6.765%, 07/27/16(C) (D)			4,000		3,520
NDR Finance
8.000%, 06/22/17(C)(I)			721		505
Nomos Bank Via Nomos Capital
10.000%, 04/26/19			1,800		1,777
Renaissance Capital Via Renaissance Consumer Funding
13.500%, 06/21/18			2,124		2,060
Russian Agricultural Bank Via RSHB Capital
6.000%, 06/03/21(C)			4,000		3,910
Russian Standard Bank Via Russian Standard Finance, MTN
10.750%, 04/10/18			1,500		1,410
Sberbank of Russia Via SB Capital
5.500%, 02/26/24(C)			2,000		1,872
Tinkoff Credit Systems Via TCS Finance, MTN
14.000%, 06/06/18			3,550		3,612
Turkiye Vakiflar Bankasi Tao
5.750%, 04/24/17			500		515
Yapi ve Kredi Bankasi
5.500%, 12/06/22			500		440
Total Banks					58,816
Beauty Products [0.1%]
First Quality Finance
4.625%, 05/15/21(A)			950		924

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 55

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Broadcasting & Cable [1.3%]
AMC Networks
7.750%, 07/15/21		$	600	$	676
4.750%, 12/15/22			200		199
Anixter
5.625%, 05/01/19			600		639
CCO Holdings
8.125%, 04/30/20			50		55
7.375%, 06/01/20			300		328
6.625%, 01/31/22			650		695
5.750%, 09/01/23			525		521
5.750%, 01/15/24			250		248
5.250%, 03/15/21			675		680
5.125%, 02/15/23			825		794
Cequel Communications Holdings I
6.375%, 09/15/20(A)			850		888
5.125%, 12/15/21(A)			400		396
Clear Channel Communications
9.000%, 03/01/21			2,650		2,766
Clear Channel Worldwide Holdings
7.625%, 03/15/20			750		809
6.500%, 11/15/22			1,850		1,977
Crown Media Holdings
10.500%, 07/15/19			1,100		1,246
DISH DBS
5.875%, 07/15/22			2,425		2,589
5.000%, 03/15/23			100		101
Gray Television
7.500%, 10/01/20			1,000		1,085
Unitymedia Hessen GmbH & KG
5.500%, 01/15/23(A)			525		535
Total Broadcasting & Cable					17,227
Building & Construction [0.9%]
Allegion US Holding
5.750%, 10/01/21(A)			550		579
Building Materials Corp of America
7.500%, 03/15/20(A)			100		108
6.750%, 05/01/21(A)			575		624
CPG Merger Sub
8.000%, 10/01/21(A)			825		879
Dynacast International
9.250%, 07/15/19			775		862
Grupo Cementos de Chihuahua
8.125%, 02/08/20			700		756

Description	Face Amount (000)			Value (000)
Interline Brands
10.000%, 11/15/18(E)		$	1,350	$	1,468
Masonite International
8.250%, 04/15/21(A)			925		1,021
MasTec
4.875%, 03/15/23			250		245
Nortek
8.500%, 04/15/21			1,700		1,900
Ply Gem Industries
6.500%, 02/01/22(A)			900		909
Reliance Intermediate Holdings
9.500%, 12/15/19(A)			300		327
Roofing Supply Group
10.000%, 06/01/20(A)			775		866
USG
7.875%, 03/30/20(A)			250		279
5.875%, 11/01/21(A)			650		692
Total Building & Construction					11,515
Building-Heavy Construct [0.2%]
Odebrecht Offshore Drilling Finance
6.750%, 10/01/22			1,946		2,019
Business Services [0.1%]
CoreLogic
7.250%, 06/01/21			775		839
Chemicals [0.9%]
Ashland
4.750%, 08/15/22			950		932
Axiall
4.875%, 05/15/23(A)			100		98
Celanese US Holdings
4.625%, 11/15/22			375		369
Eagle Spinco
4.625%, 02/15/21(A)			175		173
EuroChem Mineral & Chemical via EuroChem GI
5.125%, 12/12/17(A)			1,000		975
Fufeng Group
7.625%, 04/13/16			4,000		4,105
Hexion US Finance
9.000%, 11/15/20			650		644
8.875%, 02/01/18			1,625		1,690
Huntsman International
8.625%, 03/15/20			150		165
8.625%, 03/15/21			425		476
4.875%, 11/15/20			650		654

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 56

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
OMNOVA Solutions
7.875%, 11/01/18		$	900	$	961
Total Chemicals					11,242
Circuit Boards [0.0%]
Viasystems
7.875%, 05/01/19(A)			425		458
Coatings/Paint [0.1%]
US Coatings Acquisition
7.375%, 05/01/21(A)			1,300		1,414
Commercial Serv-Finance [0.5%]
Igloo Holdings
8.250%, 12/15/17(A) (E)			1,575		1,586
Interactive Data
10.250%, 08/01/18			625		673
Lender Processing Services
5.750%, 04/15/23			850		906
TransUnion Holding
9.625%, 06/15/18			1,200		1,275
8.125%, 06/15/18			475		499
Total Commercial Serv-Finance					4,939
Commercial Services [0.4%]
BC Luxco 1
7.375%, 01/29/20			5,000		5,044
Computer Graphics [0.2%]
Epicor Software
8.625%, 05/01/19			1,675		1,832
Southern Graphics
8.375%, 10/15/20(A)			1,050		1,116
Total Computer Graphics					2,948
Computer System Design & Services [0.4%]
Compiler Finance Sub
7.000%, 05/01/21(A)			900		907
NCR
5.875%, 12/15/21(A)			400		421
5.000%, 07/15/22			800		801
4.625%, 02/15/21			250		251
NCR Escrow
6.375%, 12/15/23(A)			525		558

Description	Face Amount (000)			Value (000)
SunGard Data Systems
7.625%, 11/15/20		$	575	$	630
7.375%, 11/15/18			25		27
6.625%, 11/01/19			650		687
Total Computer System Design & Services					4,282
Computers-Memory Devices [0.1%]
Seagate HDD Cayman
7.000%, 11/01/21			300		335
6.875%, 05/01/20			150		163
4.750%, 06/01/23(A)			1,225		1,210
Total Computers-Memory Devices					1,708
Consumer Products & Services [0.8%]
Libbey Glass
6.875%, 05/15/20			1,080		1,180
Prestige Brands
8.125%, 02/01/20			475		533
5.375%, 12/15/21(A)			525		537
Serta Simmons Holdings
8.125%, 10/01/20(A)			1,825		2,005
ServiceMaster
7.450%, 08/15/27			225		215
7.100%, 03/01/18			475		475
7.000%, 08/15/20			2,250		2,382
Spectrum Brands
6.750%, 03/15/20			1,000		1,084
Total Consumer Products & Services					8,411
Containers & Packaging [1.4%]
Ardagh Packaging Finance
9.125%, 10/15/20(A)			2,200		2,452
6.750%, 01/31/21(A)			200		209
Ball
5.000%, 03/15/22			450		461
4.000%, 11/15/23			825		771
Berry Plastics
9.500%, 05/15/18			1,025		1,084
Beverage Packaging Holdings Luxembourg II
6.000%, 06/15/17(A)			325		336
5.625%, 12/15/16(A)			300		308
BOE Merger
9.500%, 11/01/17(A) (E)			825		875
BWAY Holding
10.000%, 06/15/18			425		453

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 57

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Crown Americas
4.500%, 01/15/23		$	650	$	621
Greif
7.750%, 08/01/19			725		830
Pactiv
7.950%, 12/15/25			200		206
Reynolds Group Issuer
9.875%, 08/15/19			1,950		2,179
8.250%, 02/15/21			2,575		2,810
5.750%, 10/15/20			1,350		1,414
Sealed Air
8.375%, 09/15/21(A)			875		1,007
6.500%, 12/01/20(A)			725		799
Total Containers & Packaging					16,815
Data Processing/Mgmt [0.5%]
Audatex North America
6.125%, 11/01/23(A)			175		186
6.000%, 06/15/21(A)			1,100		1,174
First Data
11.250%, 01/15/21			375		428
8.750%, 01/15/22(A) (E)			4,225		4,616
Total Data Processing/Mgmt					6,404
Dialysis Centers [0.1%]
DaVita HealthCare Partners
5.750%, 08/15/22			875		931
Distribution/Wholesale [0.4%]
American Builders & Contractors Supply
5.625%, 04/15/21(A)			675		699
DH Services Luxembourg Sarl
7.750%, 12/15/20(A)			1,350		1,441
VWR Funding
7.250%, 09/15/17			1,875		2,016
Total Distribution/Wholesale					4,156
Drugs [0.3%]
Grifols Worldwide Operations
5.250%, 04/01/22(A)			425		434
Valeant Pharmaceuticals International
5.625%, 12/01/21(A)			425		447

Description	Face Amount (000)			Value (000)
VPII Escrow
7.500%, 07/15/21(A)		$	2,375	$	2,672
Total Drugs					3,553
E-Commerce/Services [0.2%]
IAC
4.875%, 11/30/18			925		966
4.750%, 12/15/22			1,250		1,223
Total E-Commerce/Services					2,189
Educational Software [0.2%]
Blackboard
7.750%, 11/15/19(A)			675		707
SSI Investments II
11.125%, 06/01/18			1,450		1,546
Total Educational Software					2,253
Electric Utilities [0.3%]
Calpine
6.000%, 01/15/22(A)			150		158
Energy Future Intermediate Holding
10.000%, 12/01/20			900		947
6.875%, 08/15/17(A)			525		537
NRG Energy
8.250%, 09/01/20			575		631
7.875%, 05/15/21			875		963
7.625%, 01/15/18			150		168
6.625%, 03/15/23			400		415
Total Electric Utilities					3,819
Electronic Parts Distrib [0.1%]
Rexel
6.125%, 12/15/19(A)			1,275		1,342
Energy [0.1%]
CGG
9.500%, 05/15/16			47		48
6.500%, 06/01/21			1,150		1,167
Total Energy					1,215
Enterprise Software/Serv [0.5%]
BMC Software Finance
8.125%, 07/15/21(A)			1,700		1,789

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 58

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Eagle Midco
9.000%, 06/15/18(A)		$	750	$	787
Infor US
11.500%, 07/15/18			550		637
9.375%, 04/01/19			1,225		1,380
Sophia
9.750%, 01/15/19(A)			1,275		1,415
Total Enterprise Software/Serv					6,008
Entertainment & Gaming [1.2%]
Affinity Gaming
9.000%, 05/15/18			775		829
Ameristar Casinos
7.500%, 04/15/21			725		785
Chester Downs & Marina
9.250%, 02/01/20(A)			775		771
Churchill Downs
5.375%, 12/15/21(A)			300		306
Cinemark USA
7.375%, 06/15/21			375		416
5.125%, 12/15/22			300		300
GLP Capital
5.375%, 11/01/23(A)			350		359
4.875%, 11/01/20(A)			600		616
MGM Resorts International
8.625%, 02/01/19			400		479
7.750%, 03/15/22			1,625		1,885
6.750%, 10/01/20			250		277
5.250%, 03/31/20			350		360
Mohegan Tribal Gaming Authority
9.750%, 09/01/21			1,150		1,282
Penn National Gaming
5.875%, 11/01/21(A)			1,275		1,253
Pinnacle Entertainment
7.750%, 04/01/22			600		647
PNK Finance
6.375%, 08/01/21(A)			400		416
Regal Entertainment Group
5.750%, 03/15/22			500		515
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)			1,450		1,461
Seminole Indian Tribe of Florida
7.804%, 10/01/20(A)			640		707
Station Casinos
7.500%, 03/01/21			1,075		1,162
Total Entertainment & Gaming					14,826

Description	Face Amount (000)			Value (000)
Entertainment Software [0.1%]
Activision Blizzard
6.125%, 09/15/23(A)		$	625	$	680
5.625%, 09/15/21(A)			150		161
Total Entertainment Software					841
Financial Services [0.8%]
Ally Financial
8.300%, 02/12/15			275		291
7.500%, 09/15/20			275		327
6.250%, 12/01/17			1,400		1,563
5.500%, 02/15/17			1,075		1,166
4.750%, 09/10/18			1,150		1,216
2.750%, 01/30/17			600		606
Astana Finance BV
9.000%, 11/16/11(B)(I)			3,000		382
Astana Finance BV, MTN
7.875%, 06/08/10(B)(I)			250		44
Credito Real
7.500%, 03/13/19			500		508
General Motors Financial
4.250%, 05/15/23			300		296
International Lease Finance
8.750%, 03/15/17			625		734
5.875%, 08/15/22			1,025		1,084
4.625%, 04/15/21			1,775		1,775
SLM, MTN
4.875%, 06/17/19			350		355
Total Financial Services					10,347
Firearms and Ammunition [0.1%]
FGI Operating Company
7.875%, 05/01/20			925		984
Food, Beverage & Tobacco [2.4%]
ARAMARK
5.750%, 03/15/20			1,350		1,426
B&G Foods
4.625%, 06/01/21			425		420
Bertin
10.250%, 10/05/16			3,365		3,786
Constellation Brands
6.000%, 05/01/22			975		1,078
Darling International
5.375%, 01/15/22(A)			550		565
Del Monte
7.625%, 02/15/19			1,106		1,152

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 59

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Hawk Acquisition Sub
4.250%, 10/15/20(A)		$	1,775	$	1,746
JBS
10.500%, 08/04/16			500		561
Marfrig Holding Europe BV
9.875%, 07/24/17			3,000		3,131
Marfrig Overseas
9.500%, 05/04/20			500		502
MHP
8.250%, 04/02/20			2,600		2,236
Michael Foods Group
9.750%, 07/15/18			850		907
Michael Foods Holding
8.500%, 07/15/18(A) (E)			1,800		1,881
Minerva Luxembourg
7.750%, 01/31/23			4,300		4,403
Pinnacle Foods Finance
4.875%, 05/01/21			1,675		1,637
Shearer’s Foods
9.000%, 11/01/19(A)			650		710
Smithfield Foods
7.750%, 07/01/17			425		493
6.625%, 08/15/22			1,275		1,377
Sun Merger Sub
5.875%, 08/01/21(A)			600		623
5.250%, 08/01/18(A)			75		78
Total Food, Beverage & Tobacco					28,712
Food-Canned [0.0%]
TreeHouse Foods
4.875%, 03/15/22			100		101
Food-Wholesale/Distrib [0.2%]
US Foods
8.500%, 06/30/19			2,700		2,921
Footwear and Related Apparel [0.0%]
Wolverine World Wide
6.125%, 10/15/20			275		297
Gaming [0.1%]
Rivers Pittsburgh Borrower
9.500%, 06/15/19(A)			1,033		1,132
Gold Mining [0.2%]
Banro
10.000%, 03/01/17(I)			2,500		2,112
10.000%, 03/01/17(A)(I)			500		423
Total Gold Mining					2,535

Description	Face Amount (000)			Value (000)
Health Care [0.1%]
Envision Healthcare
8.125%, 06/01/19		$	626	$	669
Home Decoration Products [0.1%]
RSI Home Products
6.875%, 03/01/18(A)			1,050		1,126
Hotels and Motels [0.1%]
Choice Hotels International
5.750%, 07/01/22			525		556
Hilton Worldwide Finance
5.625%, 10/15/21(A)			700		732
Total Hotels and Motels					1,288
Industrial [0.4%]
Belden
5.500%, 09/01/22(A)			1,050		1,063
General Cable
5.750%, 10/01/22(A)			700		710
Hillman Group
10.875%, 06/01/18			1,050		1,118
Unifrax I
7.500%, 02/15/19(A)			900		954
WESCO Distribution
5.375%, 12/15/21(A)			875		895
Total Industrial					4,740
Internet Connectiv Svcs [0.3%]
Adria Bidco BV
7.875%, 11/15/20			3,000		4,267
Internet Security [0.0%]
VeriSign
4.625%, 05/01/23			575		552
Investment Banker/Broker Dealer [0.3%]
Neuberger Berman Group
5.875%, 03/15/22(A)			400		426
5.625%, 03/15/20(A)			500		525
Nuveen Investments
9.500%, 10/15/20(A)			1,975		2,103
Total Investment Banker/Broker Dealer					3,054
Mach Tools and Rel Products [0.1%]
Mcron Finance Sub
8.375%, 05/15/19(A)			575		635

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 60

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Milacron
7.750%, 02/15/21(A)		$	350	$	378
Total Mach Tools and Rel Products					1,013
Machinery [0.3%]
Lonking Holdings
8.500%, 06/03/16			4,000		4,140
Machinery-General Indust [0.1%]
Gardner Denver
6.875%, 08/15/21(A)			1,125		1,159
Waterjet Holdings
7.625%, 02/01/20(A)			300		318
Total Machinery-General Indust					1,477
Manufacturing [0.1%]
Cleaver-Brooks
8.750%, 12/15/19(A)			675		746
Media - Non-Cable [0.4%]
Intelsat Jackson Holdings
8.500%, 11/01/19			475		509
7.250%, 04/01/19			350		376
7.250%, 10/15/20			900		977
6.625%, 12/15/22			1,275		1,326
5.500%, 08/01/23(A)			350		343
Intelsat Luxembourg
8.125%, 06/01/23(A)			600		636
7.750%, 06/01/21(A)			925		974
Total Media - Non-Cable					5,141
Medical Information Sys [0.1%]
Healthcare Technology Intermediate
7.375%, 09/01/18(A)			1,850		1,887
Medical Products & Services [1.9%]
Biomet
6.500%, 08/01/20			1,300		1,400
6.500%, 10/01/20			925		983
CHS
6.875%, 02/01/22(A)			1,050		1,097
5.125%, 08/01/21(A)			350		359
DJO Finance
9.875%, 04/15/18			400		436
7.750%, 04/15/18			1,225		1,289

Description	Face Amount (000)			Value (000)
HCA
7.500%, 02/15/22		$	1,925	$	2,199
6.500%, 02/15/20			450		504
5.875%, 03/15/22			800		862
5.875%, 05/01/23			825		849
5.000%, 03/15/24			1,150		1,152
HCA Holdings
7.750%, 05/15/21			3,125		3,445
IASIS Healthcare
8.375%, 05/15/19			1,775		1,895
LifePoint Hospitals
5.500%, 12/01/21(A)			925		960
Omnicare
7.750%, 06/01/20			450		495
Tenet Healthcare
8.125%, 04/01/22			1,525		1,704
4.500%, 04/01/21			850		831
4.375%, 10/01/21			925		893
United Surgical Partners International
9.000%, 04/01/20			1,050		1,165
Universal Hospital Services
7.625%, 08/15/20			950		1,017
Total Medical Products & Services					23,535
Medical-HMO [0.3%]
MPH Acquisition Holdings
6.625%, 04/01/22(A)			1,525		1,565
MultiPlan
9.875%, 09/01/18(A)			1,850		2,007
Total Medical-HMO					3,572
Metal-Copper [1.0%]
Carmen Copper
6.500%, 03/21/17			1,000		966
First Quantum Minerals
7.250%, 10/15/19			4,000		4,105
7.000%, 02/15/21(A)			1,725		1,755
6.750%, 02/15/20(A)			1,725		1,747
Sterlite Industries India
4.000%, 10/30/14			4,000		4,005
Total Metal-Copper					12,578
Metal-Iron [0.4%]
Ferrexpo Finance
7.875%, 04/07/16			2,000		1,920

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 61

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Metalloinvest Finance
6.500%, 07/21/16		$	1,000	$	1,024
5.625%, 04/17/20			2,120		1,993
Total Metal-Iron					4,937
Metals & Mining [0.8%]
Consolidated Minerals			��
8.875%, 05/01/16			1,000		1,045
8.875%, 05/01/16(A)			3,000		3,135
TiZir
9.000%, 09/28/17			4,400		4,653
Wise Metals Group
8.750%, 12/15/18(A)			875		939
Total Metals & Mining					9,772
Mining Other [0.6%]
Uranium One Investments
6.250%, 12/13/18			7,350		7,093
Miscellaneous Business Services [0.1%]
Garda World Security
7.250%, 11/15/21(A)			775		827
Miscellaneous Manufacturing [0.9%]
China Liansu Group
7.875%, 05/13/16			4,000		4,140
Jasper Explorer
13.500%, 05/27/16			2,000		1,840
MAF Global Securities
7.125%, 10/29/49(C)			3,200		3,416
Mueller Water Products
8.750%, 09/01/20			259		290
7.375%, 06/01/17			950		971
Total Miscellaneous Manufacturing					10,657
Office Automation and Equip [0.1%]
CDW
12.535%, 10/12/17			35		37
8.500%, 04/01/19			900		985
Total Office Automation and Equip					1,022
Oil-Field Services [1.5%]
Anton Oilfield Services Group
7.500%, 11/06/18			3,000		3,135
Basic Energy Services
7.750%, 02/15/19			400		429
7.750%, 10/15/22			100		108

Description	Face Amount (000)			Value (000)
Norshore Atlantic BV
12.000%, 12/21/18(A)		$	3,000	$	3,030
Oro Negro Drilling Pte
7.500%, 01/24/19(A)			4,000		4,020
Polarcus
8.000%, 06/07/18(A)			1,000		968
Sea Trucks Group
9.000%, 03/26/18(A)			6,800		6,613
SESI
7.125%, 12/15/21			700		781
6.375%, 05/01/19			150		160
Total Oil-Field Services					19,244
Paper & Related Products [0.2%]
Bio Pappel
10.000%, 08/27/13(D)			2,325		2,334
Petroleum & Fuel Products [9.0%]
Access Midstream Partners
4.875%, 05/15/23			1,025		1,033
4.875%, 03/15/24			825		823
Afren
6.625%, 12/09/20			4,000		4,080
Antero Resources Finance
6.000%, 12/01/20			1,025		1,090
5.375%, 11/01/21(A)			475		482
Approach Resources
7.000%, 06/15/21			1,200		1,236
Athlon Holdings
7.375%, 04/15/21(A)			1,100		1,171
BassDrill Alpha
7.500%, 07/05/18(A)			967		952
BassDrill Beta
8.500%, 04/24/18(A)			3,000		3,075
BreitBurn Energy Partners
7.875%, 04/15/22			1,025		1,110
Carrizo Oil & Gas
7.500%, 09/15/20			275		302
Chaparral Energy
9.875%, 10/01/20			500		569
7.625%, 11/15/22			900		974
Chesapeake Energy
6.875%, 11/15/20			850		965
5.750%, 03/15/23			700		741
5.375%, 06/15/21			500		526
Chesapeake Oilfield Operating
6.625%, 11/15/19			775		804

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 62

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
China Oil & Gas Group
5.250%, 04/25/18		$	1,500	$	1,508
Crestwood Midstream Partners
6.125%, 03/01/22(A)			250		261
6.000%, 12/15/20			425		445
CVR Refining
6.500%, 11/01/22			200		210
DNO International
7.742%, 04/11/16(C)			4,800		4,974
Drill Rigs Holdings
6.500%, 10/01/17(A)			575		599
El Paso
7.250%, 06/01/18			400		455
6.500%, 09/15/20			675		741
Energy Transfer Equity
7.500%, 10/15/20			825		944
5.875%, 01/15/24			875		895
Energy XXI Gulf Coast
7.500%, 12/15/21(A)			1,725		1,807
EP Energy
9.375%, 05/01/20			350		405
Forest Oil
7.250%, 06/15/19			192		168
GeoPark Latin America Agencia en Chile
7.500%, 02/11/20			3,000		3,098
7.500%, 02/11/20(A)			1,000		1,033
Georgian Oil and Gas
6.875%, 05/16/17			4,000		4,155
Holly Energy Partners
6.500%, 03/01/20			900		956
InterOil Exploration and Production
15.000%, 03/14/16			24,000		4,148
Kinder Morgan
5.625%, 11/15/23(A)			1,025		1,014
Kodiak Oil & Gas
5.500%, 01/15/21			375		385
5.500%, 02/01/22			350		358
Linn Energy
8.625%, 04/15/20			900		978
7.750%, 02/01/21			550		591
7.250%, 11/01/19(A)			425		443
Lone Pine Resources Canada
0.000%, 02/15/17(I)			75		—
MarkWest Energy Partners
6.250%, 06/15/22			601		649
Metro Exploration Holding
8.000%, 02/14/16(D)			4,050		3,999
MIE Holdings
9.750%, 05/12/16			1,000		1,053

Description	Face Amount (000)			Value (000)
MIE Holdings, MTN
6.875%, 02/06/18		$	3,700	$	3,589
Newfield Exploration
5.625%, 07/01/24			875		908
Northern Oil and Gas
8.000%, 06/01/20			1,275		1,355
Nostrum Oil & Gas Finance BV
6.375%, 02/14/19			2,500		2,547
Oasis Petroleum
6.875%, 03/15/22(A)			150		162
6.500%, 11/01/21			850		914
Panoro Energy
12.000%, 11/15/18(A)			4,431		4,675
Petrobras Global Finance BV
3.113%, 03/17/20(C)			2,000		1,998
2.593%, 03/17/17(C)			250		251
Petroleos de Venezuela
5.250%, 04/12/17			3,000		2,243
4.900%, 10/28/14			1,000		955
Plains Exploration & Production
6.750%, 02/01/22			350		387
Puma International Financing
6.750%, 02/01/21			4,000		4,050
QGOG Constellation
6.250%, 11/09/19			4,000		3,995
Range Resources
5.000%, 08/15/22			175		178
5.000%, 03/15/23			700		709
Regency Energy Partners
5.875%, 03/01/22			400		415
5.500%, 04/15/23			200		201
4.500%, 11/01/23			350		325
Sabine Pass Liquefaction
6.250%, 03/15/22(A)			525		547
5.625%, 02/01/21			1,075		1,109
5.625%, 04/15/23			175		174
SandRidge Energy
8.125%, 10/15/22			1,000		1,090
7.500%, 03/15/21			325		347
7.500%, 02/15/23			350		371
Santa Maria Offshore
8.875%, 07/03/18(A)			3,800		4,028
Sibur Securities
3.914%, 01/31/18			3,000		2,753
SM Energy
5.000%, 01/15/24(A)			200		194
Tesoro
5.125%, 04/01/24			325		323

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 63

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Tesoro Logistics
6.125%, 10/15/21		$	225	$	239
5.875%, 10/01/20			700		732
5.875%, 10/01/20(A)			475		496
Tethys Oil
9.500%, 09/07/15			20,000		3,223
W&T Offshore
8.500%, 06/15/19			725		783
Yingde Gases Investment
8.125%, 04/22/18			4,000		4,000
Zhaikmunai LLP
10.500%, 10/19/15			4,000		4,181
Total Petroleum & Fuel Products					110,652
Pharmacy Services [0.0%]
Catamaran
4.750%, 03/15/21			175		178
Printing & Publishing [0.3%]
Expo Event Transco
9.000%, 06/15/21(A)			1,150		1,170
Mustang Merger
8.500%, 08/15/21(A)			800		876
Nielsen Finance
5.000%, 04/15/22(A)			275		276
4.500%, 10/01/20			1,475		1,486
Visant
10.000%, 10/01/17			375		374
Total Printing & Publishing					4,182
Publishing-Newspapers [0.1%]
Gannett
6.375%, 10/15/23(A)			925		982
5.125%, 10/15/19(A)			175		183
Total Publishing-Newspapers					1,165
Quarrying [0.0%]
Compass Minerals International
8.000%, 06/01/19			250		262
Radio [0.5%]
Cumulus Media Holdings
7.750%, 05/01/19			1,050		1,118
Entercom Radio
10.500%, 12/01/19			600		690
Radio One
9.250%, 02/15/20(A)			900		954

Description	Face Amount (000)			Value (000)
Sirius XM Holdings
5.250%, 08/15/22(A)		$	700	$	721
4.625%, 05/15/23(A)			1,100		1,037
4.250%, 05/15/20(A)			350		342
Townsquare Radio
9.000%, 04/01/19(A)			1,100		1,210
Total Radio					6,072
Real Estate [0.1%]
DIP Sukuk
4.291%, 02/20/19			1,250		1,254
Real Estate Oper/Develop [0.0%]
Renhe Commercial Holdings
13.000%, 03/10/16			500		340
Research and Development [0.2%]
Jaguar Holding I
9.375%, 10/15/17(A) (E)			1,750		1,840
Jaguar Holding II
9.500%, 12/01/19(A)			650		723
Total Research and Development					2,563
Resorts/Theme Parks [0.2%]
Cedar Fair
5.250%, 03/15/21			1,300		1,316
Six Flags Entertainment
5.250%, 01/15/21(A)			1,325		1,335
Total Resorts/Theme Parks					2,651
Retail [2.2%]
Academy
9.250%, 08/01/19(A)			1,050		1,146
Claire’s Stores
6.125%, 03/15/20(A)			750		703
DineEquity
9.500%, 10/30/18			1,400		1,526
Grupo Famsa
7.250%, 06/01/20(A)			700		709
7.250%, 06/01/20			2,500		2,531
6.125%, 01/28/15			2,000		2,019
Gymboree
9.125%, 12/01/18			375		317
Jo-Ann Stores
8.125%, 03/15/19(A)			1,200		1,245
Jo-Ann Stores Holdings
9.750%, 10/15/19(A) (E)			1,425		1,486

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 64

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
L Brands
5.625%, 10/15/23		$	700	$	726
Limited Brands
5.625%, 02/15/22			350		370
Michaels FinCo Holdings
7.500%, 08/01/18(A)			1,350		1,391
Michaels Stores
7.750%, 11/01/18			800		855
5.875%, 12/15/20(A)			600		607
Neiman Marcus Group
8.750%, 10/15/21(A)			900		994
8.000%, 10/15/21(A)			275		302
New Academy Finance
8.000%, 06/15/18(A) (E)			1,525		1,561
NPC International
10.500%, 01/15/20			1,175		1,343
Party City Holdings
8.875%, 08/01/20			900		1,002
PC Nextco Holdings
8.750%, 08/15/19(A)			1,275		1,318
Petco Animal Supplies
9.250%, 12/01/18(A)			1,200		1,290
Petco Holdings
8.500%, 10/15/17(A) (E)			1,300		1,324
PVH
4.500%, 12/15/22			925		913
Sally Holdings
6.875%, 11/15/19			1,075		1,177
5.750%, 06/01/22			175		185
Total Retail					27,040
Rubber & Plastic [0.3%]
Gajah Tunggal
7.750%, 02/06/18			3,000		3,056
Security Services [0.0%]
Monitronics International
9.125%, 04/01/20			500		535
Semicon Compo-Intg Circu [0.1%]
NXP BV
5.750%, 02/15/21(A)			200		213
5.750%, 03/15/23(A)			200		210
3.750%, 06/01/18(A)			300		302
Total Semicon Compo-Intg Circu					725
Semi-Conductors [0.3%]
Advanced Micro Devices
7.500%, 08/15/22			225		223

Description	Face Amount (000)			Value (000)
Entegris
6.000%, 04/01/22(A)		$	475	$	486
Flextronics International
5.000%, 02/15/23			300		302
4.625%, 02/15/20			250		252
Freescale Semiconductor
6.000%, 01/15/22(A)			1,550		1,645
Magnachip Semiconductor
6.625%, 07/15/21			675		671
Total Semi-Conductors					3,579
Steel & Steel Works [0.1%]
Evraz Group
7.400%, 04/24/17			500		490
Steel Dynamics
5.250%, 04/15/23			125		127
Total Steel & Steel Works					617
Technology [0.2%]
Sophia Holding Finance
9.625%, 12/01/18(A)			700		733
Truven Health Analytics
10.625%, 06/01/20			775		880
Total Technology					1,613
Telecommunication Equip [0.2%]
CommScope
8.250%, 01/15/19(A)			831		899
CommScope Holding
6.625%, 06/01/20(A) (E)			1,350		1,428
Total Telecommunication Equip					2,327
Telephones & Telecommunications [2.1%]
Digicel
8.250%, 09/01/17			575		598
8.250%, 09/01/17(A)			550		572
7.000%, 02/15/20(A)			450		468
6.000%, 04/15/21(A)			400		409
Digicel Group
10.500%, 04/15/18(A)			600		636
8.250%, 09/30/20(A)			1,575		1,681
Level 3 Communications
8.875%, 06/01/19			400		439
Level 3 Financing
8.125%, 07/01/19			1,050		1,152
7.000%, 06/01/20			650		713
6.125%, 01/15/21(A)			250		264

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 65

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
MetroPCS Wireless
6.625%, 11/15/20		$	600	$	640
Sprint
7.875%, 09/15/23(A)			2,475		2,723
Sprint Capital
6.875%, 11/15/28			1,850		1,795
Sprint Nextel
7.000%, 03/01/20(A)			600		692
6.000%, 11/15/22			1,825		1,859
Syniverse Holdings
9.125%, 01/15/19			1,600		1,740
T-Mobile USA
6.836%, 04/28/23			925		992
6.731%, 04/28/22			125		134
6.633%, 04/28/21			125		134
6.625%, 04/01/23			675		716
6.500%, 01/15/24			575		602
6.125%, 01/15/22			1,050		1,100
VimpelCom Holdings BV
7.504%, 03/01/22			1,000		1,014
6.255%, 03/01/17			1,100		1,111
5.200%, 02/13/19			200		189
Virgin Media Finance
6.375%, 04/15/23(A)			675		715
Vivacom, MTN
6.625%, 11/15/18			2,500		3,616
Total Telephones & Telecommunications					26,704
Textile-Apparel [0.1%]
Texhong Textile Group
7.625%, 01/19/16			500		517
6.500%, 01/18/19			1,000		983
Total Textile-Apparel					1,500
Textile-Home Furnishings [0.1%]
SIWF Merger Sub
6.250%, 06/01/21(A)			625		650
Tools-Hand Held [0.0%]
BC Mountain
7.000%, 02/01/21(A)			550		544
Transactional Software [0.0%]
ACI Worldwide
6.375%, 08/15/20(A)			125		132
Transportation Services [1.5%]
Azerbaijan Railways Via Aquarius Investments
8.250%, 02/18/16			550		571

Description	Face Amount (000)			Value (000)
DME Airport
6.000%, 11/26/18		$	4,000	$	3,860
DTEK Finance
7.875%, 04/04/18			3,000		2,550
Dubai Holding Commercial Operations, MTN
6.000%, 02/01/17			3,200		5,615
Far East Capital
8.000%, 05/02/18			3,000		2,445
Nielsen Luxembourg SaRL
5.500%, 10/01/21(A)			250		261
Royal Caribbean Cruises
5.250%, 11/15/22			300		308
Ukraine Railways via Shortline
9.500%, 05/21/18			4,000		3,280
Total Transportation Services					18,890
Transport-Equip and Leasng [0.0%]
Jurassic Holdings III
6.875%, 02/15/21(A)			200		206
Utility [0.0%]
Suburban Propane Partners
7.500%, 10/01/18			464		493
7.375%, 08/01/21			275		303
Total Utility					796
Web Portals/ISP [0.4%]
Pacnet
9.000%, 12/12/18			4,000		4,270
X-Ray Equipment [0.0%]
Hologic
6.250%, 08/01/20			600		634
Total Corporate Bonds
(Cost $607,664)					621,830
Loan Participations (C) [29.5%]
Aerospace [0.6%]
Air Canada, Term Loan B
5.500%, 09/20/19			1,450		1,475
Alliant Techsystems, Term Loan B
3.500%, 10/22/20			110		110
AM General Corporation, Term Loan B - 2013
10.250%, 03/20/18			486		430

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 66

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
American Airlines, Exit Term Loan
3.750%, 06/21/19		$	2,010	$	2,015
Atlantic Aviation FBO, Term Loan B
3.250%, 05/16/20			154		153
Dae Aviation Holdings, Second Lien Term Loan
7.750%, 07/30/19			100		102
Dae Aviation Holdings, Term Loan B1 - 2014
5.000%, 11/02/18			364		369
Dae Aviation Holdings, Term Loan B2 - 2014
6.250%, 11/02/18			165		167
Delta Air Lines, Term Loan B1 - 2014
3.500%, 10/18/18			554		553
TransDigm Group, Term Loan C
3.750%, 02/28/20			743		743
US Airways Group Inc, Term Loan B-1
3.500%, 05/23/19			650		649
WP CPP Holdings, Second Lien
8.750%, 04/23/21			45		46
WP CPP Holdings, Term Loan
4.750%, 12/21/19			172		171
Total Aerospace					6,983
Automotive [0.2%]
Oasis Holdings
3.500%, 11/19/20			4,580		3,023
Broadcasting [1.5%]
CBS Outdoor Americas Capital LLC, Term Loan B
3.000%, 01/15/21			500		498
Clear Channel Communication, Term Loan B
3.803%, 01/29/16			3,129		3,090
Clear Channel Communication, Term Loan C
3.803%, 01/29/16			173		169
Clear Channel Communication, Term Loan D Extended
6.903%, 01/30/19			4,938		4,833
Clear Channel Communication, Term Loan E
7.660%, 07/30/19			2,000		1,996

Description	Face Amount (000)			Value (000)
Cumulus Media, Term Loan B
4.250%, 12/23/20		$	1,994	$	2,002
Encompass Digital Media, Term Loan
6.750%, 08/10/17			168		169
Granite Broadcasting, Term Loan B
6.750%, 05/23/18			177		178
Gray Television, Term Loan B - 2012
4.500%, 10/11/19			153		154
Hubbard Broadcasting, Term Loan B
4.500%, 04/28/17			257		257
Lin Television, Term Loan B
4.000%, 12/15/18			148		148
Media General, Delayed Draw Term Loa B
4.250%, 07/30/20			235		237
Nine Entertainment, Term Loan B
3.500%, 01/31/20			292		290
Radio One, Term Loan
7.500%, 03/23/16			433		443
Sinclair Broadcasting Group, Term Loan B - 2011
3.000%, 10/28/16			153		151
Univision Comm (fka Umbrella), Term Loan C-4
4.000%, 03/01/20			1,662		1,664
Univision Communications, TL C-3 (2013 Inc. Term Loans)
4.000%, 03/01/20			1,343		1,341
Van Wagner, Term Loan B
8.250%, 08/03/18			244		246
Total Broadcasting					17,866
Building Materials [0.3%]
Cemex
0.000%, 02/14/17(H)			3,040		3,024
Cable/Wireless Video [1.9%]
Altice Financing, Term Loan B
5.500%, 07/03/19			2,544		2,594
Atlantic Broadband, Term Loan B - 2013
3.250%, 09/20/19			368		366
Cablevision Systems, Term Loan A
2.153%, 04/16/18			455		453

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 67

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Cablevision Systems, Term Loan B - 2013
2.653%, 04/17/20		$	2,184	$	2,154
Cequel Communications, Term Loan B 2012
3.500%, 02/10/19			1,202		1,201
Charter Comm Operating, Term Loan A1
2.160%, 04/22/18			470		468
Charter Comm Operating, Term Loan E
3.000%, 04/10/20			2,953		2,925
Liberty Cablevision of Puerto Rico, Second Lien TL
10.000%, 06/19/18			525		527
Liberty Cablevision of Puerto Rico, Term Loan B
6.000%, 06/19/17			321		322
MCC Iowa (Broadband), Delay Draw D-1
1.880%, 01/31/15			364		363
MCC Iowa (Broadband), Term Loan G
4.000%, 01/20/20			256		256
MCC Iowa (Broadband), Term Loan H
3.250%, 01/22/21			1,296		1,287
Quebecor Media, Term Loan B
3.250%, 07/31/20			1,599		1,589
TWCC Hld Corp-Weather Channel, Term Loan - 2013
3.500%, 02/13/17			207		203
UPC Financing, Term Loan AH
3.250%, 06/10/21			860		857
Virgin Media Invst Holdings, Term Loan B
3.500%, 02/15/20			2,475		2,469
WideOpenWest Finance, Term Loan B - 2019
4.750%, 03/26/19			233		233
Ziggo B.V., Term Loan B1
0.000%, 01/15/22(H)			1,849		1,828
Ziggo B.V., Term Loan B2
0.000%, 01/15/22(H)			1,191		1,178
Ziggo B.V., Term Loan B3
0.000%, 01/15/22(H)			1,960		1,937
Total Cable/Wireless Video					23,210

Description	Face Amount (000)			Value (000)
Chemicals [0.5%]
Axalta Coating Systems US Holdings Inc., Term Loan B - 2014
4.000%, 02/01/20		$	337	$	337
Eagle Spinco, Term Loan
3.500%, 01/27/17			108		108
Huntsman International, 2013-2 Add TL (7yr)
0.000%, 01/31/21(H)			480		480
Huntsman International, Term Loan C
2.445%, 06/30/16			14		14
Huntsman International, TLB Extended
2.705%, 04/19/17			–		5
Ineos Group Holdings, Dollar Term Loans - 2018
3.750%, 04/27/18			2,175		2,161
Kronos Worldwide, Inc., Term Loan B
4.750%, 02/12/20			160		161
MacDermid Holdings, Term Loan
4.000%, 06/05/20			348		348
Nexeo Solutions, Term Loan B
5.000%, 09/08/17			373		373
Oxbow Carbon & Minerals, Term Loan B
4.250%, 07/18/19			135		135
OXEA, Term Loan
4.250%, 12/06/19			150		151
Polymer Group, Term Loan B
5.250%, 12/13/19			269		271
PQ Corporation, Term Loans
4.500%, 08/07/17			156		156
PQ, New 2013 Term Loan
4.500%, 02/09/19			7		7
Ravago Holdings America, Term Loan B
5.500%, 12/19/20			205		207
Royal Adhesives and Sealants, Term Loan B
5.500%, 07/31/18			199		201
Taminco Global, Term B-3 Loan
3.250%, 02/15/19			162		161
Tata Chemicals North America, Term Loan B
3.750%, 08/07/20			114		114
Tronox, Term Loan B
4.500%, 02/03/18			447		449

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 68

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Univar, Term Loan B - 2011
5.000%, 06/30/17		$	101	$	101
Total Chemicals					5,940
Consumer Durables [0.1%]
Serta Simmons Holdings, Term Loan B
4.250%, 09/19/19			558		560
Total Safety US, Term Loan B
5.750%, 03/11/20			109		109
WNA Holdings, Term Loan - CAD Borrower
4.500%, 05/21/20			142		142
WNA Holdings, Term Loan - USD Borrower
4.500%, 05/21/20			77		77
Total Consumer Durables					888
Consumer Non-Durables [0.1%]
Eastman Kodak Company, Exit Term Loan
7.250%, 07/31/19			337		342
Revlon Consumer Products, Term Loan
4.000%, 08/19/19			788		789
Revlon Consumer Products, Term Loan
0.000%, 11/19/17(H)			250		250
Spectrum Brands, Term Loan C - 6 year
3.500%, 08/13/19			104		104
Sun Products, Term Loan B
5.500%, 03/21/20			248		234
Total Consumer Non-Durables					1,719
Diversified Media [1.7%]
Affinion Group, Term Loan
6.750%, 10/08/16			566		558
Alliance Data Systems, Term Loan
1.910%, 07/10/18			787		785
Catalina Marketing, Term Loan B
5.250%, 10/07/20			393		392
Emerald Expositions Holding, Term Loan B
5.500%, 06/12/20			208		210

Description	Face Amount (000)			Value (000)
EMI Music Publishing Limited, Term B Loan
3.750%, 03/05/18		$	321	$	321
Getty Images, Term Loan
4.750%, 10/03/19			442		423
Harland Clarke Holdings, Cov-Lite Term Loan B-4
6.000%, 08/04/19			1,988		1,997
Harland Clarke Holdings, Term Loan B3
7.000%, 04/26/18			5,022		5,088
Harland Clarke Holdings, Tranche B-2 TL
5.484%, 06/30/17			189		189
IMG World Wide, Term Loan B - 2011
5.500%, 06/16/16			980		974
Learfield Communications, Term Loan
5.000%, 10/08/20			170		170
Nielsen Finance, Class E Dollar Term Loan
2.904%, 05/02/16			524		524
PrePaid Legal Services, Term Loan B
6.250%, 06/07/19			277		279
Southern Graphics, Term Loan - 2013
4.250%, 10/17/19			212		211
Tribune Company, Term Loan B - 2013
4.000%, 12/27/20			4,065		4,061
Village Roadshow, Ultimates Facility Tranche A-2
4.750%, 11/16/17			1,436		1,450
Warner Music Group, Term Loan - 2013
3.750%, 07/01/20			1,035		1,029
WME IMG Holdings LLC, Second Lien
0.000%, 03/21/22(H)			360		363
WME IMG Holdings LLC, Term Loan B
0.000%, 03/19/21(H)			2,320		2,304
Total Diversified Media					21,328
Energy [2.7%]
Alon USA, MLP Term Loan
9.250%, 11/13/18			502		518
Atlas Energy , Term Loan B
6.500%, 07/31/19			567		582

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 69

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Azure Midstream Holdings, Term Loan B
6.500%, 11/12/18		$	331	$	333
Bashneft
1.706%, 08/16/14			1,042		1,034
Bronco Midstream Funding, Term Loan B
5.000%, 08/15/20			763		769
Chesapeake Energy, Term Loan B
5.750%, 12/01/17			5,735		5,859
CITGO Petroleum, Term Loan B
8.000%, 06/24/15			309		310
Drillships Financing Holding, Term Loan B1
6.000%, 02/02/21			1,727		1,758
EMG Utica, Term Loan
4.750%, 03/26/20			890		892
Energy Transfer Equity, Term Loan B
3.250%, 11/15/19			5,060		5,047
EP Energy (aka Everest Acquisition), Term Loan B-2
4.500%, 04/26/19			203		203
EP Energy (aka Everest Acquisition), Term Loan B-3
3.500%, 05/24/18			734		733
Fieldwood Energy LLC, Second Lien
8.125%, 09/30/20			85		88
Fieldwood Energy, Term Loan
3.875%, 09/28/18			498		498
Frac Tech International, Term Loan B
8.500%, 05/06/16			2,549		2,591
Glenn Pool Oil, Term Loan
4.500%, 05/02/16			816		824
Harvey Gulf International Marine, Term Loan B
5.500%, 06/12/20			1,335		1,336
MEG Energy, Term Loan B - 2013
3.750%, 03/31/20			1,419		1,423
Obsidian Natural Gas Trust
7.000%, 11/02/15			845		856
Pacific Drilling, Term Loan B
4.500%, 05/18/18			352		353
Petroleum Geo-Services, Term Loan B
3.250%, 03/14/21			805		799

Description	Face Amount (000)			Value (000)
Philadelphia Energy Solutions, Term Loan
6.250%, 04/03/18		$	362	$	320
Ruby Western Pipeline Holdings, Term Loan
3.500%, 03/27/20			313		312
Samson Investment Company, Cov-Lite Term Loan
5.000%, 09/25/18			315		318
Seadrill Operating LP, Term Loan B
4.000%, 02/22/21			319		318
Sheridan Production Partners, Term Loan I-A
4.250%, 10/01/19			20		20
Sheridan Production Partners, Term Loan II-A
4.250%, 12/16/20			59		60
Sheridan Production Partners, Term Loan II-M
4.250%, 12/16/20			22		22
Sheridan Production Partners, Term Loan II-SIP
4.250%, 12/16/20			427		430
Sheridan Production Partners, Term Loan I-M
4.250%, 10/01/19			12		12
Sheridan Production Partners, Term Loan I-SIP
4.250%, 10/01/19			151		152
Sonangol Finance
1.155%, 10/15/14			645		635
Templar Energy, Second Lien
8.000%, 11/25/20			2,205		2,226
Vantage Drilling Co (Offshore), Term Loan
5.000%, 10/25/17			602		602
Vantage Drilling Co (Offshore), Term Loan B (2013)
5.750%, 03/22/19			614		619
Western Refining, Term Loan B
4.250%, 12/20/20			723		729
Total Energy					33,581
Financial [1.6%]
Alliant Holdings, Term Loan
4.250%, 12/07/19			293		294
American Capital Holdings, Inc., Term Loan B - 2017
3.500%, 08/22/17			385		384

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 70

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
AWAS Aviation, Term Loan B
3.500%, 06/26/18		$	147	$	147
Clipper Acquisitions (aka TCW), Term Loan
3.000%, 12/20/19			222		220
Compass Investors Inc. (USI), Term Loan
4.250%, 12/27/19			351		352
Crown Acquisitons
0.000%, 03/26/21(H)			3,000		5,039
Duff & Phelps, Term Loan
4.500%, 03/14/20			114		115
Flying Fortress, Term Loan
3.500%, 06/30/17			300		299
Grosvenor Capital Management Holdings, Cov-Lite Term Loan
3.750%, 11/25/20			249		248
Guggenheim Partners Investment, Term Loan B
4.250%, 07/22/22			—		—
Hub International Holdings, Term Loan B
4.750%, 09/17/20			353		353
International Lease Finance, Term Loan
3.500%, 02/26/21			370		370
iStar Financial, Term Loan
4.500%, 10/11/17			2,307		2,312
iStar Financial, Term Loan A-2 - 2012
7.000%, 03/19/17			156		160
JSC BTA Bank
4.728%, 09/30/13			5,967		5,355
LPL Holdings, Term Loan B - 2013
3.250%, 03/29/19			129		128
Mondrian Investment Partners, Term Loan B
4.000%, 07/12/18			98		98
Nuveen Investments Inc., Second Lien
6.500%, 02/28/19			430		431
Nuveen Investments, Term Loan
4.153%, 05/13/17			710		712
RCS Capital Corporation, Term Loan
0.000%, 03/29/19(H)			530		533
SAM Finance (Santander), Cov-Lite Term Loan
4.250%, 11/26/20			584		585

Description	Face Amount (000)			Value (000)
Sedgwick, Inc. , First Lien Term Loan
3.750%, 02/11/21		$	685	$	677
Sedgwick, Inc. , Second Lien
6.750%, 02/11/22			260		258
Starwood Property Trust, Term Loan
3.500%, 04/17/20			452		450
Virtu Financial, Term Loan
5.750%, 11/05/19			145		146
Total Financial					19,666
Food and Drug [0.4%]
Albertsons, Term Loan B-1
4.250%, 03/21/16			217		218
Albertsons, Term Loan B-2
4.750%, 05/21/19			877		882
Dunkin’ Brands, Term B3
3.750%, 02/14/20			906		899
Rite Aid Corporation, Tranche 7 Term Loan
4.000%, 02/21/20			471		471
Rite Aid, Second Lien - Tranche 1 Term Loans
5.750%, 07/07/20			1,085		1,107
Rite Aid, Second Lien - Tranche 2 Term Loans
4.875%, 06/11/21			440		446
Supervalu, Term Loan B - 2013
4.500%, 03/21/19			275		276
Weight Watchers International, Term Loan B-2
3.750%, 04/02/20			—		—
Total Food and Drug					4,299
Food/Tobacco [0.9%]
Aramark Corp, Term Loan F
3.250%, 02/24/21			480		475
Arby’s Restaurant (ARG IH), Term Loan
5.000%, 11/15/20			299		301
Blue Buffalo, Term Loan B3
4.000%, 08/08/19			281		283
CEC Entertainment, Inc., Term Loan B
4.250%, 02/12/21			320		317
CTI Foods Holding, Term Loan B
4.500%, 06/12/20			234		234

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 71

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Darling International, Term Loan B
3.250%, 01/01/21		$	425	$	424
Del Monte Foods Consumer Products, Cov-Lite Term Loan
4.250%, 01/26/21			315		315
HJ Heinz, Term Loan B1
3.250%, 03/27/19			3,126		3,132
HJ Heinz, Term Loan B2
3.500%, 06/07/20			2,907		2,918
JBS USA, Term Loan B-2
3.750%, 09/18/20			294		293
Landry’s, Term Loan B
4.000%, 04/19/18			257		258
OSI Restaurant Partners, Term Loan
3.500%, 10/23/19			97		97
Pacific Industrial US Finco (Spotless), Term Loan B
5.000%, 09/24/18			204		206
Pinnacle Foods Group, Incremental Term Loan H
3.250%, 04/29/20			209		208
Pinnacle Foods Group, Term Loan G
3.250%, 04/29/20			1,079		1,073
Wendy’s International, Term Loan B - 2013
3.250%, 05/15/19			176		176
Total Food/Tobacco					10,710
Forest Prod/Containers [0.5%]
Ardagh Holdings USA Inc., Incremental Term Loan B
0.000%, 12/17/19(H)			500		500
Ardagh Holdings USA, Term Loan B
4.250%, 12/12/19			339		340
Berry Plastics, Cov-Lite Term Loan E
3.750%, 12/18/20			1,560		1,556
Berry Plastics, Term Loan D
3.500%, 02/08/20			3,158		3,142
BWAY Holding Company, Term Loan B - 2012
4.500%, 08/07/17			158		158
Caraustar Industries, Term Loan
7.500%, 04/26/19			142		145
NewPage Corporation, Term Loan B
0.000%, 02/05/21(H)			500		504

Description	Face Amount (000)			Value (000)
Reynolds Group Holdings, Term Loan B - 2013
4.000%, 12/26/18		$	360	$	361
Total Forest Prod/Containers					6,706
Gaming/Leisure [2.2%]
Activision Blizzard Inc., Term Loan B
3.250%, 07/26/20			1,761		1,759
Bally Technologies, Term Loan B
4.250%, 11/25/20			189		189
Belmond Interfin Ltd., Term Loan
4.000%, 03/19/21			180		180
Boyd Gaming, Term Loan B
4.000%, 08/12/20			204		204
Caesars Entertainment Op Co, Prop Co Term Loan
7.000%, 10/09/20			1,536		1,555
Caesars Entertainment Op Co, Term Loan B-4
9.500%, 01/28/15			189		188
Caesars Entertainment Op Co, Term Loan B-6 Extended
5.489%, 01/28/18			5,617		5,292
CCM Merger (Motor City), Term Loan B
5.000%, 03/01/17			298		299
Cedar Fair, US Term Loan
3.250%, 03/06/20			226		225
Cinemark USA, Term Loan
3.160%, 12/18/19			157		157
Formula One (Alpha Topco), New Facility B
4.500%, 04/30/19			67		68
Four Seasons Holdings Inc., Term Loan (12/13)
3.500%, 06/27/20			443		443
Four Seasons Holdings, Second Lien
6.250%, 12/24/20			150		152
Golden Nugget, Delay Draw
5.500%, 11/21/19			67		69
Golden Nugget, Term Loan B
5.500%, 11/21/19			157		160
Great Wolf Resorts, Term Loan
4.500%, 07/31/20			243		244
Hilton Worldwide Finance, Term Loan B-1
3.750%, 09/23/20			4,965		4,971

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 72

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Hoyts Group Holdings, Term Loan
4.000%, 05/22/20		$	124	$	124
Kasima, Term Loan B
3.250%, 05/17/21			915		908
La Quinta Intermediate Holdings, Term Loan B
0.000%, 02/19/21(H)			660		659
Las Vegas Sands, Term Loan B
3.250%, 12/17/20			1,985		1,982
Lions Gate Entertainment, Second Lien
5.000%, 07/19/20			300		305
Marina District Finance (Borgata), Cov-Lite Term Loan B
6.750%, 08/15/18			574		581
MGM Resorts, Term Loan B
3.500%, 12/20/19			747		745
Mohegan Tribal Gaming, Term Loan B
5.500%, 11/19/19			224		229
Penn National Gaming, Term Loan B
3.250%, 10/23/20			85		84
Pinnacle Entertainment, Term Loan B-2
3.750%, 08/05/20			342		343
Playa Resorts Holding, Term Loan B
4.750%, 08/06/19			189		190
Scientific Games, Term Loan B
4.250%, 05/22/20			3,751		3,751
SeaWorld Parks & Entertainmnt, Term Loan B-2
3.000%, 05/30/20			637		627
Seminole Indian Tribe of Florida, Term Loan B - 2013
3.000%, 04/11/20			386		384
Shingle Springs Tribal, Term Loan B
6.250%, 08/02/19			158		161
Total Gaming/Leisure					27,228
Healthcare [1.7%]
Accellent Inc., First Lien Term Loan
0.000%, 02/19/21(H)			320		319
Allscripts Healthcare Solutions, Term Loan A1
2.910%, 06/28/18			481		480

Description	Face Amount (000)			Value (000)
Ardent Health Services, Term Loan B
6.750%, 07/02/18		$	236	$	237
Biomet, Term Loan B-2
3.665%, 07/25/17			—		—
Bright Horizons Family Solutions, Term Loan B
5.250%, 01/24/20			104		104
Carestream Health Holdings, Term Loan
5.000%, 06/05/19			491		495
Community Health Systems, Extended Term Loan
3.447%, 01/25/17			160		161
Community Health Systems, Inc., 2021 Term D Loan
4.250%, 01/27/21			426		429
Community Health Systems, Inc., Term Loan A - 2019
2.983%, 01/25/19			4,000		3,976
ConvaTec Healthcare, Term Loan B
4.000%, 12/30/16			494		495
DaVita, Term Loan B-2
4.000%, 08/21/19			296		297
Drumm Investors (Golden Living), Term Loan
5.000%, 05/04/18			618		610
Endo Pharmaceutical, Term Loan B - 2013
3.250%, 12/11/20			205		204
Envision Acquisition Company, First Lien Term Loan
5.750%, 09/23/20			169		169
Gentiva Health Services, Term Loan C
5.750%, 10/16/18			232		229
Grifols, Inc, Term Loan B
3.155%, 03/05/21			2,525		2,522
HCA, Term Loan B-5
2.903%, 03/31/17			498		497
HCA, Tranche B-4 Term Loan
2.984%, 05/01/18			950		949
Hologic, Term Loan B - Refi
3.250%, 08/01/19			325		324
Iasis Healthcare, Term Loan B - 2013
4.500%, 05/03/18			379		380
IMS Healthcare, Term Loan B - 2021
3.750%, 03/17/21			173		173

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 73

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
INC Research, Term Loan
6.000%, 07/12/18		$	553	$	554
LifePoint Hospitals, Term Loan B
2.660%, 07/31/17			116		117
Mallinckrodt PLC, Term Loan B
3.500%, 03/05/21			255		255
MultiPlan Inc, Term Loan
4.000%, 03/19/21			640		638
P2 Lower Acq. (Progressive), Term Loan
5.500%, 10/16/20			1,622		1,631
Par Pharmaceuticals, Term B-2 Loan
4.000%, 09/30/19			981		982
Patheon Inc, Term Loan B
0.000%, 01/22/21(H)			550		547
Regional Care (aka RCHP), Term Loan
7.000%, 11/04/18			750		743
Royalty Pharma (aka RPI), Term Loan B-2
3.250%, 05/09/18			898		901
Salix Pharmaceuticals, Term Loan
4.250%, 12/17/19			469		473
US Renal Care, Tranche B2 Term Loan
4.250%, 07/03/19			159		159
Valeant Pharmaceuticals International, Series C-2 TLB
3.750%, 12/11/19			128		128
Valeant Pharmaceuticals International, Series D-2 TLB
3.750%, 02/13/19			357		357
Valeant Pharmaceuticals International, Series E Tranche B Term Loan
3.750%, 06/26/20			952		954
Total Healthcare					21,489
Housing [0.5%]
ABC Supply Company, Term Loan B
3.500%, 04/16/20			1,104		1,100
Capital Automotive, Second Lien
6.000%, 04/30/20			825		842
Capital Automotive, Term Loan - 2013
4.000%, 04/05/19			1,722		1,726

Description	Face Amount (000)			Value (000)
CB Richard Ellis , Term Loan B
2.905%, 03/26/21		$	712	$	709
Continental Building Products, First Lien Term Loan
4.750%, 08/14/20			527		528
CPG International, Term Loan B
4.750%, 09/30/20			224		224
Norcraft Companies, Term Loan
5.250%, 10/24/20			90		90
QUIKRETE Holdings, First Lien Term Loan
4.000%, 09/18/20			284		284
Realogy Corporation, New Term Loan B
3.750%, 03/05/20			317		318
Realogy, Synthetic LC - extended
0.018%, 10/10/16			13		13
Total Housing					5,834
Industrials [0.2%]
Interpipe Ukraine
4.273%, 03/06/15(I)			3,624		2,646
Information Technology [2.4%]
Alcatel Lucent USA, US Term Loan (TLC)
4.500%, 01/29/19			3,227		3,241
Allflex Holdings III, Term Loan B
4.250%, 06/05/20			194		194
Arris Group, Term Loan B
3.500%, 04/17/20			733		729
Avaya Inc., Term B-6 Loans
6.500%, 03/31/18			1,390		1,391
Avaya, Term B3 Extended
4.734%, 10/26/17			1,175		1,146
Blackboard, Term Loan B3
4.750%, 10/04/18			219		221
BMC Software Finance, Term Loan
5.000%, 08/07/20			813		814
CDW, Term Loan
3.250%, 04/29/20			1,578		1,562
CompuCom Systems, Term Loan B
4.250%, 05/07/20			144		144
Datapipe, Term Loan B
5.750%, 03/07/19			109		109

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 74

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Dealertrack Technologies, Inc., Term Loan B
3.500%, 02/26/21		$	160	$	160
Dell, Term Loan B
4.500%, 09/23/20			2,975		2,953
Deluxe Entertainment Services Group, Term Loan
6.500%, 02/25/20			610		611
Fidji Luxembourg (BC3) S.à r.l., Term Loan
6.250%, 12/18/20			285		286
First Advantage, Term Loan B
6.250%, 02/28/19			287		288
Freescale Semiconductor, Term B-5
5.000%, 01/15/21			234		236
Freescale Semiconductor, Tranche B4 Term Loan
4.250%, 03/01/20			4,080		4,094
Genesys Telecom, Term Loan B 2013
4.000%, 01/31/20			191		191
Infor (US), Term Loan B-3
3.750%, 05/22/20			192		191
Infor (US), Term Loan B-5
3.750%, 06/03/20			912		909
Interactive Data, Term B Loan
3.750%, 02/11/18			598		597
Internap Network Services, Term Loan
6.000%, 11/22/19			314		316
ION Trading Technologies, Term Loan
4.500%, 05/22/20			136		136
iQor US Inc., Term Loan B
0.000%, 02/19/21(H)			1,090		1,057
Merrill, Term Loan
5.750%, 03/08/18			416		420
Microsemi Corporation, Term Loan B-1
3.250%, 02/19/20			295		295
Nuance Communications, Term Loan
2.910%, 08/02/19			189		187
Oberthur Technologies, Term Loan B
5.750%, 10/09/19			289		291
Omnitracs, Term Loan
4.750%, 11/25/20			299		302
On Semiconductor, Term Loan
1.997%, 01/02/18			548		535

Description	Face Amount (000)			Value (000)
Open Text, Term Loan
3.250%, 12/18/20		$	544	$	543
Peak 10, Term Loan B
7.250%, 10/25/18			267		269
Presidio, Inc., Term Loan - 2014
5.000%, 03/31/17			306		307
Redtop Acquisitions, First Lien Term Loan
4.500%, 12/22/20			315		318
Redtop Acquisitions, Second Lien
8.250%, 06/22/21			190		195
Rovi Solutions Corporation, Tranche B-3 Loan
3.500%, 03/28/19			362		361
Sophia LP, Term Loan B-1
0.000%, 07/19/18			499		499
Spansion, Term Loan B
3.750%, 12/13/18			269		269
SS&C Technologies, Replacement TL B1
3.250%, 06/07/19			121		121
SS&C Technologies, Replacement TL B2
3.250%, 06/07/19			13		13
SunGard Data Systems, Term Loan E
4.000%, 03/08/20			873		875
Telx Group, Term Loan B
5.250%, 09/22/17			713		717
The Active Network, First Lien Term Loan
5.500%, 11/06/20			110		111
Triple Point Group Holdings, Term Loan B
5.250%, 07/10/20			214		201
Verint Systems, Inc, Cov-Lite Term Loan
3.500%, 09/06/19			250		249
Vertafore, Term Loan - 2013
4.250%, 11/30/19			276		277
WestCorp, Term Loan B-10
3.250%, 06/30/18			500		497
Total Information Technology					29,428
Manufacturing [0.2%]
Accudyne Industries (Hamilton), 2013 Specified Refinancing Term Loan
4.000%, 12/13/19			242		241

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 75

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Alliance Laundry, Term Loan - 2013
4.250%, 12/07/18		$	684	$	687
Bombardier Recreational Products, Term Loan B
4.000%, 01/23/19			136		136
Generac Power Systems, Term Loan B
3.500%, 06/22/18			214		213
Minimax GmbH & Co. KG, Term Loan B
4.500%, 08/07/20			134		135
Mirror Bidco Corp. (Dematic), Cov-Lite Term Loan
4.250%, 12/28/19			296		297
WTG Holdings III, Cov-Lite Term Loan
4.750%, 12/11/20			170		170
Total Manufacturing					1,879
Metals/Minerals [1.0%]
Arch Coal, Term Loan B
6.250%, 05/16/18			812		800
Atkore International, First Lien Term Loan
0.000%, 03/26/21(H)			360		359
Atlas Iron Limited, Term Loan
8.750%, 12/07/17			153		153
Boomerang Tube, Term Loan B
11.000%, 10/02/17			222		215
Fairmount Minerals, Term Loan B-2
5.000%, 09/03/19			95		95
Foresight Energy, Term Loan B
5.500%, 08/21/20			264		265
Fortescue Metals Group (FMG), Cov-Lite Term Loan
4.250%, 06/30/19			6,030		6,073
Freeport-McMoran C & G, Term Loan A
1.660%, 02/12/18			1,825		1,811
Murray Energy, Term Loan
5.250%, 11/21/19			495		499
Novelis, Term Loan - 2013
3.750%, 03/10/17			1,269		1,266
Peabody Energy, Term Loan B
4.250%, 09/24/20			522		523
TMS International, Term Loan B
4.500%, 10/02/20			110		110

Description	Face Amount (000)			Value (000)
Walter Energy, Term Loan B
6.750%, 04/02/18		$	420	$	405
Total Metals/Minerals					12,574
Retail [1.5%]
Academy Sports, Term Loan - 2012
4.500%, 08/03/18			182		182
BJ’s Wholesale Club, First Lien Term Loan
4.500%, 09/26/19			100		100
BJ’s Wholesale Club, Second Lien Term Loan
8.500%, 03/31/20			105		107
CWGS Group, Term Loan
5.750%, 02/14/20			273		275
Harbor Freight, Term Loan
4.750%, 07/25/19			84		85
HMK Intermediate Holdings (Sleepys), Term Loan
5.000%, 04/01/19			343		345
Hudson’s Bay Company, Term Loan B
4.750%, 10/07/20			486		492
J. Crew Group, Term Loan B
4.000%, 03/05/21			1,155		1,152
JC Penney, Term Loan B
6.000%, 05/21/18			3,316		3,296
Jo-Ann Stores, Initial Loans
4.000%, 03/16/18			628		627
Lands’ End, Inc., Term Loan B
0.000%, 03/12/21(H)			895		893
Michaels Stores, Term Loan B
3.750%, 01/28/20			357		358
Moneygram International, Term Loan B - 2013
4.250%, 03/26/20			139		139
Neiman Marcus Group, First Lien Term Loan
4.250%, 10/25/20			3,602		3,612
Ollie’s Bargain Outlet, Term Loan B
6.250%, 09/27/19			139		138
Party City Holdings Inc., 2014 Replacement Term Loans
4.250%, 07/27/19			46		46
Party City Holdings, 2013 Replacement Term Loans
4.000%, 07/23/19			477		477

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 76

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Payless, Inc., Term Loan B
5.000%, 03/05/21		$	225	$	225
Petco Animal Supplies, Term Loan B - 2013
4.000%, 11/24/17			375		376
PVH, Term Loan B - 2012
3.250%, 02/13/20			292		292
Savers, New Term Loan
5.000%, 07/09/19			198		199
Sears Roebuck Acceptance, Term Loan B
5.500%, 06/30/18			3,392		3,406
Toys R Us Property Company, Initial Term Loan
6.000%, 08/21/19			903		872
Toys R Us-Delaware, Term Loan
6.000%, 09/01/16			898		811
Toys R Us-Delaware, Term Loan B-3
5.250%, 05/25/18			140		117
Total Retail					18,622
Service [2.3%]
A’Ayan Leasing
3.750%, 04/13/20(I)			3,525		1,516
Advanced Disposal Services, Term Loan B-2
3.750%, 10/05/19			1,229		1,226
Asurion Corporation, Second Lien
8.500%, 03/03/21			1,540		1,588
Asurion Corporation, Term Loan B3
3.750%, 02/27/17			150		150
Asurion, Incremental Term Loan B-1
5.000%, 05/24/19			3,735		3,741
Asurion, Incremental Term Loan B-2
4.250%, 06/19/20			1,270		1,265
Avis Budget Car Rental, New Tranche B Term Loan
3.000%, 03/15/19			335		332
Brand Energy & Infrastructure, Term Loan B
4.750%, 11/20/20			2,288		2,294
Ceridian Corporation, Term B Loan
4.404%, 05/09/17			208		208

Description	Face Amount (000)			Value (000)
DigitalGlobe, Term Loan B
3.750%, 01/31/20		$	540	$	540
Evertec Group, Term Loan A
2.742%, 04/17/18			578		569
Evertec Group, Term Loan B
3.500%, 04/11/20			193		191
First Data Corporation, 2021 Extended Dollar Term Loan
4.155%, 03/24/21			1,745		1,748
First Data, 2018 Dollar TL (Extended)
4.155%, 03/24/18			4,095		4,102
First Data, 2018B New Term Loan
4.155%, 09/30/18			805		806
Hertz, Term Loan B1
3.750%, 03/12/18			697		697
Live Nation, Term Loan B
3.500%, 08/14/20			527		526
McGraw-Hill, Cov-Lite Term Loan
5.750%, 03/22/19			264		266
Power Buyer, Delay Draw
4.250%, 05/06/20			66		66
Power Buyer, Second Lien
8.250%, 11/06/20			180		178
Power Buyer, Term Loan
4.250%, 05/06/20			527		524
Sabre, Term Loan B-2
4.500%, 02/19/19			100		99
Sabre, Term Loan C
4.000%, 02/15/18			236		236
Securitas Direct
0.000%, 08/30/19(H)			3,000		4,360
Spin Holdco (Coinmach), Term Loan B
4.250%, 11/14/19			110		109
Springer Science Business Media, Term Loan B2
5.000%, 07/24/20			274		274
Tervita Corp, Term Loan
6.250%, 05/14/18			200		198
USIC Holdings, Term Loan
4.000%, 07/24/20			189		188
Total Service					27,997
Sovereign [0.3%]
Tanzania Term Loan
6.130%, 03/03/20			4,000		3,980

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 77

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Telecommunications [2.3%]
Cincinnati Bell, Term Loan B - 2013
4.000%, 08/20/20		$	1,926	$	1,924
Consolidated Communications, Term Loan
4.250%, 12/20/20			374		376
Eircom Finco
0.000%, 09/30/19(H)			3,000		3,981
Frontier Communications, Term Loan A
3.035%, 10/15/16			4,429		4,418
Integra Telecom, Second Lien
9.750%, 02/21/20			165		169
Integra Telecom, Term B Loan
5.250%, 02/22/19			465		467
Intelsat Jackson Holdings, Term Loan B2
3.750%, 06/30/19			2,488		2,492
Level 3 Communications, Term Loan B - 2020
4.000%, 01/15/20			4,020		4,025
Level 3 Communications, Term Loan B-3 -2019
4.000%, 08/01/19			1,145		1,148
LTS Buyer (Light Tower), Second Lien
8.000%, 04/12/21			51		51
LTS Buyer (Light Tower), Term Loan
4.000%, 04/13/20			1,014		1,007
TASC
4.500%, 12/18/15			541		508
Telenet Communications
0.000%, 06/30/23(H)			3,000		4,123
Windstream, Term Loan B4
3.500%, 01/10/20			316		315
Zayo Group, Term Loan B - 2012
4.000%, 07/02/19			3,420		3,421
Total Telecommunications					28,425
Transportation [0.6%]
Affinia Group, Term Loan B-2
4.750%, 04/25/20			114		114
Allison Transmission, New Term B2
3.160%, 08/07/17			39		39
Allison Transmission, Term Loan B3 (2013)
3.750%, 08/23/19			1,308		1,308

Description	Face Amount (000)			Value (000)
Chrysler Automotive, 2014 Term Loan B
3.250%, 12/05/18		$	1,500	$	1,493
Chrysler Group
4.250%, 05/24/17			1,266		1,265
Commercial Barge Line Company, Term Loan B
7.500%, 09/20/19			297		297
CS Intermedia Holdco 2 LLC, Term Loan
0.000%, 03/26/21(H)			285		285
FleetPride, Term Loan B
5.250%, 11/15/19			212		209
Key Safety Systems, Term Loan B
4.750%, 05/18/18			149		149
Navios Maritime Partners, Term Loan B
5.250%, 06/19/18			352		358
Navistar, Tranche B Term Loan
5.750%, 08/17/17			300		305
Remy International, Term Loan - 2013
4.250%, 02/28/20			435		436
Schaeffler Finance BV, Term Loan C
4.250%, 01/20/17			600		602
Tomkins (Pinafore), Term B-2 Loan
3.750%, 09/29/16			417		417
Tower Auto Holdings, Term Loan B - 2020
4.750%, 04/23/20			223		223
Wabash National, Term Loan
4.500%, 05/08/19			173		174
Total Transportation					7,674
Utility [0.8%]
Astoria Generating Co Acquisitions, Term Loan
8.500%, 10/26/17			280		289
Calpine, Construction TL B1 (2020)
3.000%, 04/24/20			149		146
Calpine, Construction TL B2 (2022)
3.250%, 01/02/22			1,095		1,075
Calpine, Term Loan
4.000%, 04/01/18			805		807
Calpine, Term Loan B2
4.000%, 04/02/18			83		83

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 78

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Calpine, Term Loan B3
4.000%, 09/27/19		$	1,573	$	1,576
Calpine, Term Loan B4
4.000%, 10/30/20			1,152		1,155
Dynegy, Term Loan B-2
4.000%, 04/23/20			328		329
EFS Cogen Holdings I, Term Loan
3.750%, 11/20/20			514		516
Empire Generating Co, LLC, Term Loan B
5.250%, 03/12/21			435		434
Empire Generating Co, LLC, Term Loan C
5.250%, 03/12/21			30		30
ExGen Renewables I, LLC, Term Loan
0.000%, 02/06/21(H)			400		405
La Frontera Generation, Term Loan B
4.500%, 09/30/20			1,006		1,006
NGPL Pipeco, Term Loan
6.750%, 09/15/17			54		53
NRG Energy, Term Loan
2.750%, 07/01/18			952		943
TPF Generation Holdings, Term Loan B - 2013
4.750%, 11/06/17			924		888
TPF II, First Lien Term Loan
6.500%, 08/16/19			184		186
Viva Alamo LLC, Term Loan B
4.750%, 02/17/21			240		240
Total Utility					10,161
Wireless Communications [0.5%]
Cellular South, Term Loan B
3.250%, 05/22/20			84		84
Crown Castle International, Incremental Term Loan B
3.250%, 01/29/21			2,962		2,951
nTelos, Term Loan B
5.750%, 11/08/19			997		988
SBA Senior Finance, Tranche B-1 Term Loan
3.250%, 03/24/21			650		647
Syniverse Technologies, Old Term Loan B
4.000%, 04/23/19			775		774

Description	Face Amount (000)			Value (000)
Syniverse Technologies, Tranche B Term Loan
4.000%, 04/23/19		$	887	$	887
Total Wireless Communications					6,331
Total Loan Participations
(Cost $361,828)					363,211
Life Settlement Contracts [4.2%] (F)(G)(I)
AXA Equitable Life #0474, Acquired 11/04/2013*			7,290		8,815
AXA Equitable Life #0932, Acquired 11/04/2013*			1,014		2,776
AXA Equitable Life #1898, Acquired 11/04/2013*			441		129
AXA Equitable Life #4496, Acquired 11/04/2013*			115		519
AXA Equitable Life #7233, Acquired 11/04/2013*			395		828
AXA Equitable Life #7578, Acquired 11/04/2013*			2,104		1,043
AXA Equitable Life #7857, Acquired 11/04/2013*			2,297		2,232
AXA Equitable Life #8538, Acquired 11/04/2013*			1,333		1,499
AXA Equitable Life #9345, Acquired 11/04/2013*			143		—
Guardian Insurance #0346, Acquired 11/04/2013*			646		1,772
ING Reliastar #1234, Acquired 12/05/2013*			1,067		1,935
ING Reliastar #1649, Acquired 12/05/2013*			61		852
ING Reliastar #4842, Acquired 11/20/2013*			921		1,749
John Hancock #2223, Acquired 11/19/2013*			1,280		2,616
John Hancock #5080, Acquired 11/19/2013*			313		1,362
Mass Mutual #1849, Acquired 11/05/2013*			2,926		3,003
Mass Mutual #5681, Acquired 11/05/2013*			288		1,361
Mass Mutual #6620, Acquired 11/05/2013*			222		1,053
Principal Financial #6653, Acquired 10/30/2013*			306		971
Security Mutual Life #5380, Acquired 10/30/2013*			410		554
Transamerica #0152, Acquired 10/28/2013*			2,916		3,713

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 79

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Transamerica #1708, Acquired 10/28/2013*		$	957	$	2,461
Transamerica #2275, Acquired 10/28/2013*			6,252		5,874
Transamerica #3426, Acquired 11/12/2013*			274		495
Transamerica #8205, Acquired 10/28/2013*			714		1,230
Union Central Life #4500, Acquired 10/30/2013*			790		3,022
Total Life Settlement Contracts
(Cost $35,475)					51,864
Sovereign Debt [2.2%]
Arab Republic of Egypt
4.717%, 01/04/21(I) (J)			3,403		2,802
Bosnia & Herzegovina Government International Bond
1.154%, 12/11/21(C)			1,193		1,331
1.063%, 12/11/17(C)			1,963		2,285
Deutsche Bank, MTN
5.319%, 06/21/16(C)			1,083		1,485
Egyptian Paris Club
2.390%, 01/01/21(I) (J)			253		209
Ghana Government Bond
14.250%, 07/25/16(I)			1,489		453
Mozambique EMATUM Finance 2020 BV
6.305%, 09/11/20			4,000		3,820
Republic of Angola
6.597%, 12/06/20			7,000		6,965
United Republic of Tanzania
6.332%, 03/09/20(C)			1,000		1,059
Republic of Serbia
6.750%, 11/01/24(D)			3,210		3,222
Sri Lanka Government International Bond
6.000%, 01/14/19			4,000		4,185
Total Sovereign Debt
(Cost $27,527)					27,816

Description	Face Amount (000)/Number of Warrants			Value (000)
Asset-Backed Securities [1.2%]
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
9.250%, 06/06/16(F)(I)		$	9,890	$	9,315
Start CLO, Ser 2011-7A, Cl A
15.235%, 06/09/16(A) (C)			3,500		3,695
Yapi Kredi Diversified Payment Rights Finance, Ser 2010-1, Cl A
0.869%, 11/21/14(C)(I)			1,412		1,399
Total Asset-Backed Securities
(Cost $14,815)					14,409
Convertible Bonds [0.8%]
Diversified Minerals [0.2%]
African Minerals
8.500%, 02/10/17			2,600		2,470
Medical Products & Services [0.1%]
Bio City Development B.V
8.000%, 07/06/18(I)			1,000		850
Metal-Iron [0.1%]
London Mining Jersey
12.000%, 02/15/16			1,500		1,410
Miscellaneous Manufacturing [0.4%]
Dana Gas Sukuk
7.000%, 10/31/17			2,522		2,706
TMK Bonds
5.250%, 02/11/15			2,000		1,970
Total Miscellaneous Manufacturing					4,676
Total Convertible Bonds
(Cost $9,526)					9,406
Warrants* [0.4%]
Central Bank of Nigeria,
Expires 11/15/20			34,250		5,617
Total Warrants
(Cost $6,166)					5,617

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 80

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/Shares		Value (000)
Mortgage-Backed Securities [0.2%]
Russian Mortgage Backed Security
1.140%, 05/15/34(I)	$	1,250	$	1,203
Sealane Trade Finance, Ser 2011-1X, Cl A
14.234%, 02/12/16(C)		1,000		1,056
Total Mortgage-Backed Securities
(Cost $2,193)				2,259
Sovereign Loan [0.2%]
Kenya Ministry of Finance
5.143%, 05/15/14		2,000		1,990
Total Sovereign Loan
(Cost $1,997)				1,990
Common Stock [0.0%]
Energy [0.0%]
Aventine Renewable Energy Holdings *(I)		3,836		38
Lone Pine Resource *(I)		9,355		—
Lone Pine Resource A *(I)		9,355		23
Total Energy				61
Services [0.0%]
A’Ayan Leasing *(F)		1,113,750		221
Total Common Stock
(Cost $477)				282
Short-Term Investment [11.8%]
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		145,284,142		145,284
Total Short-Term Investment
(Cost $145,284)				145,284
Total Investments [101.0%]
(Cost $1,212,952)			$	1,243,968

Percentages are based on Net Assets of $1,231,611 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

(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 March 31, 2014, the value of these securities amounted to $182,497 (000), representing 14.8% of the net assets of the Fund.

(B) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2014.

(D) Step Bond — The rate reported is the rate in effect on March 31, 2014. The coupon on a step bond changes on a specific date.

(E) Is Payment in Kind.

(F) 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 March 31, 2014 was $61,400 (000) and represented 5.0% of Net Assets of the Fund.

(G) Security is considered restricted. The total market value of such securities as of March 31, 2014 was $51,864 (000) and represented 4.2% of Net Assets of the Fund.

(H) Unsettled bank loan.

(I) Security is considered illiquid. The total market value of such securities as of March 31, 2014 was $77,389 (000) and represented 6.3% of the Net Assets of the Fund.

(J) Rate shown is the effective yield at time of purchase.

CHF — Swiss Franc

Cl — Class

CLO — Collateralized Loan Obligation

EUR — Euro

GBP — British Pound Sterling

HMO — Health Maintenance Organization

LLC — Limited Liability Corporation

LLP — Limited Liability Partnership

MLP — Master Limited Partnership

MTN — Medium Term Note

NOK — Norwegian Krone

PLC — Public Limited Company

SEK — Swedish Krone

Ser — Series

SPE — Special Purpose Entity

USD — United States Dollar

Amounts designated as “—” are $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 81

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Appreciation (Depreciation) (000)
4/30/2014	EUR	10,107	USD	13,900	$	(23	)
4/30/2014	GBP	3,735	USD	6,206		(20	)
4/30/2014	NOK	26,296	USD	4,429		42
5/2/2014	SEK	22,000	USD	3,318		(79	)
5/2/2014	USD	147	SEK	936		(2	)
7/15/2014	CHF	2,360	USD	2,615		(57	)
					$	(139	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Depreciation (000)
US Bank	$	(30,751	)	$	30,612	$	(139	)

For the period ended March 31, 2014, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	621,830	$	—	$	621,830
Loan Participations		—		360,409		2,802		363,211
Life Settlement Contracts		—		—		51,864		51,864
Sovereign Debt		—		27,607		209		27,816
Asset-Backed Securities		—		—		14,409		14,409
Convertible Bonds		—		9,406		—		9,406
Warrants		5,617		—		—		5,617
Mortgage-Backed Securities		—		1,203		1,056		2,259
Sovereign Loan		—		1,990		—		1,990
Common Stock		—		282		—		282
Short-Term Investment		145,284		—		—		145,284
Total Investments in Securities	$	150,901	$	1,022,727	$	70,340	$	1,243,968

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	42		$	—	$	42
Unrealized Depreciation		—		(181	)		—		(181	)
Total Other Financial Instruments	$	—	$	(139	)	$	—	$	(139	)

* Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.

(1) Of the $70,340 (000) in Level 3 securities as of March 31, 2014, $221 (000) or 0.02% 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 (000) as of March 31, 2014:

	Investments  in Loan Participations			Investments in Life Settlement Contracts		Investments in Sovereign Debt
Beginning balance as of October 1, 2013	$	995		$	—	$	234
Accrued discounts/ premiums		(4	)		—		5
Realized gain/(loss)		2			—		9
Change in unrealized appreciation/(depreciation)		(1	)		16,388		5
Purchases		—			35,476		—
Sales/paydowns		(992	)		—		(44	)
Transfers into Level 3		2,802			—		—
Transfers out of Level 3		—			—		—
Ending balance as of March 31, 2014	$	2,802		$	51,864	$	209
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—		$	16,388	$	5

	Investments in Asset-Backed Securities			Investments in Mortgage-Backed Securities		Total
Beginning balance as of October 1, 2013	$	18,301		$	1,038	$	20,568
Accrued discounts/ premiums		(34	)		—		(33	)
Realized gain/(loss)		(1	)		—		10
Change in unrealized appreciation/(depreciation)		195			18		16,605
Purchases		—			—		35,476
Sales/paydowns		(4,052	)		—		(5,088	)
Transfers into Level 3		—			—		2,802
Transfers out of Level 3		—			—		—
Ending balance as of March 31, 2014	$	14,409		$	1,056	$	70,340
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	195		$	18	$	16,606

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 82

consolidated schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (concluded)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2014. 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 March 31, 2014 (000)	Valuation Techniques
BT SPE	$9,315	Discounted Cash Flow Model
		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%
Life Settlement Contracts	51,864	Discounted Cash Flow Model
		Observable Inputs
		N/A
		Unobservable Inputs	Range
		Discount Rate	14%
		Expected Maturity (months)	33-128

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 interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2014, there were no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

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 83

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Multi-Asset Fund

Description	Shares		Value (000)
Exchange Traded Funds [41.5%]
Financial Select Sector SPDR		25,248	$	564
Industrial Select Sector SPDR		11,351		594
iShares 7-10 Year Treasury Bond ETF		24,965		2,540
iShares Russell 3000 Index Fund		11,970		1,344
iShares S&P MidCap 400 Index Fund		8,135		1,118
SPDR S&P 500		9,498		1,776
SPDR S&P Dividend		15,412		1,134
Vanguard REIT		5,235		370
Vanguard Small Cap Value		10,845		1,225
Total Exchange Traded Funds
(Cost $9,573)				10,665
Unaffiliated Registered Investment Companies [27.1%]
Eaton Vance Floating Rate Advantage Fund		136,530		1,523
ING Global Real Estate Fund		46,443		876
Ivy High Income Fund		169,075		1,480
Oppenheimer Senior Floating Rate Fund		91,150		766
Vanguard Short-Term Bond Index Fund		222,143		2,333
Total Registered Investment Companies
(Cost $6,905)				6,978
Affiliated Registered Investment Companies † [15.7%]
City National Rochdale Corporate Bond Fund, Servicing Class		151,889		1,622
City National Rochdale Government Bond Fund, Institutional Class		111,358		1,167
City National Rochdale Limited Maturity Fixed Income Fund, Institutional Class		110,714		1,238
Total Affiliated Registered Investment Companies
(Cost $4,082)				4,027

Description	Shares		Value (000)
Short-Term Investments [15.7%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%*†		2,013,284	$	2,013
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*		2,012,977		2,013
Total Short-Term Investments
(Cost $4,026)				4,026
Total Investments [100.0%]
(Cost $24,586)			$	25,696

Percentages are based on Net Assets of $25,688 (000).

* The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate (See Note 5).

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

As of March 31, 2014, 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.

For the period ended March 31, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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 84

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [93.8%] ‡
Consumer Discretionary [4.9%]
Mattel		95,500	$	3,831
McDonald’s		33,800		3,313
Regal Entertainment Group, Cl A		82,300		1,537
Total Consumer Discretionary				8,681
Consumer Staples [25.2%]
Altria Group		14,250		533
B&G Foods		70,900		2,135
Campbell Soup		15,000		673
Clorox		32,100		2,825
Coca-Cola		18,000		696
ConAgra Foods		27,800		863
Dr Pepper Snapple Group		52,900		2,881
General Mills		66,680		3,455
Hershey		14,400		1,503
Imperial Tobacco Group ADR		23,152		1,880
Kellogg		40,500		2,540
Kimberly-Clark		18,200		2,007
Kraft Foods Group		13,194		740
Lorillard		83,590		4,521
PepsiCo		8,000		668
Philip Morris International		52,600		4,306
Procter & Gamble		39,149		3,155
Reynolds American		10,692		571

Description	Shares		Value (000)
Sysco		61,600	$	2,226
Unilever ADR		22,200		950
Vector Group		132,647		2,857
Wal-Mart Stores		35,200		2,690
Total Consumer Staples				44,675
Energy [12.3%]
Buckeye Partners		4,400		330
Chevron		30,683		3,649
ConocoPhillips		27,500		1,935
Crestwood Midstream Partners		60,071		1,354
Enbridge Energy Partners		15,000		411
Energy Transfer Partners		3,700		199
Enterprise Products Partners		36,292		2,517
Exxon Mobil		25,838		2,524
Kinder Morgan Energy Partners		5,700		421
NuStar Energy		11,250		618
Occidental Petroleum		25,500		2,430
ONEOK		18,500		1,096
ONEOK Partners		2,400		129
Plains All American Pipeline		60,725		3,347
Spectra Energy		4,753		176
TransCanada		13,928		634
Total Energy				21,770
Financials [5.9%]
Arthur J Gallagher		13,200		628
BB&T		33,000		1,326
Cincinnati Financial		51,700		2,516
Compass Diversified Holdings		32,000		605
FirstMerit		28,571		595
JPMorgan Chase		12,000		729
Mercury General		15,000		676
NBT Bancorp		25,935		634
People’s United Financial		30,000		446
Prospect Capital		120,000		1,296
Travelers		6,067		516
US Bancorp		10,000		429
Total Financials				10,396
Health Care [8.2%]
Bristol-Myers Squibb		62,000		3,221
Eli Lilly		48,400		2,849
GlaxoSmithKline ADR		32,000		1,710
Johnson & Johnson		38,200		3,752
Merck		28,150		1,598

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 85

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Pfizer		41,944	$	1,347
Total Health Care				14,477
Industrials [4.5%]
3M		5,400		733
Eaton(A)		39,700		2,982
General Dynamics		14,500		1,579
General Electric		57,400		1,486
Honeywell International		1,872		174
Lockheed Martin		6,000		979
Total Industrials				7,933
Information Technology [2.1%]
IBM		2,000		385
Intel		83,000		2,142
Paychex		10,000		426
Seagate Technology		15,000		843
Total Information Technology				3,796
Materials [4.6%]
Dow Chemical		19,000		923
EI du Pont de Nemours		52,700		3,536
Nucor		15,000		758
Olin		57,000		1,574
Sonoco Products		24,000		985
Southern Copper		12,128		353
Total Materials				8,129
REITs [9.5%]
Apartment Investment & Management, Cl A		17,229		521
Camden Property Trust		8,914		600
EPR Properties		18,200		972
Government Properties Income Trust		35,000		882
Health Care Property Investors		33,546		1,301
Health Care REIT		11,612		692
Healthcare Realty Trust		17,000		411
Liberty Property Trust		17,385		642
Mack-Cali Realty		35,000		728
National Health Investors		20,000		1,209
National Retail Properties		36,500		1,253
Plum Creek Timber		24,000		1,009
Public Storage		10,000		257
QTS Realty Trust, Cl A		8,000		201
Ramco-Gershenson Properties Trust		4,000		65

Description	Shares		Value (000)
Select Income REIT		50,000	$	1,513
Senior Housing Properties Trust		13,000		292
Sovran Self Storage		10,036		737
Tanger Factory Outlet Centers		27,984		979
Ventas		38,632		2,340
Weyerhaeuser		9,170		269
Total REITs				16,873
Shipping & Transportation [0.7%]
Fly Leasing ADR		87,370		1,311
Telecommunication Services [5.0%]
AT&T		84,500		2,963
Consolidated Communications Holdings		110,400		2,209
Verizon Communications		54,067		2,572
Windstream Holdings		136,128		1,122
Total Telecommunication Services				8,866
Utilities [10.9%]
AmeriGas Partners		28,200		1,191
Atmos Energy		15,000		707
Brookfield Infrastructure Partners		20,000		789
Cleco		4,536		230
DTE Energy		10,000		743
Duke Energy		31,006		2,208
Entergy		13,700		916
Ferrellgas Partners		7,300		169
FirstEnergy		38,000		1,293
Hawaiian Electric Industries		24,010		610
National Fuel Gas		13,286		931
NiSource		20,000		711
Northeast Utilities		37,492		1,706
Northwest Natural Gas		8,396		369
OGE Energy		33,600		1,235
ONE Gas *		4,625		166
Pinnacle West Capital		28,885		1,579
Portland General Electric		12,000		388
PPL		20,000		663
Suburban Propane Partners		11,200		465
UIL Holdings		11,000		405
United Utilities Group ADR		19,318		506
Wisconsin Energy		27,500		1,280
Total Utilities				19,260
Total Common Stock
(Cost $124,900)				166,167

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 86

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares/Face Amount (000)			Value (000)
Preferred Stock [0.8%]
REITs [0.5%]
CommonWealth			10,000	$	252
First Potomac Realty Trust			10,000		253
National Retail Properties			10,000		243
Public Storage			10,000		236
Total REITs					984
Telecommunication Services [0.3%]
Qwest			10,000		261
Verizon Communications			10,000		250
Total Telecommunication Services					511
Total Preferred Stock
(Cost $1,500)					1,495
Asset-Backed Security [0.3%]
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
9.250%, 06/06/16(B) (C) (D)		$	506		476
Total Asset-Backed Security
(Cost $506)					476
Short-Term Investments [4.8%]
City National Rochdale Government Money Market Fund, 0.010%**†			4,248,195		4,248
SEI Daily Income Trust Government Fund, Cl A, 0.010%**			4,248,195		4,248
Total Short-Term Investments
(Cost $8,496)					8,496
Total Investments [99.7%]
(Cost $135,402)				$	176,634

Percentages are based on Net Assets of $177,192 (000).

‡ The Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Foreign security

(B) Security is considered illiquid. The total market value of such security as of March 31, 2014 was $476 (000) and represented 0.3% of net assets of the Fund.

(C) 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 March 31, 2014 was $476 (000) and represented 0.3% of net assets of the Fund .

(D) Security is considered restricted. The total market value of such security as of March 31, 2014 was $476 (000) and represented 0.3% of net assets of the Fund .

ADR — American Depositary Receipt

Cl — Class

REIT — Real Estate Investment Trust

SPE — Special Purpose Entity

The following is a list of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	166,167	$	—	$	—	$	166,167
Preferred Stock		1,495		—		—		1,495
Asset-Backed Security		—		—		476		476
Short-Term Investments		8,496		—		—		8,496
Total Investments in Securities	$	176,158	$	—	$	476	$	176,634

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2014:

	Investments in Asset-Backed Security (000)
Beginning balance as of October 1, 2013	$	579
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		6
Purchases		—
Sales/paydowns		(109	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2014	$	476
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	6

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 87

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Dividend & Income Fund (concluded)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2014. 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 March 31, 2014 (000)	Valuation Techniques
BT SPE	$476	Discounted Cash Flow Model
		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 increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2014, the transfers into Level 1 were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

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 88

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [98.5%]
Aerospace & Defense [3.8%]
Hexcel *		53,520	$	2,330
Textron		72,020		2,830
United Technologies		29,020		3,391
Total Aerospace & Defense				8,551
Auto Components [1.5%]
Magna International		33,530		3,229
Biotechnology [6.5%]
Biogen Idec *		12,670		3,875
Celgene *		39,310		5,488
Gilead Sciences *		73,080		5,179
Total Biotechnology				14,542
Capital Markets [3.4%]
Affiliated Managers Group *		17,450		3,491
State Street		57,370		3,990
Total Capital Markets				7,481
Commercial Banks [3.4%]
CIT Group		60,050		2,944
Wells Fargo		93,640		4,658
Total Commercial Banks				7,602

Description	Shares		Value (000)
Communications Equipment [3.1%]
Ciena *		140,120	$	3,187
Qualcomm		46,490		3,666
Total Communications Equipment				6,853
Computers & Peripherals [3.8%]
Apple		15,830		8,497
Construction & Engineering [3.5%]
Chicago Bridge & Iron		49,710		4,332
Quanta Services *		91,490		3,376
Total Construction & Engineering				7,708
Consumer Finance [2.5%]
American Express		61,660		5,551
Diversified Financial Services [5.2%]
Citigroup		124,120		5,908
JPMorgan Chase		93,640		5,685
Total Diversified Financial Services				11,593
Diversified Telecommunication Services [1.1%]
Verizon Communications		54,110		2,574
Energy Equipment & Services [4.0%]
National Oilwell Varco		54,170		4,218
Schlumberger		48,970		4,775
Total Energy Equipment & Services				8,993
Food & Staples Retailing [4.2%]
Costco Wholesale		28,730		3,209
CVS		80,490		6,025
Total Food & Staples Retailing				9,234
Food Products [2.5%]
ConAgra Foods		52,600		1,632
WhiteWave Foods, Cl A *		140,908		4,022
Total Food Products				5,654
Health Care Equipment & Supplies [2.6%]
Edwards Lifesciences *		38,270		2,838
Intuitive Surgical *		6,680		2,926
Total Health Care Equipment & Supplies				5,764

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 89

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale U.S. Core Equity Fund (continued)

Description	Shares		Value (000)
Hotels, Restaurants & Leisure [1.3%]
Starbucks		39,430	$	2,893
Household Durables [1.9%]
PulteGroup		216,940		4,163
Insurance [3.4%]
ACE		24,110		2,388
Prudential Financial		60,280		5,103
Total Insurance				7,491
Internet Software & Services [5.2%]
Facebook, Cl A *		61,140		3,683
Google, Cl A *		7,020		7,824
Total Internet Software & Services				11,507
IT Services [4.1%]
MasterCard, Cl A		76,640		5,725
Visa, Cl A		15,920		3,436
Total IT Services				9,161
Leisure Equipment & Products [1.7%]
Polaris Industries		27,520		3,845
Life Sciences Tools & Services [2.0%]
Thermo Fisher Scientific		36,550		4,395
Machinery [3.6%]
Cummins		25,460		3,793
Wabtec		55,160		4,275
Total Machinery				8,068
Media [3.5%]
Comcast, Cl A		75,710		3,787
DIRECTV *		53,060		4,055
Total Media				7,842
Oil, Gas & Consumable Fuels [6.1%]
Cabot Oil & Gas		94,510		3,202
Continental Resources *		32,240		4,005
Exxon Mobil		33,390		3,262
Occidental Petroleum		31,350		2,987
Total Oil, Gas & Consumable Fuels				13,456

Description	Shares		Value (000)
Paper & Forest Products [1.1%]
International Paper		51,690	$	2,372
Pharmaceuticals [3.3%]
Allergan		30,890		3,833
Mylan *		72,640		3,547
Total Pharmaceuticals				7,380
Professional Services [0.8%]
Verisk Analytics, Cl A *		30,440		1,825
Road & Rail [3.9%]
Hertz Global Holdings *		159,760		4,256
Union Pacific		23,160		4,346
Total Road & Rail				8,602
Software [1.0%]
Adobe Systems *		32,910		2,163
Specialty Retail [3.2%]
Home Depot		51,750		4,095
Lowe’s		61,770		3,021
Total Specialty Retail				7,116
Water Utilities [1.3%]
American Water Works		61,790		2,805
Total Common Stock
(Cost $187,315)				218,910
Short-Term Investments [2.4%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**†		2,672,568		2,673
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		2,672,568		2,673
Total Short-Term Investments
(Cost $5,346)				5,346
Total Investments [100.9%]
(Cost $192,661)			$	224,256

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 90

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale U.S. Core Equity Fund (concluded)

Percentages are based on Net Assets of $222,292 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

Cl — Class

As of March 31, 2014, 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.

For the period ended March 31, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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 91

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Socially Responsible Equity Fund

Description	Shares		Value (000)
Common Stock [97.2%]
Apparel/Textiles [1.2%]
Coach		20,000	$	993
Automotive [5.3%]
Ford Motor		100,200		1,563
Johnson Controls		24,400		1,155
Paccar		26,000		1,753
Total Automotive				4,471
Banks [5.0%]
Bank of America		124,400		2,140
CIT Group		41,500		2,034
Total Banks				4,174
Broadcasting & Cable [1.9%]
Cisco Systems		71,900		1,611
Building & Construction [2.0%]
Owens Corning		37,900		1,636
Business Services [2.0%]
Xerox		145,300		1,642
Chemicals [1.9%]
EI du Pont de Nemours		24,100		1,617
Commercial Banks [2.5%]
BB&T		52,400		2,105

Description	Shares		Value (000)
Communication & Media [2.6%]
Starz *		67,600	$	2,182
Computer Software [2.5%]
Microsoft		51,400		2,107
Drugs [2.5%]
AbbVie		39,900		2,051
Electrical Services [4.3%]
Eaton		25,900		1,946
Northeast Utilities		36,700		1,670
Total Electrical Services				3,616
Electronic Equipment & Instruments [1.5%]
Arrow Electronics *		21,700		1,288
Financial Services [2.7%]
American Express		13,400		1,206
CME Group, Cl A		13,700		1,014
Total Financial Services				2,220
Food, Beverage & Tobacco [2.8%]
PepsiCo		27,600		2,305
Healthcare Products & Services [0.9%]
Cardinal Health		11,300		791
Household Furniture & Fixtures [1.9%]
Stanley Black & Decker		19,200		1,560
Insurance [15.1%]
American International Group		47,000		2,350
Berkshire Hathaway, Cl B *		13,400		1,675
Chubb		8,900		795
DaVita HealthCare Partners *		23,000		1,583
Genworth Financial, Cl A *		151,900		2,693
HCC Insurance Holdings		32,300		1,469
Symetra Financial		102,000		2,022
Total Insurance				12,587
Machinery [1.0%]
Titan International		45,200		858
Medical Products & Services [10.2%]
Baxter International		26,800		1,972
Becton Dickinson		14,000		1,639
Covidien		22,900		1,687

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 92

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Socially Responsible Equity Fund (concluded)

Description	Shares		Value (000)
Laboratory Corp of America Holdings *		18,000	$	1,768
Patterson		35,300		1,474
Total Medical Products & Services				8,540
Personal Products [1.5%]
Elizabeth Arden *		42,100		1,242
Petroleum & Fuel Products [11.3%]
ConocoPhillips		30,000		2,111
Denbury Resources		104,500		1,714
Phillips 66		9,900		763
Southwestern Energy *		55,700		2,563
Spectra Energy		41,700		1,540
Whiting Petroleum *		11,300		784
Total Petroleum & Fuel Products				9,475
Printing & Publishing [1.5%]
Tyco International		29,875		1,267
Property & Casualty Insurance [1.4%]
Fidelity National Financial, Cl A		37,700		1,185
Real Estate Investment Trust [3.2%]
Redwood Trust		60,400		1,225
Weyerhaeuser		50,500		1,482
Total Real Estate Investment Trust				2,707
Real Estate Management & Development [2.5%]
Brookfield Asset Management, Cl A		50,000		2,043
Semi-Conductors [1.5%]
Broadcom, Cl A		40,200		1,265
Telephones & Telecommunications [3.6%]
Corning		78,900		1,643
Verizon Communications		10,704		509
Vodafone Group ADR		22,200		817
Total Telephones & Telecommunications				2,969
Transportation Services [0.9%]
United Parcel Service, Cl B		7,400		721
Total Common Stock
(Cost $63,476)				81,228

Description	Shares		Value (000)
Short-Term Investment [1.7%]
AIM STIT-Government TaxAdvantage Portfolio, 0.020%**		1,436,354	$	1,436
Total Short-Term Investment
(Cost $1,436)				1,436
Total Investments [98.9%]
(Cost $64,912)				82,664

Percentages are based on Net Assets of $83,561 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

ADR — American Depositary Receipt

Cl — Class

As of March 31, 2014, 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.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 93

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Emerging Markets Fund

Description	Shares		Value (000)
Common Stock [90.3%]
China [26.5%]
AAC Technologies Holdings		1,299,200	$	6,725
ANTA Sports Products		2,606,000		4,348
China Medical System Holdings		1,580,300		1,789
China Pioneer Pharma Holdings		13,223,000		6,972
China State Construction International Holdings		4,034,000		6,834
CIMC Enric Holdings		3,664,000		5,168
Fufeng Group		12,079,000		4,594
Goodbaby International Holdings		11,561,705		6,171
Great Wall Motor, Cl H		3,278,000		16,440
Li Ning *		3,425,000		2,314
Man Wah Holdings		1,938,000		3,273
Ping An Insurance Group of China, Cl H		758,500		6,288
Shanghai Fosun Pharmaceutical Group, Cl H		551,000		1,918
Shanghai Pharmaceuticals Holding, Cl H		1,404,900		3,195
Sunac China Holdings		10,571,000		6,133
Sunny Optical Technology Group		6,404,000		6,233
Tencent Holdings		220,900		15,364
Tingyi Cayman Islands Holding		1,326,000		3,804
XTEP International Holdings		12,005,000		5,138
Zhejiang Expressway, Cl H		5,250,000		4,785
ZTE, Cl H		1,818,100		3,530
Total China				121,016

Description	Shares		Value (000)
Hong Kong [16.0%]
Chaowei Power Holdings		8,015,000	$	3,265
China Gas Holdings		4,132,000		6,457
Chow Sang Sang Holdings International		1,643,000		3,889
CPMC Holdings		4,619,000		3,668
Freetech Road Recycling Technology Holdings		12,142,000		3,914
Galaxy Entertainment Group *		1,804,000		15,687
Geely Automobile Holdings		7,235,000		2,845
Magic Holdings International		7,764,000		6,296
NagaCorp		14,314,600		14,912
REXLot Holdings		26,625,000		3,089
SJM Holdings		1,771,000		4,978
Skyworth Digital Holdings		7,691,088		4,224
Total Hong Kong				73,224
India [25.0%]
Amtek Auto (A)		1,847,730		4,922
Bajaj Auto (A)		145,682		5,083
Bharti Airtel (A)		1,038,943		5,528
CESC (A)		540,329		4,535
Crompton Greaves (A)		1,313,394		3,527
Dr. Reddy’s Laboratories ADR		152,200		6,682
Emami (A)		534,681		3,897
HDFC Bank (A)		323,793		4,060
HDFC Bank ADR		78,500		3,221
ICICI Bank (A)		63,161		1,317
ICICI Bank ADR		291,767		12,779
ITC (A)		826,492		4,883
Kotak Mahindra Bank (A)		404,648		5,292
KPIT Technologies (A)		928,933		2,502
McLeod Russel India (A)		828,708		4,244
Mindtree (A)		162,484		3,594
Persistent Systems (A)		171,540		3,014
Shree Cement (A)		27,260		2,588
Sobha Developers (A)		593,022		3,719
Sun Pharmaceutical Industries (A)		337,004		3,243
Tata Global Beverages (A)		1,875,017		4,711
Tata Motors, Cl A (A)		915,068		3,101
Tata Motors ADR		111,800		3,959
Tech Mahindra (A)		175,827		5,286
United Spirits (A)		107,352		4,759
Vardhman Textiles (A)		620,334		3,669
Total India				114,115

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 94

schedule of investments

March 31, 2014 (Unaudited)

City National Rochdale Emerging Markets Fund (concluded)

Description	Shares		Value (000)
Indonesia [7.3%]
Bank Mandiri Persero		3,094,700	$	2,575
Bank Pembangunan Daerah Jawa Barat Dan Banten		10,415,700		958
Ciputra Development		36,147,600		3,691
Global Mediacom		12,833,100		2,655
Lippo Karawaci		34,428,600		3,288
Media Nusantara Citra		11,803,200		2,732
Ramayana Lestari Sentosa		42,357,500		5,183
Surya Citra Media		29,078,300		8,191
United Tractors		2,181,500		3,985
Total Indonesia				33,258
Malaysia [3.7%]
Berjaya Sports Toto		949,000		1,154
Genting Malaysia		2,015,200		2,592
Magnum		4,164,600		3,813
Malayan Banking		1,834,577		5,438
My EG Services		2,870,100		2,488
Sime Darby		523,355		1,492
Total Malaysia				16,977
Philippines [5.1%]
GT Capital Holdings		377,320		6,609
Megaworld		74,942,426		7,002
Metropolitan Bank & Trust		1,823,002		3,142
SM Prime Holdings		20,256,375		6,595
Total Philippines				23,348
Thailand [6.0%]
Charoen Pokphand Foods - Foreign		5,299,629		4,574
Krung Thai Bank - Foreign		8,441,450		4,866
LPN Development NVDR		6,174,501		3,046
LPN Development		2,200,000		1,085
Minor International - Foreign		8,835,150		6,754
PTT Exploration & Production - Foreign		700,412		3,390
Siam Cement - Foreign		295,500		3,790
Total Thailand				27,505
United States [0.7%]
Cognizant Technology Solutions, Cl A *		68,600		3,472
Total Common Stock
(Cost $355,232)				412,915

Description	Shares		Value (000)
Short-Term Investments [7.9%]
City National Rochdale Government Money Market Fund, 0.010%**†		24,687,246	$	24,687
SEI Daily Income Trust Government Fund, Cl A, 0.010%**		11,481,371		11,481
Total Short-Term Investments
(Cost $36,168)				36,168
Total Investments [98.2%]
(Cost $391,400)			$	449,083

Percentages are based on Net Assets of $457,125 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliate.

(A) Securities held through a Mauritius Subsidiary.

ADR — American Depositary Receipt

Cl — Class

NVDR — Non-Voting Depositary Receipt

As of March 31, 2014, 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.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

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 95

statements of assets and liabilities (000)

March 31, 2014 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund		City National Rochdale Limited Maturity Fixed Income Fund
ASSETS:
Cost of securities (including repurchase agreements)	$	3,478,401		$	1,176,181		$	901,217	$	28,752
Investments in securities, at value	$	3,303,401		$	1,087,181		$	901,217	$	28,805
Affiliated investments, at value		—			—			—		220
Repurchase agreements, at value		175,000			89,000			—		—
Cash		—			—			17,126		—
Dividend and interest receivable		2,439			897			750		178
Investment advisory fees receivable		—			—			21		—
Prepaid expenses		219			74			52		2
Total Assets		3,481,059			1,177,152			919,166		29,205
LIABILITIES:
Payable for income distributions		10			7			2		8
Payable for investment securities purchased		—			—			17,000		—
Investment advisory fees payable		48			71			—		4
Shareholder servicing and distribution fees payable		30			10			3		5
Administrative fees payable		47			20			17		9
Accrued expenses		493			209			140		23
Total Liabilities		628			317			17,162		49
Net Assets	$	3,480,431		$	1,176,835		$	902,004	$	29,156
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	3,480,432		$	1,176,850		$	902,004	$	30,852
Distributions in excess of net investment income		—			—			—		(4	)
Accumulated net realized loss on investments		(1	)		(15	)		—		(1,965	)
Net unrealized appreciation on investments		—			—			—		273
Net Assets	$	3,480,431		$	1,176,835		$	902,004	$	29,156
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	53,785,027		$	—	$	24,092,827
Total shares outstanding at end of period		—			53,785,031			—		2,154,080
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	1.00		$	—	$	11.18
Class N Shares:
Net Assets ($Dollars)	$	2,723,914,294		$	328,600,108		$	653,099,756	$	5,063,492
Total shares outstanding at end of period		2,723,912,528			328,662,623			653,102,675		452,450
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00	$	11.19
Class S Shares:
Net Assets ($Dollars)	$	596,757,182		$	187,939,368		$	61,351,086	$	—
Total shares outstanding at end of period		596,758,236			187,905,022			61,347,582		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00	$	—
Servicing Class Shares:
Net Assets ($Dollars)	$	159,759,726		$	606,510,953		$	187,553,439	$	—
Total shares outstanding at end of period		159,761,016			606,590,874			187,555,525		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00	$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 96

statements of assets and liabilities (000)

March 31, 2014 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund		City National Rochdale California Tax Exempt Bond Fund		City National Rochdale Municipal High Income Fund
ASSETS:
Cost of securities (including affiliated investments)	$	172,873		$	135,087	$	71,117	$	183,393
Investments in securities, at value	$	173,252		$	135,868	$	69,243	$	171,326
Affiliated investments, at value		801			1,755		2,987		14,056
Dividend and income receivable		615			1,220		719		2,463
Receivable for capital shares sold		693			418		138		5,723
Deferred offering costs		—			—		—		22
Prepaid expenses		8			7		3		—
Total Assets		175,369			139,268		73,090		193,590
LIABILITIES:
Payable for income distributions		17			156		75		355
Payable for capital shares redeemed		281			126		263		60
Payable for investment securities purchased		—			—		1,712		16,888
Investment advisory fees payable		57			40		8		51
Shareholder servicing and distribution fees payable		25			30		15		42
Administrative fees payable		11			10		9		10
Accrued expenses		41			42		29		22
Total Liabilities		432			404		2,111		17,428
Net Assets	$	174,937		$	138,864	$	70,979	$	176,162
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	175,304		$	135,528	$	69,633	$	174,173
Undistributed (Distributions in excess of) net investment income		(14	)		6		—		—
Accumulated net realized gain (loss) on investments		(1,533	)		794		233		—
Net unrealized appreciation on investments		1,180			2,536		1,113		1,989
Net Assets	$	174,937		$	138,864	$	70,979	$	176,162
Institutional Class Shares:
Net Assets ($Dollars)	$	58,613,257		$	—	$	—	$	—
Total shares outstanding at end of period		5,594,517			—		—		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.48		$	—	$	—	$	—
Class N Shares:
Net Assets ($Dollars)	$	2,351,889		$	3,354,120	$	10,036,799	$	76,820,539
Total shares outstanding at end of period		224,116			313,646		945,893		7,450,133
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.49		$	10.69	$	10.61	$	10.31
Servicing Class Shares:
Net Assets ($Dollars)	$	113,972,112		$	135,510,233	$	60,941,713	$	99,341,379
Total shares outstanding at end of period		10,882,254			12,687,223		5,759,312		9,629,629
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.47		$	10.68	$	10.58	$	10.32

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 97

statements of assets and liabilities/

consolidated statement of assets and liabilities (000)

March 31, 2014 (Unaudited)

	City National Rochdale High Yield Bond Fund		City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
ASSETS:
Cost of securities (including affiliated investments)	$	124,938	$	210,879		$	1,212,952		$	24,586
Investments in securities, at value	$	127,581	$	213,540		$	1,243,968		$	19,656
Affiliated investments, at value		848		130			—			6,040
Cash		6		—			15,868			37
Foreign Currency(1)		—		—			1,139			—
Dividend and income receivable		2,583		2,048			14,947			16
Receivable for capital shares sold		105		662			6,250			1
Receivable for investment securities sold		795		—			15,584			—
Unrealized gain on forward foreign currency contracts		—		—			42			—
Prepaid expenses		8		5			43			1
Total Assets		131,926		216,385			1,297,841			25,751
LIABILITIES:
Payable for income distributions		280		—			—			—
Payable for capital shares redeemed		118		121			641			18
Payable for investment securities purchased		7,270		—			64,111			—
Unrealized loss on forward foreign currency contracts		—		—			181			—
Investment advisory fees payable		54		71			519			7
Shareholder servicing and distribution fees payable		38		74			260			10
Administrative fees payable		10		11			26			8
Accrued expenses		42		42			492			20
Total Liabilities		7,812		319			66,230			63
Net Assets	$	124,114	$	216,066		$	1,231,611		$	25,688
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	117,347	$	216,360		$	1,205,786		$	25,408
Undistributed (Distributions in excess of) net investment income		13		24			(632	)		(34	)
Accumulated net realized gain (loss) on investments and foreign currency		3,263		(3,109	)		(4,578	)		(796	)
Net unrealized appreciation on:
Investments		3,491		2,791			31,016			1,110
Translation of other assets and liabilities denominated in foreign currencies		—		—			19			—
Net Assets	$	124,114	$	216,066		$	1,231,611		$	25,688
Institutional Class Shares:
Net Assets ($Dollars)	$	40,951,291	$	40,507,085		$	—		$	—
Total shares outstanding at end of period		4,595,647		1,550,682			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.91	$	26.12		$	—		$	—
Class N Shares:
Net Assets ($Dollars)	$	36,614,014	$	175,559,385		$	1,231,610,588		$	19,729,554
Total shares outstanding at end of period		4,110,049		6,720,764			44,772,629			1,779,178
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.91	$	26.12		$	27.51		$	11.09
Servicing Class Shares:
Net Assets ($Dollars)	$	46,548,576	$	—		$	—		$	5,958,007
Total shares outstanding at end of period		5,225,495		—			—			536,790
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.91	$	—		$	—		$	11.10

Amounts designated as “—” are either $0 or have been rounded to $0.

(1) Cost of foreign currency $1,138 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 98

statements of assets and liabilities (000)

March 31, 2014 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund			City National Rochdale Socially Responsible Fund		City National Rochdale Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	135,402		$	192,661		$	64,912	$	391,400
Investments in securities, at value	$	172,386		$	221,583		$	82,664	$	424,396
Affiliated investments, at value		4,248			2,673			—		24,687
Cash		10			—			—		—
Foreign Currency(1)		—			—			—		11,207
Dividend and income receivable		374			133			54		170
Receivable for investment securities sold		—			—			1,000		1,406
Receivable for capital shares sold		469			274			149		1,799
Prepaid expenses		6			8			3		12
Total Assets		177,493			224,671			83,870		463,677
LIABILITIES:
Payable for capital shares redeemed		111			107			214		301
Payable for investment securities purchased		—			2,062			—		5,630
Investment advisory fees payable		67			86			48		373
Shareholder servicing and distribution fees payable		73			63			9		186
Administrative fees payable		11			12			9		15
Accrued expenses		39			49			29		47
Total Liabilities		301			2,379			309		6,552
Net Assets	$	177,192		$	222,292		$	83,561	$	457,125
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	143,359		$	189,336		$	62,599	$	404,524
Undistributed (Distributions in excess of) net investment income		(222	)		(3	)		5		(1,808	)
Accumulated net realized gain (loss) on investments and foreign currencies		(7,177	)		1,364			3,205		(3,538	)
Net unrealized appreciation on:
Investments		41,232			31,595			17,752		57,683
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			—		264
Net Assets	$	177,192		$	222,292		$	83,561	$	457,125
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	50,395,213		$	50,338,036	$	—
Total shares outstanding at end of period		—			3,794,825			4,405,792		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.28		$	11.43	$	—
Class N Shares:
Net Assets ($Dollars)	$	177,191,813		$	85,805,658		$	33,222,470	$	457,124,929
Total shares outstanding at end of period		5,138,632			6,515,275			2,914,262		12,458,682
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	34.48		$	13.17		$	11.40	$	36.69
Servicing Class Shares:
Net Assets ($Dollars)	$	—		$	86,091,495		$	—	$	—
Total shares outstanding at end of period		—			6,530,157			—		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.18		$	—	$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

(1) Cost of foreign currency $10,933 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 99

statements of operations (000)

For the six months ended March 31, 2014 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money  Market Fund			City National Rochdale California Tax Exempt Money Market Fund			City National Rochdale Limited Maturity Fixed Income Fund
INCOME:
Interest Income	$	1,694		$	1,000		$	309		$	243
Total Investment Income		1,694			1,000			309			243
EXPENSES:
Investment Advisory Fees		4,775			1,582			1,293			94
Shareholder Servicing Fees — Class N(1)		8,219			1,050			1,947			12
Shareholder Servicing Fees — Class S(1)		1,984			864			264			—
Shareholder Servicing Fees — Servicing Class		194			774			225			—
Administration Fees		366			156			129			49
Transfer Agent Fees		251			91			65			3
Trustee Fees		50			23			18			8
Professional Fees		187			74			55			10
Printing Fees		77			28			20			1
Custody Fees		134			50			29			2
Registration Fees		89			33			26			1
Insurance and Other Expenses		147			59			43			2
Total Expenses		16,473			4,784			4,114			182
Less, Waivers of:
Investment Advisory Fees		(4,483	)		(1,124	)		(1,293	)		(44	)
Reimbursement of Other Operating Expenses		—			—			(98	)		—
Shareholder Servicing Fees — Class N(1)		(8,219	)		(1,050	)		(1,947	)		(6	)
Shareholder Servicing Fees — Class S(1)		(1,984	)		(864	)		(264	)		—
Shareholder Servicing Fees — Servicing Class		(194	)		(774	)		(225	)		—
Administration Fees		(82	)		(35	)		(26	)		—
Net Expenses		1,511			937			261			132
Net Investment Income		183			63			48			111
Net Realized Gain (Loss) from Securities Transactions		—			—			(2	)		28
Net Change in Unrealized Appreciation on Investments		—			—			—			75
Net Increase in Net Assets Resulting from Operations	$	183		$	63		$	46		$	214

(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 100

statements of operations (000)

For the six months ended March 31, 2014 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund			City National Rochdale Municipal High Income Fund (2)
INCOME:
Interest Income	$	999		$	1,614		$	754		$	1,104
Total Investment Income		999			1,614			754			1,104
EXPENSES:
Investment Advisory Fees		371			276			92			95
Shareholder Servicing Fees — Class N(1)		6			8			23			40
Shareholder Servicing Fees — Servicing Class		142			168			74			33
Administration Fees		60			58			51			26
Transfer Agent Fees		11			9			5			3
Trustee Fees		9			9			8			4
Professional Fees		16			14			11			9
Custody Fees		7			6			3			1
Registration Fees		5			4			2			1
Printing Fees		4			3			1			1
Offering Costs		—			—			—			3
Insurance and Other Expenses		8			11			3			4
Total Expenses		639			566			273			220
Less, Waivers of:
Investment Advisory Fees		(35	)		(38	)		(47	)		(13	)
Net Expenses		604			528			226			207
Net Investment Income		395			1,086			528			897
Net Realized Gain from Securities Transactions		192			839			380			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		(100	)		(123	)		207			1,989
Net Increase in Net Assets Resulting from Operations	$	487		$	1,802		$	1,115		$	2,886

(1) Includes class specific distribution expenses.

(2) Fund commenced operations December 30, 2013.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 101

statements of operations/

consolidated statement of operations (000)

For the six months ended March 31, 2014 (Unaudited)

	City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
INCOME:
Dividend Income	$	30		$	291		$	6		$	246
Dividend Income from Affiliated Investments		—			—			—			40
Interest Income		5,272			2,867			32,705			—
Less: Foreign Taxes Withheld		—			—			(4,014	)		—
Total Investment Income		5,302			3,158			28,697			286
EXPENSES:
Investment Advisory Fees		449			375			2,763			73
Shareholder Servicing Fees — Class N(1)		89			413			2,763			52
Shareholder Servicing Fees — Servicing Class		93			—			—			7
Administration Fees		59			63			174			48
Transfer Agent Fees		11			11			66			2
Trustee Fees		9			9			28			7
Professional Fees		16			15			101			9
Custody Fees		9			5			32			1
Registration Fees		4			12			29			1
Printing Fees		4			3			20			1
Insurance and Other Expenses		8			6			45			2
Total Expenses		751			912			6,021			203
Recovery of Investment Advisory Fees Previously Waived(2)		—			—			97			—
Less, Waiver of:
Investment Advisory Fees		(46	)		(21	)		—			(4	)
Net Expenses		705			891			6,118			199
Net Investment Income		4,597			2,267			22,579			87
Net Realized Gain (Loss) from:
Securities Transactions		3,317			(272	)		(3,398	)		830
Affiliated Investments		—			—			—			35
Distributions of Realized Gains from Investment Company Shares		—			—			—			38
Forward Foreign Currency Contracts		—			—			(703	)		—
Foreign Currency Transactions		—			—			(408	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,397			2,032			35,425			269
Affiliated Investments		—			—			—			(20	)
Forward Foreign Currency Contracts		—			—			325			—
Foreign Currency Transactions		—			—			147			—
Net Increase in Net Assets Resulting from Operations	$	10,311		$	4,027		$	53,967		$	1,239

(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 102

statements of operations (000)

For the six months ended March 31, 2014 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund			City National Rochdale Socially Responsible Fund			City National Rochdale Emerging Markets Fund
INCOME:
Dividend Income	$	3,036		$	908		$	1,472		$	1,153
Interest Income		399			—			—			—
Less: Foreign Taxes Withheld		(8	)		(5	)		(3	)		(55	)
Total Investment Income		3,427			903			1,469			1,098
EXPENSES:
Investment Advisory Fees		420			317			301			1,807
Shareholder Servicing Fees — Class N(1)		420			190			82			903
Shareholder Servicing Fees — Servicing Class		—			100			—			—
Administration Fees		60			54			53			77
Transfer Agent Fees		12			10			5			21
Trustee Fees		9			9			8			11
Professional Fees		16			15			12			24
Custody Fees		5			5			3			20
Printing Fees		3			3			2			7
Registration Fees		15			2			3			15
Insurance and Other Expenses		9			10			5			32
Total Expenses		969			715			474			2,917
Less, Waiver of:
Investment Advisory Fees		(37	)		—			(35	)		(12	)
Shareholder Servicing Fees — Class N		—			—			(41	)		—
Net Expenses		932			715			398			2,905
Net Investment Income (Loss)		2,495			188			1,071			(1,807	)
Net Realized Gain (Loss) from:
Securities Transactions		2,179			1,957			3,917			(2,111	)
Foreign Currency Transactions		—			—			—			(321	)
Net Change in Unrealized Appreciation on:
Investments		9,167			12,773			3,936			29,854
Foreign Currency Transactions		—			—			—			261
Net Increase in Net Assets Resulting from Operations	$	13,841		$	14,918		$	8,924		$	25,876

(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 103

statements of changes in net assets (000)

For the six months ended March 31, 2014 (Unaudited) and the year ended September 30, 2013

	City National Rochdale Government Money Market Fund						City National Rochdale Prime Money Market Fund
	2014			2013			2014			2013
OPERATIONS:
Net Investment Income	$	183		$	330		$	63		$	228
Net Realized Gain (Loss) from Security Transactions		—			6			—			(1	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		183			336			63			227
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(2	)		(1	)
Class N		(149	)		(281	)		(19	)		(65	)
Class S		(26	)		(38	)		(11	)		(26	)
Servicing Class		(8	)		(11	)		(31	)		(136	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class		—			—			—			—
Total Dividends and Distributions		(183	)		(330	)		(63	)		(228	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			130,467			64,765
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			(87,889	)		(53,558	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			42,578			11,207
Class N:
Shares Issued		1,918,722			4,569,767			343,074			958,377
Shares Issued in Lieu of Dividends and Distributions		123			232			12			43
Shares Redeemed		(2,235,328	)		(4,337,676	)		(439,458	)		(927,483	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(316,483	)		232,323			(96,372	)		30,937
Class S:
Shares Issued		611,574			1,126,727			437,190			820,945
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(489,967	)		(940,498	)		(456,503	)		(869,753	)
Increase (Decrease) in Net Assets from Class S Share Transactions		121,607			186,229			(19,313	)		(48,808	)
Servicing Class:
Shares Issued		395,977			778,145			565,318			2,068,692
Shares Issued in Lieu of Dividends and Distributions		—			—			5			22
Shares Redeemed		(364,640	)		(746,175	)		(572,258	)		(1,961,996	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		31,337			31,970			(6,935	)		106,718
Net Increase (Decrease) in Net Assets from Share Transactions		(163,539	)		450,522			(80,042	)		100,054
Total Increase (Decrease) in Net Assets		(163,539	)		450,528			(80,042	)		100,053
NET ASSETS:
Beginning of Year		3,643,970			3,193,442			1,256,877			1,156,824
End of Year	$	3,480,431		$	3,643,970		$	1,176,835		$	1,256,877
Undistributed (Distributions in excess of) net investment income	$	—		$	—		$	—		$	—

(1) See Note 9 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 104

City National Rochdale California Tax Exempt Money Market Fund						City National Rochdale Limited Maturity Fixed Income Fund						City National Rochdale Government Bond Fund						City National Rochdale Corporate Bond Fund
2014			2013			2014			2013			2014			2013			2014			2013
$	48		$	94		$	111		$	239		$	395		$	1,317		$	1,086		$	2,431
	(2	)		—			28			89			192			(81	)		839			926
	—			—			75			(425	)		(100	)		(3,438	)		(123	)		(2,436	)
	46			94			214			(97	)		487			(2,202	)		1,802			921
	—			—			(105	)		(288	)		(183	)		(746	)		—			—
	(35	)		(71	)		(10	)		(19	)		(2	)		(23	)		(20	)		(46	)
	(4	)		(7	)		—			—			—			—			—			—
	(9	)		(16	)		—			—			(224	)		(1,285	)		(1,060	)		(2,423	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			(20	)		(20	)
	—			—			—			—			—			—			(914	)		(1,056	)
	(48	)		(94	)		(115	)		(307	)		(409	)		(2,054	)		(2,014	)		(3,545	)
	—			—			370			1,086			6,482			10,986			—			—
	—			—			40			87			179			720			—			—
	—			—			(16,610	)		(8,747	)		(4,420	)		(9,510	)		—			—
	—			—			(16,200	)		(7,574	)		2,241			2,196			—			—
	398,827			1,060,390			921			2,071			224			306			566			1,782
	34			70			10			19			1			13			30			43
	(418,968	)		(1,053,783	)		(409	)		(1,865	)		(380	)		(720	)		(338	)		(1,196	)
	(20,107	)		6,677			522			225			(155	)		(401	)		258			629
	171,410			320,188			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(189,371	)		(340,847	)		—			—			—			—			—			—
	(17,961	)		(20,659	)		—			—			—			—			—			—
	274,446			808,580			—			—			13,919			36,855			19,372			44,640
	—			—			—			—			107			604			180			309
	(252,631	)		(780,506	)		—			—			(15,061	)		(43,783	)		(19,018	)		(40,992	)
	21,815			28,074			—			—			(1,035	)		(6,324	)		534			3,957
	(16,253	)		14,092			(15,678	)		(7,349	)		1,051			(4,529	)		792			4,586
	(16,255	)		14,092			(15,579	)		(7,753	)		1,129			(8,785	)		580			1,962
	918,259			904,167			44,735			52,488			173,808			182,593			138,284			136,322
$	902,004		$	918,259		$	29,156		$	44,735		$	174,937		$	173,808		$	138,864		$	138,284
$	—		$	—		$	(4	)	$	—		$	(14	)	$	—		$	6		$	—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 105

statements of changes in net assets/

consolidated statement of changes in net assets (000)

For the six months ended March 31, 2014 (Unaudited) and the year ended September 30, 2013

	City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Municipal High Income Fund (2)
	2014			2013			2014
OPERATIONS:
Net Investment Income	$	528		$	1,190		$	897
Net Realized Gain (Loss) from:
Security Transactions and Affiliated Investments		380			81			—
Distributions of Realized Gains from Investment Company Shares		—			—			—
Foreign Currency Transactions		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		207			(1,430	)		1,989
Affiliated Investments		—			—			—
Foreign Currency Transactions		—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		1,115			(159	)		2,886
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—
Class N		(61	)		(112	)		(332	)
Servicing Class		(467	)		(1,078	)		(565	)
Realized Capital Gains:
Institutional Class		—			—			—
Class N		(17	)		(55	)		—
Servicing Class		(110	)		(474	)		—
Total Dividends and Distributions		(655	)		(1,719	)		(897	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—
Shares Issued from Merger(5)		—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—
Shares Redeemed		—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—
Class N:
Shares Issued		2,719			5,757			76,550
Shares Issued in Lieu of Dividends and Distributions		43			106			194
Shares Redeemed		(985	)		(3,552	)		(569	)
Redemption Fees		—			—			—
Increase (Decrease) in Net Assets from Class N Share Transactions		1,777			2,311			76,175
Servicing Class:
Shares Issued		11,300			26,421			100,427
Shares Issued in Lieu of Dividends and Distributions		62			211			2
Shares Redeemed		(9,966	)		(17,652	)		(2,431	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		1,396			8,980			97,998
Net Increase (Decrease) in Net Assets from Share Transactions		3,173			11,291			174,173
Total Increase (Decrease) in Net Assets		3,633			9,413			176,162
NET ASSETS:
Beginning of Year/Period		67,346			57,933			—
End of Year/Period	$	70,979		$	67,346		$	176,162
Undistributed (Distributions in excess of) net investment income	$	—		$	—		$	—

† For the nine months ended September 30, 2013 and the year ended December 31, 2012. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities 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. See Note 1 in Notes to Financial Statements for additional information.

(1) See Note 9 for shares issued and redeemed.

(2) Fund commenced operations December 30, 2013.

(3) Institutional Class commenced operations on December 20, 2013.

(4) Institutional Class ceased operations on January 31, 2014.

(5) See Note 10 in Notes to Financial Statements.

* On March 29, 2013, the Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio were reorganized into the City National Rochdale Intermediate Fixed Income Fund and City National Rochdale Fixed Income Opportunities Fund, respectively. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 106

City National Rochdale High Yield Bond Fund						City National Rochdale Intermediate Fixed Income Fund* (3)									City National Rochdale Fixed Income Opportunities Fund *									City National Rochdale Multi-Asset Fund (4)
2014			2013			2014				2013†			2012†			2014			2013†			2012†			2014			2013
$	4,597		$	10,977		$	2,267		$	3,312		$	4,083		$	22,579		$	34,256		$	36,480		$	87		$	591
	3,317			857			(272	)		(354	)		473			(3,398	)		5,542			1,021			865			1,977
	—			—			—			—			—			—			—			—			38			55
	—			—			—			—			—			(1,111	)		(61	)		(345	)		—			—
	2,397			(2,333	)		2,032			(4,677	)		4,019			35,425			(18,357	)		21,698			269			(1,236	)
	—			—			—			—			—			—			—			—			(20	)		197
	—			—			—			—			—			472			(184	)		(312	)		—			—
	10,311			9,501			4,027			(1,719	)		8,575			53,967			21,196			58,542			1,239			1,584
	(1,271	)		(2,806	)		(294	)		—			—			—			—			—			(28	)		(150	)
	(1,042	)		(2,840	)		(1,921	)		(3,505	)		(4,065	)		(23,407	)		(34,355	)		(35,978	)		(69	)		(404	)
	(2,271	)		(5,350	)		—			—			—			—			—			—			(24	)		(113	)
	(90	)		—			—			—			—			—			—			—			—			—
	(83	)		—			—			—			—			(5,256	)		(52	)		(1,348	)		—			—
	(208	)		—			—			—			—			—			—			—			—			—
	(4,965	)		(10,996	)		(2,215	)		(3,505	)		(4,065	)		(28,663	)		(34,407	)		(37,326	)		(121	)		(667	)
	4,658			6,781			—			—			—			—			—			—			783			1,941
	—			—			44,899			—			—			—			—			—			—			—
	1,277			2,324			331			—			—			—			—			—			28			150
	(5,656	)		(10,577	)		(5,074	)		—			—			—			—			—			(7,291	)		(8,488	)
	279			(1,472	)		40,156			—			—			—			—			—			(6,480	)		(6,397	)
	2,033			15,763			45,656			56,237			52,862			362,749			337,721			204,737			369			2,100
	698			1,427			873			1,718			3,348			15,134			19,896			34,855			49			267
	(1,766	)		(21,520	)		(28,171	)		(27,350	)		(38,323	)		(96,020	)		(74,057	)		(104,410	)		(3,403	)		(6,000	)
	—			—			—			—			5			—			—			13			—			—
	965			(4,330	)		18,358			30,605			17,892			281,863			283,560			135,195			(2,985	)		(3,633	)
	17,376			62,803			—			—			—			—			—			—			1,024			194
	350			674			—			—			—			—			—			—			13			55
	(62,741	)		(47,406	)		—			—			—			—			—			—			(213	)		(2,692	)
	(45,015	)		16,071			—			—			—			—			—			—			824			(2,443	)
	(43,771	)		10,269			58,514			30,605			17,892			281,863			283,560			135,195			(8,641	)		(12,473	)
	(38,425	)		8,774			60,326			25,381			22,402			307,167			270,349			156,411			(7,523	)		(11,556	)
	162,539			153,765			155,740			130,359			107,957			924,444			654,095			497,684			33,211			44,767
$	124,114		$	162,539		$	216,066		$	155,740		$	130,359		$	1,231,611		$	924,444		$	654,095		$	25,688		$	33,211
$	13		$	—		$	24		$	18		$	173		$	(632	)	$	196		$	699		$	(34	)	$	—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 107

statements of changes in net assets (000)

For the six months ended March 31, 2014 (Unaudited) and the year ended September 30, 2013

	City National Rochdale Dividend & Income Fund *
	2014				2013†			2012†
OPERATIONS:
Net Investment Income (Loss)	$	2,495		$	2,602		$	4,050
Net Realized Gain (Loss) from:
Security Transactions		2,179			4,278			(2,661	)
Distributions of Realized Gains from Investment Company Shares		—			—			116
Foreign Currency Transactions		—			8			(6	)
Net Change in Unrealized Appreciation on:
Investments		9,167			8,298			7,411
Foreign Currency Transactions		—			—			—
Net Increase in Net Assets Resulting from Operations		13,841			15,186			8,910
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—
Class N		(2,711	)		(2,296	)		(4,044	)
Servicing Class		—			—			—
Realized Capital Gains:
Institutional Class		—			—			—
Class N		—			—			—
Servicing Class		—			—			—
Return of Capital:
Class N		—			(1,135	)		(727	)
Total Dividends and Distributions		(2,711	)		(3,431	)		(4,771	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—
Shares Issued from Merger(3)		—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—
Shares Redeemed		—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—
Class N:
Shares Issued		41,598			65,148			49,255
Shares Issued from Merger(3)		—			—			—
Shares Issued in Lieu of Dividends and Distributions		1,766			2,657			4,440
Shares Redeemed		(33,109	)		(39,891	)		(48,715	)
Redemption Fees		—			—			7
Increase (Decrease) in Net Assets from Class N Share Transactions		10,255			27,914			4,987
Servicing Class:
Shares Issued		—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—
Shares Redeemed		—			—			—
Increase in Net Assets from Servicing Class Share Transactions		—			—			—
Net Increase (Decrease) in Net Assets from Share Transactions		10,255			27,914			4,987
Total Increase (Decrease) in Net Assets		21,385			39,669			9,126
NET ASSETS:
Beginning of Year/Period		155,807			116,138			107,012
End of Year/Period	$	177,192		$	155,807		$	116,138
Undistributed (Distributions in excess of) net investment income	$	(222	)	$	(6	)	$	502

† For the nine months ended September 30, 2013 and the year ended December 31, 2012. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Dividend & Income Fund and 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. See Note 1 in Notes to Financial Statements for additional information.

(1) See Note 9 for shares issued and redeemed.

(2) Commenced operations on December 3, 2012.

(3) See Note 10 in Notes to Financial Statements.

* On March 29, 2013, the Rochdale Dividend & Income Portfolio and Rochdale Emerging Markets Portfolio were reorganized into the City National Rochdale Dividend & Income Fund and City National Rochdale Emerging Markets Fund, respectively. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 108

City National Rochdale U.S. Core Equity Fund (2)						City National Rochdale Socially Responsible Equity Fund						City National Rochdale Emerging Markets Fund *
2014			2013			2014			2013			2014				2013†			2012†
$	188		$	572		$	1,071		$	1,120		$	(1,807	)	$	2,076		$	127
	1,957			2,022			3,917			22,369			(2,111	)		1,280			(2,280	)
	—			—			—			—			—			—			—
	—			—			—			—			(321	)		(985	)		(359	)
	12,773			18,822			3,936			1,198			29,854			7,095			20,671
	—			—			—			—			261			14			(11	)
	14,918			21,416			8,924			24,687			25,876			9,480			18,148
	—			—			(653	)		(887	)		—			—			—
	(50	)		(245	)		(413	)		(247	)		(1,072	)		—			—
	(142	)		(326	)		—			—			—			—			—
	—			—			(7,405	)		—			—			—			—
	(1,261	)		—			(5,241	)		—			—			—			—
	(1,354	)		—			—			—			—			—			—
	—			—			—			—			—			—			(67	)
	(2,807	)		(571	)		(13,712	)		(1,134	)		(1,072	)		—			(67	)
	2,968			—			2,828			14,934			—			—			—
	50,816			—			—			—			—			—			—
	—			—			8,054			887			—			—			—
	—			—			(3,191	)		(68,200	)		—			—			—
	53,784			—			7,691			(52,379	)		—			—			—
	12,287			61,997			8,240			7,776			159,357			168,575			125,949
	2,752			—			—			—			—			—			—
	1,172			211			5,517			246			530			—			63
	(5,317	)		(6,431	)		(9,843	)		(8,192	)		(21,606	)		(20,853	)		(13,211	)
	—			—			—			—			—			—			22
	10,894			55,777			3,914			(170	)		138,281			147,722			112,823
	17,839			70,761			—			—			—			—			—
	10			3			—			—			—			—			—
	(7,410	)		(12,322	)		—			—			—			—			—
	10,439			58,442			—			—			—			—			—
	75,117			114,219			11,605			(52,549	)		138,281			147,722			112,823
	87,228			135,064			6,817			(28,996	)		163,085			157,202			130,904
	135,064			—			76,744			105,740			294,040			136,838			5,934
$	222,292		$	135,064		$	83,561		$	76,744		$	457,125		$	294,040		$	136,838
$	(3	)	$	1		$	5		$	—		$	(1,808	)	$	1,071		$	(125	)

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 109

financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2014 (Unaudited) and the year or period ended September 30,

			Net Asset Value Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			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)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)
City National Rochdale Government Money Market Fund
Class N (commenced operations on June 21, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	2,723,914		0.08	%		0.01	%		0.88	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			3,040,396		0.13			0.01			0.97
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			2,808,068		0.14			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			2,926,120		0.14			0.02			1.11
	2010			1.00		0.000	^		(0.000	)^		1.00		0.02			2,598,035		0.19			0.02			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.19			2,549,147		0.47			0.21			1.13
Class S (commenced operations on October 6, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	596,757		0.08	%		0.01	%		1.08	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			475,151		0.12			0.01			1.11
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			288,922		0.14			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.01			291,194		0.15			0.01			1.11
	2010			1.00		0.000	^		(0.000	)^		1.00		0.01			348,698		0.20			0.01			1.12
	2009			1.00		0.001			(0.001	)		1.00		0.12			298,842		0.54			0.13			1.13
Servicing Class (commenced operations on April 3, 2000)^^
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	159,760		0.08	%		0.01	%		0.58	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			128,423		0.12			0.01			0.61
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			96,452		0.14			0.01			0.61
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			51,705		0.14			0.03			0.61
	2010			1.00		0.000	^		(0.000	)^		1.00		0.04			81,050		0.17			0.04			0.62
	2009			1.00		0.003			(0.003	)		1.00		0.27			123,863		0.36			0.26			0.65
City National Rochdale Prime Money Market Fund
Institutional Class (commenced operations on December 19, 2012)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	53,785		0.15	%		0.01	%		0.33	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.02			11,207		0.18			0.02			0.35
Class N (commenced operations on October 18, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	328,600		0.15	%		0.01	%		0.88	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.02			424,972		0.20			0.02			0.96
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			394,036		0.24			0.01			1.10
	2011			1.00		0.000	^		(0.000	)^		1.00		0.03			450,282		0.25			0.03			1.10
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.06			432,235		0.28			0.04			1.10
	2009			1.00		0.003			(0.003	)		1.00		0.33			656,769		0.61			0.39			1.15
Class S (commenced operations on October 26, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	187,939		0.15	%		0.01	%		1.08	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			207,252		0.21			0.01			1.09
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			256,060		0.24			0.01			1.10
	2011			1.00		0.000	^		0.000	^		1.00		0.02			265,116		0.27			0.01			1.10
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.04			352,575		0.30			0.02			1.10
	2009			1.00		0.002			(0.002	)		1.00		0.23			372,762		0.73			0.28			1.15
Servicing Class (commenced operations on March 23, 1998)^^
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	606,511		0.15	%		0.01	%		0.58	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.02			613,445		0.19			0.02			0.59
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			506,728		0.23			0.02			0.60
	2011			1.00		0.001			(0.001	)		1.00		0.06			630,250		0.22			0.05			0.60
	2010			1.00		0.001			(0.001	)*		1.00		0.09			489,980		0.24			0.08			0.60
	2009			1.00		0.005			(0.005	)		1.00		0.46			543,326		0.44			0.46			0.65
City National Rochdale California Tax Exempt Money Market Fund
Class N (commenced operations on June 21, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	653,100		0.05	%		0.01	%		0.90	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			673,208		0.11			0.01			0.97
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			666,532		0.12			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			628,163		0.17			0.02			1.12
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.03			638,839		0.20			0.02			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.23			704,840		0.41			0.25			1.16
Class S (commenced operations on November 12, 1999)
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	61,351		0.06	%		0.01	%		1.10	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			79,312		0.11			0.01			1.11
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			99,970		0.12			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.01			78,221		0.17			0.01			1.12
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.01			48,265		0.22			0.01			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.17			74,396		0.54			0.26			1.16
Servicing Class (commenced operations on April 3, 2000)^^
	2014	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	187,553		0.05	%		0.01	%		0.60	%
	2013			1.00		0.000	^		(0.000	)^		1.00		0.01			165,740		0.10			0.01			0.61
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			137,665		0.12			0.01			0.61
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			169,932		0.16			0.02			0.62
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.04			140,238		0.19			0.04			0.63
	2009			1.00		0.003			(0.003	)		1.00		0.33			141,579		0.30			0.31			0.65

** For the six months ended March 31, 2014.

† 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 $0.001.

^^ 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.

* Includes a realized capital gain distribution of less than $0.001.

(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.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 110

			Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distri-butions 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)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Limited Maturity Fixed Income Fund
Institutional Class (commenced operations on October 22,1988)
	2014	**	$	11.16	$	0.03	$	0.03		$	(0.04	)	$	—		$	11.18		0.51	%	$	24,093		0.67	%		0.62	%		0.90	%		18	%
	2013			11.25		0.06		(0.08	)		(0.07	)		—			11.16		(0.15	)		40,205		0.64			0.51			0.64			32
	2012			11.15		0.09		0.12			(0.11	)		—			11.25		1.88			48,141		0.68			0.85			0.68			87
	2011			11.21		0.16		(0.06	)		(0.16	)		—			11.15		0.92			31,743		0.66			1.46			0.67			50
	2010			11.06		0.20		0.16			(0.21	)		—			11.21		3.28			33,279		0.73			1.82			0.71			118
	2009			10.49		0.30		0.57			(0.30	)		—			11.06		8.44			37,255		0.75			2.66			0.76			98
Class N (commenced operations on October 22, 2004)
	2014	**	$	11.16	$	0.02	$	0.03		$	(0.02	)	$	—		$	11.19		0.47	%	$	5,063		0.92	%		0.39	%		1.42	%		18	%
	2013			11.26		0.03		(0.08	)		(0.05	)		—			11.16		(0.49	)		4,530		0.89			0.26			1.14			32
	2012			11.15		0.08		0.11			(0.08	)		—			11.26		1.71			4,347		0.94			0.69			1.19			87
	2011			11.22		0.14		(0.08	)		(0.13	)		—			11.15		0.58			6,402		0.91			1.21			1.17			50
	2010			11.07		0.16		0.17			(0.18	)		—			11.22		3.04			9,262		0.98			1.48			1.22			118
	2009			10.51		0.27		0.57			(0.28	)		—			11.07		8.07			1,471		1.00			2.29			1.24			98
City National Rochdale Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
	2014	**	$	10.47	$	0.03	$	0.01		$	(0.03	)	$	—		$	10.48		0.42	%	$	58,613		0.53	%		0.63	%		0.57	%		34	%
	2013			10.73		0.11		(0.23	)		(0.14	)		—			10.47		(1.11	)		56,351		0.54			1.03			0.52			28
	2012			10.75		0.05		0.04			(0.11	)		—			10.73		0.01			55,502		0.55			0.96			0.53			55
Class N (commenced operations on April 13, 2000)
	2014	**	$	10.49	$	0.01	$	—		$	(0.01	)	$	—		$	10.49		0.07	%	$	2,352		1.03	%		0.13	%		1.07	%		34	%
	2013			10.75		0.04		(0.21	)		(0.09	)		—			10.49		(1.60	)		2,505		1.03			0.38			1.02			28
	2012			10.77		0.06		0.05			(0.12	)		(0.01	)		10.75		0.01			2,970		1.03			0.56			1.03			55
	2011			10.68		0.12		0.15			(0.18	)		—			10.77		2.60			2,940		0.95			1.17			1.03			86
	2010			10.60		0.16		0.16			(0.24	)		—			10.68		3.10			3,251		0.95			1.57			1.03			93
	2009			10.42		0.32		0.18			(0.32	)		—			10.60		4.91			3,109		0.95			3.04			1.02			85
Servicing Class (commenced operations on January 14, 2000)^
	2014	**	$	10.47	$	0.02	$	—		$	(0.02	)	$	—		$	10.47		0.20	%	$	113,972		0.78	%		0.38	%		0.82	%		34	%
	2013			10.72		0.07		(0.20	)		(0.12	)		—			10.47		(1.26	)		114,953		0.79			0.62			0.77			28
	2012			10.75		0.09		0.03			(0.14	)		(0.01	)		10.72		0.01			124,121		0.77			0.83			0.78			55
	2011			10.66		0.15		0.15			(0.21	)		—			10.75		2.86			175,866		0.70			1.40			0.78			86
	2010			10.58		0.19		0.16			(0.27	)		—			10.66		3.37			155,376		0.70			1.81			0.78			93
	2009			10.40		0.35		0.18			(0.35	)		—			10.58		5.18			71,966		0.70			3.29			0.77			85
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
	2014	**	$	10.71	$	0.07	$	0.05		$	(0.07	)	$	(0.07	)	$	10.69		1.16	%	$	3,354		1.01	%		1.33	%		1.06	%		22	%
	2013			10.91		0.16		(0.10	)		(0.17	)		(0.09	)		10.71		0.49			3,100		1.00			1.51			1.00			29
	2012			10.59		0.22		0.37			(0.22	)		(0.05	)		10.91		0.06			2,535		1.00			2.05			1.00			31
	2011			10.89		0.29		(0.30	)		(0.29	)		—			10.59		(0.10	)		2,481		1.00			2.69			1.00			40
	2010			10.57		0.33		0.32			(0.33	)		—			10.89		6.23			2,384		0.99			3.05			1.00			28
	2009			9.77		0.36		0.81			(0.37	)		—			10.57		12.19			995		0.99			3.59			1.00			30
Servicing Class (commenced operations on January 14, 2000)^
	2014	**	$	10.70	$	0.08	$	0.05		$	(0.08	)	$	(0.07	)	$	10.68		1.28	%	$	135,510		0.76	%		1.58	%		0.82	%		22	%
	2013			10.90		0.19		(0.11	)		(0.19	)		(0.09	)		10.70		0.75			135,184		0.75			1.77			0.75			29
	2012			10.58		0.25		0.37			(0.25	)		(0.05	)		10.90		0.06			133,787		0.75			2.30			0.75			31
	2011			10.88		0.32		(0.30	)		(0.32	)		—			10.58		0.15			111,563		0.75			2.94			0.75			40
	2010			10.56		0.35		0.32			(0.35	)		—			10.88		6.50			105,571		0.74			3.32			0.75			28
	2009			9.76		0.39		0.80			(0.39	)		—			10.56		12.48			88,897		0.74			3.88			0.75			30
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
	2014	**	$	10.54	$	0.07	$	0.09		$	(0.07	)	$	(0.02	)	$	10.61		1.52	%	$	10,037		0.88	%		1.32	%		1.02	%		22	%
	2013			10.86		0.18		(0.22	)		(0.18	)		(0.10	)		10.54		(0.95	)		8,197		0.87			1.64			0.86			34
	2012			10.70		0.22		0.23			(0.22	)		(0.07	)		10.86		4.32			6,093		0.83			2.07			0.86			27
	2011			10.73		0.26		0.01			(0.26	)		(0.04	)		10.70		2.65			4,563		0.75			2.46			0.87			26
	2010			10.60		0.29		0.13			(0.29	)		—			10.73		4.06			3,309		0.75			2.75			0.87			28
	2009			10.09		0.30		0.51			(0.30	)		—			10.60		8.15			1,902		0.75			2.92			0.87			50
Servicing Class (commenced operations on January 14, 2000)^
	2014	**	$	10.51	$	0.08	$	0.09		$	(0.08	)	$	(0.02	)	$	10.58		1.65	%	$	60,942		0.63	%		1.58	%		0.77	%		22	%
	2013			10.83		0.20		(0.22	)		(0.20	)		(0.10	)		10.51		(0.20	)		59,149		0.62			1.91			0.62	��		34
	2012			10.67		0.25		0.23			(0.25	)		(0.07	)		10.83		4.59			51,840		0.58			2.34			0.61			27
	2011			10.70		0.29		0.01			(0.29	)		(0.04	)		10.67		2.92			53,464		0.50			2.73			0.62			26
	2010			10.57		0.32		0.13			(0.32	)		—			10.70		4.34			40,457		0.50			3.03			0.62			28
	2009			10.06		0.33		0.51			(0.33	)		—			10.57		8.45			38,581		0.50			3.18			0.61			50

** For the six months ended or period ended March 31, 2014.

† 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 December 19, 2011, 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 111

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2014 (Unaudited) and 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			Distri-butions 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)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Municipal High Income Fund
Class N (commenced operations on December 30, 2013)
	2014	**	$	10.00	$	0.11	$	0.30		$	(0.10	)	$	—		$	10.31		4.14	%	$	76,821		1.12	%		4.08	%		1.15	%		0	%
Servicing Class (commenced operations on December 30, 2013)
	2014	**	$	10.00	$	0.11	$	0.32		$	(0.11	)	$	—		$	10.32		4.29	%	$	99,341		0.88	%		4.27	%		0.95	%		0	%
City National Rochdale High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
	2014	**	$	8.59	$	0.28	$	0.34		$	(0.28	)	$	(0.02	)	$	8.91		7.31	%	$	40,951		0.70	%		6.40	%		0.77	%		30	%
	2013			8.64		0.60		(0.05	)		(0.60	)		—			8.59		6.49			39,219		0.75			6.87			0.75			56
	2012			8.39		0.43		0.26			(0.44	)		—			8.64		8.39			40,891		0.85			7.66			0.85			41
Class N (commenced operations on January 14, 2000)
	2014	**	$	8.59	$	0.26	$	0.34		$	(0.26	)	$	(0.02	)	$	8.91		7.04	%	$	36,614		1.20	%		5.91	%		1.27	%		30	%
	2013			8.64		0.56		(0.05	)		(0.56	)		—			8.59		5.95			34,371		1.27			6.37			1.26			56
	2012			7.98		0.62		0.66			(0.62	)		—			8.64		16.56			38,629		1.38			7.43			1.39			41
	2011			8.31		0.69		(0.33	)		(0.69	)		—			7.98		4.14			28,672		1.30			8.12			1.40			56
	2010			7.56		0.70		0.74			(0.69	)		—			8.31		19.81			24,010		1.30			8.68			1.40			87
	2009			7.40		0.60		0.18			(0.62	)		—			7.56		12.61			19,637		1.30			9.43			1.40			59
Servicing Class (commenced operations on January 14, 2000)^
	2014	**	$	8.59	$	0.27	$	0.34		$	(0.27	)	$	(0.02	)	$	8.91		7.18	%	$	46,549		0.95	%		6.12	%		1.01	%		30	%
	2013			8.63		0.58		(0.04	)		(0.58	)		—			8.59		6.35			88,949		0.99			6.58			0.99			56
	2012			7.98		0.65		0.65			(0.65	)		—			8.63		16.77			74,245		1.08			7.76			1.09			41
	2011			8.31		0.72		(0.33	)		(0.72	)		—			7.98		4.45			65,829		1.00			8.43			1.10			56
	2010			7.56		0.72		0.75			(0.72	)		—			8.31		20.17			33,845		1.00			8.89			1.10			87
	2009			7.40		0.62		0.18			(0.64	)		—			7.56		12.94			16,355		1.00			9.75			1.10			59
City National Rochdale Intermediate Fixed Income Fund
Institutional Class (commenced operations on December 20, 2013)
	2014	**	$	25.89	$	0.20	$	0.22		$	(0.19	)	$	—		$	26.12		1.61	%	$	40,507		0.51	%		2.70	%		0.52	%		10	%
Class N (commenced operations on December 31, 1999)
	2014	**	$	25.89	$	0.31	$	0.22		$	(0.30	)	$	—		$	26.12		2.05	%	$	175,559		1.01	%		2.38	%		1.03	%		10	%
	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
	2011			25.89		0.97		(0.23	)		(0.95	)		—			25.68		2.88			107,957		1.15			3.74			1.15			58
	2010			25.11		0.95		0.79			(0.96	)		—			25.89		7.01			75,900		1.15			3.79			1.12			52
	2009			24.68		0.95		0.44			(0.96	)		—			25.11		5.77			61,600		1.12			3.99			1.22			70
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
	2014	**	$	26.83	$	0.56	$	0.80		$	(0.55	)	$	(0.13	)	$	27.51		5.12	%	$	1,231,611		1.11	%(3)		4.09	%		1.09	%(3)		26	%
	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
	2011			27.34		1.58		(1.02	)		(1.45	)		(0.29	)		26.16		2.04			497,684		1.16			5.80			1.16			60
	2010			26.56		1.79		1.07			(1.79	)		(0.29	)		27.34		11.10			257,900		1.18			6.60			1.18			62
	2009			25.00		0.76		1.38			(0.52	)		(0.06	)		26.56		8.60			166,200		1.21			5.82			1.21			22

** For the six months ended or period ended March 31, 2014.

* 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 and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities 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. See Note 1 in Notes to Financial Statements for additional information.

† 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 December 19, 2011, 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.

^^ 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 Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.07%, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 112

			Net Asset Value Beginning of Period			Net Investment Income†			Net Realized and Unrealized Gains (Losses) on Securities†				Redem-ption Fees			Dividends from Net Investment Income				Distri-butions from Realized Capital Gains				Distri-butions 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)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Multi-Asset Fund
Class N (commenced operations on October 1, 2007)
	2014	**		$	10.70		$	0.02		$	0.41			$	—		$	(0.04	)		$	—			$	—			$	11.09		3.99	%		$	19,730		1.47	%		0.40	%		1.50	%		29	%
	2013				10.44			0.15			0.29				—			(0.18	)			—				—				10.70		4.25				21,966		1.09			1.45			1.10			56
	2012				9.88			0.18			0.57				—			(0.19	)			—				—				10.44		7.61				25,001		1.09			1.72			1.10			89
	2011				10.36			0.17			(0.48	)			—			(0.17	)			—				—				9.88		(3.11	)			26,377		1.09			1.57			1.10			67
	2010				9.86			0.17			0.50				—			(0.17	)			—				—				10.36		6.89				22,019		1.09			1.69			1.10			76
	2009				9.69			0.13			0.18				—			(0.14	)			—				—				9.86		3.29				16,837		1.09			1.46			1.10			94
Servicing Class (commenced operations on October 1, 2007)^^
	2014	**		$	10.71		$	0.03		$	0.41			$	—		$	(0.05	)		$	—			$	—			$	11.10		4.12	%		$	5,958		1.22	%		0.61	%		1.25	%		29	%
	2013				10.45			0.18			0.29				—			(0.21	)			—				—				10.71		4.51				4,938		0.84			1.70			0.84			56
	2012				9.88			0.20			0.57				—			(0.20	)			—				—				10.45		7.89				7,230		0.84			1.99			0.84			89
	2011				10.37			0.19			(0.48	)			—			(0.20	)			—				—				9.88		(2.97	)			19,084		0.84			1.76			0.85			67
	2010				9.87			0.20			0.50				—			(0.20	)			—				—				10.37		7.15				11,258		0.84			1.96			0.85			76
	2009				9.70			0.15			0.18				—			(0.16	)			—				—				9.87		3.54				8,423		0.83			1.71			0.84			94
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
	2014	**		$	32.25		$	0.50		$	2.27			$	—		$	(0.54	)		$	—			$	—			$	34.48		8.62	%		$	177,192		1.11	%		2.97	%		1.15	%		9	%
	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
	2011				26.73			0.90			1.46				0.01			(0.88	)			—				(0.16	)			28.06		9.02				107,012		1.40			3.27			1.40			21
	2010				23.71			0.82			3.24				—			(0.81	)			—				(0.23	)			26.73		17.48				70,800		1.35			3.29			1.35			16
	2009				20.87			0.90			2.94				—			(0.87	)			—				(0.13	)			23.71		19.21				59,100		1.47			4.25			1.48			16
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
	2014	**		$	12.13		$	0.02		$	1.39			$	—		$	(0.04	)		$	(0.22	)		$	—			$	13.28		11.70	%		$	50,395		0.51	%		0.25	%		0.51	%		14	%
	2013				10.00			0.14			2.08				—			(0.09	)			—				—				12.13		22.23				—		0.00	(3)		1.57			0.00	(3)		32
Class N (commenced operations on December 3, 2012)
	2014	**		$	12.08		$	0.01		$	1.31			$	—		$	(0.01	)		$	(0.22	)		$	—			$	13.17		11.00	%		$	85,806		1.04	%		0.11	%		1.04	%		14	%
	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)
	2014	**		$	12.09		$	0.02		$	1.31			$	—		$	(0.02	)		$	(0.22	)		$	—			$	13.18		11.11	%		$	86,091		0.78	%		0.36	%		0.78	%		14	%
	2013				10.00			0.07			2.08				—			(0.06	)			—				—				12.09		21.60				68,919		0.74			0.73			0.74			32

** For the six months ended March 31, 2014.

* For the nine months ended September 30, 2013 and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

† 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 per share.

^^ Effective December 19, 2011, 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.

(3) Amount represents less than 0.01%.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 113

financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2014 (Unaudited) and the year or period ended September 30,

			Net Asset Value Beginning of Period			Net Investment Income (Loss)†				Net Realized and Unrealized Gains (Losses) on Securities†				Redem-ption Fees				Dividends from Net Investment Income				Distri-butions from Realized Capital Gains				Distri-butions 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 (Loss) to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Socially Responsible Equity Fund
Institutional Class (commenced operations on January 3, 2005)
	2014	**		$	12.28		$	0.16			$	1.16			$	—			$	(0.15	)		$	(2.02	)		$	—			$	11.43		11.95	%		$	50,338		0.89	%		2.76	%		0.98	%		14	%
	2013				10.06			0.12				2.22				—				(0.12	)			—				—				12.28		23.38				45,357		0.87			1.10			0.87			42
	2012				8.38			0.13				1.68				—				(0.13	)			—				—				10.06		21.63				80,109		0.90			1.37			0.90			38
	2011				8.81			0.12				(0.43	)			—				(0.12	)			—				—				8.38		(3.67	)			62,193		0.88			1.27			0.89			22
	2010				8.20			0.09				0.61				—				(0.09	)			—				—	^			8.81		8.51				59,746		0.95			1.01			0.96			36
	2009				9.51			0.12				(1.30	)			—				(0.13	)			—				—				8.20		(12.11	)			52,406		0.97			1.74			0.98			48
Class N (commenced operations on August 12, 2005)
	2014	**		$	12.26		$	0.15			$	1.15			$	—			$	(0.14	)		$	(2.02	)		$	—			$	11.40		11.75	%		$	33,223		1.14	%		2.54	%		1.48	%		14	%
	2013				10.04			0.09				2.22				—				(0.09	)			—				—				12.26		23.12				31,387		1.13			0.81			1.38			42
	2012				8.37			0.11				1.67				—				(0.11	)			—				—				10.04		21.28				25,631		1.15			1.13			1.40			38
	2011				8.79			0.10				(0.42	)			—				(0.10	)			—				—				8.37		(3.80	)			3,132		1.13			1.05			1.39			22
	2010				8.19			0.07				0.60				—				(0.07	)			—				—				8.79		8.15				2,424		1.20			0.81			1.46			36
	2009				9.50			0.11				(1.31	)			—				(0.11	)			—				—				8.19		(12.34	)			1,101		1.22			1.49			1.48			48
City National Rochdale Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
	2014	**		$	34.24		$	(0.18	)		$	2.74			$	—			$	(0.11	)		$	—			$	—			$	36.69		7.48	%		$	457,125		1.61	%		(1.00	)%		1.62	%		17	%
	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
	2011				25.00			(0.02	)(3)			0.30				—	^			—				—				—				25.28		1.12				5,934		2.25			(2.15	)		9.74			6

** For the six months ended March 31, 2014.

* For the nine months ended September 30, 2013 and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Fund’s Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

† 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 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) Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 114

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

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 16 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”), City National Rochdale Prime Money Market Fund (“Prime Money Market Fund”), City National Rochdale California Tax Exempt Money Market Fund (“California Money Market Fund”) (collectively, the “Money Market Funds”); City National Rochdale Limited Maturity Fixed Income Fund (“Limited Maturity Fixed Income 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”) (collectively, the “Fixed Income Funds”); City National Rochdale Multi-Asset Fund (“Multi-Asset Fund”); City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), City National Rochdale Socially Responsible Equity Fund (“Socially Responsible Equity Fund”) City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).

On December 11, 2012, the Board of Trustees of the Rochdale Investment Trust, an open-end management investment company registered under the 1940 Act, approved the reorganization of each Portfolio of the Rochdale Investment Trust into a corresponding Fund of the Trust. This included the Rochdale Dividend & Income Portfolio, the Rochdale Intermediate Fixed Income Portfolio, the Rochdale Fixed Income Opportunities Portfolio and the Rochdale Emerging Markets Portfolio. The effective date of the reorganization of each Portfolio (each a “Predecessor Fund” and collectively the “Predecessor Funds”) into a corresponding Fund of the Trust was March 29, 2013. Each Predecessor Fund was the accounting survivor in the reorganization and, therefore, the statements of changes in net assets and financial highlights of each corresponding fund reflect the financial information of the corresponding Predecessor Funds through March 28, 2013.

Prior to September 10, 2013, the name of the Trust was CNI Charter Funds.

On September 17, 2013, the Board of Trustees of the Trust approved the reorganizations of the City National Rochdale Full Maturity Fixed Income Fund into the Intermediate Fixed Income Fund and the City National Rochdale Diversified Equity Fund into the U.S. Core Equity Fund. The reorganizations were effective as of the close of business on December 20, 2013 and March 21, 2014, respectively.

The Municipal High Income Fund commenced operations on December 30, 2013.

Effective November 28, 2012, Institutional Class was redesignated Servicing Class for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund. Also effective November 28, 2012, the Prime Money Market Fund opened a new Institutional Class.

On December 20, 2013, a new Institutional Class of the Intermediate Fixed Income Fund opened.

On January 31, 2014, the Institutional Class of the Multi-Asset Fund closed.

Effective September 10, 2013, Rochdale Investment Management, LLC, investment manager of the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund, changed its name to City National Rochdale, LLC (“City National Rochdale”). Also effective September 10, 2013, City National Asset Management, Inc. (“CNAM”), a wholly-owned subsidiary of City National Bank and investment manager of all the Funds except the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund, reorganized into City National Rochdale. City National Rochdale acts as the investment adviser to the Funds.

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. The Funds’ prospectus provides descriptions of each Fund’s investment objectives, policies and strategies.

2. SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of significant accounting policies followed by the Funds.

CITY NATIONAL ROCHDALE FUNDS | PAGE 115

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 60 days or less may be valued at their amortized cost, which approximates market value. 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 in 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 Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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 six months ended March 31, 2014, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, refer to the Schedules 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

CITY NATIONAL ROCHDALE FUNDS | PAGE 116

the holding period of a security, except for the Money Market Funds, 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 each Fund’s custodian bank, U.S. Bank, N.A., 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 agreement. 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 the 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 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 among the Funds, 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 Money Market Funds and Fixed Income Funds except for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Dividend & Income Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund, Multi-Asset 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 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 Consolidated Statements of Assets and Liabilities. When a contract is closed, the 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 Consolidated Statement of Operations. The 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.

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 a 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 Money Market Funds) 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 the 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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 117

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The City National Rochdale 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, gain from the sale or disposition of real property, income and gain from certain mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities, and gain 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 sector.

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 its subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets & Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets.

The subsidiary commenced operations on October 3, 2013. The net assets of the subsidiary at March 31, 2014 were $62,622,872, which represented 5.1% of the net assets of the Fixed Income Opportunities Fund.

Redemption Fees – Prior to January 9, 2013, the Predecessor Funds charged a 2% redemption fee on shares redeemed or exchanged within 45 days of purchase. These fees were deducted from the redemption proceeds otherwise payable out of a Predecessor Fund to the shareholder. Each Predecessor Fund retained the fee charged as paid-in capital and such fees became part of the Predecessor Fund’s daily net asset value per share (“NAV”) calculations. Effective January 9, 2013, the Board of Trustees of the Rochdale Investment Trust approved the elimination of the redemption fee charged by the Predecessor Funds.

Investment in Affiliated Security – The Funds may invest excess cash in the Money Market Funds. The Multi-Asset Fund also invests in other series of the Trust.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectuses and legal and registration fees, are amortized over twelve months from inception of a fund. As of March 31, 2014, the remaining amount still to be amortized for the Municipal High Income Fund was $22,191.

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 of 0.050% of aggregate average daily net assets of the Trust not exceeding $2.0 billion, 0.040% of aggregate average daily

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

net assets of the Trust exceeding $2.0 billion but not exceeding $4 billion, 0.030% of aggregate average daily net assets of the Trust exceeding $4 billion but not exceeding $6 billion, 0.025% of aggregate average daily net assets of the Trust exceeding $6 billion but not exceeding $8 billion, and 0.020% of aggregate average net assets of the Trust exceeding $8 billion. Each Fund is subject to a minimum annual fee of $1,800,000 for the first 20 portfolios of the Trust and $90,000 for each portfolio thereafter which may be reduced at the sole discretion of the Administrator.

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”) receives 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 Money Market Funds and 0.25% of the Class N Shares of the Fixed Income Funds, Multi-Asset Fund and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities.

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 (in the case of the Money Market Funds Servicing Class only). In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of average daily net assets of the relevant class of each Fund. CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the six months ended March 31, 2014, CNB and City National Rochdale received $2,784,690 in Shareholder Servicing fees from the Trust.

Certain officers of the Trust are also officers or employees of City National Rochdale or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.

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%
Prime Money Market Fund	0.25
California Tax Exempt Money Market Fund	0.27
Limited Maturity Fixed Income Fund	0.50
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Municipal High Income Fund	0.45
High Yield Bond Fund	0.60
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Multi-Asset Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40
Socially Responsible Equity Fund	0.75
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.

Federated Global Investment Management Corp., Seix Investment Advisors LLC, Alcentra LTD and GML Capital LLP act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

SKBA Capital Management, LLC acts as the investment sub-adviser with respect to the Socially Responsible Equity Fund.

Waddell & Reed Investment Management Company acts as the investment sub-adviser with respect to the Municipal High Income Fund.

Sub-adviser fees are paid by City National Rochdale.

City National Rochdale has 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. With respect to the Limited Maturity Fixed Income Fund and Socially Responsible Equity Fund, voluntary limits are in addition to the contractual expense limitations described in the fee table in each Fund’s prospectus. The voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:

CITY NATIONAL ROCHDALE FUNDS | PAGE 119

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

	Government Money Market Fund	Prime Money Market Fund	California Tax Exempt Money Market Fund
Institutional Class	n/a	0.38%	n/a
Class N	0.93%	0.93%	0.85%
Class S	1.13%	1.13%	1.05%
Servicing Class	0.63%	0.63%	0.55%

	Limited Maturity Fixed Income Fund	Government Bond Fund	Corporate Bond Fund	California Tax Exempt Bond Fund
Institutional Class	0.67%	0.53%	n/a	n/a
Class N	0.92%	1.03%	1.01%	0.88%
Servicing Class	n/a	0.78%	0.76%	0.63%

	Municipal High Income Fund	High Yield Bond Fund	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	n/a	0.70%	0.51%	n/a
Class N	1.15%	1.20%	1.01%	1.09%
Servicing Class	0.90%	0.95%	n/a	n/a

	Multi-Asset Fund	Dividend & Income Fund	U.S. Core Equity Fund	Socially Responsible Equity Fund
Institutional Class	n/a	n/a	0.55%	0.89%
Class N	1.49%	1.11%	1.05%	1.14%
Servicing Class	1.24%	n/a	0.80%	n/a

	Emerging Markets Fund
Institutional Class	n/a
Class N	1.61%
Servicing Class	n/a

The contractual limitations for the Limited Maturity Fixed Income Fund and Socially Responsible Equity Fund are as follows:

	Limited Maturity Fixed Income Fund	Socially Responsible Equity Fund
Institutional Class	1.00%	1.25%
Class N	1.25%	1.50%

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 a Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2014, fees which were previously waived by City National Rochdale (or CNAM, prior to September 10, 2013) which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Money Market Fund	$	6,470	2014
		6,662	2015
		7,131	2016
		4,483	2017
Prime Money Market Fund		1,533	2014
		1,222	2015
		1,741	2016
		1,124	2017
California Tax Exempt Money Market Fund		1,498	2014
		2,066	2015
		2,275	2016
		1,391	2017
Limited Maturity Fixed Income Fund		44	2017
Government Bond Fund		122	2014
		25	2015
		5	2016
		35	2017
Corporate Bond Fund		38	2017
California Tax Exempt Bond Fund		56	2014
		17	2015
		3	2016
		47	2017
Municipal High Income Fund		13	2017
High Yield Bond Fund		67	2014
		17	2015
		6	2016
		46	2017
Intermediate Fixed Income Fund		16	2016
		21	2017
Fixed Income Opportunities Fund		45	2016
Multi-Asset Fund		4	2017
Dividend & Income Fund		23	2016
		37	2017
Socially Responsible Fund		35	2017
Emerging Markets Fund		115	2016
		12	2017

City National Rochdale, CNB and the Administrator have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Money Market Funds in order to maintain a one-day net income yield (yield floor) of each Fund of not less than 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 six months ended March 31, 2014:

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

	Shareholder Servicing Fee Waiver (000)			Investment Advisory Fee Waiver (000)		Administration Fee Waiver (000)
Government Money Market Fund
Class N	$	7,323	(1)	$	3,649	$	67
Class S		1,826	(1)		645		12
Servicing Class		194			189		3
Prime Money Market Fund
Institutional Class	$	—		$	31	$	1
Class N		936	(1)		339		11
Class S		794	(1)		204		6
Servicing Class		774			550		17
California Tax Exempt Money Market Fund
Class N	$	1,699	(1)	$	851	$	19
Class S		239	(1)		84		2
Servicing Class		225			217		5

(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 six months/period ended March 31, 2014, were as follows for the Fixed Income Funds, Multi-Asset Fund and Equity Funds:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Limited Maturity Fixed Income Fund	$	4,247	$	1,618		$	9,077	$	9,026
Government Bond Fund		57,625		2,807			46,942		—
Corporate Bond Fund		—		28,627			31		27,842
California Tax Exempt Bond Fund		—		13,150			—		13,189
Municipal High Income Fund**		—		153,048			—		—
High Yield Bond Fund		—		41,077			—		78,737
Intermediate Fixed Income Fund		15,262		78,654			3,176		14,172
Fixed Income Opportunities Fund		—		406,373			—		181,769
Multi-Asset Fund		—		7,315	*		—		13,384	*
Dividend & Income Fund		—		23,668			—		14,129
U.S. Core Equity		—		96,700			—		22,776
Socially Responsible Equity Fund		—		11,144			—		12,278
Emerging Markets Fund		—		188,553			—		55,889

* Includes $562 (000) and $2,615 (000) of purchases and sales, respectively, of affiliated registered investment companies.

** For the period December 30, 2013 through March 31, 2014.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

The following is a summary of the transactions with affiliates for the period ended March 31, 2014:

	Corporate Bond Fund, Servicing Class (000)			Government Bond Fund, Institutional Class (000)			High Yield Bond Fund, Institutional Class (000)			Limited Maturity Fixed Income Fund, Institutional Class (000)
Beginning balance as of October 1, 2013	$	2,219		$	1,590		$	570		$	1,686
Purchases at Cost		51			36			436			39
Proceeds from Sales		(642	)		(461	)		(1,022	)		(490	)
Realized Gain (Loss)		(1	)		(2	)		40			(2	)
Unrealized Gain (Loss)		(5	)		4			(24	)		5
Ending balance as of March 31, 2014	$	1,622		$	1,167		$	—		$	1,238

6. FEDERAL TAX INFORMATION:

Each Fund intends to qualify or continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required.

Effective September 30, 2013, the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and the Emerging Markets Fund changed their tax year-ends from December 31 to September 30.

Management has analyzed the Funds’ tax position taken on Federal income tax returns for all open tax years and has concluded that as of September 30, 2013, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and 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 Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

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 REIT adjustments, MLP dividend income reclasses, realized gains (losses) on paydowns, expiration of capital loss carryovers, net operating losses, return of capital distributions, investments in defaulted bonds, investments in Passive Foreign Investment Companies and timing of distributions, were reclassified to/from the following accounts as of September 30, 2013:

	Increase (Decrease) Undistributed Net Investments Income (Loss) (000)			Increase (Decrease) Accumulated Net Realized Gain (Loss) (000)			Increase (Decrease) Paid-in Capital (000)
Limited Maturity Fixed Income Fund	$	68		$	68		$	(136	)
California Tax Exempt Bond Fund		—			—			—
Government Bond Fund		737			(737	)		—
Corporate Bond Fund		38			(38	)		—
High Yield Bond Fund		(4	)		4			—
Intermediate Fixed Income Fund		38			(38	)		—
Fixed Income Opportunities Fund		(404	)		404			—
Multi-Asset Fund		57			(54	)		(3	)
Dividend & Income Fund		321			760			(1,081	)
Socially Responsible Equity Fund		14			(14	)		—
Emerging Markets Fund		(880	)		880			—

Amounts designated as “—” are either $0 or have been rounded to $0.

The tax character of dividends and distributions declared during the years ended September 30, 2013 and September 30, 2012 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
2013	$	—	$	330	$	—	$	—	$	330
2012		—		333		—		—		333

Fund		Tax Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Return of Capital (000)		Total (000)
Prime Money Market Fund
2013	$	—	$	228	$	—	$	—	$	228
2012		—		209		—		—		209
California Tax Exempt Money Market Fund
2013	$	94	$	—	$	—	$	—	$	94
2012		90		1		—		—		91
Limited Maturity Fixed Income Fund
2013	$	—	$	307	$	—	$	—	$	307
2012		—		389		—		—		389
Government Bond Fund
2013	$	—	$	2,054	$	—	$	—	$	2,054
2012		—		2,432		143		—		2,575
Corporate Bond Fund
2013	$	—	$	2,507	$	1,038	$	—	$	3,545
2012		—		2,795		538		—		3,333
California Tax Exempt Bond Fund
2013	$	1,190	$	150	$	379	$	—	$	1,719
2012		1,360		63		332		—		1,755
High Yield Bond Fund
2013	$	—	$	10,996	$	—	$	—	$	10,996
2012		—		9,684		—		—		9,684
Intermediate Fixed Income Fund†
2013	$	—	$	3,505	$	—	$	—	$	3,505
2012		—		4,065		—		—		4,065
2011		—		3,317		—		—		3,317
Fixed Income Opportunities Fund†
2013	$	—	$	34,355	$	52	$	—	$	34,407
2012		—		35,978		1,348		—		37,326
2011		—		20,952		4,794		—		25,746
Multi-Asset Fund
2013	$	—	$	667	$	—	$	—		667
2012		—		899		—		—		899
Dividend & Income Fund†
2013	$	—	$	2,296	$	—	$	1,135	$	3,431
2012		—		4,044		—		727		4,771
2011		—		2,681		—		502		3,183
U.S. Core Equity Fund^
2013	$	—	$	571	$	—	$	—	$	571
Socially Responsible Equity Fund
2013	$	—	$	1,134	$	—	$	—	$	1,134
2012		—		1,199		—		—		1,199
Emerging Markets Fund†
2013	$	—	$	—	$	—	$	—	$	—
2012		—		—		—		67		67

† For the years ended December 31, 2012 and December 31, 2011.

^ For the period December 3, 2012 (commencement of operations) through September 30, 2013.

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

As of September 30, 2013, 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 (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	30	$	—	$	(1	)	$	—		$	—		$	(30	)	$	(1	)
Prime Money Market Fund		—		10		—		(14	)		(1	)		—			(10	)		(15	)
California Tax Exempt Money Market Fund		8		—		—		—			—			—			(6	)		2
Limited Maturity Fixed Income Fund		—		22		—		(1,955	)		(38	)		198			(22	)		(1,795	)
Government Bond Fund		—		100		—		(972	)		(753	)		1,280			(100	)		(445	)
Corporate Bond Fund		—		184		916		—			(28	)		2,659			(183	)		3,548
California Tax Exempt Bond Fund		96		—		127		—			(147	)		906			(96	)		886
High Yield Bond Fund		—		880		355		—			—			1,037			(851	)		1,421
Intermediate Fixed Income Fund		—		32		—		(2,835	)		—			505			—			(2,298	)
Fixed Income Opportunities Fund		—		—		5,195		—			—			(4,871	)		197			521
Multi-Asset Fund		—		—		—		(1,698	)		—			860			—			(838	)
Dividend & Income Fund		—		—		—		(10,202	)		—			32,905			—			22,703
U.S. Core Equity Fund		—		2,037		—		—			—			18,808			—			20,845
Socially Responsible Equity Fund		—		—		12,244		—			—			13,506			—			25,750
Emerging Markets Fund		—		1,072		—		(838	)		—			27,563			—			27,797

For tax purposes, the losses in the Funds generated prior to the Regulated Investment Company Modernization Act of 2010 can be carried forward for a maximum of eight years to offset any future net realized capital gains. As of September 30, 2013, the breakdown of capital loss carryforwards was as follows:

	Expiring September 30,
Fund	2014 (000)		2015 (000)		2017 (000)		2018 (000)		2019 (000)		Total (000)
Government Money Market Fund	$	—	$	—	$	—	$	—	$	1	$	1
Limited Maturity Fixed Income Fund		132		1,415		81		327		—		1,955
Multi-Asset Fund		—		—		370		1,328		—		1,698

	Expiring December 31,
Fund	2016 (000)		2017 (000)		2018 (000)		Total (000)
Intermediate Fixed Income Fund	$	192	$	2,240	$	—	$	2,432
Dividend & Income Fund		1,513		6,397		1,455		9,365

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2012, through September 30, 2013, that, in accordance with 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:

CITY NATIONAL ROCHDALE FUNDS | PAGE 123

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

Fund	Short-Term Loss (000)		Long-Term Loss (000)		Total (000)*
Prime Money Market Fund	$	14	$	—	$	14
Government Bond Fund		555		417		972
Intermediate Fixed Income Fund		403		—		403
Dividend & Income Fund		837		—		837
Emerging Markets Fund		838		—		838

* This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2013, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Government Money Market Fund	$	5
Limited Maturity Fixed Income Fund		48
High Yield Bond Fund		504
Multi-Asset Fund		661
Dividend & Income Fund		3,568
Socially Responsible Equity Fund		10,257
Emerging Markets Fund		1,063

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes at March 31, 2014, for each of the Fixed Income Funds, Multi-Asset Fund and Equity Funds were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (000)
Limited Maturity Fixed Income Fund	$	28,752	$	277	$	(4	)	$	273
Government Bond Fund		172,873		1,736		(556	)		1,180
Corporate Bond Fund		135,087		2,690		(154	)		2,536
California Tax Exempt Bond Fund		71,117		1,310		(197	)		1,113
Municipal High Income Fund		183,393		2,424		(435	)		1,989
High Yield Bond Fund		124,938		5,422		(1,931	)		3,491
Intermediate Fixed Income Fund		210,879		5,011		(2,220	)		2,791
Fixed Income Opportunities Fund		1,212,952		43,674		(12,658	)		31,016
Multi-Asset Fund		24,586		1,219		(109	)		1,110
Dividend & Income Fund		135,402		42,942		(1,710	)		41,232
U.S. Core Equity Fund		192,661		32,229		(634	)		31,595
Socially Responsible Equity Fund		64,912		18,917		(1,165	)		17,752
Emerging Markets Fund		391,400		65,613		(7,930	)		57,683

At March 31, 2014, the Money Market Funds’ cost of securities for 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 Multi-Asset Fund may invest in exchange-traded notes (“ETNs”) 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 Fund will generally invest in ETNs which are linked to commodities indexes. The Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply 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 it was promised.

The Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Multi-Asset 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 are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay 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

CITY NATIONAL ROCHDALE FUNDS | PAGE 124

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 (“Policies”). The 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 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. 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 Funds – Specific Risks

The ability of issuers to pay interest on, and repay 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 any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.

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.

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 U.S. 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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 125

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

8. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the six months ended March 31, 2014 and the year ended September 30, 2013 were as follows (000):

	Government Money Market Fund						Prime Money Market Fund (1)						California Tax Exempt Money Market Fund
	2014			2013			2014			2013			2014			2013
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			130,467			64,765			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		—			—			(87,889	)		(53,558	)		—			—
Net Institutional Class transactions		—			—			42,578			11,207			—			—
Class N:
Shares issued		1,918,722			4,569,767			343,074			958,377			398,827			1,060,390
Shares issued in Lieu of Dividends and Distributions		123			232			12			43			34			69
Shares redeemed		(2,235,328	)		(4,337,676	)		(439,458	)		(927,483	)		(418,968	)		(1,053,782	)
Net Class N transactions		(316,483	)		232,323			(96,372	)		30,937			(20,107	)		6,677
Class S:
Shares issued		611,574			1,126,727			437,190			820,945			171,410			320,188
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		(489,967	)		(940,498	)		(456,503	)		(869,753	)		(189,371	)		(340,847	)
Net Class S transactions		121,607			186,229			(19,313	)		(48,808	)		(17,961	)		(20,659	)
Servicing Class^:
Shares issued		395,977			778,145			565,318			2,068,692			274,446			808,580
Shares issued in Lieu of Dividends and Distributions		—			—			5			22			—			—
Shares redeemed		(364,640	)		(746,175	)		(572,258	)		(1,961,996	)		(252,631	)		(780,506	)
Net Servicing Class transactions		31,337			31,970			(6,935	)		106,718			21,815			28,074

	Limited Maturity Fixed Income Fund						Government Bond Fund						Corporate Bond Fund						California Tax Exempt Bond Fund
	2014			2013			2014			2013			2014			2013			2014			2013
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		33			97			618			1,036			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		4			8			17			68			—			—			—			—
Shares redeemed		(1,486	)		(780	)		(421	)		(896	)		—			—			—			—
Net Institutional Class transactions		(1,449	)		(675	)		214			208			—			—			—			—
Class N:
Shares issued		82			184			21			29			53			164			257			540
Shares issued in Lieu of Dividends and Distributions		1			2			—			1			3			4			4			10
Shares redeemed		(37	)		(166	)		(36	)		(67	)		(31	)		(111	)		(93	)		(333	)
Net Class N transactions		46			20			(15	)		(37	)		25			57			168			217
Servicing Class^:
Shares issued		—			—			1,327			3,473			1,811			4,137			1,069			2,479
Shares issued in Lieu of Dividends and Distributions		—			—			10			57			17			28			6			20
Shares redeemed		—			—			(1,435	)		(4,124	)		(1,778	)		(3,802	)		(945	)		(1,658	)
Net Servicing Class transactions		—			—			(98	)		(594	)		50			363			130			841

(1) Institutional Class commenced operations December 19, 2012.

^ 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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

	Municipal High Income Fund (1)			High Yield Bond Fund						Intermediate Fixed Income Fund (2)^							Fixed Income Opportunities Fund ^
	2014			2014			2013			2014			2013		2012†			2014		2013†		2012†
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			532			775			—		—		—			—		—		—
Shares issued from Merger		—			—			—			1,734		—		—			—		—		—
Shares issued in Lieu of Dividends and Distributions		—			145			266			13		—		—			—		—		—
Shares redeemed		—			(645	)		(1,212	)		(196	)	—		—			—		—		—
Net Institutional Class transactions		—			32			(171	)		1,551		—		—			—		—		—
Class N:
Shares issued		7,487			232			1,804			1,752		2,111		1,995			13,257		12,348		7,602
Shares issued in Lieu of Dividends and Distributions		19			79			163			34		66		127			553		736		1,297
Shares redeemed		(56	)		(202	)		(2,440	)		(1,081	)	(1,032	)	(1,454	)		(3,494	)	(2,675	)	(3,875	)
Net Class N transactions		7,450			109			(473	)		705		1,145		668			10,316		10,409		5,024
Servicing Class:
Shares issued		9,866			1,996			7,140			—		—		—			—		—		—
Shares issued in Lieu of Dividends and Distributions		—			40			77			—		—		—			—		—		—
Shares redeemed		(236	)		(7,163	)		(5,463	)		—		—		—			—		—		—
Net Servicing Class transactions		9,630			(5,127	)		1,754			—		—		—			—		—		—

	Multi-Asset Fund (3)						Dividend & Income Fund ^							U.S. Core Equity Fund (4)
	2014			2013			2014			2013†		2012†			2014		2013
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		71			184			—		—		—			—		—
Shares issued from Merger(5)		—			—			—		—		—			207		—
Shares issued in Lieu of Dividends and Distributions		3			14			—		—		—			—		—
Shares redeemed		(664	)		(809	)		—		—		—			—		—
Net Institutional Class transactions		(590	)		(611	)		—		—		—			207		—
Class N:
Shares issued		34			198			1,246		357		1,706			1,148		6,045
Shares issued from Merger(5)		—			—			—		—		—			3,795		—
Shares issued in Lieu of Dividends and Distributions		4			25			52		26		152			94		19
Shares redeemed		(312	)		(565	)		(991	)	(535	)	(1,677	)		(411	)	(586	)
Net Class N transactions		(274	)		(342	)		307		(152	)	181			4,626		5,478
Servicing Class:
Shares issued		94			18			—		—		—			1,397		6,805
Shares issued in Lieu of Dividends and Distributions		1			5			—		—		—			1		—
Shares redeemed		(19	)		(254	)		—		—		—			(570	)	(1,103	)
Net Servicing Class transactions		76			(231	)		—		—		—			828		5,702

(1) Fund commenced operations on December 30, 2013.

(2) Institutional Class commenced operations on December 20, 2013.

(3) Institutional Class commenced operations on January 10, 2014.

(4) Fund commenced operations on December 3, 2012.

(5) See Note 10 in Notes to Financial Statements.

^ On March 29, 2013, the Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund and the Dividend & Income Fund were reorganized into series of the City National Rochdale Funds. See Note 1 in Notes to Financial Statements for additional information.

† For the nine months ended September 30, 2013 and the year ended December 31, 2012.

CITY NATIONAL ROCHDALE FUNDS | PAGE 127

notes to financial statements/

consolidated notes to financial statements

March 31, 2014 (Unaudited)

	Socially Responsible Equity Fund						Emerging Markets Fund ^
	2014			2013			2014			2013†		2012†
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		243			1,334			—		—		—
Shares issued in Lieu of Dividends and Distributions		743			79			—		—		—
Shares redeemed		(274	)		(5,685	)		—		—		—
Net Institutional Class transactions		712			(4,272	)		—		—		—
Class N:
Shares issued		719			702			4,458		4,972		4,464
Shares issued in Lieu of Dividends and Distributions		510			22			15		—		2
Shares redeemed		(875	)		(717	)		(603	)	(618	)	(466	)
Net Class N transactions		354			7			3,870		4,354		4,000

† For the nine months ended September 30, 2013, year ended December 31, 2012.

^ On March 29, 2013, the Emerging Markets Fund was reorganized into series of the City National Rochdale Funds. See Note 1 in Notes to Financial Statements for additional information.

9. FUND REORGANIZATIONS

On December 20, 2013, the assets of the Full Maturity Fixed Income Fund were reorganized into the Intermediate Fixed Income Fund. In this reorganization, 4,352,128 shares of the Full Maturity Fixed Income Fund were exchanged for 1,734,179 shares of the Intermediate Fixed Income Fund in a tax-free exchange.

The value of the Full Maturity Fixed Income Fund was $44,899,004. Upon the business combination of such Funds on December 20, 2013, the value of the Full Maturity Fixed Income Fund, which included accumulated realized losses of $124,817 and unrealized gains of $238,492, combined with the Intermediate Fixed Income Fund was $209,405,691.

On March 21, 2014, the assets of the Diversified Equity Fund were reorganized into the U.S. Core Equity Fund. In this reorganization, 3,019,691 shares of the Diversified Equity Fund were exchanged for 207,167 Class N shares and 3,794,815 Institutional Class shares of the U.S. Core Equity Fund in a tax-free exchange.

The value of the Diversified Equity Fund on March 21, 2014 was $53,568,331. Upon the business combination of such Funds on March 21, 2014, the value of the Diversified Equity Fund, which included accumulated realized losses of $451,745 and distributions in excess of net investment income of $210, combined with the U.S. Core Equity Fund was $223,593,114.

10. 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 March 31, 2014 and no issues were noted to disclose, except as follows:

A Special Meeting of Shareholders of the City National Rochdale Alternative Total Return Fund LLC (the “Target Fund”) will be held on May 30, 2014, for the shareholders of the Target Fund to consider and vote on a proposed reorganization of the Target Fund into the City National Rochdale Fixed Income Opportunities Fund and the subsequent dissolution of the Target Fund, expected to take place as of May 30, 2014.

CITY NATIONAL ROCHDALE FUNDS | PAGE 128

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 the 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.

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 the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the 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 the 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 129

disclosure of fund expenses (Unaudited) (Continued)

	Beginning Account Value 10/01/2013		Ending Account Value 03/31/2014		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.00		0.08	%	$	0.40
Class S		1,000.00		1,000.00		0.08	%		0.40
Servicing Class		1,000.00		1,000.00		0.08	%		0.40
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.53		0.08	%	$	0.40
Class S		1,000.00		1,024.53		0.08	%		0.40
Servicing Class		1,000.00		1,024.53		0.08	%		0.40
City National Rochdale Prime Money Market Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,000.00		0.15	%	$	0.75
Class N		1,000.00		1,000.00		0.15	%		0.75
Class S		1,000.00		1,000.00		0.15	%		0.75
Servicing Class		1,000.00		1,000.00		0.15	%		0.75
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Class N		1,000.00		1,024.18		0.15	%		0.76
Class S		1,000.00		1,024.18		0.15	%		0.76
Servicing Class		1,000.00		1,024.18		0.15	%		0.76
City National Rochdale California Tax Exempt Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.00		0.05	%	$	0.25
Class S		1,000.00		1,000.00		0.06	%		0.30
Servicing Class		1,000.00		1,000.00		0.05	%		0.25
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.68		0.05	%	$	0.25
Class S		1,000.00		1,024.63		0.06	%		0.30
Servicing Class		1,000.00		1,024.68		0.05	%		0.25

City National Rochdale Limited Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,005.10	0.67	%	$	3.35
Class N		1,000.00		1,004.70	0.92	%		4.60
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.59	0.67	%	$	3.38
Class N		1,000.00		1,020.34	0.92	%		4.63

		Beginning Account Value 10/01/2013		Ending Account Value 03/31/2014	Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,004.20	0.53	%	$	0.87
Class N		1,000.00		1,000.70	1.03	%		5.14
Servicing Class		1,000.00		1,002.00	0.78	%		3.89
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.29	0.53	%	$	2.67
Class N		1,000.00		1,019.80	1.03	%		5.19
Servicing Class		1,000.00		1,021.04	0.78	%		3.93
City National Rochdale Corporate Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,011.60	1.01	%	$	5.07
Servicing Class		1,000.00		1,012.80	0.76	%		3.81
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.90	1.01	%	$	5.09
Servicing Class		1,000.00		1,021.14	0.76	%		3.83
City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,015.20	0.88	%	$	4.42
Servicing Class		1,000.00		1,016.50	0.63	%		3.17
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.54	0.88	%	$	4.43
Servicing Class		1,000.00		1,021.79	0.63	%		3.18
City National Rochdale Municipal High Income Fund
Actual Fund Return
Class N**	$	1,000.00	$	1,041.40	1.12	%	$	2.88
Servicing Class**		1,000.00		1,042.90	0.88	%		2.27
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.35	1.12	%	$	5.64
Servicing Class		1,000.00		1,020.54	0.88	%		4.43
City National Rochdale High Yield Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,073.10	0.70	%	$	1.17
Class N		1,000.00		1,070.40	1.20	%		6.19
Servicing Class		1,000.00		1,071.80	0.95	%		4.91
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.44	0.70	%	$	3.53
Class N		1,000.00		1,018.95	1.20	%		6.04
Servicing Class		1,000.00		1,020.19	0.95	%		4.78

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 92/365 (to reflect the period since inception (December 30, 2013) to period end).

CITY NATIONAL ROCHDALE FUNDS | PAGE 130

	Beginning Account Value 10/01/2013		Ending Account Value 03/31/2014		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Institutional Class**	$	1,000.00	$	1,016.10		0.51	%	$	1.42
Class N		1,000.00		1,020.50		1.01	%		5.09
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.39		0.51	%	$	2.57
Class N		1,000.00		1,019.90		1.01	%		5.09
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$	1,000.00	$	1,051.20		1.11	%	$	5.68
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.40		1.11	%	$	5.59
City National Rochdale Multi-Asset Fund
Actual Fund Return
Class N	$	1,000.00	$	1,039.90		1.47	%	$	7.48
Servicing Class		1,000.00		1,041.20		1.22	%		6.21
Hypothetical 5% Return
Class N	$	1,000.00	$	1,017.60		1.47	%	$	7.39
Servicing Class		1,000.00		1,018.85		1.22	%		6.14
City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,137.40		1.11	%	$	5.92
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.40		1.11	%	$	5.59

		Beginning Account Value 10/01/2013		Ending Account Value 03/31/2014	Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,117.00	0.51	%	$	0.89
Class N		1,000.00		1,110.00	1.04	%		5.47
Servicing Class		1,000.00		1,111.10	0.78	%		4.11
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.39	0.51	%	$	2.57
Class N		1,000.00		1,019.75	1.04	%		5.24
Servicing Class		1,000.00		1,021.04	0.78	%		3.93
City National Rochdale Socially Responsible Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,119.50	0.89	%	$	4.70
Class N		1,000.00		1,117.50	1.14	%		6.02
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.49	0.89	%	$	4.48
Class N		1,000.00		1,019.25	1.14	%		5.74
City National Rochdale Emerging Markets Fund
Actual Fund Return
Class N	$	1,000.00	$	1,074.80	1.61	%	$	8.33
Hypothetical 5% Return
Class N	$	1,000.00	$	1,016.90	1.61	%	$	8.10

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 101/365 (to reflect the period since inception (December 20, 2013) to period end).

CITY NATIONAL ROCHDALE FUNDS | PAGE 131

shareholder voting results (Unaudited)

On December 20, 2013, a Special Meeting of Shareholders of the City National Rochdale Full Maturity Fixed Income Fund was held to consider and act upon a proposal to reorganize the City National Rochdale Full Maturity Fixed Income Fund into the City National Rochdale Intermediate Fixed Income Fund and dissolve the City National Rochdale Full Maturity Fixed Income Fund. Shares were voted as follows:

	Number of Shares Voted	% of Shares Voted	% of Total Outstanding Shares
For	3,541,895.943	100.000%	81.488%
Against	0.000	0.000%	0.000%
Abstain	0.000	0.000%	0.000%

On March 20, 2014, a Special Meeting of Shareholders of the City National Diversified Equity Fund was held to consider and act upon a proposal to reorganize the City National Diversified Equity Fund into the City National Rochdale U.S. Core Equity Fund and dissolve the City National Diversified Equity Fund. Shares were voted as follows:

	Number of Shares Voted	% of Shares Voted	% of Total Outstanding Shares
For	2,529,004.847	99.970%	83.217%
Against	764.000	0.030%	0.025%
Abstain	0.000	0.000%	0.000%

CITY NATIONAL ROCHDALE FUNDS | PAGE 132

board approval of advisory and sub-advisory agreements

(Unaudited)

The Board of Trustees of City National Rochdale Funds (the “Trust”) is comprised of eight Trustees, six of whom are independent of the Trust’s investment adviser and sub-advisers (the “Independent Trustees”). During the six months ended March 30, 2014, the Board and the Independent Trustees approved the following advisory agreement and sub-advisory agreements:

• An advisory agreement between the Trust and City National Rochdale, LLC (the “Adviser”) with respect to the new City National Rochdale Municipal High Income Fund series of the Trust (the “Muni High Income Fund”);

• A sub-advisory agreement between the Adviser and Waddell & Reed Investment Management Company (“Waddell”) with respect to the Muni High Income Fund;

• A sub-advisory agreement between the Adviser and Alcentra Limited (“Alcentra”) with respect to the City National Rochdale Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund”); and

• A sub-advisory agreement between the Adviser and Seix Investment Advisors LLC (“Seix”) with respect to the Fixed Income Opportunities Fund.

The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements” and Waddell, Alcentra and Seix are collectively referred to below as the “Sub-Advisers.”

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. 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.

The Board was familiar with the organizations and operations of the Adviser and Seix as a result of their past services to the Trust and the Fixed Income Opportunities Fund, respectively. The Board reviewed materials regarding the investment results of each Sub-Adviser, advisory fee and expense comparisons, financial information with respect to each entity, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing or proposed to provide investment management and administrative services to the Funds. They 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 MUNICIPAL HIGH INCOME FUND

Nature, Extent and Quality of Services

In reviewing the services to be provided by each of the Adviser and Waddell to the Muni High Income Fund, the Board considered a variety of matters, including the background, education and experience of its key portfolio management and operational personnel; its overall financial strength and stability; its resources and efforts to retain, attract and motivate capable personnel to serve the Fund; and the overall general quality and depth of its organization. With respect to each entity, the Board also took into account the experience, capability and integrity of its senior management; its investment philosophy and processes; its brokerage, trading and soft dollar practices; its disaster recovery and contingency planning; and its commitment and systems in place with regard to compliance with applicable laws and regulations.

The Board considered the nature and quality of the services provided by the Adviser in overseeing the activities of sub-advisers to other series of the Trust. The Board also considered the investment performance for periods ended September 30, 2013, of two mutual funds managed by Waddell using the same investment strategies and styles as it would use to manage the Muni High Income Fund. The materials provided to the Board indicated that the investment results of one of those two mutual funds had exceeded the returns of the Barclays High Yield Municipal Index for the five-year period (while the other fund underperformed relative to the Index by 28 basis points over the period), and that both mutual funds underperformed relative to the Index for the one-year period (by 268 basis points or less), three-year period (by 183 basis points or less) and ten-year period (by 69 basis points or less). The Board considered Waddell’s explanation of the periods of underperformance, and concluded that the services proposed to be provided to the Fund by the Adviser and Waddell would benefit the shareholders of the Fund.

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board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

Advisory Fees, Fund Expenses, Profitability, Benefits to Adviser and Economies of Scale

The Board reviewed information regarding the advisory fees (before and after waivers) and sub-advisory fees proposed to be charged by the Adviser and Waddell with respect to the Muni High Income Fund, respectively, and the total expenses (net of fee waivers) of the Fund as a percentage of its average annual net assets compared to those of the funds included in the Fund’s Lipper universe and a peer group of funds selected by the Adviser.

The Board observed, among other things, that the proposed advisory fee and total expenses for the Muni High Income Fund were within the middle 60% of comparable funds in the Lipper High Yield Municipal Debt Funds Universe, and the anticipated costs and profits of the Adviser with respect to the Fund were reasonable. The Board also considered the potential benefits to be received by the Adviser, Waddell and their respective affiliates as a result of their relationships with the Fund generally, including investment advisory fees paid to the Adviser and Waddell, fees paid to affiliates such as City National Bank (“CNB”), City National Securities, Inc. and RIM Securities, LLC for providing certain shareholder servicing and sub-distribution services to the Trust, benefits to CNB’s brokerage and wealth management business as a result of the availability of the Muni High Income Fund to its customers, and the intangible benefits of any favorable publicity arising in connection with the Fund’s performance. They also noted that although the sub-advisory agreement provided for breakpoints while the advisory agreement did not, the portion of the proposed advisory fee retained by the Adviser would be low and significant economies of scale were not likely to be realized by the Adviser at the asset levels anticipated during the first several years of the Fund’s operations.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the proposed compensation payable to each of the Adviser and Waddell with respect to the Muni High Income Fund is fair and reasonable in relation to the services to be provided by it to the Fund, and approved the proposed advisory agreement and sub-advisory agreement.

CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND

Alcentra Limited

Nature, Extent and Quality of Services

In reviewing the services to be provided by Alcentra to the Fixed Income Opportunities Fund, the Board considered a variety of matters, including the background, education and experience of Alcentra’s key portfolio management and operational personnel; its overall financial strength and stability; its resources and related efforts to retain, attract and motivate capable personnel to serve the Fund; and the overall general quality and depth of its organization. The Board also reviewed Alcentra’s investment philosophy and processes as well as its brokerage and trading practices, its disaster recovery and contingency planning, and its commitment and systems in place with regard to compliance with applicable laws and regulations.

The Board considered the composite performance of accounts managed by Alcentra using the same investment strategies it would use to manage its portion of the Fixed Income Opportunities Fund. The Board observed that the composite returns were higher than the returns of the Standard & Poor’s European Leveraged Loan Index in 2003, 2004, 2006, 2007, 2008 and 2012, and on a compound basis from 2003 through 2012. The Board also noted that the Fund had underperformed relative to the Index by 1,390 basis points in 2009, and by 135 basis points or less in 2005, 2010 and 2011. The Board concluded that the services proposed to be provided to the Fund by Alcentra would benefit the shareholders of the Fund.

Sub-Advisory Fees, Benefits to Sub-Adviser and Economies of Scale

The Board reviewed the fees charged by Alcentra to a commingled fund that it managed using the same investment strategies it would use to manage its portion of the Fixed Income Opportunities Fund, and noted that the asset-based fees charged by Alcentra to the commingled fund were the same as the management fees it was charging with respect to the Fund, and that the commingled fund also paid a significant performance-based fee. The Board also considered the potential benefits to be received by Alcentra as a result of its relationship with the Fixed Income Opportunities Fund, including investment advisory fees paid to Alcentra and the intangible benefits of its association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance. The Board considered that although neither the Fund’s advisory agreement nor the sub-advisory agreement included fee breakpoints, the portion of the proposed advisory fee retained by the Adviser after payment of

CITY NATIONAL ROCHDALE FUNDS | PAGE 134

sub-advisory fees was low and significant economies of scale were not likely to be realized by the Adviser or Alcentra at the Fund asset levels anticipated during the next several years of the Fund’s operations.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the proposed sub-advisory agreement, including the fees to be received by Alcentra, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Alcentra to the Fixed Income Opportunities Fund and its shareholders, and approved the sub-advisory agreement.

Seix Investment Advisors LLC

Seix has been a sub-adviser with respect to a portion of the Fixed Income Opportunities Fund since the Fund’s predecessor reorganized into the Fund on March 29, 2013, and served as a sub-adviser to the Fund’s predecessor from July 2009. In December 2013, Seix informed the Fund that employees of the parent company of Seix, RidgeWorth Capital Management Inc., and Lightyear Capital LLC, a private equity firm, had entered into an agreement to acquire ownership of RidgeWorth Capital Management from SunTrust Bank, Inc. This transaction is scheduled to close on May 31, 2014, and will result in a change of control of Seix and the automatic termination of the existing sub-advisory agreement between the Adviser and Seix with respect to the Fund. At a meeting in February 2014 the Board approved a new sub-advisory agreement between the Adviser and Seix with respect to the Fund to take effect upon the closing of the transaction. The terms of the new sub-advisory agreement are substantially the same as the terms of the current sub-advisory agreement between the Adviser and Seix with respect to the Fund.

Nature, Extent and Quality of Services

In reviewing the services provided by Seix to the Fixed Income Opportunities Fund, the Board considered a variety of matters, including information about Seix’s organization, personnel who provide services to the Fund, and compensation structure; its investment philosophy and investment process; performance results of the Fund and the portion of the Fund managed by Seix over various periods; and Seix’s sub-advisory fees with respect to the Fund. The Board also reviewed certain information regarding Seix’s compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio trade execution. Some of the information the Board considered had been provided in August 2013, when the Board last renewed Seix’s prior sub-advisory agreement with respect to the Fund, and the Board considered information from Seix regarding any material changes to the August 2013 information.

The Board assessed the investment results of the Fixed Income Opportunities Fund for various periods during the previous three years ended December 31, 2013, compared with the returns of the Credit Suisse Leveraged Loan Index (the “Benchmark Index”), the Barclays U.S. Corporate High Yield Bond Index (the “Barclays Index”), the Fund’s Lipper peer group average and the Fund’s Morningstar category average. The Board observed that the Fund’s annualized returns were higher than the returns of the Benchmark Index for the one-, two- and three-year periods and for each period were below the returns of the Barclays Index (by 299 basis points or less), below the returns of the Lipper peer group average (by 207 basis points or less), and below the returns of the Morningstar category average (by 218 basis points or less). The Board also assessed the investment results of the portion of the Fund managed by Seix for various periods since June 2011 through December 31, 2013, compared with the results of the Benchmark Index, and noted that the returns of that portion of the Fund trailed the returns of the Benchmark Index for the one- and two-year periods by 121 basis points or less. The Board considered Seix’s explanation of the periods of underperformance, and concluded that the services proposed to be provided to the Fund by Seix would continue to benefit the shareholders of the Fund.

Sub-Advisory Fees and Benefits to Sub-Adviser

The Board reviewed information regarding the sub-advisory fees charged by Seix with respect to the Fixed Income Opportunities Fund and observed that Seix’s sub-advisory fee was higher than the fee it charged to another mutual fund for which it served as sub-adviser using a similar strategy. The Board noted, however, that the other fund was significantly larger than the Fund and was a part of a larger mutual fund complex for which Seix serves as sub-adviser, and considered Seix’s indication that the lower sub-advisory fee for the other mutual reflected the economies of scale of the other fund and the group of funds to which it belongs.

The Board also considered the benefits received by Seix as a result of its relationship with the Fixed Income Opportunities Fund, including the sub-advisory fees paid to Seix, research provided to it by broker-dealers providing execution services to the Fund, and the intangible benefits of its association with the Fund

CITY NATIONAL ROCHDALE FUNDS | PAGE 135

board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

generally and any favorable publicity arising in connection with the Fund’s performance. The Board considered that although neither the Fund’s advisory agreement nor the Seix sub-advisory agreement included fee breakpoints, the portion of the advisory fee retained by the Adviser after payment of sub-advisory fees was low and significant economies of scale were not likely to be realized by the Adviser or Seix at the Fund asset levels anticipated during the next several years of the Fund’s operations.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the proposed sub-advisory agreement, including the fees to be received by Seix, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Seix to the Fixed Income Opportunities Fund and its shareholders, and approved the sub-advisory agreement.

CITY NATIONAL ROCHDALE FUNDS | PAGE 136

For more information on City National Rochdale Funds, including charges and expenses, please call 1-888-889-0799 or go to citynationalrochdalefunds.com for a free prospectus. Read it carefully before you invest or send money.

CNR-SA-004-0600

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

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 to open-end management investment companies.

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.

None. 

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(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 and Chief Executive Officer
Date: June 6, 2014
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 and Chief Executive Officer
Date: June 6, 2014
By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt, Controller and COO

Date: June 6, 2014

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