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)

Michael Gozzillo

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, 2017

Date of reporting period: March 31, 2017

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

	City National Rochdale Funds Semi-Annual Report
2	Schedule of Investments/Consolidated Schedule of Investments
96	Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
99	Statements of Operations/Consolidated Statement of Operations
102	Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets
106	Consolidated Statement of Cash Flows
108	Financial Highlights/Consolidated Financial Highlights
111	Notes to Financial Statements/Consolidated Notes to Financial Statements
125	Disclosure of Fund Expenses
128	Board Approval of Advisory and Sub-Advisory Agreements

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The Funds’ Form N-Q filings are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The most current Form N-Q filing is also available on the Funds’ website at www.citynationalrochdalefunds.com and without charge, upon request, by calling 1-888-889-0799.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Commission’s website at www.sec.gov.

CITY NATIONAL ROCHDALE FUNDS | PAGE 1

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Government Money Market Fund

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [69.7%]
FAMC DN
0.642%, 05/18/17(A)	$	26,000	$	25,978
Farmer Mac Guaranteed Notes Trust, Ser 2007-1
5.125%, 04/19/17(B)		30,000		30,066
FFCB
0.866%, 04/03/17(C)		50,000		49,998
0.902%, 04/08/17(C)		50,000		49,994
0.877%, 04/08/17(C)		27,175		27,174
0.774%, 04/09/17(C)		50,000		49,996
FHLB
0.824%, 04/01/17(C)		50,000		50,000
0.794%, 04/01/17(C)		75,000		74,997
0.778%, 04/04/17(C)		50,000		50,000
0.953%, 04/16/17(C)		50,000		50,000
1.078%, 04/19/17(C)		50,000		50,000
0.765%, 04/20/17(C)		50,000		50,000
0.942%, 04/26/17(C)		50,000		50,000
0.848%, 05/08/17(C)		50,000		50,000
0.887%, 05/18/17(C)		25,000		25,003
0.857%, 05/21/17(C)		50,000		50,000
0.923%, 06/26/17(C)		50,000		50,000
0.750%, 11/16/17		40,220		40,200
FHLB DN
0.530%, 04/04/17(A)		50,000		49,998
0.539%, 04/07/17(A)		100,000		99,991
0.496%, 04/12/17(A)		50,000		49,992
0.652%, 04/17/17(A)		163,000		162,953
0.661%, 04/19/17(A)		150,000		149,951
0.605%, 04/21/17(A)		152,000		151,949
0.596%, 04/26/17(A)		150,000		149,938
0.499%, 04/28/17(A)		50,000		49,981
0.549%, 05/03/17(A)		50,000		49,976
0.621%, 05/04/17(A)		100,000		99,943
0.650%, 05/05/17(A)		210,000		209,871
0.548%, 05/10/17(A)		100,000		99,941
0.658%, 05/12/17(A)		100,000		99,925
0.701%, 05/17/17(A)		100,000		99,911
0.723%, 05/19/17(A)		150,000		149,856
0.591%, 05/24/17(A)		154,000		153,866
0.699%, 05/26/17(A)		150,000		149,840
0.724%, 06/21/17(A)		100,000		99,837
0.787%, 06/23/17(A)		50,000		49,910
0.640%, 07/26/17(A)		100,000		99,794
0.640%, 07/28/17(A)		100,000		99,791
0.650%, 08/02/17(A)		100,000		99,779
0.645%, 08/04/17(A)		100,000		99,777
0.642%, 08/09/17(A)		100,000		99,769
0.646%, 08/11/17(A)		50,000		49,882
0.686%, 08/25/17(A)		50,000		49,861
FHLMC DN
0.491%, 05/03/17(A)		100,000		99,956
FNMA
0.998%, 04/20/17(C)		50,000		49,999
Total U.S. Government Agency Obligations
(Cost $3,699,643)				3,699,643
Municipal Bonds [3.5%]
California [0.8%]
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
0.850%, 04/06/17(C) (D) (E)		8,000		8,000
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
0.830%, 04/06/17(C) (D) (E)		28,450		28,450
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
0.850%, 04/06/17(C) (D) (E)		9,000		9,000
Total California				45,450
New York [1.9%]
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC
0.920%, 04/06/17(C) (D)		13,500		13,500
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT
0.940%, 04/06/17(C) (D)		9,350		9,350

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 2

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Government Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.970%, 04/05/07(C) (D) (E)	$	18,100	$	18,100
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.970%, 04/05/17(C) (D) (E)		23,800		23,800
New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT
0.840%, 04/05/17(C) (D) (E)		15,000		15,000
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
0.850%, 04/05/17(C) (D) (E)		20,000		20,000
Total New York				99,750
Texas [0.5%]
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
0.850%, 04/05/17(C) (D) (E)		13,195		13,195
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
0.850%, 04/06/17(C) (D) (E)		13,090		13,090
Total Texas				26,285
Washington [0.3%]
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
0.850%, 04/06/17(C) (D) (E)		16,295		16,295
Total Municipal Bonds
(Cost $187,780)				187,780

Description	Face Amount(000) /Shares		Value (000)
Repurchase Agreements [19.3%]
Barclays (F)
0.780%, dated 03/31/17, repurchased on 04/03/17, repurchase price $100,006,500 (collateralized by various U.S. Government obligations, par values ranging from $100 to $36,700,000, 0.000% - 6.375%, 05/15/17 to 08/15/27; with a total market value $101,725,312)	$	100,000	$	100,000
Goldman Sachs (F)
0.790%, dated 03/31/17, repurchased on 04/03/17, repurchase price $125,008,229 (collateralized by various U.S. Government obligations, par values ranging from $19,400,000 to $86,800,000, 2.125% - 8.750%, 08/15/20 to 01/31/21; with a total market value $126,600,000)		125,000		125,000
Wells Fargo
0.800%, dated 03/31/17, repurchased on 04/03/17, repurchase price $800,053,333 (collateralized by various U.S. Government obligations, par values ranging from $15,000 to $22,600,000, 1.804% - 7.000%, 04/25/17 to 04/01/47; with a total market value $813,949,380)		800,000		800,000
Total Repurchase Agreements
(Cost $1,025,000)				1,025,000
Short-Term Investment [7.5%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.390%**		397,918,475		397,919
Total Short-Term Investment
(Cost $397,919)				397,919
Total Investments [100.0%]
(Cost $5,310,342)			$	5,310,342

Percentages are based on net assets of $5,308,987 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 3

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Government Money Market Fund (concluded)

** The rate reported is the 7-day effective yield as of March 31, 2017.

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

(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, 2017, the value of these securities amounted to $30,066 (000), representing 0.6% of the net assets of the Fund.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

(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.

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

RB — Revenue Bond

Ser — Series

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	3,699,643	$	—	$	3,699,643
Municipal Bonds		—		187,780		—		187,780
Repurchase Agreements		—		1,025,000		—		1,025,000
Short-Term Investment		397,919		—		—		397,919
Total Investments in Securities	$	397,919	$	4,912,423	$	—	$	5,310,342

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 4

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Government Bond Fund

Description	Face Amount (000)		Value (000)
U.S. Treasury Obligations [57.3%]
U.S. Treasury Inflation Indexed Bonds
0.125%, 04/15/20	$	2,997	$	3,041
U.S. Treasury Notes
2.375%, 12/31/20		4,500		4,606
2.125%, 01/31/21		4,340		4,399
2.125%, 12/31/21		4,300		4,341
2.000%, 11/30/20		5,000		5,051
1.750%, 10/31/18		3,000		3,026
1.625%, 06/30/20		2,800		2,802
1.500%, 12/31/18		4,285		4,305
1.500%, 01/31/22		5,000		4,902
1.375%, 06/30/18		3,400		3,410
1.375%, 09/30/18		5,000		5,015
1.375%, 12/15/19		4,440		4,432
1.375%, 02/15/20		5,000		4,984
1.375%, 04/30/20		3,500		3,481
1.375%, 10/31/20		5,000		4,945
1.250%, 12/15/18		3,500		3,502
0.875%, 05/31/18		3,175		3,166
U.S. Treasury STRIPS
2.284%, 11/15/21(A)		6,100		5,580
Total U.S. Treasury Obligations
(Cost $74,932)				74,988
U.S. Government Agency Obligations [31.1%]
FFCB
1.168%, 09/20/19(B)		4,900		4,929
1.078%, 10/03/18(B)		3,000		3,008
0.899%, 04/09/18(B)		3,960		3,969
FHLB
1.375%, 03/18/19		4,000		4,001
FNMA
2.482%, 10/09/19(A)		5,805		5,541
1.875%, 02/19/19		445		449
1.750%, 06/20/19		4,525		4,562
1.500%, 11/30/20		5,000		4,958
1.250%, 08/17/21		5,000		4,857
0.875%, 05/21/18		4,500		4,485
Total U.S. Government Agency Obligations
(Cost $40,833)				40,759
U.S. Government Mortgage-Backed Obligations [10.2%]
FHLMC REMIC, Ser 2011-3874, Cl JA, Pool FHR 3874 JA
3.000%, 04/15/25		1,181		1,196
FHLMC REMIC, Ser 2011-3877, Cl ND, Pool FHR 3877 ND
3.000%, 02/15/25		320		323
FNMA, Pool 466656
3.130%, 12/01/17		4,000		4,017
FNMA, Pool AS4877
3.000%, 04/01/30		2,291		2,351
FNMA, Pool FN0004
3.619%, 12/01/20		4,812		5,022
FNMA ARM, Pool 766620
2.943%, 04/01/17(B)		119		126
GNMA, Pool 329656
8.000%, 08/15/22		4		3
GNMA, Pool 376533
7.500%, 06/15/24		1		1
GNMA, Pool 398660
7.500%, 05/15/26		1		1
GNMA, Pool 497411
6.000%, 01/15/29		4		4
GNMA, Pool 584992
7.500%, 04/15/32		26		28
GNMA ARM, Pool G2 81318
2.125%, 04/01/17(B)		165		172
GNMA ARM, Pool G2 81447
2.125%, 04/01/17(B)		36		37
Total U.S. Government Mortgage-Backed Obligations
(Cost $13,379)				13,281
Municipal Bond [0.2%]
California [0.2%]
Southern California, Public Power Authority, Sub-Ser B, AGM, ETM
6.930%, 05/15/17		300		302
Total Municipal Bond
(Cost $302)				302

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 5

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Government Bond Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [1.0%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.050%** ‡		641,764	$	642
SEI Daily Income Trust Government Fund, Cl F, 0.530%**		641,764		642
Total Short-Term Investments
(Cost $1,284)				1,284
Total Investments [99.8%]
(Cost $130,730)			$	130,614

Percentages are based on net assets of $130,915 (000).

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ Investment in affiliate.

(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, 2017.

AGM — Assured Guarantee Municipal

ARM — Adjustable Rate Mortgage

Cl — Class

ETM — Escrowed to Maturity

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

STRIPS — Separately Traded Registered Interest and Principal Securities

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	74,988	$	—	$	74,988
U.S. Government Agency Obligations		—		40,759		—		40,759
U.S. Government Mortgage-Backed Obligations		—		13,281		—		13,281
Municipal Bond		—		302		—		302
Short-Term Investments		1,284		—		—		1,284
Total Investments in Securities	$	1,284	$	129,330	$	—	$	130,614

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

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

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 6

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Corporate Bond Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [83.2%]
Auto-Med and Heavy Duty Trks [0.8%]
PACCAR Financial, MTN
1.750%, 08/14/18	$	1,000	$	1,003
Automotive [1.8%]
American Honda Finance, MTN
1.700%, 09/09/21		2,500		2,422
Banks [12.3%]
Bank of Nova Scotia
2.450%, 03/22/21		2,500		2,499
Capital One
2.350%, 08/17/18		500		503
1.850%, 09/13/19		1,500		1,484
JPMorgan Chase
6.300%, 04/23/19		2,000		2,173
6.000%, 01/15/18		405		419
Nordea Bank, MTN
2.375%, 04/04/19(A)		1,000		1,007
PNC Bank
2.700%, 11/01/22		2,500		2,479
Standard Chartered, MTN
1.700%, 04/17/18(A)		3,000		2,991
Sumitomo Mitsui Financial Group
2.846%, 01/11/22		2,500		2,504
Westpac Banking
4.875%, 11/19/19		65		69
Total Banks				16,128
Broadcasting & Cable [2.9%]
CBS
4.300%, 02/15/21		1,400		1,479
Comcast Cable Communications Holdings
9.455%, 11/15/22		1,800		2,400
Total Broadcasting & Cable				3,879
Computer System Design & Services [3.1%]
Apple
2.850%, 02/23/23		1,000		1,010
Hewlett Packard Enterprise
2.890%, 10/05/17(B)		3,000		3,019
Total Computer System Design & Services				4,029
Computers-Memory Devices [0.8%]
NetApp
2.000%, 12/15/17		1,000		1,002
Diagnostic Equipment [0.5%]
Danaher
1.650%, 09/15/18		700		700
Drugs [0.8%]
AbbVie
2.500%, 05/14/20		1,000		1,007
Electric Utilities [3.7%]
American Electric Power
1.650%, 12/15/17		1,000		1,000
Commonwealth Edison
6.950%, 07/15/18		1,000		1,060
Exelon Generation
6.200%, 10/01/17		1,200		1,226
3.400%, 03/15/22		1,500		1,512
Total Electric Utilities				4,798
Financial Services [10.2%]
Daimler Finance North America
2.250%, 07/31/19(A)		2,900		2,914
Ford Motor Credit
2.551%, 10/05/18		2,000		2,016
2.375%, 01/16/18		1,000		1,004
General Motors Financial
5.250%, 03/01/26		1,250		1,343
Harley-Davidson Funding
6.800%, 06/15/18(A)		2,500		2,646

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 7

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Nissan Motor Acceptance, MTN
1.950%, 09/12/17(A)	$	1,000	$	1,001
Toyota Motor Credit, MTN
1.200%, 04/06/18		2,500		2,493
Total Financial Services				13,417
Food, Beverage & Tobacco [3.3%]
Anheuser-Busch InBev Finance
2.294%, 05/02/17(B)		2,000		2,060
Kraft Heinz Foods
2.000%, 07/02/18		1,000		1,002
Molson Coors Brewing
1.450%, 07/15/19		1,250		1,234
Total Food, Beverage & Tobacco				4,296
Food-Confectionery [0.2%]
JM Smucker
2.500%, 03/15/20		250		253
Insurance [2.6%]
Berkshire Hathaway
2.100%, 08/14/19		2,000		2,020
Genworth Holdings
7.700%, 06/15/20		1,400		1,383
Total Insurance				3,403
Investment Bank/Broker Dealer [9.2%]
Bank of America, MTN	��
6.400%, 08/28/17		400		408
Citigroup
2.485%, 09/01/23(B)		1,000		1,028
Deutsche Bank, MTN
2.850%, 05/10/19		1,450		1,460
Goldman Sachs Group
2.625%, 01/31/19		500		506
HSBC Holdings
3.400%, 03/08/21		2,500		2,557
Jefferies Group
5.125%, 01/20/23		1,300		1,397
Macquarie Group
6.000%, 01/14/20(A)		2,000		2,176
Morgan Stanley, MTN
5.950%, 12/28/17		465		479
3.750%, 02/25/23		2,000		2,065
Total Investment Bank/Broker Dealer				12,076
Medical Labs and Testing Srv [1.1%]
Laboratory Corp of America Holdings
2.625%, 02/01/20		1,500		1,508
Medical-HMO [1.1%]
UnitedHealth Group
1.625%, 03/15/19		1,500		1,495
Multi-line Insurance [2.0%]
MetLife
4.750%, 02/08/21		2,400		2,600
Petroleum & Fuel Products [5.4%]
Korea National Oil, MTN
2.750%, 01/23/19(A)		1,500		1,515
Shell International Finance BV
4.300%, 09/22/19		125		132
Sunoco Logistics Partners Operations
4.650%, 02/15/22		1,300		1,380
Total Capital International
2.875%, 02/17/22		4,000		4,039
Total Petroleum & Fuel Products				7,066
Real Estate [2.0%]
Prologis
4.250%, 08/15/23		2,500		2,657
Real Estate Investment Trusts [4.2%]
HCP
3.150%, 08/01/22		1,000		998
Kimco Realty
6.875%, 10/01/19		1,080		1,203
Simon Property Group
2.500%, 09/01/20		2,000		2,018
Welltower
3.750%, 03/15/23		1,250		1,280
Total Real Estate Investment Trusts				5,499
Regional Authority [1.6%]
Province of Ontario Canada
4.400%, 04/14/20		2,000		2,143
Retail [4.4%]
AutoZone
4.000%, 11/15/20		1,400		1,472
Lowe’s
6.100%, 09/15/17		3,000		3,061

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Walgreens Boots Alliance
3.100%, 06/01/23	$	1,200	$	1,198
Total Retail				5,731
Security Brokers & Dealers [2.9%]
Credit Suisse Group Funding Guernsey
3.450%, 04/16/21		1,250		1,268
Goldman Sachs Group
2.209%, 06/27/17(B)		2,500		2,529
Total Security Brokers & Dealers				3,797
Telephones & Telecommunications [4.8%]
America Movil
5.000%, 03/30/20		2,600		2,787
AT&T
3.600%, 02/17/23		2,000		2,026
Verizon Communications
3.125%, 03/16/22		1,500		1,508
Total Telephones & Telecommunications				6,321
Trucking & Leasing [1.5%]
Penske Truck Leasing
4.875%, 07/11/22(A)		1,100		1,187
3.750%, 05/11/17(A)		750		752
Total Trucking & Leasing				1,939
Total Corporate Bonds
(Cost $108,525)				109,169
Municipal Bonds [6.7%]
California [1.1%]
State of California, GO
6.200%, 03/01/19		1,300		1,414
Florida [3.2%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		4,130		4,161
New York [2.4%]
New York State, Urban Development, RB
2.790%, 03/15/21		1,205		1,222
New York State, Water & Sewer System, Ser A-2, RB
0.850%, 04/01/17(B)		2,000		2,000
Total New York				3,222
Total Municipal Bonds
(Cost $8,768)				8,797
Asset-Backed Securities [2.9%]
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1
1.550%, 07/15/21		2,000		1,985
Nissan Auto Lease Trust 2015-A, Ser 2015-A, Cl A3
1.400%, 06/15/18		1,863		1,865
Total Asset-Backed Securities
(Cost $3,863)				3,850
Closed-End Fund [2.7%]
Stone Ridge Reinsurance Risk Premium Interval Fund(C)		338,592		3,501
Total Closed-End Fund
(Cost $3,450)				3,501
U.S. Government Mortgage-Backed Obligation [0.0%]
FNMA REMIC, Ser 2002-56, Cl MC
5.500%, 09/25/17		—		—
Total U.S. Government Mortgage-Backed Obligation
(Cost $0)				—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 9

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Corporate Bond Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [4.0%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.050%** ‡		2,490,780	$	2,491
Goldman Sachs Financial Square Funds - Government Fund, 0.604%**		2,707,740		2,708
Total Short-Term Investments
(Cost $5,199)				5,199
Total Investments [99.5%]
(Cost $129,805)			$	130,516

Percentages are based on net assets of $131,217 (000).

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ 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, 2017, the value of these securities amounted to $16,188 (000), representing 12.3% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

(C) Security is considered illiquid. The total market value of the security as of March 31, 2017, was $3,501 (000) and represented 2.7% of net assets of the Fund.

Cl — Class

FNMA — Federal National Mortgage Association

GO — General Obligation

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	109,169	$	—	$	109,169
Municipal Bonds		—		8,797		—		8,797
Asset-Backed Securities		—		3,850		—		3,850
Closed-End Fund		3,501		—		—		3,501
U.S. Government Mortgage-Backed Obligation		—		—		—		—
Short-Term Investments		5,199		—		—		5,199
Total Investments in Securities	$	8,700	$	121,816	$	—	$	130,516

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

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 10

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [96.4%]
California [94.1%]
Bay Area, Water Supply & Conservation Agency, Ser A, RB
Callable 04/01/23 @ 100
5.000%, 10/01/23	$	600	$	704
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA
5.000%, 08/01/20		500		556
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA
Callable 08/01/23 @ 100
5.000%, 08/01/25		500		581
California State University, Ser A, RB
5.000%, 11/01/24		900		1,088
California State University, Ser A, RB
Callable 05/01/26 @ 100
5.000%, 11/01/27		240		290
California State, Department of Water Resources, Ser F-3, RB
Pre-Refunded @ 100
4.375%, 05/01/18(A)		200		207
California State, Educational Facilities Authority, Chapman University, RB
Callable 04/01/25 @ 100
5.000%, 04/01/26		100		118
California State, Educational Facilities Authority, Chapman University, RB
Callable 04/01/25 @ 100
5.000%, 04/01/27		100		118
California State, GO
5.250%, 09/01/22		1,000		1,179
California State, GO
Callable 04/01/18 @ 100
5.125%, 04/01/33		1,050		1,088
California State, GO
5.000%, 11/01/19		1,000		1,095
California State, GO
5.000%, 09/01/20		1,000		1,120
California State, GO
5.000%, 12/01/21		1,000		1,152
California State, GO
Callable 11/01/20 @ 100
5.000%, 11/01/22		1,025		1,152
California State, GO
5.000%, 08/01/26		1,000		1,211
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/26		1,000		1,172
California State, GO
Callable 11/01/23 @ 100
5.000%, 11/01/27		500		583
California State, GO
4.000%, 03/01/18		1,000		1,028
California State, GO
4.000%, 02/01/19		1,000		1,054
California State, GO
Callable 06/01/19 @ 100
3.000%, 12/01/32(B)		1,000		1,036
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
Callable 03/01/21 @ 100
5.250%, 03/01/22		265		301
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
5.000%, 08/15/17		750		761
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
5.000%, 11/15/17		375		384

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 11

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Health Facilities Financing Authority, Insured Marshall Medical Center, RB
Callable 11/01/24 @ 100
5.000%, 11/01/29	$	250	$	290
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB
5.000%, 07/01/43(B)		875		894
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
5.000%, 07/01/43(B)		975		1,089
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/17		500		508
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/18		125		133
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
5.000%, 09/01/22		1,000		1,161
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
4.000%, 09/01/17		500		507
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
5.000%, 12/01/19		555		593
California State, Public Works Board, Judicial Council, Ser B, RB
5.000%, 10/01/23		475		559
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
Callable 10/01/19 @ 100
5.250%, 10/01/23		250		272
California State, Ser E, GO
Callable 06/01/18 @ 100
1.382%, 12/01/29(B)		1,000		1,006
California Statewide, Communities Development Authority, Cottage Health System, RB
Callable 11/01/24 @ 100
5.000%, 11/01/25		350		408
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
5.000%, 04/01/19		1,235		1,330
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
1.740%, 04/01/52(B)		2,000		2,000
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
5.000%, 08/15/18		220		232
Central Basin Municipal Water District, Ser A, RB, AGM
Callable 08/01/26 @ 100
5.000%, 08/01/28		885		1,042
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
5.000%, 09/01/22		1,000		1,163
Chula Vista, Police Facility Project, COP
5.000%, 10/01/21		360		411
East Bay Municipal Utility District Water System Revenue, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/29		750		892
El Dorado, Irrigation District, Ser A, RB, AGM
4.500%, 03/01/19		500		532
Gilroy, Public Facilities Financing Authority, RB
5.000%, 11/01/21		940		1,077
Golden State Tobacco Securitization, Ser A, RB
5.000%, 06/01/19		1,000		1,080
Hemet, Unified School District, GO, AGM
4.000%, 08/01/24		500		556
Inglewood, Redevelopment Agency Successor Agency, Sub-Ser, TA, BAM
5.000%, 05/01/23		500		577

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 12

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
JPM Chase Putters, Ser 2015-ZF0184, RB
0.940%, 02/01/23 (B) (C) (D)	$	1,000	$	1,000
JPM Chase Putters, Ser 2015-ZF0159, GO
1.110%, 08/01/22(B) (C) (D)		1,000		1,000
JPM Chase Putters, Ser 2015-ZF0183, RB
1.060%, 12/01/22(B) (C) (D)		1,000		1,000
JPM Chase Putters, Ser 2015-ZF0184, RB
1.010%, 12/01/22(B) (C) (D)		1,000		1,000
Jurupa, Unified School District, GO, AGM
5.000%, 08/01/22		1,000		1,164
Long Beach, Harbor Revenue, Ser C, RB
4.000%, 11/15/18		500		524
Long Beach, Unified School District, GO
5.000%, 08/01/26		1,000		1,229
Long Beach, Unified School District, Prefunded Election of 2008, Ser S, GO
Pre-Refunded @ 100
5.250%, 08/01/19(A)		2,010		2,199
Los Angeles County, Disney Parking Hall Project, COP
5.000%, 09/01/22		500		582
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/26		500		608
Los Angeles County, Public Works Financing Authority, Ser D, RB
Callable 12/01/25 @ 100
5.000%, 12/01/28		600		709
Los Angeles, Department of Airports, Senior International Governmental, Ser C, RB
4.000%, 05/15/17		545		547
Los Angeles, Department of Airports, Ser C, RB
5.000%, 05/15/25		550		663
Los Angeles, Department of Water & Power, Power System Project, Ser A, RB
5.000%, 07/01/19		500		544
Los Angeles, Department of Water & Power, Power System Project, Ser C, RB
5.000%, 07/01/23		500		595
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
4.000%, 11/01/19		575		614
Los Angeles, Sanitation Districts Financing Authority, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/28		500		592
Los Angeles, Ser A, GO, ETM
5.000%, 09/01/21		270		311
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/17(A)		500		505
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
5.000%, 10/01/20		1,000		1,120
Los Angeles, Unified School District, Ser A, GO
5.000%, 07/01/18		350		368
Los Angeles, Unified School District, Ser B, GO, AMBAC
Callable 07/01/17 @ 100
5.000%, 07/01/19		2,000		2,020
Merced, Irrigation District, Ser A, RB, AGM
5.000%, 10/01/20		500		561
North City, West School Facilities Financing Authority, Sub-Ser A, SPL Tax, AGM
5.000%, 09/01/20		1,000		1,115
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB, AGC
Callable 07/01/18 @ 100
5.000%, 07/01/20		500		523
Orange County, Redevelopment Agency Successor Agency, TA, AGM
5.000%, 09/01/23		320		376
Petaluma, Joint Unified High School District, Election of 2014, Ser A, GO
4.000%, 08/01/18		595		619

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 13

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Port of Oakland, Ser B, RB, NATL
Callable 11/01/17 @ 100
5.000%, 11/01/23	$	500	$	511
Redding, Electric System Revenue, RB
5.000%, 06/01/24		600		711
Redding, Electric System Revenue, RB
5.000%, 06/01/25		250		299
Riverside County, Transportation Commission, Ser A, RB
Callable 06/01/23 @ 100
5.250%, 06/01/28		500		593
Riverside, Public Financing Authority, Ser A, RB
5.000%, 11/01/21		1,000		1,142
Roseville, Finance Authority, RB
4.000%, 02/01/18		500		513
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB
5.000%, 12/01/20		500		565
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL
Pre-Refunded @ 100
5.000%, 10/01/17(A)		400		408
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
4.000%, 05/01/18		850		877
San Diego, Public Facilities Financing Authority, Sewer Revenue, RB
5.000%, 05/15/25		1,000		1,219
San Francisco City & County, Airports Commission, Ser B, RB
5.000%, 05/01/17		495		497
San Francisco City & County, Open Space Fund, Various Park Projects, RB, NATL
Callable 05/04/17 @ 100
3.750%, 07/01/18		500		501
San Francisco City & County, Public Utilities Commission, Wastewater Revenue, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/27		1,000		1,203
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB
5.000%, 11/01/20		250		282
San Francisco City & County, Public Utilities Commission, Water Revenue, Sub-Ser, RB
Callable 11/01/26 @ 100
5.000%, 11/01/29		680		809
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
5.000%, 08/01/17		540		547
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL
Callable 05/04/17 @ 100
5.250%, 08/01/18		345		345
San Francisco, State Building Authority, RB
4.000%, 12/01/20		1,000		1,090
San Jose, International Airport SJC, Ser A, RB, AMT
5.000%, 03/01/24		500		582
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB
Callable 06/15/24 @ 100
5.000%, 06/15/26		1,035		1,234
San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM
5.250%, 06/01/19		755		822
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
5.000%, 06/15/21		480		543
Santa Clara County, Financing Authority, Lease Revenue Capital Project, Ser A, RB
5.000%, 02/01/20		500		550
Santa Cruz County, Redevelopment Agency, TA, BAM
5.000%, 09/01/19		640		696
Santa Rosa, Wastewater Revenue, Ser A, RB
4.000%, 09/01/17		415		420

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 14

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Southern California, Metropolitan Water District, Ser A, RB
Callable 04/03/17 @ 100
0.740%, 07/01/47(B)	$	2,000	$	2,000
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
5.000%, 07/01/17		1,375		1,389
Tahoe-Truckee, Unified School District, Ser B, GO
Callable 08/01/26 @ 100
5.000%, 08/01/27		200		241
Tahoe-Truckee, Unified School District, Ser B, GO
Callable 08/01/26 @ 100
5.000%, 08/01/28		200		240
Torrance, RB
Callable 11/01/26 @ 100
5.000%, 11/01/30		385		449
Tuolumne, Wind Project Authority, Ser A, RB
Callable 01/01/27 @ 100
5.000%, 01/01/29		1,000		1,199
Turlock, Irrigation District, Ser 2014, RB
5.000%, 01/01/19		200		213
Tustin, Unified School District, SPL Tax, BAM
5.000%, 09/01/24		500		591
University of California, Regents Medical Center Pooled Revenue, Ser J, RB
Callable 05/15/23 @ 100
5.000%, 05/15/26		605		696
University of California, Revenues Limited Project, Ser E, RB
Callable 05/15/20 @ 100
5.000%, 05/15/22		500		557
University of California, Ser AT, RB
1.400%, 05/15/46(B)		2,000		1,974
University of California, Ser G, RB
Callable 05/15/22 @ 100
5.000%, 05/15/26		500		579
Ventura County, Community College District, GO
Callable 08/01/21 @ 100
5.000%, 08/01/24		385		441
Ventura County, Public Financing Authority, Ser A, RB
5.000%, 11/01/19		500		549
Ventura County, Public Financing Authority, Ser A, RB
4.000%, 11/01/18		500		524
Ventura County, Public Financing Authority, Ser B, RB
5.000%, 11/01/18		500		532
Walnut, Energy Center Authority, RB
5.000%, 01/01/19		300		320
Westlands, Water District, Ser A, RB, AGM
Callable 09/01/26 @ 100
5.000%, 09/01/27		1,000		1,207
Total California				89,038
Connecticut [1.0%]
Connecticut State, Ser A, GO
Pre-Refunded @ 100
2.260%, 03/01/19(A) (B)		1,000		1,000
Virginia [1.3%]
Virginia State, Public Building Authority, Ser A, RB
5.000%, 08/01/24		1,000		1,201
Total Municipal Bonds
(Cost $90,419)				91,239
Affiliated Registered Investment Company [0.6%]
City National Rochdale Municipal High Income Fund, Cl N ‡		48,591		510
Total Affiliated Registered Investment Company
(Cost $500)				510

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 15

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (concluded)

Description	Shares		Value (000)
Short-Term Investment [2.5%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.050%** ‡		2,356,693		2,357
Total Short-Term Investment
(Cost $2,357)				2,357
Total Investments [99.5%]
(Cost $93,276)			$	94,106

Percentages are based on net assets of $94,609 (000).

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ 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, 2017.

(C) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $4,000 (000), representing 4.2% of the net assets of the Fund.

(D) Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2017.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual

Cl — Class

COP — Certificate of Participation

ETM — Escrowed to Maturity

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

RB — Revenue Bond

SAB — Special Assessment Bond

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	91,239	$	—	$	91,239
Affiliated Registered Investment Company		510		—		—		510
Short-Term Investment		2,357		—		—		2,357
Total Investments in Securities	$	2,867	$	91,239	$	—	$	94,106

For the period ended March 31, 2017, 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 16

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [91.5%]
Alabama [1.9%]
Birmingham, Water Works Board, Ser A, RB
Callable 01/01/25 @ 100
5.000%, 01/01/42	$	5,000	$	5,591
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		4,536
Jefferson County, Sewer Revenue, Ser D, RB
Callable 10/01/23 @ 105
6.000%, 10/01/42		9,000		10,267
Total Alabama				20,394
Alaska [0.5%]
Northern Tobacco Securitization, Ser A, RB
Callable 04/19/17 @ 100
5.000%, 06/01/46		6,000		5,649
Arizona [1.9%]
Glendale, Industrial Development Authority, RB
Callable 11/15/26 @ 100
5.250%, 11/15/46		1,000		931
Glendale, Industrial Development Authority, RB
Callable 11/15/26 @ 100
5.250%, 11/15/51		1,500		1,369
Glendale, Industrial Development Authority, RB
Callable 11/15/26 @ 100
5.000%, 11/15/36		600		556
Glendale, Industrial Development Authority, RB
4.250%, 11/15/26		485		463
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB
Callable 07/01/25 @ 100
5.000%, 07/01/45(A)		3,300		3,161
Phoenix, Industrial Development Authority, RB
5.750%, 07/01/24(A)		1,400		1,526
Pima County, Industrial Development Authority, Noah Webster School Project, RB
Callable 12/15/23 @ 100
7.000%, 12/15/43		1,500		1,652
Salt Verde Financial, RB
5.000%, 12/01/37		8,000		9,240
Yavapai County, Industrial Development Authority, Ser A, RB
Callable 03/01/25 @ 100
5.000%, 09/01/34(A)		2,015		2,025
Total Arizona				20,923
California [8.5%]
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB
Callable 07/01/19 @ 100
6.750%, 07/01/39		6,500		7,078
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/31		1,500		1,723
California State, Municipal Finance Authority, Ser A, RB
Callable 11/01/25 @ 100
5.500%, 11/01/45(A)		4,000		4,093
California State, Pollution Control Financing Authority, San Diego Water Project, RB
Callable 07/01/17 @ 100
5.000%, 11/21/45(A)		2,000		2,004

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 17

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
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	$	5,749
California State, Public Works Board, Various Capital Projects, Ser A, RB
Callable 04/01/22 @ 100
5.000%, 04/01/37		1,000		1,116
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
6.000%, 10/01/49		1,120		1,190
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.875%, 10/01/44		1,000		1,074
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.625%, 10/01/34		575		615
California Statewide Communities Development Authority, RB
Callable 06/01/25 @ 100
7.000%, 06/01/45(H)		3,155		2,547
California Statewide Financing Authority, Ser C, RB
Callable 04/19/17 @ 7.26
14.223%, 06/01/55(B)		30,000		1,234
El Camino Healthcare District, GO, NATL
3.133%, 08/01/27(B)		5,000		3,640
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.750%, 06/01/47		9,805		9,805
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.125%, 06/01/47		7,280		7,164
Golden State Tobacco Securitization, Ser A-1, RB
Callable 06/01/27 @ 100
5.000%, 06/01/28		1,000		1,165
Golden State Tobacco Securitization, Ser A-1, RB
Callable 06/01/27 @ 100
5.000%, 06/01/29		1,000		1,154
Inland Empire Tobacco Securitization Authority, RB
Callable 06/01/17 @ 28.99
6.685%, 06/01/36(B)		25,000		7,088
Lake Elsinore, Public Financing Authority, SAB
Callable 09/01/25 @ 100
5.000%, 09/01/35		2,650		2,815
M-S-R Energy Authority, Ser B, RB
6.125%, 11/01/29		2,000		2,489
M-S-R Energy Authority, Ser C, RB
7.000%, 11/01/34		2,500		3,448
Norman Y Mineta San Jose International Airport SJC, Ser A, RB, AMT
Callable 03/01/27 @ 100
5.000%, 03/01/47		1,500		1,655
Northern California Gas Authority No. 1, Ser B, RB
1.489%, 07/01/27(C)		5,000		4,488
Palomar Pomerado Health Care District, COP
Callable 11/01/20 @ 100
6.000%, 11/01/30		3,920		4,288
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.500%, 12/01/41		1,000		1,149
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.000%, 12/01/26		1,000		1,139
San Diego, Community College District, GO
Callable 08/01/26 @ 100
5.000%, 08/01/29		5,000		6,024
San Mateo, Community Facilities District, SAB
Callable 09/01/22 @ 100
5.500%, 09/01/44		1,000		1,068

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 18

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Southern California, Public Power Authority, Ser A, RB
2.160%, 11/01/38(C)	$	2,500	$	2,142
Southern California, Tobacco Securitization Authority, Ser A-1, RB
Callable 04/19/17 @ 100
5.000%, 06/01/37		3,000		3,000
Total California				92,144
Colorado [5.9%]
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/20 @ 100
6.125%, 10/01/40		2,500		2,691
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/18 @ 100
6.000%, 10/01/40		2,895		2,960
Base Village Metropolitan District No. 2, Ser A, GO
Callable 12/01/21 @ 103
5.750%, 12/01/46		1,500		1,517
Belleview Station Metropolitan District No. 2, GO
Callable 12/01/21 @ 103
5.125%, 12/01/46		3,375		3,404
Belleview Station Metropolitan District No. 2, GO
Callable 12/01/21 @ 103
5.000%, 12/01/36		1,500		1,515
Castle Oaks Metropolitan District No. 3, GO
Callable 12/01/20 @ 103
6.250%, 12/01/44		2,860		3,017
Castle Oaks Metropolitan District No. 3, GO
Callable 12/01/20 @ 103
5.500%, 12/01/45		2,345		2,285
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
Callable 07/01/25 @ 100
5.250%, 07/01/46(A)		1,930		1,932
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
Callable 07/01/25 @ 100
5.000%, 07/01/36(A)		915		916
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.250%, 04/01/45(A)		2,655		2,561
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.125%, 04/01/35(A)		1,515		1,474
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.500%, 07/01/49(A)		1,600		1,655
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/44(A)		1,350		1,399
Colorado State, Health Facilities Authority, Ser A, RB
Callable 12/01/25 @ 100
6.125%, 12/01/45(A)		1,000		1,040
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT
Callable 01/01/23 @ 100
5.750%, 01/01/44		2,000		2,116
Colorado State, Public Energy Authority, RB
6.500%, 11/15/38		6,000		7,968
Denver City & County, United Airlines Project, Ser A, RB, AMT
Callable 10/01/17 @ 100
5.250%, 10/01/32		1,000		1,009
Erie Highlands Metropolitan District No. 1, GO
Callable 12/01/20 @ 103
5.750%, 12/01/45		2,000		1,950
Flatiron Meadows Metropolitan District, GO
Callable 12/01/21 @ 103
5.125%, 12/01/46		2,000		1,905

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 19

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Great Western Park Metropolitan District No. 2, Ser A, GO
Callable 12/01/21 @ 100
5.000%, 12/01/46	$	1,825	$	1,743
Green Gables Metropolitan District No. 1, Ser A, GO
Callable 12/01/21 @ 103
5.300%, 12/01/46		1,250		1,239
Lewis Pointe Metropolitan District, Ser A, GO
Callable 12/01/20 @ 100
6.000%, 12/01/44		2,590		2,596
Leyden Rock Metropolitan District No. 10, Ser A, GO
Callable 12/01/21 @ 103
5.000%, 12/01/45		1,250		1,204
Leyden Rock Metropolitan District No. 10, Ser A, GO
Callable 12/01/21 @ 103
4.375%, 12/01/33		1,500		1,403
Overlook Metropolitan District, GO
Callable 12/01/21 @ 103
5.500%, 12/01/46		1,230		1,156
Regional Transportation District, Denver Transportation Partners Project, RB
Callable 07/15/20 @ 100
6.000%, 01/15/41		1,000		1,102
Sierra Ridge Metropolitan District No. 2, Ser A, GO
Callable 12/01/21 @ 103
5.500%, 12/01/46		1,500		1,504
Solaris Metropolitan District No. 3, Ser A, GO
5.000%, 12/01/36		700		707
Solaris Metropolitan District No. 3, Ser A, GO
Callable 12/01/21 @ 103
5.000%, 12/01/46		2,030		2,035
Southglenn Metropolitan District, GO
Callable 12/01/21 @ 103
5.000%, 12/01/46		3,675		3,624
Southglenn Metropolitan District, GO
Callable 12/01/21 @ 103
3.500%, 12/01/26		1,000		940
Water Valley Metropolitan District No. 01, GO
Callable 12/01/26 @ 100
5.250%, 12/01/40		300		313
Water Valley Metropolitan District No. 01, GO
Callable 12/01/26 @ 100
5.000%, 12/01/35		100		103
Water Valley Metropolitan District No. 01, GO
Callable 12/01/26 @ 100
4.000%, 12/01/33		375		353
Water Valley Metropolitan District No. 02, GO
Callable 12/01/26 @ 100
5.250%, 12/01/40		575		609
Water Valley Metropolitan District No. 02, GO
Callable 12/01/26 @ 100
4.000%, 12/01/33		250		233
Total Colorado				64,178
Connecticut [0.4%]
JPMorgan Chase, Tender Option Bond Trust Receipts, Ser 2016-XM0449, RB
Callable 06/01/26 @ 100
12.200%, 12/01/45(A) (C) (D)		3,335		4,353
Delaware [0.2%]
Delaware State, Economic Development Authority, Indian River Power Project, RB
Callable 10/01/20 @ 100
5.375%, 10/01/45		2,000		2,072
District of Columbia [0.2%]
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB
Callable 10/01/28 @ 100
6.500%, 10/01/44(E)		2,000		2,287
Florida [5.9%]
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.250%, 11/15/44		1,000		1,081
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.000%, 11/15/34		2,500		2,674

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 20

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB
Callable 11/01/19 @ 100
6.750%, 11/01/39	$	960	$	1,012
Capital Trust Agency, Silver Creek Street Project, RB
Callable 05/04/17 @ 100
9.750%, 01/01/35(E) (F) (H)		815		804
Capital Trust Agency, Silver Creek Street Project, RB
Callable 05/04/17 @ 100
5.750%, 01/01/50(F) (H)		945		848
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/44(F) (H)		3,390		2,728
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/49(F) (H)		1,000		799
Florida State, Development Finance, Renaissance Charter School Project, RB
Callable 06/15/25 @ 100
6.125%, 06/15/46(A)		4,930		5,026
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/22 @ 100
6.125%, 06/15/43		1,000		1,045
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.125%, 06/15/44		3,000		3,014
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.000%, 06/15/34		2,110		2,183
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
Callable 06/01/22 @ 103
7.000%, 06/01/35(A)		1,350		1,010
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
Callable 06/01/22 @ 103
7.000%, 06/01/45(A)		3,000		2,243
Florida State, Village Community Development District No. 10, SAB
Callable 05/01/23 @ 100
6.000%, 05/01/44		1,000		1,124
Lakewood Ranch Stewardship District, SAB
Callable 05/01/27 @ 100
5.250%, 05/01/37		1,815		1,816
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB
Callable 09/15/24 @ 100
5.250%, 09/15/44		4,300		4,508
Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB
Callable 09/15/25 @ 100
5.750%, 09/15/35(A)		1,605		1,609
Mid-Bay Bridge Authority, Ser A, RB
Pre-Refunded @ 100
7.250%, 10/01/21(G)		5,200		6,447
Mid-Bay Bridge Authority, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/35		5,000		5,439
Osceola County, Poinciana Parkway Project, Ser A, RB
Callable 10/01/24 @ 100
5.375%, 10/01/47		5,000		5,154
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.500%, 06/01/49		2,000		2,324
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.250%, 06/01/34		500		577
Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB
Pre-Refunded @ 100
6.000%, 08/01/20(G)		3,000		3,450
Village Community Development District No. 12, SAB
Callable 05/01/26 @ 100
3.875%, 05/01/47		9,000		7,783
Total Florida				64,698

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 21

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Georgia [1.8%]
Atlanta, Department of Aviation, Ser A, RB
Callable 01/01/24 @ 100
5.000%, 01/01/31	$	2,500	$	2,857
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB
Callable 09/01/20 @ 100
6.125%, 09/01/40		1,000		1,083
Fayette County, Hospital Authority, Piedmont Healthcare, Project, RB
Callable 07/01/26 @ 100
5.000%, 07/01/46		10,000		11,017
Greene County, Development Authority, GLENN Project, Ser A, RB
Callable 01/01/25 @ 100
7.250%, 01/01/46(A)		3,400		3,367
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
Callable 01/01/24 @ 100
7.250%, 01/01/49		810		877
Total Georgia				19,201
Hawaii [0.2%]
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
Pre-Refunded @ 100
8.750%, 11/15/19(G)		2,255		2,630
Illinois [7.9%]
Bridgeview Village, Cook County, Ser A, GO
Callable 12/01/25 @ 100
5.750%, 12/01/35		2,000		2,026
Bridgeview Village, Ser A, GO
Callable 06/01/24 @ 100
5.500%, 12/01/43		4,880		4,714
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/24 @ 100
5.000%, 01/01/35		3,000		3,311
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/23 @ 100
5.000%, 01/01/35		2,000		2,187
Chicago, Ser A, GO
Callable 01/01/27 @ 100
6.000%, 01/01/38		10,000		10,372
Chicago, Waterworks Revenue, RB
Callable 11/01/26 @ 100
5.000%, 11/01/30		1,000		1,099
Chicago, Waterworks Revenue, Ser A-1, RB
Callable 11/01/26 @ 100
5.000%, 11/01/28		1,000		1,113
Chicago, Waterworks Revenue, Ser A-1, RB
Callable 11/01/26 @ 100
5.000%, 11/01/30		1,025		1,126
Cook County, Ser A, GO
Callable 11/15/26 @ 100
5.000%, 11/15/29		1,770		1,967
Cook County, Ser A, GO
Callable 11/15/26 @ 100
5.000%, 11/15/30		1,000		1,105
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/40		4,000		4,454
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/46		1,825		2,029
Illinois State, Finance Authority, Lutheran Home and Services Project, RB
Callable 05/15/22 @ 100
5.625%, 05/15/42		5,000		5,105
Illinois State, Finance Authority, RB
Callable 09/01/26 @ 100
4.000%, 09/01/41		2,380		2,238
Illinois State, Finance Authority, Roosevelt University Project, RB
Callable 10/01/19 @ 100
6.500%, 04/01/39		3,445		3,644
Illinois State, Finance Authority, Roosevelt University Project, RB
Callable 10/01/19 @ 100
6.250%, 04/01/29		1,000		1,077
Illinois State, Finance Authority, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/40		10,000		11,062

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 22

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Illinois State, Finance Authority, Ser C, RB
Callable 02/15/27 @ 100
5.000%, 02/15/36	$	1,935	$	2,008
Illinois State, Finance Authority, Ser C, RB
Callable 02/15/27 @ 100
3.750%, 02/15/34		3,480		3,028
Illinois State, Finance Authority, Ser C, RB
Callable 02/15/27 @ 100
3.625%, 02/15/32		3,500		3,080
Illinois State, Finance Authority, Ser S, RB
Callable 12/01/25 @ 100
4.125%, 12/01/30		1,505		1,472
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB
Callable 05/04/17 @ 100
5.875%, 02/15/38		6,750		6,753
Illinois State, Housing Development Authority, Ser A, RB
Callable 01/01/26 @ 100
5.450%, 01/01/46(A)		5,000		4,475
Metropolitan Pier & Exposition Authority, Ser A, RB, NATL
4.570%, 12/15/32(B)		5,000		2,449
Southern Illinois University, Ser B, RB
Callable 10/01/22 @ 100
5.000%, 04/01/26		2,105		2,140
Southwestern Illinois, Development Authority, Collinsville Project, RB
Callable 05/04/17 @ 100
5.350%, 03/01/31		75		56
University of Illinois, Ser B, COP
Callable 10/01/26 @ 100
5.000%, 10/01/27		1,500		1,723
Total Illinois				85,813
Indiana [1.3%]
Allen County, Storypoint Fort Wayne Project, RB
Callable 01/15/24 @ 104
6.875%, 01/15/52(A)		1,265		1,309
Carmel City, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.125%, 11/15/47		3,000		3,234
Carmel City, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.000%, 11/15/32		1,650		1,799
Chesterton, Ser A-1, RB
Callable 01/15/24 @ 104
6.375%, 01/15/51(A)		2,100		2,081
Indianapolis, Ritter Affordable Assisted Living Project, RB
Callable 12/01/22 @ 102
6.900%, 12/01/33		4,000		3,828
Terre Haute, Westminster Village Project, RB
Callable 08/01/22 @ 100
6.000%, 08/01/39		2,355		2,230
Total Indiana				14,481
Iowa [0.6%]
Iowa State, Finance Authority, Ser B, RB
Callable 06/01/25 @ 100
5.000%, 06/01/36		2,000		2,016
Iowa State, Tobacco Settlement Authority, Ser C, RB
Callable 05/04/17 @ 100
5.375%, 06/01/38		4,500		4,505
Total Iowa				6,521
Kansas [0.6%]
Arkansas City, Public Building Commission, South Central Regional Medical Center, RB
Callable 09/01/19 @ 100
7.000%, 09/01/29		2,550		2,707
Wichita, Ser II-A, RB
Callable 12/01/26 @ 100
5.375%, 12/01/46		1,500		1,499
Wichita, Ser II-A, RB
Callable 12/01/26 @ 100
5.250%, 12/01/36		500		500
Wyandotte County-Kansas City Unified Government, RB
Callable 09/01/25 @ 100
5.750%, 09/01/32		2,000		1,982
Total Kansas				6,688

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 23

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Kentucky [2.3%]
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	$	3,201
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.375%, 06/01/40		1,000		1,078
Kentucky State, Economic Development Finance Authority, RB
Callable 05/15/26 @ 100
5.000%, 05/15/36		1,250		1,205
Kentucky State, Economic Development Finance Authority, RB
Callable 05/15/26 @ 100
5.000%, 05/15/46		4,500		4,193
Kentucky State, Economic Development Finance Authority, RB
Callable 05/15/26 @ 100
5.000%, 05/15/51		4,000		3,682
Kentucky State, Economic Development Finance Authority, Republic Services Project, Ser 2010A, RB
1.200%, 04/01/31		3,020		3,020
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, Ser A, RB
Callable 07/01/23 @ 100
5.750%, 07/01/49		5,650		6,204
Louisville & Jefferson County, Louisville Gas and Electric Project, RB
1.500%, 10/01/33(C)		3,000		3,002
Total Kentucky				25,585
Louisiana [1.5%]
Juban Crossing Economic Development District, General Infrastructure Project, Ser C, RB
Callable 03/15/25 @ 100
7.000%, 09/15/44(A)		5,665		5,686
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Ser S, RB
Callable 06/01/25 @ 100
5.625%, 06/01/45		2,000		1,891
Louisiana State, Public Facilities Authority, Loyola University Project, RB
Callable 10/01/21 @ 100
5.000%, 10/01/41		5,000		5,220
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
Callable 07/01/23 @ 100
10.500%, 07/01/39(F)		2,000		700
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
7.000%, 07/01/24(A) (F)		2,000		700
Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT
Callable 07/01/24 @ 100
8.375%, 07/01/39(F)		5,000		1,750
Total Louisiana				15,947
Maryland [1.5%]
Baltimore, RB
Callable 06/01/26 @ 100
5.000%, 06/01/36		1,000		991
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
6.100%, 02/15/44		1,425		1,453
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
5.800%, 02/15/34		725		737
Maryland State, Economic Development, RB
Callable 09/01/20 @ 100
5.750%, 09/01/25		3,000		2,981
Prince George’s County, Collington Episcopal Life Care Community, RB
Callable 04/01/27 @ 100
5.250%, 04/01/37		2,000		2,070

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 24

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Prince George’s County, Collington Episcopal Life Care Community, RB
Callable 04/01/27 @ 100
5.250%, 04/01/47	$	2,000	$	2,054
Westminster, Luther Village Millers Grant Project, RB
Callable 07/01/24 @ 100
6.250%, 07/01/44		3,780		3,956
Westminster, Luther Village Millers Grant Project, RB
Callable 07/01/24 @ 100
6.125%, 07/01/39		750		784
Westminster, Luther Village Millers Grant Project, RB
Callable 07/01/24 @ 100
6.000%, 07/01/34		1,205		1,264
Total Maryland				16,290
Massachusetts [0.8%]
Massachusetts State, Development Finance Agency, Ser A, RB
Callable 10/01/26 @ 100
5.000%, 10/01/36		2,305		2,485
Massachusetts State, Development Finance Agency, Ser A, RB
Callable 10/01/26 @ 100
4.000%, 10/01/46		6,120		5,805
Total Massachusetts				8,290
Michigan [1.9%]
Calhoun County, Hospital Finance Authority, RB
Callable 02/15/27 @ 100
5.000%, 02/15/47		3,000		3,065
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB
Callable 12/01/20 @ 100
6.500%, 12/01/40		3,745		3,782
Michigan State, Finance Authority, RB
Callable 02/01/20 @ 101
5.750%, 02/01/33		4,000		4,061
Michigan State, Finance Authority, RB
Callable 11/15/25 @ 100
5.250%, 11/15/35		2,340		2,428
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
Callable 05/04/17 @ 100
5.875%, 12/01/30		2,000		2,000
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB
Callable 06/01/17 @ 100
5.125%, 06/01/22		2,885		2,855
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
Callable 06/01/18 @ 100
6.875%, 06/01/42		2,000		2,016
Total Michigan				20,207
Minnesota [0.5%]
Anoka, RB
Callable 11/01/24 @ 103
4.750%, 11/01/35		4,000		3,980
Dakota County, Community Development Agency, RB
Callable 08/01/22 @ 100
5.000%, 08/01/51(A)		1,250		1,246
Total Minnesota				5,226
Missouri [3.2%]
Blue Springs, Improvement Adams Farm Project, Ser A, SPL Tax
Callable 06/01/24 @ 100
5.250%, 06/01/39		3,400		3,400
Hanley, Eager Road Transportation Development District, Ser A, SAB
Callable 03/01/21 @ 100
4.000%, 03/01/42		1,000		920
Hanley, Eager Road Transportation Development District, Ser A, SAB
Callable 03/01/21 @ 100
3.625%, 03/01/33		500		460
Hanley, Eager Road Transportation Development District, Ser A, SAB
Callable 03/01/21 @ 100
3.000%, 03/01/26		500		471

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 25

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Kansas City, Industrial Development Authority, Ser A, RB
Callable 04/01/26 @ 100
5.000%, 04/01/36(A)	$	1,000	$	927
Kansas City, Industrial Development Authority, Ser A, RB
Callable 04/01/26 @ 100
5.000%, 04/01/46(A)		1,150		1,010
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Pre-Refunded @ 100
8.250%, 05/15/20(G)		3,000		3,625
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/27 @ 100
5.250%, 05/15/37		1,000		1,033
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/27 @ 100
5.250%, 05/15/42		1,000		1,029
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/27 @ 100
5.250%, 05/15/50		3,000		3,080
Lees Summit, Industrial Development Authority, Ser A, RB
Callable 08/15/24 @ 102
5.000%, 08/15/51		5,000		4,887
Poplar Bluff, Ser A, SPL Tax
Callable 11/01/23 @ 100
5.125%, 11/01/35(A)		5,000		4,811
St. Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
Callable 05/04/17 @ 100
7.000%, 08/15/32		1,000		1,000
St. Louis County, Industrial Development Authority, RB
Callable 09/01/24 @ 100
5.250%, 09/01/45(A)		3,000		2,916
St. Louis County, Industrial Development Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(A)		2,000		1,962
St. Louis County, Industrial Development Authority, RB
Callable 11/15/25 @ 100
5.000%, 11/15/41		1,250		1,212
St. Louis County, Industrial Development Authority, RB
Callable 11/15/25 @ 100
5.000%, 11/15/46		1,500		1,440
St. Louis County, Industrial Development Authority, RB
Callable 11/15/25 @ 100
4.000%, 11/15/36		1,250		1,092
Total Missouri				35,275
Nebraska [0.6%]
Central Plains Energy, Project No. 3, RB
Callable 09/01/22 @ 100
5.250%, 09/01/37		1,000		1,081
Central Plains Energy, Project No. 3, RB
Callable 09/01/22 @ 100
5.000%, 09/01/42		5,500		5,798
Total Nebraska				6,879
Nevada [0.8%]
Clark County, Department of Aviation, Sub-Ser A-2, RB
Callable 07/01/24 @ 100
5.000%, 07/01/35		3,000		3,340
Las Vegas, RB
Callable 06/15/21 @ 100
4.375%, 06/15/35(A)		3,500		3,151
Las Vegas, Special Improvement District No. 812, SAB
Callable 12/01/25 @ 100
5.000%, 12/01/35		1,000		947
Nevada State, Department of Business & Industry, Ser A, RB
Callable 12/15/25 @ 100
5.000%, 12/15/35(A)		1,595		1,621
Total Nevada				9,059

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 26

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
New Jersey [1.4%]
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
Callable 08/20/22 @ 101
5.250%, 09/15/29	$	2,850	$	3,100
South Jersey Port, Ser S, RB
Callable 01/01/26 @ 100
5.000%, 01/01/39		750		732
Tobacco Settlement Financing, Ser 1A, RB
Callable 06/01/17 @ 100
5.000%, 06/01/41		12,000		11,655
Total New Jersey				15,487
New Mexico [0.3%]
New Mexico State, Hospital Equipment Loan Council, RB
Callable 07/01/22 @ 100
5.500%, 07/01/42		3,110		3,304
New York [6.3%]
Brooklyn Arena Local Development, Ser A, RB
Callable 01/15/27 @ 100
5.000%, 07/15/30		1,500		1,692
Brooklyn Arena Local Development, Ser A, RB
Callable 01/15/27 @ 100
5.000%, 07/15/42		5,000		5,439
JPMorgan Chase, Tender Option Bond Trust Receipts, Ser 2016-XM0195, RB
Callable 01/15/26 @ 100
9.170%, 07/15/45(C) (D)		3,335		3,550
Metropolitan Transportation Authority, Ser A-1, RB
Callable 05/15/25 @ 100
5.000%, 11/15/45		5,000		5,548
Nassau County, Industrial Development Agency, Ser A, RB
Callable 01/01/25 @ 101
6.700%, 01/01/49		4,789		4,733
Nassau County, Industrial Development Agency, Ser C, RB
Callable 01/01/18 @ 100
2.000%, 01/01/49		1,728		294
Nassau County, Tobacco Settlement, RB
Callable 05/04/17 @ 100
5.125%, 06/01/46		10,120		9,887
New York State, Liberty Development, RB
Callable 11/15/24 @ 100
5.375%, 11/15/40(A)		2,500		2,710
New York State, Liberty Development, RB
5.250%, 10/01/35		3,000		3,605
New York State, Liberty Development, RB
Callable 11/15/24 @ 100
5.000%, 11/15/44(A)		10,000		10,470
New York State, Transportation Development, RB, AMT
Callable 08/01/21 @ 100
5.000%, 08/01/26		5,500		5,773
New York State, Transportation Development, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/41		5,000		5,315
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/34		1,000		1,128
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/40		1,000		1,121
Westchester, Tobacco Asset Securitization, Sub-Ser C, RB
Callable 06/01/27 @ 100
5.125%, 06/01/51		7,000		7,002
Total New York				68,267
North Carolina [0.2%]
North Carolina State, Department of Transportation, I-77 Hot Lanes Project, RB, AMT
Callable 06/30/25 @ 100
5.000%, 12/31/37		1,405		1,504
North Carolina State, Medical Care Commission, United Church Homes and Services, RB
Callable 09/01/24 @ 100
5.000%, 09/01/37		1,155		1,184
Total North Carolina				2,688

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 27

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
North Dakota [0.4%]
Burleigh County, Education Facilities, University of Mary Project, RB
Callable 04/15/26 @ 100
5.200%, 04/15/46	$	3,000	$	2,764
Mandan, Park Facilities, Ser A, RB
Callable 09/01/24 @ 100
3.250%, 09/01/41		2,450		2,106
Total North Dakota				4,870
Ohio [4.8%]
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
Callable 06/01/17 @ 100
5.875%, 06/01/30		13,000		12,487
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
Callable 06/01/17 @ 100
5.875%, 06/01/47		7,000		6,681
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
Callable 06/01/17 @ 100
5.750%, 06/01/34		3,090		2,919
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
Callable 06/01/17 @ 100
5.125%, 06/01/24		8,000		7,557
Buckeye, Tobacco Settlement Financing Authority, Sub-Ser B, RB
Callable 06/01/17 @ 11.81
13.687%, 06/01/47(B)		15,000		993
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/33		1,000		1,034
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/44		1,000		1,022
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/48		3,000		3,059
Ohio State, Air Quality Development Authority, Ohio Valley Electric Project, Ser E, RB
5.625%, 10/01/19		3,350		3,485
Ohio State, Water Development Authority, FirstEnergy Nuclear Generation Project, Ser B, RB
4.375%, 06/01/33(C)		3,500		3,210
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
Callable 12/01/22 @ 100
6.000%, 12/01/42		7,000		7,660
Toledo-Lucas County, Port Authority, Storypoint Waterville Project, RB
Callable 01/15/24 @ 104
6.375%, 01/15/51(A)		2,500		2,477
Total Ohio				52,584
Oklahoma [1.8%]
Oklahoma County, Finance Authority, Ser A, RB
Callable 04/01/22 @ 100
5.125%, 04/01/42		4,000		3,936
Oklahoma State, Development Finance Authority, RB
Callable 01/01/22 @ 100
6.000%, 01/01/32		3,030		3,148
Payne County, Economic Development Authority, RB
Callable 11/01/26 @ 100
7.000%, 11/01/51		3,250		3,268
Payne County, Economic Development Authority, RB
Callable 11/01/26 @ 100
6.875%, 11/01/46		7,250		7,252
Payne County, Economic Development Authority, RB
Callable 11/01/26 @ 100
6.625%, 11/01/36		2,500		2,501
Total Oklahoma				20,105

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 28

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Pennsylvania [3.1%]
Beaver County, Industrial Development Authority, Ser B, RB
4.250%, 10/01/47(C)	$	1,320	$	1,211
Delaware County, Industrial Development Authority, Chester Community Charter School Project, Ser A, RB
Callable 08/15/20 @ 100
6.125%, 08/15/40		4,730		4,338
Delaware County, Industrial Development Authority, Covanta Project, Ser A, RB
Callable 07/01/20 @ 100
5.000%, 07/01/43		2,500		2,504
Pennsylvania State, Economic Development Financing Authority, Ser A-RE, RB
Callable 09/01/25 @ 100
6.400%, 12/01/38		3,000		3,019
Pennsylvania State, Turnpike Commission, Ser A, RB
Callable 12/01/24 @ 100
5.000%, 12/01/33		1,500		1,670
Pennsylvania State, Turnpike Commission, Sub-Ser A, RB
Callable 12/01/26 @ 100
5.500%, 12/01/42		5,000		5,673
Pennsylvania State, Turnpike Commission, Sub-Ser E, RB
Callable 12/01/27 @ 100
6.375%, 12/01/17(E)		2,000		2,378
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB
Callable 12/15/21 @ 100
7.150%, 12/15/36		2,280		2,477
Philadelphia, Authority for Industrial Development, RB
Callable 12/15/21 @ 100
7.625%, 12/15/41		1,000		1,106
Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health Systems Project, Ser A, RB
Callable 07/01/22 @ 100
5.625%, 07/01/42		3,000		3,130
Pottsville, Hospital Authority, RB
Pre-Refunded @ 100
5.250%, 07/01/18(A) (G)		2,020		2,184
Pottsville, Hospital Authority, Schuykill Health System Project, RB
Pre-Refunded @ 100
6.500%, 07/01/24(G)		3,000		3,917
Total Pennsylvania				33,607
Tennessee [0.8%]
Chattanooga, Health Educational & Housing Facility Board, RB
Callable 10/01/25 @ 100
5.000%, 10/01/35		1,000		1,077
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
Callable 07/01/20 @ 100
6.000%, 07/01/38		2,000		2,164
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
Callable 09/01/23 @ 100
5.500%, 09/01/47		1,000		1,022
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
Callable 09/01/26 @ 100
5.000%, 09/01/31		2,750		2,924
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB
Callable 09/01/26 @ 100
5.000%, 09/01/37		1,145		1,145
Total Tennessee				8,332
Texas [10.3%]
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.125%, 03/01/44		2,300		2,362
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.000%, 03/01/34		400		413

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 29

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Bexar County, Health Facilities Development, Army Retirement Residence Project, RB
Pre-Refunded @ 100
6.200%, 07/01/20(G)	$	3,250	$	3,748
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.875%, 09/01/40		600		562
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.500%, 09/01/32		250		238
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.375%, 09/01/28		400		384
Celina, SAB
Callable 03/01/23 @ 103
7.250%, 09/01/45		500		484
Central Texas, Regional Mobility Authority, Sub-Ser, RB
5.000%, 01/01/26		1,000		1,149
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/26 @ 100
5.000%, 01/01/27		1,000		1,142
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/33		1,000		1,070
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/42		1,000		1,068
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/26 @ 100
4.000%, 01/01/41		1,500		1,359
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
Callable 10/01/23 @ 100
5.000%, 04/01/53		2,000		2,209
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
7.000%, 09/01/33		475		498
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/28		500		512
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/44		525		536
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.625%, 09/01/37		450		460
Houston, Airport System Revenue, United Airlines Project, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/29		3,000		3,199
Houston, Higher Education Finance, Ser A, RB
Pre-Refunded @ 100
6.875%, 05/15/21(G)		5,300		6,432
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.875%, 09/01/44		500		479
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.750%, 09/01/38		500		480
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.500%, 09/15/40		375		356
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.125%, 09/15/28		500		493
McLendon-Chishom, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.375%, 09/15/35		400		387

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 30

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Mission, Economic Development, RB, AMT
Callable 10/01/18 @ 103
5.750%, 10/01/31(A)	$	2,000	$	2,099
New Hope, Cultural Education Facilities Finance, RB
Callable 08/15/21 @ 100
5.500%, 08/15/46		1,000		1,003
New Hope, Cultural Education Facilities Finance, RB
Callable 11/15/26 @ 100
5.500%, 11/15/46		1,000		919
New Hope, Cultural Education Facilities Finance, RB
Callable 08/15/21 @ 100
5.500%, 08/15/51		2,500		2,504
New Hope, Cultural Education Facilities Finance, RB
Callable 11/15/26 @ 100
5.500%, 11/15/52		1,150		1,042
New Hope, Cultural Education Facilities Finance, RB
Callable 11/15/26 @ 100
5.375%, 11/15/36		500		466
New Hope, Cultural Education Facilities Finance, RB
5.000%, 11/15/26		400		394
New Hope, Cultural Education Facilities Finance, RB
Callable 07/01/24 @ 102
5.000%, 07/01/36		1,250		1,226
New Hope, Cultural Education Facilities Finance, RB
Callable 07/01/24 @ 102
5.000%, 07/01/46		5,150		4,936
New Hope, Cultural Education Facilities Finance, RB
5.000%, 08/15/46		3,000		2,866
New Hope, Cultural Education Facilities Finance, Ser A, RB
Callable 08/15/21 @ 100
5.000%, 08/15/36(A)		4,000		4,040
Newark, Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.750%, 08/15/45(A)		1,700		1,670
Newark, Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.500%, 08/15/35(A)		900		903
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB
Callable 09/01/31 @ 100
7.000%, 09/01/23(E)		5,000		5,025
North Texas, Tollway Authority, Ser A, RB
Callable 01/01/26 @ 100
5.000%, 01/01/39		1,500		1,674
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
8.000%, 07/01/38		4,950		2,228
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
Callable 11/15/25 @ 100
5.500%, 11/15/45		4,100		4,222
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
Callable 05/15/17 @ 100
4.500%, 11/15/21		5,000		5,007
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
Callable 11/15/17 @ 100
5.750%, 11/15/37		6,000		6,056
Tarrant County, Cultural Education Facilities Finance, C.C. Young Memorial Home Project, RB
Callable 02/15/27 @ 100
6.375%, 02/15/48		10,000		10,223
Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB
Callable 05/15/27 @ 100
5.250%, 11/15/47		8,500		8,461
Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB
Pre-Refunded @ 100
7.300%, 06/01/19(G)		595		661

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 31

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Texas State, Private Activity Bond Surface Transportation, LBJ Infrastructure Project, RB
Callable 06/30/20 @ 100
7.000%, 06/30/40	$	5,165	$	5,849
Texas State, Private Activity Bond Surface Transportation, NTE Mobility Project, RB
Callable 12/31/19 @ 100
6.875%, 12/31/39		5,350		5,961
Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT
Callable 12/31/25 @ 100
5.000%, 12/31/40		1,745		1,863
Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT
Callable 12/31/25 @ 100
5.000%, 12/31/45		1,000		1,064
Total Texas				112,382
Virgin Islands [0.2%]
Virgin Islands, Public Finance Authority, Sub-Ser, RB
Callable 10/01/19 @ 100
5.000%, 10/01/22		2,000		1,620
Virginia [1.3%]
Cherry Hill, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.400%, 03/01/45(A)		2,000		2,052
Cherry Hill, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.150%, 03/01/35(A)		1,000		1,020
James City County, Economic Development Authority, United Methodist Home Project, Ser A, RB
Callable 06/01/23 @ 100
6.000%, 06/01/43		4,690		4,459
Lower Magnolia Green, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.000%, 03/01/45(A)		4,060		4,060
Tobacco Settlement Financing, Ser B1, RB
Callable 06/01/17 @ 100
5.000%, 06/01/47		1,560		1,463
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
Callable 07/01/22 @ 100
6.000%, 01/01/37		820		904
Total Virginia				13,958
Washington [1.3%]
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, RB
Callable 01/01/25 @ 102
5.000%, 01/01/36(A)		2,125		2,149
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, RB
Callable 01/01/25 @ 102
5.000%, 01/01/46(A)		9,965		9,964
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/24 @ 100
7.500%, 01/01/49(A)		2,000		2,236
Total Washington				14,349
West Virginia [0.2%]
West Virginia State, Economic Development Authority, RB, AMT
2.875%, 12/15/26		1,915		1,822
Wisconsin [5.7%]
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/42		1,000		1,024
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.625%, 07/01/44		3,500		3,612

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 32

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/34	$	2,000	$	2,053
Public Finance Authority, Las Ventanas Retirement Community Project, RB
Callable 10/01/20 @ 102
7.000%, 10/01/42		5,400		5,256
Public Finance Authority, RB
Callable 04/01/25 @ 100
5.875%, 04/01/45		6,000		6,167
Public Finance Authority, RB
Callable 03/01/25 @ 100
5.500%, 03/01/45(A)		3,460		3,542
Public Finance Authority, RB
Callable 03/01/25 @ 100
5.250%, 03/01/35(A)		1,250		1,282
Public Finance Authority, RB
Callable 06/01/26 @ 100
5.125%, 06/01/48(A)		3,000		2,867
Public Finance Authority, RB
Callable 02/01/26 @ 100
5.000%, 02/01/36(A)		3,000		2,785
Public Finance Authority, RB
Callable 06/01/26 @ 100
5.000%, 06/01/36(A)		1,500		1,444
Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(A)		1,580		1,585
Public Finance Authority, RB
Callable 06/01/26 @ 100
4.625%, 06/01/36(A)		4,100		3,750
Public Finance Authority, RB, AMT
Callable 08/01/26 @ 100
4.000%, 08/01/35		3,000		2,828
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/35(A)		3,000		2,966
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/45(A)		4,280		4,131
Public Finance Authority, Ser C, RB, AMT
5.000%, 07/01/22		1,500		1,602
Public Finance Authority, Ser E, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/23		4,655		5,021
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 10/01/22 @ 102
5.500%, 10/01/49		2,500		2,535
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 12/01/22 @ 102
5.250%, 12/01/49		6,000		6,052
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
Callable 09/15/22 @ 100
5.000%, 09/15/37		650		675
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
Callable 09/15/22 @ 100
5.000%, 09/15/45		1,000		1,033
Total Wisconsin				62,210
American Samoa [0.4%]
American Samoa Economic Development Authority, Ser A, RB
Callable 09/01/25 @ 100
6.625%, 09/01/35		5,000		4,655
Guam [1.1%]
Territory of Guam, Government Waterworks Authority, RB
Callable 07/01/20 @ 100
5.625%, 07/01/40		2,000		2,126
Territory of Guam, Ser A, GO
Pre-Refunded @ 100
7.000%, 11/15/19(G)		6,000		6,882
Territory of Guam, Ser A, RB
Callable 12/01/26 @ 100
5.000%, 12/01/34		2,500		2,701
Total Guam				11,709
Puerto Rico [1.0%]
Children’s Trust Fund, RB
Callable 05/04/17 @ 100
5.375%, 05/15/33		2,350		2,357
Children’s Trust Fund, Ser A, RB
Callable 05/04/17 @ 12.57
6.987%, 05/15/50(B)		50,000		5,140

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 33

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Municipal High Income Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB
Callable 07/01/18 @ 100
6.000%, 07/01/38	$	3,775	$	2,982
Total Puerto Rico				10,479
Total Municipal Bonds
(Cost $995,581)				997,218
Short-Term Investments [8.3%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.050%** ‡		48,148,155		48,148
SEI Daily Income Trust Government Fund, Cl F, 0.530%**		42,310,356		42,311
Total Short-Term Investments
(Cost $90,459)				90,459
Total Investments [99.8%]
(Cost $1,086,040)			$	1,087,677

Percentages are based on net assets of $1,089,704 (000).

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ 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, 2017, the value of these securities amounted to $145,675 (000), representing 13.4% of the net assets of the Fund.

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

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

(D) Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2017.

(E) Step Bond — The rate reported is the rate in effect on March 31, 2017. The coupon on a step bond changes on a specific date.

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

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

(H) Security is considered illiquid. The total market value of the securities as of March 31, 2017, was $7,726 (000) and represented 0.7% of net assets of the Fund.

AMT — Alternative Minimum Tax (subject to)

Cl — Class

COP — Certificate of Participation

GO — General Obligation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2017, is valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	997,218	$	—	$	997,218
Short-Term Investments		90,459		—		—		90,459
Total Investments in Securities	$	90,459	$	997,218	$	—	$	1,087,677

For the period ended March 31, 2017, 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 34

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [89.0%]
Advertising Agencies [1.2%]
MDC Partners
6.500%, 05/01/24(A)		$	975	$	930
Aerospace & Defense [1.4%]
LMI Aerospace
7.375%, 07/15/19			250		260
StandardAero Aviation Holdings
10.000%, 07/15/23(A)			775		831
Total Aerospace & Defense					1,091
Airlines [0.1%]
Continental Airlines, Ser 2009-2, Cl B
9.250%, 05/10/17			51		52
Auto/Trk Prts and Equip-Repl [0.2%]
Allison Transmission
5.000%, 10/01/24(A)			150		151
Automotive [0.9%]
Midas Intermediate Holdco II
7.875%, 10/01/22(A)			700		723
Banks [1.2%]
Capital One Financial
3.750%, 07/28/26			250		242
Compass Bank
3.875%, 04/10/25			300		295
M&T Bank
5.125%, 12/29/49(B)			150		149
PNC Financial Services Group
5.000%, 12/29/49(B)			200		199
Total Banks					885
Broadcasting & Cable [7.9%]
Anixter
5.500%, 03/01/23			450		467
CCO Holdings
5.875%, 04/01/24(A)			400		422
5.125%, 05/01/27(A)			1,050		1,055
Comcast
3.200%, 07/15/36			250		222
CSC Holdings
6.750%, 11/15/21			550		596
5.500%, 04/15/27(A)			175		178
5.250%, 06/01/24			150		150
DISH DBS
7.750%, 07/01/26			450		523
5.875%, 07/15/22			450		473
5.875%, 11/15/24			300		315
Midcontinent Communications
6.875%, 08/15/23(A)			300		319
SFR Group
7.375%, 05/01/26(A)			475		489
6.250%, 05/15/24(A)			500		503
Videotron
5.125%, 04/15/27(A)			150		150
Ziggo Secured Finance BV
5.500%, 01/15/27(A)			150		150
Total Broadcasting & Cable					6,012
Building & Construction [3.1%]
Grinding Media
7.375%, 12/15/23(A)			650		683
Novelis
6.250%, 08/15/24(A)			175		182
5.875%, 09/30/26(A)			450		460
Reliance Intermediate Holdings
6.500%, 04/01/23(A)			400		426
Standard Industries
5.500%, 02/15/23(A)			150		153
5.000%, 02/15/27(A)			100		98
Summit Materials
8.500%, 04/15/22			350		385
Total Building & Construction					2,387

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 35

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Chemicals [0.9%]
GCP Applied Technologies
9.500%, 02/01/23(A)	$	400	$	454
PQ
6.750%, 11/15/22(A)		200		213
Total Chemicals				667
Coal Mining [1.1%]
CONSOL Energy
8.000%, 04/01/23		400		420
5.875%, 04/15/22		450		445
Total Coal Mining				865
Commercial Serv-Finance [0.8%]
WEX
4.750%, 02/01/23(A)		600		590
Commercial Services [0.7%]
Nielsen Luxembourg SARL
5.000%, 02/01/25(A)		225		224
ServiceMaster
5.125%, 11/15/24(A)		325		333
Total Commercial Services				557
Computer Graphics [2.1%]
Epicor Software
9.250%, 05/21/23		1,600		1,563
Computer System Design & Services [0.6%]
NCR
6.375%, 12/15/23		400		421
Consumer Products & Services [1.7%]
Central Garden & Pet
6.125%, 11/15/23		500		528
WMG Acquisition
6.750%, 04/15/22(A)		500		525
5.000%, 08/01/23(A)		200		202
Total Consumer Products & Services				1,255
Containers & Packaging [1.0%]
Ardagh Packaging Finance
4.250%, 09/15/22(A)		200		202
BWAY Holding
5.500%, 04/15/24(A)		450		454
Reynolds Group Issuer
6.875%, 02/15/21		130		133
Total Containers & Packaging				789
Data Processing/Mgmt [0.7%]
First Data
7.000%, 12/01/23(A)		200		215
5.750%, 01/15/24(A)		300		309
Total Data Processing/Mgmt				524
Diversified Operations [0.6%]
Amsted Industries
5.375%, 09/15/24(A)		450		451
Drugs [1.0%]
Valeant Pharmaceuticals International
7.000%, 03/15/24(A)		525		539
6.500%, 03/15/22(A)		200		206
Total Drugs				745
Educational Software [1.0%]
Cengage Learning
9.500%, 06/15/24(A)		875		783
Electric Utilities [2.3%]
AES
6.000%, 05/15/26		650		673
4.055%, 06/01/19(B)		114		114
Terraform Global Operating
9.750%, 08/15/22(A)		850		953
Total Electric Utilities				1,740
Energy & Power [1.2%]
Pattern Energy Group
5.875%, 02/01/24(A)		300		304
TerraForm Power Operating
6.375%, 02/01/23(A) (C)		450		468
6.625%, 06/15/25(A) (C)		125		133
Total Energy & Power				905
Enterprise Software/Serv [1.6%]
Infor US
6.500%, 05/15/22		650		668
Open Text
5.875%, 06/01/26(A)		350		367

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 36

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Oracle
3.850%, 07/15/36	$	200	$	195
Total Enterprise Software/Serv				1,230
Entertainment & Gaming [1.6%]
AMC Entertainment Holdings
6.125%, 05/15/27(A)		325		328
Buffalo Thunder Development Authority
11.000%, 12/09/22(A)		35		14
9.375%, 11/15/29(A) (D)		16		—
Mashantucket Western Pequot Tribe
6.500%, 07/01/36		90		1
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		300		305
Wynn Las Vegas
5.500%, 03/01/25(A)		575		584
Total Entertainment & Gaming				1,232
Entertainment Software [0.1%]
AMC Entertainment Holdings
5.875%, 11/15/26(A)		75		76
Financial Services [4.8%]
Cabot Financial Luxembourg
7.500%, 10/01/23(A)		150		196
FBM Finance
8.250%, 08/15/21(A)		800		848
Icahn Enterprises
5.875%, 02/01/22		450		457
Jefferies Finance
7.500%, 04/15/21(A)		450		454
7.375%, 04/01/20(A)		745		752
Jefferies LoanCore
6.875%, 06/01/20(A)		450		456
NewStar Financial
7.250%, 05/01/20		450		458
Total Financial Services				3,621
Food, Beverage & Tobacco [3.5%]
Bumble Bee Holdco SCA
9.625%, 03/15/18(A) (E)		425		412
Bumble Bee Holdings
9.000%, 12/15/17(A)		923		900
Vector Group
6.125%, 02/01/25(A)		1,350		1,379
Total Food, Beverage & Tobacco				2,691
Food-Flour and Grain [0.7%]
Post Holdings
5.500%, 03/01/25(A)		550		553
Food-Wholesale/Distrib [0.9%]
KeHE Distributors
7.625%, 08/15/21(A)		450		453
US Foods
5.875%, 06/15/24(A)		200		208
Total Food-Wholesale/Distrib				661
Gas-Distribution [1.8%]
AmeriGas Partners
5.750%, 05/20/27		275		271
5.500%, 05/20/25		100		99
LBC Tank Terminals Holding Netherlands
6.875%, 05/15/23(A)		950		986
Total Gas-Distribution				1,356
Gold Mining [1.6%]
Eldorado
6.125%, 12/15/20(A)		900		922
Yamana
4.950%, 07/15/24		300		302
Total Gold Mining				1,224
Hospital Beds/Equipment [0.3%]
Kinetic Concepts
7.875%, 02/15/21(A)		195		206
Hotels and Motels [0.4%]
TVL Finance
8.500%, 05/15/23(A)		200		274
Human Resources [0.3%]
AMN Healthcare
5.125%, 10/01/24(A)		200		202
Insurance [2.7%]
American Equity Investment Life Holding
6.625%, 07/15/21		850		882

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 37

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Fidelity & Guaranty Life Holdings
6.375%, 04/01/21(A)	$	100	$	100
Ironshore Holdings US
8.500%, 05/15/20(A)		950		1,084
Total Insurance				2,066
Internet Connectiv Svcs [0.6%]
Zayo Group
6.375%, 05/15/25		300		324
5.750%, 01/15/27(A)		150		158
Total Internet Connectiv Svcs				482
Investment Bank/Broker Dealer [1.2%]
NFP
9.000%, 07/15/21(A)		850		898
Medical Information Sys [0.3%]
Quintiles IMS
3.250%, 03/15/25(A)		250		265
Medical Products & Services [3.0%]
Acadia Healthcare
6.500%, 03/01/24		200		210
5.625%, 02/15/23		250		259
Halyard Health
6.250%, 10/15/22		350		361
HCA
4.500%, 02/15/27		200		200
Hill-Rom Holdings
5.000%, 02/15/25(A)		160		160
Tenet Healthcare
7.500%, 01/01/22(A)		425		459
4.631%, 06/15/20(B)		600		603
Total Medical Products & Services				2,252
Metals & Mining [2.1%]
Alcoa Nederland Holding BV
7.000%, 09/30/26(A)		200		218
6.750%, 09/30/24(A)		800		858
Constellium
7.875%, 04/01/21(A)		350		374
Kaiser Aluminum
5.875%, 05/15/24		100		104
New Day Aluminum
10.000%, 10/25/20		5		5
Total Metals & Mining				1,559
Oil-Field Services [1.3%]
Exterran Energy Solutions
8.125%, 05/01/25(A)		425		433
FTS International
8.463%, 06/15/20(A) (B)		400		406
Trinidad Drilling
6.625%, 02/15/25(A)		125		125
Total Oil-Field Services				964
Paper & Related Products [0.2%]
Cascades
5.750%, 07/15/23(A)		150		150
Petroleum & Fuel Products [9.3%]
Alta Mesa Holdings
7.875%, 12/15/24(A)		350		365
American Midstream Partners
8.500%, 12/15/21(A)		775		790
Antero Resources
5.625%, 06/01/23		350		358
5.125%, 12/01/22		350		355
Callon Petroleum
6.125%, 10/01/24(A)		50		52
Cheniere Corpus Christi Holdings
5.875%, 03/31/25(A)		350		365
Comstock Resources
10.000%, 03/15/20(E)		875		875
Crestwood Midstream Partners
5.750%, 04/01/25(A)		150		153
EP Energy
9.375%, 05/01/20		200		188
8.000%, 02/15/25(A)		250		232
6.375%, 06/15/23		400		307
Gibson Energy
5.250%, 07/15/24(A)		450		338
Legacy Reserves
8.000%, 12/01/20		760		578
6.625%, 12/01/21		600		450
QEP Resources
6.875%, 03/01/21		50		53
5.250%, 05/01/23		300		294
Sabine Pass Liquefaction
5.000%, 03/15/27(A)		150		157
Summit Midstream Holdings
5.750%, 04/15/25		300		299
Unit
6.625%, 05/15/21		850		837
Total Petroleum & Fuel Products				7,046

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 38

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Publishing-Books [0.4%]
McGraw-Hill Global Education Holdings
7.875%, 05/15/24(A)	$	350	$	339
Radio [0.5%]
Sirius XM Radio
5.375%, 07/15/26(A)		400		409
Real Estate [1.6%]
Kennedy-Wilson
5.875%, 04/01/24		1,200		1,230
Real Estate Investment Trusts [1.9%]
CyrusOne
5.000%, 03/15/24(A)		200		205
GEO Group
6.000%, 04/15/26		400		405
5.875%, 01/15/22		50		52
5.875%, 10/15/24		200		205
Hospitality Properties Trust
4.500%, 03/15/25		550		552
Total Real Estate Investment Trusts				1,419
Real Estate Oper/Develop [0.6%]
Greystar Real Estate Partners
8.250%, 12/01/22(A)		400		432
Retail [4.0%]
Albertsons
5.750%, 03/15/25(A)		150		145
Carrols Restaurant
8.000%, 05/01/22		200		213
Ferrellgas
6.750%, 01/15/22		475		449
6.750%, 06/15/23		750		705
6.500%, 05/01/21		100		95
Group 1 Automotive
5.250%, 12/15/23(A)		250		253
L Brands
6.875%, 11/01/35		75		72
6.750%, 07/01/36		300		286
Nathan’s Famous
10.000%, 03/15/20(A)		425		457
NPC International
10.500%, 01/15/20		325		335
Total Retail				3,010
Security Brokers & Dealers [0.5%]
Citigroup
6.300%, 12/29/49(B)		400		417
Semi-Conductors [1.3%]
Micron Technology
7.500%, 09/15/23(A)		385		430
5.250%, 08/01/23(A)		550		563
Total Semi-Conductors				993
Telephones & Telecommunications [4.8%]
Altice US Finance I
5.375%, 07/15/23(A)		350		361
Inmarsat Finance
4.875%, 05/15/22(A)		550		545
Sirius XM Canada Holdings
5.625%, 04/23/21(A)		600		452
Sprint Communications
9.000%, 11/15/18(A)		700		762
Sprint Spectrum
3.360%, 09/20/21(A)		475		474
T-Mobile USA
5.125%, 04/15/25		200		207
Virgin Media
5.000%, 04/15/27		350		443
Virgin Media Finance
6.375%, 04/15/23(A)		350		365
Total Telephones & Telecommunications				3,609
Transportation Services [1.7%]
HRG Group
7.875%, 07/15/19		954		987
Sabre GLBL
5.250%, 11/15/23(A)		300		307
Total Transportation Services				1,294
Utility [1.1%]
Suburban Propane Partners
5.875%, 03/01/27		250		246
5.750%, 03/01/25		250		246
5.500%, 06/01/24		350		345
Total Utility				837

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 39

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Web Hosting/Design [0.6%]
EIG Investors
10.875%, 02/01/24	$	400	$	425
Total Corporate Bonds
(Cost $66,694)				67,508
Loan Participations [7.7%]
Automotive [0.7%]
Mavis Tire Supply, Term Loan
6.250%, 11/02/20(I)		540		535
Communications [0.7%]
TIBCO Software, Term B Loan, 1st Lien
5.500%, 12/04/20(I)		539		544
Computers & Electronics [0.5%]
Advanced Computer, Second Lien Term Loan
10.556%, 01/31/23		400		364
Diversified Media [0.0%]
AMC Entertainment, Bridge Loan
0.000%, 04/30/17(H)		550		—
Energy [0.5%]
Invenergy Thermal, First Lien Term Loan
6.500%, 10/19/22		434		416
Financial [0.3%]
Acrisure, First Lien Term Loan
5.750%, 11/22/23		250		254
Information Technology [0.5%]
CCC Information, First Lien Term Loan
0.000%, 03/31/24(H)		350		349
Solera, Term Loan B
4.250%, 03/03/23		1		1
Total Information Technology				350
Manufacturing [0.3%]
Pelican Products, Term Loan
9.250%, 04/09/21		250		248
Oil & Gas [0.9%]
Cactus Wellhead, First Lien Term Loan
7.000%, 07/31/20		341		324
Moss Creek, First Lien Term Loan
0.000%, 03/29/22(H)		350		342
Total Oil & Gas				666
Restaurants [0.9%]
Jack’s Family Restaurants, Cov-Lite Term Loan
5.750%, 06/24/22(I)		466		467
Jack’s Family Restaurants, First Lien Term Loan
0.000%, 03/20/24(H)		190		191
Total Restaurants				658
Retail [1.3%]
Belk, First Lien Term Loan
5.760%, 12/12/22(F)		281		236
Blue Nile, First Lien Term Loan
0.000%, 01/20/23(H)		175		172
Hardware Holdings, Term Loan B
6.750%, 03/30/20(I)		345		338
Sears Roebuck Acceptance, Term Loan B
5.500%, 06/30/18		226		223
Total Retail				969
Specialty Apparel Stores [0.7%]
Boot Barn, First Lien Term Loan
5.500%, 06/24/21(I)		540		526
Transportation [0.4%]
CEVA Group, First Lien Term Loan
6.500%, 03/19/21		1		—
Navistar, Tranche B Term Loan, 1st Lien
5.000%, 08/07/20		296		299
Total Transportation				299
Total Loan Participations
(Cost $5,819)				5,829

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 40

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Shares/ Face Amount (000)		Value (000)
Common Stock [0.8%]
Electronic Equipment & Instruments [0.0%]
CUI * (G)		—	$	8
Metals & Mining [0.0%]
Mirabela Nickel *(G)		2,465,571		—
Miscellaneous Manufacturing [0.0%]
CEVA Group *(G)		22		5
Oil, Gas & Consumable Fuels [0.5%]
Approach Resources *		5,520		14
SandRidge Energy *		17,362		321
Total Oil, Gas & Consumable Fuels				335
Petroleum & Fuel Products [0.3%]
MWO *		130		13
Titan Energy *		11,458		208
Total Petroleum & Fuel Products				221
Total Common Stock
(Cost $1,149)				569
Convertible Bond [0.1%]
Metals & Mining [0.1%]
Mirabela Nickel
9.500%, 06/24/19(A) (G) (I)	$	653		46
Total Convertible Bond
(Cost $653)				46
Mortgage-Backed Security [0.0%]
SRERS Funding, Ser 2011-RS, Cl A1B1
1.023%, 05/09/46(A) (B)		40		40
Total Mortgage-Backed Security
(Cost $36)				40
Preferred Stock [0.0%]
Miscellaneous Manufacturing [0.0%]
CEVA Group, Ser A2 *		49		10
Total Preferred Stock
(Cost $44)				10
Description	Shares		Value (000)
Special Stock [0.0%]
Broadcasting & Cable [0.0%]
Adelphia Recovery Trust (G) (I)		8,500	$	—
Total Special Stock
(Cost $9)				—
Short-Term Investments [0.7%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡		259,248		259
Goldman Sachs Financial Square Funds - Government Fund, 0.604%**		259,248		259
Total Short-Term Investments
(Cost $518)				518
Total Investments [98.3%]
(Cost $74,922)			$	74,520

Percentages are based on net assets of $75,839 (000).

‡ Investment in affiliate.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2017.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $41,061 (000), representing 54.1% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2017. The coupon on a step bond changes on a specific date.

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

(E) Payment in kind.

(F) Unsettled bank loan.

(G) 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, 2017, was $59 (000) and represented 0.1% of net assets of the Fund.

(H) Unfunded bank loan. Interest rate not available.

(I) Security is considered illiquid. The total market value of the securities as of March 31, 2017, was $2,456 (000) and represented 3.2% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 41

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale High Yield Bond Fund (concluded)

CAD — Canadian Dollar

Cl — Class

Eur — Euro

GBP — British Sterling Pound

PLC — Public Limited Company

Ser — Series

USD — United States Dollar

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

A list of the open forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:

Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Depreciation (000)
04/11/17	EUR	249	USD	264	$	(2	)
04/11/17	GBP	745	USD	909		(25	)
04/11/17	CAD	1,067	USD	794		(8	)
					$	(35	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Depreciation (000)
Bank of America	$	(266	)	$	264	$	(2	)
Barclays PLC		(934	)		909		(25	)
JPMorgan Chase Bank		(802	)		794		(8	)
						$	(35	)

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	67,508	$	—	$	67,508
Loan Participations		—		5,829		—		5,829
Common Stock		556		—		13		569
Convertible Bond		—		—		46		46
Mortgage-Backed Security		—		40		—		40
Preferred Stock		—		10		—		10
Special Stock		—		—		—		—
Short-Term Investments		518		—		—		518
Total Investments in Securities	$	1,074	$	73,387	$	59	$	74,520

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards*
Unrealized Depreciation	$	—	$	(35	)	$	—	$	(35	)
Total Other Financial Instruments	$	—	$	(35	)	$	—	$	(35	)

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

(1) Of the $59 (000) Level 3 securities as of March 31, 2017, all are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs is required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

	Investments in Corporate Bonds (000)			Investments in Common Stock (000)			Investments in Convertible Bond (000)
Beginning balance as of
September 30, 2016	$	332		$	16		$	183
Accrued discounts/ premiums		—			—			—
Realized gain/(loss)		—			—			—
Change in unrealized appreciation/(depreciation)		—			(3	)		(137	)
Purchases		—			—			—
Sales/paydowns		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		(332	)		—			—
Ending balance as of
March 31, 2017	$	—		$	13		$	46
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—		$	(3	)	$	(137	)

	Total (000)
Beginning balance as of
September 30, 2016	$	531
Accrued discounts/ premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		(140	)
Purchases		—
Sales/paydowns		—
Transfers into Level 3		—
Transfers out of Level 3		(332	)
Ending balance as of
March 31, 2017	$	59
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(140	)

For the period ended March 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2017, there have been transfers between Level 2 and Level 3 assets and liabilities.

The transfers between fair values hierarchy levels were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 42

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund

 

Description	Face Amount (000)		Value (000)
Corporate Bonds [71.3%]
Consumer Discretionary [4.5%]
AutoZone
3.700%, 04/15/22	$	250	$	259
2.500%, 04/15/21		1,000		991
CBS
3.375%, 03/01/22		175		178
Expedia
5.950%, 08/15/20		250		274
Gap
5.950%, 04/12/21		495		531
General Motors Financial
4.350%, 01/17/27		2,500		2,522
Harley-Davidson Financial Services, MTN
1.550%, 11/17/17(A)		3,725		3,721
Home Depot
2.625%, 06/01/22		1,000		1,008
Hyundai Capital America
2.600%, 03/19/20(A)		1,000		1,000
Time Warner Cable
4.125%, 02/15/21		165		172
Tupperware Brands
4.750%, 06/01/21		500		533
Total Consumer Discretionary				11,189
Consumer Staples [2.3%]
Avon Products
6.500%, 03/01/19		250		258
Bunge Finance
8.500%, 06/15/19		105		119
Campbell Soup
8.875%, 05/01/21		350		428
CVS Health
3.500%, 07/20/22		2,000		2,058
Kraft Heinz Foods
3.500%, 07/15/22		500		511
Walgreens Boots Alliance
3.100%, 06/01/23		2,350		2,347
Total Consumer Staples				5,721
Energy [1.5%]
ConocoPhillips
5.750%, 02/01/19		290		310
DCP Midstream
9.750%, 03/15/19(A)		114		128
Duke Capital
6.750%, 07/15/18		745		787
Ecopetrol
7.625%, 07/23/19		250		278
Energy Transfer Partners
9.700%, 03/15/19		330		375
9.000%, 04/15/19		189		213
3.600%, 02/01/23		200		199
Enterprise Products Operating
6.500%, 01/31/19		140		151
Kinder Morgan Energy Partners
5.300%, 09/15/20		125		135
Panhandle Eastern Pipe Line
7.000%, 06/15/18		396		416
Puget Energy
6.000%, 09/01/21		500		557
Spectra Energy Capital
6.200%, 04/15/18		135		141
Total Energy				3,690
Financials [30.9%]
Alleghany
5.625%, 09/15/20		270		297
American Express
1.640%, 02/22/17(B)		3,000		3,011
Axis Specialty Finance
5.875%, 06/01/20		250		275
Bank of America, MTN
1.868%, 04/01/19(B)		5,000		5,044

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 43

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Bank of Montreal, MTN
1.450%, 04/09/18	$	340	$	340
Bank of Nova Scotia
2.450%, 03/22/21		5,330		5,328
Barclays
4.375%, 01/12/26		1,500		1,517
BB&T, MTN
1.600%, 08/15/17		355		355
Bear Stearns
7.250%, 02/01/18		275		287
Capital One Financial
4.200%, 10/29/25		1,000		1,004
1.500%, 03/22/18		475		474
Chubb INA Holdings
5.800%, 03/15/18		300		312
Citigroup
4.500%, 01/14/22		2,000		2,140
CNA Financial
6.950%, 01/15/18		1,076		1,118
Commonwealth Bank of Australia, MTN
5.000%, 10/15/19(A)		150		161
Commonwealth Bank of Australia NY, MTN
2.550%, 03/15/21		5,000		4,996
Credit Suisse Group Funding Guernsey
4.550%, 04/17/26		2,500		2,584
Credit Suisse NY, MTN
5.300%, 08/13/19		150		161
Deutsche Bank, MTN
2.850%, 05/10/19		2,985		3,005
Discover Bank
3.100%, 06/04/20		1,000		1,020
ERAC USA Finance
3.300%, 10/15/22(A)		250		252
Goldman Sachs Group
6.250%, 09/01/17		550		561
6.150%, 04/01/18		150		156
Goldman Sachs Group, MTN
6.000%, 06/15/20		500		554
HSBC Holdings
3.400%, 03/08/21		5,000		5,114
Jefferies Group
5.125%, 01/20/23		2,700		2,901
JPMorgan Chase
4.950%, 03/25/20		100		108
4.250%, 10/15/20		150		159
3.125%, 01/23/25		4,700		4,618
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(C)		400		26
Macquarie Bank, MTN
2.600%, 06/24/19(A)		4,200		4,241
Marsh & McLennan, MTN
2.550%, 10/15/18		100		101
MetLife
6.817%, 08/15/18		3,500		3,731
Metropolitan Life Global Funding I
3.875%, 04/11/22(A)		125		132
Moody’s
5.500%, 09/01/20		800		876
Morgan Stanley, MTN
3.750%, 02/25/23		5,000		5,164
MUFG Americas Holdings
2.250%, 02/10/20		2,000		1,998
NASDAQ OMX Group
5.550%, 01/15/20		1,249		1,353
National Bank of Canada, MTN
1.450%, 11/07/17		750		750
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		125		141
6.550%, 11/01/18		300		323
Principal Financial Group
3.300%, 09/15/22		200		203
Protective Life
6.400%, 01/15/18		250		259
Prudential Financial, MTN
5.375%, 06/21/20		145		159
SunTrust Banks
6.000%, 09/11/17		254		259
Svenska Handelsbanken, MTN
5.125%, 03/30/20(A)		5,800		6,256
TD Ameritrade Holding
5.600%, 12/01/19		290		316
Toronto-Dominion Bank, MTN
1.594%, 11/05/19(B)		3,100		3,116
Wilmington Trust
8.500%, 04/02/18		315		335
Total Financials				77,591
Health Care [3.5%]
Abbott Laboratories
3.400%, 11/30/23		3,075		3,107
AbbVie
2.850%, 05/14/23		2,500		2,453
Actavis
3.250%, 10/01/22		500		503

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 44

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Laboratory Corp of America Holdings
3.200%, 02/01/22	$	2,530	$	2,541
UnitedHealth Group
1.625%, 03/15/19		250		249
Total Health Care				8,853
Industrials [2.8%]
Carlisle
3.750%, 11/15/22		250		252
Eaton
8.875%, 06/15/19		125		141
Embraer Overseas
5.696%, 09/16/23(A)		520		555
GATX
6.000%, 02/15/18		170		176
IDEX
4.200%, 12/15/21		250		260
NuStar Logistics
4.800%, 09/01/20		200		202
PACCAR Financial, MTN
1.750%, 08/14/18		4,000		4,010
Penske Truck Leasing
4.875%, 07/11/22(A)		200		216
4.250%, 01/17/23(A)		300		313
3.375%, 03/15/18(A)		250		254
Republic Services
3.550%, 06/01/22		250		259
Roper Technologies
3.125%, 11/15/22		200		202
1.850%, 11/15/17		250		250
Total Industrials				7,090
Information Technology [8.0%]
Apple
2.450%, 08/04/26		5,700		5,392
1.288%, 02/09/17(B)		1,238		1,239
Arrow Electronics
6.875%, 06/01/18		400		422
Fiserv
3.500%, 10/01/22		250		256
2.700%, 06/01/20		2,000		2,023
KLA-Tencor
4.650%, 11/01/24		2,500		2,662
Nokia
5.375%, 05/15/19		950		1,002
Oracle
2.500%, 05/15/22		5,000		4,986
Western Union
5.253%, 04/01/20		2,000		2,145
Total Information Technology				20,127
Materials [3.5%]
Airgas
2.900%, 11/15/22		250		250
Avery Dennison
5.375%, 04/15/20		405		436
Glencore Funding
2.382%, 01/15/19(A) (B)		2,000		2,018
Rio Tinto Finance USA
3.750%, 06/15/25		5,780		6,009
Total Materials				8,713
Real Estate [5.0%]
American Tower
4.000%, 06/01/25		1,800		1,821
Boston Properties
5.875%, 10/15/19		140		152
Common Wealth REIT
5.875%, 09/15/20		105		113
DDR
4.625%, 07/15/22		250		262
Equity One
3.750%, 11/15/22		250		257
HCP
4.000%, 06/01/25		2,770		2,778
Highwoods Realty
3.625%, 01/15/23		200		202
HRPT Properties Trust
6.650%, 01/15/18		300		304
National Retail Properties
6.875%, 10/15/17		300		308
3.800%, 10/15/22		350		362
Prologis
3.350%, 02/01/21		2,200		2,265
Realty Income
3.250%, 10/15/22		200		202
Senior Housing Properties Trust
6.750%, 12/15/21		500		556
Washington REIT
3.950%, 10/15/22		250		251
Welltower
4.950%, 01/15/21		155		166
3.750%, 03/15/23		2,500		2,561
Total Real Estate				12,560

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 45

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description		Face Amount (000)		Value (000)
Telecommunication Services [6.2%]
America Movil
3.125%, 07/16/22		$	4,000	$	4,030
AT&T
5.600%, 05/15/18			310		323
3.600%, 02/17/23			5,000		5,064
CenturyLink
6.450%, 06/15/21			355		377
5.800%, 03/15/22			250		258
COX Communications, MTN
6.850%, 01/15/18			224		233
Deutsche Telekom International Finance
6.000%, 07/08/19			50		54
Telefonica Emisiones SAU
5.462%, 02/16/21			115		126
5.134%, 04/27/20			300		323
Verizon Communications
4.600%, 04/01/21			4,100		4,381
2.137%, 03/16/22(B)			500		505
Total Telecommunication Services					15,674
Utilities [3.1%]
British Transco Finance
6.625%, 06/01/18			128		135
Entergy Mississippi
6.640%, 07/01/19			540		590
Entergy Texas
7.125%, 02/01/19			190		207
Exelon Generation
6.200%, 10/01/17			2,125		2,171
3.400%, 03/15/22			2,500		2,520
Korea Electric Power
6.750%, 08/01/27			75		92
National Fuel Gas
4.900%, 12/01/21			500		529
Puget Energy
5.625%, 07/15/22			250		277
Southwestern Electric Power
5.875%, 03/01/18			581		602
3.550%, 02/15/22			500		514
Southwestern Public Service
8.750%, 12/01/18			250		277
Total Utilities					7,914
Total Corporate Bonds
(Cost $176,953)					179,122
Description	Face Amount(000) /Shares			Value (000)
U.S. Treasury Obligations [6.4%]
U.S. Treasury Inflation Indexed Bonds
0.625%, 01/15/26		$	5,432	$	5,530
U.S. Treasury Notes
2.625%, 11/15/20			425		439
2.250%, 11/15/24			3,000		2,993
1.625%, 10/31/23			4,000		3,866
1.250%, 04/30/19			2,375		2,373
0.875%, 07/31/19			815		806
Total U.S. Treasury Obligations
(Cost $16,203)					16,007
U.S. Government Agency Obligations [5.8%]
FHLMC
1.750%, 05/30/19			3,000		3,024
FNMA
1.875%, 09/18/18			150		151
1.875%, 12/28/20			5,000		5,023
1.625%, 11/27/18			6,000		6,037
0.875%, 05/21/18			350		349
Total U.S. Government Agency Obligations
(Cost $14,522)					14,584
Closed-End Fund [3.2%]
Stone Ridge Reinsurance Risk Premium Interval Fund(G)			761,754		7,877
Total Closed-End Fund
(Cost $7,749)					7,877
Preferred Stock [3.0%]
Financials [1.1%]
BB&T, 5.625%			10,000		253
Citigroup, 5.800%			10,000		259
Goldman Sachs Group, 5.950%			25,000		650
HSBC Holdings, 8.000%			30,000		793
JPMorgan Chase, 5.500%			20,000		508
Prudential Financial, 5.750%			10,000		256
Total Financials					2,719
Industrials [0.3%]
Pitney Bowes, 6.700%			10,000		263
Stanley Black & Decker, 5.750%			20,000		505
Total Industrials					768

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 46

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares/ Face Amount (000)		Value (000)
REITs [1.1%]
Digital Realty Trust, 6.625%		10,000	$	252
Kimco Realty, 5.500%		10,000		249
Realty Income, 6.625%		20,000		502
Senior Housing Properties Trust, 5.625%		52,500		1,327
Vornado Realty Trust, 5.700%		20,000		510
Total REITs				2,840
Telecommunication Services [0.3%]
Telephone & Data Systems, 5.875%		30,000		737
Utilities [0.2%]
SCE Trust I, 5.625%		20,000		505
Total Preferred Stock
(Cost $7,404)				7,569
Foreign Government Bonds [2.9%]
Hashemite Kingdom of Jordan Government AID Bond
2.578%, 06/30/22	$	3,000		3,055
Mexico Government International Bond, MTN
5.125%, 01/15/20		100		108
Province of Newfoundland and Labrador Canada
7.320%, 10/13/23		100		119
Province of Quebec Canada, MTN
7.380%, 04/09/26(D)		100		129
Sumitomo Mitsui Financial Group
2.846%, 01/11/22		3,910		3,917
Total Foreign Government Bonds
(Cost $7,254)				7,328
Municipal Bonds [2.2%]
California [0.7%]
University of California, Ser O, GO
Pre-Refunded @ 100
5.750%, 05/15/17(E)		1,500		1,647
Description		Face Amount (000)		Value (000)
Florida [1.5%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		3,870		3,899
Total Municipal Bonds
(Cost $5,501)				5,546
Asset-Backed Securities [2.2%]
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/37		60		62
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589)
9.250%, 12/31/49(F) (G) (H)		460		108
Carmax Auto Owner Trust, Ser 2014-2, Cl A3
0.980%, 01/15/19		1,401		1,399
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4
7.000%, 07/25/28(C)		5		—
Conseco Financial, Ser 1997-7, Cl A6
6.760%, 07/15/28		3		3
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28		—		—
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1
1.550%, 07/15/21		4,000		3,971
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
4.810%, 07/25/35		3		3
Total Asset-Backed Securities
(Cost $5,931)				5,546
U.S. Government Mortgage-Backed Obligations [1.6%]
FHLMC, Pool 1B2677
3.506%, 01/01/35(B)		4		5
FHLMC, Pool 1B2683
3.472%, 01/01/35(B)		2		3
FHLMC, Pool 1B2692
3.265%, 12/01/34(B)		8		8
FHLMC, Pool A93505
4.500%, 08/01/40		25		28

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 47

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
FHLMC, Pool A93996
4.500%, 09/01/40	$	39	$	42
FHLMC, Pool C03490
4.500%, 08/01/40		205		220
FHLMC, Pool C09015
3.000%, 10/01/42		180		179
FHLMC, Pool E01280
5.000%, 12/01/17		1		—
FHLMC, Pool G02940
5.500%, 05/01/37		6		7
FHLMC, Pool G04222
5.500%, 04/01/38		11		12
FHLMC, Pool G04913
5.000%, 03/01/38		42		46
FHLMC, Pool G08003
6.000%, 07/01/34		12		14
FHLMC, Pool G11431
6.000%, 02/01/18		—		—
FHLMC, Pool G11880
5.000%, 12/01/20		7		7
FHLMC, Pool G18124
6.000%, 06/01/21		5		6
FHLMC, Pool J19197
3.000%, 05/01/27		109		111
FHLMC, Pool Q08998
3.500%, 06/01/42		135		139
FHLMC, Pool Q10378
3.000%, 08/01/42		169		169
FHLMC, Pool FHR 2804 VC
5.000%, 07/15/21		67		67
FHLMC Multifamily Structured Pass-Through Certificates, Ser K003, Cl A4
5.053%, 01/25/19		150		157
FHLMC Multifamily Structured Pass-Through Certificates, Ser K704, Cl A2
2.412%, 08/25/18		392		395
FHLMC Multifamily Structured Pass-Through Certificates, Ser K705, Cl A2
2.303%, 09/25/18		200		202
FHLMC Multifamily Structured Pass-Through Certificates, Ser K708, Cl A2
2.130%, 01/25/19		296		298
FNMA, Pool 252570
6.500%, 07/01/29		4		4
FNMA, Pool 253183
7.500%, 04/01/30		—		1
FNMA, Pool 253398
8.000%, 08/01/30		1		1
FNMA, Pool 254545
5.000%, 12/01/17		1		1
FNMA, Pool 254685
5.000%, 04/01/18		2		2
FNMA, Pool 254949
5.000%, 11/01/33		9		10
FNMA, Pool 255814
5.500%, 08/01/35		15		16
FNMA, Pool 303168
9.500%, 02/01/25		1		2
FNMA, Pool 725424
5.500%, 04/01/34		14		15
FNMA, Pool 735060
6.000%, 11/01/34		9		10
FNMA, Pool 735228
5.500%, 02/01/35		7		8
FNMA, Pool 735230
5.500%, 02/01/35		18		20
FNMA, Pool 745275
5.000%, 02/01/36		70		77
FNMA, Pool 745418
5.500%, 04/01/36		80		89
FNMA, Pool 827223
2.590%, 02/25/17(B)		32		34
FNMA, Pool 844809
5.000%, 11/01/35		30		33
FNMA, Pool AD0454
5.000%, 11/01/21		10		10
FNMA, Pool AD8522
4.000%, 08/01/40		28		30
FNMA, Pool AE0828
3.500%, 02/01/41		248		256
FNMA, Pool AH0621
3.500%, 01/01/41		58		59
FNMA, Pool AJ1407
4.000%, 09/01/41		46		48
FNMA, Pool AJ7689
4.000%, 12/01/41		154		162
FNMA, Pool AK0971
3.000%, 02/01/27		101		104
FNMA, Pool AO2970
3.000%, 05/01/42		160		160
FNMA, Pool AO4137
3.500%, 06/01/42		141		145
FNMA, Pool MA1277
2.500%, 12/01/27		99		100
GNMA, Pool 780315
9.500%, 12/15/17		—		—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 48

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000) /Shares		Value (000)
GNMA, Pool G2 4696
4.500%, 05/20/40	$	89	$	97
GNMA, Pool G2 4747
5.000%, 07/20/40		35		38
GNMA, Pool G2 4923
4.500%, 01/20/41		53		57
GNMA, Pool G2 MA0155
4.000%, 06/20/42		129		137
GNMA, Pool G2 MA0392
3.500%, 09/20/42		157		163
Total U.S. Government Mortgage-Backed Obligations
(Cost $3,891)				4,004
Commercial Mortgage-Backed Obligations [0.3%]
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
3.147%, 08/15/45		125		128
GS Mortgage Securities II, Ser GCJ9, Cl A3
2.773%, 11/10/45		275		276
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
2.960%, 04/15/46		150		151
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
2.858%, 11/15/45		275		278
Total Commercial Mortgage-Backed Obligations
(Cost $836)				833
Residential Mortgage-Backed Securities [0.0%]
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
5.500%, 03/25/19		8		8
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 08/25/27(B)		1		1
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19		4		4
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(B)		21		21
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A
5.000%, 07/25/19		13		13
Total Residential Mortgage-Backed Securities
(Cost $48)				47
Short-Term Investments [0.2%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡		236,211		236
SEI Daily Income Trust Government Fund, Cl F, 0.530%**		319,723		320
Total Short-Term Investments
(Cost $556)				556
Total Investments [99.1%]
(Cost $246,848)			$	249,019

Percentages are based on net assets of $251,201 (000).

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ 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, 2017, the value of these securities amounted to $19,247 (000), representing 7.7% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

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

(D) Step Bond — The rate reported is the rate in effect on March 31, 2017. The coupon on a step bond changes on a specific date.

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

(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 security as of March 31, 2017, was $108 (000) and represented 0.0% of net assets of the Fund.

(G) Security is considered illiquid. The total market value of the securities as of March 31, 2017, was $7,985 (000) and represented 3.2% of net assets of the Fund.

(H) Security considered restricted. The total market value of such security as of March 31, 2017, was $108 (000) and represented 0.0% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 49

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (concluded)

AID — Agency for International Development

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

MTN — Medium Term Note

NY — New York

RB — Revenue Bond

REIT — Real Estate Investment Trust

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, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	179,122	$	—	$	179,122
U.S. Treasury Obligations		—		16,007		—		16,007
U.S. Government Agency Obligations		—		14,584		—		14,584
Closed-End Fund		7,877		—		—		7,877
Preferred Stock		3,727		3,842		—		7,569
Foreign Government Bonds		—		7,328		—		7,328
Municipal Bonds		—		5,546		—		5,546
Asset-Backed Securities		—		5,438		108		5,546
U.S. Government Mortgage-Backed Obligations		—		4,004		—		4,004
Commercial Mortgage-Backed Obligations		—		833		—		833
Residential Mortgage-Backed Securities		—		47		—		47
Short-Term Investments		556		—		—		556
Total Investments in Securities	$	12,160	$	236,751	$	108	$	249,019

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2017:

	Investments in Asset-Backed Securities
Beginning balance as of October 1, 2016	$	135
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		26
Purchases		—
Sales/paydowns		(53	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2017	$	108
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	26

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2017 (000)	Valuation Techniques
BT SPE	$108	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	7%-9.25%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in a significantly higher or lower fair value measurement.

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 50

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [49.1%]
Advertising Sales [0.1%]
Clear Channel International BV
8.750%, 12/15/20(A)	$	425	$	452
Outfront Media Capital
5.875%, 03/15/25		675		707
5.625%, 02/15/24		350		366
Total Advertising Sales				1,525
Aerospace & Defense [0.2%]
Accudyne Industries Borrower
7.750%, 12/15/20(A)		850		714
TransDigm
6.500%, 07/15/24		875		887
6.500%, 05/15/25		1,325		1,337
6.500%, 05/15/25(A)		150		151
6.375%, 06/15/26		425		425
6.000%, 07/15/22		950		962
5.500%, 10/15/20		350		352
Total Aerospace & Defense				4,828
Agricultural [0.0%]
Avangardco Investments Public
5.000%, 10/29/18		799		216
UkrLandFarming PLC
10.875%, 03/26/18		2,106		623
Total Agricultural				839
Air Transportation [0.0%]
Rumo Luxembourg Sarl
7.375%, 02/09/24		1,100		1,130
Airlines [0.3%]
Gol LuxCo
8.875%, 01/24/22		2,800		2,527
SriLankan Airlines
5.300%, 06/27/19		4,850		4,850
Total Airlines				7,377
Apparel/Textiles [0.0%]
BiSoho SAS
5.875%, 05/01/23		300		343
Hanesbrands
4.875%, 05/15/26(A)		725		712
Total Apparel/Textiles				1,055
Applications Software [0.1%]
Nuance Communications
6.000%, 07/01/24(A)		1,150		1,190
5.625%, 12/15/26(A)		1,275		1,304
5.375%, 08/15/20(A)		383		389
PTC
6.000%, 05/15/24		275		293
Total Applications Software				3,176
Auction House/Art Dealer [0.0%]
Ritchie Bros Auctioneers
5.375%, 01/15/25(A)		350		358
Auto Rent & Lease [0.3%]
Avis Budget Car Rental
6.375%, 04/01/24(A)		1,875		1,877
5.500%, 04/01/23		225		217
5.250%, 03/15/25(A)		275		254
Hertz
6.250%, 10/15/22		1,625		1,544
5.500%, 10/15/24(A)		1,025		891
United Rentals North America
5.875%, 09/15/26		575		599
5.750%, 11/15/24		175		182
5.500%, 07/15/25		150		155
5.500%, 05/15/27		575		581
4.625%, 07/15/23		325		335
Total Auto Rent & Lease				6,635
Auto/Trk Prts and Equip-Repl [0.1%]
Allison Transmission
5.000%, 10/01/24(A)		550		556

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 51

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
JB Poindexter
9.000%, 04/01/22(A)	$	775	$	812
Total Auto/Trk Prts and Equip-Repl				1,368
Autoparts [0.5%]
Adient Global Holdings
4.875%, 08/15/26(A)		975		957
American Axle & Manufacturing
6.625%, 10/15/22		375		386
6.500%, 04/01/27(A)		1,275		1,271
Cooper-Standard Automotive
5.625%, 11/15/26(A)		325		325
IHO Verwaltungs GmbH
4.750%, 09/15/26(A)		1,400		1,363
4.500%, 09/15/23(A)		275		272
Metalsa
4.900%, 04/24/23		700		680
MPG Holdco I
7.375%, 10/15/22		925		1,004
Omega US Sub
8.750%, 07/15/23(A)		1,175		1,247
Schaeffler Finance BV
4.750%, 05/15/23(A)		250		257
Tenneco
5.375%, 12/15/24		350		359
5.000%, 07/15/26		200		196
Tupy Overseas
6.625%, 07/17/24		2,600		2,587
ZF North America Capital
4.750%, 04/29/25(A)		925		957
Total Autoparts				11,861
Banks [4.3%]
Access Bank, MTN
10.500%, 10/19/21		1,283		1,337
9.250%, 06/24/21(C)		840		790
African Bank, MTN
8.125%, 10/19/20		5,433		5,705
Alternatifbank
8.750%, 04/16/26(C)		171		179
Banco do Brasil
9.000%, 06/29/49(C)		4,600		4,761
8.500%, 10/29/49(C)		9,635		10,454
Bank Nadra via NDR Finance
8.250%, 06/22/17(D) (G)		721		4
Credit Bank of Moscow Via CBOM Finance
8.700%, 11/13/18		—		—
FBN Finance
8.250%, 08/07/20		14,733		13,118
FBN Finance BV
8.000%, 07/23/21(C)		10,773		9,025
ForteBank JSC
11.750%, 12/15/24		2,709		2,944
International Bank of Azerbaijan
5.625%, 06/11/19		4,000		3,992
Kazkommertsbank JSC
8.500%, 05/11/18		7,200		7,437
5.500%, 12/21/22		23,815		22,326
National Savings Bank
8.875%, 09/18/18		20		21
Oschadbank Via SSB #1
9.375%, 03/10/23(E)		5,000		5,000
Renaissance Capital Via Renaissance Consumer Funding
13.500%, 06/21/18		2,624		2,676
Renaissance Credit Via Renaissance Consumer Funding
13.500%, 05/22/19		2,675		2,715
Tinkoff Credit Systems Via TCS Finance, MTN
14.000%, 06/06/18		4,955		5,494
Turkiye Vakiflar Bankasi TAO
6.000%, 11/01/22		7,000		6,838
Total Banks				104,816
Beauty Products [0.1%]
First Quality Finance
4.625%, 05/15/21(A)		2,100		2,058
Broadcasting & Cable [3.3%]
Altice Financing
7.500%, 05/15/26		21,060		22,429
Altice Finco, MTN
7.625%, 02/15/25		4,235		4,367
Altice US Finance I
5.500%, 05/15/26(A)		575		591
AMC Networks
5.000%, 04/01/24		1,150		1,150
4.750%, 12/15/22		325		327
Anixter
5.625%, 05/01/19		275		289
5.500%, 03/01/23		1,125		1,167
Belden
5.500%, 09/01/22(A)		1,050		1,071
5.250%, 07/15/24(A)		1,125		1,122

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 52

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Cablevision Systems
5.875%, 09/15/22	$	925	$	933
CCO Holdings
5.875%, 04/01/24(A)		325		343
5.875%, 05/01/27(A)		600		630
5.750%, 09/01/23		525		546
5.750%, 01/15/24		425		442
5.750%, 02/15/26(A)		300		315
5.500%, 05/01/26(A)		875		906
5.375%, 05/01/25(A)		250		257
5.250%, 09/30/22		675		700
5.125%, 02/15/23		1,275		1,310
5.125%, 05/01/27(A)		625		628
Cequel Communications Holdings I
5.125%, 12/15/21(A)		1,250		1,268
Clear Channel Communications
9.000%, 03/01/21		1,150		874
Clear Channel Worldwide Holdings
6.500%, 11/15/22		1,275		1,326
Columbus International
7.375%, 03/30/21		10,950		11,689
CSC Holdings
5.500%, 04/15/27(A)		1,000		1,016
5.250%, 06/01/24		575		573
DISH DBS
7.750%, 07/01/26		200		232
5.875%, 07/15/22		2,425		2,548
5.875%, 11/15/24		400		420
5.000%, 03/15/23		675		678
Gray Television
5.875%, 07/15/26(A)		1,025		1,043
5.125%, 10/15/24(A)		450		444
LIN Television
5.875%, 11/15/22		650		673
Nexstar Broadcasting
6.125%, 02/15/22(A)		875		910
Nexstar Escrow
5.625%, 08/01/24(A)		1,350		1,370
Numericable Group
6.000%, 05/15/22(A)		450		466
Numericable-SFR
7.375%, 05/01/26		1,500		1,543
SFR Group
7.375%, 05/01/26(A)		2,325		2,395
6.250%, 05/15/24(A)		575		578
Sinclair Television Group
5.875%, 03/15/26(A)		1,050		1,076
5.625%, 08/01/24(A)		1,275		1,291
5.125%, 02/15/27(A)		500		483
Tribune Media
5.875%, 07/15/22		1,975		2,059
Unitymedia Hessen GmbH & KG
5.500%, 01/15/23(A)		525		546
Unitymedia KabelBW GmbH
6.125%, 01/15/25(A)		1,850		1,947
Virgin Media Finance
6.000%, 10/15/24(A)		200		207
Virgin Media Secured Finance
5.500%, 08/15/26(A)		400		406
Ziggo Bond Finance BV
6.000%, 01/15/27(A)		925		921
5.875%, 01/15/25(A)		275		277
Ziggo Secured Finance BV
5.500%, 01/15/27(A)		1,325		1,325
Total Broadcasting & Cable				80,107
Building & Construction [1.1%]
Allegion US Holding
5.750%, 10/01/21		550		574
Building Materials Corp of America
6.000%, 10/15/25(A)		750		774
Cemex
7.750%, 04/16/26		10,060		11,345
China Shanshui Cement Group
7.500%, 03/10/20(G)		4,323		3,393
Grupo Cementos de Chihuahua
8.125%, 02/08/20		500		518
Kerneos Corporate SAS
4.421%, 03/01/21(C)		2,000		2,140
Masonite International
5.625%, 03/15/23(A)		875		893
NCI Building Systems
8.250%, 01/15/23(A)		700		760
Ply Gem Industries
6.500%, 02/01/22		650		680
Standard Industries
5.000%, 02/15/27(A)		1,775		1,740
USG
5.500%, 03/01/25(A)		400		416
Yuksel Insaat
9.500%, 11/10/15(D) (G)		11,809		2,727
Total Building & Construction				25,960
Building & Construction Supplies [0.1%]
Signode Industrial Group Lux
6.375%, 05/01/22(A)		2,425		2,487

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 53

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Building-Heavy Construct [0.1%]
Andrade Gutierrez International
4.000%, 04/30/18	$	3,525	$	3,272
Business Services [0.0%]
Gartner
5.125%, 04/01/25(A)		525		535
Chemicals [0.6%]
Alpha 3 BV
6.250%, 02/01/25(A)		1,225		1,240
Eco Services Operations
8.500%, 11/01/22(A)		800		842
Hexion
6.625%, 04/15/20		1,550		1,426
Huntsman International
5.125%, 11/15/22		875		914
4.875%, 11/15/20		700		730
Ineos Finance
4.000%, 05/01/23		1,000		1,097
Perstorp Holding
7.625%, 06/30/21(C)		500		550
Platform Specialty Products
10.375%, 05/01/21(A)		325		362
6.500%, 02/01/22(A)		3,025		3,138
PQ
6.750%, 11/15/22(A)		875		932
Rock International Investment
6.625%, 03/27/20		1,500		1,500
Valvoline
5.500%, 07/15/24(A)		200		210
Versum Materials
5.500%, 09/30/24(A)		425		440
WR Grace & -Conn
5.625%, 10/01/24(A)		325		342
Total Chemicals				13,723
Coal Mining [0.2%]
Indo Energy Finance II BV
6.375%, 01/24/23		5,237		4,974
New World Resources
8.000%, 04/07/20(B)(H)		1,054		34
Peabody Securities Finance
6.375%, 03/31/25(A)		600		597
6.000%, 03/31/22(A)		175		174
Total Coal Mining				5,779
Commercial Services [0.2%]
Allegion
5.875%, 09/15/23		175		187
Anna Merger Sub
7.750%, 10/01/22(A)		2,125		1,804
Live Nation Entertainment
4.875%, 11/01/24(A)		350		350
Nielsen Luxembourg SARL
5.000%, 02/01/25(A)		1,050		1,046
ServiceMaster
5.125%, 11/15/24(A)		1,000		1,025
Total Commercial Services				4,412
Computer Graphics [0.1%]
Southern Graphics
8.375%, 10/15/20(A)		1,375		1,396
Computer Software [0.1%]
Italics Merger Sub
7.125%, 07/15/23(A)		2,050		1,994
SS&C Technologies Holdings
5.875%, 07/15/23		900		952
Total Computer Software				2,946
Computer System Design & Services [0.3%]
Diamond 1 Finance
7.125%, 06/15/24(A)		2,050		2,266
5.875%, 06/15/21(A)		250		263
NCR
6.375%, 12/15/23		625		658
5.875%, 12/15/21		400		417
5.000%, 07/15/22		975		989
4.625%, 02/15/21		300		307
Riverbed Technology
8.875%, 03/01/23(A)		1,550		1,585
Total Computer System Design & Services				6,485
Consumer Products & Services [0.3%]
EMI Music Publishing Group North America Holdings
7.625%, 06/15/24(A)		1,400		1,526
Prestige Brands
6.375%, 03/01/24(A)		1,450		1,522
5.375%, 12/15/21(A)		1,675		1,713
Scotts Miracle-Gro
5.250%, 12/15/26(A)		75		76

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 54

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
ServiceMaster
7.450%, 08/15/27	$	225	$	246
7.100%, 03/01/18		475		491
Spectrum Brands
6.125%, 12/15/24		575		608
5.750%, 07/15/25		800		846
WMG Acquisition
5.000%, 08/01/23(A)		150		152
4.875%, 11/01/24(A)		250		251
Total Consumer Products & Services				7,431
Containers & Packaging [1.1%]
ARD Finance
7.125%, 09/15/23(A) (B)		1,100		1,133
Ardagh Packaging Finance
7.250%, 05/15/24(A)		2,550		2,728
6.750%, 01/31/21(A)		200		207
6.000%, 06/30/21(A)		800		824
6.000%, 02/15/25(A)		675		683
4.625%, 05/15/23(A)		350		353
Ball
5.250%, 07/01/25		1,225		1,297
Berry Plastics
6.000%, 10/15/22		400		423
5.500%, 05/15/22		2,075		2,155
5.125%, 07/15/23		725		743
BWAY Holding
9.125%, 08/15/21(A)		2,175		2,379
7.250%, 04/15/25(A)		2,700		2,700
5.500%, 04/15/24(A)		1,350		1,361
Crown Americas
4.500%, 01/15/23		300		307
4.250%, 09/30/26(A)		225		217
Flex Acquisition
6.875%, 01/15/25(A)		2,175		2,222
Guala Closures
4.750%, 11/15/21(C)		160		174
Owens-Brockway Glass Container
6.375%, 08/15/25(A)		675		721
5.875%, 08/15/23(A)		375		397
5.375%, 01/15/25(A)		950		964
5.000%, 01/15/22(A)		125		129
Pactiv
7.950%, 12/15/25		200		217
Reynolds Group Issuer
7.000%, 07/15/24(A)				1,793
5.750%, 10/15/20		1,350		1,389
Sealed Air
5.500%, 09/15/25(A)		800		848
5.125%, 12/01/24(A)		850		883
4.875%, 12/01/22(A)		475		495
Total Containers & Packaging				27,742
Data Processing/Mgmt [0.2%]
First Data
7.000%, 12/01/23(A)		1,525		1,636
5.750%, 01/15/24(A)		3,050		3,146
5.375%, 08/15/23(A)		1,300		1,354
Total Data Processing/Mgmt				6,136
Decision Support Software [0.0%]
MSCI
5.750%, 08/15/25(A)		525		558
5.250%, 11/15/24(A)		275		289
4.750%, 08/01/26(A)		275		278
Total Decision Support Software				1,125
Dental Supplies and Equip [0.1%]
IDH Finance
6.358%, 08/15/22(C)		1,500		1,788
Diagnostic Equipment [0.1%]
Crimson Merger Sub
6.625%, 05/15/22(A)		4,025		3,743
Dialysis Centers [0.1%]
DaVita HealthCare Partners
5.750%, 08/15/22		775		802
5.125%, 07/15/24		175		177
5.000%, 05/01/25		625		627
Total Dialysis Centers				1,606
Diamonds/Precious Stones [0.1%]
Petra Diamonds US Treasury
8.250%, 05/31/20		2,800		2,930
Disposable Medical Prod [0.1%]
Sterigenics-Nordion Holdings
6.500%, 05/15/23(A)		2,300		2,352

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 55

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Distribution/Wholesale [0.1%]
American Builders & Contractors Supply
5.750%, 12/15/23(A)	$	200	$	207
5.625%, 04/15/21(A)		900		922
Beacon Roofing Supply
6.375%, 10/01/23		425		453
HD Supply
5.750%, 04/15/24(A)		900		947
5.250%, 12/15/21(A)		450		473
Performance Food Group
5.500%, 06/01/24(A)		200		205
Total Distribution/Wholesale				3,207
Diversified Minerals [0.1%]
Teck Resources
8.500%, 06/01/24(A)		725		836
6.250%, 07/15/41		100		104
6.125%, 10/01/35		850		882
6.000%, 08/15/40		350		353
Total Diversified Minerals				2,175
Diversified Operations [0.0%]
Koppers
6.000%, 02/15/25(A)		725		749
Drugs [0.4%]
Endo
6.000%, 07/15/23(A)		700		612
Endo Finance
6.000%, 02/01/25(A)		2,025		1,726
Grifols Worldwide Operations
5.250%, 04/01/22		1,250		1,297
Valeant Pharmaceuticals International
7.250%, 07/15/22(A)		600		512
7.000%, 03/15/24(A)		525		539
6.500%, 03/15/22(A)		175		180
5.625%, 12/01/21(A)		700		563
5.500%, 03/01/23(A)		275		212
VPII Escrow
7.500%, 07/15/21(A)		900		789
VRX Escrow
6.125%, 04/15/25(A)		2,950		2,271
5.875%, 05/15/23(A)		1,525		1,184
Total Drugs				9,885
E-Commerce/Services [0.1%]
Match Group
6.750%, 12/15/22		1,275		1,335
6.375%, 06/01/24		450		487
Total E-Commerce/Services				1,822
Electric Utilities [1.5%]
Calpine
5.875%, 01/15/24(A)		550		580
5.750%, 01/15/25		2,225		2,211
DTEK Finance
10.750%, 12/31/24(B)		31,717		25,618
NRG Energy
7.250%, 05/15/26		325		335
6.625%, 03/15/23		1,175		1,202
6.625%, 01/15/27(A)		625		623
6.250%, 05/01/24		1,575		1,570
Pampa Energia
7.500%, 01/24/27		100		101
Stoneway Capital
10.000%, 03/01/27		5,000		5,214
Total Electric Utilities				37,454
Electrical Products [0.1%]
WESCO Distribution
5.375%, 12/15/21		1,650		1,712
5.375%, 06/15/24		500		512
Total Electrical Products				2,224
Energy [0.0%]
Viridian Group
7.500%, 03/01/20		500		560
Energy & Power [0.3%]
Enviva Partners
8.500%, 11/01/21(A)		1,425		1,510
Genneia
8.750%, 01/20/22		3,450		3,597
TerraForm Power Operating
6.625%, 06/15/25(A) (E)		700		747
6.375%, 02/01/23(A) (E)		675		701
Total Energy & Power				6,555
Engineering/R and D Services [0.0%]
Engility
8.875%, 09/01/24(A)		800		847

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 56

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Enterprise Software/Serv [0.4%]
BMC Software Finance
8.125%, 07/15/21(A)	$	2,300	$	2,317
Ensemble S Merger Sub
9.000%, 09/30/23(A)		1,600		1,680
Infor Software Parent
7.125%, 05/01/21(A) (B)		2,200		2,249
Infor US
6.500%, 05/15/22		2,925		3,006
JDA Escrow
7.375%, 10/15/24(A)		1,425		1,486
Total Enterprise Software/Serv				10,738
Entertainment & Gaming [0.7%]
AMC Entertainment Holdings
6.125%, 05/15/27(A)		375		379
Boyd Gaming
6.875%, 05/15/23		1,225		1,320
6.375%, 04/01/26		500		535
Chester Downs & Marina
9.250%, 02/01/20(A)		1,300		1,329
Eagle II Acquisition
6.000%, 04/01/25(A)		675		695
MGM Resorts International
7.750%, 03/15/22		1,400		1,615
6.750%, 10/01/20		250		275
6.000%, 03/15/23		600		648
Mohegan Tribal Gaming Authority
7.875%, 10/15/24(A)		1,325		1,343
Penn National Gaming
5.625%, 01/15/27(A)		800		794
Pinnacle Entertainment
5.625%, 05/01/24(A)		1,450		1,468
Regal Entertainment Group
5.750%, 03/15/22		500		522
5.750%, 02/01/25		650		671
Rivers Pittsburgh Borrower
6.125%, 08/15/21(A)		1,150		1,170
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		2,000		2,030
Seminole Indian Tribe of Florida
7.804%, 10/01/20(A)		370		380
Station Casinos
7.500%, 03/01/21		1,450		1,508
Total Entertainment & Gaming				16,682
Entertainment Software [0.0%]
AMC Entertainment Holdings
5.875%, 11/15/26(A)		425		430
Financial Services [2.1%]
Ally Financial
5.750%, 11/20/25		1,975		2,022
5.125%, 09/30/24		450		463
4.750%, 09/10/18		475		488
4.625%, 03/30/25		1,300		1,294
4.125%, 03/30/20		425		433
4.125%, 02/13/22		400		400
Amigo Luxembourg
7.625%, 01/15/24		450		579
Arrow Global Finance
4.921%, 11/01/21(C)		1,000		1,117
Astana Finance JSC
0.000%, 12/22/24(F) (G)		147		—
Cabot Financial Luxembourg II
5.875%, 11/15/21(C)		1,000		1,107
Dana Financing Luxembourg Sarl
6.500%, 06/01/26(A)		1,050		1,094
5.750%, 04/15/25(A)		300		303
Lock
5.500%, 08/15/20(C)		2,000		2,128
Navient
7.250%, 09/25/23		525		528
6.625%, 07/26/21		100		103
6.500%, 06/15/22		125		126
5.875%, 10/25/24		1,550		1,446
Navient, MTN
6.125%, 03/25/24		775		738
5.500%, 01/25/23		175		167
Oilflow SPV 1 DAC
12.000%, 01/13/22		11,100		11,432
12.000%, 01/13/22(A)		12,835		13,218
Promontoria MCS SAS
5.750%, 09/30/21(C)		100		109
Quicken Loans
5.750%, 05/01/25(A)		2,825		2,776
Russian Standard
13.000%, 10/27/22(B)		23,885		10,151
Total Financial Services				52,222
Firearms and Ammunition [0.0%]
FGI Operating Company
7.875%, 05/01/20		1,250		869

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 57

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Food, Beverage & Tobacco [2.0%]
Agrokor
9.875%, 05/01/19	$	200	$	81
ARAMARK
5.125%, 01/15/24		1,075		1,127
Boparan Finance
5.500%, 07/15/21		1,000		1,236
Boparan Finance, MTN
4.375%, 07/15/21		1,000		1,062
CEDC Finance International
10.000%, 12/31/22(A)		5,000		4,800
ESAL GmbH
6.250%, 02/05/23		2,395		2,395
Galapagos
4.420%, 06/15/21(C)		1,888		1,981
Hearthside Group Holdings
6.500%, 05/01/22(A)		1,275		1,277
JBS Investments GmbH
7.750%, 10/28/20		2,883		3,020
7.250%, 04/03/24		3,000		3,105
Lamb Weston Holdings
4.875%, 11/01/26(A)		700		714
MARB BondCo
7.000%, 03/15/24		200		198
7.000%, 03/15/24(A)		4,000		3,970
Marfrig Holdings Europe BV
8.000%, 06/08/23		16,565		17,307
MHP
8.250%, 04/02/20		8,375		8,432
Pinnacle Foods Finance
5.875%, 01/15/24		900		938
Total Food, Beverage & Tobacco				51,643
Food-Catering [0.1%]
AdvancePierre Foods Holdings
5.500%, 12/15/24(A)		750		758
Aramark Services
5.000%, 04/01/25(A)		750		772
Total Food-Catering				1,530
Food-Flour and Grain [0.2%]
Post Holdings
8.000%, 07/15/25(A)		1,500		1,684
7.750%, 03/15/24(A)		375		413
6.000%, 12/15/22(A)		150		158
5.500%, 03/01/25(A)		500		502
5.000%, 08/15/26(A)		1,750		1,676
Total Food-Flour and Grain				4,433
Food-Wholesale/Distrib [0.1%]
US Foods
5.875%, 06/15/24(A)		1,375		1,427
Gas-Distribution [0.1%]
AmeriGas Partners
5.875%, 08/20/26		1,075		1,069
5.750%, 05/20/27		650		642
5.625%, 05/20/24		400		402
5.500%, 05/20/25		675		670
Total Gas-Distribution				2,783
Hazardous Waste Disposal [0.0%]
Tervita Escrow
7.625%, 12/01/21(A)		925		955
Health Care [0.1%]
Envision Healthcare
5.125%, 07/01/22(A)		1,625		1,654
Home Decoration Products [0.1%]
RSI Home Products
6.500%, 03/15/23(A)		1,625		1,674
Hotels and Motels [0.4%]
Grupo Posadas
7.875%, 06/30/22		7,523		7,808
Hilton Domestic Operating
4.250%, 09/01/24(A)		550		543
Hilton Worldwide Finance
4.625%, 04/01/25(A)		475		481
Total Hotels and Motels				8,832
Human Resources [0.1%]
Team Health Holdings
6.375%, 02/01/25(A)		2,525		2,475
Industrial [0.3%]
Reward International Investment
7.250%, 01/25/20		7,265		7,374
Unifrax I
7.500%, 02/15/19(A)		725		720
Total Industrial				8,094
Insurance [0.2%]
Hockey Merger Sub 2
7.875%, 10/01/21(A)		2,200		2,293

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 58

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Hub Holdings
8.125%, 07/15/19(A) (B) (G)	$	1,525	$	1,525
HUB International
9.250%, 02/15/21(A)		150		155
Total Insurance				3,973
Internet Connectiv Svcs [0.1%]
United Group BV
7.875%, 11/15/20		1,400		1,553
Internet Security [0.1%]
Symantec
5.000%, 04/15/25(A)		725		743
VeriSign
5.250%, 04/01/25		525		544
4.625%, 05/01/23		225		228
Total Internet Security				1,515
Investment Bank/Broker Dealer [0.0%]
BCD Acquisition
9.625%, 09/15/23(A)		1,000		1,080
Machinery-General Indust [0.1%]
Zebra Technologies
7.250%, 10/15/22		1,800		1,946
Manufacturing [0.0%]
Cleaver-Brooks
8.750%, 12/15/19(A)		475		489
Media - Non-Cable [0.0%]
Intelsat Jackson Holdings
7.250%, 10/15/20		500		456
Medical Information Sys [0.0%]
IMS Health
5.000%, 10/15/26(A)		725		728
Medical Products & Services [1.3%]
Acadia Healthcare
6.500%, 03/01/24		1,850		1,947
CHS
6.875%, 02/01/22		2,925		2,515
6.250%, 03/31/23		475		483
5.125%, 08/01/21		675		667
Envision Healthcare
6.250%, 12/01/24(A)		775		814
HCA
7.500%, 02/15/22		1,225		1,401
6.500%, 02/15/20		300		328
5.875%, 05/01/23		825		891
5.875%, 02/15/26		250		264
5.375%, 02/01/25		2,250		2,346
5.250%, 04/15/25		2,025		2,152
5.000%, 03/15/24		1,875		1,966
4.500%, 02/15/27		250		250
HCA Holdings
6.250%, 02/15/21		550		594
IASIS Healthcare
8.375%, 05/15/19		1,575		1,508
LifePoint Health
5.875%, 12/01/23		325		335
5.375%, 05/01/24(A)		600		610
LifePoint Hospitals
5.500%, 12/01/21		875		908
Mallinckrodt International Finance
5.625%, 10/15/23(A)		725		691
5.500%, 04/15/25(A)		2,125		1,955
4.750%, 04/15/23		975		826
Sterigenics-Nordion Topco
8.125%, 11/01/21(A)		1,400		1,435
Teleflex
5.250%, 06/15/24		450		459
4.875%, 06/01/26		375		377
Tenet Healthcare
8.125%, 04/01/22		1,250		1,305
7.500%, 01/01/22(A)		325		351
6.750%, 06/15/23		2,150		2,112
4.500%, 04/01/21		700		700
4.375%, 10/01/21		925		925
Total Medical Products & Services				31,115
Medical-HMO [0.1%]
MPH Acquisition Holdings
7.125%, 06/01/24(A)		3,200		3,440
Medical-Outptnt/Home Med [0.0%]
Amsurg
5.625%, 07/15/22		950		974
Medical-Whsle Drug Dist [0.1%]
Vizient
10.375%, 03/01/24(A)		1,600		1,826
Metal-Copper [0.3%]
First Quantum Minerals
7.500%, 04/01/25		1,000		1,006
7.250%, 04/01/23(A)		3,000		3,034

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 59

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
7.250%, 04/01/23	$	1,000	$	1,011
Freeport-McMoRan
5.400%, 11/14/34		2,300		2,001
3.875%, 03/15/23		1,400		1,287
Total Metal-Copper				8,339
Metal-Iron [1.5%]
Samarco Mineracao
5.750%, 10/24/23(D)		12,900		8,449
5.375%, 09/26/24(D)		3,000		1,950
4.125%, 11/01/22(D)		3,150		2,071
Vale Overseas
6.875%, 11/21/36		7,116		7,686
6.875%, 11/10/39		15,209		16,265
Total Metal-Iron				36,421
Metals & Mining [0.6%]
Hudbay Minerals
7.625%, 01/15/25(A)		600		651
7.250%, 01/15/23(A)		325		345
TiZir
9.000%, 09/28/17		7,300		7,209
Vedanta Resources
8.250%, 06/07/21		5,000		5,372
Total Metals & Mining				13,577
Miscellaneous Business Services [0.1%]
Garda World Security
7.250%, 11/15/21(A)		1,825		1,761
Miscellaneous Manufacturing [0.6%]
Grupo KUO De
6.250%, 12/04/22		32		33
Magnesita Finance
8.625%, 04/29/49		4,043		4,011
Rio Oil Finance Trust Ser 2014-3
9.750%, 01/06/27		9,809		9,882
Total Miscellaneous Manufacturing				13,926
MRI/Medical Diag Imaging [0.1%]
Surgical Care Affiliates
6.000%, 04/01/23(A)		1,350		1,448
Office Automation and Equip [0.1%]
CDW
6.000%, 08/15/22		1,125		1,195
5.500%, 12/01/24		1,125		1,178
5.000%, 09/01/25		350		357
Total Office Automation and Equip				2,730
Oil-Field Services [0.5%]
Borets Finance
7.625%, 09/26/18		3,920		4,040
Hiland Partners
5.500%, 05/15/22(A)		375		391
Oro Negro Drilling Pte
7.500%, 01/24/19(A)		4,000		2,640
Sea Trucks Group
9.000%, 03/26/18(A) (D)		4,480		1,635
Weatherford International
9.875%, 02/15/24(A)		200		232
8.250%, 06/15/23		925		1,006
7.000%, 03/15/38		775		752
6.800%, 06/15/37		225		217
Western Refining Logistics
7.500%, 02/15/23		1,125		1,209
Total Oil-Field Services				12,122
Paper & Related Products [0.4%]
Argos Merger Sub
7.125%, 03/15/23(A)		2,775		2,636
Clearwater Paper
5.375%, 02/01/25(A)		1,450		1,436
Eldorado International Finance GmbH
8.625%, 06/16/21		3,600		3,042
Suzano Austria GmbH
7.000%, 03/16/47		2,500		2,457
Total Paper & Related Products				9,571
Petroleum & Fuel Products [8.3%]
Access Midstream Partners
4.875%, 03/15/24		825		849
Antero Midstream Partners
5.375%, 09/15/24(A)		825		837
Antero Resources
5.625%, 06/01/23		325		332
5.125%, 12/01/22		350		355
5.000%, 03/01/25(A)		825		809
Antero Resources Finance
5.375%, 11/01/21		475		488

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 60

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Ascent Resources Utica Holdings
10.000%, 04/01/22(A) (G)	$	700	$	725
Callon Petroleum
6.125%, 10/01/24(A)		655		681
Carrizo Oil & Gas
7.500%, 09/15/20		775		803
6.250%, 04/15/23		675		677
Cheniere Corpus Christi Holdings
7.000%, 06/30/24(A)		475		523
5.875%, 03/31/25(A)		1,050		1,095
Chesapeake Energy
8.000%, 12/15/22(A)		1,075		1,126
8.000%, 01/15/25(A)		250		250
6.875%, 11/15/20		225		224
5.750%, 03/15/23		500		455
5.375%, 06/15/21		500		465
4.875%, 04/15/22		100		90
Cia General de Combustibles
9.500%, 11/07/21		3,000		3,176
Continental Resources
4.500%, 04/15/23		1,275		1,241
CrownRock
7.750%, 02/15/23(A)		225		239
7.125%, 04/15/21(A)		350		361
CVR Refining
6.500%, 11/01/22		1,425		1,436
Dana Gas Sukuk
9.000%, 10/31/17(A)		2,120		1,950
Diamondback Energy
4.750%, 11/01/24(A)		350		352
DNO
8.750%, 06/18/20(A)		5,500		5,005
Energy Transfer Equity
5.875%, 01/15/24		2,125		2,258
5.500%, 06/01/27		175		183
EP Energy
8.000%, 11/29/24(A)		650		683
7.750%, 09/01/22		150		122
6.375%, 06/15/23		200		153
EP PetroEcuador via Noble Sovereign Funding I
6.787%, 09/24/19(C)		23,637		23,637
Genel Energy Finance
7.500%, 05/14/19(A)		7,400		5,698
General Exploration Partners
11.500%, 11/13/18(A) (B)		500		335
Georgian Oil and Gas JSC
6.750%, 04/26/21		100		105
Gulf Keystone Petroleum
10.000%, 10/18/21		3,587		3,552
Gulfport Energy
6.625%, 05/01/23		550		556
6.375%, 05/15/25		675		663
6.000%, 10/15/24(A)		300		291
Holly Energy Partners
6.000%, 08/01/24(A)		1,150		1,205
Kuwait Energy
9.500%, 08/04/19		2,521		2,320
Laredo Petroleum
7.375%, 05/01/22		775		804
6.250%, 03/15/23		200		203
5.625%, 01/15/22		375		374
MPLX
4.875%, 12/01/24		350		368
Northern Oil and Gas
8.000%, 06/01/20		1,425		1,237
Northern Tier Energy
7.125%, 11/15/20		1,075		1,118
Nostrum Oil & Gas Finance BV
6.375%, 02/14/19		14,873		14,445
Oasis Petroleum
6.875%, 03/15/22		725		743
6.875%, 01/15/23		175		178
6.500%, 11/01/21		675		677
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21		11,608		6,355
Offshore Drilling Holding
8.375%, 09/20/20		5,750		2,472
Parsley Energy
6.250%, 06/01/24(A)		150		159
5.375%, 01/15/25(A)		275		278
5.250%, 08/15/25(A)		275		278
PDC Energy
7.750%, 10/15/22		175		184
6.125%, 09/15/24(A)		450		461
Petrobras Global Finance BV
8.750%, 05/23/26		3,590		4,155
6.875%, 01/20/40		10,845		10,324
6.850%, 06/05/15		2,683		2,391
6.250%, 03/17/24		1,782		1,827
5.375%, 01/27/21		5,060		5,207
Petroleos de Venezuela
9.750%, 05/17/35		12,409		5,367
8.500%, 11/02/17		435		362
8.500%, 10/27/20		16,650		12,487
6.000%, 11/15/26		7,000		2,451
5.250%, 04/12/17		4,467		4,262
Precision Drilling
7.750%, 12/15/23(A)		575		605

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 61

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
6.500%, 12/15/21	$	150	$	150
Puma International Financing
6.750%, 02/01/21		400		413
QEP Resources
6.875%, 03/01/21		400		425
5.250%, 05/01/23		550		539
QGOG Atlantic
5.250%, 07/30/18		2,007		1,971
QGOG Constellation
6.250%, 11/09/19		16,870		10,459
Range Resources
5.000%, 03/15/23(A)		475		468
4.875%, 05/15/25		772		739
Regency Energy Partners
5.500%, 04/15/23		200		208
Rice Energy
7.250%, 05/01/23		200		213
6.250%, 05/01/22		900		927
RSP Permian
6.625%, 10/01/22		625		658
5.250%, 01/15/25(A)		425		428
Sabine Pass Liquefaction
5.625%, 04/15/23		175		190
5.625%, 03/01/25		300		325
5.000%, 03/15/27(A)		550		575
Seven Energy
10.250%, 10/11/21(G)		11,047		2,502
SM Energy
6.750%, 09/15/26		150		151
6.500%, 01/01/23		575		584
6.125%, 11/15/22		225		227
5.625%, 06/01/25		225		215
5.000%, 01/15/24		175		165
Southwestern Energy
4.100%, 03/15/22		1,500		1,403
Summit Midstream Holdings
5.750%, 04/15/25		850		846
5.500%, 08/15/22		1,600		1,600
Targa Resources Partners
5.375%, 02/01/27(A)		925		957
5.250%, 05/01/23		500		511
5.125%, 02/01/25(A)		475		489
Tesoro
5.375%, 10/01/22		375		388
5.125%, 12/15/26(A)		375		393
Tesoro Logistics
6.375%, 05/01/24		200		217
6.250%, 10/15/22		975		1,030
6.125%, 10/15/21		475		497
5.875%, 10/01/20		875		899
5.500%, 10/15/19		50		53
5.250%, 01/15/25		700		732
5.125%, 04/01/24		600		624
Whiting Petroleum
6.250%, 04/01/23		1,525		1,517
5.750%, 03/15/21		150		149
Williams
4.550%, 06/24/24		900		907
WPX Energy
8.250%, 08/01/23		275		306
7.500%, 08/01/20		75		80
6.000%, 01/15/22		300		305
5.250%, 09/15/24		175		169
YPF
8.500%, 07/28/25		4,760		5,163
Zhaikmunai LLP
7.125%, 11/13/19		16,052		15,654
Total Petroleum & Fuel Products				203,498
Phys Practice Mgmnt [0.0%]
MEDNAX
5.250%, 12/01/23(A)		200		204
Printing & Publishing [0.1%]
Multi-Color
6.125%, 12/01/22(A)		1,550		1,616
Nielsen Finance
5.000%, 04/15/22(A)		1,700		1,738
Total Printing & Publishing				3,354
Publishing-Books [0.0%]
McGraw-Hill Global Education Holdings
7.875%, 05/15/24(A)		200		193
Publishing-Newspapers [0.1%]
Gannett
6.375%, 10/15/23		1,125		1,190
5.500%, 09/15/24(A)		300		307
Total Publishing-Newspapers				1,497
Quarrying [0.0%]
Compass Minerals International
4.875%, 07/15/24(A)		1,200		1,175
Radio [0.3%]
CBS Radio
7.250%, 11/01/24(A)		650		683

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 62

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Radio One
9.250%, 02/15/20(A)	$	900	$	869
7.375%, 04/15/22(A)		1,225		1,280
Sirius XM Radio
6.000%, 07/15/24(A)		975		1,044
5.375%, 04/15/25(A)		1,150		1,177
5.375%, 07/15/26(A)		575		587
4.625%, 05/15/23(A)		1,250		1,278
Townsquare Media
6.500%, 04/01/23(A)		500		499
Total Radio				7,417
Real Estate Investment Trusts [0.1%]
GLP Capital
5.375%, 04/15/26		525		542
Iron Mountain
5.750%, 08/15/24		725		740
Lamar Media
5.875%, 02/01/22		525		542
5.750%, 02/01/26		100		107
5.375%, 01/15/24		450		465
MGM Growth Properties Operating Partnership
5.625%, 05/01/24		425		448
RHP Hotel Properties
5.000%, 04/15/23		150		152
Total Real Estate Investment Trusts				2,996
Real Estate Oper/Develop [0.4%]
BR Properties
9.000%, 10/29/49		1,000		1,000
IRSA Propiedades
8.750%, 03/23/23		4,608		5,071
Kaisa Group Holdings
7.560%, 06/30/20(B)		550		543
6.560%, 12/31/19(B)		480		474
6.560%, 12/31/20(B)		885		876
6.560%, 06/30/21(B)		648		644
6.560%, 12/31/21(B)		847		846
Total Real Estate Oper/Develop				9,454
Regional Authority [0.0%]
Rio Oil Finance Trust, Ser 2014-1
9.250%, 07/06/24		227		229
Research and Development [0.1%]
Jaguar Holding II
6.375%, 08/01/23(A)		3,575		3,727
Resorts/Theme Parks [0.1%]
Six Flags Entertainment
5.500%, 04/15/27(A) (G)		1,225		1,221
4.875%, 07/31/24(A)		550		545
Total Resorts/Theme Parks				1,766
Retail [0.7%]
Albertsons
6.625%, 06/15/24(A)		900		921
5.750%, 03/15/25(A)		1,125		1,091
BKW
6.000%, 04/01/22(A)		2,275		2,360
Ferrellgas
6.750%, 01/15/22		1,175		1,111
6.750%, 06/15/23		850		799
6.500%, 05/01/21		675		641
Hillman Group
6.375%, 07/15/22(A)		1,950		1,860
Iceland Bondco
4.607%, 07/15/20(C)		1,000		1,253
KFC Holding
5.250%, 06/01/26(A)		625		636
5.000%, 06/01/24(A)		325		332
Michaels Stores
5.875%, 12/15/20(A)		1,500		1,542
New Look Secured Issuer
4.500%, 07/01/22(C)		2,000		1,872
NPC International
10.500%, 01/15/20		450		464
Party City Holdings
6.125%, 08/15/23(A)		1,550		1,570
Rite Aid
6.125%, 04/01/23(A)		1,050		1,041
Sally Holdings
5.625%, 12/01/25		650		649
Suburban Propane Partners
5.875%, 03/01/27		325		320
Yum! Brands
3.875%, 11/01/23		300		293
Total Retail				18,755
Rubber & Plastic [0.1%]
Goodyear Tire & Rubber
5.125%, 11/15/23		250		261
5.000%, 05/31/26		675		692

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 63

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
4.875%, 03/15/27	$	350	$	350
Total Rubber & Plastic				1,303
Rubber/Plastic Products [0.2%]
Gates Global
6.000%, 07/15/22(A)		2,275		2,315
Semi-Conductors [0.3%]
Entegris
6.000%, 04/01/22(A)		1,300		1,357
Micron Technology
5.500%, 02/01/25		375		389
5.250%, 08/01/23(A)		375		384
5.250%, 01/15/24(A)		400		411
Microsemi
9.125%, 04/15/23(A)		650		747
Qorvo
7.000%, 12/01/25		875		967
Sensata Technologies BV
5.625%, 11/01/24(A)		425		443
5.000%, 10/01/25(A)		575		579
Sensata Technologies UK Financing
6.250%, 02/15/26(A)		225		239
Total Semi-Conductors				5,516
Software & Services [0.1%]
Rackspace Hostin
8.625%, 11/15/24(A)		2,250		2,371
Steel & Steel Works [1.0%]
ArcelorMittal
6.125%, 06/01/25		975		1,082
CSN Resources
6.500%, 07/21/20		6,000		4,995
Ferrexpo Finance
10.375%, 04/07/19		2,588		2,606
Metinvest BV
9.373%, 12/31/21		13,938		12,962
Steel Dynamics
6.375%, 08/15/22		300		312
5.500%, 10/01/24		900		940
5.250%, 04/15/23		125		130
5.125%, 10/01/21		225		232
5.000%, 12/15/26(A)		225		228
Total Steel & Steel Works				23,487
Telecommunication Equip [0.6%]
CommScope
5.500%, 06/15/24(A)		525		543
CommScope Technologies
5.000%, 03/15/27(A)		125		125
CommScope Technologies Finance
6.000%, 06/15/25(A)		950		995
HTA Group
9.125%, 03/08/22		4,050		4,010
9.125%, 03/08/22(A)		4,875		4,827
IHS Netherlands Holdco BV
9.500%, 10/27/21		5,173		5,306
Total Telecommunication Equip				15,806
Telephones & Telecommunications [5.4%]
Altice
7.750%, 05/15/22(A)		850		902
7.625%, 02/15/25(A)		1,250		1,321
Altice US Finance I
5.375%, 07/15/23(A)		575		593
Altice US Finance II
7.750%, 07/15/25(A)		1,000		1,106
Banglalink Digital Communications
8.625%, 05/06/19		750		785
Columbus Cable Barbados
7.375%, 03/30/21		400		429
Comcel Trust
6.875%, 02/06/24		14,475		15,011
CSC Holdings
10.875%, 10/15/25(A)		625		751
10.125%, 01/15/23(A)		825		957
6.625%, 10/15/25(A)		625		680
Digicel
7.000%, 02/15/20(A)		325		312
6.000%, 04/15/21		20,250		18,407
6.000%, 04/15/21(A)		175		159
Digicel Group
8.250%, 09/30/20		20,460		17,685
8.250%, 09/30/20(A)		1,375		1,182
7.125%, 04/01/22		13,500		10,496
eircom Finance DAC
4.500%, 05/31/22		500		552
GTH Finance BV
7.250%, 04/26/23		9,445		10,392
Intelsat Jackson Holdings
8.000%, 02/15/24(A)		875		928
7.500%, 04/01/21		1,225		1,101
5.500%, 08/01/23		1,625		1,341

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 64

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Level 3 Communications
5.750%, 12/01/22	$	450	$	466
Level 3 Financing
5.250%, 03/15/26		400		402
Matterhorn Telecom
3.750%, 05/01/22(C)		1,500		1,600
Matterhorn Telecom, MTN
3.250%, 02/01/23(C)		1,000		1,062
Mauritius Investment
5.373%, 02/13/22		14		14
Millicom International Cellular
6.000%, 03/15/25		9,245		9,476
Sable International Finance
6.875%, 08/01/22		9,805		10,418
Sixsigma Networks Mexico
8.250%, 11/07/21		4,000		3,960
Sprint
7.875%, 09/15/23		3,300		3,655
7.625%, 02/15/25		600		656
7.125%, 06/15/24		500		534
Sprint Capital
6.875%, 11/15/28		1,800		1,901
Sprint Communications
7.000%, 03/01/20(A)		350		381
6.000%, 11/15/22		1,400		1,432
T-Mobile USA
6.836%, 04/28/23		1,500		1,605
6.731%, 04/28/22		125		129
6.633%, 04/28/21		125		129
6.625%, 04/01/23		1,450		1,547
6.500%, 01/15/24		700		756
6.500%, 01/15/26		400		438
6.375%, 03/01/25		575		620
6.125%, 01/15/22		275		290
6.000%, 04/15/24		550		586
Verisure Holding
6.000%, 11/01/22		450		518
Virgin Media Finance
6.375%, 04/15/23(A)		675		704
Virgin Media Secured Finance
5.250%, 01/15/26(A)		2,250		2,261
Vivacom, MTN
6.625%, 11/15/18		673		729
Total Telephones & Telecommunications				131,359
Textile-Home Furnishings [0.0%]
Springs Industries
6.250%, 06/01/21		677		696
Textile-Products [0.3%]
Golden Legacy Pte
8.250%, 06/07/21		4,620		4,922
6.875%, 03/27/24		1,500		1,474
Total Textile-Products				6,396
Transactional Software [0.1%]
Solera
10.500%, 03/01/24(A)		2,050		2,342
Transportation Services [0.9%]
Air Medical Group Holdings
6.375%, 05/15/23(A)		1,625		1,572
Brunswick Rail Finance
6.500%, 11/01/17		1,750		1,251
Far East Capital
8.750%, 05/02/20(D)		5,200		3,354
8.000%, 05/02/18(D)		3,300		2,145
Global Liman Isletmeleri
8.125%, 11/14/21		4,250		4,345
Nielsen Luxembourg SaRL
5.500%, 10/01/21(A)		250		260
Sabre GLBL
5.375%, 04/15/23(A)		900		920
Travelex Financing
6.357%, 08/01/18(C)		738		920
Ukraine Railways via Shortline
9.875%, 09/15/21		7,200		6,950
Total Transportation Services				21,717
Transport-Equip and Leasng [0.1%]
Park Aerospace Holdings
5.500%, 02/15/24(A)		2,400		2,496
5.250%, 08/15/22(A)		250		260
Total Transport-Equip and Leasng				2,756
Utility [0.1%]
Suburban Propane Partners
5.750%, 03/01/25		850		837
5.500%, 06/01/24		1,300		1,281
Total Utility				2,118
Total Corporate Bonds
(Cost $1,188,525)				1,202,337

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 65

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Loan Participations [29.4%]
Aerospace [0.6%]
Aerojet Rocketdyne Holdings Inc Term Loan
2.250%, 06/17/21(H)	$	770	$	762
Air Canada, Term Loan
2.750%, 10/06/23		1,260		1,266
AWAS, Term Loan
3.250%, 06/30/18		1,224		1,227
Dae Aviation Holdings, Term Loan B
4.250%, 07/07/22		1,023		1,026
Engility, Term Loan B-1
3.250%, 08/12/20(H)		2,316		2,326
Engility, Term Loan B-2
3.750%, 08/14/23		2,055		2,064
TransDigm, Term Loan D
3.000%, 06/04/21		1,972		1,965
TransDigm, Term Loan E
3.000%, 05/14/22		1,031		1,027
TransDigm, Term Loan F
3.000%, 06/09/23(H)		2,492		2,480
WP CPP Holdings Term B-3 Loan
3.500%, 12/28/19		839		788
Total Aerospace				14,931
Automotive [0.5%]
Apcoa, Term Loan, 1stLien
0.000%, 03/08/24(H)		2,000		2,142
Car Trawler, Term Loan
4.250%, 04/30/21		2,752		2,906
Cooper, Term Loan
3.500%, 01/30/23(H)		1,000		1,077
Oasis Holdings, Term Loan
2.500%, 11/19/20 (G)		9,580		7,233
Total Automotive				13,358
Broadcasting [0.3%]
CBS Radio, Term Loan B
3.500%, 10/17/23		592		596
CBS Radio, Term Loan B (2017)
2.750%, 03/02/24(H)		750		754
Cumulus Media, Term Loan B
3.250%, 12/23/20		488		365
Entercom Radio LLC Term Loan B
3.500%, 11/01/23		458		460
IHeart Communications Term Loan E
7.500%, 07/30/19(H)		2,143		1,830
Mission / Nexstar Broadcasting Term Loan B - Mission
3.000%, 01/17/24		48		48
Mission / Nexstar Broadcasting Term Loan B - Nexstar
3.000%, 01/17/24		496		500
Quincy Newspapers Term Loan B
4.000%, 11/02/22		426		429
Sinclair Broadcasting Group Term Loan B-2
2.250%, 01/31/24(H)		324		325
Tribune Media, Term Loan B
3.000%, 12/27/20		106		107
Tribune Media, Term Loan C
3.000%, 01/26/24		1,320		1,327
Total Broadcasting				6,741
Broadcasting & Cable [0.3%]
Univision Comm (fka Umbrella) 2017 Replacement Term Loan
2.750%, 03/15/24(H)		4,448		4,418
Virgin Media Term Loan J, 1st Lien
3.827%, 01/30/26(H)		1,500		1,883
Total Broadcasting & Cable				6,301
Cable/Wireless Video [1.7%]
Charter Comm Operating, LLC Term Loan E-1
2.000%, 07/01/20		1,743		1,746
Charter Comm Operating, LLC Term Loan H-1
2.000%, 01/15/22(H)		1,652		1,655
Charter Comm Operating, LLC Term Loan I-1
2.250%, 01/15/24		1,045		1,049
CSC Holdings, Delay Draw
2.250%, 07/15/25(H)		700		697
CSC Holdings, Term Loan B (2016)
3.000%, 11/11/24		735		733
CSC Holdings, Term Loan B (2017)
2.250%, 07/15/25(H)		40		40
Intelsat Jackson Holdings Term Loan B2

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 66

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
2.750%, 06/30/19(C)(H)	$	3,140	$	3,071
Liberty Cablevision of Puerto Rico First Lien Term Loan
3.500%, 01/07/22		2,610		2,598
Liberty Cablevision of Puerto Rico Second Lien
6.750%, 07/07/23		215		209
M7 Group, Term Loan
4.250%, 06/17/21(H)		929		996
MCC Iowa (Broadband) Term Loan H
2.500%, 01/29/21		1,257		1,263
Mediacom LLC Term Loan K
2.250%, 02/19/24		1,140		1,145
Quebecor Media Term Loan B
2.500%, 08/17/20		2,161		2,165
Radiate Holdco Term Loan B
3.000%, 02/01/24		1,135		1,139
Serbia Broadband (Telemach), Term Loan
9.000%, 06/19/19(H)		3,579		3,895
Tele Columbus, Term Loan
4.000%, 01/02/23		2,000		2,127
UPC Financing Term Loan AP
2.750%, 04/15/25		2,210		2,215
WideOpenWest Finance LLC Term Loan B
3.500%, 08/18/23		3,373		3,388
Ziggo B.V. Term Loan E
2.500%, 04/15/25(H)		7,800		7,787
3.000%, 04/15/25(H)		3,000		3,195
Total Cable/Wireless Video				41,113
Chemicals [1.8%]
Albaugh, LLC Initial Term Loan
5.000%, 05/31/21		412		415
Allnex, Term Loan B-1
5.000%, 06/02/23(H)		1,493		1,593
ASP Chromaflo Intermediate Holdings Term Loan B-1
4.000%, 11/20/23		735		738
ASP Chromaflo Intermediate Holdings Term Loan B-2
4.000%, 11/20/23		956		960
Axalta Coating Systems US Holdings Refinanced Term B Loan
2.500%, 02/02/23		384		387
Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien
4.750%, 09/07/21		2,510		2,501
Constantia Flexibles, 1st Lien
4.000%, 04/30/22		824		825
Constantia Flexibles, Initial Term Loan
4.000%, 04/30/22		161		161
Emerald Performance Materials, LLC Initial Term Loan (First Lien)
3.500%, 07/30/21		118		119
Emerald Performance Materials, LLC Second Lien
7.750%, 08/01/22(H)		1,560		1,556
Ferro, Term Loan B
2.500%, 02/13/24		790		794
Flint Group SA, Term Loan C
4.750%, 09/03/21		418		417
GCP Applied Technologies, Term Loan B (2016)
3.250%, 02/03/22		252		254
Gemini HDPE LLC Term Loan B
3.000%, 08/06/21(H)		1,648		1,664
Ineos Group Holdings PLC Term Loan B (2024)
2.750%, 02/10/24(H)		1,905		1,914
Ineos Group Holdings PLC Term Loan B 2022
2.750%, 03/31/22		5,501		5,527
Ineos Group Term Loan
3.250%, 03/31/22(H)		1,965		2,091
INEOS Styrolution Group GmbH Term Loan B (2017)
2.750%, 03/30/24(H)		1,242		1,243
Klockner Pentaplast, Term Loan
4.000%, 04/28/20		923		991
4.000%, 04/28/20(H)		1,043		1,120
Kraton Polymers Term Loan B (2016)
4.000%, 01/06/22		1,026		1,035
MacDermid Inc. (Platform) Term Loan B-4
4.000%, 06/07/23		687		688
MacDermid Inc. (Platform) Term Loan B5
3.500%, 06/07/20		453		457
Minerals Technologies, Term Loan B (2017)
2.250%, 02/14/24		2,435		2,444

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 67

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Minerals Technologies, Term Loan B-2 - Fixed TL
4.750%, 05/07/21	$	3,495	$	3,504
NEP, 1st Lien
4.500%, 01/04/24(H)		1,496		1,618
New Arclin US Holdings Term Loan B
4.250%, 02/10/24		220		222
Parex Group Term Loan B, 1st Lien
0.000%, 03/07/24(H)		1,500		1,595
Perstorp Holding AB, Facility A (Mezzanine), 3rd Lien
7.500%, 12/27/17		913		900
Platform Specialty Products, 1st Lien
4.250%, 06/07/20(H)		2,478		2,652
Royal Adhesives and Sealants LLC Second Lien
7.500%, 06/19/23		552		552
Royal Adhesives and Sealants LLC Term Loan B
3.250%, 06/20/22(H)		625		631
Sapec, Term Loan B, 1st Lien
4.750%, 12/15/23(H)		2,500		2,627
Univar Term Loan B2
2.750%, 07/01/22		240		240
Total Chemicals				44,435
Consumer Durables [0.1%]
American Bath Group Delayed Term Loan
8.250%, 09/30/23(H)		41		41
American Bath Group Incremental Term Loan
6.250%, 09/30/23(H)		393		395
American Bath Group Replacement Term Loan
5.250%, 09/30/23		772		778
Innocor, Term Loan
4.750%, 02/02/24		395		397
Serta Simmons Bedding Initial Term Loan (First Lien)
3.500%, 11/08/23		610		612
Total Consumer Durables				2,223
Consumer Non-Durables [0.4%]
Coty Inc Term B Loan
3.000%, 09/29/23		525		529
Eastman Kodak Company Exit Term Loan
6.250%, 09/03/19		821		822
Horizon Holdings III, 1st Lien
4.500%, 10/31/22(H)		2,000		2,139
NBTY (Nature’s Bounty Co.) Term Loan B (2017)
3.500%, 05/05/23(H)		314		316
PHS Group Limited Term Loan
6.250%, 11/15/21		1,697		2,150
Prestige Brands, Term Loan B-4
2.750%, 01/20/24		920		928
Varsity Brands (Hercules Achievement) Term Loan B
4.000%, 12/10/21		1,971		1,995
Total Consumer Non-Durables				8,879
Diversified Media [1.3%]
Affinion Group, Term Loan B - 2018
5.250%, 04/30/18		975		971
ALM Media, LLC Term Loan B
4.500%, 07/31/20(G)		206		195
Audiotonix Term Loan, 1st Lien
0.000%, 03/22/24(H)		1,223		1,211
Bureau Van Dijk
5.216%, 09/17/21		867		1,090
Camelot Finance Term Loan B
3.750%, 10/03/23		970		971
Creative Artist Agency LLC Term Loan B (2024)
3.500%, 02/13/24		1,062		1,076
Deluxe Entertainment Services Group Term Loan
5.500%, 02/28/20		1,539		1,548
Donnelley Financial Solutions Term B Loan
4.000%, 09/29/23		381		385
Formula One (Alpha Topco) Term Loan B
3.250%, 02/24/24(H)		840		839
Harland Clarke Holdings Term Loan B-5
6.000%, 12/31/21		2,757		2,779
Harland Clarke Holdings Term Loan B-6
5.500%, 02/09/22		9,024		9,080
Learfield Communications Term Loan
3.250%, 12/01/23		249		252

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 68

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Lions Gate Entertainment Term Loan B
3.000%, 12/08/23	$	2,508		$	2,521
McGraw-Hill Global Education Holdings LLC Term Loan - 2022
4.000%, 05/04/22		525			518
MediArena Acquisition (Endemol) First Lien Term Loan
5.750%, 08/13/21(H)		1,454			1,287
Merrill Communications LLC Term Loan - 2022
5.250%, 06/01/22		1,144			1,144
Micro Holdings, (Internet Brands) Delay Draw
3.750%, 07/08/21(H)		166			166
Micro Holdings, (Internet Brands) Term Loan
3.750%, 07/08/21		303			304
Nielsen Finance LLC Term Loan B-3
2.500%, 10/04/23		963			967
Rovi Solutions, Term Loan B
2.500%, 07/02/21		562			563
WME IMG Holdings LLC Initial Term Loan
3.250%, 05/06/21		2,720			2,730
WME IMG Holdings LLC Second Lien
7.250%, 05/06/22(H)		2,427			2,451
Total Diversified Media					33,048
Energy [1.5%]
Alon USA Inc MLP Term Loan
8.000%, 11/26/18		540			540
Azure Midstream Holdings LLC Term Loan B
6.500%, 11/15/18		885			838
Blackhawk Mining Term Loan B			��
9.500%, 02/14/22		1,560			1,513
California Resources, Term Loan
10.375%, 12/31/21(H)		790			872
Chesapeake Energy, Term Loan
7.500%, 08/23/21		2,320			2,468
Chief Exploration & Development LLC Second Lien
6.500%, 05/16/21(H)		1,475			1,434
CITGO Petroleum, Term Loan B 2015
8.500%, 05/12/18		3,734			3,786
Crestwood Term Loan B-1
8.000%, 06/19/19		965			965
EMG Utica Term Loan
3.750%, 03/27/20(H)		2,087			2,092
Energy Transfer Equity LP Term Loan B (2017)
2.750%, 01/31/24(H)		7,780			7,755
Euro Garage Limited, Term Loan
6.091%, 01/27/23(H)		2,000			2,508
Frac Tech International Term Loan B - 2014
4.750%, 04/16/21(G)(H)		2,351			2,040
Gavilan Resources Second Lien
6.000%, 02/24/24(H)		1,370			1,353
Hi-Crush Partners Term Loan B
3.750%, 04/28/21		593			569
KCA Deutag Term Loan
5.750%, 05/15/20(H)		1,275			1,213
MEG Energy, Term Loan B
3.500%, 12/31/23		760			760
Motor Fuel, Term Loan
6.000%, 08/05/22(H)		2,000			2,516
New World Resources, Term Loan
13.000%, 10/07/17 (G)		214			—
Paradigm Term C Loan
3.500%, 07/30/19		137			111
Philadelphia Energy Solutions Term Loan
5.000%, 04/04/18		286			259
Sheridan Production Partners Term Loan II-A
3.500%, 12/16/20(G)		76			62
Sheridan Production Partners Term Loan II-M
3.500%, 12/16/20(G)		28			23
Sheridan Production Partners Term Loan II-SIP
3.500%, 12/16/20(G)		546			448
Templar Energy LLC Common
0.000%,		105			778
Western Refining Term Loan B
4.250%, 11/12/20		275			275
Western Refining Term Loan B-2
4.500%, 06/23/23		620			620
Total Energy					35,798

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 69

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Financial [2.3%]
Accelya International Term Loan
0.000%, 03/29/24	$	2,000	$	1,990
Altisource Term Loan B
3.500%, 12/09/20		483		467
Aretec Group, Term Loan
0.000%,		3		44
Aretec Group, Term Loan
8.000%, 11/23/20		497		501
Aretec Group, Second Lien
5.500%, 05/23/21		1,591		1,511
Aruba Investments, 1st Lien
4.250%, 02/02/22		983		1,048
Asurion, LLC (fka Asurion), Replacement B-2 Term Loan
3.250%, 07/08/20		3,365		3,383
Asurion, LLC (fka Asurion), Second Lien
7.500%, 03/03/21		5,520		5,582
Asurion, LLC (fka Asurion), Term Loan B-4 (New)
3.250%, 08/04/22		2,574		2,585
Asurion, LLC (fka Asurion), Term Loans - PIK
9.000%, 08/31/21		1,890		1,963
Avolon, Term Loan B-2
2.750%, 03/20/22(H)		2,435		2,467
Dubai World, Term Loan
4.750%, 09/30/22(G)		18,970		16,029
2.000%, 09/30/18		6,836		5,994
EVO Payments International Second Lien
9.000%, 12/08/24(H)		125		125
EVO Payments International Term Loan B
5.000%, 12/08/23(H)		655		660
Freedom Mortgage, Term Loan B
5.500%, 02/17/22		525		532
Grosvenor Capital, Term Loan
3.000%, 08/18/23		—		—
Hub International Holdings Initial Term Loan
3.000%, 10/02/20(H)		—		—
iStar Financial, Term Loan B
3.750%, 07/01/20		2,064		2,082
LPL Holdings, Term Loan B
2.500%, 03/08/24		300		300
Ocwen Financial Term Loan
5.000%, 12/07/20(H)		1,294		1,303
Optimal Payments Ltd., Term Loan
4.000%, 01/22/21		2,000		2,139
Russell Investments Term Loan B
5.750%, 06/01/23(H)		852		861
Tackle Term Loan B, 1st Lien
0.000%, 08/08/22(H)		500		533
Victory Capital Management Term Loan B
7.500%, 10/29/21		751		758
Virtu Financial LLC (aka VFH) Term Loan B
3.500%, 10/27/22		963		965
Vistra Group, Ltd., Term Loan
4.750%, 07/21/22(H)		988		1,061
Walter Investment Management Term Loan B
3.750%, 12/18/20		2,305		1,983
Total Financial				56,866
Food and Drug [0.4%]
Albertsons, LLC 2016-1 Term B-6 Loan
3.250%, 06/22/23		2,280		2,291
Albertsons, LLC Term Loan B4
3.000%, 08/25/21		995		999
Rite Aid, Second Lien - Tranche 1 Term Loans
4.750%, 08/21/20		1,085		1,086
Rite Aid, Second Lien - Tranche 2 Term Loans
3.875%, 06/21/21		440		441
Solina Group Term Loan
4.750%, 12/16/22		2,000		2,141
Soppa Holdings, Term Loan
3.750%, 08/23/21(H)		2,000		2,141
Total Food and Drug				9,099
Food/Tobacco [0.6%]
Agrokor
10.500%, 06/04/18(H)		6,917		406
Amplify Snack Brands, Inc. Term Loan B
5.500%, 09/02/23		1,080		1,047
Burger King (1011778 B.C. / New Red) Term Loan B-3
2.250%, 02/17/24(H)		4,521		4,523

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 70

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Deoleo, S.A. (Deoleo USA, Inc), Initial Term Loan,
4.500%, 06/02/21(H)	$	3,000	$	2,356
JBS USA LLC Term Loan B (2017)
2.500%, 10/30/22		1,780		1,786
Landry’s, Term Loan B (2016)
3.250%, 10/04/23		321		323
Milk Specialties Term Loan
4.000%, 08/16/23		1,020		1,028
NPC International, Second Lien
7.500%, 04/03/25(H)		115		116
NPC International, Inc. Term Loan B
3.500%, 04/03/24(H)		320		322
United Biscuits, Term Loan
4.837%, 12/10/21(H)		1,000		1,254
US Foods, Term Loan B
2.750%, 06/27/23		1,409		1,421
Total Food/Tobacco				14,582
Forest Prod/Containers [0.5%]
Anchor Glass Container, Term Loan (Second Lien)
7.750%, 12/07/24		85		86
Anchor Glass Container, Term Loan B
3.250%, 12/07/23		658		662
Berry Plastics Corp. Term Loan I
2.500%, 10/01/22		553		557
Berry Plastics Corp. Term Loan J
2.500%, 01/13/24		390		392
Berry Plastics Corp. Term Loan K
2.250%, 02/08/20		790		794
BWAY Holding Company Term Loan B
3.250%, 04/03/24(H)		2,330		2,323
Caraustar Industries, Inc. Term Loan B (2017)
5.500%, 03/09/22		1,460		1,471
CD&R Millennium LLC (Mauser) First Lien Term Loan
3.500%, 07/31/21		—		—
CD&R Millennium LLC (Mauser) Second Lien
7.750%, 07/31/22		820		821
Oak Tea, Term Loan
4.250%, 07/02/21		265		285
Pfleiderer Term Loan, 1st Lien
0.000%, 04/04/24(H)		560		596
ProAmpac Term Loan B
4.000%, 11/20/23(H)		908		914
Reynolds Group Holdings Incremental US Term Loans
3.000%, 02/05/23		1,922		1,928
Signode Industrial Group US Inc. Term Loan B
3.000%, 05/01/21		1,773		1,775
Total Forest Prod/Containers				12,604
Gaming/Leisure [2.3%]
Amaya Initial Term Loan B-3
3.500%, 08/01/21		1,497		1,499
Apple Leisure Group (Casablanca) Term Loan
4.750%, 03/31/24(H)		575		572
Belmond Interfin Ltd. Term Loan
3.000%, 03/19/21		388		388
Boyd Gaming, Term Loan B (2017)
2.500%, 09/15/23(H)		565		568
Caesars Entertainment Op Co Prop Co, Term Loan
6.000%, 10/11/20		3,467		3,483
Caesars Entertainment Op Co, Term Loan B-5
5.750%, 10/31/17(H)		2,550		2,870
Caesars Entertainment Op Co, Term Loan B-6 Extended
6.750%, 03/01/18(C)(H)		5,761		6,658
Caesars Entertainment Op Co, Term Loan B7
8.750%, 03/01/17(H)		1,770		2,152
CCM Merger (Motor City), Term Loan B - new
3.250%, 08/06/21		1,404		1,411
Cyan Blue Holdco 2 Limited, Initial Term Loan, 1st Lien
6.500%, 02/25/22		2,000		2,529
Diamond Resorts Corp Term Loan B
6.000%, 09/02/23		2,731		2,750
Eldorado Resorts, Term Loan B
2.250%, 03/16/24(H)		1,465		1,461

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 71

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Equinox Holdings, Second Lien
7.000%, 03/03/25	$	180	$	182
ESH Hospitality, Term Loan B
2.500%, 08/20/23		1,493		1,499
Four Seasons Holdings, Term Loan (12/13)
3.000%, 11/30/23		—		—
3.000%, 11/30/23		1,237		1,249
Gateway Casinos & Entertainment Term Loan B-1
3.750%, 02/22/23(H)		235		237
Global Cash Access Term B Loan
5.250%, 12/18/20		1,095		1,106
GLP Capital LP (Gaming & Leisure) Incremental Tranche A-1
1.750%, 04/29/21		4,635		4,583
Greektown Holdings Term Loan B
3.000%, 03/21/24(H)		1,000		999
Hilton Worldwide Finance, LLC. Term Loan B-2
2.000%, 10/25/23(H)		8,720		8,780
La Quinta Intermediate Holdings Term Loan B
2.750%, 04/14/21		411		414
Las Vegas Sands Term Loan B (2017)
2.000%, 03/29/24(H)		388		388
MGM Growth Properties Term Loan B
2.500%, 04/25/23(C)		1,080		1,084
MGM Resorts Term Loan A
2.250%, 04/23/21		716		716
Mohegan Tribal Gaming Term Loan B (2016)
4.500%, 10/13/23(H)		1,348		1,349
Park Resorts Term Loan, 2nd Lien
0.000%, 12/31/49(H)		1,500		1,889
Penn National Gaming Term Loan B
2.500%, 01/12/24		235		236
Playa Resorts Holding Term Loan B
3.000%, 08/09/19		342		342
Scientific Games, Term Loan B-3
4.000%, 10/01/21		1,342		1,359
Station Casinos Term Loan B
2.500%, 06/08/23		288		288
Tipico, Term Loan
5.000%, 04/27/22		1,500		1,599
UFC Holdings (Buyer) Second Lien
7.500%, 08/18/24		215		219
UFC Holdings (Buyer) Term Loan B - 2023
3.250%, 08/18/23		507		510
Wynn America Tranche A Term Loans
1.750%, 11/19/20		380		377
Total Gaming/Leisure				55,746
Healthcare [3.0%]
Albany Molecular Research Term Loan B
4.750%, 07/16/21		452		454
Apollo 5 GmbH, Facility B (Dragenopharm), 1st Lien
5.000%, 09/29/20		2,000		2,078
Ardent Legacy Holdings Term Loan B
5.500%, 08/04/21(H)		1,192		1,189
CDRH (Healogics) Term Loan B
4.250%, 07/01/21		322		299
Cerba Healthcare Term Loan, 1st Lien
5.000%, 03/21/24(H)		1,000		1,061
Change Healthcare Holdings, Term Loan B
2.750%, 03/01/24(H)		5,335		5,342
Coherent Holding, Term Loan
3.500%, 08/01/23		2,000		2,164
Cole-Parmer Term Loan B
4.000%, 03/17/24(H)		390		392
Community Health Systems, Term Loan A - 2019
2.500%, 01/25/19		2,850		2,844
Community Health Systems, Term Loan G
2.750%, 12/25/19		1,767		1,754
Community Health Systems, Term Loan H
3.000%, 01/15/21(H)		5,097		5,024
Concordia Healthcare Initial Dollar, Term Loan
4.250%, 10/21/21(H)		1,978		1,381

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 72

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
ConvaTec Healthcare Term B Loan
2.500%, 10/25/23	$	280	$	282
Endo Pharmaceutical Term Loan B
3.000%, 09/26/22(H)		1,064		1,062
Etypharm Term Loan, 1st Lien
0.000%, 07/21/23(H)		1,000		1,259
Explorer Holdings Term Loan B
5.000%, 05/02/23		372		376
Gesundheits, Term Loan
4.750%, 07/25/21		1,000		1,074
Greatbatch, Ltd. Term Loan B (2017)
3.500%, 10/27/22		1,646		1,644
Grifols, Inc Term Loan B (2017)
2.250%, 01/24/25		3,295		3,299
Halyard Health, Cov-Lite, Term Loan B, 1st Lien
0.000%, 11/01/21(H)		765		771
HCA Inc Term Loan B-8
2.250%, 02/15/24		2,713		2,735
HCA Inc Term Loan B-9
2.000%, 03/18/23		1,876		1,884
Iasis Healthcare, Term Loan B - 2013
3.250%, 05/03/18		2,248		2,247
Indivior Finance S.Ã r.l. Term Loan B
6.000%, 12/19/19		1,848		1,857
inVentiv Health, Term Loan B
3.750%, 11/09/23		399		400
Kindred Healthcare, Term Loan B
3.500%, 04/09/21		797		796
Kinetic Concepts Term Loan B (2017)
3.250%, 01/31/24		960		960
Lannett Company, Term Loan A
4.750%, 11/25/20(H)		2,037		2,006
Lannett Company, Term Loan B
5.375%, 11/25/22		594		591
Mallinckrodt plc Term Loan B (2017)
2.750%, 09/24/24(H)		305		305
MultiPlan Inc Term Loan B
3.750%, 06/07/23(H)		3,787		3,833
Novacap, Term Loan
5.000%, 04/28/23(H)		1,000		1,075
Pharmaceutical Product Development, Inc. Term Loan
3.250%, 08/18/22		257		258
Quintiles IMS, Term Loan B-1
2.000%, 03/03/24		392		396
Quorum Health Term Loan B
5.750%, 04/29/22(H)		346		337
Royalty Pharma (aka RPI) Term Loan B-5
2.500%, 10/14/22(H)		1,425		1,428
Royalty Pharma (aka RPI) Term Loan B-6
2.000%, 03/23/23		2,295		2,300
Royalty Pharma (aka RPI) Term Loan B-6 Delayed Draw
2.000%, 03/23/23(H)		75		75
Siemens Audiology Term Loan
4.250%, 01/17/22(H)		980		1,058
Sunrise Medical, Cov-lite Term Loan
5.000%, 07/05/22		303		324
Sunrise Medical, Lien 1 Term Loan B
5.000%, 07/05/22		2,197		2,346
Team Health Term Loan
2.750%, 01/12/24		620		615
Unilabs Diagnostics, Cov-lite, Term Loan B, 1st Lien
4.250%, 09/27/21(H)		2,500		2,644
Unither Term Loan B, 1st Lien
4.000%, 02/01/24		1,500		1,616
Valeant Pharmaceuticals International Series F-1 Tranche B Term Loan
4.750%, 04/01/22(H)		4,765		4,776
Valeant Pharmaceuticals International, Series A-4 Tranche A Term Loan
4.530%, 04/01/20(H)		469		469
Vedici Group, Term Loan
0.000%, 10/31/22(H)		2,000		2,143
Total Healthcare				73,223
Housing [0.5%]
ABC Supply Company Term Loan B - new
2.750%, 10/31/23		1,260		1,262
Capital Automotive LP Second Lien (2017)
6.000%, 03/21/25		4,325		4,368

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 73

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Capital Automotive LP Term Loan B (2017)
3.000%, 03/21/24	$	2,380	$	2,404
DTZ US Borrower LLC 2015-1 Additional Term Loan (First Lien)
3.250%, 11/04/21		4,526		4,549
DTZ US Borrower LLC, Second Lien
9.289%, 11/04/22		89		89
Quikrete Holdings, Term Loan B
3.250%, 11/15/23		364		367
Total Housing				13,039
Industrials [0.2%]
Delachaux, Term Loan
5.250%, 09/25/21		360		449
IVC Term Loan B, 1st Lien
0.000%, 01/25/24		1,000		1,259
Xella Term Loan B, 1st Lien
0.000%, 02/02/24(H)		2,500		2,665
Total Industrials				4,373
Information Technology [2.4%]
Aricent Technologies Term Loan
4.500%, 04/14/21		570		570
Arris Group, Term Loan A
1.750%, 06/18/20		281		276
Arris Group, Term Loan B 2015
2.750%, 04/17/20		719		723
Avaya, Term B-6 Loans
5.500%, 03/31/18		908		721
Avaya, Term Loan B-7
5.250%, 04/30/20(H)		2,106		1,675
Blackboard, Term Loan B-4
5.000%, 06/30/21		908		903
Cavium, Term Loan B (2017)
2.250%, 08/16/22		638		641
CCC Information Second Lien
6.750%, 04/24/25(H)		75		74
CCC Information Term Loan B
3.000%, 04/24/24(H)		225		224
Cologix Delay Draw
3.000%, 12/09/21(H)		65		65
Cologix Second Lien
7.000%, 03/20/25(H)		100		100
Cologix Term Loan B
3.000%, 03/20/24(H)		325		325
CompuCom Systems, Inc. Term Loan B
3.250%, 05/09/20		79		65
Computer Sciences Government Services, Term Loan B
2.500%, 11/30/23		516		520
Compuware Corporation Term Loan B-3
4.250%, 12/15/21		370		371
Cortes NP Acquisition (Vertiv) Term Loan B (2017)
4.000%, 11/30/23		1,176		1,187
Cypress Semiconductor Corporation Term Loan B
3.750%, 07/05/21		634		639
Dell Term A2 Loan
2.250%, 09/07/21(H)		3,343		3,340
Dell Term A3 Loan
2.000%, 12/31/18		2,030		2,031
Dell Term Loan B (2017)
2.500%, 09/07/23		4,799		4,815
EIG Investors, Term Loan
5.000%, 02/09/23		583		587
Epicor Software Corporation Term Loan B-1
4.000%, 06/01/22		698		699
Equinix, Cov-Lite, Term Loan B, 1st Lien
0.000%, 12/07/23(H)		2,500		2,689
Globallogic Holdings Inc, Term Loan B
4.500%, 06/20/22		445		446
Imagine Print Solutions, Inc Term Loan B
6.000%, 03/30/22		332		334
Infinitas, Term Loan
5.500%, 02/05/23(H)		2,000		2,165
Inovalon Holdings Term Loans
1.250%, 09/19/19		2,753		2,649
Internap Term Loan
6.000%, 11/26/19		297		297
ION Trading Technologies S.A.R.L., Tranche B-1 Euro Term Loan,
4.500%, 06/10/21		1,632		1,754
iParadigms Holdings LLC First Lien Term Loan
4.000%, 07/30/21		119		118
IPC,Term B-1 Loans
4.500%, 08/06/21(H)		828		770
JDA Software Group, (RP Crown) Term Loan B
3.500%, 10/12/23		284		286

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 74

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
LANDesk Software Term Loan B
4.250%, 01/20/24	$	650	$	653
Leidos (Abacus Innovations), Term Loan B
2.250%, 08/16/23		569		573
LGC Science Holdings Term Loan
3.750%, 03/08/23		1,285		1,380
Lionbridge Technologies Term Loan B
5.500%, 02/06/24		315		314
Oberthur, Cov-Lite, Term Loan B-1, 1st Lien
3.750%, 12/14/23(H)		764		815
Oberthur, Cov-Lite, Term Loan B-2, 1st Lien
3.750%, 12/14/23(H)		1,236		1,318
On Semiconductor Loan
1.750%, 01/02/18		248		248
Optiv Security Second Lien
7.250%, 01/19/25		155		157
Optiv Security Term Loan
3.250%, 01/19/24		760		763
Presidio, Term B Loan
3.250%, 02/02/22		1,261		1,273
Quest Software (Seahawk) Term Loan B
6.000%, 10/31/22		244		248
Rackspace Hosting, Term Loan B
3.500%, 11/03/23(H)		978		984
RAET, Term Loan
4.250%, 07/01/21		1,500		1,605
Redtop, 1st Lien
4.000%, 12/03/20		1,000		1,075
Riverbed Technology, First Amendment Term Loan
3.250%, 04/25/22(H)		6		6
Salient CRGT Inc Term Loan B
5.750%, 02/27/22		455		447
Sirius Computer Solutions (SCS) Term Loan B
4.250%, 10/30/22		483		487
SolarWinds Term Loan
3.500%, 02/05/23		427		427
Solera Term Loan B
3.250%, 03/03/23(H)		2,030		2,038
Solera, LLC (Solera Finance), Euro Term Loan, 1st Lien
5.750%, 03/03/23(H)		1,990		2,147
Sophia LP Term Loan B
3.250%, 09/30/22		232		232
Southern Graphics, Term Loan - 2013
3.250%, 10/17/19		200		201
SS&C Technologies Term Loan B-1 (new)
2.250%, 07/08/22		1,684		1,692
SS&C Technologies Term Loan B-2 (new)
2.250%, 07/08/22		144		145
Synchronoss Technologies Term Loan B
2.750%, 01/12/24		385		382
TTM Technologies Term Loan
4.250%, 05/31/21		984		999
Vertafore, (VF Holding) Term Loan (2016)
3.250%, 06/30/23(H)		1,189		1,194
Webhelp Term Loan
4.250%, 03/16/23(H)		1,000		1,078
Webhelp Term Loan B, 1st Lien
4.250%, 12/31/49(H)		1,500		1,886
Western Digital, Term Loan A
2.000%, 04/29/21		1,000		1,003
Western Digital, Term Loan B-2
2.750%, 04/29/23		865		870
Xerox Business Services (Conduent) Term Loan B
5.500%, 12/07/23		743		751
Total Information Technology				59,450
Manufacturing [0.5%]
Alpha 3 Term Loan B-1
3.000%, 01/31/24		380		381
Bright Bidco Term Loan B
4.500%, 03/17/24(H)		1,170		1,177
Columbus Mckinnon Term Loan B
3.000%, 01/20/24		369		372
Diebold, Term Loan B
4.500%, 11/06/23		636		645
Dynacast International LLC Term Loan B-1
3.250%, 01/28/22(H)		811		813
Flex Acquisition Company, (Novolex) Initial Term Loan
3.250%, 12/29/23		240		241
Gates Global LLC Term Loan B
3.250%, 07/06/21(H)		1,883		1,885

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 75

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Keurig Green Mountain, Inc Term Loan A
1.750%, 03/03/21	$	2,181	$	2,178
LTI Boyd, Second Lien
9.250%, 04/14/23		335		318
Manitowoc Term Loan B
3.000%, 03/03/23		829		837
Milacron, Term Loan B (2017)
3.000%, 09/28/23		314		316
Otter Products, LLC Term Loan B
4.750%, 06/03/20(H)		1,467		1,446
Ravago Holdings America, Inc. Term Loan B (2016)
3.250%, 07/13/23		447		449
Safway Group Holding LLC Term Loan B
4.750%, 08/21/23		597		603
Total Manufacturing				11,661
Metals/Minerals [0.4%]
Arch Coal, Term Loan B
4.000%, 02/28/24		640		638
Atkore International, Term Loan (2016)
3.000%, 12/15/23(H)		1,706		1,716
Atlas Iron Limited Term Loans
4.330%, 05/06/21(G)		57		54
Contura Energy, Term Loan B
5.000%, 03/13/24		780		770
Fairmount Minerals, Ltd. New Term Loan B-2
3.500%, 09/05/19		587		574
Foresight Energy LLC Term Loan B
5.750%, 03/16/22(H)		1,170		1,138
Fortescue Metals Group (FMG) Cov-Lite Term Loan
2.750%, 06/30/19(C)(H)		2,212		2,224
Global Brass and Copper, Term Loan B
4.250%, 07/18/23		338		343
Peabody Energy, Exit Term Loan
4.500%, 02/08/22(H)		395		394
SLV, Term Loan B, 1st Lien
4.250%, 12/13/23(H)		1,000		1,072
US Silica Add-On Term Loan
3.500%, 07/23/20		623		623
US Silica Term Loan B
3.000%, 07/23/20		214		214
Zekelman Industries (fka JMC Steel) Term Loan B
3.750%, 06/14/21		661		670
Total Metals/Minerals				10,430
Publishing [0.1%]
Springer Science and Business Media, Term Loan
3.750%, 06/15/20		1,990		2,118
Real Estate [0.1%]
Flamingo LUX II, Senior Facility B, 1st Lien
4.250%, 07/28/23		1,482		1,592
Retail [1.5%]
Abercrombie & Fitch Management Co. Term Loan B
3.750%, 08/07/21		1,068		1,025
Action Netherland, Term Loan B, 1st Lien
4.250%, 02/25/22(H)		1,000		1,082
AS Adventure, Term Loan
5.617%, 04/12/22(H)		1,000		1,140
AS Adventure, Term Loan B
5.000%, 04/01/22(H)		2,000		2,048
Ascena Retail Group Tranche B Term Loan
4.500%, 08/21/22(H)		1,073		963
Bass Pro Group Term Loan B
5.000%, 12/16/23(H)		1,160		1,116
Belk, Term Loan
4.750%, 12/12/22(H)		795		669
CWGS Group, LLC Term Loan B - 2023
3.750%, 11/08/23(H)		1,403		1,408
Dollar Tree, Term Loan B-2 - Fixed TL
4.250%, 07/06/22		4,210		4,242
Dunmen Orange, Term Loan
5.000%, 12/02/22(H)		3,000		3,172
Harbor Freight Tools USA, Term Loan
3.250%, 08/18/23		433		432
Hudson’s Bay, Term Loan B - 2022
3.250%, 09/30/22		2,335		2,235
J Crew Group, Term Loan B
3.000%, 03/05/21		1,214		735

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 76

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
JC Penney Term Loan B
4.250%, 06/23/23	$	2,585	$	2,565
Kate Spade & Company Term Loan B
3.000%, 04/09/21		263		263
Men’s Wearhouse, Term Loan B
3.500%, 06/18/21		411		389
Men’s Wearhouse, Term Loan B1 (Fixed)
5.000%, 06/18/21		915		860
Neiman Marcus (fka Mariposa) New Term Loan
3.250%, 10/25/20(H)		775		622
Pam, Term Loan
5.395%, 06/20/22		1,000		1,261
Sears Roebuck Acceptance, Term Loan
7.500%, 07/20/20		742		748
Sears Roebuck Acceptance, Term Loan B
4.500%, 06/30/18(H)		2,389		2,357
Toys R Us, Initial Term Loan
5.000%, 08/21/19		3,378		3,226
Toys R Us-Delaware, FILO CAD Term Loan
7.250%, 10/24/19		348		347
Toys R Us-Delaware, FILO US Term Loan
7.250%, 10/24/19		432		430
Toys R Us-Delaware, Term B-3 Loan
3.750%, 05/25/18		90		83
Toys R Us-Delaware, Term Loan B-2
3.750%, 05/25/18		1,561		1,423
Toys R Us-Delaware, Term Loan B4
8.750%, 04/24/20		1,040		825
Total Retail				35,666
Service [2.1%]
AHT Cooling
4.271%, 11/19/20(H)		976		1,033
AI Avocado BV
4.000%, 10/08/21		1,000		1,059
4.250%, 09/17/21(H)		1,000		1,061
American Teleconferencing Services Term Loan B
6.500%, 12/08/21(H)		280		278
Busy Bees Nurseries Ltd., Term Loan
4.750%, 04/29/22(H)		1,000		1,252
Callcredit Information Group, 1st Lien
5.020%, 02/12/21(H)		2,797		3,485
Casella Waste Systems Term Loan B
3.000%, 10/17/23		165		165
Coinstar (Outerwall) Term B Loan (First Lien)
4.250%, 09/27/23		363		366
Daseke Delay Draw
5.500%, 02/03/24(H)		99		99
Daseke Term Loan B
5.500%, 02/03/24		246		248
DigitalGlobe, Term Loan
2.750%, 01/15/24		404		405
Dorna Sports, Term Loan
3.500%, 04/30/21		1,883		2,004
Environmental Resources, Term Loan
8.000%, 05/09/22		1,000		903
5.000%, 05/14/21		3,500		3,272
Evertec Group, LLC Term A Loan
2.250%, 04/17/18		72		71
First Data, Term Loan
3.000%, 03/24/21		4,056		4,086
First Data, Term Loan B (2016)
3.000%, 07/10/22		4,210		4,241
Gartner, Term Loan A
2.000%, 03/16/22(H)		730		733
Gartner, Term Loan B
2.000%, 03/16/24(H)		680		685
Geo Group Term Loan B
2.250%, 03/16/24(H)		390		392
GFL Environmental Term Loan B
2.750%, 09/29/23		403		404
Hertz, Term Loan B1
2.750%, 06/30/23(H)		259		259
Hotelbeds Group, Term Loan
6.250%, 05/31/23(H)		1,000		1,081
Hotelbeds Group, Term Loan, 1st Lien
6.250%, 09/12/23		1,000		1,081
Infor Term Loan, 1st Lien
0.000%, 06/02/20		2,000		2,147
iQor US, Term Loan B
5.000%, 04/01/21 (G)		1,666		1,618

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 77

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Kar Holdings, Term Loan B-3
3.500%, 03/09/23	$	2,970	$	3,001
LS Deco LLC (Leighton) Term Loan B
3.500%, 05/21/22(H)		270		271
OGF Term Loan B, 1st Lien
0.000%, 10/30/20(H)		1,500		1,606
Prime Security Services Term B-1 Loans
3.250%, 05/02/22		873		881
Redbox Automated Retail Term Loan
7.500%, 09/27/21		517		516
Sedgwick, 2016 Replacement Term Loans
3.250%, 03/01/21		119		120
Sedgwick, First Lien Term Loan
2.750%, 03/01/21		1,464		1,462
Sedgwick, Second Lien
5.750%, 02/28/22(H)		825		823
Sedgwick, Second Lien - Add-On
5.750%, 02/28/22		925		923
Spin Holdco (Coinmach) Term Loan B
3.250%, 11/14/19		47		47
St. George’s University Scholastic Services Term Loan B
5.250%, 07/06/22		245		248
Sutherland Global Services Initial Cayman Term Loan
5.000%, 04/23/21		378		365
Sutherland Global Services Initial US Term Loan
5.000%, 04/23/21		1,623		1,570
TKC Holdings, Second Lien
7.500%, 02/01/24(H)		240		240
TKC Holdings, Term Loan B
3.750%, 02/01/23		470		474
TMF Group, Term Loan B, 1st Lien
4.000%, 09/29/23(H)		1,000		1,076
TransUnion LLC Term Loan B-2
2.500%, 04/09/23		555		558
Travelport Term Loan C
3.250%, 09/02/21		2,500		2,517
USIC Holdings, Term Loan
3.750%, 12/08/23		284		286
Verisure Holdings Term Loan
3.750%, 10/21/22(H)		1,000		1,069
Vivid Seats LLC Term Loan B
5.750%, 10/12/22		410		411
Weight Watchers International, Term Loan B-2
3.250%, 04/02/20(H)		1,236		1,149
Worldwide Express Term Loan
4.500%, 02/03/24		210		211
Total Service				52,252
Sovereign [0.3%]
Arab Republic of Egypt
1.884%, 01/04/21(G)		2,117		1,932
Republic of Angola, Term Loan
7.570%, 12/06/20(G)		6,125		5,451
Total Sovereign				7,383
Telecommunications [1.6%]
Alorica, Term Loan B
4.750%, 06/30/22		138		139
Altice Financing Term Loan B
3.000%, 01/15/25		2,683		2,678
Altice Financing Term Loan B (2017)
2.750%, 06/22/25(H)		1,170		1,170
Altice Financing, Term Loan
4.000%, 07/24/23(H)		1,980		2,113
Cable & Wireless Communications PLC (Sable) Term B-1 Loan
4.750%, 01/03/23		645		650
Colorado Buyer Second Lien
7.250%, 03/15/25(H)		295		296
Colorado Buyer Term Loan B
3.000%, 03/15/24(H)		390		392
Communications Sales & Leasing, New Term Loan B
3.000%, 10/24/22(H)		392		391
Eircom Term Loan, 1st Lien
4.000%, 03/08/24(H)		2,500		2,658
Eircom, Term Loan
4.000%, 05/31/22		2,599		2,763
Genesys Term Loan
5.000%, 12/01/23		2,000		2,158
Go Daddy Delay Draw
2.500%, 02/15/24(H)		451		451
Go Daddy Initial Term Loan
2.500%, 02/15/24(H)		339		340

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 78

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Hargray Communications Group, Term Loan B
3.000%, 03/24/24(H)	$	680	$	681
Level 3 Communications Term Loan B (2017)
2.250%, 02/22/24		7,105		7,114
Neustar Second Lien
8.000%, 02/28/25(H)		295		298
Neustar Term Loan B-2
3.750%, 02/29/24(H)		740		748
Numericable U.S. LLC (SFR) Term Loan B-10
3.250%, 01/14/25(H)		1,955		1,955
Numericable U.S. LLC (SFR) Term Loan B-11
2.750%, 06/22/25(H)		2,350		2,340
0.000%, 06/22/25(H)		2,500		2,651
Numericable U.S. LLC (SFR) Term Loan B-7
4.250%, 01/15/24		2,387		2,389
Telenet International, Term Loan
3.500%, 01/31/25(H)		2,000		2,128
WestCorp Term Loan B12
2.500%, 06/17/23(H)		154		154
WestCorp Term Loan B14
2.500%, 06/17/21(H)		562		562
Zayo Group LLC Term Loan B-2 (2017)
2.500%, 01/19/24		1,960		1,967
Total Telecommunications				39,186
Textile & Apparel Mfg. [0.0%]
Vivarte, 1st Lien
4.000%, 10/29/19(H)		1,071		882
Transportation [0.6%]
Allison Transmission, Term Loan B-3
2.000%, 09/23/22(H)		1		1
American Axle & Manufacturing, Term Loan
2.250%, 03/10/24(H)		860		859
Caliber Collision Delay Draw
0.000%, 02/01/24(H)		61		62
Caliber Collision Term Loan B
3.000%, 02/01/24		614		617
Ceva Term Loan
3.750%, 06/30/21		1,000		1,075
Commercial Barge Line Company Term Loan B 2022
8.750%, 11/12/20		527		482
Federal-Mogul Term Loan C
3.750%, 04/15/21(H)		3,059		3,047
Harvey Gulf Int’l Marine Term Loan A
4.250%, 06/18/18(H)		1,654		1,435
Harvey Gulf Int’l Marine Term Loan B
4.500%, 06/18/20(H)		805		562
K&N Parent Initial Term Loan
4.750%, 10/20/23		244		245
K&N Parent Second Lien
8.750%, 10/19/24		165		163
Kenan Advantage Group, US Term Loan
3.000%, 07/23/22		195		195
MPG Holdco (Metaldyne) Term Loan B - new
2.750%, 10/20/21		348		348
Navios Maritime Midstream Partners LP Term Loan
4.500%, 06/18/20(G)		467		464
Navios Maritime Partners LP Term Loan B (2017)
5.000%, 09/03/20(G)		1,145		1,131
Navistar Term Loan B (2017)
4.000%, 08/07/20		830		838
OSG Bulk Ships, Initial Term Loan
4.250%, 08/05/19(H)		829		821
Sage Automotive Holdings (Clearlake) Term Loan - 2022
5.000%, 11/08/22		768		770
Tower Auto Holdings Term Loan B (2024)
2.750%, 03/07/24		1,080		1,075
Wabash National, Term Loan B-3
2.750%, 03/18/22		486		488
Total Transportation				14,678
Utility [1.2%]
Aria Energy Operating LLC Term Loan B
4.500%, 05/27/22(H)		382		384
Atlantic Power Term Loan
5.000%, 04/13/23		418		421

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 79

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Bronco Midstream Funding, LLC Term Loan B
4.000%, 08/17/20	$	2,237	$	2,242
Calpine Bridge Facility
1.750%, 11/30/17(H)		287		287
Calpine Construction TL B1 (2020)
2.250%, 05/03/20		80		80
Calpine Term Loan
2.750%, 01/15/24		499		501
Calpine Term Loan B-7
2.750%, 05/17/23		476		478
Calpine Term Loan B-8
1.750%, 12/26/19		190		190
Dynegy, Tranche C-1 Term Loan
3.250%, 06/27/23(H)		2,680		2,685
Eastern Power, LLC (TPF II) Term Loan
4.000%, 10/02/23(H)		1,006		1,009
EFS Cogen Holdings I LLC Term Loan B
3.500%, 06/28/23		515		519
Empire Generating, LLC Term Loan B
4.250%, 03/14/21(H)		1,608		1,599
Empire Generating, LLC Term Loan C
4.250%, 03/14/21(H)		151		150
Helix Gen Funding, LLC Term Loan B
3.750%, 03/10/24(H)		310		314
Longview Power Term Loan B
6.000%, 04/13/21		1,577		1,322
Morrison Utility, Term Loan B, 1st Lien
5.500%, 09/13/23		2,000		2,506
MRH, Term Loan B-2, 1st Lien
4.000%, 12/06/23(H)		1,000		1,078
MRP Generation Holdings, LLC (TPF) Term Loan B (2016)
7.000%, 10/18/22(H)		1,613		1,602
NRG Energy Inc Term Loan B
2.250%, 06/30/23		4,744		4,761
Power Buyer, LLC Second Lien
7.250%, 11/06/20		765		761
Power Buyer, LLC Term Loan
3.250%, 05/06/20(H)		1,306		1,305
Summit Midstream Partners Term Loan B
6.000%, 05/16/22		2,050		2,086

Description	Face Amount (000)/ Acquisition Cost (000)			Value (000)
Talen Energy Supply Term Loan B
5.000%, 12/06/23		$	299	$	301
Vistra Operations LLC 2016 Incremental, Term Loan
3.250%, 12/14/23			613		614
Vistra Operations LLC, Term Loan
2.750%, 08/04/23(H)			2,384		2,378
Vistra Operations LLC, Term Loan C
2.750%, 08/04/23(H)			545		544
Viva Alamo LLC Term Loan B
4.250%, 02/22/21(G)			270		257
Total Utility					30,374
Wireless Communications [0.3%]
Sprint Communications Term Loan B
2.500%, 01/31/24(H)			6,215		6,211
Total Loan Participations
(Cost $733,280)					718,242
Life Settlement Contracts(G) (I) (J) [5.8%]
American General Life #460L,
Acquired 05/30/2014*			303		523
American General Life #508L,
Acquired 05/30/2014*			2,595		2,363
American General Life #542L,
Acquired 07/30/2015*			83		1,195
American General Life #634L,
Acquired 05/30/2014*			530		2,153
American General Life #906L,
Acquired 07/30/2015*			479		2,421
American General Life #964L,
Acquired 07/30/2015*			1,459		1,722
AXA Equitable Life #0474,
Acquired 11/04/2013*			7,290		10,219
AXA Equitable Life #0932,
Acquired 11/04/2013*			1,014		83
AXA Equitable Life #1616,
Acquired 05/30/2014*			3,254		3,592
AXA Equitable Life #1898,
Acquired 11/04/2013*			441		426
AXA Equitable Life #7233,
Acquired 11/04/2013*			395		1,638
AXA Equitable Life #7578,
Acquired 11/04/2013*			2,104		3,511

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 80

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Acquisition Cost (000)			Value (000)
AXA Equitable Life #7857,
Acquired 11/04/2013*		$	2,297	$	2,496
AXA Equitable Life #8538,
Acquired 11/04/2013*			1,333		1,525
AXA Equitable Life #9345,
Acquired 11/04/2013*			143		—
Genworth Life and Annuity #6473,
Acquired 10/19/2016*			740		1,146
Guardian Insurance #0346,
Acquired 11/04/2013*			646		2,848
Hartford Life #4700,
Acquired 11/24/2015*			81		263
Hartford Life #7522,
Acquired 11/24/2015*			805		1,847
ING Reliastar #1234,
Acquired 12/05/2013*			1,067		3,904
ING Reliastar #1649,
Acquired 12/05/2013*			61		1,637
ING Reliastar #3394,
Acquired 05/30/2014*			3,687		3,795
ING Reliastar #4842,
Acquired 11/20/2013*			921		3,695
ING Reliastar #776H,
Acquired 05/30/2014*			1,518		1,845
John Hancock #0430,
Acquired 05/30/2014*			2,418		3,114
John Hancock #0801,
Acquired 05/30/2014*			1,564		2,041
John Hancock #1929,
Acquired 05/30/2014*			3,812		3,941
John Hancock #5072,
Acquired 05/30/2014*			1,409		2,954
John Hancock #5080,
Acquired 11/19/2013*			313		2,902
John Hancock #5885,
Acquired 05/30/2014*			894		1,416
John Hancock #6686,
Acquired 05/30/2014*			3,035		2,964
John Hancock #6912,
Acquired 05/30/2014*			1,065		1,518
Lincoln National #0019,
Acquired 09/18/2015*			2,460		5,755
Lincoln National #4654,
Acquired 05/30/2014*			721		663
Lincoln National #4754,
Acquired 09/18/2015*			610		3,073
Lincoln National #4754,
Acquired 09/18/2015*			1,029		3,848
Lincoln National #5658,
Acquired 09/18/2015*			329		1,155
Lincoln National #7099,
Acquired 09/18/2015*			1,254		2,723
Lincoln National #8558,
Acquired 09/18/2015*			1,659		3,682
Mass Mutual #1849,
Acquired 11/05/2013*			2,926		4,401
Mass Mutual #5167,
Acquired 05/30/2014*			63		1,094
Mass Mutual #5681,
Acquired 11/05/2013*			288		2,151
Mass Mutual #5864,
Acquired 05/30/2014*			4,668		830
Mass Mutual #6620,
Acquired 11/05/2013*			222		764
Met Life #8MLU,
Acquired 05/30/2014*			1,413		2,388
Pacific Life #7850,
Acquired 05/30/2014*			550		1,441
Penn Life #8183,
Acquired 10/18/2016*			46		109
Penn Mutual #3106,
Acquired 05/30/2014*			1,294		1,414
Phoenix Life #5555,
Acquired 05/30/2014*			3,946		4,933
Phoenix Life #5715,
Acquired 10/18/2016*			570		1,701
Phoenix Life #6157,
Acquired 10/18/2016*			569		1,743
Phoenix Life #6161,
Acquired 05/30/2014*			3,472		7,539
Phoenix Life #8499,
Acquired 05/30/2014*			756		791
Phoenix Life #8509,
Acquired 05/30/2014*			761		791
Principal Financial #6653,
Acquired 10/30/2013*			306		1,559
Prudential #5978,
Acquired 10/02/2015*			372		1,345
Security Mutual Life #5380,
Acquired 10/30/2013*			410		647
Transamerica #1708,
Acquired 10/28/2013*			957		2,819
Transamerica #3426,
Acquired 11/12/2013*			274		550
Transamerica #8205,
Acquired 10/28/2013*			714		1,722

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 81

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Acquisition Cost (000)/ Face Amount (000) (1)			Value (000)
Union Central Life #4500,
Acquired 10/30/2013*		$	790	$	3,554
Total Life Settlement Contracts
(Cost $81,185)					140,882
Sovereign Debt [2.4%]
AES
7.750%, 02/02/24			3,000		3,023
Argentina Paris Club
3.000%, 05/30/21(G)			7,111		6,324
Argentine Republic Government International Bond
10.250%, 02/06/03(D)		EUR	12		15
10.000%, 12/07/04(D)		EUR	1,244		1,460
10.000%, 02/22/07(D)		EUR	25		24
9.500%, 03/04/04(D)		EUR	27		32
9.000%, 01/07/05(D)		EUR	132		125
9.000%, 11/19/08(D) (G)		EUR	15		18
8.750%, 02/04/03(D)		EUR	30		28
8.500%, 02/23/05(D)		EUR	630		663
8.500%, 07/30/10(D)		EUR	34		32
8.125%, 10/04/04(D)		EUR	119		132
8.125%, 04/21/08(D)		EUR	85		81
8.000%, 02/25/02(D) (G)		EUR	2,033		1,410
8.000%, 02/26/08(D)		EUR	114		133
8.000%, 10/30/09(D)		EUR	366		429
7.820%, 12/31/33		EUR	8,945		10,002
7.625%, 08/11/07(D)		EUR	13		12
7.500%, 05/23/02(D) (G)		EUR	52		36
7.125%, 06/10/02(D)		EUR	97		92
7.000%, 03/18/04(D)		EUR	141		150
5.870%, 03/31/23(D)		EUR	28		36
0.000%, 07/22/03(D) (G)		EUR	66		46
0.000%, 12/22/04(D)		EUR	29		27
Bosnia & Herzegovina Government International Bond
0.563%, 12/11/17(C)			729		750
City of Cordoba
7.875%, 09/29/24			3,500		3,474
Eastern and Southern African Trade and Development, MTN
5.375%, 03/14/22			4,050		4,111
Egyptian Paris Club
5.056%, 01/01/21 (G)			10		7
Ghana Government International Bond
8.500%, 10/04/17			100		102
Description		Face Amount (000) (1)/Shares		Value (000)
Ivory Coast Government International Bond
5.750%, 12/31/32(E)		$	4,312	$	4,000
Province of Salta Argentina
9.500%, 03/16/22			1,677		1,785
Provincia de Buenos Aires
9.250%, 04/15/17			62		62
3.000%, 11/01/17(E)		EUR	5,200		5,409
Provincia de Cordoba
7.450%, 09/01/24(A)			1,700		1,722
Provincia de Entre Rios Argentina
8.750%, 02/08/25			4,000		4,003
Saderea, MTN
12.500%, 11/30/26			4,503		4,503
Ukraine Government International Bond
7.750%, 09/01/19			3,000		3,059
7.750%, 09/01/27			2,000		1,835
3.984%, 05/31/40(C)			925		342
Total Sovereign Debt
(Cost $62,036)					59,494
Closed-End Fund [0.7%]
Stone Ridge Reinsurance Risk Premium Interval Fund(G)			1,699,627		17,574
Total Closed-End Fund
(Cost $17,257)					17,574
Limited Partnership [0.4%]
Financial Services [0.4%]
Cartesian LP * (G)			1		10,755
Total Limited Partnership
(Cost $10,000)					10,755
Convertible Bonds [0.2%]
Coal Mining [0.0%]
New World Resources
4.000%, 10/07/20(G)		$	380		—
Medical Products & Services [0.0%]
Bio City Development
8.000%, 07/06/18(G)			1,000		200
Metal-Iron [0.0%]
London Mining Jersey
12.000%, 04/30/19(D) (G)			1,500		15

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 82

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/Shares/ Number of Warrants			Value (000)
Petroleum & Fuel Products [0.2%]
Dana Gas Sukuk
9.000%, 10/31/17		$	5,568	$	5,121
Total Convertible Bonds
(Cost $8,144)					5,336
Common Stock [0.2%]
Metals & Mining [0.0%]
New World Resources, Cl A * (G)			44,276,198		83
Oil, Gas & Consumable Fuels [0.2%]
Gulf Keystone Petroleum *			2,879,160		4,185
Services [0.0%]
A’Ayan Leasing * (G)			1,169,438		122
Total Common Stock
(Cost $5,327)					4,390
Warrants [0.1%]
Central Bank of Nigeria,
Expires 11/15/20, Strike Price $ — * (G)			27,250		2,153
Gulf Keystone Petroleum,
Expires 04/18/17, Strike Price $1.69907* (G)			661,000		6
Total Warrants
(Cost $4,783)					2,159
Asset-Backed Security [0.1%]
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
9.250%, 06/06/16(G) (I) (J)			4,499		1,055
Total Asset-Backed Security
(Cost $4,499)					1,055
Description		Shares/Contracts		Value (000)
Short-Term Investments [11.7%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡			11,458,862	$	11,459
SEI Daily Income Trust Government Fund, Cl F, 0.530%**			275,499,780		275,500
Total Short-Term Investments
(Cost $286,959)					286,959
Total Investments [100.1%]
(Cost $2,401,995 )				$	2,449,183
Purchased Option [0.0%]
Atlas Iron,
Expires 07/22/17 *			1,962,467	$	—
Total Purchased Option
(Cost $1)				$	—

Percentages are based on net assets of $2,447,089 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ Investment in affiliate.

(1) In U.S. dollars unless otherwise indicated.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $316,932 (000), representing 13.0% of the net assets of the Fund.

(B) Payment in kind.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2017.

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

(E) Step Bond — The rate reported is the rate in effect on March 31, 2017. The coupon on a step bond changes on a specific date.

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

(G) Security is considered illiquid. The total market value of such security as of March 31, 2017, was $228,292 (000) and represented 9.3% of net assets of the Fund.

(H) Unsettled bank loan.

(I) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2017, was $141,937 (000) and represented 5.9% of net assets of the Fund.

(J) Security is considered restricted. The total market value of such securities as of March 31, 2017, was $141,937 (000) and represented 5.9% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 83

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

CHF — Swiss Franc

Cl — Class

EUR — Euro

GBP — British Pound Sterling

LLC — Limited Liability Corporation

LLP — Limited Liability Partnership

LP — Limited Partnership

MLP — Master Limited Partnership

MTN — Medium Term Note

PIK — Payment in Kind

PLC — Public Limited Company

SA — Special Assessment

Ser — Series

SPE — Special Purpose Entity

USD — United States Dollar

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

A list of the open forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:

Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Appreciation (Depreciation) (000)
4/10/17-6/30/17	EUR	140,220	USD	148,931	$	(820	)
4/10/17-6/30/17	GBP	29,780	USD	36,431		(893	)
6/1/17-7/21/17	CHF	8,999	USD	9,205		180
					$	(1,533	)

A list of the counterparties for the open forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Depreciation (000)
Goldman Sachs	$	(1,961	)	$	1,951	$	(10	)
U.S. Bank		(194,139	)		192,616		(1,523	)
						$	(1,533	)

For the period ended March 31, 2017, 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, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	1,202,337	$	—	$	1,202,337
Loan Participations		—		716,310		1,932		718,242
Life Settlement Contracts		—		—		140,882		140,882
Sovereign Debt		—		59,487		7		59,494
Closed-End Fund		17,574		—		—		17,574
Limited Partnership		—		10,755		—		10,755
Convertible Bonds		—		5,336		—		5,336
Common Stock		4,307		83		—		4,390
Warrants		2,153		6		—		2,159
Asset-Backed Security		—		—		1,055		1,055
Short-Term Investments		286,959		—		—		286,959
Total Investments in Securities	$	310,993	$	1,994,314	$	143,876	$	2,449,183

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Purchased Option	$	—	$	—		$	—	$	—
Forwards Contracts*
Unrealized Appreciation		—		180			—		180
Unrealized Depreciation		—		(1,713	)		—		(1,713	)
Total Other Financial Instruments	$	—	$	(1,533	)	$	—	$	(1,533	)

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

(1) Of the $143,876 (000) in Level 3 securities as of March 31, 2017, $141,937 (000) or 98.7% 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 84

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2017:

	Investments in Loan Participations			Investments in Life Settlement Contracts			Investments in Sovereign Debt
Beginning balance as of October 1, 2016	$	2,185		$	152,481		$	10
Accrued discounts/premiums		24			—			—
Realized gain/(loss)		24			12,016			—
Change in unrealized appreciation/(depreciation)		(70	)		(3,541	)		(3	)
Purchases		—			1,926			—
Sales/paydowns		(231	)		(22,000	)		—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Ending balance as of March 31 2017	$	1,932		$	140,882		$	7
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(70	)	$	(3,541	)	$	(3	)

	Investments in Asset-Backed Securities			Total
Beginning balance as of October 1, 2016	$	1,316		$	155,992
Accrued discounts/premiums		—			24
Realized gain/(loss)		—			12,040
Change in unrealized appreciation/(depreciation)		259			(3,355	)
Purchases		—			1,926
Sales/paydowns		(520	)		(22,751	)
Transfers into Level 3		—			0
Transfers out of Level 3		—			0
Ending balance as of March 31 2017	$	1,055		$	143,876
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	259		$	(3,355	)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2017 (000)	Valuation Techniques
BT SPE	$1,055	Discounted Cash Flow Model
		based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	9.25%
		Valuation Techniques
Life Settlement Contracts	140,882	Discounted Cash Flow Model
		Observable Inputs
		Maturity Value
		Unobservable Inputs	Range
		Discount Rate	13.5%
		Expected Maturity (months)	6-130 months

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements. Increases in projected collection rates in isolation would result in a higher fair value measurement, while increases in expected discount rates, projected default rates, and maturities of life settlement contracts, in isolation, would result in a lower fair value measurement.

For the period ended March 31, 2017, 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 the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 85

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (concluded)

At March 31, 2017, the Fund had the following investments in life settlement contracts:

Year	Number of Contracts		Fair Value (000)		Face Value (Death Benefits) (000)
2018		5	$	15,910	$	23,574
2019		6		14,411		28,920
2020		11		39,532		82,320
2021		13		28,115		73,000
2022		10		20,717		62,000
Thereafter		16		22,197		95,810
		61	$	140,882	$	365,624

For the six months ended March 31, 2017, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Consolidated Statement of Operations, as part of the unrealized appreciation (depreciation) on investments, consisted of a net negative change to fair value on life settlement contracts of $6,762,701, offset by $10,384,764 in premiums paid and continuing costs associated with its investment in the Policies. For the six months ended March 31, 2016, the Fund realized gains of $15,238,270 on matured life settlements, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain on investments.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 86

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [91.1%]
Consumer Discretionary [4.6%]
Cedar Fair (A)		14,000	$	949
Hasbro		35,400		3,534
McDonald’s		37,800		4,899
Six Flags Entertainment		32,500		1,934
Total Consumer Discretionary				11,316
Consumer Staples [24.7%]
Altria Group		83,250		5,946
B&G Foods		125,300		5,043
Campbell Soup		15,000		859
Clorox		36,100		4,867
Coca-Cola		24,172		1,026
Conagra Brands		27,800		1,121
Dr Pepper Snapple Group		59,100		5,787
General Mills		80,580		4,755
Hershey		24,400		2,666
Imperial Brands ADR		46,304		2,287
Kellogg		45,500		3,304
Kimberly-Clark		18,200		2,396
Lamb Weston Holdings		9,266		390
Mondelez International, Cl A		16,000		689
PepsiCo		8,000		895
Philip Morris International		59,400		6,706
Procter & Gamble		43,949		3,949
Reynolds American		16,272		1,026
Sysco		38,800		2,014
Unilever ADR		22,200		1,095
Universal		8,592		608
Vector Group		171,554		3,568
Total Consumer Staples				60,997
Energy [7.0%]
Buckeye Partners (A)		12,400		850
Chevron		34,683		3,724
ConocoPhillips		27,500		1,371
Enterprise Products Partners (A)		84,584		2,335
ExxonMobil		25,838		2,119
NuStar Energy (A)		11,250		585
Occidental Petroleum		25,500		1,616
ONEOK		18,500		1,026
Plains All American Pipeline (A)		60,725		1,920
Sunoco (A)		3,000		72
TransCanada		37,128		1,713
Total Energy				17,331
Financials [6.0%]
Arthur J Gallagher		13,200		746
BB&T		50,000		2,235
Cincinnati Financial		58,250		4,210
Compass Diversified Holdings (A)		111,000		1,843
JPMorgan Chase		32,000		2,811
Mercury General		15,000		915
NBT Bancorp		25,935		961
People’s United Financial		30,000		546
US Bancorp		10,000		515
Total Financials				14,782
Health Care [5.8%]
Bristol-Myers Squibb		52,000		2,828
GlaxoSmithKline ADR		39,300		1,657
Johnson & Johnson		42,800		5,331
Merck		50,150		3,186
Pfizer		41,944		1,435
Total Health Care				14,437
Industrials [5.4%]
3M		1,000		191
Eaton		39,700		2,944
Fly Leasing ADR *		30,877		405
General Dynamics		14,500		2,714
General Electric		13,743		410

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 87

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Lockheed Martin		25,117	$	6,721
Total Industrials				13,385
Information Technology [2.1%]
Intel		85,000		3,066
Leidos Holdings		3,967		203
Paychex		20,000		1,178
Seagate Technology		15,000		689
Total Information Technology				5,136
Materials [2.5%]
Dow Chemical		15,009		953
EI du Pont de Nemours		32,700		2,627
Olin		38,236		1,257
Sonoco Products		24,000		1,270
Total Materials				6,107
REITs [12.9%]
Apartment Investment & Management, Cl A		17,229		764
Camden Property Trust		8,914		717
Care Capital Properties		9,658		259
EPR Properties		33,200		2,445
Government Properties Income Trust		35,000		733
Gramercy Property Trust		16,999		447
HCP		33,546		1,049
Healthcare Realty Trust		17,000		552
Healthcare Trust of America, Cl A		35,500		1,117
Lamar Advertising, Cl A		78,800		5,890
Liberty Property Trust		17,385		670
Life Storage		10,036		824
Mid-America Apartment Communities		12,000		1,221
National Health Investors		20,000		1,453
National Retail Properties		48,500		2,116
National Storage Affiliates Trust		50,000		1,195
QTS Realty Trust, Cl A		8,000		390
Quality Care Properties *		6,709		127
Select Income		62,000		1,599
Simon Property Group		10,000		1,720
Tanger Factory Outlet Centers		27,984		917
Uniti Group		43,225		1,117
Ventas		38,632		2,513
Welltower		11,612		822
Weyerhaeuser		38,400		1,305
Total REITs				31,962
Telecommunication Services [4.4%]
AT&T		94,500		3,926
Consolidated Communications Holdings		141,400		3,312
Verizon Communications		76,267		3,718
Total Telecommunication Services				10,956
Utilities [15.7%]
American Electric Power		33,500		2,249
AmeriGas Partners (A)		28,200		1,328
Atmos Energy		15,000		1,185
Avangrid		28,000		1,197
Avista		30,000		1,171
Brookfield Infrastructure Partners		54,000		2,088
Dominion Resources		24,000		1,862
DTE Energy		15,000		1,532
Duke Energy		66,006		5,413
Entergy		13,700		1,041
Eversource Energy		37,492		2,204
FirstEnergy		38,000		1,209
NiSource		20,000		476
Northwest Natural Gas		8,396		496
OGE Energy		33,600		1,175
Pattern Energy Group, Cl A		22,000		443
Pinnacle West Capital		28,885		2,408
Portland General Electric		12,000		533
PPL		20,000		748
SCANA		42,400		2,771
Sempra Energy		9,000		994
Suburban Propane Partners(A)		11,200		302
United Utilities Group ADR		17,318		437
WEC Energy Group		36,500		2,213
Westar Energy, Cl A		30,000		1,628
Xcel Energy		40,000		1,778
Total Utilities				38,881
Total Common Stock
(Cost $160,629)				225,290

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 88

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Exchange-Traded Funds [2.0%]
iShares US Preferred Stock ETF		27,300	$	1,057
PowerShares Preferred Portfolio		269,500		3,994
Total Exchange-Traded Funds
(Cost $5,027)				5,051
Preferred Stock [1.4%]
Financials [0.6%]
AmTrust Financial Services, 7.500%		10,000		250
Bank of America, 6.500%		10,000		263
Capital One Financial, 6.700%		10,000		274
JPMorgan Chase, 6.125%		10,000		265
Wells Fargo, 6.000%		10,000		263
Wells Fargo Real Estate Investment, 6.375%		10,000		263
Total Financials				1,578
REITs [0.4%]
National Retail Properties, 5.200%		10,000		232
PS Business Parks, 5.200%		10,000		230
Public Storage, 5.900%		20,000		497
Total REITs				959
Telecommunication Services [0.2%]
Qwest, 7.000%		10,000		264
Verizon Communications, 5.900%		10,000		264
Total Telecommunication Services				528
Utilities [0.2%]
Dominion Resources, 5.250%		5,000		119
Southern, 6.250%		10,000		264
Total Utilities				383
Total Preferred Stock
(Cost $3,375)				3,448
Description	Face Amount (0000)/Shares		Value (000)
Asset-Backed Security [0.0%]
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
9.250%, 06/06/16(B) (C)	$	230	$	54
Total Asset-Backed Security
(Cost $230)				54
Short-Term Investments [4.9%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡		6,000,975		6,001
SEI Daily Income Trust Government Fund, Cl F, 0.530%**		6,100,348		6,100
Total Short-Term Investments
(Cost $12,101)				12,101
Total Investments [99.4%]
(Cost $181,362)			$	245,944

Percentages are based on net assets of $247,340 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ Investment in affiliate.

(A) Security is a Master Limited Partnership. At March 31, 2017, such securites amounted to $10,184 (000), or 4.1% of net assets.

(B) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2017, was $54 (000) and represented 0.0% of net assets of the Fund.

(C) Security is considered illiquid. The total market value of the securities as of March 31, 2017, was $54 (000) and represented 0.0% of the net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPE — Special Purpose Entity

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 89

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Dividend & Income Fund (concluded)

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	225,290	$	—	$	—	$	225,290
Exchange-Traded Funds		5,051		—		—		5,051
Preferred Stock		3,448		—		—		3,448
Asset-Backed Security		—		—		54		54
Short-Term Investments		12,101		—		—		12,101
Total Investments in Securities	$	245,890	$	—	$	54	$	245,944

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2017:

	Investments in Asset-Backed Security
Beginning balance as of October 1, 2016	$	67
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		13
Purchases		—
Sales/paydowns		(26	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2017	$	54
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, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2017 (000)	Valuation Techniques
BT SPE	$ 54	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	7%-9.25%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements.

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 90

schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [96.4%]
Aerospace & Defense [2.2%]
Northrop Grumman		12,100	$	2,878
Raytheon		15,000		2,287
Total Aerospace & Defense				5,165
Auto Components [1.5%]
Magna International		80,800		3,487
Banks [8.5%]
JPMorgan Chase		77,100		6,773
PNC Financial Services Group		38,000		4,569
SunTrust Banks		76,000		4,203
US Bancorp		90,000		4,635
Total Banks				20,180
Beverages [2.3%]
PepsiCo		48,000		5,369
Biotechnology [1.9%]
Celgene *		36,100		4,492
Building Products [0.6%]
Lennox International		8,800		1,472
Capital Markets [4.0%]
BlackRock, Cl A		12,000		4,602
CME Group, Cl A		40,900		4,859
Total Capital Markets				9,461
Chemicals [2.0%]
Dow Chemical		36,000		2,287
Ecolab		18,900		2,369
Total Chemicals				4,656
Commercial Services & Supplies [1.9%]
Cintas		35,000		4,429
Construction Materials [0.4%]
Vulcan Materials		8,400		1,012
Diversified Financial Services [1.9%]
Berkshire Hathaway, Cl B *		27,000		4,500
Electric Utilities [2.9%]
PG&E		102,800		6,822
Energy Equipment & Services [1.8%]
Schlumberger		53,700		4,194
Food & Staples Retailing [3.3%]
Costco Wholesale		22,800		3,823
Wal-Mart Stores		54,300		3,914
Total Food & Staples Retailing				7,737
Health Care Equipment & Supplies [2.5%]
Danaher		28,000		2,395
Edwards Lifesciences *		38,000		3,574
Total Health Care Equipment & Supplies				5,969
Health Care Providers & Services [2.7%]
UnitedHealth Group		38,600		6,331
Hotels, Restaurants & Leisure [3.1%]
McDonald’s		32,800		4,251
Starbucks		51,500		3,007
Total Hotels, Restaurants & Leisure				7,258
Household Durables [1.9%]
PulteGroup		190,000		4,475
Household Products [1.9%]
Colgate-Palmolive		61,700		4,516
Industrial Conglomerates [1.3%]
Honeywell International		24,800		3,097

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 91

schedule of investments

March 31, 2017 (Unaudited)

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

Description	Shares		Value (000)
Internet Software & Services [6.1%]
Alphabet, Cl A *		8,600	$	7,291
Alphabet, Cl C *		1,800		1,493
Facebook, Cl A *		40,600		5,768
Total Internet Software & Services				14,552
IT Services [6.2%]
Mastercard, Cl A		62,200		6,995
Visa, Cl A		87,000		7,732
Total IT Services				14,727
Life Sciences Tools & Services [1.9%]
Thermo Fisher Scientific		29,200		4,485
Machinery [1.0%]
Ingersoll-Rand		28,000		2,277
Media [5.2%]
Comcast, Cl A		153,200		5,759
Time Warner		26,600		2,599
Walt Disney		34,000		3,855
Total Media				12,213
Oil, Gas & Consumable Fuels [4.0%]
Cabot Oil & Gas		46,100		1,102
Chevron		26,600		2,856
ExxonMobil		54,400		4,461
Pioneer Natural Resources		5,900		1,099
Total Oil, Gas & Consumable Fuels				9,518
Pharmaceuticals [5.6%]
Eli Lilly		48,000		4,037
Johnson & Johnson		42,000		5,231
Zoetis, Cl A		74,000		3,950
Total Pharmaceuticals				13,218
Professional Services [1.6%]
Equifax		28,000		3,829
Real Estate Investment Trusts [1.8%]
Essex Property Trust		18,000		4,168
Semiconductors & Semiconductor Equipment [2.3%]
NXP Semiconductors *		52,300		5,413
Software [4.3%]
Adobe Systems *		32,600		4,242
Microsoft		90,900		5,987
Total Software				10,229
Specialty Retail [3.7%]
Home Depot		43,500		6,387
Lowe’s		30,000		2,467
Total Specialty Retail				8,854
Technology Hardware, Storage & Peripherals [2.4%]
Apple		40,300		5,789
Water Utilities [1.7%]
American Water Works		51,500		4,005
Total Common Stock
(Cost $175,711)				227,899
Short-Term Investments [3.5%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡		4,104,876		4,105
Goldman Sachs Financial Square Funds - Government Fund, 0.604%**		4,104,876		4,105
Total Short-Term Investments
(Cost $8,210)				8,210
Total Investments [99.9%]
(Cost $183,921)			$	236,109

Percentages are based on net assets of $236,321 (000).

‡ Investment in affiliate.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2017.

Cl — Class

As of March 31, 2017, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 92

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Emerging Markets Fund

Description	Shares		Value (000)
Common Stock [88.9%]
Cambodia [1.2%]
NagaCorp		25,402,063	$	14,513
China [34.9%]
AAC Technologies Holdings		3,171,200		37,113
Alibaba Group Holding ADR *		334,019		36,017
ANTA Sports Products		3,793,000		10,494
Baidu ADR *		65,400		11,283
Bloomage BioTechnology		5,592,500		7,930
China Medical System Holdings		9,949,000		17,641
China Overseas Land & Investment		2,904,000		8,296
China Railway Group, Cl H		14,976,000		13,393
China State Construction International Holdings		8,927,091		15,967
Ctrip.com International ADR *		256,500		12,607
Great Wall Motor, Cl H		30,646,500		34,899
Minth Group		4,370,000		17,600
New Oriental Education & Technology Group ADR *		366,500		22,129
Ping An Insurance Group of China, Cl H		3,930,000		21,998
Sunny Optical Technology Group		8,146,132		59,538
Tencent Holdings		2,040,100		58,487
XTEP International Holdings		17,293,500		6,809
Zhejiang Expressway, Cl H		12,607,000		16,482
ZTE, Cl H		6,566,824		12,049
Total China				420,732
Hong Kong [8.4%]
Galaxy Entertainment Group		5,138,000		28,131
Man Wah Holdings		23,158,400		18,386
MTR		2,581,223		14,498
Skyworth Digital Holdings		22,533,983		14,846
Tongda Group Holdings		72,750,000		25,650
Total Hong Kong				101,511
India [20.8%]
Bharat Petroleum(C)		1,489,840		14,910
CESC(C)		1,531,688		19,842
Crompton Greaves Consumer Electricals *(C)		1,456,517		4,866
Emami(C)		670,340		10,988
HDFC Bank(C)		360,293		8,195
HDFC Bank ADR		239,000		17,978
Housing Development Finance(C)		695,772		16,095
ICICI Bank(C)		1,928,877		8,224
ICICI Bank ADR		1,513,432		13,015
ICICI Prudential Life Insurance (A) (C)		2,326,236		13,699
Indian Oil(C)		2,177,000		12,976
Infosys ADR		453,000		7,158
ITC(C)		3,641,234		15,718
Kotak Mahindra Bank(C)		1,597,940		21,463
Sun Pharmaceutical Industries(C)		360,000		3,815
Taro Pharmaceutical Industries *(C)		79,669		9,291
Tata Motors, Cl A(C)		1,482,833		6,443
Tata Motors ADR		388,670		13,856
Tech Mahindra(C)		2,637,336		18,648
Zee Entertainment Enterprises(C)		1,655,000		13,650
Total India				250,830
Indonesia [4.7%]
Bank Mandiri Persero		11,554,300		10,145
Ciputra Development		97,079,759		8,961
Jasa Marga Persero		16,795,543		5,823
Lippo Karawaci		87,737,461		4,773
Mitra Adiperkasa *		20,305,600		9,105
MNC Kapital Indonesia * (B) (D)		89,800,000		7,986
Surya Citra Media		48,366,200		9,800
Total Indonesia				56,593
Malaysia [4.2%]
Bumi Armada		30,646,200		5,194
Ekovest		30,418,500		9,829
Inari Amertron		35,068,979		16,165

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 93

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Emerging Markets Fund (continued)

Description	Shares		Value (000)
My EG Services		29,721,900	$	12,425
Padini Holdings		10,032,800		6,801
Total Malaysia				50,414
Philippines [6.6%]
Ayala		628,210		10,580
BDO Unibank		1,599,140		3,748
GT Capital Holdings		612,760		13,983
JG Summit Holdings		4,000,000		6,485
Jollibee Foods		1,895,500		7,461
Megaworld		143,013,826		9,634
Metropolitan Bank & Trust		2,351,814		3,750
Security Bank		2,503,930		10,081
SM Prime Holdings		24,560,875		13,853
Total Philippines				79,575
South Korea [2.0%]
Cosmax		93,177		11,331
Innocean Worldwide		225,943		12,446
Total South Korea				23,777
Thailand [4.1%]
KCE Electronics - Foreign		6,037,500		18,361
Land & Houses		40,000		12
Land & Houses NVDR		32,171,284		9,128
Minor International - Foreign		10,050,305		10,748
Minor International NVDR		1,096,700		1,173
Siam Cement - Foreign		648,000		10,183
Total Thailand				49,605
United States [2.0%]
Cognizant Technology Solutions, Cl A *		224,000		13,332
Videocon d2h ADR *		950,762		10,934
Total United States				24,266
Total Common Stock
(Cost $833,155)				1,071,816
Participatory Notes [2.7%]
Boci Financial #		775,500		2,854
Boci Financial - Credit Suisse #		452,500		1,666
Boci Financial - UBS #		2,020,490		7,441
Hangzhou Hikvision Digital Technology - Credit Suisse #		414,513		1,919

Description	Shares/Number of Warrants		Value (000)
Hangzhou Hikvision Digital Technology - UBS,
Expires 05/30/17		3,730,170	$	17,266
Hangzhou Hikvision Digital-A - Credit Suisse,
Expires 09/27/21		330,000		1,527
Total Participatory Notes
(Cost $26,306)				32,673
Warrants [0.0%]
Inari Amertron,
Expires 02/17/20, Strike Price 1.60 (MYR)*		1,117,403		313
Minor International,
Expires 12/31/29, Strike Price 40 (THB)*		355,427		32
Total Warrants
(Cost $—)				345
Short-Term Investments [7.5%]
City National Rochdale Government Money Market Fund, Servicing Class, 0.070%** ‡		42,992,894		42,993
SEI Daily Income Trust Government Fund, Cl F, 0.530%**		47,030,530		47,030
Total Short-Term Investments
(Cost $90,023)				90,023
Total Investments [99.1%]
(Cost $949,484)			$	1,194,857

Percentages are based on net assets of $1,205,436 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2017.

‡ Investment in affiliate.

# Expiration date not available.

(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, 2017, the value of these securities amounted to $13,699 (000), representing 1.1% of the net assets of the Fund.

(B) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2017, was $7,986 (000) and represented 0.7% of net assets of the Fund.

(C) Securities held through a Mauritus Subsidiary (See Note 2).

(D) Security is considered illiquid. The total market value of such securities as of March 31, 2017, was $7,986 (000) and represented 0.7% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 94

consolidated schedule of investments

March 31, 2017 (Unaudited)

City National Rochdale Emerging Markets Fund (concluded)

ADR — American Depositary Receipt

Cl — Class

MYR — Malaysian Ringgit

NVDR — Non Voting Depositary Receipt

THB — Thai Baht

The following is a list of the inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	898,544	$	165,286	$	7,986	$	1,071,816
Participatory Notes		10,295		22,378		—		32,673
Warrants		—		345		—		345
Short-Term Investments		90,023		—		—		90,023
Total Investments in Securities	$	998,862	$	188,009	$	7,986	$	1,194,857

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2017:

	Investments in Common Stock (000)
Beginning balance as of October 1, 2016	$	8,360
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		(374	)
Purchases		—
Sales/paydowns		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2017	$	7,986
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(374	)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments that are not valued via one or more broker quotes as of March 31, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2017 (000)	Valuation Techniques
Common Stock	$7,986	Discounted from the Last Traded Price
		Observable Inputs
		N/A
		Unobservable Inputs	Discount Range
		Discount Rate	25%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements.

For the period ended March 31, 2017, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 95

statements of assets and liabilities (000)

March 31, 2017 (Unaudited)

	City National Rochdale Government Money Market Fund		City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund
ASSETS:
Cost of securities (including affiliated investments and repurchase agreements)	$	5,310,342	$	130,730		$	129,805		$	93,276
Investments in securities, at value	$	4,285,342	$	129,972		$	128,025		$	91,239
Affiliated investments, at value		—		642			2,491			2,867
Repurchase agreements, at value		1,025,000		—			—			—
Dividend and interest receivable		1,486		396			853			951
Foreign tax reclaim receivable		—		—			5			—
Receivable for capital shares sold		—		215			251			290
Prepaid expenses		167		3			3			2
Total Assets		5,311,995		131,228			131,628			95,349
LIABILITIES:
Payable for income distributions		111		34			143			78
Payable for capital shares redeemed		—		187			155			—
Payable for investment securities purchased		—		—			—			582
Investment advisory fees payable		1,564		36			32			9
Shareholder servicing and distribution fees payable		993		18			29			32
Administrative fees payable		86		15			15			15
Accrued expenses		254		23			37			24
Total Liabilities		3,008		313			411			740
Net Assets	$	5,308,987	$	130,915		$	131,217		$	94,609
Net Assets:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	5,308,979	$	131,077		$	131,806		$	94,194
Undistributed (Distributions in excess of) net investment income		1		(42	)		(15	)		6
Accumulated net realized gain (loss) on investments		7		(4	)		(1,285	)		(421	)
Net unrealized appreciation (depreciation) on investments		—		(116	)		711			830
Net Assets	$	5,308,987	$	130,915		$	131,217		$	94,609
Institutional Class Shares:
Net Assets ($Dollars)	$	—	$	46,539,278		$	—		$	—
Total shares outstanding at end of period		—		4,440,719			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—	$	10.48		$	—		$	—
Class N Shares:
Net Assets ($Dollars)	$	3,503,367,382	$	2,152,816		$	4,988,754		$	9,067,365
Total shares outstanding at end of period		3,503,360,019		205,157			479,341			859,992
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	10.49		$	10.41		$	10.54
Class S Shares:
Net Assets ($Dollars)	$	929,763,807	$	—		$	—		$	—
Total shares outstanding at end of period		929,763,513		—			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	—		$	—		$	—
Servicing Class Shares:
Net Assets ($Dollars)	$	875,855,521	$	82,222,743		$	126,228,492		$	85,541,677
Total shares outstanding at end of period		875,855,666		7,848,953			12,149,336			8,139,110
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	10.48		$	10.39		$	10.51

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)/
consolidated statement of assets and liabilities (000)

March 31, 2017 (Unaudited)

	City National Rochdale Municipal High Income Fund			City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund
ASSETS:
Cost of securities (including affiliated investments)	$	1,086,040		$	74,922		$	246,848		$	2,401,995
Investments in securities, at value	$	1,039,529		$	74,261		$	248,783		$	2,437,724
Affiliated investments, at value		48,148			259			236			11,459
Cash		—			984			—			—
Foreign Currency		—			—			—			9,360	(1)
Dividend and interest receivable		15,355			1,203			1,778			28,906
Foreign tax reclaim receivable		—			2			3			502
Receivable for capital shares sold		1,786			5			767			42,428
Receivable for investment securities sold		7,024			2,382			—			60,067
Unrealized gain on forward foreign currency contracts		—			—			—			180
Purchased option, at value		—			—			—			—	(2)
Prepaid expenses		32			2			7			70
Total Assets	$	1,111,874		$	79,098		$	251,574		$	2,590,696
LIABILITIES:
Payable for investment securities purchased		18,013			2,902			—			124,516
Payable for income distributions		2,037			104			—			—
Payable for capital shares redeemed		1,188			123			128			1,379
Unrealized loss on forward foreign currency contracts		—			35			—			1,713
Investment advisory fees payable		456			39			83			1,030
Shareholder servicing and distribution fees payable		366			7			53			506
Administrative fees payable		28			15			17			146
Payable to custodian		—			—			—			13,605
Accrued expenses		82			34			92			712
Total Liabilities		22,170			3,259			373			143,607
Net Assets	$	1,089,704		$	75,839		$	251,201		$	2,447,089
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	1,109,450		$	81,958		$	251,937		$	2,516,582
Undistributed (Distributions in excess of) net investment income		1,546			(122	)		87			(57,167	)
Accumulated net realized gain (loss) on investments		(22,929	)		(5,561	)		(2,994	)		4,475
Net unrealized appreciation (depreciation) on:
Investments		1,637			(402	)		2,171			(15,158	)
Purchased options contracts		—			—			—			(1	)
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			(34	)		—			(1,642	)
Net Assets	$	1,089,704		$	75,839		$	251,201		$	2,447,089
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	39,249,047		$	4,306,578		$	—
Total shares outstanding at end of period		—			4,934,635			164,952			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	7.95		$	26.11		$	—
Class N Shares:
Net Assets ($Dollars)	$	636,538,016		$	18,374,137		$	246,894,423		$	2,447,088,951
Total shares outstanding at end of period		60,674,000			2,310,247			9,459,616			95,763,602
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.49		$	7.95		$	26.10		$	25.55
Servicing Class Shares:
Net Assets ($Dollars)	$	453,166,335		$	18,215,533		$	—		$	—
Total shares outstanding at end of period		43,176,405			2,291,297			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.50		$	7.95		$	—		$	—

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

(1) Cost of foreign currency $9,424 (000).

(2) Cost of purchased option $1 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 97

statements of assets and liabilities (000)/
consolidated statement of assets and liabilities (000)

March 31, 2017 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund		City National Rochdale Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	181,362		$	183,921	$	949,484
Investments in securities, at value	$	239,943		$	232,004	$	1,151,864
Affiliated investments, at value		6,001			4,105		42,993
Cash		18			—		—
Foreign Currency(1)		—			—		8,825
Dividend and interest receivable		597			216		904
Foreign tax reclaim receivable		13			4		11
Receivable for capital shares sold		1,115			304		4,772
Prepaid expenses		6			5		29
Total Assets		247,693			236,638		1,209,398
LIABILITIES:
Payable for investment securities purchased		—			—		818
Payable for capital shares redeemed		104			118		1,372
Investment advisory fees payable		101			80		988
Shareholder servicing and distribution fees payable		52			50		588
Administrative fees payable		17			17		29
Payable to custodian		—			2		—
Accrued expenses		79			50		167
Total Liabilities		353			317		3,962
Net Assets	$	247,340		$	236,321	$	1,205,436
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	177,331		$	182,488	$	992,991
Undistributed (Distributions in excess of) net investment income		(413	)		62		(5,518	)
Accumulated net realized gain (loss) on investments and foreign currency		5,840			1,583		(27,501	)
Net unrealized appreciation (depreciation) on:
Investments		64,582			52,188		245,373
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—		91
Net Assets	$	247,340		$	236,321	$	1,205,436
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	15,308	$	—
Total shares outstanding at end of period		—			1,058		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	14.47	$	—
Class N Shares:
Net Assets ($Dollars)	$	247,339,885		$	118,119,974	$	123,987,961
Total shares outstanding at end of period		6,066,950			8,245,876		2,786,847
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	40.77		$	14.32	$	44.49
Servicing Class Shares:
Net Assets ($Dollars)	$	—		$	118,185,635	$	—
Total shares outstanding at end of period		—			8,238,478		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	14.35	$	—
Class Y Shares:
Net Assets ($Dollars)	$	—		$	—	$	1,081,447,683
Total shares outstanding at end of period		—			—		24,272,930
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	—	$	44.55

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

(1) Cost of foreign currency $8,741 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 98

statements of operations (000)

For the six months ended March 31, 2017 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund
INCOME:
Dividend Income from Affiliated Investments	$	—		$	—		$	—		$	18
Interest Income		14,519			1,030			1,733			934
Foreign Taxes Withheld		—			—			(2	)		—
Total Investment Income		14,519			1,030			1,731			952
EXPENSES:
Investment Advisory Fees		7,357			311			258			129
Shareholder Servicing Fees — Class N(1)		10,417			5			11			21
Shareholder Servicing Fees — Class S(1)		3,331			—			—			—
Shareholder Servicing Fees — Servicing Class		1,228			101			156			109
Administration Fees		525			91			90			88
Transfer Agent Fees		231			6			5			4
Trustee Fees		95			15			15			14
Professional Fees		178			11			10			9
Custody Fees		90			3			6			2
Registration Fees		125			3			3			2
Printing Fees		86			2			2			1
Insurance and Other Expenses		103			7			20			12
Total Expenses		23,766			555			576			391
Recovery of Investment Advisory Fees Previously Waived(2)		1,225			—			—			—
Less, Waivers and/or Reimbursements of:
Investment Advisory Fees		—			(67	)		(80	)		(79	)
Shareholder Servicing Fees — Class N(1)		(8,269	)		—			—			—
Shareholder Servicing Fees — Class S(1)		(2,828	)		—			—			—
Shareholder Servicing Fees — Servicing Class		(619	)		—			—			—
Net Expenses		13,275			488			496			312
Net Investment Income		1,244			542			1,235			640
Net Realized Gain (Loss) from Securities Transactions		7			(4	)		42			(422	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(1,675	)		(1,452	)		(1,579	)
Affiliated Investments		—			—			—			11
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,251		$	(1,137	)	$	(175	)	$	(1,350	)

(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 99

statements of operations (000)/
consolidated statement of operations (000)

For the six months ended March 31, 2017 (Unaudited)

	City National Rochdale Municipal High Income Fund			City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund
INCOME:
Dividend Income	$	—		$	1		$	232		$	1,029
Dividend Income from Affiliated Investments		8			—			1			—
Interest Income		24,941			2,490			3,749			68,797
Less: Foreign Taxes Withheld		—			—			(3	)		(4	)
Total Investment Income		24,949			2,491			3,979			69,822
EXPENSES:
Investment Advisory Fees		2,559			231			514			5,651
Shareholder Servicing Fees — Class N(1)		1,497			45			629			5,651
Shareholder Servicing Fees — Servicing Class		531			23			—			—
Administration Fees		161			86			100			296
Transfer Agent Fees		40			3			11			88
Trustee Fees		27			14			17			57
Professional Fees		37			8			14			113
Custody Fees		18			5			5			147
Registration Fees		21			2			6			50
Printing Fees		16			1			4			34
Insurance and Other Expenses		55			18			19			139
Total Expenses		4,962			436			1,319			12,226
Recovery of Investment Advisory Fees Previously Waived(2)		—			—			—			200
Less, Waivers of:
Investment Advisory Fees		—			—			(35	)		—
Net Expenses		4,962			436			1,284			12,426
Net Investment Income		19,987			2,055			2,695			57,396
Net Realized Gain (Loss) from:
Securities Transactions		(15,655	)		(146	)		284			35,952
Forward Foreign Currency Contracts		—			190			—			14,184
Foreign Currency Transactions		—			(24	)		—			(1,762	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(47,798	)		1,567			(4,836	)		(13,522	)
Forward Foreign Currency Contracts		—			(42	)		—			(1,423	)
Foreign Currency Translations		—			1			—			(142	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(43,466	)	$	3,601		$	(1,857	)	$	90,683

(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 100

statements of operations (000)/
consolidated statement of operations (000)

For the six months ended March 31, 2017 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund			City National Rochdale Emerging Markets Fund
INCOME:
Dividend Income	$	4,261		$	2,011		$	3,864
Dividend Income from Affiliated Investments		1			1			8
Interest Income		17			4			—
Less: Foreign Taxes Withheld		(2	)		(6	)		(202	)
Total Investment Income		4,277			2,010			3,670
EXPENSES:
Investment Advisory Fees		592			445			5,166
Shareholder Servicing Fees — Class N(1)		592			277			271
Shareholder Servicing Fees — Servicing Class(1)		—			140			—
Shareholder Servicing Fees — Class Y(1)		—			—			1,156
Administration Fees		99			98			162
Transfer Agent Fees		10			9			41
Trustee Fees		16			16			27
Professional Fees		13			13			37
Custody Fees		5			4			201
Registration Fees		5			5			20
Printing Fees		4			3			16
Insurance and Other Expenses		8			7			45
Total Expenses		1,344			1,017			7,142
Less, Waiver of:
Investment Advisory Fees		(23	)		—			—
Net Expenses		1,321			1,017			7,142
Net Investment Income (Loss)		2,956			993			(3,472	)
Net Realized Gain (Loss) from:
Securities Transactions		3,131			2,819			(2,763	)
Foreign Currency Transactions		—			—			182
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,811			14,337			86,136
Foreign Currency Translations		—			—			(78	)
Net Increase in Net Assets Resulting from Operations	$	9,898		$	18,149		$	80,005

(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 101

statements of changes in net assets (000)

For the six months ended March 31, 2017 (Unaudited) and the year ended September 30, 2016

	City National Rochdale Government Money Market Fund						City National Rochdale Government Bond Fund
	2017			2016			2017			2016
OPERATIONS:
Net Investment Income	$	1,244		$	896		$	542		$	1,032
Net Realized Gain (Loss) from Security Transactions		7			—			(4	)		255
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		—			—			(1,675	)		111
Net Increase (Decrease) in Net Assets Resulting from Operations		1,251			896			(1,137	)		1,398
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(291	)		(553	)
Class N		(788	)		(649	)		(5	)		(6	)
Class S		(185	)		(154	)		—			—
Servicing Class		(270	)		(94	)		(288	)		(556	)
Realized Capital Gains:
Institutional Class		—			—			(42	)		—
Class N		—			—			(1	)		—
Servicing Class		—			—			(52	)		—
Total Dividends and Distributions		(1,243	)		(897	)		(679	)		(1,115	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			4,830			15,023
Shares Issued in Lieu of Dividends and Distributions		—			—			333			553
Shares Redeemed		—			—			(23,837	)		(7,967	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			(18,674	)		7,609
Class N:
Shares Issued		2,485,884			5,798,518			949			245
Shares Issued in Lieu of Dividends and Distributions		692			550			3			3
Shares Redeemed		(2,854,000	)		(4,887,064	)		(233	)		(690	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(367,424	)		912,004			719			(442	)
Class S:
Shares Issued		820,624			2,017,973			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(773,786	)		(1,803,230	)		—			—
Increase in Net Assets from Class S Share Transactions		46,838			214,743			—			—
Servicing Class:
Shares Issued		1,337,358			2,473,708			9,321			20,079
Shares Issued in Lieu of Dividends and Distributions		31			3			160			272
Shares Redeemed		(1,443,502	)		(1,800,335	)		(9,453	)		(27,963	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		(106,113	)		673,376			28			(7,612	)
Net Increase (Decrease) in Net Assets from Share Transactions		(426,699	)		1,800,123			(17,927	)		(445	)
Total Increase (Decrease) in Net Assets		(426,691	)		1,800,122			(19,743	)		(162	)
NET ASSETS:
Beginning of Year/Period		5,735,678			3,935,556			150,658			150,820
End of Year/Period	$	5,308,987		$	5,735,678		$	130,915		$	150,658
Undistributed (Distributions in excess of) net investment income	$	1		$	—		$	(42	)	$	—

(1) See Note 8 for shares issued and redeemed.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 102

City National Rochdale Corporate Bond Fund						City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Municipal High Income Fund
2017			2016			2017			2016			2017			2016
$	1,235		$	2,271		$	640		$	1,330		$	19,987		$	32,575
	42			(1,132	)		(422	)		591			(15,655	)		(7,503	)
	(1,452	)		2,206			(1,568	)		434			(47,798	)		41,554
	(175	)		3,345			(1,350	)		2,355			(43,466	)		66,626
	—			—			—			—			—			—
	(38	)		(59	)		(46	)		(121	)		(11,122	)		(17,013	)
	—			—			—			—			—			—
	(1,213	)		(2,212	)		(593	)		(1,207	)		(8,414	)		(14,761	)
																—
	—			—			—			—			—			—
	—			(10	)		(47	)		(4	)		—			(88	)
	—			(300	)		(540	)		(32	)		—			(73	)
	(1,251	)		(2,581	)		(1,226	)		(1,364	)		(19,536	)		(31,935	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,686			1,049			4,080			7,217			172,167			251,922
	24			47			59			60			6,480			10,334
	(461	)		(1,738	)		(2,327	)		(11,347	)		(100,862	)		(68,453	)
	1,249			(642	)		1,812			(4,070	)		77,785			193,803
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	17,611			28,449			13,315			26,329			102,874			141,729
	117			192			153			108			814			1,137
	(14,834	)		(36,068	)		(16,233	)		(23,113	)		(67,818	)		(31,971	)
	2,894			(7,427	)		(2,765	)		3,324			35,870			110,895
	4,143			(8,069	)		(953	)		(746	)		113,655			304,698
	2,717			(7,305	)		(3,529	)		245			50,653			339,389
	128,500			135,805			98,138			97,893			1,039,051			699,662
$	131,217		$	128,500		$	94,609		$	98,138		$	1,089,704		$	1,039,051
$	(15	)	$	1		$	6		$	5		$	1,546		$	1,095

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 103

statements of changes in net assets/
consolidated statement of changes in net assets (000)

For the six months ended March 31, 2017 (Unaudited) and the year ended September 30, 2016

	City National Rochdale High Yield Bond Fund						City National Rochdale Intermediate Fixed Income Fund
	2017			2016			2017			2016
OPERATIONS:
Net Investment Income (Loss)	$	2,055		$	4,754		$	2,695		$	5,187
Net Realized Gain (Loss) from:
Security Transactions		(146	)		(5,252	)		284			(771	)
Foreign Currency Transactions		166			81			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments and Affiliated Investments		1,567			7,095			(4,836	)		5,455
Foreign Currency Translations		(41	)		1			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		3,601			6,679			(1,857	)		9,871
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		(1,141	)		(2,453	)		(56	)		(229	)
Class N		(468	)		(1,193	)		(2,604	)		(4,999	)
Servicing Class		(501	)		(1,362	)		—			—
Class Y		—			—			—			—
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class		—			—			—			—
Class Y		—			—			—			—
Return of Capital:
Class N		—			—			—			—
Total Dividends and Distributions		(2,110	)		(5,008	)		(2,660	)		(5,228	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		3,318			5,639			68			4,239
Shares Issued in Lieu of Dividends and Distributions		1,127			2,367			29			177
Shares Redeemed		(6,684	)		(6,783	)		(3,038	)		(12,885	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		(2,239	)		1,223			(2,941	)		(8,469	)
Class N:
Shares Issued		600			6,488			26,763			62,311
Shares Issued in Lieu of Dividends and Distributions		238			600			2,428			4,709
Shares Redeemed		(1,318	)		(10,001	)		(30,864	)		(73,449	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(480	)		(2,913	)		(1,673	)		(6,429	)
Servicing Class:
Shares Issued		2,268			15,267			—			—
Shares Issued in Lieu of Dividends and Distributions		162			363			—			—
Shares Redeemed		(3,198	)		(24,287	)		—			—
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		(768	)		(8,657	)		—			—
Class Y:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Class Y Share Transactions		—			—			—			—
Net Increase (Decrease) in Net Assets from Share Transactions		(3,487	)		(10,347	)		(4,614	)		(14,898	)
Total Increase (Decrease) in Net Assets		(1,996	)		(8,676	)		(9,131	)		(10,255	)
NET ASSETS:
Beginning of Year/Period		77,835			86,511			260,332			270,587
End of Year/Period	$	75,839		$	77,835		$	251,201		$	260,332
Undistributed (distribution in excess of) net investment income	$	(122	)	$	(67	)	$	87		$	52

(1) See Note 8 for shares issued and redeemed.

(2) Class Y commenced operations on June 1, 2016.

(3) Includes transfer from Class N to Class Y of $692,420 (000).

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 104

City National Rochdale Fixed Income Opportunities Fund						City National Rochdale Dividend & Income Fund						City National Rochdale U.S. Core Equity Fund						City National Rochdale Emerging Markets Fund (2)
2017			2016			2017			2016			2017			2016			2017			2016
$	57,396		$	94,069		$	2,956		$	5,245		$	993		$	1,522		$	(3,472	)	$	2,049
	35,952			(42,394	)		3,131			824			2,819			8,913			(2,763	)		(15,955	)
	12,422			5,529			—			—			—			—			182			(1,573	)
	(13,522	)		96,056			3,811			30,072			14,337			7,967			86,136			149,893
	(1,565	)		(478	)		—			—			—			—			(78	)		766
	90,683			152,782			9,898			36,141			18,149			18,402			80,005			135,180
	—			—			—			—			—			—			—			—
	(74,913	)		(131,462	)		(3,357	)		(5,466	)		(419	)		(636	)		(178	)		(228	)
	—			—			—			—			(546	)		(923	)		—			—
	—			—			—			—			—			—			(2,287	)		—
	—			—			—			—			(1	)		—			—			—
	—			—			—			(164	)		(4,736	)		(710	)		—			—
	—			—			—			—			(4,806	)		(739	)		—			—
	—			—			—			—			—			—			—			—
	—			—			—			(823	)		—			—			—			—
	(74,913	)		(131,462	)		(3,357	)		(6,453	)		(10,508	)		(3,008	)		(2,465	)		(228	)
	—			—			—			—			1			—			—			—
	—			—			—			—			—			—			—			—
��	—			—			—			—			—			(7,205	)		—			—
	—			—			—			—			1			(7,205	)		—			—
	404,970			813,637			37,425			73,266			10,028			16,276			58,140			360,912
	55,132			97,392			2,211			4,329			4,563			1,151			155			162
	(191,363	)		(411,723	)		(35,794	)		(58,011	)		(9,096	)		(18,823	)		(53,973	)		(1,043,367	)(3)
	268,739			499,306			3,842			19,584			5,495			(1,396	)		4,322			(682,293	)
	—			—			—			—			15,858			23,794			—			—
	—			—			—			—			267			41			—			—
	—			—			—			—			(12,775	)		(24,637	)		—			—
	—			—			—			—			3,350			(802	)		—			—
	—			—			—			—			—			—			177,345			874,121	(3)
	—			—			—			—			—			—			1,673			—
	—			—			—			—			—			—			(48,708	)		(17,698	)
	—			—			—			—			—			—			130,310			856,423
	268,739			499,306			3,842			19,584			8,846			(9,403	)		134,632			174,130
	284,509			520,626			10,383			49,272			16,487			5,991			212,172			309,082
	2,162,580			1,641,954			236,957			187,685			219,834			213,843			993,264			684,182
$	2,447,089		$	2,162,580		$	247,340		$	236,957		$	236,321		$	219,834		$	1,205,436		$	993,264
$	(57,167	)	$	(39,650	)	$	(413	)	$	(12	)	$	62		$	34		$	(5,518	)	$	419

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 105

consolidated statement of cash flows (000)

For the six months ended March 31, 2017 (Unaudited)

	City National Rochdale Fixed Income Opportunities Fund
Cash Flows from Operating Activities:
Net increase in net assets from operations	$	90,683
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchase of investment securities		(2,668,468	)
Proceeds from disposition of investment securities		2,413,032
Amortization (accretion of market discount)		(5,837	)
Premium payments		(10,384	)
Net realized gain on investments		(35,952	)
Net change in unrealized depreciation on investments		13,522
Changes in assets:
Foreign currency		(9,360	)
Dividend and interest receivable		(791	)
Foreign tax reclaim receivable		(280	)
Receivable for investment securities sold		(2,620	)
Unrealized gain on forward foreign currency contracts		(74	)
Prepaid expenses		(33	)
Changes in liabilities:
Payable for investment securities purchased		31,869
Payable to custodian		13,605
Unrealized loss on forward foreign currency contracts		1,497
Investment advisory fees payable		198
Shareholder servicing and distribution fees payable		(373	)
Administrative fees payable		107
Accrued expenses		297
Net cash used in operating activities		(169,362	)
Cash Flows from Financing Activities:
Proceeds from shares issued		422,440
Cost of shares redeemed		(190,302	)
Distributions		(74,913	)
Net cash provided by financing activities		157,225
Net change in cash		(12,137	)
Cash at beginning of period		12,137
Cash at end of period	$	—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 106

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CITY NATIONAL ROCHDALE FUNDS | PAGE 107

financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2017 (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			Distributions from Realized Capital Gains				Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Government Money Market Fund
Class N (commenced operations on June 21, 1999)
2017	$	1.00	$	(0.000	)*		$	—		$	(0.000	)*		$	—		$	1.00		0.02	%	$	3,503,367		0.47	%		0.04	%		0.86	%		—	%
2016		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.02			3,870,786		0.30			0.02			0.86			—
2015		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			2,958,782		0.10			0.01			0.87			—
2014		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			3,174,351		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			—
Class S (commenced operations on October 6, 1999)
2017	$	1.00	$	(0.000	)*		$	—		$	(0.000	)*		$	—		$	1.00		0.02	%	$	929,764		0.47	%		0.04	%		1.06	%		—	%
2016		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.02			882,925		0.31			0.02			1.06			—
2015		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			668,183		0.10			0.01			1.07			—
2014		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			705,932		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			—
Servicing Class (commenced operations on April 3, 2000)^^
2017	$	1.00	$	(0.000	)*		$	—		$	(0.000	)*		$	—		$	1.00		0.03	%	$	875,856		0.46	%		0.05	%		0.56	%		—	%
2016		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.02			981,967		0.31			0.02			0.56			—
2015		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			308,591		0.10			0.01			0.57			—
2014		1.00		(0.000	)*			—			(0.000	)*			—			1.00		0.01			211,958		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			—
City National Rochdale Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
2017	$	10.61	$	0.05			$	(0.13	)	$	(0.05	)		$	—		$	10.48		(0.69	)%	$	46,539		0.53	%		0.89	%		0.62	%		28	%
2016		10.59		0.09				0.02			(0.09	)			—			10.61		1.09			66,021		0.53			0.84			0.58			37
2015		10.49		0.06				0.10			(0.06	)			—			10.59		1.55			58,301		0.53			0.59			0.57			37
2014		10.47		0.06				0.02			(0.06	)			—			10.49		0.80			56,722		0.53			0.59			0.57			59
2013		10.73		0.11				(0.23	)		(0.14	)			—			10.47		(1.11	)		56,351		0.54			1.03			0.52			28
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)
2017	$	10.62	$	0.02			$	(0.13	)	$	(0.02	)		$	—		$	10.49		(0.94	)%	$	2,153		1.03	%		0.40	%		1.12	%		28	%
2016		10.60		0.03				0.03			(0.04	)			—			10.62		0.58			1,453		1.03			0.33			1.08			37
2015		10.51		0.01				0.09			(0.01	)			—			10.60		0.95			1,895		1.03			0.08			1.07			37
2014		10.49		0.01				0.02			(0.01	)			—			10.51		0.29			2,027		1.03			0.10			1.07			59
2013		10.75		0.04				(0.21	)		(0.09	)			—			10.49		(1.60	)		2,505		1.03			0.38			1.02			28
2012		10.77		0.06				0.05			(0.12	)			(0.01	)		10.75		0.01			2,970		1.03			0.56			1.03			55
Servicing Class (commenced operations on January 14, 2000)
2017	$	10.60	$	0.03			$	(0.11	)	$	(0.04	)		$	—		$	10.48		(0.72	)%	$	82,223		0.78	%		0.65	%		0.87	%		28	%
2016		10.58		0.06				0.03			(0.07	)			—			10.60		0.84			83,184		0.78			0.59			0.83			37
2015		10.49		0.04				0.09			(0.04	)			—			10.58		1.21			90,624		0.78			0.33			0.82			37
2014		10.47		0.04				0.02			(0.04	)			—			10.49		0.54			113,485		0.78			0.34			0.82			59
2013		10.72		0.07				(0.20	)		(0.12	)			—			10.47		(1.26	)		114,953		0.79			0.62			0.77			28
2012		10.75		0.09				0.03			(0.14	)			(0.01	)		10.72		0.01			124,121		0.77			0.83			0.78			55
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
2017	$	10.52	$	0.09			$	(0.11	)	$	(0.09	)		$	—		$	10.41		(0.21	)%	$	4,989		1.01	%		1.67	%		1.13	%		15	%
2016		10.45		0.16				0.08			(0.15	)			(0.02	)		10.52		2.39			3,783		1.01			1.52			1.09			30
2015		10.67		0.15				(0.14	)		(0.15	)			(0.08	)		10.45		0.14			4,411		1.01			1.42			1.07			32
2014		10.71		0.14				0.03			(0.14	)			(0.07	)		10.67		1.64			4,008		1.01			1.32			1.07			37
2013		10.91		0.16				(0.10	)		(0.17	)			(0.09	)		10.71		0.49			3,100		1.00			1.51			1.00			29
2012		10.59		0.22				0.37			(0.22	)			(0.05	)		10.91		0.06			2,535		1.00			2.05			1.00			31
Servicing Class (commenced operations on January 14, 2000)
2017	$	10.51	$	0.10			$	(0.12	)	$	(0.10	)		$	—		$	10.39		(0.18	)%	$	126,228		0.76	%		1.92	%		0.88	%		15	%
2016		10.44		0.18				0.09			(0.18	)			(0.02	)		10.51		2.69			124,717		0.76			1.75			0.84			30
2015		10.66		0.18				(0.14	)		(0.18	)			(0.08	)		10.44		0.39			131,394		0.76			1.67			0.82			32
2014		10.70		0.17				0.03			(0.17	)			(0.07	)		10.66		1.89			142,766		0.76			1.57			0.82			37
2013		10.90		0.19				(0.11	)		(0.19	)			(0.09	)		10.70		0.75			135,184		0.75			1.77			0.75			29
2012		10.58		0.25				0.37			(0.25	)			(0.05	)		10.90		0.06			133,787		0.75			2.30			0.75			31

* Amount represents less than $0.001.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 108

	Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
2017	$	10.82	$	0.06	$	(0.28	)	$	(0.06	)	$	—		$	10.54		(1.44	)%	$	9,067		0.88	%		1.10	%		1.04	%		30	%
2016		10.71		0.12		0.11			(0.12	)	—		^^		10.82		2.20			7,444		0.88			1.14			0.99			25
2015		10.74		0.12		0.02			(0.12	)		(0.05	)		10.71		1.30			11,386		0.88			1.10			1.00			10
2014		10.54		0.13		0.22			(0.13	)		(0.02	)		10.74		3.31			10,955		0.88			1.17			1.02			36
2013		10.86		0.18		(0.22	)		(0.18	)		(0.10	)		10.54		(0.45	)		8,197		0.87			1.64			0.86			34
2012		10.70		0.22		0.23			(0.22	)		(0.07	)		10.86		4.32			6,093		0.83			2.07			0.86			27
Servicing Class (commenced operations on January 14, 2000)^
2017	$	10.79	$	0.07	$	(0.28	)	$	(0.07	)	$	—		$	10.51		(1.32	)%	$	85,542		0.63	%		1.35	%		0.79	%		30	%
2016		10.68		0.15		0.11			(0.15	)	—		^^		10.79		2.48			90,694		0.63			1.39			0.74			25
2015		10.71		0.14		0.03			(0.15	)		(0.05	)		10.68		1.56			86,507		0.63			1.36			0.75			10
2014		10.51		0.15		0.22			(0.15	)		(0.02	)		10.71		3.58			70,698		0.63			1.43			0.77			36
2013		10.83		0.20		(0.22	)		(0.20	)		(0.10	)		10.51		(0.20	)		59,149		0.62			1.91			0.62			34
2012		10.67		0.25		0.23			(0.25	)		(0.07	)		10.83		4.59			51,840		0.58			2.34			0.61			27
City National Rochdale Municipal High Income Fund
Class N (commenced operations on December 30, 2013)
2017	$	11.14	$	0.20	$	(0.66	)	$	(0.19	)	$	—		$	10.49		(4.06	)%	$	636,538		1.07	%		3.80	%		1.07	%		35	%
2016		10.67		0.41		0.46			(0.40	)	—		^^		11.14		8.34			595,221		1.04			3.76			1.04			28
2015		10.71		0.41		(0.04	)		(0.41	)		—			10.67		3.55			382,461		1.04			3.85			1.03			2
2014		10.00		0.32		0.71			(0.32	)		—			10.71		10.38			201,200		1.08			4.02			1.08			1
Servicing Class (commenced operations on December 30, 2013)
2017	$	11.14	$	0.21	$	(0.64	)	$	(0.21	)	$	—		$	10.50		(3.86	)%	$	453,166		0.82	%		4.04	%		0.82	%		35	%
2016		10.68		0.44		0.45			(0.43	)	—		^^		11.14		8.50			443,830		0.79			4.01			0.79			28
2015		10.72		0.44		(0.04	)		(0.44	)		—			10.68		3.81			317,201		0.79			4.10			0.79			2
2014		10.00		0.34		0.72			(0.34	)		—			10.72		10.68			220,851		0.83			4.27			0.84			1
City National Rochdale High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
2017	$	7.80	$	0.22	$	0.15		$	(0.22	)	$	—		$	7.95		4.81	%	$	39,249		0.95	%		5.49	%		0.95	%		35	%
2016		7.58		0.47		0.24			(0.49	)		0.00			7.80		9.88			40,701		0.83			6.39			0.89			69
2015		8.76		0.49		(0.77	)		(0.49	)		(0.41	)		7.58		(3.47	)		38,274		0.70			5.94			0.83			77
2014		8.59		0.53		0.19			(0.53	)		(0.02	)		8.76		8.49			40,639		0.70			5.98			0.78			59
2013		8.64		0.60		(0.05	)		(0.60	)		—			8.59		6.49			39,219		0.75			6.87			0.75			56
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)
2017	$	7.80	$	0.20	$	0.15		$	(0.20	)	$	—		$	7.95		4.56	%	$	18,374		1.45	%		4.99	%		1.45	%		35	%
2016		7.58		0.45		0.23			(0.46	)		0.00			7.80		9.44			18,513		1.23			6.02			1.30			69
2015		8.76		0.44		(0.76	)		(0.45	)		(0.41	)		7.58		(3.94	)		21,063		1.20			5.43			1.33			77
2014		8.59		0.49		0.18			(0.48	)		(0.02	)		8.76		7.95			26,166		1.20			5.49			1.28			59
2013		8.64		0.56		(0.05	)		(0.56	)		—			8.59		5.95			34,371		1.27			6.37			1.26			56
2012		7.98		0.62		0.66			(0.62	)		—			8.64		16.56			38,629		1.38			7.43			1.39			41
Servicing Class (commenced operations on January 14, 2000)^
2017	$	7.80	$	0.21	$	0.15		$	(0.21	)	$	—		$	7.95		4.69	%	$	18,216		1.20	%		5.24	%		1.20	%		35	%
2016		7.58		0.46		0.23			(0.47	)		0.00			7.80		9.61			18,621		1.07			6.16			1.14			69
2015		8.76		0.47		(0.77	)		(0.47	)		(0.41	)		7.58		(3.71	)		27,174		0.95			5.67			1.08			77
2014		8.59		0.51		0.19			(0.51	)		(0.02	)		8.76		8.22			43,974		0.95			5.83			1.02			59
2013		8.63		0.58		(0.04	)		(0.58	)		—			8.59		6.35			88,949		0.99			6.58			0.99			56
2012		7.98		0.65		0.65			(0.65	)		—			8.63		16.77			74,245		1.08			7.76			1.09			41
City National Rochdale Intermediate Fixed Income Fund
Institutional Class (commenced operations on December 20, 2013)
2016	$	26.56	$	0.33	$	(0.44	)	$	(0.34	)	$	—		$	26.11		(0.42	)%	$	4,307		0.51	%		2.53	%		0.53	%		9	%
2016		26.12		0.63		0.45			(0.64	)		—			26.56		4.20			7,249		0.51			2.38			0.51			25
2015		26.23		0.60		(0.11	)		(0.60	)		—			26.12		1.87			15,574		0.51			2.29			0.53			21
2014		25.89		0.53		0.33			(0.52	)		—			26.23		3.35			8,784		0.51			2.57			0.52			28
Class N (commenced operations on December 31, 1999)
2017	$	26.56	$	0.27	$	(0.46	)	$	(0.27	)	$	—		$	26.10		(0.70	)%	$	246,894		1.01	%		2.09	%		1.04	%		9	%
2016		26.11		0.50		0.46			(0.51	)		—			26.56		3.72			253,083		1.01			1.90			1.01			25
2015		26.23		0.47		(0.12	)		(0.47	)		—			26.11		1.34			255,013		1.01			1.79			1.03			21
2014		25.89		0.57		0.34			(0.57	)		—			26.23		3.54			204,264		1.01			2.17			1.04			28
2013*		26.76		0.60		(0.85	)		(0.62	)		—			25.89		(0.96	)		155,740		1.02			3.04			1.04			21
2012		25.68		0.95		1.08			(0.95	)		—			26.76		7.99			130,359		1.13			3.59			1.12			26

* For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Intermediate Fixed Income Fund. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ 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.

(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 109

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2017 (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†			Redemption Fees		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
2017		$	25.36	$	0.65		$	0.37		$	—	$	(0.83	)	$	—		$	—		$	25.55		4.06	%	$	2,447,089		1.10	%(6)		5.07	%		1.08	%(6)		81	%
2016			25.22		1.28			0.65			—		(1.79	)		—			—			25.36		8.04			2,162,580		1.10	(5)		5.15			1.10	(5)		124
2015			27.19		1.34			(1.59	)		—		(1.60	)		(0.12	)		—			25.22		(0.88	)		1,641,954		1.10	(4)		5.08			1.12	(4)		73
2014			26.83		1.28			0.38			—		(1.17	)		(0.13	)		—			27.19		6.20			1,391,497		1.11	(3)		4.65			1.12	(3)		82
2013*			27.20		1.28			(0.43	)		—		(1.22	)	—		^		—			26.83		3.16			924,444		1.08			6.24			1.11			52
2012			26.16		1.70			1.04			—		(1.64	)		(0.06	)		—			27.20		10.70			654,095		1.12			6.29			1.12			41
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
	2017	$	39.68	$	0.49		$	1.16		$	—	$	(0.56	)	$	—		$	—		$	40.77		4.18	%	$	247,340		1.11	%		2.50	%		1.13	%		3	%
	2016		34.22		0.94			5.67			—		(0.97	)		(0.03	)		(0.15	)		39.68		19.50			236,957		1.11			2.49			1.12			5
	2015		35.08		0.94			(0.72	)		—		(1.08	)		—			—			34.22		0.53			187,685		1.11			2.60			1.13			13
	2014		32.25		0.95			2.96			—		(1.08	)		—			—			35.08		12.20			172,917		1.09			2.74			1.14			16
	2013*		29.07		0.62			3.37			—		(0.54	)		—			(0.27	)		32.25		13.74			155,807		1.16			2.55			1.19			17
	2012		28.06		0.92			1.17			—		(0.92	)		—			(0.16	)		29.07		7.49			116,138		1.38			3.18			1.37			13
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
	2017	$	14.00	$	0.09		$	1.06		$	—	$	(0.08	)	$	(0.60	)	$	—		$	14.47		8.54	%	$	15		0.54	%		1.26	%		0.54	%		18	%
	2016		13.04		0.13			1.07			—		(0.15	)		(0.09	)		—			14.00		9.25			14		0.52			0.93			0.52			31
	2015		14.21		0.11			0.13			—		(0.10	)		(1.31	)		—			13.04		1.79			6,870		0.52			0.79			0.52			32
	2014		12.13		0.08			2.30			—		(0.08	)		(0.22	)		—			14.21		19.86			6,759		0.53			0.59			0.53			60
	2013		10.00		0.14			2.08			—		(0.09	)		—			—			12.13		22.23			—	0.00		^		1.57		0.00^				32
Class N (commenced operations on December 3, 2012)
	2017	$	13.86	$	0.05		$	1.06		$	—	$	(0.05	)	$	(0.60	)	$	—		$	14.32		8.30	%	$	118,120		1.04	%		0.77	%		1.04	%		18	%
	2016		12.92		0.08			1.03			—		(0.08	)		(0.09	)		—			13.86		8.63			108,807		1.02			0.58			1.02			31
	2015		14.09		0.04			0.14			—		(0.04	)		(1.31	)		—			12.92		1.31			102,753		1.02			0.29			1.02			32
	2014		12.08		0.01			2.23			—		(0.01	)		(0.22	)		—			14.09		18.80			97,205		1.03			0.09			1.04			60
	2013		10.00		0.05			2.08			—		(0.05	)		—			—			12.08		21.33			66,145		0.99			0.52			0.99			32
Servicing Class (commenced operations on December 3, 2012)
	2017	$	13.88	$	0.07		$	1.07		$	—	$	(0.07	)	$	(0.60	)	$	—		$	14.35		8.49	%	$	118,186		0.79	%		1.01	%		0.79	%		18	%
	2016		12.93		0.11			1.04			—		(0.11	)		(0.09	)		—			13.88		8.97			111,013		0.77			0.83			0.77			31
	2015		14.11		0.07			0.13			—		(0.07	)		(1.31	)		—			12.93		1.48			104,220		0.77			0.54			0.77			32
	2014		12.09		0.05			2.24			—		(0.05	)		(0.22	)		—			14.11		19.15			103,246		0.78			0.34			0.79			60
	2013		10.00		0.07			2.08			—		(0.06	)		—			—			12.09		21.60			68,919		0.74			0.73			0.74			32
City National Rochdale Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
	2017	$	41.67	$	(0.19	)	$	3.08		$	—	$	(0.07	)	$	—		$	—		$	44.49		6.97	%	$	123,988		1.60	%		(0.91	)%		1.60	%		11	%
	2016		35.38		0.04			6.26			—		(0.01	)		—			—			41.67		17.81			112,388		1.61			0.11			1.62			15	††
	2015		38.90		0.09			(3.48	)		—		(0.13	)		—			—			35.38		(8.74	)		684,182		1.61			0.21			1.65			34
	2014		34.24		0.22			4.55			—		(0.11	)		—			—			38.90		13.96			582,490		1.61			0.58			1.64			42
	2013*		32.31		0.33			1.60			—		—			—			—			34.24		5.97			294,040		1.62			1.31			1.69			25
	2012		25.28		0.04			7.00			0.01		—			—			(0.02	)		32.31		27.87			136,838		1.97			0.15			1.94			69
Class Y (commenced operations on June 1, 2016)
	2017	$	41.71	$	(0.13	)	$	3.07		$	—	$	(0.10	)	$	—		$	—		$	44.55		7.10	%	$	1,081,448		1.35	%		(0.64	)%		1.35	%		11	%
	2016		38.33		0.10			3.28			—		—			—			—			41.71		8.82			880,876		1.37			0.74			1.37			15

* For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Fixed Income Opportunities Portfolio, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio, and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Funds’ City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Funds’ City National Rochdale Dividend & Income Fund, and City National Rochdale Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

†† Portfolio turnover rate is presented at the Fund level.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively.

(4) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.11%, respectively.

(5) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

(6) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.07%, respectively.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 110

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (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 11 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”); City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), and City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) (collectively, the “Fixed Income Funds”); and City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).

On June 1, 2016, a new Class Y of the Emerging Markets Fund opened.

The City National Rochdale California Tax Exempt Money Market Fund was liquidated on October 3, 2016.

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund and the Emerging Markets Fund, which are non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES:

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

Use of Estimates – The Funds are investment companies that conform with accounting principles generally accepted in the United States of America (“GAAP”). Therefore the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Funds’ Fair Value Committee concludes it approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; for international securities, market events occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value

CITY NATIONAL ROCHDALE FUNDS | PAGE 111

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Beginning January 1, 2017, investments in life settlement policies (“Policies”) are valued using a probabilistic method, for an actuarially derived valuation approach, in order to determine the fair value of each Policy. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the probabilistic method, two life expectancies are obtained from established life expectancy providers on the insured(s) of the Policy and an actuarial table is used to determine the probability of survival in each year going forward for the insured(s) for each of the two life expectancies. The probabilities associated with each life expectancy are then utilized along with the premiums due and the death benefit of the Policy for each year of the Policy to determine expected cash flows. These cash flows are then discounted at a rate that accounts for the risk associated with the Policy and various other factors. The valuations from each life expectancy are then typically averaged to obtain the desired market valuation for the investor. Life settlement policies are included in Level 3 of the fair value hierarchy.

In accordance with GAAP, the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

● Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended March 31, 2017, the Funds’ fair valuation methodology for Policies changed from a discounted cash flow model, which used a “deterministic method” for valuing the Policies, to the probabilistic method described above. None of the Funds’ other fair valuation methodologies changed during the period. For more details on the investment classifications, refer to the Schedules of Investments/Consolidated Schedule of Investments.

Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Government Money Market Fund, which use a straight line basis which is not materially different from the scientific method.

Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by BNY Mellon until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreements. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by a Fund may be delayed or limited.

TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds 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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 112

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 Government Money Market Fund and Fixed Income Funds except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Equity Funds except for the Emerging Markets Fund. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.

Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss upon the sale of a security resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded as an unrealized gain (loss) on forward foreign currency contracts in the Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, which is included within realized gain (loss) on foreign currency transactions in the Statements of Operations/Consolidated Statements of Operations. A Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the High Yield Bond Fund and the Fixed Income Opportunities Fund have entered into master netting arrangements, established within the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the High Yield Bond Fund and the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the High Yield Bond Fund and the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the High Yield Bond Fund and/or the Fixed Income Opportunities Fund.

For financial reporting purposes, the High Yield Bond Fund and the Fixed Income Opportunities Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is reported separately on the Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is noted in the Schedule of Investments/Consolidated Schedule of Investments. Generally,

CITY NATIONAL ROCHDALE FUNDS | PAGE 113

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the High Yield Bond Fund and the Fixed Income Opportunities Fund from its counterparties are not fully collateralized, contractually or otherwise, the High Yield Bond Fund and the Fixed Income Opportunities Fund bear the risk of loss from counterparty nonperformance.

The following tables present, by derivative type, the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s OTC derivative assets and liabilities net of the related collateral posted for the benefit of the High Yield Bond Fund and the Fixed Income Opportunities Fund at March 31, 2017 (000):

Derivative Type	Derivative Assets Subject to a Netting Agreement or Similar Arrangement		Derivative Available for Offset			Collateral Received		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	—	$	—		$	—	$	—
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		180		(180	)		—		—

Derivative Type	Derivative Liabilities Subject to a Netting Agreement or Similar Arrangement			Derivative Available for Offset		Collateral Pledged		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	(35	)	$	—	$	—	$	—
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		(1,713	)		180		—		(1,533	)

Futures Contracts – To the extent consistent with their investment objective and strategies, certain Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures contract and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2017, if applicable.

Options Contracts – A Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund will pay a premium which is included on the Fund’s Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the unrealized gain or loss.

The net realized gain or loss on options contracts is reflected in the Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations. Realized and changes in unrealized gains and losses on options contracts during the period as disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for a Fund.

Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale.

A Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% (5% in the case of the Government Money Market Fund) of the Fund’s net assets would be invested in illiquid securities. In some

CITY NATIONAL ROCHDALE FUNDS | PAGE 114

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.

Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. Federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from certain mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities, and gains from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines), of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sectors.

Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a wholly-owned subsidiary of the Fund under the laws of Ireland (the “Subsidiary”).

The principal purpose of investment in the Subsidiary is to allow the Fixed Income Opportunities Fund to gain exposure to life insurance policies within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is a company organized under the laws of Ireland and is overseen by its own board of directors. Although the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the Fund. The Subsidiary is not an investment company registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act.

Information regarding the Fixed Income Opportunities Fund and the Subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and Consolidated Statement of Cash Flows.

The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at March 31, 2017, were $178,017,566, which represented 7.4% of the net assets of the Fixed Income Opportunities Fund.

Investments in Mauritius Subsidiary – To the extent that the Emerging Markets Fund seeks to invest in the securities of Indian companies, it currently intends to do so by investing in shares of a wholly-owned collective investment vehicle (the “Mauritius Subsidiary”) registered with and regulated by the Mauritius Financial Services Commission that is also managed by City National Rochdale. The Mauritius Subsidiary was formed to allow the Fund’s investments in Indian companies to benefit from a favorable tax treaty between Mauritius and India. In order to do so, the Mauritius Subsidiary will seek to maintain residency in Mauritius.

Due to the recent amendment of the tax treaty between India and Mauritius, the capital gains tax exemption on shares of Indian companies will be phased out over a two-year period that began on April 1, 2017, and ends on March 31, 2019. Shares of Indian companies acquired after April 1, 2017, will be subject to a reduced capital gain tax until March 31, 2019, and shares will be taxed at India’s full tax rate thereafter. There is no guarantee that the tax treaty will not be amended further.

Investment in Affiliated Security – The Funds may invest excess cash in the Government Money Market Fund.

CITY NATIONAL ROCHDALE FUNDS | PAGE 115

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

3. ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:

Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee based on the average daily net assets of the Trust and subject to a minimum annual fee.

The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution and servicing fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) may receive a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Government Money Market Fund and 0.25% of the Class N Shares of the Fixed Income Funds and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities. Pursuant to a Distribution Coordination Agreement, the entirety of the fees received by the Distributor pursuant to the Distribution Plan is transmitted to RIM Securities LLC (“RIM Securities”) as Sub-Distribution Coordinator. RIM Securities then reallows those fees to broker-dealers and service providers, including City National Rochdale and other affiliates, for payments for distribution services of the type identified in the Distribution Plan, and retains any undistributed balance of fees received from the Distributor.

US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.

The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Class N, Class S, Servicing Class or Class Y Shares, as applicable. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of the average daily net assets of the relevant class of each Fund. CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the period ended March 31, 2017, CNB and City National Rochdale received $9,946,592 in shareholder servicing fees from the Trust.

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

4. INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:

Under the terms of the current investment management agreements, City National Rochdale receives an annual fee equal to a percentage of the average daily net assets of each Fund, as follows:

Fund	Fee
Government Money Market Fund	0.26%
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Municipal High Income Fund	0.50
High Yield Bond Fund	0.60
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40
Emerging Markets Fund	1.00

Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.

Alcentra LTD, All Financial Partners II LLC, Ashmore Investment Management Limited, Federated Investment Management Company, GML Capital LLP and Seix Investment Advisors LLC act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

Sub-adviser fees are paid by City National Rochdale.

City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:

	Government Money Market Fund	Government Bond Fund	Corporate Bond Fund
Institutional Class	n/a	0.53%	n/a
Class N	0.93%	1.03%	1.01%
Class S	1.13%	n/a	n/a
Servicing Class	0.63%	0.78%	0.76%

CITY NATIONAL ROCHDALE FUNDS | PAGE 116

	California Tax Exempt Bond Fund	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	n/a	0.51%	n/a
Class N	0.88%	1.01%	1.09%
Servicing Class	0.63%	n/a	n/a

Any fee reductions or expense reimbursements may be repaid by a Fund to City National Rochdale, within three years after occurrence if such repayments can be achieved within the Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2017, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Money Market Fund	$	5,614		2017
		8,586		2018
		1,623		2019
Government Bond Fund		67		2017
		74		2018
		79		2019
		67		2020
Corporate Bond Fund		83		2017
		89		2018
		109		2019
		80		2020
California Tax Exempt Bond Fund		99		2017
		109		2018
		105		2019
		79		2020
High Yield Bond Fund		101		2017
		128		2018
		12		2019
Intermediate Fixed Income Fund		56		2017
		43		2018
		10		2019
		35		2020
Fixed Income Opportunities Fund		5		2017
		248		2018
		16		2019
Dividend & Income Fund		90		2017
		44		2018
		18		2019
		23		2020
Emerging Markets Fund		140		2017
		291		2018
		59		2019

During the period ended March 31, 2017, the Adviser recovered $1,225 (000) and $200 (000) in previously waived fees for the Government Money Market Fund and Fixed Income Opportunities Fund, respectively.

City National Rochdale and CNB have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Government Money Market Fund in order to maintain a one-day net income yield (yield floor) of not less than 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 period ended March 31, 2017:

	Shareholder Servicing Fee Waiver (000)			Investment Advisory  Fee Waiver (000)			Administration Fee Waiver (000)
Government Money Market Fund
Class N	$	7,132	(1)	$	(886	)	$	—
Class S		2,562	(1)		(210	)		—
Servicing Class		619			(130	)		—

(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 period ended March 31, 2017, were as follows for the Fixed Income Funds and Equity Funds:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Government Bond Fund	$	34,993	$	—		$	44,013	$	3,057
Corporate Bond Fund		—		18,676			3		17,207
California Tax Exempt Bond Fund		—		25,220			—		27,804
Municipal High Income Fund		—		368,703			—		325,031
High Yield Bond Fund		—		22,935	†		—		23,312	†
Intermediate Fixed Income Fund		3,973		18,520			4,228		21,052
Fixed Income Opportunities Fund		23,916		1,320,100	‡		25,649		1,089,142
Dividend & Income Fund		—		6,776			—		7,927
U.S. Core Equity		—		39,346			—		42,676
Emerging Markets Fund		—		228,244			—		106,335

† Includes 17a-7 related party transactions of $632 (000) and $506 (000), respectively.

‡ Includes 17a-7 related party transactions of $4,499 (000).

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

CITY NATIONAL ROCHDALE FUNDS | PAGE 117

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

The following is a summary of the transactions with affiliates for the California Tax Exempt Bond Fund for the period ended March 31, 2017:

	Municipal High Income Fund (000)
Beginning balance as of October 1, 2016	$	2,312
Purchases at Cost		750
Proceeds from Sales		(2,428	)
Realized Gain (Loss)		(72	)
Unrealized Gain (Loss)		(52	)
Ending balance as of March 31, 2017	$	510
Dividend Income		18

The Fixed Income Funds and Equity Funds may also invest in the affiliated Government Money Market Fund to manage excess cash or to serve as margin or collateral for derivative positions.

The following is a summary of the transactions with affiliates for the period ended March 31, 2017:

	Purchases at Cost (000)		Proceeds from Sales (000)			Value 3/31/2017 (000)		Dividend Income (000)
Government Money Market Fund
Government Bond Fund	$	11,516	$	(11,728	)	$	642	$	—
Corporate Bond Fund		12,952		(11,269	)		2,491		—
California Tax Exempt Bond Fund		35,757		(34,732	)		2,357		1
Municipal High Income Fund		139,472		(109,721	)		48,148		8
High Yield Bond Fund		8,139		(9,013	)		259		—
Intermediate Fixed Income Fund		13,616		(14,486	)		236		—
Fixed Income Opportunities Fund		7,838		(5,309	)		11,459		1
Dividend & Income Fund		13,408		(10,824	)		6,001		—
U.S. Core Equity Fund		11,774		(10,211	)		4,105		—
Emerging Markets Fund		68,226		(49,378	)		42,993		2

6. FEDERAL TAX INFORMATION:

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

Management has analyzed the Funds’ tax positions taken on U.S. Federal income tax returns for all open tax years and has concluded that as of September 30, 2016, no provision for income tax would be required in the Funds’ financial statements. The Funds’ U.S. Federal and state income and U.S. Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with U.S. Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss), or paid-in capital, as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences, primarily attributable to foreign currency transactions, REIT adjustments, investments in partnerships, realized gains (losses) on paydowns, net operating losses, distributions in excess of net investment income, default bonds, reclassification of short-term capital gains received from affiliated funds and timing of distributions, were reclassified to/from the following accounts as of September 30, 2016:

	Increase (Decrease) Undistributed Net Investments Income (Loss) (000)			Increase (Decrease) Accumulated Net Realized Gain (Loss) (000)			Increase (Decrease) Paid-in Capital (000)
Government Bond Fund	$	79		$	(79	)	$	—
Municipal High Income Fund		(229	)		229			—
High Yield Bond Fund		133			(133	)		—
Intermediate Fixed Income Fund		26			(26	)		—
Fixed Income Opportunities Fund		1,030			(1,030	)		—
Dividend & Income Fund		214			(209	)		(5	)
U.S. Core Equity Fund		(17	)		17			—
Emerging Markets Fund		(1,573	)		1,573			—

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

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

The tax character of dividends and distributions declared during the years ended September 30, 2016 and September 30, 2015 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
2016	$	—	$	897	$	—	$	—	$	897
2015		—		397		—		—		397
Government Bond Fund
2016	$	—	$	1,115	$	—	$	—	$	1,115
2015		—		708		—		—		708
Corporate Bond Fund
2016	$	—	$	2,271	$	310	$	—	$	2,581
2015		—		2,423		1,082		—		3,505
California Tax Exempt Bond Fund
2016	$	1,328	$	—	$	36	$	—	$	1,364
2015		1,216		121		286		—		1,623
Municipal High Income Fund
2016	$	31,625	$	261	$	49	$	—	$	31,935
2015		22,487		83		—		—		22,570
High Yield Bond Fund
2016	$	—	$	5,008	$	—	$	—	$	5,008
2015		—		6,630		4,068		—		10,698
Intermediate Fixed Income Fund
2016	$	—	$	5,228	$	—	$	—	$	5,228
2015		—		4,532		—		—		4,532
Fixed Income Opportunities Fund
2016	$	—	$	131,462	$	—	$	—	$	131,462
2015		—		97,143		2,715		—		99,858
Dividend & Income Fund
2016	$	—	$	5,018	$	612	$	823	$	6,453
2015		—		4,363		1,454		—		5,817
U.S. Core Equity Fund
2016	$	—	$	1,581	$	1,427	$	—	$	3,008
2015		—		2,073		18,578		—		20,651
Emerging Markets Fund
2016	$	—	$	228	$	—	$	—	$	228
2015		—		2,025		—		—		2,025

As of September 30, 2016, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforwards (000)			Post-October Losses (000)			Unrealized Appreciation (Depreciation) (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	141	$	—	$	—		$	—		$	—		$	(141	)	$	—
Government Bond Fund		—		90		95		—			—			1,559			(90	)		1,654
Corporate Bond Fund		—		162		—		—			(1,327	)		2,163			(161	)		837
California Tax Exempt Bond Fund		110		151		437		—			—			2,398			(105	)		2,991
Municipal High Income Fund		2,923		—		—		(7,275	)		—			50,611			(3,003	)		43,256
High Yield Bond Fund		—		368		—		(378	)		(5,202	)		(1,962	)		(436	)		(7,610	)
Intermediate Fixed Income Fund		—		60		—		(2,117	)		(1,160	)		7,007			(9	)		3,781
Fixed Income Opportunities Fund		—		2,739		—		(26,744	)		(55,335	)		(5,870	)		(53	)		(85,263	)
Dividend & Income Fund		—		—		—		—			—			63,480			(12	)		63,468
U.S. Core Equity Fund		—		34		8,329		—			—			37,829			—			46,192
Emerging Markets Fund		—		2,464		—		(6,801	)		(18,000	)		157,242			—			134,905

CITY NATIONAL ROCHDALE FUNDS | PAGE 119

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

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, 2016, the breakdown of capital loss carryforwards was as follows:

	Expiring December 31,
Fund	2018 (000)
Intermediate Fixed Income Fund	$	(2,117	)

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2015, through September 30, 2016, that, in accordance with U.S. Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Fund	Short-Term Loss (000)			Long-Term Loss (000)			Total (000)*
Municipal High Income Fund	$	(188	)	$	(7,087	)	$	(7,275	)
High Yield Bond Fund		(150	)		(228	)		(378	)
Fixed Income Opportunities Fund		(16,945	)		(9,799	)		(26,744	)
Emerging Markets Fund		(6,801	)		—			(6,801	)

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

During the year ended September 30, 2016, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Government Bond Fund	$	81
Intermediate Fixed Income Fund		364
Emerging Markets Fund		1,162

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes as of March 31, 2017, for each of the Fixed Income Funds and Equity Funds were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (Depreciation) (000)
Government Bond Fund	$	130,730	$	397	$	(513	)		(116	)
Corporate Bond Fund		129,805		1,121		(410	)		711
California Tax Exempt Bond Fund		93,276		1,151		(321	)		830
Municipal High Income Fund		1,084,678		24,255		(21,256	)		2,999
High Yield Bond Fund		74,922		2,047		(2,449	)		(402	)
Intermediate Fixed Income Fund		246,848		3,591		(1,420	)		2,171
Fixed Income Opportunities Fund		2,401,995		113,645		(66,457	)		47,188
Dividend & Income Fund		181,362		66,993		(2,411	)		64,582
U.S. Core Equity Fund		183,921		52,786		(598	)		52,188
Emerging Markets Fund		949,484		275,119		(29,746	)		245,373

At March 31, 2017, the Government Money Market Fund’s cost of securities for U.S. Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

7. CONCENTRATION OF RISK

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund, the Dividend & Income Fund and the Emerging Markets Fund may invest in exchange-traded notes (“ETNs”) as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Funds will generally invest in ETNs which are linked to commodities indexes. A Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

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 and Fixed Income Opportunities Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and investors are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

The Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance policies (“Policies”). A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or may refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.

California Tax Exempt Bond Fund – Specific Risks

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

The Fund invests in Certificates of Participation in a municipal obligation, which are subject to annual appropriation risk.

Emerging Markets Fund – Specific Risks

Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

As long as the Emerging Markets Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the United States or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Emerging Market Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

A more complete description of risks is included in the Funds’ prospectus and statement of additional information.

8. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the six months ended March 31, 2017, and the year ended September 30, 2016, were as follows (000):

	Government Money Market Fund						Government Bond Fund						Corporate Bond Fund
	2017			2016			2017			2016			2017			2016
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			461			1,418			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			32			52			—			—
Shares redeemed		—			—			(2,276	)		(753	)		—			—
Net Institutional Class transactions		—			—			(1,783	)		717			—			—
Class N:
Shares issued		2,485,884			5,798,519			90			23			162			100
Shares issued in Lieu of Dividends and Distributions		692			550			—			—			2			4
Shares redeemed		(2,854,000	)		(4,887,064	)		(22	)		(65	)		(44	)		(167	)
Net Class N transactions		(367,424	)		912,005			68			(42	)		120			(63	)
Class S:
Shares issued		820,624			2,017,973			—			—			—			—
Shares redeemed		(773,786	)		(1,803,230	)		—			—			—			—
Net Class S transactions		46,838			214,743			—			—			—			—
Servicing Class:
Shares issued		1,337,358			2,473,708			889			1,899			1,695			2,733
Shares issued in Lieu of Dividends and Distributions		31			3			15			26			11			18
Shares redeemed		(1,443,502	)		(1,800,335	)		(901	)		(2,642	)		(1,428	)		(3,466	)
Net Servicing Class transactions		(106,113	)		673,376			3			(717	)		278			(715	)

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

	California Tax Exempt Bond Fund						Municipal High Income Fund
	2017			2016			2017			2016
CAPITAL SHARES ISSUED AND REDEEMED:
Class N:
Shares issued		387			668			16,389			22,941
Shares issued in Lieu of Dividends and Distributions		6			6			620			943
Shares redeemed		(221	)		(1,049	)		(9,771	)		(6,281	)
Net Class N transactions		172			(375	)		7,238			17,603
Servicing Class:
Shares issued		1,264			2,445			9,842			12,941
Shares issued in Lieu of Dividends and Distributions		15			10			78			103
Shares redeemed		(1,546	)		(2,150	)		(6,571	)		(2,923	)
Net Servicing Class transactions		(267	)		305			3,349			10,121

	High Yield Bond Fund						Intermediate Fixed Income Fund						Fixed Income Opportunities Fund
	2017			2016			2017			2016			2017			2016
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		420			759			3			161			—			—
Shares issued in Lieu of Dividends and Distributions		143			319			1			7			—			—
Shares redeemed		(843	)		(910	)		(112	)		(491	)		—			—
Net Institutional Class transactions		(280	)		168			(108	)		(323	)		—			—
Class N:
Shares issued		76			880			1,024			2,371			15,793			32,737
Shares issued in Lieu of Dividends and Distributions		30			81			94			180			2,164			3,950
Shares redeemed		(168	)		(1,368	)		(1,187	)		(2,787	)		(7,469	)		(16,515	)
Net Class N transactions		(62	)		(407	)		(69	)		(236	)		10,488			20,172
Servicing Class:
Shares issued		287			2,051			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		21			49			—			—			—			—
Shares redeemed		(404	)		(3,298	)		—			—			—			—
Net Servicing Class transactions		(96	)		(1,198	)		—			—			—			—

CITY NATIONAL ROCHDALE FUNDS | PAGE 123

notes to financial statements/
consolidated notes to financial statements

March 31, 2017 (Unaudited)

	Dividend & Income Fund						U.S. Core Equity Fund						Emerging Markets Fund (1)
	2017			2016			2017			2016			2017			2016
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			(526	)		—			—
Net Institutional Class transactions		—			—		��	—			(526	)		—			—
Class N:
Shares issued		942			1,906			720			1,225			1,409			9,641
Shares issued in Lieu of Dividends and Distributions		55			114			335			85			4			4
Shares redeemed		(902	)		(1,532	)		(658	)		(1,416	)		(1,323	)		(26,285	)(2)
Net Class N transactions		95			488			397			(106	)		90			(16,640	)
Servicing Class:
Shares issued		—			—			1,143			1,778			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			19			3			—			—
Shares redeemed		—			—			(922	)		(1,841	)		—			—
Net Servicing Class transactions		—			—			240			(60	)		—			—
Class Y:
Shares issued		—			—			—			—			4,295			21,547	(2)
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			44			—
Shares redeemed		—			—			—			—			(1,185	)		(428	)
Net Class Y transactions		—			—			—			—			3,154			21,119

(1) Class Y commenced operations on June 1, 2016.

(2) Includes transfers of 17,188 (000) Shares from Class N into 17,183 (000) Shares of Class Y.

9. LINE OF CREDIT

The Funds, except for the Government Money Market Fund, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%. For the period ended March 31, 2017, there was no borrowing activity.

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, 2017, and no issues were noted to disclose.

CITY NATIONAL ROCHDALE FUNDS | PAGE 124

disclosure of fund expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees, acquired fund fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (October 1, 2016, to March 31, 2017).

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in each Fund, and the “Ending Account Value” number is derived from deducting that expense cost from each Fund’s gross investment return.

You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that each Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.

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disclosure of fund expenses (Unaudited) (Continued)

	Beginning Account Value 10/01/2016	Ending Account Value 3/31/2017	Annualized Expense Ratios	Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,000.20	0.47%	$ 2.34
Class S	1,000.00	1,000.20	0.47%	2.14
Servicing Class	1,000.00	1,000.30	0.46%	2.54
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,022.59	0.47%	$ 2.37
Class S	1,000.00	1,022.79	0.43%	2.17
Servicing Class	1,000.00	1,022.39	0.51%	2.57
City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 993.10	0.53%	$ 2.63
Class N	1,000.00	990.60	1.03%	5.11
Servicing Class	1,000.00	992.80	0.78%	3.88
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	$ 997.90	1.01%	$ 5.03
Servicing Class	1,000.00	998.20	0.76%	3.79
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	$ 985.60	0.88%	$ 4.36
Servicing Class	1,000.00	986.80	0.63%	3.12
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	$ 959.40	1.07%	$ 5.23
Servicing Class	1,000.00	961.40	0.82%	4.01
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.60	1.07%	$ 5.39
Servicing Class	1,000.00	1,020.84	0.82%	4.13
City National Rochdale High Yield Bond Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,048.10	0.95%	$ 4.85
Class N	1,000.00	1,045.60	1.45%	7.39
Servicing Class	1,000.00	1,046.90	1.20%	6.12
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,020.19	0.95%	$ 4.78
Class N	1,000.00	1,017.70	1.45%	7.29
Servicing Class	1,000.00	1,018.95	1.20%	6.04
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 995.80	0.51%	$ 2.54
Class N	1,000.00	993.00	1.01%	5.02
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,022.29	0.51%	$ 2.57
Class N	1,000.00	1,019.75	1.01%	5.09
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,040.60	1.10%	$ 5.60
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.50	1.10%	$ 5.54

* 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).

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

	Beginning Account Value 10/01/2016	Ending Account Value 3/31/2017	Annualized Expense Ratios	Expense Paid During Period*
City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,041.80	1.11%	$ 5.65
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.30	1.11%	$ 5.59
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,085.40	0.54%	$ 2.81
Class N	1,000.00	1,083.00	1.04%	5.40
Servicing Class	1,000.00	1,084.90	0.79%	4.11
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,022.24	0.54%	$ 2.72
Class N	1,000.00	1,019.75	1.04%	5.24
Servicing Class	1,000.00	1,020.99	0.79%	3.98
City National Rochdale Emerging Markets Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,069.70	1.60%	$ 8.26
Class Y	1,000.00	1,071.00	1.35%	6.97
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,016.95	1.60%	$ 8.05
Class Y	1,000.00	1,018.20	1.35%	6.79

* 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).

CITY NATIONAL ROCHDALE FUNDS | PAGE 127

board approval of advisory and sub-advisory agreements

(Unaudited)

The Board of Trustees of City National Rochdale Funds (the “Trust”) is comprised of six Trustees, five of whom are Independent Trustees (i.e., not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended). During the six months ended March 31, 2017, the Board and the Independent Trustees approved a sub-advisory agreement between City National Rochdale, LLC (the “Adviser”) and Seix Investment Advisors LLC (“Seix” or the “Sub-Adviser”), with respect to the City National Rochdale Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund”).

General Information

Seix has served as a sub-adviser to the Fixed Income Opportunity Fund and its predecessor since the predecessor’s inception in 2009. At a meeting held on February 23, 2017, the Board of Trustees considered information provided by Seix regarding a pending transaction in which RidgeWorth Investments, which controls Seix, entered into an agreement to be acquired by Virtus Investment Partners, Inc. (the “Transaction”). Under the Investment Company Act of 1940, as amended, the Transaction would result in a change of control of Seix which would automatically terminate its current sub-advisory agreement with respect to the Fixed Income Opportunity Fund. At its meeting, upon the recommendation of the Adviser and after careful consideration, the Board of Trustees approved a new sub-advisory agreement between the Adviser and Seix with respect to the Fixed Income Opportunity Fund (the “New Sub-Advisory Agreement”), effective as of the closing of the Transaction, which is expected to occur in mid-2017. 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 (the “Current Sub-Advisory Agreement”).

The following information summarizes the Board’s considerations associated with its review of the New Sub-Advisory Agreement. 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 Seix pursuant to the Current Sub-Advisory Agreement. In considering these matters, the Independent Trustees discussed the approval of the New Sub-Advisory Agreement with management and in private sessions with their independent counsel at which no representatives of the Adviser or the Sub-Adviser were present.

The Board was familiar with the organization and operations of Seix as a result of its past services to the Fixed Income Opportunities Fund. The Board reviewed extensive materials regarding investment results of Seix with respect to the Fund, sub-advisory fee comparisons, financial information with respect to Seix, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing sub-advisory services to the Fund. The Board also took into account information they received at past meetings of the Board and its committees with respect to these matters.

In deciding to approve the New Sub-Advisory Agreement, 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.

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 their compensation structure; Seix’s investment philosophy and investment process; and performance results of the Fund and the portion of the Fund managed by Seix over various periods. 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. Certain information considered by the Board had been provided in August 2016, when the Board last renewed the Current Sub-Advisory Agreement with respect to the Fund, and the Board considered information from Seix regarding material changes to the information provided in August 2016. The Board noted the Adviser’s expectation that there would be no changes to Seix’s investment process or portfolio management team as a result of the Transaction.

The Board assessed the performance of the Fixed Income Opportunities Fund for various periods during the five years ended December 31, 2016, compared with the Fund’s benchmark indexes, the Credit Suisse Leveraged Loan Index, the Bloomberg Barclays U.S. Corporate High Yield Bond Index, and the Bloomberg Barclays U.S. Aggregate Bond Index. The Board observed that the Fund’s annualized returns were higher than the returns of the Credit Suisse Leveraged Loan Index and Bloomberg Barclays U.S. Aggregate Bond Index but below the

CITY NATIONAL ROCHDALE FUNDS | PAGE 128

Bloomberg Barclays U.S. Corporate High Yield Bond Index returns (by 6.07% or less) for the one-, three- and five-year periods. The Board also assessed the investment results of the portion of the Fixed Income Opportunities Fund managed by Seix (the “Seix Portfolio”), compared with the Credit Suisse Leveraged Loan Index (the “Credit Suisse Index”), the benchmark index associated with the Seix Portfolio. The Board observed that the Seix Portfolio’s annualized returns were higher than the returns of the Credit Suisse Index for the one- and two-year periods, but lower than the Credit Suisse Index returns for the three- and five-year periods (by 0.51% or less).

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 with respect to the Fund 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 mutual fund was significantly larger than the Seix Portfolio, and considered Seix’s indication that the lower sub-advisory fee for the other mutual fund reflected the economies of scale of the other mutual fund.

The Board also considered the benefits received by Seix as a result of its relationship with the Fixed Income Opportunities Fund (other than the sub-advisory fees paid to Seix), including research provided to it by broker-dealers providing execution services to the Fund, 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 none of the Fixed Income Opportunities Fund’s advisory agreement, the Current Sub-Advisory Agreement, or the New Sub-Advisory Agreement provided 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.

Conclusion

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the New 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 New Sub-Advisory Agreement.

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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, 2017

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

By (Signature and Title)*	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer
Date:	June 6, 2017
By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt,
	Treasurer
Date:	June 6, 2017

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