UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
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, 2018
Date of reporting period: March 31, 2018
| Item 1. | Reports to Stockholders. |
The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.
TABLE OF CONTENTS
| City National Rochdale Funds Semi-Annual Report | |
| 2 | Schedule of Investments/Consolidated Schedule of Investments |
| 118 | Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities |
| 121 | Statements of Operations/Consolidated Statement of Operations |
| 124 | Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets |
| 128 | Consolidated Statement of Cash Flows |
| 130 | Financial Highlights/Consolidated Financial Highlights |
| 133 | Notes to Financial Statements/Consolidated Notes to Financial Statements |
| 148 | Disclosure of Fund Expenses |
| 151 | Board Approval of 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, 2018 (Unaudited) |
| City National Rochdale Government Money Market Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| U.S. Government Agency Obligations [72.4%] | ||||||||
| FAMC, MTN | ||||||||
| 1.777%, VAR ICE LIBOR USD 1 Month+-0.100%, 04/29/18 | $ | 25,000 | $ | 25,000 | ||||
| 1.817%, VAR ICE LIBOR USD 1 Month+-0.070%, 04/29/18 | 50,000 | 50,000 | ||||||
| FFCB | ||||||||
| 0.750%, 04/18/18 | 65,975 | 65,954 | ||||||
| 1.766%, VAR ICE LIBOR USD 1 Month+0.055%, 04/08/18 | 50,000 | 49,999 | ||||||
| 1.638%, VAR ICE LIBOR USD 1 Month+-0.080%, 11/09/18 | 50,000 | 49,999 | ||||||
| 1.655%, VAR US Federal Funds Effective Rate+-0.025%, 04/25/19 | 50,000 | 49,997 | ||||||
| 1.843%, VAR US Treasury 3 Month Bill Money Market Yield+0.075%, 05/01/18 | 50,000 | 49,996 | ||||||
| FHLB | ||||||||
| 1.480%, VAR ICE LIBOR USD 3 Month+-0.265%, 04/20/18 | 50,000 | 50,000 | ||||||
| 1.832%, VAR ICE LIBOR USD 1 Month+-0.040%, 04/26/18 | 50,000 | 50,000 | ||||||
| 1.683%, 05/08/18 | 38,000 | 37,935 | ||||||
| 1.540%, VAR ICE LIBOR USD 3 Month+-0.260%, 05/09/18 | 50,000 | 50,000 | ||||||
| 1.703%, VAR ICE LIBOR USD 3 Month+-0.170%, 05/18/18 | 25,000 | 25,000 | ||||||
| 1.685%, VAR ICE LIBOR USD 3 Month+-0.200%, 05/21/18 | 50,000 | 50,000 | ||||||
| 1.740%, VAR ICE LIBOR USD 1 Month+-0.135%, 04/27/18 | 50,000 | 50,000 | ||||||
| 1.647%, VAR ICE LIBOR USD 1 Month+-0.130%, 04/15/18 | 50,000 | 50,003 | ||||||
| 1.721%, VAR ICE LIBOR USD 1 Month+-0.120%, 04/21/18 | 50,000 | 50,000 | ||||||
| 1.757%, VAR ICE LIBOR USD 1 Month+-0.130%, 04/01/18 | 50,000 | 50,000 | ||||||
| 1.782%, VAR ICE LIBOR USD 1 Month+-0.090%, 04/25/18 | 50,000 | 50,000 | ||||||
| 1.670%, VAR ICE LIBOR USD 1 Month+-0.080%, 04/13/18 | 11,000 | 10,999 | ||||||
| 1.621%, VAR ICE LIBOR USD 1 Month+-0.065%, 04/05/18 | 50,000 | 50,000 | ||||||
| FHLB DN (A) | ||||||||
| 1.483%, 04/06/10 | 100,000 | 99,979 | ||||||
| 1.704%, 05/25/10 | 50,000 | 49,875 | ||||||
| 1.372%, 04/02/18 | 50,000 | 49,998 | ||||||
| 1.405%, 04/10/18 | 50,000 | 49,983 | ||||||
| 1.419%, 04/11/18 | 100,000 | 99,961 | ||||||
| 1.580%, 04/13/18 | 50,000 | 49,974 | ||||||
| 1.594%, 04/18/18 | 50,000 | 49,962 | ||||||
| 1.571%, 04/20/18 | 100,000 | 99,917 | ||||||
| 1.642%, 04/24/18 | 100,000 | 99,895 | ||||||
| 1.444%, 04/25/18 | 100,000 | 99,904 | ||||||
| 1.556%, 04/27/18 | 165,000 | 164,815 | ||||||
| 1.458%, 05/02/18 | 100,000 | 99,875 | ||||||
| 1.653%, 05/03/18 | 100,000 | 99,853 | ||||||
| 1.481%, 05/04/18 | 50,000 | 49,932 | ||||||
| 1.659%, 05/11/18 | 94,000 | 93,827 | ||||||
| 1.617%, 05/16/18 | 100,000 | 99,799 | ||||||
| 1.679%, 05/18/18 | 104,000 | 103,773 | ||||||
| 1.680%, 05/23/18 | 100,000 | 99,758 | ||||||
| 1.659%, 06/01/18 | 100,000 | 99,720 | ||||||
| 1.583%, 06/08/18 | 100,000 | 99,703 | ||||||
| 1.797%, 06/15/18 | 50,000 | 49,814 | ||||||
| 1.798%, 06/20/18 | 50,000 | 49,801 | ||||||
| 1.775%, 06/22/18 | 100,000 | 99,598 | ||||||
| 1.764%, 06/27/18 | 100,000 | 99,576 | ||||||
| Total U.S. Government Agency Obligations | ||||||||
| (Cost $2,974,174) | 2,974,174 | |||||||
| Municipal Bonds [4.3%] | ||||||||
| California [1.0%] | ||||||||
| California State, Community Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT | ||||||||
| 1.700%, 04/15/18(B) (C) (D) | 8,000 | 8,000 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Government Money Market Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.610%, 04/15/18(B) (C) (D) | $ | 23,910 | $ | 23,910 | ||||
| Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT | ||||||||
| 1.680%, 04/15/18(B) (C) (D) | 9,000 | 9,000 | ||||||
| Total California | 40,910 | |||||||
| New York [2.3%] | ||||||||
| New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC | ||||||||
| 1.600%, 04/02/18(B) (C) | 13,500 | 13,500 | ||||||
| New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT | ||||||||
| 1.650%, 04/02/18(B) (C) | 9,350 | 9,350 | ||||||
| New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.700%, 04/15/18(B) (C) (D) | 13,800 | 13,800 | ||||||
| New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.700%, 04/15/18(B) (C) (D) | 23,800 | 23,800 | ||||||
| New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.560%, 04/15/18(B) (C) (D) | 15,000 | 15,000 | ||||||
| New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.600%, 04/15/18(B) (C) (D) | 20,000 | 20,000 | ||||||
| Total New York | 95,450 | |||||||
| Texas [0.6%] | ||||||||
| Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT | ||||||||
| 1.660%, 05/15/41(B) (C) (D) | 12,995 | 12,995 | ||||||
| Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT | ||||||||
| 1.680%, 04/15/18(B) (C) (D) | 12,890 | 12,890 | ||||||
| Total Texas | 25,885 | |||||||
| Washington [0.4%] | ||||||||
| Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT | ||||||||
| 1.670%, 04/15/18(B) (C) (D) | 16,295 | 16,295 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $178,540) | 178,540 | |||||||
| Repurchase Agreements [19.8%] | ||||||||
| Barclays (E) | ||||||||
| 1.78%, dated 03/29/18, repurchased on 4/02/18, repurchase price $37,007,318 (collateralized by various U.S. Government obligations, par values ranging from $67,800 to $38,439,100, 0.000% - 1.875%, 09/06/18 – 02/28/22; with a total market value of $37,740,038) | 37,000 | 37,000 | ||||||
| Goldman Sachs (E) | ||||||||
| 1.800%, dated 03/29/18, repurchased on 4/02/18, repurchase price $75,015,000 (collateralized by various U.S. Government obligations, par values ranging from $123 to $30,310,000, 0.000% - 4.125%, 02/19/19 – 06/06/41; with a total market value of $76,500,000) | 75,000 | 75,000 | ||||||
| Wells Fargo (E) | ||||||||
| 1.800%, dated 03/29/18, repurchased on 4/02/18, repurchase price $700,140,000 (collateralized by various U.S. Government obligations, par values ranging from $56,989 to $194,256,119, 4.000% - 7.000%, 12/20/26 – 03/20/48; with a total market value of $714,000,000) | 700,000 | 700,000 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $812,000) | 812,000 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Government Money Market Fund (concluded) |
| Description | Shares | Value (000) | ||||||
| Short-Term Investment** [4.4%] | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.470% | 180,000,000 | $ | 180,000 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $180,000) | 180,000 | |||||||
| Total Investments [100.9%] | ||||||||
| (Cost $4,144,714) | $ | 4,144,714 | ||||||
Percentages are based on Net Assets of $4,108,509 (000).
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (A) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
| (B) | Put and Demand Feature — The date reported is the next reset or put date. |
| (C) | Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
| (D) | Securities are held in conjunction with a letter of credit from a major bank or financial institution. |
| (E) | Tri-Party Repurchase Agreement. |
AMT — Alternative Minimum Tax (subject to)
DN — Discount Note
FAMC — Freddie Mac
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
USD — United States Dollar
VAR — Variable
The following is a list of the inputs used as of March 31, 2018, in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| U.S. Government Agency Obligations | $ | — | $ | 2,974,174 | $ | — | $ | 2,974,174 | ||||||||
| Municipal Bonds | — | 178,540 | — | 178,540 | ||||||||||||
| Repurchase Agreements | — | 812,000 | — | 812,000 | ||||||||||||
| Short-Term Investment | 180,000 | — | — | 180,000 | ||||||||||||
| Total Investments in Securities | $ | 180,000 | $ | 3,964,714 | $ | — | $ | 4,144,714 | ||||||||
For the period ended March 31, 2018, 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, 2018 (Unaudited) |
| City National Rochdale Government Bond Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| U.S. Treasury Obligations [55.8%] | ||||||||
| U.S. Treasury Inflation Indexed Bonds | ||||||||
| 0.125%, 04/15/20 | $ | 879 | $ | 875 | ||||
| U.S. Treasury Notes | ||||||||
| 2.375%, 12/31/20 | 4,500 | 4,500 | ||||||
| 2.125%, 12/31/21 | 5,825 | 5,752 | ||||||
| 2.000%, 11/30/20 | 2,500 | 2,476 | ||||||
| 1.875%, 05/31/22 | 4,365 | 4,256 | ||||||
| 1.875%, 08/31/24 | 2,805 | 2,676 | ||||||
| 1.838%, VAR US Treasury 3 Month Bill Money Market Yield+0.070%, 04/30/19 | 3,700 | 3,703 | ||||||
| 1.625%, 06/30/20 | 2,800 | 2,757 | ||||||
| 1.500%, 01/31/22 | 5,500 | 5,301 | ||||||
| 1.375%, 12/15/19 | 6,440 | 6,344 | ||||||
| 1.375%, 02/15/20 | 5,000 | 4,917 | ||||||
| 1.375%, 04/30/20 | 750 | 736 | ||||||
| 1.375%, 10/31/20 | 4,000 | 3,901 | ||||||
| 1.375%, 09/30/23 | 4,570 | 4,282 | ||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $53,501) | 52,476 | |||||||
| U.S. Government Agency Obligations [25.3%] | ||||||||
| FFCB | ||||||||
| 2.012%, VAR ICE LIBOR USD 1 Month+0.190%, 09/20/19 | 4,900 | 4,917 | ||||||
| FHLB | ||||||||
| 1.670%, VAR ICE LIBOR USD 1 Month+-0.080%, 11/13/19 | 3,000 | 2,998 | ||||||
| 1.375%, 09/13/19 | 2,795 | 2,761 | ||||||
| FNMA | ||||||||
| 1.875%, 02/19/19 | 3,825 | 3,816 | ||||||
| 1.750%, 06/20/19 | 4,525 | 4,502 | ||||||
| 1.250%, 08/17/21 | 5,000 | 4,796 | ||||||
| Total U.S. Government Agency Obligations | ||||||||
| (Cost $24,079) | 23,790 | |||||||
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| U.S. Government Mortgage-Backed Obligations [17.0%] | ||||||||
| FHLMC, Ser 2016-4635, Cl EG | ||||||||
| 2.500%, 12/15/46 | $ | 2,658 | $ | 2,595 | ||||
| FHLMC, Ser K708, Cl A2 | ||||||||
| 2.130%, 01/25/19 | 4,686 | 4,669 | ||||||
| FHLMC REMIC, Ser 2011-3874, Cl JA | ||||||||
| 3.000%, 04/15/25 | 554 | 555 | ||||||
| FNMA, Pool AL5866 | ||||||||
| 2.730%, 08/01/22 | 1,762 | 1,752 | ||||||
| FNMA, Pool AS4877 | ||||||||
| 3.000%, 04/01/30 | 1,933 | 1,935 | ||||||
| FNMA, Pool FN0004 | ||||||||
| 3.619%, 12/01/20 | 4,068 | 4,155 | ||||||
| FNMA ARM, Pool 766620 | ||||||||
| 3.351%, VAR ICE LIBOR USD 12 Month+1.655%, 03/01/34 | 94 | 98 | ||||||
| GNMA, Pool 329656 | ||||||||
| 8.000%, 08/15/22 | 3 | 3 | ||||||
| GNMA, Pool 376533 | ||||||||
| 7.500%, 06/15/24 | 1 | 1 | ||||||
| GNMA, Pool 398660 | ||||||||
| 7.500%, 05/15/26 | 1 | 1 | ||||||
| GNMA, Pool 497411 | ||||||||
| 6.000%, 01/15/29 | 3 | 4 | ||||||
| GNMA ARM, Pool G2 81318 | ||||||||
| 2.625%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 04/20/35 | 131 | 137 | ||||||
| GNMA ARM, Pool G2 81447 | ||||||||
| 2.750%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 08/20/35 | 32 | 33 | ||||||
| Total U.S. Government Mortgage-Backed Obligations | ||||||||
| (Cost $16,238) | 15,938 | |||||||
| Short-Term Investment** [1.5%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 1,388,312 | 1,388 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $1,388) | 1,388 | |||||||
| Total Investments [99.6%] | ||||||||
| (Cost $95,206) | $ | 93,592 | ||||||
Percentages are based on Net Assets of $93,955 (000).
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Government Bond Fund (concluded) |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
ARM — Adjustable Rate Mortgage
Cl — Class
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
USD — United States Dollar
VAR — Variable
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| U.S. Treasury Obligations | $ | — | $ | 52,476 | $ | — | $ | 52,476 | ||||||||
| U.S. Government Agency Obligations | — | 23,790 | — | 23,790 | ||||||||||||
| U.S. Government Mortgage-Backed Obligations | — | 15,938 | — | 15,938 | ||||||||||||
| Short-Term Investment | 1,388 | — | — | 1,388 | ||||||||||||
| Total Investments in Securities | $ | 1,388 | $ | 92,204 | $ | — | $ | 93,592 | ||||||||
For the period ended March 31, 2018, 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 $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, 2018 (Unaudited) |
| City National Rochdale Corporate Bond Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| Corporate Bonds [85.9%] | ||||||||
| Auto-Med and Heavy Duty Trks [1.9%] | ||||||||
| PACCAR Financial, MTN | ||||||||
| 1.750%, 08/14/18 | $ | 2,600 | $ | 2,594 | ||||
| Automotive [8.7%] | ||||||||
| American Honda Finance, MTN | ||||||||
| 1.700%, 09/09/21 | 2,500 | 2,393 | ||||||
| Daimler Finance North America | ||||||||
| 2.241%, VAR ICE LIBOR USD 3 Month+0.430%, 02/12/21(A) | 2,500 | 2,501 | ||||||
| Ford Motor Credit | ||||||||
| 2.551%, 10/05/18 | 2,000 | 1,998 | ||||||
| General Motors Financial | ||||||||
| 5.250%, 03/01/26 | 1,250 | 1,320 | ||||||
| Hyundai Capital America, MTN | ||||||||
| 3.178%, VAR ICE LIBOR USD 3 Month+1.000%, 09/18/20(A) | 1,000 | 1,007 | ||||||
| Toyota Motor Credit, MTN | ||||||||
| 2.250%, 10/18/23 | 3,000 | 2,853 | ||||||
| Total Automotive | 12,072 | |||||||
| Banks [15.6%] | ||||||||
| Bank of Montreal, MTN | ||||||||
| 2.701%, VAR ICE LIBOR USD 3 Month+0.630%, 09/11/22 | 1,200 | 1,202 | ||||||
| Bank of Nova Scotia | ||||||||
| 2.450%, 03/22/21 | 2,500 | 2,459 | ||||||
| BPCE | ||||||||
| 4.000%, 04/15/24 | 1,800 | 1,823 | ||||||
| Capital One | ||||||||
| 2.350%, 08/17/18 | 500 | 499 | ||||||
| 1.850%, 09/13/19 | 1,500 | 1,475 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 2.188%, VAR ICE LIBOR USD 3 Month+0.480%, 01/10/23 | 2,500 | 2,496 | ||||||
| Mizuho Financial Group | ||||||||
| 2.951%, VAR ICE LIBOR USD 3 Month+0.880%, 09/11/22 | 2,600 | 2,615 | ||||||
| National Australia Bank | ||||||||
| 4.375%, 12/10/20(A) | 751 | 775 | ||||||
| Nordea Bank, MTN | ||||||||
| 2.375%, 04/04/19(A) | 1,000 | 996 | ||||||
| PNC Bank | ||||||||
| 2.700%, 11/01/22 | 2,500 | 2,420 | ||||||
| Standard Chartered, MTN | ||||||||
| 1.700%, 04/17/18(A) | 3,000 | 2,999 | ||||||
| Svenska Handelsbanken | ||||||||
| 2.407%, VAR ICE LIBOR USD 3 Month+0.360%, 09/08/20 | 2,000 | 2,005 | ||||||
| Westpac Banking | ||||||||
| 4.875%, 11/19/19 | 65 | 67 | ||||||
| Total Banks | 21,831 | |||||||
| Broadcasting & Cable [2.7%] | ||||||||
| CBS | ||||||||
| 4.300%, 02/15/21 | 1,400 | 1,445 | ||||||
| Comcast Cable Communications Holdings | ||||||||
| 9.455%, 11/15/22 | 1,800 | 2,270 | ||||||
| Total Broadcasting & Cable | 3,715 | |||||||
| Computer System Design & Services [2.2%] | ||||||||
| Apple | ||||||||
| 3.450%, 05/06/24 | 3,000 | 3,029 | ||||||
| Diagnostic Equipment [0.5%] | ||||||||
| Danaher | ||||||||
| 1.650%, 09/15/18 | 700 | 697 | ||||||
| Drugs [0.7%] | ||||||||
| AbbVie | ||||||||
| 2.500%, 05/14/20 | 1,000 | 987 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Corporate Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Electric Utilities [1.1%] | ||||||||
| Exelon Generation | ||||||||
| 3.400%, 03/15/22 | $ | 1,500 | $ | 1,501 | ||||
| Electric-Distribution [0.7%] | ||||||||
| Commonwealth Edison | ||||||||
| 6.950%, 07/15/18 | 1,000 | 1,011 | ||||||
| Food, Beverage & Tobacco [3.7%] | ||||||||
| Anheuser-Busch InBev Finance | ||||||||
| 2.650%, 02/01/21 | 3,000 | 2,976 | ||||||
| Kraft Heinz Foods | ||||||||
| 2.000%, 07/02/18 | 1,000 | 999 | ||||||
| Molson Coors Brewing | ||||||||
| 1.450%, 07/15/19 | 1,250 | 1,227 | ||||||
| Total Food, Beverage & Tobacco | 5,202 | |||||||
| Insurance [1.4%] | ||||||||
| Berkshire Hathaway | ||||||||
| 2.750%, 03/15/23 | 2,000 | 1,969 | ||||||
| Medical Products & Services [1.8%] | ||||||||
| Gilead Sciences | ||||||||
| 3.700%, 04/01/24 | 2,500 | 2,511 | ||||||
| Medical-HMO [2.1%] | ||||||||
| UnitedHealth Group | ||||||||
| 2.875%, 03/15/23 | 3,000 | 2,951 | ||||||
| Motorcycle/Motor Scooter [1.8%] | ||||||||
| Harley-Davidson Funding | ||||||||
| 6.800%, 06/15/18(A) | 2,500 | 2,521 | ||||||
| Multi-line Insurance [2.8%] | ||||||||
| Genworth Holdings | ||||||||
| 7.700%, 06/15/20 | 1,400 | 1,383 | ||||||
| MetLife | ||||||||
| 4.750%, 02/08/21 | 2,400 | 2,499 | ||||||
| Total Multi-line Insurance | 3,882 | |||||||
| Petroleum & Fuel Products [8.5%] | ||||||||
| BP Capital Markets | ||||||||
| 3.814%, 02/10/24 | 2,500 | 2,551 | ||||||
| Korea National Oil, MTN | ||||||||
| 2.750%, 01/23/19(A) | 1,500 | 1,494 | ||||||
| Shell International Finance BV | ||||||||
| 3.400%, 08/12/23 | 2,500 | 2,526 | ||||||
| Sunoco Logistics Partners Operations | ||||||||
| 4.650%, 02/15/22 | 1,300 | 1,335 | ||||||
| Total Capital International | ||||||||
| 2.875%, 02/17/22 | 4,000 | 3,977 | ||||||
| Total Petroleum & Fuel Products | 11,883 | |||||||
| Real Estate [1.9%] | ||||||||
| Prologis | ||||||||
| 4.250%, 08/15/23 | 2,500 | 2,606 | ||||||
| Real Estate Investment Trusts [3.8%] | ||||||||
| HCP | ||||||||
| 3.150%, 08/01/22 | 1,000 | 986 | ||||||
| Kimco Realty | ||||||||
| 6.875%, 10/01/19 | 1,080 | 1,141 | ||||||
| Simon Property Group | ||||||||
| 3.375%, 10/01/24 | 2,000 | 1,974 | ||||||
| Welltower | ||||||||
| 3.750%, 03/15/23 | 1,250 | 1,266 | ||||||
| Total Real Estate Investment Trusts | 5,367 | |||||||
| Regional Authority [1.5%] | ||||||||
| Province of Ontario Canada | ||||||||
| 4.400%, 04/14/20 | 2,000 | 2,071 | ||||||
| Retail [3.1%] | ||||||||
| AutoZone | ||||||||
| 4.000%, 11/15/20 | 1,400 | 1,433 | ||||||
| Costco Wholesale | ||||||||
| 2.150%, 05/18/21 | 3,000 | 2,947 | ||||||
| Total Retail | 4,380 | |||||||
| Security Brokers & Dealers [14.2%] | ||||||||
| Citigroup | ||||||||
| 3.436%, VAR ICE LIBOR USD 3 Month+1.430%, 09/01/23 | 1,000 | 1,024 | ||||||
| Credit Suisse Group Funding Guernsey | ||||||||
| 3.450%, 04/16/21 | 1,250 | 1,250 | ||||||
| Deutsche Bank, MTN | ||||||||
| 2.850%, 05/10/19 | 1,450 | 1,445 | ||||||
| Goldman Sachs Group, MTN | ||||||||
| 3.220%, VAR ICE LIBOR USD 3 Month+1.300%, 11/23/24 | 2,700 | 2,727 | ||||||
| HSBC Holdings | ||||||||
| 3.400%, 03/08/21 | 2,500 | 2,512 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Corporate Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Jefferies Group | ||||||||
| 5.125%, 01/20/23 | $ | 1,300 | $ | 1,376 | ||||
| JPMorgan Chase | ||||||||
| 3.300%, 04/01/26 | 3,000 | 2,901 | ||||||
| Macquarie Group | ||||||||
| 6.000%, 01/14/20(A) | 2,000 | 2,094 | ||||||
| Morgan Stanley, MTN | ||||||||
| 3.750%, 02/25/23 | 2,000 | 2,021 | ||||||
| Sumitomo Mitsui Financial Group | ||||||||
| 2.846%, 01/11/22 | 2,500 | 2,458 | ||||||
| Total Security Brokers & Dealers | 19,808 | |||||||
| Telephones & Telecommunications [4.4%] | ||||||||
| America Movil | ||||||||
| 5.000%, 03/30/20 | 2,600 | 2,683 | ||||||
| AT&T | ||||||||
| 3.600%, 02/17/23 | 2,000 | 2,012 | ||||||
| Verizon Communications | ||||||||
| 3.125%, 03/16/22 | 1,500 | 1,487 | ||||||
| Total Telephones & Telecommunications | 6,182 | |||||||
| Trucking & Leasing [0.8%] | ||||||||
| Penske Truck Leasing | ||||||||
| 4.875%, 07/11/22(A) | 1,100 | 1,158 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $121,109) | 119,928 | |||||||
| Asset-Backed Securities [4.6%] | ||||||||
| Capital Auto Receivables Asset Trust, Ser 2017-1, Cl A1 | ||||||||
| 1.400%, 11/20/18(A) | 392 | 392 | ||||||
| Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1 | ||||||||
| 1.550%, 07/15/21 | 2,000 | 1,971 | ||||||
| NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A | ||||||||
| 2.380%, 10/15/20(A) | 4,000 | 3,996 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $6,403) | 6,359 | |||||||
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| Commercial Paper [4.3%] | ||||||||
| Mondelez International (C) | ||||||||
| 2.492%, 06/01/18 | $ | 3,000 | $ | 2,987 | ||||
| Southern (C) | ||||||||
| 2.303%, 04/17/18 | 3,000 | 2,997 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $5,984) | 5,984 | |||||||
| Closed-End Fund [2.2%] | ||||||||
| Stone Ridge Reinsurance Risk Premium Interval Fund*(B) | 338,919 | 3,064 | ||||||
| Total Closed-End Fund | ||||||||
| (Cost $3,453) | 3,064 | |||||||
| Municipal Bonds [1.8%] | ||||||||
| California [0.9%] | ||||||||
| State of California, GO | ||||||||
| 6.200%, 03/01/19 | 1,300 | 1,345 | ||||||
| New York [0.9%] | ||||||||
| New York State, Urban Development, RB | ||||||||
| 2.790%, 03/15/21 | 1,205 | 1,209 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $2,579) | 2,554 | |||||||
| Short-Term Investment** [0.4%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 588,387 | 588 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $588) | 588 | |||||||
| Total Investments [99.2%] | ||||||||
| (Cost $140,116) | $ | 138,477 | ||||||
Percentages are based on Net Assets of $139,628 (000).
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (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, 2018, the value of these securities amounted to $19,933 (000), representing 14.3% of the net assets of the Fund. |
| (B) | Security is considered illiquid. The total market value of such security as of March 31, 2018 was $3,064 (000) and represented 2.2% of the net assets of the Fund. |
| (C) | The rate reported is the effective yield at time of purchase. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Corporate Bond Fund (concluded) |
Cl — Class
GO — General Obligation
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
USD — United States Dollar
VAR — Variable
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds | $ | — | $ | 119,928 | $ | — | $ | 119,928 | ||||||||
| Asset-Backed Securities | — | 6,359 | — | 6,359 | ||||||||||||
| Commercial Paper | — | 5,984 | — | 5,984 | ||||||||||||
| Closed-End Fund | 3,064 | — | — | 3,064 | ||||||||||||
| Municipal Bonds | — | 2,554 | — | 2,554 | ||||||||||||
| Short-Term Investment | 588 | — | — | 588 | ||||||||||||
| Total Investments in Securities | $ | 3,652 | $ | 134,825 | $ | — | $ | 138,477 | ||||||||
For the period ended March 31, 2018, 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 $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 10
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| Municipal Bonds [94.4%] | ||||||||
| California [91.6%] | ||||||||
| Anaheim, Housing & Public Improvements Authority, Ser A, RB | ||||||||
| 5.000%, 10/01/26 | $ | 500 | $ | 604 | ||||
| Bay Area, Water Supply & Conservation Agency, Ser A, RB | ||||||||
| Callable 04/01/23 @ 100 | ||||||||
| 5.000%, 10/01/23 | 600 | 687 | ||||||
| Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA | ||||||||
| 5.000%, 08/01/20 | 500 | 538 | ||||||
| Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA | ||||||||
| Callable 08/01/23 @ 100 | ||||||||
| 5.000%, 08/01/25 | 500 | 568 | ||||||
| California State, Department of Water Resources, Ser AX, RB | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 5.000%, 12/01/29 | 500 | 609 | ||||||
| California State, Department of Water Resources, Ser F3, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 4.375%, 05/01/18(A) | 200 | 200 | ||||||
| California State, Educational Facilities Authority, Chapman University, RB | ||||||||
| Callable 04/01/25 @ 100 | ||||||||
| 5.000%, 04/01/26 | 100 | 116 | ||||||
| California State, Educational Facilities Authority, Chapman University, RB | ||||||||
| Callable 04/01/25 @ 100 | ||||||||
| 5.000%, 04/01/27 | 100 | 115 | ||||||
| California State, GO | ||||||||
| 5.250%, 09/01/22 | 1,000 | 1,138 | ||||||
| California State, GO | ||||||||
| 5.000%, 11/01/19 | 1,000 | 1,054 | ||||||
| California State, GO | ||||||||
| 5.000%, 09/01/20 | 1,000 | 1,079 | ||||||
| California State, GO | ||||||||
| 5.000%, 12/01/21 | 1,000 | 1,112 | ||||||
| California State, GO | ||||||||
| 5.000%, 10/01/22 | 1,000 | 1,130 | ||||||
| California State, GO | ||||||||
| Callable 11/01/20 @ 100 | ||||||||
| 5.000%, 11/01/22 | 1,025 | 1,110 | ||||||
| California State, GO | ||||||||
| 5.000%, 11/01/24 | 1,000 | 1,171 | ||||||
| California State, GO | ||||||||
| 5.000%, 08/01/26 | 1,000 | 1,196 | ||||||
| California State, GO | ||||||||
| Callable 12/01/23 @ 100 | ||||||||
| 5.000%, 12/01/26 | 1,000 | 1,148 | ||||||
| California State, GO | ||||||||
| Callable 11/01/23 @ 100 | ||||||||
| 5.000%, 11/01/27 | 500 | 572 | ||||||
| California State, GO | ||||||||
| 4.000%, 02/01/19 | 1,000 | 1,021 | ||||||
| California State, GO | ||||||||
| Callable 06/01/19 @ 100 | ||||||||
| 3.000%, 12/01/32(B) | 1,000 | 1,015 | ||||||
| California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB | ||||||||
| Callable 03/30/18 @ 100 | ||||||||
| 1.450%, 09/01/38(B) (C) | 1,000 | 1,000 | ||||||
| California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB | ||||||||
| 5.000%, 07/01/43(B) | 975 | 1,054 | ||||||
| California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB | ||||||||
| 5.500%, 08/15/18 | 125 | 127 | ||||||
| California State, Infrastructure & Economic Development Bank, RB | ||||||||
| 5.000%, 05/15/28 | 1,000 | 1,222 | ||||||
| California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB | ||||||||
| 5.000%, 09/01/22 | 1,000 | 1,126 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC | ||||||||
| 5.000%, 12/01/19 | $ | 445 | $ | 461 | ||||
| California State, Public Works Board, Judicial Council, Ser B, RB | ||||||||
| 5.000%, 10/01/23 | 475 | 545 | ||||||
| California State, Public Works Board, RB | ||||||||
| 5.000%, 09/01/25 | 1,500 | 1,771 | ||||||
| California State, Public Works Board, Ser B, RB | ||||||||
| 5.000%, 10/01/25 | 225 | 266 | ||||||
| California State, Public Works Board, Ser C, RB | ||||||||
| Callable 03/01/27 @ 100 | ||||||||
| 5.000%, 03/01/28 | 500 | 594 | ||||||
| California State, Public Works Board, Ser S, RB | ||||||||
| Callable 04/01/27 @ 100 | ||||||||
| 5.000%, 04/01/28 | 800 | 951 | ||||||
| California State, Public Works Board, Various Capital Projects, Ser G1, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.250%, 10/01/19(A) | 250 | 264 | ||||||
| California State, Ser E, GO | ||||||||
| Callable 06/01/18 @ 100 | ||||||||
| 1.999%, 12/01/29(B) | 1,500 | 1,501 | ||||||
| California State, University Systemwide Revenue, Ser A, RB | ||||||||
| 5.000%, 11/01/24 | 900 | 1,060 | ||||||
| California State, University Systemwide Revenue, Ser A, RB | ||||||||
| Callable 05/01/26 @ 100 | ||||||||
| 5.000%, 11/01/27 | 240 | 287 | ||||||
| California Statewide, Communities Development Authority, Cottage Health System, RB | ||||||||
| Callable 11/01/24 @ 100 | ||||||||
| 5.000%, 11/01/25 | 350 | 403 | ||||||
| California Statewide, Communities Development Authority, Sutter Health, Ser A, RB | ||||||||
| 5.000%, 08/15/18 | 220 | 223 | ||||||
| Central Basin, Municipal Water District, Ser A, RB, AGM | ||||||||
| Callable 08/01/26 @ 100 | ||||||||
| 5.000%, 08/01/28 | 885 | 1,039 | ||||||
| Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM | ||||||||
| 5.000%, 09/01/22 | 1,000 | 1,127 | ||||||
| Chula Vista, Police Facility Project, COP | ||||||||
| 5.000%, 10/01/21 | 360 | 399 | ||||||
| Contra Costa, Transportation Authority, Ser A, RB | ||||||||
| 5.000%, 03/01/27 | 420 | 512 | ||||||
| Culver, Redevelopment Agency Successor Agency, TA | ||||||||
| 5.000%, 11/01/28 | 1,000 | 1,229 | ||||||
| East Bay, Municipal Utility District, Water System Revenue, Ser A, RB | ||||||||
| Callable 06/01/25 @ 100 | ||||||||
| 5.000%, 06/01/29 | 850 | 999 | ||||||
| El Dorado, Irrigation District, Ser A, RB, AGM | ||||||||
| 4.500%, 03/01/19 | 500 | 514 | ||||||
| Gilroy, Public Facilities Financing Authority, RB | ||||||||
| 5.000%, 11/01/21 | 940 | 1,043 | ||||||
| Golden State, Tobacco Securitization, Ser A, RB | ||||||||
| 5.000%, 06/01/19 | 1,000 | 1,039 | ||||||
| Hemet, Unified School District, GO, AGM | ||||||||
| 4.000%, 08/01/24 | 500 | 553 | ||||||
| Inglewood, Redevelopment Agency Successor Agency, TA, BAM | ||||||||
| 5.000%, 05/01/23 | 500 | 568 | ||||||
| JPM Chase Putters, Ser 2015-ZF0159, GO | ||||||||
| 1.730%, 08/01/22(B) (D) (E) | 1,000 | 1,000 | ||||||
| JPM Chase Putters, Ser 2015-ZF0183, RB | ||||||||
| 1.730%, 12/01/22(B) (D) (E) | 1,000 | 1,000 | ||||||
| JPM Chase Putters, Ser 2015-ZF0184, RB | ||||||||
| 1.680%, 12/01/22(B) (D) (E) | 1,000 | 1,000 | ||||||
| JPM Chase Putters, Ser 2015-ZF0184, RB | ||||||||
| 1.610%, 02/01/23(B) (D) (E) | 1,000 | 1,000 | ||||||
| Jurupa, Unified School District, GO, AGM | ||||||||
| 5.000%, 08/01/22 | 1,000 | 1,122 | ||||||
| Long Beach, Harbor Revenue, Ser A, RB, AMT | ||||||||
| 5.000%, 05/15/27 | 500 | 591 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Long Beach, Unified School District, Election of 2008, Ser S, GO | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.250%, 08/01/19(A) | $ | 2,010 | $ | 2,107 | ||||
| Long Beach, Unified School District, GO | ||||||||
| 5.000%, 08/01/26 | 1,000 | 1,209 | ||||||
| Los Angeles County, Disney Parking Hall Project, COP | ||||||||
| 5.000%, 09/01/22 | 500 | 561 | ||||||
| Los Angeles County, Metropolitan Transportation Authority, Ser A, RB | ||||||||
| Callable 07/01/25 @ 100 | ||||||||
| 5.000%, 07/01/26 | 500 | 594 | ||||||
| Los Angeles, Department of Airports, RB, AMT | ||||||||
| Callable 05/15/26 @ 100 | ||||||||
| 5.000%, 05/15/29 | 400 | 458 | ||||||
| Los Angeles, Department of Airports, Ser C, RB | ||||||||
| 5.000%, 05/15/25 | 550 | 644 | ||||||
| Los Angeles, Department of Water & Power, Power System Project, Ser A, RB | ||||||||
| 5.000%, 07/01/19 | 500 | 522 | ||||||
| Los Angeles, Department of Water & Power, Power System Project, Ser C, RB | ||||||||
| 5.000%, 07/01/23 | 500 | 576 | ||||||
| Los Angeles, Department of Water & Power, Waterworks Revenue, Ser A, RB | ||||||||
| Callable 01/01/27 @ 100 | ||||||||
| 5.000%, 07/01/30 | 1,000 | 1,192 | ||||||
| Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB | ||||||||
| 4.000%, 11/01/19 | 575 | 597 | ||||||
| Los Angeles, Sanitation Districts Financing Authority, Ser A, RB | ||||||||
| Callable 10/01/25 @ 100 | ||||||||
| 5.000%, 10/01/28 | 500 | 590 | ||||||
| Los Angeles, Ser A, GO, ETM | ||||||||
| 5.000%, 09/01/21 | 270 | 299 | ||||||
| Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP | ||||||||
| 5.000%, 10/01/20 | 1,000 | 1,080 | ||||||
| Los Angeles, Unified School District, Ser A, GO | ||||||||
| 5.000%, 07/01/18 | 350 | 353 | ||||||
| Los Angeles, Wastewater System Revenue, Sub-Ser C, RB | ||||||||
| 1.350%, 06/01/18 | 615 | 614 | ||||||
| Merced, Irrigation District, Ser A, RB, AGM | ||||||||
| 5.000%, 10/01/20 | 500 | 540 | ||||||
| North City, West School Facilities Financing Authority, Sub-Ser A, SPL Tax, AGM | ||||||||
| 5.000%, 09/01/20 | 1,000 | 1,075 | ||||||
| Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB, AGC | ||||||||
| Callable 07/01/18 @ 100 | ||||||||
| 5.000%, 07/01/20 | 500 | 504 | ||||||
| Orange County, Redevelopment Agency Successor Agency, TA, AGM | ||||||||
| 5.000%, 09/01/23 | 320 | 366 | ||||||
| Redding, Electric System Revenue, RB | ||||||||
| 5.000%, 06/01/24 | 600 | 699 | ||||||
| Redding, Electric System Revenue, RB | ||||||||
| 5.000%, 06/01/25 | 250 | 295 | ||||||
| Riverside County, RB | ||||||||
| 2.000%, 06/29/18 | 1,000 | 1,001 | ||||||
| Riverside County, Transportation Commission, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.250%, 06/01/23(A) | 500 | 580 | ||||||
| Riverside, Public Financing Authority, Ser A, RB | ||||||||
| 5.000%, 11/01/21 | 1,000 | 1,111 | ||||||
| Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB | ||||||||
| 5.000%, 12/01/20 | 500 | 543 | ||||||
| Sacramento, Financing Authority, EPA Building Project, Ser A, RB | ||||||||
| 4.000%, 05/01/18 | 850 | 852 | ||||||
| San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB | ||||||||
| Callable 07/01/27 @ 100 | ||||||||
| 5.000%, 07/01/28 | 350 | 418 | ||||||
| San Diego, Public Facilities Financing Authority, Sewer Revenue, RB | ||||||||
| 5.000%, 05/15/25 | 1,000 | 1,193 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 13
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| San Francisco City & County, Open Space Fund, Various Park Projects, RB, NATL | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 3.750%, 07/01/18 | $ | 500 | $ | 501 | ||||
| San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | ||||||||
| 5.000%, 11/01/20 | 250 | 272 | ||||||
| San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | ||||||||
| Callable 10/01/25 @ 100 | ||||||||
| 5.000%, 10/01/27 | 1,000 | 1,183 | ||||||
| San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | ||||||||
| Callable 11/01/24 @ 100 | ||||||||
| 5.000%, 11/01/28 | 500 | 576 | ||||||
| San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.250%, 08/01/18 | 345 | 345 | ||||||
| San Francisco, State Building Authority, RB | ||||||||
| 4.000%, 12/01/20 | 1,000 | 1,061 | ||||||
| San Jose, International Airport, Ser A, RB, AMT | ||||||||
| 5.000%, 03/01/24 | 500 | 565 | ||||||
| San Leandro, Unified School District, GO, BAM | ||||||||
| 5.000%, 08/01/24 | 325 | 378 | ||||||
| San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB | ||||||||
| Callable 06/15/24 @ 100 | ||||||||
| 5.000%, 06/15/26 | 1,035 | 1,202 | ||||||
| San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM | ||||||||
| 5.250%, 06/01/19 | 755 | 787 | ||||||
| San Pablo County, Redevelopment Agency, Ser A, TA, AGM | ||||||||
| 5.000%, 06/15/21 | 480 | 527 | ||||||
| Santa Clara County, Financing Authority, Lease Revenue Capital Project, Ser A, RB | ||||||||
| 5.000%, 02/01/20 | 500 | 531 | ||||||
| Santa Clara Valley, Transportation Authority, Ser B, RB | ||||||||
| 5.000%, 06/01/26 | 200 | 242 | ||||||
| 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 | ||||||
| Turlock, Irrigation District, Ser 2014, RB | ||||||||
| 5.000%, 01/01/19 | 200 | 205 | ||||||
| Tustin, Unified School District, SPL Tax, BAM | ||||||||
| 5.000%, 09/01/24 | 500 | 580 | ||||||
| University of California, Regents Medical Center Pooled Revenue, Ser J, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.000%, 05/15/23(A) | 495 | 567 | ||||||
| University of California, Regents Medical Center Pooled Revenue, Ser J, RB | ||||||||
| Callable 05/15/23 @ 100 | ||||||||
| 5.000%, 05/15/26 | 110 | 125 | ||||||
| University of California, Revenues Limited Project, Ser E, RB | ||||||||
| Callable 05/15/20 @ 100 | ||||||||
| 5.000%, 05/15/22 | 500 | 535 | ||||||
| University of California, Ser AT, RB | ||||||||
| Callable 11/15/20 @ 100 | ||||||||
| 1.400%, 05/15/46(B) | 2,000 | 1,964 | ||||||
| University of California, Ser AY, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.000%, 05/15/28 | 2,000 | 2,436 | ||||||
| University of California, Ser G, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.000%, 05/15/22(A) | 230 | 258 | ||||||
| University of California, Ser G, RB | ||||||||
| Callable 05/15/22 @ 100 | ||||||||
| 5.000%, 05/15/26 | 270 | 303 | ||||||
| Ventura County, Community College District, GO | ||||||||
| Callable 08/01/21 @ 100 | ||||||||
| 5.000%, 08/01/24 | 385 | 426 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Ventura County, Public Financing Authority, Ser A, RB | ||||||||
| 5.000%, 11/01/19 | $ | 500 | $ | 527 | ||||
| Walnut, Energy Center Authority, RB | ||||||||
| 5.000%, 01/01/19 | 300 | 308 | ||||||
| Westlands, Water District, Ser A, RB, AGM | ||||||||
| Callable 09/01/26 @ 100 | ||||||||
| 5.000%, 09/01/27 | 1,000 | 1,189 | ||||||
| Total California | 82,420 | |||||||
| New York [1.5%] | ||||||||
| New York City, Water & Sewer System, RB | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.730%, 06/15/48(B) | 1,365 | 1,365 | ||||||
| Virginia [1.3%] | ||||||||
| Virginia State, Public Building Authority, Ser A, RB | ||||||||
| 5.000%, 08/01/24 | 1,000 | 1,156 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $84,882) | 84,941 | |||||||
| Repurchase Agreement [3.3%] | ||||||||
| Barclays(F) | ||||||||
| 1.780%, dated 03/29/18, repurchased on 04/02/18, repurchase price $3,000,593 (collateralized by various U.S. Government obligations, par values ranging from $100 to $3,075,800, 0.000% - 2.500%, 08/09/18 - 05/15/24; with a total market value of $3,060,004) | 3,000 | 3,000 | ||||||
| Total Repurchase Agreement | ||||||||
| (Cost $3,000) | 3,000 | |||||||
| Description | Shares | Value (000) | ||||||
| Short-Term Investment** [1.3%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 1,210,283 | $ | 1,210 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,210) | 1,210 | |||||||
| Total Investments [99.0%] | ||||||||
| (Cost $89,092) | $ | 89,151 | ||||||
Percentages are based on Net Assets of $90,017 (000).
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (A) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
| (B) | Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
| (C) | Securities are held in conjunction with a letter of credit from a major bank or financial institution. |
| (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, 2018. |
| (E) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2018, the value of these securities amounted to $4,000 (000), representing 4.4% of the net assets of the Fund. |
| (F) | Tri-Party Repurchase Agreement. |
AGC — American Guarantee Corporation
AGM — Assured Guarantee Municipal
AMBAC — American Municipal Bond Assurance Company
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
COP — Certificate of Participation
EPA — Environmental Protection Agency
ETM — Escrowed to Maturity
GO — General Obligation
NATL — National Public Finance Guarantee Corporation
RB — Revenue Bond
Ser — Series
SPL Tax — Special Tax
TA — Tax Allocation
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale California Tax Exempt Bond Fund (concluded) |
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds | $ | — | $ | 84,941 | $ | — | $ | 84,941 | ||||||||
| Repurchase Agreement | — | 3,000 | — | 3,000 | ||||||||||||
| Short-Term Investment | 1,210 | — | — | 1,210 | ||||||||||||
| Total Investments in Securities | $ | 1,210 | $ | 87,941 | $ | — | $ | 89,151 | ||||||||
For the period ended March 31, 2018, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):
| City National Rochdale Municipal High Income Fund, Class N | ||||
| Beginning balance as of 9/30/17 | $ | 531 | ||
| Purchases at Cost | 1,250 | |||
| Proceeds from Sales | (1,777 | ) | ||
| Realized Gain (Loss) | 3 | |||
| Unrealized Gain (Loss) | (7 | ) | ||
| Ending balance as of 3/31/18 | $ | — | ||
| Dividend Income | $ | 3 | ||
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 16
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| Municipal Bonds [96.5%] | ||||||||
| Alabama [1.3%] | ||||||||
| 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 | $ | 4,425 | ||||
| Jefferson County, Sewer Revenue, RB | ||||||||
| Callable 10/01/23 @ 105 | ||||||||
| 7.750%, 10/01/23(A) | 2,500 | 2,083 | ||||||
| Jefferson County, Sewer Revenue, Ser D, RB | ||||||||
| Callable 10/01/23 @ 105 | ||||||||
| 6.000%, 10/01/42 | 9,000 | 10,423 | ||||||
| Total Alabama | 16,931 | |||||||
| Alaska [0.5%] | ||||||||
| Northern Tobacco Securitization, Ser A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/46 | 6,000 | 5,973 | ||||||
| Arizona [1.8%] | ||||||||
| Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.250%, 11/15/46 | 1,000 | 1,010 | ||||||
| Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.250%, 11/15/51 | 1,500 | 1,510 | ||||||
| Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.000%, 11/15/36 | 600 | 604 | ||||||
| Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||
| 4.250%, 11/15/26 | 445 | 441 | ||||||
| Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB | ||||||||
| 5.750%, 07/01/24(B) | 1,400 | 1,510 | ||||||
| Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB | ||||||||
| Callable 07/01/25 @ 100 | ||||||||
| 5.000%, 07/01/45(B) | 3,300 | 3,376 | ||||||
| Pima County, Industrial Development Authority, Noah Webster School Project, RB | ||||||||
| Callable 12/15/23 @ 100 | ||||||||
| 7.000%, 12/15/43 | 1,500 | 1,638 | ||||||
| Salt Verde Financial, Gas Revenue, RB | ||||||||
| 5.000%, 12/01/37 | 8,000 | 9,481 | ||||||
| Tempe, Industrial Development Authority, Mirrabella at ASU Project, Ser A, RB | ||||||||
| Callable 10/01/27 @ 100 | ||||||||
| 6.125%, 10/01/52(B) | 1,200 | 1,231 | ||||||
| Yavapai County, Industrial Development Authority, Ser A, RB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.000%, 09/01/34(B) | 2,015 | 2,037 | ||||||
| Total Arizona | 22,838 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 17
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| California [8.4%] | ||||||||
| Adelanto, Public Utility Authority, Utility System Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.750%, 07/01/19(C) | $ | 6,500 | $ | 6,909 | ||||
| California State, GO | ||||||||
| Callable 12/01/23 @ 100 | ||||||||
| 5.000%, 12/01/31 | 1,500 | 1,698 | ||||||
| California State, Municipal Finance Authority, California Baptist University, Ser A, RB | ||||||||
| Callable 11/01/25 @ 100 | ||||||||
| 5.500%, 11/01/45(B) | 4,000 | 4,402 | ||||||
| California State, Municipal Finance Authority, Windsor Mobile Country Club, RB | ||||||||
| Callable 11/15/27 @ 100 | ||||||||
| 4.000%, 11/15/37 | 200 | 206 | ||||||
| California State, Municipal Finance Authority, Windsor Mobile Country Club, RB | ||||||||
| Callable 11/15/27 @ 100 | ||||||||
| 3.250%, 11/15/32 | 625 | 614 | ||||||
| California State, Pollution Control Financing Authority, Calplant I Project, RB, AMT | ||||||||
| Callable 07/01/27 @ 100 | ||||||||
| 8.000%, 07/01/39(B) | 5,000 | 5,144 | ||||||
| California State, Pollution Control Financing Authority, San Diego Water Project, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.000%, 11/21/45(B) | 1,975 | 2,008 | ||||||
| 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 | 5,663 | ||||||
| California State, Public Works Board, Various Capital Projects, Ser A, RB | ||||||||
| Callable 04/01/22 @ 100 | ||||||||
| 5.000%, 04/01/37 | 1,000 | 1,097 | ||||||
| California State, School Finance Authority, KIPP LA Project, Ser A, RB | ||||||||
| Callable 07/01/27 @ 100 | ||||||||
| 5.000%, 07/01/47(B) | 500 | 550 | ||||||
| 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 | 1,199 | ||||||
| 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 | 1,076 | ||||||
| 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 | 616 | ||||||
| California Statewide, Communities Development Authority, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.000%, 05/15/50 | 7,760 | 8,629 | ||||||
| California Statewide, Communities Development Authority, RB | ||||||||
| Callable 06/01/25 @ 100 | ||||||||
| 7.000%, 06/01/45 | 3,155 | 2,406 | ||||||
| California Statewide, Financing Authority, Ser C, RB | ||||||||
| Callable 04/16/18 @ 8 | ||||||||
| 12.697%, 06/01/55(D) | 50,000 | 2,399 | ||||||
| Folsom Ranch Financing Authority, SPL Tax | ||||||||
| Callable 09/01/27 @ 100 | ||||||||
| 5.000%, 09/01/37 | 1,435 | 1,576 | ||||||
| Folsom Ranch Financing Authority, SPL Tax | ||||||||
| Callable 09/01/27 @ 100 | ||||||||
| 5.000%, 09/01/47 | 2,000 | 2,180 | ||||||
| Fontana City, Community Facilities District No. 80, SPL Tax | ||||||||
| Callable 09/01/27 @ 100 | ||||||||
| 5.000%, 09/01/46 | 755 | 824 | ||||||
| Golden State, Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.125%, 06/01/47 | 7,280 | 7,280 | ||||||
| Golden State, Tobacco Securitization, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.750%, 06/01/47 | 9,230 | 9,284 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 18
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Inland Empire, Tobacco Securitization Authority, RB | ||||||||
| Callable 04/16/18 @ 31 | ||||||||
| 6.876%, 06/01/36(D) | $ | 25,000 | $ | 7,653 | ||||
| M-S-R Energy Authority, Ser C, RB | ||||||||
| 7.000%, 11/01/34 | 2,500 | 3,542 | ||||||
| Northern California, Gas Authority No. 1, Ser B, RB | ||||||||
| 1.855%, 07/01/27(E) | 5,000 | 4,867 | ||||||
| Northern California, Tobacco Securitization Authority, Ser A-1, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.375%, 06/01/38 | 4,650 | 4,657 | ||||||
| Orange County, Community Facilities District, SPL Tax | ||||||||
| Callable 08/15/28 @ 100 | ||||||||
| 5.000%, 08/15/47 | 1,000 | 1,108 | ||||||
| Palomar Pomerado, Health Care District, COP | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.000%, 11/01/20(C) | 3,920 | 4,330 | ||||||
| San Buenaventura, Community Memorial Health System Project, RB | ||||||||
| Callable 12/01/21 @ 100 | ||||||||
| 7.500%, 12/01/41 | 1,000 | 1,120 | ||||||
| San Buenaventura, Community Memorial Health System Project, RB | ||||||||
| Callable 12/01/21 @ 100 | ||||||||
| 7.000%, 12/01/26 | 1,000 | 1,134 | ||||||
| San Mateo, Community Facilities District, Community Facilities District No. 2008-1-Bay, SPL Tax | ||||||||
| Callable 09/01/22 @ 100 | ||||||||
| 5.500%, 09/01/44 | 1,000 | 1,092 | ||||||
| Southern California, Public Power Authority, Ser A, RB | ||||||||
| 2.658%, 11/01/38(E) | 2,500 | 2,264 | ||||||
| Southern California, Tobacco Securitization Authority, Ser A-1, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/37 | 3,000 | 3,007 | ||||||
| West Hills, Community College District, Ser B, GO, AGM | ||||||||
| Callable 08/01/31 @ 100 | ||||||||
| 7.400%, 08/01/26(A) | 2,250 | 2,032 | ||||||
| Westminster School District, GO, BAM | ||||||||
| Callable 08/01/39 @ 100 | ||||||||
| 5.550%, 08/01/34(A) | 5,000 | 2,966 | ||||||
| Total California | 105,532 | |||||||
| Colorado [6.8%] | ||||||||
| Amber Creek, Metropolitan District, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.125%, 12/01/47 | 1,065 | 1,059 | ||||||
| Amber Creek, Metropolitan District, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/37 | 750 | 747 | ||||||
| Arkansas State, River Power Authority, Colorado Improvement Project, RB | ||||||||
| Callable 10/01/20 @ 100 | ||||||||
| 6.125%, 10/01/40 | 2,500 | 2,655 | ||||||
| Arkansas State, River Power Authority, Colorado Improvement Project, RB | ||||||||
| Callable 10/01/18 @ 100 | ||||||||
| 6.000%, 10/01/40 | 2,860 | 2,885 | ||||||
| Base Village Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.750%, 12/01/46 | 1,500 | 1,533 | ||||||
| Belleview Station Metropolitan District No. 2, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.125%, 12/01/46 | 3,375 | 3,437 | ||||||
| Belleview Station Metropolitan District No. 2, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.000%, 12/01/36 | 1,500 | 1,530 | ||||||
| Big Dry Creek Metropolitan District, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.750%, 12/01/47 | 2,910 | 2,931 | ||||||
| Brighton Crossing Metropolitan District No. 4, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/37 | 525 | 540 | ||||||
| Brighton Crossing Metropolitan District No. 4, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/47 | 1,220 | 1,246 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Canyons Metropolitan District No. 5, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 6.125%, 12/01/47 | $ | 1,000 | $ | 1,010 | ||||
| Canyons Metropolitan District No. 5, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 6.000%, 12/01/37 | 2,000 | 2,019 | ||||||
| Castle Oaks Metropolitan District No. 3, GO | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 6.250%, 12/01/20(C) | 2,860 | 3,268 | ||||||
| Castle Oaks Metropolitan District No. 3, GO | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 5.500%, 12/01/20(C) | 2,345 | 2,634 | ||||||
| Clear Creek Station Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/47 | 1,000 | 1,013 | ||||||
| Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | ||||||||
| Callable 07/01/25 @ 100 | ||||||||
| 5.250%, 07/01/46(B) | 1,930 | 1,946 | ||||||
| Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | ||||||||
| Callable 07/01/25 @ 100 | ||||||||
| 5.000%, 07/01/36(B) | 915 | 923 | ||||||
| Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | ||||||||
| Callable 04/01/25 @ 100 | ||||||||
| 5.250%, 04/01/45(B) | 2,655 | 2,606 | ||||||
| Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | ||||||||
| Callable 04/01/25 @ 100 | ||||||||
| 5.125%, 04/01/35(B) | 1,515 | 1,494 | ||||||
| Colorado State, Health Facilities Authority, Sunny Vista Living Center, Ser A, RB | ||||||||
| Callable 12/01/25 @ 100 | ||||||||
| 6.125%, 12/01/45(B) | 1,000 | 1,051 | ||||||
| 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 | 2,215 | ||||||
| Colorado State, Public Energy Authority, RB | ||||||||
| 6.500%, 11/15/38 | 6,000 | 8,333 | ||||||
| Denver County, Health & Hospital Authority, Ser A, RB | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 4.000%, 12/01/35(B) | 1,835 | 1,770 | ||||||
| Denver County, Health & Hospital Authority, Ser A, RB | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 4.000%, 12/01/36(B) | 2,305 | 2,205 | ||||||
| Denver, Regional Transportation District, Denver Transportation Partners Project, RB | ||||||||
| Callable 07/15/20 @ 100 | ||||||||
| 6.000%, 01/15/41 | 1,000 | 1,075 | ||||||
| Erie Highlands Metropolitan District No. 1, GO | ||||||||
| Callable 12/01/20 @ 103 | ||||||||
| 5.750%, 12/01/45 | 2,000 | 2,033 | ||||||
| Flatiron Meadows Metropolitan District, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.125%, 12/01/46 | 2,000 | 1,960 | ||||||
| Great Western Park Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/21 @ 100 | ||||||||
| 5.000%, 12/01/46 | 1,825 | 1,833 | ||||||
| Green Gables Metropolitan District No. 1, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.300%, 12/01/46 | 1,250 | 1,259 | ||||||
| Lewis Pointe Metropolitan District, Ser A, GO | ||||||||
| Callable 12/01/20 @ 100 | ||||||||
| 6.000%, 12/01/44 | 2,590 | 2,606 | ||||||
| Leyden Rock Metropolitan District No. 10, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.000%, 12/01/45 | 1,250 | 1,273 | ||||||
| Leyden Rock Metropolitan District No. 10, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 4.375%, 12/01/33 | 1,500 | 1,496 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 20
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Overlook Metropolitan District, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.500%, 12/01/46 | $ | 1,230 | $ | 1,189 | ||||
| Serenity Ridge Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/23 @ 103 | ||||||||
| 5.125%, 12/01/37 | 550 | 559 | ||||||
| Serenity Ridge Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/23 @ 103 | ||||||||
| 5.125%, 12/01/43 | 1,000 | 1,009 | ||||||
| Sierra Ridge Metropolitan District No. 2, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.500%, 12/01/46 | 1,500 | 1,536 | ||||||
| Solaris Metropolitan District No. 3, Ser A, GO | ||||||||
| 5.000%, 12/01/36 | 700 | 728 | ||||||
| Solaris Metropolitan District No. 3, Ser A, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.000%, 12/01/46 | 2,530 | 2,608 | ||||||
| Southglenn Metropolitan District, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 5.000%, 12/01/46 | 3,675 | 3,735 | ||||||
| Southglenn Metropolitan District, GO | ||||||||
| Callable 12/01/21 @ 103 | ||||||||
| 3.500%, 12/01/26 | 1,000 | 976 | ||||||
| Southlands Metropolitan District No. 1, Ser A-1, GO | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 5.000%, 12/01/37 | 500 | 538 | ||||||
| Southlands Metropolitan District No. 1, Ser A-1, GO | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 5.000%, 12/01/47 | 1,000 | 1,065 | ||||||
| Stone Creek Metropolitan District, Ser A, GO | ||||||||
| Callable 12/01/23 @ 103 | ||||||||
| 5.625%, 12/01/47 | 2,000 | 2,008 | ||||||
| Water Valley Metropolitan District No. 01, GO | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.250%, 12/01/40 | 300 | 316 | ||||||
| Water Valley Metropolitan District No. 01, GO | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.000%, 12/01/35 | 100 | 105 | ||||||
| Water Valley Metropolitan District No. 01, GO | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 4.000%, 12/01/33 | 375 | 359 | ||||||
| Water Valley Metropolitan District No. 02, GO | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.250%, 12/01/40 | 575 | 615 | ||||||
| Water Valley Metropolitan District No. 02, GO | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 4.000%, 12/01/33 | 250 | 240 | ||||||
| Whispering Pines Metropolitan District No. 1, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/37 | 685 | 693 | ||||||
| Whispering Pines Metropolitan District No. 1, Ser A, GO | ||||||||
| Callable 12/01/22 @ 103 | ||||||||
| 5.000%, 12/01/47 | 2,500 | 2,512 | ||||||
| Total Colorado | 85,376 | |||||||
| Connecticut [0.4%] | ||||||||
| Tender Option Bond Trust Receipts/Certificates, Ser 2016-XM0449, RB | ||||||||
| Callable 06/01/26 @ 100 | ||||||||
| 8.510%, 12/01/45(B) (E) (F) | 3,335 | 4,543 | ||||||
| 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 | 2,081 | ||||||
| District of Columbia [0.2%] | ||||||||
| Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB | ||||||||
| Callable 10/01/28 @ 100 | ||||||||
| 6.500%, 10/01/44(A) | 2,000 | 2,511 | ||||||
| Florida [5.8%] | ||||||||
| Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB | ||||||||
| Callable 11/15/24 @ 100 | ||||||||
| 6.250%, 11/15/44 | 1,000 | 1,078 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 21
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB | ||||||||
| Callable 11/15/24 @ 100 | ||||||||
| 6.000%, 11/15/34 | $ | 2,500 | $ | 2,722 | ||||
| Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB | ||||||||
| Callable 11/01/19 @ 100 | ||||||||
| 6.750%, 11/01/39 | 960 | 993 | ||||||
| Florida State, Capital Trust Agency, Silver Creek St. Augustine, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 7.000%, 01/01/35(E) (G) | 815 | 772 | ||||||
| Florida State, Capital Trust Agency, Silver Creek St. Augustine, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.750%, 01/01/50(G) | 945 | 850 | ||||||
| Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB | ||||||||
| Callable 01/01/21 @ 103 | ||||||||
| 8.250%, 01/01/44(G) | 3,390 | 2,780 | ||||||
| Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB | ||||||||
| Callable 01/01/21 @ 103 | ||||||||
| 8.250%, 01/01/49(G) | 1,000 | 820 | ||||||
| Florida State, Development Finance, RB, AMT | ||||||||
| Callable 01/01/19 @ 105 | ||||||||
| 5.625%, 01/01/47(B) (E) | 8,000 | 8,232 | ||||||
| Florida State, Development Finance, Renaissance Charter School Project, RB | ||||||||
| Callable 06/15/25 @ 100 | ||||||||
| 6.125%, 06/15/46(B) | 4,930 | 5,125 | ||||||
| Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||
| Callable 06/15/22 @ 100 | ||||||||
| 6.125%, 06/15/43 | 1,000 | 1,044 | ||||||
| Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||
| Callable 06/15/24 @ 100 | ||||||||
| 6.125%, 06/15/44 | 3,000 | 3,124 | ||||||
| Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||
| Callable 06/15/24 @ 100 | ||||||||
| 6.000%, 06/15/34 | 2,110 | 2,224 | ||||||
| Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB | ||||||||
| Callable 06/01/22 @ 103 | ||||||||
| 7.000%, 06/01/35(B) (G) | 1,350 | 1,073 | ||||||
| Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB | ||||||||
| Callable 06/01/22 @ 103 | ||||||||
| 7.000%, 06/01/45(B) (G) | 3,000 | 2,379 | ||||||
| Florida State, Village Community Development District No. 10, SAB | ||||||||
| Callable 05/01/23 @ 100 | ||||||||
| 6.000%, 05/01/44 | 970 | 1,127 | ||||||
| Florida State, Village Community Development District No. 12, SAB | ||||||||
| Callable 05/01/26 @ 100 | ||||||||
| 3.875%, 05/01/47 | 2,995 | 2,895 | ||||||
| Lakewood Ranch Stewardship District, SAB | ||||||||
| Callable 05/01/27 @ 100 | ||||||||
| 5.250%, 05/01/37 | 1,815 | 1,927 | ||||||
| Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB | ||||||||
| Callable 09/15/24 @ 100 | ||||||||
| 5.250%, 09/15/44 | 4,300 | 4,528 | ||||||
| Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB | ||||||||
| Callable 09/15/25 @ 100 | ||||||||
| 5.750%, 09/15/35(B) | 1,605 | 1,619 | ||||||
| Mid-Bay, Bridge Authority, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 7.250%, 10/01/21(C) | 5,200 | 6,100 | ||||||
| Mid-Bay, Bridge Authority, Ser A, RB | ||||||||
| Callable 10/01/25 @ 100 | ||||||||
| 5.000%, 10/01/35 | 5,000 | 5,550 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Osceola County, Finance Authority, Poinciana Parkway Project, Ser A, RB | ||||||||
| Callable 10/01/24 @ 100 | ||||||||
| 5.375%, 10/01/47 | $ | 5,000 | $ | 5,384 | ||||
| Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB | ||||||||
| Callable 06/01/22 @ 102 | ||||||||
| 7.500%, 06/01/49 | 2,000 | 2,326 | ||||||
| Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB | ||||||||
| Callable 06/01/22 @ 102 | ||||||||
| 7.250%, 06/01/34 | 500 | 578 | ||||||
| Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.000%, 08/01/20(C) | 3,000 | 3,285 | ||||||
| Village Community Development District No. 12, SAB | ||||||||
| Callable 05/01/28 @ 100 | ||||||||
| 4.250%, 05/01/43(B) | 2,500 | 2,516 | ||||||
| Village Community Development District No. 12, SAB | ||||||||
| Callable 05/01/28 @ 100 | ||||||||
| 4.000%, 05/01/33(B) | 1,500 | 1,506 | ||||||
| Total Florida | 72,557 | |||||||
| Georgia [1.5%] | ||||||||
| Atlanta, Department of Aviation, Ser A, RB | ||||||||
| Callable 01/01/24 @ 100 | ||||||||
| 5.000%, 01/01/31 | 2,500 | 2,834 | ||||||
| DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB | ||||||||
| Callable 09/01/20 @ 100 | ||||||||
| 6.125%, 09/01/40 | 1,000 | 1,071 | ||||||
| Fayette County, Hospital Authority, Piedmont Healthcare Project, RB | ||||||||
| Callable 07/01/26 @ 100 | ||||||||
| 5.000%, 07/01/46 | 10,000 | 11,066 | ||||||
| Greene County, Development Authority, GLEN-I Project, Ser A, RB | ||||||||
| Callable 01/01/25 @ 100 | ||||||||
| 7.250%, 01/01/46(B) | 3,400 | 3,222 | ||||||
| Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB | ||||||||
| Callable 01/01/24 @ 100 | ||||||||
| 7.250%, 01/01/49 | 810 | 919 | ||||||
| Total Georgia | 19,112 | |||||||
| Hawaii [0.2%] | ||||||||
| Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 8.750%, 11/15/19(C) | 2,160 | 2,388 | ||||||
| Illinois [9.2%] | ||||||||
| Bridgeview Village, Ser A, GO | ||||||||
| Callable 12/01/25 @ 100 | ||||||||
| 5.750%, 12/01/35 | 2,000 | 2,001 | ||||||
| Bridgeview Village, Ser A, GO | ||||||||
| Callable 06/01/24 @ 100 | ||||||||
| 5.500%, 12/01/43 | 4,880 | 4,762 | ||||||
| Chicago Board of Education, Ser B, GO | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 7.000%, 12/01/42(B) | 5,000 | 5,940 | ||||||
| Chicago Board of Education, Ser C, GO | ||||||||
| Callable 12/01/18 @ 100 | ||||||||
| 5.000%, 12/01/21 | 1,000 | 1,007 | ||||||
| Chicago Board of Education, Ser G, GO | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 5.000%, 12/01/34 | 2,000 | 2,004 | ||||||
| Chicago, Ser A, GO | ||||||||
| Callable 01/01/27 @ 100 | ||||||||
| 6.000%, 01/01/38 | 9,000 | 10,098 | ||||||
| Chicago, O’Hare International Airport, RB, AMT | ||||||||
| Callable 07/01/28 @ 100 | ||||||||
| 5.000%, 07/01/38 | 500 | 550 | ||||||
| Chicago, O’Hare International Airport, RB, AMT | ||||||||
| Callable 07/01/28 @ 100 | ||||||||
| 5.000%, 07/01/48 | 500 | 546 | ||||||
| Chicago, Midway International Airport, Ser B, RB | ||||||||
| Callable 01/01/23 @ 100 | ||||||||
| 5.000%, 01/01/35 | 2,000 | 2,175 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 23
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Chicago, Midway International Airport, Ser B, RB | ||||||||
| Callable 01/01/24 @ 100 | ||||||||
| 5.000%, 01/01/35 | $ | 3,000 | $ | 3,311 | ||||
| Cook County, Ser A, GO | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.000%, 11/15/30 | 2,050 | 2,303 | ||||||
| Illinois State, Finance Authority, Admiral at Lake Project, RB | ||||||||
| Callable 05/15/24 @ 103 | ||||||||
| 5.250%, 05/15/42 | 3,000 | 2,984 | ||||||
| Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 8.000%, 05/15/20(C) | 4,000 | 4,506 | ||||||
| Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 8.000%, 05/15/20(C) | 1,825 | 2,056 | ||||||
| Illinois State, Finance Authority, Columbia College Chicago, Ser S, RB | ||||||||
| Callable 12/01/25 @ 100 | ||||||||
| 4.125%, 12/01/30 | 1,505 | 1,508 | ||||||
| Illinois State, Finance Authority, Lutheran Home and Services Project, RB | ||||||||
| Callable 05/15/22 @ 100 | ||||||||
| 5.625%, 05/15/42 | 5,000 | 5,251 | ||||||
| Illinois State, Finance Authority, Presence Health Network, Ser C, RB | ||||||||
| Callable 02/15/27 @ 100 | ||||||||
| 5.000%, 02/15/36 | 4,535 | 5,057 | ||||||
| Illinois State, Finance Authority, Presence Health Network, Ser C, RB | ||||||||
| Callable 02/15/27 @ 100 | ||||||||
| 5.000%, 02/15/41 | 1,000 | 1,107 | ||||||
| Illinois State, Finance Authority, Roosevelt University Project, RB | ||||||||
| Callable 10/01/19 @ 100 | ||||||||
| 6.500%, 04/01/39 | 3,445 | 3,615 | ||||||
| Illinois State, Finance Authority, Roosevelt University Project, RB | ||||||||
| Callable 10/01/19 @ 100 | ||||||||
| 6.250%, 04/01/29 | 1,000 | 1,047 | ||||||
| Illinois State, Finance Authority, University of Chicago, Ser A, RB | ||||||||
| Callable 10/01/25 @ 100 | ||||||||
| 5.000%, 10/01/40 | 10,000 | 11,093 | ||||||
| Illinois State, Finance Authority, Wesleyan University, RB | ||||||||
| Callable 09/01/26 @ 100 | ||||||||
| 4.000%, 09/01/41 | 6,640 | 6,443 | ||||||
| Illinois State, GO | ||||||||
| Callable 05/01/24 @ 100 | ||||||||
| 5.000%, 05/01/27 | 1,500 | 1,543 | ||||||
| Illinois State, GO | ||||||||
| Callable 11/01/26 @ 100 | ||||||||
| 5.000%, 11/01/36 | 5,000 | 5,098 | ||||||
| Illinois State, Ser D, GO | ||||||||
| 3.250%, 11/01/26 | 8,175 | 7,420 | ||||||
| Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB | ||||||||
| Callable 01/01/26 @ 100 | ||||||||
| 5.600%, 01/01/56(B) | 2,500 | 2,275 | ||||||
| Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB | ||||||||
| Callable 01/01/26 @ 100 | ||||||||
| 5.450%, 01/01/46(B) | 2,500 | 2,277 | ||||||
| Illinois State, Ser A, GO | ||||||||
| Callable 01/01/22 @ 100 | ||||||||
| 4.000%, 01/01/23 | 3,000 | 3,021 | ||||||
| Metropolitan Washington, Pier & Exposition Authority, McCormick Place Epansion Project, RB | ||||||||
| Callable 12/15/27 @ 100 | ||||||||
| 5.000%, 06/15/57 | 2,500 | 2,635 | ||||||
| Sales Tax Securitization, RB | ||||||||
| Callable 01/01/28 @ 100 | ||||||||
| 5.000%, 01/01/29 | 1,000 | 1,161 | ||||||
| Sales Tax Securitization, Ser A, RB | ||||||||
| Callable 01/01/28 @ 100 | ||||||||
| 5.000%, 01/01/31 | 1,000 | 1,150 | ||||||
| Sales Tax Securitization, Ser A, RB | ||||||||
| Callable 01/01/28 @ 100 | ||||||||
| 5.000%, 01/01/32 | 1,000 | 1,142 | ||||||
| Southern Illinois University, Ser B, RB | ||||||||
| Callable 10/01/22 @ 100 | ||||||||
| 5.000%, 04/01/26 | 2,105 | 2,208 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 24
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Southwestern Illinois, Development Authority, Collinsville Project, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.350%, 03/01/31 | $ | 75 | $ | 55 | ||||
| University of Illinois, Ser B, COP | ||||||||
| Callable 10/01/26 @ 100 | ||||||||
| 5.000%, 10/01/27 | 1,500 | 1,663 | ||||||
| Village of Hodgkins, Redevelopment Project Area #4, TA | ||||||||
| Callable 01/01/27 @ 100 | ||||||||
| 5.625%, 01/01/37 | 5,200 | 5,216 | ||||||
| Total Illinois | 116,228 | |||||||
| Indiana [1.7%] | ||||||||
| Allen County, Storypoint Fort Wayne Project, RB | ||||||||
| Callable 01/15/24 @ 104 | ||||||||
| 6.875%, 01/15/52(B) | 1,265 | 1,351 | ||||||
| Carmel, Barrington Carmel Project, Ser A, RB | ||||||||
| Callable 11/15/22 @ 100 | ||||||||
| 7.125%, 11/15/47 | 3,000 | 3,224 | ||||||
| Carmel, Barrington Carmel Project, Ser A, RB | ||||||||
| Callable 11/15/22 @ 100 | ||||||||
| 7.000%, 11/15/32 | 1,650 | 1,783 | ||||||
| ChestertonTown, Storypoint Chesterton Project, Ser A-1, RB | ||||||||
| Callable 01/15/24 @ 104 | ||||||||
| 6.375%, 01/15/51(B) | 2,100 | 2,172 | ||||||
| Indiana State, Finance Authority, Republic Services Project, RB, AMT | ||||||||
| 1.650%, 05/01/34(E) | 3,000 | 2,998 | ||||||
| Indianapolis, Ritter Affordable Assisted Living Project, RB | ||||||||
| Callable 12/01/22 @ 102 | ||||||||
| 6.900%, 12/01/33 | 4,000 | 3,877 | ||||||
| Lafayette City, Finance Authority, Glasswater Creek Project, RB | ||||||||
| Callable 07/01/26 @ 101 | ||||||||
| 5.800%, 01/01/37 | 3,310 | 3,254 | ||||||
| Terre Haute, Westminster Village Project, RB | ||||||||
| Callable 08/01/22 @ 100 | ||||||||
| 6.000%, 08/01/39 | 2,355 | 2,362 | ||||||
| Total Indiana | 21,021 | |||||||
| Iowa [0.4%] | ||||||||
| Iowa State, Finance Authority, Child Serve Project, Ser B, RB | ||||||||
| Callable 06/01/25 @ 100 | ||||||||
| 5.000%, 06/01/36 | 2,000 | 2,114 | ||||||
| Iowa State, Tobacco Settlement Authority, Ser C, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.625%, 06/01/46 | 1,665 | 1,673 | ||||||
| Iowa State, Tobacco Settlement Authority, Ser C, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.500%, 06/01/42 | 1,180 | 1,184 | ||||||
| Total Iowa | 4,971 | |||||||
| 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 | 2,646 | ||||||
| Wichita City, Masonic Home, Ser II-A, RB | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.375%, 12/01/46 | 2,500 | 2,644 | ||||||
| Wichita City, Masonic Home, Ser II-A, RB | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.250%, 12/01/36 | 500 | 527 | ||||||
| Wyandotte County-Kansas City Unified Government, RB | ||||||||
| Callable 09/01/25 @ 100 | ||||||||
| 5.750%, 09/01/32 | 1,880 | 1,901 | ||||||
| Total Kansas | 7,718 | |||||||
| Kentucky [2.2%] | ||||||||
| Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB | ||||||||
| Callable 05/15/26 @ 100 | ||||||||
| 5.000%, 05/15/36 | 1,250 | 1,324 | ||||||
| Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB | ||||||||
| Callable 05/15/26 @ 100 | ||||||||
| 5.000%, 05/15/46 | 4,500 | 4,701 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB | ||||||||
| Callable 05/15/26 @ 100 | ||||||||
| 5.000%, 05/15/51 | $ | 4,000 | $ | 4,165 | ||||
| Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.500%, 06/01/20(C) | 2,960 | 3,244 | ||||||
| Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.375%, 06/01/20(C) | 1,000 | 1,095 | ||||||
| Kentucky State, Public Energy Authority, Ser A, RB | ||||||||
| Callable 01/02/24 @ 100 | ||||||||
| 4.000%, 04/01/48(E) | 4,000 | 4,259 | ||||||
| Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, Ser A, RB | ||||||||
| Callable 07/01/23 @ 100 | ||||||||
| 5.750%, 07/01/49 | 5,650 | 6,214 | ||||||
| Louisville, Louisville Gas and Electric Project, RB | ||||||||
| 1.500%, 10/01/33(E) | 3,000 | 2,988 | ||||||
| Total Kentucky | 27,990 | |||||||
| Louisiana [1.0%] | ||||||||
| Juban Crossing, Economic Development District, General Infrastructure Project, Ser C, RB | ||||||||
| Callable 03/15/25 @ 100 | ||||||||
| 7.000%, 09/15/44(B) | 5,665 | 5,892 | ||||||
| Louisiana State, Local Government Environmental Facilities & Community Development Authority, Ser S, RB | ||||||||
| Callable 06/01/25 @ 100 | ||||||||
| 5.625%, 06/01/45 | 2,000 | 2,045 | ||||||
| Louisiana State, Public Facilities Authority, Loyola University Project, RB | ||||||||
| Callable 10/01/21 @ 100 | ||||||||
| 5.000%, 10/01/41 | 5,000 | 5,165 | ||||||
| Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | ||||||||
| Callable 07/01/23 @ 100 | ||||||||
| 10.500%, 07/01/39(G) | 1,435 | 14 | ||||||
| Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | ||||||||
| 7.000%, 07/01/24(B) (G) | 1,319 | 13 | ||||||
| Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 8.375%, 07/01/39(G) | 3,474 | 35 | ||||||
| Total Louisiana | 13,164 | |||||||
| Maine [0.1%] | ||||||||
| Main State, Finance Authority, Casella Waste Systems Project, RB, AMT | ||||||||
| 4.375%, 08/01/35(B) (E) | 1,000 | 999 | ||||||
| Maryland [1.2%] | ||||||||
| Baltimore, Harbor Point Project, RB | ||||||||
| Callable 06/01/26 @ 100 | ||||||||
| 5.000%, 06/01/36 | 1,000 | 1,034 | ||||||
| Howard County, Annapolis Junction Town Center Project, TA | ||||||||
| Callable 02/15/24 @ 100 | ||||||||
| 6.100%, 02/15/44 | 1,425 | 1,464 | ||||||
| Howard County, Annapolis Junction Town Center Project, TA | ||||||||
| Callable 02/15/24 @ 100 | ||||||||
| 5.800%, 02/15/34 | 725 | 743 | ||||||
| Howard County, Downtown Columbia Project, Ser A, TA | ||||||||
| Callable 02/15/26 @ 100 | ||||||||
| 4.500%, 02/15/47(B) | 1,250 | 1,267 | ||||||
| Howard County, Downtown Columbia Project, Ser A, TA | ||||||||
| Callable 02/15/26 @ 100 | ||||||||
| 4.375%, 02/15/39(B) | 1,000 | 1,013 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Maryland State, Economic Development, RB | ||||||||
| Callable 09/01/20 @ 100 | ||||||||
| 5.750%, 09/01/25 | $ | 3,000 | $ | 3,141 | ||||
| Westminster, Luther Village Millers Grant Project, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 6.250%, 07/01/44 | 3,780 | 4,062 | ||||||
| Westminster, Luther Village Millers Grant Project, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 6.125%, 07/01/39 | 750 | 798 | ||||||
| Westminster, Luther Village Millers Grant Project, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 6.000%, 07/01/34 | 1,205 | 1,282 | ||||||
| Total Maryland | 14,804 | |||||||
| Massachusetts [1.0%] | �� | |||||||
| Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB | ||||||||
| Callable 10/01/26 @ 100 | ||||||||
| 5.000%, 10/01/36 | 2,305 | 2,530 | ||||||
| Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB | ||||||||
| Callable 10/01/26 @ 100 | ||||||||
| 4.000%, 10/01/46 | 6,120 | 6,069 | ||||||
| Massachusetts State, Development Finance Agency, Newbridge Charles, RB | ||||||||
| Callable 10/01/22 @ 105 | ||||||||
| 5.000%, 10/01/47(B) | 1,250 | 1,331 | ||||||
| Massachusetts State, Development Finance Agency, Newbridge Charles, RB | ||||||||
| Callable 10/01/22 @ 105 | ||||||||
| 5.000%, 10/01/57(B) | 2,500 | 2,631 | ||||||
| Total Massachusetts | 12,561 | |||||||
| Michigan [1.9%] | ||||||||
| Calhoun County, Hospital Finance Authority, Oaklawn Hospital, RB | ||||||||
| Callable 02/15/27 @ 100 | ||||||||
| 5.000%, 02/15/47 | 3,000 | 3,135 | ||||||
| Michigan State, Finance Authority, Hospital Presbyterian Village, RB | ||||||||
| Callable 11/15/25 @ 100 | ||||||||
| 5.250%, 11/15/35 | 2,340 | 2,437 | ||||||
| Michigan State, Finance Authority, Old Redford School Project, Ser A, RB | ||||||||
| Callable 12/01/20 @ 100 | ||||||||
| 6.500%, 12/01/40 | 3,745 | 3,769 | ||||||
| Michigan State, Finance Authority, Public School Academy - Cesar Chavez Project, RB | ||||||||
| Callable 02/01/20 @ 101 | ||||||||
| 5.750%, 02/01/33 | 4,000 | 4,053 | ||||||
| Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.875%, 12/01/30 | 2,000 | 1,990 | ||||||
| Michigan State, Tobacco Settlement Finance Authority, Ser A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 6.000%, 06/01/34 | 4,000 | 4,004 | ||||||
| Michigan State, Tobacco Settlement Finance Authority, Ser A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.125%, 06/01/22 | 2,860 | 2,860 | ||||||
| Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB | ||||||||
| Callable 06/01/18 @ 100 | ||||||||
| 6.875%, 06/01/42 | 2,000 | 2,019 | ||||||
| Total Michigan | 24,267 | |||||||
| Minnesota [0.6%] | ||||||||
| Anoka, Housing Revenue Authority, Homestead Project, RB | ||||||||
| Callable 11/01/24 @ 103 | ||||||||
| 4.750%, 11/01/35 | 4,000 | 4,071 | ||||||
| Dakota County, Community Development Agency, RB | ||||||||
| Callable 08/01/22 @ 100 | ||||||||
| 5.000%, 08/01/51(B) | 1,250 | 1,244 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 27
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Saint Paul Park, Presbyterian Homes Bloomington Project, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 5.000%, 09/01/42 | $ | 1,000 | $ | 1,102 | ||||
| West Saint Paul, Walker Westwood Ridge Camp, RB | ||||||||
| Callable 11/01/25 @ 100 | ||||||||
| 5.000%, 11/01/49 | 1,150 | 1,181 | ||||||
| Total Minnesota | 7,598 | |||||||
| Mississippi [0.8%] | ||||||||
| Mississippi State, Business Finance Authority, Chevron USA Project, Ser B, RB | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.700%, 12/01/30(E) | 10,000 | 10,000 | ||||||
| Missouri [3.8%] | ||||||||
| Blue Springs, Improvement Adams Farm Project, Ser A, TA | ||||||||
| Callable 06/01/24 @ 100 | ||||||||
| 5.250%, 06/01/39 | 3,400 | 3,437 | ||||||
| Branson, Industrial Development Authority, Branson Shoppes Redevelopment, RB | ||||||||
| Callable 11/01/25 @ 100 | ||||||||
| 3.900%, 11/01/29 | 1,050 | 1,051 | ||||||
| Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||
| Callable 03/01/21 @ 100 | ||||||||
| 4.000%, 03/01/42 | 1,000 | 951 | ||||||
| Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||
| Callable 03/01/21 @ 100 | ||||||||
| 3.625%, 03/01/33 | 500 | 473 | ||||||
| Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||
| Callable 03/01/21 @ 100 | ||||||||
| 3.000%, 03/01/26 | 500 | 479 | ||||||
| Kansas City, Industrial Development Authority, Ser A, RB | ||||||||
| Callable 04/01/26 @ 100 | ||||||||
| 5.000%, 04/01/36(B) | 1,000 | 1,034 | ||||||
| Kansas City, Industrial Development Authority, Ser A, RB | ||||||||
| Callable 04/01/26 @ 100 | ||||||||
| 5.000%, 04/01/46(B) | 1,150 | 1,169 | ||||||
| Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 8.250%, 05/15/20(C) | 3,000 | 3,389 | ||||||
| Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.250%, 05/15/37 | 1,000 | 1,069 | ||||||
| Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.250%, 05/15/42 | 1,000 | 1,062 | ||||||
| Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.250%, 05/15/50 | 3,000 | 3,169 | ||||||
| Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | ||||||||
| Callable 08/15/24 @ 102 | ||||||||
| 5.000%, 08/15/46 | 4,500 | 4,614 | ||||||
| Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | ||||||||
| Callable 08/15/24 @ 102 | ||||||||
| 5.000%, 08/15/51 | 5,000 | 5,109 | ||||||
| Poplar Bluff, Ser A, TA | ||||||||
| Callable 11/01/23 @ 100 | ||||||||
| 5.125%, 11/01/35(B) | 5,000 | 4,929 | ||||||
| St. Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 7.000%, 08/15/32 | 975 | 975 | ||||||
| St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 5.250%, 09/01/45(B) | 3,000 | 2,949 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 5.000%, 09/01/38(B) | $ | 2,000 | $ | 1,978 | ||||
| St. Louis County, Industrial Development Authority, Ranken Jordan Project, RB | ||||||||
| Callable 11/15/25 @ 100 | ||||||||
| 5.000%, 11/15/41 | 1,250 | 1,248 | ||||||
| St. Louis County, Industrial Development Authority, Ranken Jordan Project, RB | ||||||||
| Callable 11/15/25 @ 100 | ||||||||
| 5.000%, 11/15/46 | 1,500 | 1,486 | ||||||
| St. Louis County, Industrial Development Authority, Ranken Jordan Project, RB | ||||||||
| Callable 11/15/25 @ 100 | ||||||||
| 4.000%, 11/15/36 | 1,250 | 1,126 | ||||||
| St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 4.375%, 11/15/35 | 2,250 | 2,303 | ||||||
| St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 3.875%, 11/15/29 | 1,500 | 1,519 | ||||||
| St. Louis, Industrial Development Authority, Innovation District Project, TA | ||||||||
| Callable 05/15/24 @ 100 | ||||||||
| 4.375%, 05/15/36 | 2,500 | 2,483 | ||||||
| Total Missouri | 48,002 | |||||||
| Nebraska [0.6%] | ||||||||
| Central Plains Energy Project, Project No. 3, RB | ||||||||
| Callable 09/01/22 @ 100 | ||||||||
| 5.250%, 09/01/37 | 1,000 | 1,089 | ||||||
| Central Plains Energy Project, Project No. 3, RB | ||||||||
| Callable 09/01/22 @ 100 | ||||||||
| 5.000%, 09/01/42 | 5,500 | 5,935 | ||||||
| Total Nebraska | 7,024 | |||||||
| Nevada [0.9%] | ||||||||
| Clark County, Department of Aviation, Sub-Ser A-2, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 5.000%, 07/01/35 | 3,000 | 3,383 | ||||||
| Clark County, Department of Aviation, Sub-Ser D-1, RB, | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.600%, 07/01/36(E) (H) | 2,500 | 2,500 | ||||||
| Las Vegas, Finance Authority, RB | ||||||||
| Callable 06/15/21 @ 100 | ||||||||
| 4.375%, 06/15/35(B) | 3,500 | 3,265 | ||||||
| Las Vegas, Special Improvement District No. 812, SAB | ||||||||
| Callable 12/01/25 @ 100 | ||||||||
| 5.000%, 12/01/35 | 1,000 | 1,023 | ||||||
| Nevada State, Department of Business & Industry, Green-Fulcrum Sierra Biofuels, RB, AMT | ||||||||
| Callable 12/15/27 @ 100 | ||||||||
| 6.250%, 12/15/37(B) | 100 | 109 | ||||||
| Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB | ||||||||
| Callable 12/15/25 @ 100 | ||||||||
| 5.000%, 12/15/35(B) | 1,595 | 1,629 | ||||||
| Total Nevada | 11,909 | |||||||
| New Jersey [1.9%] | ||||||||
| New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT | ||||||||
| Callable 08/20/22 @ 101 | ||||||||
| 5.250%, 09/15/29 | 2,850 | 3,109 | ||||||
| New Jersey State, Economic Development Authority, Port Newark Container, RB, AMT | ||||||||
| Callable 10/01/27 @ 100 | ||||||||
| 5.000%, 10/01/47 | 6,000 | 6,441 | ||||||
| South Jersey, Port Authority, Marine Terminal, Ser S, RB | ||||||||
| Callable 01/01/26 @ 100 | ||||||||
| 5.000%, 01/01/39 | 750 | 795 | ||||||
| Tobacco Settlement Financing, Ser 1A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/29 | 5,000 | 5,016 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 29
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Tobacco Settlement Financing, Ser 1A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/41 | $ | 9,000 | $ | 8,990 | ||||
| Total New Jersey | 24,351 | |||||||
| New Mexico [0.3%] | ||||||||
| New Mexico State, Hospital Equipment Loan Council, RB | ||||||||
| Callable 07/01/22 @ 100 | ||||||||
| 5.500%, 07/01/42 | 3,110 | 3,330 | ||||||
| New York [10.4%] | ||||||||
| Brooklyn Arena, Barclays Center Local Development, Ser A, RB | ||||||||
| Callable 01/15/27 @ 100 | ||||||||
| 5.000%, 07/15/30 | 1,500 | 1,714 | ||||||
| Brooklyn Arena, Barclays Center Local Development, Ser A, RB | ||||||||
| Callable 01/15/27 @ 100 | ||||||||
| 5.000%, 07/15/42 | 10,000 | 11,101 | ||||||
| Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser A, RB | ||||||||
| Callable 01/01/25 @ 101 | ||||||||
| 6.700%, 01/01/49 | 4,789 | 5,103 | ||||||
| Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser C, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 2.000%, 01/01/49(G) | 1,728 | 294 | ||||||
| Nassau County, Tobacco Settlement, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.125%, 06/01/46 | 8,620 | 8,419 | ||||||
| New York City, Sub-Ser B, GO | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.730%, 10/01/46(E) | 10,000 | 10,000 | ||||||
| New York City, Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.700%, 08/01/43(E) | 10,000 | 10,000 | ||||||
| New York City, Water & Sewer System, RB | ||||||||
| Callable 04/02/18 @ 100 | ||||||||
| 1.620%, 06/15/50(E) | 2,540 | 2,540 | ||||||
| New York City, Transitional Finance Authority, Building Aid Revenue, Ser S-1, RB, | ||||||||
| Callable 01/15/26 @ 100 | ||||||||
| 4.000%, 07/15/45 | 10,000 | 10,283 | ||||||
| New York Counties, Tobacco Trust IV, Ser A, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/45 | 5,800 | 5,567 | ||||||
| New York State, Housing Finance Agency, Ser A, RB, | ||||||||
| Callable 03/30/18 @ 100 | ||||||||
| 1.580%, 11/15/37(E) (H) | 5,000 | 5,000 | ||||||
| New York State, Liberty Development, Goldman Sachs Headquarters, RB | ||||||||
| 5.250%, 10/01/35 | 3,000 | 3,723 | ||||||
| New York State, Liberty Development, World Trade Center, RB | ||||||||
| Callable 11/15/24 @ 100 | ||||||||
| 5.375%, 11/15/40(B) | 2,500 | 2,741 | ||||||
| New York State, Liberty Development, World Trade Center, RB | ||||||||
| Callable 11/15/24 @ 100 | ||||||||
| 5.000%, 11/15/44(B) | 10,000 | 10,600 | ||||||
| New York State, Transportation Development, American Airlines, RB, AMT | ||||||||
| Callable 08/01/21 @ 100 | ||||||||
| 5.000%, 08/01/26 | 5,500 | 5,842 | ||||||
| New York State, Transportation Development, LaGuardia Airport Terminal B, RB, AMT | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 5.000%, 07/01/41 | 1,500 | 1,629 | ||||||
| Niagara, Tobacco Asset Securitization, RB | ||||||||
| Callable 05/15/24 @ 100 | ||||||||
| 5.250%, 05/15/34 | 1,000 | 1,082 | ||||||
| Niagara, Tobacco Asset Securitization, RB | ||||||||
| Callable 05/15/24 @ 100 | ||||||||
| 5.250%, 05/15/40 | 1,000 | 1,072 | ||||||
| Suffolk, Tobacco Asset Securitization, Ser C, RB | ||||||||
| Callable 06/01/22 @ 100 | ||||||||
| 6.625%, 06/01/44 | 6,000 | 6,301 | ||||||
| Triborough Bridge and Tunnel Authority, RB | ||||||||
| 1.520%, 01/01/32(E) | 4,015 | 4,015 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| TSASC, Ser B, RB | ||||||||
| Callable 06/01/27 @ 100 | ||||||||
| 5.000%, 06/01/48 | $ | 12,000 | $ | 11,970 | ||||
| Westchester, Tobacco Asset Securitization, Sub-Ser C, RB | ||||||||
| Callable 06/01/27 @ 100 | ||||||||
| 5.125%, 06/01/51 | 7,000 | 7,187 | ||||||
| Westchester, Tobacco Asset Securitization, Sub-Ser C, RB | ||||||||
| Callable 06/01/23 @ 100 | ||||||||
| 5.000%, 06/01/45 | 5,000 | 5,063 | ||||||
| Total New York | 131,246 | |||||||
| 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 | 1,527 | ||||||
| North Carolina State, Medical Care Commission, United Church Homes and Services, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 5.000%, 09/01/37 | 1,155 | 1,235 | ||||||
| Total North Carolina | 2,762 | |||||||
| North Dakota [0.5%] | ||||||||
| Burleigh County, Education Facilities, University of Mary Project, RB | ||||||||
| Callable 04/15/26 @ 100 | ||||||||
| 5.200%, 04/15/46 | 2,000 | 1,993 | ||||||
| Mandan, Public Facilities Authority, Park Facilities, Ser A, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 3.250%, 09/01/41 | 2,450 | 2,196 | ||||||
| Ward County, Ser C, RB | ||||||||
| Callable 06/01/28 @ 100 | ||||||||
| 5.000%, 06/01/53 | 2,500 | 2,675 | ||||||
| Total North Dakota | 6,864 | |||||||
| Ohio [4.4%] | ||||||||
| Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.875%, 06/01/30 | 5,000 | 4,963 | ||||||
| Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.875%, 06/01/47 | 9,500 | 9,354 | ||||||
| Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.750%, 06/01/34 | 3,090 | 3,027 | ||||||
| Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.125%, 06/01/24 | 3,000 | 2,936 | ||||||
| Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 6.500%, 06/01/47 | 3,000 | 3,019 | ||||||
| Buckeye, Tobacco Settlement Financing Authority, Sub-Ser B, RB | ||||||||
| Callable 04/16/18 @ 13 | ||||||||
| 12.770%, 06/01/47(D) | 25,000 | 1,660 | ||||||
| Butler County, Port Authority, Storypoint Fairfield Project, RB | ||||||||
| Callable 01/15/24 @ 104 | ||||||||
| 6.375%, 01/15/43(B) | 500 | 520 | ||||||
| Cuyahoga County, Hospital Revenue, Metrohealth System, RB | ||||||||
| Callable 02/15/27 @ 100 | ||||||||
| 5.250%, 02/15/47 | 3,800 | 4,061 | ||||||
| Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||
| Callable 02/15/23 @ 100 | ||||||||
| 5.000%, 02/15/33 | 2,240 | 2,370 | ||||||
| Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||
| Callable 02/15/23 @ 100 | ||||||||
| 5.000%, 02/15/44 | 1,000 | 1,047 | ||||||
| Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||
| Callable 02/15/23 @ 100 | ||||||||
| 5.000%, 02/15/48 | 3,390 | 3,541 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT | ||||||||
| Callable 01/15/28 @ 100 | ||||||||
| 4.500%, 01/15/48(B) | $ | 4,500 | $ | 4,582 | ||||
| Ohio State, Air Quality Development Authority, RB, AMT | ||||||||
| Callable 01/15/28 @ 100 | ||||||||
| 4.250%, 01/15/38(B) | 1,800 | 1,804 | ||||||
| Ohio State, Housing Finance Agency, Sanctuary at Springboro Project, RB | ||||||||
| Callable 10/01/25 @ 101 | ||||||||
| 5.450%, 01/01/38(B) | 2,500 | 2,447 | ||||||
| Southeastern Ohio, Port Authority, Memorial Health System Project, RB | ||||||||
| Callable 12/01/22 @ 100 | ||||||||
| 6.000%, 12/01/42 | 7,000 | 7,583 | ||||||
| Toledo-Lucas County, Port Authority, Storypoint Waterville Project, RB | ||||||||
| Callable 01/15/24 @ 104 | ||||||||
| 6.375%, 01/15/51(B) | 2,500 | 2,585 | ||||||
| Total Ohio | 55,499 | |||||||
| Oklahoma [0.8%] | ||||||||
| Oklahoma County, Finance Authority, Epworth Village Project, Ser A, RB | ||||||||
| Callable 04/01/22 @ 100 | ||||||||
| 5.125%, 04/01/42 | 4,000 | 3,629 | ||||||
| Oklahoma State, Development Finance Authority, Inverness Village Community, RB | ||||||||
| Callable 01/01/22 @ 100 | ||||||||
| 6.000%, 01/01/32 | 3,030 | 2,217 | ||||||
| Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | ||||||||
| Callable 11/01/26 @ 100 | ||||||||
| 6.875%, 11/01/46 | 5,775 | 2,887 | ||||||
| Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | ||||||||
| Callable 11/01/26 @ 100 | ||||||||
| 6.625%, 11/01/36 | 2,500 | 1,250 | ||||||
| Total Oklahoma | 9,983 | |||||||
| Oregon [0.2%] | ||||||||
| Clackamas County, Hospital Facility Authority, RB | ||||||||
| Callable 11/15/25 @ 102 | ||||||||
| 5.000%, 11/15/47 | 1,500 | 1,620 | ||||||
| Clackamas County, Hospital Facility Authority, RB | ||||||||
| Callable 11/15/25 @ 102 | ||||||||
| 5.000%, 11/15/52 | 1,250 | 1,345 | ||||||
| Total Oregon | 2,965 | |||||||
| Pennsylvania [2.7%] | ||||||||
| Commonwealth Financing Authority, RB | ||||||||
| Callable 06/01/28 @ 100 | ||||||||
| 5.000%, 06/01/31 | 1,000 | 1,127 | ||||||
| Commonwealth Financing Authority, RB | ||||||||
| Callable 06/01/28 @ 100 | ||||||||
| 5.000%, 06/01/32 | 500 | 561 | ||||||
| Commonwealth Financing Authority, RB | ||||||||
| Callable 06/01/28 @ 100 | ||||||||
| 5.000%, 06/01/33 | 500 | 559 | ||||||
| Commonwealth Financing Authority, RB | ||||||||
| Callable 06/01/28 @ 100 | ||||||||
| 5.000%, 06/01/34 | 500 | 556 | ||||||
| Delaware County, Industrial Development Authority, Covanta Project, Ser A, RB | ||||||||
| Callable 07/01/20 @ 100 | ||||||||
| 5.000%, 07/01/43 | 2,500 | 2,529 | ||||||
| Montgomery County, Higher Education & Health Authority, Philadelphia Presbyterian Hospital, RB | ||||||||
| Callable 12/01/24 @ 103 | ||||||||
| 4.000%, 12/01/48 | 2,000 | 1,951 | ||||||
| Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply, Ser A-RE, RB | ||||||||
| Callable 09/01/25 @ 100 | ||||||||
| 6.400%, 12/01/38 | 3,000 | 3,064 | ||||||
| Pennsylvania State, Turnpike Commission, Ser A, RB | ||||||||
| Callable 12/01/24 @ 100 | ||||||||
| 5.000%, 12/01/33 | 1,500 | 1,672 | ||||||
| Pennsylvania State, Turnpike Commission, Sub-Ser A, RB | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.500%, 12/01/42 | 5,000 | 5,753 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Pennsylvania State, Turnpike Commission, Sub-Ser E, RB | ||||||||
| Callable 12/01/27 @ 100 | ||||||||
| 6.375%, 12/01/38 | $ | 2,000 | $ | 2,468 | ||||
| Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB | ||||||||
| Callable 12/15/21 @ 100 | ||||||||
| 7.625%, 12/15/41 | 1,000 | 1,126 | ||||||
| Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB | ||||||||
| Callable 12/15/21 @ 100 | ||||||||
| 7.150%, 12/15/36 | 2,280 | 2,534 | ||||||
| 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 | 3,263 | ||||||
| Pottsville, Hospital Authority, Schuykill Health System Project, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.500%, 07/01/24(C) | 3,000 | 3,743 | ||||||
| Pottsville, Hospital Authority, Schuykill Health System Project, RB | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 5.250%, 07/01/18(B) (C) | 2,020 | 2,099 | ||||||
| Washington County, Redevelopment Authority, TA | ||||||||
| Callable 01/01/28 @ 100 | ||||||||
| 5.000%, 07/01/35 | 1,235 | 1,267 | ||||||
| Total Pennsylvania | 34,272 | |||||||
| Rhode Island [0.2%] | ||||||||
| Tobacco Settlement Financing, Ser B, RB | ||||||||
| Callable 04/16/18 @ 13 | ||||||||
| 8.929%, 06/01/52(D) | 26,270 | 2,299 | ||||||
| South Carolina [1.5%] | ||||||||
| South Carolina State, Jobs-Economic Development Authority, Episcopal at Still Hopes, RB | ||||||||
| Callable 04/01/25 @ 102 | ||||||||
| 5.000%, 04/01/47 | 2,000 | 2,075 | ||||||
| South Carolina State, Jobs-Economic Development Authority, Episcopal at Still Hopes, RB | ||||||||
| Callable 04/01/25 @ 102 | ||||||||
| 5.000%, 04/01/52 | 2,550 | 2,632 | ||||||
| South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB | ||||||||
| Callable 11/15/24 @ 103 | ||||||||
| 5.250%, 11/15/47 | 8,375 | 8,935 | ||||||
| South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB | ||||||||
| Callable 11/15/24 @ 103 | ||||||||
| 5.250%, 11/15/52 | 5,405 | 5,744 | ||||||
| Total South Carolina | 19,386 | |||||||
| Tennessee [0.6%] | ||||||||
| Chattanooga, Health Educational & Housing Facility Board, RB | ||||||||
| Callable 10/01/25 @ 100 | ||||||||
| 5.000%, 10/01/35 | 1,000 | 1,090 | ||||||
| Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB | ||||||||
| Callable 07/01/20 @ 100 | ||||||||
| 6.000%, 07/01/38 | 2,000 | 2,124 | ||||||
| Shelby County, Health Educational & Housing Facilities Board, Trezevant Manor Project, Ser A, RB | ||||||||
| Callable 09/01/23 @ 100 | ||||||||
| 5.500%, 09/01/47 | 1,000 | 937 | ||||||
| Shelby County, Health Educational & Housing Facilities Board, Trezevant Manor Project, Ser A, RB | ||||||||
| Callable 09/01/26 @ 100 | ||||||||
| 5.000%, 09/01/31(B) | 2,750 | 2,603 | ||||||
| Shelby County, Health Educational & Housing Facilities Board, Trezevant Manor Project, Ser A, RB | ||||||||
| Callable 09/01/26 @ 100 | ||||||||
| 5.000%, 09/01/37(B) | 1,145 | 1,039 | ||||||
| Total Tennessee | 7,793 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Texas [10.8%] | ||||||||
| Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | ||||||||
| Callable 03/01/24 @ 100 | ||||||||
| 7.125%, 03/01/44 | $ | 2,300 | $ | 2,363 | ||||
| Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | ||||||||
| Callable 03/01/24 @ 100 | ||||||||
| 7.000%, 03/01/34 | 400 | 412 | ||||||
| Bexar County, Health Facilities Development, Army Retirement Residence Project, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.200%, 07/01/20(C) | 3,250 | 3,556 | ||||||
| Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB | ||||||||
| Callable 09/01/20 @ 103 | ||||||||
| 5.875%, 09/01/40 | 600 | 602 | ||||||
| Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB | ||||||||
| Callable 09/01/20 @ 103 | ||||||||
| 5.500%, 09/01/32 | 250 | 251 | ||||||
| Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB | ||||||||
| Callable 09/01/20 @ 103 | ||||||||
| 5.375%, 09/01/28 | 400 | 402 | ||||||
| Celina, Sutton Fields II Public Improvement Project, SAB | ||||||||
| Callable 03/01/23 @ 103 | ||||||||
| 7.250%, 09/01/45 | 500 | 496 | ||||||
| Central Texas, Regional Mobility Authority, Sub-Ser, RB | ||||||||
| Callable 01/01/23 @ 100 | ||||||||
| 5.000%, 01/01/33 | 1,000 | 1,084 | ||||||
| Central Texas, Regional Mobility Authority, Sub-Ser, RB | ||||||||
| Callable 01/01/23 @ 100 | ||||||||
| 5.000%, 01/01/42 | 1,000 | 1,074 | ||||||
| Grand Parkway, Transportation, Toll Revenue, Sub-Ser B, RB | ||||||||
| Callable 10/01/23 @ 100 | ||||||||
| 5.000%, 04/01/53 | 2,000 | 2,191 | ||||||
| Hackberry, Public Improvement District No. 3, SAB | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 7.000%, 09/01/19(C) | 475 | 523 | ||||||
| Hackberry, Public Improvement District No. 3, SAB | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 6.750%, 09/01/19(C) | 525 | 576 | ||||||
| Hackberry, Public Improvement District No. 3, SAB | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 6.750%, 09/01/19(C) | 500 | 549 | ||||||
| Hackberry, Public Improvement District No. 3, SAB | ||||||||
| Pre-Refunded @ 103 | ||||||||
| 6.625%, 09/01/19(C) | 450 | 493 | ||||||
| Houston, Airport System Revenue, RB, AMT | ||||||||
| 5.000%, 07/15/28 | 3,000 | 3,375 | ||||||
| Houston, Airport System Revenue, United Airlines Project, RB, AMT | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 5.000%, 07/01/29 | 3,000 | 3,266 | ||||||
| Houston, Higher Education Finance, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 6.875%, 05/15/21(C) | 5,300 | 6,075 | ||||||
| Leander, Oak Creek Public Improvement District, SAB | ||||||||
| Callable 09/01/19 @ 103 | ||||||||
| 5.875%, 09/01/44 | 500 | 492 | ||||||
| Leander, Oak Creek Public Improvement District, SAB | ||||||||
| Callable 09/01/19 @ 103 | ||||||||
| 5.750%, 09/01/38 | 500 | 493 | ||||||
| Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB | ||||||||
| Callable 03/30/18 @ 100 | ||||||||
| 1.670%, 05/01/46(E) | 4,000 | 4,000 | ||||||
| McLendon-Chisholm, Sonoma Public Improvement District Project, SAB | ||||||||
| Callable 09/15/20 @ 103 | ||||||||
| 5.500%, 09/15/40 | 375 | 376 | ||||||
| McLendon-Chisholm, Sonoma Public Improvement District Project, SAB | ||||||||
| Callable 09/15/20 @ 103 | ||||||||
| 5.375%, 09/15/35 | 400 | 402 | ||||||
| McLendon-Chisholm, Sonoma Public Improvement District Project, SAB | ||||||||
| Callable 09/15/20 @ 103 | ||||||||
| 5.125%, 09/15/28 | 500 | 504 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Mission, Economic Development, Natgasline Project, RB, AMT | ||||||||
| Callable 10/01/18 @ 103 | ||||||||
| 5.750%, 10/01/31(B) | $ | 2,000 | $ | 2,080 | ||||
| New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB | ||||||||
| Callable 07/01/24 @ 102 | ||||||||
| 5.000%, 07/01/36 | 1,250 | 1,281 | ||||||
| New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB | ||||||||
| Callable 07/01/24 @ 102 | ||||||||
| 5.000%, 07/01/46 | 6,445 | 6,549 | ||||||
| New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB | ||||||||
| Callable 08/15/21 @ 100 | ||||||||
| 5.500%, 08/15/46 | 1,000 | 1,018 | ||||||
| New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB | ||||||||
| Callable 08/15/21 @ 100 | ||||||||
| 5.500%, 08/15/51 | 2,500 | 2,538 | ||||||
| New Hope, Cultural Education Facilities Finance, Jubilee Academic Center Project, Ser A, RB | ||||||||
| Callable 08/15/21 @ 100 | ||||||||
| 5.000%, 08/15/36(B) | 4,000 | 4,005 | ||||||
| New Hope, Cultural Education Facilities Finance, Jubilee Academic Center Project, Ser S, RB | ||||||||
| Callable 08/15/21 @ 100 | ||||||||
| 5.125%, 08/15/47(B) | 1,500 | 1,499 | ||||||
| New Hope, Cultural Education Facilities Finance, LongHorn Village Project, RB | ||||||||
| Callable 01/01/24 @ 103 | ||||||||
| 5.000%, 01/01/42 | 2,000 | 2,120 | ||||||
| New Hope, Cultural Education Facilities Finance, LongHorn Village Project, RB | ||||||||
| Callable 01/01/24 @ 103 | ||||||||
| 5.000%, 01/01/47 | 2,000 | 2,113 | ||||||
| New Hope, Cultural Education Facilities Finance, MRC Senior Living - Langford Project, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.500%, 11/15/46 | 1,000 | 1,007 | ||||||
| New Hope, Cultural Education Facilities Finance, MRC Senior Living - Langford Project, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.500%, 11/15/52 | 1,200 | 1,203 | ||||||
| New Hope, Cultural Education Facilities Finance, MRC Senior Living - Langford Project, RB | ||||||||
| Callable 11/15/26 @ 100 | ||||||||
| 5.375%, 11/15/36 | 500 | 504 | ||||||
| New Hope, Cultural Education Facilities Finance, MRC Senior Living - Langford Project, RB | ||||||||
| 5.000%, 11/15/26 | 400 | 406 | ||||||
| New Hope, Cultural Education Facilities Finance, RB | ||||||||
| 5.000%, 08/15/46 | 3,000 | 2,951 | ||||||
| Newark, Higher Education Finance, Ser A, RB | ||||||||
| Callable 08/15/25 @ 100 | ||||||||
| 5.750%, 08/15/45(B) | 1,700 | 1,777 | ||||||
| Newark, Higher Education Finance, Ser A, RB | ||||||||
| Callable 08/15/25 @ 100 | ||||||||
| 5.500%, 08/15/35(B) | 900 | 935 | ||||||
| North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 7.000%, 09/01/31(A) (C) | 5,000 | 5,478 | ||||||
| North Texas, Tollway Authority, Ser A, RB | ||||||||
| Callable 01/01/26 @ 100 | ||||||||
| 5.000%, 01/01/39 | 1,500 | 1,686 | ||||||
| Sanger, Industrial Development Authority, Texas Pellets Project, Ser B, RB, AMT | ||||||||
| Callable 07/01/22 @ 100 | ||||||||
| 8.000%, 07/01/38(G) | 4,950 | 1,188 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB | ||||||||
| Callable 11/15/25 @ 100 | ||||||||
| 5.500%, 11/15/45 | 5,315 | 5,434 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 4.500%, 11/15/21 | 4,065 | 4,059 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, Ser Senior, RB | ||||||||
| Callable 04/30/18 @ 100 | ||||||||
| 5.750%, 11/15/37 | $ | 6,000 | $ | 5,909 | ||||
| Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services, RB | ||||||||
| Callable 11/15/27 @ 100 | ||||||||
| 5.000%, 11/15/37 | 3,000 | 3,362 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services, RB | ||||||||
| Callable 11/15/27 @ 100 | ||||||||
| 5.000%, 11/15/46 | 3,000 | 3,336 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 6.750%, 11/15/47 | 2,000 | 2,223 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 6.750%, 11/15/52 | 2,100 | 2,326 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 6.625%, 11/15/37 | 3,500 | 3,888 | ||||||
| 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 | 10,650 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB | ||||||||
| Callable 05/15/27 @ 100 | ||||||||
| 5.250%, 11/15/47 | 6,500 | 6,632 | ||||||
| Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 7.300%, 06/01/19(C) | 565 | 599 | ||||||
| Texas State, Private Activity Bond Surface Transportation, LBJ Infrastructure Project, Ser Senior, RB | ||||||||
| Callable 06/30/20 @ 100 | ||||||||
| 7.000%, 06/30/40 | 5,165 | 5,697 | ||||||
| Texas State, Private Activity Bond Surface Transportation, NTE Mobility Project, Ser Senior, RB | ||||||||
| Callable 12/31/19 @ 100 | ||||||||
| 6.875%, 12/31/39 | 5,350 | 5,779 | ||||||
| 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 | 1,904 | ||||||
| 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 | 1,087 | ||||||
| Total Texas | 136,778 | |||||||
| Vermont [0.1%] | ||||||||
| Vermont State, Economic Development Authority, Casella Waste Systems Project, RB, AMT | ||||||||
| 4.625%, 04/01/36(B)(E) | 1,000 | 998 | ||||||
| Virgin Islands [0.3%] | ||||||||
| Virgin Islands, Public Finance Authority, Ser Senior, RB | ||||||||
| Callable 10/01/20 @ 100 | ||||||||
| 5.000%, 10/01/25 | 3,155 | 2,374 | ||||||
| Virgin Islands, Public Finance Authority, Sub-Ser, RB | ||||||||
| Callable 10/01/19 @ 100 | ||||||||
| 5.000%, 10/01/22 | 2,000 | 1,460 | ||||||
| Total Virgin Islands | 3,834 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Virginia [1.3%] | ||||||||
| Cherry Hill, Community Development Authority, Potomac Shores Project, SAB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.400%, 03/01/45(B) | $ | 2,000 | $ | 2,053 | ||||
| Cherry Hill, Community Development Authority, Potomac Shores Project, SAB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.150%, 03/01/35(B) | 1,000 | 1,027 | ||||||
| Lower Magnolia Green, Community Development Authority, SAB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.000%, 03/01/45(B) | 4,025 | 4,074 | ||||||
| Tobacco Settlement Financing, Ser B1, RB | ||||||||
| Callable 04/16/18 @ 100 | ||||||||
| 5.000%, 06/01/47 | 1,560 | 1,541 | ||||||
| Virginia State, Small Business Financing Authority, Pinnacle Living, Ser C, RB | ||||||||
| Callable 06/01/23 @ 103 | ||||||||
| 5.000%, 06/01/47 | 2,500 | 2,625 | ||||||
| Virginia State, Small Business Financing Authority, Pinnacle Living, Ser C, RB | ||||||||
| Callable 06/01/23 @ 103 | ||||||||
| 5.000%, 06/01/52 | 3,880 | 4,060 | ||||||
| Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT | ||||||||
| Callable 07/01/22 @ 100 | ||||||||
| 6.000%, 01/01/37 | 820 | 917 | ||||||
| Total Virginia | 16,297 | |||||||
| Washington [0.5%] | ||||||||
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, RB | ||||||||
| Callable 01/01/25 @ 102 | ||||||||
| 5.000%, 01/01/46(B) | 4,215 | 4,422 | ||||||
| Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB | ||||||||
| Callable 01/01/24 @ 100 | ||||||||
| 7.500%, 01/01/49(B) | 2,000 | 2,332 | ||||||
| Total Washington | 6,754 | |||||||
| West Virginia [0.1%] | ||||||||
| West Virginia State, Economic Development Authority, Morgantown Energy, RB, AMT | ||||||||
| 2.875%, 12/15/26 | 1,740 | 1,702 | ||||||
| Wisconsin [5.5%] | ||||||||
| Hartford, Public Finance Authority, RB | ||||||||
| Callable 09/01/24 @ 100 | ||||||||
| 5.000%, 09/01/38(B) | 1,580 | 1,626 | ||||||
| Pine Lake, Public Finance Authority, RB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.500%, 03/01/45(B) | 3,460 | 3,558 | ||||||
| Pine Lake, Public Finance Authority, RB | ||||||||
| Callable 03/01/25 @ 100 | ||||||||
| 5.250%, 03/01/35(B) | 1,250 | 1,286 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, Ser A, RB | ||||||||
| Callable 09/15/23 @ 100 | ||||||||
| 5.000%, 09/15/40 | 1,000 | 1,048 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, Ser A, RB | ||||||||
| Callable 09/15/23 @ 100 | ||||||||
| 5.000%, 09/15/45 | 1,000 | 1,045 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, Benevolent Cedar Community, RB | ||||||||
| Callable 06/01/25 @ 103 | ||||||||
| 5.000%, 06/01/37 | 1,110 | 1,161 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, Benevolent Cedar Community, RB | ||||||||
| Callable 06/01/25 @ 103 | ||||||||
| 5.000%, 06/01/41 | 955 | 995 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, Dickson Hollow Project, RB | ||||||||
| Callable 10/01/22 @ 102 | ||||||||
| 5.500%, 10/01/49 | 2,500 | 2,717 | ||||||
| Wisconsin State, Health & Educational Facilities Authority, St. Johns Communities, Ser B, RB | ||||||||
| Callable 09/15/22 @ 100 | ||||||||
| 5.000%, 09/15/37 | 650 | 679 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Wisconsin State, Health & Educational Facilities Authority, St. Johns Communities, Ser B, RB | ||||||||
| Callable 09/15/22 @ 100 | ||||||||
| 5.000%, 09/15/45 | $ | 1,000 | $ | 1,037 | ||||
| Wisconsin State, Health & Educational Facilities Authority, Woodland Hill Senior Housing Project, RB | ||||||||
| Callable 12/01/22 @ 102 | ||||||||
| 5.250%, 12/01/49 | 5,000 | 5,284 | ||||||
| Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | ||||||||
| Callable 06/01/26 @ 100 | ||||||||
| 5.125%, 06/01/48(B) | 4,000 | 4,044 | ||||||
| Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | ||||||||
| Callable 06/01/26 @ 100 | ||||||||
| 5.000%, 06/01/36(B) | 1,500 | 1,515 | ||||||
| Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | ||||||||
| Callable 06/01/26 @ 100 | ||||||||
| 4.625%, 06/01/36(B) | 3,100 | 3,013 | ||||||
| Wisconsin State, Public Finance Authority, Coral Academy Project, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 5.625%, 07/01/44 | 3,500 | 3,729 | ||||||
| Wisconsin State, Public Finance Authority, Coral Academy Project, RB | ||||||||
| Callable 07/01/24 @ 100 | ||||||||
| 5.375%, 07/01/34 | 2,000 | 2,164 | ||||||
| Wisconsin State, Public Finance Authority, Cornerstone Christian Project, RB | ||||||||
| Callable 02/01/26 @ 100 | ||||||||
| 5.000%, 02/01/36(B) | 3,000 | 2,959 | ||||||
| Wisconsin State, Public Finance Authority, Denver International Airport, RB, AMT | ||||||||
| Callable 09/30/27 @ 100 | ||||||||
| 5.000%, 09/30/49 | 2,000 | 2,191 | ||||||
| Wisconsin State, Public Finance Authority, Las Ventanas Retirement Community Project, RB | ||||||||
| Callable 10/01/20 @ 102 | ||||||||
| 7.000%, 10/01/42 | 5,400 | 5,427 | ||||||
| Wisconsin State, Public Finance Authority, National Gypsum, RB, AMT | ||||||||
| Callable 08/01/26 @ 100 | ||||||||
| 4.000%, 08/01/35 | 3,000 | 2,930 | ||||||
| Wisconsin State, Public Finance Authority, Roseman University Health Sciences, RB | ||||||||
| Callable 04/01/25 @ 100 | ||||||||
| 5.875%, 04/01/45 | 6,000 | 6,472 | ||||||
| Wisconsin State, Public Finance Authority, Senior Trips Obligation Group Project, Ser B, RB, AMT | ||||||||
| Callable 07/01/22 @ 100 | ||||||||
| 5.000%, 07/01/42 | 1,000 | 1,060 | ||||||
| Wisconsin State, Public Finance Authority, Ser A, RB | ||||||||
| Callable 06/15/25 @ 100 | ||||||||
| 5.500%, 06/15/35(B) | 3,000 | 3,002 | ||||||
| Wisconsin State, Public Finance Authority, Ser A, RB | ||||||||
| Callable 06/15/25 @ 100 | ||||||||
| 5.500%, 06/15/45(B) | 4,280 | 4,203 | ||||||
| Wisconsin State, Public Finance Authority, Ser C, RB, AMT | ||||||||
| 5.000%, 07/01/22 | 1,415 | 1,513 | ||||||
| Wisconsin State, Public Finance Authority, Ser E, RB, AMT | ||||||||
| Callable 07/01/22 @ 100 | ||||||||
| 5.000%, 07/01/23 | 4,655 | 5,031 | ||||||
| Total Wisconsin | 69,689 | |||||||
| American Samoa [0.2%] | ||||||||
| American Samoa, Economic Development Authority, Ser A, RB | ||||||||
| Callable 09/01/25 @ 100 | ||||||||
| 6.625%, 09/01/35 | 3,000 | 2,908 | ||||||
| Guam [0.9%] | ||||||||
| Territory of Guam, Government Waterworks Authority, RB | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 5.625%, 07/01/20(C) | 2,000 | 2,169 | ||||||
| Territory of Guam, Ser A, GO | ||||||||
| Pre-Refunded @ 100 | ||||||||
| 7.000%, 11/15/19(C) | 6,000 | 6,492 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Municipal High Income Fund (concluded) |
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| Territory of Guam, Ser A, RB | ||||||||
| Callable 12/01/26 @ 100 | ||||||||
| 5.000%, 12/01/34 | $ | 2,500 | $ | 2,628 | ||||
| Total Guam | 11,289 | |||||||
| Total Municipal Bonds | ||||||||
| (Cost $1,204,588) | 1,219,097 | |||||||
| Short-Term Investment** [3.0%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 37,868,892 | 37,869 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $37,869) | 37,869 | |||||||
| Total Investments [99.5%] | ||||||||
| (Cost $1,242,457) | $ | 1,256,966 | ||||||
Percentages are based on Net Assets of $1,263,150 (000).
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (A) | Step Bond — The rate reported is the rate in effect on March 31, 2018. The coupon on a step bond changes on a specific date. |
| (B) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2018, the value of these securities amounted to $189,363 (000), representing 15.0% of the net assets of the Fund. |
| (C) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
| (D) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
| (E) | Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
| (F) | Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2018. |
| (G) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
| (H) | Securities are held in conjunction with a letter of credit from a major bank or financial institution. |
AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
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, 2018 is valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds | $ | — | $ | 1,219,097 | $ | — | $ | 1,219,097 | ||||||||
| Short-Term Investment | 37,869 | — | — | 37,869 | ||||||||||||
| Total Investments in Securities | $ | 37,869 | $ | 1,219,097 | $ | — | $ | 1,256,966 | ||||||||
For the period ended March 31, 2018, 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 39
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| Corporate Bonds [92.3%] | ||||||||
| Advertising Agencies [1.8%] | ||||||||
| MDC Partners | ||||||||
| 6.500%, 05/01/24(A) | $ | 1,325 | $ | 1,289 | ||||
| Aerospace & Defense [0.1%] | ||||||||
| Kratos Defense & Security Solutions | ||||||||
| 6.500%, 11/30/25(A) | 100 | 104 | ||||||
| Airport Develop/Maint [0.3%] | ||||||||
| StandardAero Aviation Holdings | ||||||||
| 10.000%, 07/15/23(A) | 200 | 217 | ||||||
| Applications Software [0.5%] | ||||||||
| CDK Global | ||||||||
| 4.875%, 06/01/27(A) | 100 | 96 | ||||||
| PTC | ||||||||
| 6.000%, 05/15/24 | 250 | 262 | ||||||
| Total Applications Software | 358 | |||||||
| Auto Rent & Lease [0.1%] | ||||||||
| Flexi-Van Leasing | ||||||||
| 10.000%, 02/15/23(A) | 50 | 50 | ||||||
| Auto/Trk Prts and Equip-Repl [0.1%] | ||||||||
| Allison Transmission | ||||||||
| 4.750%, 10/01/27(A) | 75 | 71 | ||||||
| Automotive [1.2%] | ||||||||
| Midas Intermediate Holdco II | ||||||||
| 7.875%, 10/01/22(A) | 650 | 652 | ||||||
| Tesla | ||||||||
| 5.300%, 08/15/25(A) | 225 | 196 | ||||||
| Total Automotive | 848 | |||||||
| Autoparts [1.3%] | ||||||||
| Delphi Technologies | ||||||||
| 5.000%, 10/01/25(A) | 350 | 336 | ||||||
| LKQ European Holdings BV | ||||||||
| 4.125%, 04/01/28(A) | 250 | 307 | ||||||
| Titan International | ||||||||
| 6.500%, 11/30/23(A) | 250 | 257 | ||||||
| Total Autoparts | 900 | |||||||
| Banks [0.5%] | ||||||||
| CIT Group | ||||||||
| 6.125%, 03/09/28 | 50 | 52 | ||||||
| Compass Bank | ||||||||
| 3.875%, 04/10/25 | 300 | 293 | ||||||
| Total Banks | 345 | |||||||
| Batteries/Battery Sys [0.1%] | ||||||||
| EnerSys | ||||||||
| 5.000%, 04/30/23(A) | 100 | 102 | ||||||
| Broadcasting & Cable [10.0%] | ||||||||
| Altice France | ||||||||
| 7.375%, 05/01/26(A) | 950 | 905 | ||||||
| 6.250%, 05/15/24(A) | 200 | 188 | ||||||
| AMC Networks | ||||||||
| 4.750%, 08/01/25 | 100 | 96 | ||||||
| Anixter | ||||||||
| 5.500%, 03/01/23 | 250 | 259 | ||||||
| CCO Holdings | ||||||||
| 5.125%, 05/01/27(A) | 1,000 | 950 | ||||||
| 5.000%, 02/01/28(A) | 650 | 609 | ||||||
| Charter Communications Operating | ||||||||
| 4.200%, 03/15/28 | 200 | 192 | ||||||
| CSC Holdings | ||||||||
| 6.750%, 11/15/21 | 200 | 208 | ||||||
| 5.500%, 04/15/27(A) | 175 | 168 | ||||||
| 5.250%, 06/01/24 | 150 | 143 | ||||||
| DISH DBS | ||||||||
| 7.750%, 07/01/26 | 500 | 469 | ||||||
| 5.875%, 11/15/24 | 300 | 267 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Midcontinent Communications | ||||||||
| 6.875%, 08/15/23(A) | $ | 300 | $ | 315 | ||||
| Telenet Finance Luxembourg Notes Sarl | ||||||||
| 5.500%, 03/01/28(A) | 400 | 382 | ||||||
| 3.500%, 03/01/28(A) | 300 | 361 | ||||||
| Univision Communications | ||||||||
| 5.125%, 05/15/23(A) | 150 | 143 | ||||||
| UPCB Finance IV | ||||||||
| 5.375%, 01/15/25(A) | 200 | 193 | ||||||
| Videotron | ||||||||
| 5.125%, 04/15/27(A) | 150 | 147 | ||||||
| Virgin Media Finance | ||||||||
| 6.375%, 04/15/23(A) | 350 | 355 | ||||||
| Virgin Media Secured Finance | ||||||||
| 5.000%, 04/15/27(A) | 350 | 484 | ||||||
| Ziggo Secured Finance | ||||||||
| 5.500%, 01/15/27(A) | 350 | 329 | ||||||
| Total Broadcasting & Cable | 7,163 | |||||||
| Building & Construction [4.8%] | ||||||||
| Cleaver-Brooks | ||||||||
| 7.875%, 03/01/23(A) | 375 | 390 | ||||||
| Grinding Media | ||||||||
| 7.375%, 12/15/23(A) | 950 | 997 | ||||||
| Novelis | ||||||||
| 6.250%, 08/15/24(A) | 375 | 384 | ||||||
| 5.875%, 09/30/26(A) | 450 | 441 | ||||||
| Standard Industries | ||||||||
| 5.000%, 02/15/27(A) | 100 | 97 | ||||||
| 4.750%, 01/15/28(A) | 650 | 612 | ||||||
| Summit Materials | ||||||||
| 8.500%, 04/15/22 | 350 | 377 | ||||||
| Williams Scotsman International | ||||||||
| 7.875%, 12/15/22(A) | 175 | 181 | ||||||
| Total Building & Construction | 3,479 | |||||||
| Building-Heavy Construct [0.4%] | ||||||||
| New Enterprise Stone & Lime | ||||||||
| 6.250%, 03/15/26(A) | 75 | 75 | ||||||
| Tutor Perini | ||||||||
| 6.875%, 05/01/25(A) | 236 | 243 | ||||||
| Total Building-Heavy Construct | 318 | |||||||
| Chemicals [0.8%] | ||||||||
| GCP Applied Technologies | ||||||||
| 9.500%, 02/01/23(A) | 350 | 386 | ||||||
| PQ | ||||||||
| 6.750%, 11/15/22(A) | 200 | 210 | ||||||
| Total Chemicals | 596 | |||||||
| Commercial Serv-Finance [0.8%] | ||||||||
| WEX | ||||||||
| 4.750%, 02/01/23(A) | 550 | 553 | ||||||
| Commercial Services [0.7%] | ||||||||
| Nielsen Luxembourg SARL | ||||||||
| 5.000%, 02/01/25(A) | 225 | 222 | ||||||
| ServiceMaster | ||||||||
| 5.125%, 11/15/24(A) | 325 | 314 | ||||||
| Total Commercial Services | 536 | |||||||
| Computer System Design & Services [0.6%] | ||||||||
| NCR | ||||||||
| 6.375%, 12/15/23 | 400 | 415 | ||||||
| Consumer Products & Services [0.8%] | ||||||||
| Central Garden & Pet | ||||||||
| 6.125%, 11/15/23 | 300 | 313 | ||||||
| 5.125%, 02/01/28 | 100 | 95 | ||||||
| WMG Acquisition | ||||||||
| 5.000%, 08/01/23(A) | 200 | 200 | ||||||
| Total Consumer Products & Services | 608 | |||||||
| Containers & Packaging [0.8%] | ||||||||
| Berry Global | ||||||||
| 4.500%, 02/15/26(A) | 200 | 189 | ||||||
| BWAY Holding | ||||||||
| 5.500%, 04/15/24(A) | 200 | 201 | ||||||
| Crown Americas | ||||||||
| 4.750%, 02/01/26(A) | 150 | 145 | ||||||
| Reynolds Group Issuer | ||||||||
| 6.875%, 02/15/21 | 69 | 71 | ||||||
| Total Containers & Packaging | 606 | |||||||
| Data Processing/Mgmt [1.1%] | ||||||||
| First Data | ||||||||
| 7.000%, 12/01/23(A) | 200 | 210 | ||||||
| 5.750%, 01/15/24(A) | 550 | 553 | ||||||
| Total Data Processing/Mgmt | 763 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Diagnostic Equipment [0.5%] | ||||||||
| Avantor | ||||||||
| 6.000%, 10/01/24(A) | $ | 350 | $ | 348 | ||||
| Diversified Operations [0.9%] | ||||||||
| Actuant | ||||||||
| 5.625%, 06/15/22 | 175 | 177 | ||||||
| Amsted Industries | ||||||||
| 5.375%, 09/15/24(A) | 450 | 450 | ||||||
| Total Diversified Operations | 627 | |||||||
| Drugs [2.2%] | ||||||||
| Endo Dac | ||||||||
| 5.875%, 10/15/24(A) | 350 | 345 | ||||||
| Endo Finance | ||||||||
| 7.250%, 01/15/22(A) | 75 | 65 | ||||||
| 5.375%, 01/15/23(A) | 125 | 95 | ||||||
| Valeant Pharmaceuticals International | ||||||||
| 7.000%, 03/15/24(A) | 800 | 834 | ||||||
| 6.500%, 03/15/22(A) | 100 | 103 | ||||||
| 5.500%, 11/01/25(A) | 150 | 146 | ||||||
| Total Drugs | 1,588 | |||||||
| E-Commerce/Services [0.1%] | ||||||||
| Match Group | ||||||||
| 5.000%, 12/15/27(A) | 100 | 99 | ||||||
| Educational Software [0.1%] | ||||||||
| Ascend Learning | ||||||||
| 6.875%, 08/01/25(A) | 75 | 77 | ||||||
| Electric Utilities [0.8%] | ||||||||
| AES | ||||||||
| 6.000%, 05/15/26 | 200 | 210 | ||||||
| Terraform Global Operating | ||||||||
| 6.125%, 03/01/26(A) | 375 | 378 | ||||||
| Total Electric Utilities | 588 | |||||||
| Electronic Measur Instr [0.2%] | ||||||||
| Itron | ||||||||
| 5.000%, 01/15/26(A) | 150 | 148 | ||||||
| Energy & Power [0.5%] | ||||||||
| Pattern Energy Group | ||||||||
| 5.875%, 02/01/24(A) | 250 | 256 | ||||||
| TerraForm Power Operating | ||||||||
| 6.625%, 06/15/25(A) (B) | 125 | 134 | ||||||
| Total Energy & Power | 390 | |||||||
| Enterprise Software/Serv [0.9%] | ||||||||
| Infor US | ||||||||
| 6.500%, 05/15/22 | 600 | 611 | ||||||
| Entertainment & Gaming [1.8%] | ||||||||
| AMC Entertainment Holdings | ||||||||
| 6.125%, 05/15/27 | 375 | 369 | ||||||
| 5.875%, 11/15/26 | 75 | 74 | ||||||
| Buffalo Thunder Development Authority | ||||||||
| 11.000%, 12/09/22(A) (C) (D) | 35 | 15 | ||||||
| 9.375%, 11/15/29(A) (C) | 16 | — | ||||||
| Seminole Hard Rock Entertainment | ||||||||
| 5.875%, 05/15/21(A) | 475 | 475 | ||||||
| Wynn Las Vegas | ||||||||
| 5.500%, 03/01/25(A) | 375 | 377 | ||||||
| Total Entertainment & Gaming | 1,310 | |||||||
| Financial Services [6.9%] | ||||||||
| FBM Finance | ||||||||
| 8.250%, 08/15/21(A) | 1,000 | 1,045 | ||||||
| Icahn Enterprises | ||||||||
| 5.875%, 02/01/22 | 650 | 652 | ||||||
| Jefferies Finance | ||||||||
| 7.500%, 04/15/21(A) | 450 | 455 | ||||||
| 7.375%, 04/01/20(A) | 520 | 525 | ||||||
| 7.250%, 08/15/24(A) | 300 | 296 | ||||||
| 6.875%, 04/15/22(A) | 200 | 198 | ||||||
| Lincoln Finance | ||||||||
| 7.375%, 04/15/21(A) | 150 | 155 | ||||||
| LoanCore Capital Markets | ||||||||
| 6.875%, 06/01/20(A) | 450 | 456 | ||||||
| Oxford Finance | ||||||||
| 6.375%, 12/15/22(A) | 250 | 256 | ||||||
| Quicken Loans | ||||||||
| 5.750%, 05/01/25(A) | 50 | 50 | ||||||
| 5.250%, 01/15/28(A) | 575 | 537 | ||||||
| Travelport Corporate Finance | ||||||||
| 6.000%, 03/15/26(A) | 350 | 351 | ||||||
| Total Financial Services | 4,976 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Food, Beverage & Tobacco [2.8%] | ||||||||
| Beverages & More | ||||||||
| 11.500%, 06/15/22(A) | $ | 200 | $ | 184 | ||||
| FAGE International | ||||||||
| 5.625%, 08/15/26(A) | 560 | 521 | ||||||
| Vector Group | ||||||||
| 6.125%, 02/01/25(A) | 1,300 | 1,300 | ||||||
| Total Food, Beverage & Tobacco | 2,005 | |||||||
| Food-Canned [0.1%] | ||||||||
| TreeHouse Foods | ||||||||
| 6.000%, 02/15/24(A) | 50 | 50 | ||||||
| Food-Catering [0.1%] | ||||||||
| Aramark Services | ||||||||
| 5.000%, 02/01/28(A) | 100 | 98 | ||||||
| Food-Flour and Grain [0.9%] | ||||||||
| Post Holdings | ||||||||
| 5.625%, 01/15/28(A) | 450 | 430 | ||||||
| 5.500%, 03/01/25(A) | 200 | 197 | ||||||
| Total Food-Flour and Grain | 627 | |||||||
| Food-Wholesale/Distrib [0.4%] | ||||||||
| KeHE Distributors | ||||||||
| 7.625%, 08/15/21(A) | 270 | 264 | ||||||
| Gas-Distribution [2.0%] | ||||||||
| AmeriGas Partners | ||||||||
| 5.750%, 05/20/27 | 275 | 263 | ||||||
| 5.500%, 05/20/25 | 100 | 96 | ||||||
| LBC Tank Terminals Holding Netherlands | ||||||||
| 6.875%, 05/15/23(A) | 1,050 | 1,079 | ||||||
| Total Gas-Distribution | 1,438 | |||||||
| Gold Mining [1.7%] | ||||||||
| Eldorado | ||||||||
| 6.125%, 12/15/20(A) | 950 | 902 | ||||||
| Yamana | ||||||||
| 4.950%, 07/15/24 | 300 | 309 | ||||||
| Total Gold Mining | 1,211 | |||||||
| Hotels & Lodging [0.3%] | ||||||||
| Wyndham Hotels & Resorts | ||||||||
| 5.375%, 04/15/26 | 200 | 200 | ||||||
| Hotels and Motels [0.2%] | ||||||||
| Interval Acquisition | ||||||||
| 5.625%, 04/15/23 | 150 | 153 | ||||||
| Human Resources [0.3%] | ||||||||
| AMN Healthcare | ||||||||
| 5.125%, 10/01/24(A) | 200 | 200 | ||||||
| Insurance [1.0%] | ||||||||
| American Equity Investment Life Holding | ||||||||
| 5.000%, 06/15/27 | 275 | 279 | ||||||
| Fidelity & Guaranty Life Holdings | ||||||||
| 6.375%, 04/01/21(A) | 150 | 151 | ||||||
| USIS Merger Sub | ||||||||
| 6.875%, 05/01/25(A) | 300 | 300 | ||||||
| Total Insurance | 730 | |||||||
| Internet Connectiv Svcs [0.8%] | ||||||||
| Zayo Group | ||||||||
| 6.375%, 05/15/25 | 300 | 311 | ||||||
| 5.750%, 01/15/27(A) | 250 | 244 | ||||||
| Total Internet Connectiv Svcs | 555 | |||||||
| Machinery-General Indust [0.1%] | ||||||||
| Tennant | ||||||||
| 5.625%, 05/01/25 | 100 | 102 | ||||||
| Marine Services [1.2%] | ||||||||
| Great Lakes Dredge & Dock | ||||||||
| 8.000%, 05/15/22 | 850 | 871 | ||||||
| Medical Products & Services [2.6%] | ||||||||
| Acadia Healthcare | ||||||||
| 6.500%, 03/01/24 | 200 | 208 | ||||||
| 5.625%, 02/15/23 | 250 | 253 | ||||||
| Halyard Health | ||||||||
| 6.250%, 10/15/22 | 400 | 410 | ||||||
| HCA | ||||||||
| 5.500%, 06/15/47 | 200 | 193 | ||||||
| Hill-Rom Holdings | ||||||||
| 5.000%, 02/15/25(A) | 160 | 159 | ||||||
| Hologic | ||||||||
| 4.375%, 10/15/25(A) | 300 | 290 | ||||||
| Tenet Healthcare | ||||||||
| 4.625%, 07/15/24(A) | 350 | 336 | ||||||
| Total Medical Products & Services | 1,849 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Metals & Mining [1.2%] | ||||||||
| Alcoa Nederland Holding BV | ||||||||
| 7.000%, 09/30/26(A) | $ | 150 | $ | 162 | ||||
| 6.750%, 09/30/24(A) | 550 | 588 | ||||||
| Kaiser Aluminum | ||||||||
| 5.875%, 05/15/24 | 100 | 104 | ||||||
| New Day Aluminum | ||||||||
| 10.000%, 10/25/20(C) | 6 | 6 | ||||||
| Total Metals & Mining | 860 | |||||||
| Miscellaneous Business Services [0.1%] | ||||||||
| Service International | ||||||||
| 4.625%, 12/15/27 | 100 | 97 | ||||||
| Multi-line Insurance [0.2%] | ||||||||
| Assurant | ||||||||
| 7.000%, VAR ICE LIBOR USD 3 Month+4.135%, 03/27/48 | 150 | 153 | ||||||
| Oil-Field Services [0.9%] | ||||||||
| Exterran Energy Solutions | ||||||||
| 8.125%, 05/01/25(A) | 575 | 610 | ||||||
| Paper & Related Products [0.5%] | ||||||||
| Clearwater Paper | ||||||||
| 5.375%, 02/01/25(A) | 225 | 214 | ||||||
| 4.500%, 02/01/23 | 150 | 144 | ||||||
| Total Paper & Related Products | 358 | |||||||
| Petroleum & Fuel Products [11.5%] | ||||||||
| Alta Mesa Holdings | ||||||||
| 7.875%, 12/15/24 | 106 | 110 | ||||||
| American Midstream Partners | ||||||||
| 8.500%, 12/15/21(A) | 735 | 740 | ||||||
| Antero Resources | ||||||||
| 5.625%, 06/01/23 | 350 | 357 | ||||||
| 5.125%, 12/01/22 | 350 | 353 | ||||||
| Callon Petroleum | ||||||||
| 6.125%, 10/01/24 | 150 | 153 | ||||||
| Cheniere Corpus Christi Holdings | ||||||||
| 7.000%, 06/30/24 | 100 | 111 | ||||||
| 5.125%, 06/30/27 | 75 | 74 | ||||||
| CNX Resources | ||||||||
| 8.000%, 04/01/23 | 400 | 424 | ||||||
| Comstock Resources | ||||||||
| 10.000% cash/12.250% PIK, 03/15/20 | 300 | 308 | ||||||
| Covey Park Energy | ||||||||
| 7.500%, 05/15/25(A) | 545 | 540 | ||||||
| Crestwood Midstream Partners | ||||||||
| 6.250%, 04/01/23 | 150 | 151 | ||||||
| 5.750%, 04/01/25 | 150 | 149 | ||||||
| EP Energy | ||||||||
| 9.375%, 05/01/24(A) | 46 | 33 | ||||||
| 8.000%, 02/15/25(A) | 65 | 43 | ||||||
| Gibson Energy | ||||||||
| 5.250%, 07/15/24(A) | 450 | 350 | ||||||
| Indigo Natural Resources | ||||||||
| 6.875%, 02/15/26(A) | 400 | 377 | ||||||
| Legacy Reserves | ||||||||
| 8.000%, 12/01/20 | 760 | 614 | ||||||
| 6.625%, 12/01/21 | 600 | 438 | ||||||
| Moss Creek Resources Holdings | ||||||||
| 7.500%, 01/15/26(A) | 500 | 504 | ||||||
| Murphy Oil | ||||||||
| 5.750%, 08/15/25 | 75 | 74 | ||||||
| Parkland Fuel | ||||||||
| 6.000%, 04/01/26(A) | 350 | 352 | ||||||
| PDC Energy | ||||||||
| 6.125%, 09/15/24 | 50 | 51 | ||||||
| 5.750%, 05/15/26(A) | 375 | 368 | ||||||
| QEP Resources | ||||||||
| 5.375%, 10/01/22 | 200 | 200 | ||||||
| SRC Energy | ||||||||
| 6.250%, 12/01/25(A) | 150 | 150 | ||||||
| Summit Midstream Holdings | ||||||||
| 5.750%, 04/15/25 | 300 | 286 | ||||||
| Trinidad Drilling | ||||||||
| 6.625%, 02/15/25(A) | 125 | 117 | ||||||
| Unit | ||||||||
| 6.625%, 05/15/21 | 850 | 850 | ||||||
| Total Petroleum & Fuel Products | 8,277 | |||||||
| Publishing-Books [2.6%] | ||||||||
| Cengage Learning | ||||||||
| 9.500%, 06/15/24(A) | 1,050 | 806 | ||||||
| McGraw-Hill Global Education Holdings | ||||||||
| 7.875%, 05/15/24(A) | 1,125 | 1,075 | ||||||
| Total Publishing-Books | 1,881 | |||||||
| Radio [1.0%] | ||||||||
| Sirius XM Radio | ||||||||
| 5.375%, 07/15/26(A) | 350 | 346 | ||||||
| 5.000%, 08/01/27(A) | 200 | 188 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| 3.875%, 08/01/22(A) | $ | 200 | $ | 191 | ||||
| Total Radio | 725 | |||||||
| Real Estate [1.3%] | ||||||||
| Kennedy-Wilson | ||||||||
| 5.875%, 04/01/24 | 905 | 897 | ||||||
| Real Estate Investment Trusts [1.6%] | ||||||||
| CoreCivic | ||||||||
| 4.750%, 10/15/27 | 300 | 282 | ||||||
| CyrusOne | ||||||||
| 5.000%, 03/15/24 | 200 | 200 | ||||||
| GEO Group | ||||||||
| 6.000%, 04/15/26 | 400 | 391 | ||||||
| 5.875%, 10/15/24 | 200 | 198 | ||||||
| iStar | ||||||||
| 5.250%, 09/15/22 | 60 | 58 | ||||||
| Total Real Estate Investment Trusts | 1,129 | |||||||
| Real Estate Oper/Develop [1.2%] | ||||||||
| Greystar Real Estate Partners | ||||||||
| 5.750%, 12/01/25(A) | 325 | 324 | ||||||
| Hunt | ||||||||
| 6.250%, 02/15/26(A) | 525 | 507 | ||||||
| Total Real Estate Oper/Develop | 831 | |||||||
| Regional Authority [0.0%] | ||||||||
| Mashantucket Western Pequot Tribe | ||||||||
| 6.500% cash/0% PIK, 07/01/36(C) | 96 | 1 | ||||||
| Resorts/Theme Parks [0.2%] | ||||||||
| Boyne USA | ||||||||
| 7.250%, 05/01/25(A) | 125 | 128 | ||||||
| Retail [4.5%] | ||||||||
| Albertsons | ||||||||
| 6.625%, 06/15/24 | 75 | 67 | ||||||
| 5.750%, 03/15/25 | 300 | 256 | ||||||
| Beacon Escrow | ||||||||
| 4.875%, 11/01/25(A) | 90 | 86 | ||||||
| Carrols Restaurant | ||||||||
| 8.000%, 05/01/22 | 350 | 364 | ||||||
| Cumberland Farms | ||||||||
| 6.750%, 05/01/25(A) | 300 | 312 | ||||||
| Ferrellgas | ||||||||
| 6.750%, 01/15/22 | 300 | 284 | ||||||
| 6.750%, 06/15/23 | 600 | 546 | ||||||
| L Brands | ||||||||
| 6.750%, 07/01/36 | 100 | 96 | ||||||
| Lithia Motors | ||||||||
| 5.250%, 08/01/25(A) | 200 | 200 | ||||||
| Nathan’s Famous | ||||||||
| 6.625%, 11/01/25(A) | 400 | 402 | ||||||
| PetSmart | ||||||||
| 5.875%, 06/01/25(A) | 250 | 181 | ||||||
| Reliance Intermediate Holdings | ||||||||
| 6.500%, 04/01/23(A) | 400 | 415 | ||||||
| Total Retail | 3,209 | |||||||
| Security Brokers & Dealers [1.2%] | ||||||||
| Brookfield Finance | ||||||||
| 3.900%, 01/25/28 | 200 | 194 | ||||||
| Citigroup | ||||||||
| 6.300%, VAR ICE LIBOR USD 3 Month+3.423%, 12/29/49 | 400 | 418 | ||||||
| NFP | ||||||||
| 6.875%, 07/15/25(A) | 225 | 223 | ||||||
| Total Security Brokers & Dealers | 835 | |||||||
| Steel & Steel Works [0.6%] | ||||||||
| Big River Steel | ||||||||
| 7.250%, 09/01/25(A) | 325 | 337 | ||||||
| Commercial Metals | ||||||||
| 5.375%, 07/15/27 | 125 | 123 | ||||||
| Total Steel & Steel Works | 460 | |||||||
| Telephones & Telecommunications [3.6%] | ||||||||
| Inmarsat Finance | ||||||||
| 4.875%, 05/15/22(A) | 600 | 583 | ||||||
| Level 3 Financing | ||||||||
| 5.375%, 08/15/22 | 50 | 50 | ||||||
| 5.375%, 01/15/24 | 450 | 438 | ||||||
| 5.375%, 05/01/25 | 100 | 97 | ||||||
| Qualitytech | ||||||||
| 4.750%, 11/15/25(A) | 125 | 118 | ||||||
| Sprint Communications | ||||||||
| 9.000%, 11/15/18(A) | 200 | 206 | ||||||
| 7.000%, 03/01/20(A) | 600 | 630 | ||||||
| T-Mobile USA | ||||||||
| 4.750%, 02/01/28 | 450 | 433 | ||||||
| Total Telephones & Telecommunications | 2,555 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Toys [0.2%] | ||||||||
| Mattel | ||||||||
| 6.750%, 12/31/25(A) | $ | 131 | $ | 128 | ||||
| Transportation Services [0.9%] | ||||||||
| Sabre GLBL | ||||||||
| 5.250%, 11/15/23(A) | 300 | 303 | ||||||
| VOC Escrow | ||||||||
| 5.000%, 02/15/28(A) | 300 | 285 | ||||||
| Wabash National | ||||||||
| 5.500%, 10/01/25(A) | 90 | 88 | ||||||
| Total Transportation Services | 676 | |||||||
| Utility [1.1%] | ||||||||
| Suburban Propane Partners | ||||||||
| 5.875%, 03/01/27 | 250 | 237 | ||||||
| 5.750%, 03/01/25 | 250 | 240 | ||||||
| 5.500%, 06/01/24 | 350 | 337 | ||||||
| Total Utility | 814 | |||||||
| Waste Disposal [0.3%] | ||||||||
| Waste Pro USA | ||||||||
| 5.500%, 02/15/26(A) | 150 | 148 | ||||||
| Wrangler Buyer | ||||||||
| 6.000%, 10/01/25(A) | 60 | 59 | ||||||
| Total Waste Disposal | 207 | |||||||
| Web Hosting/Design [1.4%] | ||||||||
| EIG Investors | ||||||||
| 10.875%, 02/01/24 | 850 | 927 | ||||||
| VeriSign | ||||||||
| 4.750%, 07/15/27 | 100 | 96 | ||||||
| Total Web Hosting/Design | 1,023 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $67,637) | 66,290 | |||||||
| Loan Participations [5.1%] | ||||||||
| Computers & Electronics [1.6%] | ||||||||
| Advanced Computer, Term Loan, 1st Lien | ||||||||
| 11.373%, 01/31/23 | 400 | 392 | ||||||
| SS&C Technologies, 1st Lien | ||||||||
| 4.401%, 02/27/25 | 200 | 201 | ||||||
| TIBCO Software Inc., Term B-1 Loan, 1st Lien | ||||||||
| 5.380%, VAR LIBOR+3.500%, 12/04/20 | 534 | 535 | ||||||
| Total Computers & Electronics | 1,128 | |||||||
| Energy [1.1%] | ||||||||
| Express Oil, 1st Lien | ||||||||
| 5.072%, 03/25/20(C) | 345 | 345 | ||||||
| Express Oil, Unfunded | ||||||||
| 4.401%, 03/25/20(C) | 55 | 55 | ||||||
| Invenergy Thermal, Term Loan, 1st Lien | ||||||||
| 7.802%, 10/19/22(E) | 411 | 389 | ||||||
| Total Energy | 789 | |||||||
| Entertainment And Leisure [0.3%] | ||||||||
| Crown Finance, Tranche Term Loan, 1st Lien | ||||||||
| 4.377%, 02/28/25(F) | 200 | 200 | ||||||
| Information Technology [0.1%] | ||||||||
| Project Alpha Intermediate Holding, Term Loan B | ||||||||
| 5.040%, 04/19/24(F) | 98 | 96 | ||||||
| Printing & Publishing [0.2%] | ||||||||
| Cengage Learning, Inc., 2016 Refinancing Term Loan, | ||||||||
| 6.036%, 06/07/23(F) | 150 | 136 | ||||||
| Retail [1.1%] | ||||||||
| Belk, Term Loan, 1st Lien | ||||||||
| 6.458%, VAR LIBOR+4.750%, 12/12/22 | 156 | 135 | ||||||
| Blue Nile, Term Loan, 1st Lien | ||||||||
| 8.802%, 01/20/23(C) (G) | 168 | 169 | ||||||
| Euro Garages, 1st Lien | ||||||||
| 6.140%, 02/07/25 | 150 | 150 | ||||||
| Hardware Holdings, Term Loan B | ||||||||
| 8.377%, 03/30/20(C) | 321 | 311 | ||||||
| Sears, Cov-Lite, 1st Lien | ||||||||
| 6.202%, 01/19/20 | 31 | 31 | ||||||
| Total Retail | 796 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (continued) |
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| Specialty Apparel Stores [0.7%] | ||||||||
| Boot Barn, Term Loan, 1st Lien | ||||||||
| 6.808%, 06/24/21(C) | $ | 513 | $ | 508 | ||||
| Total Loan Participations | ||||||||
| (Cost $3,616) | 3,653 | |||||||
| Common Stock [0.4%] | ||||||||
| Electronic Equipment & Instruments [0.0%] | ||||||||
| CUI * (C) (E) (H) | — | 8 | ||||||
| Metals & Mining [0.0%] | ||||||||
| Mirabela Nickel * (C) (E) (H) | 2,465,571 | — | ||||||
| Miscellaneous Manufacturing [0.0%] | ||||||||
| CEVA Group * (C) (E) | 22 | 14 | ||||||
| Oil, Gas & Consumable Fuels [0.4%] | ||||||||
| Approach Resources * | 2,831 | 7 | ||||||
| SandRidge Energy * | 16,758 | 243 | ||||||
| Titan Energy * (C) | 11,458 | 13 | ||||||
| Total Oil, Gas & Consumable Fuels | 263 | |||||||
| Petroleum & Fuel Products [0.0%] | ||||||||
| MWO * | 130 | 13 | ||||||
| Total Common Stock | ||||||||
| (Cost $1,143) | 298 | |||||||
| Convertible Bond [0.2%] | ||||||||
| Metals & Mining [0.2%] | ||||||||
| Mirabela Nickel | ||||||||
| 9.500%, 06/24/19(A) (C) (D) (E) | 653 | 140 | ||||||
| Total Convertible Bond | ||||||||
| (Cost $653) | 140 | |||||||
| Special Stock [0.0%] | ||||||||
| Broadcasting & Cable [0.0%] | ||||||||
| Adelphia Recovery Trust (E) (H) | 8,500 | — | ||||||
| Total Special Stock | ||||||||
| (Cost $9) | — | |||||||
| Preferred Stock [0.0%] | ||||||||
| Miscellaneous Manufacturing [0.0%] | ||||||||
| CEVA Group, Ser A2 * (C) | 49 | 30 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $44) | 30 | |||||||
| Description | Shares | Value (000) | ||||||
| Short-Term Investment** [1.5%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 1,065,596 | $ | 1,066 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,066) | 1,066 | |||||||
| Total Investments [99.5%] | ||||||||
| (Cost $74,168) | $ | 71,477 | ||||||
Percentages are based on Net Assets of $71,822 (000).
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (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, 2018, the value of these securities amounted to $44,740 (000), representing 62.3% of the net assets of the Fund. |
| (B) | Step Bond — The rate reported is the rate in effect on March 31, 2018. The coupon on a step bond changes on a specific date. |
| (C) | Security is considered illiquid. The total market value of such security as of March 31, 2018 was $1,615 (000) and represented 2.2% of the net assets of the Fund. |
| (D) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
| (E) | Level 3 security in accordance with fair value hierarchy. |
| (F) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (G) | Unsettled bank loan. |
| (H) | Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2018 was $8 (000) and represented 0.0% of the net assets of the Fund. |
CAD — Canadian Dollar
Cl — Class
EUR — Euro
GBP — British Pound Sterling
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
PIK — Paid In-Kind
Ser — Series
USD — United States Dollar
VAR — Variable
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale High Yield Bond Fund (concluded) |
A list of the open forward foreign currency contracts held by the Fund at March 31, 2018, is as follows:
| Counterparty | Settlement Date | Currency to Deliver (000) | Currency to Receive (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||
| Bank Bellevue | 04/10/18 | EUR | 297 | USD | 367 | $ | 1 | |||||||
| Barclays PLC | 04/10/18 | GBP | 358 | USD | 495 | (7 | ) | |||||||
| JPMorgan Chase Bank | 04/10/18 | CAD | 455 | USD | 352 | (1 | ) | |||||||
| $ | (7 | ) | ||||||||||||
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
| Corporate Bonds | $ | — | $ | 66,290 | $ | — | $ | 66,290 | ||||||||
| Loan Participations | — | 3,264 | 389 | 3,653 | ||||||||||||
| Common Stock | 276 | — | 22 | 298 | ||||||||||||
| Convertible Bond | — | — | 140 | 140 | ||||||||||||
| Preferred Stock | — | 30 | — | 30 | ||||||||||||
| Special Stock | — | — | — | — | ||||||||||||
| Short-Term Investment | 1,066 | — | — | 1,066 | ||||||||||||
| Total Investments in Securities | $ | 1,342 | $ | 69,584 | $ | 551 | $ | 71,477 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Forward Contracts* | ||||||||||||||||
| Unrealized Appreciation | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
| Unrealized Depreciation | — | (8 | ) | — | (8 | ) | ||||||||||
| Total | $ | — | $ | (7 | ) | $ | — | $ | (7 | ) | ||||||
| * | Forward contracts are valued at the unrealized depreciation on the instrument. |
| (1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended March 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the period ended March 31, 2018, 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.
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 48
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
| Corporate Bonds [69.1%] | ||||||||
| Consumer Discretionary [5.0%] | ||||||||
| AutoZone | ||||||||
| 3.700%, 04/15/22 | $ | 250 | $ | 254 | ||||
| 2.500%, 04/15/21 | 1,000 | 980 | ||||||
| Daimler Finance North America | ||||||||
| 2.241%, VAR ICE LIBOR USD 3 Month+0.430%, 02/12/21(A) | 4,000 | 4,001 | ||||||
| ERAC USA Finance | ||||||||
| 3.300%, 10/15/22(A) | 250 | 250 | ||||||
| Gap | ||||||||
| 5.950%, 04/12/21 | 495 | 520 | ||||||
| General Motors Financial | ||||||||
| 4.350%, 01/17/27 | 2,500 | 2,483 | ||||||
| Home Depot | ||||||||
| 2.625%, 06/01/22 | 1,000 | 985 | ||||||
| Hyundai Capital America | ||||||||
| 2.600%, 03/19/20(A) | 1,000 | 986 | ||||||
| Tupperware Brands | ||||||||
| 4.750%, 06/01/21 | 500 | 514 | ||||||
| Total Consumer Discretionary | 10,973 | |||||||
| Consumer Staples [1.1%] | ||||||||
| Campbell Soup | ||||||||
| 8.875%, 05/01/21 | 350 | 405 | ||||||
| CVS Health | ||||||||
| 3.500%, 07/20/22 | 2,000 | 1,996 | ||||||
| Total Consumer Staples | 2,401 | |||||||
| Energy [0.4%] | ||||||||
| DCP Midstream Operating | ||||||||
| 9.750%, 03/15/19(A) | 114 | 121 | ||||||
| Ecopetrol | ||||||||
| 7.625%, 07/23/19 | 250 | 264 | ||||||
| Energy Transfer Partners | ||||||||
| 9.000%, 04/15/19 | 189 | 200 | ||||||
| 3.600%, 02/01/23 | 200 | 195 | ||||||
| Kinder Morgan Energy Partners | ||||||||
| 5.300%, 09/15/20 | 125 | 130 | ||||||
| Total Energy | 910 | |||||||
| Financials [29.0%] | ||||||||
| Alleghany | ||||||||
| 5.625%, 09/15/20 | 270 | 285 | ||||||
| American Express | ||||||||
| 2.606%, VAR ICE LIBOR USD 3 Month+0.650%, 02/27/23 | 5,805 | 5,786 | ||||||
| Axis Specialty Finance | ||||||||
| 5.875%, 06/01/20 | 250 | 263 | ||||||
| Bank of America, MTN | ||||||||
| 3.178%, VAR ICE LIBOR USD 3 Month+0.870%, 04/01/19 | 5,000 | 5,031 | ||||||
| Bank of Montreal, MTN | ||||||||
| 2.701%, VAR ICE LIBOR USD 3 Month+0.630%, 09/11/22 | 4,070 | 4,076 | ||||||
| Bank of Nova Scotia | ||||||||
| 2.450%, 03/22/21 | 5,330 | 5,243 | ||||||
| Barclays | ||||||||
| 4.375%, 01/12/26 | 1,500 | 1,502 | ||||||
| Capital One Financial | ||||||||
| 4.200%, 10/29/25 | 1,000 | 991 | ||||||
| Citigroup | ||||||||
| 4.500%, 01/14/22 | 2,000 | 2,078 | ||||||
| Commonwealth Bank of Australia NY, MTN | ||||||||
| 2.550%, 03/15/21 | 5,000 | 4,918 | ||||||
| Credit Suisse Group Funding Guernsey | ||||||||
| 4.550%, 04/17/26 | 2,500 | 2,554 | ||||||
| Deutsche Bank, MTN | ||||||||
| 2.850%, 05/10/19 | 2,985 | 2,974 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Goldman Sachs Group | ||||||||
| 3.009%, VAR ICE LIBOR USD 3 Month+1.170%, 11/15/21 | $ | 60 | $ | 61 | ||||
| Goldman Sachs Group, MTN | ||||||||
| 3.220%, VAR ICE LIBOR USD 3 Month+1.300%, 11/23/24 | 4,500 | 4,546 | ||||||
| Jefferies Group | ||||||||
| 5.125%, 01/20/23 | 2,700 | 2,857 | ||||||
| JPMorgan Chase | ||||||||
| 3.125%, 01/23/25 | 4,700 | 4,532 | ||||||
| Lehman Brothers Holdings, MTN | ||||||||
| 7.000%, 09/28/37(B) | 400 | 16 | ||||||
| Metropolitan Life Global Funding I | ||||||||
| 3.875%, 04/11/22(A) | 125 | 128 | ||||||
| Morgan Stanley, MTN | ||||||||
| 5.500%, 01/26/20 | 150 | 156 | ||||||
| 3.750%, 02/25/23 | 5,000 | 5,053 | ||||||
| MUFG Americas Holdings | ||||||||
| 2.250%, 02/10/20 | 2,000 | 1,970 | ||||||
| NASDAQ OMX Group | ||||||||
| 5.550%, 01/15/20 | 1,249 | 1,303 | ||||||
| Principal Financial Group | ||||||||
| 3.300%, 09/15/22 | 200 | 199 | ||||||
| Sumitomo Mitsui Financial Group | ||||||||
| 2.846%, 01/11/22 | 3,910 | 3,844 | ||||||
| Toronto-Dominion Bank, MTN | ||||||||
| 2.347%, VAR ICE LIBOR USD 3 Month+0.560%, 11/05/19 | 3,100 | 3,115 | ||||||
| Total Financials | 63,481 | |||||||
| Health Care [7.8%] | ||||||||
| Abbott Laboratories | ||||||||
| 3.400%, 11/30/23 | 3,075 | 3,045 | ||||||
| AbbVie | ||||||||
| 2.850%, 05/14/23 | 2,500 | 2,421 | ||||||
| Gilead Sciences | ||||||||
| 2.950%, 03/01/27 | 5,000 | 4,730 | ||||||
| Laboratory Corp of America Holdings | ||||||||
| 3.200%, 02/01/22 | 2,530 | 2,518 | ||||||
| UnitedHealth Group | ||||||||
| 2.375%, 10/15/22 | 4,500 | 4,330 | ||||||
| Total Health Care | 17,044 | |||||||
| Industrials [2.8%] | ||||||||
| Carlisle | ||||||||
| 3.750%, 11/15/22 | 250 | 253 | ||||||
| IDEX | ||||||||
| 4.200%, 12/15/21 | 250 | 250 | ||||||
| John Deere Capital, MTN | ||||||||
| 2.800%, 09/08/27 | 5,000 | 4,709 | ||||||
| Penske Truck Leasing | ||||||||
| 4.875%, 07/11/22(A) | 200 | 211 | ||||||
| 4.250%, 01/17/23(A) | 300 | 309 | ||||||
| Republic Services | ||||||||
| 3.550%, 06/01/22 | 250 | 252 | ||||||
| Roper Technologies | ||||||||
| 3.125%, 11/15/22 | 200 | 198 | ||||||
| Total Industrials | 6,182 | |||||||
| Information Technology [6.9%] | ||||||||
| Apple | ||||||||
| 2.450%, 08/04/26 | 5,700 | 5,284 | ||||||
| Fiserv | ||||||||
| 3.500%, 10/01/22 | 250 | 252 | ||||||
| KLA-Tencor | ||||||||
| 4.650%, 11/01/24 | 2,500 | 2,611 | ||||||
| Oracle | ||||||||
| 2.500%, 05/15/22 | 5,000 | 4,902 | ||||||
| Western Union | ||||||||
| 5.253%, 04/01/20 | 2,000 | 2,073 | ||||||
| Total Information Technology | 15,122 | |||||||
| Materials [3.9%] | ||||||||
| Airgas | ||||||||
| 2.900%, 11/15/22 | 250 | 247 | ||||||
| Avery Dennison | ||||||||
| 5.375%, 04/15/20 | 405 | 421 | ||||||
| Glencore Funding | ||||||||
| 3.080%, VAR ICE LIBOR USD 3 Month+1.360%, 01/15/19(A) | 2,000 | 2,011 | ||||||
| Rio Tinto Finance USA | ||||||||
| 3.750%, 06/15/25 | 5,780 | 5,879 | ||||||
| Total Materials | 8,558 | |||||||
| Real Estate [4.3%] | ||||||||
| American Tower | ||||||||
| 4.000%, 06/01/25 | 1,800 | 1,789 | ||||||
| DDR | ||||||||
| 4.625%, 07/15/22 | 250 | 259 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| Equity Commonwealth | ||||||||
| 5.875%, 09/15/20 | $ | 105 | $ | 109 | ||||
| HCP | ||||||||
| 4.000%, 06/01/25 | 2,770 | 2,774 | ||||||
| Highwoods Realty | ||||||||
| 3.625%, 01/15/23 | 200 | 198 | ||||||
| National Retail Properties | ||||||||
| 3.800%, 10/15/22 | 350 | 352 | ||||||
| Realty Income | ||||||||
| 3.250%, 10/15/22 | 200 | 198 | ||||||
| Regency Centers | ||||||||
| 3.750%, 11/15/22 | 250 | 252 | ||||||
| Senior Housing Properties Trust | ||||||||
| 6.750%, 12/15/21 | 500 | 537 | ||||||
| Washington | ||||||||
| 3.950%, 10/15/22 | 250 | 254 | ||||||
| Welltower | ||||||||
| 4.950%, 01/15/21 | 155 | 161 | ||||||
| 3.750%, 03/15/23 | 2,500 | 2,531 | ||||||
| Total Real Estate | 9,414 | |||||||
| Telecommunication Services [5.8%] | ||||||||
| America Movil | ||||||||
| 3.125%, 07/16/22 | 4,000 | 3,933 | ||||||
| AT&T | ||||||||
| 3.600%, 02/17/23 | 5,000 | 5,030 | ||||||
| Verizon Communications | ||||||||
| 4.600%, 04/01/21 | 3,600 | 3,753 | ||||||
| Total Telecommunication Services | 12,716 | |||||||
| Utilities [2.1%] | ||||||||
| Exelon Generation | ||||||||
| 3.400%, 03/15/22 | 2,500 | 2,502 | ||||||
| Korea Electric Power | ||||||||
| 6.750%, 08/01/27 | 75 | 93 | ||||||
| National Fuel Gas | ||||||||
| 4.900%, 12/01/21 | 500 | 519 | ||||||
| Puget Energy | ||||||||
| 6.000%, 09/01/21 | 500 | 542 | ||||||
| 5.625%, 07/15/22 | 250 | 269 | ||||||
| Southwestern Electric Power | ||||||||
| 3.550%, 02/15/22 | 500 | 508 | ||||||
| Total Utilities | 4,433 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $152,461) | 151,234 | |||||||
| U.S. Government Agency Obligations [11.2%] | ||||||||
| FNMA | ||||||||
| 6.250%, 05/15/29 | 6,000 | 7,795 | ||||||
| 2.625%, 09/06/24 | 14,500 | 14,373 | ||||||
| 1.875%, 09/24/26 | 2,500 | 2,304 | ||||||
| Total U.S. Government Agency Obligations | ||||||||
| (Cost $24,957) | 24,472 | |||||||
| Asset-Backed Securities [7.3%] | ||||||||
| Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2 | ||||||||
| 6.205%, 05/28/37 | 39 | 40 | ||||||
| BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589) | ||||||||
| 9.250%, 12/31/49(C) (D) (G) | 454 | 16 | ||||||
| Capital Auto Receivables Asset Trust, Ser 2017-1, Cl A1 | ||||||||
| 1.400%, 11/20/18(A) | 588 | 588 | ||||||
| Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4 | ||||||||
| 7.000%, 07/25/28(B) (G) | 5 | 4 | ||||||
| Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1 | ||||||||
| 1.550%, 07/15/21 | 4,000 | 3,943 | ||||||
| GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6 | ||||||||
| 4.810%, 07/25/35 | 1 | 1 | ||||||
| NextGear Floorplan Master Owner Trust, Ser 2015-2A, Cl A | ||||||||
| 2.380%, 10/15/20(A) | 7,490 | 7,482 | ||||||
| Nissan Auto Lease Trust, Ser 2017-B, Cl A3 | ||||||||
| 2.050%, 09/15/20 | 4,000 | 3,958 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $16,595) | 16,032 | |||||||
| U.S. Government Mortgage-Backed Obligations [4.1%] | ||||||||
| FHLMC, Pool 1B2677 | ||||||||
| 3.650%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35 | 3 | 4 | ||||||
| FHLMC, Pool 1B2683 | ||||||||
| 3.642%, VAR ICE LIBOR USD 12 Month+1.892%, 01/01/35 | 2 | 2 | ||||||
| FHLMC, Pool 1B2692 | ||||||||
| 3.515%, VAR ICE LIBOR USD 12 Month+1.766%, 12/01/34 | 6 | 6 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 51
| schedule of investments |
March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund (continued) |
| Description | Face Amount (000) | Value (000) | ||||||
| FHLMC, Pool A93505 | ||||||||
| 4.500%, 08/01/40 | $ | 21 | $ | 22 | ||||
| FHLMC, Pool A93996 | ||||||||
| 4.500%, 09/01/40 | 31 | 33 | ||||||
| FHLMC, Pool C03490 | ||||||||
| 4.500%, 08/01/40 | 165 | 174 | ||||||
| FHLMC, Pool C09015 | ||||||||
| 3.000%, 10/01/42 | 161 | 158 | ||||||
| FHLMC, Pool G02940 | ||||||||
| 5.500%, 05/01/37 | 4 | 4 | ||||||
| FHLMC, Pool G04222 | ||||||||
| 5.500%, 04/01/38 | 8 | 9 | ||||||
| FHLMC, Pool G04913 | ||||||||
| 5.000%, 03/01/38 | 33 | 36 | ||||||
| FHLMC, Pool G08003 | ||||||||
| 6.000%, 07/01/34 | 10 | 12 | ||||||
| FHLMC, Pool G11880 | ||||||||
| 5.000%, 12/01/20 | 4 | 4 | ||||||
| FHLMC, Pool G18124 | ||||||||
| 6.000%, 06/01/21 | 3 | 4 | ||||||
| FHLMC, Pool J19197 | ||||||||
| 3.000%, 05/01/27 | 87 | 87 | ||||||
| FHLMC, Pool Q08998 | ||||||||
| 3.500%, 06/01/42 | 118 | 119 | ||||||
| FHLMC, Pool Q10378 | ||||||||
| 3.000%, 08/01/42 | 150 | 147 | ||||||
| FHLMC, Ser 2011-3958, Cl | ||||||||
| 4.000%, 06/15/26 | 1,490 | 1,499 | ||||||
| FHLMC, Ser K708, Cl A2 | ||||||||
| 2.130%, 01/25/19 | 281 | 280 | ||||||
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K003, Cl A4 | ||||||||
| 5.053%, 01/25/19 | 136 | 137 | ||||||
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K704, Cl A2 | ||||||||
| 2.412%, 08/25/18 | 288 | 287 | ||||||
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K705, Cl A2 | ||||||||
| 2.303%, 09/25/18 | 200 | 200 | ||||||
| FNMA, Pool 252570 | ||||||||
| 6.500%, 07/01/29 | 3 | 3 | ||||||
| FNMA, Pool 253183 | ||||||||
| 7.500%, 04/01/30 | — | 1 | ||||||
| FNMA, Pool 253398 | ||||||||
| 8.000%, 08/01/30 | 1 | 1 | ||||||
| FNMA, Pool 254685 | ||||||||
| 5.000%, 04/01/18 | — | — | ||||||
| FNMA, Pool 254949 | ||||||||
| 5.000%, 11/01/33 | 7 | 8 | ||||||
| FNMA, Pool 255814 | ||||||||
| 5.500%, 08/01/35 | 12 | 13 | ||||||
| FNMA, Pool 303168 | ||||||||
| 9.500%, 02/01/25 | 1 | 1 | ||||||
| FNMA, Pool 725424 | ||||||||
| 5.500%, 04/01/34 | 11 | 12 | ||||||
| FNMA, Pool 735060 | ||||||||
| 6.000%, 11/01/34 | 7 | 8 | ||||||
| FNMA, Pool 735228 | ||||||||
| 5.500%, 02/01/35 | 6 | 6 | ||||||
| FNMA, Pool 735230 | ||||||||
| 5.500%, 02/01/35 | 14 | 16 | ||||||
| FNMA, Pool 745275 | ||||||||
| 5.000%, 02/01/36 | 55 | 59 | ||||||
| FNMA, Pool 745418 | ||||||||
| 5.500%, 04/01/36 | 62 | 68 | ||||||
| FNMA, Pool 827223 | ||||||||
| 3.215%, VAR ICE LIBOR USD 12 Month+1.465%, 04/01/35 | 21 | 22 | ||||||
| FNMA, Pool 844809 | ||||||||
| 5.000%, 11/01/35 | 22 | 24 | ||||||
| FNMA, Pool AD0454 | ||||||||
| 5.000%, 11/01/21 | 4 | 4 | ||||||
| FNMA, Pool AD8522 | ||||||||
| 4.000%, 08/01/40 | 24 | 25 | ||||||
| FNMA, Pool AE0828 | ||||||||
| 3.500%, 02/01/41 | 215 | 217 | ||||||
| FNMA, Pool AH0621 | ||||||||
| 3.500%, 01/01/41 | 50 | 51 | ||||||
| FNMA, Pool AJ1407 | ||||||||
| 4.000%, 09/01/41 | 38 | 39 | ||||||
| FNMA, Pool AJ7689 | ||||||||
| 4.000%, 12/01/41 | 131 | 135 | ||||||
| FNMA, Pool AK0971 | ||||||||
| 3.000%, 02/01/27 | 81 | 81 | ||||||
| FNMA, Pool AL5866 | ||||||||
| 2.730%, 08/01/22 | 4,221 | 4,197 | ||||||
| FNMA, Pool AO2970 | ||||||||
| 3.000%, 05/01/42 | 142 | 140 | ||||||
| FNMA, Pool AO4137 | ||||||||
| 3.500%, 06/01/42 | 120 | 121 | ||||||
| FNMA, Pool MA1277 | ||||||||
| 2.500%, 12/01/27 | 81 | 80 | ||||||
| GNMA, Pool G2 4696 | ||||||||
| 4.500%, 05/20/40 | 70 | 74 | ||||||
| GNMA, Pool G2 4747 | ||||||||
| 5.000%, 07/20/40 | 27 | 29 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund (continued) |
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| GNMA, Pool G2 4923 | ||||||||
| 4.500%, 01/20/41 | $ | 43 | $ | 45 | ||||
| GNMA, Pool G2 MA0155 | ||||||||
| 4.000%, 06/20/42 | 103 | 107 | ||||||
| GNMA, Pool G2 MA0392 | ||||||||
| 3.500%, 09/20/42 | 129 | 131 | ||||||
| Total U.S. Government Mortgage-Backed Obligations | ||||||||
| (Cost $9,043) | 8,942 | |||||||
| Closed-End Fund [3.1%] | ||||||||
| Stone Ridge Reinsurance Risk Premium Interval Fund* (G) | 762,488 | 6,893 | ||||||
| Total Closed-End Fund | ||||||||
| (Cost $7,756) | 6,893 | |||||||
| Preferred Stock [2.3%] | ||||||||
| Financials [0.7%] | ||||||||
| BB&T, 5.625% | 10,000 | 251 | ||||||
| Citigroup, 5.800% | 10,000 | 254 | ||||||
| HSBC Holdings, 8.000% | 30,000 | 784 | ||||||
| Prudential Financial, 5.750% | 10,000 | 252 | ||||||
| Total Financials | 1,541 | |||||||
| Industrials [0.4%] | ||||||||
| Pitney Bowes, 6.700% | 10,000 | 249 | ||||||
| Stanley Black & Decker, 5.750% | 20,000 | 504 | ||||||
| Total Industrials | 753 | |||||||
| REITs [0.9%] | ||||||||
| Kimco Realty, 5.500% | 10,000 | 232 | ||||||
| Senior Housing Properties Trust, 5.625% | 52,500 | 1,309 | ||||||
| Vornado Realty Trust, 5.700% | 20,000 | 499 | ||||||
| Total REITs | 2,040 | |||||||
| Telecommunication Services [0.3%] | ||||||||
| Telephone & Data Systems, 5.875% | 30,000 | 737 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $5,039) | 5,071 | |||||||
| Description | Face Amount (000) | Value (000) | ||||||
| Foreign Government Bonds [1.4%] | ||||||||
| Hashemite Kingdom of Jordan Government AID Bond | ||||||||
| 2.578%, 06/30/22 | $ | 3,000 | $ | 2,987 | ||||
| Province of Quebec Canada, MTN | ||||||||
| 7.380%, 04/09/26(E) | 100 | 126 | ||||||
| Total Foreign Government Bonds | ||||||||
| (Cost $3,121) | 3,113 | |||||||
| Commercial Mortgage-Backed Obligations [0.4%] | ||||||||
| Commercial Mortgage Trust, Ser 2012-CR2, Cl A4 | ||||||||
| 3.147%, 08/15/45 | 125 | 124 | ||||||
| GS Mortgage Securities II, Ser GCJ9, Cl A3 | ||||||||
| 2.773%, 11/10/45 | 274 | 270 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5 | ||||||||
| 2.960%, 04/15/46 | 150 | 148 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4 | ||||||||
| 2.858%, 11/15/45 | 275 | 272 | ||||||
| Total Commercial Mortgage-Backed Obligations | ||||||||
| (Cost $835) | 814 | |||||||
| Residential Mortgage-Backed Securities [0.0%] | ||||||||
| RAAC, Ser 2004-SP1, Cl AI4 | ||||||||
| 5.285%, 08/25/27(F) | — | — | ||||||
| Residential Accredit Loans, Ser 2004-QS6, Cl A1 | ||||||||
| 5.000%, 05/25/19 | 2 | 2 | ||||||
| Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5 | ||||||||
| 5.572%, 06/25/32(F) | 18 | 19 | ||||||
| WaMu Mortgage Pass-Through Certificates Trust, Ser 2004-CB2, Cl 5A | ||||||||
| 5.000%, 07/25/19 | 5 | 5 | ||||||
| Total Residential Mortgage-Backed Securities | ||||||||
| (Cost $26) | 26 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Intermediate Fixed Income Fund (concluded) |
| Description | Shares | Value (000) | ||||||
| Short-Term Investment** [0.6%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 1,208,211 | $ | 1,208 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $1,208) | 1,208 | |||||||
| Total Investments [99.5%] | ||||||||
| (Cost $221,041) | $ | 217,805 | ||||||
Percentages are based on Net Assets of $218,965 (000).
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (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, 2018, the value of these securities amounted to $16,086 (000), representing 7.3% of the net assets of the Fund. |
| (B) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
| (C) | Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2018 was $16 (000) and represented 0.0% of the net assets of the Fund. |
| (D) | Level 3 security in accordance with fair value hierarchy. |
| (E) | Step Bond — The rate reported is the rate in effect on March 31, 2018. The coupon on a step bond changes on a specific date. |
| (F) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (G) | Securities considered illiquid. The total value of such securities as of March 31, 2018 was $6,913 (000) and represented 3.2% of net assets of the Fund. |
AID — Agency for International Development
Cl — Class
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
MTN — Medium Term Note
NY — New York
Ser — Series
SPE — Special Purpose Entity
USD — United States Dollar
VAR — Variable
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
| Corporate Bonds | $ | — | $ | 151,234 | $ | — | $ | 151,234 | ||||||||
| U.S. Government Agency Obligations | — | 24,472 | — | 24,472 | ||||||||||||
| Asset-Backed Securities | — | 16,016 | 16 | 16,032 | ||||||||||||
| U.S. Government Mortgage-Backed Obligations | — | 8,942 | — | 8,942 | ||||||||||||
| Closed-End Fund | 6,893 | — | — | 6,893 | ||||||||||||
| Preferred Stock | 5,071 | — | — | 5,071 | ||||||||||||
| Foreign Government Bonds | — | 3,113 | — | 3,113 | ||||||||||||
| Commercial Mortgage-Backed Obligations | — | 814 | — | 814 | ||||||||||||
| Residential Mortgage-Backed Securities | — | 26 | — | 26 | ||||||||||||
| Short-Term Investment | 1,208 | — | — | 1,208 | ||||||||||||
| Total Investments in Securities | $ | 13,172 | $ | 204,617 | $ | 16 | $ | 217,805 | ||||||||
| (1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the period ended March 31, 2018, 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 $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Corporate Bonds [44.3%] | ||||||||
| Advertising Sales [0.0%] | ||||||||
| Clear Channel International | ||||||||
| 8.750%, 12/15/20(A) | $ | 200 | $ | 209 | ||||
| Outfront Media Capital | ||||||||
| 5.875%, 03/15/25 | 675 | 684 | ||||||
| 5.625%, 02/15/24 | 350 | 351 | ||||||
| Total Advertising Sales | 1,244 | |||||||
| Aerospace & Defense [0.1%] | ||||||||
| TransDigm | ||||||||
| 6.500%, 07/15/24 | 775 | 795 | ||||||
| 6.500%, 05/15/25 | 1,825 | 1,843 | ||||||
| 6.375%, 06/15/26 | 425 | 428 | ||||||
| 6.000%, 07/15/22 | 950 | 969 | ||||||
| 5.500%, 10/15/20 | 350 | 352 | ||||||
| Total Aerospace & Defense | 4,387 | |||||||
| Air Transportation [0.5%] | ||||||||
| JSL Europe | ||||||||
| 7.750%, 07/26/24 | 12,385 | 12,586 | ||||||
| Rumo Luxembourg Sarl | ||||||||
| 5.875%, 01/18/25 | 1,070 | 1,059 | ||||||
| Total Air Transportation | 13,645 | |||||||
| Airlines [0.9%] | ||||||||
| EA Partners I | ||||||||
| 6.875%, 09/28/20 | 6,160 | 4,470 | ||||||
| EA Partners II | ||||||||
| 6.750%, 06/01/21 | 6,300 | 4,441 | ||||||
| Gol Finance | ||||||||
| 8.875%, 01/24/22 | 3,869 | 4,053 | ||||||
| 7.000%, 01/31/25 | 2,400 | 2,373 | ||||||
| Guanay Finance | ||||||||
| 6.000%, 12/15/20 | 147 | 150 | ||||||
| SriLankan Airlines | ||||||||
| 5.300%, 06/27/19 | 10,931 | 10,940 | ||||||
| Total Airlines | 26,427 | |||||||
| Apparel/Textiles [0.0%] | ||||||||
| Hanesbrands | ||||||||
| 4.875%, 05/15/26(A) | 450 | 436 | ||||||
| Applications Software [0.1%] | ||||||||
| Nuance Communications | ||||||||
| 6.000%, 07/01/24 | 750 | 769 | ||||||
| 5.625%, 12/15/26 | 1,275 | 1,253 | ||||||
| 5.375%, 08/15/20(A) | 383 | 385 | ||||||
| Total Applications Software | 2,407 | |||||||
| Auto Rent & Lease [0.1%] | ||||||||
| Avis Budget Car Rental | ||||||||
| 6.375%, 04/01/24(A) | 800 | 808 | ||||||
| 5.250%, 03/15/25(A) | 275 | 262 | ||||||
| Hertz | ||||||||
| 7.625%, 06/01/22(A) | 450 | 457 | ||||||
| 5.500%, 10/15/24(A) | 575 | 486 | ||||||
| United Rentals North America | ||||||||
| 5.875%, 09/15/26 | 575 | 598 | ||||||
| 5.750%, 11/15/24 | 175 | 182 | ||||||
| 5.500%, 07/15/25 | 150 | 153 | ||||||
| 5.500%, 05/15/27 | 900 | 907 | ||||||
| 4.875%, 01/15/28 | 600 | 579 | ||||||
| Total Auto Rent & Lease | 4,432 | �� | ||||||
| Auto-Med and Heavy Duty Trks [0.0%] | ||||||||
| JB Poindexter | ||||||||
| 9.000%, 04/01/22(A) | 541 | 558 | ||||||
| Automotive [0.4%] | ||||||||
| BCD Acquisition | ||||||||
| 9.625%, 09/15/23(A) | 1,100 | 1,188 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| General Motors Financial | ||||||||
| 3.612%, VAR ICE LIBOR USD 3 Month+1.310%, 06/30/22 | $ | 10,000 | $ | 10,145 | ||||
| Total Automotive | 11,333 | |||||||
| Autoparts [0.2%] | ||||||||
| Adient Global Holdings | ||||||||
| 4.875%, 08/15/26(A) | 1,300 | 1,228 | ||||||
| American Axle & Manufacturing | ||||||||
| 6.500%, 04/01/27 | 1,275 | 1,275 | ||||||
| Dana Financing Luxembourg Sarl | ||||||||
| 6.500%, 06/01/26(A) | 1,250 | 1,300 | ||||||
| 5.750%, 04/15/25(A) | 300 | 306 | ||||||
| IHO Verwaltungs GmbH | ||||||||
| 4.750% cash/0% PIK, 09/15/26(A) | 1,875 | 1,807 | ||||||
| 4.500% cash/0% PIK, 09/15/23(A) | 275 | 267 | ||||||
| TI Group Automotive Systems | ||||||||
| 8.750%, 07/15/23(A) | 549 | 576 | ||||||
| Tupy Overseas | ||||||||
| 6.625%, 07/17/24 | 65 | 68 | ||||||
| Total Autoparts | 6,827 | |||||||
| Banks [3.5%] | ||||||||
| African Bank, MTN | ||||||||
| 8.125%, 10/19/20 | 6,133 | 6,317 | ||||||
| Banco de Bogota | ||||||||
| 6.250%, 05/12/26 | 1,410 | 1,485 | ||||||
| Banco do Brasil | ||||||||
| 9.000%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+6.362%, 06/29/49 | 975 | 1,046 | ||||||
| 6.250%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+4.398%, 12/12/49 | 5,190 | 4,729 | ||||||
| Bank Nadra via NDR Finance | ||||||||
| 8.250%, 06/22/17(B) (E) | 721 | 4 | ||||||
| Bank of Ceylon | ||||||||
| 5.325%, 04/16/18 | 5,835 | 5,835 | ||||||
| BBVA Bancomer | ||||||||
| 5.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.650%, 01/18/33 | 1,700 | 1,640 | ||||||
| BMCE Bank | ||||||||
| 6.250%, 11/27/18 | 1,000 | 1,015 | ||||||
| CBQ Finance | ||||||||
| 2.875%, 06/24/19 | 4,500 | 4,455 | ||||||
| Credit Bank of Moscow Via CBOM Finance | ||||||||
| 5.875%, 11/07/21 | 2,050 | 2,093 | ||||||
| Eastern and Southern African Trade and Development Bank, MTN | ||||||||
| 6.375%, 12/06/18 | 2,100 | 2,126 | ||||||
| FBN Finance | ||||||||
| 8.250%, 08/07/20 | 3,750 | 3,750 | ||||||
| Fidelity Bank | ||||||||
| 6.875%, 05/09/18 | 2,400 | 2,384 | ||||||
| First Bank of Nigeria Via FBN Finance | ||||||||
| 8.000%, VAR USD Swap Semi 30/360 2 Year Curr+6.488%, 07/23/21 | 6,588 | 6,518 | ||||||
| ForteBank JSC | ||||||||
| 11.750%, 12/15/24 | 3,465 | 3,915 | ||||||
| Guaranty Trust Bank, MTN | ||||||||
| 6.000%, 11/08/18 | 2,000 | 2,020 | ||||||
| Kazkommertsbank JSC | ||||||||
| 8.500%, 05/11/18 | 4,000 | 4,016 | ||||||
| 5.500%, 12/21/22 | 13,543 | 13,483 | ||||||
| National Savings Bank | ||||||||
| 8.875%, 09/18/18 | 2,270 | 2,309 | ||||||
| QNB Finansbank, MTN | ||||||||
| 6.250%, 04/30/19 | 500 | 509 | ||||||
| Renaissance Credit Via Renaissance Consumer Funding | ||||||||
| 13.500%, 06/21/18 | 2,624 | 2,585 | ||||||
| 13.500%, 05/22/19 | 2,245 | 2,200 | ||||||
| Russian Agricultural Bank Via RSHB Capital | ||||||||
| 7.750%, 05/29/18 | 1,425 | 1,435 | ||||||
| 5.100%, 07/25/18 | 5,046 | 5,076 | ||||||
| State Savings Bank of Ukraine Via SSB #1 | ||||||||
| 9.375% cash/0% PIK, 03/10/23(C) | 8,200 | 8,608 | ||||||
| 0.000%, 03/20/25(C) | 3,112 | 3,295 | ||||||
| TC Ziraat Bankasi | ||||||||
| 4.250%, 07/03/19 | 2,000 | 1,996 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Tinkoff Credit Systems Via TCS Finance | ||||||||
| 9.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.592%, 12/31/49 | $ | 3,685 | $ | 3,838 | ||||
| Turkiye Is Bankasi | ||||||||
| 3.750%, 10/10/18 | 3,000 | 2,997 | ||||||
| Turkiye Vakiflar Bankasi TAO, MTN | ||||||||
| 5.000%, 10/31/18 | 680 | 682 | ||||||
| 3.750%, 04/15/18 | 500 | 499 | ||||||
| Yapi ve Kredi Bankasi | ||||||||
| 5.250%, 12/03/18 | 500 | 505 | ||||||
| Zenith Bank, MTN | ||||||||
| 6.250%, 04/22/19 | 1,200 | 1,219 | ||||||
| Total Banks | 104,584 | |||||||
| Beauty Products [0.1%] | ||||||||
| First Quality Finance | ||||||||
| 5.000%, 07/01/25(A) | 300 | 287 | ||||||
| 4.625%, 05/15/21(A) | 1,900 | 1,891 | ||||||
| Total Beauty Products | 2,178 | |||||||
| Broadcasting & Cable [2.9%] | ||||||||
| Altice | ||||||||
| 7.750%, 05/15/22(A) | 850 | 789 | ||||||
| 7.625%, 02/15/25(A) | 1,500 | 1,283 | ||||||
| Altice Financing | ||||||||
| 7.500%, 05/15/26 | 13,180 | 12,949 | ||||||
| Altice Finco, MTN | ||||||||
| 7.625%, 02/15/25 | 4,085 | 4,044 | ||||||
| Altice France | ||||||||
| 7.375%, 05/01/26(A) | 2,850 | 2,715 | ||||||
| 6.250%, 05/15/24(A) | 575 | 542 | ||||||
| 6.000%, 05/15/22(A) | 200 | 195 | ||||||
| Altice Luxembourg | ||||||||
| 7.625%, 02/15/25 | 4,500 | 3,848 | ||||||
| Altice US Finance I | ||||||||
| 5.500%, 05/15/26(A) | 775 | 758 | ||||||
| 5.375%, 07/15/23(A) | 575 | 582 | ||||||
| AMC Networks | ||||||||
| 5.000%, 04/01/24 | 1,400 | 1,383 | ||||||
| 4.750%, 12/15/22 | 125 | 126 | ||||||
| 4.750%, 08/01/25 | 175 | 169 | ||||||
| Cablevision Systems | ||||||||
| 5.875%, 09/15/22 | 1,200 | 1,191 | ||||||
| CCO Holdings | ||||||||
| 5.875%, 04/01/24(A) | 325 | 331 | ||||||
| 5.875%, 05/01/27(A) | 600 | 600 | ||||||
| 5.750%, 09/01/23 | 525 | 533 | ||||||
| 5.750%, 01/15/24 | 425 | 431 | ||||||
| 5.750%, 02/15/26(A) | 300 | 299 | ||||||
| 5.500%, 05/01/26(A) | 875 | 856 | ||||||
| 5.375%, 05/01/25(A) | 250 | 246 | ||||||
| 5.250%, 09/30/22 | 925 | 939 | ||||||
| 5.125%, 02/15/23 | 1,275 | 1,283 | ||||||
| 5.125%, 05/01/27(A) | 1,100 | 1,044 | ||||||
| 5.000%, 02/01/28(A) | 1,300 | 1,219 | ||||||
| Cequel Communications Holdings I | ||||||||
| 7.750%, 07/15/25(A) | 1,000 | 1,058 | ||||||
| 7.500%, 04/01/28(A) | 675 | 690 | ||||||
| 5.125%, 12/15/21(A) | 1,250 | 1,247 | ||||||
| Clear Channel Worldwide Holdings | ||||||||
| 6.500%, 11/15/22 | 1,550 | 1,582 | ||||||
| CSC Holdings | ||||||||
| 10.125%, 01/15/23(A) | 475 | 527 | ||||||
| 6.625%, 10/15/25(A) | 625 | 645 | ||||||
| 5.500%, 04/15/27(A) | 1,550 | 1,484 | ||||||
| 5.250%, 06/01/24 | 875 | 833 | ||||||
| DISH DBS | ||||||||
| 7.750%, 07/01/26 | 200 | 187 | ||||||
| 5.875%, 07/15/22 | 1,400 | 1,339 | ||||||
| 5.875%, 11/15/24 | 1,525 | 1,359 | ||||||
| 5.000%, 03/15/23 | 675 | 607 | ||||||
| Gray Television | ||||||||
| 5.875%, 07/15/26(A) | 1,275 | 1,240 | ||||||
| 5.125%, 10/15/24(A) | 450 | 435 | ||||||
| iHeartCommunications | ||||||||
| 9.000%, 03/01/21(B) | 1,150 | 904 | ||||||
| LIN Television | ||||||||
| 5.875%, 11/15/22 | 400 | 412 | ||||||
| Nexstar Broadcasting | ||||||||
| 6.125%, 02/15/22(A) | 875 | 899 | ||||||
| 5.625%, 08/01/24(A) | 1,600 | 1,567 | ||||||
| Sinclair Television Group | ||||||||
| 5.875%, 03/15/26(A) | 1,050 | 1,040 | ||||||
| 5.625%, 08/01/24(A) | 1,275 | 1,265 | ||||||
| 5.125%, 02/15/27(A) | 500 | 464 | ||||||
| TEGNA | ||||||||
| 6.375%, 10/15/23 | 1,125 | 1,169 | ||||||
| 5.500%, 09/15/24(A) | 300 | 306 | ||||||
| Telenet Finance Luxembourg Notes Sarl | ||||||||
| 5.500%, 03/01/28(A) | 1,800 | 1,721 | ||||||
| Tribune Media | ||||||||
| 5.875%, 07/15/22 | 1,950 | 1,977 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Unitymedia KabelBW GmbH | ||||||||
| 6.125%, 01/15/25(A) | $ | 1,850 | $ | 1,940 | ||||
| Virgin Media Finance | ||||||||
| 6.375%, 04/15/23(A) | 675 | 685 | ||||||
| 6.000%, 10/15/24(A) | 200 | 198 | ||||||
| 5.750%, 01/15/25(A) | 500 | 479 | ||||||
| Virgin Media Secured Finance | ||||||||
| 5.500%, 08/15/26(A) | 400 | 389 | ||||||
| 5.250%, 01/15/26(A) | 2,250 | 2,165 | ||||||
| Vrio Finco 1 | ||||||||
| 6.875%, 04/04/28(A) (E) | 2,700 | 2,717 | ||||||
| 6.875%, 04/04/28 | 2,000 | 1,992 | ||||||
| 6.250%, 04/04/23(A) (E) | 5,400 | 5,481 | ||||||
| 6.250%, 04/04/23 | 5,000 | 5,050 | ||||||
| VTR Finance | ||||||||
| 6.875%, 01/15/24 | 1,015 | 1,060 | ||||||
| Ziggo Bond Finance | ||||||||
| 6.000%, 01/15/27(A) | 925 | 862 | ||||||
| 5.875%, 01/15/25(A) | 275 | 260 | ||||||
| Ziggo Secured Finance | ||||||||
| 5.500%, 01/15/27(A) | 1,325 | 1,245 | ||||||
| Total Broadcasting & Cable | 87,835 | |||||||
| Building & Construction [0.7%] | ||||||||
| Cemex | ||||||||
| 6.472%, VAR ICE LIBOR USD 3 Month+4.750%, 10/15/18 | 4,600 | 4,650 | ||||||
| 5.700%, 01/11/25 | 4,130 | 4,246 | ||||||
| China Shanshui Cement Group | ||||||||
| 7.500%, 03/10/20(E) | 4,323 | 3,545 | ||||||
| Hillman Group | ||||||||
| 6.375%, 07/15/22(A) | 1,675 | 1,625 | ||||||
| Jeld-Wen | ||||||||
| 4.625%, 12/15/25(A) | 175 | 167 | ||||||
| Masonite International | ||||||||
| 5.625%, 03/15/23(A) | 875 | 900 | ||||||
| Ply Gem Industries | ||||||||
| 6.500%, 02/01/22 | 650 | 670 | ||||||
| Standard Industries | ||||||||
| 6.000%, 10/15/25(A) | 950 | 974 | ||||||
| 5.000%, 02/15/27(A) | 1,775 | 1,723 | ||||||
| USG | ||||||||
| 4.875%, 06/01/27(A) | 350 | 353 | ||||||
| Yuksel Insaat | ||||||||
| 9.500%, 12/31/49(B) (E) | 11,809 | 590 | ||||||
| Total Building & Construction | 19,443 | |||||||
| Building & Construction Supplies [0.4%] | ||||||||
| CSN Islands XI | ||||||||
| 6.875%, 09/21/19 | 2,930 | 2,934 | ||||||
| CSN Islands XII | ||||||||
| 7.000%, 12/23/66 | 6,685 | 5,239 | ||||||
| Signode Industrial Group Lux | ||||||||
| 6.375%, 05/01/22(A) | 2,675 | 2,752 | ||||||
| Total Building & Construction Supplies | 10,925 | |||||||
| Building-Heavy Construct [0.5%] | ||||||||
| Andrade Gutierrez International | ||||||||
| 4.000%, 04/30/18 | 15,699 | 14,915 | ||||||
| Total Building-Heavy Construct | 14,915 | |||||||
| Business Services [0.0%] | ||||||||
| Gartner | ||||||||
| 5.125%, 04/01/25(A) | 525 | 525 | ||||||
| Cable Satellite [0.1%] | ||||||||
| United Group | ||||||||
| 4.375%, 07/01/22 | EUR | 1,700 | 2,128 | |||||
| Chemicals [0.7%] | ||||||||
| Alpha 3 | ||||||||
| 6.250%, 02/01/25(A) | 1,475 | 1,493 | ||||||
| Hexion | ||||||||
| 6.625%, 04/15/20 | 1,825 | 1,702 | ||||||
| OCP | ||||||||
| 6.875%, 04/25/44 | 2,310 | 2,576 | ||||||
| Platform Specialty Products | ||||||||
| 6.500%, 02/01/22(A) | 3,250 | 3,303 | ||||||
| 5.875%, 12/01/25(A) | 450 | 440 | ||||||
| PQ | ||||||||
| 6.750%, 11/15/22(A) | 675 | 709 | ||||||
| 5.750%, 12/15/25(A) | 100 | 99 | ||||||
| Rock International Investment | ||||||||
| 6.625%, 03/27/20 | 4,500 | 4,107 | ||||||
| Uralkali via Uralkali Finance DAC, MTN | ||||||||
| 3.723%, 04/30/18 | 7,401 | 7,396 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 58
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Versum Materials | ||||||||
| 5.500%, 09/30/24(A) | $ | 425 | $ | 439 | ||||
| Total Chemicals | 22,264 | |||||||
| Circuit Boards [0.0%] | ||||||||
| TTM Technologies | ||||||||
| 5.625%, 10/01/25(A) | 900 | 895 | ||||||
| Coal Mining [1.3%] | ||||||||
| Alliance Resource Operating Partners | ||||||||
| 7.500%, 05/01/25(A) | 325 | 341 | ||||||
| DTEK Finance | ||||||||
| 10.750% cash/10.750% PIK, 12/31/24 | 19,334 | 20,784 | ||||||
| Energy Resources | ||||||||
| 8.000%, 09/30/22(F) | 12,364 | 12,519 | ||||||
| 2.838% cash/0% PIK, 12/31/49(F) | 7,787 | 4,750 | ||||||
| New World Resources | ||||||||
| 8.000%, 04/07/20(B) (E) | EUR | 1,101 | 13 | |||||
| Peabody Energy | ||||||||
| 6.375%, 03/31/25(A) | 950 | 986 | ||||||
| Total Coal Mining | 39,393 | |||||||
| Commercial Services [0.1%] | ||||||||
| Live Nation Entertainment | ||||||||
| 5.625%, 03/15/26(A) | 250 | 253 | ||||||
| Nielsen Finance | ||||||||
| 5.000%, 04/15/22(A) | 1,700 | 1,699 | ||||||
| Nielsen Luxembourg SaRL | ||||||||
| 5.500%, 10/01/21(A) | 250 | 253 | ||||||
| 5.000%, 02/01/25(A) | 1,125 | 1,110 | ||||||
| ServiceMaster | ||||||||
| 7.450%, 08/15/27 | 225 | 243 | ||||||
| 5.125%, 11/15/24(A) | 850 | 822 | ||||||
| Total Commercial Services | 4,380 | |||||||
| Computer Software [0.1%] | ||||||||
| Rackspace Hosting | ||||||||
| 8.625%, 11/15/24(A) | 2,200 | 2,173 | ||||||
| SS&C Technologies Holdings | ||||||||
| 5.875%, 07/15/23 | 900 | 948 | ||||||
| Total Computer Software | 3,121 | |||||||
| Computer System Design & Services [0.1%] | ||||||||
| Dell International | ||||||||
| 7.125%, 06/15/24(A) | 1,900 | 2,032 | ||||||
| 5.875%, 06/15/21(A) | 225 | 231 | ||||||
| NCR | ||||||||
| 6.375%, 12/15/23 | 500 | 519 | ||||||
| 5.875%, 12/15/21 | 400 | 407 | ||||||
| 5.000%, 07/15/22 | 900 | 900 | ||||||
| 4.625%, 02/15/21 | 300 | 298 | ||||||
| Total Computer System Design & Services | 4,387 | |||||||
| Consumer Products & Services [0.2%] | ||||||||
| EMI Music Publishing Group North America Holdings | ||||||||
| 7.625%, 06/15/24(A) | 1,000 | 1,082 | ||||||
| Prestige Brands | ||||||||
| 6.375%, 03/01/24(A) | 1,525 | 1,563 | ||||||
| 5.375%, 12/15/21(A) | 1,675 | 1,684 | ||||||
| Spectrum Brands | ||||||||
| 6.125%, 12/15/24 | 575 | 592 | ||||||
| 5.750%, 07/15/25 | 800 | 816 | ||||||
| WMG Acquisition | ||||||||
| 5.500%, 04/15/26(A) | 325 | 327 | ||||||
| 4.875%, 11/01/24(A) | 150 | 149 | ||||||
| Total Consumer Products & Services | 6,213 | |||||||
| Containers & Packaging [0.9%] | ||||||||
| ARD Finance | ||||||||
| 7.125% cash/0.000% PIK, 09/15/23 | 1,600 | 1,658 | ||||||
| Ardagh Packaging Finance | ||||||||
| 7.250%, 05/15/24(A) | 2,350 | 2,500 | ||||||
| 6.000%, 06/30/21(A) | 800 | 816 | ||||||
| 6.000%, 02/15/25(A) | 650 | 653 | ||||||
| 4.625%, 05/15/23(A) | 275 | 276 | ||||||
| Berry Global | ||||||||
| 6.000%, 10/15/22 | 200 | 207 | ||||||
| 5.500%, 05/15/22 | 2,075 | 2,129 | ||||||
| 5.125%, 07/15/23 | 725 | 733 | ||||||
| BWAY Holding | ||||||||
| 7.250%, 04/15/25(A) | 3,050 | 3,111 | ||||||
| 5.500%, 04/15/24(A) | 1,250 | 1,258 | ||||||
| Crown Americas | ||||||||
| 4.750%, 02/01/26(A) | 650 | 629 | ||||||
| Flex Acquisition | ||||||||
| 6.875%, 01/15/25(A) | 2,825 | 2,797 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Guala Closures | ||||||||
| 4.750%, VAR Euribor 3 Month+4.750%, 11/15/21 | EUR | 160 | $ | 197 | ||||
| Multi-Color | ||||||||
| 6.125%, 12/01/22(A) | $ | 1,550 | 1,596 | |||||
| 4.875%, 11/01/25(A) | 375 | 351 | ||||||
| Owens-Brockway Glass Container | ||||||||
| 6.375%, 08/15/25(A) | 550 | 579 | ||||||
| 5.375%, 01/15/25(A) | 950 | 954 | ||||||
| 5.000%, 01/15/22(A) | 125 | 126 | ||||||
| Pactiv | ||||||||
| 7.950%, 12/15/25 | 200 | 222 | ||||||
| Reynolds Group Issuer | ||||||||
| 7.000%, 07/15/24(A) | 1,750 | 1,832 | ||||||
| 5.750%, 10/15/20 | 1,599 | 1,619 | ||||||
| Sealed Air | ||||||||
| 5.500%, 09/15/25(A) | 300 | 311 | ||||||
| 5.125%, 12/01/24(A) | 425 | 432 | ||||||
| 4.875%, 12/01/22(A) | 475 | 480 | ||||||
| Total Containers & Packaging | 25,466 | |||||||
| Data Processing/Mgmt [0.2%] | ||||||||
| First Data | ||||||||
| 7.000%, 12/01/23(A) | 1,425 | 1,496 | ||||||
| 5.750%, 01/15/24(A) | 3,050 | 3,069 | ||||||
| 5.375%, 08/15/23(A) | 1,050 | 1,068 | ||||||
| Total Data Processing/Mgmt | 5,633 | |||||||
| Decision Support Software [0.0%] | ||||||||
| MSCI | ||||||||
| 5.750%, 08/15/25(A) | 425 | 444 | ||||||
| 5.250%, 11/15/24(A) | 275 | 281 | ||||||
| Total Decision Support Software | 725 | |||||||
| Dental Supplies and Equip [0.1%] | ||||||||
| IDH Finance | ||||||||
| 6.547%, VAR ICE LIBOR GDP 3 Month+6.000%, 08/15/22 | GBP | 1,500 | 1,917 | |||||
| Diagnostic Equipment [0.2%] | ||||||||
| Avantor | ||||||||
| 9.000%, 10/01/25(A) | 1,200 | 1,182 | ||||||
| 6.000%, 10/01/24(A) | 525 | 522 | ||||||
| Ortho-Clinical Diagnostics | ||||||||
| 6.625%, 05/15/22(A) | 4,400 | 4,290 | ||||||
| Total Diagnostic Equipment | 5,994 | |||||||
| Disposable Medical Prod [0.1%] | ||||||||
| Sotera Health Holdings | ||||||||
| 6.500%, 05/15/23(A) | 2,300 | 2,317 | ||||||
| Distribution/Wholesale [0.1%] | ||||||||
| American Builders & Contractors Supply | ||||||||
| 5.750%, 12/15/23(A) | 200 | 206 | ||||||
| 5.625%, 04/15/21(A) | 358 | 363 | ||||||
| HD Supply | ||||||||
| 5.750%, 04/15/24(A) | 600 | 632 | ||||||
| KAR Auction Services | ||||||||
| 5.125%, 06/01/25(A) | 925 | 920 | ||||||
| Performance Food Group | ||||||||
| 5.500%, 06/01/24(A) | 200 | 201 | ||||||
| Total Distribution/Wholesale | 2,322 | |||||||
| Diversified Minerals [0.1%] | ||||||||
| Teck Resources | ||||||||
| 8.500%, 06/01/24(A) | 525 | 583 | ||||||
| 6.250%, 07/15/41 | 100 | 106 | ||||||
| 6.125%, 10/01/35 | 1,100 | 1,166 | ||||||
| 6.000%, 08/15/40 | 350 | 361 | ||||||
| Total Diversified Minerals | 2,216 | |||||||
| Diversified Operations [0.0%] | ||||||||
| Koppers | ||||||||
| 6.000%, 02/15/25(A) | 975 | 996 | ||||||
| Drugs [0.9%] | ||||||||
| Endo Dac | ||||||||
| 6.000%, 07/15/23(A) | 700 | 529 | ||||||
| 6.000%, 02/01/25(A) | 2,325 | 1,668 | ||||||
| Teva Pharmaceutical Finance | ||||||||
| 6.150%, 02/01/36 | 4,580 | 4,284 | ||||||
| Teva Pharmaceutical Finance Netherlands II BV | ||||||||
| 4.500%, 03/01/25(A) | EUR | 1,725 | 2,128 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 6.750%, 03/01/28(A) (E) | 1,000 | 990 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 60
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| 4.100%, 10/01/46 | $ | 8,695 | $ | 6,418 | ||||
| 2.800%, 07/21/23 | 2,480 | 2,103 | ||||||
| Valeant Pharmaceuticals International | ||||||||
| 9.000%, 12/15/25(A) | 875 | 870 | ||||||
| 7.500%, 07/15/21(A) | 900 | 903 | ||||||
| 7.250%, 07/15/22(A) | 225 | 225 | ||||||
| 7.000%, 03/15/24(A) | 525 | 547 | ||||||
| 6.500%, 03/15/22(A) | 175 | 181 | ||||||
| 6.125%, 04/15/25(A) | 3,075 | 2,654 | ||||||
| 5.875%, 05/15/23(A) | 2,025 | 1,787 | ||||||
| 5.500%, 03/01/23(A) | 750 | 656 | ||||||
| 5.500%, 11/01/25(A) | 425 | 414 | ||||||
| Total Drugs | 26,357 | |||||||
| E-Commerce/Services [0.0%] | ||||||||
| Match Group | ||||||||
| 5.000%, 12/15/27(A) | 575 | 566 | ||||||
| Electric Utilities [0.9%] | ||||||||
| Calpine | ||||||||
| 5.875%, 01/15/24(A) | 550 | 555 | ||||||
| 5.750%, 01/15/25 | 2,225 | 2,036 | ||||||
| 5.250%, 06/01/26(A) | 175 | 169 | ||||||
| Comision Federal de Electricidad | ||||||||
| 8.180%, 12/23/27 | MXN | 8,240 | 432 | |||||
| Eskom Holdings SOC | ||||||||
| 7.125%, 02/11/25 | 7,945 | 8,111 | ||||||
| Genneia | ||||||||
| 8.750%, 01/20/22 | 4,047 | 4,359 | ||||||
| La Electricidad de Caracas | ||||||||
| 8.500%, 04/10/18(B) | 270 | 108 | ||||||
| NRG Energy | ||||||||
| 7.250%, 05/15/26 | 650 | 688 | ||||||
| 6.625%, 01/15/27 | 625 | 639 | ||||||
| 6.250%, 05/01/24 | 1,525 | 1,571 | ||||||
| 5.750%, 01/15/28(A) | 200 | 195 | ||||||
| Pampa Energia | ||||||||
| 7.500%, 01/24/27 | 100 | 104 | ||||||
| Stoneway Capital | ||||||||
| 10.000%, 03/01/27 | 7,950 | 8,641 | ||||||
| Total Electric Utilities | 27,608 | |||||||
| Electrical Products [0.1%] | ||||||||
| WESCO Distribution | ||||||||
| 5.375%, 12/15/21 | 1,650 | 1,677 | ||||||
| 5.375%, 06/15/24 | 500 | 502 | ||||||
| Total Electrical Products | 2,179 | |||||||
| Energy & Power [0.2%] | ||||||||
| Enviva Partners | ||||||||
| 8.500%, 11/01/21 | 1,650 | 1,745 | ||||||
| Rio Energy | ||||||||
| 6.875%, 02/01/25(A) | 2,080 | 2,057 | ||||||
| TerraForm Power Operating | ||||||||
| 6.625%, 06/15/25(A) (C) | 700 | 753 | ||||||
| 5.000%, 01/31/28(A) | 875 | 830 | ||||||
| 4.250%, 01/31/23(A) | 100 | 96 | ||||||
| Total Energy & Power | 5,481 | |||||||
| Engineering & Contracting Services [0.0%] | ||||||||
| Pisces Midco | ||||||||
| 8.000%, 04/15/26 | 500 | 500 | ||||||
| Engineering/R and D Services [0.0%] | ||||||||
| Engility | ||||||||
| 8.875%, 09/01/24 | 875 | 910 | ||||||
| Enterprise Software/Serv [0.4%] | ||||||||
| BMC Software Finance | ||||||||
| 8.125%, 07/15/21(A) | 2,225 | 2,222 | ||||||
| HNA Ecotech Panorama Cayman | ||||||||
| 8.000%, 04/15/21 | 105 | 101 | ||||||
| Infor Software Parent | ||||||||
| 7.125% cash/0% PIK, 05/01/21(A) | 2,125 | 2,147 | ||||||
| Infor US | ||||||||
| 6.500%, 05/15/22 | 2,925 | 2,976 | ||||||
| Informatica | ||||||||
| 7.125%, 07/15/23(A) | 1,600 | 1,596 | ||||||
| Riverbed Technology | ||||||||
| 8.875%, 03/01/23(A) | 1,700 | 1,615 | ||||||
| Sophia | ||||||||
| 9.000%, 09/30/23(A) | 1,425 | 1,496 | ||||||
| Total Enterprise Software/Serv | 12,153 | |||||||
| Entertainment & Gaming [0.5%] | ||||||||
| Boyd Gaming | ||||||||
| 6.875%, 05/15/23 | 1,225 | 1,292 | ||||||
| 6.375%, 04/01/26 | 300 | 313 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Caesars Resort Collection | ||||||||
| 5.250%, 10/15/25(A) | $ | 2,250 | $ | 2,157 | ||||
| Eldorado Resorts | ||||||||
| 6.000%, 04/01/25 | 1,175 | 1,192 | ||||||
| MGM Resorts International | ||||||||
| 7.750%, 03/15/22 | 950 | 1,057 | ||||||
| 6.750%, 10/01/20 | 250 | 266 | ||||||
| 6.000%, 03/15/23 | 600 | 630 | ||||||
| 4.625%, 09/01/26 | 250 | 238 | ||||||
| Mohegan Gaming & Entertainment | ||||||||
| 7.875%, 10/15/24(A) | 1,275 | 1,269 | ||||||
| Penn National Gaming | ||||||||
| 5.625%, 01/15/27(A) | 800 | 771 | ||||||
| Pinnacle Entertainment | ||||||||
| 5.625%, 05/01/24 | 1,450 | 1,515 | ||||||
| Rivers Pittsburgh Borrower | ||||||||
| 6.125%, 08/15/21(A) | 1,200 | 1,158 | ||||||
| Seminole Hard Rock Entertainment | ||||||||
| 5.875%, 05/15/21(A) | 2,000 | 2,000 | ||||||
| Station Casinos | ||||||||
| 5.000%, 10/01/25(A) | 925 | 879 | ||||||
| Sugarhouse HSP Gaming Prop Mezz | ||||||||
| 5.875%, 05/15/25(A) | 850 | 810 | ||||||
| Wynn Las Vegas | ||||||||
| 5.250%, 05/15/27(A) | 400 | 392 | ||||||
| Total Entertainment & Gaming | 15,939 | |||||||
| Export/Import Bank [0.5%] | ||||||||
| Ukreximbank Via Biz Finance | ||||||||
| 9.750%, 01/22/25 | 4,500 | 4,793 | ||||||
| 9.625%, 04/27/22 | 9,435 | 9,949 | ||||||
| Total Export/Import Bank | 14,742 | |||||||
| Financial Services [1.0%] | ||||||||
| AK Finansal Kiralama | ||||||||
| 4.125%, 04/17/18 | 2,250 | 2,248 | ||||||
| Ally Financial | ||||||||
| 5.750%, 11/20/25 | 1,725 | 1,777 | ||||||
| 5.125%, 09/30/24 | 275 | 281 | ||||||
| 4.750%, 09/10/18 | 475 | 479 | ||||||
| 4.125%, 03/30/20 | 425 | 426 | ||||||
| Amigo Luxembourg | ||||||||
| 7.625%, 01/15/24 | GBP | 350 | 503 | |||||
| Arrow Global Finance | ||||||||
| 3.750%, VAR Euribor 3 Month+3.750%, 03/01/26 | EUR | 500 | 608 | |||||
| Astana-Finance JSC | ||||||||
| 0.000%, 12/22/24(D) (E) | 147 | — | ||||||
| Cabot Financial Luxembourg II | ||||||||
| 5.875%, VAR Euribor 3 Month+5.875%, 11/15/21 | EUR | 1,000 | 1,242 | |||||
| Fondo MIVIVIENDA | ||||||||
| 7.000%, 02/14/24(E) | PEN | 1,406 | 479 | |||||
| Hontop Energy Singapore via China Wanda International Funding | ||||||||
| 7.950%, 12/14/20 | 2,240 | 2,187 | ||||||
| LSF10 Wolverine Investments SCA | ||||||||
| 4.625%, VAR Euribor 3 Month+4.625%, 03/15/24 | EUR | 500 | 617 | |||||
| Navient | ||||||||
| 7.250%, 09/25/23 | 525 | 549 | ||||||
| 6.750%, 06/25/25 | 225 | 228 | ||||||
| 5.875%, 10/25/24 | 1,800 | 1,764 | ||||||
| Navient, MTN | ||||||||
| 6.125%, 03/25/24 | 975 | 971 | ||||||
| 5.500%, 01/25/23 | 175 | 172 | ||||||
| Oilflow SPV 1 DAC | ||||||||
| 12.000%, 01/13/22 | 7,054 | 7,376 | ||||||
| Quicken Loans | ||||||||
| 5.750%, 05/01/25(A) | 2,425 | 2,419 | ||||||
| 5.250%, 01/15/28(A) | 300 | 280 | ||||||
| SASU Newco 20 SAS | ||||||||
| 4.250%, 09/30/24 | EUR | 2,200 | 2,626 | |||||
| Tempo Acquisition | ||||||||
| 6.750%, 06/01/25(A) | 2,100 | 2,097 | ||||||
| Vantiv | ||||||||
| 4.375%, 11/15/25(A) | 200 | 193 | ||||||
| Total Financial Services | 29,522 | |||||||
| Food, Beverage & Tobacco [1.5%] | ||||||||
| Ajecorp BV | ||||||||
| 6.500%, 05/14/22 | 5,685 | 5,173 | ||||||
| Boparan Finance | ||||||||
| 5.250%, 07/15/19 | GBP | 175 | 242 | |||||
| CEDC Finance International | ||||||||
| 10.000%, 12/31/22(A) | 7,230 | 6,435 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Coca-Cola Icecek | ||||||||
| 4.750%, 10/01/18 | $ | 1,000 | $ | 1,003 | ||||
| ESAL GmbH | ||||||||
| 6.250%, 02/05/23 | 3,950 | 3,762 | ||||||
| Galapagos | ||||||||
| 4.423%, VAR Euribor 3 Month+4.750%, 06/15/21 | EUR | 664 | 782 | |||||
| Hearthside Group Holdings | ||||||||
| 6.500%, 05/01/22(A) | 1,250 | 1,247 | ||||||
| JBS Investments GmbH | ||||||||
| 7.750%, 10/28/20 | 1,473 | 1,518 | ||||||
| 7.250%, 04/03/24 | 3,400 | 3,378 | ||||||
| Lamb Weston Holdings | ||||||||
| 4.875%, 11/01/26(A) | 700 | 694 | ||||||
| MARB BondCo | ||||||||
| 7.000%, 03/15/24 | 655 | 618 | ||||||
| 6.875%, 01/19/25 | 150 | 138 | ||||||
| Marfrig Holdings Europe | ||||||||
| 8.000%, 06/08/23 | 1,280 | 1,289 | ||||||
| MHP | ||||||||
| 7.750%, 05/10/24 | 5,610 | 5,908 | ||||||
| MHP Lux | ||||||||
| 6.950%, 04/03/26 | 4,500 | 4,490 | ||||||
| Minerva Luxembourg | ||||||||
| 6.500%, 09/20/26 | 1,025 | 984 | ||||||
| 5.875%, 01/19/28 | 1,550 | 1,419 | ||||||
| Nova Austral | ||||||||
| 8.250%, 05/26/21(A) | 5,700 | 5,670 | ||||||
| Pinnacle Foods Finance | ||||||||
| 5.875%, 01/15/24 | 375 | 387 | ||||||
| Yasar Holding | ||||||||
| 8.875%, 05/06/20 | 1,000 | 1,008 | ||||||
| Total Food, Beverage & Tobacco | 46,145 | |||||||
| Food-Catering [0.1%] | ||||||||
| Aramark Services | ||||||||
| 5.125%, 01/15/24 | 1,075 | 1,096 | ||||||
| 5.000%, 04/01/25(A) | 750 | 756 | ||||||
| 5.000%, 02/01/28(A) | 725 | 710 | ||||||
| Total Food-Catering | 2,562 | |||||||
| Food-Flour and Grain [0.1%] | ||||||||
| Post Holdings | ||||||||
| 5.750%, 03/01/27(A) | 1,100 | 1,095 | ||||||
| 5.625%, 01/15/28(A) | 575 | 549 | ||||||
| 5.500%, 03/01/25(A) | 500 | 492 | ||||||
| 5.000%, 08/15/26(A) | 2,125 | 2,019 | ||||||
| Total Food-Flour and Grain | 4,155 | |||||||
| Food-Wholesale/Distrib [0.1%] | ||||||||
| US Foods | ||||||||
| 5.875%, 06/15/24(A) | 1,450 | 1,483 | ||||||
| Gas-Distribution [0.1%] | ||||||||
| AmeriGas Partners | ||||||||
| 5.875%, 08/20/26 | 1,075 | 1,051 | ||||||
| 5.750%, 05/20/27 | 925 | 885 | ||||||
| 5.500%, 05/20/25 | 675 | 651 | ||||||
| Total Gas-Distribution | 2,587 | |||||||
| Gold Mining [0.2%] | ||||||||
| Nord | ||||||||
| 6.375%, 05/07/18 | 6,174 | 6,186 | ||||||
| Hazardous Waste Disposal [0.0%] | ||||||||
| Tervita Escrow | ||||||||
| 7.625%, 12/01/21(A) | 1,150 | 1,167 | ||||||
| Hotels & Lodging [0.0%] | ||||||||
| Wyndham Hotels & Resorts | ||||||||
| 5.375%, 04/15/26 | 475 | 475 | ||||||
| Human Resources [0.1%] | ||||||||
| Team Health Holdings | ||||||||
| 6.375%, 02/01/25(A) | 3,050 | 2,616 | ||||||
| Industrial [0.2%] | ||||||||
| Reward International Investment | ||||||||
| 7.250%, 01/25/20 | 6,150 | 4,585 | ||||||
| Insurance [0.3%] | ||||||||
| Ardonagh Midco 3 | ||||||||
| 8.625%, 07/15/23(A) | 1,175 | 1,213 | ||||||
| AssuredPartners | ||||||||
| 7.000%, 08/15/25(A) | 1,500 | 1,481 | ||||||
| Hub Holdings | ||||||||
| 8.125% cash/0% PIK, 07/15/19(A) | 1,525 | 1,527 | ||||||
| HUB International | ||||||||
| 7.875%, 10/01/21(A) | 2,600 | 2,691 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 63
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| USIS Merger Sub | ||||||||
| 6.875%, 05/01/25(A) | $ | 1,800 | $ | 1,800 | ||||
| Total Insurance | 8,712 | |||||||
| Internet Connectiv Svcs [0.0%] | ||||||||
| United Group | ||||||||
| 4.875%, 07/01/24 | EUR | 1,150 | 1,435 | |||||
| Internet Security [0.0%] | ||||||||
| Symantec | ||||||||
| 5.000%, 04/15/25(A) | 325 | 328 | ||||||
| Investment Companies [0.0%] | ||||||||
| JSC Georgia Capital | ||||||||
| 6.125%, 03/09/24 | 360 | 348 | ||||||
| Machinery-General Indust [0.0%] | ||||||||
| JPW Industries Holding | ||||||||
| 9.000%, 10/01/24(A) | 625 | 655 | ||||||
| Machinery-Pumps [0.0%] | ||||||||
| Titan Acquisition | ||||||||
| 7.750%, 04/15/26(A) | 750 | 748 | ||||||
| Medical Information Sys [0.0%] | ||||||||
| Quintiles IMS | ||||||||
| 5.000%, 10/15/26(A) | 975 | 971 | ||||||
| Medical Labs and Testing Srv [0.1%] | ||||||||
| Charles River Laboratories International | ||||||||
| 5.500%, 04/01/26(A) | 325 | 330 | ||||||
| Eagle Holding II | ||||||||
| 7.625% cash/0% PIK, 05/15/22(A) | 775 | 781 | ||||||
| West Street Merger Sub | ||||||||
| 6.375%, 09/01/25(A) | 1,025 | 976 | ||||||
| Total Medical Labs and Testing Srv | 2,087 | |||||||
| Medical Products & Services [1.1%] | ||||||||
| 3AB Optique Developpement SAS | ||||||||
| 4.125%, VAR Euribor 3 Month+4.125%, 10/01/23 | EUR | 450 | 555 | |||||
| 4.000%, 10/01/23 | EUR | 450 | 551 | |||||
| Acadia Healthcare | ||||||||
| 6.500%, 03/01/24 | 2,325 | 2,418 | ||||||
| CHS | ||||||||
| 6.875%, 02/01/22 | 1,550 | 897 | ||||||
| 6.250%, 03/31/23 | 1,025 | 944 | ||||||
| 5.125%, 08/01/21 | 500 | 465 | ||||||
| Envision Healthcare | ||||||||
| 6.250%, 12/01/24(A) | 1,000 | 1,033 | ||||||
| 5.625%, 07/15/22 | 950 | 954 | ||||||
| 5.125%, 07/01/22(A) | 1,400 | 1,393 | ||||||
| HCA | ||||||||
| 7.500%, 02/15/22 | 725 | 797 | ||||||
| 5.875%, 05/01/23 | 825 | 854 | ||||||
| 5.875%, 02/15/26 | 1,175 | 1,195 | ||||||
| 5.375%, 02/01/25 | 2,250 | 2,256 | ||||||
| 5.250%, 04/15/25 | 1,775 | 1,814 | ||||||
| 5.000%, 03/15/24 | 1,875 | 1,894 | ||||||
| HCA Healthcare | ||||||||
| 6.250%, 02/15/21 | 550 | 577 | ||||||
| Hologic | ||||||||
| 4.375%, 10/15/25(A) | 175 | 169 | ||||||
| LifePoint Health | ||||||||
| 5.875%, 12/01/23 | 325 | 328 | ||||||
| LifePoint Hospitals | ||||||||
| 5.500%, 12/01/21 | 400 | 404 | ||||||
| Mallinckrodt International Finance | ||||||||
| 5.625%, 10/15/23(A) | 725 | 580 | ||||||
| 5.500%, 04/15/25(A) | 2,500 | 1,941 | ||||||
| 4.750%, 04/15/23 | 800 | 612 | ||||||
| Sotera Health Topco | ||||||||
| 8.125% cash/0% PIK, 11/01/21(A) | 1,750 | 1,759 | ||||||
| Surgery Center Holdings | ||||||||
| 6.750%, 07/01/25(A) | 1,700 | 1,649 | ||||||
| Teleflex | ||||||||
| 5.250%, 06/15/24 | 450 | 460 | ||||||
| 4.875%, 06/01/26 | 675 | 668 | ||||||
| 4.625%, 11/15/27 | 125 | 121 | ||||||
| Tenet Healthcare | ||||||||
| 8.125%, 04/01/22 | 300 | 313 | ||||||
| 7.500%, 01/01/22(A) | 325 | 342 | ||||||
| 7.000%, 08/01/25(A) | 350 | 344 | ||||||
| 6.750%, 06/15/23 | 1,600 | 1,566 | ||||||
| 5.125%, 05/01/25(A) | 1,225 | 1,177 | ||||||
| 4.625%, 07/15/24(A) | 575 | 553 | ||||||
| 4.500%, 04/01/21 | 350 | 347 | ||||||
| 4.375%, 10/01/21 | 300 | 295 | ||||||
| Total Medical Products & Services | 32,225 | |||||||
| Medical-HMO [0.2%] | ||||||||
| MPH Acquisition Holdings | ||||||||
| 7.125%, 06/01/24(A) | 3,500 | 3,614 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Polaris Intermediate | ||||||||
| 8.500% cash/0% PIK, 12/01/22(A) | $ | 850 | $ | 867 | ||||
| Total Medical-HMO | 4,481 | |||||||
| Medical-Outptnt/Home Med [0.1%] | ||||||||
| Air Medical Group Holdings | ||||||||
| 6.375%, 05/15/23(A) | 1,800 | 1,705 | ||||||
| Medical-Whsle Drug Dist [0.1%] | ||||||||
| Vizient | ||||||||
| 10.375%, 03/01/24(A) | 1,600 | 1,772 | ||||||
| Metal-Copper [0.3%] | ||||||||
| First Quantum Minerals | ||||||||
| 7.250%, 04/01/23 | 200 | 198 | ||||||
| 7.000%, 02/15/21 | 5,000 | 5,016 | ||||||
| 6.875%, 03/01/26 | 500 | 475 | ||||||
| 6.500%, 03/01/24 | 500 | 474 | ||||||
| Freeport-McMoRan | ||||||||
| 5.400%, 11/14/34 | 1,675 | 1,592 | ||||||
| 3.875%, 03/15/23 | 1,675 | 1,618 | ||||||
| Total Metal-Copper | 9,373 | |||||||
| Metal-Iron [0.7%] | ||||||||
| Koks OAO Via Koks Finance DAC | ||||||||
| 7.500%, 05/04/22 | 3,870 | 4,006 | ||||||
| Samarco Mineracao | ||||||||
| 5.750%, 10/24/23(B) | 14,302 | 10,604 | ||||||
| 5.375%, 09/26/24(B) | 1,160 | 858 | ||||||
| 4.125%, 11/01/22(B) | 7,609 | 5,654 | ||||||
| Total Metal-Iron | 21,122 | |||||||
| Metals & Mining [0.4%] | ||||||||
| Hudbay Minerals | ||||||||
| 7.625%, 01/15/25(A) | 750 | 792 | ||||||
| 7.250%, 01/15/23(A) | 325 | 338 | ||||||
| TiZir | ||||||||
| 9.500%, 07/19/22(A) | 7,000 | 7,505 | ||||||
| Vedanta Resources | ||||||||
| 6.000%, 01/31/19 | 3,500 | 3,548 | ||||||
| Total Metals & Mining | 12,183 | |||||||
| Miscellaneous Business Services [0.1%] | ||||||||
| Acosta | ||||||||
| 7.750%, 10/01/22(A) | 1,775 | 1,118 | ||||||
| Garda World Security | ||||||||
| 8.750%, 05/15/25(A) | 1,075 | 1,126 | ||||||
| Matthews International | ||||||||
| 5.250%, 12/01/25(A) | 500 | 493 | ||||||
| Total Miscellaneous Business Services | 2,737 | |||||||
| Miscellaneous Manufacturing [0.0%] | ||||||||
| Magnesita Finance | ||||||||
| 8.625%, 04/29/49 | 315 | 316 | ||||||
| Multi-line Insurance [0.0%] | ||||||||
| Acrisure | ||||||||
| 7.000%, 11/15/25(A) | 1,275 | 1,224 | ||||||
| Office Automation and Equip [0.1%] | ||||||||
| CDW | ||||||||
| 5.500%, 12/01/24 | 1,125 | 1,173 | ||||||
| 5.000%, 09/01/25 | 350 | 348 | ||||||
| Total Office Automation and Equip | 1,521 | |||||||
| Oil-Field Services [0.8%] | ||||||||
| Borets Finance | ||||||||
| 7.625%, 09/26/18 | 5,905 | 6,005 | ||||||
| Oil and Gas Holding BSCC | ||||||||
| 7.500%, 10/25/27 | 10,000 | 9,901 | ||||||
| Oro Negro Drilling Pte | ||||||||
| 7.500%, 01/24/19(A) (B) | 3,177 | 1,430 | ||||||
| Petrofac | ||||||||
| 3.400%, 10/10/18 | 2,142 | 2,123 | ||||||
| 3.400%, 10/10/18(A) | 500 | 496 | ||||||
| SESI | ||||||||
| 7.750%, 09/15/24(A) | 1,100 | 1,138 | ||||||
| 7.125%, 12/15/21 | 525 | 535 | ||||||
| USA Compression Partners | ||||||||
| 6.875%, 04/01/26(A) | 500 | 508 | ||||||
| Weatherford International | ||||||||
| 8.250%, 06/15/23 | 900 | 785 | ||||||
| 7.000%, 03/15/38 | 775 | 558 | ||||||
| 6.800%, 06/15/37 | 225 | 160 | ||||||
| Total Oil-Field Services | 23,639 | |||||||
| Oil-US Royalty Trusts [0.2%] | ||||||||
| Rio Oil Finance Trust, Ser 2014-1 | ||||||||
| 9.250%, 07/06/24 | 871 | 946 | ||||||
| 9.250%, 07/06/24(A) | 766 | 832 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Rio Oil Finance Trust, Ser 2014-3 | ||||||||
| 9.750%, 01/06/27 | $ | 2,668 | $ | 2,902 | ||||
| Total Oil-US Royalty Trusts | 4,680 | |||||||
| Paper & Related Products [0.1%] | ||||||||
| Clearwater Paper | ||||||||
| 5.375%, 02/01/25(A) | 2,075 | 1,971 | ||||||
| Trident Merger Sub | ||||||||
| 6.625%, 11/01/25(A) | 925 | 902 | ||||||
| Total Paper & Related Products | 2,873 | |||||||
| Petroleum & Fuel Products [8.7%] | ||||||||
| Andeavor | ||||||||
| 5.375%, 10/01/22 | 375 | 384 | ||||||
| Andeavor Logistics | ||||||||
| 6.250%, 10/15/22 | 362 | 380 | ||||||
| Antero Midstream Partners | ||||||||
| 5.375%, 09/15/24 | 1,300 | 1,310 | ||||||
| Antero Resources | ||||||||
| 5.625%, 06/01/23 | 325 | 331 | ||||||
| 5.000%, 03/01/25 | 1,075 | 1,078 | ||||||
| Ascent Resources Utica Holdings | ||||||||
| 10.000%, 04/01/22(A) | 1,100 | 1,188 | ||||||
| Berry Petroleum | ||||||||
| 7.000%, 02/15/26(A) | 375 | 378 | ||||||
| Callon Petroleum | ||||||||
| 6.125%, 10/01/24 | 1,155 | 1,181 | ||||||
| Carrizo Oil & Gas | ||||||||
| 8.250%, 07/15/25 | 325 | 341 | ||||||
| 7.500%, 09/15/20 | 159 | 161 | ||||||
| 6.250%, 04/15/23 | 675 | 675 | ||||||
| Cheniere Corpus Christi Holdings | ||||||||
| 7.000%, 06/30/24 | 750 | 830 | ||||||
| 5.875%, 03/31/25 | 1,050 | 1,098 | ||||||
| 5.125%, 06/30/27 | 375 | 372 | ||||||
| Cheniere Energy Partners | ||||||||
| 5.250%, 10/01/25(A) | 1,800 | 1,775 | ||||||
| Chesapeake Energy | ||||||||
| 8.000%, 12/15/22(A) | 541 | 573 | ||||||
| 8.000%, 01/15/25(A) | 325 | 314 | ||||||
| 8.000%, 06/15/27(A) | 1,025 | 979 | ||||||
| 5.750%, 03/15/23 | 500 | 451 | ||||||
| CNX Midstream Partners | ||||||||
| 6.500%, 03/15/26(A) | 500 | 493 | ||||||
| Continental Resources | ||||||||
| 4.500%, 04/15/23 | 600 | 607 | ||||||
| CrownRock | ||||||||
| 5.625%, 10/15/25(A) | 1,475 | 1,460 | ||||||
| CVR Refining | ||||||||
| 6.500%, 11/01/22 | 2,000 | 2,040 | ||||||
| Dana Gas Sukuk | ||||||||
| 9.000%, 12/31/49(A) (B) | 2,120 | 1,876 | ||||||
| DNO | ||||||||
| 8.750%, 06/18/20(A) | 14,800 | 15,318 | ||||||
| Endeavor Energy Resources | ||||||||
| 5.750%, 01/30/28(A) | 450 | 448 | ||||||
| 5.500%, 01/30/26(A) | 75 | 75 | ||||||
| Energy Transfer Equity | ||||||||
| 5.875%, 01/15/24 | 1,625 | 1,678 | ||||||
| 5.500%, 06/01/27 | 175 | 175 | ||||||
| EP Energy | ||||||||
| 8.000%, 11/29/24(A) | 800 | 804 | ||||||
| EP PetroEcuador via Noble Sovereign Funding I | ||||||||
| 7.925%, VAR ICE LIBOR USD 3 Month+5.630%, 09/24/19 | 20,882 | 21,039 | ||||||
| Gazprom OAO Via Gaz Capital, MTN | ||||||||
| 8.625%, 04/28/34 | 6,940 | 8,979 | ||||||
| General Exploration Partners | ||||||||
| 11.500% cash/0% PIK, 11/13/18(A) | 10,017 | 9,717 | ||||||
| Georgian Oil and Gas JSC | ||||||||
| 6.750%, 04/26/21 | 5,393 | 5,586 | ||||||
| Gulfport Energy | ||||||||
| 6.625%, 05/01/23 | 550 | 555 | ||||||
| 6.375%, 05/15/25 | 675 | 646 | ||||||
| 6.375%, 01/15/26(A) | 225 | 214 | ||||||
| 6.000%, 10/15/24 | 300 | 285 | ||||||
| Holly Energy Partners | ||||||||
| 6.000%, 08/01/24(A) | 1,625 | 1,658 | ||||||
| Kuwait Energy | ||||||||
| 9.500%, 08/04/19 | 15,712 | 14,650 | ||||||
| Laredo Petroleum | ||||||||
| 6.250%, 03/15/23 | 200 | 200 | ||||||
| 5.625%, 01/15/22 | 175 | 174 | ||||||
| Latina Offshore | ||||||||
| 8.875%, 07/03/18(A) (E) | 3,000 | 2,370 | ||||||
| Nostrum Oil & Gas Finance | ||||||||
| 8.000%, 07/25/22 | 7,180 | 7,375 | ||||||
| NuStar Logistics | ||||||||
| 5.625%, 04/28/27 | 1,200 | 1,164 | ||||||
| Oasis Petroleum | ||||||||
| 6.875%, 03/15/22 | 650 | 659 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| 6.875%, 01/15/23 | $ | 175 | $ | 177 | ||||
| 6.500%, 11/01/21 | 450 | 457 | ||||||
| Odebrecht Drilling Norbe VIII | ||||||||
| 7.350% cash/0% PIK, 12/01/26 | — | — | ||||||
| 6.350%, 12/01/21 | 6,533 | 6,370 | ||||||
| Odebrecht Offshore Drilling Finance | ||||||||
| 7.720% cash/0% PIK, 12/01/26 | 1 | — | ||||||
| 6.720%, 12/01/22 | 206 | 198 | ||||||
| Odebrecht Oil & Gas Finance | ||||||||
| 0.000%, 03/01/66(D) | 1 | — | ||||||
| Offshore Drilling Holding | ||||||||
| 8.375%, 09/20/20 | 8,395 | 4,239 | ||||||
| Oilflow SPV 1 DAC | ||||||||
| 12.000%, 01/13/22(A) | 7,005 | 7,325 | ||||||
| Parsley Energy | ||||||||
| 6.250%, 06/01/24(A) | 150 | 155 | ||||||
| 5.625%, 10/15/27(A) | 600 | 600 | ||||||
| 5.375%, 01/15/25(A) | 275 | 274 | ||||||
| 5.250%, 08/15/25(A) | 275 | 273 | ||||||
| PDC Energy | ||||||||
| 6.125%, 09/15/24 | 450 | 459 | ||||||
| 5.750%, 05/15/26(A) | 350 | 344 | ||||||
| Petroamazonas EP | ||||||||
| 4.625%, 02/16/20 | 5,510 | 5,367 | ||||||
| 4.625%, 11/06/20 | 2,006 | 1,926 | ||||||
| Petrobras Global Finance | ||||||||
| 8.750%, 05/23/26 | 1,740 | 2,050 | ||||||
| 8.375%, 12/10/18 | 65 | 67 | ||||||
| 7.375%, 01/17/27 | 1,000 | 1,084 | ||||||
| 6.875%, 01/20/40 | 14,655 | 14,468 | ||||||
| 6.850%, 06/05/15 (L) | 13,613 | 12,932 | ||||||
| Petroleos de Venezuela | ||||||||
| 9.750%, 05/17/35(B) | 8,689 | 2,711 | ||||||
| 8.500%, 10/27/20(B) | 17,130 | 14,714 | ||||||
| 6.000%, 05/16/24(B) | 4,000 | 1,090 | ||||||
| 6.000%, 11/15/26(B) | 21,000 | 5,644 | ||||||
| Petroleos Mexicanos | ||||||||
| 7.190%, 09/12/24 | MXN | 13,000 | 645 | |||||
| Precision Drilling | ||||||||
| 7.750%, 12/15/23 | 775 | 805 | ||||||
| 7.125%, 01/15/26(A) | 200 | 198 | ||||||
| 6.500%, 12/15/21 | 148 | 149 | ||||||
| Puma International Financing | ||||||||
| 5.000%, 01/24/26 | 300 | 287 | ||||||
| QEP Resources | ||||||||
| 5.625%, 03/01/26 | 275 | 260 | ||||||
| 5.250%, 05/01/23 | 550 | 529 | ||||||
| QGOG Atlantic | ||||||||
| 5.250%, 07/30/18 | 921 | 902 | ||||||
| QGOG Constellation | ||||||||
| 9.500%, 11/09/24 | 20,473 | 9,940 | ||||||
| Range Resources | ||||||||
| 5.000%, 03/15/23 | 250 | 240 | ||||||
| 4.875%, 05/15/25 | 772 | 716 | ||||||
| RSP Permian | ||||||||
| 6.625%, 10/01/22 | 625 | 653 | ||||||
| 5.250%, 01/15/25 | 425 | 439 | ||||||
| SEPLAT Petroleum Development | ||||||||
| 9.250%, 04/01/23 | 9,600 | 9,576 | ||||||
| Shelf Drilling Holdings | ||||||||
| 8.250%, 02/15/25(A) | 400 | 401 | ||||||
| SM Energy | ||||||||
| 6.750%, 09/15/26 | 300 | 297 | ||||||
| 6.500%, 01/01/23 | 400 | 397 | ||||||
| 5.625%, 06/01/25 | 250 | 237 | ||||||
| 5.000%, 01/15/24 | 175 | 162 | ||||||
| Southwestern Energy | ||||||||
| 7.750%, 10/01/27 | 1,125 | 1,145 | ||||||
| 7.500%, 04/01/26 | 175 | 177 | ||||||
| 4.100%, 03/15/22 | 625 | 598 | ||||||
| SRC Energy | ||||||||
| 6.250%, 12/01/25(A) | 925 | 927 | ||||||
| Summit Midstream Holdings | ||||||||
| 5.750%, 04/15/25 | 1,275 | 1,214 | ||||||
| 5.500%, 08/15/22 | 1,600 | 1,560 | ||||||
| Sunoco | ||||||||
| 5.875%, 03/15/28(A) | 325 | 314 | ||||||
| 5.500%, 02/15/26(A) | 325 | 314 | ||||||
| 4.875%, 01/15/23(A) | 75 | 72 | ||||||
| Targa Resources Partners | ||||||||
| 5.375%, 02/01/27 | 1,075 | 1,071 | ||||||
| 5.250%, 05/01/23 | 500 | 504 | ||||||
| 5.125%, 02/01/25 | 225 | 224 | ||||||
| 5.000%, 01/15/28(A) | 600 | 572 | ||||||
| TransMontaigne Partners | ||||||||
| 6.125%, 02/15/26 | 175 | 175 | ||||||
| Tullow Oil | ||||||||
| 7.000%, 03/01/25 | 2,550 | 2,550 | ||||||
| Tupras Turkiye Petrol Rafinerileri | ||||||||
| 4.125%, 05/02/18 | 5,700 | 5,696 | ||||||
| Ultra Resources | ||||||||
| 7.125%, 04/15/25(A) | 750 | 619 | ||||||
| 6.875%, 04/15/22(A) | 225 | 196 | ||||||
| Whiting Petroleum | ||||||||
| 6.625%, 01/15/26(A) | 200 | 202 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| 6.250%, 04/01/23 | $ | 800 | $ | 810 | ||||
| WPX Energy | ||||||||
| 8.250%, 08/01/23 | 275 | 308 | ||||||
| 7.500%, 08/01/20 | 51 | 55 | ||||||
| 6.000%, 01/15/22 | 300 | 308 | ||||||
| 5.250%, 09/15/24 | 700 | 689 | ||||||
| YPF | ||||||||
| 8.875%, 12/19/18 | 1,500 | 1,556 | ||||||
| 8.500%, 07/28/25 | 2,990 | 3,300 | ||||||
| 7.000%, 12/15/47 | 2,400 | 2,158 | ||||||
| 6.950%, 07/21/27 | 7,730 | 7,781 | ||||||
| YPF, MTN | ||||||||
| 27.125%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/20 | 1,000 | 798 | ||||||
| Total Petroleum & Fuel Products | 259,694 | |||||||
| Phys Practice Mgmnt [0.0%] | ||||||||
| MEDNAX | ||||||||
| 5.250%, 12/01/23(A) | 200 | 201 | ||||||
| Platinum [0.2%] | ||||||||
| Stillwater Mining | ||||||||
| 7.125%, 06/27/25 | 2,000 | 2,014 | ||||||
| 6.125%, 06/27/22 | 3,000 | 2,988 | ||||||
| Total Platinum | 5,002 | |||||||
| Precious Metals [0.0%] | ||||||||
| Coeur Mining | ||||||||
| 5.875%, 06/01/24 | 975 | 970 | ||||||
| Quarrying [0.0%] | ||||||||
| Compass Minerals International | ||||||||
| 4.875%, 07/15/24(A) | 1,200 | 1,177 | ||||||
| Radio [0.2%] | ||||||||
| CBS Radio | ||||||||
| 7.250%, 11/01/24(A) | 775 | 790 | ||||||
| Sirius XM Radio | ||||||||
| 6.000%, 07/15/24(A) | 975 | 1,002 | ||||||
| 5.375%, 04/15/25(A) | 1,250 | 1,241 | ||||||
| 5.375%, 07/15/26(A) | 525 | 518 | ||||||
| 5.000%, 08/01/27(A) | 75 | 71 | ||||||
| 4.625%, 05/15/23(A) | 1,250 | 1,230 | ||||||
| Urban One | ||||||||
| 9.250%, 02/15/20(A) (E) | 900 | 873 | ||||||
| 7.375%, 04/15/22(A) | 1,150 | 1,138 | ||||||
| Total Radio | 6,863 | |||||||
| Real Estate Investment Trusts [0.0%] | ||||||||
| Iron Mountain | ||||||||
| 5.750%, 08/15/24 | 475 | 460 | ||||||
| MGM Growth Properties Operating Partnership | ||||||||
| 5.625%, 05/01/24 | 425 | 438 | ||||||
| VICI Properties 1 | ||||||||
| 8.000%, 10/15/23 | 208 | 230 | ||||||
| Total Real Estate Investment Trusts | 1,128 | |||||||
| Real Estate Oper/Develop [0.8%] | ||||||||
| Central China Real Estate | ||||||||
| 8.750%, 01/23/21 | 970 | 1,024 | ||||||
| China Evergrande Group | ||||||||
| 7.500%, 06/28/23 | 4,375 | 4,275 | ||||||
| Ezdan Sukuk | ||||||||
| 4.375%, 05/18/21 | 2,475 | 2,136 | ||||||
| Haya Finance 2017 | ||||||||
| 5.250%, 11/15/22 | EUR | 3,410 | 4,137 | |||||
| 5.125%, VAR Euribor 3 Month+5.125%, 11/15/22 | EUR | 450 | 543 | |||||
| Kaisa Group Holdings | ||||||||
| 8.500%, 06/30/22 | 3,165 | 2,957 | ||||||
| Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls | ||||||||
| 5.750%, 04/03/28 | 4,000 | 3,984 | ||||||
| Sunac China Holdings | ||||||||
| 7.950%, 08/08/22 | 4,400 | 4,483 | ||||||
| Total Real Estate Oper/Develop | 23,539 | |||||||
| Regional Authority [0.0%] | ||||||||
| Seminole Indian Tribe of Florida | ||||||||
| 7.804%, 10/01/20(A) | 270 | 270 | ||||||
| Research and Development [0.1%] | ||||||||
| Jaguar Holding II | ||||||||
| 6.375%, 08/01/23(A) | 3,575 | 3,615 | ||||||
| Resorts/Theme Parks [0.1%] | ||||||||
| Boyne USA | ||||||||
| 7.250%, 05/01/25(A) | 150 | 154 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Cedar Fair | ||||||||
| 5.375%, 04/15/27(A) | $ | 125 | $ | 124 | ||||
| Six Flags Entertainment | ||||||||
| 5.500%, 04/15/27(A) | 2,450 | 2,425 | ||||||
| 4.875%, 07/31/24(A) | 550 | 536 | ||||||
| Total Resorts/Theme Parks | 3,239 | |||||||
| Retail [1.0%] | ||||||||
| 1011778 BC ULC | ||||||||
| 5.000%, 10/15/25(A) | 2,100 | 1,999 | ||||||
| 4.250%, 05/15/24(A) | 375 | 359 | ||||||
| Albertsons | ||||||||
| 6.625%, 06/15/24 | 825 | 739 | ||||||
| 5.750%, 03/15/25 | 1,600 | 1,365 | ||||||
| Beacon Escrow | ||||||||
| 4.875%, 11/01/25(A) | 175 | 167 | ||||||
| Beacon Roofing Supply | ||||||||
| 6.375%, 10/01/23 | 425 | 446 | ||||||
| Eurotorg Via Bonitron DAC | ||||||||
| 8.750%, 10/30/22 | 9,225 | 9,342 | ||||||
| 8.750%, 10/30/22(A) | 600 | 608 | ||||||
| Ferrellgas | ||||||||
| 6.750%, 01/15/22 | 1,175 | 1,113 | ||||||
| 6.750%, 06/15/23 | 850 | 774 | ||||||
| 6.500%, 05/01/21 | 675 | 646 | ||||||
| Iceland Bondco | ||||||||
| 4.772%, VAR ICE LIBOR GDP 3 Month+4.250%, 07/15/20 | GBP | 169 | 267 | |||||
| KFC Holding | ||||||||
| 5.250%, 06/01/26(A) | 625 | 623 | ||||||
| 5.000%, 06/01/24(A) | 325 | 323 | ||||||
| 4.750%, 06/01/27(A) | 625 | 601 | ||||||
| Michaels Stores | ||||||||
| 5.875%, 12/15/20(A) | 1,500 | 1,519 | ||||||
| New Look Secured Issuer | ||||||||
| 4.500%, VAR Euribor 3 Month+4.500%, 07/01/22 | EUR | 2,000 | 1,175 | |||||
| Party City Holdings | ||||||||
| 6.125%, 08/15/23(A) | 1,650 | 1,681 | ||||||
| PetSmart | ||||||||
| 7.125%, 03/15/23(A) | 2,325 | 1,319 | ||||||
| Rite Aid | ||||||||
| 6.125%, 04/01/23(A) | 1,050 | 1,058 | ||||||
| Sally Holdings | ||||||||
| 5.625%, 12/01/25 | 1,050 | 1,038 | ||||||
| Suburban Propane Partners | ||||||||
| 5.875%, 03/01/27 | 425 | 403 | ||||||
| 5.750%, 03/01/25 | 850 | 816 | ||||||
| 5.500%, 06/01/24 | 1,550 | 1,492 | ||||||
| Total Retail | 29,873 | |||||||
| Rubber & Plastic [0.0%] | ||||||||
| Goodyear Tire & Rubber | ||||||||
| 5.125%, 11/15/23 | 250 | 252 | ||||||
| 5.000%, 05/31/26 | 675 | 656 | ||||||
| Total Rubber & Plastic | 908 | |||||||
| Rubber/Plastic Products [0.0%] | ||||||||
| Gates Global | ||||||||
| 6.000%, 07/15/22(A) | 1,249 | 1,269 | ||||||
| Security Brokers & Dealers [1.1%] | ||||||||
| Bank of America | ||||||||
| 2.741%, VAR ICE LIBOR USD 3 Month+1.000%, 04/24/23 | 10,000 | 10,072 | ||||||
| JPMorgan Chase | ||||||||
| 2.645%, VAR ICE LIBOR USD 3 Month+0.900%, 04/25/23 | 10,000 | 10,037 | ||||||
| NFP | ||||||||
| 6.875%, 07/15/25(A) | 1,525 | 1,513 | ||||||
| UBS Group Funding Switzerland | ||||||||
| 3.303%, VAR ICE LIBOR USD 3 Month+1.530%, 02/01/22(A) | 10,000 | 10,307 | ||||||
| Total Security Brokers & Dealers | 31,929 | |||||||
| Semi-Conductors [0.1%] | ||||||||
| Entegris | ||||||||
| 4.625%, 02/10/26(A) | 1,225 | 1,195 | ||||||
| Sensata Technologies | ||||||||
| 5.000%, 10/01/25(A) | 300 | 295 | ||||||
| Sensata Technologies UK Financing | ||||||||
| 6.250%, 02/15/26(A) | 225 | 236 | ||||||
| Tunghsu Venus Holdings | ||||||||
| 7.000%, 06/12/20 | 3,105 | 2,663 | ||||||
| Total Semi-Conductors | 4,389 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 69
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Software Tools [0.1%] | ||||||||
| RP Crown Parent | ||||||||
| 7.375%, 10/15/24(A) | $ | 1,850 | $ | 1,915 | ||||
| Steel & Steel Works [0.7%] | ||||||||
| CSN Resources | ||||||||
| 6.500%, 07/21/20 | 12,038 | 11,687 | ||||||
| Metinvest | ||||||||
| 9.373% cash/9.372% PIK, 12/31/21 | 6,438 | 6,736 | ||||||
| Steel Dynamics | ||||||||
| 5.500%, 10/01/24 | 900 | 928 | ||||||
| 5.250%, 04/15/23 | 125 | 126 | ||||||
| 5.125%, 10/01/21 | 225 | 229 | ||||||
| 5.000%, 12/15/26 | 225 | 225 | ||||||
| Total Steel & Steel Works | 19,931 | |||||||
| Telecommunication Equip [0.2%] | ||||||||
| CommScope | ||||||||
| 5.500%, 06/15/24(A) | 300 | 306 | ||||||
| CommScope Technologies | ||||||||
| 6.000%, 06/15/25(A) | 950 | 989 | ||||||
| HTA Group | ||||||||
| 9.125%, 03/08/22 | 3,035 | 3,213 | ||||||
| Total Telecommunication Equip | 4,508 | |||||||
| Telephones & Telecommunications [4.0%] | ||||||||
| Banglalink Digital Communications | ||||||||
| 8.625%, 05/06/19 | 16,870 | 17,283 | ||||||
| Bulgarian Telecommunications EAD, MTN | ||||||||
| 6.625%, 11/15/18 | EUR | 2,639 | 3,247 | |||||
| Digicel | ||||||||
| 6.000%, 04/15/21 | 19,135 | 17,969 | ||||||
| Digicel Group | ||||||||
| 8.250%, 09/30/20 | 18,915 | 16,322 | ||||||
| 8.250%, 09/30/20(A) | 200 | 172 | ||||||
| 7.125%, 04/01/22 | 16,617 | 12,961 | ||||||
| GTH Finance | ||||||||
| 7.250%, 04/26/23 | 5,440 | 5,915 | ||||||
| Intelsat Jackson Holdings | ||||||||
| 9.750%, 07/15/25(A) | 525 | 490 | ||||||
| 8.000%, 02/15/24(A) | 800 | 841 | ||||||
| 7.500%, 04/01/21 | 1,475 | 1,336 | ||||||
| 7.250%, 10/15/20 | 500 | 463 | ||||||
| 5.500%, 08/01/23 | 1,625 | 1,308 | ||||||
| Liquid Telecommunications Financing | ||||||||
| 8.500%, 07/13/22 | 3,920 | 4,115 | ||||||
| Matterhorn Telecom | ||||||||
| 4.000%, 11/15/27 | EUR | 385 | 455 | |||||
| Matterhorn Telecom, MTN | ||||||||
| 3.250%, VAR Euribor 3 Month+3.250%, 02/01/23 | EUR | 143 | 176 | |||||
| Mauritius Investment | ||||||||
| 5.373%, 02/13/22 | 14 | 14 | ||||||
| Maxcom Telecomunicaciones | ||||||||
| 8.000%, 06/15/18(C) | 7,000 | 5,985 | ||||||
| Sable International Finance | ||||||||
| 6.875%, 08/01/22 | 7,775 | 8,144 | ||||||
| Sixsigma Networks Mexico | ||||||||
| 8.250%, 11/07/21 | 25 | 26 | ||||||
| Sprint | ||||||||
| 7.875%, 09/15/23 | 3,300 | 3,366 | ||||||
| 7.625%, 02/15/25 | 1,250 | 1,228 | ||||||
| 7.625%, 03/01/26 | 375 | 366 | ||||||
| 7.125%, 06/15/24 | 500 | 488 | ||||||
| Sprint Capital | ||||||||
| 6.875%, 11/15/28 | 1,325 | 1,236 | ||||||
| Sprint Communications | ||||||||
| 6.000%, 11/15/22 | 1,300 | 1,276 | ||||||
| T-Mobile USA | ||||||||
| 6.836%, 04/28/23 | 1,500 | 1,552 | ||||||
| 6.625%, 04/01/23 | 1,450 | 1,498 | ||||||
| 6.500%, 01/15/24 | 700 | 733 | ||||||
| 6.500%, 01/15/26 | 400 | 425 | ||||||
| 6.375%, 03/01/25 | 575 | 601 | ||||||
| 6.000%, 04/15/24 | 550 | 573 | ||||||
| 4.750%, 02/01/28 | 650 | 625 | ||||||
| 4.500%, 02/01/26 | 400 | 384 | ||||||
| VEON Holdings BV | ||||||||
| 5.200%, 02/13/19 | 6,800 | 6,888 | ||||||
| Total Telephones & Telecommunications | 118,461 | |||||||
| Textile-Home Furnishings [0.0%] | ||||||||
| Springs Industries | ||||||||
| 6.250%, 06/01/21 | 500 | 507 | ||||||
| Textile-Products [0.1%] | ||||||||
| Golden Legacy Pte. Ltd. | ||||||||
| 8.250%, 06/07/21 | 3,525 | 3,746 | ||||||
| Grupo Kaltex | ||||||||
| 8.875%, 04/11/22 | 140 | 117 | ||||||
| Total Textile-Products | 3,863 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Transactional Software [0.1%] | ||||||||
| Solera | ||||||||
| 10.500%, 03/01/24(A) | $ | 1,775 | $ | 1,975 | ||||
| Transportation Services [0.5%] | ||||||||
| Hacienda Investments Via DME Airport DAC | ||||||||
| 6.000%, 11/26/18 | 5,100 | 5,153 | ||||||
| KOC Holding | ||||||||
| 5.250%, 03/15/23 | 1,000 | 1,004 | ||||||
| Sabre GLBL | ||||||||
| 5.375%, 04/15/23(A) | 850 | 857 | ||||||
| Ukraine Railways via Shortline | ||||||||
| 9.875%, 09/15/21 | 6,500 | 6,882 | ||||||
| VOC Escrow | ||||||||
| 5.000%, 02/15/28(A) | 500 | 475 | ||||||
| Total Transportation Services | 14,371 | |||||||
| Transport-Equip and Leasng [0.1%] | ||||||||
| Avolon Holdings Funding | ||||||||
| 5.500%, 01/15/23(A) | 100 | 99 | ||||||
| Park Aerospace Holdings | ||||||||
| 5.500%, 02/15/24(A) | 2,925 | 2,837 | ||||||
| 5.250%, 08/15/22(A) | 250 | 245 | ||||||
| 4.500%, 03/15/23(A) | 250 | 237 | ||||||
| Total Transport-Equip and Leasng | 3,418 | |||||||
| Waste Disposal [0.0%] | ||||||||
| Wrangler Buyer | ||||||||
| 6.000%, 10/01/25(A) | 475 | 467 | ||||||
| Water Treatment Systems [0.0%] | ||||||||
| Core & Main | ||||||||
| 6.125%, 08/15/25(A) | 550 | 538 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $1,341,605) | 1,329,541 | |||||||
| Loan Participations [27.4%] | ||||||||
| Aerospace [0.3%] | ||||||||
| Aerojet Rocketdyne Holdings, 1st Lien | ||||||||
| 4.127%, 06/17/21(F) | 730 | 723 | ||||||
| Dae Aviation Holdings, Term Loan B, 1st Lien | ||||||||
| 5.630%, VAR LIBOR+3.750%, 07/07/22 | 2,399 | 2,418 | ||||||
| Engility, Term Loan B-1, 1st Lien | ||||||||
| 4.398%, 08/04/20(F) | 865 | 865 | ||||||
| Engility, Term Loan B-2, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+3.250%, 08/14/23 | 1,919 | 1,917 | ||||||
| Excelitas Technologies, 2nd Lien | ||||||||
| 9.161%, 11/15/25(F) | 115 | 117 | ||||||
| Excelitas Technologies, Term Loan B, 1st Lien | ||||||||
| 5.161%, 11/15/24(F) | 150 | 151 | ||||||
| MB Aerospace, Cov-Lite, 1st Lien | ||||||||
| 5.377%, 12/13/24(F) | 190 | 191 | ||||||
| TransDigm Inc., Term Loan E, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 05/14/22 | 1,114 | 1,117 | ||||||
| TransDigm Inc., Term Loan F, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 06/09/23 | 1,221 | 1,224 | ||||||
| WP CPP Holdings, Term Loan B-3, 1st Lien | ||||||||
| 5.272%, VAR LIBOR+3.500%, 12/28/19 | 830 | 828 | ||||||
| Total Aerospace | 9,551 | |||||||
| Aerospace/Defense [0.0%] | ||||||||
| Sequa Mezzanine Holdings L.L.C., Initial Term Loan, 1st Lien | ||||||||
| 7.071%, VAR LIBOR+5.500%, 11/28/21 | 746 | 755 | ||||||
| Sequa, Term Loan, 2nd Lien | ||||||||
| 10.753%, VAR LIBOR+9.000%, 04/28/22 | 185 | 187 | ||||||
| Total Aerospace/Defense | 942 | |||||||
| Airlines [0.1%] | ||||||||
| Air Canada, Term Loan B, 1st Lien | ||||||||
| 3.984%, 10/06/23 | 1,257 | 1,262 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| American Airlines, Inc., Class B Term Loan, 1st Lien | ||||||||
| 3.777%, VAR LIBOR+2.000%, 12/14/23 | $ | 652 | $ | 652 | ||||
| American Airlines, Term Loan B, 1st Lien | ||||||||
| 3.740%, VAR LIBOR+2.000%, 10/10/21 | 490 | 491 | ||||||
| 3.648%, VAR LIBOR+2.000%, 04/28/23(G) | 985 | 985 | ||||||
| Total Airlines | 3,390 | |||||||
| Automotive [0.3%] | ||||||||
| American Axle & Manufacturing, 1st Lien | ||||||||
| 4.130%, VAR LIBOR+2.250%, 04/06/24 | 1,721 | 1,728 | ||||||
| APCOA, Term Loan B, 1st Lien | ||||||||
| 3.750%, 03/08/24(F) | EUR | 2,000 | 2,463 | |||||
| CWGS Group, LLC, Term Loan B, 1st Lien | ||||||||
| 4.702%, VAR LIBOR+3.000%, 11/08/23 | 1,865 | 1,869 | ||||||
| K&N Parent, Cov-Lite, 1st Lien | ||||||||
| 6.627%, VAR LIBOR+4.750%, 10/20/23 | 242 | 242 | ||||||
| K&N Parent, Cov-Lite, 2nd Lien | ||||||||
| 10.627%, VAR LIBOR+8.750%, 10/19/24 | 80 | 78 | ||||||
| Navistar, Inc., Tranche B Term Loan, 1st Lien | ||||||||
| 5.210%, VAR LIBOR+3.500%, 11/06/24 | 835 | 839 | ||||||
| Tower Automotive Holdings USA, LLC, Initial Term Loan, 1st Lien | ||||||||
| 4.500%, VAR LIBOR+2.750%, 03/07/24 | 1,069 | 1,068 | ||||||
| Trinseo Materials Operating S.C.A. (fka Styron S.A.R.L), Term B Loan, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 09/06/24 | 781 | 784 | ||||||
| Total Automotive | 9,071 | |||||||
| Beverage and Tobacco [0.2%] | ||||||||
| Refresco, Term Loan B, 1st Lien | ||||||||
| 3.500%, 09/27/24(G) | EUR | 1,000 | 1,400 | |||||
| 0.000%, 12/13/24(F) (G) | EUR | 1,000 | 1,401 | |||||
| 3.500%, 09/26/24(G) | EUR | 1,500 | 1,842 | |||||
| 0.000%, 12/13/24(F) (G) | EUR | 1,500 | 1,841 | |||||
| Total Beverage and Tobacco | 6,484 | |||||||
| Broadcast, Radio and Television [0.1%] | ||||||||
| M7 Group S.A., Term Loan B, 1st Lien | ||||||||
| 3.750%, 12/20/24(F) | EUR | 885 | 1,073 | |||||
| NEP Europe Finco B.V., 1st Lien | ||||||||
| 3.750%, 01/03/24(F) | EUR | 1,481 | 1,827 | |||||
| Total Broadcast, Radio and Television | 2,900 | |||||||
| Broadcasting [0.1%] | ||||||||
| Quincy Newspapers, Term Loan B, 1st Lien | ||||||||
| 5.130%, 10/19/22(F) | 401 | 403 | ||||||
| Sinclair Broadcasting Group, Term Loan B, 1st Lien | ||||||||
| 0.000%, 12/12/24(F) (G) | 1,415 | 1,420 | ||||||
| Tribune Media, Term Loan B, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 12/27/20 | 100 | 100 | ||||||
| Total Broadcasting | 1,923 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Building Materials [0.3%] | ||||||||
| American Builders & Contractors Supply Co., Inc., Additional Term B-1 Loan, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 10/31/23 | $ | 1,282 | $ | 1,284 | ||||
| Fairmount Santrol Inc. (fka Fairmount Minerals, Ltd.), Initial Term Loan, 1st Lien | ||||||||
| 7.693%, VAR LIBOR+6.000%, 11/01/22 | 1,068 | 1,079 | ||||||
| Financière Dry Mix Solutions S.A.S., Facility B, 1st Lien | ||||||||
| 3.500%, 03/01/24(F) | EUR | 1,500 | 1,845 | |||||
| LSF10 XL Bidco S.C.A., Facility B, 1st Lien | ||||||||
| 4.000%, VAR Euribor+0.040%, 04/11/24 | EUR | 902 | 1,108 | |||||
| Summit Materials LLC, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 11/11/24 | 2,499 | 2,514 | ||||||
| U.S. Silica Company, Initial Incremental Term Loan, 1st Lien | ||||||||
| 5.250%, VAR LIBOR+3.500%, 07/23/20 | 835 | 836 | ||||||
| U.S. Silica Company, Term Loan, 1st Lien | ||||||||
| 4.938%, VAR LIBOR+3.000%, 07/23/20 | 713 | 714 | ||||||
| WKI Holding Company, Inc., Initial Loan, 1st Lien | ||||||||
| 5.773%, VAR LIBOR+4.000%, 05/01/24 | 157 | 157 | ||||||
| Total Building Materials | 9,537 | |||||||
| Business Equipment and Services [1.2%] | ||||||||
| Accelya, 1st Lien | ||||||||
| 4.250%, 03/29/24(F) (G) | 2,000 | 1,990 | ||||||
| Callcredit, Facility B, 1st Lien | ||||||||
| 4.900%, 02/12/21(F) | GBP | 2,644 | 3,702 | |||||
| Civica, Cov-Lite, 1st Lien | ||||||||
| 4.750%, 10/10/24(F) (G) | GBP | 1,500 | 2,106 | |||||
| Colour Bidco (NGA UK), Term Loan B, 1st Lien | ||||||||
| 5.250%, 11/22/24(F) (G) | GBP | 1,500 | 2,054 | |||||
| ERM, 1st Lien | ||||||||
| 8.693%, 05/31/22(F) | 1,000 | 965 | ||||||
| ERM, Facility B1, 1st Lien | ||||||||
| 6.453%, 05/14/21(F) | 3,471 | 3,460 | ||||||
| First Names Group, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/07/25(F) (G) | EUR | 1,000 | 1,230 | |||||
| Independent Vet Care, Facility B, 1st Lien | ||||||||
| 4.991%, 01/26/24(F) | GBP | 1,000 | 1,403 | |||||
| Independent Vet Care, Facility C1, 1st Lien | ||||||||
| 3.750%, 01/26/24(F) | EUR | 1,500 | 1,846 | |||||
| LGC, Facility B4, 1st Lien | ||||||||
| 3.250%, 03/08/23(F) | EUR | 1,285 | 1,579 | |||||
| PHS, Facility A1, 1st Lien | ||||||||
| 6.250%, 12/20/21(F) | GBP | 1,697 | 2,390 | |||||
| QA, 1st Lien | ||||||||
| 5.521%, 07/26/24(F) | GBP | 3,000 | 4,172 | |||||
| Raet, 1st Lien | ||||||||
| 3.500%, 04/09/21(F) | EUR | 1,500 | 1,843 | |||||
| Trescal, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/14/25(F) (G) | EUR | 1,000 | 1,226 | |||||
| Unit4, 1st Lien | ||||||||
| 4.500%, VAR Euribor+0.045%, 09/17/21 | EUR | 1,000 | 1,231 | |||||
| Webhelp, 1st Lien | ||||||||
| 3.500%, 03/16/23(F) | EUR | 1,000 | 1,231 | |||||
| Webhelp, Term Loan B3, 1st Lien | ||||||||
| 4.830%, 03/16/23(F) | GBP | 1,500 | 2,106 | |||||
| Total Business Equipment and Services | 34,534 | |||||||
| Cable/Wireless Video [0.7%] | ||||||||
| Altice Financing, 1st Lien | ||||||||
| 4.470%, 01/06/26(F) | 1,581 | 1,550 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Altice Financing, Term Loan B, 1st Lien | ||||||||
| 4.470%, VAR LIBOR+2.750%, 07/15/25 | $ | 1,161 | $ | 1,136 | ||||
| Altice US Finance I Corporation, Refinancing Term Loan, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 07/25/28 | 2,663 | 2,657 | ||||||
| Atlantic Broadband, Cov-Lite, 1st Lien | ||||||||
| 4.252%, 08/09/24(G) | 1,785 | 1,786 | ||||||
| Charter Comm Operating, LLC, Term Loan B, 1st Lien | ||||||||
| 3.880%, VAR LIBOR+2.000%, 04/30/25 | 6,918 | 6,941 | ||||||
| Liberty Cablevision of Puerto Rico, Term Loan, 2nd Lien | ||||||||
| 8.470%, 06/26/23(F) | 112 | 102 | ||||||
| Quebecor Media, Term Loan B, 1st Lien | ||||||||
| 4.089%, VAR LIBOR+2.250%, 08/17/20 | 2,203 | 2,206 | ||||||
| Radiate Hold, Term Loan B, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 02/01/24 | 1,293 | 1,285 | ||||||
| Telenet Financing, 1st Lien | ||||||||
| 4.277%, VAR LIBOR+2.500%, 03/02/26 | 560 | 563 | ||||||
| Unitymedia Hessen GmbH & Co. KG, Facility B, 1st Lien | ||||||||
| 4.027%, VAR LIBOR+2.250%, 09/30/25 | 1,765 | 1,761 | ||||||
| Unitymedia, Term Loan D, 1st Lien | ||||||||
| 4.027%, 01/15/26(F) (G) | 610 | 609 | ||||||
| Total Cable/Wireless Video | 20,596 | |||||||
| Chemical/Plastics [0.3%] | ||||||||
| Angus Chemical, Term B-1 Loan, 1st Lien | ||||||||
| 4.500%, 02/02/22(F) | EUR | 975 | 1,201 | |||||
| FLINT(fka BASF) (aka ColourOz), 1st Lien | ||||||||
| 4.741%, 09/07/21(F) | 412 | 387 | ||||||
| Kraton Polymers, Term Loan B, 1st Lien | ||||||||
| 4.377%, 03/05/25 | 900 | 905 | ||||||
| Novacap, 1st Lien | ||||||||
| 3.500%, 06/22/23(F) | EUR | 2,499 | 3,071 | |||||
| Oxea, Cov-Lite, 1st Lien | ||||||||
| 5.250%, 09/27/24(F) | EUR | 539 | 541 | |||||
| 3.750%, 09/29/23(F) | EUR | 1,500 | 1,845 | |||||
| W.R. Grace, 1st Lien | ||||||||
| 1.750%, 02/21/25 | 979 | 982 | ||||||
| W.R. Grace, Term Loan B1, 1st Lien | ||||||||
| 1.750%, 02/21/25 | 571 | 573 | ||||||
| Total Chemical/Plastics | 9,505 | |||||||
| Chemicals [1.4%] | ||||||||
| Albaugh, Term Loan B, 1st Lien | ||||||||
| 5.387%, 12/23/24(F) | 1,781 | 1,797 | ||||||
| Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-1 Term Loan, 1st Lien | ||||||||
| 3.250%, VAR Euribor+0.033%, 09/13/23 | EUR | 1,478 | 1,816 | |||||
| Alpha 3, Cov-Lite, Term Loan B-1, 1st Lien | ||||||||
| 5.302%, VAR LIBOR+3.000%, 01/31/24 | 377 | 380 | ||||||
| ASP Chromaflo Intermediate Holdings, Term Loan B-1, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+4.000%, 11/20/23 | 728 | 733 | ||||||
| ASP Chromaflo Intermediate Holdings, Term Loan B-2, 1st Lien | ||||||||
| 5.148%, VAR LIBOR+4.000%, 11/20/23 | 950 | 953 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-2 Dollar Loan, 1st Lien | ||||||||
| 4.302%, VAR LIBOR+2.000%, 06/01/24 | $ | — | $ | — | ||||
| Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien | ||||||||
| 4.741%, 09/07/21(F) | 2,491 | 2,340 | ||||||
| Emerald Performance Materials, LLC, Initial Term Loan, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 07/30/21 | 118 | 119 | ||||||
| Emerald Performance Materials, LLC, Term Loan, 2nd Lien | ||||||||
| 9.627%, 08/01/22(F) | 1,945 | 1,942 | ||||||
| Ferro, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.377%, 02/08/24(F) | 782 | 785 | ||||||
| Gemini HDPE LLC, Term Loan B, 1st Lien | ||||||||
| 4.280%, VAR LIBOR+3.000%, 08/06/21 | 1,800 | 1,807 | ||||||
| H.B. Fuller Company, Commitment, 1st Lien | ||||||||
| 4.072%, VAR LIBOR+2.250%, 10/20/24 | 2,070 | 2,079 | ||||||
| HD Supply Waterworks, LTD., Initial Term Loan, 1st Lien | ||||||||
| 5.006%, VAR LIBOR+3.000%, 08/01/24 | 224 | 226 | ||||||
| Ineos Styrolution Group GmbH, Term Loan B, 1st Lien | ||||||||
| 3.994%, 03/29/24(F) | 1,060 | 1,062 | ||||||
| Ineos, Term Loan B, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.000%, 03/31/24 | 7,122 | 7,136 | ||||||
| MacDermid, Incorporated (Platform Specialty Products Corporation), Euro Tranche C-6 Term Loan, 1st Lien | ||||||||
| 3.250%, 06/07/20(F) | EUR | 2,077 | 2,564 | |||||
| MacDermid, Incorporated (Platform Specialty Products Corporation), Tranche B-6 Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 06/07/23 | 531 | 534 | ||||||
| MacDermid, Incorporated (Platform Specialty Products Corporation), Tranche B-7 Term Loan, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 06/07/20 | 666 | 668 | ||||||
| Minerals Technologies Inc., Term Loan B-2, 1st Lien | ||||||||
| 4.750%, 05/07/21(F) | 3,495 | 3,530 | ||||||
| Minerals Technologies, Term Loan B, 1st Lien | ||||||||
| 4.040%, 02/14/24(F) | 2,150 | 2,162 | ||||||
| Plastipak Holdings, Inc., Tranche B Term Loan, 1st Lien | ||||||||
| 4.630%, VAR LIBOR+2.750%, 10/14/24 | 144 | 145 | ||||||
| PQ Corp, 1st Lien | ||||||||
| 4.291%, 01/17/25 | 1,501 | 1,507 | ||||||
| Ravago Holdings America, Term Loan B, 1st Lien | ||||||||
| 5.060%, VAR LIBOR+2.750%, 07/13/23 | 442 | 444 | ||||||
| Reynolds Group Holdings, Incremental US Term Loan, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 02/05/23 | 1,902 | 1,911 | ||||||
| Tronox Limited, Blocked Dollar Term Loan, 1st Lien | ||||||||
| 5.302%, VAR LIBOR+3.000%, 09/23/24 | 546 | 549 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Tronox Limited, Initial Dollar Term Loan, 1st Lien | ||||||||
| 5.302%, VAR LIBOR+3.000%, 09/23/24 | $ | 1,256 | $ | 1,267 | ||||
| Unifrax I LLC, 2nd Lien | ||||||||
| 9.193%, 11/03/25(F) | 370 | 376 | ||||||
| Unifrax I LLC, Term Loan B, 1st Lien | ||||||||
| 5.802%, VAR LIBOR+3.500%, 03/29/24 | 780 | 786 | ||||||
| Univar USA Inc., Term Loan B3, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 07/01/24 | 797 | 802 | ||||||
| Vantage Specialty Chemicals, 2nd Lien | ||||||||
| 10.022%, 10/20/25(F) | 455 | 455 | ||||||
| Vantage Specialty Chemicals, Term Loan B, 2nd Lien | ||||||||
| 6.302%, 10/20/24(F) | 718 | 724 | ||||||
| Venator Finance S.A.R.L. (Venator Materials LLC), Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 08/08/24 | 507 | 510 | ||||||
| Total Chemicals | 42,109 | |||||||
| Computers & Electronics [1.7%] | ||||||||
| AI Avocado B.V., Facility B1 (EUR), 1st Lien | ||||||||
| 4.250%, VAR Euribor+0.043%, 03/17/21 | EUR | 1,000 | 1,230 | |||||
| Almonde, Term Loan, 2nd Lien | ||||||||
| 9.234%, VAR LIBOR+7.250%, 06/13/25 | 225 | 223 | ||||||
| Aretec Group, Term Loan, 2nd Lien | ||||||||
| 2.000%, VAR Prime Rate by Country+4.500%, 05/23/21 | 1,795 | 1,796 | ||||||
| Ascend Learning, LLC, Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.250%, 07/12/24 | 363 | 364 | ||||||
| Blackboard, Term Loan B-4, 1st Lien | ||||||||
| 6.734%, VAR LIBOR+5.000%, 06/30/21 | 629 | 584 | ||||||
| Cavium, Term Loan B, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 08/16/22 | 634 | 634 | ||||||
| CCC Information, Term Loan B, 1st Lien | ||||||||
| 4.880%, VAR LIBOR+3.000%, 04/29/24 | 591 | 592 | ||||||
| Colorado Buyer, 2nd Lien | ||||||||
| 9.030%, VAR LIBOR+7.250%, 05/01/25 | 295 | 295 | ||||||
| Colorado Buyer, Term Loan B, 1st Lien | ||||||||
| 4.780%, VAR LIBOR+3.000%, 05/01/24 | 387 | 387 | ||||||
| ConvergeOne Holdings Corp., Term Loan Facility, 1st Lien | ||||||||
| 6.630%, VAR LIBOR+4.750%, 06/20/24 | 437 | 437 | ||||||
| Dell International L.L.C. (EMC Corporation), Refinancing Term Loan B, 1st Lien | ||||||||
| 3.880%, VAR LIBOR+2.000%, 09/07/23 | 4,657 | 4,661 | ||||||
| Dell International L.L.C. (EMC Corporation), Replacement Term Loan A-3, 1st Lien | ||||||||
| 3.380%, VAR LIBOR+1.500%, 12/31/18 | 1,587 | 1,585 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Diebold Nixdorf, Incorporated (f/k/a Diebold, Incorporated),Term Loan B, 1st Lien | ||||||||
| 4.500%, VAR LIBOR+2.750%, 11/06/23 | $ | 376 | $ | 376 | ||||
| EIG Investors Corp., Refinancing Loan, 1st Lien | ||||||||
| 5.956%, VAR LIBOR+4.000%, 02/09/23 | 543 | 546 | ||||||
| First Data Corporation, 1st Lien | ||||||||
| 4.122%, VAR LIBOR+2.250%, 07/08/22 | 6,874 | 6,884 | ||||||
| 4.122%, VAR LIBOR+2.250%, 04/26/24 | 3,590 | 3,594 | ||||||
| Help/Systems Holdings, Inc., Refinancing Term Loan, 1st Lien | ||||||||
| 6.193%, VAR LIBOR+4.500%, 10/08/21 | — | — | ||||||
| Help/Systems, 1st Lien | ||||||||
| 0.000%, 03/22/25(G) | 265 | 265 | ||||||
| Infor (US), Inc. (fka Lawson Software Inc.), Euro Tranche B-2 Loan, 1st Lien | ||||||||
| 3.250%, 02/01/22(F) | EUR | 1,990 | 2,447 | |||||
| Internap Corporation, Initial Term Loan, 1st Lien | ||||||||
| 8.720%, VAR LIBOR+7.000%, 04/06/22 | 569 | 571 | ||||||
| Ivanti Software, Inc. (fka LANDesk Group, Inc.), 1st Lien | ||||||||
| 6.130%, VAR LIBOR+4.250%, 01/20/24 | 412 | 403 | ||||||
| Lionbridge Technologies, Inc., Initial Term Loan, 1st Lien | ||||||||
| 7.377%, VAR LIBOR+5.500%, 02/06/24 | 446 | 445 | ||||||
| MaxLinear, Inc., Initial Term B Loan, Cov-Lite, 1st Lien | ||||||||
| 4.277%, VAR LIBOR+2.500%, 05/13/24 | 318 | 318 | ||||||
| McAfee, LLC, 1st Lien | ||||||||
| 6.377%, VAR LIBOR+4.500%, 09/30/24 | 1,363 | 1,376 | ||||||
| Micro Focus, MA Finance, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 06/21/24 | 202 | 200 | ||||||
| Micro Focus, Seattle Spin, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 06/21/24 | 1,363 | 1,347 | ||||||
| Misys Limited, Dollar Term Loan | ||||||||
| 5.484%, VAR LIBOR+3.500%, 06/13/24 | 776 | 775 | ||||||
| Peak 10 Holding Corporation, Initial Term Loan, 1st Lien | ||||||||
| 5.802%, VAR LIBOR+3.500%, 08/01/24 | 995 | 997 | ||||||
| Peak 10 Holding Corporation, Initial Term Loan, 2nd Lien | ||||||||
| 9.023%, VAR LIBOR+7.250%, 07/24/25 | 180 | 181 | ||||||
| Phoenix BidCo 2 GmbH, Cov-Lite, 1st Lien | ||||||||
| 3.750%, 08/30/24(F) | EUR | 1,000 | 1,229 | |||||
| Phoenix Services International, 1st Lien | ||||||||
| 5.414%, 01/30/25 | 225 | 227 | ||||||
| Salient CRGT Inc., Initial Term Loan, 1st Lien | ||||||||
| 7.627%, LIBOR+5.750%, 02/28/22 | 742 | 747 | ||||||
| Sirius Computer Solutions (SCS), Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 6.127%, VAR LIBOR+4.250%, 10/30/22 | 708 | 714 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| SS&C Technologies Holdings, Inc., Term Loan B, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 07/08/22 | $ | 16 | $ | 16 | ||||
| 4.127%, VAR LIBOR+2.250%, 07/08/22 | 1,375 | 1,381 | ||||||
| SS&C Technologies, Cov-Lite, Term Loan B4, 1st Lien | ||||||||
| 0.000%, 02/28/28(G) | 1,796 | 1,804 | ||||||
| SS&C Technologies, Term Loan B, 1st Lien | ||||||||
| 4.401%, 02/27/25(G) | 5,034 | 5,057 | ||||||
| TIBCO Software Inc., Term Loan B-1, 1st Lien | ||||||||
| 5.380%, VAR LIBOR+3.500%, 12/04/20 | 1,681 | 1,685 | ||||||
| TierPoint, LLC, Initial Term Loan | ||||||||
| 5.627%, VAR LIBOR+3.750%, 04/26/24 | 293 | 288 | ||||||
| Vero Parent, Inc. (Sahara Parent, Inc.), Initial Term Loan, 1st Lien | ||||||||
| 7.302%, VAR LIBOR+5.000%, 08/09/24 | 289 | 289 | ||||||
| Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien | ||||||||
| 5.670%, VAR LIBOR+4.000%, 11/30/23 | 1,289 | 1,294 | ||||||
| Western Digital Corporation, U.S. Term Loan B-3, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.000%, 04/29/23 | 714 | 717 | ||||||
| Western Digital, Term Loan A1, 1st Lien | ||||||||
| 3.377%, 04/29/23 | 2,315 | 2,319 | ||||||
| Total Computers & Electronics | 51,280 | |||||||
| Conglomerates [0.1%] | ||||||||
| Socotec, Cov-Lite, 1st Lien | ||||||||
| 4.500%, 07/20/24(F) | EUR | 1,000 | 1,233 | |||||
| 4.500%, 07/21/23(F) | EUR | 1,000 | 1,399 | |||||
| Total Conglomerates | 2,632 | |||||||
| Construction [0.0%] | ||||||||
| Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien | ||||||||
| 5.995%, VAR LIBOR+4.250%, 06/21/24 | 650 | 655 | ||||||
| Consumer Discretionary [0.1%] | ||||||||
| Aramark, Term Loan, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.000%, 03/11/25 | 653 | 657 | ||||||
| EG Group Limited Euro Garages/EG Group (GBP) Cov-Lite Term Loan, 1st Lien | ||||||||
| 4.750%, 02/07/25 | GBP | 1,504 | 2,097 | |||||
| Wyndham Hotels & Resorts, 1st Lien | ||||||||
| 0.000%, 03/28/25(G) | 640 | 642 | ||||||
| Total Consumer Discretionary | 3,396 | |||||||
| Consumer Durables [0.0%] | ||||||||
| American Bath Group, Replacement Term Loan, 1st Lien | ||||||||
| 6.943%, 09/30/23(F) | 1,193 | 1,205 | ||||||
| Consumer Non-Durables [0.1%] | ||||||||
| Eastman Kodak, 1st Lien | ||||||||
| 8.039%, VAR LIBOR+6.250%, 09/03/19 | 807 | 759 | ||||||
| NBTY (Nature's Bounty), Cov-Lite, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 08/15/24 | 493 | 457 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Parfums Holdings, Term Loan B, 1st Lien | ||||||||
| 7.052%, VAR LIBOR+4.750%, 06/28/24 | $ | 323 | $ | 326 | ||||
| Prestige Brands, Inc., Term B-4 Loan, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.750%, 01/26/24 | 410 | 411 | ||||||
| Varsity Brands (Hercules Achievement), Term Loan B, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 12/09/24 | 788 | 794 | ||||||
| Total Consumer Non-Durables | 2,747 | |||||||
| Containers and Glass Products [0.2%] | ||||||||
| Faerch Plast, Term Loan B1, Cov-Lite, 1st Lien | ||||||||
| 3.500%, 08/15/24(F) | EUR | 2,500 | 3,069 | |||||
| Verallia, Facility B4, 1st Lien | ||||||||
| 2.750%, 10/22/22(F) | EUR | 1,855 | 2,265 | |||||
| Total Containers and Glass Products | 5,334 | |||||||
| Credit Card [0.0%] | ||||||||
| North American Bancard, 1st Lien | ||||||||
| 5.302%, 01/15/25 | 144 | 145 | ||||||
| Diversified Insurance [0.1%] | ||||||||
| CEP II (2011), Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.250%, 12/13/24(F) (G) | EUR | 2,500 | 3,031 | |||||
| Diversified Media [0.8%] | ||||||||
| ALM Media, LLC, Term Loan B, 1st Lien | ||||||||
| 6.802%, 07/29/20(E) (F) | 201 | 171 | ||||||
| Deluxe Entertainment Services Group, 1st Lien | ||||||||
| 7.272%, VAR LIBOR+5.500%, 02/28/20 | 1,787 | 1,766 | ||||||
| Donnelley Financial Solutions, Term Loan B, 1st Lien | ||||||||
| 4.877%, 09/29/23(F) | 216 | 217 | ||||||
| Harland Clarke Holdings, Term Loan B7, Cov-Lite, 1st Lien | ||||||||
| 7.052%, 11/01/23(F) | 12,534 | 12,632 | ||||||
| McGraw-Hill Global Education Holdings LLC, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 5.877%, VAR LIBOR+4.000%, 05/04/22 | 519 | 512 | ||||||
| MediArena Acquisition (Endemol), Term Loan, 1st Lien | ||||||||
| 7.444%, VAR LIBOR+5.750%, 08/11/21 | 2,150 | 2,149 | ||||||
| Micro Holdings (Internet Brands), 1st Lien | ||||||||
| 5.527%, VAR LIBOR+3.750%, 09/13/24 | 1,587 | 1,587 | ||||||
| Micro Holdings (Internet Brands), 2nd Lien | ||||||||
| 9.277%, VAR LIBOR+7.500%, 08/15/25 | 145 | 146 | ||||||
| Rovi Solutions, Term Loan B, 1st Lien | ||||||||
| 4.380%, VAR LIBOR+2.500%, 07/02/21 | 557 | 559 | ||||||
| WME IMG Holdings LLC, Term Loan B, 1st Lien | ||||||||
| 5.130%, VAR LIBOR+3.250%, 05/06/21 | 2,693 | 2,708 | ||||||
| WME IMG Holdings LLC, Term Loan B, 2nd Lien | ||||||||
| 9.127%, 05/06/22(F) | 2,427 | 2,439 | ||||||
| Total Diversified Media | 24,886 | |||||||
| Drugs [0.4%] | ||||||||
| Aenova, Facility B (SwissCaps Holding), 1st Lien | ||||||||
| 5.000%, 09/29/20(F) | EUR | 192 | 223 | |||||
| Aenova, Facility B (Temmler), 1st Lien | ||||||||
| 5.000%, 09/29/20(F) | EUR | 174 | 202 | |||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Aenova, Facility B, 1st Lien | ||||||||
| 5.000%, 09/29/20(F) | EUR | 1,318 | $ | 1,528 | ||||
| Apollo 5 GmbH, Facility B (Dragenopharm), 1st Lien | ||||||||
| 5.000%, 09/29/20(F) | EUR | 316 | 367 | |||||
| Ceva Sante Animale, Facility B2, 1st Lien | ||||||||
| 3.000%, 06/30/21(F) | EUR | 1,000 | 1,230 | |||||
| Cooper, Facility B1, 1st Lien | ||||||||
| 3.500%, 01/30/23(F) | EUR | 700 | 864 | |||||
| Cooper, Facility B2, 1st Lien | ||||||||
| 3.500%, 01/30/23(F) | EUR | 300 | 371 | |||||
| Ethypharm, Facility B1, 1st Lien | ||||||||
| 5.271%, 07/21/23(F) | GBP | 1,000 | 1,404 | |||||
| Unilabs, Term Loan B2, 1st Lien | ||||||||
| 3.000%, 04/19/24(F) | EUR | 2,500 | 3,039 | |||||
| Unither, Term Loan B, 1st Lien | ||||||||
| 4.000%, 02/01/24(F) | EUR | 1,500 | 1,852 | |||||
| Total Drugs | 11,080 | |||||||
| Ecological Services and Equipment [0.1%] | ||||||||
| Dummen Orange, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 3.500%, 05/18/24(F) | EUR | 3,000 | 3,417 | |||||
| Education Services [0.0%] | ||||||||
| Learning Care, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 5.028%, 03/06/25 | 490 | 494 | ||||||
| Educational Services [0.0%] | ||||||||
| Laureate Education, Inc., Term Loan B, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+4.500%, 04/19/24 | 1,195 | 1,200 | ||||||
| Electronics/Electric [0.3%] | ||||||||
| Audiotonix, Term Loan B, 1st Lien | ||||||||
| 5.826%, 03/22/24(F) | 1,223 | 1,217 | ||||||
| Genesys (Greeneden), Tranche B-3 Euro Term Loan, 1st Lien | ||||||||
| 3.500%, 12/01/23(F) | EUR | 1,980 | 2,445 | |||||
| Industrial and Financial Systems, IFS AB, Term Loan B, 1st Lien | ||||||||
| 3.500%, 07/25/24(F) (G) | EUR | 2,000 | 2,449 | |||||
| Oberthur Technologies, Cov-Lite, 1st Lien | ||||||||
| 3.750%, 01/10/24(F) (G) | EUR | 2,000 | 2,420 | |||||
| Total Electronics/Electric | 8,531 | |||||||
| Energy [0.6%] | ||||||||
| Alon USA, MLP Term Loan, 1st Lien | ||||||||
| 9.648%, 11/26/18(F) | — | — | ||||||
| Azure Midstream Holdings LLC, Term Loan B, 1st Lien | ||||||||
| 9.377%, VAR LIBOR+6.500%, 11/15/18 | 1,236 | 1,201 | ||||||
| BCP Renaissance Parent LLC, Term Loan B, 1st Lien | ||||||||
| 5.772%, 10/31/24(F) | 225 | 226 | ||||||
| California Resources, Term Loan B, 1st Lien | ||||||||
| 6.572%, VAR LIBOR+4.750%, 11/14/22 | 520 | 527 | ||||||
| Chesapeake Energy, 1st Lien | ||||||||
| 9.444%, VAR LIBOR+7.500%, 08/23/21 | 2,930 | 3,109 | ||||||
| Chief Exploration & Development LLC, 2nd Lien | ||||||||
| 8.416%, VAR LIBOR+6.500%, 05/16/21 | 565 | 559 | ||||||
| Delek, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/14/25 | 375 | 376 | ||||||
| DexKo Global, Incremental Term Loan, 1st Lien | ||||||||
| 5.245%, 07/24/24 | 450 | 454 | ||||||
| EMG Utica, 1st Lien | ||||||||
| 5.593%, VAR LIBOR+3.750%, 03/27/20 | 1,672 | 1,680 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Frac Tech International, Term Loan B, 1st Lien | ||||||||
| 6.627%, VAR LIBOR+4.750%, 04/16/21 | $ | 2,132 | $ | 2,138 | ||||
| Hi-Crush Partners, Term Loan B, 1st Lien | ||||||||
| 6.310%, 12/16/24(G) | 1,207 | 1,216 | ||||||
| KCA Deutag, Term Loan B, 1st Lien | ||||||||
| 7.654%, VAR LIBOR+5.750%, 05/15/20 | 1,396 | 1,393 | ||||||
| KCA, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/21/23(G) | 1,450 | 1,450 | ||||||
| Medallion Midland Acquisition, LLC, Term Loan B, 1st Lien | ||||||||
| 5.127%, VAR LIBOR+3.250%, 10/31/24 | 319 | 318 | ||||||
| New World Resources, 1st Lien | ||||||||
| 14.500%, 12/31/49(B) (E) | EUR | 253 | — | |||||
| Osum Production, Term Loan B, 1st Lien | ||||||||
| 7.802%, VAR LIBOR+5.500%, 07/31/20 | 363 | 305 | ||||||
| Philadelphia Energy Solutions, 1st Lien | ||||||||
| 8.500%, VAR LIBOR+5.000%, 04/04/18(B) | 284 | 243 | ||||||
| Riverstone Utopia Member, Term Loan B, 1st Lien | ||||||||
| 6.036%, 10/16/24(F) | 325 | 326 | ||||||
| Sheridan Production Partners, Term Loan II-A, 1st Lien | ||||||||
| 5.490%, VAR LIBOR+3.500%, 12/16/20(E) | 75 | 65 | ||||||
| Sheridan Production Partners, Term Loan II-M, 1st Lien | ||||||||
| 5.490%, VAR LIBOR+3.500%, 12/16/20(E) | 28 | 24 | ||||||
| Sheridan Production Partners, Term Loan II-SIP, 1st Lien | ||||||||
| 5.490%, VAR LIBOR+3.500%, 12/16/20(E) | 541 | 469 | ||||||
| SolarWinds 3/18 Term Loan B, 1st Lien | ||||||||
| 4.877%, 03/07/24 | 229 | 230 | ||||||
| Techem GmbH, Facility B, 1st Lien | ||||||||
| 3.000%, 10/02/24(F) | EUR | 1,500 | 1,844 | |||||
| Total Energy | 18,153 | |||||||
| Entertainment and Leisure [0.4%] | ||||||||
| Creative Artists, Cov-Lite Term Loan B, 1st Lien | ||||||||
| 4.777%, 02/15/24 | 1,277 | 1,288 | ||||||
| Crown Finance, Tranche Term Loan, 1st Lien | ||||||||
| 4.377%, 02/28/25(F) | 2,065 | 2,062 | ||||||
| Cyan Blue Holdco 2 Limited, Term Loan B-1, 1st Lien | ||||||||
| 4.771%, 07/26/24(F) | GBP | 1,840 | 2,580 | |||||
| HNVR Holdco Limited, Facility B, 1st Lien | ||||||||
| 3.250%, 09/12/23(F) | EUR | 1,985 | 2,430 | |||||
| Horn Blower, Cov-Lite, 1st Lien | ||||||||
| 0.000%, 03/28/25(G) | 245 | 245 | ||||||
| Hoya Midco, LLC, Cov-Lite, 1st Lien | ||||||||
| 5.148%, VAR LIBOR+4.000%, 06/23/24 | 408 | 407 | ||||||
| Richmond UK Holdco Limited, Facility B, 1st Lien | ||||||||
| 4.654%, 03/04/24(F) | GBP | 2,428 | 3,364 | |||||
| Total Entertainment and Leisure | 12,376 | |||||||
| Environmental Services [0.0%] | ||||||||
| Wrangler Buyer Corp., Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 09/27/24 | 249 | 251 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Farming/Agriculture [0.1%] | ||||||||
| Sapec Agro Business, Term Loan B, 1st Lien | ||||||||
| 4.750%, 01/17/24(E) (F) | EUR | 2,500 | $ | 3,068 | ||||
| Financial [1.7%] | ||||||||
| Aretec Group, Term B-1 Loan, 1st Lien | ||||||||
| 5.898%, VAR LIBOR+4.250%, 11/23/20 | 1,110 | 1,110 | ||||||
| Columbus McKinnon, Term Loan B, 1st Lien | ||||||||
| 4.377%, 01/31/24 | 322 | 323 | ||||||
| Crestwood Holdings, Term Loan B, 1st Lien | ||||||||
| 9.186%, 02/28/23(F) | 1,680 | 1,667 | ||||||
| Cyanco, Cov-Lite, 1st Lien | ||||||||
| 5.672%, 03/07/25 | 310 | 311 | ||||||
| Cyanco, Cov-Lite, 2nd Lien | ||||||||
| 5.672%, 03/06/26 | 230 | 229 | ||||||
| Deerfield Holdings, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.552%, 12/04/24(G) | 755 | 756 | ||||||
| Dubai Drydocks World LLC DryDocks World (USD), NTL Term Loan, 1st Lien | ||||||||
| 4.302%, 11/30/20 | 11,100 | 10,564 | ||||||
| Dubai World, 1st Lien | ||||||||
| 4.750%, 09/30/18 | 13,277 | 12,348 | ||||||
| 2.000%, 09/30/18(E) | 12,427 | 11,782 | ||||||
| Eton, Cov-Lite, 1st Lien | ||||||||
| 0.000%, 03/14/25(G) | 715 | 716 | ||||||
| EVO Payments International, Term Loan B, 2nd Lien | ||||||||
| 5.880%, VAR LIBOR+5.000%, 12/08/23 | 448 | 451 | ||||||
| Genworth Financial, 1st Lien | ||||||||
| 6.202%, 02/28/23 | 250 | 254 | ||||||
| Greenhill, Term Loan B, 1st Lien | ||||||||
| 5.439%, VAR LIBOR+3.750%, 10/06/22 | 499 | 502 | ||||||
| I-Logic Technologies (Dealogic), Term Loan B, 1st Lien | ||||||||
| 6.302%, 12/20/24(F) | 424 | 424 | ||||||
| iStar Financial, Term Loan B, 1st Lien | ||||||||
| 4.841%, VAR LIBOR+3.000%, 10/01/21 | 2,566 | 2,582 | ||||||
| Ocwen Financial, 1st Lien | ||||||||
| 6.786%, VAR LIBOR+5.000%, 12/07/20 | 1,193 | 1,199 | ||||||
| Tempo Acquisition, LLC, Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 05/01/24 | 1,956 | 1,965 | ||||||
| TMS, 1st Lien | ||||||||
| 0.000%, 08/14/24(G) | 444 | 445 | ||||||
| Virtu Financial LLC (aka VFH), 1st Lien | ||||||||
| 4.945%, 12/30/21(G) | 614 | 621 | ||||||
| Walter Investment Management, Term Loan B, 1st Lien | ||||||||
| 7.877%, VAR LIBOR+3.750%, 12/18/20(B) | 2,623 | 2,549 | ||||||
| WisdomTree Investments, Term Loan A, 1st Lien | ||||||||
| 0.000%, 01/29/21(G) | 450 | 450 | ||||||
| Total Financial | 51,248 | |||||||
| Financial Intermediaries [0.3%] | ||||||||
| ION Trading Technologies, Term Loan B, 1st Lien | ||||||||
| 3.750%, 11/21/24(F) (G) | EUR | 1,609 | 1,981 | |||||
| Nets, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 0.000%, 12/01/24(F) (G) | EUR | 1,500 | 1,840 | |||||
| Optimal Payments aka Paysafe, 2nd Lien | ||||||||
| 7.000%, 12/01/24(F) (G) | EUR | 1,000 | 1,228 | |||||
| Optimal Payments aka Paysafe, Cov-Lite, 1st Lien | ||||||||
| 3.250%, 12/01/24(F) (G) | EUR | 1,000 | 1,225 | |||||
| TMF Group Holdco B.V., Term Loan B, 1st Lien | ||||||||
| 3.500%, 10/16/23(F) | EUR | 1,000 | 1,226 | |||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Vistra, 1st Lien | ||||||||
| 3.250%, 10/26/22(F) | EUR | 975 | $ | 1,203 | ||||
| Total Financial Intermediaries | 8,703 | |||||||
| Financial Services [0.2%] | ||||||||
| Aecom, Cov-Lite Term Loan B, 1st Lien | ||||||||
| 3.627%, 02/21/25 | 840 | 841 | ||||||
| Altisource Solutions, Term Loan B, 1st Lien | ||||||||
| 5.148%, VAR LIBOR+3.500%, 12/09/20 | 1,862 | 1,848 | ||||||
| 0.000%, 03/29/24(G) | 1,835 | 1,817 | ||||||
| AMG, Term Loan, 1st Lien | ||||||||
| 5.302%, 01/30/25 | 299 | 301 | ||||||
| Freedom Mortgage Corporation, Initial Term Loan, 1st Lien | ||||||||
| 6.611%, VAR LIBOR+5.500%, 02/23/22(G) | 989 | 992 | ||||||
| Jane Street, 1st Lien | ||||||||
| 5.627%, 08/25/22 | 376 | 377 | ||||||
| Jefferies Finance LLC (JFIN Co-Issuer Corporation), Term Loan, 1st Lien | ||||||||
| 4.688%, VAR LIBOR+3.000%, 08/02/24 | 274 | 274 | ||||||
| Total Financial Services | 6,450 | |||||||
| Food and Beverage [0.3%] | ||||||||
| Carlisle FoodService, Cov-Lite, 1st Lien | ||||||||
| 0.000%, 03/14/25(G) | 184 | 183 | ||||||
| Carlisle FoodService, Delayed Term Loan, 1st Lien | ||||||||
| 0.000%, 03/14/25(G) | 41 | 41 | ||||||
| Jacobs Douwe Egberts International B.V. (f/k/a Charger OpCo B.V.), Term B-5 EUR Loan, 1st Lien | ||||||||
| 2.750%, VAR Euribor+0.020%, 07/02/22 | EUR | 212 | 262 | |||||
| JBS USA Lux S.A. (fka JBS USA, LLC), Initial Term Loan, 1st Lien | ||||||||
| 4.678%, VAR LIBOR+2.500%, 10/30/22 | 2,309 | 2,301 | ||||||
| K-Mac, 1st Lien | ||||||||
| 8.536%, 03/09/26 | 150 | 152 | ||||||
| 5.036%, 03/07/25 | 300 | 301 | ||||||
| Milk Specialties Company, 1st Lien | ||||||||
| 6.302%, VAR LIBOR+4.000%, 08/16/23 | 1,010 | 1,013 | ||||||
| Panera Bread, Term Loan A, 1st Lien | ||||||||
| 3.813%, 07/18/22 | 3,152 | 3,097 | ||||||
| Post Holdings, Inc., Term Loan B, 1st Lien | ||||||||
| 3.880%, VAR LIBOR+2.250%, 05/24/24 | 1,533 | 1,536 | ||||||
| Total Food and Beverage | 8,886 | |||||||
| Food Products [0.1%] | ||||||||
| Continental Foods, Term Loan B, 1st Lien | ||||||||
| 4.000%, 12/31/23(F) | EUR | 1,112 | 1,370 | |||||
| Continental Foods, Tranche 2, 1st Lien | ||||||||
| 4.000%, 12/31/23(F) | EUR | 216 | 266 | |||||
| Continental Foods, Tranche 3, 1st Lien | ||||||||
| 4.000%, 12/31/23(F) | EUR | 191 | 235 | |||||
| Continental Foods, Tranche 4, 1st Lien | ||||||||
| 4.000%, 12/31/23(F) | EUR | 481 | 592 | |||||
| Total Food Products | 2,463 | |||||||
| Food Service [0.1%] | ||||||||
| Solina, Term Loan B, 1st Lien | ||||||||
| 3.750%, 12/19/22(F) | EUR | 2,000 | 2,473 | |||||
| Food/Drug Retailers [0.1%] | ||||||||
| Prosol, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.000%, 04/26/24(F) | EUR | 2,000 | 2,439 | |||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Food/Tobacco [0.0%] | ||||||||
| US Foods, Term Loan B, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 06/27/23 | $ | 1,209 | $ | 1,216 | ||||
| Forest Prod/Containers [0.1%] | ||||||||
| Albea, Cov-Lite, 1st Lien | ||||||||
| 4.000%, 04/10/24 | EUR | — | 345 | |||||
| Anchor Glass Container, 1st Lien | ||||||||
| 4.627%, 12/07/23(F) | 462 | 448 | ||||||
| Anchor Glass Container, 2nd Lien | ||||||||
| 9.490%, 11/22/24(F) | 230 | 220 | ||||||
| Berry Plastics, Cov-Lite, 1st Lien | ||||||||
| 3.740%, VAR LIBOR+2.000%, 02/08/20 | 620 | 622 | ||||||
| Flex Acquisition (Novolex), Initial Term Loan, 1st Lien | ||||||||
| 4.695%, VAR LIBOR+3.000%, 12/29/23 | 697 | 700 | ||||||
| Signode Industrial Group US, Term Loan B, 1st Lien | ||||||||
| 6.500%, VAR LIBOR+2.750%, 05/01/21 | 1,573 | 1,571 | ||||||
| Total Forest Prod/Containers | 3,906 | |||||||
| Forest Products [0.1%] | ||||||||
| Caraustar Industries, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 7.802%, VAR LIBOR+5.500%, 03/14/22 | 1,445 | 1,450 | ||||||
| ProAmpac, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.354%, VAR LIBOR+4.000%, 11/17/23 | 1,140 | 1,145 | ||||||
| Total Forest Products | 2,595 | |||||||
| Gaming and Hotels [0.7%] | ||||||||
| Amaya, Initial Term Loan B-3, 1st Lien | ||||||||
| 5.802%, VAR LIBOR+3.500%, 08/01/21 | 731 | 734 | ||||||
| Apple Leisure Group (Casablanca), Cov-Lite, 1st Lien | ||||||||
| 6.522%, VAR LIBOR+4.750%, 02/21/24 | 569 | 572 | ||||||
| Boyd Gaming, Term Loan B, 1st Lien | ||||||||
| 4.236%, VAR LIBOR+2.500%, 09/15/23 | 519 | 522 | ||||||
| CEOC, LLC, Term Loan B, 1st Lien | ||||||||
| 4.148%, VAR LIBOR+2.500%, 10/07/24 | 519 | 522 | ||||||
| CityCenter Holdings, LLC, Term Loan B, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 04/18/24 | 449 | 449 | ||||||
| Diamond Resorts, Term Loan B, 1st Lien | ||||||||
| 6.377%, VAR LIBOR+4.500%, 08/17/23 | 2,875 | 2,919 | ||||||
| Eldorado Resorts, Inc., Term Loan B, 1st Lien | ||||||||
| 4.188%, VAR LIBOR+2.250%, 04/17/24 | 967 | 969 | ||||||
| ESH Hospitality, Inc., Repriced Term Loan, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 08/30/23 | 1,034 | 1,039 | ||||||
| Greektown Holdings, L.L.C., Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+2.750%, 04/25/24 | 993 | 993 | ||||||
| Hilton Worldwide Finance LLC, Term Loan B-2, 1st Lien | ||||||||
| 3.872%, VAR LIBOR+2.000%, 10/25/23 | 8,633 | 8,674 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Mohegan Tribal Gaming, Term Loan B, 1st Lien | ||||||||
| 5.877%, VAR LIBOR+4.000%, 10/13/23 | $ | 875 | $ | 872 | ||||
| Penn National Gaming, Inc., Term B Facility Refinancing Loan, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.500%, 01/19/24 | 202 | 203 | ||||||
| Playa Resorts Holding B.V., Initial Term Loan, 1st Lien | ||||||||
| 5.000%, VAR LIBOR+3.000%, 04/29/24 | 745 | 748 | ||||||
| Scientific Games International, Inc., Initial Term B-5 Loan, 1st Lien | ||||||||
| 4.744%, 08/14/24(F) | 683 | 685 | ||||||
| Total Gaming and Hotels | 19,901 | |||||||
| Gaming/Leisure [0.6%] | ||||||||
| Aristocrat, Term Loan B, 1st Lien | ||||||||
| 3.745%, 10/19/24(F) | 1,302 | 1,307 | ||||||
| Belmond Interfin Ltd., Term Loan B, 1st Lien | ||||||||
| 4.627%, 07/03/24(F) | 759 | 761 | ||||||
| Caesars Resort Collection LLC, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 12/23/24 | 1,561 | 1,571 | ||||||
| ClubCorp Club Operations, Inc., Term Loan B, 1st Lien | ||||||||
| 5.552%, VAR LIBOR+3.250%, 09/18/24 | 245 | 246 | ||||||
| Four Seasons Holdings, 1st Lien | ||||||||
| 4.148%, 06/27/20(F) | 1,167 | 1,173 | ||||||
| Global Cash Access, Term Loan B, 1st Lien | ||||||||
| 5.494%, VAR LIBOR+3.500%, 05/09/24 | 1,801 | 1,813 | ||||||
| GLP Capital LP, Term Loan A, 1st Lien | ||||||||
| 3.286%, 04/29/21(F) | 4,590 | 4,542 | ||||||
| Golden Entertainment, Term Loan B, 1st Lien | ||||||||
| 4.880%, 08/15/24(F) | 464 | 466 | ||||||
| La Quinta Intermediate Holdings, Term Loan B, 1st Lien | ||||||||
| 4.470%, VAR LIBOR+2.750%, 04/14/21 | 339 | 338 | ||||||
| Lakeland Tours (Worldstrides), 1st Lien | ||||||||
| 0.000%, 12/06/24(G) | 37 | 37 | ||||||
| Lakeland Tours (Worldstrides), Term Loan B, 1st Lien | ||||||||
| 6.125%, 12/06/24(G) | 443 | 448 | ||||||
| MGM Growth Properties, Term Loan B, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.250%, 04/25/23 | 1,037 | 1,039 | ||||||
| MGM Resorts, Term Loan A, 1st Lien | ||||||||
| 4.127%, 04/07/21(F) | 680 | 682 | ||||||
| Playcore, 1st Lien | ||||||||
| 0.000%, 09/18/24(G) | 26 | 26 | ||||||
| Playcore, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.254%, VAR LIBOR+3.750%, 09/18/24 | 188 | 189 | ||||||
| Station Casinos, Term Loan B, 1st Lien | ||||||||
| 4.380%, VAR LIBOR+2.500%, 06/08/23 | 598 | 599 | ||||||
| UFC Holdings (Buyer), Term Loan B, 1st Lien | ||||||||
| 5.130%, VAR LIBOR+3.250%, 08/18/23 | 679 | 682 | ||||||
| VICI Properties 1 LLC (Caesars), Term Loan B, 1st Lien | ||||||||
| 3.854%, 12/20/24(F) (G) | 2,587 | 2,594 | ||||||
| Total Gaming/Leisure | 18,513 | |||||||
| Health Care [2.1%] | ||||||||
| Ardent Legacy Holdings, Term Loan B, 1st Lien | ||||||||
| 7.377%, 08/04/21(F) | 1,156 | 1,159 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Ardent Legacy, Unsecured Term Loan, 1st Lien | ||||||||
| 10.164%, 02/28/23 | $ | 355 | $ | 356 | ||||
| Auris Luxembourg III S.A R.L., Incremental Facility B6, 1st Lien | ||||||||
| 3.500%, 01/17/22(F) | EUR | 973 | 1,204 | |||||
| Biogroup, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 3.500%, 06/14/24(F) | EUR | 1,000 | 1,232 | |||||
| Busy Bees, Facility B, 1st Lien | ||||||||
| 5.244%, 05/12/22(F) | GBP | 1,000 | 1,404 | |||||
| Busy Bees, Facility B3, 1st Lien | ||||||||
| 5.244%, 05/06/22(F) (G) | GBP | 2,000 | 2,808 | |||||
| CDRH (Healogics), Term Loan B, 1st Lien | ||||||||
| 6.280%, VAR LIBOR+4.250%, 07/01/21 | 319 | 279 | ||||||
| Centene, 1st Lien | ||||||||
| 0.000%, 09/13/18(G) | 3,715 | 3,715 | ||||||
| Cerba, Cov-Lite, 1st Lien | ||||||||
| 3.000%, 03/21/24(F) | EUR | 1,000 | 1,214 | |||||
| Coherent Holding GmbH, Euro Term Loan, 1st Lien | ||||||||
| 3.000%, VAR Euribor+0.023%, 11/07/23 | EUR | 1,119 | 1,425 | |||||
| Cole-Parmer, Term Loan B, 1st Lien | ||||||||
| 5.193%, 03/15/24(F) | 386 | 388 | ||||||
| Community Health Systems, Term Loan G, 1st Lien | ||||||||
| 4.734%, VAR LIBOR+2.750%, 12/31/19 | 691 | 673 | ||||||
| Community Health Systems, Term Loan H, 1st Lien | ||||||||
| 4.984%, VAR LIBOR+3.000%, 01/27/21 | 4,079 | 3,915 | ||||||
| Concordia Healthcare, Initial Dollar Term Loan, 1st Lien | ||||||||
| 5.898%, 10/21/21(F) | 1,922 | 1,715 | ||||||
| ConvaTec Healthcare, Term Loan B, 1st Lien | ||||||||
| 4.552%, 10/13/23(F) | 580 | 580 | ||||||
| Diaverum Holding S.ar.l. (fka Velox Bidco SARL), 2nd Lien | ||||||||
| 8.000%, 07/04/25(F) | EUR | 1,500 | 1,840 | |||||
| Diaverum Holding S.ar.l. (fka Velox Bidco SARL), Term Loan B, 1st Lien | ||||||||
| 3.250%, 07/04/24(F) | EUR | 1,500 | 1,822 | |||||
| Diplomat Pharmacy, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 6.100%, 12/13/24(F) | 122 | 123 | ||||||
| DomusVi, Term Loan B, 1st Lien | ||||||||
| 3.250%, 10/11/24(F) (G) | EUR | 3,000 | 3,689 | |||||
| Elsan SAS (fka Vedici Investissements), Facility B2, 1st Lien | ||||||||
| 3.750%, 10/31/22(F) | EUR | 2,000 | 2,468 | |||||
| Endo Luxembourg Finance Company I S.à r.l., Initial Term Loan, 1st Lien | ||||||||
| 6.188%, VAR LIBOR+4.250%, 04/29/24 | 360 | 358 | ||||||
| Envision Healthcare Corporation (fka Emergency Medical Services Corporation), Initial Term Loan, 1st Lien | ||||||||
| 4.880%, VAR LIBOR+3.000%, 12/01/23 | 772 | 774 | ||||||
| Explorer Holdings, Term Loan B, 1st Lien | ||||||||
| 5.522%, VAR LIBOR+3.750%, 05/02/23 | 463 | 466 | ||||||
| Gesundheits GmbH, Initial Term Loan, 1st Lien | ||||||||
| 4.000%, 08/30/21(F) | EUR | 1,000 | 1,202 | |||||
| Greatbatch, Ltd., Term Loan A, 1st Lien | ||||||||
| 5.130%, 10/14/21(F) | 369 | 369 | ||||||
| Greatbatch, Ltd., Term Loan B, 1st Lien | ||||||||
| 4.990%, 10/27/22(F) | 1,441 | 1,452 | ||||||
| Grifols Worldwide Operations Limited, Tranche B Term Loan, 1st Lien | ||||||||
| 3.986%, VAR LIBOR+2.250%, 01/31/25 | 3,262 | 3,273 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Halyard Health, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 11/01/21 | $ | 675 | $ | 678 | ||||
| HCA Inc., Tranche B-10 Term Loan, 1st Lien | ||||||||
| 2.000%, 03/07/25(F) | 2,060 | 2,075 | ||||||
| HRA, Cov-Lite, 1st Lien | ||||||||
| 3.500%, 07/31/24(F) | EUR | 1,990 | 2,430 | |||||
| INC Research Holdings, Inc., Term Loan A, 1st Lien | ||||||||
| 3.627%, 08/01/22(F) | 1,073 | 1,072 | ||||||
| Indivior Finance S.Ã.R.L., 1st Lien | ||||||||
| 6.420%, 12/14/22(F) | 2,579 | 2,582 | ||||||
| Innoviva, Term Loan B, 1st Lien | ||||||||
| 6.373%, 08/11/22(F) | 201 | 203 | ||||||
| Kindred Healthcare, Term Loan A, 1st Lien | ||||||||
| 5.250%, VAR LIBOR+3.500%, 04/09/21 | 555 | 557 | ||||||
| Lannett, Term Loan A, 1st Lien | ||||||||
| 6.627%, VAR LIBOR+4.750%, 11/25/20 | 1,850 | 1,840 | ||||||
| MultiPlan, Term Loan B, 1st Lien | ||||||||
| 5.052%, VAR LIBOR+3.000%, 06/07/23 | 2,629 | 2,639 | ||||||
| PharMerica, 2nd Lien | ||||||||
| 9.461%, 09/26/25(F) | 145 | 146 | ||||||
| PharMerica, Term Loan B, 1st Lien | ||||||||
| 5.211%, VAR LIBOR+3.500%, 09/26/24 | 180 | 181 | ||||||
| Sebia S.A., 1st Lien | ||||||||
| 8.500%, 09/22/25(F) (G) | EUR | 1,000 | 1,243 | |||||
| Stada, 1st Lien | ||||||||
| 3.500%, 08/19/24(F) (G) | EUR | 1,014 | 1,247 | |||||
| Sunrise Medical, 1st Lien | ||||||||
| 4.500%, 09/30/22(F) | EUR | 303 | 373 | |||||
| Sunrise Medical, Cov-Lite, 1st Lien | ||||||||
| 4.500%, 07/29/22(F) | EUR | 2,134 | 2,626 | |||||
| Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
| 5.130%, VAR LIBOR+3.250%, 09/02/24 | 726 | 726 | ||||||
| Tecostar Holdings, Cov-Lite, 1st Lien | ||||||||
| 5.278%, VAR LIBOR+3.500%, 05/01/24 | 442 | 444 | ||||||
| Valeant Pharmaceuticals International, Series F-1 Tranche B Term Loan, 1st Lien | ||||||||
| 5.240%, VAR LIBOR+3.500%, 04/01/22 | 2,307 | 2,331 | ||||||
| Zodiac/Fluidra 3/18 (USD), Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/07/25(G) | 220 | 221 | ||||||
| Zotec, Term Loan, 1st Lien | ||||||||
| 6.770%, 02/09/25 | 375 | 373 | ||||||
| Total Health Care | 63,890 | |||||||
| Hotels, Restaurants and Leisure [0.1%] | ||||||||
| Las Vegas Sands, Term Loan B, 1st Lien | ||||||||
| 3.627%, 03/29/25 | 1,275 | 1,277 | ||||||
| Housing [0.2%] | ||||||||
| Beacon Roofing Supply, Term Loan B, 1st Lien | ||||||||
| 3.936%, 01/02/25(F) | 290 | 291 | ||||||
| Canam Construction Inc. (Canam Steel Corporation), Term Loan B, 1st Lien | ||||||||
| 7.377%, VAR LIBOR+5.500%, 06/29/24 | 929 | 934 | ||||||
| DTZ US Borrower LLC, 2015-1 Additional Term Loan, 1st Lien | ||||||||
| 5.234%, VAR LIBOR+3.250%, 11/04/21 | 3,051 | 3,034 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Quikrete Holdings, Term Loan B, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 11/15/23 | $ | 246 | $ | 247 | ||||
| Total Housing | 4,506 | |||||||
| Industrial Equipment [0.1%] | ||||||||
| ADB Safegate, Cov-Lite, 1st Lien | ||||||||
| 3.500%, 10/03/24(F) (G) | EUR | 1,000 | 1,230 | |||||
| AHT Cooling, Facility B2, 1st Lien | ||||||||
| 4.250%, 11/19/20(F) | EUR | 976 | 1,131 | |||||
| Delachaux 2014, 1st Lien | ||||||||
| 5.250%, 10/28/21(F) | GBP | 337 | 483 | |||||
| Total Industrial Equipment | 2,844 | |||||||
| Information Technology [0.9%] | ||||||||
| Altran Technologies, Term Loan B, 1st Lien | ||||||||
| 0.000%, 01/31/25(G) | 225 | 226 | ||||||
| Amaya, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/28/25(G) | 1,125 | 1,122 | ||||||
| Arris Group, Term Loan B-3, 1st Lien | ||||||||
| 4.127%, 04/26/24(F) | 1,044 | 1,049 | ||||||
| Autodata, Cov-Lite, 1st Lien | ||||||||
| 5.015%, 12/12/24(F) | 475 | 476 | ||||||
| Avaya, Initial Term Loan, 1st Lien | ||||||||
| 6.536%, 12/15/24(F) | 2,050 | 2,063 | ||||||
| Barracuda Networks, Term Loan B, 1st Lien | ||||||||
| 5.061%, 01/10/25 | 155 | 155 | ||||||
| Barracuda Networks, Term Loan, 1st Lien | ||||||||
| 9.061%, 01/09/26 | 80 | 81 | ||||||
| Cologix, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.861%, 03/15/24(F) | 386 | 386 | ||||||
| Computer Sciences Government Services, Term Loan B, 1st Lien | ||||||||
| 3.693%, 10/06/22(F) | 964 | 963 | ||||||
| Convergint, Delayed Term Loan, 1st Lien | ||||||||
| 0.000%, 02/01/25(G) | 36 | 36 | ||||||
| Convergint, Term Loan, 1st Lien | ||||||||
| 5.302%, 02/01/25 | 339 | 338 | ||||||
| Convergint, Term Loan, 2nd Lien | ||||||||
| 8.408%, 02/01/26 | 75 | 75 | ||||||
| Digicert, 2nd Lien | ||||||||
| 9.772%, 09/19/25(F) | 365 | 368 | ||||||
| Digicert, Term Loan B-2, 1st Lien | ||||||||
| 6.522%, 09/20/24(F) | 290 | 293 | ||||||
| ECI Software Solutions, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 6.552%, VAR LIBOR+4.250%, 09/19/24 | 289 | 291 | ||||||
| Gartner, Term Loan A, 1st Lien | ||||||||
| 3.877%, 06/17/21(F) | 694 | 697 | ||||||
| Gartner, Term Loan B, 1st Lien | ||||||||
| 3.877%, 03/15/24(F) | 673 | 676 | ||||||
| Gigamon, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 6.802%, 12/19/24(G) | 638 | 642 | ||||||
| Inovalon Holdings, Term Loan, 1st Lien | ||||||||
| 2.898%, 09/19/19(F) | 2,394 | 2,382 | ||||||
| IPC, Term Loan B-1, 1st Lien | ||||||||
| 6.280%, VAR LIBOR+4.500%, 08/06/21 | 426 | 417 | ||||||
| JDA Software Group, (RP Crown), Term Loan B, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 10/12/23 | 281 | 283 | ||||||
| Leidos (Abacus Innovations), Term Loan B, 1st Lien | ||||||||
| 3.688%, VAR LIBOR+2.000%, 08/16/23 | 563 | 566 | ||||||
| Mitchell International, 1st Lien | ||||||||
| 0.000%, 11/21/24(G) | 49 | 49 | ||||||
| 5.127%, 11/20/24(F) | 601 | 601 | ||||||
| Mitchell International, 2nd Lien | ||||||||
| 9.137%, 11/20/25(F) | 190 | 191 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| On Semiconductor, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.000%, 03/31/23 | $ | 260 | $ | 261 | ||||
| Paysafe Group PLC, 1st Lien | ||||||||
| 5.358%, 12/02/24(F) | 710 | 712 | ||||||
| Presidio, Cov-Lite, 1st Lien | ||||||||
| 4.627%, 02/02/24 | 821 | 822 | ||||||
| Quest Software (Seahawk), Cov-Lite, 1st Lien | ||||||||
| 7.272%, 10/31/22(F) | 243 | 247 | ||||||
| Rackspace Hosting, Term Loan B, 1st Lien | ||||||||
| 4.787%, VAR LIBOR+3.000%, 11/03/23 | 936 | 932 | ||||||
| Red Ventures, LLC, 2nd Lien | ||||||||
| 9.648%, 10/18/25(F) | 315 | 320 | ||||||
| Red Ventures, LLC, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.877%, 10/18/24(F) | 2,900 | 2,923 | ||||||
| Shutterfly, Cov-Lite Term Loan B2, 1st Lien | ||||||||
| 0.000%, 08/17/24(G) | 260 | 261 | ||||||
| Solera, LLC (Solera Finance), Euro Term Loan, 1st Lien | ||||||||
| 3.750%, 03/03/23(F) | EUR | 1,960 | 2,415 | |||||
| Solera, Term Loan B, 1st Lien | ||||||||
| 4.627%, 03/03/23(F) | 284 | 285 | ||||||
| Southern Graphics, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.377%, 11/22/22(F) | 300 | 301 | ||||||
| Symantec, Term Loan A-2, 1st Lien | ||||||||
| 3.313%, 08/01/19(F) | 248 | 247 | ||||||
| Symantec, Term Loan A-5, 1st Lien | ||||||||
| 3.540%, 08/01/21(F) | 1,600 | 1,597 | ||||||
| TTM Technologies, Incremental Term Loan, 1st Lien | ||||||||
| 0.000%, 09/28/24(G) | 300 | 300 | ||||||
| TTM Technologies, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.377%, 09/13/24(F) | 289 | 289 | ||||||
| Vertafore (VF Holding), Cov-Lite, 1st Lien | ||||||||
| 5.127%, VAR LIBOR+3.250%, 06/30/23 | 1,137 | 1,147 | ||||||
| Total Information Technology | 27,485 | |||||||
| Insurance [0.4%] | ||||||||
| Asurion, Cov-Lite, 1st Lien | ||||||||
| 4.627%, 11/03/23 | 3,850 | 3,875 | ||||||
| Asurion, LLC (fka Asurion Corporation), Amendment No. 14 Replacement B-4 Term Loan, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 08/04/22 | 2,473 | 2,487 | ||||||
| Asurion, LLC (fka Asurion Corporation), Replacement B-2 Term Loan, 2nd Lien | ||||||||
| 7.877%, VAR LIBOR+6.000%, 08/04/25 | 5,205 | 5,339 | ||||||
| Total Insurance | 11,701 | |||||||
| Leasing [0.0%] | ||||||||
| Caliber Collision (CH Hold), Term Loan B, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 02/01/24 | 666 | 668 | ||||||
| Leisure Goods/Activities/Movies [0.5%] | ||||||||
| Car Trawler, Facility B, 1st Lien | ||||||||
| 3.750%, 04/29/21(F) | EUR | 2,723 | 3,318 | |||||
| Dorna Sports, S.L., 1st Lien | ||||||||
| 3.000%, 04/12/24(F) | EUR | 1,883 | 2,304 | |||||
| GVC Holdings, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/15/24(G) | 265 | 265 | ||||||
| 0.000%, 03/15/24(F) (G) | GBP | 2,000 | 2,799 | |||||
| Premier Lotteries, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 3.500%, 06/22/24(F) (G) | EUR | 2,500 | 3,068 | |||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Tipico, Term B Loan | ||||||||
| 3.500%, 08/08/22(F) | EUR | 2,000 | $ | 2,451 | ||||
| Total Leisure Goods/Activities/Movies | 14,205 | |||||||
| Leisure, Amusement, Motion Pictures, Entertainment [0.0%] | ||||||||
| Formula One Management Limited, Facility B3 (USD), 1st Lien | ||||||||
| 4.377%, 02/01/24(F) | 280 | 279 | ||||||
| Machinery [0.1%] | ||||||||
| Engineered Machinery Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
| 5.552%, VAR LIBOR+3.250%, 07/19/24 | 274 | 274 | ||||||
| Graftech International Ltd., Initial Term Loan, 1st Lien | ||||||||
| 5.240%, 01/31/25 | 1,835 | 1,835 | ||||||
| Milacron LLC, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.377%, VAR LIBOR+2.750%, 09/28/23 | 304 | 304 | ||||||
| Total Machinery | 2,413 | |||||||
| Manufacturing [0.3%] | ||||||||
| Crown Americas, 1st Lien | ||||||||
| 0.000%, 01/17/25(G) | 490 | 494 | ||||||
| DRB-HICOM Berhad, 1st Lien | ||||||||
| 3.995%, 01/22/21(E) | 3,189 | 3,045 | ||||||
| Dynacast International LLC, Term Loan B-1, 1st Lien | ||||||||
| 5.552%, VAR LIBOR+3.250%, 01/28/22 | 691 | 692 | ||||||
| Gates Global LLC, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.443%, VAR LIBOR+3.000%, 04/01/24 | 1,905 | 1,914 | ||||||
| Keurig Green Mountain, Term Loan A, 1st Lien | ||||||||
| 3.250%, 03/03/21(F) | 1,463 | 1,461 | ||||||
| Manitowoc (Welbilt), Term Loan B, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 03/03/23 | 819 | 824 | ||||||
| Utex Industries, 1st Lien | ||||||||
| 5.877%, 05/14/21(F) | 653 | 638 | ||||||
| Total Manufacturing | 9,068 | |||||||
| Media [1.6%] | ||||||||
| Cable One, Inc., Incremental Term Loan B-1, 1st Lien | ||||||||
| 4.560%, VAR LIBOR+2.250%, 04/12/24 | 223 | 224 | ||||||
| CBS Radio, Term Loan B, 1st Lien | ||||||||
| 4.623%, VAR LIBOR+2.750%, 11/18/24 | 1,260 | 1,265 | ||||||
| CSC Holdings, LLC (fka CSC Holdings, Inc.), January 2018 Incremental Term Loan, 1st Lien | ||||||||
| 4.277%, 01/12/26 | 530 | 530 | ||||||
| CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan, 1st Lien | ||||||||
| 4.036%, VAR LIBOR+2.250%, 07/17/25 | 1,464 | 1,459 | ||||||
| DHX Media Ltd., Initial Term Loan, 1st Lien | ||||||||
| 5.627%, VAR LIBOR+3.750%, 12/29/23 | 506 | 508 | ||||||
| Lamar Media, Term Loan B, 1st Lien | ||||||||
| 3.563%, 02/14/25 | 300 | 300 | ||||||
| Liberty Cablevision of Puerto Rico, Term Loan, 1st Lien | ||||||||
| 5.220%, VAR LIBOR+3.500%, 01/07/22 | 2,610 | 2,528 | ||||||
| Lions Gate, Term Loan B, 1st Lien | ||||||||
| 4.104%, 03/20/25 | 1,780 | 1,781 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| MCC Iowa LLC, Tranche M Term Loan, 1st Lien | ||||||||
| 3.740%, VAR LIBOR+2.000%, 01/15/25 | $ | 562 | $ | 563 | ||||
| Mediacom Illinois, LLC (fka Mediacom Communications, LLC), Tranche K Term Loan, 1st Lien | ||||||||
| 3.990%, VAR LIBOR+2.250%, 02/15/24 | 1,131 | 1,133 | ||||||
| Mission Broadcasting, Inc., Term B-2 Loan, 1st Lien | ||||||||
| 4.164%, VAR LIBOR+2.500%, 01/17/24 | 53 | 53 | ||||||
| Nexstar Broadcasting, Inc., Term Loan B-2, 1st Lien | ||||||||
| 4.164%, VAR LIBOR+2.500%, 01/17/24 | 408 | 409 | ||||||
| Numericable U.S. LLC, Term Loan B, 1st Lien | ||||||||
| 4.720%, VAR LIBOR+3.000%, 01/31/26 | 2,695 | 2,614 | ||||||
| 4.522%, VAR LIBOR+2.750%, 07/31/25 | 2,739 | 2,650 | ||||||
| SFR Group S.A. (Ypso France SAS), Term Loan, 1st Lien | ||||||||
| 3.000%, 07/30/25(F) | EUR | 2,481 | 2,930 | |||||
| Technicolor S.A., Euro Term Loan, 1st Lien | ||||||||
| 3.500%, 12/06/23(F) | EUR | 4,500 | 5,478 | |||||
| Tele Columbus AG, 1st Lien | ||||||||
| 3.000%, 10/15/24(F) | EUR | 2,000 | 2,454 | |||||
| Tribune Media, Term Loan C, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 01/26/24 | 1,249 | 1,249 | ||||||
| Univision Communications Inc., 2017 Replacement Repriced Term Loan, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 03/15/24 | 2,645 | 2,600 | ||||||
| UPC Financing Partnership, Facility AR, 1st Lien | ||||||||
| 4.277%, VAR LIBOR+2.500%, 01/15/26 | 2,125 | 2,130 | ||||||
| Virgin Media Bristol LLC, K Facility, 1st Lien | ||||||||
| 4.277%, VAR LIBOR+2.500%, 01/15/26 | 3,320 | 3,336 | ||||||
| Ziggo Secured Finance B.V., Term Loan F, 1st Lien | ||||||||
| 3.000%, 04/15/25(F) | EUR | 3,000 | 3,674 | |||||
| Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien | ||||||||
| 4.277%, VAR LIBOR+2.500%, 04/15/25 | 7,800 | 7,741 | ||||||
| Total Media | 47,609 | |||||||
| Metals & Mining [0.1%] | ||||||||
| BWAY Holding, Term Loan B, 1st Lien | ||||||||
| 4.958%, VAR LIBOR+3.250%, 04/03/24 | 1,623 | 1,630 | ||||||
| Contura Energy, Inc., Term Loan, 1st Lien | ||||||||
| 6.880%, VAR LIBOR+5.000%, 03/18/24 | 1,351 | 1,347 | ||||||
| Foresight Energy LLC, Term Loan, 1st Lien | ||||||||
| 7.443%, VAR LIBOR+5.750%, 03/28/22 | 1,158 | 1,138 | ||||||
| Peabody Energy Corporation, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 03/31/22 | 157 | 157 | ||||||
| Total Metals & Mining | 4,272 | |||||||
| Metals/Minerals [0.3%] | ||||||||
| Atlas Iron Limited, 1st Lien | ||||||||
| 9.207%, VAR LIBOR+7.330%, 05/06/21 | 39 | 37 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Blackhawk Mining, Term Loan B, 1st Lien | ||||||||
| 10.890%, VAR LIBOR+9.500%, 02/14/22 | $ | 1,653 | $ | 1,432 | ||||
| Consol Energy, Term Loan B, 1st Lien | ||||||||
| 7.990%, 10/31/22(F) | 434 | 445 | ||||||
| Coronado Coal LLC, Term Loan B, 1st Lien | ||||||||
| 8.693%, 06/01/23(F) | — | — | ||||||
| Coronado, Term Loan B, 1st Lien | ||||||||
| 8.802%, 03/21/25 | 1,375 | 1,354 | ||||||
| Coronado, Term Loan C, 1st Lien | ||||||||
| 8.802%, 03/21/25 | 375 | 369 | ||||||
| Global Brass and Copper, Term Loan B, 1st Lien | ||||||||
| 5.188%, 06/16/23(F) | 415 | 417 | ||||||
| Metinvest, 1st Lien | ||||||||
| 5.968%, 06/30/21(E) | 5,697 | 5,583 | ||||||
| Total Metals/Minerals | 9,637 | |||||||
| Mining [0.1%] | ||||||||
| Samarco Mineracao, 1st Lien | ||||||||
| 0.000%(G) | 5,000 | 3,500 | ||||||
| Oil & Gas [0.3%] | ||||||||
| BCP Raptor, LLC, Initial Term Loan, 1st Lien | ||||||||
| 6.039%, VAR LIBOR+4.250%, 06/24/24 | 1,007 | 1,012 | ||||||
| Blackbrush Oil, 1st Lien | ||||||||
| 10.060%, 01/26/24 | 1,125 | 1,103 | ||||||
| California Resources, 1st Lien | ||||||||
| 12.229%, VAR LIBOR+10.375%, 12/31/21 | 790 | 891 | ||||||
| Energy Transfer Equity, L.P., Refinanced Loan, 1st Lien | ||||||||
| 3.854%, VAR LIBOR+2.000%, 02/02/24 | 2,616 | 2,609 | ||||||
| Gavilan Resources, LLC, Initial Term Loan, 2nd Lien | ||||||||
| 7.786%, VAR LIBOR+6.000%, 03/01/24 | 1,095 | 1,096 | ||||||
| Summit Midstream Partners Holdings, LLC, Term Loan Credit Facility, 1st Lien | ||||||||
| 7.877%, VAR LIBOR+6.000%, 05/13/22 | 1,804 | 1,822 | ||||||
| Traverse Midstream Partners LLC, Advance, 1st Lien | ||||||||
| 5.850%, VAR LIBOR+4.000%, 09/27/24 | 675 | 678 | ||||||
| Ultra Resources, Inc., Loan, 1st Lien | ||||||||
| 4.765%, VAR LIBOR+3.000%, 04/12/24 | 195 | 193 | ||||||
| Woodford Express, Term Loan B, 1st Lien | ||||||||
| 6.877%, 01/17/25 | 530 | 521 | ||||||
| Total Oil & Gas | 9,925 | |||||||
| Personal Services [0.2%] | ||||||||
| Obol France 3 SAS, Amended Facility B, 1st Lien | ||||||||
| 3.250%, 04/11/23(F) | EUR | 1,500 | 1,849 | |||||
| Petvet Care, 2nd Lien | ||||||||
| 8.027%, 01/30/26 | 40 | 40 | ||||||
| Petvet Care, Delayed Term Loan, 1st Lien | ||||||||
| 0.000%, 01/31/25(G) | 153 | 152 | ||||||
| Petvet Care, Term Loan B, 1st Lien | ||||||||
| 4.527%, 01/31/25 | 522 | 515 | ||||||
| Power Borrower, LLC, 1st Lien | ||||||||
| 5.552%, 03/06/25 | 745 | 744 | ||||||
| Spin Hold (Coinmach), Term Loan B-1, Cov-Lite, 1st Lien | ||||||||
| 3.700%, VAR LIBOR+3.750%, 11/14/22 | 332 | 334 | ||||||
| Weight Watchers International, Initial Term Loan, 1st Lien | ||||||||
| 6.450%, VAR LIBOR+4.750%, 11/29/24 | 1,634 | 1,652 | ||||||
| Total Personal Services | 5,286 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Printing & Publishing [0.1%] | ||||||||
| Learfield Communications, 1st Lien | ||||||||
| 5.130%, VAR LIBOR+3.250%, 12/01/23 | $ | 247 | $ | 249 | ||||
| Merrill Communications LLC, 1st Lien | ||||||||
| 7.022%, VAR LIBOR+5.250%, 06/01/22 | 1,017 | 1,025 | ||||||
| Springer Science, 1st Lien | ||||||||
| 3.750%, 08/14/22(F) | EUR | 1,975 | 2,429 | |||||
| Total Printing & Publishing | 3,703 | |||||||
| Printing, Publishing and Broadcasting [0.0%] | ||||||||
| Meredith Corporation, Term Loan B, 1st Lien | ||||||||
| 4.877%, 01/17/25(F) | 1,130 | 1,136 | ||||||
| Professional & Business Services [0.6%] | ||||||||
| Change Healthcare Holdings, Term Loan B, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 03/01/24 | 5,282 | 5,293 | ||||||
| EAB Global, Inc., Cov-Lite, 1st Lien | �� | |||||||
| 5.484%, VAR LIBOR+3.750%, 09/27/24 | 580 | 580 | ||||||
| FinCo I LLC, Initial Term Loan, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 07/14/22 | 1,140 | 1,151 | ||||||
| INC Research Holdings, Inc., Cov-Lite, Initial Term B Loan, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 08/01/24 | 1,230 | 1,234 | ||||||
| Inmar, Inc., Initial Term Loan, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 04/25/24 | 591 | 593 | ||||||
| LPL Holdings, Inc., Tranche B Term Loan, 1st Lien | ||||||||
| 4.641%, VAR LIBOR+2.250%, 09/23/24 | 249 | 249 | ||||||
| Monitronics International, Inc., Term Loan B-2, 1st Lien | ||||||||
| 7.802%, VAR LIBOR+5.500%, 09/30/22 | 150 | 145 | ||||||
| Nielsen Finance LLC (VNU, Inc.), Class B-4, Term Loan, 1st Lien | ||||||||
| 3.718%, VAR LIBOR+2.000%, 10/04/23 | 591 | 592 | ||||||
| PrePaid Legal Services, 2nd Lien | ||||||||
| 10.877%, VAR LIBOR+9.000%, 07/01/20 | 125 | 125 | ||||||
| Prime Security Services, Term Loan B-1, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 05/02/22 | 868 | 872 | ||||||
| Quintiles IMS, Term Loan B-1, 1st Lien | ||||||||
| 4.302%, VAR LIBOR+2.000%, 03/07/24 | 389 | 391 | ||||||
| Quintiles IMS, Term Loan B-2, Cov-Lite, 1st Lien | ||||||||
| 4.302%, VAR LIBOR+2.000%, 01/14/25 | 433 | 435 | ||||||
| Russell Investments, Term Loan B, 1st Lien | ||||||||
| 5.943%, VAR LIBOR+4.250%, 06/01/23 | 960 | 962 | ||||||
| Team Health Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 02/06/24 | 1,470 | 1,403 | ||||||
| TKC Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
| 6.030%, VAR LIBOR+4.250%, 01/31/23 | 465 | 469 | ||||||
| TKC Holdings, Inc., Initial Term Loan, 2nd Lien | ||||||||
| 9.780%, VAR LIBOR+8.000%, 02/01/24 | 190 | 191 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Trans Union LLC, 2017 Replacement Term Loan B-3, 1st Lien | ||||||||
| 3.877%, VAR LIBOR+2.000%, 04/10/23 | $ | 552 | $ | 552 | ||||
| USIC Holdings, Inc., Term Loan B, 1st Lien | ||||||||
| 5.802%, VAR LIBOR+3.500%, 12/08/23 | 281 | 284 | ||||||
| Vantiv, LLC (fka Fifth Third Processing Solutions, LLC), New Term Loan B-4, 1st Lien | ||||||||
| 3.777%, VAR LIBOR+2.000%, 08/09/24 | 795 | 799 | ||||||
| West Corporation, Incremental Term Loan B, 1st Lien | ||||||||
| 0.000%, 10/10/24(G) | 525 | 525 | ||||||
| West Corporation, Term Loan B, 1st Lien | ||||||||
| 5.877%, VAR LIBOR+4.000%, 10/10/24 | 938 | 946 | ||||||
| Xerox Business Services (Conduent), Term Loan B, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 12/07/23 | 822 | 824 | ||||||
| Total Professional & Business Services | 18,615 | |||||||
| Publishing [0.1%] | ||||||||
| Infinitas, Facility B3, 1st Lien | ||||||||
| 3.750%, 05/03/24(F) | EUR | 2,000 | 2,441 | |||||
| Real Estate [0.4%] | ||||||||
| ASP MCS Acquisition Corp., Initial Term Loan, 1st Lien | ||||||||
| 6.627%, VAR LIBOR+4.750%, 05/20/24 | 521 | 527 | ||||||
| Capital Automotive LP, 2nd Lien | ||||||||
| 7.650%, VAR LIBOR+6.000%, 03/21/25 | 5,222 | 5,264 | ||||||
| Capital Automotive LP, Term Loan B, 1st Lien | ||||||||
| 4.150%, VAR LIBOR+2.500%, 03/21/24 | 2,311 | 2,317 | ||||||
| Flamingo LUX II, Senior Facility B3, 1st Lien | ||||||||
| 3.500%, 09/07/23(F) | EUR | 1,482 | 1,821 | |||||
| Iron Mountain Inc., Term Loan, 1st Lien | ||||||||
| 3.622%, 12/22/25 | 765 | 762 | ||||||
| Realogy, Term Loan A, 1st Lien | ||||||||
| 3.711%, 02/08/23 | 750 | 750 | ||||||
| Total Real Estate | 11,441 | |||||||
| Retail [0.5%] | ||||||||
| Ascena Retail Group, Tranche B Term Loan, 1st Lien | ||||||||
| 6.438%, VAR LIBOR+4.500%, 08/21/22 | 735 | 645 | ||||||
| Belk, 1st Lien | ||||||||
| 6.458%, VAR LIBOR+4.750%, 12/12/22 | 886 | 766 | ||||||
| Dollar Tree, Fixed Term Loan B-2, 1st Lien | ||||||||
| 4.250%, 07/06/22(F) | 4,615 | 4,630 | ||||||
| Hudson's Bay, Term Loan B, 1st Lien | ||||||||
| 5.127%, VAR LIBOR+3.250%, 09/30/22 | 2,400 | 2,310 | ||||||
| JC Penney, Term Loan B, 1st Lien | ||||||||
| 6.234%, VAR LIBOR+4.250%, 06/23/23 | 1,445 | 1,404 | ||||||
| Men's Wearhouse, Term Loan B, 1st Lien | ||||||||
| 5.188%, VAR LIBOR+3.500%, 06/18/21 | 191 | 192 | ||||||
| Men's Wearhouse, Term Loan B1, 1st Lien | ||||||||
| 4.938%, 06/18/21(F) | 915 | 914 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 94
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Toys R Us Property, Initial Term Loan, 1st Lien | ||||||||
| 6.877%, VAR LIBOR+5.000%, 08/21/19 | $ | 2,667 | $ | 2,188 | ||||
| Toys R Us-Delaware, Term Loan B-2, 1st Lien | ||||||||
| 7.500%, 05/25/18(B) | 1,536 | 499 | ||||||
| Toys R Us-Delaware, Term Loan B-3, 1st Lien | ||||||||
| 7.500%, 05/25/18(B) (F) | 89 | 29 | ||||||
| Toys R Us-Delaware, Term Loan B4, 1st Lien | ||||||||
| 12.250%, 04/24/20(B) (F) | 1,035 | 405 | ||||||
| Total Retail | 13,982 | |||||||
| Retail Food & Drug [0.1%] | ||||||||
| Albertsons, LLC, 2017-1 Term Loan B-4, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 08/25/21 | 651 | 641 | ||||||
| Albertsons, LLC, 2017-1 Term Loan B-6, 1st Lien | ||||||||
| 4.956%, VAR LIBOR+3.000%, 06/22/23 | 2,502 | 2,468 | ||||||
| Supervalu Inc., 1st Lien | ||||||||
| 5.148%, VAR LIBOR+3.500%, 06/08/24 | 209 | 206 | ||||||
| Supervalu Inc., Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 06/08/24 | 348 | 343 | ||||||
| Total Retail Food & Drug | 3,658 | |||||||
| Retailers (other than food/drug) [0.2%] | ||||||||
| AS Adventure, Additional Facility (GBP), 1st Lien | ||||||||
| 5.617%, 04/14/22(F) | GBP | 1,000 | 1,361 | |||||
| AS Adventure, Facility B, 1st Lien | ||||||||
| 5.000%, 04/14/22(F) | EUR | 2,000 | 2,415 | |||||
| MRH (GB) Limited, 1st Lien | ||||||||
| 3.000%, 12/14/23(F) | EUR | 1,000 | 1,229 | |||||
| Total Retailers (other than food/drug) | 5,005 | |||||||
| Retailing [0.4%] | ||||||||
| ABC Supply, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 0.000%, 10/31/23(G) | 565 | 565 | ||||||
| Action Holding B.V. (fka Peer Holdings B.V.), Facility B, 1st Lien | ||||||||
| 3.250%, VAR Euribor+3.250%, 02/25/22 | EUR | 1,000 | 1,223 | |||||
| Bass Pro Group, Term Loan B, 1st Lien | ||||||||
| 6.877%, VAR LIBOR+5.000%, 09/25/24 | 1,238 | 1,226 | ||||||
| Burger King (1011778 B.C. / New Red), Term Loan B-3, 1st Lien | ||||||||
| 4.127%, VAR LIBOR+2.250%, 02/16/24 | 4,476 | 4,477 | ||||||
| J. Crew Group, Inc., Amended Loan, 1st Lien | ||||||||
| 5.097%, VAR LIBOR+3.220%, 03/05/21 | 828 | 596 | ||||||
| New Arclin, 1st Lien | ||||||||
| 5.802%, 02/14/24 | 540 | 544 | ||||||
| NPC International, 2nd Lien | ||||||||
| 9.377%, VAR LIBOR+7.500%, 03/28/25 | 115 | 117 | ||||||
| NPC International, Inc., Initial Term Loan, 1st Lien | ||||||||
| 5.154%, VAR LIBOR+3.500%, 03/29/24 | 318 | 322 | ||||||
| Petsmart (fka Argos Merger), Term Loan B, 1st Lien | ||||||||
| 4.680%, VAR LIBOR+3.000%, 03/11/22 | 437 | 349 | ||||||
| Staples, Inc., 1st Lien | ||||||||
| 5.787%, VAR LIBOR+4.000%, 09/12/24 | 713 | 706 | ||||||
| Tacala Investment Corp., Initial Term Loan, Cov-Lite, 1st Lien | ||||||||
| 8.664%, 01/26/26 | 155 | 158 | ||||||
| 4.914%, 01/26/25(F) | 225 | 226 | ||||||
| Total Retailing | 10,509 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Securities & Trusts [0.2%] | ||||||||
| RPI Finance Trust, Initial Term Loan B-6, 1st Lien | ||||||||
| 4.302%, VAR LIBOR+2.000%, 03/27/23 | $ | 3,758 | $ | 3,774 | ||||
| RPI Finance Trust, Term A-3 Term Loan, 1st Lien | ||||||||
| 4.052%, VAR LIBOR+1.750%, 10/14/21 | 579 | 579 | ||||||
| Total Securities & Trusts | 4,353 | |||||||
| Service [0.4%] | ||||||||
| American Teleconferencing Services, Term Loan B, 1st Lien | ||||||||
| 8.291%, 12/08/21(F) | 265 | 264 | ||||||
| Bright Bidco B.V., 1st Lien | ||||||||
| 5.802%, 06/30/24 | 1,414 | 1,434 | ||||||
| CH Guenther, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 0.000%, 03/21/25(G) | 190 | 190 | ||||||
| CPA Global (Capri - Redtop), 1st Lien | ||||||||
| 5.022%, 10/04/24(F) | 360 | 360 | ||||||
| Evertec Group, LLC, Term Loan A, 1st Lien | ||||||||
| 4.027%, 04/17/18(F) | 29 | 28 | ||||||
| Exela, Term Loan B, 1st Lien | ||||||||
| 9.571%, VAR LIBOR+7.500%, 06/30/23(G) | 627 | 631 | ||||||
| FleetCor Technologies, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 3.877%, 07/26/24(F) | 716 | 718 | ||||||
| GFL Environmental, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.443%, 09/27/23(F) | 399 | 400 | ||||||
| Global Payments, 1st Lien | ||||||||
| 3.627%, 07/31/20(F) | 1,141 | 1,142 | ||||||
| Invictus, Term Loan, 1st Lien | ||||||||
| 0.000%, 02/14/25(G) | 225 | 227 | ||||||
| Invictus, Term Loan, 2nd Lien | ||||||||
| 8.627%, 02/13/26 | 75 | 76 | ||||||
| iQor US, Term Loan B, 1st Lien | ||||||||
| 6.695%, VAR LIBOR+5.000%, 04/01/21 | 1,649 | 1,650 | ||||||
| LS Deco LLC (Leighton), Term Loan B, 1st Lien | ||||||||
| 5.802%, 05/21/22(F) | 269 | 272 | ||||||
| Sedgwick, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 03/01/21 | 1,856 | 1,854 | ||||||
| Sedgwick, 2nd Lien | ||||||||
| 7.734%, 02/28/22(F) | 925 | 928 | ||||||
| 7.627%, VAR LIBOR+5.750%, 02/28/22 | 1,075 | 1,078 | ||||||
| Sutherland Global Services, 1st Lien | ||||||||
| 7.677%, 04/23/21(F) | 400 | 381 | ||||||
| 7.677%, VAR LIBOR+5.375%, 04/23/21 | 1,718 | 1,637 | ||||||
| Total Service | 13,270 | |||||||
| Shipping & Ship Building [0.0%] | ||||||||
| Navios Maritime Partners L.P (Navios Partners Finance (US) Inc.), Initial Term Loan, 1st Lien | ||||||||
| 7.080%, VAR LIBOR+5.000%, 09/14/20 | 1,174 | 1,182 | ||||||
| Software [0.0%] | ||||||||
| GlobalLogic, Term Loan B, 1st Lien | ||||||||
| 5.443%, 06/20/22 | 442 | 444 | ||||||
| Sovereign [0.1%] | ||||||||
| Arab Republic of Egypt, 1st Lien | ||||||||
| 1.884%, 01/04/21(E) (H) | CHF | 1,633 | 1,598 | |||||
| Steel [0.1%] | ||||||||
| Atkore International, 1st Lien | ||||||||
| 5.060%, VAR LIBOR+3.000%, 12/22/23 | 1,689 | 1,699 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 96
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| Big River Steel LLC, Closing Date Term Loan, 1st Lien | ||||||||
| 7.302%, VAR LIBOR+5.000%, 08/23/23 | $ | 816 | $ | 826 | ||||
| Zekelman Industries (fka JMC Steel), Term Loan B, 1st Lien | ||||||||
| 4.999%, VAR LIBOR+2.750%, 06/14/21 | 654 | 657 | ||||||
| Total Steel | 3,182 | |||||||
| Telecommunications [1.0%] | ||||||||
| CenturyLink, Inc., Initial Term Loan B, 1st Lien | ||||||||
| 4.627%, VAR LIBOR+2.750%, 01/31/25 | 6,439 | 6,327 | ||||||
| Cologix, 2nd Lien | ||||||||
| 8.648%, VAR LIBOR+7.000%, 03/14/25 | 100 | 101 | ||||||
| Coral-US Co-Borrower LLC, Additional Term B-4 Loan, 1st Lien | ||||||||
| 5.127%, 02/02/26(F) | 3,415 | 3,424 | ||||||
| Eircom Finco S.a r.l., Facility B, 1st Lien | ||||||||
| 3.250%, 04/19/24(F) | EUR | 2,500 | 3,070 | |||||
| Hargray Communications Group, Inc., Initial Term Loan, 1st Lien | ||||||||
| 4.877%, VAR LIBOR+3.000%, 05/16/24 | 382 | 383 | ||||||
| Interoute Finco PLC, Facility B, 1st Lien | ||||||||
| 3.250%, 11/14/23(F) (G) | EUR | 2,000 | 2,458 | |||||
| Level 3 Financing, Inc., Tranche B 2024 Term Loan, 1st Lien | ||||||||
| 4.111%, VAR LIBOR+2.250%, 02/22/24 | 6,970 | 6,982 | ||||||
| NeuStar, Inc., Cov-Lite, Term Loan B-4, 1st Lien | ||||||||
| 5.377%, 08/08/24 | 628 | 630 | ||||||
| NeuStar, Inc., Initial Term Loan, 2nd Lien | ||||||||
| 9.672%, VAR LIBOR+8.000%, 02/28/25 | 295 | 297 | ||||||
| Sprint Communications, Inc., Initial Term Loan, 1st Lien | ||||||||
| 4.438%, VAR LIBOR+2.500%, 02/02/24 | 1,956 | 1,955 | ||||||
| WideOpenWest Finance, LLC, Eighth Amendment, Term Loan B, 1st Lien | ||||||||
| 5.104%, VAR LIBOR+3.250%, 08/18/23 | 2,931 | 2,863 | ||||||
| Total Telecommunications | 28,490 | |||||||
| Textile & Apparel Mfg. [0.1%] | ||||||||
| Vivarte, Term Loan, 1st Lien | ||||||||
| 4.000%, 10/29/19(F) | EUR | 1,148 | 1,273 | |||||
| Transportation [0.4%] | ||||||||
| Commercial Barge Line, Term Loan B, 1st Lien | ||||||||
| 10.627%, VAR LIBOR+8.750%, 11/12/20(E) | 500 | 295 | ||||||
| Daseke, 1st Lien | ||||||||
| 6.648%, VAR LIBOR+5.000%, 02/27/24 | 1,028 | 1,032 | ||||||
| Federal-Mogul, Term Loan C, 1st Lien | ||||||||
| 5.530%, VAR LIBOR+3.750%, 04/15/21 | 2,969 | 2,987 | ||||||
| Harvey Gulf Int'l Marine, Term Loan A, 1st Lien | ||||||||
| 8.000%, 06/18/18(B) (E) | 1,384 | 592 | ||||||
| Harvey Gulf Int'l Marine, Term Loan B, 1st Lien | ||||||||
| 8.250%, 06/18/20(B) (E) | 800 | 338 | ||||||
| International Seaways, Term Loan B, 1st Lien | ||||||||
| 7.150%, 05/30/22(F) | 469 | 466 | ||||||
| Navios Maritime Midstream Partners LP, 1st Lien | ||||||||
| 6.710%, 06/15/20(F) | 562 | 560 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| OSG Bulk Ships, Initial Term Loan, 1st Lien | ||||||||
| 6.040%, VAR LIBOR+4.250%, 08/05/19 | $ | 692 | $ | 664 | ||||
| PS Logistics, 1st Lien | ||||||||
| 7.339%, 03/06/25 | 155 | 156 | ||||||
| Sage Automotive Holdings (Clearlake), 1st Lien | ||||||||
| 6.877%, 11/04/22(F) | 1,208 | 1,216 | ||||||
| Superior Industries, Term Loan B, 1st Lien | ||||||||
| 6.377%, 03/22/24(F) | 809 | 816 | ||||||
| Transplace Holdings, Term Loan B, 1st Lien | ||||||||
| 5.961%, 09/29/24(F) | 599 | 600 | ||||||
| Travelport Finance (Luxembourg) S.a r.l., Initial Term Loan, 1st Lien | ||||||||
| 2.500%, 03/07/25(F) | 395 | 396 | ||||||
| Wabash National, Term Loan B, 1st Lien | ||||||||
| 4.080%, 03/18/22(F) | 1,333 | 1,337 | ||||||
| Total Transportation | 11,455 | |||||||
| Utilities [1.1%] | ||||||||
| Aes Corp, Cov-Lite, Term Loan B, 1st Lien | ||||||||
| 3.944%, VAR LIBOR+2.000%, 05/24/22 | 728 | 728 | ||||||
| 0.000%, 05/24/22 | 1,170 | 1,170 | ||||||
| Atlantic Power, Term Loan B, 1st Lien | ||||||||
| 5.377%, VAR LIBOR+3.500%, 04/13/23 | 348 | 350 | ||||||
| Bronco Midstream Funding, LLC, Term Loan B, 1st Lien | ||||||||
| 5.873%, 08/15/20(F) | 2,033 | 2,052 | ||||||
| Calpine Construction, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.377%, 01/31/25(F) | 698 | 700 | ||||||
| Calpine Corporation, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 4.810%, VAR LIBOR+2.750%, 01/15/23 | 373 | 374 | ||||||
| Calpine, Term Loan B-5, 1st Lien | ||||||||
| 4.810%, VAR LIBOR+2.750%, 01/15/24 | 1,003 | 1,003 | ||||||
| Calpine, Term Loan B-7, 1st Lien | ||||||||
| 4.810%, VAR LIBOR+2.750%, 05/31/23 | 472 | 473 | ||||||
| Calpine, Term Loan B-8, 1st Lien | ||||||||
| 3.630%, VAR LIBOR+1.750%, 12/31/19 | 188 | 188 | ||||||
| Dynegy, Tranche C-2 Term Loan, 1st Lien | ||||||||
| 4.604%, 02/07/24(F) | 2,469 | 2,483 | ||||||
| Eastern Power, LLC (TPF II), 1st Lien | ||||||||
| 5.627%, VAR LIBOR+3.750%, 10/02/23 | 1,275 | 1,294 | ||||||
| Empire Generating, LLC, Term Loan B, 1st Lien | ||||||||
| 6.030%, VAR LIBOR+4.250%, 03/12/21 | 1,747 | 1,437 | ||||||
| Empire Generating, LLC, Term Loan C, 1st Lien | ||||||||
| 6.030%, VAR LIBOR+4.250%, 03/12/21 | 173 | 143 | ||||||
| Helix Gen Funding, LLC, 1st Lien | ||||||||
| 5.627%, VAR LIBOR+3.750%, 06/03/24 | 287 | 288 | ||||||
| Longview Power, Term Loan B, 1st Lien | ||||||||
| 7.780%, 04/13/21(F) | 2,059 | 1,692 | ||||||
| Morrison Utility Services, Term Loan B, 1st Lien | ||||||||
| 5.524%, 09/20/23(F) | EUR | 3,000 | 4,209 | |||||
| Motor Fuel Group, Term Loan B, Cov-Lite, 1st Lien | ||||||||
| 5.021%, 07/18/22(F) | GBP | 2,000 | 2,801 | |||||
| MRP Generation Holdings, LLC (TPF), Term Loan B, 1st Lien | ||||||||
| 9.302%, VAR LIBOR+7.000%, 10/18/22(E) (H) | 1,596 | 1,538 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| NRG Energy, Term Loan B, 1st Lien | ||||||||
| 3.943%, VAR LIBOR+2.250%, 06/30/23 | $ | 3,860 | $ | 3,865 | ||||
| Talen Energy Supply, LLC, Initial Term Loan, 1st Lien | ||||||||
| 5.877%, VAR LIBOR+4.000%, 04/15/24 | 2,546 | 2,497 | ||||||
| Talen Energy Supply, LLC, Term B-1 Loan, 1st Lien | ||||||||
| 5.877%, VAR LIBOR+4.000%, 07/15/23 | 541 | 529 | ||||||
| Vistra Operations LLC, 1st Lien | ||||||||
| 4.058%, VAR LIBOR+2.750%, 12/14/23 | 607 | 611 | ||||||
| 4.377%, VAR LIBOR+2.750%, 08/04/23 | 2,190 | 2,203 | ||||||
| Vistra Operations LLC, Term Loan C | ||||||||
| 4.377%, VAR LIBOR+2.750%, 08/04/23 | 389 | 391 | ||||||
| Viva Alamo LLC, Term Loan B, 1st Lien | ||||||||
| 6.010%, VAR LIBOR+4.250%, 02/22/21 | 138 | 137 | ||||||
| Total Utilities | 33,156 | |||||||
| Total Loan Participations | ||||||||
| (Cost $810,467) | 820,674 | |||||||
| Sovereign Debt [11.5%] | ||||||||
| Provincia de Buenos Aires | ||||||||
| 9.375%, 09/14/18 | 100 | 103 | ||||||
| Argentina Bonar Bonds | ||||||||
| 26.164%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/01/20 | ARS | 2,000 | 103 | |||||
| 25.420%, VAR 30-35d Argentina BADLAR Private Banks+2.500%, 03/11/19 | ARS | 2,100 | 108 | |||||
| 24.949%, VAR 30-35d Argentina BADLAR Private Banks+2.000%, 04/03/22 | ARS | 23,770 | 1,209 | |||||
| Argentina Paris Club | ||||||||
| 3.000%, 05/30/21(E) | CHF | 5,984 | 6,049 | |||||
| Argentina POM Politica Monetaria | ||||||||
| 27.250%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/20 | ARS | 105,700 | 5,552 | |||||
| Argentine Bonos del Tesoro | ||||||||
| 21.200%, 09/19/18 | ARS | 2,100 | 103 | |||||
| Argentine Republic Government International Bond | ||||||||
| 10.250%, 12/31/49(B) (E) | EUR | 12 | 17 | |||||
| 10.000%, 12/31/49(B) (E) | EUR | 1,401 | 1,856 | |||||
| 9.500%, 12/31/49(B) (E) | EUR | 27 | 37 | |||||
| 9.000%, 12/31/49(B) (E) | EUR | 15 | 21 | |||||
| 8.750%, 12/31/49(B) (E) | EUR | 30 | 33 | |||||
| 8.500%, 12/31/49(B) (E) | EUR | 664 | 802 | |||||
| 8.125%, 12/31/49(B) (E) | EUR | 204 | 245 | |||||
| 8.000%, 12/31/49(B) (E) | EUR | 2,512 | 2,276 | |||||
| 7.820%, 12/31/33 | EUR | 3,440 | 4,731 | |||||
| 7.625%, 12/31/49(B) (E) | EUR | 13 | 14 | |||||
| 7.500%, 12/31/49(B) (E) | EUR | 52 | 42 | |||||
| 7.125%, 12/31/49(B) (E) | EUR | 97 | 106 | |||||
| 7.000%, 12/31/49(B) (E) | EUR | 141 | 173 | |||||
| 6.250%, 04/22/19 | 1,000 | 1,027 | ||||||
| 5.870%, 03/31/23(B) (E) | EUR | 28 | 41 | |||||
| 0.000%, 12/15/35(D) (F) | 48,000 | 4,024 | ||||||
| 0.000%, 12/31/49(B) (E) | EUR | 95 | 85 | |||||
| Bank of Thailand Bill | ||||||||
| 1.129%, 09/27/18(D) | THB | 47,765 | 1,519 | |||||
| Bonos de la Tesoreria de la Republica en pesos | ||||||||
| 5.000%, 03/01/35 | CLP | 1,965,000 | 3,277 | |||||
| Brazil Letras do Tesouro Nacional | ||||||||
| 6.938%, 01/01/20(D) | BRL | 19,002 | 5,111 | |||||
| Brazil Notas do Tesouro Nacional Serie B | ||||||||
| 6.000%, 08/15/22 | BRL | 10,154 | 10,201 | |||||
| Brazil Notas do Tesouro Nacional Serie F | ||||||||
| 10.000%, 01/01/23 | BRL | 41,950 | 13,247 | |||||
| 10.000%, 01/01/25 | BRL | 26,554 | 8,318 | |||||
| 10.000%, 01/01/27 | BRL | 25,760 | 8,018 | |||||
| Colombian TES | ||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 99
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | |||||
| 11.000%, 07/24/20 | COP | 1,075,000 | $ | 433 | |||
| 10.000%, 07/24/24 | COP | 240,000 | 103 | ||||
| 7.750%, 09/18/30 | COP | 1,480,000 | 577 | ||||
| 7.000%, 05/04/22 | COP | 29,400,000 | 11,041 | ||||
| 7.000%, 06/30/32 | COP | 4,530,000 | 1,637 | ||||
| Egyptian Paris Club | |||||||
| 5.056%, 01/01/21(E) (H) | 7 | 5 | |||||
| Hungary Government Bond | |||||||
| 7.500%, 11/12/20 | HUF | 241,410 | 1,122 | ||||
| 7.000%, 06/24/22 | HUF | 306,560 | 1,499 | ||||
| 5.500%, 06/24/25 | HUF | 650,500 | 3,169 | ||||
| 3.000%, 06/26/24 | HUF | 645,430 | 2,737 | ||||
| 1.750%, 10/26/22 | HUF | 134,640 | 543 | ||||
| Indonesia Treasury Bond | |||||||
| 11.500%, 09/15/19 | IDR | 5,902,000 | 461 | ||||
| 11.000%, 11/15/20 | IDR | 2,854,000 | 233 | ||||
| 10.500%, 08/15/30 | IDR | 6,724,000 | 619 | ||||
| 9.000%, 03/15/29 | IDR | 42,821,000 | 3,559 | ||||
| 8.750%, 05/15/31 | IDR | 20,214,000 | 1,657 | ||||
| 8.375%, 03/15/24 | IDR | 59,428,000 | 4,716 | ||||
| 8.375%, 09/15/26 | IDR | 27,024,000 | 2,167 | ||||
| 8.375%, 03/15/34 | IDR | 46,836,000 | 3,691 | ||||
| 8.250%, 07/15/21 | IDR | 39,969,000 | 3,099 | ||||
| 8.250%, 05/15/36 | IDR | 8,460,000 | 662 | ||||
| 7.500%, 08/15/32 | IDR | 33,222,000 | 2,476 | ||||
| 7.500%, 05/15/38 | IDR | 23,662,000 | 1,739 | ||||
| 7.000%, 05/15/22 | IDR | 3,674,000 | 277 | ||||
| 7.000%, 05/15/27 | IDR | 18,582,000 | 1,372 | ||||
| 6.625%, 05/15/33 | IDR | 12,207,000 | 865 | ||||
| 6.125%, 05/15/28 | IDR | 42,062,000 | 2,941 | ||||
| 5.625%, 05/15/23 | IDR | 16,910,000 | 1,210 | ||||
| Ivory Coast Government International Bond | |||||||
| 5.750%, 12/31/32 | 55 | 53 | |||||
| Kenya Government International Bond | |||||||
| 5.875%, 06/24/19 | 5,000 | 5,128 | |||||
| Malaysia Government Bond | |||||||
| 4.498%, 04/15/30 | MYR | 3,019 | 792 | ||||
| 4.378%, 11/29/19 | MYR | 1,861 | 489 | ||||
| 4.232%, 06/30/31 | MYR | 1,517 | 387 | ||||
| 4.181%, 07/15/24 | MYR | 7,293 | 1,914 | ||||
| 3.955%, 09/15/25 | MYR | 5,198 | 1,344 | ||||
| 3.882%, 03/10/22 | MYR | 10,475 | 2,740 | ||||
| 3.844%, 04/15/33 | MYR | 4,361 | 1,054 | ||||
| 3.795%, 09/30/22 | MYR | 2,720 | 705 | ||||
| 3.654%, 10/31/19 | MYR | 1,950 | 507 | ||||
| 3.620%, 11/30/21 | MYR | 8,360 | 2,174 | ||||
| 3.492%, 03/31/20 | MYR | 4,655 | 1,205 | ||||
| 3.480%, 03/15/23 | MYR | 1,645 | 420 | ||||
| 3.418%, 08/15/22 | MYR | 7,537 | 1,926 | ||||
| Mexican Bonos | |||||||
| 10.000%, 12/05/24 | MXN | 331,210 | 20,900 | ||||
| 8.000%, 12/07/23 | MXN | 27,980 | 1,595 | ||||
| 6.500%, 06/10/21 | MXN | 137,740 | 7,420 | ||||
| 6.500%, 06/09/22 | MXN | 268,640 | 14,393 | ||||
| 5.750%, 03/05/26 | MXN | 152,690 | 7,626 | ||||
| Mexican Udibonos | |||||||
| 4.000%, 06/13/19 | MXN | 23,056 | 1,261 | ||||
| Nigeria Government International Bond | |||||||
| 5.125%, 07/12/18 | 1,000 | 1,001 | |||||
| Pakistan Government International Bond | |||||||
| 7.250%, 04/15/19 | 19,902 | 20,265 | |||||
| Peru Government Bond | |||||||
| 6.150%, 08/12/32(A) | PEN | 1,969 | 671 | ||||
| Peruvian Government International Bond | |||||||
| 6.950%, 08/12/31 | PEN | 5,323 | 1,943 | ||||
| 6.900%, 08/12/37 | PEN | 1,094 | 390 | ||||
| Philippine Government International Bond | |||||||
| 6.250%, 01/14/36 | PHP | 10,000 | 211 | ||||
| 4.950%, 01/15/21 | PHP | 5,000 | 98 | ||||
| 3.900%, 11/26/22 | PHP | 20,000 | 374 | ||||
| Province of Salta Argentina | |||||||
| 9.500%, 03/16/22 | 1,348 | 1,402 | |||||
| Provincia de Buenos Aires | |||||||
| 5.750%, 06/15/19 | 5,000 | 5,100 | |||||
| 4.000%, 05/01/20(B) (C) | EUR | 403 | 480 | ||||
| Provincia de Mendoza Argentina | |||||||
| 5.500%, 09/04/18 | 38 | 38 | |||||
| Republic of Poland Government Bond | |||||||
| 3.250%, 07/25/25 | PLN | 10,874 | 3,252 | ||||
| 2.750%, 08/25/23 | PLN | 358 | 138 | ||||
| 2.500%, 07/25/26 | PLN | 11,303 | 3,178 | ||||
| Republic of South Africa Government Bond | |||||||
| 10.500%, 12/21/26 | ZAR | 113,775 | 11,110 | ||||
| 9.000%, 01/31/40 | ZAR | 28,484 | 2,432 | ||||
| 8.750%, 01/31/44 | ZAR | 24,489 | 2,033 | ||||
| 8.750%, 02/28/48 | ZAR | 45,853 | 3,829 | ||||
| 8.500%, 01/31/37 | ZAR | 26,933 | 2,213 | ||||
| 8.250%, 03/31/32 | ZAR | 19,908 | 1,650 | ||||
| 8.000%, 01/31/30 | ZAR | 70,582 | 5,800 | ||||
| 7.750%, 02/28/23 | ZAR | 62,589 | 5,370 | ||||
| 7.000%, 02/28/31 | ZAR | 81,497 | 6,112 | ||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | |||||
| 6.500%, 02/28/41 | ZAR | 33,116 | $ | 2,161 | |||
| 6.250%, 03/31/36 | ZAR | 4,334 | 285 | ||||
| Romania Government Bond | |||||||
| 5.800%, 07/26/27 | RON | 2,520 | 728 | ||||
| Russian Federal Bond - OFZ | |||||||
| 8.500%, 09/17/31 | RUB | 148,144 | 2,901 | ||||
| 7.750%, 09/16/26 | RUB | 241,056 | 4,448 | ||||
| 7.700%, 03/23/33 | RUB | 97,561 | 1,778 | ||||
| 7.600%, 04/14/21 | RUB | 37,347 | 674 | ||||
| 7.500%, 08/18/21 | RUB | 304,651 | 5,493 | ||||
| 7.400%, 12/07/22 | RUB | 124,370 | 2,257 | ||||
| 7.100%, 10/16/24 | RUB | 114,016 | 2,038 | ||||
| 7.000%, 01/25/23 | RUB | 44,562 | 798 | ||||
| 6.400%, 05/27/20 | RUB | 44,907 | 787 | ||||
| Sri Lanka Government International Bond | |||||||
| 6.000%, 01/14/19 | 1,700 | 1,730 | |||||
| Thailand Government Bond | �� | ||||||
| 3.875%, 06/13/19 | THB | 49,484 | 1,631 | ||||
| 3.850%, 12/12/25 | THB | 24,957 | 885 | ||||
| 3.650%, 06/20/31 | THB | 40,892 | 1,410 | ||||
| 3.625%, 06/16/23 | THB | 51,850 | 1,799 | ||||
| 3.400%, 06/17/36 | THB | 46,939 | 1,543 | ||||
| 2.875%, 06/17/46 | THB | 26,154 | 765 | ||||
| 2.125%, 12/17/26 | THB | 30,991 | 967 | ||||
| 2.000%, 12/17/22 | THB | 127,535 | 4,110 | ||||
| 1.250%, 03/12/28 | THB | 24,668 | 789 | ||||
| 1.200%, 07/14/21 | THB | 6,700 | 231 | ||||
| Turkey Government Bond | |||||||
| 11.000%, 02/24/27 | TRY | 10,553 | 2,464 | ||||
| 10.700%, 02/17/21 | TRY | 2,929 | 690 | ||||
| 10.700%, 08/17/22 | TRY | 6,750 | 1,567 | ||||
| 10.500%, 08/11/27 | TRY | 4,356 | 995 | ||||
| 10.400%, 03/20/24 | TRY | 1,295 | 297 | ||||
| 9.500%, 01/12/22 | TRY | 3,241 | 728 | ||||
| 8.800%, 09/27/23 | TRY | 5,017 | 1,066 | ||||
| 8.500%, 09/14/22 | TRY | 3,395 | 729 | ||||
| 7.100%, 03/08/23 | TRY | 13,090 | 2,625 | ||||
| 3.000%, 02/23/22 | TRY | 4,900 | 2,045 | ||||
| Turkey Government International Bond | |||||||
| 7.000%, 03/11/19 | 3,000 | 3,098 | |||||
| Venezuela Government International Bond | |||||||
| 11.750%, 10/21/26(B) | 6,000 | 1,954 | |||||
| Total Sovereign Debt | |||||||
| (Cost $333,797) | 344,647 | ||||||
| Description | Acquisition Cost (000) | Value (000) | ||||||
| Life Settlement Contracts [5.1%](E) (H) (I) (J) | ||||||||
| American General Life #460L, | ||||||||
| Acquired 05/30/2014* | $ | 303 | $ | 620 | ||||
| American General Life #508L, | ||||||||
| Acquired 05/30/2014* | 2,595 | 2,934 | ||||||
| American General Life #542L, | ||||||||
| Acquired 07/30/2015* | 83 | 336 | ||||||
| American General Life #634L, | ||||||||
| Acquired 05/30/2014* | 530 | 2,706 | ||||||
| American General Life #906L, | ||||||||
| Acquired 07/30/2015* | 479 | 2,774 | ||||||
| American General Life #964L, | ||||||||
| Acquired 07/30/2015* | 1,459 | 1,962 | ||||||
| AXA Equitable Life #0474, | ||||||||
| Acquired 11/04/2013* | 7,290 | 10,235 | ||||||
| AXA Equitable Life #1616, | ||||||||
| Acquired 05/30/2014* | 3,254 | 4,219 | ||||||
| AXA Equitable Life #1898, | ||||||||
| Acquired 11/04/2013* | 441 | 669 | ||||||
| AXA Equitable Life #7233, | ||||||||
| Acquired 11/04/2013* | 395 | 1,932 | ||||||
| AXA Equitable Life #7578, | ||||||||
| Acquired 11/04/2013* | 2,104 | 3,723 | ||||||
| AXA Equitable Life #7857, | ||||||||
| Acquired 11/04/2013* | 2,297 | 2,198 | ||||||
| AXA Equitable Life #8538, | ||||||||
| Acquired 11/04/2013* | 1,333 | 1,788 | ||||||
| AXA Equitable Life #9345, | ||||||||
| Acquired 11/04/2013* | 143 | — | ||||||
| Genworth Life and Annuity #6473, | ||||||||
| Acquired 10/19/2016* | 740 | 1,296 | ||||||
| Guardian Insurance #0346, | ||||||||
| Acquired 11/04/2013* | 646 | 3,356 | ||||||
| Hartford Life #4700, | ||||||||
| Acquired 11/24/2015* | 81 | 118 | ||||||
| Hartford Life #7522, | ||||||||
| Acquired 11/24/2015* | 805 | 2,259 | ||||||
| ING Reliastar #1234, | ||||||||
| Acquired 12/05/2013* | 1,067 | 4,502 | ||||||
| ING Reliastar #1649, | ||||||||
| Acquired 12/05/2013* | 61 | 1,994 | ||||||
| ING Reliastar #3394, | ||||||||
| Acquired 05/30/2014* | 3,687 | 5,974 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 101
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Acquisition Cost (000) | Value (000) | ||||||
| ING Reliastar #4842, | ||||||||
| Acquired 11/20/2013* | $ | 921 | $ | 4,113 | ||||
| ING Reliastar #776H, | ||||||||
| Acquired 05/30/2014* | 1,518 | 1,953 | ||||||
| John Hancock #0430, | ||||||||
| Acquired 05/30/2014* | 2,418 | 3,771 | ||||||
| John Hancock #0801, | ||||||||
| Acquired 05/30/2014* | 1,564 | 2,056 | ||||||
| John Hancock #1929, | ||||||||
| Acquired 05/30/2014* | 3,812 | 3,798 | ||||||
| John Hancock #5072, | ||||||||
| Acquired 05/30/2014* | 1,409 | 2,490 | ||||||
| John Hancock #5080, | ||||||||
| Acquired 11/19/2013* | 313 | 2,466 | ||||||
| John Hancock #5885, | ||||||||
| Acquired 05/30/2014* | 894 | 1,611 | ||||||
| John Hancock #6686, | ||||||||
| Acquired 05/30/2014* | 3,035 | 3,229 | ||||||
| John Hancock #6912, | ||||||||
| Acquired 05/30/2014* | 1,065 | 1,851 | ||||||
| Lincoln National #0019, | ||||||||
| Acquired 09/18/2015* | 2,460 | 5,195 | ||||||
| Lincoln National #4654, | ||||||||
| Acquired 05/30/2014* | 721 | 717 | ||||||
| Lincoln National #4754, | ||||||||
| Acquired 09/18/2015* | 1,029 | 4,363 | ||||||
| Lincoln National #4754, | ||||||||
| Acquired 09/18/2015* | 610 | 3,067 | ||||||
| Lincoln National #5658, | ||||||||
| Acquired 09/18/2015* | 329 | 1,216 | ||||||
| Lincoln National #7099, | ||||||||
| Acquired 09/18/2015* | 1,254 | 3,087 | ||||||
| Lincoln National #8558, | ||||||||
| Acquired 09/18/2015* | 1,659 | 3,622 | ||||||
| Mass Mutual #1849, | ||||||||
| Acquired 11/05/2013* | 2,926 | 5,338 | ||||||
| Mass Mutual #5167, | ||||||||
| Acquired 05/30/2014* | 63 | 1,614 | ||||||
| Mass Mutual #5681, | ||||||||
| Acquired 11/05/2013* | 288 | 2,471 | ||||||
| Mass Mutual #5864, | ||||||||
| Acquired 05/30/2014* | 4,668 | 472 | ||||||
| Mass Mutual #6620, | ||||||||
| Acquired 11/05/2013* | 222 | 725 | ||||||
| Met Life #8MLU, | ||||||||
| Acquired 05/30/2014* | 1,413 | 2,033 | ||||||
| Pacific Life #7850, | ||||||||
| Acquired 05/30/2014* | 550 | 986 | ||||||
| Description | Acquisition Cost (000)/ Face Amount (000)(1) | Value (000) | ||||||
| Penn Life #8183, | ||||||||
| Acquired 10/18/2016* | $ | 46 | $ | 110 | ||||
| Penn Mutual #3106, | ||||||||
| Acquired 05/30/2014* | 1,294 | 1,596 | ||||||
| Phoenix Life #5555, | ||||||||
| Acquired 05/30/2014* | 3,946 | 5,683 | ||||||
| Phoenix Life #5715, | ||||||||
| Acquired 10/18/2016* | 570 | 1,984 | ||||||
| Phoenix Life #6157, | ||||||||
| Acquired 10/18/2016* | 569 | 2,019 | ||||||
| Phoenix Life #6161, | ||||||||
| Acquired 05/30/2014* | 3,472 | 8,687 | ||||||
| Phoenix Life #8499, | ||||||||
| Acquired 05/30/2014* | 756 | 1,154 | ||||||
| Phoenix Life #8509, | ||||||||
| Acquired 05/30/2014* | 761 | 1,154 | ||||||
| Principal Financial #6653, | ||||||||
| Acquired 10/30/2013* | 306 | 1,621 | ||||||
| Prudential #5978, | ||||||||
| Acquired 10/02/2015* | 372 | 1,540 | ||||||
| Security Mutual Life #5380, | ||||||||
| Acquired 10/30/2013* | 410 | 404 | ||||||
| Transamerica #1708, | ||||||||
| Acquired 10/28/2013* | 957 | 2,678 | ||||||
| Transamerica #3426, | ||||||||
| Acquired 11/12/2013* | 274 | 526 | ||||||
| Transamerica #8205, | ||||||||
| Acquired 10/28/2013* | 714 | 1,918 | ||||||
| Union Central Life #4500, | ||||||||
| Acquired 10/30/2013* | 790 | 4,051 | ||||||
| Total Life Settlement Contracts | ||||||||
| (Cost $80,171) | 152,964 | |||||||
| Mortgage-Backed Securities [3.7%] | ||||||||
| Adagio IV CLO, Ser 2015-X, Cl F | ||||||||
| 6.650%, VAR Euribor 3 Month+6.650%, 10/15/29 | EUR | 1,000 | 1,225 | |||||
| Armada Euro CLO II DAC, Ser 2018-2X, Cl E | ||||||||
| 4.820%, VAR Euribor 3 Month+4.820%, 11/15/31 | EUR | 1,500 | 1,813 | |||||
| Armada Euro CLO II DAC, Ser 2018-2X, Cl F | ||||||||
| 6.450%, VAR Euribor 3 Month+6.450%, 11/15/31 | EUR | 1,000 | $ | 1,173 | ||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 102
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1) | Value (000) | ||||||
| BABSN, Ser 2015-IA | ||||||||
| 7.229%, 01/20/31 | $ | 4,000 | $ | 4,000 | ||||
| Black Diamond CLO DAC, Ser 2015-1X, Cl F | ||||||||
| 6.500%, VAR Euribor 3 Month+6.500%, 10/03/29 | EUR | 1,220 | 1,501 | |||||
| Black Diamond CLO DAC, Ser 2018-1X, Cl DR | ||||||||
| 2.650%, VAR Euribor 3 Month+2.650%, 10/03/29 | EUR | 5,000 | 6,152 | |||||
| Blackrock European CLO, Ser 2018-1X | ||||||||
| 6.600%, 03/15/31 | 1,750 | 2,153 | ||||||
| 4.420%, 03/15/31 | 3,000 | 3,618 | ||||||
| BlueMountain EUR CLO DAC, Ser 2018-1X, Cl CR | ||||||||
| 0.000%, VAR Euribor 3 Month+1.600%, 04/25/32 | EUR | 4,000 | 4,922 | |||||
| Crestline Denali CLO XVI, Ser 2018-1A, Cl C | ||||||||
| 3.611%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/30(A) | 4,500 | 4,491 | ||||||
| CRNPT, Ser 2018-4A | ||||||||
| 5.025%, 04/20/31 | 3,000 | 2,962 | ||||||
| 4.175%, 04/20/31 | 2,750 | 2,750 | ||||||
| Euro-Galaxy VI CLO DAC, Ser 2018-6X, Cl C | ||||||||
| 1.550%, VAR Euribor 3 Month+1.550%, 04/11/31 | EUR | 3,750 | 4,614 | |||||
| GLG Euro CLO IV DAC, Ser 2018-4X, Cl C | ||||||||
| 1.600%, VAR Euribor 3 Month+1.600%, 05/15/31 | EUR | 3,900 | 4,799 | |||||
| Greywolf CLO V, Ser 2018-1A, Cl BR | ||||||||
| 3.745%, VAR ICE LIBOR USD 3 Month+2.000%, 01/27/31(A) | 4,000 | 4,006 | ||||||
| Harvest CLO VIII DAC, Ser 2018-8X, Cl CRR | ||||||||
| 1.650%, VAR Euribor 3 Month+1.650%, 01/15/31 | EUR | 2,450 | 3,026 | |||||
| Harvest CLO XIV DAC, Ser 2015-14X, Cl F | ||||||||
| 6.300%, VAR Euribor 3 Month+6.300%, 11/18/29 | EUR | 3,250 | 3,955 | |||||
| Mountain View CLO XIV | ||||||||
| 0.000%, #(E) | $ | 10,000 | 10,000 | |||||
| Oak Hill European Credit Partners IV DAC, Ser 2018-4X, Cl DR | ||||||||
| 2.500%, VAR Euribor 3 Month+2.500%, 01/20/32 | EUR | 3,000 | 3,691 | |||||
| OAK Hill European Credit Partners V DAC, Ser 2017-5X, Cl F | ||||||||
| 7.300%, VAR Euribor 3 Month+7.300%, 02/21/30 | EUR | 1,100 | 1,354 | |||||
| OZLM XXII, Ser 2018-22A, Cl B | ||||||||
| 3.515%, VAR ICE LIBOR USD 3 Month+1.800%, 01/17/31(A) | 3,500 | 3,495 | ||||||
| OZLM XXII, Ser 2018-22A, Cl D | ||||||||
| 7.015%, VAR ICE LIBOR USD 3 Month+5.300%, 01/17/31(A) | 1,800 | 1,781 | ||||||
| Parallel, Ser 2018-1A, Cl C | ||||||||
| 4.847%, VAR ICE LIBOR USD 3 Month+2.800%, 04/20/31(A) | 2,000 | 1,995 | ||||||
| Sorrento Park CLO DAC, Ser 2014-1X, Cl E | ||||||||
| 5.922%, VAR Euribor 3 Month+6.250%, 11/16/27 | EUR | 3,000 | 3,666 | |||||
| St. Paul’s CLO III-R DAC, Ser 2018-3RX, Cl CR | ||||||||
| 1.600%, VAR Euribor 3 Month+1.600%, 01/15/32 | EUR | 2,750 | 3,384 | |||||
| Trinitas CLO III, Ser 2018-3A, Cl CR | ||||||||
| 3.616%, VAR ICE LIBOR USD 3 Month+1.900%, 07/15/27(A) | 4,000 | 3,992 | ||||||
| Venture CDO, Ser 2018-31A | ||||||||
| 4.262%, 04/20/31 | 4,000 | 4,000 | ||||||
| VIBR, Ser 2018-8A | ||||||||
| 7.863%, 01/20/31 | 2,000 | 1,992 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Face Amount (000)(1)/Shares | Value (000) | ||||||
| Voya Euro CLO I DAC, Ser 2018-1X, Cl C | ||||||||
| 0.000%, VAR Euribor 3 Month+1.600%, 10/15/30 | EUR | 2,500 | $ | 3,076 | ||||
| Voya Euro CLO I DAC, Ser 2018-1X, Cl D | ||||||||
| 0.000%, VAR Euribor 3 Month+2.500%, 10/15/30 | EUR | 3,075 | 3,784 | |||||
| Z Capital Credit Partners CLO 2015-1, Ser 2018-1A, Cl DR | ||||||||
| 4.822%, VAR ICE LIBOR USD 3 Month+3.100%, 07/16/27(A) | $ | 4,000 | 4,028 | |||||
| Zais CLO 8, Ser 2018-1A, Cl C | ||||||||
| 3.875%, VAR ICE LIBOR USD 3 Month+1.750%, 04/15/29(A) | 4,000 | 4,000 | ||||||
| Total Mortgage-Backed Securities | ||||||||
| (Cost $111,229) | 111,398 | |||||||
| Closed-End Fund [0.5%] | ||||||||
| Stone Ridge Reinsurance Risk Premium Interval Fund*(E) | 1,701,264 | 15,379 | ||||||
| Total Closed-End Fund | ||||||||
| (Cost $17,271) | 15,379 | |||||||
| Convertible Bonds [0.4%] | ||||||||
| Coal Mining [0.0%] | ||||||||
| New World Resources | ||||||||
| 4.000% cash/0% PIK, 10/07/20(B) (E) | EUR | 380 | — | |||||
| Medical Products & Services [0.0%] | ||||||||
| Bio City Development | ||||||||
| 8.000%, 07/06/18(E) | 1,000 | 200 | ||||||
| Metal-Iron [0.0%] | ||||||||
| London Mining Jersey | ||||||||
| 12.000%, 04/30/19(B) (E) | 1,500 | 15 | ||||||
| Petroleum & Fuel Products [0.4%] | ||||||||
| Dana Gas Sukuk | ||||||||
| 9.000%, 12/31/49(B) | 9,862 | 8,728 | ||||||
| 7.000%, 12/31/49(B) | 2,298 | 2,005 | ||||||
| Total Petroleum & Fuel Products | 10,733 | |||||||
| Total Convertible Bonds | ||||||||
| (Cost $13,686) | 10,948 | |||||||
| Limited Partnership [0.4%] | ||||||||
| Financial Services [0.4%] | ||||||||
| Cartesian LP *(E) | 1 | 10,679 | ||||||
| Total Limited Partnership | ||||||||
| (Cost $10,000) | 10,679 | |||||||
| Common Stock [0.3%] | ||||||||
| Energy [0.0%] | ||||||||
| Lone Pine Resource *(E) | 9,355 | — | ||||||
| Templar Energy, Cl A * | 105,419 | 105 | ||||||
| Total Energy | 105 | |||||||
| Financial Services [0.0%] | ||||||||
| Aretec Group * | 3,419 | 205 | ||||||
| Hotels, Restaurants & Leisure [0.0%] | ||||||||
| Caesars Entertainment * | 68,920 | 775 | ||||||
| Metals & Mining [0.0%] | ||||||||
| New World Resources, Cl A *(E) | 44,276,198 | 93 | ||||||
| Oil, Gas & Consumable Fuels [0.2%] | ||||||||
| Gulf Keystone Petroleum * | 2,879,160 | 5,252 | ||||||
| Savannah Petroleum *(E) | 4,307,451 | 1,713 | ||||||
| Total Oil, Gas & Consumable Fuels | 6,965 | |||||||
| Services [0.0%] | ||||||||
| A’ayan Leasing & Investment KSCP *(E) | 1,169,438 | 79 | ||||||
| Astana Finance * | 208,618 | — | ||||||
| Total Services | 79 | |||||||
| Software [0.1%] | ||||||||
| Avaya Holdings * | $ | 63,517 | $ | 1,423 | ||||
| Total Common Stock | ||||||||
| (Cost $8,841) | 9,645 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Description | Shares/Number of Warrants/ Face Amount (000)(1) | Value (000) | ||||||
| Warrant [0.1%] | ||||||||
| Central Bank of Nigeria, | ||||||||
| Expires 11/15/20, Strike Price $0.0001*(E) | $ | 49,000 | $ | 3,749 | ||||
| Total Warrant | ||||||||
| (Cost $6,407) | 3,749 | |||||||
| Asset-Backed Security [0.0%] | ||||||||
| BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378) | ||||||||
| 9.250%, 12/31/49(E) (H) (J) | 4,438 | 151 | ||||||
| Total Asset-Backed Security | ||||||||
| (Cost $4,438) | 151 | |||||||
| Repurchase Agreement [2.0%] | ||||||||
| Barclays (K) | ||||||||
| 1.780%, dated 03/29/18, repurchased on 04/02/18, repurchase price $60,011,867 (collateralized by various U.S. Government obligations, par values ranging from $100 to $33,268,100, 0.000% to 3.625%, 05/03/18 to 11/15/46; with a total market value $61,200,000) | 60,000 | 60,000 | ||||||
| Total Repurchase Agreement | ||||||||
| (Cost $60,000) | 60,000 | |||||||
| Short-Term Investment** [4.5%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 136,240,098 | 136,240 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $136,240) | 136,240 | |||||||
| Total Investments [100.2%] | ||||||||
| (Cost $2,934,152) | $ | 3,006,015 | ||||||
Percentages are based on Net Assets of $2,999,782 (000).
Amounts designated as “—” are $0 or have been rounded to $0.
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| # | No maturity date available. |
| (1) | 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, 2018, the value of these securities amounted to $376,536 (000), representing 12.6% of the net assets of the Fund. |
| (B) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
| (C) | Step Bond — The rate reported is the rate in effect on March 31, 2018. 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) | Security is considered illiquid. The total market value of such security as of March 31, 2018 was $252,454 (000) and represented 8.4% of the net assets of the Fund. |
| (F) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (G) | Unsettled bank loan; Interest rate may not be available. |
| (H) | Level 3 security in accordance with fair value hierarchy. |
| (I) | Security is considered restricted. The total market value of such securities as of March 31, 2018 was $152,964 (000) and represented 5.1% of the net assets of the Fund. |
| (J) | 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, 2018 was $153,115 (000) and represented 5.1% of the net assets of the Fund. |
| (K) | Tri-Party Repurchase Agreement. |
| (L) | Maturity date is 6/5/2115. |
ARS — Argentine Peso
BRL — Brazilian Real
CHF — Swiss Franc
Cl — Class
CLO — Collateralized Loan Obligation
CLP — Chilean Peso
COP — Colombian Peso
CZK — Czech Koruna
EGP — Egyptian Pound
EUR — Euro
EURIBOR — Euro London Interbank Offered Rate
GBP — British Pound Sterling
GDP — Gross Domestic Product
HUF — Hungarian Forint
ICE— Intercontinental Exchange
IDR — Indonesian Rupiah
INR — Indian Rupee
JSC — Joint-Stock Company
LIBOR — London Interbank Offered Rate
LLC — Limited Liability Company
LP — Limited Partnership
Ltd. — Limited
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
MLP — Master Limited Partnership
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
PEN — Peruvian Nuevo Sol
PHP— Philippine Peso
PIK — Payment-in-Kind
PLC — Public Limited Company
PLN — Polish Zloty
RON — Romanian Leu
RUB — Russian Ruble
Ser — Series
SPE — Special Purpose Entity
THB — Thai Bhat
TIIE — Interbank Equilibrium Interest Rate
TRY — Turkish Lira
USD — United States Dollar
VAR — Variable Rate
WIBOR — Warsaw Interbank Offered Rate
ZAR — South African Rand
A list of the open forward foreign currency contracts held by the Fund at March 31, 2018, is as follows:
| Counterparty | Settlement Date | Currency to Deliver (000) | Currency to Receive (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||
| BNP Paribas | 04/18/18 | USD | 488 | EGP | 8,973 | $ | 18 | |||||
| BNP Paribas | 05/31/18 - 06/29/18 | USD | 2,996 | ARS | 63,673 | 36 | ||||||
| BNP Paribas | 04/27/18 | USD | 1,315 | ARS | 26,445 | (20 | ) | |||||
| BNP Paribas | 04/30/18 | USD | 291 | PHP | 15,114 | (2 | ) | |||||
| BNP Paribas | 04/30/18 | USD | 752 | IDR | 10,095,434 | (18 | ) | |||||
| BNP Paribas | 04/30/18 | USD | 1,253 | TRY | 4,832 | (39 | ) | |||||
| BNP Paribas | 04/30/18 | USD | 2,558 | PEN | 8,251 | (5 | ) | |||||
| BNP Paribas | 04/30/18 | USD | 7,037 | CZK | 150,132 | 246 | ||||||
| BNP Paribas | 04/30/18 | USD | 311 | CZK | 6,292 | (6 | ) | |||||
| BNP Paribas | 04/30/18 - 05/31/18 | ZAR | 84,426 | USD | 7,151 | 59 | ||||||
| BNP Paribas | 04/30/18 | MXN | 120,414 | USD | 6,459 | (134 | ) | |||||
| BNP Paribas | 04/30/18 | PHP | 121,665 | USD | 2,317 | (5 | ) | |||||
| BNP Paribas | 08/31/18 | USD | 893 | PLN | 3,067 | 6 | ||||||
| BNP Paribas | 05/30/18 | USD | 8,076 | PLN | 26,772 | (247 | ) | |||||
| BNP Paribas | 05/31/18 | USD | 648 | THB | 20,239 | 1 | ||||||
| BNP Paribas | 05/31/18 | USD | 1,190 | THB | 37,144 | — | ||||||
| BNP Paribas | 05/31/18 | USD | 2,322 | HUF | 585,746 | (6 | ) | |||||
| BNP Paribas | 05/31/18 | USD | 3,058 | INR | 200,737 | 5 | ||||||
| BT Brokerage | 05/03/18 | USD | 620 | BRL | 2,063 | 3 | ||||||
| BT Brokerage | 04/03/18 | USD | 14,773 | BRL | 48,722 | (18 | ) | |||||
| BT Brokerage | 04/03/18 - 05/03/18 | BRL | 111,282 | USD | 33,883 | 215 | ||||||
| BT Brokerage | 04/27/18 | USD | 185 | RUB | 10,452 | (3 | ) | |||||
| BT Brokerage | 04/30/18 | USD | 872 | THB | 27,269 | 1 | ||||||
| BT Brokerage | 04/30/18 | USD | 1,038 | IDR | 14,147,940 | (9 | ) | |||||
| BT Brokerage | 04/30/18 | USD | 2,940 | PHP | 152,421 | (30 | ) | |||||
| BT Brokerage | 04/30/18 | IDR | 44,841,856 | USD | 3,323 | 63 | ||||||
| Credit Suisse First Boston | 04/30/18 | USD | 5,067 | CLP | 3,072,992 | 20 | ||||||
| Credit Suisse First Boston | 04/30/18 | USD | 7,138 | COP | 20,411,583 | 165 | ||||||
| Credit Suisse First Boston | 04/30/18 | CLP | 1,840,356 | USD | 3,015 | (32 | ) | |||||
| Deutsche Bank | 04/30/18 | USD | 1,984 | PEN | 6,407 | (1 | ) | |||||
| Deutsche Bank | 04/30/18 - 06/29/18 | USD | 2,540 | PLN | 8,558 | (38 | ) | |||||
| Deutsche Bank | 04/30/18 - 08/31/18 | USD | 2,885 | CZK | 58,784 | (24 | ) | |||||
| Deutsche Bank | 05/31/18 | USD | 667 | THB | 20,848 | 1 | ||||||
| Deutsche Bank | 04/30/18 | USD | 5,176 | THB | 160,944 | (24 | ) | |||||
| Deutsche Bank | 04/30/18 | PHP | 36,692 | USD | 702 | 1 | ||||||
| Deutsche Bank | 04/30/18 | MXN | 123,463 | USD | 6,490 | (270 | ) | |||||
| Deutsche Bank | 05/15/18 | USD | 468 | EGP | 8,484 | 8 | ||||||
| JPMorgan Chase Bank | 04/18/18 | USD | 1,571 | EGP | 28,172 | 19 | ||||||
| JPMorgan Chase Bank | 04/27/18 | USD | 2,237 | HUF | 566,001 | (4 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | USD | 1,240 | IDR | 17,068,600 | 1 | ||||||
| JPMorgan Chase Bank | 08/31/18 | USD | 863 | PLN | 2,947 | — | ||||||
| JPMorgan Chase Bank | 04/30/18 | USD | 720 | PLN | 2,458 | (1 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | USD | 2,067 | TRY | 8,334 | 26 | ||||||
| JPMorgan Chase Bank | 04/30/18 | USD | 4,187 | RON | 15,680 | (46 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | TRY | 6,219 | USD | 1,544 | (18 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | ZAR | 14,108 | USD | 1,181 | (6 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | MXN | 285,925 | USD | 15,047 | (608 | ) | |||||
| JPMorgan Chase Bank | 04/30/18 | CLP | 552,583 | USD | 914 | — | ||||||
| JPMorgan Chase Bank | 04/30/18 | IDR | 8,263,603 | USD | 612 | 11 | ||||||
| JPMorgan Chase Bank | 05/31/18 | USD | 8,340 | CZK | 169,357 | (109 | ) | |||||
| Merrill Lynch | 04/03/18 | USD | 4,280 | BRL | 13,837 | (90 | ) | |||||
| Merrill Lynch | 04/18/18 - 05/15/18 | USD | 1,111 | EGP | 20,407 | 38 | ||||||
| Merrill Lynch | 04/27/18 | USD | 481 | HUF | 119,326 | (10 | ) | |||||
| Merrill Lynch | 04/30/18 - 05/30/18 | USD | 10,071 | PLN | 34,664 | 64 | ||||||
| Merrill Lynch | 04/30/18 | ZAR | 36,746 | USD | 3,055 | (35 | ) | |||||
| Merrill Lynch | 04/30/18 | MXN | 41,214 | USD | 2,163 | (94 | ) | |||||
| Merrill Lynch | 06/29/18 | USD | 4,337 | RON | 16,320 | (23 | ) | |||||
| Standard Bank | 04/27/18 | USD | 2,118 | RUB | 120,787 | (17 | ) | |||||
| Standard Bank | 04/30/18 | USD | 7,227 | MXN | 136,917 | 270 | ||||||
| Standard Bank | 05/30/18 - 06/29/18 | USD | 7,911 | PLN | 26,520 | (156 | ) | |||||
| Standard Bank | 05/31/18 | USD | 1,165 | MYR | 4,563 | 16 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (continued) |
| Counterparty | Settlement Date | Currency to Deliver (000) | Currency to Receive (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||
| U.S. Bank | 08/15/18 | GBP | 4,000 | USD | 5,681 | $ | 36 | |||||
| U.S. Bank | 04/06/18 | GBP | 32,900 | USD | 45,650 | (521 | ) | |||||
| U.S. Bank | 04/06/18 - 05/31/18 | EUR | 205,970 | USD | 254,850 | 1,237 | ||||||
| U.S. Bank | 05/31/18 | CHF | 7,500 | USD | 7,910 | 25 | ||||||
| $ | (78 | ) | ||||||||||
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2018, is as follows:
| Interest Rate Swaps | ||||
| Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency |
| Mexico Interbank TIIE 28-Day | 7.349% | Monthly | 06/14/23 | MXN |
| WIBOR 6-Month | 2.400% | Semi-Annual | 03/26/23 | PLN |
| Interest Rate Swaps | ||||||||||||||||
| Fund Pays | Notional Amount (000) | Premiums Paid (000 | Unrealized Appreciation (Depreciation) (000) | Swap Contracts, at Value (000) | ||||||||||||
| Mexico Interbank TIIE 28-Day | 137,100 | $ | — | $ | (2 | ) | $ | (2 | ) | |||||||
| WIBOR 6-Month | 23,120 | — | (90 | ) | (90 | ) | ||||||||||
| $ | — | $ | (92 | ) | $ | (92 | ) | |||||||||
The following is a list of the inputs used as of March 31, 2018 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 | $ | — | $ | 1,329,541 | $ | — | $ | 1,329,541 | ||||||||
| Loan Participations | — | 817,537 | 3,137 | 820,674 | ||||||||||||
| Sovereign Debt | — | 344,642 | 5 | 344,647 | ||||||||||||
| Life Settlement Contracts | — | — | 152,964 | 152,964 | ||||||||||||
| Mortgage-Backed Securities | — | 111,398 | — | 111,398 | ||||||||||||
| Closed-End Fund | 15,379 | — | — | 15,379 | ||||||||||||
| Convertible Bonds | — | 10,948 | — | 10,948 | ||||||||||||
| Limited Partnership | — | 10,679 | — | 10,679 | ||||||||||||
| Common Stock | 9,241 | 404 | — | 9,645 | ||||||||||||
| Warrant | 3,749 | — | — | 3,749 | ||||||||||||
| Asset-Backed Security | — | — | 151 | 151 | ||||||||||||
| Repurchase Agreement | — | 60,000 | — | 60,000 | ||||||||||||
| Short-Term Investment | 136,240 | — | — | 136,240 | ||||||||||||
| Total Investments in Securities | $ | 164,609 | $ | 2,685,149 | $ | 156,257 | $ | 3,006,015 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Forward Contracts* | ||||||||||||||||
| Unrealized Appreciation | $ | — | $ | 2,591 | $ | — | $ | 2,591 | ||||||||
| Unrealized Depreciation | — | (2,669 | ) | — | (2,669 | ) | ||||||||||
| Centrally Cleared Swaps | ||||||||||||||||
| Interest Rate Swaps* | ||||||||||||||||
| Unrealized Depreciation | — | (92 | ) | — | (92 | ) | ||||||||||
| Total Other Financial Instruments | $ | — | $ | (170 | ) | $ | — | $ | (170 | ) | ||||||
| * | Forward contracts and swap contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
| (1) | Of the $156,257 (000) in Level 3 securities as of March 31, 2018, $152,964 (000) or 97.9% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between them 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 107
| consolidated schedule of investments |
| March 31, 2018 (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 as of March 31, 2018:
| Investments in Loan Participations (000) | Investments in Life Settlement Contracts (000) | Investments in Sovereign Debt (000) | ||||||||||
| Beginning balance as of October 1, 2017 | $ | 1,795 | $ | 148,128 | $ | 5 | ||||||
| Accrued discounts/ premiums | (3 | ) | — | — | ||||||||
| Realized gain/(loss) | 28 | — | — | |||||||||
| Change in unrealized appreciation/(depreciation) | 24 | 4,836 | — | |||||||||
| Purchases | — | — | — | |||||||||
| Sales/paydowns | (245 | ) | — | — | ||||||||
| Transfers into Level 3 | 1,538 | — | — | |||||||||
| Transfers out of Level 3 | — | — | — | |||||||||
| Ending balance as of March 31, 2018 | $ | 3,137 | $ | 152,964 | $ | 5 | ||||||
| Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | 24 | $ | 4,836 | $ | — | ||||||
| Investments in Limited Partnership (000) | Investments in Asset-Backed Securities (000) | Total (000) | ||||||||||
| Beginning balance as of September 30, 2017 | $ | 7,815 | $ | 328 | $ | 158,071 | ||||||
| Accrued discounts/ premiums | — | — | (3 | ) | ||||||||
| Realized gain/(loss) | — | — | 28 | |||||||||
| Change in unrealized appreciation/(depreciation) | — | (177 | ) | 4,683 | ||||||||
| Purchases | — | — | — | |||||||||
| Sales/paydowns | — | — | (245 | ) | ||||||||
| Transfers into Level 3 | — | — | 1,538 | |||||||||
| Transfers out of Level 3 | (7,815 | ) | — | (7,815 | ) | |||||||
| Ending balance as of March 31, 2018 | $ | — | $ | 151 | $ | 156,257 | ||||||
| Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | — | $ | (177 | ) | $ | 4,683 | |||||
Amounts designated as “—“ are either $0 or have been rounded to $0.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2018. 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, 2018 (000) | Valuation Techniques | ||
| BT SPE | $151 | 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 | 152,964 | 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 measurements, 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, 2018, 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 108
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund (concluded) |
As of March 31, 2018, the Fund had the following investments in life settlement contracts:
| Year | Number of Contracts | Fair Value (000) | Face Value (Death Benefits) (000) | |||||||||
| 2019 | 7 | $ | 20,579 | $ | 28,841 | |||||||
| 2020 | 5 | 25,098 | 40,898 | |||||||||
| 2021 | 12 | 43,141 | 86,500 | |||||||||
| 2022 | 17 | 31,624 | 90,000 | |||||||||
| 2023 | 7 | 15,307 | 50,500 | |||||||||
| Thereafter | 12 | 17,215 | 65,986 | |||||||||
| 60 | $ | 152,964 | $ | 362,725 | ||||||||
For the period ended March 31, 2018, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Consolidated Statement of Operations, as part of the unrealized appreciation/(depreciation) on investments, consisted of a net positive change to fair value on life settlement contracts of $4,835,583, offset by $7,331,540 in premiums paid and continuing costs associated with its investment in the policies. For the period ended March 31, 2018, the Fund realized losses of $3,970,960 on matured life settlements, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain/(loss) on investments.
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 109
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Dividend & Income Fund |
| Description | Shares | Value (000) | ||||||
| Common Stock [95.2%] | ||||||||
| Consumer Discretionary [6.3%] | ||||||||
| Cedar Fair (A) | 28,000 | $ | 1,789 | |||||
| Hasbro | 61,600 | 5,193 | ||||||
| McDonald’s | 38,800 | 6,067 | ||||||
| Six Flags Entertainment | 34,500 | 2,148 | ||||||
| Total Consumer Discretionary | 15,197 | |||||||
| Consumer Staples [24.0%](B) | ||||||||
| Altria Group | 114,750 | 7,151 | ||||||
| B&G Foods | 148,800 | 3,527 | ||||||
| British American Tobacco ADR | 8,559 | 494 | ||||||
| Clorox | 37,700 | 5,018 | ||||||
| Coca-Cola | 75,372 | 3,273 | ||||||
| Dr. Pepper Snapple Group | 50,000 | 5,919 | ||||||
| General Mills | 110,780 | 4,992 | ||||||
| Hershey | 25,400 | 2,514 | ||||||
| Imperial Brands ADR | 46,304 | 1,604 | ||||||
| Kellogg | 47,000 | 3,056 | ||||||
| Kimberly-Clark | 19,000 | 2,093 | ||||||
| Mondelez International, Cl A | 25,000 | 1,043 | ||||||
| Philip Morris International | 61,700 | 6,133 | ||||||
| Procter & Gamble | 45,949 | 3,643 | ||||||
| Sysco | 38,800 | 2,326 | ||||||
| Unilever ADR | 22,200 | 1,233 | ||||||
| Vector Group | 198,979 | 4,057 | ||||||
| Total Consumer Staples | 58,076 | |||||||
| Energy [5.4%] | ||||||||
| Chevron | 36,183 | 4,126 | ||||||
| Enterprise Products Partners (A) | 87,984 | 2,154 | ||||||
| ExxonMobil | 25,838 | 1,928 | ||||||
| Occidental Petroleum | 25,500 | 1,656 | ||||||
| ONEOK | 30,000 | 1,708 | ||||||
| TransCanada | 37,128 | 1,534 | ||||||
| Total Energy | 13,106 | |||||||
| Financials [8.7%] | ||||||||
| Ares Capital | 95,100 | 1,509 | ||||||
| Arthur J Gallagher | 13,200 | 907 | ||||||
| BB&T | 80,000 | 4,163 | ||||||
| Cincinnati Financial | 60,650 | 4,504 | ||||||
| Compass Diversified Holdings (A) | 153,000 | 2,509 | ||||||
| JPMorgan Chase | 33,400 | 3,673 | ||||||
| Prudential Financial | 9,200 | 953 | ||||||
| Umpqua Holdings | 71,000 | 1,520 | ||||||
| United Bankshares | 33,500 | 1,181 | ||||||
| Total Financials | 20,919 | |||||||
| Health Care [6.0%] | ||||||||
| Bristol-Myers Squibb | 54,200 | 3,428 | ||||||
| GlaxoSmithKline ADR | 16,300 | 637 | ||||||
| Johnson & Johnson | 32,000 | 4,101 | ||||||
| Merck | 73,150 | 3,984 | ||||||
| Pfizer | 63,644 | 2,259 | ||||||
| Total Health Care | 14,409 | |||||||
| Industrials [7.0%] | ||||||||
| Eaton | 41,300 | 3,300 | ||||||
| General Dynamics | 15,300 | 3,380 | ||||||
| Lockheed Martin | 30,117 | 10,178 | ||||||
| Total Industrials | 16,858 | |||||||
| Information Technology [4.2%] | ||||||||
| Intel | 134,500 | 7,005 | ||||||
| Paychex | 52,000 | 3,202 | ||||||
| Total Information Technology | 10,207 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 110
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Dividend & Income Fund (continued) |
| Description | Shares | Value (000) | ||||||
| Materials [2.5%] | ||||||||
| DowDuPont | 58,597 | $ | 3,733 | |||||
| Sonoco Products | 24,000 | 1,164 | ||||||
| WestRock | 16,000 | 1,027 | ||||||
| Total Materials | 5,924 | |||||||
| REITs [12.6%] | ||||||||
| Crown Castle International | 13,600 | 1,491 | ||||||
| EPR Properties | 34,500 | 1,911 | ||||||
| Government Properties Income Trust | 35,000 | 478 | ||||||
| Healthcare Trust of America, Cl A | 79,500 | 2,103 | ||||||
| Lamar Advertising, Cl A | 84,800 | 5,398 | ||||||
| Liberty Property Trust | 83,985 | 3,337 | ||||||
| Life Storage | 10,036 | 838 | ||||||
| Mid-America Apartment Communities | 26,500 | 2,418 | ||||||
| National Retail Properties | 59,500 | 2,336 | ||||||
| National Storage Affiliates Trust | 50,000 | 1,254 | ||||||
| Select Income | 35,500 | 691 | ||||||
| Simon Property Group | 10,000 | 1,543 | ||||||
| Tanger Factory Outlet Centers | 27,984 | 616 | ||||||
| Ventas | 40,232 | 1,993 | ||||||
| Welltower | 32,262 | 1,756 | ||||||
| Weyerhaeuser | 38,400 | 1,344 | ||||||
| WP Carey | 15,500 | 961 | ||||||
| Total REITs | 30,468 | |||||||
| Telecommunication Services [4.5%] | ||||||||
| AT&T | 98,500 | 3,511 | ||||||
| Consolidated Communications Holdings | 150,900 | 1,654 | ||||||
| Verizon Communications | 119,167 | 5,699 | ||||||
| Total Telecommunication Services | 10,864 | |||||||
| Utilities [14.0%] | ||||||||
| American Electric Power | 34,900 | 2,394 | ||||||
| AmeriGas Partners (A) | 28,200 | 1,127 | ||||||
| Avangrid | 59,000 | 3,016 | ||||||
| Brookfield Infrastructure Partners | 67,600 | 2,815 | ||||||
| Dominion Energy | 24,000 | 1,618 | ||||||
| Duke Energy | 68,006 | 5,269 | ||||||
| Entergy | 13,700 | 1,079 | ||||||
| Eversource Energy | 39,242 | 2,312 | ||||||
| OGE Energy | 33,600 | 1,101 | ||||||
| Pattern Energy Group, Cl A | 22,000 | 380 | ||||||
| Pinnacle West Capital | 30,135 | 2,405 | ||||||
| Sempra Energy | 9,000 | 1,001 | ||||||
| Vectren | 65,000 | 4,155 | ||||||
| WEC Energy Group | 38,050 | 2,386 | ||||||
| Xcel Energy | 62,100 | 2,824 | ||||||
| Total Utilities | 33,882 | |||||||
| Total Common Stock | ||||||||
| (Cost $181,895) | 229,910 | |||||||
| Preferred Stock [2.3%] | ||||||||
| Financials [0.7%] | ||||||||
| AmTrust Financial Services, 7.500% | 10,000 | 242 | ||||||
| Bank of America, 6.500% | 10,000 | 264 | ||||||
| Capital One Financial, 6.700% | 10,000 | 264 | ||||||
| JPMorgan Chase, 6.125% | 10,000 | 262 | ||||||
| Wells Fargo, 6.000% | 20,000 | 505 | ||||||
| Wells Fargo Real Estate Investment, 6.375% | 10,000 | 260 | ||||||
| Total Financials | 1,797 | |||||||
| REITs [1.0%] | ||||||||
| Digital Realty Trust, 5.250% | 10,000 | 239 | ||||||
| National Retail Properties, 5.200% | 10,000 | 232 | ||||||
| National Storage Affiliates Trust, 6.000% | 20,000 | 490 | ||||||
| PS Business Parks, 5.200% | 10,000 | 238 | ||||||
| Public Storage, 5.050% | 30,000 | 735 | ||||||
| Vornado Realty Trust, 5.250% | 20,000 | 459 | ||||||
| Total REITs | 2,393 | |||||||
| Telecommunication Services [0.2%] | ||||||||
| Qwest, 7.000% | 10,000 | 239 | ||||||
| Verizon Communications, 5.900% | 10,000 | 265 | ||||||
| Total Telecommunication Services | 504 | |||||||
| Utilities [0.4%] | ||||||||
| Dominion Energy, 5.250% | 5,000 | 121 | ||||||
| DTE Energy, 5.250% | 20,000 | 483 | ||||||
| Southern, 6.250% | 10,000 | 267 | ||||||
| Total Utilities | 871 | |||||||
| Total Preferred Stock | ||||||||
| (Cost $5,625) | 5,565 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Dividend & Income Fund (concluded) |
| Description | Shares/Face Amount (000) | Value (000) | ||||||
| Exchange-Traded Funds [2.0%] | ||||||||
| iShares US Preferred Stock ETF | 27,300 | $ | 1,025 | |||||
| PowerShares Preferred Portfolio | 269,500 | 3,935 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $5,027) | 4,960 | |||||||
| Asset-Backed Security [0.0%] | ||||||||
| BT SPE (Acquired 07/06/11, Acquisition Cost $551,294) | ||||||||
| 9.250%, 06/06/16(C) (D) (E) | $ | 227 | 8 | |||||
| Total Asset-Backed Security | ||||||||
| (Cost $227) | 8 | |||||||
| Short-Term Investment** [0.4%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 879,832 | 880 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $880) | 880 | |||||||
| Total Investments [99.9%] | ||||||||
| (Cost $193,654) | $ | 241,323 | ||||||
Percentages are based on Net Assets of $241,619 (000).
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| (A) | Security is a Master Limited Partnership. At March 31, 2018, such securities amounted to $7,579 (000), or 3.14% of the net assets of the Fund. |
| (B) | The Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes. |
| (C) | Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2018 was $8 (000) and represented 0.0% of the net assets of the Fund. |
| (D) | Level 3 security in accordance with fair value hierarchy. |
| (E) | Security is considered illiquid. The total market value of such security as of March 31, 2018 was $8 (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
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
| Common Stock | $ | 229,910 | $ | — | $ | — | $ | 229,910 | ||||||||
| Preferred Stock | 5,565 | — | — | 5,565 | ||||||||||||
| Exchange-Traded Funds | 4,960 | — | — | 4,960 | ||||||||||||
| Asset-Backed Security | — | — | 8 | 8 | ||||||||||||
| Short-Term Investment | 880 | — | — | 880 | ||||||||||||
| Total Investments in Securities | $ | 241,315 | $ | — | $ | 8 | $ | 241,323 | ||||||||
| (1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended March 31, 2018, 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 $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale U.S. Core Equity Fund |
| Description | Shares | Value (000) | ||||||
| Common Stock [98.4%] | ||||||||
| Aerospace & Defense [3.7%] | ||||||||
| Northrop Grumman | 12,100 | $ | 4,224 | |||||
| Raytheon | 28,000 | 6,043 | ||||||
| Total Aerospace & Defense | 10,267 | |||||||
| Auto Components [1.6%] | ||||||||
| Magna International | 81,000 | 4,564 | ||||||
| Banks [10.3%] | ||||||||
| Bank of America | 185,000 | 5,548 | ||||||
| Comerica | 37,000 | 3,549 | ||||||
| JPMorgan Chase | 77,100 | 8,479 | ||||||
| PNC Financial Services Group | 38,000 | 5,747 | ||||||
| SunTrust Banks | 76,000 | 5,171 | ||||||
| Total Banks | 28,494 | |||||||
| Beverages [1.9%] | ||||||||
| PepsiCo | 48,000 | 5,239 | ||||||
| Capital Markets [3.6%] | ||||||||
| BlackRock, Cl A | 6,100 | 3,305 | ||||||
| CME Group, Cl A | 41,000 | 6,631 | ||||||
| Total Capital Markets | 9,936 | |||||||
| Chemicals [2.8%] | ||||||||
| DowDuPont | 36,000 | 2,294 | ||||||
| Ecolab | 19,000 | 2,604 | ||||||
| Westlake Chemical | 25,000 | 2,779 | ||||||
| Total Chemicals | 7,677 | |||||||
| Commercial Services & Supplies [2.2%] | ||||||||
| Cintas | 35,000 | 5,970 | ||||||
| Diversified Financial Services [1.9%] | ||||||||
| Berkshire Hathaway, Cl B * | 27,000 | 5,386 | ||||||
| Electric Utilities [1.2%] | ||||||||
| NextEra Energy | 21,000 | 3,430 | ||||||
| Electronic Equipment [1.0%] | ||||||||
| Amphenol, Cl A | 33,000 | 2,842 | ||||||
| Energy Equipment & Services [1.0%] | ||||||||
| Halliburton | 60,000 | 2,816 | ||||||
| Food & Staples Retailing [3.3%] | ||||||||
| Costco Wholesale | 23,000 | 4,334 | ||||||
| Walmart | 55,000 | 4,893 | ||||||
| Total Food & Staples Retailing | 9,227 | |||||||
| Health Care Equipment & Supplies [4.4%] | ||||||||
| Danaher | 40,000 | 3,916 | ||||||
| Edwards Lifesciences * | 38,000 | 5,302 | ||||||
| Stryker | 18,000 | 2,897 | ||||||
| Total Health Care Equipment & Supplies | 12,115 | |||||||
| Health Care Providers & Services [3.6%] | ||||||||
| UnitedHealth Group | 47,000 | 10,058 | ||||||
| Hotels, Restaurants & Leisure [2.9%] | ||||||||
| McDonald’s | 33,000 | 5,161 | ||||||
| Starbucks | 52,000 | 3,010 | ||||||
| Total Hotels, Restaurants & Leisure | 8,171 | |||||||
| Household Durables [2.0%] | ||||||||
| PulteGroup | 190,000 | 5,603 | ||||||
| Household Products [1.6%] | ||||||||
| Colgate-Palmolive | 62,000 | 4,444 | ||||||
| Industrial Conglomerates [2.6%] | ||||||||
| 3M | 16,000 | 3,512 | ||||||
| Honeywell International | 25,000 | 3,613 | ||||||
| Total Industrial Conglomerates | 7,125 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
| schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale U.S. Core Equity Fund (continued) |
| Description | Shares | Value (000) | ||||||
| Insurance [0.9%] | ||||||||
| Chubb | 19,000 | $ | 2,599 | |||||
| Internet Software & Services [4.5%] | ||||||||
| Alphabet, Cl A * | 6,700 | 6,949 | ||||||
| Facebook, Cl A * | 35,000 | 5,592 | ||||||
| Total Internet Software & Services | 12,541 | |||||||
| IT Services [7.4%] | ||||||||
| Mastercard, Cl A | 63,000 | 11,035 | ||||||
| Visa, Cl A | 80,000 | 9,570 | ||||||
| Total IT Services | 20,605 | |||||||
| Life Sciences Tools & Services [2.2%] | ||||||||
| Thermo Fisher Scientific | 29,200 | 6,029 | ||||||
| Machinery [0.9%] | ||||||||
| Ingersoll-Rand | 28,000 | 2,394 | ||||||
| Media [4.0%] | ||||||||
| Comcast, Cl A | 148,000 | 5,057 | ||||||
| Time Warner | 27,000 | 2,554 | ||||||
| Walt Disney | 34,000 | 3,415 | ||||||
| Total Media | 11,026 | |||||||
| Multi-Utilities [0.9%] | ||||||||
| CMS Energy | 54,000 | 2,446 | ||||||
| Oil, Gas & Consumable Fuels [4.0%] | ||||||||
| Cabot Oil & Gas | 96,000 | 2,302 | ||||||
| Chevron | 27,000 | 3,079 | ||||||
| Concho Resources * | 20,000 | 3,007 | ||||||
| ExxonMobil | 35,000 | 2,611 | ||||||
| Total Oil, Gas & Consumable Fuels | 10,999 | |||||||
| Pharmaceuticals [4.2%] | ||||||||
| Johnson & Johnson | 42,000 | 5,382 | ||||||
| Zoetis, Cl A | 74,000 | 6,180 | ||||||
| Total Pharmaceuticals | 11,562 | |||||||
| Real Estate Investment Trusts [1.6%] | ||||||||
| Essex Property Trust | 18,000 | 4,332 | ||||||
| Road & Rail [1.4%] | ||||||||
| Union Pacific | 29,000 | 3,898 | ||||||
| Semiconductors & Semiconductor Equipment [2.0%] | ||||||||
| Texas Instruments | 54,000 | 5,610 | ||||||
| Software [6.4%] | ||||||||
| Adobe Systems * | 33,000 | 7,131 | ||||||
| Electronic Arts * | 23,000 | 2,789 | ||||||
| Microsoft | 87,000 | 7,940 | ||||||
| Total Software | 17,860 | |||||||
| Specialty Retail [2.6%] | ||||||||
| Home Depot | 40,000 | 7,130 | ||||||
| Technology Hardware, Storage & Peripherals [2.3%] | ||||||||
| Apple | 38,000 | 6,376 | ||||||
| Water Utilities [1.5%] | ||||||||
| American Water Works | 52,000 | 4,271 | ||||||
| Total Common Stock | ||||||||
| (Cost $187,441) | 273,042 | |||||||
| Short-Term Investment** [2.3%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 6,383,909 | 6,384 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $6,384) | 6,384 | |||||||
| Total Investments [100.7%] | ||||||||
| (Cost $193,825) | $ | 279,426 | ||||||
Percentages are based on Net Assets of $277,580 (000).
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
Cl — Class
As of March 31, 2018, 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, 2018, 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 114
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Emerging Markets Fund |
| Description | Shares | Value (000) | ||||||
| Common Stock [86.0%] | ||||||||
| China [30.4%] | ||||||||
| AAC Technologies Holdings | 3,054,200 | $ | 55,105 | |||||
| Alibaba Group Holding ADR * | 319,219 | 58,589 | ||||||
| ANTA Sports Products | 4,243,000 | 21,409 | ||||||
| Baidu ADR * | 65,400 | 14,597 | ||||||
| China Medical System Holdings | 11,819,000 | 26,836 | ||||||
| China Overseas Land & Investment | 5,469,000 | 18,989 | ||||||
| China Railway Group, Cl H | 27,791,000 | 19,264 | ||||||
| China State Construction International Holdings | 12,472,091 | 15,224 | ||||||
| Ctrip.com International ADR * | 377,000 | 17,576 | ||||||
| Great Wall Motor, Cl H | 30,646,500 | 30,732 | ||||||
| Minth Group | 4,370,000 | 19,906 | ||||||
| New Oriental Education & Technology Group ADR | 50,100 | 4,391 | ||||||
| Ping An Insurance Group of China, Cl H | 4,625,000 | 47,027 | ||||||
| Sunny Optical Technology Group | 3,940,132 | 72,747 | ||||||
| Tencent Holdings | 1,655,900 | 86,423 | ||||||
| Zhejiang Expressway, Cl H | 12,607,000 | 12,867 | ||||||
| ZTE, Cl H | 3,976,824 | 12,947 | ||||||
| Total China | 534,629 | |||||||
| Hong Kong [6.9%] | ||||||||
| Galaxy Entertainment Group | 6,081,000 | 55,207 | ||||||
| Man Wah Holdings | 16,520,800 | 13,136 | ||||||
| MTR | 4,197,834 | 22,572 | ||||||
| NagaCorp | 30,137,063 | 31,104 | ||||||
| Total Hong Kong | 122,019 | |||||||
| India [14.5%] | ||||||||
| Bharat Petroleum(E) | 2,404,760 | 15,760 | ||||||
| CESC(E) | 1,352,688 | 20,039 | ||||||
| Crompton Greaves Consumer Electricals(E) | 3,139,392 | 11,396 | ||||||
| Emami(E) | 3,559 | 58 | ||||||
| HDFC Bank ADR(E) | 164,000 | 16,198 | ||||||
| Housing Development Finance(E) | 603,772 | 16,900 | ||||||
| ICICI Bank(E) | 2,736,764 | 11,680 | ||||||
| ICICI Bank ADR(E) | 1,664,775 | 14,733 | ||||||
| ICICI Lombard General Insurance (A) (E) | 915,458 | 11,143 | ||||||
| ICICI Prudential Life Insurance (A) (E) | 1,601,144 | 9,540 | ||||||
| Kotak Mahindra Bank(E) | 1,597,940 | 25,671 | ||||||
| Larsen & Toubro(E) | 1,083,200 | 21,771 | ||||||
| Phillips Carbon Black(E) | 126,608 | 2,107 | ||||||
| SBI Life Insurance * (A) (E) | 885,576 | 9,209 | ||||||
| Tata Motors, Cl A(E) | 4,387,833 | 12,332 | ||||||
| Tata Motors ADR * (E) | 388,670 | 9,989 | ||||||
| Tech Mahindra(E) | 2,637,336 | 25,827 | ||||||
| Zee Entertainment Enterprises(E) | 2,390,008 | 21,089 | ||||||
| Total India | 255,442 | |||||||
| Indonesia [6.7%] | ||||||||
| Bank Mandiri Persero | 49,158,600 | 27,405 | ||||||
| Ciputra Development | 194,272,759 | 16,581 | ||||||
| Matahari Department Store | 8,369,800 | 6,657 | ||||||
| Mitra Adiperkasa | 32,596,600 | 18,409 | ||||||
| MNC Kapital Indonesia * (B) (C) (D) | 89,799,500 | 5,022 | ||||||
| Ramayana Lestari Sentosa | 63,558,300 | 6,232 | ||||||
| Semen Indonesia Persero | 12,352,600 | 9,286 | ||||||
| Surya Citra Media | 48,970,000 | 9,639 | ||||||
| United Tractors | 8,072,200 | 18,762 | ||||||
| Total Indonesia | 117,993 | |||||||
| Malaysia [5.1%] | ||||||||
| Gamuda | 13,206,800 | 17,584 | ||||||
| Inari Amertron | 40,472,679 | 29,298 | ||||||
| My EG Services | 34,621,900 | 25,420 | ||||||
| Padini Holdings | 15,238,400 | 17,137 | ||||||
| Total Malaysia | 89,439 | |||||||
| Philippines [6.7%] | ||||||||
| Ayala Land | 19,016,200 | 14,979 | ||||||
| BDO Unibank | 5,940,860 | 15,826 | ||||||
| Bloomberry Resorts * | 65,445,100 | 17,986 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Emerging Markets Fund (continued) |
| Description | Shares | Value (000) | ||||||
| GT Capital Holdings | 612,760 | $ | 13,729 | |||||
| Jollibee Foods | 2,658,860 | 15,237 | ||||||
| Megaworld | 151,872,826 | 13,651 | ||||||
| Security Bank | 3,310,700 | 15,228 | ||||||
| Universal Robina | 3,996,020 | 11,641 | ||||||
| Total Philippines | 118,277 | |||||||
| South Africa [0.6%] | ||||||||
| Naspers, Cl N ADR | 225,988 | 11,340 | ||||||
| South Korea [7.2%] | ||||||||
| Cosmax | 7,892 | 1,018 | ||||||
| Innocean Worldwide | 236,985 | 14,318 | ||||||
| NAVER | 40,855 | 30,127 | ||||||
| Samsung Electronics | 28,130 | 64,710 | ||||||
| Samsung Life Insurance | 148,100 | 16,048 | ||||||
| Total South Korea | 126,221 | |||||||
| Taiwan [3.7%] | ||||||||
| Airtac International Group | 2,536,488 | 45,150 | ||||||
| Elite Material | 2,468,000 | 8,101 | ||||||
| General Interface Solution Holding | 2,106,000 | 12,748 | ||||||
| Total Taiwan | 65,999 | |||||||
| Thailand [2.9%] | ||||||||
| KCE Electronics | 6,412,500 | 13,740 | ||||||
| Minor International | 12,741,274 | 15,483 | ||||||
| Minor International NVDR | 1,096,700 | 1,333 | ||||||
| Siam Cement | 1,259,000 | 19,889 | ||||||
| Total Thailand | 50,445 | |||||||
| United States [1.3%] | ||||||||
| Cognizant Technology Solutions, Cl A | 277,500 | 22,339 | ||||||
| Total Common Stock | ||||||||
| (Cost $1,120,391) | 1,514,143 | |||||||
| Description | Shares/Number of Warrants | Value (000) | ||||||
| Participatory Notes [3.9%] | ||||||||
| Hangahou Hikvision # * | 2,414,893 | $ | 15,916 | |||||
| Midea Group # * | 1,789,937 | 15,693 | ||||||
| Qingdao Haier # * | 6,149,909 | 17,432 | ||||||
| SAIC Motors # * | 3,622,990 | 18,970 | ||||||
| Total Participatory Notes | ||||||||
| (Cost $69,254) | 68,011 | |||||||
| Warrant [0.0%] | ||||||||
| Inari Amertron, | ||||||||
| Expires 02/17/20, Strike Price 1.60 (MYR)* | 1,117,403 | 583 | ||||||
| �� | ||||||||
| Total Warrant | ||||||||
| (Cost $—) | 583 | |||||||
| Short-Term Investment** [7.9%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl F, 1.430% | 138,660,821 | 138,661 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $138,661) | 138,661 | |||||||
| Total Investments [97.8%] | ||||||||
| (Cost $1,328,306) | $ | 1,721,398 | ||||||
Percentages are based on Net Assets of $1,760,503 (000).
| * | Non-income producing security. |
| ** | The rate reported is the 7-day effective yield as of March 31, 2018. |
| # | 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, 2018, the value of these securities amounted to $29,892 (000), representing 1.7% 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, 2018 was $5,022 (000) and represented 0.3% of the net assets of the Fund. |
| (C) | Level 3 security in accordance with fair value hierarchy. |
| (D) | Security is considered illiquid. The total market value of such security as of March 31, 2018 was $5,022 (000) and represented 0.3% of the net assets of the Fund. |
| (E) | Securities held through a Mauritius Subsidiary. |
ADR — American Depositary Receipt
Cl — Class
MYR — Malaysian Ringgit
NVDR — Non Voting Depository Receipt
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
| consolidated schedule of investments |
| March 31, 2018 (Unaudited) |
| City National Rochdale Emerging Markets Fund (concluded) |
The following is a list of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
| Common Stock | $ | 1,509,121 | $ | — | $ | 5,022 | $ | 1,514,143 | ||||||||
| Participatory Notes | 65,641 | 2,370 | — | 68,011 | ||||||||||||
| Warrant | — | 583 | — | 583 | ||||||||||||
| Short-Term Investment | 138,661 | — | — | 138,661 | ||||||||||||
| Total Investments in Securities | $ | 1,713,423 | $ | 2,953 | $ | 5,022 | $ | 1,721,398 | ||||||||
| (1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the period ended March 31, 2018, 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 117
| statements of assets and liabilities (000) |
| March 31, 2018 (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 repurchase agreements) | $ | 4,144,714 | $ | 95,206 | $ | 140,116 | $ | 89,092 | ||||||||
| Investments in securities, at value | $ | 3,332,714 | $ | 93,592 | $ | 138,477 | $ | 86,151 | ||||||||
| Repurchase agreements, at value | 812,000 | — | — | 3,000 | ||||||||||||
| Cash | 15,576 | 107 | 391 | 89 | ||||||||||||
| Dividend and interest receivable | 1,640 | 290 | 957 | 923 | ||||||||||||
| Receivable for capital shares sold | — | 67 | 116 | 3 | ||||||||||||
| Prepaid expenses | 121 | 7 | 7 | 6 | ||||||||||||
| Total Assets | $ | 4,162,051 | $ | 94,063 | $ | 139,948 | $ | 90,172 | ||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for income distributions | 1,281 | 42 | 185 | 86 | ||||||||||||
| Payable for capital shares redeemed | — | 2 | — | — | ||||||||||||
| Payable for investment securities purchased | 49,875 | — | — | — | ||||||||||||
| Investment advisory fees payable | 528 | 20 | 34 | 6 | ||||||||||||
| Shareholder servicing and distribution fees payable | 1,490 | 13 | 31 | 31 | ||||||||||||
| Administrative fees payable | 69 | 15 | 16 | 15 | ||||||||||||
| Accrued expenses | 299 | 16 | 54 | 17 | ||||||||||||
| Total Liabilities | 53,542 | 108 | 320 | 155 | ||||||||||||
| Net Assets | $ | 4,108,509 | $ | 93,955 | $ | 139,628 | $ | 90,017 | ||||||||
| NET ASSETS: | ||||||||||||||||
| Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 4,108,501 | $ | 95,595 | $ | 142,377 | $ | 90,314 | ||||||||
| Undistributed (Distributions in excess of) net investment income | 1 | 3 | 10 | (3 | ) | |||||||||||
| Accumulated net realized gain (loss) on investments | 7 | (29 | ) | (1,120 | ) | (353 | ) | |||||||||
| Net unrealized appreciation (depreciation) on investments | — | (1,614 | ) | (1,639 | ) | 59 | ||||||||||
| Net Assets | $ | 4,108,509 | $ | 93,955 | $ | 139,628 | $ | 90,017 | ||||||||
| Institutional Class Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | — | $ | 36,543,103 | $ | — | $ | — | ||||||||
| Total shares outstanding at end of year | — | 3,542,203 | — | — | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | — | $ | 10.32 | $ | — | $ | — | ||||||||
| Class N Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | 1,031,127,892 | $ | 1,994,926 | $ | 7,395,653 | $ | 8,152,343 | ||||||||
| Total shares outstanding at end of year | 1,031,121,867 | 193,157 | 721,748 | 779,368 | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | 1.00 | $ | 10.33 | $ | 10.25 | $ | 10.46 | ||||||||
| Class S Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | 939,138,203 | $ | — | $ | — | $ | — | ||||||||
| Total shares outstanding at end of year | 939,132,488 | — | — | — | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||
| Servicing Class Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | 2,138,243,201 | $ | 55,417,008 | $ | 132,232,766 | $ | 81,865,072 | ||||||||
| Total shares outstanding at end of year | 2,138,248,087 | 5,374,019 | 12,924,827 | 7,851,588 | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | 1.00 | $ | 10.31 | $ | 10.23 | $ | 10.43 | ||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 118
| statements of assets and liabilities (000)/ consolidated statement of assets and liabilities (000) |
| March 31, 2018 (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 repurchase agreements) | $ | 1,242,457 | $ | 74,168 | $ | 221,041 | $ | 2,934,152 | ||||||||
| Investments in securities, at value | $ | 1,256,966 | $ | 71,477 | $ | 217,805 | $ | 2,946,015 | ||||||||
| Repurchase agreements, at value | — | — | — | 60,000 | ||||||||||||
| Cash | — | 2 | — | 4,057 | ||||||||||||
| Foreign currency | — | — | — | 11,785 | (1) | |||||||||||
| Dividend and interest receivable | 17,740 | 1,239 | 1,395 | 32,611 | ||||||||||||
| Foreign tax reclaim receivable | — | 2 | — | 350 | ||||||||||||
| Receivable for capital shares sold | 825 | 113 | 41 | 3,192 | ||||||||||||
| Receivable for investment securities sold | 3,430 | 285 | — | 53,763 | ||||||||||||
| Unrealized gain on forward foreign currency contracts | — | 1 | — | 2,591 | ||||||||||||
| Unrealized gain on foreign currency spot contracts | — | — | — | 135 | ||||||||||||
| Cash collateral | — | — | — | 4,870 | ||||||||||||
| Prepaid expenses | 34 | 6 | 10 | 75 | ||||||||||||
| Total Assets | $ | 1,278,995 | $ | 73,125 | $ | 219,251 | $ | 3,119,444 | ||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for investment securities purchased | 12,063 | 1,131 | — | 113,766 | ||||||||||||
| Payable for income distributions | 2,358 | 73 | — | — | ||||||||||||
| Payable for capital shares redeemed | 321 | 8 | — | — | ||||||||||||
| Unrealized loss on forward foreign currency contracts | — | 8 | — | 2,669 | ||||||||||||
| Unrealized loss on foreign currency spot contracts | — | — | — | 125 | ||||||||||||
| Payable to Custodian | 12 | — | 81 | — | ||||||||||||
| Investment advisory fees payable | 533 | 37 | 68 | 1,312 | ||||||||||||
| Shareholder servicing and distribution fees payable | 429 | 9 | 92 | 1,271 | ||||||||||||
| Administrative fees payable | 31 | 15 | 17 | 54 | ||||||||||||
| Accrued foreign capital gains tax on appreciated securities | — | — | — | 5 | ||||||||||||
| Accrued expenses | 98 | 22 | 28 | 460 | ||||||||||||
| Total Liabilities | $ | 15,845 | $ | 1,303 | $ | 286 | $ | 119,662 | ||||||||
| Net Assets | $ | 1,263,150 | $ | 71,822 | $ | 218,965 | $ | 2,999,782 | ||||||||
| NET ASSETS: | ||||||||||||||||
| Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 1,267,635 | $ | 79,220 | $ | 222,427 | $ | 3,054,780 | ||||||||
| Undistributed (Distributions in excess of) net investment income | 2,151 | 22 | 93 | (75,013 | ) | |||||||||||
| Accumulated net realized gain (loss) on investments | (21,145 | ) | (4,723 | ) | (319 | ) | 28,043 | |||||||||
| Net unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 14,509 | (2,691 | ) | (3,236 | ) | (6,891 | ) | |||||||||
| Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | — | (6 | ) | — | (1,040 | ) | ||||||||||
| Swap contracts | — | — | — | (92 | ) | |||||||||||
| Accumulated foreign capital gains tax on appreciated securities | — | — | — | (5 | ) | |||||||||||
| Net Assets | $ | 1,263,150 | $ | 71,822 | $ | 218,965 | $ | 2,999,782 | ||||||||
| Institutional Class Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | — | $ | 40,929,308 | $ | 4,482,280 | $ | — | ||||||||
| Total shares outstanding at end of year | — | 5,236,200 | 175,406 | — | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | — | $ | 7.82 | $ | 25.55 | $ | — | ||||||||
| Class N Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | 746,200,089 | $ | 16,886,110 | $ | 214,483,134 | $ | 2,999,781,514 | ||||||||
| Total shares outstanding at end of year | 70,074,786 | 2,160,353 | 8,395,373 | 116,636,513 | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | 10.65 | $ | 7.82 | $ | 25.55 | $ | 25.72 | ||||||||
| Servicing Class Shares: | ||||||||||||||||
| Net Assets ($Dollars) | $ | 516,950,079 | $ | 14,006,688 | $ | — | $ | — | ||||||||
| Total shares outstanding at end of year | 48,523,903 | 1,792,704 | — | — | ||||||||||||
| Net asset value, offering and redemption price per share | ||||||||||||||||
| (net assets ÷ shares outstanding) | $ | 10.65 | $ | 7.81 | $ | — | $ | — | ||||||||
| (1) | Cost of foreign currency $12,794 (000). |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 119
| statements of assets and liabilities (000)/ consolidated statement of assets and liabilities (000) |
| March 31, 2018 (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 | $ | 193,654 | $ | 193,825 | $ | 1,328,306 | ||||||
| Investments in securities, at value | $ | 241,323 | $ | 279,426 | $ | 1,721,398 | ||||||
| Cash | — | 254 | 888 | |||||||||
| Foreign currency | — | — | 36,135 | (1) | ||||||||
| Dividend and interest receivable | 663 | 136 | 2,696 | |||||||||
| Receivable for investment securities sold | — | — | 1,726 | |||||||||
| Foreign tax reclaim receivable | 20 | 5 | 11 | |||||||||
| Receivable for capital shares sold | 132 | 158 | 5,083 | |||||||||
| Prepaid expenses | 10 | 14 | 44 | |||||||||
| Total Assets | $ | 242,148 | $ | 279,993 | $ | 1,767,981 | ||||||
| LIABILITIES: | ||||||||||||
| Payable for investment securities purchased | $ | — | $ | 2,186 | $ | 3,942 | ||||||
| Investment advisory fees payable | 103 | 95 | 1,514 | |||||||||
| Shareholder servicing and distribution fees payable | 103 | 89 | 428 | |||||||||
| Administrative fees payable | 17 | 17 | 38 | |||||||||
| Line of credit | 281 | — | — | |||||||||
| Accrued foreign capital gains tax on appreciated securities | — | — | 1,362 | |||||||||
| Accrued expenses | 25 | 26 | 194 | |||||||||
| Total Liabilities | 529 | 2,413 | 7,478 | |||||||||
| Net Assets | $ | 241,619 | $ | 277,580 | $ | 1,760,503 | ||||||
| NET ASSETS: | ||||||||||||
| Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 190,812 | $ | 186,283 | $ | 1,363,690 | ||||||
| Undistributed (Distributions in excess of) net investment income | (129 | ) | 2 | (10,966 | ) | |||||||
| Accumulated net realized gain (loss) on investments and foreign currency | 3,267 | 5,694 | 16,632 | |||||||||
| Net unrealized appreciation (depreciation) on: | ||||||||||||
| Investments | 47,669 | 85,601 | 393,092 | |||||||||
| Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | — | — | (583 | ) | ||||||||
| Accumulated foreign capital gains tax on appreciated securities | — | — | (1,362 | ) | ||||||||
| Net Assets | $ | 241,619 | $ | 277,580 | $ | 1,760,503 | ||||||
| Institutional Class Shares: | ||||||||||||
| Net Assets ($Dollars) | $ | — | $ | 35,301 | $ | — | ||||||
| Total shares outstanding at end of year | — | 2,103 | — | |||||||||
| Net asset value, offering and redemption price per share | ||||||||||||
| (net assets ÷ shares outstanding) | $ | — | $ | 16.78 | * | $ | — | |||||
| Class N Shares: | ||||||||||||
| Net Assets ($Dollars) | $ | 241,618,511 | $ | 137,025,332 | $ | 229,738,041 | ||||||
| Total shares outstanding at end of year | 6,400,250 | 8,253,374 | 4,489,316 | |||||||||
| Net asset value, offering and redemption price per share | ||||||||||||
| (net assets ÷ shares outstanding) | $ | 37.75 | $ | 16.60 | $ | 51.17 | ||||||
| Servicing Class Shares: | ||||||||||||
| Net Assets ($Dollars) | $ | — | $ | 140,519,359 | $ | — | ||||||
| Total shares outstanding at end of year | — | 8,450,974 | — | |||||||||
| Net asset value, offering and redemption price per share | ||||||||||||
| (net assets ÷ shares outstanding) | $ | — | $ | 16.63 | $ | — | ||||||
| Class Y Shares: | ||||||||||||
| Net Assets ($Dollars) | $ | — | $ | — | $ | 1,530,764,560 | ||||||
| Total shares outstanding at end of year | — | — | 29,818,021 | |||||||||
| Net asset value, offering and redemption price per share | ||||||||||||
| (net assets ÷ shares outstanding) | $ | — | $ | — | $ | 51.34 | ||||||
| (1) | Cost of foreign currency $36,724 (000). |
| * | Net assets divided by total share outstanding do not calculate to the stated net asset value because net assets and total shares outstanding amounts are shown rounded. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 120
| statements of operations (000) |
| For the six months ended March 31, 2018 (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 | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Dividend Income | $ | — | $ | 8 | $ | 10 | $ | 9 | ||||||||
| Dividend Income from Affiliated Investments | — | — | — | 3 | ||||||||||||
| Interest Income | 27,831 | 842 | 1,730 | 905 | ||||||||||||
| Less: Foreign Taxes Withheld | — | — | — | — | ||||||||||||
| Total Investment Income | 27,831 | 850 | 1,740 | 917 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment Advisory Fees | 5,734 | 206 | 276 | 123 | ||||||||||||
| Shareholder Servicing Fees — Class N(1) | 3,230 | 4 | 15 | 22 | ||||||||||||
| Shareholder Servicing Fees — Class S(1) | 3,340 | — | — | — | ||||||||||||
| Shareholder Servicing Fees — Servicing Class | 2,919 | 69 | 165 | 103 | ||||||||||||
| Administration Fees | 427 | 89 | 92 | 88 | ||||||||||||
| Transfer Agent Fees | 151 | 3 | 5 | 3 | ||||||||||||
| Trustee Fees | 81 | 16 | 17 | 16 | ||||||||||||
| Professional Fees | 126 | 9 | 10 | 9 | ||||||||||||
| Custody Fees | 82 | 2 | 3 | 2 | ||||||||||||
| Registration Fees | 104 | 3 | 3 | 2 | ||||||||||||
| Printing Fees | 50 | 1 | 1 | 1 | ||||||||||||
| Insurance and Other Expenses | 104 | 7 | 21 | 15 | ||||||||||||
| Total Expenses | 16,348 | 409 | 608 | 384 | ||||||||||||
| Recovery of Investment Advisory Fees Previously Waived(2) | 4,102 | — | — | — | ||||||||||||
| Less, Waivers of: | ||||||||||||||||
| Investment Advisory Fees | (1,191 | ) | (82 | ) | (76 | ) | (86 | ) | ||||||||
| Shareholder Servicing Fees — Class N(1) | (1,503 | ) | — | — | — | |||||||||||
| Shareholder Servicing Fees — Class S(1) | (1,853 | ) | — | — | — | |||||||||||
| Net Expenses | 15,903 | 327 | 532 | 298 | ||||||||||||
| Net Investment Income | 11,928 | 523 | 1,208 | 619 | ||||||||||||
| Net Realized Gain (Loss): | ||||||||||||||||
| Investments | — | (29 | ) | 90 | (72 | ) | ||||||||||
| Affiliated Investments | — | — | — | 3 | ||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | — | (1,415 | ) | (2,515 | ) | (1,521 | ) | |||||||||
| Affiliated Investments | — | — | — | (7 | ) | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 11,928 | $ | (921 | ) | $ | (1,217 | ) | $ | (978 | ) | |||||
| (1) | Includes class specific distribution expenses. |
| (2) | See Note 5 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 121
| statements of operations (000)/ consolidated statement of operations (000) |
| For the six months ended March 31, 2018 (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 | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Dividend Income | $ | 381 | $ | 9 | $ | 182 | $ | 1,171 | ||||||||
| Interest Income | 27,906 | 2,261 | 3,271 | 76,025 | ||||||||||||
| Less: Foreign Taxes Withheld | — | — | — | (147 | ) | |||||||||||
| Total Investment Income | 28,287 | 2,270 | 3,453 | 77,049 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment Advisory Fees | 3,063 | 219 | 468 | 7,481 | ||||||||||||
| Shareholder Servicing Fees — Class N(1) | 1,790 | 41 | 573 | 7,177 | ||||||||||||
| Shareholder Servicing Fees — Servicing Class | 636 | 19 | — | — | ||||||||||||
| Administration Fees | 177 | 87 | 99 | 344 | ||||||||||||
| Transfer Agent Fees | 42 | 2 | 8 | 97 | ||||||||||||
| Trustee Fees | 33 | 16 | 18 | 67 | ||||||||||||
| Professional Fees | 41 | 8 | 13 | 124 | ||||||||||||
| Custody Fees | 22 | 5 | 5 | 226 | ||||||||||||
| Registration Fees | 24 | 2 | 7 | 53 | ||||||||||||
| Printing Fees | 14 | 1 | 3 | 33 | ||||||||||||
| Insurance and Other Expenses | 93 | 23 | 17 | 163 | ||||||||||||
| Total Expenses | 5,935 | 423 | 1,211 | 15,765 | ||||||||||||
| Less, Waivers of: | ||||||||||||||||
| Investment Advisory Fees | — | — | (41 | ) | — | |||||||||||
| Net Expenses | 5,935 | 423 | 1,170 | 15,765 | ||||||||||||
| Net Investment Income | 22,352 | 1,847 | 2,283 | 61,284 | ||||||||||||
| Net Realized Gain (Loss) from: | ||||||||||||||||
| Securities Transactions | 261 | 256 | 73 | 22,721 | ||||||||||||
| Swap Contracts | — | — | — | 419 | ||||||||||||
| Forward Foreign Currency Contracts | — | — | — | (3,842 | ) | |||||||||||
| Foreign Currency Transactions | — | (8 | ) | — | 2,653 | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | (13,820 | ) | (2,437 | ) | (5,623 | ) | (31,321 | ) | ||||||||
| Forward Foreign Currency Contracts | — | (5 | ) | — | (1,588 | ) | ||||||||||
| Foreign Currency Translations | — | 1 | — | (930 | ) | |||||||||||
| Swap Contracts | — | — | — | (92 | ) | |||||||||||
| Foreign Capital Gains Tax | — | — | — | (5 | ) | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 8,793 | $ | (346 | ) | $ | (3,267 | ) | $ | 49,299 | ||||||
| (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 122
| statements of operations (000)/ consolidated statement of operations (000) |
| For the six months ended March 31, 2018 (Unaudited) |
| City National Rochdale Dividend & Income Fund | City National Rochdale U.S. Core Equity Fund | City National Rochdale Emerging Markets Fund | ||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividend Income | $ | 4,884 | $ | 2,181 | $ | 6,932 | ||||||
| Interest Income | 3 | — | — | |||||||||
| Less: Foreign Taxes Withheld | (3 | ) | (9 | ) | (685 | ) | ||||||
| Total Investment Income | 4,884 | 2,172 | 6,247 | |||||||||
| EXPENSES: | ||||||||||||
| Investment Advisory Fees | 637 | 548 | 8,480 | |||||||||
| Shareholder Servicing Fees — Class N(1) | 631 | 339 | 526 | |||||||||
| Shareholder Servicing Fees — Servicing Class(1) | — | 173 | — | |||||||||
| Shareholder Servicing Fees — Class Y(1) | — | — | 1,239 | |||||||||
| Administration Fees | 101 | 103 | 214 | |||||||||
| Transfer Agent Fees | 9 | 9 | 58 | |||||||||
| Trustee Fees | 19 | 19 | 39 | |||||||||
| Professional Fees | 13 | 14 | 52 | |||||||||
| Custody Fees | 5 | 5 | 343 | |||||||||
| Registration Fees | 5 | 2 | 27 | |||||||||
| Printing Fees | 3 | 3 | 20 | |||||||||
| Insurance and Other Expenses | 9 | 9 | 71 | |||||||||
| Total Expenses | 1,432 | 1,224 | 11,069 | |||||||||
| Net Expenses | 1,432 | 1,224 | 11,069 | |||||||||
| Net Investment Income (Loss) | 3,452 | 948 | (4,822 | ) | ||||||||
| Net Realized Gain from: | ||||||||||||
| Securities Transactions | 1,091 | 8,496 | 104,662 | |||||||||
| Foreign Currency Transactions | — | — | 246 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
| Investments | (10,466 | ) | 10,606 | (39,569 | ) | |||||||
| Foreign Currency Translations | — | — | (613 | ) | ||||||||
| Foreign Capital Gains Tax | — | — | (1,352 | ) | ||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,923 | ) | $ | 20,050 | $ | 58,552 | |||||
| (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 123
| statements of changes in net assets (000) |
| For the six months ended March 31, 2018 (Unaudited) and year ended September 30, 2017 |
| City National Rochdale Government Money Market Fund | City National Rochdale Government Bond Fund | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net Investment Income | $ | 11,928 | $ | 4,927 | $ | 523 | $ | 1,017 | ||||||||
| Net Realized Gain (Loss) from Security Transactions | — | 7 | (29 | ) | 170 | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments | — | — | (1,415 | ) | (1,758 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 11,928 | 4,934 | (921 | ) | (571 | ) | ||||||||||
| DIVIDENDS AND DISTRIBUTIONS FROM: | ||||||||||||||||
| Net Investment Income: | ||||||||||||||||
| Institutional Class | — | — | (251 | ) | (518 | ) | ||||||||||
| Class N | (1,579 | ) | (1,583 | ) | (7 | ) | (9 | ) | ||||||||
| Class S | (1,179 | ) | (555 | ) | — | — | ||||||||||
| Servicing Class | (9,169 | ) | (2,789 | ) | (291 | ) | (571 | ) | ||||||||
| Realized Capital Gains: | ||||||||||||||||
| Institutional Class | — | — | (25 | ) | (42 | ) | ||||||||||
| Class N | — | — | (1 | ) | (1 | ) | ||||||||||
| Servicing Class | — | — | (34 | ) | (52 | ) | ||||||||||
| Total Dividends and Distributions | (11,927 | ) | (4,927 | ) | (609 | ) | (1,193 | ) | ||||||||
| CAPITAL SHARE TRANSACTIONS:(1) | ||||||||||||||||
| Institutional Class: | ||||||||||||||||
| Shares Issued | — | — | 2,342 | 7,014 | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | — | — | 275 | 557 | ||||||||||||
| Shares Redeemed | — | — | (5,435 | ) | (32,811 | ) | ||||||||||
| (Decrease) in Net Assets from Institutional Class Share Transactions | — | — | (2,818 | ) | (25,240 | ) | ||||||||||
| Class N: | ||||||||||||||||
| Shares Issued | 1,582,007 | 4,345,705 | 306 | 1,013 | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | 934 | 1,332 | 6 | 6 | ||||||||||||
| Shares Redeemed | (1,650,816 | ) | (7,118,824 | ) | (33 | ) | (711 | ) | ||||||||
| Increase (Decrease) in Net Assets from Class N Share Transactions | (67,875 | ) | (2,771,787 | ) | 279 | 308 | ||||||||||
| Class S: | ||||||||||||||||
| Shares Issued | 1,456,289 | 2,288,322 | — | — | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | — | — | — | — | ||||||||||||
| Shares Redeemed | (1,358,403 | ) | (2,330,002 | ) | — | — | ||||||||||
| Increase (Decrease) in Net Assets from Class S Share Transactions | 97,886 | (41,680 | ) | — | — | |||||||||||
| Servicing Class: | ||||||||||||||||
| Shares Issued | 3,091,289 | 4,547,446 | 6,938 | 18,242 | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | 6,667 | 1,557 | 49 | 254 | ||||||||||||
| Shares Redeemed | (3,261,672 | ) | (3,229,008 | ) | (7,605 | ) | (43,816 | ) | ||||||||
| Increase (Decrease) in Net Assets from Servicing Class Share Transactions | (163,716 | ) | 1,319,995 | (618 | ) | (25,320 | ) | |||||||||
| Net Increase (Decrease) in Net Assets from Share Transactions | (133,705 | ) | (1,493,472 | ) | (3,157 | ) | (50,252 | ) | ||||||||
| Total Increase (Decrease) in Net Assets | (133,704 | ) | (1,493,465 | ) | (4,687 | ) | (52,016 | ) | ||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of Year/Period | 4,242,213 | 5,735,678 | 98,642 | 150,658 | ||||||||||||
| End of Year/Period | $ | 4,108,509 | $ | 4,242,213 | $ | 93,955 | $ | 98,642 | ||||||||
| Undistributed (Distributions in excess of) net investment income | $ | 1 | $ | — | $ | 3 | $ | 29 | ||||||||
| (1) | See Note 9 for shares issued and redeemed. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 124
| City National Rochdale Corporate Bond Fund | City National Rochdale California Tax Exempt Bond Fund | City National Rochdale Municipal High Income Fund | ||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| $ | 1,208 | $ | 2,346 | $ | 619 | $ | 1,260 | $ | 22,352 | $ | 41,169 | |||||||||||
| 90 | 117 | (69 | ) | (285 | ) | 261 | (14,443 | ) | ||||||||||||||
| (2,515 | ) | (1,287 | ) | (1,528 | ) | (811 | ) | (13,820 | ) | (21,106 | ) | |||||||||||
| (1,217 | ) | 1,176 | (978 | ) | 164 | 8,793 | 5,620 | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| (47 | ) | (76 | ) | (51 | ) | (97 | ) | (12,432 | ) | (22,943 | ) | |||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| (1,155 | ) | (2,271 | ) | (575 | ) | (1,164 | ) | (9,466 | ) | (17,313 | ) | |||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | (47 | ) | — | — | ||||||||||||||||
| — | — | — | (540 | ) | — | — | ||||||||||||||||
| (1,202 | ) | (2,347 | ) | (626 | ) | (1,848 | ) | (21,898 | ) | (40,256 | ) | |||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| 2,437 | 2,779 | 2,552 | 5,211 | 119,371 | 272,975 | |||||||||||||||||
| 31 | 47 | 26 | 87 | 7,152 | 13,377 | |||||||||||||||||
| (587 | ) | (950 | ) | (3,614 | ) | (3,295 | ) | (59,558 | ) | (174,843 | ) | |||||||||||
| 1,881 | 1,876 | (1,036 | ) | 2,003 | 66,965 | 111,509 | ||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| 16,479 | 34,383 | 11,954 | 24,846 | 69,653 | 161,767 | |||||||||||||||||
| 130 | 226 | 89 | 245 | 1,368 | 2,061 | |||||||||||||||||
| (13,546 | ) | (26,711 | ) | (9,165 | ) | (33,769 | ) | (37,748 | ) | (103,735 | ) | |||||||||||
| 3,063 | 7,898 | 2,878 | (8,678 | ) | 33,273 | 60,093 | ||||||||||||||||
| 4,944 | 9,774 | 1,842 | (6,675 | ) | 100,238 | 171,602 | ||||||||||||||||
| 2,525 | 8,603 | 238 | (8,359 | ) | 87,133 | 136,966 | ||||||||||||||||
| 137,103 | 128,500 | 89,779 | 98,138 | 1,176,017 | 1,039,051 | |||||||||||||||||
| $ | 139,628 | $ | 137,103 | $ | 90,017 | $ | 89,779 | $ | 1,263,150 | $ | 1,176,017 | |||||||||||
| $ | 10 | $ | 4 | $ | (3 | ) | $ | 4 | $ | 2,151 | $ | 1,697 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 125
| statements of changes in net assets/ consolidated statements of changes in net assets (000) |
| For the six months ended March 31, 2018 (Unaudited) and year ended September 30, 2017 |
| City National Rochdale High Yield Bond Fund | City National Rochdale Intermediate Fixed Income Fund | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net Investment Income (Loss) | $ | 1,847 | $ | 3,984 | $ | 2,283 | $ | 4,984 | ||||||||
| Net Realized Gain (Loss) from: | ||||||||||||||||
| Security Transactions and Purchased Options | 256 | 595 | 73 | 787 | ||||||||||||
| Foreign Currency Transactions | (8 | ) | (41 | ) | — | — | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments, Affiliated Investments and Purchased Options | (2,437 | ) | 1,715 | (5,623 | ) | (4,620 | ) | |||||||||
| Foreign Currency Translations | (4 | ) | (9 | ) | — | — | ||||||||||
| Foreign Capital Gains Tax | — | — | — | — | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (346 | ) | 6,244 | (3,267 | ) | 1,151 | ||||||||||
| DIVIDENDS AND DISTRIBUTIONS FROM: | ||||||||||||||||
| Net Investment Income: | ||||||||||||||||
| Institutional Class | (1,100 | ) | (2,085 | ) | (58 | ) | (109 | ) | ||||||||
| Class N | (402 | ) | (841 | ) | (2,226 | ) | (4,851 | ) | ||||||||
| Servicing Class | (392 | ) | (866 | ) | — | — | ||||||||||
| Class Y | — | — | — | — | ||||||||||||
| Realized Capital Gains: | ||||||||||||||||
| Institutional Class | — | — | — | — | ||||||||||||
| Class N | — | — | — | — | ||||||||||||
| Servicing Class | — | — | — | — | ||||||||||||
| Class Y | — | — | — | — | ||||||||||||
| Return of Capital: | ||||||||||||||||
| Class N | — | — | — | — | ||||||||||||
| Total Dividends and Distributions | (1,894 | ) | (3,792 | ) | (2,284 | ) | (4,960 | ) | ||||||||
| CAPITAL SHARE TRANSACTIONS:(1) | ||||||||||||||||
| Institutional Class: | ||||||||||||||||
| Shares Issued | 3,603 | 6,135 | 190 | 549 | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | 1,100 | 2,071 | 28 | 56 | ||||||||||||
| Shares Redeemed | (3,215 | ) | (9,514 | ) | (215 | ) | (3,145 | ) | ||||||||
| Increase (Decrease) in Net Assets from Institutional Class Share Transactions | 1,488 | (1,308 | ) | 3 | (2,540 | ) | ||||||||||
| Class N: | ||||||||||||||||
| Shares Issued | 2,233 | 3,545 | 16,661 | 46,407 | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | 225 | 436 | 2,108 | 4,533 | ||||||||||||
| Shares Redeemed | (1,747 | ) | (6,360 | ) | (40,736 | ) | (58,443 | ) | ||||||||
| Increase (Decrease) in Net Assets from Class N Share Transactions | 711 | (2,379 | ) | (21,967 | ) | (7,503 | ) | |||||||||
| Servicing Class: | ||||||||||||||||
| Shares Issued | 288 | 4,197 | — | — | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | 73 | 232 | — | — | ||||||||||||
| Shares Redeemed | (2,445 | ) | (7,082 | ) | — | — | ||||||||||
| Increase (Decrease) in Net Assets from Servicing Class Share Transactions | (2,084 | ) | (2,653 | ) | — | — | ||||||||||
| Class Y: | ||||||||||||||||
| Shares Issued | — | — | — | — | ||||||||||||
| Shares Issued in Lieu of Dividends and Distributions | — | — | — | — | ||||||||||||
| Shares Redeemed | — | — | — | — | ||||||||||||
| Increase in Net Assets from Class Y Share Transactions | — | — | — | — | ||||||||||||
| Net Increase (Decrease) in Net Assets from Share Transactions | 115 | (6,340 | ) | (21,964 | ) | (10,043 | ) | |||||||||
| Total Increase (Decrease) in Net Assets | (2,125 | ) | (3,888 | ) | (27,515 | ) | (13,852 | ) | ||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of Year/Period | 73,947 | 77,835 | 246,480 | 260,332 | ||||||||||||
| End of Year/Period | $ | 71,822 | $ | 73,947 | $ | 218,965 | $ | 246,480 | ||||||||
| Undistributed (Distributions in excess of) net investment income | $ | 22 | $ | 69 | $ | 93 | $ | 94 | ||||||||
| (1) | See Note 9 for shares issued and redeemed. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 126
| |
| 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 | |||||||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
| $ | 61,284 | $ | 122,870 | $ | 3,452 | $ | 5,704 | $ | 948 | $ | 1,933 | $ | (4,822 | ) | $ | 1,334 | ||||||||||||||
| 23,140 | 51,517 | 1,091 | 7,992 | 8,496 | 1,991 | 104,662 | 40,766 | |||||||||||||||||||||||
| (1,189 | ) | (15,463 | ) | — | — | — | — | 246 | (1,112 | ) | ||||||||||||||||||||
| (31,413 | ) | 26,067 | (10,466 | ) | (2,636 | ) | 10,606 | 37,144 | (39,569 | ) | 273,424 | |||||||||||||||||||
| (2,518 | ) | 1,555 | — | — | — | — | (613 | ) | (139 | ) | ||||||||||||||||||||
| (5 | ) | — | — | — | — | — | (1,352 | ) | (10 | ) | ||||||||||||||||||||
| 49,299 | 186,546 | (5,923 | ) | 11,060 | 20,050 | 41,068 | 58,552 | 314,263 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| (60,240 | ) | (145,340 | ) | (3,567 | ) | (6,846 | ) | (418 | ) | (810 | ) | (366 | ) | (178 | ) | |||||||||||||||
| — | — | — | — | (596 | ) | (1,099 | ) | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | (3,964 | ) | (2,287 | ) | |||||||||||||||||||||
| — | — | — | — | — | (1 | ) | — | — | ||||||||||||||||||||||
| — | — | (7,390 | ) | — | (1,749 | ) | (4,736 | ) | (12,675 | ) | — | |||||||||||||||||||
| — | — | — | — | (1,798 | ) | (4,806 | ) | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | (91,437 | ) | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| (60,240 | ) | (145,340 | ) | (10,957 | ) | (6,846 | ) | (4,561 | ) | (11,452 | ) | (108,442 | ) | (2,465 | ) | |||||||||||||||
| — | — | — | — | 20 | — | — | — | |||||||||||||||||||||||
| — | — | — | — | — | 1 | — | — | |||||||||||||||||||||||
| — | — | — | — | (3 | ) | — | — | — | ||||||||||||||||||||||
| — | — | — | — | 17 | 1 | — | — | |||||||||||||||||||||||
| 452,132 | 810,702 | 25,333 | 70,855 | 11,267 | 17,564 | 91,316 | 139,570 | |||||||||||||||||||||||
| 45,032 | 107,788 | 7,105 | 4,498 | 1,891 | 4,871 | 12,052 | 155 | |||||||||||||||||||||||
| (226,689 | ) | (382,028 | ) | (27,148 | ) | (63,315 | ) | (10,853 | ) | (18,854 | ) | (42,732 | ) | (107,632 | ) | |||||||||||||||
| 270,475 | 536,462 | 5,290 | 12,038 | 2,305 | 3,581 | 60,636 | 32,093 | |||||||||||||||||||||||
| — | — | — | — | 12,525 | 27,687 | — | — | |||||||||||||||||||||||
| — | — | — | — | 140 | 303 | — | — | |||||||||||||||||||||||
| — | — | — | — | (10,371 | ) | (23,547 | ) | — | — | |||||||||||||||||||||
| — | — | — | — | 2,294 | 4,443 | — | — | |||||||||||||||||||||||
| — | — | — | — | — | — | 228,470 | 370,807 | |||||||||||||||||||||||
| — | — | — | — | — | — | 73,276 | 1,673 | |||||||||||||||||||||||
| — | — | — | — | — | — | (114,721 | ) | (146,903 | ) | |||||||||||||||||||||
| — | — | — | — | — | — | 187,025 | 225,577 | |||||||||||||||||||||||
| 270,475 | 536,462 | 5,290 | 12,038 | 4,616 | 8,025 | 247,661 | 257,670 | |||||||||||||||||||||||
| 259,534 | 577,668 | (11,590 | ) | 16,252 | 20,105 | 37,641 | 197,771 | 569,468 | ||||||||||||||||||||||
| 2,740,248 | 2,162,580 | 253,209 | 236,957 | 257,475 | 219,834 | 1,562,732 | 993,264 | |||||||||||||||||||||||
| $ | 2,999,782 | $ | 2,740,248 | $ | 241,619 | $ | 253,209 | $ | 277,580 | $ | 257,475 | $ | 1,760,503 | $ | 1,562,732 | |||||||||||||||
| $ | (75,013 | ) | $ | (76,057 | ) | $ | (129 | ) | $ | (14 | ) | $ | 2 | $ | 68 | $ | (10,966 | ) | $ | (1,814 | ) | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 127
| consolidated statement of cash flows (000) |
| For the six months ended March 31, 2018 (Unaudited) |
| City National Rochdale Fixed Income Opportunities Fund | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net increase in net assets from operations | $ | 49,299 | ||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | ||||
| Purchase of investment securities | (3,830,936 | ) | ||
| Proceeds from disposition of investment securities | 3,569,617 | |||
| Amortization (accretion of market discount) | (2,569 | ) | ||
| Premium payments | (7,332 | ) | ||
| Net realized gain on investments | (22,721 | ) | ||
| Net change in unrealized appreciation on investments | 31,321 | |||
| Changes in assets: | ||||
| Cash collateral | (4,870 | ) | ||
| Dividend and interest receivable | (1,343 | ) | ||
| Foreign tax reclaim receivable | (38 | ) | ||
| Receivable for investment securities sold | (34,212 | ) | ||
| Unrealized gain on forward foreign currency contracts | (88 | ) | ||
| Unrealized gain on spot contracts | (135 | ) | ||
| Prepaid expenses | (33 | ) | ||
| Changes in liabilities: | ||||
| Payable for investment securities purchased | 50,175 | |||
| Other payables | 71 | |||
| Accrued foreign capital gains tax omn appreciated securities | 5 | |||
| Unrealized loss on forward foreign currency contracts | 1,676 | |||
| Unrealized loss on spot contracts | 125 | |||
| Investment advisory fees payable | 237 | |||
| Shareholder servicing and distribution fees payable | 151 | |||
| Administrative fees payable | 6 | |||
| Accrued expenses | 14 | |||
| Net Cash Used in Operating Activities | (201,580 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from shares issued | 454,523 | |||
| Cost of shares redeemed | (227,020 | ) | ||
| Distributions | (15,208 | ) | ||
| Net cash provided by financing activities | 212,295 | |||
| Net change in cash | 10,715 | |||
| Cash at beginning of year | 5,127 | |||
| Cash at end of year | $ | 15,842 | ||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 128
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CITY NATIONAL ROCHDALE FUNDS | PAGE 129
| financial highlights |
| For a Share Outstanding Throughout Each Period For the six months ended March 31, 2018 (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) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 1.00 | $ | 0.001 | $ | 0.000 | * | $ | (0.001 | ) | $ | — | $ | 1.00 | 0.14 | % | $ | 1,031,128 | 0.99 | % | 0.27 | % | 0.86 | % | — | % | ||||||||||||||||||||||
| 2017 | 1.00 | 0.001 | 0.000 | * | (0.001 | ) | — | 1.00 | 0.06 | 1,099,005 | 0.60 | 0.05 | 0.86 | — | ||||||||||||||||||||||||||||||||||
| 2016 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.02 | 3,870,786 | 0.30 | 0.02 | 0.86 | — | |||||||||||||||||||||||||||||||||
| 2015 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 2,958,782 | 0.10 | 0.01 | 0.87 | — | |||||||||||||||||||||||||||||||||
| 2014 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 3,174,351 | 0.08 | 0.01 | 0.88 | — | |||||||||||||||||||||||||||||||||
| 2013 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 3,040,396 | 0.13 | 0.01 | 0.97 | — | |||||||||||||||||||||||||||||||||
| Class S (commenced operations on October 6, 1999) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 1.00 | $ | 0.001 | $ | 0.000 | * | $ | (0.001 | ) | $ | — | $ | 1.00 | 0.13 | % | $ | 939,138 | 1.01 | % | 0.26 | % | 1.05 | % | — | % | ||||||||||||||||||||||
| 2017 | 1.00 | 0.001 | 0.000 | * | (0.001 | ) | — | 1.00 | 0.06 | 841,246 | 0.67 | 0.06 | 1.06 | — | ||||||||||||||||||||||||||||||||||
| 2016 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.02 | 882,925 | 0.31 | 0.02 | 1.06 | — | |||||||||||||||||||||||||||||||||
| 2015 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 668,183 | 0.10 | 0.01 | 1.07 | — | |||||||||||||||||||||||||||||||||
| 2014 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 705,932 | 0.08 | 0.01 | 1.08 | — | |||||||||||||||||||||||||||||||||
| 2013 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 475,151 | 0.12 | 0.01 | 1.11 | — | |||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on April 3, 2000)^^ | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 1.00 | $ | 0.004 | $ | 0.000 | $ | (0.004 | ) | $ | — | $ | 1.00 | 0.40 | % | $ | 2,138,243 | 0.47 | % | 0.79 | % | 0.56 | % | — | % | |||||||||||||||||||||||
| 2017 | 1.00 | 0.002 | 0.000 | * | (0.002 | ) | — | 1.00 | 0.17 | 2,301,962 | 0.53 | 0.24 | 0.56 | — | ||||||||||||||||||||||||||||||||||
| 2016 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.02 | 981,967 | 0.31 | 0.02 | 0.56 | — | |||||||||||||||||||||||||||||||||
| 2015 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 308,591 | 0.10 | 0.01 | 0.57 | — | |||||||||||||||||||||||||||||||||
| 2014 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 211,958 | 0.08 | 0.01 | 0.58 | — | |||||||||||||||||||||||||||||||||
| 2013 | 1.00 | 0.000 | * | 0.000 | * | (0.000 | )* | — | 1.00 | 0.01 | 128,423 | 0.12 | 0.01 | 0.61 | — | |||||||||||||||||||||||||||||||||
| City National Rochdale Government Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class (commenced operations on February 1, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.48 | $ | 0.06 | $ | (0.14 | ) | $ | (0.07 | ) | $ | (0.01 | ) | $ | 10.32 | (0.83 | )% | $ | 36,543 | 0.53 | % | 1.25 | % | 0.70 | % | 13 | % | |||||||||||||||||||||
| 2017 | 10.61 | 0.10 | (0.12 | ) | (0.10 | ) | (0.01 | ) | 10.48 | (0.18 | ) | 39,988 | 0.53 | 0.90 | 0.63 | 55 | ||||||||||||||||||||||||||||||||
| 2016 | 10.59 | 0.09 | 0.02 | (0.09 | ) | — | 10.61 | 1.09 | 66,021 | 0.53 | 0.84 | 0.58 | 37 | |||||||||||||||||||||||||||||||||||
| 2015 | 10.49 | 0.06 | 0.10 | (0.06 | ) | — | 10.59 | 1.55 | 58,301 | 0.53 | 0.59 | 0.57 | 37 | |||||||||||||||||||||||||||||||||||
| 2014 | 10.47 | 0.06 | 0.02 | (0.06 | ) | — | 10.49 | 0.80 | 56,722 | 0.53 | 0.59 | 0.57 | 59 | |||||||||||||||||||||||||||||||||||
| 2013 | 10.73 | 0.11 | (0.23 | ) | (0.14 | ) | — | 10.47 | (1.11 | ) | 56,351 | 0.54 | 1.03 | 0.52 | 28 | |||||||||||||||||||||||||||||||||
| Class N (commenced operations on April 13, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.49 | $ | 0.04 | $ | (0.15 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | 10.33 | (1.06 | )% | $ | 1,995 | 1.03 | % | 0.74 | % | 1.20 | % | 13 | % | |||||||||||||||||||||
| 2017 | 10.62 | 0.05 | (0.12 | ) | (0.05 | ) | (0.01 | ) | 10.49 | (0.68 | ) | 1,743 | 1.03 | 0.43 | 1.13 | 55 | ||||||||||||||||||||||||||||||||
| 2016 | 10.60 | 0.03 | 0.03 | (0.04 | ) | — | 10.62 | 0.58 | 1,453 | 1.03 | 0.33 | 1.08 | 37 | |||||||||||||||||||||||||||||||||||
| 2015 | 10.51 | 0.01 | 0.09 | (0.01 | ) | — | 10.60 | 0.95 | 1,895 | 1.03 | 0.08 | 1.07 | 37 | |||||||||||||||||||||||||||||||||||
| 2014 | 10.49 | 0.01 | 0.02 | (0.01 | ) | — | 10.51 | 0.29 | 2,027 | 1.03 | 0.10 | 1.07 | 59 | |||||||||||||||||||||||||||||||||||
| 2013 | 10.75 | 0.04 | (0.21 | ) | (0.09 | ) | — | 10.49 | (1.60 | ) | 2,505 | 1.03 | 0.38 | 1.02 | 28 | |||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on January 14, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.48 | $ | 0.05 | $ | (0.16 | ) | $ | (0.05 | ) | $ | (0.01 | ) | $ | 10.31 | (1.04 | )% | $ | 55,417 | 0.78 | % | 1.00 | % | 0.95 | % | 13 | % | |||||||||||||||||||||
| 2017 | 10.60 | 0.07 | (0.10 | ) | (0.08 | ) | (0.01 | ) | 10.48 | (0.34 | ) | 56,911 | 0.78 | 0.68 | 0.88 | 55 | ||||||||||||||||||||||||||||||||
| 2016 | 10.58 | 0.06 | 0.03 | (0.07 | ) | — | 10.60 | 0.84 | 83,184 | 0.78 | 0.59 | 0.83 | 37 | |||||||||||||||||||||||||||||||||||
| 2015 | 10.49 | 0.04 | 0.09 | (0.04 | ) | — | 10.58 | 1.21 | 90,624 | 0.78 | 0.33 | 0.82 | 37 | |||||||||||||||||||||||||||||||||||
| 2014 | 10.47 | 0.04 | 0.02 | (0.04 | ) | — | 10.49 | 0.54 | 113,485 | 0.78 | 0.34 | 0.82 | 59 | |||||||||||||||||||||||||||||||||||
| 2013 | 10.72 | 0.07 | (0.20 | ) | (0.12 | ) | — | 10.47 | (1.26 | ) | 114,953 | 0.79 | 0.62 | 0.77 | 28 | |||||||||||||||||||||||||||||||||
| City National Rochdale Corporate Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class N (commenced operations on April 13, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.43 | $ | 0.08 | $ | (0.18 | ) | $ | (0.08 | ) | $ | — | $ | 10.25 | (0.98 | )% | $ | 7,396 | 1.01 | % | 1.52 | % | 1.12 | % | 17 | % | ||||||||||||||||||||||
| 2017 | 10.52 | 0.16 | (0.09 | ) | (0.16 | ) | — | 10.43 | 0.01 | 5,626 | 1.01 | 1.53 | 1.13 | 26 | ||||||||||||||||||||||||||||||||||
| 2016 | 10.45 | 0.16 | 0.08 | (0.15 | ) | (0.02 | ) | 10.52 | 2.39 | 3,783 | 1.01 | 1.52 | 1.09 | 30 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.67 | 0.15 | (0.14 | ) | (0.15 | ) | (0.08 | ) | 10.45 | 0.14 | 4,411 | 1.01 | 1.42 | 1.07 | 32 | |||||||||||||||||||||||||||||||||
| 2014 | 10.71 | 0.14 | 0.03 | (0.14 | ) | (0.07 | ) | 10.67 | 1.64 | 4,008 | 1.01 | 1.32 | 1.07 | 37 | ||||||||||||||||||||||||||||||||||
| 2013 | 10.91 | 0.16 | (0.10 | ) | (0.17 | ) | (0.09 | ) | 10.71 | 0.49 | 3,100 | 1.00 | 1.51 | 1.00 | 29 | |||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on January 14, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.41 | $ | 0.09 | $ | (0.18 | ) | $ | (0.09 | ) | $ | — | $ | 10.23 | (0.86 | )% | $ | 132,232 | 0.76 | % | 1.76 | % | 0.87 | % | 17 | % | ||||||||||||||||||||||
| 2017 | 10.51 | 0.19 | (0.10 | ) | (0.19 | ) | — | 10.41 | 0.84 | 131,477 | 0.76 | 1.79 | 0.88 | 26 | ||||||||||||||||||||||||||||||||||
| 2016 | 10.44 | 0.18 | 0.09 | (0.18 | ) | (0.02 | ) | 10.51 | 2.69 | 124,717 | 0.76 | 1.75 | 0.84 | 30 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.66 | 0.18 | (0.14 | ) | (0.18 | ) | (0.08 | ) | 10.44 | 0.39 | 131,394 | 0.76 | 1.67 | 0.82 | 32 | |||||||||||||||||||||||||||||||||
| 2014 | 10.70 | 0.17 | 0.03 | (0.17 | ) | (0.07 | ) | 10.66 | 1.89 | 142,766 | 0.76 | 1.57 | 0.82 | 37 | ||||||||||||||||||||||||||||||||||
| 2013 | 10.90 | 0.19 | (0.11 | ) | (0.19 | ) | (0.09 | ) | 10.70 | 0.75 | 135,184 | 0.75 | 1.77 | 0.75 | 29 | |||||||||||||||||||||||||||||||||
| * | Amount represents less than $0.001. |
| † | Per share calculations are based on Average Shares outstanding throughout the period. |
| ‡ | Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| ^^ | Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy. |
| (1) | Annualized for periods less than one year. |
| (2) | Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 130
| |
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.64 | $ | 0.06 | $ | (0.18 | ) | $ | (0.06 | ) | $ | — | $ | 10.46 | (1.13 | )% | $ | 8,152 | 0.88 | % | 1.13 | % | 1.07 | % | 16 | % | ||||||||||||||||||||||
| 2017 | 10.82 | 0.12 | (0.12 | ) | (0.12 | ) | (0.06 | ) | 10.64 | 0.05 | 9,344 | 0.88 | 1.11 | 1.05 | 45 | |||||||||||||||||||||||||||||||||
| 2016 | 10.71 | 0.12 | 0.11 | (0.12 | ) | — | ^^ | 10.82 | 2.20 | 7,444 | 0.88 | 1.14 | 0.99 | 25 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.74 | 0.12 | 0.02 | (0.12 | ) | (0.05 | ) | 10.71 | 1.30 | 11,386 | 0.88 | 1.10 | 1.00 | 10 | ||||||||||||||||||||||||||||||||||
| 2014 | 10.54 | 0.13 | 0.22 | (0.13 | ) | (0.02 | ) | 10.74 | 3.31 | 10,955 | 0.88 | 1.17 | 1.02 | 36 | ||||||||||||||||||||||||||||||||||
| 2013 | 10.86 | 0.18 | (0.22 | ) | (0.18 | ) | (0.10 | ) | 10.54 | (0.45 | ) | 8,197 | 0.87 | 1.64 | 0.86 | 34 | ||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on January 14, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.61 | $ | 0.07 | $ | (0.18 | ) | $ | (0.07 | ) | $ | — | $ | 10.43 | (1.01 | )% | $ | 81,865 | 0.63 | % | 1.39 | % | 0.82 | % | 16 | % | ||||||||||||||||||||||
| 2017 | 10.79 | 0.14 | (0.12 | ) | (0.14 | ) | (0.06 | ) | 10.61 | 0.31 | 80,435 | 0.63 | 1.36 | 0.80 | 45 | |||||||||||||||||||||||||||||||||
| 2016 | 10.68 | 0.15 | 0.11 | (0.15 | ) | — | ^^ | 10.79 | 2.48 | 90,694 | 0.63 | 1.39 | 0.74 | 25 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.71 | 0.14 | 0.03 | (0.15 | ) | (0.05 | ) | 10.68 | 1.56 | 86,507 | 0.63 | 1.36 | 0.75 | 10 | ||||||||||||||||||||||||||||||||||
| 2014 | 10.51 | 0.15 | 0.22 | (0.15 | ) | (0.02 | ) | 10.71 | 3.58 | 70,698 | 0.63 | 1.43 | 0.77 | 36 | ||||||||||||||||||||||||||||||||||
| 2013 | 10.83 | 0.20 | (0.22 | ) | (0.20 | ) | (0.10 | ) | 10.51 | (0.20 | ) | 59,149 | 0.62 | 1.91 | 0.62 | 34 | ||||||||||||||||||||||||||||||||
| City National Rochdale Municipal High Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class N (commenced operations on December 30, 2013) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.76 | $ | 0.19 | $ | (0.11 | ) | $ | (0.19 | ) | $ | — | $ | 10.65 | 0.71 | % | $ | 746,200 | 1.07 | % | 3.55 | % | 1.07 | % | 9 | % | ||||||||||||||||||||||
| 2017 | 11.14 | 0.38 | (0.38 | ) | (0.38 | ) | — | 10.76 | 0.16 | 686,922 | 1.07 | 3.62 | 1.07 | 50 | ||||||||||||||||||||||||||||||||||
| 2016 | 10.67 | 0.41 | 0.46 | (0.40 | ) | — | ^^ | 11.14 | 8.34 | 595,221 | 1.04 | 3.76 | 1.04 | 28 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.71 | 0.41 | (0.04 | ) | (0.41 | ) | — | 10.67 | 3.55 | 382,461 | 1.04 | 3.85 | 1.03 | 2 | ||||||||||||||||||||||||||||||||||
| 2014 | 10.00 | 0.32 | 0.71 | (0.32 | ) | — | 10.71 | 10.38 | 201,200 | 1.08 | 4.02 | 1.08 | 1 | |||||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on December 30, 2013) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 10.77 | $ | 0.20 | $ | (0.12 | ) | $ | (0.20 | ) | $ | — | $ | 10.65 | 0.74 | % | $ | 516,950 | 0.82 | % | 3.80 | % | 0.82 | % | 9 | % | ||||||||||||||||||||||
| 2017 | 11.14 | 0.41 | (0.37 | ) | (0.41 | ) | — | 10.77 | 0.50 | 489,095 | 0.83 | 3.87 | 0.83 | 50 | ||||||||||||||||||||||||||||||||||
| 2016 | 10.68 | 0.44 | 0.45 | (0.43 | ) | — | ^^ | 11.14 | 8.50 | 443,830 | 0.79 | 4.01 | 0.79 | 28 | ||||||||||||||||||||||||||||||||||
| 2015 | 10.72 | 0.44 | (0.04 | ) | (0.44 | ) | — | 10.68 | 3.81 | 317,201 | 0.79 | 4.10 | 0.79 | 2 | ||||||||||||||||||||||||||||||||||
| 2014 | 10.00 | 0.34 | 0.72 | (0.34 | ) | — | 10.72 | 10.68 | 220,851 | 0.83 | 4.27 | 0.84 | 1 | |||||||||||||||||||||||||||||||||||
| City National Rochdale High Yield Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class (commenced operations on February 2, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 8.06 | $ | 0.21 | $ | (0.24 | ) | $ | (0.21 | ) | $ | — | $ | 7.82 | (0.35 | )% | $ | 40,929 | 0.99 | % | 5.22 | % | 0.99 | % | 25 | % | ||||||||||||||||||||||
| 2017 | 7.80 | 0.43 | 0.24 | (0.41 | ) | — | 8.06 | 8.82 | 40,698 | 0.96 | 5.46 | 0.96 | 59 | |||||||||||||||||||||||||||||||||||
| 2016 | 7.58 | 0.47 | 0.24 | (0.49 | ) | — | 7.80 | 9.88 | 40,701 | 0.83 | 6.39 | 0.89 | 69 | |||||||||||||||||||||||||||||||||||
| 2015 | 8.76 | 0.49 | (0.77 | ) | (0.49 | ) | (0.41 | ) | 7.58 | (3.47 | ) | 38,274 | 0.70 | 5.94 | 0.83 | 77 | ||||||||||||||||||||||||||||||||
| 2014 | 8.59 | 0.53 | 0.19 | (0.53 | ) | (0.02 | ) | 8.76 | 8.49 | 40,639 | 0.70 | 5.98 | 0.78 | 59 | ||||||||||||||||||||||||||||||||||
| 2013 | 8.64 | 0.60 | (0.05 | ) | (0.60 | ) | — | 8.59 | 6.49 | 39,219 | 0.75 | 6.87 | 0.75 | 56 | ||||||||||||||||||||||||||||||||||
| Class N (commenced operations on January 14, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 8.06 | $ | 0.19 | $ | (0.24 | ) | $ | (0.19 | ) | $ | — | $ | 7.82 | (0.60 | )% | $ | 16,886 | 1.49 | % | 4.72 | % | 1.49 | % | 25 | % | ||||||||||||||||||||||
| 2017 | 7.80 | 0.39 | 0.24 | (0.37 | ) | — | 8.06 | 8.28 | 16,705 | 1.46 | 4.95 | 1.46 | 59 | |||||||||||||||||||||||||||||||||||
| 2016 | 7.58 | 0.45 | 0.23 | (0.46 | ) | — | 7.80 | 9.44 | 18,513 | 1.23 | 6.02 | 1.30 | 69 | |||||||||||||||||||||||||||||||||||
| 2015 | 8.76 | 0.44 | (0.76 | ) | (0.45 | ) | (0.41 | ) | 7.58 | (3.94 | ) | 21,063 | 1.20 | 5.43 | 1.33 | 77 | ||||||||||||||||||||||||||||||||
| 2014 | 8.59 | 0.49 | 0.18 | (0.48 | ) | (0.02 | ) | 8.76 | 7.95 | 26,166 | 1.20 | 5.49 | 1.28 | 59 | ||||||||||||||||||||||||||||||||||
| 2013 | 8.64 | 0.56 | (0.05 | ) | (0.56 | ) | — | 8.59 | 5.95 | 34,371 | 1.27 | 6.37 | 1.26 | 56 | ||||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on January 14, 2000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 8.05 | $ | 0.20 | $ | (0.24 | ) | $ | (0.20 | ) | $ | — | $ | 7.81 | (0.49 | )% | $ | 14,007 | 1.24 | % | 4.97 | % | 1.24 | % | 25 | % | ||||||||||||||||||||||
| 2017 | 7.80 | 0.41 | 0.23 | (0.39 | ) | — | 8.05 | 8.42 | 16,544 | 1.21 | 5.21 | 1.21 | 59 | |||||||||||||||||||||||||||||||||||
| 2016 | 7.58 | 0.46 | 0.23 | (0.47 | ) | — | 7.80 | 9.61 | 18,621 | 1.07 | 6.16 | 1.14 | 69 | |||||||||||||||||||||||||||||||||||
| 2015 | 8.76 | 0.47 | (0.77 | ) | (0.47 | ) | (0.41 | ) | 7.58 | (3.71 | ) | 27,174 | 0.95 | 5.67 | 1.08 | 77 | ||||||||||||||||||||||||||||||||
| 2014 | 8.59 | 0.51 | 0.19 | (0.51 | ) | (0.02 | ) | 8.76 | 8.22 | 43,974 | 0.95 | 5.83 | 1.02 | 59 | ||||||||||||||||||||||||||||||||||
| 2013 | 8.63 | 0.58 | (0.04 | ) | (0.58 | ) | — | 8.59 | 6.35 | 88,949 | 0.99 | 6.58 | 0.99 | 56 | ||||||||||||||||||||||||||||||||||
| City National Rochdale Intermediate Fixed Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class (commenced operations on December 20, 2013) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 26.18 | $ | 0.32 | $ | (0.62 | ) | $ | (0.33 | ) | $ | — | $ | 25.55 | (1.16 | )% | $ | 4,482 | 0.51 | % | 2.45 | % | 0.55 | % | 16 | % | ||||||||||||||||||||||
| 2017 | 26.56 | 0.64 | (0.38 | ) | (0.64 | ) | — | 26.18 | 1.02 | 4,589 | 0.51 | 2.43 | 0.53 | 2 | ||||||||||||||||||||||||||||||||||
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 26.17 | $ | 0.25 | $ | (0.61 | ) | $ | (0.26 | ) | $ | — | $ | 25.55 | (1.38 | )% | $ | 214,483 | 1.01 | % | 1.94 | % | 1.05 | % | 16 | % | ||||||||||||||||||||||
| 2017 | 26.56 | 0.51 | (0.39 | ) | (0.51 | ) | — | 26.17 | 0.48 | 241,891 | 1.01 | 1.95 | 1.03 | 2 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| * | For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Intermediate Fixed Income Fund. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. |
| † | Per share calculations are based on Average Shares outstanding throughout the period. |
| ‡ | Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| ^^ | Amount represents less than $0.01. |
| (1) | Annualized for periods less than one year. |
| (2) | Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 131
| financial highlights/consolidated financial highlights |
| For a Share Outstanding Throughout Each Period For the six months ended March 31, 2018 (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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 25.81 | $ | 0.55 | $ | (0.10 | ) | $ | — | $ | (0.54 | ) | $ | — | $ | — | $ | 25.72 | 1.76 | % | $ | 2,999,782 | 1.10 | %(7) | 4.27 | % | 1.10 | %(7) | 75 | % | ||||||||||||||||||||||||||
| 2017 | 25.36 | 1.30 | 0.67 | — | (1.52 | ) | — | — | 25.81 | 7.99 | 2,740,248 | 1.10 | (6) | 5.04 | 1.09 | (6) | 140 | |||||||||||||||||||||||||||||||||||||||
| 2016 | 25.22 | 1.28 | 0.65 | — | (1.79 | ) | — | — | 25.36 | 8.04 | 2,162,580 | 1.10 | (5) | 5.15 | 1.10 | (5) | 124 | |||||||||||||||||||||||||||||||||||||||
| 2015 | 27.19 | 1.34 | (1.59 | ) | — | (1.60 | ) | (0.12 | ) | — | 25.22 | (0.88 | ) | 1,641,954 | 1.10 | (4) | 5.08 | 1.12 | (4) | 73 | ||||||||||||||||||||||||||||||||||||
| 2014 | 26.83 | 1.28 | 0.38 | — | (1.17 | ) | (0.13 | ) | — | 27.19 | 6.20 | 1,391,497 | 1.11 | (3) | 4.65 | 1.12 | (3) | 82 | ||||||||||||||||||||||||||||||||||||||
| 2013* | 27.20 | 1.28 | (0.43 | ) | — | (1.22 | ) | — | ^ | — | 26.83 | 3.16 | 924,444 | 1.08 | 6.24 | 1.11 | 52 | |||||||||||||||||||||||||||||||||||||||
| City National Rochdale Dividend & Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class N (commenced operations on June 1, 1999) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 40.40 | $ | 0.55 | $ | (1.46 | ) | $ | — | $ | (0.56 | ) | $ | (1.18 | ) | $ | — | $ | 37.75 | (2.43 | )% | $ | 241,619 | 1.13 | % | 2.74 | % | 1.13 | % | 3 | % | |||||||||||||||||||||||||
| 2017 | 39.68 | 0.94 | 0.90 | — | (1.12 | ) | — | — | 40.40 | 4.66 | 253,209 | 1.13 | 2.33 | 1.13 | 15 | |||||||||||||||||||||||||||||||||||||||||
| 2016 | 34.22 | 0.94 | 5.67 | — | (0.97 | ) | (0.03 | ) | (0.15 | ) | 39.68 | 19.50 | 236,957 | 1.11 | 2.49 | 1.12 | 5 | |||||||||||||||||||||||||||||||||||||||
| 2015 | 35.08 | 0.94 | (0.72 | ) | — | (1.08 | ) | — | — | 34.22 | 0.53 | 187,685 | 1.11 | 2.60 | 1.13 | 13 | ||||||||||||||||||||||||||||||||||||||||
| 2014 | 32.25 | 0.95 | 2.96 | — | (1.08 | ) | — | — | 35.08 | 12.20 | 172,917 | 1.09 | 2.74 | 1.14 | 16 | |||||||||||||||||||||||||||||||||||||||||
| 2013* | 29.07 | 0.62 | 3.37 | — | (0.54 | ) | — | (0.27 | ) | 32.25 | 13.74 | 155,807 | 1.16 | 2.55 | 1.19 | 17 | ||||||||||||||||||||||||||||||||||||||||
| City National Rochdale U.S. Core Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class (commenced operations on December 3, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 15.83 | $ | 0.08 | $ | 1.17 | $ | — | $ | (0.09 | ) | $ | (0.21 | ) | $ | — | $ | 16.78 | 7.95 | % | $ | 35 | 0.52 | % | 0.99 | % | 0.52 | % | 11 | % | ||||||||||||||||||||||||||
| 2017 | 14.00 | 0.17 | 2.43 | — | (0.17 | ) | (0.60 | ) | — | 15.83 | 19.40 | 17 | 0.53 | 1.19 | 0.53 | 25 | ||||||||||||||||||||||||||||||||||||||||
| 2016 | 13.04 | 0.13 | 1.07 | — | (0.15 | ) | (0.09 | ) | — | 14.00 | 9.25 | 14 | 0.52 | 0.93 | 0.52 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2015 | 14.21 | 0.11 | 0.13 | — | (0.10 | ) | (1.31 | ) | — | 13.04 | 1.79 | 6,870 | 0.52 | 0.79 | 0.52 | 32 | ||||||||||||||||||||||||||||||||||||||||
| 2014 | 12.13 | 0.08 | 2.30 | — | (0.08 | ) | (0.22 | ) | — | 14.21 | 19.86 | 6,759 | 0.53 | 0.59 | 0.53 | 60 | ||||||||||||||||||||||||||||||||||||||||
| 2013 | 10.00 | 0.14 | 2.08 | — | (0.09 | ) | — | — | 12.13 | 22.23 | — | 0.00^ | 1.57 | 0.00^ | 32 | |||||||||||||||||||||||||||||||||||||||||
| Class N (commenced operations on December 3, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 15.66 | $ | 0.05 | $ | 1.15 | $ | — | $ | (0.05 | ) | $ | (0.21 | ) | $ | — | $ | 16.60 | 7.71 | % | $ | 137,025 | 1.02 | % | 0.56 | % | 1.02 | % | 11 | % | ||||||||||||||||||||||||||
| 2017 | 13.86 | 0.10 | 2.40 | — | (0.10 | ) | (0.60 | ) | — | 15.66 | 18.81 | 127,086 | 1.03 | 0.70 | 1.03 | 25 | ||||||||||||||||||||||||||||||||||||||||
| 2016 | 12.92 | 0.08 | 1.03 | — | (0.08 | ) | (0.09 | ) | — | 13.86 | 8.63 | 108,807 | 1.02 | 0.58 | 1.02 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2015 | 14.09 | 0.04 | 0.14 | — | (0.04 | ) | (1.31 | ) | — | 12.92 | 1.31 | 102,753 | 1.02 | 0.29 | 1.02 | 32 | ||||||||||||||||||||||||||||||||||||||||
| 2014 | 12.08 | 0.01 | 2.23 | — | (0.01 | ) | (0.22 | ) | — | 14.09 | 18.80 | 97,205 | 1.03 | 0.09 | 1.04 | 60 | ||||||||||||||||||||||||||||||||||||||||
| 2013 | 10.00 | 0.05 | 2.08 | — | (0.05 | ) | — | — | 12.08 | 21.33 | 66,145 | 0.99 | 0.52 | 0.99 | 32 | |||||||||||||||||||||||||||||||||||||||||
| Servicing Class (commenced operations on December 3, 2012) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 15.69 | $ | 0.07 | $ | 1.15 | $ | — | $ | (0.07 | ) | $ | (0.21 | ) | $ | — | $ | 16.63 | 7.82 | % | $ | 140,520 | 0.77 | % | 0.82 | % | 0.77 | % | 11 | % | ||||||||||||||||||||||||||
| 2017 | 13.88 | 0.14 | 2.40 | — | (0.13 | ) | (0.60 | ) | — | 15.69 | 19.14 | 130,372 | 0.78 | 0.95 | 0.78 | 25 | ||||||||||||||||||||||||||||||||||||||||
| 2016 | 12.93 | 0.11 | 1.04 | — | (0.11 | ) | (0.09 | ) | — | 13.88 | 8.97 | 111,013 | 0.77 | 0.83 | 0.77 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2015 | 14.11 | 0.07 | 0.13 | — | (0.07 | ) | (1.31 | ) | — | 12.93 | 1.48 | 104,220 | 0.77 | 0.54 | 0.77 | 32 | ||||||||||||||||||||||||||||||||||||||||
| 2014 | 12.09 | 0.05 | 2.24 | — | (0.05 | ) | (0.22 | ) | — | 14.11 | 19.15 | 103,246 | 0.78 | 0.34 | 0.79 | 60 | ||||||||||||||||||||||||||||||||||||||||
| 2013 | 10.00 | 0.07 | 2.08 | — | (0.06 | ) | — | — | 12.09 | 21.60 | 68,919 | 0.74 | 0.73 | 0.74 | 32 | |||||||||||||||||||||||||||||||||||||||||
| City National Rochdale Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class N (commenced operations on December 14, 2011) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 52.68 | $ | (0.23 | ) | $ | 2.24 | $ | — | $ | (0.09 | ) | $ | (3.43 | ) | $ | — | $ | 51.17 | 3.83 | % | $ | 229,738 | 1.60 | % | (0.85 | )% | 1.60 | % | 25 | % | |||||||||||||||||||||||||
| 2017 | 41.67 | (0.05 | ) | 11.13 | — | (0.07 | ) | — | — | 52.68 | 26.66 | 175,875 | 1.61 | (0.12 | ) | 1.61 | 24 | |||||||||||||||||||||||||||||||||||||||
| 2016 | 35.38 | 0.04 | 6.26 | — | (0.01 | ) | — | — | 41.67 | 17.81 | 112,388 | 1.61 | 0.11 | 1.62 | 15 | †† | ||||||||||||||||||||||||||||||||||||||||
| 2015 | 38.90 | 0.09 | (3.48 | ) | — | (0.13 | ) | — | — | 35.38 | (8.74 | ) | 684,182 | 1.61 | 0.21 | 1.65 | 34 | |||||||||||||||||||||||||||||||||||||||
| 2014 | 34.24 | 0.22 | 4.55 | — | (0.11 | ) | — | — | 38.90 | 13.96 | 582,490 | 1.61 | 0.58 | 1.64 | 42 | |||||||||||||||||||||||||||||||||||||||||
| 2013* | 32.31 | 0.33 | 1.60 | — | — | — | — | 34.24 | 5.97 | 294,040 | 1.62 | 1.31 | 1.69 | 25 | ||||||||||||||||||||||||||||||||||||||||||
| Class Y (commenced operations on June 1, 2016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | $ | 52.81 | $ | (0.14 | ) | $ | 2.24 | $ | — | $ | (0.14 | ) | $ | (3.43 | ) | $ | — | $ | 51.34 | 3.99 | % | $ | 1,530,765 | 1.26 | % | (0.53 | )% | 1.26 | % | 25 | % | |||||||||||||||||||||||||
| 2017 | 41.71 | 0.06 | 11.14 | — | (0.10 | ) | — | — | 52.81 | 26.95 | 1,386,857 | 1.36 | 0.14 | 1.36 | 24 | |||||||||||||||||||||||||||||||||||||||||
| 2016 | 38.33 | 0.10 | 3.28 | — | — | — | — | 41.71 | 8.82 | 880,876 | 1.37 | 0.74 | 1.37 | 15 | †† | |||||||||||||||||||||||||||||||||||||||||
| * | For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Fixed Income Opportunities Portfolio, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio, and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Funds’ City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Funds’ City National Rochdale Dividend & Income Fund, and City National Rochdale Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. |
| † | Per share calculations are based on Average Shares outstanding throughout the period. |
| †† | Portfolio turnover rate is presented at the Fund level. |
| ‡ | Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| ^ | Amount represents less than $0.01 per share. |
| (1) | Annualized for periods less than one year. |
| (2) | Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
| (3) | The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively. |
| (4) | The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.11%, respectively. |
| (5) | The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively. |
| (6) | The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.08%, respectively. |
| (7) | The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.10% and 1.09%, respectively. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 132
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (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”).
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 that occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
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.
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| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
Previously, the Policies were valued using a deterministic method. The change in methodology resulted in an approximately $22.5 million decrease to the fair value. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the probabilistic method, two life expectancies are obtained from established life expectancy providers on the insured(s) of the Policy and an actuarial table is used to determine the probability of survival in each year going forward for the insured(s) for each of the two life expectancies. The probabilities associated with each life expectancy are then utilized, along with the premiums due and the death benefit of the Policy for each year of the Policy, to determine expected cash flows. These cash flows are then discounted at a rate that accounts for the risks 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, 2018, there have been no changes to the Funds’ fair value methodologies. 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 the net realized capital gains or 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.
Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, (iii) equally, or (iv) a combination of the above, depending on the nature of the expenditure.
Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.
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Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Government Money Market Fund and Fixed Income Funds except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Equity Funds, except for the Emerging Markets Fund. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. Dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. Dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss upon the sale of a security resulting from changes in foreign exchange rates is included with the net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.
Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded as an unrealized gain (loss) on forward foreign currency contracts in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, which is included within realized gain (loss) on foreign currency transactions in the Statements of Operations/Consolidated Statement of Operations. A Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.
To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the High Yield Bond Fund and the Fixed Income Opportunities Fund have entered into master netting arrangements, established within the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the High Yield Bond Fund and the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the High Yield Bond Fund and the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the High Yield Bond Fund and/or the Fixed Income Opportunities Fund.
For financial reporting purposes, the High Yield Bond Fund and the Fixed Income Opportunities Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is reported separately on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is noted in the Schedule of Investments/Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the High Yield Bond Fund and the Fixed Income Opportunities Fund from the Funds’ counterparties are not fully collateralized, contractually or otherwise, the High Yield Bond Fund and the Fixed Income Opportunities Fund bear the risk of loss from counterparty nonperformance.
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
CITY NATIONAL ROCHDALE FUNDS | PAGE 135
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains or losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures contract and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or the Consolidated Statement of Assets and Liabilities. As of March 31, 2018, there were no open futures contracts.
Options Contracts – A Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When purchasing an option, a Fund will pay a premium which is included on the Fund’s Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the unrealized gain or loss.
The net realized gain or loss on options contracts is reflected in the Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations. Realized and changes in unrealized gains or losses on options contracts during the period as disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for a Fund. As of March 31, 2018, there were no open options contracts.
Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale.
A Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% (5% in the case of the Government Money Market Fund) of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by a Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. Federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from certain mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities, and gains from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The MLPs themselves generally
CITY NATIONAL ROCHDALE FUNDS | PAGE 136
| |
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, 2018, were $164,767,619, which represented 5.5% 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 gains tax until March 31, 2019, and shares will be taxed at India’s full tax rate thereafter. There is no guarantee that the tax treaty will not be amended further.
Investments in Affiliated Securities – The Fixed Income Funds and Equity Funds may invest excess cash in the Government Money Market Fund and / or the Municipal High Income Fund.
| 3. | DERIVATIVE TRANSACTIONS |
The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedule of Investments or Consolidated Schedule of Investments and the Statement of Operations or Consolidated Statement of Operations.
The fair value of derivative instruments as of March 31, 2018 was as follows:
| Asset Derivatives | Liability Derivatives | |||||||||||
| Consolidated Statement of Assets and Liabilities Location | Fair Value (000) | Consolidated Statement of Assets and Liabilities Location | Fair Value (000) | |||||||||
| Derivatives not accounted for as hedging instruments: | ||||||||||||
| Fixed Income Opportunities Fund | ||||||||||||
| Interest rate contracts | Net Assets — Unrealized appreciation on swap contracts | $ | — | Net Assets — Unrealized depreciation on swap contracts | $ | 92 | ||||||
| Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 2,591 | Unrealized loss on forward foreign currency contracts | 2,669 | ||||||||
| Total derivatives not accounted for as hedging instruments | $ | 2,591 | $ | 2,761 | ||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 137
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
Amount of realized gain or (loss) on derivatives recognized in income (000):
| Derivatives not accounted for as hedging instruments | Forward Currency Contracts | Swaps | Total | |||||||||
| Fixed Income Opportunities Fund | ||||||||||||
| Interest rate contracts | $ | — | $ | 419 | $ | 419 | ||||||
| Foreign exchange contracts | (3,842 | ) | — | (3,842 | ) | |||||||
| Total | $ | (3,842 | ) | $ | 419 | $ | (3,423 | ) | ||||
Change in unrealized appreciation or (depreciation) on derivatives recognized in income (000):
| Derivatives not accounted for as hedging instruments | Forward Currency Contracts | Swaps | Total | |||||||||
| Fixed Income Opportunities Fund | ||||||||||||
| Interest rate contracts | $ | — | $ | (92 | ) | $ | (92 | ) | ||||
| Foreign exchange contracts | (1,588 | ) | — | (1,588 | ) | |||||||
| Total | $ | (1,588 | ) | $ | (92 | ) | $ | (1,680 | ) | |||
The following table discloses the volume of the Fund’s forward foreign currency contracts and swap contracts activity during the period ended March 31, 2018 (000):
| High Yield Bond Fund | ||||
| Forwards: | ||||
| Average Notional Balance Long | $ | 23 | ||
| Average Notional Balance Short | 1,151 | |||
| Ending Notional Balance Short | 1,221 | |||
| Fixed Income Opportunities Fund | ||||
| Forwards: | ||||
| Average Notional Balance Long | $ | 72,823 | ||
| Average Notional Balance Short | 305,304 | |||
| Ending Notional Balance Long | 77,948 | |||
| Ending Notional Balance Short | 363,609 | |||
| Swaps: | ||||
| Average Notional Balance Long | $ | 368,367 | ||
| Average Notional Balance Short | 368,367 | |||
| Ending Notional Balance Long | 160,220 | |||
| Ending Notional Balance Short | 160,220 | |||
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, 2018 (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 | ||||||||||||||||
| Bank Bellevue | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||
| Fixed Income Opportunities Fund | ||||||||||||||||
| Forward Foreign Currency Contracts | ||||||||||||||||
| BNP Paribas | 371 | (371 | ) | — | — | |||||||||||
| BT Brokerage | 282 | (60 | ) | — | 222 | |||||||||||
| Credit Suisse First Boston | 185 | (32 | ) | — | 153 | |||||||||||
| Deutsche Bank | 10 | (10 | ) | — | — | |||||||||||
| JPMorgan Chase Bank | 57 | (57 | ) | — | — | |||||||||||
| Merrill Lynch | 102 | (102 | ) | — | — | |||||||||||
| Standard Bank | 286 | (173 | ) | — | 113 | |||||||||||
| U.S. Bank | 1,298 | (521 | ) | — | 777 | |||||||||||
| 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 | ||||||||||||||||
| Barclays PLC | $ | (7 | ) | $ | — | $ | — | $ | (7 | ) | ||||||
| JPMorgan Chase Bank | (1 | ) | — | — | (1 | ) | ||||||||||
| Fixed Income Opportunities Fund | ||||||||||||||||
| Forward Foreign Currency Contracts | ||||||||||||||||
| BNP Paribas | (482 | ) | 371 | — | (111 | ) | ||||||||||
| BT Brokerage | (60 | ) | 60 | — | — | |||||||||||
| Credit Suisse First Boston | (32 | ) | 32 | — | — | |||||||||||
| Deutsche Bank | (357 | ) | 10 | — | (347 | ) | ||||||||||
| JPMorgan Chase Bank | (792 | ) | 57 | — | (735 | ) | ||||||||||
| Merrill Lynch | (252 | ) | 102 | — | (150 | ) | ||||||||||
| Standard Bank | (173 | ) | 173 | — | — | |||||||||||
| U.S. Bank | (521 | ) | 521 | — | — | |||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 138
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| 4. | 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.
The Government Money Market Fund has contractually agreed to limit the Distribution (12b-1) Fee payable by Class S shares of the Fund to 0.45% through January 31, 2019. Prior to that date, the arrangement may be terminated without penalty by the Fund’s Board of Trustees.
US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.
The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Class N, Class S, or Servicing Class Shares, as applicable. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of the average daily net assets of the relevant class of each Fund.
The Board of Trustees has adopted, on behalf of Class Y shares of the Emerging Markets Fund, a Shareholder Service Plan (the “Service Plan”) under which City National Rochdale will provide, or arrange for others (such as banks, trust companies, broker-dealers and other financial intermediaries (each, a “Service Organization”)) to provide, certain specified non-distribution shareholder servicing functions for Class Y shares of the Emerging Markets Fund owned by its respective customers, including but not limited to (a) establishing and maintaining accounts and records relating to customers who invest in the Class; (b) aggregating and processing orders involving Class Y shares; (c) processing dividend and other distribution payments from the Class on behalf of customers; (d) preparing tax reports or forms on behalf of customers; (e) forwarding communications from the Fund; (f) providing subaccounting with respect to Class Y shares of the Fund or providing the information to the Fund necessary for subaccounting; (g) providing customers with a service that invests the assets of their accounts in Class Y shares of the Fund pursuant to specific or pre-authorized instructions; and (h) providing such other similar services as City National Rochdale may reasonably request to the extent it or a Service Organization is permitted to do so under applicable statutes, rules or regulations. The Class Y shares of the Emerging Markets Fund will pay City National Rochdale or the Service Organizations, as applicable, at an annual rate of up to 0.25% of the average daily net assets of Class Y shares owned by its respective customers, payable monthly.
CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the period ended March 31, 2018, CNB and City National Rochdale received $13,476,781 in shareholder servicing fees from the Trust.
Certain officers of the Trust are also officers or employees of City National Rochdale, CNB or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.
CITY NATIONAL ROCHDALE FUNDS | PAGE 139
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
| 5. | 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 |
City National Rochdale has contractually agreed to waive Management Fees for the Government Money Market Fund such that the fee charged is 0.15% through January 31, 2019. Prior to that date, the arrangement may be terminated without penalty (a) by the Fund’s Board of Trustees, or (b) by the Adviser effective no earlier than January 31, 2019, upon at least 60 days’ prior written notice. Management Fees waived by the Adviser pursuant to this arrangement will not be eligible for reimbursement by the Fund to the Adviser.
Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.
Alcentra LTD, Alcantra NY, LLC, 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.
Fiera Capital Inc. acts as the investment sub-adviser with respect to the Emerging Markets Fund.
Sub-adviser fees are paid by City National Rochdale.
City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of the average daily net assets) are as follows:
| Government Money Market Fund | Government Bond Fund | Corporate Bond Fund | |
| Institutional Class | n/a | 0.53% | n/a |
| Class N | 0.93% | 1.03% | 1.01% |
| Class S | 1.13% | n/a | n/a |
| Servicing Class | 0.63% | 0.78% | 0.76% |
| California Tax Exempt Bond Fund | Intermediate Fixed Income Fund | Fixed Income Opportunities Fund | |
| Institutional Class | n/a | 0.51% | n/a |
| Class N | 0.88% | 1.01% | 1.09% |
| Servicing Class | 0.63% | n/a | n/a |
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, 2018, 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 Bond Fund | $ | 74 | 2018 | |||||
| 79 | 2019 | |||||||
| 178 | 2020 | |||||||
| 40 | 2021 | |||||||
| Corporate Bond Fund | 89 | 2018 | ||||||
| 109 | 2019 | |||||||
| 196 | 2020 | |||||||
| 37 | 2021 | |||||||
| California Tax Exempt Bond Fund | 109 | 2018 | ||||||
| 105 | 2019 | |||||||
| 201 | 2020 | |||||||
| 43 | 2021 | |||||||
| High Yield Bond Fund | 128 | 2018 | ||||||
| 12 | 2019 | |||||||
| Intermediate Fixed Income Fund | 43 | 2018 | ||||||
| 10 | 2019 | |||||||
| 80 | 2020 | |||||||
| 21 | 2021 | |||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 140
| |
| Fund | Potential Amount of Recovery (000) | Expiration | ||||||
| Dividend & Income Fund | $ | 44 | 2018 | |||||
| 18 | 2019 | |||||||
| 43 | 2020 | |||||||
| Emerging Markets Fund | 291 | 2018 | ||||||
| 59 | 2019 | |||||||
During the period ended March 31, 2018, City National Rochdale recovered $1,516 (000) and $94 (000) in previously waived fees for the Government Money Market Fund and Fixed Income Opportunities Fund, respectively. Effective March 1, 2018, City National Rochdale discontinued recapturing previously waived fees with respect to the Government Money Market Fund.
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, 2018:
| Shareholder Servicing Fee Waiver (000) | ||||
| Government Money Market Fund | ||||
| Class N | $ | 856 | (1) | |
| Class S | 110 | (1) | ||
| Servicing Class | 813 | |||
| (1) | Includes class specific distribution expenses. |
| 6. | 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, 2018, 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 | $ | 7,685 | $ | 2,928 | $ | 16,875 | $ | 256 | ||||||||
| Corporate Bond Fund | — | 20,354 | — | 20,413 | ||||||||||||
| California Tax Exempt Bond Fund | — | 12,000 | — | 12,258 | ||||||||||||
| Municipal High Income Fund | — | 239,859 | — | 99,417 | ||||||||||||
| High Yield Bond Fund | — | 20,559 | — | 16,492 | ||||||||||||
| Intermediate Fixed Income Fund | 24,997 | 8,648 | 30,098 | 37,201 | ||||||||||||
| Fixed Income Opportunities Fund | 130,423 | 1,330,745 | 41,528 | 1,173,815 | ||||||||||||
| Dividend & Income Fund | — | 8,343 | — | 11,599 | ||||||||||||
| U.S. Core Equity | — | 30,139 | — | 32,271 | ||||||||||||
| Emerging Markets Fund | — | 483,919 | — | 381,388 | ||||||||||||
There were no 17a-7 related party transactions for the period ended March 31, 2018.
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.
| 7. | FEDERAL TAX INFORMATION: |
Each Fund intends to qualify or continue to qualify as a regulated investment company for U.S. Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for U.S. Federal income taxes are required.
Management has analyzed the Funds’ tax positions taken on U.S. Federal income tax returns for all open tax years and has concluded that as of September 30, 2017, no provision for income tax would be required in the Funds’ financial statements. The Funds’ U.S. Federal and state income and U.S. Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with U.S. Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income/(loss), accumulated net realized gain/(loss), or paid-in capital, as appropriate, in the period that the differences arise.
Accordingly, the following permanent differences, primarily attributable to foreign currency transactions, REIT adjustments, investments in partnerships, realized gains/(losses) on paydowns, default bonds, non-deductible excise tax paid, PFIC adjustments, expired capital loss carryforward, reclassification of distributions,
CITY NATIONAL ROCHDALE FUNDS | PAGE 141
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
return of capital distributions received and market discount adjustments, were reclassified to/from the following accounts as of September 30, 2017:
| Increase (Decrease) Undistributed Net Investments Income (Loss) (000) | Increase (Decrease) Accumulated Net Realized Gain (Loss) (000) | Increase (Decrease) Paid- in Capital (000) | ||||||||||
| Government Bond Fund | $ | 110 | $ | (110 | ) | $ | — | |||||
| Corporate Bond Fund | 4 | — | (4 | ) | ||||||||
| Municipal High Income Fund | (311 | ) | 311 | — | ||||||||
| High Yield Bond Fund | (56 | ) | 56 | — | ||||||||
| Intermediate Fixed Income Fund | 18 | 2,099 | (2,117 | ) | ||||||||
| Fixed Income Opportunities Fund | (13,937 | ) | 13,937 | — | ||||||||
| Dividend & Income Fund | 1,140 | (1,135 | ) | (5 | ) | |||||||
| U.S. Core Equity Fund | 10 | (10 | ) | — | ||||||||
| Emerging Markets Fund | (1,102 | ) | 1,102 | — | ||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
The tax character of dividends and distributions declared during the years ended September 30, 2017, and September 30, 2016, unless otherwise indicated were as follows:
| Fund | Tax Exempt Income (000) | Ordinary Income (000) | Long-Term Capital Gain (000) | Return of Capital (000) | Total (000) | |||||||||||||||
| Government Money Market Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 4,927 | $ | — | $ | — | $ | 4,927 | ||||||||||
| 2016 | — | 897 | — | — | 897 | |||||||||||||||
| Government Bond Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 1,098 | $ | 95 | $ | — | $ | 1,193 | ||||||||||
| 2016 | — | 1,115 | — | — | 1,115 | |||||||||||||||
| Corporate Bond Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 2,347 | $ | — | $ | — | $ | 2,347 | ||||||||||
| 2016 | — | 2,271 | 310 | — | 2,581 | |||||||||||||||
| California Tax Exempt Bond Fund | ||||||||||||||||||||
| 2017 | $ | 1,261 | $ | 151 | $ | 436 | $ | — | $ | 1,848 | ||||||||||
| 2016 | 1,328 | — | 36 | — | 1,364 | |||||||||||||||
| Municipal High Income Fund | ||||||||||||||||||||
| 2017 | $ | 39,585 | $ | 671 | $ | — | $ | — | $ | 40,256 | ||||||||||
| 2016 | 31,625 | 261 | 49 | — | 31,935 | |||||||||||||||
| High Yield Bond Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 3,792 | $ | — | $ | — | $ | 3,792 | ||||||||||
| 2016 | — | 5,008 | — | — | 5,008 | |||||||||||||||
| Intermediate Fixed Income Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 4,960 | $ | — | $ | — | $ | 4,960 | ||||||||||
| 2016 | — | 5,228 | — | — | 5,228 | |||||||||||||||
| Fixed Income Opportunities Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 145,340 | $ | — | $ | — | $ | 145,340 | ||||||||||
| 2016 | — | 131,462 | — | — | 131,462 | |||||||||||||||
| Dividend & Income Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 5,052 | $ | 1,794 | $ | — | $ | 6,846 | ||||||||||
| 2016 | — | 5,018 | 612 | 823 | 6,453 | |||||||||||||||
| U.S. Core Equity Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 1,909 | $ | 9,543 | $ | — | $ | 11,452 | ||||||||||
| 2016 | — | 1,581 | 1,427 | — | 3,008 | |||||||||||||||
| Emerging Markets Fund | ||||||||||||||||||||
| 2017 | $ | — | $ | 2,465 | $ | — | $ | — | $ | 2,465 | ||||||||||
| 2016 | — | 228 | — | — | 228 | |||||||||||||||
As of September 30, 2017, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:
| Fund | Undistributed Tax-Exempt Income (000) | Undistributed Ordinary Income (000) | Undistributed Long-Term Capital Gain (000) | Capital Loss Carryforwards (000) | Post-October Losses (000) | Unrealized Appreciation (Depreciation) (000) | Other Temporary Differences (000) | Total Distributable Earnings (Accumulated Losses) (000) | ||||||||||||||||||||||||
| Government Money Market Fund | $ | — | $ | 1,345 | $ | — | $ | — | $ | — | $ | — | $ | (1,338 | ) | $ | 7 | |||||||||||||||
| Government Bond Fund | — | 94 | 60 | — | — | (199 | ) | (65 | ) | (110 | ) | |||||||||||||||||||||
| Corporate Bond Fund | — | 195 | — | (1,210 | ) | — | 876 | (191 | ) | (330 | ) | |||||||||||||||||||||
| California Tax Exempt Bond Fund | 100 | — | — | (123 | ) | (161 | ) | 1,587 | (96 | ) | 1,307 | |||||||||||||||||||||
| Municipal High Income Fund | 3,497 | — | — | (7,924 | ) | (13,257 | ) | 29,805 | (3,501 | ) | 8,620 | |||||||||||||||||||||
| High Yield Bond Fund | — | 363 | — | (4,936 | ) | — | (289 | ) | (296 | ) | (5,158 | ) | ||||||||||||||||||||
| Intermediate Fixed Income Fund | — | 103 | — | (392 | ) | — | 2,380 | (2 | ) | 2,089 | ||||||||||||||||||||||
| Fixed Income Opportunities Fund | — | 7,694 | — | (44,910 | ) | — | (6,841 | ) | — | (44,057 | ) | |||||||||||||||||||||
| Dividend & Income Fund | — | — | 7,344 | — | — | 60,358 | (15 | ) | 67,687 | |||||||||||||||||||||||
| U.S. Core Equity Fund | — | 67 | 1,195 | — | (434 | ) | 74,980 | — | 75,808 | |||||||||||||||||||||||
| Emerging Markets Fund | — | 4,328 | 15,956 | — | — | 426,421 | (2 | ) | 446,703 | |||||||||||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 142
| |
Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2016, through September 30, 2017, that, in accordance with U.S. Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:
| Fund | Short-Term Loss (000) | Long-Term Loss (000) | Total (000) | |||||||||
| Corporate Bond Fund | $ | — | $ | (1,210 | ) | $ | (1,210 | ) | ||||
| California Tax Exempt Bond Fund | (123 | ) | — | (123 | ) | |||||||
| Municipal High Income Fund | (1,358 | ) | (6,566 | ) | (7,924 | ) | ||||||
| High Yield Bond Fund | — | (4,936 | ) | (4,936 | ) | |||||||
| Intermediate Fixed Income Fund | — | (392 | ) | (392 | ) | |||||||
| Fixed Income Opportunities Fund | — | (44,910 | ) | (44,910 | ) | |||||||
During the year ended September 30, 2017, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
| Fund | Amount (000) | |||
| Municipal High Income Fund | $ | 521 | ||
| High Yield Bond Fund | 150 | |||
| Fixed Income Opportunities Fund | 26,744 | |||
| Emerging Markets Fund | 6,801 | |||
The aggregate gross unrealized appreciation on investments, the aggregate gross unrealized depreciation on investments and the net unrealized appreciation/(depreciation) for tax purposes as of March 31, 2018, for each of the Fixed Income Funds’ and Equity Funds’ investments were as follows:
| Fund | Federal Tax Cost (000) | Aggregate Gross Unrealized Appreciation (000) | Aggregate Gross Unrealized Depreciation (000) | Net Unrealized Appreciation (Depreciation) (000) | ||||||||||||
| Government Bond Fund | $ | 95,206 | $ | 31 | $ | (1,645 | ) | $ | (1,614 | ) | ||||||
| Corporate Bond Fund | 140,116 | 323 | (1,962 | ) | (1,639 | ) | ||||||||||
| California Tax Exempt Bond Fund | 89,092 | 665 | (606 | ) | 59 | |||||||||||
| Municipal High Income Fund | 1,242,681 | 41,275 | (26,990 | ) | 14,285 | |||||||||||
| High Yield Bond Fund | 74,203 | 745 | (3,471 | ) | (2,726 | ) | ||||||||||
| Intermediate Fixed Income Fund | 221,048 | 1,021 | (4,264 | ) | (3,243 | ) | ||||||||||
| Fixed Income Opportunities Fund | 2,941,574 | 131,490 | (67,049 | ) | 64,441 | |||||||||||
| Dividend & Income Fund | 191,431 | 53,579 | (3,687 | ) | 49,892 | |||||||||||
| U.S. Core Equity Fund | 193,840 | 86,292 | (706 | ) | 85,586 | |||||||||||
| Emerging Markets Fund | 1,334,566 | 431,015 | (44,183 | ) | 386,832 | |||||||||||
At March 31, 2018, 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.
| 8. | CONCENTRATION OF RISK |
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.
The Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund, the Dividend & Income Fund and the Emerging Markets Fund may invest in exchange-traded notes (“ETNs”), each as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Funds will generally invest in ETNs which are linked to commodities indexes. A Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply
CITY NATIONAL ROCHDALE FUNDS | PAGE 143
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return expected.
The Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and investors are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay the principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.
The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.
The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.
The Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance Policies. A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or may refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board of Trustees. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.
California Tax Exempt Bond Fund – Specific Risks
The ability of issuers to pay interest on, and repay the principal of, California municipal securities may be affected by economic and political developments in the State of California.
Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if the Fund concentrates its letters of credit in any one financial institution, the risk of credit quality deterioration increases.
The Fund invests in Certificates of Participation in a municipal obligation, which are subject to annual appropriation risk.
Emerging Markets Fund – Specific Risks
Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.
CITY NATIONAL ROCHDALE FUNDS | PAGE 144
| |
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.
| 9. | CAPITAL SHARES ISSUED AND REDEEMED: |
Capital share activity for the six months ended March 31, 2018, and the year ended September 30, 2017, were as follows (000):
| Government Money Market Fund | Government Bond Fund | Corporate Bond Fund | ||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||||||||||
| Institutional Class: | ||||||||||||||||||||||||
| Shares issued | — | — | 226 | 668 | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | — | — | 26 | 53 | — | — | ||||||||||||||||||
| Shares redeemed | — | — | (525 | ) | (3,130 | ) | — | — | ||||||||||||||||
| Net Institutional Class transactions | — | — | (273 | ) | (2,409 | ) | — | — | ||||||||||||||||
| Class N: | ||||||||||||||||||||||||
| Shares issued | 1,582,007 | 4,345,705 | 30 | 96 | 236 | 267 | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 934 | 1,332 | — | 1 | 3 | 4 | ||||||||||||||||||
| Shares redeemed | (1,650,816 | ) | (7,118,824 | ) | (3 | ) | (68 | ) | (56 | ) | (91 | ) | ||||||||||||
| Net Class N transactions | (67,875 | ) | (2,771,787 | ) | 27 | 29 | 183 | 180 | ||||||||||||||||
| Class S: | ||||||||||||||||||||||||
| Shares issued | 1,456,289 | 2,288,322 | — | — | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | — | — | — | — | — | — | ||||||||||||||||||
| Shares redeemed | (1,358,403 | ) | (2,330,002 | ) | — | — | — | — | ||||||||||||||||
| Net Class S transactions | 97,886 | (41,680 | ) | — | — | — | — | |||||||||||||||||
| Servicing Class: | ||||||||||||||||||||||||
| Shares issued | 3,091,289 | 4,547,445 | 668 | 1,738 | 1,594 | 3,301 | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 6,667 | 1,557 | 5 | 24 | 13 | 22 | ||||||||||||||||||
| Shares redeemed | (3,261,672 | ) | (3,229,008 | ) | (731 | ) | (4,176 | ) | (1,310 | ) | (2,566 | ) | ||||||||||||
| Net Servicing Class transactions | (163,716 | ) | 1,319,994 | (58 | ) | (2,414 | ) | 297 | 757 | |||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 145
| notes to financial statements/ consolidated notes to financial statements |
| March 31, 2018 (Unaudited) |
| California Tax Exempt Bond Fund | Municipal High Income Fund | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||
| Class N: | ||||||||||||||||
| Shares issued | 242 | 493 | 11,124 | 25,835 | ||||||||||||
| Shares issued in lieu of dividends and distributions | 2 | 8 | 668 | 1,265 | ||||||||||||
| Shares redeemed | (343 | ) | (311 | ) | (5,554 | ) | (16,699 | ) | ||||||||
| Net Class N transactions | (99 | ) | 190 | 6,238 | 10,401 | |||||||||||
| Servicing Class: | ||||||||||||||||
| Shares issued | 1,136 | 2,351 | 6,484 | 15,348 | ||||||||||||
| Shares issued in lieu of dividends and distributions | 8 | 23 | 128 | 195 | ||||||||||||
| Shares redeemed | (873 | ) | (3,199 | ) | (3,520 | ) | (9,938 | ) | ||||||||
| Net Servicing Class transactions | 271 | (825 | ) | 3,092 | 5,605 | |||||||||||
| High Yield Bond Fund | Intermediate Fixed Income Fund | Fixed Income Opportunities Fund | ||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||||||||||
| Institutional Class: | ||||||||||||||||||||||||
| Shares issued | 450 | 772 | 7 | 21 | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 138 | 260 | 1 | 2 | — | — | ||||||||||||||||||
| Shares redeemed | (403 | ) | (1,196 | ) | (8 | ) | (120 | ) | — | — | ||||||||||||||
| Net Institutional Class transactions | 185 | (164 | ) | — | (97 | ) | — | — | ||||||||||||||||
| Class N: | ||||||||||||||||||||||||
| Shares issued | 278 | 444 | 641 | 1,770 | 17,487 | 31,530 | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 28 | 55 | 82 | 174 | 1,759 | 4,227 | ||||||||||||||||||
| Shares redeemed | (219 | ) | (798 | ) | (1,571 | ) | (2,230 | ) | (8,775 | ) | (14,867 | ) | ||||||||||||
| Net Class N transactions | 87 | (299 | ) | (848 | ) | (286 | ) | 10,471 | 20,890 | |||||||||||||||
| Servicing Class: | ||||||||||||||||||||||||
| Shares issued | 36 | 528 | — | — | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 9 | 29 | — | — | — | — | ||||||||||||||||||
| Shares redeemed | (306 | ) | (890 | ) | — | — | — | — | ||||||||||||||||
| Net Servicing Class transactions | (261 | ) | (333 | ) | — | — | — | — | ||||||||||||||||
| Dividend & Income Fund | U.S. Core Equity Fund | Emerging Markets Fund | ||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||||||||||
| Institutional Class: | ||||||||||||||||||||||||
| Shares issued | — | — | 1 | — | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | — | — | — | — | — | — | ||||||||||||||||||
| Shares redeemed | — | — | — | — | — | — | ||||||||||||||||||
| Net Institutional Class transactions | — | — | 1 | — | — | — | ||||||||||||||||||
| Class N: | ||||||||||||||||||||||||
| Shares issued | 634 | 1,762 | 677 | 1,221 | 1,716 | 3,093 | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | 178 | 111 | 114 | 355 | 235 | 4 | ||||||||||||||||||
| Shares redeemed | (680 | ) | (1,577 | ) | (651 | ) | (1,312 | ) | (800 | ) | (2,456 | ) | ||||||||||||
| Net Class N transactions | 132 | 296 | 140 | 264 | 1,151 | 641 | ||||||||||||||||||
| Servicing Class: | ||||||||||||||||||||||||
| Shares issued | — | — | 754 | 1,929 | — | — | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | — | — | 8 | 22 | — | — | ||||||||||||||||||
| Shares redeemed | — | — | (622 | ) | (1,638 | ) | — | — | ||||||||||||||||
| Net Servicing Class transactions | — | — | 140 | 313 | — | — | ||||||||||||||||||
| Class Y: | ||||||||||||||||||||||||
| Shares issued | — | — | — | — | 4,277 | 8,286 | ||||||||||||||||||
| Shares issued in lieu of dividends and distributions | — | — | — | — | 1,425 | 44 | ||||||||||||||||||
| Shares redeemed | — | — | — | — | (2,147 | ) | (3,186 | ) | ||||||||||||||||
| Net Class Y transactions | — | — | — | — | 3,555 | 5,144 | ||||||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 146
| |
| 10. | LINE OF CREDIT |
The Funds, except for the Government Money Market Fund, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.
Borrowing activity under the LOC for the period ended March 31, 2018, was as follows:
| Fund | Maximum Amount of Line of Credit (000) | Interest Expense (000) | Average Rate | Average Borrowings (000) | Maximum Amount Outstanding (000) | |||||||||||||||
| Intermediate Fixed Income Fund | $ | 50,000 | $ | — | 4.00 | % | $ | 2,302 | $ | 2,302 | ||||||||||
| Dividend & Income Fund | $ | 50,000 | $ | — | 3.77 | % | $ | 367 | $ | 903 | ||||||||||
| 11. | SUBSEQUENT EVENTS |
The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2018, and no issues were noted to disclose, except as follows:
On November 30, 2017, the Board of Trustees of the Trust approved the reorganization of the Emerging Markets Fund into the Fiera Capital Emerging Markets Fund (the “New Fund”), a new series of Fiera Capital Series Trust, an open-end management company organized as a Delaware statutory trust managed by Fiera Capital Inc. (“FCI”). The reorganization was proposed by City National Rochdale, the investment adviser to the Emerging Markets Fund, in connection with the acquisition by Fiera Capital Inc. of certain assets used by City National Rochdale in its investment advisory business solely related to the Emerging Markets Fund (the “Transaction”). The Transaction closed on December 1, 2017, and as part of the Transaction, the Emerging Markets Fund’s portfolio management team joined FCI. Effective upon the closing of the Transaction, the Board of Trustees of the Trust also approved the appointment of FCI as sub-adviser to the Emerging Markets Fund, and FCI now provides day-to-day investment advice and recommendations to the Emerging Markets Fund using the same portfolio management team that had previously been with City National Rochdale, subject to the supervision and oversight of City National Rochdale as the Emerging Markets Fund’s investment adviser.
The reorganization of the Emerging Markets Fund was approved by the Fund’s shareholders at a meeting on May 9, 2018, and assuming certain conditions are met, is expected to close in the second quarter of 2018. Upon the closing of the reorganization, the Emerging Markets Fund will transfer all of its assets to the New Fund and the New Fund will assume all of the Emerging Markets Fund’s liabilities, and shareholders of the Emerging Markets Fund will receive a corresponding class of shares of the New Fund having the same aggregate net asset value as the shares of the Emerging Markets Fund they held immediately prior to the reorganization. Shareholders of Class N shares of the Emerging Markets Fund will receive Investor Class shares of the New Fund and shareholders of Class Y shares of the Emerging Markets Fund will receive Institutional Class shares of the New Fund. The Emerging Markets Fund will then be liquidated.
CITY NATIONAL ROCHDALE FUNDS | PAGE 147
| 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, 2017 to March 31, 2018).
The table below illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in each Fund, and the “Ending Account Value” number is derived from deducting that expense cost from each Fund’s gross investment return.
You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that each Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.
CITY NATIONAL ROCHDALE FUNDS | PAGE 148
| Beginning Account Value 10/1/2017 | Ending Account Value 3/31/2018 | Annualized Expense Ratios | Expense Paid During Period* | |||||||||||||
| City National Rochdale Government Money Market Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,001.40 | 0.99 | % | $ | 4.94 | ||||||||
| Class S | 1,000.00 | 1,001.30 | 1.01 | % | 5.03 | |||||||||||
| Servicing Class | 1,000.00 | 1,004.00 | 0.47 | % | 2.35 | |||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,020.00 | 0.99 | % | $ | 4.99 | ||||||||
| Class S | 1,000.00 | 1,020.00 | 1.01 | % | 5.08 | |||||||||||
| Servicing Class | 1,000.00 | 1,022.59 | 0.47 | % | 2.37 | |||||||||||
| City National Rochdale Government Bond Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 991.70 | 0.53 | % | $ | 2.63 | ||||||||
| Class N | 1,000.00 | 989.40 | 1.03 | % | 5.11 | |||||||||||
| Servicing Class | 1,000.00 | 989.60 | 0.78 | % | 3.87 | |||||||||||
| 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 | $ | 990.20 | 1.01 | % | $ | 5.01 | ||||||||
| Servicing Class | 1,000.00 | 991.40 | 0.76 | % | 3.77 | |||||||||||
| 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 | $ | 988.70 | 0.88 | % | $ | 4.36 | ||||||||
| Servicing Class | 1,000.00 | 989.70 | 0.63 | % | 3.13 | |||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,020.54 | 0.88 | % | $ | 4.43 | ||||||||
| Servicing Class | 1,000.00 | 1,021.79 | 0.63 | % | 3.18 | |||||||||||
| City National Rochdale Municipal High Income Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,007.10 | 1.07 | % | $ | 5.35 | ||||||||
| Servicing Class | 1,000.00 | 1,007.40 | 0.82 | % | 4.10 | |||||||||||
| 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 | $ | 996.50 | 0.99 | % | $ | 4.93 | ||||||||
| Class N | 1,000.00 | 994.00 | 1.49 | % | 7.41 | |||||||||||
| Servicing Class | 1,000.00 | 995.10 | 1.24 | % | 6.17 | |||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,020.00 | 0.99 | % | $ | 4.99 | ||||||||
| Class N | 1,000.00 | 1,017.50 | 1.49 | % | 7.49 | |||||||||||
| Servicing Class | 1,000.00 | 1,018.75 | 1.24 | % | 6.24 | |||||||||||
| City National Rochdale Intermediate Fixed Income Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 988.40 | 0.51 | % | $ | 2.53 | ||||||||
| Class N | 1,000.00 | 986.20 | 1.01 | % | 5.00 | |||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,022.39 | 0.51 | % | $ | 2.57 | ||||||||
| Class N | 1,000.00 | 1,019.90 | 1.01 | % | 5.09 | |||||||||||
| City National Rochdale Fixed Income Opportunities Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,017.60 | 1.10 | % | $ | 5.53 | ||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,019.45 | 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 149
| disclosure of fund expenses (Unaudited) (Continued) |
| Beginning Account Value 10/1/2017 | Ending Account Value 3/31/2018 | Annualized Expense Ratios | Expense Paid During Period* | |||||||||||||
| City National Rochdale Dividend & Income Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 975.70 | 1.13 | % | $ | 5.57 | ||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,019.10 | 1.13 | % | $ | 5.69 | ||||||||
| City National Rochdale U.S. Core Equity Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,079.50 | 0.53 | % | $ | 2.75 | ||||||||
| Class N | 1,000.00 | 1,077.10 | 1.02 | % | 5.28 | |||||||||||
| Servicing Class | 1,000.00 | 1,078.20 | 0.77 | % | 3.99 | |||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,022.29 | 0.53 | % | $ | 2.67 | ||||||||
| Class N | 1,000.00 | 1,019.85 | 1.02 | % | 5.14 | |||||||||||
| Servicing Class | 1,000.00 | 1,021.09 | 0.77 | % | 3.88 | |||||||||||
| City National Rochdale Emerging Markets Fund | ||||||||||||||||
| Actual Fund Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,038.30 | 1.60 | % | $ | 8.13 | ||||||||
| Class Y | $ | 1,000.00 | 1,039.90 | 1.26 | % | 6.41 | ||||||||||
| Hypothetical 5% Return | ||||||||||||||||
| Class N | $ | 1,000.00 | $ | 1,016.95 | 1.60 | % | $ | 8.05 | ||||||||
| Class Y | $ | 1,000.00 | 1,018.65 | 1.26 | % | 6.34 | ||||||||||
| * | 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 150
| board approval of 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, 2018, the Board and the Independent Trustees approved the following sub-advisory agreements:
| • | The sub-advisory agreements between City National Rochdale, LLC (the “Adviser”) and Fiera Capital Inc. (“Fiera”), with respect to the City National Rochdale Emerging Markets Fund (the “Emerging Markets Fund”) and Rochdale Emerging Markets (Mauritius) (the “Subsidiary”), a wholly-owned subsidiary of the Emerging Markets Fund (the “Fiera Agreements”); |
| • | The sub-advisory agreement among the Adviser and Alcentra Limited, a current sub-adviser to the City National Rochdale Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund”), and its affiliate Alcentra NY, LLC (“Alcentra NY”), with respect to the new collateralized loan obligation (“CLO”) bond sleeve of the Fixed Income Opportunities Fund (the “Alcentra Agreement”); and |
| • | The sub-advisory agreement between the Adviser and GML Capital LLP (“GML”), with respect to the new emerging markets debt sleeve of the Fixed Income Opportunities Fund (the “GML Agreement”). |
The Fiera Agreements, Alcentra Agreement, and GML Agreement are collectively referred to below as the “Agreements,” and Fiera, Alcentra Limited, Alcentra NY, and GML are collectively referred to below as the “Sub-Advisers.”
General Information
The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Board considered and evaluated a variety of factors, including the nature, quality and extent of the investment sub-advisory services to be performed by each Sub-Adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in private sessions with their independent counsel at which no representatives of the Adviser or the Sub-Advisers were present.
The Board reviewed materials regarding investment results of each Sub-Adviser or its personnel with respect to relevant portfolios they managed using strategies similar to those they would use to sub-advise their respective portions of the Fixed Income Opportunities Fund, or in the case of Fiera, the investment results of the Emerging Markets Fund, as the Fund’s portfolio managers would be continuing to provide day-to-day portfolio management services to the Fund as employees of Fiera, as further described below; fee comparisons; financial information with respect to each firm; descriptions of various functions such as compliance monitoring and portfolio trading practices; and information about the personnel providing portfolio management and compliance services to the Funds and the Subsidiary. The Board was familiar with the organizations of Alcentra Limited and GML as a result of their current roles as sub-advisers to portions of the Fixed Income Opportunities Fund, as well as the portfolio managers of the Emerging Markets Fund, who were at that time employees of the Adviser but were expected to become employees of Fiera. The Board also took into account information they received at past meetings of the Board and its committees with respect to these and other matters.
In deciding to approve the Agreements, the Board and the Independent Trustees did not identify a single factor as controlling and this summary does not describe all of the matters considered. In addition, each Board member did not necessarily attribute the same weight to each matter. However, the Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval.
FIERA CAPITAL INC.
At the Board’s regular quarterly meeting on November 30, 2017, and in connection with their consideration of the Fiera Agreements, the Board and the Independent Trustees approved the reorganization of the Emerging Markets Fund into the Fiera Capital Emerging Markets Fund (the “Acquiring Fund”), a new series of Fiera Capital Series Trust, pursuant to an Agreement and Plan of Reorganization (the “Plan”). The reorganization was proposed by the Adviser in connection with the pending acquisition by Fiera of certain assets used by the Adviser in its investment advisory business solely related to the Emerging Markets Fund (the “Transaction”). As part of the Transaction, the Emerging Markets Fund’s portfolio management team would join Fiera and it was proposed that Fiera be appointed as sub-adviser to the Emerging Markets Fund to continue to provide day-to-day investment advice and recommendations to the Emerging Markets Fund, subject to the supervision and oversight of the Adviser, until the close of the reorganization. The Board noted that the appointment of Fiera as sub-adviser would allow
CITY NATIONAL ROCHDALE FUNDS | PAGE 151
| board approval of sub-advisory agreements (Unaudited) (Continued) |
for continuity in portfolio management. The reorganization of the Emerging Markets Fund was approved by the Fund’s shareholders at a meeting on May 9, 2018, and is expected to close in the second quarter of 2018.
Nature, Extent and Quality of Services
In reviewing the services proposed to be provided by Fiera to the Emerging Markets Fund and the Subsidiary pursuant to the Fiera Agreements, the Board considered information regarding the following matters, among other things:
| • | Fiera’s investment capabilities and experience as an investment manager, including its risk management processes, trade monitoring processes, and risk and style reviews; |
| • | the background, education and experience of the Adviser personnel currently managing the Emerging Markets Fund and the Subsidiary who would become employees of Fiera and would continue to provide day-to-day portfolio management services to the Emerging Markets Fund and the Subsidiary together with additional Fiera personnel; |
| • | the performance of the Emerging Markets Fund; |
| • | Fiera’s overall financial strength and stability; |
| • | Fiera’s compliance policies and procedures, disaster recovery and contingency planning; |
| • | Fiera’s resources and related efforts to retain, attract and motivate capable personnel to serve the Emerging Markets Fund and the Subsidiary; |
| • | the overall general quality and depth of Fiera’s organization; and |
| • | Fiera’s investment philosophy and processes as well as its brokerage and trading practices, its disaster recovery and contingency planning, and its commitment and systems in place with regard to compliance with applicable laws and regulations. |
Sub-Advisory Fee and Benefits to Sub-Adviser
The Board reviewed information regarding the sub-advisory fee proposed to be charged by Fiera with respect to the Emerging Markets Fund, and noted that the Adviser would pay Fiera’s sub-advisory fee from the Adviser’s investment advisory fee, that Fiera would receive no compensation for the sub-advisory services rendered to the Subsidiary, and that it was expected that Fiera would serve as sub-adviser to the Emerging Markets Fund until the reorganization.
The Board also considered the potential benefits to be received by Fiera as a result of its relationship with the Emerging Markets Fund generally, including the sub-advisory fee paid to Fiera and the intangible benefits of its association with the Emerging Markets Fund and any favorable publicity arising in connection with the Fund’s performance.
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 Fiera Agreements, including the fee to be received by Fiera, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Fiera to the Emerging Markets Fund, its shareholders and the Subsidiary, and approved the Fiera Agreements.
ALCENTRA LIMITED AND ALCENTRA NY, LLC
Nature, Extent and Quality of Services
In reviewing the services proposed to be provided by Alcentra Limited and Alcentra NY to the new CLO bond sleeve of the Fixed Income Opportunities Fund, the Board considered a variety of matters, including the background, education, experience and compensation structure of Alcentra Limited’s and Alcentra NY’s key portfolio management and operational personnel; their overall financial strength and stability; their resources and related efforts to retain, attract and motivate capable personnel to serve the Fixed Income Opportunities Fund; and the overall general quality and depth of their organizations. The Board also reviewed Alcentra Limited’s and Alcentra NY’s CLO investment philosophy and processes, as well as their brokerage and trading practices, their disaster recovery and contingency planning, and their commitment and systems in place with regard to compliance with applicable laws and regulations. The Board also reviewed performance results of two funds managed by Alcentra Limited and Alcentra NY portfolio managers (the “Alcentra Funds”) using the same investment strategies they planned to use to sub-advise the new CLO sleeve of the Fixed Income Opportunities Fund, as well as the fee charged by Alcentra Limited to the existing European loan sleeve of the Fixed Income Opportunities Fund. Certain information considered by the Board with respect to Alcentra Limited had been provided in August 2017, when the Board last renewed Alcentra Limited’s then-existing sub-advisory agreement with respect to the Fund, and the Board considered information from Alcentra Limited regarding material changes to the information provided in August 2017.
The Board reviewed the performance of one Alcentra Fund for the three- and five-year and since-inception periods ended July 31, 2016, when that Alcentra Fund merged into the second
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Alcentra Fund, and the performance of the surviving Alcentra Fund for three- and five-year and since-inception periods ended September 29, 2017. The meeting materials indicated that for each of those periods, the annualized return of the Alcentra Funds exceeded the return of the Eurohedge Credit Index.
Sub-Advisory Fee, Benefits to Sub-Advisers and Economies of Scale
The Board reviewed information regarding the sub-advisory fee proposed to be charged by Alcentra Limited and Alcentra NY with respect to the new CLO sleeve of the Fixed Income Opportunities Fund, and observed that the fee was the same as the fee Alcentra Limited charged to sub-advise its existing portion of the Fund.
The Board also considered the potential benefits to be received by each of Alcentra Limited and Alcentra NY as a result of its relationship with the Fixed Income Opportunities Fund, other than the receipt of its sub-advisory fee, including any research provided to it by broker-dealers providing execution services to the Fund, the intangible benefits of its association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance. The Board considered that although neither the Fixed Income Opportunities Fund’s advisory agreement nor the proposed Alcentra Agreement provided for fee breakpoints, significant economies of scale were not likely to be realized by the Adviser, Alcentra Limited or Alcentra NY 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 proposed Alcentra Agreement, including the fee to be received by Alcentra Limited and Alcentra NY, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Alcentra Limited and Alcentra NY to the Fixed Income Opportunities Fund and its shareholders, and approved the Alcentra Agreement.
GML CAPITAL LLP
Nature, Extent and Quality of Services
In reviewing the services proposed to be provided by GML to the new emerging markets debt sleeve of the Fixed Income Opportunities Fund, the Board considered a variety of matters, including the background, education and experience of GML’s key portfolio management and operational personnel; its overall financial strength and stability; its resources and related efforts to retain, attract and motivate capable personnel to serve the Fixed Income Opportunities Fund; and the overall general quality and depth of its organization. The Board also reviewed GML’s investment philosophy and processes as well as its brokerage and trading practices, its disaster recovery and contingency planning, and its commitment and systems in place with regard to compliance with applicable laws and regulations. Certain information considered by the Board with respect to GML had been provided in August 2017, when the Board last renewed GML’s then-existing sub-advisory agreement with respect to the Fund, and the Board considered information from GML regarding material changes to the information provided in August 2017.
Sub-Advisory Fee, Benefits to Sub-Adviser and Economies of Scale
The Board reviewed information included in the meeting materials regarding the proposed sub-advisory fee charged by GML with respect to the new emerging markets debt sleeve of the Fixed Income Opportunities Fund. The Board observed that GML had not previously managed any accounts using only the strategy it planned to use to sub-advise the proposed new sleeve of the Fixed Income Opportunities Fund. The Board noted, however, its familiarity with GML as a sub-adviser to an existing portion of the Fund. The Board also noted that the proposed sub-advisory fee was lower than the sub-advisory fee rate charged by GML to sub-advise its existing portion of the Fixed Income Opportunities Fund and considered GML’s explanation that it was comfortable with the lower fee given the buy and hold nature of the investment strategy.
The Board also considered the potential benefits to be received by GML as a result of its relationship with the Fixed Income Opportunities Fund, other than the receipt of its sub-advisory fee, including any research provided to it by broker-dealers providing execution services to the Fund, 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 the Fixed Income Opportunities Fund’s advisory agreement and the GML Agreement did not provide for fee breakpoints, significant economies of scale were not likely to be realized by GML 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 GML Agreement, including the fee to be received by GML, were fair and reasonable in light of the nature and quality of the services proposed to be provided by GML to the Fixed Income Opportunities Fund and its shareholders, and approved the GML 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Items 13. | 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 | |
| /s/ Garrett R. D’Alessandro | ||
| By (Signature and Title) | Garrett R. D’Alessandro, | |
| President and Chief Executive Officer | ||
| Date: June 6, 2018 |
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.
| /s/ Garrett R. D’Alessandro | ||
| By (Signature and Title) | Garrett R. D’Alessandro, | |
| �� | President and Chief Executive Officer | |
| Date: June 6, 2018 | ||
| /s/ Eric Kleinschmidt | ||
| By (Signature and Title) | Eric Kleinschmidt, Treasurer | |
| Date: June 6, 2018 |