UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07923
City National Rochdale Funds
(Exact name of registrant as specified in charter)
400 North Roxbury Drive
Beverly Hills, CA 90210
(Address of principal executive offices) (Zip code)
Don Andrews, Esq.
400 North Roxbury Drive
Beverly Hills, CA 90210
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-889-0799
Date of fiscal year end: September 30, 2020
Date of reporting period: September 30, 2020
| Item 1. | Reports to Stockholders. |
TABLE OF CONTENTS
City National Rochdale Funds Annual Report |
2 | Letter to Our Shareholders |
4 | Fixed Income Funds Investment Adviser’s Report |
7 | Fixed Income Funds Overview |
14 | Equity Funds Investment Adviser’s Report |
15 | Equity Funds Overview |
17 | Schedule of Investments/Consolidated Schedule of Investments |
134 | Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities |
137 | Statements of Operations/Consolidated Statement of Operations |
140 | Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets |
144 | Consolidated Statement of Cash Flows |
146 | Financial Highlights/Consolidated Financial Highlights |
149 | Notes to Financial Statements/Consolidated Notes to Financial Statements |
164 | Report of Independent Registered Public Accounting Firm |
166 | Trustees and Officers |
169 | Notice to Shareholders |
170 | Disclosure of Fund Expenses |
172 | Board Approval of Advisory and Sub-Advisory Agreements |
179 | Liquidity Risk Management Program |
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 as an exhibit to their reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Funds’ Form N-PORT and Form N-Q filings are available on the Commission’s website at http://www.sec.gov. The most current Form N-PORT 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 ended June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Commission’s website at www.sec.gov.
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
letter to our shareholders (Unaudited) |
September 30, 2020 |
Dear Shareholders,
This annual report covers the one-year period ended September 30, 2020.
The COVID-19 pandemic has resulted in significant human costs on many levels across the globe. There are no words we could write to convey the extent of the impact of COVID-19 on our lives. Despite our inability to process all that we are living through, our focus remains on dealing with the uncertainty caused by the COVID-19 pandemic in our narrow world of investments and economics.
In response to the COVID-19 pandemic, the U.S. government and Federal Reserve central bank have applied trillions of dollars in spending and monetary stimulus to stem the decline of the economy. There is significant research and historical evidence that show those actions were both justified and beneficial in mitigating the depth and duration of the recession. In fact, they were so beneficial that the stock market rebounded significantly, and the recession was the shortest in U.S. history. The stock market has rebounded to a new record high, yet millions of people remain unemployed and hundreds of thousands of businesses are experiencing significant financial hardship.
The apparent contradiction between the stock market and the economy is attributable to several factors. COVID-19 is viewed as an isolated natural disaster that will substantially end in 2021. Forward-looking investors anticipate strong future profits for the leading stock market companies, and have raised the valuation of these companies to high levels. Fiscal and monetary policies are likely to bridge the lost incomes of many unemployed people and struggling businesses until a COVID-19 vaccine allows our economy to return to normal. Finally, the stock market is only a semblance of the U.S. economy. There are hundreds of thousands of nonpublic businesses that are enduring hardship that are not counted in the major stock market indexes.
In time we will learn the outcome of the unprecedented spending the U.S. government has done, but this is not a near-term concern for investors. The immense global central bank response to the COVID-19 pandemic also fueled trillions of dollars to be injected into economies all around the world. As long as central banks continue their stimulus programs, we believe stock markets will remain high.
With that said, the economy has bounced back with gusto. After falling 10.7% in the first half of the year, third-quarter GDP shows the economy recouped a majority of that loss and now stands just 3.5% below the previous peak of fourth-quarter 2019.
The remarkable recovery has been primarily a result of robust household spending. In the two major categories of expenditures, goods and services, households are now spending 6% more on goods than during the peak before the pandemic. Unfortunately, spending on services remains 7% below the previous peak. The service sector is far more of a victim of social distancing. There has been a significant reduction in the number of people who fly, stay in hotels, go out to dinner, and visit sporting events, movie theaters, amusement parks, etc. These are all service-based businesses that are now operating below capacity or not operating at all. This lower level of demand has resulted in a slower rebound in employment. As a result, payrolls now stand at 54% of the previous peak, despite the economy recovering at a faster clip.
Looking at the fourth-quarter economic data, the economy is growing faster than the long-term trend. The October unemployment rate fell a full percentage point to 6.9%, inflation remains muted, and consumer spending remains strong.
Although the economic fundamentals are in good shape, the fourth quarter promises to be eventful, with the outcome of U.S. elections, vaccine progress and hopes for an additional U.S. fiscal stimulus all playing a factor. The recovery has gone much better than expected so far, but with momentum now slowing and COVID-19 cases rising again, the economy will remain reliant on policy support until a medical breakthrough provides the foundation for a more self-sustaining expansion. Indeed, the market volatility of recent weeks is a timely reminder that uncertainty is likely to weigh on the market in the near term.
Markets for the most part are expecting these issues to be resolved favorably, and we tend to agree. However, short-term investment outcomes are nearly always harder to predict than long-term returns. Ultimately, we expect that political clarity, medical advancements and continued economic reopening will pave the way for a stronger and more durable economic
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
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expansion, but the timing remains elusive. Flare-ups in volatility over the next few months seem inevitable as investors absorb news on the pandemic, the economy, and politics. We still expect to see plenty of investment opportunities ahead, as some uncertainties fade or market reactions create attractive entry points and highlight the value of active management. Until then, we believe we have the right portfolio positioning, which focuses on high-quality durable assets that can withstand uncertainty and minimize risk to client portfolios.
As always, we thank you for your trust and confidence in our abilities to continue to serve you well through your investment in the City National Rochdale Funds.
Sincerely,
Garrett R. D’Alessandro
President and Chief Executive Officer
City National Rochdale Funds
Past performance is no guarantee of future results. Certain shareholders may be subject to the Alternative Minimum Tax (AMT). Federal income tax rules apply to any capital gain distributions.
This information must be preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing.
City National Rochdale Funds do not generally accept investments by non-U.S. persons and may not be available in all states.
Bloomberg Barclays U.S. 1-5 Year Government Bond Index is an index of all investment grade bonds with maturities of more than one year and less than five years. The index is a market value weighted performance benchmark.
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between one and five years.
S&P Municipal Yield Index is an unmanaged index which measures the performance of high-yield and investment-grade municipal bonds with weights determined by credit rating.
The S&P 500 Index is a market capitalization value weighted composite index of 500 large capitalization U.S. companies and reflects the reinvestment of dividends.
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.
Bloomberg Barclays Intermediate U.S. Government/Credit Index consists of publicly issued, U.S. dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from one to ten years. The comparative market index is not directly investable and is not adjusted to reflect expenses that the Commission requires to be reflected in the fund’s performance.
Bloomberg Barclays Intermediate-Short California Municipal Bond Index measures the performance of California municipal bonds.
Intercontinental Exchange Bank of America Merrill Lynch 0-1 Year Emerging Markets Corporate Plus Index tracks the performance of emerging markets non-sovereign debt publicly issued.
Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers.
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
investment adviser’s report (Unaudited) |
September 30, 2020 |
Fixed Income Funds |
Government Bond Fund – CNBIX
The Servicing Class Shares of the Fund, for the fiscal year ended September 30, 2020, underperformed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index by 51 basis points (4.17% for the Fund versus 4.68% for the index). Calendar year to date, as of September 30, 2020, the Fund returned 3.93% versus the benchmark return of 4.33%. The Fund posted a return of 0.07% in Q3 2020, which slightly underperformed the benchmark’s 0.14% return. As of September 30, 2020, the Fund’s duration positioning was equal weight versus the benchmark and the Fund utilized agency and municipal positions in addition to yield curve trades. Government agency and municipal securities remain an effective way to enhance yield over U.S. Treasury securities while maintaining high credit quality.
CORPORATE BOND FUND – CNCIX
The Servicing Class Shares of the Fund, for the fiscal year ended September 30, 2020, underperformed the Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index by 110 basis points (4.38% for the Fund versus 5.48% for the index). Calendar year to date, as of September 30, 2020, the Fund returned 3.91% versus the benchmark return of 4.65%. The Fund posted a return of 0.52% in Q3 2020, which slightly underperformed the benchmark’s 0.55% return. As of September 30, 2020, the Fund’s portfolio is positioned with overweight duration, and the decision to increase credit quality through issuer high-grading and taxable municipal securities is complete. The strategy completed its target weight allocation (15%) to taxable municipal securities as spreads remain attractive when compared to corporate securities. This position meets two objectives, including to add hard duration as a substitute for government exposures, and to enhance risk-adjusted yield versus the U.S. corporate credit market. Going forward, we will look to tactically reduce the taxable municipal securities positions as valuations versus corporate securities revert to the mean. Intermediate investment grade credit spreads fell 16 basis points during Q3 2020. The primary driver of the spread tightening was the continued impact of the global central bank support programs, which were dominated by the Federal Reserve’s primary and secondary corporate market liquidity facilities. The continued record setting pace of new issue supply is a good sign for credit, and the Fund is participating in deals that meet our criteria. Near term, the monetary and fiscal stimulus has helped the Fund’s returns; we are considering longer term impacts, but the programs are a welcome contribution at this point of the COVID-19 outbreak. The lack of any meaningful progress on a stimulus package to aid state and local governments had a material negative impact on the Fund’s taxable municipal securities exposure in September 2020, but holdings are still performing well on a year-to-date basis.
CALIFORNIA TAX EXEMPT BOND FUND – CNTIX
The Servicing Class Shares of the Fund posted a return of 0.79% for Q3, slightly underperforming the Bloomberg Barclays Intermediate-Short California Municipal Bond Index’s return of 0.84%. Calendar year to date, as of September 30, 2020, the Fund returned 2.44% versus the benchmark return of 3.14%. For the fiscal year ended September 30, 2020, the Fund returned 2.91% underperforming its benchmark return of 3.98%. Strategically long duration, but tactically short due to weak seasonal factors. Taking advantage of taxable and national municipals to the extent possible for additive after-tax returns. Avoiding sectors and issuers abnormally impacted by the pandemic but adding credit risk at the margin that reflects an improving macroeconomic picture.
MUNICIPAL HIGH INCOME BOND FUND – CNRMX
The Servicing Class Shares of the Fund posted a return of 2.35% for Q3, which underperformed the S&P Municipal Yield Index’s return of 2.70%. Calendar year to date, as of September 30, 2020, the Fund returned -0.22% versus the benchmark return of 1.51%. For the fiscal year ended September 30, 2020, the Fund returned 0.52%, which underperformed its benchmark return of 2.56%. In the high yield municipal bond market, returns have been relatively flat after a strong second quarter. The Fund’s performance relative to its peers has been somewhat positive due to the Fund being selective in taking risks over the past year. There has been some tracking error versus the index that was caused by the Fund’s underweight allocation to tobacco settlement-backed bonds, which performed well in the third quarter. Municipal credit remains attractive with default rates remaining low. Security
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
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selection is critical as we enter the end of the credit cycle. The Fund continues to be neutral in duration relative to the benchmark. We maintain a bias toward higher quality credit, and we are being very selective in the lower grade categories for the Fund. Our deal criteria remains strict for involvement in new issues. The Fund’s cash position remains sufficient for new purchases and any redemptions that might occur, and flows remain positive for the Fund. Late cycle indicators continue, and we are philosophically in favor of protecting the downside rather than squeezing the last bits of performance from an aging cycle.
INTERMEDIATE FIXED INCOME FUND – RIMCX
The Class N Shares of the Fund posted a return of 0.87% for Q3, which outperformed the Bloomberg Barclays Intermediate U.S. Government Credit Index return of 0.61%. Calendar year to date, as of September 30, 2020, the Fund returned 5.80% versus the benchmark return of 5.92%. For the fiscal year ended September 30, 2020, the Fund returned 5.95%, which underperformed the benchmark’s return of 6.32%. The drivers of the Fund’s performance during Q3 2020 included rates remaining range bound, while corporate credit spreads tightened in the aggregate. Intermediate investment grade credit spreads fell 16 basis points during the quarter. The primary driver of the spread tightening was the continued impact of the global central bank support programs, which were dominated by the Federal Reserve’s primary and secondary corporate market liquidity facilities. The continued record setting pace of new issue supply is a good sign for credit, and the Fund is participating in deals that meet our criteria. Near term, the monetary and fiscal stimulus has helped the Fund’s returns; we are considering longer term impacts, but the programs are a welcome contribution at this point of the COVID-19 outbreak. The lack of any meaningful progress on a stimulus package to aid state and local governments had a material negative impact on the Fund’s taxable municipal securities exposure in September.
FIXED INCOME OPPORTUNITIES FUND – RIMOX
The Fund posted a return of 2.73% for Q3, which outperformed the Bloomberg Barclays U.S. Aggregate Bond Index’s return of 0.62%. Calendar year to date, as of September 30, 2020, the Fund returned -3.18% versus the benchmark return of 6.79%. For the fiscal year ended September 30, 2020, the Fund returned -0.94%, which underperformed its benchmark return of 6.98%. Outperformance in Q3 was driven by the Fund’s U.S. high yield and structured product exposure, which continues to lead the Fund higher this year. Structured product exposure is an interesting case, as factors relating to collateralized loan obligation (“CLO”) equity payments tend to create heavy volume at quarter ends. In the third quarter, this led to a move higher as other asset classes were falling. Lower mezzanine securities (rated BBB & BB) have been in high demand and continue to look attractive versus U.S. high yield debt. Corporate credit quality of non-investment grade ex-commodity related issuers and other sectors directly impacted by COVID-19 remains stable, with a default rate below 4%, which is nearly half that of the market as a whole. Leverage metrics are not stretched relative to historic levels. We expect more defaults, but we believe the worst is behind the market. U.S. high yield supply increased and continued its robust pace in Q3. Fund flows are still heavily positive, and they remain heavily skewed towards U.S. high yield compared to U.S. loans. Emerging market high yield debt struggled over Q3 on accord of the dramatic shift in Argentinean assets and continued issues with energy credit. In Argentina, the political environment remains challenging and capital controls have been instituted despite its recent bond restructuring. We are hopeful that these issues will be resolved in the near-term, but a high level of uncertainty remains. Loans are struggling to keep pace from a return perspective in the United States and in Europe. Largely, the sector has been a disappointment this year, falling in lockstep with high yield debt, but not keeping pace during the recovery. Low yields and Federal Reserve stimulus has called into question the low interest rate exposure to the asset class. Overall, the relative attractiveness of floating rate loan exposure has diminished and fixed rate sectors have outperformed.
CNR Short Term EMERGING MARKETS Debt Fund - CNRGX
The Fund posted a return of 0.48% for Q3, which underperformed the ICE BofAML 0-1 Yr EM Corp Plus Index return of 1.38%. Calendar year to date, as of September 30, 2020, the Fund returned -4.30% versus the benchmark
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
investment adviser’s report (Unaudited) |
September 30, 2020 |
Fixed Income Funds (continued) |
return of 3.16%. For the fiscal year ended September 30, 2020, the Fund returned -1.16%, which underperformed its benchmark return of 3.70%. The Fund commenced operations in May 2019, and is invested in very high conviction, short-term emerging market bonds. The original thesis of this strategy was that the short-term nature of these investments were not held as widely due to the fact that most emerging market high yield corporate benchmarks did not have maturities of less than one year. Because of this unique aspect within emerging market fixed income, our view was that in normal market environments this would present a compelling opportunity. The emerging market debt universe continues to experience exceptionally high levels of volatility, which is partly related to the general economic slowdown across the globe. The Fund has continued to recover strongly following the large losses in March, prompted by the then exponential spread of the COVID-19 pandemic in developed economies. The Fund is now positive for the year 2020 and has moved closer to in-line with our long-term return assumptions.
This material represents the investment adviser’s assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Mutual fund investing involves risk, including loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments.
The California Tax Exempt Bond Fund invests primarily in California securities and may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations than a fund investing in obligations of a number of states.
The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSROs”). The two NRSROs currently utilized for this purpose are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”. For bonds, these credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “AA-” or “AA+” have been included in the “AA” rated category. Long term ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Duration is a measure of a bond’s sensitivity to interest rate changes. The higher the bond’s duration, the greater its sensitivity to the change.
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Government Bond Fund |
The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing primarily in U.S. Government securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Government Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays U.S. 1-5 Year Government Bond Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Servicing Class*^ | CNBIX | 4.17% | 2.46% | 1.57% | 1.23% |
Class N | CGBAX | 3.90% | 2.24% | 1.32% | 0.98% |
Bloomberg Barclays U.S. 1-5 Year Government Bond Index | n/a | 4.68% | 3.22% | 2.21% | 1.72% |
* | The graph is based on only Servicing Class Shares; performance for Institutional Class and Class N Shares would be different due to differences in fee structures. |
^ | The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
U.S. Treasury Notes, 1.875%, 08/21/24 | 7.5 | % | ||
U.S. Treasury Notes, 2.625%, 02/28/23 | 4.5 | % | ||
U.S. Treasury Notes, 2.625%, 12/31/25 | 4.5 | % | ||
U.S. Treasury Notes, 1.875%, 07/31/22 | 4.4 | % | ||
FHLB, 3.375%, 09/08/23 | 4.3 | % | ||
U.S. Treasury Notes, 1.875%, 05/31/22 | 4.3 | % | ||
FHLB, 3.125%, 09/09/22 | 4.2 | % | ||
FHLMC, 2.500%, 12/15/46 | 4.2 | % | ||
U.S. Treasury Notes, 1.625%, 08/15/22 | 4.0 | % | ||
U.S. Treasury Notes, 2.000%, 11/30/22 | 3.9 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Corporate Bond Fund |
The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing in a diversified portfolio of fixed income securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Corporate Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Servicing Class*^ | CNCIX | 4.38% | 3.23% | 2.64% | 2.22% |
Class N | CCBAX | 4.21% | 2.97% | 2.39% | 1.96% |
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index | n/a | 5.48% | 3.90% | 3.18% | 2.77% |
* | The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
^ | The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
California State, 3.500%, 04/01/28 | 3.2 | % | ||
Total Capital International, 2.875%, 02/17/22 | 3.1 | % | ||
Apple, 3.450%, 05/06/24 | 2.8 | % | ||
New York State, Urban Development, 3.100%, 03/15/24 | 2.8 | % | ||
New York City, Transitional Finance Authority Future Tax Secured Revenue, 5.008%, 08/01/27 | 2.7 | % | ||
Carmax Auto Owner Trust, 3.360%, 09/15/23 | 2.7 | % | ||
City National Rochdale Fixed Income Opportunities Fund, Cl N | 2.7 | % | ||
JPMorgan Chase, 3.300%, 04/01/26 | 2.5 | % | ||
UnitedHealth Group, 2.875%, 03/15/23 | 2.4 | % | ||
Toyota Motor Credit, 2.250%, 10/18/23 | 2.4 | % | ||
* Excludes Cash Equivalents
BOND CREDIT QUALITY | ||||
CREDIT RATINGS(1) | % OF NET | |||
AAA | 5.4 | % | ||
AA | 18.4 | % | ||
A | 32.4 | % | ||
BBB | 39.0 | % | ||
NR | 1.8 | % | ||
Registered Investment Company | 2.7 | % | ||
(1) | Credit quality is based on ratings from Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”). Where S&P ratings are not available, credit quality is based on ratings from Moody’s Investor Services, Inc. (“Moody’s”). S&P and Moody’s ratings have been selected for several reasons, including the access to information and materials provided by S&P and Moody’s, as well as the Fund’s consideration of industry practice. The Not Rated category, if applicable, consists of securities that have not been rated by S&P or Moody’s. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund |
The Fund seeks to provide current income exempt from federal and California state income tax (as the primary component of a total return strategy) by investing primarily in California municipal bonds.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale California Tax Exempt Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays California Intermediate-Short Municipal Bond Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Servicing Class*^ | CNTIX | 2.91% | 2.49% | 2.05% | 2.26% |
Class N | CCTEX | 2.65% | 2.23% | 1.78% | 2.00% |
Bloomberg Barclays California Intermediate-Short Municipal Bond Index | n/a | 3.98% | 3.06% | 2.50% | 2.73% |
* | The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
^ | The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
University of California, Ser AT, RB Callable 11/15/20 @ 100 1.400%, 05/15/46 | 3.2 | % | ||
San Francisco City & County, San Francisco International Airport, RB, AMT 5.000%, 05/01/27 | 3.2 | % | ||
San Diego County, Water Authority, Ser A, RB 1.531%, 05/01/30 | 2.6 | % | ||
Chula Vista Elementary School District, RB 1.541%, 08/01/23 | 2.5 | % | ||
California State, Public Works Board, RB 5.000%, 09/01/25 | 2.3 | % | ||
Santa Clara County, Financing Authority, Ser A, RB 5.000%, 05/01/29 | 1.7 | % | ||
University of California, Ser AY, RB Callable 05/15/27 @ 100 5.000%, 05/15/28 | 1.6 | % | ||
Long Beach, Unified School District, GO 5.000%, 08/01/26 | 1.6 | % | ||
California State, GO 5.000%, 08/01/26 | 1.6 | % | ||
Westlands, Water District, Ser A, RB, AGM Callable 09/01/26 @ 100 5.000%, 09/01/27 | 1.6 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Municipal High Income Fund |
The Fund seeks to provide a high level of current income that is not subject to federal income tax.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Municipal High Income Fund, Servicing Class Shares, versus the S&P Municipal Yield Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | Inception |
Servicing Class*(1)^ | CNRMX | 0.52% | 3.34% | 3.77% | 4.91% |
Class N(1) | CNRNX | 0.17% | 3.08% | 3.51% | 4.64% |
S&P Municipal Yield Index | SPMUHT | 2.56% | 5.88% | 5.72% | 6.50% |
* | The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
(1) | Commenced operations on December 30, 2013. |
^ | The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, 4.784%, 07/01/58 | 1.2 | % | ||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, 4.500%, 07/01/34 | 1.2 | % | ||
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, 5.250%, 07/01/42 | 0.7 | % | ||
Buckeye Tobacco Settlement Financing Authority, 5.000%, 06/01/55 | 0.6 | % | ||
Jefferson County, Sewer Revenue, 6.000%. 10/01/42 | 0.6 | % | ||
Alachua County, Health Facilities Authority, 5.000%, 12/01/37 | 0.6 | % | ||
Chicago, Ser A, GO, 6.000%, 01/01/38 | 0.6 | % | ||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, 5.000%, 07/01/58 | 0.6 | % | ||
Northern Arkansas, Tobacco Securitization, 5.000%, 06/01/46 | 0.6 | % | ||
Tuscaloosa County, Industrial Development Authority, 5.250%, 05/01/44 | 0.6 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 10
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund |
The Fund seeks current income and, to the extent consistent with this goal, capital appreciation.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Intermediate Fixed Income Fund, Class N Shares, versus the Bloomberg Barclays Intermediate U.S. Government/Credit Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Class N*(1) | RIMCX | 5.95% | 3.90% | 3.17% | 3.00% |
Institutional Class(2)^ | CNRIX | 6.45% | 4.41% | 3.68% | 3.35% |
Bloomberg Barclays Intermediate U.S. Government/Credit Index | n/a | 6.32% | 4.43% | 3.39% | 2.91% |
* | The graph is based on only Class N Shares; the performance for Institutional Class Shares would be different due to differences in fee structures. |
(1) | The predecessor to the City National Rochdale Intermediate Fixed Income Fund (the “Predecessor Fund”) commenced operations on December 31, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2009, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
(2) | Commenced operations on December 20, 2013. The performance results for Institutional Class Shares of the Fund for the period of October 1, 2010, to March 29, 2013, reflect the performance of the Predecessor Fund’s shares. The performance results for the Institutional Class Shares of the Fund for the period March 29, 2013, to December 19, 2013, reflect the performance of the Class N Shares. |
^ | The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirement of $1,000,000 and certain tax deferred retirement plans (including 401(k) plans, employer sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
California State, Various Purpose, GO, 3.500%, 04/01/28 | 5.5 | % | ||
New York State, Urban Development, 3.270%, 03/15/28 | 5.2 | % | ||
New York City, Transitional Finance, Authority Future Tax Secured Revenue, 3.350%, 11/01/30 | 4.1 | % | ||
New York City, Build America Bonds, 5.424%, 03/01/25 | 4.0 | % | ||
America Movil, 3.125%, 07/16/22 | 4.0 | % | ||
Daimler Finance North America, 0.687, 02/12/21 | 3.8 | % | ||
San Jose, Redevelopment Agency Successor Agency, 2.958%, 08/01/24 | 3.6 | % | ||
New York State, 3.760%, 12/01/27 | 3.3 | % | ||
FNMA, 2.601%, 08/01/22 | 3.1 | % | ||
Morgan Stanley, 3.750%, 02/25/23 | 3.1 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund |
The Fund seeks a high level of current income.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Fixed Income Opportunities Fund, Class N Shares, versus the Credit Suisse Leveraged Loan Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High Yield Bond Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Class N(1) | RIMOX | -0.94% | 1.31% | 3.94% | 4.38% |
Credit Suisse Leveraged Loan Index | n/a | 1.50% | 2.99% | 4.10% | 4.31% |
Bloomberg Barclays U.S. Aggregate Bond Index | n/a | 6.98% | 5.24% | 4.18% | 3.36% |
Bloomberg Barclays U.S. Corporate High Yield Bond Index | n/a | 3.49% | 4.24% | 6.32% | 6.25% |
(1) | The predecessor to the City National Rochdale Fixed Income Opportunities Fund (the “Predecessor Fund”) commenced operations on July 1, 2009. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2010, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
iShares iBoxx High Yield Corporate Bond ETF | 2.7 | % | ||
Oi, 10.000%, 07/27/25 | 1.9 | % | ||
Argentine Republic Government International Bond, 0.500%, 07/09/30 | 1.3 | % | ||
Sri Lanka Government International Bond, 6.250%, 10/04/20 | 1.3 | % | ||
Ukraine Government International Bond, 0.000%, 05/31/40 | 1.2 | % | ||
Andrade Gutierrez International, 9.500%, 12/30/24 | 1.0 | % | ||
Tullow Oil Jersey, 6.625%, 07/12/21 | 1.0 | % | ||
YPF, 8.500%, 03/23/21 | 0.8 | % | ||
Nile Delta Sukuk, 4.000%, 10/31/20 | 0.8 | % | ||
Provincia de Cordoba, 7.125%, 06/10/21 | 0.7 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Short Term Emerging Markets Debt Fund |
The Fund seeks to generate interest income and preserve capital in order to achieve positive total returns.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Short Term Emerging Markets Debt Fund, Class Y Shares, versus the Intercontinental Exchange Bank of America Merrill Lynch 0-1 Year Emerging Markets Corporate Plus Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||
Shares | Ticker | 1-Year | Inception |
Class Y(1) | CNRGX | -1.16% | -1.28% |
Intercontinental Exchange Bank of America Merrill Lynch 0-1 Year Emerging Markets Corporate Plus Index | n/a | 3.70% | 3.71% |
(1) | Commenced operations on May 14, 2019. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
Tullow Oil Jersey, 6.625%, 07/12/21 | 8.8 | % | ||
Telecom Argentina, 6.500%, 06/15/21 | 7.3 | % | ||
Vedanta Resources, 8.250%, 06/07/21 | 6.4 | % | ||
Eldorado International Finance GmbH, 8.625%, 06/16/21 | 5.3 | % | ||
YPF, 8.500%, 03/23/21 | 5.1 | % | ||
NagaCorp, 9.375%, 05/21/21 | 5.1 | % | ||
Georgian Oil and Gas JSC, 6.750%, 04/26/21 | 5.0 | % | ||
Sri Lanka Government International Bond, 6.250%, 07/27/21 | 5.0 | % | ||
Global Prime Capital Pte, 7.250%, 04/26/21 | 5.0 | % | ||
Lao People’s Democratic Republic International Bond, 6.875%, 06/30/21 | 5.0 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 13
investment adviser’s report (Unaudited) |
September 30, 2020 |
Equity Funds |
DIVIDEND & INCOME FUND – RIMHX
The Fund posted a return of 4.29% in Q3, which outperformed the 2.78% return of the Fund’s blended benchmark (made up of 60% Dow Jones Select Dividend Index (DJDVP), 25% BofAML Core Fixed Rate Index, and 15% MSCI U.S. REIT Index). Year to date, the Fund’s return is -12.30% versus -13.84% for its benchmark. For the fiscal year ended September 30, 2020, the Fund returned -9.80%, which outperformed its benchmark return of -11.50%. The year has been negatively affected by the COVID-19 pandemic and lockdowns, however, after a rough Q1, the Fund has steadily recovered and reduced losses by more than half. Historically, the Fund’s strategy has performed very well in down markets, providing a solid hedge with positive returns in volatile markets. We feel this can continue to be the case in more typical recessionary markets. The Fund’s current yield is approximately 4.3% (gross of fees), with forecast growth of 2-5% for next two years, which can revert to 3-7% growth with improving economic conditions.
U.S. Core Equity Fund – CNRUX
The Institutional Share Class of the Fund posted a return of 10.98% for Q3, which outperformed the S&P 500 Index return of 8.93%. Calendar year to date, as of September 30, 2020, the Fund returned 4.99%, which underperformed its benchmark return of 5.57%. For the fiscal year ended September 30, 2020, the Fund returned 12.20%, which underperformed its benchmark return of 15.15%. Our thesis for the Fund for the third quarter is “Coming Out of the Crisis Playbook.” We have lowered our GDP and earnings per share meaningfully to reflect the economic fallout from COVID-19 crisis. The Fund’s return attributable to stock selection was above the benchmark due to positive stock selection in pharmaceuticals, biotechnology and life sciences, an underweight allocation to the energy sector, and stock selection in commercial and professional services. Industry allocation detracted from the Fund’s performance due to an underweight allocation to the transportation, technology hardware and semiconductor industries. The Fund received a 5 rating from Lipper for total return, capital preservation, consistent return and tax efficiency.
This material represents the investment adviser’s assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale Dividend & Income Fund |
The Fund seeks to provide significant income and, as a secondary focus, long-term capital appreciation.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Dividend & Income Fund, Class N Shares, versus the S&P 500 Index and the 60/25/15 Hybrid of the following 3 Indexes: Dow Jones U.S. Select Dividend Index, BofA ML Core Fixed Rate Preferred Securities Index and MSCI U.S. REIT Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | 10-Year |
Class N(1) | RIMHX | -9.80% | 1.14% | 5.29% | 7.61% |
S&P 500 Index | n/a | 15.15% | 12.28% | 14.15% | 13.74% |
60/25/15 Hybrid of the following 3 Indexes: | n/a | -11.50% | 1.25% | 6.17% | 8.86% |
Dow Jones U.S. Select Dividend Index | n/a | -16.18% | -0.49% | 6.40% | 9.87% |
BofA ML Core Fixed Rate Preferred Securities Index | n/a | 3.90% | 5.02% | 6.10% | 6.29% |
MSCI U.S. REIT Index | n/a | -17.76% | 0.31% | 3.99% | 7.90% |
(1) | The predecessor to the City National Rochdale Dividend & Income Fund (the “Predecessor Fund”) commenced operations on June 1, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2010, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
Lockheed Martin | 5.2 | % | ||
Clorox | 3.6 | % | ||
Intel | 3.4 | % | ||
Verizon Communications | 3.2 | % | ||
Procter & Gamble | 3.1 | % | ||
Merck | 2.7 | % | ||
Duke Energy | 2.7 | % | ||
Qualcomm | 2.6 | % | ||
Prologis | 2.6 | % | ||
Altria Group | 2.5 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
fund overview (Unaudited) |
September 30, 2020 |
City National Rochdale U.S. Core Equity Fund |
The Fund seeks to provide long-term capital appreciation.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale U.S. Core Equity Fund, Servicing Class Shares, versus the S&P 500 Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance. |
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS | |||||
Shares | Ticker | 1-Year | 3-Year | 5-Year | Inception |
Servicing Class*(1)^ | CNRVX | 11.91% | 13.65% | 13.76% | 14.07% |
Institutional Class(1)^^ | CNRUX | 12.20% | 13.94% | 14.05% | 14.46% |
Class N(1) | CNRWX | 11.64% | 13.39% | 13.47% | 13.79% |
S&P 500 Index | n/a | 15.15% | 12.28% | 14.15% | 14.06% |
* | The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures. |
(1) | Commenced operations on December 3, 2012. |
^ | The Fund’s Servicing Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
^^ | The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirements, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
TOP TEN HOLDINGS* | ||||
% OF PORTFOLIO | ||||
Apple | 6.4 | % | ||
Microsoft | 6.2 | % | ||
Visa, Cl A | 3.8 | % | ||
Thermo Fisher Scientific | 3.6 | % | ||
UnitedHealth Group | 3.6 | % | ||
Mastercard, Cl A | 3.5 | % | ||
Home Depot | 3.3 | % | ||
Alphabet, Cl A | 3.0 | % | ||
Adobe | 3.0 | % | ||
Cintas | 2.7 | % | ||
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 16
schedule of investments |
September 30, 2020 |
City National Rochdale Government Money Market Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
U.S. Treasury Obligations [40.8%] | ||||||||||||
U.S. Cash Management Bill | ||||||||||||
0.100%, 12/08/20(A) | $ | 50,000 | $ | 49,991 | ||||||||
0.110%, 12/15/20(A) | 100,000 | 99,978 | ||||||||||
0.090%, 12/22/20(A) | 100,000 | 99,979 | ||||||||||
0.100%, 01/05/21(A) | 100,000 | 99,974 | ||||||||||
0.100%, 01/12/21(A) | 50,000 | 49,985 | ||||||||||
0.100%, 01/19/21(A) | 50,000 | 49,984 | ||||||||||
0.120%, 02/02/21(A) | 50,000 | 49,980 | ||||||||||
U.S. Treasury Bill | ||||||||||||
0.138%, 10/06/20(A) | 100,000 | 99,998 | ||||||||||
0.180%, 10/08/20(A) | 100,000 | 99,997 | ||||||||||
0.138%, 10/13/20(A) | 50,000 | 49,998 | ||||||||||
0.140%, 10/20/20(A) | 50,000 | 49,996 | ||||||||||
0.135%, 10/22/20(A) | 100,000 | 99,992 | ||||||||||
0.170%, 10/27/20(A) | 50,000 | 49,994 | ||||||||||
0.160%, 11/03/20(A) | 100,000 | 99,985 | ||||||||||
0.104%, 11/12/20(A) | 100,000 | 99,988 | ||||||||||
0.140%, 11/17/20(A) | 100,000 | 99,982 | ||||||||||
0.090%, 11/24/20(A) | 50,000 | 49,993 | ||||||||||
0.108%, 11/27/20(A) | 100,000 | 99,983 | ||||||||||
0.150%, 12/01/20(A) | 50,000 | 49,988 | ||||||||||
0.180%, 12/03/20(A) | 50,000 | 49,984 | ||||||||||
0.106%, 12/10/20(A) | 100,000 | 99,979 | ||||||||||
0.168%, 12/17/20(A) | 50,000 | 49,982 | ||||||||||
0.118%, 03/04/21(A) | 50,000 | 49,975 | ||||||||||
Total U.S. Treasury Obligations | ||||||||||||
(Cost $1,699,685) | 1,699,685 | |||||||||||
U.S. Government Agency Obligations [36.0%] | ||||||||||||
FFCB | ||||||||||||
0.180%, VAR ICE LIBOR USD 1 Month+0.035%, 01/26/21 | 25,000 | 25,000 | ||||||||||
0.221%, VAR ICE LIBOR USD 1 Month+0.070%, 06/24/21 | 50,000 | 49,997 | ||||||||||
0.170%, VAR United States Secured Overnight Financing Rate+0.090%, 07/15/21 | 50,000 | 50,000 | ||||||||||
FHLB | ||||||||||||
0.140%, VAR United States Secured Overnight Financing Rate+0.070%, 10/02/20 | 50,000 | 50,000 | ||||||||||
0.130%, 06/17/21 | 25,000 | 24,999 | ||||||||||
0.166%, VAR ICE LIBOR USD 1 Month+0.015%, 07/13/21 | 50,000 | 50,000 | ||||||||||
0.130%, VAR United States Secured Overnight Financing Rate+0.050%, 07/16/21 | 25,000 | 25,000 | ||||||||||
0.390%, VAR United States Secured Overnight Financing Rate+0.310%, 09/24/21 | 50,000 | 50,000 | ||||||||||
0.250%, VAR United States Secured Overnight Financing Rate+0.170%, 11/12/21 | 50,000 | 50,000 | ||||||||||
FHLB DN | ||||||||||||
0.394%, 01/06/17(A) | 113,000 | 112,950 | ||||||||||
0.457%, 01/20/17(A) | 36,000 | 35,985 | ||||||||||
0.505%, 02/24/17(A) | 50,000 | 49,976 | ||||||||||
0.365%, 10/07/20(A) | 50,000 | 49,999 | ||||||||||
0.116%, 10/09/20(A) | 100,000 | 99,997 | ||||||||||
0.380%, 10/14/20(A) | 75,000 | 74,996 | ||||||||||
0.395%, 10/21/20(A) | 42,000 | 41,997 | ||||||||||
0.088%, 10/23/20(A) | 75,000 | 74,996 | ||||||||||
0.111%, 11/12/20(A) | 50,000 | 49,994 | ||||||||||
0.108%, 11/13/20(A) | 50,000 | 49,994 | ||||||||||
0.340%, 11/25/20(A) | 42,950 | 42,944 | ||||||||||
0.345%, 12/02/20(A) | 19,350 | 19,346 | ||||||||||
0.105%, 03/26/21(A) | 100,000 | 99,949 | ||||||||||
FHLMC | ||||||||||||
0.110%, VAR United States Secured Overnight Financing Rate+0.030%, 02/05/21 | 69,500 | 69,496 | ||||||||||
0.105%, VAR United States Secured Overnight Financing Rate+0.025%, 02/26/21 | 25,000 | 25,000 | ||||||||||
0.150%, VAR United States Secured Overnight Financing Rate+0.070%, 08/12/22 | 50,000 | 50,000 | ||||||||||
FNMA | ||||||||||||
0.440%, VAR United States Secured Overnight Financing Rate+0.360%, 01/20/22 | 50,000 | 50,000 | ||||||||||
0.470%, VAR United States Secured Overnight Financing Rate+0.390%, 04/15/22 | 50,000 | 50,000 | ||||||||||
0.320%, VAR United States Secured Overnight Financing Rate+0.240%, 05/05/22 | 25,000 | 25,000 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 17
schedule of investments |
September 30, 2020 |
City National Rochdale Government Money Market Fund (concluded) |
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
0.280%, VAR United States Secured Overnight Financing Rate+0.200%, 05/09/22 | $ | 50,000 | $ | 50,000 | ||||||||
Total U.S. Government Agency Obligations | ||||||||||||
(Cost $1,497,615) | 1,497,615 | |||||||||||
Short-Term Investment [2.0%] | ||||||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.020%** | 82,695,232 | 82,695 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $82,695) | 82,695 | |||||||||||
Repurchase Agreements [21.2%] | ||||||||||||
Barclays (B) | ||||||||||||
0.060%, dated 09/30/20 repurchased on 10/01/20, repurchase price $250,000,417 (collateralized by various U.S. Treasury obligations, par values ranging from $10,541,300 to $244,408,200, 1.125% - 2.500%, 3/31/2023 – 5/15/2040; with a total market value of $255,000,091) | 250,000 | 250,000 | ||||||||||
Daiwa (B) | ||||||||||||
0.070%, dated 09/30/20 repurchased on 10/01/20, repurchase price $156,000,303 (collateralized by various U.S. Treasury obligations, par values ranging from $10,800 to $107,620,600, 0.000% - 3.000%, 12/31/2020 – 5/15/2045; with a total market value of $159,120,077) | 156,000 | 156,000 | ||||||||||
Goldman Sachs (B) | ||||||||||||
0.030%, dated 09/30/20 repurchased on 10/01/20, repurchase price $125,000,104 (collateralized by various U.S. Government obligations, par values ranging from $12 to $50,298,000, 0.000% - 3.500%, 10/09/2020 – 6/29/2040; with a total market value of $127,500,000) | 125,000 | 125,000 | ||||||||||
Description | Face Amount (000) | Value (000) | ||||||||||
Wells Fargo (B) | ||||||||||||
0.070%, dated 09/30/20 repurchased on 10/01/20, repurchase price $350,000,681 (collateralized by various U.S. Government obligations, par values ranging from $1,000 to $135,253,771, 0.000% - 8.000%, 11/1/2020 – 3/20/2049; with a total market value of $357,000,913) | $ | 350,000 | $ | 350,000 | ||||||||
Total Repurchase Agreements | ||||||||||||
(Cost $881,000) | 881,000 | |||||||||||
Total Investments [100.0%] | ||||||||||||
(Cost $4,160,995) | $ | 4,160,995 | ||||||||||
Percentages are based on Net Assets of $4,160,807 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
(B) | Tri-party Repurchase Agreement. |
DN — Discount Note
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
USD — U.S. Dollar
VAR — Variable
The following is a list of the inputs used as of September 30, 2020, in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Treasury Obligations | $ | — | $ | 1,699,685 | $ | — | $ | 1,699,685 | ||||||||
U.S. Government Agency Obligations | — | 1,497,615 | — | 1,497,615 | ||||||||||||
Short-Term Investment | 82,695 | — | — | 82,695 | ||||||||||||
Repurchase Agreements | — | 881,000 | — | 881,000 | ||||||||||||
Total Investments in Securities | $ | 82,695 | $ | 4,078,300 | $ | — | $ | 4,160,995 | ||||||||
For the year ended September 30, 2020, there have been no transfers in or out of Level 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 18
schedule of investments |
September 30, 2020 |
City National Rochdale Government Bond Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
U.S. Treasury Obligations [53.8%] | ||||||||||||
U.S. Treasury Notes | ||||||||||||
2.750%, 07/31/23 | $ | 1,175 | $ | 1,261 | ||||||||
2.750%, 08/31/23 | 1,255 | 1,350 | ||||||||||
2.625%, 02/28/23 | 1,700 | 1,802 | ||||||||||
2.625%, 12/31/25 | 1,600 | 1,794 | ||||||||||
2.250%, 04/15/22 | 1,500 | 1,549 | ||||||||||
2.000%, 11/30/22 | 1,500 | 1,560 | ||||||||||
1.875%, 05/31/22 | 1,665 | 1,713 | ||||||||||
1.875%, 07/31/22 | 1,700 | 1,754 | ||||||||||
1.875%, 08/31/24 | 2,805 | 2,988 | ||||||||||
1.750%, 02/28/22 | 1,500 | 1,534 | ||||||||||
1.625%, 08/15/22 | 1,550 | 1,594 | ||||||||||
1.625%, 04/30/23 | 1,225 | 1,272 | ||||||||||
1.500%, 01/31/22 | 1,325 | 1,349 | ||||||||||
Total U.S. Treasury Obligations | ||||||||||||
(Cost $20,674) | 21,520 | |||||||||||
U.S. Government Agency Obligations [26.4%] | ||||||||||||
FFCB | ||||||||||||
0.200%, 10/02/23 | 1,250 | 1,249 | ||||||||||
FHLB | ||||||||||||
3.375%, 09/08/23 | 1,585 | 1,730 | ||||||||||
3.125%, 09/09/22 | 1,610 | 1,701 | ||||||||||
FNMA | ||||||||||||
2.625%, 09/06/24 | 1,400 | 1,529 | ||||||||||
2.500%, 02/05/24 | 1,445 | 1,553 | ||||||||||
2.125%, 04/24/26 | 955 | 1,043 | ||||||||||
1.625%, 01/07/25 | 1,280 | 1,349 | ||||||||||
1.250%, 08/17/21 | 400 | 404 | ||||||||||
Total U.S. Government Agency Obligations | ||||||||||||
(Cost $10,082) | 10,558 | |||||||||||
U.S. Government Mortgage-Backed Obligations [13.2%] | ||||||||||||
FHLMC, Ser 2016-4635, Cl EG, Pool FHR 4635 EG | ||||||||||||
2.500%, 12/15/46 | 1,586 | 1,674 | ||||||||||
FNMA, Pool AL5866 | ||||||||||||
2.601%, 08/01/22(A) | 1,331 | 1,365 | ||||||||||
Description | Face Amount (000) | Value (000) | ||||||||||
FNMA, Pool AS4877 | ||||||||||||
3.000%, 04/01/30 | $ | 1,053 | $ | 1,106 | ||||||||
FNMA, Pool FN0004 | ||||||||||||
3.679%, 12/01/20(A) | 1,008 | 1,008 | ||||||||||
FNMA ARM, Pool 766620 | ||||||||||||
3.545%, VAR ICE LIBOR USD 12 Month+1.676%, 03/01/34 | 41 | 41 | ||||||||||
GNMA, Pool 329656 | ||||||||||||
8.000%, 08/15/22 | 1 | 1 | ||||||||||
GNMA, Pool 497411 | ||||||||||||
6.000%, 01/15/29 | 2 | 2 | ||||||||||
GNMA ARM, Pool G2 81318 | ||||||||||||
2.875%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 04/20/35 | 62 | 65 | ||||||||||
GNMA ARM, Pool G2 81447 | ||||||||||||
3.250%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 08/20/35 | 18 | 19 | ||||||||||
Total U.S. Government Mortgage-Backed Obligations | ||||||||||||
(Cost $5,157) | 5,281 | |||||||||||
Municipal Bonds [6.0%] | ||||||||||||
Florida [0.6%] | ||||||||||||
Florida State, Board of Administration Finance, Ser A, RB | ||||||||||||
1.258%, 07/01/25 | 225 | 228 | ||||||||||
Michigan [2.5%] | ||||||||||||
Michigan State, Finance Authority, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 12/01/22(B) | 930 | 1,025 | ||||||||||
Texas [2.9%] | ||||||||||||
Harris County, Port Authority of Houston, Ser B, GO | ||||||||||||
2.250%, 10/01/26 | 1,075 | 1,166 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $2,387) | 2,419 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
schedule of investments |
September 30, 2020 |
City National Rochdale Government Bond Fund (concluded) |
Description | Shares | Value (000) | ||||||||||
Short-Term Investment** [0.2%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 84,517 | $ | 85 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $85) | 85 | |||||||||||
Total Investments [99.6%] | ||||||||||||
(Cost $38,385) | $ | 39,863 | ||||||||||
Percentages are based on Net Assets of $40,036 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | 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. |
(B) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
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
GO — General Obligation
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
RB — Revenue Bond
Ser — Series
USD — U.S. Dollar
VAR — Variable
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Treasury Obligations | $ | — | $ | 21,520 | $ | — | $ | 21,520 | ||||||||
U.S. Government Agency Obligations | — | 10,558 | — | 10,558 | ||||||||||||
U.S. Government Mortgage-Backed Obligations | — | 5,281 | — | 5,281 | ||||||||||||
Municipal Bonds | — | 2,419 | — | 2,419 | ||||||||||||
Short-Term Investment | 85 | — | — | 85 | ||||||||||||
Total Investments in Securities | $ | 85 | $ | 39,778 | $ | — | $ | 39,863 | ||||||||
For the year ended September 30, 2020, there have been no transfers in or out of Level 3.
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 20
schedule of investments |
September 30, 2020 |
City National Rochdale Corporate Bond Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
Corporate Bonds [76.8%] | ||||||||||||
Air Transportation [2.0%] | ||||||||||||
FedEx | ||||||||||||
4.000%, 01/15/24 | $ | 2,350 | $ | 2,604 | ||||||||
Automotive [8.0%] | ||||||||||||
American Honda Finance, MTN | ||||||||||||
1.700%, 09/09/21 | 2,500 | 2,530 | ||||||||||
Daimler Finance North America | ||||||||||||
0.687%, VAR ICE LIBOR USD 3 Month+0.430%, 02/12/21(A) | 2,500 | 2,500 | ||||||||||
General Motors Financial | ||||||||||||
5.250%, 03/01/26 | 2,225 | 2,503 | ||||||||||
Toyota Motor Credit, MTN | ||||||||||||
2.250%, 10/18/23 | 3,000 | 3,149 | ||||||||||
Total Automotive | 10,682 | |||||||||||
Banks [7.7%] | ||||||||||||
BPCE | ||||||||||||
4.000%, 04/15/24 | 1,800 | 1,994 | ||||||||||
Cooperatieve Rabobank UA, MTN | ||||||||||||
2.500%, 01/19/21 | 2,500 | 2,517 | ||||||||||
National Australia Bank | ||||||||||||
4.375%, 12/10/20(A) | 751 | 757 | ||||||||||
Standard Chartered | ||||||||||||
3.950%, 01/11/23(A) | 2,250 | 2,337 | ||||||||||
Wells Fargo, MTN | ||||||||||||
3.300%, 09/09/24 | 2,500 | 2,723 | ||||||||||
Total Banks | 10,328 | |||||||||||
Broadcasting & Cable [1.2%] | ||||||||||||
Comcast | ||||||||||||
3.700%, 04/15/24 | 1,500 | 1,657 | ||||||||||
Chemicals [3.8%] | ||||||||||||
Dow Chemical | ||||||||||||
3.500%, 10/01/24 | 2,250 | 2,466 | ||||||||||
DuPont de Nemours | ||||||||||||
2.169%, 05/01/23 | 2,525 | 2,551 | ||||||||||
Total Chemicals | 5,017 | |||||||||||
Computer System Design & Services [2.8%] | ||||||||||||
Apple | ||||||||||||
3.450%, 05/06/24 | 3,450 | 3,803 | ||||||||||
Electric Utilities [2.7%] | ||||||||||||
Duke Energy | ||||||||||||
3.150%, 08/15/27 | 2,000 | 2,208 | ||||||||||
Exelon | ||||||||||||
2.450%, 04/15/21 | 1,445 | 1,457 | ||||||||||
Total Electric Utilities | 3,665 | |||||||||||
Fiduciary Banks [0.4%] | ||||||||||||
State Street | ||||||||||||
2.825%, VAR United States Secured Overnight Financing Rate+2.690%, 03/30/23(A) | 500 | 517 | ||||||||||
Food, Beverage & Tobacco [3.2%] | ||||||||||||
General Mills | ||||||||||||
2.600%, 10/12/22 | 2,450 | 2,550 | ||||||||||
Keurig Dr Pepper | ||||||||||||
3.200%, 11/15/21 | 1,750 | 1,790 | ||||||||||
Total Food, Beverage & Tobacco | 4,340 | |||||||||||
Industrials [1.2%] | ||||||||||||
Penske Truck Leasing LP | ||||||||||||
3.450%, 07/01/24(A) | 1,500 | 1,624 | ||||||||||
Investment Bank/Broker-Dealer [1.5%] | ||||||||||||
Jefferies Group | ||||||||||||
5.125%, 01/20/23 | 1,800 | 1,962 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 21
schedule of investments |
September 30, 2020 |
City National Rochdale Corporate Bond Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Medical Labs and Testing Srv [2.1%] | ||||||||||||
Laboratory Corp of America Holdings | ||||||||||||
3.600%, 02/01/25 | $ | 2,500 | $ | 2,776 | ||||||||
Medical Products & Services [2.1%] | ||||||||||||
Gilead Sciences | ||||||||||||
3.700%, 04/01/24 | 2,500 | 2,746 | ||||||||||
Medical-HMO [2.4%] | ||||||||||||
UnitedHealth Group | ||||||||||||
2.875%, 03/15/23 | 3,000 | 3,178 | ||||||||||
Petroleum & Fuel Products [8.1%] | ||||||||||||
Energy Transfer Operating | ||||||||||||
5.200%, 02/01/22 | 2,000 | 2,072 | ||||||||||
Shell International Finance BV | ||||||||||||
3.400%, 08/12/23 | 2,500 | 2,704 | ||||||||||
Sunoco Logistics Partners Operations | ||||||||||||
4.650%, 02/15/22 | 1,800 | 1,867 | ||||||||||
Total Capital International | ||||||||||||
2.875%, 02/17/22 | 4,000 | 4,135 | ||||||||||
Total Petroleum & Fuel Products | 10,778 | |||||||||||
Pharmacy Services [1.4%] | ||||||||||||
CVS Health | ||||||||||||
3.350%, 03/09/21 | 1,875 | 1,899 | ||||||||||
Real Estate Investment Trusts [2.1%] | ||||||||||||
Prologis | ||||||||||||
3.750%, 11/01/25 | 2,500 | 2,853 | ||||||||||
Security Brokers & Dealers [22.2%] | ||||||||||||
Banco Santander | ||||||||||||
2.746%, 05/28/25 | 2,600 | 2,727 | ||||||||||
Bank of America, MTN | ||||||||||||
3.500%, 04/19/26 | 2,400 | 2,689 | ||||||||||
Bank of Nova Scotia | ||||||||||||
2.450%, 03/22/21 | 1,230 | 1,242 | ||||||||||
Citigroup | ||||||||||||
1.676%, VAR ICE LIBOR USD 3 Month+1.430%, 09/01/23 | 3,000 | 3,050 | ||||||||||
Credit Suisse Group | ||||||||||||
3.574%, 01/09/23(A) | 2,500 | 2,586 | ||||||||||
Goldman Sachs Group | ||||||||||||
3.000%, 04/26/22 | 2,500 | 2,536 | ||||||||||
JPMorgan Chase | ||||||||||||
3.300%, 04/01/26 | 3,000 | 3,325 | ||||||||||
Mitsubishi UFJ Financial Group | ||||||||||||
3.218%, 03/07/22 | 2,765 | 2,869 | ||||||||||
Mizuho Financial Group | ||||||||||||
1.130%, VAR ICE LIBOR USD 3 Month+0.880%, 09/11/22 | 2,600 | 2,625 | ||||||||||
Morgan Stanley, MTN | ||||||||||||
3.750%, 02/25/23 | 2,000 | 2,147 | ||||||||||
Natwest Group | ||||||||||||
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/24 | 1,250 | 1,347 | ||||||||||
Sumitomo Mitsui Financial Group | ||||||||||||
2.846%, 01/11/22 | 2,500 | 2,573 | ||||||||||
Total Security Brokers & Dealers | 29,716 | |||||||||||
Telephones & Telecommunications [1.9%] | ||||||||||||
Verizon Communications | ||||||||||||
3.500%, 11/01/24 | 2,300 | 2,539 | ||||||||||
Total Corporate Bonds | ||||||||||||
(Cost $99,501) | 102,684 | |||||||||||
Municipal Bonds [15.7%] | ||||||||||||
California [4.7%] | ||||||||||||
California Municipal Finance Authority, RB | ||||||||||||
2.072%, 12/01/27 | 300 | 315 | ||||||||||
California State, GO | ||||||||||||
2.650%, 04/01/26 | 160 | 175 | ||||||||||
California State, Various Purpose, GO | ||||||||||||
3.500%, 04/01/28 | 3,700 | 4,292 | ||||||||||
University of California, Ser AX, GO | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
3.063%, 07/01/25 | 1,400 | 1,547 | ||||||||||
Total California | 6,329 | |||||||||||
New York [11.0%] | ||||||||||||
New York City, Build America Bonds, GO | ||||||||||||
5.424%, 03/01/25 | 2,500 | 2,969 | ||||||||||
New York City, Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||||||
2.880%, 11/01/26 | 2,000 | 2,217 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
schedule of investments |
September 30, 2020 |
City National Rochdale Corporate Bond Fund (continued) |
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser, RB, | ||||||||||||
5.008%, 08/01/27 | $ | 3,000 | $ | 3,645 | ||||||||
New York State, Urban Development, RB | ||||||||||||
3.100%, 03/15/24 | 3,500 | 3,764 | ||||||||||
New York State, Urban Development, Ser D-2, RB | ||||||||||||
Callable 09/15/27 @ 100 | ||||||||||||
3.320%, 03/15/29 | 1,850 | 2,027 | ||||||||||
Total New York | 14,622 | |||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $19,002) | 20,951 | |||||||||||
Asset-Backed Security [2.7%] | ||||||||||||
Carmax Auto Owner Trust, Ser 2018-4, Cl A3 | ||||||||||||
3.360%, 09/15/23 | 3,500 | 3,589 | ||||||||||
Total Asset-Backed Security | ||||||||||||
(Cost $3,500) | 3,589 | |||||||||||
Affiliated Registered Investment Company [2.7%] | ||||||||||||
City National Rochdale Fixed Income Opportunities Fund, Cl N‡ | 157,077 | 3,545 | ||||||||||
Total Affiliated Registered Investment Company | ||||||||||||
(Cost $4,000) | 3,545 | |||||||||||
Closed-End Fund [0.1%] | ||||||||||||
Stone Ridge Reinsurance Risk Premium Interval Fund | 4,302 | 176 | ||||||||||
Total Closed-End Fund | ||||||||||||
(Cost $209) | 176 | |||||||||||
Short-Term Investment** [1.6%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 2,193,132 | 2,193 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $2,193) | 2,193 | |||||||||||
Total Investments [99.6%] | ||||||||||||
(Cost $128,405) | $ | 133,138 | ||||||||||
Percentages are based on Net Assets of $133,654 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
‡ | Investment in Affiliate. |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2020, the value of these securities amounted to $10,321 (000), representing 7.7% of the net assets of the Fund. |
Cl — Class
GO — General Obligation
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
USD — U.S. Dollar
VAR — Variable Rate
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 102,684 | $ | — | $ | 102,684 | ||||||||
Municipal Bonds | — | 20,951 | — | 20,951 | ||||||||||||
Asset-Backed Security | — | 3,589 | — | 3,589 | ||||||||||||
Affiliated Registered Investment Company | 3,545 | — | — | 3,545 | ||||||||||||
Closed-End Fund | 176 | — | — | 176 | ||||||||||||
Short-Term Investment | 2,193 | — | — | 2,193 | ||||||||||||
Total Investments in Securities | $ | 5,914 | $ | 127,224 | $ | — | $ | 133,138 | ||||||||
For the year ended September 30, 2020, there have been no transfers in to or out of Level 3.
The following is a summary of the transactions with affiliates for the year ended September 30, 2020 (000):
City National | ||||
Beginning, Market Value balance as of 10/1/19 | $ | 3,804 | ||
Purchases at Cost | — | |||
Proceeds from Sales | — | |||
Realized Gain (Loss) | — | |||
Unrealized Gain (Loss) | (259 | ) | ||
Ending, Market Value balance as of 9/30/20 | $ | 3,545 | ||
Dividend Income | $ | 212 | ||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 23
schedule of investments |
September 30, 2020 |
City National Rochdale Corporate Bond Fund (concluded) |
City National | ||||
Beginning balance as of 9/30/19 | 157,077 | |||
Purchases | — | |||
Sales | — | |||
Ending balance as of 9/30/20 | 157,077 | |||
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 24
schedule of investments |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
Municipal Bonds [97.7%] | ||||||||||||
California [96.5%] | ||||||||||||
Anaheim Housing & Public Improvements Authority, Ser B, RB | ||||||||||||
Callable 04/01/23 @ 100 | ||||||||||||
5.000%, 10/01/27 | $ | 220 | $ | 245 | ||||||||
Bay Area, Water Supply & Conservation Agency, Ser A, RB | ||||||||||||
Callable 04/01/23 @ 100 | ||||||||||||
5.000%, 10/01/23 | 600 | 672 | ||||||||||
Brea, Redevelopment Agency Successor, Redevelopment Project, TA | ||||||||||||
Callable 08/01/23 @ 100 | ||||||||||||
5.000%, 08/01/25 | 500 | 563 | ||||||||||
California State University, Ser B, RB | ||||||||||||
1.766%, 11/01/25 | 1,000 | 1,045 | ||||||||||
California State, Department of Water Resources, RB | ||||||||||||
0.920%, 12/01/26 | 500 | 502 | ||||||||||
California State, Department of Water Resources, Ser A, RB | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
5.000%, 12/01/29 | 500 | 652 | ||||||||||
California State, GO | ||||||||||||
5.250%, 09/01/22 | 1,085 | 1,191 | ||||||||||
California State, GO | ||||||||||||
5.000%, 12/01/21 | 1,000 | 1,057 | ||||||||||
California State, GO | ||||||||||||
5.000%, 10/01/22 | 1,000 | 1,096 | ||||||||||
California State, GO | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.000%, 11/01/22 | 1,025 | 1,029 | ||||||||||
California State, GO | ||||||||||||
5.000%, 11/01/24 | 1,000 | 1,190 | ||||||||||
California State, GO | ||||||||||||
5.000%, 08/01/26 | 1,000 | 1,259 | ||||||||||
California State, GO | ||||||||||||
Callable 12/01/23 @ 100 | ||||||||||||
5.000%, 12/01/26 | 1,000 | 1,145 | ||||||||||
California State, GO | ||||||||||||
Callable 11/01/23 @ 100 | ||||||||||||
5.000%, 11/01/27 | 500 | 571 | ||||||||||
California State, GO | ||||||||||||
4.000%, 04/01/23 | 1,000 | 1,095 | ||||||||||
California State, Health Facilities Financing Authority, RB | ||||||||||||
5.000%, 10/01/39(A) | 1,000 | 1,215 | ||||||||||
California State, Health Facilities Financing Authority, Ser A, RB | ||||||||||||
Callable 11/15/22 @ 100 | ||||||||||||
5.000%, 11/15/25 | 665 | 725 | ||||||||||
California State, Health Facilities Financing Authority, Ser A, RB | ||||||||||||
Callable 07/01/23 @ 100 | ||||||||||||
5.000%, 07/01/28 | 1,000 | 1,112 | ||||||||||
California State, Health Facilities Financing Authority, Ser A-2, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.250%, 11/15/21(B) | 1,000 | 1,057 | ||||||||||
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB | ||||||||||||
5.000%, 07/01/43(A) | 1,075 | 1,077 | ||||||||||
California State, Infrastructure & Economic Development Bank, Ser B, RB | ||||||||||||
5.000%, 07/01/23 | 1,150 | 1,251 | ||||||||||
California State, Municipal Finance Authority, RB | ||||||||||||
5.000%, 06/01/23 | 200 | 224 | ||||||||||
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB | ||||||||||||
5.000%, 09/01/22 | 1,000 | 1,092 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
schedule of investments |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
California State, Public Works Board, Judicial Council, Ser B, RB | ||||||||||||
5.000%, 10/01/23 | $ | 475 | $ | 542 | ||||||||
California State, Public Works Board, RB | ||||||||||||
5.000%, 09/01/25 | 1,500 | 1,834 | ||||||||||
California State, Public Works Board, Ser B, RB | ||||||||||||
5.000%, 10/01/25 | 225 | 276 | ||||||||||
California State, Public Works Board, Ser C, RB | ||||||||||||
Callable 03/01/27 @ 100 | ||||||||||||
5.000%, 03/01/28 | 500 | 632 | ||||||||||
California State, Public Works Board, Ser S, RB | ||||||||||||
Callable 04/01/27 @ 100 | ||||||||||||
5.000%, 04/01/28 | 800 | 1,014 | ||||||||||
California State, Statewide Communities Development Authority, Cottage Health System, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 11/01/24(B) | 350 | 417 | ||||||||||
California State, University Systemwide Revenue, Ser A, RB | ||||||||||||
5.000%, 11/01/24 | 900 | 1,074 | ||||||||||
California State, University Systemwide Revenue, Ser A, RB | ||||||||||||
Callable 05/01/26 @ 100 | ||||||||||||
5.000%, 11/01/27 | 240 | 300 | ||||||||||
California State, University Systemwide Revenue, Ser B-1, RB | ||||||||||||
Callable 05/01/26 @ 100 | ||||||||||||
1.600%, 11/01/47(A) | 1,000 | 1,037 | ||||||||||
Chula Vista Elementary School District, RB | ||||||||||||
1.541%, 08/01/23(C) | 2,000 | 1,982 | ||||||||||
Chula Vista, Police Facility Project, COP | ||||||||||||
5.000%, 10/01/21 | 360 | 377 | ||||||||||
Contra Costa, Transportation Authority, Ser A, RB | ||||||||||||
5.000%, 03/01/27 | 420 | 533 | ||||||||||
East Bay, Municipal Utility District, Water System Revenue, Ser A, RB | ||||||||||||
Callable 06/01/25 @ 100 | ||||||||||||
5.000%, 06/01/29 | 850 | 1,030 | ||||||||||
El Dorado Irrigation District, Ser A, RB | ||||||||||||
Callable 03/01/30 @ 100 | ||||||||||||
5.000%, 03/01/32 | 200 | 270 | ||||||||||
Fremont, Public Financing Authority, RB | ||||||||||||
5.000%, 10/01/25 | 1,000 | 1,233 | ||||||||||
Gilroy, Public Facilities Financing Authority, RB | ||||||||||||
5.000%, 11/01/21 | 940 | 988 | ||||||||||
Golden State Tobacco Securitization, Ser A, RB | ||||||||||||
5.000%, 06/01/21 | 1,050 | 1,084 | ||||||||||
Jurupa, Unified School District, GO, AGM | ||||||||||||
5.000%, 08/01/22 | 1,000 | 1,084 | ||||||||||
Long Beach, Harbor Revenue, Ser A, RB | ||||||||||||
5.000%, 12/15/20 | 1,170 | 1,182 | ||||||||||
Long Beach, Harbor Revenue, Ser A, RB, AMT | ||||||||||||
5.000%, 05/15/27 | 500 | 623 | ||||||||||
Long Beach, Unified School District, GO | ||||||||||||
5.000%, 08/01/26 | 1,000 | 1,272 | ||||||||||
Los Angeles County, Disney Parking Hall Project, COP | ||||||||||||
5.000%, 09/01/22 | 500 | 544 | ||||||||||
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
5.000%, 07/01/26 | 500 | 610 | ||||||||||
Los Angeles County, Public Works Financing Authority, Ser E-2, RB | ||||||||||||
4.000%, 12/01/28 | 500 | 618 | ||||||||||
Los Angeles Department of Airports, Ser B, RB | ||||||||||||
5.000%, 05/15/25 | 1,000 | 1,203 | ||||||||||
Los Angeles, Department of Airports, Ser C, RB | ||||||||||||
5.000%, 05/15/25 | 640 | 765 | ||||||||||
Los Angeles, Department of Airports, Sub-Ser, RB, AMT | ||||||||||||
Callable 05/15/26 @ 100 | ||||||||||||
5.000%, 05/15/29 | 400 | 477 | ||||||||||
Los Angeles, Department of Water & Power, Power System Project, Ser C, RB | ||||||||||||
5.000%, 07/01/23 | 500 | 566 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
schedule of investments |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Los Angeles, Department of Water & Power, Sub-Ser A-3, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
0.060%, 07/01/35(A) | $ | 700 | $ | 700 | ||||||||
Los Angeles, Sanitation Districts Financing Authority, Ser A, RB | ||||||||||||
Callable 10/01/25 @ 100 | ||||||||||||
5.000%, 10/01/28 | 500 | 614 | ||||||||||
Los Angeles, Ser A, GO, ETM | ||||||||||||
5.000%, 09/01/21 | 270 | 282 | ||||||||||
Orange County, Airport Revenue, Ser A, RB | ||||||||||||
5.000%, 07/01/23 | 310 | 348 | ||||||||||
Orange County, Airport Revenue, Ser B, RB | ||||||||||||
5.000%, 07/01/22 | 500 | 537 | ||||||||||
Orange County, Redevelopment Agency Successor Agency, TA, AGM | ||||||||||||
5.000%, 09/01/23 | 320 | 362 | ||||||||||
Redding, Electric System Revenue, RB | ||||||||||||
5.000%, 06/01/24 | 600 | 706 | ||||||||||
Redding, Electric System Revenue, RB | ||||||||||||
5.000%, 06/01/25 | 250 | 305 | ||||||||||
Riverside County, Infrastructure Financing Authority, Ser A, RB | ||||||||||||
Callable 11/01/26 @ 100 | ||||||||||||
4.000%, 11/01/29 | 500 | 582 | ||||||||||
Riverside County, Transportation Commission, Ser A, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.250%, 06/01/23(B) | 500 | 568 | ||||||||||
Riverside, Electric System Revenue, Ser A, RB | ||||||||||||
5.000%, 10/01/23 | 1,000 | 1,145 | ||||||||||
Riverside, Public Financing Authority, Ser A, RB | ||||||||||||
5.000%, 11/01/21 | 1,100 | 1,158 | ||||||||||
San Diego County, Water Authority, Ser A, RB | ||||||||||||
1.531%, 05/01/30 | 2,000 | 2,026 | ||||||||||
San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB | ||||||||||||
Callable 07/01/27 @ 100 | ||||||||||||
5.000%, 07/01/28 | 350 | 425 | ||||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, RB, AMT | ||||||||||||
Callable 05/01/23 @ 100 | ||||||||||||
5.250%, 05/01/33 | 500 | 550 | ||||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Ser E, RB, AMT | ||||||||||||
Callable 05/01/29 @ 100 | ||||||||||||
5.000%, 05/01/34 | 330 | 406 | ||||||||||
San Francisco City & County, Airport Commission, Ser D, RB, AMT | ||||||||||||
5.000%, 05/01/21 | 1,000 | 1,023 | ||||||||||
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | ||||||||||||
Callable 10/01/25 @ 100 | ||||||||||||
5.000%, 10/01/27 | 1,000 | 1,229 | ||||||||||
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | ||||||||||||
Callable 11/01/24 @ 100 | ||||||||||||
5.000%, 11/01/28 | 500 | 593 | ||||||||||
San Francisco City & County, San Francisco International Airport, RB, AMT | ||||||||||||
5.000%, 05/01/27 | 2,000 | 2,477 | ||||||||||
San Joaquin Hills, Transportation Corridor Agency, Ser Senior Lien, RB, ETM | ||||||||||||
1.264%, 01/01/26(C) | 400 | 389 | ||||||||||
San Jose, International Airport, Ser A, RB, AMT | ||||||||||||
5.000%, 03/01/24 | 500 | 570 | ||||||||||
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB | ||||||||||||
Callable 06/15/24 @ 100 | ||||||||||||
5.000%, 06/15/26 | 1,035 | 1,211 | ||||||||||
San Pablo County, Redevelopment Agency, Ser A, TA, AGM | ||||||||||||
5.000%, 06/15/21 | 480 | 495 | ||||||||||
Santa Clara County, Financing Authority, Ser A, RB | ||||||||||||
5.000%, 05/01/29 | 1,000 | 1,350 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 27
schedule of investments |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Santa Clara County, Financing Authority, Ser A, RB | ||||||||||||
Callable 04/01/28 @ 100 | ||||||||||||
4.000%, 04/01/34 | $ | 1,000 | $ | 1,194 | ||||||||
Santa Clara Valley, Transportation Authority, Ser B, RB | ||||||||||||
5.000%, 06/01/26 | 200 | 252 | ||||||||||
Silicon Valley, Ser A, RB | ||||||||||||
Callable 09/01/23 @ 100 | ||||||||||||
3.000%, 03/01/24 | 1,000 | 1,072 | ||||||||||
Tahoe-Truckee, Unified School District, Ser B, GO | ||||||||||||
Callable 08/01/26 @ 100 | ||||||||||||
5.000%, 08/01/27 | 200 | 253 | ||||||||||
Tahoe-Truckee, Unified School District, Ser B, GO | ||||||||||||
Callable 08/01/26 @ 100 | ||||||||||||
5.000%, 08/01/28 | 200 | 249 | ||||||||||
Tustin, Unified School District, SPL Tax, BAM | ||||||||||||
5.000%, 09/01/24 | 525 | 617 | ||||||||||
University of California, Regents of the University of California Medical Center Pooled Revenue, Ser J, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 05/15/23(B) | 495 | 556 | ||||||||||
University of California, Regents of the University of California Medical Center Pooled Revenue, Ser J, RB | ||||||||||||
Callable 05/15/23 @ 100 | ||||||||||||
5.000%, 05/15/26 | 110 | 123 | ||||||||||
University of California, Revenues Limited Project, Ser E, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.000%, 05/15/22 | 500 | 502 | ||||||||||
University of California, Ser AJ, RB | ||||||||||||
3.639%, 05/15/23 | 455 | 493 | ||||||||||
University of California, Ser AT, RB | ||||||||||||
Callable 11/15/20 @ 100 | ||||||||||||
1.400%, 05/15/46(A) | 2,500 | 2,504 | ||||||||||
University of California, Ser AY, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
5.000%, 05/15/28 | 1,000 | 1,289 | ||||||||||
University of California, Ser G, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 05/15/22(B) | 230 | 248 | ||||||||||
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
University of California, Ser G, RB | ||||||||||||
Callable 05/15/22 @ 100 | ||||||||||||
5.000%, 05/15/26 | $ | 270 | $ | 291 | ||||||||
Westlands, Water District, Ser A, RB, AGM | ||||||||||||
Callable 09/01/26 @ 100 | ||||||||||||
5.000%, 09/01/27 | 1,000 | 1,259 | ||||||||||
Total California | 75,585 | |||||||||||
Florida [0.6%] | ||||||||||||
Florida State, Board of Administration Finance, Ser A, RB | ||||||||||||
1.705%, 07/01/27 | 500 | 507 | ||||||||||
Texas [0.6%] | ||||||||||||
Bexar County, Ser B, GO | ||||||||||||
5.000%, 06/15/28 | 350 | 451 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $73,250) | 76,543 | |||||||||||
Short-Term Investment** [0.8%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 616,707 | 617 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $617) | 617 | |||||||||||
Total Investments [98.5%] | ||||||||||||
(Cost $73,867) | $ | 77,160 | ||||||||||
Percentages are based on Net Assets of $78,352 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
(B) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
(C) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
schedule of investments |
September 30, 2020 |
City National Rochdale California Tax Exempt Bond Fund (concluded) |
AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
COP — Certificate of Participation
ETM — Escrowed to Maturity
GO — General Obligation
RB — Revenue Bond
Ser — Series
SPL Tax — Special Tax
TA — Tax Allocation
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | — | $ | 76,543 | $ | — | $ | 76,543 | ||||||||
Short-Term Investment | 617 | — | — | 617 | ||||||||||||
Total Investments in Securities | $ | 617 | $ | 76,543 | $ | — | $ | 77,160 | ||||||||
For the year ended September 30, 2020, there have been no transfers in or out of Level 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 29
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
Municipal Bonds [92.6%] | ||||||||||||
Alabama [1.7%] | ||||||||||||
Alabama State, Southeast Gas Supply District, Ser A, RB | ||||||||||||
Callable 03/01/24 @ 100 | ||||||||||||
4.000%, 06/01/49(A) | $ | 5,000 | $ | 5,537 | ||||||||
Jefferson County, Sewer Revenue, Ser D, RB | ||||||||||||
Callable 10/01/23 @ 105 | �� | |||||||||||
6.000%, 10/01/42 | 9,000 | 10,453 | ||||||||||
Jefferson County, Sewer Revenue, Sub-Ser, RB | ||||||||||||
Callable 10/01/23 @ 105 | ||||||||||||
0.836%, 7.750%, 10/01/23, 10/01/46(B) | 2,500 | 2,470 | ||||||||||
Tuscaloosa County, Industrial Development Authority, Ser A, RB | ||||||||||||
Callable 05/01/29 @ 100 | ||||||||||||
5.250%, 05/01/44(C) | 8,500 | 9,375 | ||||||||||
Total Alabama | 27,835 | |||||||||||
Alaska [0.6%] | ||||||||||||
Northern Arkansas, Tobacco Securitization, Ser A, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
5.000%, 06/01/46 | 9,500 | 9,547 | ||||||||||
Arizona [0.9%] | ||||||||||||
Arizona State, Industrial Development Authority, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
5.000%, 01/01/54 | 375 | 320 | ||||||||||
Arizona State, Industrial Development Authority, Ser A, RB | ||||||||||||
Callable 07/15/28 @ 100 | ||||||||||||
4.000%, 07/15/30(C) | 625 | 647 | ||||||||||
Arizona State, Industrial Development Authority, Ser A, RB | ||||||||||||
Callable 07/15/28 @ 100 | ||||||||||||
4.000%, 07/15/40(C) | 925 | 904 | ||||||||||
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
5.250%, 11/15/46 | 1,000 | 961 | ||||||||||
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
5.250%, 11/15/51 | 1,850 | 1,760 | ||||||||||
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
5.000%, 11/15/36 | 600 | 586 | ||||||||||
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB | ||||||||||||
5.750%, 07/01/24(C) | 1,150 | 1,235 | ||||||||||
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
5.000%, 07/01/45(C) | 3,300 | 3,434 | ||||||||||
Pima County, Industrial Development Authority, Noah Webster School Project, RB | ||||||||||||
Callable 12/15/23 @ 100 | ||||||||||||
7.000%, 12/15/43 | 1,500 | 1,648 | ||||||||||
Tempe, Industrial Development Authority, Mirrabella at ASU Project, Ser A, RB | ||||||||||||
Callable 10/01/27 @ 100 | ||||||||||||
6.125%, 10/01/52(C) | 1,200 | 1,232 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Yavapai County, Industrial Development Authority, Ser A, RB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.000%, 09/01/34(C) | $ | 2,015 | $ | 2,093 | ||||||||
Total Arizona | 14,820 | |||||||||||
Arkansas [0.5%] | ||||||||||||
Arkansas State, Development Finance Authority, RB, AMT | ||||||||||||
Callable 09/01/26 @ 103 | ||||||||||||
4.500%, 09/01/49(C) | 8,500 | 8,585 | ||||||||||
California [6.3%] | ||||||||||||
California County, Tobacco Securitization Agency, Ser A, RB | ||||||||||||
Callable 06/01/30 @ 100 | ||||||||||||
4.000%, 06/01/49 | 1,000 | 1,114 | ||||||||||
California County, Tobacco Securitization Agency, Sub-Ser A, RB | ||||||||||||
Callable 10/19/20 @ 19 | ||||||||||||
7.200%, 06/01/46(D) | 10,000 | 1,937 | ||||||||||
California State, Community Housing Agency, Ser A, RB | ||||||||||||
Callable 04/01/29 @ 100 | ||||||||||||
5.000%, 04/01/49(C) | 2,500 | 2,769 | ||||||||||
California State, Community Housing Agency, Ser A, RB | ||||||||||||
Callable 08/01/30 @ 100 | ||||||||||||
5.000%, 08/01/50(C) | 3,500 | 3,926 | ||||||||||
California State, GO | ||||||||||||
Callable 12/01/23 @ 100 | ||||||||||||
5.000%, 12/01/31 | 1,500 | 1,709 | ||||||||||
California State, Health Facilities Financing Authority, Ser A, RB | ||||||||||||
Callable 11/15/27 @ 100 | ||||||||||||
4.000%, 11/15/40 | 5,000 | 5,704 | ||||||||||
California State, Municipal Finance Authority, California Baptist University, Ser A, RB | ||||||||||||
Callable 11/01/25 @ 100 | ||||||||||||
5.500%, 11/01/45(C) | 4,000 | 4,217 | ||||||||||
California State, Municipal Finance Authority, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.000%, 06/01/43 | 6,620 | 7,762 | ||||||||||
California State, Municipal Finance Authority, Ser A, RB | ||||||||||||
Callable 11/01/26 @ 100 | ||||||||||||
5.250%, 11/01/36 | 255 | 294 | ||||||||||
California State, Municipal Finance Authority, Ser A, RB | ||||||||||||
Callable 11/01/26 @ 100 | ||||||||||||
5.000%, 11/01/47 | 1,005 | 1,113 | ||||||||||
California State, Pollution Control Financing Authority, Calplant I Project, RB, AMT | ||||||||||||
Callable 07/01/27 @ 100 | ||||||||||||
8.000%, 07/01/39(C) (E) | 5,000 | 3,262 | ||||||||||
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 | 5,843 | ||||||||||
California State, Public Works Board, Various Capital Projects, Ser A, RB | ||||||||||||
Callable 04/01/22 @ 100 | ||||||||||||
5.000%, 04/01/37 | 1,000 | 1,062 | ||||||||||
California State, School Finance Authority, KIPP LA Project, Ser A, RB | ||||||||||||
Callable 07/01/27 @ 100 | ||||||||||||
5.000%, 07/01/47(C) | 500 | 571 | ||||||||||
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 | 1,213 | ||||||||||
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 | 1,079 | ||||||||||
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 | 619 | ||||||||||
California State, Statewide Communities Development Authority, RB | ||||||||||||
Callable 06/01/25 @ 100 | ||||||||||||
7.000%, 06/01/45(E) | 3,155 | 126 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
California State, Statewide Communities Development Authority, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.250%, 12/01/43(C) | $ | 500 | $ | 565 | ||||||||
California State, Statewide Communities Development Authority, RB | ||||||||||||
Callable 12/01/24 @ 100 | ||||||||||||
5.250%, 12/01/44 | 5,380 | 5,796 | ||||||||||
California State, Statewide Communities Development Authority, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.250%, 12/01/48(C) | 2,000 | 2,237 | ||||||||||
California State, Statewide Communities Development Authority, Ser A, RB | ||||||||||||
Callable 06/01/26 @ 100 | ||||||||||||
5.250%, 12/01/56(C) | 1,500 | 1,623 | ||||||||||
California State, Statewide Financing Authority, Ser C, RB | ||||||||||||
Callable 10/19/20 @ 9 | ||||||||||||
15.080%, 06/01/55(D) | 50,000 | 3,586 | ||||||||||
Central Basin, Municipal Water District, Ser A, RB | ||||||||||||
Callable 08/01/28 @ 100 | ||||||||||||
5.000%, 08/01/44 | 2,000 | 2,073 | ||||||||||
Folsom Ranch, Financing Authority, SPL Tax | ||||||||||||
Callable 09/01/27 @ 100 | ||||||||||||
5.000%, 09/01/37 | 1,435 | 1,657 | ||||||||||
Folsom Ranch, Financing Authority, SPL Tax | ||||||||||||
Callable 09/01/27 @ 100 | ||||||||||||
5.000%, 09/01/47 | 2,000 | 2,263 | ||||||||||
Golden State, Tobacco Securitization, Ser A-1, RB | ||||||||||||
Callable 06/01/22 @ 100 | ||||||||||||
5.000%, 06/01/47 | 2,000 | 2,062 | ||||||||||
Golden State, Tobacco Securitization, Ser A-1, RB | ||||||||||||
Callable 06/01/22 @ 100 | ||||||||||||
3.500%, 06/01/36 | 8,895 | 9,017 | ||||||||||
Inland Empire, Tobacco Securitization Authority, RB | ||||||||||||
Callable 10/19/20 @ 36 | ||||||||||||
9.116%, 06/01/36(D) | 12,500 | 4,504 | ||||||||||
Natomas Unified School District, Ser A, GO, AGM | ||||||||||||
Callable 08/01/26 @ 100 | ||||||||||||
2.250%, 08/01/46 | 3,575 | 3,452 | ||||||||||
Orange County, Community Facilities District, SPL Tax | ||||||||||||
Callable 08/15/28 @ 100 | ||||||||||||
5.000%, 08/15/47 | 1,000 | 1,151 | ||||||||||
Oroville City, RB | ||||||||||||
Callable 04/01/29 @ 100 | ||||||||||||
5.250%, 04/01/39 | 750 | 820 | ||||||||||
Oroville City, RB | ||||||||||||
Callable 04/01/29 @ 100 | ||||||||||||
5.250%, 04/01/49 | 3,000 | 3,228 | ||||||||||
Palomar Community College District, GO | ||||||||||||
Callable 08/01/40 @ 100 | ||||||||||||
0.799%, 6.375%, 08/01/40, 08/01/45(B) | 6,000 | 6,329 | ||||||||||
Palomar Pomerado, Health Care District, COP | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
6.000%, 11/01/20(F) | 3,920 | 3,939 | ||||||||||
San Buenaventura, Community Memorial Health System Project, RB | ||||||||||||
Callable 12/01/21 @ 100 | ||||||||||||
7.500%, 12/01/41 | 1,000 | 1,049 | ||||||||||
San Buenaventura, Community Memorial Health System Project, RB | ||||||||||||
Callable 12/01/21 @ 100 | ||||||||||||
7.000%, 12/01/26 | 1,000 | 1,055 | ||||||||||
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 | 1,056 | ||||||||||
University of California, Ser BE, RB | ||||||||||||
Callable 05/15/30 @ 100 | ||||||||||||
4.000%, 05/15/40 | 2,500 | 2,979 | ||||||||||
Total California | 104,761 | |||||||||||
Colorado [8.4%] | ||||||||||||
9th Avenue Metropolitan District No. 2, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.000%, 12/01/48 | 1,000 | 1,036 | ||||||||||
Amber Creek, Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.125%, 12/01/47 | 1,065 | 1,078 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Amber Creek, Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/37 | $ | 750 | $ | 764 | ||||||||
Arkansas State, River Power Authority, Colorado Improvement Project, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
6.125%, 10/01/40 | 2,500 | 2,508 | ||||||||||
Base Village Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.750%, 12/01/46 | 3,055 | 3,163 | ||||||||||
Belleview Station Metropolitan District No. 2, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.125%, 12/01/46 | 3,375 | 3,426 | ||||||||||
Belleview Station Metropolitan District No. 2, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.000%, 12/01/36 | 1,500 | 1,527 | ||||||||||
Big Dry Creek Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.750%, 12/01/47 | 2,910 | 3,044 | ||||||||||
Brighton Crossing Metropolitan District No. 4, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/37 | 525 | 546 | ||||||||||
Brighton Crossing Metropolitan District No. 4, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/47 | 1,720 | 1,764 | ||||||||||
Broadway Park North Metropolitan District No. 2, GO | ||||||||||||
Callable 12/01/25 @ 103 | ||||||||||||
5.000%, 12/01/40(C) | 1,100 | 1,137 | ||||||||||
Broadway Park North Metropolitan District No. 2, GO | ||||||||||||
Callable 12/01/25 @ 103 | ||||||||||||
5.000%, 12/01/49(C) | 1,265 | 1,294 | ||||||||||
Broadway Station Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 06/01/24 @ 103 | ||||||||||||
5.125%, 12/01/48 | 1,500 | 1,556 | ||||||||||
Broadway Station Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 06/01/24 @ 103 | ||||||||||||
5.000%, 12/01/35 | 730 | 767 | ||||||||||
Buffalo Highlands Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.375%, 12/01/48 | 1,775 | 1,820 | ||||||||||
Canyons Metropolitan District No. 5, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
6.125%, 12/01/47 | 1,000 | 1,045 | ||||||||||
Canyons Metropolitan District No. 5, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
6.000%, 12/01/37 | 2,000 | 2,088 | ||||||||||
Castle Oaks, Metropolitan District No. 3, GO | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
6.250%, 12/01/20(F) | 2,860 | 2,974 | ||||||||||
Castle Oaks, Metropolitan District No. 3, GO | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.500%, 12/01/20(F) | 2,345 | 2,434 | ||||||||||
City & County of Denver Colorado, RB, AMT | ||||||||||||
Callable 10/01/23 @ 100 | ||||||||||||
5.000%, 10/01/32 | 2,000 | 2,010 | ||||||||||
Clear Creek Station, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/47 | 1,000 | 1,019 | ||||||||||
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
5.250%, 07/01/46(C) | 1,930 | 1,970 | ||||||||||
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
5.000%, 07/01/36(C) | 915 | 934 | ||||||||||
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
5.250%, 04/01/45(C) | 2,655 | 2,697 | ||||||||||
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
5.125%, 04/01/35(C) | 1,515 | 1,553 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Colorado State, Health Facilities Authority, Common Spirit Health, Ser A, RB | ||||||||||||
Callable 08/01/29 @ 100 | ||||||||||||
4.000%, 08/01/49 | $ | 8,120 | $ | 8,880 | ||||||||
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 | 2,137 | ||||||||||
Constitution Heights Metropolitan District, GO | ||||||||||||
Callable 06/01/25 @ 103 | ||||||||||||
5.000%, 12/01/49 | 1,260 | 1,308 | ||||||||||
Cottonwood Highlands Metropolitan District No. 1, Ser A, GO | ||||||||||||
Callable 06/01/24 @ 103 | ||||||||||||
5.000%, 12/01/49 | 1,400 | 1,423 | ||||||||||
Denver County, Health & Hospital Authority, Ser A, RB | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
4.000%, 12/01/35(C) | 1,835 | 1,979 | ||||||||||
Denver County, Health & Hospital Authority, Ser A, RB | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
4.000%, 12/01/36(C) | 2,305 | 2,477 | ||||||||||
Denver County, Health & Hospital Authority, Ser A, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
4.000%, 12/01/38 | 1,250 | 1,357 | ||||||||||
Denver County, Health & Hospital Authority, Ser A, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
4.000%, 12/01/39 | 1,000 | 1,082 | ||||||||||
Denver County, Health & Hospital Authority, Ser A, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
4.000%, 12/01/40 | 750 | 809 | ||||||||||
Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO | ||||||||||||
Callable 06/01/24 @ 103 | ||||||||||||
6.000%, 12/01/48 | 2,290 | 2,376 | ||||||||||
Denver, International Business Center, RB | ||||||||||||
4.000%, 12/01/48 | 350 | 355 | ||||||||||
Denver, Regional Transportation District, Denver Transportation Partners Project, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
6.000%, 01/15/41 | 1,000 | 1,002 | ||||||||||
Erie Highlands, Metropolitan District No. 1, GO | ||||||||||||
Callable 12/01/20 @ 103 | ||||||||||||
5.750%, 12/01/45 | 2,000 | 2,049 | ||||||||||
Erie Highlands, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.250%, 12/01/48 | 5,725 | 5,842 | ||||||||||
First Creek Village Metropolitan District, Ser A, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
5.000%, 12/01/39 | 595 | 636 | ||||||||||
First Creek Village Metropolitan District, Ser A, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
5.000%, 08/01/49 | 1,085 | 1,143 | ||||||||||
First Creek Village Metropolitan District, Ser A, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
3.000%, 12/01/29 | 524 | 535 | ||||||||||
Flatiron Meadows, Metropolitan District, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.125%, 12/01/46 | 2,000 | 2,032 | ||||||||||
Great Western Park, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 100 | ||||||||||||
5.000%, 12/01/46 | 1,825 | 1,847 | ||||||||||
Green Gables, Metropolitan District No. 1, Ser A, GO | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.300%, 12/01/21(F) | 2,500 | 2,625 | ||||||||||
Green Valley Ranch East Metropolitan District No. 6, Ser A, GO | ||||||||||||
Callable 09/01/25 @ 103 | ||||||||||||
5.875%, 12/01/50 | 1,195 | 1,237 | ||||||||||
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
4.375%, 12/01/47 | 750 | 764 | ||||||||||
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
4.125%, 12/01/40 | 575 | 584 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Karl’s Farm Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 09/01/25 @ 103 | ||||||||||||
5.625%, 12/01/50(C) | $ | 1,900 | $ | 1,942 | ||||||||
Karl’s Farm Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 09/01/25 @ 103 | ||||||||||||
5.375%, 12/01/40(C) | 645 | 660 | ||||||||||
Lewis Pointe, Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/20 @ 100 | ||||||||||||
6.000%, 12/01/44 | 2,590 | 2,594 | ||||||||||
Leyden Rock Metropolitan District No. 10, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.000%, 12/01/45 | 2,500 | 2,568 | ||||||||||
Leyden Rock Metropolitan District No. 10, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
4.375%, 12/01/33 | 1,500 | 1,535 | ||||||||||
Meadowlark Metropolitan District, Ser A-SENIOR-LIMITED, GO | ||||||||||||
Callable 09/01/25 @ 103 | ||||||||||||
5.125%, 12/01/50 | 750 | 756 | ||||||||||
Mirabelle Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 03/01/25 @ 103 | ||||||||||||
5.000%, 12/01/49 | 1,950 | 1,970 | ||||||||||
North Holly, Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.500%, 12/01/48 | 1,755 | 1,809 | ||||||||||
Overlook Metropolitan District, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.500%, 12/01/46 | 1,230 | 1,256 | ||||||||||
Serenity Ridge, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.125%, 12/01/37 | 550 | 570 | ||||||||||
Serenity Ridge, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.125%, 12/01/43 | 1,000 | 1,026 | ||||||||||
Sierra Ridge, Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.500%, 12/01/46 | 1,500 | 1,548 | ||||||||||
Solaris, Metropolitan District No. 3, Ser A, GO | ||||||||||||
5.000%, 12/01/36 | 700 | 722 | ||||||||||
Solaris, Metropolitan District No. 3, Ser A, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.000%, 12/01/46 | 2,530 | 2,595 | ||||||||||
Southglenn, Metropolitan District, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
5.000%, 12/01/46 | 3,675 | 3,727 | ||||||||||
Southglenn, Metropolitan District, GO | ||||||||||||
Callable 12/01/21 @ 103 | ||||||||||||
3.500%, 12/01/26 | 1,750 | 1,730 | ||||||||||
Southlands, Metropolitan District No. 1, Ser A-1, GO | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
5.000%, 12/01/37 | 500 | 535 | ||||||||||
Southlands, Metropolitan District No. 1, Ser A-1, GO | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
5.000%, 12/01/47 | 3,000 | 3,158 | ||||||||||
Stone Creek Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.625%, 12/01/47 | 2,000 | 2,079 | ||||||||||
Trails at Crowfoot Metropolitan District No. 3, Ser ES, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
5.000%, 12/01/49 | 3,620 | 3,660 | ||||||||||
Village at Dry Creek Metropolitan District No. 2, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
4.375%, 12/01/44 | 1,870 | 1,798 | ||||||||||
Villas Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/23 @ 103 | ||||||||||||
5.125%, 12/01/48 | 1,250 | 1,276 | ||||||||||
Water Valley, Metropolitan District No. 01, GO | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.250%, 12/01/40 | 545 | 570 | ||||||||||
Water Valley, Metropolitan District No. 01, GO | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.000%, 12/01/35 | 100 | 104 | ||||||||||
Water Valley, Metropolitan District No. 01, GO | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
4.000%, 12/01/33 | 375 | 370 | ||||||||||
Water Valley, Metropolitan District No. 02, GO | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.250%, 12/01/40 | 1,045 | 1,096 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Water Valley, Metropolitan District No. 02, GO | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
4.000%, 12/01/33 | $ | 250 | $ | 244 | ||||||||
Westcreek Metropolitan District No. 2, Ser A, GO | ||||||||||||
Callable 06/01/24 @ 103 | ||||||||||||
5.375%, 12/01/48 | 1,300 | 1,338 | ||||||||||
Whispering Pines Metropolitan District No. 1, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/37 | 1,685 | 1,738 | ||||||||||
Whispering Pines Metropolitan District No. 1, Ser A, GO | ||||||||||||
Callable 12/01/22 @ 103 | ||||||||||||
5.000%, 12/01/47 | 2,500 | 2,545 | ||||||||||
Wild Plum Metropolitan District, Ser A, GO | ||||||||||||
Callable 12/01/24 @ 103 | ||||||||||||
5.000%, 12/01/49 | 595 | 626 | ||||||||||
Willow Bend Metropolitan District, Ser A, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
5.000%, 12/01/39 | 600 | 618 | ||||||||||
Willow Bend Metropolitan District, Ser A, GO | ||||||||||||
Callable 09/01/24 @ 103 | ||||||||||||
5.000%, 12/01/49 | 1,000 | 1,021 | ||||||||||
Wyndham Hill Metropolitan District No. 2, Ser A, GO, BAM | ||||||||||||
Callable 12/01/28 @ 100 | ||||||||||||
4.000%, 12/01/49 | 1,500 | 1,666 | ||||||||||
Total Colorado | 140,083 | |||||||||||
Connecticut [0.7%] | ||||||||||||
Connecticut State, Health & Educational Facilities Authority, Ser A, RB | ||||||||||||
Callable 01/01/26 @ 102 | ||||||||||||
5.000%, 01/01/45(C) | 500 | 530 | ||||||||||
Connecticut State, Health & Educational Facilities Authority, Ser A, RB | ||||||||||||
Callable 01/01/26 @ 102 | ||||||||||||
5.000%, 01/01/55(C) | 750 | 789 | ||||||||||
Connecticut State, Health & Educational Facilities Authority, Ser R, RB | ||||||||||||
Callable 07/01/27 @ 100 | ||||||||||||
4.000%, 07/01/47 | 5,755 | 6,212 | ||||||||||
Tender Option Bond Trust Receipts, Ser 2016-XM0449, RB | ||||||||||||
Callable 06/01/26 @ 100 | ||||||||||||
13.600%, 12/01/45(A) (C) (G) | 3,335 | 4,940 | ||||||||||
Total Connecticut | 12,471 | |||||||||||
Delaware [0.1%] | ||||||||||||
Delaware State, Economic Development Authority, Indian River Power Project, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.375%, 10/01/45 | 2,000 | 2,005 | ||||||||||
District of Columbia [0.9%] | ||||||||||||
District of Columbia, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
4.000%, 07/01/39 | 730 | 790 | ||||||||||
District of Columbia, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
4.000%, 07/01/49 | 2,000 | 2,124 | ||||||||||
Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
5.000%, 10/01/47 | 1,540 | 1,834 | ||||||||||
Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
4.000%, 10/01/36 | 2,060 | 2,324 | ||||||||||
Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
4.000%, 10/01/44 | 4,965 | 5,471 | ||||||||||
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB | ||||||||||||
Callable 10/01/28 @ 100 | ||||||||||||
6.500%, 10/01/44 | 2,000 | 2,577 | ||||||||||
Total District of Columbia | 15,120 | |||||||||||
Florida [7.7%] | ||||||||||||
Alachua County, Health Facilities Authority, RB | ||||||||||||
Callable 11/15/24 @ 100 | ||||||||||||
6.375%, 11/15/49 | 5,190 | 5,145 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Alachua County, Health Facilities Authority, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
5.000%, 12/01/37 | $ | 8,095 | $ | 10,098 | ||||||||
Capital Trust Agency, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.375%, 07/01/54(C) | 1,500 | 1,567 | ||||||||||
Capital Trust Agency, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.125%, 07/01/39(C) | 1,500 | 1,572 | ||||||||||
Capital Trust Agency, RB | ||||||||||||
Callable 06/15/26 @ 100 | ||||||||||||
5.000%, 06/15/39(C) | 3,610 | 3,817 | ||||||||||
Capital Trust Agency, RB | ||||||||||||
Callable 07/01/30 @ 100 | ||||||||||||
5.000%, 01/01/55(C) | 3,000 | 3,004 | ||||||||||
Florida State, Capital Trust Agency, Silver Creek St. Augustine, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
7.000%, 01/01/35(A) (E) | 815 | 815 | ||||||||||
Florida State, Capital Trust Agency, Silver Creek St. Augustine, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.750%, 01/01/50(E) | 945 | 945 | ||||||||||
Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB | ||||||||||||
Callable 01/01/21 @ 103 | ||||||||||||
8.250%, 01/01/44(E) | 3,390 | 1,831 | ||||||||||
Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB | ||||||||||||
Callable 01/01/21 @ 103 | ||||||||||||
8.250%, 01/01/49(E) | 1,000 | 540 | ||||||||||
Florida State, Department of Transportation Turnpike System Revenue, Ser B, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
3.000%, 07/01/36 | 6,310 | 7,001 | ||||||||||
Florida State, Department of Transportation Turnpike System Revenue, Ser B, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
3.000%, 07/01/37 | 6,050 | 6,687 | ||||||||||
Florida State, Development Finance, RB | ||||||||||||
Callable 09/15/27 @ 100 | ||||||||||||
5.000%, 09/15/40(C) | 1,045 | 1,114 | ||||||||||
Florida State, Development Finance, RB | ||||||||||||
Callable 09/15/27 @ 100 | ||||||||||||
5.000%, 09/15/50(C) | 1,950 | 2,064 | ||||||||||
Florida State, Development Finance, RB, AMT | ||||||||||||
Callable 11/02/20 @ 105 | ||||||||||||
6.500%, 01/01/49(A) (C) | 9,500 | 8,218 | ||||||||||
Florida State, Development Finance, RB, AMT | ||||||||||||
Callable 05/01/22 @ 105 | ||||||||||||
5.000%, 05/01/29(C) | 3,500 | 3,739 | ||||||||||
Florida State, Development Finance, Renaissance Charter School Project, RB | ||||||||||||
Callable 06/15/25 @ 100 | ||||||||||||
6.125%, 06/15/46(C) | 4,930 | 5,453 | ||||||||||
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||||||
Callable 06/15/22 @ 100 | ||||||||||||
6.125%, 06/15/43(C) | 1,000 | 1,035 | ||||||||||
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||||||
Callable 06/15/24 @ 100 | ||||||||||||
6.125%, 06/15/44 | 3,000 | 3,214 | ||||||||||
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | ||||||||||||
Callable 06/15/24 @ 100 | ||||||||||||
6.000%, 06/15/34 | 2,110 | 2,278 | ||||||||||
Fort Pierce Florida, RB | ||||||||||||
5.000%, 09/01/30 | 215 | 275 | ||||||||||
Jacksonville, Educational Facilities Revenue, Jacksonville University Project, Ser B, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.000%, 06/01/53(C) | 1,000 | 974 | ||||||||||
Lakewood Ranch, Stewardship District, SAB | ||||||||||||
Callable 05/01/27 @ 100 | ||||||||||||
5.250%, 05/01/37 | 1,815 | 1,983 | ||||||||||
Miami-Dade County, Educational Facilities Authority, Ser A, RB | ||||||||||||
Callable 04/01/28 @ 100 | ||||||||||||
4.000%, 04/01/53 | 1,500 | 1,608 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB | ||||||||||||
Callable 09/15/24 @ 100 | ||||||||||||
5.250%, 09/15/44 | $ | 4,550 | $ | 4,851 | ||||||||
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(C) | 1,605 | 1,689 | ||||||||||
Miami-Dade County, Water & Sewer System Revenue, Ser B, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
4.000%, 10/01/49 | 5,000 | 5,798 | ||||||||||
Mid-Bay, Bridge Authority, Ser A, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
7.250%, 10/01/21(F) | 5,200 | 5,563 | ||||||||||
Mid-Bay, Bridge Authority, Ser A, RB | ||||||||||||
Callable 10/01/25 @ 100 | ||||||||||||
5.000%, 10/01/29 | 1,660 | 1,914 | ||||||||||
Mid-Bay, Bridge Authority, Ser A, RB | ||||||||||||
Callable 10/01/25 @ 100 | ||||||||||||
5.000%, 10/01/35 | 5,000 | 5,650 | ||||||||||
Osceola County, Finance Authority, Poinciana Parkway Project, Ser A, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.375%, 10/01/24(F) | 5,000 | 6,014 | ||||||||||
Osceola County, Transportation Revenue, Ser A-1, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
5.000%, 10/01/44 | 250 | 302 | ||||||||||
Osceola County, Transportation Revenue, Ser A-1, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
5.000%, 10/01/49 | 500 | 601 | ||||||||||
Osceola County, Transportation Revenue, Ser A-1, RB | ||||||||||||
Callable 10/01/29 @ 100 | ||||||||||||
4.000%, 10/01/54 | 800 | 881 | ||||||||||
Palm Beach County, Health Facilities Authority, RB | ||||||||||||
Callable 06/01/25 @ 103 | ||||||||||||
5.000%, 06/01/55 | 1,750 | 1,807 | ||||||||||
Palm Beach County, Health Facilities Authority, Ser B, RB | ||||||||||||
Callable 11/15/27 @ 103 | ||||||||||||
5.000%, 11/15/42 | 500 | 590 | ||||||||||
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB | ||||||||||||
Callable 06/01/22 @ 102 | ||||||||||||
7.500%, 06/01/49 | 2,000 | 2,189 | ||||||||||
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB | ||||||||||||
Callable 06/01/22 @ 102 | ||||||||||||
7.250%, 06/01/34 | 500 | 547 | ||||||||||
Village Community Development District No. 10, Village Community Development District No. 10, SAB | ||||||||||||
Callable 05/01/23 @ 100 | ||||||||||||
6.000%, 05/01/44 | 845 | 928 | ||||||||||
Village Community Development District No. 12, SAB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
4.250%, 05/01/43(C) | 2,485 | 2,663 | ||||||||||
Village Community Development District No. 12, SAB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
4.000%, 05/01/33(C) | 1,485 | 1,598 | ||||||||||
Village Community Development District No. 12, Village Community Development District No. 12, SAB | ||||||||||||
Callable 05/01/26 @ 100 | ||||||||||||
3.875%, 05/01/47 | 2,910 | 3,006 | ||||||||||
Village Community Development District No. 8, SAB, AGM | ||||||||||||
Callable 05/01/30 @ 100 | ||||||||||||
4.500%, 05/01/39 | 2,475 | 2,847 | ||||||||||
Village Community Development District No. 8, SAB, AGM | ||||||||||||
Callable 05/01/30 @ 100 | ||||||||||||
4.500%, 05/01/40 | 2,525 | 2,896 | ||||||||||
Total Florida | 127,311 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Georgia [1.8%] | ||||||||||||
Atlanta, Airport Passenger Facility Charge, Sub-Ser, RB, AMT | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
4.000%, 07/01/38 | $ | 2,560 | $ | 2,909 | ||||||||
Atlanta, Department of Aviation, Ser A, RB | ||||||||||||
Callable 01/01/24 @ 100 | ||||||||||||
5.000%, 01/01/31 | 2,500 | 2,818 | ||||||||||
Atlanta, Department of Aviation, Ser B, RB, AMT | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
4.000%, 07/01/49 | 3,885 | 4,310 | ||||||||||
Burke County, Development Authority, RB | ||||||||||||
2.925%, 11/01/53(A) | 5,000 | 5,337 | ||||||||||
Gainesville & Hall County, Development Authority, Riverside Military Academy, RB | ||||||||||||
Callable 03/01/27 @ 100 | ||||||||||||
5.000%, 03/01/47 | 4,000 | 3,560 | ||||||||||
Main Street Natural Gas, Ser A, RB | ||||||||||||
Callable 05/15/29 @ 100 | ||||||||||||
5.000%, 05/15/43 | 600 | 706 | ||||||||||
Main Street Natural Gas, Ser A, RB | ||||||||||||
5.000%, 05/15/49 | 6,000 | 8,553 | ||||||||||
Rockdale County, Development Authority, Pratt Paper Project, RB, AMT | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
4.000%, 01/01/38(C) | 1,000 | 1,079 | ||||||||||
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB | ||||||||||||
Callable 01/01/24 @ 100 | ||||||||||||
7.250%, 01/01/49 | 810 | 882 | ||||||||||
Total Georgia | 30,154 | |||||||||||
Illinois [9.2%] | ||||||||||||
Aurora, Tax Increase Revenue, Ser A, RB | ||||||||||||
5.000%, 12/30/27 | 900 | 915 | ||||||||||
Bridgeview Village, Ser A, GO | ||||||||||||
Callable 12/01/25 @ 100 | ||||||||||||
5.750%, 12/01/35 | 2,000 | 1,984 | ||||||||||
Bridgeview Village, Ser A, GO | ||||||||||||
Callable 06/01/24 @ 100 | ||||||||||||
5.500%, 12/01/43 | 4,880 | 4,643 | ||||||||||
Chicago, Board of Education, Ser A, GO | ||||||||||||
Callable 12/01/28 @ 100 | ||||||||||||
5.000%, 12/01/34 | 1,000 | 1,095 | ||||||||||
Chicago, Board of Education, Ser A, GO | ||||||||||||
Callable 12/01/28 @ 100 | ||||||||||||
5.000%, 12/01/35 | 1,250 | 1,363 | ||||||||||
Chicago, Board of Education, Ser B, GO | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
7.000%, 12/01/42(C) | 5,000 | 6,208 | ||||||||||
Chicago, Board of Education, Ser D, GO | ||||||||||||
Callable 12/01/28 @ 100 | ||||||||||||
5.000%, 12/01/46 | 2,000 | 2,130 | ||||||||||
Chicago, Board of Education, Ser G, GO | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
5.000%, 12/01/34 | 2,000 | 2,183 | ||||||||||
Chicago, Midway International Airport, Ser B, RB | ||||||||||||
Callable 01/01/24 @ 100 | ||||||||||||
5.000%, 01/01/35 | 3,000 | 3,320 | ||||||||||
Chicago, Midway International Airport, Ser B, RB | ||||||||||||
Callable 01/01/23 @ 100 | ||||||||||||
5.000%, 01/01/35 | 2,000 | 2,151 | ||||||||||
Chicago, Ser A, GO | ||||||||||||
Callable 01/01/27 @ 100 | ||||||||||||
6.000%, 01/01/38 | 9,000 | 9,829 | ||||||||||
Chicago, Ser A, GO | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.500%, 01/01/35 | 5,000 | 5,468 | ||||||||||
Chicago, Ser A, GO | ||||||||||||
5.000%, 01/01/27 | 1,750 | 1,882 | ||||||||||
Chicago, Ser A, GO | ||||||||||||
Callable 01/01/24 @ 100 | ||||||||||||
5.000%, 01/01/30 | 1,000 | 1,032 | ||||||||||
Chicago, Ser A, GO | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.000%, 01/01/40 | 1,500 | 1,537 | ||||||||||
Chicago, Ser C, GO | ||||||||||||
5.000%, 01/01/26 | 2,000 | 2,139 | ||||||||||
County of Cook Illinois, Ser A, GO | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
5.000%, 11/15/31 | 2,400 | 2,846 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 39
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Illinois State, Finance Authority, Admiral at Lake Project, RB | ||||||||||||
Callable 05/15/24 @ 103 | ||||||||||||
5.500%, 05/15/54 | $ | 2,000 | $ | 1,795 | ||||||||
Illinois State, Finance Authority, Admiral at Lake Project, RB | ||||||||||||
Callable 05/15/24 @ 103 | ||||||||||||
5.250%, 05/15/42 | 1,000 | 899 | ||||||||||
Illinois State, Finance Authority, Columbia College Chicago, Ser S, RB | ||||||||||||
Callable 12/01/25 @ 100 | ||||||||||||
4.125%, 12/01/30 | 1,505 | 1,579 | ||||||||||
Illinois State, Finance Authority, Presence Health Network, Ser C, RB | ||||||||||||
Callable 02/15/27 @ 100 | ||||||||||||
5.000%, 02/15/36 | 4,535 | 5,450 | ||||||||||
Illinois State, Finance Authority, Presence Health Network, Ser C, RB | ||||||||||||
Callable 02/15/27 @ 100 | ||||||||||||
5.000%, 02/15/41 | 1,000 | 1,184 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 09/01/29 @ 100 | ||||||||||||
5.000%, 09/01/38 | 250 | 275 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 09/01/29 @ 100 | ||||||||||||
5.000%, 09/01/40 | 250 | 273 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
5.000%, 12/01/49 | 5,595 | 6,132 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 05/15/26 @ 100 | ||||||||||||
5.000%, 05/15/50(A) | 1,200 | 1,459 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 09/01/29 @ 100 | ||||||||||||
4.000%, 09/01/37 | 350 | 357 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 09/01/29 @ 100 | ||||||||||||
4.000%, 09/01/41 | 500 | 504 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 10/01/30 @ 100 | ||||||||||||
4.000%, 10/01/50 | 3,130 | 3,359 | ||||||||||
Illinois State, Finance Authority, RB | ||||||||||||
Callable 10/01/30 @ 100 | ||||||||||||
4.000%, 10/01/55 | 4,500 | 4,810 | ||||||||||
Illinois State, Finance Authority, Ser A, RB | ||||||||||||
Callable 11/01/26 @ 103 | ||||||||||||
5.000%, 11/01/49 | 2,000 | 2,081 | ||||||||||
Illinois State, Finance Authority, Ser B-1, RB | ||||||||||||
Callable 05/15/24 @ 100 | ||||||||||||
5.000%, 05/15/50(A) | 1,500 | 1,727 | ||||||||||
Illinois State, Finance Authority, Wesleyan University, RB | ||||||||||||
Callable 09/01/26 @ 100 | ||||||||||||
4.000%, 09/01/41 | 6,640 | 6,973 | ||||||||||
Illinois State, GO | ||||||||||||
Callable 05/01/24 @ 100 | ||||||||||||
5.000%, 05/01/27 | 6,500 | 6,872 | ||||||||||
Illinois State, GO | ||||||||||||
Callable 05/01/24 @ 100 | ||||||||||||
5.000%, 05/01/31 | 5,000 | 5,198 | ||||||||||
Illinois State, GO | ||||||||||||
Callable 05/01/24 @ 100 | ||||||||||||
5.000%, 05/01/35 | 5,000 | 5,132 | ||||||||||
Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB | ||||||||||||
Callable 01/01/26 @ 100 | ||||||||||||
5.600%, 01/01/56(C) | 5,200 | 5,098 | ||||||||||
Illinois State, Ser A, GO | ||||||||||||
5.000%, 10/01/23 | �� | 4,000 | 4,239 | |||||||||
Illinois State, Ser B, GO | ||||||||||||
5.000%, 10/01/23 | 2,000 | 2,120 | ||||||||||
Illinois State, Ser D, GO | ||||||||||||
3.250%, 11/01/26 | 8,175 | 8,051 | ||||||||||
Milton Grove, Tax Increment Revenue, RB | ||||||||||||
Callable 01/01/26 @ 100 | ||||||||||||
5.000%, 01/01/39 | 2,000 | 1,905 | ||||||||||
Milton Grove, Tax Increment Revenue, RB | ||||||||||||
Callable 01/01/26 @ 100 | ||||||||||||
4.250%, 01/01/29 | 880 | 851 | ||||||||||
Romeoville Village, Lewis University, Ser B, RB | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
4.125%, 10/01/41 | 1,250 | 1,289 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Romeoville Village, Lewis University, Ser B, RB | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
4.125%, 10/01/46 | $ | 1,500 | $ | 1,539 | ||||||||
Sales Tax Securitization, RB | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.000%, 01/01/30 | 1,000 | 1,200 | ||||||||||
Sales Tax Securitization, Ser A, RB | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.000%, 01/01/31 | 1,000 | 1,192 | ||||||||||
Sales Tax Securitization, Ser A, RB | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.000%, 01/01/32 | 1,000 | 1,186 | ||||||||||
Southern Illinois University, Ser B, RB | ||||||||||||
Callable 10/01/22 @ 100 | ||||||||||||
5.000%, 04/01/26 | 2,105 | 2,177 | ||||||||||
Southwestern Illinois, Development Authority, Collinsville Project, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.350%, 03/01/31 | 75 | 50 | ||||||||||
University of Illinois, Ser B, COP | ||||||||||||
Callable 10/01/26 @ 100 | ||||||||||||
5.000%, 10/01/27 | 1,500 | 1,816 | ||||||||||
Upper Illinois, River Valley Development Authority, RB | ||||||||||||
Callable 12/01/28 @ 100 | ||||||||||||
5.000%, 12/01/43 | 2,000 | 2,305 | ||||||||||
Village of Bolingbrook, Special Service Area No. 1, SPL Tax | ||||||||||||
Callable 03/01/28 @ 100 | ||||||||||||
5.250%, 03/01/41 | 3,500 | 3,478 | ||||||||||
Village of Gilberts, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
5.000%, 11/15/34 | 3,109 | 3,070 | ||||||||||
Village of Hodgkins, Redevelopment Project Area #4, TA | ||||||||||||
Callable 01/01/27 @ 100 | ||||||||||||
5.625%, 01/01/37 | 5,190 | 5,162 | ||||||||||
Total Illinois | 153,512 | |||||||||||
Indiana [1.1%] | ||||||||||||
Allen County, Storypoint Fort Wayne Project, RB | ||||||||||||
Callable 01/15/24 @ 104 | ||||||||||||
6.875%, 01/15/52(C) | 1,265 | 1,246 | ||||||||||
Anderson Indiana, RB | ||||||||||||
Callable 01/01/27 @ 102 | ||||||||||||
5.375%, 01/01/40 | 2,745 | 2,775 | ||||||||||
Anderson Indiana, RB | ||||||||||||
5.000%, 01/01/25 | 250 | 250 | ||||||||||
Anderson Indiana, RB | ||||||||||||
4.180%, 01/01/23 | 850 | 849 | ||||||||||
Carmel, Barrington Carmel Project, Ser A, RB | ||||||||||||
Callable 11/15/22 @ 100 | ||||||||||||
7.125%, 11/15/47(E) | 995 | 10 | ||||||||||
Carmel, Barrington Carmel Project, Ser A, RB | ||||||||||||
Callable 11/15/22 @ 100 | ||||||||||||
7.000%, 11/15/32(E) | 547 | 5 | ||||||||||
Chesterton, Storypoint Chesterton Project, RB | ||||||||||||
Callable 01/15/24 @ 104 | ||||||||||||
6.375%, 01/15/51(C) | 2,100 | 2,068 | ||||||||||
Indiana State, Finance Authority, Republic Services Project, RB, AMT | ||||||||||||
0.280%, 05/01/34(A) | 2,250 | 2,252 | ||||||||||
Indianapolis, Ritter Affordable Assisted Living Project, RB | ||||||||||||
Callable 12/01/22 @ 102 | ||||||||||||
6.900%, 12/01/33 | 4,000 | 3,738 | ||||||||||
Lafayette City, Finance Authority, Glasswater Creek Project, RB | ||||||||||||
Callable 07/01/26 @ 101 | ||||||||||||
5.800%, 01/01/37 | 3,310 | 3,412 | ||||||||||
Terre Haute, Westminster Village Project, RB | ||||||||||||
Callable 08/01/22 @ 100 | ||||||||||||
6.000%, 08/01/39 | 2,355 | 2,403 | ||||||||||
Total Indiana | 19,008 | |||||||||||
Iowa [0.5%] | ||||||||||||
Iowa State, Finance Authority, Child Serve Project, Ser B, RB | ||||||||||||
Callable 06/01/25 @ 100 | ||||||||||||
5.000%, 06/01/36 | 2,000 | 2,032 | ||||||||||
Iowa State, Finance Authority, RB | ||||||||||||
Callable 12/01/20 @ 103 | ||||||||||||
3.125%, 12/01/22 | 620 | 628 | ||||||||||
Iowa State, Finance Authority, Ser A, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
5.000%, 05/15/43 | 2,000 | 2,125 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Iowa State, Tobacco Settlement Authority, Ser C, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.625%, 06/01/46 | $ | 1,665 | $ | 1,689 | ||||||||
Iowa State, Tobacco Settlement Authority, Ser C, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.500%, 06/01/42 | 1,180 | 1,197 | ||||||||||
Total Iowa | 7,671 | |||||||||||
Kansas [0.9%] | ||||||||||||
Kansas State, Development Finance Authority, Village Shalom Project, Ser A, RB | ||||||||||||
Callable 11/15/23 @ 104 | ||||||||||||
5.500%, 11/15/38 | 500 | 504 | ||||||||||
Kansas State, Development Finance Authority, Village Shalom Project, Ser A, RB | ||||||||||||
Callable 11/15/23 @ 104 | ||||||||||||
5.250%, 11/15/53 | 4,190 | 3,881 | ||||||||||
University of Kansas, Hospital Authority, Ser A, RB | ||||||||||||
Callable 03/01/27 @ 100 | ||||||||||||
4.000%, 03/01/42 | 5,000 | 5,579 | ||||||||||
Wichita City, Masonic Home, Ser II-A, RB | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.375%, 12/01/46 | 1,500 | 1,460 | ||||||||||
Wichita City, Masonic Home, Ser II-A, RB | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.250%, 12/01/36 | 500 | 498 | ||||||||||
Wyandotte County, Kansas City Unified Government, RB | ||||||||||||
Callable 09/01/25 @ 100 | ||||||||||||
5.750%, 09/01/32 | 4,080 | 3,696 | ||||||||||
Total Kansas | 15,618 | |||||||||||
Kentucky [1.5%] | ||||||||||||
County of Trimble Kentucky, RB, AMT | ||||||||||||
1.300%, 09/01/44(A) | 1,000 | 997 | ||||||||||
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB | ||||||||||||
Callable 05/15/26 @ 100 | ||||||||||||
5.000%, 05/15/46 | 4,500 | 4,386 | ||||||||||
Kentucky State, Economic Development Finance Authority, Republic Services, Inc. Project, Ser 2010A, RB, AMT | ||||||||||||
0.280%, 04/01/31(A) | 2,750 | 2,752 | ||||||||||
Kentucky State, Economic Development Finance Authority, Ser A-, RB | ||||||||||||
Callable 08/01/29 @ 100 | ||||||||||||
5.000%, 08/01/44 | 1,000 | 1,196 | ||||||||||
Kentucky State, Public Energy Authority, Ser B, RB | ||||||||||||
Callable 10/01/24 @ 100 | ||||||||||||
4.000%, 01/01/49(A) | 2,500 | 2,802 | ||||||||||
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, RB | ||||||||||||
Callable 07/01/23 @ 100 | ||||||||||||
5.750%, 07/01/49 | 5,650 | 6,142 | ||||||||||
Kentucky State, Public Transportation Infrastructure Authority, Ser C, RB | ||||||||||||
Callable 11/01/27 @ 100 | ||||||||||||
4.000%, 02/01/50(A) | 5,000 | 5,875 | ||||||||||
Total Kentucky | 24,150 | |||||||||||
Louisiana [1.2%] | ||||||||||||
Juban Crossing, Economic Development District, General Infrastructure Project, Ser C, RB | ||||||||||||
Callable 03/15/25 @ 100 | ||||||||||||
7.000%, 09/15/44(C) | 5,665 | 4,889 | ||||||||||
Louisiana State, Public Facilities Authority, Loyola University Project, RB | ||||||||||||
Callable 10/01/21 @ 100 | ||||||||||||
5.000%, 10/01/41 | 5,000 | 5,058 | ||||||||||
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | ||||||||||||
Callable 07/01/23 @ 100 | ||||||||||||
10.500%, 07/01/39(E) | 1,435 | — | ||||||||||
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | ||||||||||||
7.000%, 07/01/24(C) (E) | 1,319 | — | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
8.375%, 07/01/39(E) | $ | 3,474 | $ | — | ||||||||
Parish of State James Louisiana, NuStar Logistics, RB | ||||||||||||
6.100%, 06/01/38(A) (C) | 1,750 | 2,067 | ||||||||||
Parish of State John the Baptist Louisiana, RB | ||||||||||||
2.375%, 06/01/37(A) | 4,000 | 4,051 | ||||||||||
Parish of State John the Baptist Louisiana, RB | ||||||||||||
2.100%, 06/01/37(A) | 3,770 | 3,790 | ||||||||||
Total Louisiana | 19,855 | |||||||||||
Maine [0.1%] | ||||||||||||
Maine State, Financing Authority, Casella Waste Systems Project, RB, AMT | ||||||||||||
4.375%, 08/01/35(A) (C) | 1,000 | 1,081 | ||||||||||
Maryland [1.3%] | ||||||||||||
Baltimore, Harbor Point Project, RB | ||||||||||||
Callable 06/01/26 @ 100 | ||||||||||||
5.000%, 06/01/36 | 1,000 | 1,034 | ||||||||||
Baltimore, RB | ||||||||||||
Callable 06/01/29 @ 100 | ||||||||||||
3.625%, 06/01/46(C) | 1,370 | 1,256 | ||||||||||
Baltimore, RB | ||||||||||||
Callable 06/01/29 @ 100 | ||||||||||||
3.500%, 06/01/39(C) | 650 | 608 | ||||||||||
Baltimore, Sub-Ser B, RB | ||||||||||||
Callable 06/01/23 @ 100 | ||||||||||||
3.875%, 06/01/46(C) | 350 | 324 | ||||||||||
Baltimore, Sub-Ser B, RB | ||||||||||||
Callable 06/01/23 @ 100 | ||||||||||||
3.700%, 06/01/39(C) | 200 | 188 | ||||||||||
Brunswick, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.000%, 07/01/36 | 1,550 | 1,630 | ||||||||||
Brunswick, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
4.000%, 07/01/29 | 950 | 969 | ||||||||||
Frederick County, RB | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
3.750%, 07/01/39 | 1,410 | 1,316 | ||||||||||
Frederick County, RB | ||||||||||||
3.250%, 07/01/29 | 890 | 871 | ||||||||||
Howard County, Annapolis Junction Town Center Project, TA | ||||||||||||
Callable 02/15/24 @ 100 | ||||||||||||
6.100%, 02/15/44 | 1,425 | 1,358 | ||||||||||
Howard County, Annapolis Junction Town Center Project, TA | ||||||||||||
Callable 02/15/24 @ 100 | ||||||||||||
5.800%, 02/15/34 | 725 | 703 | ||||||||||
Howard County, Downtown Columbia Project, Ser A, TA | ||||||||||||
Callable 02/15/26 @ 100 | ||||||||||||
4.500%, 02/15/47(C) | 1,250 | 1,261 | ||||||||||
Howard County, Downtown Columbia Project, Ser A, TA | ||||||||||||
Callable 02/15/26 @ 100 | ||||||||||||
4.375%, 02/15/39(C) | 1,000 | 1,011 | ||||||||||
Prince George’s County, RB | ||||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
5.250%, 07/01/48(C) | 2,000 | 2,107 | ||||||||||
Prince George’s County, RB | ||||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
5.125%, 07/01/39(C) | 1,000 | 1,054 | ||||||||||
Westminster, Luther Village Millers Grant Project, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
6.250%, 07/01/44 | 3,780 | 4,088 | ||||||||||
Westminster, Luther Village Millers Grant Project, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
6.125%, 07/01/39 | 750 | 811 | ||||||||||
Westminster, Luther Village Millers Grant Project, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
6.000%, 07/01/34 | 1,205 | 1,305 | ||||||||||
Total Maryland | 21,894 | |||||||||||
Massachusetts [0.8%] | ||||||||||||
Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB | ||||||||||||
Callable 10/01/26 @ 100 | ||||||||||||
5.000%, 10/01/36 | 2,305 | 2,588 | ||||||||||
Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB | ||||||||||||
Callable 10/01/26 @ 100 | ||||||||||||
4.000%, 10/01/46 | 4,120 | 4,259 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Massachusetts State, Development Finance Agency, Ser A, RB | ||||||||||||
Callable 10/01/26 @ 100 | ||||||||||||
5.000%, 10/01/43 | $ | 2,000 | $ | 2,213 | ||||||||
Massachusetts State, Development Finance Agency, Ser A, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.000%, 07/01/44 | 500 | 573 | ||||||||||
Massachusetts State, Development Finance Agency, Ser S, RB | ||||||||||||
Callable 07/15/30 @ 100 | ||||||||||||
5.000%, 07/15/46(C) | 750 | 855 | ||||||||||
Massachusetts State, Development Finance Agency, Western New England University, RB | ||||||||||||
Callable 09/01/28 @ 100 | ||||||||||||
5.000%, 09/01/43 | 2,000 | 2,259 | ||||||||||
Total Massachusetts | 12,747 | |||||||||||
Michigan [1.5%] | ||||||||||||
Detroit City, GO | ||||||||||||
Callable 04/01/28 @ 100 | ||||||||||||
5.000%, 04/01/38 | 625 | 650 | ||||||||||
Kalamazoo Economic Development, RB | ||||||||||||
Callable 05/15/27 @ 103 | ||||||||||||
5.000%, 05/15/55 | 3,750 | 3,925 | ||||||||||
Michigan State, Finance Authority, Hospital Presbyterian Village, RB | ||||||||||||
Callable 11/15/25 @ 100 | ||||||||||||
5.250%, 11/15/35 | 2,340 | 2,447 | ||||||||||
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB | ||||||||||||
Callable 12/01/20 @ 100 | ||||||||||||
6.500%, 12/01/40 | 3,745 | 3,750 | ||||||||||
Michigan State, Finance Authority, Ser A, RB | ||||||||||||
Callable 11/02/29 @ 100 | ||||||||||||
5.000%, 11/15/48 | 6,800 | 8,291 | ||||||||||
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.875%, 12/01/30 | 2,000 | 2,001 | ||||||||||
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
5.125%, 06/01/22 | 2,055 | 2,057 | ||||||||||
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
6.875%, 06/01/42 | 2,000 | 2,011 | ||||||||||
Total Michigan | 25,132 | |||||||||||
Minnesota [0.8%] | ||||||||||||
Anoka, Housing Revenue Authority, Homestead Project, RB | ||||||||||||
Callable 11/01/24 @ 103 | ||||||||||||
4.750%, 11/01/35 | 3,000 | 3,148 | ||||||||||
Bethel, Senior Housing Revenue, Lodge at Lakes at Stillwater Project, RB | ||||||||||||
Callable 06/01/23 @ 102 | ||||||||||||
5.250%, 06/01/58 | 2,840 | 2,876 | ||||||||||
Bethel, Senior Housing Revenue, RB | ||||||||||||
Callable 05/01/24 @ 102 | ||||||||||||
4.500%, 05/01/49 | 1,355 | 1,358 | ||||||||||
Minneapolis State, Riverton Community Housing Project, RB | ||||||||||||
Callable 08/01/24 @ 102 | ||||||||||||
5.000%, 08/01/53(C) | 500 | 504 | ||||||||||
Minneapolis State, Riverton Community Housing Project, RB | ||||||||||||
Callable 08/01/24 @ 102 | ||||||||||||
4.750%, 08/01/43(C) | 1,600 | 1,574 | ||||||||||
Rochester, RB | ||||||||||||
Callable 05/15/28 @ 100 | ||||||||||||
4.000%, 11/15/48 | 2,000 | 2,236 | ||||||||||
West Saint Paul, Walker Westwood Ridge Camp, RB | ||||||||||||
Callable 11/01/25 @ 100 | ||||||||||||
5.000%, 11/01/49 | 1,150 | 1,146 | ||||||||||
Total Minnesota | 12,842 | |||||||||||
Missouri [2.0%] | ||||||||||||
Blue Springs, Improvement Adams Farm Project, TA | ||||||||||||
Callable 06/01/24 @ 100 | ||||||||||||
5.250%, 06/01/39 | 3,400 | 3,267 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||||||
Callable 03/01/21 @ 100 | ||||||||||||
4.000%, 03/01/42 | $ | 1,000 | $ | 945 | ||||||||
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||||||
Callable 03/01/21 @ 100 | ||||||||||||
3.625%, 03/01/33 | 500 | 476 | ||||||||||
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | ||||||||||||
Callable 03/01/21 @ 100 | ||||||||||||
3.000%, 03/01/26 | 500 | 489 | ||||||||||
Kansas City, Industrial Development Authority, Ser A, RB | ||||||||||||
Callable 04/01/26 @ 100 | ||||||||||||
5.000%, 04/01/36(C) | 2,000 | 2,004 | ||||||||||
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
5.250%, 05/15/37 | 2,000 | 2,136 | ||||||||||
Lees Summit Industrial Development Authority, RB | ||||||||||||
Callable 08/15/25 @ 103 | ||||||||||||
5.000%, 08/15/42 | 2,400 | 2,463 | ||||||||||
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | ||||||||||||
Callable 08/15/24 @ 102 | ||||||||||||
5.000%, 08/15/46 | 2,000 | 2,031 | ||||||||||
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | ||||||||||||
Callable 08/15/24 @ 102 | ||||||||||||
5.000%, 08/15/51 | 500 | 507 | ||||||||||
Maryland Heights Missouri, GO | ||||||||||||
Callable 11/01/29 @ 100 | ||||||||||||
4.125%, 11/01/38 | 1,950 | 1,950 | ||||||||||
Poplar Bluff, Ser A, TA | ||||||||||||
Callable 11/01/23 @ 100 | ||||||||||||
5.125%, 11/01/35(C) | 5,000 | 4,839 | ||||||||||
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | ||||||||||||
Callable 09/01/24 @ 100 | ||||||||||||
5.250%, 09/01/45(C) | 3,000 | 2,887 | ||||||||||
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | ||||||||||||
Callable 09/01/24 @ 100 | ||||||||||||
5.000%, 09/01/38(C) | 2,000 | 1,943 | ||||||||||
St. Louis County, Industrial Development Authority, RB | ||||||||||||
Callable 09/01/25 @ 103 | ||||||||||||
5.250%, 09/01/53 | 2,000 | 2,133 | ||||||||||
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
4.375%, 11/15/35 | 2,250 | 1,961 | ||||||||||
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | ||||||||||||
Callable 11/15/26 @ 100 | ||||||||||||
3.875%, 11/15/29 | 1,315 | 1,209 | ||||||||||
St. Louis, Industrial Development Authority, Innovation District Project, TA | ||||||||||||
Callable 05/15/24 @ 100 | ||||||||||||
4.375%, 05/15/36 | 2,500 | 2,425 | ||||||||||
Total Missouri | 33,665 | |||||||||||
Nebraska [0.8%] | ||||||||||||
Central Plains Energy Project, Project No. 3, RB | ||||||||||||
Callable 09/01/22 @ 100 | ||||||||||||
5.250%, 09/01/37 | 1,000 | 1,079 | ||||||||||
Central Plains Energy Project, Project No. 3, RB | ||||||||||||
Callable 09/01/22 @ 100 | ||||||||||||
5.000%, 09/01/42 | 5,500 | 5,906 | ||||||||||
Central Plains Energy Project, Ser A, RB | ||||||||||||
5.000%, 09/01/42 | 5,000 | 6,890 | ||||||||||
Total Nebraska | 13,875 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Nevada [0.8%] | ||||||||||||
Clark County, Department of Aviation, Sub-Ser A-2, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
5.000%, 07/01/35 | $ | 3,000 | $ | 3,388 | ||||||||
Las Vegas, Finance Authority, RB | ||||||||||||
Callable 06/15/21 @ 100 | ||||||||||||
4.375%, 06/15/35(C) | 3,500 | 3,423 | ||||||||||
Las Vegas, Special Improvement District No. 812, SAB | ||||||||||||
Callable 12/01/25 @ 100 | ||||||||||||
5.000%, 12/01/35 | 980 | 1,036 | ||||||||||
Las Vegas, Special Improvement District No. 814, GO | ||||||||||||
Callable 06/01/29 @ 100 | ||||||||||||
4.000%, 06/01/44 | 750 | 756 | ||||||||||
Las Vegas, Special Improvement District No. 815, GO | ||||||||||||
Callable 12/01/30 @ 100 | ||||||||||||
4.750%, 12/01/40 | 750 | 793 | ||||||||||
Nevada State, Department of Business & Industry, Green-Fulcrum Sierra Biofuels, RB, AMT | ||||||||||||
Callable 12/15/27 @ 100 | ||||||||||||
6.250%, 12/15/37(C) | 100 | 97 | ||||||||||
Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB | ||||||||||||
Callable 12/15/25 @ 100 | ||||||||||||
5.000%, 12/15/35(C) | 1,595 | 1,655 | ||||||||||
Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB | ||||||||||||
Callable 12/15/25 @ 100 | ||||||||||||
5.000%, 12/15/48(C) | 1,000 | 1,020 | ||||||||||
Sparks Nevada, Ser A, RB | ||||||||||||
2.750%, 06/15/28(C) | 1,000 | 980 | ||||||||||
Sparks Nevada, Ser A, RB | ||||||||||||
2.500%, 06/15/24(C) | 900 | 894 | ||||||||||
Total Nevada | 14,042 | |||||||||||
New Hampshire [0.2%] | ||||||||||||
New Hampshire, Business Finance Authority, Ser A, RB | ||||||||||||
Callable 07/01/25 @ 103 | ||||||||||||
5.750%, 07/01/54(C) | 1,250 | 1,285 | ||||||||||
New Hampshire, Business Finance Authority, Ser A, RB | ||||||||||||
Callable 07/01/25 @ 103 | ||||||||||||
5.625%, 07/01/46(C) | 500 | 513 | ||||||||||
New Hampshire, Business Finance Authority, Ser A, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
3.625%, 07/01/43(A) (C) | 1,000 | 989 | ||||||||||
New Hampshire, Business Finance Authority, Ser B, RB, AMT | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
3.750%, 07/01/45(A) (C) | 1,000 | 989 | ||||||||||
Total New Hampshire | 3,776 | |||||||||||
New Jersey [2.2%] | ||||||||||||
New Jersey State, Economic Development Authority, Port Newark Container, RB, AMT | ||||||||||||
Callable 10/01/27 @ 100 | ||||||||||||
5.000%, 10/01/47 | 6,000 | 6,492 | ||||||||||
New Jersey State, Economic Development Authority, RB | ||||||||||||
Callable 11/01/29 @ 100 | ||||||||||||
4.000%, 11/01/37 | 1,100 | 1,167 | ||||||||||
New Jersey State, Economic Development Authority, RB, AMT | ||||||||||||
Callable 03/05/24 @ 101 | ||||||||||||
5.625%, 11/15/30 | 1,000 | 1,037 | ||||||||||
New Jersey State, Economic Development Authority, Ser A, RB | ||||||||||||
Callable 12/15/27 @ 100 | ||||||||||||
5.000%, 06/15/42 | 1,155 | 1,283 | ||||||||||
New Jersey State, Economic Development Authority, Ser A, RB | ||||||||||||
Callable 12/15/27 @ 100 | ||||||||||||
5.000%, 06/15/47 | 1,230 | 1,355 | ||||||||||
New Jersey State, Economic Development Authority, Ser EEE, RB | ||||||||||||
Callable 12/15/28 @ 100 | ||||||||||||
5.000%, 06/15/43 | 1,000 | 1,114 | ||||||||||
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB | ||||||||||||
Callable 06/15/25 @ 100 | ||||||||||||
5.250%, 06/15/41 | 5,245 | 5,751 | ||||||||||
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB | ||||||||||||
Callable 12/15/28 @ 100 | ||||||||||||
4.000%, 06/15/37 | 3,500 | 3,703 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB | ||||||||||||
Callable 12/15/28 @ 100 | ||||||||||||
4.000%, 06/15/50 | $ | 8,500 | $ | 8,745 | ||||||||
New Jersey State, Transportation Trust Fund Authority, Ser S, RB | ||||||||||||
Callable 12/15/28 @ 100 | ||||||||||||
5.000%, 06/15/46 | 1,000 | 1,108 | ||||||||||
New Jersey State, Transportation Trust Fund Authority, Ser S, RB | ||||||||||||
Callable 12/15/28 @ 100 | ||||||||||||
4.500%, 06/15/49 | 4,015 | 4,277 | ||||||||||
Total New Jersey | 36,032 | |||||||||||
New Mexico [0.8%] | ||||||||||||
Farmington New Mexico, RB | ||||||||||||
1.150%, 06/01/40(A) | 3,500 | 3,520 | ||||||||||
Farmington New Mexico, RB | ||||||||||||
1.100%, 06/01/40(A) | 3,000 | 3,014 | ||||||||||
Lower Petroglyphs, Public Improvement District, RB | ||||||||||||
Callable 10/01/27 @ 100 | ||||||||||||
5.000%, 10/01/33 | 500 | 529 | ||||||||||
Lower Petroglyphs, Public Improvement District, RB | ||||||||||||
Callable 10/01/27 @ 100 | ||||||||||||
5.000%, 10/01/38 | 500 | 523 | ||||||||||
Lower Petroglyphs, Public Improvement District, RB | ||||||||||||
Callable 10/01/27 @ 100 | ||||||||||||
5.000%, 10/01/48 | 1,750 | 1,819 | ||||||||||
New Mexico State, Hospital Equipment Loan Council, RB | ||||||||||||
Callable 07/01/22 @ 100 | ||||||||||||
5.500%, 07/01/42 | 3,110 | 3,280 | ||||||||||
Total New Mexico | 12,685 | |||||||||||
New York [5.7%] | ||||||||||||
Jefferson County, Civic Facility Development, RB | ||||||||||||
Callable 11/01/27 @ 100 | ||||||||||||
4.000%, 11/01/47 | 4,875 | 4,790 | ||||||||||
Metropolitan Washington, Transportation Authority, Ser C-1, RB | ||||||||||||
Callable 05/15/30 @ 100 | ||||||||||||
5.000%, 11/15/50 | 1,750 | 1,855 | ||||||||||
Metropolitan Washington, Transportation Authority, Ser C-1, RB | ||||||||||||
Callable 05/15/30 @ 100 | ||||||||||||
4.750%, 11/15/45 | 2,000 | 2,082 | ||||||||||
Metropolitan Washington, Transportation Authority, Ser D-1, RB | ||||||||||||
5.000%, 09/01/22 | 3,000 | 3,100 | ||||||||||
Monroe County Industrial Development, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.000%, 06/01/50(C) | 1,100 | 1,262 | ||||||||||
Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser A, RB | ||||||||||||
Callable 01/01/25 @ 101 | ||||||||||||
6.700%, 01/01/49 | 4,789 | 3,548 | ||||||||||
Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser C, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
2.000%, 01/01/49 | 1,914 | 191 | ||||||||||
Nassau County, Tobacco Settlement, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
5.125%, 06/01/46 | 1,345 | 1,345 | ||||||||||
New York Counties, Tobacco Trust IV, Ser A, RB | ||||||||||||
Callable 10/19/20 @ 100 | ||||||||||||
5.000%, 06/01/45 | 5,800 | 5,858 | ||||||||||
New York State Environmental Facilities, RB | ||||||||||||
Callable 06/02/25 @ 100 | ||||||||||||
2.750%, 09/01/50(A) | 750 | 756 | ||||||||||
New York State, Liberty Development, Bank of America Tower, RB | ||||||||||||
Callable 03/15/29 @ 100 | ||||||||||||
2.800%, 09/15/69 | 1,000 | 967 | ||||||||||
New York State, Liberty Development, World Trade Center, RB | ||||||||||||
Callable 11/15/24 @ 100 | ||||||||||||
5.000%, 11/15/44(C) | 5,000 | 5,126 | ||||||||||
New York State, Thruway Authority, Sub-Ser B, RB | ||||||||||||
Callable 01/01/30 @ 100 | ||||||||||||
4.000%, 01/01/50 | 5,000 | 5,615 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
New York State, Transportation Development, LaGuardia Airport Terminal B, RB, AMT | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
5.000%, 07/01/41 | $ | 1,500 | $ | 1,609 | ||||||||
New York State, Transportation Development, RB, AMT | ||||||||||||
Callable 08/01/30 @ 100 | ||||||||||||
5.250%, 08/01/31 | 2,000 | 2,063 | ||||||||||
New York State, Transportation Development, RB, AMT | ||||||||||||
5.000%, 01/01/22 | 3,420 | 3,513 | ||||||||||
New York State, Transportation Development, RB, AMT | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.000%, 01/01/36 | 5,000 | 5,300 | ||||||||||
New York State, Transportation Development, RB, AMT | ||||||||||||
Callable 10/01/30 @ 100 | ||||||||||||
4.375%, 10/01/45 | 4,750 | 4,767 | ||||||||||
New York State, Urban Development, RB | ||||||||||||
Callable 09/15/28 @ 100 | ||||||||||||
4.000%, 03/15/48 | 7,000 | 7,822 | ||||||||||
Niagara, Area Development, Ser A, RB, AMT | ||||||||||||
Callable 07/01/23 @ 100 | ||||||||||||
4.750%, 11/01/42(C) | 4,750 | 4,819 | ||||||||||
Niagara, Tobacco Asset Securitization, RB | ||||||||||||
Callable 05/15/24 @ 100 | ||||||||||||
5.250%, 05/15/34 | 1,000 | 1,055 | ||||||||||
Niagara, Tobacco Asset Securitization, RB | ||||||||||||
Callable 05/15/24 @ 100 | ||||||||||||
5.250%, 05/15/40 | 1,000 | 1,050 | ||||||||||
Suffolk, Tobacco Asset Securitization, Ser C, RB | ||||||||||||
Callable 06/01/22 @ 100 | ||||||||||||
6.625%, 06/01/44 | 6,000 | 6,199 | ||||||||||
TSASC, Ser A, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.000%, 06/01/41 | 2,000 | 2,250 | ||||||||||
TSASC, Ser B, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.000%, 06/01/48 | 5,750 | 5,934 | ||||||||||
TSASC, Sub-Ser, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.000%, 06/01/45 | 1,250 | 1,297 | ||||||||||
Westchester, Tobacco Asset Securitization, Ser B, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.000%, 06/01/41 | 2,485 | 2,863 | ||||||||||
Westchester, Tobacco Asset Securitization, Sub-Ser C, RB | ||||||||||||
Callable 06/01/27 @ 100 | ||||||||||||
5.125%, 06/01/51 | 7,000 | 7,727 | ||||||||||
Total New York | 94,763 | |||||||||||
North Carolina [0.5%] | ||||||||||||
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 | 1,510 | ||||||||||
North Carolina State, Medical Care Commission, Ser A, RB | ||||||||||||
Callable 09/01/27 @ 100 | ||||||||||||
4.000%, 09/01/50 | 3,750 | 3,866 | ||||||||||
North Carolina State, Turnpike Authority, RB | ||||||||||||
Callable 01/01/30 @ 100 | ||||||||||||
5.000%, 01/01/44 | 1,500 | 1,801 | ||||||||||
North Carolina State, Turnpike Authority, RB | ||||||||||||
Callable 01/01/30 @ 100 | ||||||||||||
5.000%, 01/01/49 | 500 | 596 | ||||||||||
Total North Carolina | 7,773 | |||||||||||
North Dakota [0.5%] | ||||||||||||
Burleigh County, Educational Facilities Revenue, Education Facilities, University of Mary Project, RB | ||||||||||||
Callable 04/15/26 @ 100 | ||||||||||||
5.200%, 04/15/46 | 2,000 | 1,953 | ||||||||||
County of Grand Forks North Dakota, RB, AMT | ||||||||||||
Callable 09/15/26 @ 103 | ||||||||||||
6.375%, 12/15/43 | 2,410 | 2,035 | ||||||||||
Ward County, Ser C, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.000%, 06/01/48 | 2,500 | 2,734 | ||||||||||
Ward County, Ser C, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.000%, 06/01/53 | 1,500 | 1,632 | ||||||||||
Total North Dakota | 8,354 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 48
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Ohio [4.6%] | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ser A-2-Class, RB | ||||||||||||
Callable 06/01/30 @ 100 | ||||||||||||
4.000%, 06/01/48 | $ | 7,000 | $ | 7,651 | ||||||||
Buckeye Tobacco Settlement Financing Authority, Ser A-2-Class, RB | ||||||||||||
Callable 06/01/30 @ 100 | ||||||||||||
3.000%, 06/01/48 | 6,630 | 6,435 | ||||||||||
Buckeye Tobacco Settlement Financing Authority, Ser B-2, RB | ||||||||||||
Callable 06/01/30 @ 100 | ||||||||||||
5.000%, 06/01/55 | 10,000 | 10,638 | ||||||||||
Butler County, Port Authority, Storypoint Fairfield Project, RB | ||||||||||||
Callable 01/15/24 @ 104 | ||||||||||||
6.375%, 01/15/43(C) | 500 | 493 | ||||||||||
County of Cuyahoga Ohio, RB | ||||||||||||
Callable 02/15/27 @ 100 | ||||||||||||
5.000%, 02/15/57 | 5,000 | 5,569 | ||||||||||
Cuyahoga County, Hospital Revenue, Metrohealth System, RB | ||||||||||||
Callable 02/15/27 @ 100 | ||||||||||||
5.250%, 02/15/47 | 3,800 | 4,364 | ||||||||||
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||||||
Callable 02/15/23 @ 100 | ||||||||||||
5.000%, 02/15/33 | 1,000 | 1,048 | ||||||||||
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||||||
Callable 02/15/23 @ 100 | ||||||||||||
5.000%, 02/15/44 | 1,000 | 1,035 | ||||||||||
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | ||||||||||||
Callable 02/15/23 @ 100 | ||||||||||||
5.000%, 02/15/48 | 4,000 | 4,125 | ||||||||||
Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT | ||||||||||||
Callable 01/15/28 @ 100 | ||||||||||||
4.500%, 01/15/48(C) | 3,020 | 3,229 | ||||||||||
Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT | ||||||||||||
Callable 01/15/28 @ 100 | ||||||||||||
4.250%, 01/15/38(C) | 3,280 | 3,526 | ||||||||||
Ohio State, Air Quality Development Authority, RB, AMT | ||||||||||||
Callable 07/01/29 @ 100 | ||||||||||||
5.000%, 07/01/49(C) | 7,500 | 7,654 | ||||||||||
Ohio State, Housing Finance Agency, Sanctuary at Springboro Project, RB | ||||||||||||
Callable 10/01/25 @ 101 | ||||||||||||
5.450%, 01/01/38(C) | 2,500 | 2,500 | ||||||||||
Southeastern Ohio, Port Authority, Memorial Health System Project, RB | ||||||||||||
Callable 12/01/22 @ 100 | ||||||||||||
6.000%, 12/01/42 | 7,000 | 7,250 | ||||||||||
Southern Ohio Port Authority, Ser A, RB, AMT | ||||||||||||
Callable 12/01/27 @ 103 | ||||||||||||
7.000%, 12/01/42(C) | 6,000 | 6,013 | ||||||||||
Southern Ohio Port Authority, Ser A, RB, AMT | ||||||||||||
Callable 12/01/27 @ 103 | ||||||||||||
6.500%, 12/01/30(C) | 3,000 | 2,965 | ||||||||||
Toledo-Lucas County, Port Authority, Storypoint Waterville Project, RB | ||||||||||||
Callable 01/15/24 @ 104 | ||||||||||||
6.375%, 01/15/51(C) | 2,500 | 2,462 | ||||||||||
Total Ohio | 76,957 | |||||||||||
Oklahoma [0.7%] | ||||||||||||
Oklahoma County, Development Finance Authority, Ser B, RB | ||||||||||||
Callable 08/15/28 @ 100 | ||||||||||||
5.500%, 08/15/52 | 500 | 583 | ||||||||||
Oklahoma County, Finance Authority, Epworth Village Project, Ser A, RB | ||||||||||||
Callable 04/01/22 @ 100 | ||||||||||||
5.125%, 04/01/42 | 4,000 | 3,384 | ||||||||||
Oklahoma State, Development Finance Authority, Inverness Village Community, RB | ||||||||||||
Callable 01/01/22 @ 100 | ||||||||||||
6.000%, 01/01/32(E) | 1,278 | 13 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Oklahoma State, Development Finance Authority, RB | ||||||||||||
5.450%, 08/15/28 | $ | 5,000 | $ | 5,877 | ||||||||
Oklahoma State, Development Finance Authority, RB | ||||||||||||
Callable 08/01/27 @ 100 | ||||||||||||
5.000%, 08/01/47 | 5,000 | 1,950 | ||||||||||
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | ||||||||||||
Callable 11/01/26 @ 100 | ||||||||||||
6.875%, 11/01/46(E) | 3,843 | 10 | ||||||||||
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | ||||||||||||
Callable 11/01/26 @ 100 | ||||||||||||
6.625%, 11/01/36(E) | 1,664 | 4 | ||||||||||
Total Oklahoma | 11,821 | |||||||||||
Oregon [0.9%] | ||||||||||||
Clackamas County, Hospital Facility Authority, Ser A, RB | ||||||||||||
Callable 11/15/25 @ 102 | ||||||||||||
5.375%, 11/15/55 | 875 | 930 | ||||||||||
Clackamas County, Hospital Facility Authority, Ser A, RB | ||||||||||||
Callable 11/15/25 @ 102 | ||||||||||||
5.250%, 11/15/50 | 1,000 | 1,058 | ||||||||||
Medford Hospital Facilities Authority, Ser A, RB | ||||||||||||
Callable 08/15/30 @ 100 | ||||||||||||
4.000%, 08/15/50 | 7,000 | 7,849 | ||||||||||
Oregon State, Business Development Commission, RB, AMT | ||||||||||||
5.000%, 03/01/49(A) | 5,000 | 5,293 | ||||||||||
Total Oregon | 15,130 | |||||||||||
Pennsylvania [3.3%] | ||||||||||||
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
5.000%, 05/01/33(C) | 500 | 532 | ||||||||||
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
5.000%, 05/01/42(C) | 2,000 | 2,098 | ||||||||||
Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
5.375%, 05/01/42(C) | 3,000 | 3,141 | ||||||||||
Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
5.125%, 05/01/32(C) | 1,000 | 1,052 | ||||||||||
Berks County, Industrial Development Authority, RB | ||||||||||||
Callable 11/01/27 @ 100 | ||||||||||||
4.000%, 11/01/47 | 8,345 | 8,199 | ||||||||||
Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB | ||||||||||||
Callable 03/01/28 @ 100 | ||||||||||||
5.125%, 03/01/48(C) | 1,000 | 1,005 | ||||||||||
Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB | ||||||||||||
Callable 03/01/28 @ 100 | ||||||||||||
5.000%, 03/01/38(C) | 525 | 531 | ||||||||||
Dauphin County, General Authority, Harrisburg University of Science and Technology Project, RB | ||||||||||||
Callable 10/15/27 @ 100 | ||||||||||||
5.125%, 10/15/41(C) | 1,135 | 1,052 | ||||||||||
Dauphin County, General Authority, RB | ||||||||||||
Callable 10/15/27 @ 100 | ||||||||||||
5.000%, 10/15/34(C) | 8,470 | 8,123 | ||||||||||
DuBois, Hospital Authority, RB | ||||||||||||
Callable 01/15/28 @ 100 | ||||||||||||
4.000%, 07/15/43 | 2,370 | 2,581 | ||||||||||
Franklin County, Industrial Development Authority, RB | ||||||||||||
Callable 12/01/25 @ 103 | ||||||||||||
5.000%, 12/01/49 | 1,530 | 1,566 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Pennsylvania State, Turnpike Commission, Convertible Capital Appreciation Project, Sub-Ser E, RB | ||||||||||||
Callable 12/01/27 @ 100 | ||||||||||||
6.375%, 12/01/38 | $ | 2,000 | $ | 2,580 | ||||||||
Pennsylvania State, Turnpike Commission, Ser A, RB | ||||||||||||
Callable 12/01/24 @ 100 | ||||||||||||
5.000%, 12/01/33 | 1,500 | 1,715 | ||||||||||
Pennsylvania State, Turnpike Commission, Ser A, RB | ||||||||||||
Callable 12/01/29 @ 100 | ||||||||||||
5.000%, 12/01/49 | 2,975 | 3,662 | ||||||||||
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
7.625%, 12/15/21(F) | 1,000 | 1,088 | ||||||||||
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
7.150%, 12/15/21(F) | 2,280 | 2,468 | ||||||||||
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 | 3,164 | ||||||||||
Philadelphia, Ser B, GO | ||||||||||||
Callable 08/01/29 @ 100 | ||||||||||||
5.000%, 02/01/39 | 4,385 | 5,454 | ||||||||||
Pottsville, Hospital Authority, Schuykill Health System Project, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
6.500%, 07/01/24(C) (F) | 3,000 | 3,644 | ||||||||||
Washington County, Redevelopment Authority, TA | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.000%, 07/01/35 | 1,235 | 1,261 | ||||||||||
Total Pennsylvania | 54,916 | |||||||||||
Rhode Island [0.3%] | ||||||||||||
Rhode Island State, Health & Educational Building, RB | ||||||||||||
Callable 05/15/26 @ 100 | ||||||||||||
5.000%, 05/15/39 | 1,000 | 1,098 | ||||||||||
Tobacco Settlement Financing, Ser B, RB | ||||||||||||
Callable 10/19/20 @ 15 | ||||||||||||
10.382%, 06/01/52(D) | 26,270 | 3,830 | ||||||||||
Total Rhode Island | 4,928 | |||||||||||
South Carolina [0.8%] | ||||||||||||
Berkeley County, RB | ||||||||||||
Callable 11/01/29 @ 100 | ||||||||||||
4.375%, 11/01/49 | 2,500 | 2,531 | ||||||||||
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB | ||||||||||||
Callable 11/15/24 @ 103 | ||||||||||||
5.250%, 11/15/47 | 3,830 | 3,972 | ||||||||||
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB | ||||||||||||
Callable 11/15/24 @ 103 | ||||||||||||
5.250%, 11/15/52 | 6,950 | 7,187 | ||||||||||
Total South Carolina | 13,690 | |||||||||||
Tennessee [0.6%] | ||||||||||||
Chattanooga, Health Educational & Housing Facility Board, RB | ||||||||||||
Callable 10/01/25 @ 100 | ||||||||||||
5.000%, 10/01/35 | 1,000 | 1,019 | ||||||||||
Metropolitan Nashville Airport Authority, Sub-Ser B, RB, AMT | ||||||||||||
Callable 07/01/30 @ 100 | ||||||||||||
5.000%, 07/01/54 | 5,675 | 6,735 | ||||||||||
Nashville, Metropolitan Development & Housing Agency, RB | ||||||||||||
Callable 06/01/28 @ 100 | ||||||||||||
5.125%, 06/01/36(C) | 900 | 944 | ||||||||||
Nashville, Metropolitan Development & Housing Agency, RB | ||||||||||||
4.500%, 06/01/28(C) | 650 | 678 | ||||||||||
Total Tennessee | 9,376 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 51
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Texas [7.1%] | ||||||||||||
Alvin Independent School District, Ser B-REMK, GO | ||||||||||||
0.450%, 02/15/36(A) | $ | 2,000 | $ | 1,998 | ||||||||
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | ||||||||||||
Callable 03/01/24 @ 100 | ||||||||||||
7.125%, 03/01/44 | 2,300 | 2,482 | ||||||||||
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | ||||||||||||
Callable 03/01/24 @ 100 | ||||||||||||
7.000%, 03/01/34 | 400 | 435 | ||||||||||
Celina, Cambridge Crossing Public Improvement Project, SAB | ||||||||||||
Callable 09/01/28 @ 100 | ||||||||||||
5.250%, 09/01/47(C) | 500 | 561 | ||||||||||
Celina, Cambridge Crossing Public Improvement Project, SAB | ||||||||||||
Callable 09/01/28 @ 100 | ||||||||||||
5.125%, 09/01/38(C) | 1,500 | 1,699 | ||||||||||
Celina, Sutton Fields II Public Improvement Project, SAB | ||||||||||||
Callable 03/01/23 @ 103 | ||||||||||||
7.250%, 09/01/45 | 475 | 497 | ||||||||||
Central Texas Regional Mobility Authority, Ser B-SENIOR, RB | ||||||||||||
Callable 01/01/30 @ 100 | ||||||||||||
5.000%, 01/01/45 | 250 | 305 | ||||||||||
Central Texas, Regional Mobility Authority, Sub-Ser, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 01/01/23(F) | 1,000 | 1,104 | ||||||||||
Central Texas, Regional Mobility Authority, Sub-Ser, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 01/01/23(F) | 1,000 | 1,104 | ||||||||||
Clifton, Higher Education Finance, International Leadership Project, Ser D, RB | ||||||||||||
Callable 08/15/25 @ 100 | ||||||||||||
6.125%, 08/15/48 | 4,245 | 4,848 | ||||||||||
Grand Parkway, Transportation, Toll Revenue, Sub-Ser B, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 10/01/23(F) | 2,000 | 2,287 | ||||||||||
Houston Texas Airport System Revenue, Sub-Ser A, RB, AMT | ||||||||||||
Callable 07/01/30 @ 100 | ||||||||||||
4.000%, 07/01/47 | 1,250 | 1,380 | ||||||||||
Houston, Airport System Revenue, RB, AMT | ||||||||||||
5.000%, 07/01/27 | 500 | 519 | ||||||||||
Houston, Airport System Revenue, RB, AMT | ||||||||||||
4.750%, 07/01/24 | 3,000 | 3,033 | ||||||||||
Houston, Airport System Revenue, Ser B-1, RB, AMT | ||||||||||||
Callable 07/15/25 @ 100 | ||||||||||||
5.000%, 07/15/35 | 3,000 | 3,013 | ||||||||||
Houston, Airport System Revenue, Ser C, RB, AMT | ||||||||||||
5.000%, 07/15/27 | 1,000 | 1,038 | ||||||||||
Houston, Airport System Revenue, United Airlines Project, RB, AMT | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
5.000%, 07/01/29 | 7,000 | 7,114 | ||||||||||
Houston, Higher Education Finance, Cosmos Foundation Project, Ser A, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
6.875%, 05/15/21(F) | 5,300 | 5,519 | ||||||||||
Lago Vista Texas, RB | ||||||||||||
Callable 09/01/30 @ 100 | ||||||||||||
4.875%, 09/01/50(C) | 275 | 278 | ||||||||||
Matagorda County Navigation District No. 1, RB, AMT | ||||||||||||
0.900%, 05/01/30(A) | 1,750 | 1,743 | ||||||||||
Mission, Economic Development, RB, AMT | ||||||||||||
Callable 10/01/21 @ 105 | ||||||||||||
4.625%, 10/01/31(C) | 3,250 | 3,437 | ||||||||||
New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB | ||||||||||||
Callable 07/01/24 @ 102 | ||||||||||||
5.000%, 07/01/36 | 4,660 | 4,667 | ||||||||||
New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB | ||||||||||||
Callable 08/15/21 @ 100 | ||||||||||||
5.500%, 08/15/46 | 1,000 | 1,014 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB | ||||||||||||
Callable 08/15/21 @ 100 | ||||||||||||
5.500%, 08/15/51 | $ | 2,500 | $ | 2,535 | ||||||||
New Hope, Cultural Education Facilities Finance, Jubilee Academic Center Project, Ser A, RB | ||||||||||||
Callable 08/15/21 @ 100 | ||||||||||||
5.000%, 08/15/36(C) | 1,500 | 1,512 | ||||||||||
New Hope, Cultural Education Facilities Finance, RB | ||||||||||||
5.000%, 08/15/46 | 7,000 | 7,036 | ||||||||||
New Hope, Cultural Education Facilities Finance, Ser A, RB | ||||||||||||
Callable 08/15/25 @ 100 | ||||||||||||
5.000%, 08/15/50(C) | 4,750 | 4,890 | ||||||||||
Newark, Higher Education Finance, Ser A, RB | ||||||||||||
Callable 08/15/25 @ 100 | ||||||||||||
5.750%, 08/15/45(C) | 1,700 | 1,884 | ||||||||||
Newark, Higher Education Finance, Ser A, RB | ||||||||||||
Callable 08/15/25 @ 100 | ||||||||||||
5.500%, 08/15/35(C) | 900 | 1,006 | ||||||||||
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
0.558%, 7.000%, 09/01/23, 09/01/31(B) (F) | 5,000 | 6,835 | ||||||||||
Port Beaumont Navigation District, RB | ||||||||||||
Callable 01/01/22 @ 103 | ||||||||||||
6.000%, 01/01/25(C) | 1,525 | 1,514 | ||||||||||
Port Beaumont Navigation District, RB, AMT | ||||||||||||
Callable 01/01/22 @ 103 | ||||||||||||
4.000%, 01/01/50(C) | 6,330 | 6,337 | ||||||||||
Port Beaumont Navigation District, RB, AMT | ||||||||||||
Callable 01/01/22 @ 103 | ||||||||||||
3.625%, 01/01/35(C) | 1,000 | 990 | ||||||||||
Sanger, Industrial Development Authority, Texas Pellets Project, Ser B, RB, AMT | ||||||||||||
Callable 07/01/22 @ 100 | ||||||||||||
8.000%, 07/01/38(E) | 4,950 | 1,237 | ||||||||||
Tarrant County Cultural Education Facilities Finance, RB | ||||||||||||
Callable 02/15/27 @ 100 | ||||||||||||
6.375%, 02/15/52 | 9,000 | 7,287 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB | ||||||||||||
Callable 11/15/25 @ 100 | ||||||||||||
5.500%, 11/15/45(E) | 5,315 | 3,455 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
4.500%, 11/15/21(E) | 2,310 | 1,501 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, Ser Senior, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.750%, 11/15/37(E) | 6,000 | 3,900 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
6.750%, 11/15/47 | 1,000 | 1,040 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
6.750%, 11/15/52 | 2,200 | 2,280 | ||||||||||
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 | 3,676 | ||||||||||
Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB | ||||||||||||
Callable 05/15/27 @ 100 | ||||||||||||
5.250%, 11/15/47 | 3,720 | 3,098 | ||||||||||
Temple, Ser A-REV, RB | ||||||||||||
Callable 08/01/25 @ 100 | ||||||||||||
5.000%, 08/01/38(C) | 2,000 | 2,185 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT | ||||||||||||
Callable 12/31/25 @ 100 | ||||||||||||
5.000%, 12/31/45 | $ | 2,635 | $ | 2,818 | ||||||||
Texas State, Transportation Commission, RB | ||||||||||||
Callable 02/01/29 @ 73 | ||||||||||||
4.755%, 08/01/36(D) | 1,000 | 559 | ||||||||||
Total Texas | 117,650 | |||||||||||
Utah [0.1%] | ||||||||||||
Utah Charter School Finance Authority, RB | ||||||||||||
Callable 06/15/28 @ 102 | ||||||||||||
5.000%, 06/15/55(C) | 1,750 | 1,814 | ||||||||||
Vermont [0.1%] | ||||||||||||
Vermont State, Economic Development Authority, Casella Waste Systems Project, RB, AMT | ||||||||||||
4.625%, 04/01/36(A) (C) | 1,000 | 1,108 | ||||||||||
Virginia [1.3%] | ||||||||||||
Cherry Hill, Community Development Authority, Potomac Shores Project, SAB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.400%, 03/01/45(C) | 2,000 | 2,031 | ||||||||||
Cherry Hill, Community Development Authority, Potomac Shores Project, SAB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.150%, 03/01/35(C) | 1,000 | 1,018 | ||||||||||
Farmville, Industrial Development Authority, RB | ||||||||||||
Callable 01/01/29 @ 100 | ||||||||||||
5.000%, 01/01/48 | 2,000 | 2,084 | ||||||||||
Halifax County, Industrial Development Authority, Virginia Electric & Power Project, RB | ||||||||||||
0.450%, 12/01/41(A) | 1,750 | 1,750 | ||||||||||
Lower Magnolia Green, Community Development Authority, SAB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.000%, 03/01/45(C) | 4,010 | 3,932 | ||||||||||
Peninsula Town Center, Community Development Authority, RB | ||||||||||||
Callable 09/01/27 @ 100 | ||||||||||||
5.000%, 09/01/37(C) | 2,750 | 2,869 | ||||||||||
Peninsula Town Center, Community Development Authority, RB | ||||||||||||
Callable 09/01/27 @ 100 | ||||||||||||
5.000%, 09/01/45(C) | 3,700 | 3,851 | ||||||||||
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT | ||||||||||||
Callable 07/01/22 @ 100 | ||||||||||||
6.000%, 01/01/37 | 820 | 876 | ||||||||||
Wise County Industrial Development Authority, Ser A-RE, RB | ||||||||||||
0.750%, 10/01/40(A) | 2,500 | 2,496 | ||||||||||
Total Virginia | 20,907 | |||||||||||
Washington [0.8%] | ||||||||||||
Kalispel Tribe of Indians, Ser A, RB | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
5.250%, 01/01/38(C) | 400 | 447 | ||||||||||
Washington State, Health Care Facilities Authority, RB | ||||||||||||
Callable 01/01/28 @ 100 | ||||||||||||
4.000%, 07/01/42 | 3,500 | 3,864 | ||||||||||
Washington State, Housing Finance Commission, Judson Park Project, RB | ||||||||||||
Callable 07/01/25 @ 102 | ||||||||||||
5.000%, 07/01/38(C) | 325 | 347 | ||||||||||
Washington State, Housing Finance Commission, Judson Park Project, RB | ||||||||||||
Callable 07/01/25 @ 102 | ||||||||||||
5.000%, 07/01/48(C) | 2,400 | 2,532 | ||||||||||
Washington State, Housing Finance Commission, RB | ||||||||||||
Callable 01/01/25 @ 102 | ||||||||||||
5.000%, 01/01/51(C) | 4,330 | 4,461 | ||||||||||
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB | ||||||||||||
Callable 01/01/24 @ 100 | ||||||||||||
7.500%, 01/01/49(C) | 2,000 | 2,139 | ||||||||||
Total Washington | 13,790 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
West Virginia [0.1%] | ||||||||||||
West Virginia, Economic Development Authority, RB, AMT | ||||||||||||
Callable 01/01/25 @ 100 | ||||||||||||
5.000%, 07/01/45(A) | $ | 1,190 | $ | 1,226 | ||||||||
Wisconsin [4.5%] | ||||||||||||
Hartford, Public Finance Authority, RB | ||||||||||||
Callable 09/01/24 @ 100 | ||||||||||||
5.000%, 09/01/38(C) | 1,580 | 1,623 | ||||||||||
Piedmont, Public Finance Authority, RB | ||||||||||||
Callable 06/15/29 @ 100 | ||||||||||||
5.000%, 06/15/49 | 500 | 564 | ||||||||||
Pine Lake, Public Finance Authority, RB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.500%, 03/01/45(C) | 3,460 | 3,603 | ||||||||||
Pine Lake, Public Finance Authority, RB | ||||||||||||
Callable 03/01/25 @ 100 | ||||||||||||
5.250%, 03/01/35(C) | 1,250 | 1,308 | ||||||||||
Wisconsin State, Health & Educational Facilities Authority, Dickson Hollow Project, RB | ||||||||||||
Callable 10/01/22 @ 102 | ||||||||||||
5.500%, 10/01/49 | 2,500 | 2,605 | ||||||||||
Wisconsin State, Health & Educational Facilities Authority, RB | ||||||||||||
Callable 08/15/26 @ 100 | ||||||||||||
5.000%, 02/15/51(A) | 1,000 | 1,208 | ||||||||||
Wisconsin State, Health & Educational Facilities Authority, RB | ||||||||||||
Callable 08/15/24 @ 100 | ||||||||||||
5.000%, 02/15/52(A) | 1,500 | 1,724 | ||||||||||
Wisconsin State, Health & Educational Facilities Authority, RB | ||||||||||||
Callable 04/01/27 @ 100 | ||||||||||||
4.000%, 04/01/39 | 2,500 | 2,812 | ||||||||||
Wisconsin State, Health & Educational Facilities Authority, Woodland Hill Senior Housing Project, RB | ||||||||||||
Callable 12/01/22 @ 102 | ||||||||||||
5.250%, 12/01/49 | 5,000 | 5,167 | ||||||||||
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | ||||||||||||
Callable 06/01/26 @ 100 | ||||||||||||
5.000%, 06/01/36(C) | 6,125 | 6,564 | ||||||||||
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | ||||||||||||
Callable 06/01/26 @ 100 | ||||||||||||
4.625%, 06/01/36(C) | 3,275 | 3,430 | ||||||||||
Wisconsin State, Public Finance Authority, Coral Academy Project, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
5.625%, 07/01/44 | 3,500 | 3,811 | ||||||||||
Wisconsin State, Public Finance Authority, Coral Academy Project, RB | ||||||||||||
Callable 07/01/24 @ 100 | ||||||||||||
5.375%, 07/01/34 | 2,000 | 2,188 | ||||||||||
Wisconsin State, Public Finance Authority, Cornerstone Christian Project, RB | ||||||||||||
Callable 02/01/26 @ 100 | ||||||||||||
5.000%, 02/01/36(C) | 3,000 | 3,086 | ||||||||||
Wisconsin State, Public Finance Authority, Las Ventanas Retirement Community Project, RB | ||||||||||||
Callable 11/02/20 @ 102 | ||||||||||||
7.000%, 10/01/42 | 5,400 | 5,180 | ||||||||||
Wisconsin State, Public Finance Authority, National Gypsum, RB, AMT | ||||||||||||
Callable 08/01/26 @ 100 | ||||||||||||
4.000%, 08/01/35 | 3,000 | 2,861 | ||||||||||
Wisconsin State, Public Finance Authority, RB | ||||||||||||
Callable 03/01/30 @ 100 | ||||||||||||
5.250%, 03/01/45(C) | 1,500 | 1,593 | ||||||||||
Wisconsin State, Public Finance Authority, RB | ||||||||||||
Callable 03/01/30 @ 100 | ||||||||||||
5.250%, 03/01/55(C) | 2,500 | 2,635 | ||||||||||
Wisconsin State, Public Finance Authority, RB | ||||||||||||
Callable 04/01/30 @ 100 | ||||||||||||
5.000%, 04/01/40(C) | 1,175 | 1,259 | ||||||||||
Wisconsin State, Public Finance Authority, RB | ||||||||||||
Callable 11/15/27 @ 103 | ||||||||||||
5.000%, 11/15/41 | 1,000 | 1,181 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Wisconsin State, Public Finance Authority, RB | ||||||||||||
Callable 04/01/30 @ 100 | ||||||||||||
5.000%, 04/01/50(C) | $ | 1,675 | $ | 1,768 | ||||||||
Wisconsin State, Public Finance Authority, Roseman University Health Sciences, RB | ||||||||||||
Callable 04/01/25 @ 100 | ||||||||||||
5.875%, 04/01/45 | 6,000 | 6,459 | ||||||||||
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 | 1,030 | ||||||||||
Wisconsin State, Public Finance Authority, Ser A, RB | ||||||||||||
Callable 06/15/25 @ 100 | ||||||||||||
5.500%, 06/15/35(C) | 3,000 | 3,135 | ||||||||||
Wisconsin State, Public Finance Authority, Ser A, RB | ||||||||||||
Callable 06/15/25 @ 100 | ||||||||||||
5.500%, 06/15/45(C) | 4,280 | 4,408 | ||||||||||
Wisconsin State, Public Finance Authority, Ser C, RB, AMT | ||||||||||||
5.000%, 07/01/22 | 505 | 523 | ||||||||||
Wisconsin State, Public Finance Authority, Ser E, RB, AMT | ||||||||||||
Callable 07/01/22 @ 100 | ||||||||||||
5.000%, 07/01/23 | 2,745 | 2,841 | ||||||||||
Total Wisconsin | 74,566 | |||||||||||
American Samoa [0.2%] | ||||||||||||
American Samoa, Economic Development Authority, Ser A, RB | ||||||||||||
Callable 09/01/25 @ 100 | ||||||||||||
6.625%, 09/01/35 | 3,000 | 3,473 | ||||||||||
Guam [0.2%] | ||||||||||||
Territory of Guam, GO, AMT | ||||||||||||
Callable 05/15/29 @ 100 | ||||||||||||
5.000%, 11/15/31 | 490 | 514 | ||||||||||
Territory of Guam, Ser A, RB | ||||||||||||
Callable 12/01/26 @ 100 | ||||||||||||
5.000%, 12/01/34 | 2,500 | 2,796 | ||||||||||
Total Guam | 3,310 | |||||||||||
Puerto Rico [4.7%] | ||||||||||||
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser A, RB | ||||||||||||
Callable 07/01/22 @ 100 | ||||||||||||
5.250%, 07/01/42 | 12,000 | 12,180 | ||||||||||
Puerto Rico Electric Power Authority, Ser E-1-RSA-1, RB | ||||||||||||
10.000%, 01/01/21(E) | 1,500 | 1,174 | ||||||||||
Puerto Rico Electric Power Authority, Ser E-2-RSA-1, RB | ||||||||||||
10.000%, 07/01/21(E) | 1,500 | 1,174 | ||||||||||
Puerto Rico Electric Power Authority, Ser E-2-RSA-1, RB | ||||||||||||
10.000%, 01/01/22(E) | 500 | 391 | ||||||||||
Puerto Rico Electric Power Authority, Ser XX-RSA-1, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.250%, 07/01/40(E) | 2,000 | 1,420 | ||||||||||
Puerto Rico Sales Tax Financing Sales Tax Revenue, Ser A-1, RB | ||||||||||||
3.939%, 07/01/24(D) | 2,000 | 1,846 | ||||||||||
Puerto Rico, Commonwealth, Ser A, GO | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
8.000%, 07/01/35(E) | 1,050 | 667 | ||||||||||
Puerto Rico, Electric Power Authority, Ser 2013A-RSA-1, RB | ||||||||||||
Callable 07/01/23 @ 100 | ||||||||||||
6.750%, 07/01/36(E) | 2,605 | 1,885 | ||||||||||
Puerto Rico, Electric Power Authority, Ser AAA-RSA-1, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.250%, 07/01/30(E) | 1,500 | 1,065 | ||||||||||
Puerto Rico, Electric Power Authority, Ser CCC-RSA-1, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.250%, 07/01/28(E) | 2,145 | 1,523 | ||||||||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB | �� | |||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
5.000%, 07/01/58 | 9,167 | 9,690 | ||||||||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB | ||||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
4.750%, 07/01/53 | 5,276 | 5,487 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB | ||||||||||||
Callable 07/01/25 @ 100 | ||||||||||||
4.500%, 07/01/34 | $ | 19,005 | $ | 19,829 | ||||||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-2, RB | ||||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
4.784%, 07/01/58 | 19,108 | 19,927 | ||||||||||
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-2, RB | ||||||||||||
Callable 07/01/28 @ 100 | ||||||||||||
4.536%, 07/01/53 | 31 | 32 | ||||||||||
Total Puerto Rico | 78,290 | |||||||||||
Virgin Islands [0.3%] | ||||||||||||
Virgin Islands, Public Finance Authority, Ser Senior, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.000%, 10/01/25 | 3,155 | 3,135 | ||||||||||
Virgin Islands, Public Finance Authority, Sub-Ser, RB | ||||||||||||
Callable 11/02/20 @ 100 | ||||||||||||
5.000%, 10/01/22 | 2,000 | 1,981 | ||||||||||
Total Virgin Islands | 5,116 | |||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $1,494,924) | 1,539,235 | |||||||||||
Corporate Bonds [0.3%] | ||||||||||||
Electric Utilities [0.1%] | ||||||||||||
Talen Energy Supply | ||||||||||||
6.625%, 01/15/28(C) | 3,000 | 2,906 | ||||||||||
Steel & Steel Works [0.1%] | ||||||||||||
United States Steel | ||||||||||||
6.250%, 03/15/26 | 2,500 | 1,694 | ||||||||||
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
Waste Disposal [0.1%] | ||||||||||||
Waste Pro USA | ||||||||||||
5.500%, 02/15/26(C) | $ | 1,500 | $ | 1,518 | ||||||||
Total Corporate Bonds | ||||||||||||
(Cost $6,491) | 6,118 | |||||||||||
Short-Term Investment** [7.1%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 118,100,082 | 118,100 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $118,100) | 118,100 | |||||||||||
Total Investments [100.0%] | ||||||||||||
(Cost $1,619,515) | $ | 1,663,453 | ||||||||||
Percentages are based on Net Assets of $1,662,636 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
(B) | Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date. |
(C) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2020, the value of these securities amounted to $320,607 (000), representing 19.3% of the net assets of the Fund. |
(D) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
(E) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
(F) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
(G) | Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2020. |
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
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
schedule of investments |
September 30, 2020 |
City National Rochdale Municipal High Income Fund (concluded) |
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments and other financial instruments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | — | $ | 1,539,235 | $ | — | $ | 1,539,235 | ||||||||
Corporate Bonds | — | 6,118 | — | 6,118 | ||||||||||||
Short-Term Investment | 118,100 | — | — | 118,100 | ||||||||||||
Total Investments in Securities | $ | 118,100 | $ | 1,545,353 | $ | — | $ | 1,663,453 | ||||||||
For the year ended September 30, 2020, there have been no transfers in or out of Level 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 58
schedule of investments |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
Corporate Bonds [46.7%] | ||||||||||||
Communication Services [4.0%] | ||||||||||||
America Movil | ||||||||||||
3.125%, 07/16/22 | $ | 4,000 | $ | 4,152 | ||||||||
Consumer Discretionary [6.4%] | ||||||||||||
Daimler Finance North America | ||||||||||||
0.687%, VAR ICE LIBOR USD 3 Month+0.430%, 02/12/21(A) | 4,000 | 4,000 | ||||||||||
General Motors Financial | ||||||||||||
4.350%, 01/17/27 | 2,500 | 2,714 | ||||||||||
Total Consumer Discretionary | 6,714 | |||||||||||
Financials [20.0%] | ||||||||||||
Allstate | ||||||||||||
0.848%, VAR ICE LIBOR USD 3 Month+0.630%, 03/29/23 | 1,400 | 1,411 | ||||||||||
American Express | ||||||||||||
0.901%, VAR ICE LIBOR USD 3 Month+0.650%, 02/27/23 | 1,605 | 1,615 | ||||||||||
Banco Santander | ||||||||||||
2.746%, 05/28/25 | 2,000 | 2,098 | ||||||||||
Barclays | ||||||||||||
4.375%, 01/12/26 | 1,500 | 1,680 | ||||||||||
Capital One Financial | ||||||||||||
4.200%, 10/29/25 | 1,000 | 1,110 | ||||||||||
Citigroup | ||||||||||||
3.500%, 05/15/23 | 2,000 | 2,137 | ||||||||||
Credit Suisse Group Funding Guernsey | ||||||||||||
4.550%, 04/17/26 | 2,500 | 2,915 | ||||||||||
Jefferies Group | ||||||||||||
5.125%, 01/20/23 | 1,200 | 1,308 | ||||||||||
JPMorgan Chase | ||||||||||||
3.125%, 01/23/25 | 2,200 | 2,400 | ||||||||||
Lehman Brothers Holdings, MTN | ||||||||||||
7.000%, 09/28/37(B) | 400 | 5 | ||||||||||
Mitsubishi UFJ Financial Group | ||||||||||||
0.981%, VAR ICE LIBOR USD 3 Month+0.740%, 03/02/23 | 1,100 | 1,106 | ||||||||||
Morgan Stanley, MTN | ||||||||||||
3.750%, 02/25/23 | 3,000 | 3,220 | ||||||||||
Total Financials | 21,005 | |||||||||||
Health Care [4.4%] | ||||||||||||
AbbVie | ||||||||||||
2.850%, 05/14/23 | 2,500 | 2,630 | ||||||||||
CVS Health | ||||||||||||
4.300%, 03/25/28 | 1,750 | 2,048 | ||||||||||
Total Health Care | 4,678 | |||||||||||
Industrials [4.5%] | ||||||||||||
John Deere Capital, MTN | ||||||||||||
2.800%, 09/08/27 | 2,500 | 2,777 | ||||||||||
Penske Truck Leasing LP | ||||||||||||
4.250%, 01/17/23(A) | 300 | 323 | ||||||||||
3.450%, 07/01/24(A) | 1,500 | 1,624 | ||||||||||
Total Industrials | 4,724 | |||||||||||
Information Technology [2.7%] | ||||||||||||
KLA-Tencor | ||||||||||||
4.650%, 11/01/24 | 2,500 | 2,855 | ||||||||||
Petroleum & Fuel Products [1.5%] | ||||||||||||
Shell International Finance BV | ||||||||||||
2.375%, 04/06/25 | 1,500 | 1,599 | ||||||||||
Utilities [3.2%] | ||||||||||||
Duke Energy | ||||||||||||
3.400%, 06/15/29 | 2,020 | 2,268 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
schedule of investments |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
Korea Electric Power | ||||||||||||
6.750%, 08/01/27 | $ | 75 | $ | 99 | ||||||||
National Fuel Gas | ||||||||||||
4.900%, 12/01/21 | 500 | 517 | ||||||||||
Puget Energy | ||||||||||||
6.000%, 09/01/21 | 500 | 524 | ||||||||||
Total Utilities | 3,408 | |||||||||||
Total Corporate Bonds | ||||||||||||
(Cost $46,658) | 49,135 | |||||||||||
Municipal Bonds [36.9%] | ||||||||||||
California [13.1%] | ||||||||||||
California State, Various Purpose, GO | ||||||||||||
3.500%, 04/01/28 | 5,000 | 5,801 | ||||||||||
San Jose, Redevelopment Agency Successor Agency, Ser A-T, TA | ||||||||||||
2.958%, 08/01/24 | 3,500 | 3,810 | ||||||||||
University of California, Ser BD, RB | ||||||||||||
3.349%, 07/01/29 | 2,400 | 2,758 | ||||||||||
University of California, Ser BF, RB | ||||||||||||
1.714%, 05/15/30 | 1,460 | 1,476 | ||||||||||
Total California | 13,845 | |||||||||||
Florida [2.7%] | ||||||||||||
Florida State, Board of Administration Finance, Ser A, RB | ||||||||||||
1.705%, 07/01/27 | 2,800 | 2,841 | ||||||||||
Massachusetts [1.0%] | ||||||||||||
Massachusetts State, Development Finance Agency, RB | ||||||||||||
Pre-Refunded @ 100 | ||||||||||||
5.000%, 10/15/20(C) | 1,000 | 1,002 | ||||||||||
New York [20.1%] | ||||||||||||
New York City, Build America Bonds, GO | ||||||||||||
5.424%, 03/01/25 | 3,500 | 4,156 | ||||||||||
New York City, Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||||||
Callable 05/01/29 @ 100 | ||||||||||||
3.350%, 11/01/30 | 3,840 | 4,269 | ||||||||||
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser C-5, RB | ||||||||||||
Callable 05/01/28 @ 100 | ||||||||||||
3.800%, 05/01/29 | 2,500 | 2,859 | ||||||||||
New York State, Sub-Ser D-2, GO | ||||||||||||
3.760%, 12/01/27 | 3,020 | 3,489 | ||||||||||
New York State, Urban Development, Ser B, RB | ||||||||||||
2.550%, 03/15/29 | 820 | 878 | ||||||||||
New York State, Urban Development, Ser D-2, RB | ||||||||||||
Callable 09/15/27 @ 100 | ||||||||||||
3.270%, 03/15/28 | 5,000 | 5,495 | ||||||||||
Total New York | 21,146 | |||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $35,764) | 38,834 | |||||||||||
U.S. Treasury Obligations [6.7%] | ||||||||||||
U.S. Treasury Note | ||||||||||||
2.625%, 01/31/26 | 1,850 | 2,076 | ||||||||||
0.500%, 08/31/27 | 1,000 | 1,003 | ||||||||||
0.250%, 08/31/25 | 3,000 | 2,998 | ||||||||||
0.125%, 07/31/22 | 1,000 | 1,000 | ||||||||||
Total U.S. Treasury Obligations | ||||||||||||
(Cost $7,065) | 7,077 | |||||||||||
U.S. Government Mortgage-Backed Obligations [4.5%] | ||||||||||||
FHLMC, Pool 1B2677 | ||||||||||||
3.917%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35 | 2 | 2 | ||||||||||
FHLMC, Pool 1B2683 | ||||||||||||
3.885%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35 | 1 | 1 | ||||||||||
FHLMC, Pool 1B2692 | ||||||||||||
3.869%, VAR ICE LIBOR USD 12 Month+1.770%, 12/01/34 | 4 | 4 | ||||||||||
FHLMC, Pool A93505 | ||||||||||||
4.500%, 08/01/40 | 12 | 14 | ||||||||||
FHLMC, Pool A93996 | ||||||||||||
4.500%, 09/01/40 | 18 | 21 | ||||||||||
FHLMC, Pool C03490 | ||||||||||||
4.500%, 08/01/40 | 93 | 104 | ||||||||||
FHLMC, Pool C09015 | ||||||||||||
3.000%, 10/01/42 | 109 | 116 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 60
schedule of investments |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund (continued) |
Description | Face Amount (000) | Value (000) | ||||||||||
FHLMC, Pool G02940 | ||||||||||||
5.500%, 05/01/37 | $ | 3 | $ | 3 | ||||||||
FHLMC, Pool G04222 | ||||||||||||
5.500%, 04/01/38 | 5 | 6 | ||||||||||
FHLMC, Pool G04913 | ||||||||||||
5.000%, 03/01/38 | 21 | 24 | ||||||||||
FHLMC, Pool G08003 | ||||||||||||
6.000%, 07/01/34 | 6 | 7 | ||||||||||
FHLMC, Pool G11880 | ||||||||||||
5.000%, 12/01/20 | — | — | ||||||||||
FHLMC, Pool G18124 | ||||||||||||
6.000%, 06/01/21 | — | — | ||||||||||
FHLMC, Pool J19197 | ||||||||||||
3.000%, 05/01/27 | 45 | 47 | ||||||||||
FHLMC, Pool Q08998 | ||||||||||||
3.500%, 06/01/42 | 76 | 82 | ||||||||||
FHLMC, Pool Q10378 | ||||||||||||
3.000%, 08/01/42 | 99 | 106 | ||||||||||
FNMA, Pool 252570 | ||||||||||||
6.500%, 07/01/29 | 2 | 2 | ||||||||||
FNMA, Pool 253183 | ||||||||||||
7.500%, 04/01/30 | — | — | ||||||||||
FNMA, Pool 253398 | ||||||||||||
8.000%, 08/01/30 | 1 | 1 | ||||||||||
FNMA, Pool 254949 | ||||||||||||
5.000%, 11/01/33 | 5 | 5 | ||||||||||
FNMA, Pool 255814 | ||||||||||||
5.500%, 08/01/35 | 7 | 9 | ||||||||||
FNMA, Pool 303168 | ||||||||||||
9.500%, 02/01/25 | — | 1 | ||||||||||
FNMA, Pool 725424 | ||||||||||||
5.500%, 04/01/34 | 7 | 8 | ||||||||||
FNMA, Pool 735060 | ||||||||||||
6.000%, 11/01/34 | 5 | 5 | ||||||||||
FNMA, Pool 735228 | ||||||||||||
5.500%, 02/01/35 | 4 | 4 | ||||||||||
FNMA, Pool 735230 | ||||||||||||
5.500%, 02/01/35 | 9 | 11 | ||||||||||
FNMA, Pool 745275 | ||||||||||||
5.000%, 02/01/36 | 34 | 39 | ||||||||||
FNMA, Pool 745418 | ||||||||||||
5.500%, 04/01/36 | 38 | 44 | ||||||||||
FNMA, Pool 827223 | ||||||||||||
3.215%, VAR ICE LIBOR USD 12 Month+1.465%, 04/01/35 | 10 | 11 | ||||||||||
FNMA, Pool 844809 | ||||||||||||
5.000%, 11/01/35 | 14 | 16 | ||||||||||
FNMA, Pool AD0454 | ||||||||||||
5.000%, 11/01/21 | — | — | ||||||||||
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
FNMA, Pool AD8522 | ||||||||||||
4.000%, 08/01/40 | $ | 14 | $ | 15 | ||||||||
FNMA, Pool AE0828 | ||||||||||||
3.500%, 02/01/41 | 134 | 145 | ||||||||||
FNMA, Pool AH0621 | ||||||||||||
3.500%, 01/01/41 | 31 | 34 | ||||||||||
FNMA, Pool AJ1407 | ||||||||||||
4.000%, 09/01/41 | 22 | 24 | ||||||||||
FNMA, Pool AJ7689 | ||||||||||||
4.000%, 12/01/41 | 81 | 89 | ||||||||||
FNMA, Pool AK0971 | ||||||||||||
3.000%, 02/01/27 | 38 | 40 | ||||||||||
FNMA, Pool AL5866 | ||||||||||||
2.601%, 08/01/22(D) | 3,188 | 3,269 | ||||||||||
FNMA, Pool AO2970 | ||||||||||||
3.000%, 05/01/42 | 95 | 101 | ||||||||||
FNMA, Pool AO4137 | ||||||||||||
3.500%, 06/01/42 | 75 | 81 | ||||||||||
FNMA, Pool MA1277 | ||||||||||||
2.500%, 12/01/27 | 43 | 45 | ||||||||||
GNMA, Pool G2 4696 | ||||||||||||
4.500%, 05/20/40 | 39 | 44 | ||||||||||
GNMA, Pool G2 4747 | ||||||||||||
5.000%, 07/20/40 | 15 | 17 | ||||||||||
GNMA, Pool G2 4923 | ||||||||||||
4.500%, 01/20/41 | 25 | 28 | ||||||||||
GNMA, Pool G2 MA0155 | ||||||||||||
4.000%, 06/20/42 | 60 | 66 | ||||||||||
GNMA, Pool G2 MA0392 | ||||||||||||
3.500%, 09/20/42 | 78 | 84 | ||||||||||
Total U.S. Government Mortgage-Backed Obligations | ||||||||||||
(Cost $4,599) | 4,775 | |||||||||||
Affiliated Registered Investment Company [2.7%] | ||||||||||||
City National Rochdale Fixed Income Opportunities Fund, Cl N‡ | 127,551 | 2,879 | ||||||||||
Total Affiliated Registered Investment Company | ||||||||||||
(Cost $2,500) | 2,879 | |||||||||||
Mortgage-Backed Obligations [0.8%] | ||||||||||||
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4 | ||||||||||||
3.147%, 08/15/45 | 125 | 129 | ||||||||||
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6 | ||||||||||||
4.810%, 07/25/35 | — | — | ||||||||||
GS Mortgage Securities II, Ser 2012-GCJ9, Cl A3 | ||||||||||||
2.773%, 11/10/45 | 269 | 276 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
schedule of investments |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund (continued) |
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5 | ||||||||||||
2.960%, 04/15/46 | $ | 150 | $ | 157 | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4 | ||||||||||||
2.858%, 11/15/45 | 223 | 229 | ||||||||||
Total Mortgage-Backed Obligations | ||||||||||||
(Cost $775) | 791 | |||||||||||
Closed-End Fund [0.4%] | ||||||||||||
Stone Ridge Reinsurance Risk Premium Interval Fund | 9,679 | 395 | ||||||||||
Total Closed-End Fund | ||||||||||||
(Cost $469) | 395 | |||||||||||
Asset-Backed Security [0.0%] | ||||||||||||
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4 | ||||||||||||
7.500%, 07/25/28 | 5 | 2 | ||||||||||
Total Asset-Backed Security | ||||||||||||
(Cost $4) | 2 | |||||||||||
Residential Mortgage-Backed Securities [0.0%] | ||||||||||||
RAAC, Ser 2004-SP1, Cl AI4 | ||||||||||||
5.285%, 08/25/27(D) | — | — | ||||||||||
Residential Accredit Loans, Ser 2004-QS6, Cl A1 | ||||||||||||
5.000%, 05/25/19 | — | 1 | ||||||||||
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5 | ||||||||||||
5.572%, 06/25/32(D) | 13 | 13 | ||||||||||
Total Residential Mortgage-Backed Securities | ||||||||||||
(Cost $14) | 14 | |||||||||||
Short-Term Investment** [1.0%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 1,078,539 | 1,079 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $1,079) | 1,079 | |||||||||||
Total Investments [99.7%] | ||||||||||||
(Cost $98,927) | $ | 104,981 | ||||||||||
Percentages are based on Net Assets of $105,304 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
‡ | Investment in Affiliate |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2020, the value of these securities amounted to $5,947 (000), representing 5.6% of the net assets of the Fund. |
(B) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
(C) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
(D) | 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. |
Cl — Class
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rates
LP — Limited Partnership
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
TA — Tax Allocation
USD — U.S. Dollar
VAR — Variable
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 49,135 | $ | — | $ | 49,135 | ||||||||
Municipal Bonds | — | 38,834 | — | 38,834 | ||||||||||||
U.S. Treasury Obligations | — | 7,077 | — | 7,077 | ||||||||||||
U.S. Government Mortgage-Backed Obligations | — | 4,775 | — | 4,775 | ||||||||||||
Affiliated Registered Investment Company | 2,879 | — | — | 2,879 | ||||||||||||
Mortgage-Backed Obligations | — | 791 | — | 791 | ||||||||||||
Closed-End Fund | 395 | — | — | 395 | ||||||||||||
Asset-Backed Security | — | 2 | — | 2 | ||||||||||||
Residential Mortgage-Backed Securities | — | 14 | — | 14 | ||||||||||||
Short-Term Investment | 1,079 | — | — | 1,079 | ||||||||||||
Total Investments in Securities | $ | 4,353 | $ | 100,628 | $ | — | $ | 104,981 | ||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
schedule of investments |
September 30, 2020 |
City National Rochdale Intermediate Fixed Income Fund (concluded) |
For the year ended September 30, 2020, there have been no transfers in or out of Level 3. The following is a summary of the transactions with the affiliates for the year ended September 30, 2020.
City National | ||||
Beginning, Market Value balance as of 10/1/19 | $ | — | ||
Purchases at Cost | 2,500 | |||
Proceeds from Sales | — | |||
Realized Gain (Loss) | — | |||
Unrealized Gain (Loss) | 379 | |||
Ending, Market Value balance as of 9/30/20 | $ | 2,879 | ||
Dividend Income | $ | 81 | ||
City National | ||||
Beginning balance as of 9/30/19 | — | |||
Purchases | 127551 | |||
Sales | — | |||
Ending balance as of 9/30/20 | 127551 | |||
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 63
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Corporate Bonds [45.6%] | ||||||||||||
Aerospace / Defense [0.3%] | ||||||||||||
TransDigm | ||||||||||||
6.500%, 07/15/24 | $ | 250 | $ | 249 | ||||||||
6.500%, 05/15/25 | 2,275 | 2,268 | ||||||||||
TransDigm | ||||||||||||
6.250%, 03/15/26(A) | 2,100 | 2,193 | ||||||||||
TransDigm | ||||||||||||
6.375%, 06/15/26 | 800 | 803 | ||||||||||
TransDigm | ||||||||||||
5.500%, 11/15/27 | 1,825 | 1,754 | ||||||||||
TransDigm UK Holdings | ||||||||||||
6.875%, 05/15/26 | 2,325 | 2,337 | ||||||||||
Total Aerospace / Defense | 9,604 | |||||||||||
Agricultural [0.2%] | ||||||||||||
Kernel Holding | ||||||||||||
8.750%, 01/31/22 | 5,200 | 5,374 | ||||||||||
Mriya Farming, MTN | ||||||||||||
5.000%, 0.00%, 0, 12/31/25(A) (B) (C) | 161 | 2 | ||||||||||
Mriya Recovery Certificates | ||||||||||||
0.000%, 12/31/49 | EUR | 3,224 | 5 | |||||||||
Total Agricultural | 5,381 | |||||||||||
Airlines [0.4%] | ||||||||||||
Aerovias de Mexico | ||||||||||||
7.000%, 02/05/25(D) | 14,080 | 3,379 | ||||||||||
Avianca Holdings | ||||||||||||
8.375%, 07/10/20(D) | 39 | 8 | ||||||||||
Azul Investments LLP | ||||||||||||
5.875%, 10/26/24 | 3,650 | 2,765 | ||||||||||
EA Partners I | ||||||||||||
6.875%, 09/28/20 | 8,900 | 3,749 | ||||||||||
EA Partners II | ||||||||||||
6.750%, 06/01/21(D) | 8,045 | 3,218 | ||||||||||
Gol Finance | ||||||||||||
7.000%, 01/31/25 | 3,700 | 2,608 | ||||||||||
Total Airlines | 15,727 | |||||||||||
Airport Develop/Maint [0.3%] | ||||||||||||
International Airport Finance | ||||||||||||
12.000%, 03/15/33 | 11,440 | 10,079 | ||||||||||
Auto Rent & Lease [0.0%] | ||||||||||||
Kapla Holding SAS | ||||||||||||
3.250%, VAR Euribor 3 Month+3.250%, 12/15/26 | EUR | 300 | 330 | |||||||||
Kapla Holding SAS | ||||||||||||
3.375%, 12/15/26 | EUR | 769 | 832 | |||||||||
Total Auto Rent & Lease | 1,162 | |||||||||||
Auto/Trk Prts and Equip-Repl [0.0%] | ||||||||||||
Samvardhana Motherson Automotive Systems Group BV | ||||||||||||
4.875%, 12/16/21 | 500 | 497 | ||||||||||
Automotive [0.9%] | ||||||||||||
Adient Global Holdings | ||||||||||||
4.875%, 08/15/26(A) | 2,450 | 2,334 | ||||||||||
Adient US | ||||||||||||
9.000%, 04/15/25(A) | 550 | 606 | ||||||||||
Adient US | ||||||||||||
7.000%, 05/15/26(A) | 150 | 161 | ||||||||||
American Axle & Manufacturing | ||||||||||||
6.250%, 03/15/26 | 125 | 121 | ||||||||||
American Axle & Manufacturing | ||||||||||||
6.500%, 04/01/27 | 1,800 | 1,741 | ||||||||||
Clarios Global | ||||||||||||
6.750%, 05/15/25(A) | 175 | 184 | ||||||||||
Dana | ||||||||||||
5.500%, 12/15/24 | 100 | 102 | ||||||||||
Dana | ||||||||||||
5.375%, 11/15/27 | 175 | 179 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Dana | ||||||||||||
5.625%, 06/15/28 | $ | 475 | $ | 491 | ||||||||
Dana Financing Luxembourg Sarl | ||||||||||||
5.750%, 04/15/25(A) | 450 | 460 | ||||||||||
Dana Financing Luxembourg Sarl | ||||||||||||
6.500%, 06/01/26(A) | 1,075 | 1,121 | ||||||||||
Ford Motor Credit | ||||||||||||
3.336%, 03/18/21 | 600 | 600 | ||||||||||
Ford Motor Credit | ||||||||||||
3.813%, 10/12/21 | 950 | 952 | ||||||||||
Ford Motor Credit | ||||||||||||
3.339%, 03/28/22 | 1,300 | 1,295 | ||||||||||
Ford Motor Credit | ||||||||||||
4.250%, 09/20/22 | 1,000 | 1,009 | ||||||||||
Ford Motor Credit | ||||||||||||
4.140%, 02/15/23 | 475 | 478 | ||||||||||
Ford Motor Credit | ||||||||||||
3.096%, 05/04/23 | 850 | 830 | ||||||||||
Ford Motor Credit | ||||||||||||
4.063%, 11/01/24 | 2,200 | 2,197 | ||||||||||
Ford Motor Credit | ||||||||||||
5.125%, 06/16/25 | 1,850 | 1,908 | ||||||||||
Ford Motor Credit | ||||||||||||
4.271%, 01/09/27 | 925 | 908 | ||||||||||
Ford Motor Credit | ||||||||||||
4.125%, 08/17/27 | 1,700 | 1,653 | ||||||||||
Ford Motor Credit | ||||||||||||
5.113%, 05/03/29 | 950 | 974 | ||||||||||
Ford Motor Credit, MTN | ||||||||||||
4.389%, 01/08/26 | 600 | 593 | ||||||||||
Goodyear Tire & Rubber | ||||||||||||
5.000%, 05/31/26 | 525 | 510 | ||||||||||
Goodyear Tire & Rubber | ||||||||||||
4.875%, 03/15/27 | 725 | 687 | ||||||||||
IAA | ||||||||||||
5.500%, 06/15/27(A) | 200 | 208 | ||||||||||
IHO Verwaltungs GmbH | ||||||||||||
4.750%cash/5.500% PIK, 09/15/26(A) | 1,325 | 1,342 | ||||||||||
IHO Verwaltungs GmbH | ||||||||||||
6.000%cash/6.750% PIK, 05/15/27(A) | 850 | 897 | ||||||||||
IHO Verwaltungs GmbH | ||||||||||||
6.375%cash/7.125% PIK, 05/15/29(A) | 300 | 319 | ||||||||||
JB Poindexter | ||||||||||||
7.125%, 04/15/26(A) | 1,550 | 1,644 | ||||||||||
KAR Auction Services | ||||||||||||
5.125%, 06/01/25(A) | 1,900 | 1,900 | ||||||||||
Panther BF Aggregator 2 | ||||||||||||
6.250%, 05/15/26(A) | 450 | 472 | ||||||||||
Panther BF Aggregator 2 | ||||||||||||
8.500%, 05/15/27(A) | 4,750 | 4,904 | ||||||||||
Total Automotive | 33,780 | |||||||||||
Autoparts [0.0%] | ||||||||||||
Faurecia | ||||||||||||
3.750%, 06/15/28 | EUR | 310 | 361 | |||||||||
Banking [0.0%] | ||||||||||||
Ally Financial | ||||||||||||
5.750%, 11/20/25 | 825 | 925 | ||||||||||
Banks [1.6%] | ||||||||||||
African Bank, MTN | ||||||||||||
8.125%, 10/19/20 | 4,022 | 3,960 | ||||||||||
Akbank T.A.S. | ||||||||||||
6.797%, VAR USD Swap Semi 30/360 5 Yr Curr+4.029%, 04/27/28 | 1,017 | 894 | ||||||||||
Akbank T.A.S., MTN | ||||||||||||
7.200%, VAR USD Swap Semi 30/360 5 Yr Curr+5.026%, 03/16/27 | 555 | 512 | ||||||||||
Banco do Brasil | ||||||||||||
6.250%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+4.398%, 10/15/68 | 1,000 | 939 | ||||||||||
Banco Hipotecario | ||||||||||||
9.750%, 11/30/20 | 15,730 | 13,583 | ||||||||||
Banco Mercantil del Norte | ||||||||||||
7.625%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.353%, 10/06/67 | 1,590 | 1,589 | ||||||||||
Banco Mercantil del Norte | ||||||||||||
8.375%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+7.760%, 10/14/68 | 2,200 | 2,302 | ||||||||||
Banco Mercantil del Norte | ||||||||||||
6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.035%, 10/06/69 | 4,535 | 4,493 | ||||||||||
Bank Nadra Via NDR Finance | ||||||||||||
8.250%, 06/22/17(D) | 721 | 4 | ||||||||||
CorpGroup Banking | ||||||||||||
6.750%, 03/15/23 | 4,750 | 1,520 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Credit Bank of Moscow Via CBOM Finance | ||||||||||||
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.416%, 10/05/27 | $ | 14,612 | $ | 14,071 | ||||||||
Credit Bank of Moscow Via CBOM Finance | ||||||||||||
8.875%, VAR USD Swap Semi 30/360 5 Yr Curr+6.942%, 08/10/68 | 4,690 | 4,388 | ||||||||||
ING Bank, MTN | ||||||||||||
2.571%, 01/01/28 | JPY | 451,861 | 2,571 | |||||||||
Itau Unibanco Holding, MTN | ||||||||||||
6.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.981%, 06/12/69 | 2,170 | 2,099 | ||||||||||
Sovcombank Via SovCom Capital DAC | ||||||||||||
8.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.427%, 04/07/30 | 5,265 | 5,329 | ||||||||||
TBC Bank JSC | ||||||||||||
10.775%, VAR USD ICE Swap 11:00 NY 5 Yr+8.995%, 04/03/69 | 500 | 503 | ||||||||||
TC Ziraat Bankasi, MTN | ||||||||||||
5.125%, 05/03/22 | 475 | 461 | ||||||||||
Turkiye Garanti Bankasi | ||||||||||||
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.220%, 05/24/27 | 1,280 | 1,159 | ||||||||||
Turkiye Is Bankasi | ||||||||||||
7.000%, VAR USD Swap Semi 30/360 5 Yr Curr+5.117%, 06/29/28 | 807 | 733 | ||||||||||
Total Banks | 61,110 | |||||||||||
Beauty Products [0.1%] | ||||||||||||
Walnut Bidco | ||||||||||||
9.125%, 08/01/24 | 4,805 | 4,944 | ||||||||||
Broadcasting & Cable [0.2%] | ||||||||||||
Telegraph Columbus | ||||||||||||
3.875%, 05/02/25 | EUR | 1,000 | 1,116 | |||||||||
Telenet Finance Luxembourg Notes Sarl | ||||||||||||
5.500%, 03/01/28(A) | 2,800 | 2,940 | ||||||||||
Virgin Media Secured Finance | ||||||||||||
4.250%, 01/15/30 | GBP | 2,100 | 2,667 | |||||||||
Virgin Media Vendor Financing Notes III DAC | ||||||||||||
4.875%, 07/15/28 | GBP | 200 | 260 | |||||||||
Total Broadcasting & Cable | 6,983 | |||||||||||
Building & Construction [0.5%] | ||||||||||||
Cemex | ||||||||||||
7.750%, 04/16/26 | 2,845 | 3,001 | ||||||||||
Cemex | ||||||||||||
5.200%, 09/17/30(A) | 3,730 | 3,753 | ||||||||||
HTA Group | ||||||||||||
7.000%, 12/18/25 | 1,700 | 1,787 | ||||||||||
InterCement Financial Operations BV | ||||||||||||
5.750%, 07/17/24 | 15,400 | 11,194 | ||||||||||
Yuksel Insaat | ||||||||||||
9.500%, 11/10/15(D) | 12,655 | 380 | ||||||||||
Total Building & Construction | 20,115 | |||||||||||
Building Materials [0.4%] | ||||||||||||
American Builders & Contractors Supply | ||||||||||||
5.875%, 05/15/26(A) | 3,525 | 3,657 | ||||||||||
American Builders & Contractors Supply | ||||||||||||
4.000%, 01/15/28(A) | 350 | 356 | ||||||||||
Core & Main | ||||||||||||
6.125%, 08/15/25(A) | 3,575 | 3,621 | ||||||||||
Cornerstone Building Brands | ||||||||||||
8.000%, 04/15/26(A) | 2,500 | 2,625 | ||||||||||
Cornerstone Building Brands | ||||||||||||
6.125%, 01/15/29(A) | 450 | 456 | ||||||||||
Masonite International | ||||||||||||
5.750%, 09/15/26(A) | 425 | 443 | ||||||||||
Standard Industries | ||||||||||||
5.000%, 02/15/27(A) | 1,725 | 1,794 | ||||||||||
Standard Industries | ||||||||||||
4.750%, 01/15/28(A) | 750 | 778 | ||||||||||
Standard Industries | ||||||||||||
4.375%, 07/15/30(A) | 1,075 | 1,102 | ||||||||||
Standard Industries | ||||||||||||
3.375%, 01/15/31(A) | 1,625 | 1,604 | ||||||||||
Total Building Materials | 16,436 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Building-Heavy Construct [1.1%] | ||||||||||||
Andrade Gutierrez International | ||||||||||||
11.000%, 08/20/21 | $ | 200 | $ | 134 | ||||||||
Andrade Gutierrez International | ||||||||||||
9.500%, 12/30/24 | 57,590 | 39,161 | ||||||||||
Odebrecht Finance | ||||||||||||
4.375%, 04/25/25(D) | 500 | 25 | ||||||||||
Odebrecht Finance | ||||||||||||
5.250%, 06/27/29(D) | 13,773 | 861 | ||||||||||
Odebrecht Finance | ||||||||||||
7.125%, 06/26/42(D) | 11,661 | 685 | ||||||||||
Odebrecht Finance | ||||||||||||
7.500%, 12/14/68(D) | 2,450 | 159 | ||||||||||
Total Building-Heavy Construct | 41,025 | |||||||||||
Cable Satellite [1.4%] | ||||||||||||
Cablevision Systems | ||||||||||||
5.875%, 09/15/22 | 850 | 899 | ||||||||||
CCO Holdings | ||||||||||||
4.000%, 03/01/23(A) | 1,500 | 1,518 | ||||||||||
CCO Holdings | ||||||||||||
5.375%, 05/01/25(A) | 250 | 257 | ||||||||||
CCO Holdings | ||||||||||||
5.750%, 02/15/26(A) | 1,625 | 1,690 | ||||||||||
CCO Holdings | ||||||||||||
5.500%, 05/01/26(A) | 875 | 909 | ||||||||||
CCO Holdings | ||||||||||||
5.125%, 05/01/27(A) | 1,100 | 1,157 | ||||||||||
CCO Holdings | ||||||||||||
5.875%, 05/01/27(A) | 1,900 | 1,995 | ||||||||||
CCO Holdings | ||||||||||||
5.000%, 02/01/28(A) | 900 | 945 | ||||||||||
CCO Holdings | ||||||||||||
4.750%, 03/01/30(A) | 2,125 | 2,250 | ||||||||||
CCO Holdings | ||||||||||||
4.500%, 08/15/30(A) | 2,800 | 2,940 | ||||||||||
CCO Holdings | ||||||||||||
4.250%, 02/01/31(A) | 2,525 | 2,617 | ||||||||||
CSC Holdings | ||||||||||||
5.250%, 06/01/24 | 875 | 939 | ||||||||||
CSC Holdings | ||||||||||||
5.500%, 05/15/26(A) | 775 | 806 | ||||||||||
5.500%, 04/15/27(A) | 1,550 | 1,632 | ||||||||||
CSC Holdings | ||||||||||||
7.500%, 04/01/28(A) | 675 | 745 | ||||||||||
CSC Holdings | ||||||||||||
5.750%, 01/15/30(A) | 3,125 | 3,320 | ||||||||||
CSC Holdings | ||||||||||||
4.125%, 12/01/30(A) | 2,775 | 2,828 | ||||||||||
CSC Holdings | ||||||||||||
4.625%, 12/01/30(A) | 3,175 | 3,199 | ||||||||||
CSC Holdings | ||||||||||||
3.375%, 02/15/31(A) | 400 | 387 | ||||||||||
DISH DBS | ||||||||||||
5.875%, 11/15/24 | 1,100 | 1,128 | ||||||||||
DISH DBS | ||||||||||||
7.750%, 07/01/26 | 1,925 | 2,116 | ||||||||||
DISH DBS | ||||||||||||
7.375%, 07/01/28(A) | 925 | 953 | ||||||||||
Dolya Holdco 18 DAC | ||||||||||||
5.000%, 07/15/28(A) | 1,275 | 1,272 | ||||||||||
Intelsat Jackson Holdings | ||||||||||||
5.500%, 08/01/23(D) | 725 | 455 | ||||||||||
Intelsat Jackson Holdings | ||||||||||||
8.500%, 10/15/24(A) (D) | 875 | 564 | ||||||||||
Intelsat Jackson Holdings | ||||||||||||
9.750%, 07/15/25(A) (D) | 525 | 344 | ||||||||||
Sirius XM Radio | ||||||||||||
3.875%, 08/01/22(A) | 600 | 606 | ||||||||||
Sirius XM Radio | ||||||||||||
4.625%, 07/15/24(A) | 725 | 750 | ||||||||||
Sirius XM Radio | ||||||||||||
5.375%, 07/15/26(A) | 525 | 546 | ||||||||||
Sirius XM Radio | ||||||||||||
5.500%, 07/01/29(A) | 2,450 | 2,628 | ||||||||||
Sirius XM Radio | ||||||||||||
4.125%, 07/01/30(A) | 2,175 | 2,216 | ||||||||||
Virgin Media Finance | ||||||||||||
5.000%, 07/15/30(A) | 400 | 398 | ||||||||||
Virgin Media Secured Finance | ||||||||||||
5.500%, 08/15/26(A) | 400 | 417 | ||||||||||
5.500%, 05/15/29(A) | 900 | 966 | ||||||||||
Virgin Media Secured Finance | ||||||||||||
4.500%, 08/15/30(A) | 825 | 848 | ||||||||||
Vmed O2 UK Financing I | ||||||||||||
4.250%, 01/31/31(A) | 1,725 | 1,755 | ||||||||||
Ziggo Bond BV | ||||||||||||
6.000%, 01/15/27(A) | 2,600 | 2,688 | ||||||||||
Ziggo Bond BV | ||||||||||||
5.125%, 02/28/30(A) | 350 | 354 | ||||||||||
Ziggo BV | ||||||||||||
5.500%, 01/15/27(A) | 1,475 | 1,545 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Ziggo BV | ||||||||||||
4.875%, 01/15/30(A) | $ | 200 | $ | 207 | ||||||||
Total Cable Satellite | 53,789 | |||||||||||
Chemicals [1.3%] | ||||||||||||
Alpha 2 BV | ||||||||||||
8.750%cash/9.500% PIK, 06/01/23(A) | 425 | 426 | ||||||||||
Alpha 3 | ||||||||||||
6.250%, 02/01/25(A) | 2,675 | 2,712 | ||||||||||
Axalta Coating Systems | ||||||||||||
4.750%, 06/15/27(A) | 250 | 255 | ||||||||||
Braskem Idesa SAPI | ||||||||||||
7.450%, 11/15/29 | 7,615 | 7,246 | ||||||||||
Braskem Netherlands Finance BV | ||||||||||||
5.875%, 01/31/50 | 2,110 | 1,934 | ||||||||||
Braskem Netherlands Finance BV | ||||||||||||
8.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.220%, 01/23/81 | 5,225 | 5,282 | ||||||||||
Compass Minerals International | ||||||||||||
4.875%, 07/15/24(A) | 1,200 | 1,224 | ||||||||||
Compass Minerals International | ||||||||||||
6.750%, 12/01/27(A) | 1,200 | 1,296 | ||||||||||
Element Solutions | ||||||||||||
3.875%, 09/01/28(A) | 1,025 | 1,006 | ||||||||||
Fire BC | ||||||||||||
4.750%, VAR Euribor 3 Month+4.750%, 09/30/24 | EUR | 2,805 | 2,919 | |||||||||
Hexion | ||||||||||||
7.875%, 07/15/27(A) | 2,275 | 2,274 | ||||||||||
Illuminate Buyer | ||||||||||||
9.000%, 07/01/28(A) | 1,450 | 1,559 | ||||||||||
INEOS Styrolution Group GmbH | ||||||||||||
2.250%, 01/16/27 | EUR | 1,900 | 2,072 | |||||||||
Koppers | ||||||||||||
6.000%, 02/15/25(A) | 4,075 | 4,131 | ||||||||||
PQ | ||||||||||||
5.750%, 12/15/25(A) | 500 | 514 | ||||||||||
Sasol Financing USA | ||||||||||||
6.500%, 09/27/28 | 2,760 | 2,621 | ||||||||||
Starfruit Finco BV | ||||||||||||
8.000%, 10/01/26(A) | 3,075 | 3,255 | ||||||||||
Unigel Luxembourg | ||||||||||||
8.750%, 10/01/26 | 7,025 | 6,800 | ||||||||||
WR Grace & -Conn | ||||||||||||
4.875%, 06/15/27(A) | 550 | 568 | ||||||||||
Total Chemicals | 48,094 | |||||||||||
Coal Mining [0.8%] | ||||||||||||
Bayan Resources | ||||||||||||
6.125%, 01/24/23 | 300 | 284 | ||||||||||
DTEK Finance | ||||||||||||
10.750%cash/0% PIK, 12/31/24(D) | 32,574 | 21,897 | ||||||||||
Eterna Capital Pte | ||||||||||||
8.000%, 12/11/22 | 7,432 | 2,118 | ||||||||||
Mongolian Mining | ||||||||||||
9.250%, 04/15/24 | 3,550 | 2,664 | ||||||||||
Mongolian Mining | ||||||||||||
0.000%, 10/01/67 | 7,787 | 3,945 | ||||||||||
New World Resources | ||||||||||||
8.000%, 04/07/20(D) | EUR | 1,101 | 32 | |||||||||
Total Coal Mining | 30,940 | |||||||||||
Commercial Serv-Finance [0.0%] | ||||||||||||
Sisal Pay | ||||||||||||
3.875%, VAR Euribor 3 Month+3.875%, 12/17/26 | EUR | 400 | 455 | |||||||||
Construction Machinery [0.1%] | ||||||||||||
United Rentals North America | ||||||||||||
5.875%, 09/15/26 | 575 | 606 | ||||||||||
United Rentals North America | ||||||||||||
5.500%, 05/15/27 | 850 | 902 | ||||||||||
United Rentals North America | ||||||||||||
4.875%, 01/15/28 | 600 | 630 | ||||||||||
United Rentals North America | ||||||||||||
5.250%, 01/15/30 | 325 | 355 | ||||||||||
United Rentals North America | ||||||||||||
4.000%, 07/15/30 | 700 | 718 | ||||||||||
United Rentals North America | ||||||||||||
3.875%, 02/15/31 | 700 | 710 | ||||||||||
Total Construction Machinery | 3,921 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Consumer Cyclical Services [0.4%] | ||||||||||||
Allied Universal Holdco | ||||||||||||
6.625%, 07/15/26(A) | $ | 1,575 | $ | 1,677 | ||||||||
Allied Universal Holdco | ||||||||||||
9.750%, 07/15/27(A) | 4,925 | 5,351 | ||||||||||
Brink’s | ||||||||||||
5.500%, 07/15/25(A) | 250 | 261 | ||||||||||
Garda World Security | ||||||||||||
4.625%, 02/15/27(A) | 1,275 | 1,281 | ||||||||||
Go Daddy Operating | ||||||||||||
5.250%, 12/01/27(A) | 1,350 | 1,405 | ||||||||||
GW B-CR Security | ||||||||||||
9.500%, 11/01/27(A) | 2,943 | 3,090 | ||||||||||
Total Consumer Cyclical Services | 13,065 | |||||||||||
Consumer Products [0.2%] | ||||||||||||
Edgewell Personal Care | ||||||||||||
5.500%, 06/01/28(A) | 875 | 921 | ||||||||||
Energizer Holdings | ||||||||||||
6.375%, 07/15/26(A) | 675 | 726 | ||||||||||
Energizer Holdings | ||||||||||||
7.750%, 01/15/27(A) | 1,125 | 1,229 | ||||||||||
Energizer Holdings | ||||||||||||
4.750%, 06/15/28(A) | 550 | 569 | ||||||||||
Energizer Holdings | ||||||||||||
4.375%, 03/31/29(A) | 1,450 | 1,464 | ||||||||||
Newell Brands | ||||||||||||
4.875%, 06/01/25 | 275 | 297 | ||||||||||
Prestige Brands | ||||||||||||
6.375%, 03/01/24(A) | 3,225 | 3,306 | ||||||||||
Prestige Brands | ||||||||||||
5.125%, 01/15/28(A) | 475 | 490 | ||||||||||
Total Consumer Products | 9,002 | |||||||||||
Containers & Packaging [0.0%] | ||||||||||||
Guala Closures | ||||||||||||
3.500%, VAR Euribor 3 Month+3.500%, 04/15/24 | EUR | 250 | 291 | |||||||||
Diversified Manufacturing [0.3%] | ||||||||||||
Colfax | ||||||||||||
6.000%, 02/15/24(A) | 250 | 259 | ||||||||||
Colfax | ||||||||||||
6.375%, 02/15/26(A) | 200 | 212 | ||||||||||
Entegris | ||||||||||||
4.625%, 02/10/26(A) | 575 | 588 | ||||||||||
Gates Global | ||||||||||||
6.250%, 01/15/26(A) | 4,175 | 4,303 | ||||||||||
Stevens Holding | ||||||||||||
6.125%, 10/01/26(A) | 425 | 455 | ||||||||||
Titan Acquisition | ||||||||||||
7.750%, 04/15/26(A) | 375 | 373 | ||||||||||
WESCO Distribution | ||||||||||||
5.375%, 12/15/21 | 1,600 | 1,600 | ||||||||||
5.375%, 06/15/24 | 775 | 796 | ||||||||||
WESCO Distribution | ||||||||||||
7.125%, 06/15/25(A) | 450 | 490 | ||||||||||
WESCO Distribution | ||||||||||||
7.250%, 06/15/28(A) | 2,250 | 2,465 | ||||||||||
Total Diversified Manufacturing | 11,541 | |||||||||||
Diversified Minerals [0.1%] | ||||||||||||
Volcan Cia Minera SAA | ||||||||||||
5.375%, 02/02/22 | 3,220 | 3,216 | ||||||||||
Drugs [0.6%] | ||||||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
3.500%, 02/11/27 | EUR | 200 | 226 | |||||||||
Diocle Spa | ||||||||||||
3.875%, VAR Euribor 3 Month+3.875%, 06/30/26 | EUR | 315 | 363 | |||||||||
Teva Pharmaceutical Finance | ||||||||||||
6.150%, 02/01/36 | 3,615 | 3,608 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||||
7.125%, 01/31/25 | 2,425 | 2,551 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||||
6.750%, 03/01/28 | 15,566 | 16,295 | ||||||||||
Total Drugs | 23,043 | |||||||||||
Electric Utilities [1.0%] | ||||||||||||
Eskom Holdings SOC | ||||||||||||
7.125%, 02/11/25 | 335 | 308 | ||||||||||
Generacion Mediterranea | ||||||||||||
9.625%, 07/27/23 | 2,944 | 1,656 | ||||||||||
Genneia | ||||||||||||
8.750%, 01/20/22 | 1,705 | 1,320 | ||||||||||
Instituto Costarricense de Electricidad | ||||||||||||
6.950%, 11/10/21 | 1,500 | 1,504 | ||||||||||
Pampa Energia | ||||||||||||
7.375%, 07/21/23 | 3,650 | 3,126 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 69
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Pampa Energia | ||||||||||||
7.500%, 01/24/27 | $ | 2,210 | $ | 1,664 | ||||||||
Perusahaan Listrik Negara | ||||||||||||
5.500%, 11/22/21 | 1,026 | 1,078 | ||||||||||
Perusahaan Listrik Negara, MTN | ||||||||||||
5.250%, 05/15/47 | 516 | 592 | ||||||||||
Perusahaan Listrik Negara, MTN | ||||||||||||
6.150%, 05/21/48 | 919 | 1,186 | ||||||||||
Stoneway Capital | ||||||||||||
10.000%, 03/01/27(D) | 65,000 | 25,935 | ||||||||||
Total Electric Utilities | 38,369 | |||||||||||
Electric-Distribution [0.1%] | ||||||||||||
Comision Federal de Electricidad | ||||||||||||
4.875%, 01/15/24 | 922 | 995 | ||||||||||
Comision Federal de Electricidad | ||||||||||||
5.750%, 02/14/42 | 1,236 | 1,367 | ||||||||||
Viridian Group FinanceCo | ||||||||||||
4.750%, 09/15/24 | GBP | 2,000 | 2,541 | |||||||||
Total Electric-Distribution | 4,903 | |||||||||||
Energy & Power [0.3%] | ||||||||||||
MSU Energy | ||||||||||||
6.875%, 02/01/25 | 19,271 | 11,804 | ||||||||||
Sheridan Production Partners | ||||||||||||
0.000%, | 11 | 53 | ||||||||||
Total Energy & Power | 11,857 | |||||||||||
Enterprise Software/Serv [0.0%] | ||||||||||||
Boxer Parent | ||||||||||||
6.500%, 10/02/25 | EUR | 300 | 363 | |||||||||
Entertainment & Gaming [0.0%] | ||||||||||||
NagaCorp | ||||||||||||
9.375%, 05/21/21 | 1,500 | 1,523 | ||||||||||
Environmental [0.0%] | ||||||||||||
Tervita Escrow | ||||||||||||
7.625%, 12/01/21(A) | 900 | 821 | ||||||||||
Export/Import Bank [0.1%] | ||||||||||||
Development Bank of Mongolia | ||||||||||||
7.250%, 10/23/23 | 404 | 424 | ||||||||||
Export-Import Bank of India | ||||||||||||
3.375%, 08/05/26 | 484 | 511 | ||||||||||
Export-Import Bank of India, MTN | ||||||||||||
4.000%, 01/14/23 | 815 | 858 | ||||||||||
Ukreximbank Via Biz Finance | ||||||||||||
9.750%, 01/22/25 | 648 | 660 | ||||||||||
Total Export/Import Bank | 2,453 | |||||||||||
Finance Companies [0.4%] | ||||||||||||
Avolon Holdings Funding | ||||||||||||
5.125%, 10/01/23(A) | 150 | 150 | ||||||||||
Navient | ||||||||||||
5.000%, 10/26/20 | 675 | 675 | ||||||||||
5.000%, 03/15/27 | 750 | 704 | ||||||||||
Navient | ||||||||||||
6.500%, 06/15/22 | 600 | 612 | ||||||||||
Navient | ||||||||||||
7.250%, 09/25/23 | 700 | 723 | ||||||||||
Navient | ||||||||||||
5.875%, 10/25/24 | 1,375 | 1,367 | ||||||||||
Navient | ||||||||||||
6.750%, 06/25/25 | 600 | 607 | ||||||||||
6.750%, 06/15/26 | 200 | 200 | ||||||||||
Navient, MTN | ||||||||||||
5.500%, 01/25/23 | 150 | 151 | ||||||||||
Navient, MTN | ||||||||||||
6.125%, 03/25/24 | 425 | 428 | ||||||||||
Park Aerospace Holdings | ||||||||||||
5.500%, 02/15/24(A) | 1,000 | 1,008 | ||||||||||
Quicken Loans | ||||||||||||
5.750%, 05/01/25(A) | 4,650 | 4,787 | ||||||||||
Quicken Loans | ||||||||||||
5.250%, 01/15/28(A) | 1,575 | 1,660 | ||||||||||
Quicken Loans | ||||||||||||
3.625%, 03/01/29(A) | 1,325 | 1,313 | ||||||||||
Quicken Loans | ||||||||||||
3.875%, 03/01/31(A) | 1,925 | 1,901 | ||||||||||
Total Finance Companies | 16,286 | |||||||||||
Financial Services [1.6%] | ||||||||||||
Bantrab Senior Trust | ||||||||||||
9.000%, 11/14/20 | 356 | 354 | ||||||||||
Cabot Financial Luxembourg II, MTN | ||||||||||||
6.375%, VAR Euribor 3 Month+6.375%, 06/14/24 | EUR | 1,005 | 1,175 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Credito Real SOFOM ER | ||||||||||||
7.250%, 07/20/23 | $ | 1,015 | $ | 995 | ||||||||
Garfunkelux Holdco 3 | ||||||||||||
8.500%, 11/01/22 | GBP | 2,662 | 3,150 | |||||||||
India Infoline Finance, MTN | ||||||||||||
5.875%, 04/20/23 | 7,400 | 6,534 | ||||||||||
Motion Finco Sarl | ||||||||||||
7.000%, 05/15/25 | EUR | 1,575 | 1,817 | |||||||||
Nile Delta Sukuk | ||||||||||||
4.000%, 10/31/20 | 31,746 | 28,572 | ||||||||||
NT Rig Holdco Pte | ||||||||||||
12.000%, 12/20/21 | 2,520 | 2,508 | ||||||||||
Oilflow SPV 1 DAC | ||||||||||||
12.000%, 01/13/22 | 6,318 | 6,239 | ||||||||||
Power Sector Assets & Liabilities Management | ||||||||||||
7.390%, 12/02/24 | 1,501 | 1,881 | ||||||||||
Russian Standard | ||||||||||||
13.000%cash/0% PIK, 10/27/22(D) | — | — | ||||||||||
Shriram Transport Finance, MTN | ||||||||||||
5.700%, 02/27/22 | 900 | 856 | ||||||||||
Unifin Financiera | ||||||||||||
8.375%, 01/27/28 | 2,075 | 1,691 | ||||||||||
Unifin Financiera SOFOM ENR | ||||||||||||
7.000%, 01/15/25 | 2,650 | 2,175 | ||||||||||
Total Financial Services | 57,947 | |||||||||||
Food & Beverage [0.5%] | ||||||||||||
Aramark Services | ||||||||||||
5.000%, 04/01/25(A) | 625 | 634 | ||||||||||
5.000%, 02/01/28(A) | 2,850 | 2,872 | ||||||||||
Aramark Services | ||||||||||||
6.375%, 05/01/25(A) | 125 | 130 | ||||||||||
B&G Foods | ||||||||||||
5.250%, 04/01/25 | 725 | 745 | ||||||||||
Kraft Heinz Foods | ||||||||||||
4.375%, 06/01/46 | 4,400 | 4,521 | ||||||||||
Lamb Weston Holdings | ||||||||||||
4.625%, 11/01/24(A) | 375 | 391 | ||||||||||
Lamb Weston Holdings | ||||||||||||
4.875%, 11/01/26(A) | 1,025 | 1,068 | ||||||||||
4.875%, 05/15/28(A) | 275 | 297 | ||||||||||
Post Holdings | ||||||||||||
5.000%, 08/15/26(A) | 2,725 | 2,793 | ||||||||||
Post Holdings | ||||||||||||
5.750%, 03/01/27(A) | 900 | 946 | ||||||||||
Post Holdings | ||||||||||||
5.625%, 01/15/28(A) | 1,875 | 1,990 | ||||||||||
Post Holdings | ||||||||||||
5.500%, 12/15/29(A) | 850 | 910 | ||||||||||
Post Holdings | ||||||||||||
4.625%, 04/15/30(A) | 325 | 334 | ||||||||||
US Foods | ||||||||||||
5.875%, 06/15/24(A) | 1,425 | 1,434 | ||||||||||
Total Food & Beverage | 19,065 | |||||||||||
Food, Beverage & Tobacco [0.1%] | ||||||||||||
Ajecorp BV | ||||||||||||
6.500%, 05/14/22 | 785 | 780 | ||||||||||
CEDC Finance International | ||||||||||||
10.000%, 12/31/22(A) | 7,230 | 4,555 | ||||||||||
Total Food, Beverage & Tobacco | 5,335 | |||||||||||
Gaming [0.7%] | ||||||||||||
Boyd Gaming | ||||||||||||
8.625%, 06/01/25(A) | 175 | 192 | ||||||||||
Boyd Gaming | ||||||||||||
6.375%, 04/01/26 | 1,525 | 1,588 | ||||||||||
Boyd Gaming | ||||||||||||
6.000%, 08/15/26 | 650 | 670 | ||||||||||
Boyd Gaming | ||||||||||||
4.750%, 12/01/27 | 1,100 | 1,079 | ||||||||||
Caesars Resort Collection | ||||||||||||
5.250%, 10/15/25(A) | 1,125 | 1,089 | ||||||||||
Colt Merger Sub | ||||||||||||
5.750%, 07/01/25(A) | 200 | 206 | ||||||||||
Colt Merger Sub | ||||||||||||
6.250%, 07/01/25(A) | 1,150 | 1,202 | ||||||||||
Colt Merger Sub | ||||||||||||
8.125%, 07/01/27(A) | 2,150 | 2,279 | ||||||||||
MGM Growth Properties Operating Partnership | ||||||||||||
5.625%, 05/01/24 | 425 | 450 | ||||||||||
MGM Growth Properties Operating Partnership | ||||||||||||
4.625%, 06/15/25(A) | 400 | 408 | ||||||||||
MGM Growth Properties Operating Partnership | ||||||||||||
4.500%, 09/01/26 | 875 | 888 | ||||||||||
MGM Resorts International | ||||||||||||
6.000%, 03/15/23 | 500 | 519 | ||||||||||
MGM Resorts International | ||||||||||||
6.750%, 05/01/25 | 1,075 | 1,127 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
MGM Resorts International | ||||||||||||
5.750%, 06/15/25 | $ | 640 | $ | 671 | ||||||||
MGM Resorts International | ||||||||||||
4.625%, 09/01/26 | 192 | 191 | ||||||||||
MGM Resorts International | ||||||||||||
5.500%, 04/15/27 | 762 | 796 | ||||||||||
Mohegan Gaming & Entertainment | ||||||||||||
7.875%, 10/15/24(A) | 2,175 | 2,023 | ||||||||||
Stars Group Holdings BV | ||||||||||||
7.000%, 07/15/26(A) | 3,750 | 3,985 | ||||||||||
Station Casinos | ||||||||||||
5.000%, 10/01/25(A) | 1,625 | 1,598 | ||||||||||
Station Casinos | ||||||||||||
4.500%, 02/15/28(A) | 1,575 | 1,449 | ||||||||||
Sugarhouse HSP Gaming Prop Mezz | ||||||||||||
5.875%, 05/15/25(A) | 200 | 195 | ||||||||||
VICI Properties | ||||||||||||
3.500%, 02/15/25(A) | 75 | 74 | ||||||||||
VICI Properties | ||||||||||||
4.250%, 12/01/26(A) | 900 | 904 | ||||||||||
VICI Properties | ||||||||||||
3.750%, 02/15/27(A) | 100 | 98 | ||||||||||
VICI Properties | ||||||||||||
4.625%, 12/01/29(A) | 1,800 | 1,832 | ||||||||||
VICI Properties | ||||||||||||
4.125%, 08/15/30(A) | 275 | 271 | ||||||||||
Total Gaming | 25,784 | |||||||||||
Health Insurance [0.4%] | ||||||||||||
Centene | ||||||||||||
4.750%, 05/15/22 | 1,200 | 1,215 | ||||||||||
4.750%, 01/15/25 | 3,200 | 3,289 | ||||||||||
Centene | ||||||||||||
5.250%, 04/01/25(A) | 1,000 | 1,039 | ||||||||||
Centene | ||||||||||||
5.375%, 06/01/26(A) | 1,825 | 1,923 | ||||||||||
5.375%, 08/15/26(A) | 1,650 | 1,748 | ||||||||||
Centene | ||||||||||||
4.250%, 12/15/27 | 1,075 | 1,125 | ||||||||||
Centene | ||||||||||||
4.625%, 12/15/29 | 500 | 539 | ||||||||||
Centene | ||||||||||||
3.375%, 02/15/30 | 250 | 259 | ||||||||||
Centene | ||||||||||||
3.000%, 10/15/30 | 2,500 | 2,551 | ||||||||||
Total Health Insurance | 13,688 | |||||||||||
Healthcare [1.6%] | ||||||||||||
Acadia Healthcare | ||||||||||||
5.625%, 02/15/23 | 1,550 | 1,560 | ||||||||||
Acadia Healthcare | ||||||||||||
6.500%, 03/01/24 | 2,000 | 2,053 | ||||||||||
Acadia Healthcare | ||||||||||||
5.500%, 07/01/28(A) | 875 | 900 | ||||||||||
Acadia Healthcare | ||||||||||||
5.000%, 04/15/29(A) | 250 | 253 | ||||||||||
Air Medical Group Holdings | ||||||||||||
6.375%, 05/15/23(A) | 1,675 | 1,675 | ||||||||||
Avantor | ||||||||||||
6.000%, 10/01/24(A) | 525 | 549 | ||||||||||
Avantor Funding | ||||||||||||
4.625%, 07/15/28(A) | 2,550 | 2,646 | ||||||||||
Charles River Laboratories International | ||||||||||||
5.500%, 04/01/26(A) | 325 | 342 | ||||||||||
Charles River Laboratories International | ||||||||||||
4.250%, 05/01/28(A) | 100 | 105 | ||||||||||
CHS | ||||||||||||
6.250%, 03/31/23 | 2,300 | 2,248 | ||||||||||
CHS | ||||||||||||
8.625%, 01/15/24(A) | 775 | 771 | ||||||||||
CHS | ||||||||||||
6.625%, 02/15/25(A) | 375 | 363 | ||||||||||
CHS | ||||||||||||
8.000%, 03/15/26(A) | 400 | 393 | ||||||||||
Global Medical Response | ||||||||||||
6.500%, 10/01/25(A) | 3,400 | 3,375 | ||||||||||
HCA | ||||||||||||
5.875%, 05/01/23 | 700 | 762 | ||||||||||
5.875%, 02/15/26 | 1,575 | 1,764 | ||||||||||
5.875%, 02/01/29 | 350 | 408 | ||||||||||
HCA | ||||||||||||
5.375%, 02/01/25 | 1,975 | 2,163 | ||||||||||
5.375%, 09/01/26 | 375 | 414 | ||||||||||
HCA | ||||||||||||
5.625%, 09/01/28 | 425 | 486 | ||||||||||
HCA | ||||||||||||
3.500%, 09/01/30 | 4,800 | 4,890 | ||||||||||
IQVIA | ||||||||||||
5.000%, 10/15/26(A) | 1,475 | 1,541 | ||||||||||
5.000%, 05/15/27(A) | 325 | 341 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
LifePoint Health | ||||||||||||
6.750%, 04/15/25(A) | $ | 1,250 | $ | 1,316 | ||||||||
LifePoint Health | ||||||||||||
4.375%, 02/15/27(A) | 400 | 400 | ||||||||||
MEDNAX | ||||||||||||
6.250%, 01/15/27(A) | 1,125 | 1,167 | ||||||||||
MPH Acquisition Holdings | ||||||||||||
7.125%, 06/01/24(A) | 4,100 | 4,212 | ||||||||||
Polaris Intermediate | ||||||||||||
8.500%cash/9.250% PIK, 12/01/22(A) | 2,600 | 2,645 | ||||||||||
RegionalCare Hospital Partners Holdings | ||||||||||||
9.750%, 12/01/26(A) | 2,350 | 2,497 | ||||||||||
Surgery Center Holdings | ||||||||||||
6.750%, 07/01/25(A) | 200 | 199 | ||||||||||
Team Health Holdings | ||||||||||||
6.375%, 02/01/25(A) | 2,925 | 2,004 | ||||||||||
Teleflex | ||||||||||||
4.875%, 06/01/26 | 675 | 697 | ||||||||||
Teleflex | ||||||||||||
4.625%, 11/15/27 | 125 | 132 | ||||||||||
Teleflex | ||||||||||||
4.250%, 06/01/28(A) | 100 | 103 | ||||||||||
Tenet Healthcare | ||||||||||||
6.750%, 06/15/23 | 950 | 997 | ||||||||||
Tenet Healthcare | ||||||||||||
4.625%, 07/15/24 | 625 | 628 | ||||||||||
Tenet Healthcare | ||||||||||||
5.125%, 05/01/25 | 1,025 | 1,035 | ||||||||||
5.125%, 11/01/27(A) | 2,075 | 2,131 | ||||||||||
Tenet Healthcare | ||||||||||||
7.000%, 08/01/25 | 1,350 | 1,390 | ||||||||||
Tenet Healthcare | ||||||||||||
4.875%, 01/01/26(A) | 550 | 560 | ||||||||||
Tenet Healthcare | ||||||||||||
6.250%, 02/01/27(A) | 1,550 | 1,600 | ||||||||||
Tenet Healthcare | ||||||||||||
6.125%, 10/01/28(A) | 1,650 | 1,605 | ||||||||||
Vizient | ||||||||||||
6.250%, 05/15/27(A) | 1,600 | 1,676 | ||||||||||
West Street Merger Sub | ||||||||||||
6.375%, 09/01/25(A) | 3,425 | 3,493 | ||||||||||
Total Healthcare | 60,489 | |||||||||||
Hotels and Motels [0.2%] | ||||||||||||
Grupo Posadas | ||||||||||||
7.875%, 06/30/22(D) | 16,910 | 6,563 | ||||||||||
Independent Energy [0.9%] | ||||||||||||
Antero Resources | ||||||||||||
5.625%, 06/01/23 | 1,325 | 960 | ||||||||||
Antero Resources | ||||||||||||
5.000%, 03/01/25 | 350 | 219 | ||||||||||
Apache | ||||||||||||
4.625%, 11/15/25 | 250 | 238 | ||||||||||
Apache | ||||||||||||
4.875%, 11/15/27 | 700 | 662 | ||||||||||
Ascent Resources Utica Holdings | ||||||||||||
10.000%, 04/01/22(A) | 850 | 837 | ||||||||||
Ascent Resources Utica Holdings | ||||||||||||
7.000%, 11/01/26(A) | 450 | 344 | ||||||||||
Berry Petroleum | ||||||||||||
7.000%, 02/15/26(A) | 550 | 428 | ||||||||||
Callon Petroleum | ||||||||||||
6.125%, 10/01/24 | 1,155 | 329 | ||||||||||
Callon Petroleum | ||||||||||||
6.375%, 07/01/26 | 175 | 43 | ||||||||||
Carrizo Oil & Gas | ||||||||||||
6.250%, 04/15/23 | 575 | 184 | ||||||||||
Carrizo Oil & Gas | ||||||||||||
8.250%, 07/15/25 | 325 | 88 | ||||||||||
Centennial Resource Production | ||||||||||||
6.875%, 04/01/27(A) | 750 | 306 | ||||||||||
Chesapeake Energy | ||||||||||||
7.000%, 10/01/24(D) | 575 | 22 | ||||||||||
Chesapeake Energy | ||||||||||||
11.500%, 01/01/25(A) (D) | 1,150 | 155 | ||||||||||
Continental Resources | ||||||||||||
4.375%, 01/15/28 | 650 | 563 | ||||||||||
CrownRock | ||||||||||||
5.625%, 10/15/25(A) | 2,400 | 2,262 | ||||||||||
Endeavor Energy Resources | ||||||||||||
6.625%, 07/15/25(A) | 725 | 745 | ||||||||||
Endeavor Energy Resources | ||||||||||||
5.750%, 01/30/28(A) | 900 | 904 | ||||||||||
EP Energy | ||||||||||||
8.000%, 11/29/24(A) (D) | 925 | 1 | ||||||||||
EQT Corp | ||||||||||||
7.875%, 02/01/25 | 1,150 | 1,275 | ||||||||||
EQT Corp | ||||||||||||
8.750%, 02/01/30 | 775 | 914 | ||||||||||
Gulfport Energy | ||||||||||||
6.000%, 10/15/24 | 300 | 186 | ||||||||||
Gulfport Energy | ||||||||||||
6.375%, 05/15/25 | 675 | 412 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
6.375%, 01/15/26 | $ | 225 | $ | 138 | ||||||||
Jagged Peak Energy | ||||||||||||
5.875%, 05/01/26 | 750 | 746 | ||||||||||
Oasis Petroleum | ||||||||||||
6.875%, 03/15/22 | 865 | 205 | ||||||||||
6.875%, 01/15/23 | 175 | 41 | ||||||||||
Oasis Petroleum | ||||||||||||
6.250%, 05/01/26(A) (D) | 650 | 152 | ||||||||||
Occidental Petroleum | ||||||||||||
2.900%, 08/15/24 | 875 | 742 | ||||||||||
Occidental Petroleum | ||||||||||||
3.500%, 06/15/25 | 1,600 | 1,328 | ||||||||||
Occidental Petroleum | ||||||||||||
8.000%, 07/15/25 | 750 | 755 | ||||||||||
Occidental Petroleum | ||||||||||||
5.875%, 09/01/25 | 900 | 825 | ||||||||||
Occidental Petroleum | ||||||||||||
3.200%, 08/15/26 | 1,275 | 1,011 | ||||||||||
Occidental Petroleum | ||||||||||||
8.875%, 07/15/30 | 1,300 | 1,339 | ||||||||||
Occidental Petroleum | ||||||||||||
6.625%, 09/01/30 | 1,050 | 969 | ||||||||||
Occidental Petroleum | ||||||||||||
6.450%, 09/15/36 | 1,300 | 1,108 | ||||||||||
Occidental Petroleum | ||||||||||||
4.300%, 08/15/39 | 1,575 | 1,092 | ||||||||||
Occidental Petroleum | ||||||||||||
4.100%, 02/15/47 | 425 | 287 | ||||||||||
Occidental Petroleum | ||||||||||||
4.400%, 08/15/49 | 750 | 525 | ||||||||||
Parsley Energy | ||||||||||||
5.375%, 01/15/25(A) | 300 | 300 | ||||||||||
Parsley Energy | ||||||||||||
5.250%, 08/15/25(A) | 275 | 272 | ||||||||||
Parsley Energy | ||||||||||||
5.625%, 10/15/27(A) | 350 | 348 | ||||||||||
PDC Energy | ||||||||||||
6.125%, 09/15/24 | 925 | 881 | ||||||||||
PDC Energy | ||||||||||||
5.750%, 05/15/26 | 1,050 | 975 | ||||||||||
QEP Resources | ||||||||||||
5.250%, 05/01/23 | 925 | 673 | ||||||||||
QEP Resources | ||||||||||||
5.625%, 03/01/26 | 825 | 468 | ||||||||||
Range Resources | ||||||||||||
5.000%, 03/15/23 | 187 | 178 | ||||||||||
Range Resources | ||||||||||||
4.875%, 05/15/25 | 847 | 765 | ||||||||||
Range Resources | ||||||||||||
9.250%, 02/01/26(A) | 925 | 950 | ||||||||||
SM Energy | ||||||||||||
5.000%, 01/15/24 | 300 | 160 | ||||||||||
SM Energy | ||||||||||||
5.625%, 06/01/25 | 375 | 169 | ||||||||||
SM Energy | ||||||||||||
6.750%, 09/15/26 | 350 | 156 | ||||||||||
SM Energy | ||||||||||||
6.625%, 01/15/27 | 300 | 133 | ||||||||||
Southwestern Energy | ||||||||||||
7.750%, 10/01/27 | 375 | 365 | ||||||||||
Ultra Resources | ||||||||||||
7.125%, 04/15/25(A) | 400 | 2 | ||||||||||
WPX Energy | ||||||||||||
5.250%, 09/15/24 | 224 | 233 | ||||||||||
5.250%, 10/15/27 | 1,050 | 1,066 | ||||||||||
WPX Energy | ||||||||||||
4.500%, 01/15/30 | 600 | 590 | ||||||||||
Total Independent Energy | 32,024 | |||||||||||
Industrial - Other [0.1%] | ||||||||||||
Booz Allen Hamilton | ||||||||||||
3.875%, 09/01/28(A) | 300 | 308 | ||||||||||
Cushman & Wakefield US Borrower | ||||||||||||
6.750%, 05/15/28(A) | 725 | 753 | ||||||||||
Vertical Holdco GmbH | ||||||||||||
7.625%, 07/15/28(A) | 1,025 | 1,083 | ||||||||||
Total Industrial - Other | 2,144 | |||||||||||
Insurance - P&C [0.9%] | ||||||||||||
Acrisure | ||||||||||||
8.125%, 02/15/24(A) | 425 | 445 | ||||||||||
Acrisure | ||||||||||||
7.000%, 11/15/25(A) | 250 | 246 | ||||||||||
Alliant Holdings Intermediate | ||||||||||||
6.750%, 10/15/27(A) | 2,975 | 3,121 | ||||||||||
AmWINS Group | ||||||||||||
7.750%, 07/01/26(A) | 3,550 | 3,799 | ||||||||||
Ardonagh Midco 2 | ||||||||||||
11.500%, 01/15/27(A) | 1,225 | 1,237 | ||||||||||
AssuredPartners | ||||||||||||
7.000%, 08/15/25(A) | 2,325 | 2,368 | ||||||||||
GTCR AP Finance | ||||||||||||
8.000%, 05/15/27(A) | 1,900 | 2,005 | ||||||||||
HUB International | ||||||||||||
7.000%, 05/01/26(A) | 9,075 | 9,404 | ||||||||||
NFP | ||||||||||||
7.000%, 05/15/25(A) | 300 | 318 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
NFP | ||||||||||||
6.875%, 08/15/28(A) | $ | 4,775 | $ | 4,834 | ||||||||
USI | ||||||||||||
6.875%, 05/01/25(A) | 4,275 | 4,328 | ||||||||||
Total Insurance - P&C | 32,105 | |||||||||||
Internet Connectiv Svcs [0.1%] | ||||||||||||
United Group | ||||||||||||
4.875%, 07/01/24 | EUR | 1,150 | 1,362 | |||||||||
United Group BV | ||||||||||||
4.125%, VAR Euribor 3 Month+4.125%, 05/15/25 | EUR | 1,500 | 1,721 | |||||||||
United Group BV | ||||||||||||
3.250%, VAR Euribor 3 Month+3.250%, 02/15/26 | EUR | 400 | 442 | |||||||||
Total Internet Connectiv Svcs | 3,525 | |||||||||||
Leisure [0.1%] | ||||||||||||
Live Nation Entertainment | ||||||||||||
4.750%, 10/15/27(A) | 100 | 93 | ||||||||||
SeaWorld Parks & Entertainment | ||||||||||||
9.500%, 08/01/25(A) | 225 | 234 | ||||||||||
Six Flags Entertainment | ||||||||||||
5.500%, 04/15/27(A) | 1,750 | 1,659 | ||||||||||
Six Flags Theme Parks | ||||||||||||
7.000%, 07/01/25(A) | 200 | 213 | ||||||||||
Vail Resorts | ||||||||||||
6.250%, 05/15/25(A) | 125 | 133 | ||||||||||
Viking Cruises | ||||||||||||
6.250%, 05/15/25(A) | 400 | 314 | ||||||||||
VOC Escrow | ||||||||||||
5.000%, 02/15/28(A) | 500 | 443 | ||||||||||
Total Leisure | 3,089 | |||||||||||
Lodging [0.1%] | ||||||||||||
Hilton Domestic Operating | ||||||||||||
4.250%, 09/01/24 | 475 | 473 | ||||||||||
Hilton Domestic Operating | ||||||||||||
5.125%, 05/01/26 | 1,900 | 1,956 | ||||||||||
Hilton Domestic Operating | ||||||||||||
5.750%, 05/01/28(A) | 300 | 316 | ||||||||||
Hilton Domestic Operating | ||||||||||||
4.875%, 01/15/30 | 375 | 386 | ||||||||||
RHP Hotel Properties | ||||||||||||
4.750%, 10/15/27 | 450 | 415 | ||||||||||
Wyndham Hotels & Resorts | ||||||||||||
5.375%, 04/15/26(A) | 375 | 381 | ||||||||||
Wyndham Hotels & Resorts | ||||||||||||
4.375%, 08/15/28(A) | 475 | 461 | ||||||||||
Total Lodging | 4,388 | |||||||||||
Media Entertainment [1.4%] | ||||||||||||
AMC Networks | ||||||||||||
4.750%, 12/15/22 | 750 | 750 | ||||||||||
4.750%, 08/01/25 | 450 | 465 | ||||||||||
AMC Networks | ||||||||||||
5.000%, 04/01/24 | 2,525 | 2,582 | ||||||||||
Cumulus Media New Holdings | ||||||||||||
6.750%, 07/01/26(A) | 800 | 740 | ||||||||||
Diamond Sports Group | ||||||||||||
5.375%, 08/15/26(A) | 1,700 | 1,203 | ||||||||||
Diamond Sports Group | ||||||||||||
6.625%, 08/15/27(A) | 1,625 | 846 | ||||||||||
Entercom Media | ||||||||||||
7.250%, 11/01/24(A) | 1,025 | 871 | ||||||||||
Entercom Media | ||||||||||||
6.500%, 05/01/27(A) | 1,775 | 1,544 | ||||||||||
Gray Television | ||||||||||||
5.125%, 10/15/24(A) | 450 | 459 | ||||||||||
Gray Television | ||||||||||||
5.875%, 07/15/26(A) | 1,400 | 1,453 | ||||||||||
Gray Television | ||||||||||||
7.000%, 05/15/27(A) | 1,300 | 1,409 | ||||||||||
iHeartCommunications | ||||||||||||
6.375%, 05/01/26 | 444 | 462 | ||||||||||
iHeartCommunications | ||||||||||||
8.375%, 05/01/27 | 3,899 | 3,841 | ||||||||||
iHeartCommunications | ||||||||||||
5.250%, 08/15/27(A) | 375 | 366 | ||||||||||
iHeartCommunications | ||||||||||||
4.750%, 01/15/28(A) | 1,350 | 1,272 | ||||||||||
Lamar Media | ||||||||||||
3.750%, 02/15/28(A) | 450 | 448 | ||||||||||
Lamar Media | ||||||||||||
4.875%, 01/15/29(A) | 725 | 754 | ||||||||||
Lamar Media | ||||||||||||
4.000%, 02/15/30(A) | 225 | 225 | ||||||||||
Match Group | ||||||||||||
5.000%, 12/15/27(A) | 1,225 | 1,292 | ||||||||||
Match Group | ||||||||||||
4.625%, 06/01/28(A) | 550 | 567 | ||||||||||
Match Group | ||||||||||||
4.125%, 08/01/30(A) | 1,275 | 1,290 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Nexstar Broadcasting | ||||||||||||
5.625%, 07/15/27(A) | $ | 4,325 | $ | 4,543 | ||||||||
Nexstar Broadcasting | ||||||||||||
4.750%, 11/01/28(A) | 675 | 687 | ||||||||||
Nielsen Finance | ||||||||||||
5.000%, 04/15/22(A) | 3,775 | 3,785 | ||||||||||
Nielsen Finance | ||||||||||||
5.625%, 10/01/28(A) | 825 | 853 | ||||||||||
Nielsen Finance | ||||||||||||
5.875%, 10/01/30(A) | 925 | 957 | ||||||||||
Nielsen Luxembourg SARL | ||||||||||||
5.000%, 02/01/25(A) | 550 | 560 | ||||||||||
Outfront Media Capital | ||||||||||||
5.625%, 02/15/24 | 1,150 | 1,164 | ||||||||||
Outfront Media Capital | ||||||||||||
4.625%, 03/15/30(A) | 75 | 72 | ||||||||||
Scripps Escrow | ||||||||||||
5.875%, 07/15/27(A) | 1,750 | 1,689 | ||||||||||
Sinclair Television Group | ||||||||||||
5.625%, 08/01/24(A) | 1,075 | 1,070 | ||||||||||
Sinclair Television Group | ||||||||||||
5.875%, 03/15/26(A) | 1,475 | 1,453 | ||||||||||
Sinclair Television Group | ||||||||||||
5.125%, 02/15/27(A) | 1,775 | 1,655 | ||||||||||
TEGNA | ||||||||||||
5.500%, 09/15/24(A) | 100 | 102 | ||||||||||
TEGNA | ||||||||||||
4.750%, 03/15/26(A) | 350 | 357 | ||||||||||
TEGNA | ||||||||||||
4.625%, 03/15/28(A) | 900 | 880 | ||||||||||
TEGNA | ||||||||||||
5.000%, 09/15/29(A) | 3,250 | 3,209 | ||||||||||
Terrier Media Buyer | ||||||||||||
8.875%, 12/15/27(A) | 4,450 | 4,483 | ||||||||||
WMG Acquisition | ||||||||||||
3.875%, 07/15/30(A) | 375 | 387 | ||||||||||
Total Media Entertainment | 50,745 | |||||||||||
Medical Labs and Testing Srv [0.0%] | ||||||||||||
Synlab Bondco | ||||||||||||
4.750%, VAR Euribor 3 Month+4.750%, 07/01/25 | EUR | 310 | 367 | |||||||||
Medical Products & Services [0.0%] | ||||||||||||
3AB Optique Developpement SAS | ||||||||||||
4.125%, VAR Euribor 3 Month+4.125%, 10/01/23 | EUR | 217 | 244 | |||||||||
Metal-Copper [0.5%] | ||||||||||||
First Quantum Minerals | ||||||||||||
7.250%, 04/01/23 | 7,880 | 7,882 | ||||||||||
First Quantum Minerals | ||||||||||||
6.875%, 03/01/26 | 6,575 | 6,349 | ||||||||||
6.875%, 10/15/27(A) | 2,900 | 2,799 | ||||||||||
Total Metal-Copper | 17,030 | |||||||||||
Metal-Iron [0.9%] | ||||||||||||
Samarco Mineracao | ||||||||||||
4.125%, 11/01/22(D) | 14,000 | 7,462 | ||||||||||
4.125%, 11/01/22(A) (D) | 100 | 53 | ||||||||||
Samarco Mineracao | ||||||||||||
5.750%, 10/24/23(D) (E) | 28,182 | 15,266 | ||||||||||
Samarco Mineracao | ||||||||||||
5.375%, 09/26/24(D) | 18,014 | 9,652 | ||||||||||
Total Metal-Iron | 32,433 | |||||||||||
Metals & Mining [1.0%] | ||||||||||||
Coeur Mining | ||||||||||||
5.875%, 06/01/24 | 1,725 | 1,721 | ||||||||||
Freeport-McMoRan | ||||||||||||
5.000%, 09/01/27 | 475 | 496 | ||||||||||
Freeport-McMoRan | ||||||||||||
4.125%, 03/01/28 | 300 | 304 | ||||||||||
Freeport-McMoRan | ||||||||||||
4.375%, 08/01/28 | 625 | 646 | ||||||||||
Freeport-McMoRan | ||||||||||||
5.250%, 09/01/29 | 400 | 430 | ||||||||||
Freeport-McMoRan | ||||||||||||
4.625%, 08/01/30 | 2,100 | 2,208 | ||||||||||
Freeport-McMoRan | ||||||||||||
5.400%, 11/14/34 | 1,225 | 1,355 | ||||||||||
Hudbay Minerals | ||||||||||||
7.250%, 01/15/23(A) | 675 | 688 | ||||||||||
Hudbay Minerals | ||||||||||||
7.625%, 01/15/25(A) | 1,375 | 1,399 | ||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
5.710%, 11/15/23 | 776 | 862 | ||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
4.750%, 05/15/25(A) | 369 | 407 | ||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
5.450%, 05/15/30(A) | 451 | 522 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
6.757%, 11/15/48 | $ | 676 | $ | 872 | ||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
5.800%, 05/15/50(A) | 217 | 255 | ||||||||||
Perenti Finance Pty | ||||||||||||
6.500%, 10/07/25 | 3,000 | 3,017 | ||||||||||
TiZir | ||||||||||||
9.500%, 07/19/22(A) | 15 | 16 | ||||||||||
Vedanta Holdings Mauritius II | ||||||||||||
13.000%, 08/21/23 | 3,000 | 3,089 | ||||||||||
Vedanta Resources | ||||||||||||
8.250%, 06/07/21 | 19,326 | 18,263 | ||||||||||
Total Metals & Mining | 36,550 | |||||||||||
Midstream [1.5%] | ||||||||||||
AmeriGas Partners | ||||||||||||
5.500%, 05/20/25 | 375 | 403 | ||||||||||
AmeriGas Partners | ||||||||||||
5.875%, 08/20/26 | 1,175 | 1,291 | ||||||||||
AmeriGas Partners | ||||||||||||
5.750%, 05/20/27 | 925 | 1,013 | ||||||||||
Antero Midstream Partners | ||||||||||||
5.375%, 09/15/24 | 1,300 | 1,111 | ||||||||||
Antero Midstream Partners | ||||||||||||
5.750%, 03/01/27(A) | 3,100 | 2,565 | ||||||||||
5.750%, 01/15/28(A) | 1,800 | 1,481 | ||||||||||
Buckeye Partners | ||||||||||||
4.125%, 03/01/25(A) | 650 | 618 | ||||||||||
Buckeye Partners | ||||||||||||
4.500%, 03/01/28(A) | 900 | 867 | ||||||||||
Cheniere Corpus Christi Holdings | ||||||||||||
5.875%, 03/31/25 | 700 | 798 | ||||||||||
Cheniere Corpus Christi Holdings | ||||||||||||
5.125%, 06/30/27 | 275 | 306 | ||||||||||
Cheniere Energy | ||||||||||||
4.625%, 10/15/28(A) | 1,300 | 1,334 | ||||||||||
Cheniere Energy Partners | ||||||||||||
5.250%, 10/01/25 | 2,500 | 2,557 | ||||||||||
Cheniere Energy Partners | ||||||||||||
5.625%, 10/01/26 | 100 | 104 | ||||||||||
Cheniere Energy Partners | ||||||||||||
4.500%, 10/01/29 | 1,300 | 1,334 | ||||||||||
CNX Midstream Partners | ||||||||||||
6.500%, 03/15/26(A) | 2,750 | 2,784 | ||||||||||
EQT Midstream Partners | ||||||||||||
4.750%, 07/15/23 | 725 | 724 | ||||||||||
EQT Midstream Partners | ||||||||||||
6.000%, 07/01/25(A) | 675 | 696 | ||||||||||
EQT Midstream Partners | ||||||||||||
6.500%, 07/01/27(A) | 1,125 | 1,192 | ||||||||||
6.500%, 07/15/48 | 225 | 212 | ||||||||||
EQT Midstream Partners | ||||||||||||
5.500%, 07/15/28 | 2,425 | 2,442 | ||||||||||
Hess Midstream Operations | ||||||||||||
5.625%, 02/15/26(A) | 575 | 586 | ||||||||||
Hess Midstream Operations | ||||||||||||
5.125%, 06/15/28(A) | 600 | 599 | ||||||||||
Holly Energy Partners | ||||||||||||
5.000%, 02/01/28(A) | 1,550 | 1,511 | ||||||||||
MPLX | ||||||||||||
6.250%, 10/15/22 | 362 | 362 | ||||||||||
NuStar Logistics | ||||||||||||
5.750%, 10/01/25 | 575 | 594 | ||||||||||
NuStar Logistics | ||||||||||||
6.000%, 06/01/26 | 800 | 802 | ||||||||||
NuStar Logistics | ||||||||||||
5.625%, 04/28/27 | 2,400 | 2,371 | ||||||||||
NuStar Logistics | ||||||||||||
6.375%, 10/01/30 | 825 | 856 | ||||||||||
Rattler Midstream | ||||||||||||
5.625%, 07/15/25(A) | 1,350 | 1,360 | ||||||||||
Suburban Propane Partners | ||||||||||||
5.500%, 06/01/24 | 1,225 | 1,237 | ||||||||||
Suburban Propane Partners | ||||||||||||
5.750%, 03/01/25 | 850 | 865 | ||||||||||
Suburban Propane Partners | ||||||||||||
5.875%, 03/01/27 | 1,775 | 1,824 | ||||||||||
Summit Midstream Holdings | ||||||||||||
5.500%, 08/15/22 | 1,200 | 840 | ||||||||||
Summit Midstream Holdings | ||||||||||||
5.750%, 04/15/25 | 2,225 | 1,270 | ||||||||||
Sunoco | ||||||||||||
5.500%, 02/15/26 | 725 | 724 | ||||||||||
Sunoco | ||||||||||||
5.875%, 03/15/28 | 325 | 333 | ||||||||||
Targa Resources Partners | ||||||||||||
5.250%, 05/01/23 | 500 | 499 | ||||||||||
Targa Resources Partners | ||||||||||||
5.875%, 04/15/26 | 825 | 847 | ||||||||||
Targa Resources Partners | ||||||||||||
5.375%, 02/01/27 | 1,075 | 1,081 | ||||||||||
Targa Resources Partners | ||||||||||||
6.500%, 07/15/27 | 2,050 | 2,137 | ||||||||||
Targa Resources Partners | ||||||||||||
5.000%, 01/15/28 | 1,875 | 1,828 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Targa Resources Partners | ||||||||||||
5.500%, 03/01/30(A) | $ | 1,475 | $ | 1,477 | ||||||||
Targa Resources Partners | ||||||||||||
4.875%, 02/01/31(A) | 875 | 847 | ||||||||||
TransMontaigne Partners | ||||||||||||
6.125%, 02/15/26 | 700 | 725 | ||||||||||
Western Midstream Operating | ||||||||||||
4.000%, 07/01/22 | 800 | 805 | ||||||||||
Western Midstream Operating | ||||||||||||
4.100%, 02/01/25 | 500 | 476 | ||||||||||
Western Midstream Operating | ||||||||||||
4.650%, 07/01/26 | 150 | 146 | ||||||||||
Western Midstream Operating | ||||||||||||
4.500%, 03/01/28 | 1,050 | 987 | ||||||||||
Western Midstream Operating | ||||||||||||
5.050%, 02/01/30 | 400 | 389 | ||||||||||
Western Midstream Operating | ||||||||||||
5.450%, 04/01/44 | 400 | 342 | ||||||||||
Western Midstream Operating | ||||||||||||
5.300%, 03/01/48 | 2,475 | 1,992 | ||||||||||
Western Midstream Operating | ||||||||||||
5.500%, 08/15/48 | 800 | 660 | ||||||||||
Western Midstream Operating | ||||||||||||
6.250%, 02/01/50 | 75 | 70 | ||||||||||
Total Midstream | 55,274 | |||||||||||
Miscellaneous Manufacturing [0.1%] | ||||||||||||
Anolis Capital Markets PCC | ||||||||||||
4.150%, 01/01/28 | EUR | 1,379 | 1,148 | |||||||||
Hilong Holding | ||||||||||||
7.250%, 06/22/20(D) | 7,850 | 3,964 | ||||||||||
Total Miscellaneous Manufacturing | 5,112 | |||||||||||
None [0.0%] | ||||||||||||
Verisure Holding | ||||||||||||
3.875%, 07/15/26 | EUR | 1,100 | 1,290 | |||||||||
Non-Ferrous Metals [0.2%] | ||||||||||||
Nacional del Cobre de Chile | ||||||||||||
4.250%, 07/17/42 | 601 | 684 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
5.625%, 10/18/43 | 1,322 | 1,786 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
4.875%, 11/04/44 | 1,681 | 2,102 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
4.500%, 08/01/47 | 840 | 1,008 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
4.375%, 02/05/49 | 975 | 1,157 | ||||||||||
Total Non-Ferrous Metals | 6,737 | |||||||||||
Oil Field Services [0.3%] | ||||||||||||
Archrock Partners | ||||||||||||
6.875%, 04/01/27(A) | 2,075 | 1,988 | ||||||||||
Archrock Partners | ||||||||||||
6.250%, 04/01/28(A) | 1,750 | 1,649 | ||||||||||
Nabors Industries | ||||||||||||
7.250%, 01/15/26(A) | 1,100 | 542 | ||||||||||
Nabors Industries | ||||||||||||
7.500%, 01/15/28(A) | 175 | 84 | ||||||||||
Precision Drilling | ||||||||||||
7.750%, 12/15/23 | 775 | 589 | ||||||||||
Precision Drilling | ||||||||||||
5.250%, 11/15/24 | 250 | 167 | ||||||||||
Precision Drilling | ||||||||||||
7.125%, 01/15/26(A) | 200 | 129 | ||||||||||
SESI | ||||||||||||
7.125%, 12/15/21 | 625 | 147 | ||||||||||
SESI | ||||||||||||
7.750%, 09/15/24 | 1,375 | 316 | ||||||||||
Shelf Drilling Holdings | ||||||||||||
8.250%, 02/15/25(A) | 850 | 336 | ||||||||||
USA Compression Partners | ||||||||||||
6.875%, 04/01/26 | 2,625 | 2,602 | ||||||||||
6.875%, 09/01/27 | 1,475 | 1,463 | ||||||||||
Total Oil Field Services | 10,012 | |||||||||||
Packaging [1.2%] | ||||||||||||
ARD Finance | ||||||||||||
6.500%cash/7.250% PIK, 06/30/27(A) | 3,850 | 3,830 | ||||||||||
Ardagh Packaging Finance | ||||||||||||
6.000%, 02/15/25(A) | 1,550 | 1,610 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Ardagh Packaging Finance | ||||||||||||
5.250%, 08/15/27(A) | $ | 2,325 | $ | 2,369 | ||||||||
Ball | ||||||||||||
2.875%, 08/15/30 | 2,200 | 2,175 | ||||||||||
Berry Global | ||||||||||||
6.000%, 10/15/22 | 700 | 701 | ||||||||||
Berry Global | ||||||||||||
5.125%, 07/15/23 | 589 | 598 | ||||||||||
Berry Global Escrow | ||||||||||||
4.875%, 07/15/26(A) | 900 | 945 | ||||||||||
Berry Global Escrow | ||||||||||||
5.625%, 07/15/27(A) | 525 | 551 | ||||||||||
Crown Americas | ||||||||||||
4.750%, 02/01/26 | 650 | 674 | ||||||||||
Crown Americas | ||||||||||||
4.250%, 09/30/26 | 75 | 78 | ||||||||||
Flex Acquisition | ||||||||||||
6.875%, 01/15/25(A) | 3,700 | 3,698 | ||||||||||
Flex Acquisition | ||||||||||||
7.875%, 07/15/26(A) | 3,975 | 4,044 | ||||||||||
Greif | ||||||||||||
6.500%, 03/01/27(A) | 200 | 207 | ||||||||||
Mauser Packaging Solutions Holding | ||||||||||||
5.500%, 04/15/24(A) | 1,325 | 1,330 | ||||||||||
Mauser Packaging Solutions Holding | ||||||||||||
7.250%, 04/15/25(A) | 4,200 | 3,953 | ||||||||||
Owens-Brockway Glass Container | ||||||||||||
5.375%, 01/15/25(A) | 975 | 1,028 | ||||||||||
Owens-Brockway Glass Container | ||||||||||||
6.375%, 08/15/25(A) | 1,875 | 2,058 | ||||||||||
Owens-Brockway Glass Container | ||||||||||||
6.625%, 05/13/27(A) | 325 | 352 | ||||||||||
Reynolds Group Issuer | ||||||||||||
7.000%, 07/15/24(A) | 1,300 | 1,323 | ||||||||||
Reynolds Group Issuer | ||||||||||||
4.000%, 10/15/27(A) | 2,800 | 2,821 | ||||||||||
Sealed Air | ||||||||||||
4.875%, 12/01/22(A) | 1,125 | 1,173 | ||||||||||
Sealed Air | ||||||||||||
5.125%, 12/01/24(A) | 425 | 460 | ||||||||||
Sealed Air | ||||||||||||
4.000%, 12/01/27(A) | 1,150 | 1,202 | ||||||||||
Silgan Holdings | ||||||||||||
4.125%, 02/01/28 | 100 | 102 | ||||||||||
Trident TPI Holdings | ||||||||||||
9.250%, 08/01/24(A) | 1,275 | 1,354 | ||||||||||
Trident TPI Holdings | ||||||||||||
6.625%, 11/01/25(A) | 1,525 | 1,502 | ||||||||||
Trivium Packaging Finance BV | ||||||||||||
5.500%, 08/15/26(A) | 700 | 725 | ||||||||||
Trivium Packaging Finance BV | ||||||||||||
8.500%, 08/15/27(A) | 2,425 | 2,615 | ||||||||||
Total Packaging | 43,478 | |||||||||||
Paper [0.1%] | ||||||||||||
Clearwater Paper | ||||||||||||
5.375%, 02/01/25(A) | 1,850 | 1,939 | ||||||||||
Clearwater Paper | ||||||||||||
4.750%, 08/15/28(A) | 1,000 | 1,002 | ||||||||||
Graphic Packaging International | ||||||||||||
4.750%, 07/15/27(A) | 300 | 325 | ||||||||||
Graphic Packaging International | ||||||||||||
3.500%, 03/15/28(A) | 600 | 599 | ||||||||||
3.500%, 03/01/29(A) | 525 | 528 | ||||||||||
Total Paper | 4,393 | |||||||||||
Paper & Related Products [0.2%] | ||||||||||||
Eldorado International Finance GmbH | ||||||||||||
8.625%, 06/16/21 | 1,290 | 1,298 | ||||||||||
Fabric BC | ||||||||||||
4.125%, VAR Euribor 3 Month+4.125%, 08/31/26 | EUR | 200 | 225 | |||||||||
Suzano Austria GmbH | ||||||||||||
7.000%, 03/16/47 | 3,300 | 3,910 | ||||||||||
WEPA Hygieneprodukte GmbH | ||||||||||||
2.875%, 12/15/27 | EUR | 400 | 460 | |||||||||
Total Paper & Related Products | 5,893 | |||||||||||
Petroleum & Fuel Products [7.8%] | ||||||||||||
ADES International Holding | ||||||||||||
8.625%, 04/24/24 | 6,065 | 5,744 | ||||||||||
Brooge Petroleum and Gas Investment FZE | ||||||||||||
8.500%, 09/24/25(A) | 4,000 | 3,799 | ||||||||||
Constellation Oil | ||||||||||||
0.000%cash/10.000% PIK, 11/09/24 | 38,459 | 11,153 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
DNO | ||||||||||||
8.750%, 05/31/23(A) | $ | 7,700 | $ | 7,276 | ||||||||
DNO | ||||||||||||
8.375%, 05/29/24(A) | 6,135 | 5,706 | ||||||||||
Empresa Nacional del Petroleo | ||||||||||||
3.750%, 08/05/26 | 630 | 670 | ||||||||||
Empresa Nacional del Petroleo | ||||||||||||
4.500%, 09/14/47 | 976 | 1,064 | ||||||||||
Frontera Energy | ||||||||||||
9.700%, 06/25/23 | 6,570 | 5,411 | ||||||||||
Georgian Oil and Gas JSC | ||||||||||||
6.750%, 04/26/21 | 1,300 | 1,307 | ||||||||||
HKN Energy | ||||||||||||
11.000%, 03/06/24 | 20,700 | 20,371 | ||||||||||
Hunt Oil of Peru Sucursal Del Peru | ||||||||||||
6.375%, 06/01/28 | 3,150 | 3,154 | ||||||||||
KazMunayGas National JSC | ||||||||||||
5.375%, 04/24/30 | 989 | 1,159 | ||||||||||
KazMunayGas National JSC | ||||||||||||
6.375%, 10/24/48 | 706 | 904 | ||||||||||
Latina Offshore | ||||||||||||
8.875%, 10/15/22(A) | 24,979 | 15,612 | ||||||||||
Leviathan Bond | ||||||||||||
5.750%, 06/30/23(A) | 1,160 | 1,198 | ||||||||||
Leviathan Bond | ||||||||||||
6.125%, 06/30/25(A) | 2,365 | 2,448 | ||||||||||
Leviathan Bond | ||||||||||||
6.500%, 06/30/27(A) | 2,341 | 2,434 | ||||||||||
Leviathan Bond | ||||||||||||
6.750%, 06/30/30(A) | 500 | 519 | ||||||||||
Medco Oak Tree Pte | ||||||||||||
7.375%, 05/14/26 | 1,715 | 1,653 | ||||||||||
Nostrum Oil & Gas Finance | ||||||||||||
8.000%, 07/25/22(D) | 9,833 | 2,457 | ||||||||||
Nostrum Oil & Gas Finance BV | ||||||||||||
7.000%, 02/16/25(D) | 25,009 | 6,190 | ||||||||||
NT Rig Holdco PTE | ||||||||||||
7.500%, 12/20/21(D) | 25,338 | 15,203 | ||||||||||
Odebrecht Drilling Norbe VIII | ||||||||||||
7.350%cash/0% PIK, 12/01/26 | 7,831 | 1,997 | ||||||||||
Odebrecht Offshore Drilling Finance | ||||||||||||
7.720%cash/0% PIK, 12/01/26 | 3,523 | 361 | ||||||||||
Offshore Drilling Holding | ||||||||||||
8.375%, 10/19/20(D) | 38,575 | 3,472 | ||||||||||
Oil and Gas Holding BSCC | ||||||||||||
7.625%, 11/07/24 | 621 | 665 | ||||||||||
Oil and Gas Holding BSCC | ||||||||||||
8.375%, 11/07/28 | 777 | 865 | ||||||||||
Oro Negro Drilling Pte | ||||||||||||
0.000%, (B) | 3,683 | — | ||||||||||
Oro Negro Drilling Pte | ||||||||||||
7.500%, 12/31/49(A) (D) | 23,137 | 3,124 | ||||||||||
Pertamina Persero | ||||||||||||
6.000%, 05/03/42 | 416 | 508 | ||||||||||
Pertamina Persero, MTN | ||||||||||||
6.500%, 11/07/48 | 583 | 779 | ||||||||||
Pertamina Persero, MTN | ||||||||||||
4.175%, 01/21/50 | 571 | 576 | ||||||||||
Petroamazonas EP | ||||||||||||
4.625%, 12/06/21 | 1,961 | 1,774 | ||||||||||
Petrobras Global Finance | ||||||||||||
6.875%, 01/20/40 | 7,530 | 8,382 | ||||||||||
Petrobras Global Finance | ||||||||||||
6.850%, 06/05/15 | 12,528 | 13,359 | ||||||||||
Petroleos de Venezuela | ||||||||||||
8.500%, 10/27/20(D) | 10,470 | 1,256 | ||||||||||
Petroleos de Venezuela | ||||||||||||
9.750%, 05/17/35(D) | 8,689 | 261 | ||||||||||
Petroleos del Peru | ||||||||||||
5.625%, 06/19/47 | 668 | 771 | ||||||||||
Petroleos Mexicanos | ||||||||||||
6.350%, 02/12/48 | 1,046 | 788 | ||||||||||
Petroleos Mexicanos | ||||||||||||
7.690%, 01/23/50 | 3,493 | 2,929 | ||||||||||
Petroleos Mexicanos | ||||||||||||
6.950%, 01/28/60 | 5,114 | 3,962 | ||||||||||
Petroleos Mexicanos, MTN | ||||||||||||
6.750%, 09/21/47 | 4,693 | 3,650 | ||||||||||
Petronas Capital, MTN | ||||||||||||
4.550%, 04/21/50 | 1,779 | 2,276 | ||||||||||
Petronas Capital, MTN | ||||||||||||
4.800%, 04/21/60 | 314 | 432 | ||||||||||
Puma International Financing | ||||||||||||
5.000%, 01/24/26 | 9,935 | 8,444 | ||||||||||
ShaMaran Petroleum | ||||||||||||
12.000%, 07/05/23(A) | 19,620 | 14,126 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Sinopec Group Overseas Development 2012 | ||||||||||||
4.875%, 05/17/42 | $ | 744 | $ | 981 | ||||||||
Sinopec Group Overseas Development 2018 | ||||||||||||
2.700%, 05/13/30 | 820 | 864 | ||||||||||
Sinopec Group Overseas Development 2018 | ||||||||||||
3.350%, 05/13/50 | 238 | 260 | ||||||||||
Southern Gas Corridor CJSC | ||||||||||||
6.875%, 03/24/26 | 2,237 | 2,550 | ||||||||||
State Oil of the Azerbaijan Republic | ||||||||||||
6.950%, 03/18/30 | 1,364 | 1,616 | ||||||||||
Tullow Oil | ||||||||||||
6.250%, 04/15/22 | 200 | 103 | ||||||||||
Tullow Oil | ||||||||||||
7.000%, 03/01/25 | 51,345 | 23,875 | ||||||||||
Tullow Oil Jersey | ||||||||||||
6.625%, 07/12/21 | 56,800 | 36,920 | ||||||||||
YPF | ||||||||||||
8.500%, 03/23/21 | 33,274 | 31,261 | ||||||||||
YPF | ||||||||||||
8.750%, 04/04/24 | 1,676 | 1,347 | ||||||||||
Total Petroleum & Fuel Products | 289,966 | |||||||||||
Pharmaceuticals [0.6%] | ||||||||||||
Bausch Health | ||||||||||||
5.500%, 03/01/23(A) | 49 | 49 | ||||||||||
5.500%, 11/01/25(A) | 900 | 924 | ||||||||||
Bausch Health | ||||||||||||
5.875%, 05/15/23(A) | 145 | 144 | ||||||||||
Bausch Health | ||||||||||||
7.000%, 03/15/24(A) | 425 | 440 | ||||||||||
Bausch Health | ||||||||||||
6.125%, 04/15/25(A) | 3,875 | 3,967 | ||||||||||
Bausch Health | ||||||||||||
9.000%, 12/15/25(A) | 550 | 598 | ||||||||||
Bausch Health | ||||||||||||
5.750%, 08/15/27(A) | 275 | 292 | ||||||||||
Bausch Health | ||||||||||||
5.000%, 01/30/28(A) | 950 | 923 | ||||||||||
Bausch Health | ||||||||||||
6.250%, 02/15/29(A) | 2,150 | 2,211 | ||||||||||
Bausch Health | ||||||||||||
7.250%, 05/30/29(A) | 1,950 | 2,101 | ||||||||||
Bausch Health | ||||||||||||
5.250%, 01/30/30(A) | 375 | 369 | ||||||||||
Bausch Health Americas | ||||||||||||
9.250%, 04/01/26(A) | 750 | 825 | ||||||||||
Bausch Health Americas | ||||||||||||
8.500%, 01/31/27(A) | 3,150 | 3,461 | ||||||||||
Emergent BioSolutions | ||||||||||||
3.875%, 08/15/28(A) | 250 | 251 | ||||||||||
Endo Dac | ||||||||||||
9.500%, 07/31/27(A) | 845 | 883 | ||||||||||
Endo Dac | ||||||||||||
6.000%, 06/30/28(A) | 1,252 | 920 | ||||||||||
Jaguar Holding II | ||||||||||||
4.625%, 06/15/25(A) | 1,825 | 1,880 | ||||||||||
Jaguar Holding II | ||||||||||||
5.000%, 06/15/28(A) | 600 | 626 | ||||||||||
Mallinckrodt International Finance | ||||||||||||
5.625%, 10/15/23(A) | 750 | 187 | ||||||||||
Mallinckrodt International Finance | ||||||||||||
5.500%, 04/15/25(A) | 2,575 | 644 | ||||||||||
Par Pharmaceutical | ||||||||||||
7.500%, 04/01/27(A) | 325 | 341 | ||||||||||
Total Pharmaceuticals | 22,036 | |||||||||||
Real Estate Investment Trusts [0.0%] | ||||||||||||
Emirates Reit Sukuk | ||||||||||||
5.125%, 12/12/22 | 1,000 | 450 | ||||||||||
Real Estate Oper/Develop [2.1%] | ||||||||||||
Alam Synergy Pte | ||||||||||||
11.500%, 04/22/21 | 19,231 | 13,654 | ||||||||||
Alam Synergy Pte | ||||||||||||
6.625%, 04/24/22 | 4,500 | 2,545 | ||||||||||
Arabian Centres Sukuk | ||||||||||||
5.375%, 11/26/24 | 4,850 | 4,480 | ||||||||||
CFLD Cayman Investment | ||||||||||||
8.600%, 04/08/24 | 5,890 | 5,500 | ||||||||||
China Evergrande Group | ||||||||||||
11.500%, 01/22/23 | 2,355 | 2,105 | ||||||||||
China Evergrande Group | ||||||||||||
9.500%, 03/29/24 | 2,835 | 2,317 | ||||||||||
China Evergrande Group | ||||||||||||
8.750%, 06/28/25 | 7,539 | 5,899 | ||||||||||
Dar Al-Arkan Sukuk | ||||||||||||
6.750%, 02/15/25 | 476 | 449 | ||||||||||
Fantasia Holdings Group | ||||||||||||
12.250%, 10/18/22 | 2,300 | 2,366 | ||||||||||
Fantasia Holdings Group | ||||||||||||
10.875%, 01/09/23 | 2,090 | 2,088 | ||||||||||
Fantasia Holdings Group | ||||||||||||
11.875%, 06/01/23 | 2,005 | 2,026 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Haya Finance 2017 | ||||||||||||
5.125%, VAR Euribor 3 Month+5.125%, 11/15/22 | EUR | 450 | $ | 414 | ||||||||
Haya Finance 2017 | ||||||||||||
5.250%, 11/15/22 | EUR | 1,845 | 1,701 | |||||||||
IRSA Propiedades Comerciales | ||||||||||||
8.750%, 03/23/23 | $ | 1,080 | 772 | |||||||||
Jababeka International BV | ||||||||||||
6.500%, 10/05/23 | 1,000 | 805 | ||||||||||
Kaisa Group Holdings | ||||||||||||
8.500%, 06/30/22 | 3,871 | 3,803 | ||||||||||
Kaisa Group Holdings | ||||||||||||
10.875%, 07/23/23 | 1,340 | 1,347 | ||||||||||
Kaisa Group Holdings | ||||||||||||
9.375%, 06/30/24 | 5,160 | 4,876 | ||||||||||
Kaisa Group Holdings | ||||||||||||
11.250%, 04/16/25 | 1,930 | 1,896 | ||||||||||
Radiance Capital Investments | ||||||||||||
8.800%, 09/17/23 | 3,820 | 3,897 | ||||||||||
Redco Properties Group | ||||||||||||
11.000%, 08/06/22 | 3,800 | 3,790 | ||||||||||
Scenery Journey | ||||||||||||
12.000%, 10/24/23 | 6,040 | 5,383 | ||||||||||
Sinochem Overseas Capital | ||||||||||||
4.500%, 11/12/20 | 1,190 | 1,195 | ||||||||||
Zhenro Properties Group | ||||||||||||
8.650%, 01/21/23 | 1,403 | 1,435 | ||||||||||
Zhenro Properties Group | ||||||||||||
9.150%, 05/06/23 | 2,065 | 2,142 | ||||||||||
Zhenro Properties Group | ||||||||||||
8.350%, 03/10/24 | 3,030 | 3,057 | ||||||||||
Total Real Estate Oper/Develop | 79,942 | |||||||||||
Regional Banks-Non US [0.0%] | ||||||||||||
Banco del Estado de Chile, MTN | ||||||||||||
3.875%, 02/08/22 | 562 | 585 | ||||||||||
Resorts/Theme Parks [0.0%] | ||||||||||||
CPUK Finance | ||||||||||||
6.500%, 08/28/26 | GBP | 200 | 253 | |||||||||
Restaurants [0.4%] | ||||||||||||
1011778 BC ULC | ||||||||||||
4.250%, 05/15/24(A) | 375 | 382 | ||||||||||
1011778 BC ULC | ||||||||||||
5.000%, 10/15/25(A) | 4,975 | 5,101 | ||||||||||
1011778 BC ULC | ||||||||||||
4.375%, 01/15/28(A) | 1,175 | 1,198 | ||||||||||
1011778 BC ULC | ||||||||||||
4.000%, 10/15/30(A) | 3,850 | 3,880 | ||||||||||
KFC Holding | ||||||||||||
5.000%, 06/01/24(A) | 325 | 333 | ||||||||||
KFC Holding | ||||||||||||
5.250%, 06/01/26(A) | 625 | 650 | ||||||||||
KFC Holding | ||||||||||||
4.750%, 06/01/27(A) | 975 | 1,023 | ||||||||||
Yum! Brands | ||||||||||||
4.750%, 01/15/30(A) | 925 | 999 | ||||||||||
Yum! Brands | ||||||||||||
3.625%, 03/15/31 | 825 | 825 | ||||||||||
Total Restaurants | 14,391 | |||||||||||
Retail [0.0%] | ||||||||||||
eG Global Finance | ||||||||||||
6.250%, 10/30/25 | EUR | 1,200 | 1,401 | |||||||||
Grupo Famsa | ||||||||||||
9.750%, 12/15/24(A) (D) | 799 | 144 | ||||||||||
Total Retail | 1,545 | |||||||||||
Retailers [0.1%] | ||||||||||||
Hanesbrands | ||||||||||||
4.875%, 05/15/26(A) | 250 | 267 | ||||||||||
Michaels Stores | ||||||||||||
8.000%, 07/15/27(A) | 1,375 | 1,437 | ||||||||||
Party City Holdings | ||||||||||||
5.750%, VAR ICE LIBOR USD 6 Month+5.000%, 07/15/25(A) | 528 | 385 | ||||||||||
William Carter | ||||||||||||
5.500%, 05/15/25(A) | 375 | 393 | ||||||||||
William Carter | ||||||||||||
5.625%, 03/15/27(A) | 125 | 130 | ||||||||||
Total Retailers | 2,612 | |||||||||||
Semi-Conductors [0.0%] | ||||||||||||
Tunghsu Venus Holdings | ||||||||||||
7.000%, 06/12/20(D) | 4,275 | 881 | ||||||||||
Silver Mining [0.1%] | ||||||||||||
Fresnillo | ||||||||||||
4.250%, 10/02/50 | 5,000 | 4,950 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Steel & Steel Works [0.8%] | ||||||||||||
CSN Islands XI | ||||||||||||
6.750%, 01/28/28 | $ | 6,490 | $ | 6,298 | ||||||||
CSN Resources | ||||||||||||
7.625%, 04/17/26 | 2,440 | 2,472 | ||||||||||
Metinvest BV | ||||||||||||
8.500%, 04/23/26 | 6,703 | 6,773 | ||||||||||
Metinvest BV | ||||||||||||
7.650%, 10/01/27 | 10,500 | 10,188 | ||||||||||
7.650%, 10/01/27(A) | 800 | 781 | ||||||||||
Metinvest BV | ||||||||||||
7.750%, 10/17/29 | 4,995 | 4,789 | ||||||||||
Total Steel & Steel Works | 31,301 | |||||||||||
Supermarkets [0.2%] | ||||||||||||
Albertsons | ||||||||||||
3.500%, 02/15/23(A) | 300 | 305 | ||||||||||
3.500%, 03/15/29(A) | 1,025 | 995 | ||||||||||
Albertsons | ||||||||||||
5.750%, 03/15/25 | 1,414 | 1,459 | ||||||||||
Albertsons | ||||||||||||
3.250%, 03/15/26(A) | 625 | 620 | ||||||||||
Albertsons | ||||||||||||
7.500%, 03/15/26(A) | 1,075 | 1,179 | ||||||||||
Albertsons | ||||||||||||
5.875%, 02/15/28(A) | 950 | 1,014 | ||||||||||
Albertsons | ||||||||||||
4.875%, 02/15/30(A) | 375 | 391 | ||||||||||
Total Supermarkets | 5,963 | |||||||||||
Technology [1.2%] | ||||||||||||
Ams | ||||||||||||
7.000%, 07/31/25(A) | 1,950 | 2,064 | ||||||||||
Banff Merger Sub | ||||||||||||
9.750%, 09/01/26(A) | 625 | 661 | ||||||||||
Black Knight InfoServ | ||||||||||||
3.625%, 09/01/28(A) | 700 | 707 | ||||||||||
BY Crown Parent | ||||||||||||
4.250%, 01/31/26(A) | 800 | 815 | ||||||||||
CDW | ||||||||||||
5.500%, 12/01/24 | 575 | 628 | ||||||||||
CDW | ||||||||||||
4.250%, 04/01/28 | 450 | 466 | ||||||||||
CDW | ||||||||||||
3.250%, 02/15/29 | 675 | 672 | ||||||||||
Dell International | ||||||||||||
7.125%, 06/15/24(A) | 4,400 | 4,577 | ||||||||||
Dun & Bradstreet | ||||||||||||
6.875%, 08/15/26(A) | 255 | 274 | ||||||||||
Dun & Bradstreet | ||||||||||||
10.250%, 02/15/27(A) | 1,590 | 1,797 | ||||||||||
Fair Isaac | ||||||||||||
4.000%, 06/15/28(A) | 150 | 155 | ||||||||||
Gartner | ||||||||||||
4.500%, 07/01/28(A) | 625 | 657 | ||||||||||
Gartner | ||||||||||||
3.750%, 10/01/30(A) | 550 | 556 | ||||||||||
Logan Merger Sub | ||||||||||||
5.500%, 09/01/27(A) | 1,600 | 1,619 | ||||||||||
Microchip Technology | ||||||||||||
4.250%, 09/01/25(A) | 750 | 778 | ||||||||||
NCR | ||||||||||||
8.125%, 04/15/25(A) | 100 | 110 | ||||||||||
NCR | ||||||||||||
5.750%, 09/01/27(A) | 300 | 314 | ||||||||||
NCR | ||||||||||||
5.000%, 10/01/28(A) | 575 | 575 | ||||||||||
NCR | ||||||||||||
6.125%, 09/01/29(A) | 1,350 | 1,430 | ||||||||||
NCR | ||||||||||||
5.250%, 10/01/30(A) | 1,800 | 1,800 | ||||||||||
Nuance Communications | ||||||||||||
5.625%, 12/15/26 | 700 | 739 | ||||||||||
ON Semiconductor | ||||||||||||
3.875%, 09/01/28(A) | 500 | 507 | ||||||||||
PTC | ||||||||||||
4.000%, 02/15/28(A) | 250 | 257 | ||||||||||
Qorvo | ||||||||||||
5.500%, 07/15/26 | 725 | 769 | ||||||||||
Qorvo | ||||||||||||
4.375%, 10/15/29 | 1,000 | 1,062 | ||||||||||
Qorvo | ||||||||||||
3.375%, 04/01/31(A) | 975 | 991 | ||||||||||
Refinitiv US Holdings | ||||||||||||
6.250%, 05/15/26(A) | 1,150 | 1,231 | ||||||||||
Refinitiv US Holdings | ||||||||||||
8.250%, 11/15/26(A) | 2,875 | 3,148 | ||||||||||
RP Crown Parent | ||||||||||||
7.375%, 10/15/24(A) | 1,850 | 1,878 | ||||||||||
Science Applications International | ||||||||||||
4.875%, 04/01/28(A) | 1,075 | 1,091 | ||||||||||
Sensata Technologies | ||||||||||||
5.000%, 10/01/25(A) | 75 | 81 | ||||||||||
Sensata Technologies | ||||||||||||
4.375%, 02/15/30(A) | 225 | 236 | ||||||||||
Sensata Technologies | ||||||||||||
3.750%, 02/15/31(A) | 425 | 422 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Sensata Technologies UK Financing | ||||||||||||
6.250%, 02/15/26(A) | $ | 725 | $ | 759 | ||||||||
Sophia | ||||||||||||
9.000%, 09/30/23(A) | 625 | 625 | ||||||||||
SS&C Technologies | ||||||||||||
5.500%, 09/30/27(A) | 3,100 | 3,294 | ||||||||||
Tempo Acquisition | ||||||||||||
6.750%, 06/01/25(A) | 5,550 | 5,664 | ||||||||||
TTM Technologies | ||||||||||||
5.625%, 10/01/25(A) | 850 | 867 | ||||||||||
Veritas US | ||||||||||||
7.500%, 09/01/25(A) | 1,375 | 1,418 | ||||||||||
Western Digital | ||||||||||||
4.750%, 02/15/26 | 550 | 596 | ||||||||||
Total Technology | 46,290 | |||||||||||
Telephones & Telecommunications [3.1%] | ||||||||||||
Digicel Group 0.5 | ||||||||||||
10.000%, 04/01/24 | 4,567 | 3,511 | ||||||||||
Digicel Group 0.5 | ||||||||||||
8.000%, 04/01/25(A) | 2,241 | 796 | ||||||||||
Digicel International Finance | ||||||||||||
8.750%, 05/25/24 | 3,133 | 3,157 | ||||||||||
Digicel International Finance | ||||||||||||
8.000%, 12/31/26 | 1,871 | 1,450 | ||||||||||
Internap Holdings LLC | ||||||||||||
0.000%, | 61 | 1 | ||||||||||
Liquid Telecommunications Financing | ||||||||||||
8.500%, 07/13/22 | 4,880 | 4,959 | ||||||||||
Lorca Telecom Bondco SAU | ||||||||||||
4.000%, 09/18/27 | EUR | 390 | 468 | |||||||||
Matterhorn Telecom | ||||||||||||
3.125%, 09/15/26 | EUR | 900 | 1,005 | |||||||||
Maxcom Telecomunicaciones | ||||||||||||
8.000%, 10/25/24 | 4,950 | 2,079 | ||||||||||
Maxcom Telecomunicaciones | ||||||||||||
15.000%, 10/25/68 | 1,741 | 17 | ||||||||||
Oi | ||||||||||||
10.000% cash or 8.000%cash/4.000% PIK, 07/27/25 | 75,417 | 72,797 | ||||||||||
PLT VII Finance Sarl | ||||||||||||
4.625%, 01/05/26 | EUR | 300 | 357 | |||||||||
Telecom Argentina | ||||||||||||
6.500%, 06/15/21 | 12,584 | 11,766 | ||||||||||
Telecom Argentina | ||||||||||||
8.500%, 08/06/25(A) | 15,455 | 13,197 | ||||||||||
Vmed O2 UK Financing I | ||||||||||||
3.250%, 01/31/31(A) | EUR | 1,200 | 1,398 | |||||||||
Total Telephones & Telecommunications | 116,958 | |||||||||||
Textile-Products [0.1%] | ||||||||||||
Prime Bloom Holdings | ||||||||||||
6.950%, 07/05/22 | 16,500 | 3,180 | ||||||||||
Transportation Services [0.3%] | ||||||||||||
DP World Crescent, MTN | ||||||||||||
3.875%, 07/18/29 | 762 | 794 | ||||||||||
DP World Crescent, MTN | ||||||||||||
3.750%, 01/30/30 | 699 | 721 | ||||||||||
Empresa de Transporte de Pasajeros Metro | ||||||||||||
4.700%, 05/07/50 | 1,035 | 1,274 | ||||||||||
Global Liman Isletmeleri | ||||||||||||
8.125%, 11/14/21 | 5,940 | 4,017 | ||||||||||
Kazakhstan Temir Zholy Finance BV | ||||||||||||
6.950%, 07/10/42 | 1,018 | 1,371 | ||||||||||
SCF Capital | ||||||||||||
5.375%, 06/16/23 | 1,182 | 1,273 | ||||||||||
Stena International | ||||||||||||
6.125%, 02/01/25(A) | 1,100 | 1,058 | ||||||||||
Watco | ||||||||||||
6.500%, 06/15/27(A) | 1,225 | 1,253 | ||||||||||
Total Transportation Services | 11,761 | |||||||||||
Utility - Electric [0.5%] | ||||||||||||
Calpine | ||||||||||||
5.250%, 06/01/26(A) | 875 | 909 | ||||||||||
Calpine | ||||||||||||
4.500%, 02/15/28(A) | 925 | 947 | ||||||||||
Calpine | ||||||||||||
5.125%, 03/15/28(A) | 1,050 | 1,087 | ||||||||||
Calpine | ||||||||||||
4.625%, 02/01/29(A) | 475 | 474 | ||||||||||
Calpine | ||||||||||||
5.000%, 02/01/31(A) | 475 | 484 | ||||||||||
DPL | ||||||||||||
4.125%, 07/01/25(A) | 250 | 262 | ||||||||||
Enviva Partners | ||||||||||||
6.500%, 01/15/26(A) | 3,050 | 3,214 | ||||||||||
NRG Energy | ||||||||||||
7.250%, 05/15/26 | 800 | 851 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
NRG Energy | ||||||||||||
6.625%, 01/15/27 | $ | 775 | $ | 820 | ||||||||
NRG Energy | ||||||||||||
5.750%, 01/15/28 | 200 | 216 | ||||||||||
NRG Energy | ||||||||||||
5.250%, 06/15/29(A) | 600 | 652 | ||||||||||
Pattern Energy Operations | ||||||||||||
4.500%, 08/15/28(A) | 600 | 622 | ||||||||||
TerraForm Power Operating | ||||||||||||
4.250%, 01/31/23(A) | 600 | 615 | ||||||||||
TerraForm Power Operating | ||||||||||||
5.000%, 01/31/28(A) | 1,125 | 1,232 | ||||||||||
TerraForm Power Operating | ||||||||||||
4.750%, 01/15/30(A) | 1,000 | 1,057 | ||||||||||
Vistra Operations | ||||||||||||
5.500%, 09/01/26(A) | 1,800 | 1,879 | ||||||||||
Vistra Operations | ||||||||||||
5.625%, 02/15/27(A) | 1,850 | 1,952 | ||||||||||
Vistra Operations | ||||||||||||
5.000%, 07/31/27(A) | 725 | 760 | ||||||||||
Total Utility - Electric | 18,033 | |||||||||||
Wireless Communications [0.5%] | ||||||||||||
Altice France | ||||||||||||
7.375%, 05/01/26(A) | 3,625 | 3,799 | ||||||||||
Altice France | ||||||||||||
8.125%, 02/01/27(A) | 225 | 245 | ||||||||||
Sprint | ||||||||||||
7.875%, 09/15/23 | 1,250 | 1,436 | ||||||||||
Sprint | ||||||||||||
7.125%, 06/15/24 | 100 | 115 | ||||||||||
Sprint | ||||||||||||
7.625%, 02/15/25 | 1,000 | 1,170 | ||||||||||
7.625%, 03/01/26 | 800 | 967 | ||||||||||
Sprint Capital | ||||||||||||
6.875%, 11/15/28 | 1,525 | 1,906 | ||||||||||
Sprint Communications | ||||||||||||
6.000%, 11/15/22 | 1,525 | 1,643 | ||||||||||
T-Mobile USA | ||||||||||||
6.000%, 03/01/23 | 625 | 627 | ||||||||||
6.000%, 04/15/24 | 550 | 561 | ||||||||||
T-Mobile USA | ||||||||||||
6.500%, 01/15/26 | 4,675 | 4,885 | ||||||||||
T-Mobile USA | ||||||||||||
4.500%, 02/01/26 | 1,125 | 1,159 | ||||||||||
T-Mobile USA | ||||||||||||
4.750%, 02/01/28 | 325 | 348 | ||||||||||
Total Wireless Communications | 18,861 | |||||||||||
Total Corporate Bonds | ||||||||||||
Cost ($1,910,936) | 1,707,723 | |||||||||||
Loan Participations [21.2%](F) | ||||||||||||
Aerospace [0.5%] | ||||||||||||
AI Convoy (Luxembourg) S.a r.l., Facility B (USD), 1st Lien | ||||||||||||
4.650%, VAR LIBOR+3.500%, 01/18/27 | 1,282 | 1,273 | ||||||||||
American Airlines, Inc., 2017 Class B Term Loan, 1st Lien | ||||||||||||
2.152%, VAR LIBOR+2.000%, 12/15/23 | 712 | 580 | ||||||||||
American Airlines, Inc., 2017 Class B Term Loans, 1st Lien | ||||||||||||
2.146%, VAR LIBOR+2.000%, 04/28/23 | 1,824 | 1,488 | ||||||||||
Amwins 5/16 Cov-Lite Lien 1 | ||||||||||||
1.906%, 10/06/23 | 990 | 939 | ||||||||||
Ducommun Incorporated, Term B Loan, 1st Lien | ||||||||||||
4.156%, VAR LIBOR+4.000%, 11/21/25 | 2,035 | 1,909 | ||||||||||
Dynasty Acquisition Co., Inc., 2020 Term B-1 Loan, 1st Lien | ||||||||||||
3.720%, VAR LIBOR+3.500%, 04/06/26 | 649 | $ | 570 | |||||||||
Dynasty Acquisition Co., Inc., 2020 Term B-2 Loan, 1st Lien | ||||||||||||
3.720%, VAR LIBOR+3.500%, 04/06/26 | 349 | 307 | ||||||||||
MB Aerospace Term Loan | ||||||||||||
4.500%, VAR LIBOR+3.500%, 12/13/24 | 681 | 538 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Science Applications International Corp (SAIC) Term Loan B (2018) | ||||||||||||
2.031%, VAR LIBOR+1.750%, 11/05/25 | $ | 1,770 | $ | 1,726 | ||||||||
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 10/20/27 | 2,560 | 2,577 | ||||||||||
Spirit AeroSystems, Term Loan, 1st Lien | ||||||||||||
5.250%, 01/30/25 | 850 | 846 | ||||||||||
TransDigm Inc., Tranche E Refinancing Term Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 05/30/25 | 1,404 | 1,325 | ||||||||||
TransDigm Inc., Tranche F Refinancing Term Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 12/09/25 | 3,070 | 2,897 | ||||||||||
TransDigm Inc., Tranche G Refinancing Term Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 08/22/24 | 182 | 172 | ||||||||||
WP CPP Holdings, Term B Loan | ||||||||||||
4.500%, VAR LIBOR+3.500%, 04/30/25 | 1,303 | 1,135 | ||||||||||
Total Aerospace | 18,282 | |||||||||||
Automobile [0.0%] | ||||||||||||
Belron Finance 2019 LLC, Dollar Second Incremental Loan, 1st Lien | ||||||||||||
2.768%, VAR LIBOR+2.500%, 10/30/26 | 527 | 520 | ||||||||||
Automotive [0.3%] | ||||||||||||
Abra Auto Body, Term Loan, 1st Lien | ||||||||||||
3.147%, 02/05/26 | 926 | 892 | ||||||||||
Adient US LLC, Initial Term Loan, 1st Lien | ||||||||||||
4.492%, VAR LIBOR+4.250%, 05/06/24 | 2,237 | 2,209 | ||||||||||
Autokiniton US Holdings (L&W) Incremental Term Loan B | ||||||||||||
5.906%, 05/22/25 | 864 | 822 | ||||||||||
Autokiniton US Holdings (L&W), Term Loan B | ||||||||||||
6.531%, VAR LIBOR+4.000%, 05/17/25 | 430 | 411 | ||||||||||
BCA Marketplace Term Loan B1 | ||||||||||||
5.451%, 09/24/26 | GBP | 1,000 | 1,224 | |||||||||
Dana Term Loan B | ||||||||||||
2.410%, 02/27/26 | 570 | 555 | ||||||||||
Dealer Tire, LLC, Term B-1 Loan, 1st Lien | ||||||||||||
4.399%, VAR LIBOR+4.250%, 12/12/25 | 498 | 485 | ||||||||||
Holley Purchaser, Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.261%, VAR LIBOR+5.000%, 10/24/25 | 350 | 330 | ||||||||||
Power Solutions Term Loan B | ||||||||||||
3.750%, 04/30/26 | EUR | 3,000 | 3,451 | |||||||||
TI Automotive, Term Loan B, 1st Lien | ||||||||||||
3.750%, 12/16/24 | 625 | 623 | ||||||||||
Total Automotive | 11,002 | |||||||||||
Beverage, Food and Tobacco [0.1%] | ||||||||||||
Froneri International Limited, Facility B1, 1st Lien | ||||||||||||
2.625%, VAR Euribor+2.625%, 01/29/27 | 2,000 | 2,278 | ||||||||||
Froneri International Limited, Facility B2, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 01/29/27 | 575 | 551 | ||||||||||
Total Beverage, Food and Tobacco | 2,829 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Broadcast radio and television [0.0%] | ||||||||||||
NEP Europe Finco B.V. (EUR) Term Loan | ||||||||||||
3.500%, VAR Euribor+3.500%, 10/03/25 | EUR | 985 | $ | 1,009 | ||||||||
Broadcasting [0.4%] | ||||||||||||
Diamond Sports Group, LLC, Term Loan, 1st Lien | ||||||||||||
3.400%, VAR LIBOR+3.250%, 08/24/26 | $ | 1,985 | $ | 1,532 | ||||||||
Gray Television, Inc., Term B-2 Loan, 1st Lien | ||||||||||||
2.405%, VAR LIBOR+2.250%, 02/07/24 | 950 | 928 | ||||||||||
Gray Television, Inc., Term C Loan, 1st Lien | ||||||||||||
2.655%, VAR LIBOR+2.500%, 01/02/26 | 1,588 | 1,558 | ||||||||||
IHeartcommunications, Inc., Term Loan | ||||||||||||
4.750%, 05/01/26 | 1,305 | 1,254 | ||||||||||
LCPR Loan Financing LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.152%, VAR LIBOR+5.000%, 10/15/26 | 2,805 | 2,799 | ||||||||||
Nexstar Broadcasting, Inc., Term B-3 Loan, 1st Lien | ||||||||||||
2.395%, VAR LIBOR+2.250%, 01/17/24 | 2,308 | 2,247 | ||||||||||
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien | ||||||||||||
2.905%, VAR LIBOR+2.750%, 09/18/26 | 2,257 | 2,205 | ||||||||||
Quincy Newspapers Term Loan B | ||||||||||||
5.250%, VAR LIBOR+3.000%, 10/19/22 | 293 | 288 | ||||||||||
Sinclair Broadcasting Group Term Loan B-2 | ||||||||||||
2.400%, 01/31/24 | 1,791 | 1,741 | ||||||||||
Total Broadcasting | 14,552 | |||||||||||
Broadcasting and Entertainment [0.1%] | ||||||||||||
Dorna Sports, S.L., B2€ Term Loan Facility, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 05/03/24 | EUR | 1,000 | $ | 1,139 | ||||||||
Stage Entertainment B.V., Facility B2, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 06/02/26 | $ | 1,000 | 892 | |||||||||
Tele Columbus AG, Facility A2, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 10/15/24 | EUR | 1,248 | 1,382 | |||||||||
Total Broadcasting and Entertainment | 3,413 | |||||||||||
Building and Development [0.1%] | ||||||||||||
Foncia Senior Facility B3 | ||||||||||||
3.250%, VAR Euribor+3.250%, 07/28/23 | EUR | 1,482 | 1,699 | |||||||||
Stella Facility B | ||||||||||||
3.750%, 01/30/26 | EUR | 1,000 | 1,140 | |||||||||
Total Building and Development | 2,839 | |||||||||||
Business equipment and services [0.5%] | ||||||||||||
Civica Term Loan | ||||||||||||
5.475%, 10/10/24 | GBP | 2,000 | 2,485 | |||||||||
Colour Bidco (NGA UK) Term Loan B | ||||||||||||
5.544%, VAR LIBOR+5.250%, 11/22/24 | GBP | 1,500 | 1,352 | |||||||||
Exact Software Term Loan B | ||||||||||||
3.250%, 04/10/26 | EUR | 1,000 | 1,144 | |||||||||
First Names Group Term Loan B (EUR) | ||||||||||||
3.750%, VAR Euribor+3.750%, 03/07/25 | EUR | 2,000 | 2,265 | |||||||||
PlusServer Covenant-Lite Term Loan | ||||||||||||
3.750%, VAR Euribor+3.750%, 09/13/24 | EUR | 1,000 | 446 | |||||||||
Proxiserve (aka Persea) Term Loan | ||||||||||||
3.750%, 02/27/26 | EUR | 1,000 | 1,154 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
QA Term Loan | ||||||||||||
5.380%, VAR LIBOR+4.750%, 07/26/24 | GBP | 3,000 | $ | 3,252 | ||||||||
Trescal Term Loan B | ||||||||||||
3.250%, VAR Euribor+3.250%, 03/14/25 | EUR | 1,000 | 1,085 | |||||||||
Universidad Europea Facility B | ||||||||||||
3.750%, 02/25/26 | EUR | 2,000 | 2,292 | |||||||||
ZPG (aka Zoopla) Term Loan B | ||||||||||||
4.304%, VAR LIBOR +4.250%, 06/06/25 | GBP | 2,000 | 2,451 | |||||||||
Total Business equipment and services | 17,926 | |||||||||||
Cable & satellite television [0.1%] | ||||||||||||
DeltaFiber (Gamma Infrastructure III B.V.) Term Loan B | ||||||||||||
3.500%, 01/09/25 | EUR | 2,595 | 2,932 | |||||||||
Cable/Wireless Video [1.1%] | ||||||||||||
Altice Financing S.A., October 2017 USD Term Loan, 1st Lien | ||||||||||||
2.895%, VAR LIBOR+2.750%, 01/31/26 | $ | 4,154 | 3,915 | |||||||||
Altice Financing Term Loan B (2017) | ||||||||||||
2.902%, VAR LIBOR+2.750%, 07/15/25 | 2,199 | 2,096 | ||||||||||
Cablevision Lightpath, Term Loan B, 1st Lien | ||||||||||||
3.250%, 09/15/27 | 700 | 696 | ||||||||||
Charter Communications Operating Llc Lien1 | ||||||||||||
1.900%, 04/30/25 | 4,253 | 4,173 | ||||||||||
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien | ||||||||||||
1.900%, VAR LIBOR+1.750%, 02/01/27 | 2,970 | 2,898 | ||||||||||
Cogeco Communications (USA) II LP, Term B Loan, 1st Lien | ||||||||||||
2.147%, VAR LIBOR+2.000%, 01/03/25 | 1,013 | 984 | ||||||||||
Coral-US Co-Borrower LLC, Term B-5 Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 01/31/28 | 3,755 | 3,627 | ||||||||||
CSC Holdings, LLC, March 2017 Refinancing Term Loan, 1st Lien | ||||||||||||
2.402%, VAR LIBOR+2.250%, 07/17/25 | 3,412 | 3,295 | ||||||||||
CSC Holdings, LLC, September 2019 Initial Term Loan, 1st Lien | ||||||||||||
2.652%, VAR LIBOR+2.500%, 04/15/27 | 784 | 759 | ||||||||||
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan, 1st Lien | ||||||||||||
8.000%, VAR Prime Rate by Country+4.750%, 11/27/23 | 1,550 | 1,555 | ||||||||||
RCN Cable, Term Loan, 1st Lien | ||||||||||||
3.500%, 09/11/26 | 2,000 | 1,963 | ||||||||||
Telenet Financing USD LLC, Term Loan AR Facility, 1st Lien | ||||||||||||
2.152%, VAR LIBOR+2.000%, 04/30/28 | 1,075 | 1,036 | ||||||||||
Virgin Media Bristol LLC, N Facility, 1st Lien | ||||||||||||
2.652%, VAR LIBOR+2.500%, 01/31/28 | 5,070 | 4,914 | ||||||||||
Ziggo Financing Partnership, Term Loan I Facility, 1st Lien | ||||||||||||
2.652%, VAR LIBOR+2.500%, 04/30/28 | 9,335 | 8,968 | ||||||||||
Total Cable/Wireless Video | 40,879 | |||||||||||
Cargo Transport [0.1%] | ||||||||||||
Akita Bidco S.a r.l., Facility B3, 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 11/10/25 | 1,000 | 1,145 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Boluda Towage, S.L., Facility B1, 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 07/30/26 | EUR | 1,000 | $ | 1,129 | ||||||||
Silk Bidco AS, Facility B, 1st Lien | ||||||||||||
4.000%, VAR Euribor+4.000%, 02/24/25 | EUR | 2,500 | 2,242 | |||||||||
Total Cargo Transport | 4,516 | |||||||||||
Chemicals [1.1%] | ||||||||||||
Ascend Performance Materials Operations LLC, Initial Term Loan, 1st Lien | ||||||||||||
6.250%, VAR LIBOR+5.250%, 08/27/26 | $ | 427 | 425 | |||||||||
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien | ||||||||||||
1.970%, VAR LIBOR+1.750%, 06/01/24 | 810 | 790 | ||||||||||
Berry Global, Inc., Term Y Loan, 1st Lien | ||||||||||||
2.156%, VAR LIBOR+2.000%, 07/01/26 | 2,970 | 2,878 | ||||||||||
Consolidated Energy Limited Term Loan B | ||||||||||||
2.656%, VAR LIBOR+2.500%, 05/07/25 | 1,859 | 1,689 | ||||||||||
Emerald Performance Materials, LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.000%, 08/12/25 | 1,000 | 996 | ||||||||||
Ferro Corp, Term Loan B-1 | ||||||||||||
2.558%, VAR LIBOR+2.250%, 02/14/24 | 2,948 | 2,894 | ||||||||||
Ferro Corp, Term Loan B-2 | ||||||||||||
2.558%, VAR LIBOR+2.250%, 02/14/24 | 841 | 826 | ||||||||||
Ferro Corp, Term Loan B-3 | ||||||||||||
2.558%, VAR LIBOR+2.250%, 02/14/24 | 823 | 808 | ||||||||||
Gemini HDPE LLC Term Loan B | ||||||||||||
2.761%, VAR LIBOR+2.500%, 07/24/21 | 1,689 | 1,649 | ||||||||||
HB Fuller Term Loan B | ||||||||||||
2.156%, VAR LIBOR+2.000%, 10/20/24 | 699 | 689 | ||||||||||
INEOS Enterprises Holdings Limited, Refinancing Tranche B Dollar Term Loan, 1st Lien | ||||||||||||
4.500%, VAR LIBOR+3.500%, 08/28/26 | 3,377 | 3,349 | ||||||||||
Ineos Group Holdings PLC Term Loan B | ||||||||||||
2.147%, VAR LIBOR+2.000%, 04/01/24 | 7,705 | 7,472 | ||||||||||
Messer Industries Term Loan B | ||||||||||||
2.720%, 03/02/26 | 1,141 | 1,115 | ||||||||||
Minerals Technologies Inc. Term Loan B (2017) | ||||||||||||
3.000%, VAR LIBOR+2.250%, 02/14/24 | 1,991 | 1,951 | ||||||||||
Momentive Performance Term Loan B | ||||||||||||
3.410%, 05/15/24 | 2,361 | 2,256 | ||||||||||
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien | ||||||||||||
3.151%, VAR LIBOR+3.000%, 10/01/25 | 3,077 | 2,975 | ||||||||||
PQ Corporation Term Loan B | ||||||||||||
2.511%, VAR LIBOR+2.500%, 02/07/27 | 2,570 | 2,502 | ||||||||||
Styrolution, Term Loan, 1st Lien | ||||||||||||
2.308%, 01/22/27 | 821 | 798 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Tronox Finance LLC, Initial Dollar Term Loan, 1st Lien | ||||||||||||
3.220%, VAR LIBOR+3.000%, 09/23/24 | $ | 1,503 | $ | 1,477 | ||||||||
Univar Solutions USA Inc., Term B-3 Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 07/01/24 | 1,058 | 1,043 | ||||||||||
Univar Solutions USA Inc., Term B-5 Loan, 1st Lien | ||||||||||||
2.147%, VAR LIBOR+2.000%, 07/01/26 | 995 | 964 | ||||||||||
Vantage Specialty Chemicals Term Loan B | ||||||||||||
4.500%, VAR LIBOR+3.500%, 10/28/24 | 619 | 555 | ||||||||||
Vantage Specialty Chemicals, Inc., Initial Loan, 2nd Lien | ||||||||||||
9.250%, VAR LIBOR+8.250%, 10/27/25 | 790 | 598 | ||||||||||
Total Chemicals | 40,699 | |||||||||||
Chemicals, Plastics and Rubber [0.3%] | ||||||||||||
Aruba Investments, Inc., Initial Euro Term Loan (2020), 1st Lien | ||||||||||||
4.250%, VAR Euribor+4.250%, 07/07/25 | 1,000 | 1,163 | ||||||||||
Colouroz Investment 1 GMBH, Initial Euro Term Loan, 1st Lien | ||||||||||||
5.000%, VAR Euribor+4.250%, 09/21/23 | 997 | 1,071 | ||||||||||
Colouroz Investment 1 GMBH, Initial Term C Loan, 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 09/21/23 | 401 | 362 | ||||||||||
Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 09/21/23 | 2,426 | 2,188 | ||||||||||
INEOS Enterprises Holdings Limited, Refinancing Tranche B Euro Term Loan, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 08/28/26 | 1,000 | 1,155 | ||||||||||
Nouryon Finance B.V., Initial Euro Term Loan, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 10/01/25 | EUR | 1,000 | 1,153 | |||||||||
Novacap Facility B | ||||||||||||
3.500%, VAR Euribor+3.500%, 04/28/23 | EUR | 2,180 | 2,463 | |||||||||
Novacap Facility B3 | ||||||||||||
3.500%, VAR Euribor+3.500%, 06/22/23 | EUR | 319 | 359 | |||||||||
Specialty Chemicals International B.V., Facility B-1, 1st Lien | ||||||||||||
4.500%, VAR Euribor+4.500%, 03/15/27 | 1,500 | 1,731 | ||||||||||
Total Chemicals, Plastics and Rubber | 11,645 | |||||||||||
Conglomerates [0.1%] | ||||||||||||
Socotec Term Loan (EUR) | ||||||||||||
3.750%, VAR Euribor+3.500%, 07/20/24 | EUR | 1,000 | 1,128 | |||||||||
Socotec Term Loan (GBP) | ||||||||||||
4.641%, VAR LIBOR+4.250%, 07/20/24 | GBP | 1,000 | 1,205 | |||||||||
Total Conglomerates | 2,333 | |||||||||||
Consumer Durables [0.0%] | ||||||||||||
American Bath Group, Term Loan B (2018) | ||||||||||||
5.000%, 09/30/23 | 540 | 539 | ||||||||||
Justrite (Safety Products) Delay Draw | ||||||||||||
5.572%, 06/28/26 | 108 | 95 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Justrite (Safety Products) Term Loan B | ||||||||||||
5.572%, 06/28/26 | $ | 882 | $ | 777 | ||||||||
Total Consumer Durables | 1,411 | |||||||||||
Consumer NonDurables [0.2%] | ||||||||||||
ABG Intermediate Holdings 2 LLC, Amendment No. 5 Incremental Term Loan, 1st Lien | ||||||||||||
6.250%, VAR LIBOR+5.250%, 09/27/24 | 480 | 475 | ||||||||||
ABG Intermediate Holdings 2 LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.720%, VAR LIBOR+3.500%, 09/27/24 | 1,836 | 1,796 | ||||||||||
Coty Inc., Term A USD Loan, 1st Lien | ||||||||||||
1.909%, 04/05/23 | 1,972 | 1,785 | ||||||||||
Coty Inc., Term B USD Loan, 1st Lien | ||||||||||||
2.409%, VAR LIBOR+2.250%, 04/07/25 | 987 | 879 | ||||||||||
Guadarrama Proyectors Educativos SL, Term Loan, 1st Lien | ||||||||||||
4.250%, 07/10/26 | 1,000 | 1,150 | ||||||||||
Playcore, Term Loan B | ||||||||||||
4.750%, VAR LIBOR+3.750%, 09/18/24 | 297 | 272 | ||||||||||
Total Consumer NonDurables | 6,357 | |||||||||||
Containers and glass products [0.1%] | ||||||||||||
Faerch Plast Term Loan B1 | ||||||||||||
3.500%, VAR Euribor+3.250%, 07/24/24 | EUR | 2,500 | 2,792 | |||||||||
Weener Plastics Group Term Loan B | ||||||||||||
3.750%, VAR Euribor+3.750%, 06/20/25 | EUR | 1,500 | 1,707 | |||||||||
Total Containers and glass products | 4,499 | |||||||||||
Containers, Packaging and Glass [0.1%] | ||||||||||||
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corp), Euro Term Loan, 1st Lien | ||||||||||||
4.750%, VAR Euribor+4.750%, 06/30/22 | 2,500 | 2,786 | ||||||||||
Diversified Media [0.8%] | ||||||||||||
Alchemy Copyrights, LLC, 2020 Term Loan, 1st Lien | ||||||||||||
4.000%, VAR LIBOR+3.250%, 08/16/27 | 1,910 | 1,905 | ||||||||||
Banijay Entertainment S.A.S. , Facility B (USD), 1st Lien | ||||||||||||
3.907%, VAR LIBOR+3.750%, 03/01/25 | 1,285 | 1,256 | ||||||||||
Cambium Learning Group, Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.720%, VAR LIBOR+4.500%, 12/18/25 | 497 | 490 | ||||||||||
Camelot U.S. Acquisition 1 Co, Term Loan B, 1st Lien | ||||||||||||
3.000%, 10/31/26 | 1,600 | 1,591 | ||||||||||
Cineworld (Crown Finance) Incremental 2019 Term Loan | ||||||||||||
3.572%, 09/20/26 | 1 | 1 | ||||||||||
Deluxe Entertainment Services Group Inc. | ||||||||||||
0.000%, (G) | 19 | 8 | ||||||||||
Ew Scripps Cov-Lite | ||||||||||||
2.656%, 05/01/26 | 652 | 634 | ||||||||||
Formula One Management Limited, Facility B3 (USD), 1st Lien | ||||||||||||
3.500%, VAR LIBOR+2.500%, 02/01/24 | 2,980 | 2,884 | ||||||||||
Harland Clarke Holdings Term Loan B7 | ||||||||||||
5.750%, VAR LIBOR+4.750%, 11/03/23 | 3,973 | 3,237 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 03/24/25 | $ | 2,253 | $ | 2,169 | ||||||||
Lions Gate Entertainment Term Loan A (2018) | ||||||||||||
1.911%, 03/22/23 | 951 | 913 | ||||||||||
Melita, Term Loan | ||||||||||||
3.750%, 07/30/26 | 1,000 | 1,144 | ||||||||||
Meredith, Term Loan | ||||||||||||
2.655%, 01/31/25 | 527 | 507 | ||||||||||
Merrill Communications LLC Term Loan B (2019) | ||||||||||||
6.195%, 10/05/26(B) | 457 | 445 | ||||||||||
MH Sub I, LLC (Micro Holding Corp.), 2020 June New Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 09/13/24 | 365 | 360 | ||||||||||
MH Sub I, LLC (Micro Holding Corp.), Amendment No. 2 Initial Term Loan, 1st Lien | ||||||||||||
3.647%, VAR LIBOR+3.500%, 09/13/24 | 2,298 | 2,232 | ||||||||||
MH Sub I, LLC (Micro Holding Corp.), Amendment No. 2 Initial Term Loan, 2nd Lien | ||||||||||||
7.647%, VAR LIBOR+7.500%, 09/15/25 | 145 | 144 | ||||||||||
Nielsen Finance LLC Term Loan B-4 | ||||||||||||
2.154%, VAR LIBOR+2.000%, 10/04/23 | 2,229 | 2,182 | ||||||||||
UPC Broadband Holding BV, Term Loan, 1st Lien | ||||||||||||
0.000%, 01/20/29(G) | 750 | 868 | ||||||||||
0.000%, 01/31/29(G) | 750 | 868 | ||||||||||
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien | ||||||||||||
2.900%, VAR LIBOR+2.750%, 05/18/25 | 6,859 | 5,839 | ||||||||||
Total Diversified Media | 29,677 | |||||||||||
Diversified/Conglomerate Manufacturing [0.1%] | ||||||||||||
Dedalus Finance GmbH, Senior Facility B, 1st Lien | ||||||||||||
4.500%, VAR Euribor+4.500%, 05/04/27 | 2,500 | 2,909 | ||||||||||
Diversified/Conglomerate Service [0.3%] | ||||||||||||
Boels Topholding B.V., Facility B, 1st Lien | ||||||||||||
4.000%, VAR Euribor+4.000%, 01/14/27 | 3,000 | 3,414 | ||||||||||
Freshworld Holding IV GmbH, Facility B Loan, 1st Lien | ||||||||||||
3.750%, VAR Euribor+3.750%, 10/02/26 | EUR | 1,000 | 1,149 | |||||||||
Inspired Finco Holdings Limited, Facility B2, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 05/28/26 | EUR | 1,000 | 1,145 | |||||||||
Marnix SAS, Facility B (EUR), 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 11/19/26 | EUR | 2,500 | 2,881 | |||||||||
Sector Alarm Holding AS, Facility B1, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 06/12/26 | 1,000 | 1,147 | ||||||||||
Verisure Holding AB (publ), Facility B1E, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 10/21/22 | 627 | 726 | ||||||||||
Total Diversified/Conglomerate Service | 10,462 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Drugs [0.2%] | ||||||||||||
Ethypharm Facility B1 | ||||||||||||
5.542%, VAR LIBOR+4.750%, 07/21/23 | GBP | 1,000 | $ | 1,252 | ||||||||
HRA Term Loan | ||||||||||||
3.500%, VAR Euribor+3.500%, 07/31/24 | EUR | 2,000 | 2,204 | |||||||||
Unilabs Term Loan B2 | ||||||||||||
3.000%, VAR Euribor+2.750%, 04/19/24 | EUR | 2,500 | 2,844 | |||||||||
Total Drugs | 6,300 | |||||||||||
Ecological [0.1%] | ||||||||||||
Sapphire Bidco B.V., Facility B, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 05/05/25 | EUR | 2,000 | 2,260 | |||||||||
Electronics [0.1%] | ||||||||||||
ION Trading Technologies S.a r.l., Initial Euro Term Loan (2018), 1st Lien | ||||||||||||
4.250%, VAR Euribor+3.250%, 11/21/24 | EUR | 2,554 | 2,931 | |||||||||
MA Financeco., LLC, Euro Tranche B-1 Term Loan, 1st Lien | ||||||||||||
4.500%, VAR Euribor+4.500%, 06/05/25 | $ | 2,000 | 2,327 | |||||||||
Total Electronics | 5,258 | |||||||||||
Electronics/electric [0.1%] | ||||||||||||
Genesys (Greeneden) Tranche B-3 Euro Term Loan | ||||||||||||
3.500%, VAR Euribor+3.500%, 12/01/23 | EUR | 924 | 1,073 | |||||||||
Oberthur Technologies Facility B | ||||||||||||
3.750%, VAR Euribor+3.750%, 01/10/24 | EUR | 3,000 | 3,353 | |||||||||
Total Electronics/electric | 4,426 | |||||||||||
Energy [0.2%] | ||||||||||||
APR Operating LLC, Initial Term Loan, 2nd Lien | ||||||||||||
7.299%, VAR LIBOR+7.000%, 05/27/24 | 735 | 27 | ||||||||||
BCP Raptor II, LLC, Initial Term Loan, 1st Lien | ||||||||||||
4.897%, VAR LIBOR+4.750%, 11/03/25 | 332 | 231 | ||||||||||
BlackBrush Oil & Gas, L.P., Closing Date Commitment (Term Loan), 1st Lien | ||||||||||||
6.000%, VAR LIBOR+5.000%, 09/03/25 | 422 | 422 | ||||||||||
Crestwood Holdings LLC, Term Loan, 1st Lien | ||||||||||||
7.660%, VAR LIBOR+7.500%, 03/06/23 | 1,596 | 1,039 | ||||||||||
Eagleclaw (BCP Raptor) Term Loan B | ||||||||||||
5.250%, VAR LIBOR+4.250%, 06/24/24 | 984 | 767 | ||||||||||
Frac Tech International Term Loan B — 2014 | ||||||||||||
5.750%, VAR LIBOR+4.750%, 04/16/21 | 1,501 | 520 | ||||||||||
Invenergy Thermal Operating I LLC, Term Loan B | ||||||||||||
3.147%, VAR LIBOR+3.000%, 08/28/25 | 946 | 939 | ||||||||||
Keane Group Holdings, LLC, Term Loan | ||||||||||||
4.500%, VAR LIBOR+3.500%, 05/25/25 | 1,141 | 1,004 | ||||||||||
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien | ||||||||||||
4.147%, VAR LIBOR+4.000%, 05/22/26 | 1,030 | 949 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
NWR Holdings B.V., Super Senior Term Facility, 1st Lien | ||||||||||||
14.500%, 12/31/49(F) | EUR | 407 | $ | — | ||||||||
Osum Production Corp. Extended Term Loan | ||||||||||||
8.500%, 07/31/22 | $ | 419 | 371 | |||||||||
Stetson Midsteam (GIP) Term Loan B | ||||||||||||
4.420%, VAR LIBOR+4.250%, 07/23/25 | 624 | 408 | ||||||||||
Summit Midstream Partners Term Loan B | ||||||||||||
7.000%, VAR LIBOR+6.000%, 05/13/22 | 951 | 190 | ||||||||||
Traverse Midstream Partners LLC, Advance, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.000%, 09/27/24 | 383 | 351 | ||||||||||
Total Energy | 7,218 | |||||||||||
Finance (including structured products) [0.4%] | ||||||||||||
AI Avocado B.V., Facility B3 (EUR), 1st Lien | ||||||||||||
4.500%, VAR Euribor+4.500%, 09/18/23 | EUR | 2,988 | 3,441 | |||||||||
AI Sirona (Luxembourg) Acquisition S.a r.l., Facility B (EUR), 1st Lien | ||||||||||||
4.000%, VAR Euribor+4.000%, 09/29/25 | EUR | 2,000 | 2,305 | |||||||||
Everest Bidco SAS, Facility B, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 07/04/25 | EUR | 1,000 | 1,102 | |||||||||
IFCO Management GmbH, Facility B1A, 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 05/29/26 | 1,000 | 1,161 | ||||||||||
IFCO Management GmbH, Term Loan, 1st Lien | ||||||||||||
3.500%, 05/29/26 | 1,500 | 1,742 | ||||||||||
Nets Holdco 4 ApS, Facility B2, 1st Lien | ||||||||||||
3.750%, VAR Euribor+3.750%, 02/06/25 | EUR | 2,000 | 2,310 | |||||||||
Summer (BC) Bidco B LLC, Facility B (EUR), 1st Lien | ||||||||||||
4.750%, VAR Euribor+4.750%, 12/04/26 | 1,000 | 1,119 | ||||||||||
Techem Verwaltungsgesellschaft 675 mbH, Facility B4, 1st Lien | ||||||||||||
2.625%, VAR Euribor+2.625%, 07/15/25 | 1,479 | 1,698 | ||||||||||
Total Finance (including structured products) | 14,878 | |||||||||||
Financial [1.4%] | ||||||||||||
Altisource Term Loan B (2018) | ||||||||||||
5.000%, 03/29/24 | 638 | 446 | ||||||||||
Ameos Cov-Lite Lien1 | ||||||||||||
3.500%, 06/14/24 | EUR | 1,000 | 1,141 | |||||||||
Apollo Commercial Real Estate Term Loan B | ||||||||||||
2.901%, 05/07/26 | 1,208 | 1,147 | ||||||||||
Aretec Group, Inc. (fka RCS Capital Corporation), Initial Loan, 2nd Lien | ||||||||||||
8.397%, VAR LIBOR+8.250%, 10/01/26 | 505 | 426 | ||||||||||
Aretec Group, Inc. (fka RCS Capital Corporation), Initial Term Loan, 1st Lien | ||||||||||||
4.397%, VAR LIBOR+4.250%, 10/01/25 | 2,317 | 2,201 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 94
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Asurion, LLC (fka Asurion Corporation), Amendment No. 14 Replacement B-4 Term Loan, 1st Lien | ||||||||||||
3.147%, VAR LIBOR+3.000%, 08/04/22 | $ | 941 | $ | 929 | ||||||||
Asurion, LLC (fka Asurion Corporation), Replacement B-6 Term Loan, 1st Lien | ||||||||||||
3.147%, VAR LIBOR+3.000%, 11/03/23 | 3,760 | 3,701 | ||||||||||
Asurion, LLC (fka Asurion Corporation), Second Lien Replacement B-2 Term Loan, 2nd Lien | ||||||||||||
6.647%, VAR LIBOR+6.500%, 08/04/25 | 3,429 | 3,429 | ||||||||||
Broadstreet Partners, Term Loan, 1st Lien | ||||||||||||
3.406%, 01/27/27 | 995 | 967 | ||||||||||
Citadel Securities LP, 2020 Repriced Term Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 02/27/26 | 1,409 | 1,399 | ||||||||||
Ditech Holding Corporation (fka Walter Investment Management Corp.), Tranche B Term Loan, 1st Lien | ||||||||||||
10.250%, VAR Prime Rate by Country+7.000%, 06/30/22 | 494 | 114 | ||||||||||
Dlg Acquisitions Limited | ||||||||||||
3.500%, 05/15/26 | EUR | 1,000 | 1,138 | |||||||||
Drw Lien 1 | ||||||||||||
4.406%, 11/26/26 | 1,493 | 1,463 | ||||||||||
EVO Payments International, Term B Loan | ||||||||||||
3.410%, VAR LIBOR+3.250%, 12/22/23 | 1,322 | 1,304 | ||||||||||
First Eagle Holdings, Inc., Refinancing Term Loan | ||||||||||||
2.720%, 02/01/27 | 835 | 814 | ||||||||||
Fortress Investment, Term Loan B, 1st Lien | ||||||||||||
2.648%, 06/27/25 | 2,900 | 2,880 | ||||||||||
Franklin Square Holdings, L.P. Term Loan | ||||||||||||
2.438%, 07/25/25(F) | 475 | 468 | ||||||||||
Hudson River Trading LLC, 2020 Repriced Term Loan, 1st Lien | ||||||||||||
3.145%, VAR LIBOR+3.000%, 02/18/27 | 1,352 | 1,318 | ||||||||||
Infinitas Learn Cov-Lite Lien1 | ||||||||||||
4.250%, 05/03/24 | EUR | 2,938 | 3,322 | |||||||||
iStar Financial Inc. Term Loan B | ||||||||||||
2.902%, VAR LIBOR+2.750%, 07/01/22 | 2,543 | 2,480 | ||||||||||
Jane Street Group, LLC, New Dollar Term Loan, 1st Lien | ||||||||||||
3.147%, VAR LIBOR+3.000%, 01/31/25 | 1,799 | 1,782 | ||||||||||
Japan Paris Club, Term Loan, 1st Lien | ||||||||||||
0.000%, 01/10/28(G) | JPY | 250,000 | 1,683 | |||||||||
Kestra Financial Term Loan B | ||||||||||||
4.410%, 04/29/26 | 471 | 459 | ||||||||||
KREF Holdings X LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.750%, VAR LIBOR+4.750%, 09/01/27 | 450 | 448 | ||||||||||
Navistar, Inc., Tranche B Term Loan, 1st Lien | ||||||||||||
3.660%, VAR LIBOR+3.500%, 11/06/24 | 814 | 806 | ||||||||||
Nexus Buyer LLC, Term Loan, 1st Lien | ||||||||||||
3.901%, VAR LIBOR+3.750%, 11/09/26 | 1,990 | 1,975 | ||||||||||
Orion Advisor Solutions, Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.000%, 09/24/27 | 1,795 | 1,780 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Refinitiv US Holdings Inc., Initial Dollar Term Loan, 1st Lien | ||||||||||||
3.397%, VAR LIBOR+3.250%, 10/01/25 | $ | 5,210 | $ | 5,153 | ||||||||
Russell Investments Term Loan B | ||||||||||||
3.822%, VAR LIBOR+3.250%, 05/10/23 | 1,917 | 1,905 | ||||||||||
Stalk Goup, Term Loan, 1st Lien | ||||||||||||
4.000%, 07/30/26 | 1,000 | 1,132 | ||||||||||
Starwood Property, Incremental Term Loan B2, 1st Lien | ||||||||||||
3.500%, 07/26/26 | 500 | 492 | ||||||||||
Taurus Midco Ltd., Term Loan, 1st Lien | ||||||||||||
3.500%, 09/29/24 | 645 | 705 | ||||||||||
3.500%, 09/29/24 | 165 | 180 | ||||||||||
3.500%, 09/29/24 | 385 | 422 | ||||||||||
3.500%, 09/29/24 | 305 | 334 | ||||||||||
VFH Parent LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.151%, VAR LIBOR+3.000%, 03/01/26 | 2,102 | 2,086 | ||||||||||
Victory Capital, Term Loan | ||||||||||||
2.799%, 07/01/26 | 1,157 | 1,139 | ||||||||||
Total Financial | 53,568 | |||||||||||
Financial Intermediaries [0.1%] | ||||||||||||
Optimal Payments aka Paysafe Term Loan (EUR) | ||||||||||||
3.000%, 12/02/24(F) | EUR | 2,000 | 2,235 | |||||||||
Optimal Payments aka Paysafe Term Loan 2nd Lien | ||||||||||||
7.000%, VAR Euribor+7.000%, 11/15/22 | EUR | 1,000 | 1,101 | |||||||||
Vistra Initial Euro Term Loan | ||||||||||||
3.250%, VAR Euribor+3.250%, 07/21/22 | EUR | 953 | 1,104 | |||||||||
Total Financial Intermediaries | 4,440 | |||||||||||
Food and Drug [0.0%] | ||||||||||||
United Natural Foods Term Loan B | ||||||||||||
4.397%, VAR LIBOR+4.250%, 10/22/25 | 1,745 | 1,698 | ||||||||||
Food service [0.1%] | ||||||||||||
Solina Term Loan B | ||||||||||||
3.500%, 12/16/22(F) | EUR | 1,980 | 2,136 | |||||||||
WSH Term Loan | ||||||||||||
5.440%, 02/27/26 | GBP | 1,000 | 1,171 | |||||||||
WSH Term Loan 2nd Lien | ||||||||||||
9.440%, 03/01/27 | GBP | 1,000 | 1,174 | |||||||||
Total Food service | 4,481 | |||||||||||
Food/Tobacco [0.2%] | ||||||||||||
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 11/19/26 | 1,547 | 1,480 | ||||||||||
Aramark Intermediate HoldCo Corporation, U.S. Term B-4 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 01/15/27 | 663 | 633 | ||||||||||
CHG PPC Parent (CH Guenther) Term Loan B | ||||||||||||
2.906%, VAR LIBOR+2.750%, 03/21/25 | 519 | 499 | ||||||||||
JBS USA LLC Term Loan B (2019) | ||||||||||||
3.072%, 05/01/26 | 1,950 | 1,894 | ||||||||||
Lineage Logistics, LLC, Term Loan, 1st Lien | ||||||||||||
4.000%, VAR LIBOR+3.000%, 02/27/25 | 976 | 961 | ||||||||||
Panera Bread Term Loan A | ||||||||||||
2.438%, VAR LIBOR+1.750%, 07/18/22 | 3,322 | 3,123 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 96
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
US Foods Inc. Term Loan B | ||||||||||||
1.897%, VAR LIBOR +1.750%, 06/27/23 | $ | 216 | $ | 207 | ||||||||
Total Food/Tobacco | 8,797 | |||||||||||
Forest Prod/Containers [0.3%] | ||||||||||||
Berry Plastics Cov-Lite | ||||||||||||
2.156%, 01/19/24 | 137 | 135 | ||||||||||
Berry Plastics Lien1 | ||||||||||||
2.156%, 10/01/22 | 335 | 332 | ||||||||||
Graham Packaging Company Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.500%, VAR LIBOR+3.750%, 08/04/27 | 3,445 | 3,420 | ||||||||||
Pactiv Evergreen Inc., Tranche B-1 U.S. Term Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 02/05/23 | 2,256 | 2,226 | ||||||||||
Pregis TopCo LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.897%, VAR LIBOR+3.750%, 07/31/26 | 1,990 | 1,959 | ||||||||||
Reynolds Group Holdings, Incremental Term Loan, 1st Lien | ||||||||||||
3.250%, 02/03/26 | 1,900 | 1,864 | ||||||||||
Total Forest Prod/Containers | 9,936 | |||||||||||
Gaming/Leisure [0.6%] | ||||||||||||
Aimbridge Hospitality, Incremental Term Loan, 1st Lien | ||||||||||||
6.000%, 02/02/26 | 580 | 568 | ||||||||||
Aristocrat Leisure Limited, Term B-3 Loan, 1st Lien | ||||||||||||
2.021%, VAR LIBOR+1.750%, 10/19/24 | 1,881 | 1,826 | ||||||||||
Caesars Resort Collection, LLC, Term B Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 12/23/24 | 4,343 | 4,058 | ||||||||||
CityCenter Holdings, LLC, Term B Loan, 1st Lien | ||||||||||||
3.000%, VAR LIBOR+2.250%, 04/18/24 | 1,485 | 1,422 | ||||||||||
Flutter Entertainment plc, USD Term Loan, 1st Lien | ||||||||||||
3.720%, VAR LIBOR+3.500%, 07/10/25 | 3 | 3 | ||||||||||
Global Cash Access Term Loan B (2017) | ||||||||||||
3.750%, VAR LIBOR+3.000%, 05/09/24 | 1,627 | 1,568 | ||||||||||
Golden Entertainment Inc. Term Loan B | ||||||||||||
3.750%, VAR LIBOR+3.000%, 08/15/24 | 449 | 429 | ||||||||||
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien | ||||||||||||
1.898%, VAR LIBOR+1.750%, 06/22/26 | 1,362 | 1,312 | ||||||||||
Marriott Ownership Resorts, Inc., 2019 Refinancing Term Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 08/29/25 | 775 | 739 | ||||||||||
NASCAR Holdings, LLC, Initial Term Loan, 1st Lien | ||||||||||||
2.895%, VAR LIBOR+2.750%, 10/19/26 | 1,438 | 1,401 | ||||||||||
PCI Gaming Authority, Term B Facility Loan, 1st Lien | ||||||||||||
2.647%, VAR LIBOR+2.500%, 05/29/26 | 703 | 681 | ||||||||||
Penn National Gaming, Inc., Term B-1 Facility Loan, 1st Lien | ||||||||||||
3.000%, VAR LIBOR+2.250%, 10/15/25 | 2,745 | 2,664 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Playa Resorts Holding Term Loan B (2017) | ||||||||||||
3.750%, VAR LIBOR+2.750%, 04/05/24 | $ | 1,162 | $ | 1,016 | ||||||||
Playtika Holding Corp., Term B Loan, 1st Lien | ||||||||||||
7.000%, VAR LIBOR+6.000%, 12/10/24 | 2,254 | 2,253 | ||||||||||
Scientific Games International, Inc., Initial Term B-5 Loan, 1st Lien | ||||||||||||
3.612%, VAR LIBOR+2.750%, 08/14/24 | 1,837 | 1,724 | ||||||||||
Station Casinos LLC, Term B-1 Facility Loan, 1st Lien | ||||||||||||
2.500%, VAR LIBOR+2.250%, 02/08/27 | 1,450 | 1,384 | ||||||||||
VICI Properties 1 LLC, Term B Loan, 1st Lien | ||||||||||||
1.906%, VAR LIBOR+1.750%, 12/20/24 | 507 | 489 | ||||||||||
Total Gaming/Leisure | 23,537 | |||||||||||
Healthcare [2.0%] | ||||||||||||
Acadia Healthcare Co Inc Tranche B-4 Term Loan | ||||||||||||
2.656%, 02/16/23 | 2,313 | 2,290 | ||||||||||
Acadia Healthcare Company, Inc., Tranche B-3 Term Loan, 1st Lien | ||||||||||||
2.647%, VAR LIBOR+2.500%, 02/11/22 | 1,798 | 1,780 | ||||||||||
Amneal Pharmaceuticals LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.688%, VAR LIBOR+3.500%, 05/04/25 | 963 | 905 | ||||||||||
Ardent Health Partners (AHP), Term Loan B | ||||||||||||
5.500%, VAR LIBOR+4.500%, 06/16/25 | 2,745 | 2,739 | ||||||||||
Bausch Health Companies Inc., Initial Term Loan, 1st Lien | ||||||||||||
3.151%, VAR LIBOR+3.000%, 06/02/25 | 1,941 | 1,900 | ||||||||||
Biograph, Term Loan, 1st Lien | ||||||||||||
0.000%, 04/25/26(G) | 1,000 | 1,148 | ||||||||||
Busy Bees Facility B | ||||||||||||
4.804%, VAR LIBOR+4.750%, 04/29/22 | GBP | 2,000 | 2,439 | |||||||||
CAB, Facility B, 1st Lien | ||||||||||||
3.750%, VAR Euribor +3.750%, 06/14/24 | EUR | 1,500 | 1,706 | |||||||||
Cerba Facility B | ||||||||||||
3.000%, VAR Euribor+3.000%, 03/21/24 | EUR | 1,000 | 1,140 | |||||||||
Cerba Term Loan B | ||||||||||||
3.500%, VAR Euribor+3.500%, 04/22/24 | EUR | 1,000 | 1,153 | |||||||||
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien | ||||||||||||
3.500%, VAR LIBOR+2.500%, 03/01/24 | 512 | 501 | ||||||||||
Curaeos (former Tandvitaal) Term Loan B | ||||||||||||
4.000%, VAR Euribor+4.000%, 05/23/25 | EUR | 1,000 | 888 | |||||||||
Diaverum Holding S.a.r.l. (fka Velox Bidco S.a.r.l.), Facility B | ||||||||||||
3.250%, VAR Euribor+3.250%, 05/24/24 | EUR | 1,500 | 1,698 | |||||||||
Diaverum Holding S.a.r.l. (fka Velox Bidco S.a.r.l.), Second Lien Facility | ||||||||||||
8.000%, VAR Euribor+8.000%, 05/24/24 | EUR | 1,500 | 1,695 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Elanco Animal Health Incorporated, Term Loan, 1st Lien | ||||||||||||
1.905%, VAR LIBOR+1.750%, 08/01/27 | $ | 723 | $ | 702 | ||||||||
Elivie Term Loan B | ||||||||||||
4.000%, VAR Euribor+4.000%, 10/16/25 | EUR | 1,000 | 1,140 | |||||||||
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.250%, 04/29/24 | 675 | 641 | ||||||||||
Envision Healthcare Corporation, Term Loan | ||||||||||||
0.000%, 10/10/25(G) | 781 | 519 | ||||||||||
Gentiva Health Services, Inc., Term B Loan, 1st Lien | ||||||||||||
3.438%, VAR LIBOR+3.250%, 07/02/25 | 1,225 | 1,198 | ||||||||||
Gesundheits GmbH Term Loan | ||||||||||||
4.000%, 07/30/26 | EUR | 2,000 | 2,245 | |||||||||
Greatbatch Ltd, Term Loan B | ||||||||||||
3.500%, 10/27/22 | 1,545 | 1,540 | ||||||||||
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien | ||||||||||||
2.100%, VAR LIBOR+2.000%, 11/15/27 | 1,990 | 1,946 | ||||||||||
Hca B13 Lien 1 | ||||||||||||
1.906%, 03/18/26 | 2,688 | 2,674 | ||||||||||
HCA Inc., Tranche B-12 Term Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 03/13/25 | 3,787 | 3,766 | ||||||||||
Indivior Finance S.Ã r.l. Term Loan | ||||||||||||
5.500%, VAR LIBOR+4.500%, 12/19/22(B) | 1,470 | 1,424 | ||||||||||
IVC Acquisition LTD, Term Loan, 1st Lien | ||||||||||||
4.576%, 02/13/26 | 1,000 | 1,259 | ||||||||||
Kindred Healthcare Inc., Term B Loan | ||||||||||||
5.188%, VAR LIBOR+5.000%, 06/23/25 | 1,746 | 1,711 | ||||||||||
Lannett Company, Inc Term Loan A | ||||||||||||
6.000%, VAR LIBOR+4.750%, 11/25/20 | 600 | 590 | ||||||||||
Lannett Company, Inc Term Loan B | ||||||||||||
6.375%, 11/25/22 | 1,500 | 1,466 | ||||||||||
Life Sciences, Term Loan, 1st Lien | ||||||||||||
4.500%, 09/24/27 | 1,165 | 1,150 | ||||||||||
LifePoint Health, Inc. (Regional Care) Term B Loan | ||||||||||||
3.897%, 11/16/25 | 1,129 | 1,095 | ||||||||||
Milano Acquisition, Term Loan B, 1st Lien | ||||||||||||
4.000%, 08/17/27 | 1,675 | 1,654 | ||||||||||
Owens & Minor Distribution, Term Loan B | ||||||||||||
4.655%, 04/30/25 | 2,832 | 2,732 | ||||||||||
PCI Pharmaceuticals, Term Loan, 1st Lien | ||||||||||||
3.750%, 09/25/27 | 1,165 | 1,158 | ||||||||||
Quintiles IMS Incorporated (IQVIA) Term Loan B-1 | ||||||||||||
1.906%, VAR LIBOR+1.750%, 03/07/24 | 175 | 173 | ||||||||||
Quintiles IMS Incorporated (IQVIA) Term Loan B-2 | ||||||||||||
1.897%, VAR LIBOR+1.750%, 01/17/25 | 860 | 847 | ||||||||||
Quintiles IMS Incorporated (IQVIA), Term Loan B-3 | ||||||||||||
1.970%, VAR LIBOR+1.750%, 06/11/25 | 1,441 | 1,419 | ||||||||||
RPI Intermediate Finance Trust, Term B-1 Term Facility, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 02/11/27 | 982 | 977 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 99
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Select Medical Corporation, Tranche B Term Loan, 1st Lien | ||||||||||||
2.780%, VAR LIBOR+2.500%, 03/06/25 | $ | 916 | $ | 890 | ||||||||
Sotera Health Holdings, LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.500%, VAR LIBOR+4.500%, 12/11/26 | 1,755 | 1,746 | ||||||||||
Sunrise Medical Term Loan B | ||||||||||||
3.000%, 04/16/25(F) | EUR | 2,437 | 2,770 | |||||||||
Syneos Health Inc Term Loan A-2 | ||||||||||||
1.656%, 03/25/24 | 4,875 | 4,741 | ||||||||||
Syneos Health Inc, Term Loan B (2018) | ||||||||||||
1.897%, VAR LIBOR+1.750%, 08/01/24 | 739 | 722 | ||||||||||
Synlab Term Loan B | ||||||||||||
3.750%, 06/19/26 | EUR | 2,000 | 2,326 | |||||||||
Team Health Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||||||
3.750%, VAR LIBOR+2.750%, 02/06/24 | 946 | 791 | ||||||||||
Thg Ops Holding Ltd Lien1 | ||||||||||||
4.500%, 12/10/26 | EUR | 2,000 | 2,331 | |||||||||
Universal Hospital, Incremental Term Loan, 1st Lien | ||||||||||||
3.000%, 01/04/26 | 695 | 681 | ||||||||||
Vizient Cov-Lite, Term Loan A, Lien 1 | ||||||||||||
1.656%, 05/06/24 | 2,924 | 2,900 | ||||||||||
Vizient Cov-Lite, Term Loan B, Lien 1 | ||||||||||||
2.161%, 05/06/26 | 168 | 164 | ||||||||||
Total Healthcare | 76,070 | |||||||||||
Healthcare, Education and Childcare [0.5%] | ||||||||||||
Aenova Holding GmbH, Facility B, 1st Lien | ||||||||||||
5.000%, VAR Euribor+5.000%, 03/06/25 | 1,500 | 1,751 | ||||||||||
Auris Luxembourg III S.a r.l., Facility B1A, 1st Lien | ||||||||||||
4.000%, VAR Euribor+4.000%, 02/27/26 | EUR | 3,000 | 3,290 | |||||||||
Elsan SAS (fka Vedici Investissements), Facility B3, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 10/30/24 | EUR | 2,000 | 2,314 | |||||||||
Financiere Mendel, Facility B, 1st Lien | ||||||||||||
4.750%, VAR Euribor+4.750%, 04/13/26 | EUR | 2,000 | 2,335 | |||||||||
Jaguar Holding Company I, LLC (fka Jaguar Holding Company I), 2018 Term Loan, 1st Lien | ||||||||||||
3.500%, VAR LIBOR+2.500%, 08/18/22 | 1,840 | 1,832 | ||||||||||
Loire UK Midco 3 Limited, Facility B (EUR), 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 04/21/27 | 2,500 | 2,854 | ||||||||||
Nidda Healthcare Holding GmbH, Facility F (EUR), 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 08/21/26 | 1,500 | 1,715 | ||||||||||
Nidda Healthcare Holding GmbH, Facility F (GBP), 1st Lien | ||||||||||||
4.568%, VAR LIBOR+4.500%, 08/21/26 | 1,000 | 1,252 | ||||||||||
Ortho-Clinical Diagnostics, Inc., 2020 Incremental Euro Term Loan, 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 06/30/25 | 1,995 | 2,242 | ||||||||||
Total Healthcare, Education and Childcare | 19,585 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Hotels, Motels, Inns and Gaming [0.1%] | ||||||||||||
Compass III Limited, Incremental Facility, 1st Lien | ||||||||||||
4.500%, VAR Euribor+4.500%, 05/09/25 | EUR | 2,000 | $ | 2,157 | ||||||||
IGT Holding IV AB, Facility B1, 1st Lien | ||||||||||||
3.750%, VAR Euribor+3.750%, 07/29/24 | EUR | 2,000 | 2,262 | |||||||||
Total Hotels, Motels, Inns and Gaming | 4,419 | |||||||||||
Housing [0.4%] | ||||||||||||
Advanced Drainage Systems, Inc., Initial Term Loan, 1st Lien | ||||||||||||
2.438%, VAR LIBOR+2.250%, 07/31/26 | $ | 778 | 776 | |||||||||
Beacon Roofing Supply, Inc. Term Loan B | ||||||||||||
2.406%, 01/02/25 | 743 | 718 | ||||||||||
DTZ Cushman & Wakefield | ||||||||||||
2.906%, 08/21/25 | 2,198 | 2,115 | ||||||||||
GGP (Brookfield Residential Property) Term Loan A2 | ||||||||||||
3.147%, 08/28/23 | 1,700 | 1,457 | ||||||||||
GGP (Brookfield Residential Property) Term Loan B | ||||||||||||
2.656%, VAR LIBOR+2.500%, 08/27/25 | 4,592 | 3,710 | ||||||||||
Invitation Homes Operating Partnership LP Initial Term Loan | ||||||||||||
1.856%, VAR LIBOR+1.700%, 02/06/22 | 2,700 | 2,631 | ||||||||||
Mannington Mills, Inc., Initial Loan, 1st Lien | ||||||||||||
4.147%, VAR LIBOR+4.000%, 08/06/26 | 1,486 | 1,440 | ||||||||||
Realogy Group LLC (fka Realogy Corporation), Extended 2023 Term Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 02/08/23 | 2,667 | 2,565 | ||||||||||
Total Housing | 15,412 | |||||||||||
Industrial equipment [0.0%] | ||||||||||||
Ahlsell, Term Loan, 1st Lien | ||||||||||||
4.250%, 02/16/26 | 1,000 | 1,152 | ||||||||||
Information Technology [2.1%] | ||||||||||||
Allegro Microsystems, Term Loan, 1st Lien | ||||||||||||
4.250%, 09/24/27 | 650 | 645 | ||||||||||
Avaya Inc., Tranche B Term Loan, 1st Lien | ||||||||||||
4.401%, VAR LIBOR+4.250%, 12/15/24 | 1,671 | 1,660 | ||||||||||
Barracuda Networks, Inc., 2019 Incremental Term Loan, 1st Lien | ||||||||||||
4.250%, VAR LIBOR+3.250%, 02/12/25 | 663 | 656 | ||||||||||
Brooks Automation, Term Loan B, 1st Lien | ||||||||||||
3.740%, 10/04/24 | 1,000 | 983 | ||||||||||
Buzz Merger Sub Ltd., Initial Term Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 01/29/27 | 748 | 731 | ||||||||||
ConvergeOne Holdings, Corp., Initial Term Loan | ||||||||||||
5.147%, VAR LIBOR+5.000%, 01/04/26 | 462 | 421 | ||||||||||
Cornerstone OnDemand, Inc., Term Loan, 1st Lien | ||||||||||||
4.406%, VAR LIBOR+4.250%, 04/22/27 | 2,000 | 1,995 | ||||||||||
Datatel, Term Loan B, 1st Lien | ||||||||||||
3.750%, 09/23/27 | 2,500 | 2,482 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 101
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Datto, Inc., Term Loan, 1st Lien | ||||||||||||
4.397%, VAR LIBOR+4.250%, 04/02/26 | $ | 277 | $ | 277 | ||||||||
Dell International L.L.C. (EMC Corporation), Refinancing Term B-1 Loan, 1st Lien | ||||||||||||
2.750%, VAR LIBOR+2.000%, 09/19/25 | 11,053 | 10,994 | ||||||||||
Dynatrace Intermediate Term Loan B | ||||||||||||
2.406%, VAR LIBOR +2.250%, 08/08/25 | 313 | 307 | ||||||||||
ECI Software, Term Loan, 1st Lien | ||||||||||||
3.750%, 09/17/27 | 400 | 396 | ||||||||||
EIG Investors Corp (Endurance) Term Loan B (2018) | ||||||||||||
4.750%, VAR LIBOR+3.750%, 02/09/23 | 2,597 | 2,584 | ||||||||||
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan (2020), 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 07/30/27 | 1,425 | 1,422 | ||||||||||
Gigamon Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 12/27/24 | 1,847 | 1,815 | ||||||||||
GlobalFoundries Inc., Initial Dollar Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.750%, 06/05/26 | 2,972 | 2,958 | ||||||||||
Go Daddy, Term Loan B, 1st Lien | ||||||||||||
2.655%, 08/10/27 | 1,125 | 1,107 | ||||||||||
Informatica, Term Loan, 1st Lien | ||||||||||||
3.250%, 02/14/27 | 998 | 1,140 | ||||||||||
Internap Holding LLC, Second Out Term Loan, 1st Lien | ||||||||||||
4.000%, VAR LIBOR+3.000%, 05/08/25 | 278 | 139 | ||||||||||
Ion Corporate Lien1 | ||||||||||||
4.250%, 10/02/25 | EUR | 1,995 | 2,289 | |||||||||
Kofax (Project Leopard Holdings) 2019 Incremental Term Loan | ||||||||||||
5.250%, 07/07/23 | 1,059 | 1,039 | ||||||||||
LogMeIn, Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.906%, VAR LIBOR+4.750%, 08/31/27 | 2,775 | 2,677 | ||||||||||
MA Financeco., LLC, Tranche B-3 Term Loan, 1st Lien | ||||||||||||
2.647%, VAR LIBOR+2.500%, 06/21/24 | 203 | 192 | ||||||||||
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, | ||||||||||||
2.406%, 05/07/24 | 2,426 | 2,344 | ||||||||||
Mavenir Systems, Inc., Initial Term Loan, 1st Lien | ||||||||||||
7.000%, VAR LIBOR+6.000%, 05/08/25 | 2,048 | 2,028 | ||||||||||
MaxLinear Term Loan A, 1st Lien | ||||||||||||
4.406%, 04/05/23 | 1,000 | 995 | ||||||||||
MaxLinear Term Loan B, 1st Lien | ||||||||||||
3.250%, VAR LIBOR+2.500%, 04/12/24 | 205 | 200 | ||||||||||
McAfee Second Lien | ||||||||||||
9.500%, 09/29/25 | 955 | 959 | ||||||||||
McAfee Term B USD Loans | ||||||||||||
3.896%, VAR LIBOR+3.750%, 09/30/24 | 1,714 | 1,700 | ||||||||||
Microchip Technology Incorporated, Initial Term Loan, 1st Lien | ||||||||||||
2.150%, VAR LIBOR+2.000%, 05/29/25 | 1,774 | 1,766 | ||||||||||
Mks Instruments B6 | ||||||||||||
1.906%, 02/26/26 | 216 | 212 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 102
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
On Semiconductor Corp Term Loan B-4 | ||||||||||||
2.147%, 09/19/26 | $ | 1 | $ | — | ||||||||
Perforce Software, Inc., New Term Loan, 1st Lien | ||||||||||||
3.897%, VAR LIBOR+3.750%, 07/01/26 | 2,129 | 2,086 | ||||||||||
Rackspace Technology Global, Inc., Term B Loan, 1st Lien | ||||||||||||
4.000%, VAR LIBOR+3.000%, 11/03/23 | 3,254 | 3,188 | ||||||||||
Redstone HoldCo 2 LP, Initial Term Loan, 1st Lien | ||||||||||||
6.000%, VAR LIBOR+5.000%, 09/01/27 | 1,140 | 1,134 | ||||||||||
SCS Holdings I Inc. (Sirius Computer Solutions, Inc.), Tranche B Term Loan, 1st Lien | ||||||||||||
3.647%, VAR LIBOR+3.500%, 07/01/26 | 1,089 | 1,063 | ||||||||||
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien | ||||||||||||
2.647%, VAR LIBOR+2.500%, 06/21/24 | 1,370 | 1,298 | ||||||||||
SolarWinds Holdings, Inc., 2018 Refinancing Term Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 02/05/24 | 902 | 884 | ||||||||||
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 04/16/25 | 514 | 497 | ||||||||||
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 04/16/25 | 361 | 349 | ||||||||||
SS&C Technologies Holdings, Inc., Term B-5 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 04/16/25 | 2,860 | 2,767 | ||||||||||
Surf Holdings S.a r.l., Dollar Tranche Term Loan, 1st Lien | ||||||||||||
3.750%, VAR LIBOR+3.500%, 03/05/27 | 1,713 | 1,673 | ||||||||||
Suse, Incremental Term Loan B, 1st Lien | ||||||||||||
4.000%, 03/16/26 | 905 | 900 | ||||||||||
Tech Data Corporation, FILO Term Loan, 1st Lien | ||||||||||||
5.645%, VAR LIBOR+5.500%, 06/30/25 | 1,235 | 1,203 | ||||||||||
Tech Data Corporation, Non-FILO Term Loan, 1st Lien | ||||||||||||
3.645%, VAR LIBOR+3.500%, 06/30/25 | 1,260 | 1,262 | ||||||||||
TIBCO Software Inc., Term B-3 Loan, 1st Lien | ||||||||||||
3.900%, VAR LIBOR+3.750%, 06/30/26 | 744 | 725 | ||||||||||
Ultimate Software Group Inc., The, 2020 Incremental Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+4.000%, 05/04/26 | 1,270 | 1,265 | ||||||||||
Ultimate Software Group Inc., The, Initial Term Loan, 1st Lien | ||||||||||||
3.897%, VAR LIBOR+3.750%, 05/04/26 | 848 | 840 | ||||||||||
Ultra Clean Holdings Term Loan B | ||||||||||||
4.661%, 08/27/25 | 1,348 | 1,341 | ||||||||||
Vero Parent, Inc. (Sahara Parent, Inc.), 2019 Incremental Term Loan, 1st Lien | ||||||||||||
7.000%, VAR LIBOR+6.000%, 08/16/24 | 1,045 | 1,028 | ||||||||||
Vertiv Group, Term Loan, 1st Lien | ||||||||||||
3.157%, 03/02/27 | 953 | 936 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Western Digital Corporation Term Loan A-1 | ||||||||||||
1.656%, VAR LIBOR+1.500%, 04/29/23 | $ | 2,996 | $ | 2,919 | ||||||||
Xperi Holding Corporation, Initial Term B Loan, 1st Lien | ||||||||||||
4.147%, VAR LIBOR+4.000%, 06/02/25 | 2,240 | 2,179 | ||||||||||
Total Information Technology | 78,650 | |||||||||||
Land Transportation [0.0%] | ||||||||||||
Savage Enterprises, LLC, Initial Loan (2020), 1st Lien | ||||||||||||
3.160%, VAR LIBOR+3.000%, 08/01/25 | 577 | 571 | ||||||||||
Transplace Holdings. Inc. Term Loan B | ||||||||||||
4.822%, VAR LIBOR+3.750%, 09/29/24 | 585 | 574 | ||||||||||
Total Land Transportation | 1,145 | |||||||||||
Leisure goods/activities/movies [0.2%] | ||||||||||||
GVC Term Loan B | ||||||||||||
2.500%, 03/29/24 | EUR | 1,000 | 1,147 | |||||||||
Premier Lotteries Cov-Lite Term Loan B | ||||||||||||
3.000%, VAR Euribor +3.000%, 06/26/24 | EUR | 2,431 | 2,482 | |||||||||
Stiga Facility B | ||||||||||||
4.250%, 08/30/24 | EUR | 3,084 | 3,057 | |||||||||
UPC Financing, Term Loan B1, 1st Lien | ||||||||||||
3.500%, 01/31/29 | 525 | 509 | ||||||||||
UPC Financing, Term Loan B2, 1st Lien | ||||||||||||
3.500%, 01/31/29 | 525 | 509 | ||||||||||
Total Leisure goods/activities/movies | 7,704 | |||||||||||
Leisure, Amusement, Motion Pictures, Entertainment [0.1%] | ||||||||||||
Piolin II S.a.r.l., Facility B, 1st Lien | ||||||||||||
3.750%, VAR Euribor+3.750%, 09/16/26 | EUR | 2,000 | 1,909 | |||||||||
Lodgings & casinos [0.1%] | ||||||||||||
The Stars Group (fka Amaya) Euro Term Loan | ||||||||||||
3.750%, VAR Euribor+3.750%, 07/10/25 | EUR | 1,193 | 1,398 | |||||||||
Vacalians Term Loan B | ||||||||||||
4.000%, VAR Euribor+4.000%, 10/30/25 | EUR | 1,000 | 951 | |||||||||
Total Lodgings & casinos | 2,349 | |||||||||||
Machinery [0.1%] | ||||||||||||
Graftech International Ltd., Initial Term Loan, 1st Lien | ||||||||||||
4.500%, VAR LIBOR+3.500%, 02/12/25 | 2,471 | 2,436 | ||||||||||
Manufacturing [0.4%] | ||||||||||||
Alpha Bidco, Term Loan, 1st Lien | ||||||||||||
3.750%, 07/30/25 | 3,000 | 3,346 | ||||||||||
Clark Equipment Company | ||||||||||||
2.058%, 05/18/24 | 1,159 | 1,120 | ||||||||||
Delachaux, Term Loan, 1st Lien | ||||||||||||
3.750%, 04/16/26 | 3,000 | 3,380 | ||||||||||
Dynacast International LLC, Term B-2 Loan, 1st Lien | ||||||||||||
4.250%, VAR LIBOR+3.250%, 01/28/22 | 435 | 390 | ||||||||||
Gates Global LLC, Initial B-2 Dollar Term Loan, 1st Lien | ||||||||||||
3.750%, VAR LIBOR+2.750%, 04/01/24 | 1,478 | 1,454 | ||||||||||
Lumileds (Bright Bidco) Term Loan B (2018) | ||||||||||||
4.500%, VAR LIBOR+3.500%, 06/30/24 | 1,231 | 591 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
MTS System, Term Loan B, 1st Lien | ||||||||||||
4.000%, 07/05/23 | $ | 1,774 | $ | 1,748 | ||||||||
Skyscraper Performance, Term Loan, 1st Lien | ||||||||||||
0.000%, 07/10/27(G) | 1,500 | 1,740 | ||||||||||
Total Manufacturing | 13,769 | |||||||||||
Materials [0.1%] | ||||||||||||
Xella Cov-Lite | ||||||||||||
4.000%, 10/12/26 | EUR | 2,889 | 3,225 | |||||||||
Metals/Minerals [0.1%] | ||||||||||||
AMG Advanced Metallurgical Group Term Loan B | ||||||||||||
3.156%, VAR LIBOR+3.000%, 01/30/25 | 695 | 662 | ||||||||||
Atkore International, Inc. Term Loan (2016) | ||||||||||||
3.750%, VAR LIBOR+2.750%, 12/22/23 | 1,844 | 1,834 | ||||||||||
Consol Energy Inc. Term Loan B | ||||||||||||
4.660%, VAR LIBOR +4.500%, 10/31/22 | 773 | 616 | ||||||||||
Oxbow Carbon, Term Loan, 1st Lien | ||||||||||||
3.906%, 01/04/23 | 1,156 | 1,145 | ||||||||||
Total Metals/Minerals | 4,257 | |||||||||||
Mining [0.1%] | ||||||||||||
Samarco Mineracao, 1st Lien | ||||||||||||
5.192%, 11/01/22 | 5,000 | 2,300 | ||||||||||
Oil & gas [0.0%] | ||||||||||||
ChampionX Holding Inc., Term Loan, 1st Lien | ||||||||||||
6.000%, VAR LIBOR+5.000%, 06/03/27 | 1,570 | 1,560 | ||||||||||
Pharmaceuticals [0.1%] | ||||||||||||
Antigua Bidco Ltd, Term Loan, 1st Lien | ||||||||||||
5.000%, 08/07/26 | 1,000 | 1,154 | ||||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
3.500%, 07/14/25 | 2,500 | 2,874 | ||||||||||
Neuraxpharm Holdings Co, Term Loan, 1st Lien | ||||||||||||
3.750%, 08/24/24 | 1,000 | 1,149 | ||||||||||
Total Pharmaceuticals | 5,177 | |||||||||||
Printing, Publishing and Broadcasting [0.1%] | ||||||||||||
LABL, Inc., Initial Euro Term Loan, 1st Lien | ||||||||||||
5.000%, VAR Euribor+5.000%, 07/01/26 | EUR | 2,000 | 2,298 | |||||||||
Publishing [0.1%] | ||||||||||||
Axel Springer Se Lien1 | ||||||||||||
5.000%, 10/30/26 | EUR | 1,500 | 1,676 | |||||||||
Cambium Learning Group Initial Term Loan 2nd Lien | ||||||||||||
8.808%, 12/18/26 | 1,000 | 940 | ||||||||||
Meredith Corporation, Tranche B-3 Term Loan, 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 01/31/25 | 2,000 | 1,965 | ||||||||||
Total Publishing | 4,581 | |||||||||||
Refining [0.1%] | ||||||||||||
Karpower, Term Loan | ||||||||||||
8.924%, 11/16/23 | 3,900 | 3,705 | ||||||||||
Retail [0.2%] | ||||||||||||
Ascena Retail Group, Inc. (Anntaylor Retail, Inc.), Term Loan, 1st Lien | ||||||||||||
12.750%, 03/16/21 | 20 | 27 | ||||||||||
Ascena Retail Group, Inc. (Anntaylor Retail, Inc.), Tranche B Term Loan, 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.500%, 08/21/22 | 300 | 118 | ||||||||||
Bass Pro Group, LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.750%, VAR LIBOR+5.000%, 09/25/24 | 2,245 | 2,221 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Belk, Inc., 2019 Term Loan, 1st Lien | ||||||||||||
7.750%, VAR LIBOR+6.750%, 07/31/25 | $ | 813 | $ | 303 | ||||||||
CWGS Group, LLC, Term Loan, 1st Lien | ||||||||||||
3.500%, VAR LIBOR+2.750%, 11/08/23 | 3,498 | 3,398 | ||||||||||
J.C. Penney Corporation, Inc. , Loan (2016), 1st Lien | ||||||||||||
5.250%, VAR LIBOR+4.250%, 06/23/23(D) | 794 | 244 | ||||||||||
Michaels Stores, Term Loan, 1st Lien | ||||||||||||
3.500%, 09/17/27 | 800 | 780 | ||||||||||
Petco Animal Supplies, Inc., Term Loan, 1st Lien | ||||||||||||
4.250%, VAR LIBOR+3.250%, 01/26/23 | 1,812 | 1,661 | ||||||||||
Toys R Us Property (Hill Street) Mezzanine Term Loan | ||||||||||||
12.500%, 03/19/22 | 290 | 276 | ||||||||||
Toys ‘R’ Us Property Company I, LLC, Term Loan | ||||||||||||
0.000%, 03/20/22(G) | 9 | 208 | ||||||||||
Total Retail | 9,236 | |||||||||||
Retail Stores [0.2%] | ||||||||||||
CD&R Firefly Bidco Limited, Facility B1, 1st Lien | ||||||||||||
5.183%, VAR LIBOR+4.500%, 06/23/25 | GBP | 2,000 | 2,494 | |||||||||
Obol France 3 SAS, Amended Facility B, 1st Lien | ||||||||||||
3.500%, VAR Euribor+3.500%, 04/11/23 | EUR | 1,500 | 1,604 | |||||||||
ZF Bidco, Senior Facility B, 1st Lien | ||||||||||||
3.250%, VAR Euribor+3.250%, 04/29/24 | EUR | 2,000 | 2,302 | |||||||||
Total Retail Stores | 6,400 | |||||||||||
Retailers (other than food/drug) [0.2%] | ||||||||||||
Action Holdings B.V. Term Loan | ||||||||||||
3.250%, VAR Euribor+3.250%, 03/07/25 | EUR | 1,000 | 1,125 | |||||||||
AS Adventure Additional Facility (GBP) | ||||||||||||
6.464%, VAR LIBOR+5.250%, 04/12/22 | GBP | 1,003 | 486 | |||||||||
AS Adventure Facility B | ||||||||||||
5.500%, VAR Euribor+5.000%, 04/01/22 | EUR | 2,010 | 884 | |||||||||
Cd&R Firefly Bidco Ltd Lien1 | ||||||||||||
3.500%, 06/23/25 | EUR | 500 | 571 | |||||||||
Euro Garage Limited (EG Group) (GBP) Term Loan B | ||||||||||||
5.475%, VAR LIBOR+4.750%, 02/07/25 | GBP | 1,960 | 2,389 | |||||||||
Peer Holding Iii B.V | ||||||||||||
3.500%, 11/27/26 | EUR | 2,000 | 2,256 | |||||||||
Total Retailers (other than food/drug) | 7,711 | |||||||||||
Retailing [0.1%] | ||||||||||||
Academy, Ltd., Initial Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.000%, 07/01/22 | 2,079 | 2,028 | ||||||||||
Service [1.3%] | ||||||||||||
Addison Group Term Loan B | ||||||||||||
4.920%, 04/10/26 | 217 | 212 | ||||||||||
Adtalem Global Education Term Loan B | ||||||||||||
3.156%, VAR LIBOR+3.000%, 04/09/25 | 494 | 479 | ||||||||||
Amentum Government Services Holdings LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.647%, VAR LIBOR+3.500%, 01/29/27 | 2,500 | 2,457 | ||||||||||
APi Group Term Loan B | ||||||||||||
2.647%, 10/01/26 | 761 | 745 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
APX Group, Inc., Initial Loan, 1st Lien | ||||||||||||
5.147%, VAR LIBOR+5.000%, 12/31/25 | $ | 1,410 | $ | 1,382 | ||||||||
Ascend Learning LLC Term Loan B | ||||||||||||
4.000%, VAR LIBOR+3.000%, 07/12/24 | 1,688 | 1,662 | ||||||||||
Asplundh Tree Expert, LLC, Initial Term Loan, 1st Lien | ||||||||||||
2.655%, VAR LIBOR+2.500%, 09/07/27 | 995 | 993 | ||||||||||
Belfor Holdings Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.147%, VAR LIBOR+4.000%, 04/06/26 | 1,279 | 1,274 | ||||||||||
Cardtronics USA, Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.000%, VAR LIBOR+4.000%, 06/29/27 | 700 | 697 | ||||||||||
Conservice, Term Loan B, 1st Lien | ||||||||||||
4.470%, 05/13/27 | 950 | 938 | ||||||||||
Convergint (Gopher Sub Inc) Term Loan B | ||||||||||||
3.750%, VAR LIBOR+3.000%, 02/01/25 | 963 | 922 | ||||||||||
DG Investment Intermediate Holdings 2, Inc., Initial Term Loan, 2nd Lien | ||||||||||||
7.500%, VAR LIBOR+6.750%, 02/02/26 | 75 | 68 | ||||||||||
DiscoverOrg, LLC, Initial Term Loan, 1st Lien | ||||||||||||
3.897%, VAR LIBOR+3.750%, 02/02/26 | 2,650 | 2,621 | ||||||||||
Dun & Bradstreet Corporation, The, Initial Term Borrowing, 1st Lien | ||||||||||||
3.895%, VAR LIBOR+3.750%, 02/06/26 | 965 | 954 | ||||||||||
Evertec Group, LLC Term A Loan | ||||||||||||
2.156%, 11/27/23 | 1,188 | 1,167 | ||||||||||
Evertec Group, LLC Term Loan B (2018) | ||||||||||||
3.656%, VAR LIBOR+3.500%, 11/20/24 | 1,047 | 1,041 | ||||||||||
Exela Term Loan B (2018) | ||||||||||||
7.500%, VAR LIBOR+6.500%, 07/12/23 | 572 | 170 | ||||||||||
GFL Environmental Term Loan B (2018) | ||||||||||||
4.000%, VAR LIBOR+3.000%, 05/30/25 | 2,299 | 2,286 | ||||||||||
MHI Holdings, LLC, Initial Term Loan, 1st Lien | ||||||||||||
5.147%, VAR LIBOR+5.000%, 09/21/26 | 881 | 876 | ||||||||||
National Intergovernmental Purchasing Alliance, Second Lien | ||||||||||||
8.950%, VAR LIBOR+7.500%, 05/18/26 | 295 | 267 | ||||||||||
National Intergovernmental Purchasing Alliance, Term Loan B | ||||||||||||
4.058%, VAR LIBOR+3.750%, 05/19/25 | 1,474 | 1,433 | ||||||||||
Paysafe Group PLC Term Loan B-1 | ||||||||||||
4.500%, VAR LIBOR+3.500%, 01/03/25 | 1,303 | 1,253 | ||||||||||
PricewaterhouseCoopers (Guidehouse) Term Loan B | ||||||||||||
4.655%, VAR LIBOR+3.000%, 03/14/25 | 2,353 | 2,328 | ||||||||||
Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) , 2019 Refinancing Term B-1 Loan, 1st Lien | ||||||||||||
4.250%, VAR LIBOR+3.250%, 09/23/26 | 2,412 | 2,388 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 107
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Red Vetures, Term Loan | ||||||||||||
2.656%, 11/08/24 | $ | 1,666 | $ | 1,596 | ||||||||
Servicemaster Company, LLC, The, Tranche D Term Loan, 1st Lien | ||||||||||||
1.938%, VAR LIBOR+1.750%, 11/05/26 | 1,990 | 1,956 | ||||||||||
Shutterfly Institutional Lien 1 | ||||||||||||
7.000%, 09/25/26 | 661 | 598 | ||||||||||
Shutterfly Institutional, Term Loan B, Lien 1 | ||||||||||||
6.808%, 09/25/26 | 390 | 352 | ||||||||||
St. George’s University Scholastic Services Term Loan B (2018) | ||||||||||||
3.410%, 07/17/25(F) | 478 | 468 | ||||||||||
Sutherland Global Services Initial Cayman Term Loan | ||||||||||||
6.375%, VAR LIBOR+5.375%, 04/23/21 | 336 | 290 | ||||||||||
Sutherland Global Services Initial US Term Loan | ||||||||||||
6.375%, VAR LIBOR+5.375%, 04/23/21 | 1,443 | 1,247 | ||||||||||
Tempo Acquisition, LLC, Extended Term Loan, 1st Lien | ||||||||||||
3.750%, VAR LIBOR+3.250%, 11/02/26 | 1,920 | 1,860 | ||||||||||
Terrier Media Buyer, Inc., Term B Loan, 1st Lien | ||||||||||||
4.397%, VAR LIBOR+4.250%, 12/17/26 | 1,985 | 1,933 | ||||||||||
Titan Acquisitionco New Zealand Limited, 2020 Refinancing Term Loan, 1st Lien | ||||||||||||
4.220%, VAR LIBOR+4.000%, 05/01/26 | 356 | 348 | ||||||||||
TKC Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 02/01/23 | 449 | 421 | ||||||||||
TKC Holdings, Inc., Initial Term Loan, 2nd Lien | ||||||||||||
9.000%, VAR LIBOR+8.000%, 02/01/24 | 190 | 158 | ||||||||||
Trans Union LLC, 2019 Replacement Term B-5 Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 11/16/26 | 1,932 | 1,881 | ||||||||||
Travelport Finance (Luxembourg) S.a r.l., Initial Term Loan, 1st Lien | ||||||||||||
5.220%, VAR LIBOR+5.000%, 05/29/26 | 1,209 | 906 | ||||||||||
Travelport, Term Loan, 1st Lien | ||||||||||||
9.000%, 02/28/25 | 631 | 605 | ||||||||||
Ventia (LS Deco LLC Leighton) Term Loan B | ||||||||||||
5.000%, VAR LIBOR+3.500%, 05/21/22 | 3,630 | 3,585 | ||||||||||
Weight Watchers International, Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.500%, VAR LIBOR+4.750%, 11/29/24 | 1,554 | 1,547 | ||||||||||
WEX Inc., Term B-3 Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 05/15/26 | 963 | 928 | ||||||||||
Xerox Business Services (Conduent) Term Loan B | ||||||||||||
2.656%, VAR LIBOR+2.500%, 12/07/23 | — | — | ||||||||||
Total Service | 49,292 | |||||||||||
Shipping [0.0%] | ||||||||||||
PS Logistics LLC Term Loan | ||||||||||||
5.750%, VAR LIBOR+4.750%, 03/06/25 | 197 | 184 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 108
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Sovereign [0.0%] | ||||||||||||
Arab Republic of Egypt, 1st Lien | ||||||||||||
1.884%, 01/04/21(B) | CHF | 292 | $ | 311 | ||||||||
Technology [0.2%] | ||||||||||||
CEP, Term Loan, 1st Lien | ||||||||||||
4.750%, 06/03/27 | $ | 3,000 | 3,500 | |||||||||
Lorca Finco PLC, Term Loan | ||||||||||||
0.000%, 07/02/27(G) | 500 | 583 | ||||||||||
Technicolor, Term Loan, 1st Lien | ||||||||||||
0.000%, 12/31/24(G) | 2,093 | 1,927 | ||||||||||
6.000%, 06/03/24 | 507 | 627 | ||||||||||
0.000%, 06/03/24(G) | 750 | 792 | ||||||||||
6.000%, 06/03/24 | 585 | 731 | ||||||||||
Total Technology | 8,160 | |||||||||||
Telecommunications [1.1%] | ||||||||||||
Altice France S.A. (Ypso France SAS), EUR TLB-11 Term Loan, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 07/31/25 | EUR | 2,419 | 2,721 | |||||||||
CenturyLink, Inc., Term B Loan, 1st Lien | ||||||||||||
2.397%, VAR LIBOR+2.250%, 03/15/27 | 4,088 | 3,921 | ||||||||||
Cincinnati Bell Inc., Tranche B Term Loan, 1st Lien | ||||||||||||
4.250%, VAR LIBOR+3.250%, 10/02/24 | 3,980 | 3,977 | ||||||||||
Circet Group Circet (Odyssey Investissement) | ||||||||||||
3.250%, VAR Euribor +3.250%, 04/28/25 | EUR | 2,000 | 2,312 | |||||||||
Connect Finco SARL, Initial Term Loan, 1st Lien | ||||||||||||
5.500%, VAR LIBOR+4.500%, 12/11/26 | 2,065 | 1,999 | ||||||||||
Consolidated Communications, Term Loan B, 1st Lien | ||||||||||||
4.750%, 09/15/27 | 1,100 | 1,087 | ||||||||||
Eircom Finco S.a r.l., Facility B (2019), 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 05/15/26 | EUR | 3,062 | 3,544 | |||||||||
Electronics for Imaging, Inc., Initial Term Loan, 1st Lien | ||||||||||||
5.147%, VAR LIBOR+5.000%, 07/23/26 | 995 | 802 | ||||||||||
Hargray Communications Group, Inc., Initial Term Loan, 1st Lien | ||||||||||||
4.000%, VAR LIBOR+3.000%, 05/16/24 | 373 | 371 | ||||||||||
Iridium Satellite LLC, Initial Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 11/04/26 | 1,353 | 1,348 | ||||||||||
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1st Lien | ||||||||||||
1.897%, VAR LIBOR+1.750%, 03/01/27 | 2,609 | 2,525 | ||||||||||
Neustar Term Loan B-4 | ||||||||||||
4.572%, VAR LIBOR+3.500%, 08/08/24 | 1,526 | 1,430 | ||||||||||
Neustar Term Loan B-5 | ||||||||||||
5.572%, 08/08/24 | 288 | 272 | ||||||||||
Numericable U.S. LLC (SFR) Term Loan B-13 | ||||||||||||
4.152%, VAR LIBOR+4.000%, 08/14/26 | 2,254 | 2,185 | ||||||||||
Numericable U.S. LLC, USD TLB-[12] Term Loan, 1st Lien | ||||||||||||
3.840%, VAR LIBOR+3.688%, 01/31/26 | 2,376 | 2,284 | ||||||||||
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien | ||||||||||||
2.897%, VAR LIBOR+2.750%, 07/31/25 | 4,159 | 3,961 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 109
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Radiate HoldCo, LLC, Closing Date Term Loan, 1st Lien | ||||||||||||
3.750%, VAR LIBOR+3.000%, 02/01/24 | $ | 1,050 | $ | 1,031 | ||||||||
Zacapa (Ufinet), Term Loan B | ||||||||||||
4.769%, VAR LIBOR+4.500%, 07/02/25 | 2,217 | 2,196 | ||||||||||
Ziggo B.V., Term Loan H Facility, 1st Lien | ||||||||||||
3.000%, VAR Euribor+3.000%, 01/31/29 | EUR | 3,000 | 3,428 | |||||||||
Total Telecommunications | 41,394 | |||||||||||
Transportation [0.2%] | ||||||||||||
American Axle & Manufacturing, Inc., Tranche B Term Loan, 1st Lien | ||||||||||||
3.000%, VAR LIBOR+2.250%, 04/06/24 | 835 | 794 | ||||||||||
Daseke Companies, Inc., Replacement Term Loan, 1st Lien | ||||||||||||
6.000%, VAR LIBOR+5.000%, 02/27/24 | 1,003 | 980 | ||||||||||
DexKo Global, Inc. Replacement U.S. Dollar Term B Loans | ||||||||||||
4.500%, VAR LIBOR+3.500%, 07/24/24 | 1,055 | 1,030 | ||||||||||
Superior Industries, Closing Date Term Loan | ||||||||||||
3.656%, 05/22/24(F) | 909 | 850 | ||||||||||
Tenneco Inc, Term Loan B | ||||||||||||
3.147%, VAR LIBOR+3.000%, 10/01/25 | 1,763 | 1,585 | ||||||||||
Wabash National, Term Loan B, 1st Lien | ||||||||||||
3.250%, 09/17/27 | 1,100 | 1,092 | ||||||||||
Total Transportation | 6,331 | |||||||||||
Utility [0.6%] | ||||||||||||
Atlantic Power, Term Loan, 1st Lien | ||||||||||||
3.500%, 04/11/25 | 25 | 25 | ||||||||||
Brookfield WEC Holdings Inc., Initial Term Loan (2020), 1st Lien | ||||||||||||
3.750%, VAR LIBOR+3.000%, 08/01/25 | 2,051 | 1,997 | ||||||||||
Calpine Construction Term Loan B (2017) | ||||||||||||
2.156%, VAR LIBOR +2.000%, 01/31/25 | 526 | 509 | ||||||||||
Calpine Term Loan B-10 | ||||||||||||
2.147%, 08/12/26 | 606 | 588 | ||||||||||
Calpine Term Loan B-9 | ||||||||||||
2.400%, 04/05/26 | 4,364 | 4,242 | ||||||||||
Eastern Power, LLC (Eastern Covert Midco, LLC), Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 10/02/25 | 3,193 | 3,163 | ||||||||||
EFS Cogen Holdings, Term Loan, 1st Lien | ||||||||||||
3.500%, 09/24/27 | 700 | 697 | ||||||||||
Granite Generation LLC, Term Loan, 1st Lien | ||||||||||||
4.750%, VAR LIBOR+3.750%, 11/09/26 | 2,898 | 2,878 | ||||||||||
Longview Power LLC, Term Loan | ||||||||||||
10.161%, 04/14/25 | 440 | 449 | ||||||||||
MGroup Term Loan B | ||||||||||||
4.582%, VAR LIBOR +4.500%, 07/25/25 | GBP | 2,700 | 3,336 | |||||||||
Talen Energy Supply Term Loan B (2019) | ||||||||||||
3.906%, 06/26/26 | 2,565 | 2,528 | ||||||||||
Vistra Operations Company LLC (fka Tex Operations Company LLC), 2018 Incremental Term Loan, 1st Lien | ||||||||||||
1.901%, VAR LIBOR+1.750%, 12/31/25 | 3,324 | 3,271 | ||||||||||
Total Utility | 23,683 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 110
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Wireless Communications [0.2%] | ||||||||||||
T-Mobile USA, Inc., Term Loan, 1st Lien | ||||||||||||
3.147%, VAR LIBOR+3.000%, 04/01/27 | $ | 6,777 | $ | 6,766 | ||||||||
Total Loan Participations | ||||||||||||
(Cost $820,577) | 793,473 | |||||||||||
Sovereign Debt [13.1%] | ||||||||||||
Abu Dhabi Government International Bond, MTN | ||||||||||||
3.875%, 04/16/50 | 1,451 | 1,778 | ||||||||||
3.125%, 09/30/49 | 1,367 | 1,467 | ||||||||||
Angolan Government International Bond | ||||||||||||
9.500%, 11/12/25 | 1,776 | 1,553 | ||||||||||
9.375%, 05/08/48 | 2,594 | 2,036 | ||||||||||
9.125%, 11/26/49 | 2,435 | 1,905 | ||||||||||
8.250%, 05/09/28 | 918 | 735 | ||||||||||
8.000%, 11/26/29 | 1,460 | 1,161 | ||||||||||
Argentina Paris Club | ||||||||||||
2.910%, 05/30/21(D) | CHF | 2,244 | 1,121 | |||||||||
Argentine Republic Government International Bond | ||||||||||||
10.250%, 02/06/03(D) | EUR | 12 | — | |||||||||
10.000%, 12/07/04(D) | EUR | 1,244 | — | |||||||||
10.000%, 01/07/05(D) | EUR | 132 | — | |||||||||
10.000%, 02/22/07(D) | EUR | 25 | — | |||||||||
9.500%, 03/04/04(D) | EUR | 27 | 48 | |||||||||
9.000%, 11/19/08(C) (D) | EUR | 15 | 27 | |||||||||
8.750%, 02/04/03(D) | EUR | 30 | — | |||||||||
8.500%, 02/23/05(D) | EUR | 630 | — | |||||||||
8.500%, 07/30/10(D) | EUR | 34 | — | |||||||||
8.125%, 10/04/04(D) | EUR | 119 | — | |||||||||
8.125%, 04/21/08(D) | EUR | 85 | — | |||||||||
8.000%, 02/25/02(D) | EUR | 2,033 | — | |||||||||
8.000%, 02/26/08(C) (D) | EUR | 114 | — | |||||||||
8.000%, 10/30/09(D) | EUR | 366 | 643 | |||||||||
7.625%, 12/31/49(C) (D) | EUR | 13 | — | |||||||||
7.500%, 05/23/02(D) | EUR | 52 | — | |||||||||
7.125%, 06/10/02(D) | EUR | 97 | — | |||||||||
7.000%, 03/18/04(D) | EUR | 141 | — | |||||||||
5.870%, 03/31/23 | EUR | 28 | 50 | |||||||||
0.125%, 2.50%, 2.500% 07/09/21, 07/09/41(C) | 3,763 | 1,503 | ||||||||||
0.125%, 2.000% 07/09/21, 01/09/38(C) | 2,253 | 974 | ||||||||||
0.125%, 1.500% 07/09/21, 01/09/38(C) | EUR | — | — | |||||||||
0.125%, 1.250% 07/09/21, 07/09/35(C) | 11,430 | 4,326 | ||||||||||
1.000%, 07/09/29 | 8,989 | 4,103 | ||||||||||
0.500%, 07/09/29 | EUR | — | — | |||||||||
0.125%, 0.500% 07/09/21, 07/09/30(C) | 118,526 | 49,814 | ||||||||||
0.000%, 07/22/03(D) | EUR | 66 | — | |||||||||
0.000%, 12/22/04(D)(F) | EUR | 29 | — | |||||||||
Bahrain Government International Bond | ||||||||||||
7.500%, 09/20/47 | 1,658 | 1,768 | ||||||||||
Brazilian Government International Bond | ||||||||||||
8.250%, 01/20/34 | 514 | 691 | ||||||||||
7.125%, 01/20/37 | 820 | 1,022 | ||||||||||
6.000%, 04/07/26 | 674 | 788 | ||||||||||
5.625%, 01/07/41 | 446 | 485 | ||||||||||
5.625%, 02/21/47 | 840 | 917 | ||||||||||
5.000%, 01/27/45 | 1,310 | 1,326 | ||||||||||
4.625%, 01/13/28 | 803 | 872 | ||||||||||
Chile Government International Bond | ||||||||||||
3.240%, 02/06/28 | 403 | 449 | ||||||||||
Ciudad Autonoma De Buenos Aires, MTN | ||||||||||||
8.950%, 02/19/21 | 4,737 | 4,287 | ||||||||||
Colombia Government International Bond | ||||||||||||
8.125%, 05/21/24 | 848 | 1,025 | ||||||||||
7.375%, 09/18/37 | 957 | 1,352 | ||||||||||
6.125%, 01/18/41 | 1,578 | 2,032 | ||||||||||
5.625%, 02/26/44 | 1,306 | 1,629 | ||||||||||
5.000%, 06/15/45 | 293 | 342 | ||||||||||
4.125%, 05/15/51 | 701 | 732 | ||||||||||
3.875%, 04/25/27 | 1,217 | 1,317 | ||||||||||
Cordoba City | ||||||||||||
7.875%, 09/29/24 | 8,085 | 4,366 | ||||||||||
Costa Rica Government International Bond | ||||||||||||
7.000%, 04/04/44 | 200 | 182 | ||||||||||
6.125%, 02/19/31 | 423 | 399 | ||||||||||
5.625%, 04/30/43 | 568 | 472 | ||||||||||
Croatia Government International Bond | ||||||||||||
6.375%, 03/24/21 | 1,408 | 1,446 | ||||||||||
6.000%, 01/26/24 | 1,728 | 2,004 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Development Bank of Kazakhstan JSC | ||||||||||||
4.125%, 12/10/22 | $ | 1,826 | $ | 1,919 | ||||||||
Dominican Republic International Bond | ||||||||||||
7.500%, 05/06/21 | 309 | 318 | ||||||||||
7.450%, 04/30/44 | 1,074 | 1,214 | ||||||||||
6.875%, 01/29/26 | 2,324 | 2,591 | ||||||||||
6.850%, 01/27/45 | 1,388 | 1,468 | ||||||||||
6.600%, 01/28/24 | 920 | 1,012 | ||||||||||
6.500%, 02/15/48 | 600 | 610 | ||||||||||
6.000%, 07/19/28 | 599 | 646 | ||||||||||
5.875%, 04/18/24 | 1,402 | 1,487 | ||||||||||
5.875%, 01/30/60(A) | 2,700 | 2,565 | ||||||||||
5.500%, 01/27/25 | 695 | 741 | ||||||||||
4.875%, 09/23/32(A) | 2,069 | 2,063 | ||||||||||
Ecuador Government International Bond | ||||||||||||
0.500%, 5.000%, 7/31/21, 07/31/30(A) (C) | 9,398 | 6,391 | ||||||||||
0.500%, 1.000%, 7/31/21, 07/31/35(A) (C) | 21,741 | 12,118 | ||||||||||
0.500%, 0.500%, 7/31/21, 07/31/40(A) (C) | 7,556 | 3,806 | ||||||||||
0.000%, 07/31/30(A) | 1,596 | 748 | ||||||||||
Egypt Government International Bond | ||||||||||||
8.875%, 05/29/50(A) | 1,909 | 1,897 | ||||||||||
8.700%, 03/01/49 | 326 | 319 | ||||||||||
8.500%, 01/31/47 | 2,308 | 2,242 | ||||||||||
8.150%, 11/20/59 | 200 | 187 | ||||||||||
7.903%, 02/21/48 | 2,204 | 2,042 | ||||||||||
7.625%, 05/29/32(A) | 893 | 876 | ||||||||||
7.600%, 03/01/29 | 996 | 1,024 | ||||||||||
6.588%, 02/21/28 | 977 | 969 | ||||||||||
Egyptian Paris Club | ||||||||||||
5.056%, 01/01/21(B) (D) | 2 | 2 | ||||||||||
El Salvador Government International Bond | ||||||||||||
9.500%, 07/15/52(A) | 633 | 603 | ||||||||||
8.625%, 02/28/29 | 1,205 | 1,147 | ||||||||||
8.250%, 04/10/32 | 749 | 682 | ||||||||||
7.650%, 06/15/35 | 790 | 685 | ||||||||||
7.625%, 02/01/41 | 1,320 | 1,113 | ||||||||||
7.125%, 01/20/50 | 932 | 733 | ||||||||||
6.375%, 01/18/27 | 982 | 850 | ||||||||||
5.875%, 01/30/25 | 545 | 478 | ||||||||||
Fiji Government International Bond | ||||||||||||
6.625%, 10/02/20 | 8,150 | 8,150 | ||||||||||
Gabon Government International Bond | ||||||||||||
6.625%, 02/06/31 | 1,545 | 1,386 | ||||||||||
6.375%, 12/12/24 | 1,013 | 959 | ||||||||||
Georgia Government International Bond | ||||||||||||
6.875%, 04/12/21 | 1,211 | 1,237 | ||||||||||
Ghana Government International Bond | ||||||||||||
8.950%, 03/26/51 | 502 | 436 | ||||||||||
8.750%, 03/11/61 | 248 | 210 | ||||||||||
8.125%, 03/26/32 | 801 | 705 | ||||||||||
7.875%, 02/11/35 | 495 | 419 | ||||||||||
7.625%, 05/16/29 | 647 | 588 | ||||||||||
Guatemala Government Bond | ||||||||||||
6.125%, 06/01/50 | 200 | 240 | ||||||||||
Hungary Government International Bond | ||||||||||||
7.625%, 03/29/41 | 344 | 617 | ||||||||||
5.375%, 03/25/24 | 758 | 870 | ||||||||||
Indonesia Government International Bond | ||||||||||||
8.500%, 10/12/35 | 643 | 1,031 | ||||||||||
7.750%, 01/17/38 | 944 | 1,463 | ||||||||||
6.625%, 02/17/37 | 705 | 994 | ||||||||||
5.950%, 01/08/46 | 741 | 1,040 | ||||||||||
5.250%, 01/17/42 | 647 | 822 | ||||||||||
5.250%, 01/08/47 | 1,033 | 1,343 | ||||||||||
5.125%, 01/15/45 | 1,739 | 2,194 | ||||||||||
4.750%, 07/18/47 | 674 | 823 | ||||||||||
Iraq International Bond | ||||||||||||
5.800%, 01/15/28 | 579 | 517 | ||||||||||
Ivory Coast Government International Bond | ||||||||||||
6.875%, 10/17/40 | EUR | 1,774 | 1,874 | |||||||||
6.625%, 03/22/48 | EUR | 1,000 | 988 | |||||||||
6.375%, 03/03/28 | 1,112 | 1,116 | ||||||||||
5.875%, 10/17/31 | EUR | 1,151 | 1,225 | |||||||||
Jamaica Government International Bond | ||||||||||||
7.875%, 07/28/45 | 696 | 886 | ||||||||||
Kazakhstan Government International Bond, MTN | ||||||||||||
6.500%, 07/21/45 | 1,266 | 1,970 | ||||||||||
Kenya Government International Bond | ||||||||||||
8.000%, 05/22/32 | 1,080 | 1,069 | ||||||||||
7.000%, 05/22/27 | 541 | 533 | ||||||||||
Lao People’s Democratic Republic International Bond | ||||||||||||
6.875%, 06/30/21 | 12,750 | 10,546 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Lebanon Government International Bond, MTN | ||||||||||||
8.250%, 04/12/21(D) | $ | 4,507 | $ | 816 | ||||||||
7.250%, 03/23/37(D) | 801 | 134 | ||||||||||
7.050%, 11/02/35(D) | 157 | 26 | ||||||||||
7.000%, 03/23/32(D) | 1,288 | 212 | ||||||||||
6.850%, 03/23/27(D) | 1,922 | 317 | ||||||||||
6.650%, 04/22/24(D) | 200 | 31 | ||||||||||
6.600%, 11/27/26(D) | 894 | 149 | ||||||||||
6.375%, 03/09/20(D) | 2,072 | 388 | ||||||||||
6.150%, 06/19/20(D) | 2,570 | 482 | ||||||||||
6.100%, 10/04/22(D) | 4,730 | 821 | ||||||||||
6.000%, 01/27/23(D) | 448 | 75 | ||||||||||
5.800%, 04/14/20(D) | 1,688 | 317 | ||||||||||
Mexico Government International Bond, MTN | ||||||||||||
6.050%, 01/11/40 | 556 | 698 | ||||||||||
5.750%, 10/12/10 | 794 | 922 | ||||||||||
5.550%, 01/21/45 | 825 | 997 | ||||||||||
4.750%, 03/08/44 | 704 | 771 | ||||||||||
4.350%, 01/15/47 | 612 | 638 | ||||||||||
3.600%, 01/30/25 | 479 | 517 | ||||||||||
Mongolia Government International Bond | ||||||||||||
5.625%, 05/01/23 | 416 | 429 | ||||||||||
5.125%, 04/07/26(A) | 288 | 289 | ||||||||||
Morocco Government International Bond | ||||||||||||
5.500%, 12/11/42 | 465 | 579 | ||||||||||
4.250%, 12/11/22 | 938 | 988 | ||||||||||
Mozambique International Bond | ||||||||||||
5.000%, 09/15/31 | 1,000 | 810 | ||||||||||
Namibia International Bonds | ||||||||||||
5.500%, 11/03/21 | 200 | 202 | ||||||||||
Nigeria Government International Bond, MTN | ||||||||||||
9.248%, 01/21/49 | 513 | 511 | ||||||||||
7.696%, 02/23/38 | 845 | 764 | ||||||||||
7.625%, 11/28/47 | 1,033 | 927 | ||||||||||
6.750%, 01/28/21 | 1,000 | 1,004 | ||||||||||
6.500%, 11/28/27 | 1,345 | 1,285 | ||||||||||
Oman Government International Bond | ||||||||||||
6.750%, 01/17/48 | 1,403 | 1,166 | ||||||||||
6.500%, 03/08/47 | 2,425 | 1,989 | ||||||||||
4.750%, 06/15/26 | 496 | 457 | ||||||||||
Pakistan Government International Bond | ||||||||||||
8.250%, 04/15/24 | 2,272 | 2,415 | ||||||||||
8.250%, 09/30/25 | 578 | 618 | ||||||||||
6.875%, 12/05/27 | 3,225 | 3,218 | ||||||||||
Panama Government International Bond | ||||||||||||
9.375%, 04/01/29 | 556 | 856 | ||||||||||
8.875%, 09/30/27 | 655 | 941 | ||||||||||
7.125%, 01/29/26 | 310 | 393 | ||||||||||
6.700%, 01/26/36 | 1,060 | 1,543 | ||||||||||
4.500%, 05/15/47 | 544 | 682 | ||||||||||
4.300%, 04/29/53 | 1,320 | 1,629 | ||||||||||
4.000%, 09/22/24 | 465 | 510 | ||||||||||
Paraguay Government International Bond | ||||||||||||
4.700%, 03/27/27 | 591 | 673 | ||||||||||
4.625%, 01/25/23 | 668 | 708 | ||||||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||||||
4.550%, 03/29/26 | 1,110 | 1,279 | ||||||||||
4.325%, 05/28/25 | 233 | 263 | ||||||||||
3.800%, 06/23/50 | 264 | 283 | ||||||||||
Peruvian Government International Bond | ||||||||||||
8.750%, 11/21/33 | 2,015 | 3,382 | ||||||||||
7.350%, 07/21/25 | 890 | 1,142 | ||||||||||
5.625%, 11/18/50 | 2,454 | 3,919 | ||||||||||
Philippine Government International Bond | ||||||||||||
10.625%, 03/16/25 | 597 | 851 | ||||||||||
9.500%, 02/02/30 | 1,155 | 1,907 | ||||||||||
7.750%, 01/14/31 | 1,267 | 1,931 | ||||||||||
6.375%, 10/23/34 | 1,005 | 1,458 | ||||||||||
2.950%, 05/05/45 | 490 | 520 | ||||||||||
Province of Salta | ||||||||||||
9.500%, 03/16/22 | 31 | 28 | ||||||||||
Provincia de Buenos Aires | ||||||||||||
9.950%, 06/09/21(D) | 5,328 | 2,105 | ||||||||||
9.125%, 03/16/24(D) | 13,115 | 5,180 | ||||||||||
7.875%, 06/15/27(D) | 13,850 | 5,401 | ||||||||||
6.500%, 02/15/23(D) | 6,500 | 2,535 | ||||||||||
4.000%, 06/01/20(C) (D) | EUR | 4,082 | 1,864 | |||||||||
Provincia de Cordoba | ||||||||||||
7.450%, 09/01/24 | 1,200 | 708 | ||||||||||
7.125%, 06/10/21 | 43,003 | 26,232 | ||||||||||
7.125%, 08/01/27 | 5,906 | 3,219 | ||||||||||
Provincia de Entre Rios | ||||||||||||
8.750%, 02/08/25(D) | 17,970 | 9,883 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Qatar Government International Bond | ||||||||||||
5.103%, 04/23/48 | $ | 1,868 | $ | 2,602 | ||||||||
4.817%, 03/14/49 | 3,172 | 4,281 | ||||||||||
4.400%, 04/16/50 | 488 | 629 | ||||||||||
3.250%, 06/02/26 | 1,632 | 1,799 | ||||||||||
Republic of Belarus International Bond | ||||||||||||
7.625%, 06/29/27 | 578 | 566 | ||||||||||
6.875%, 02/28/23 | 1,076 | 1,048 | ||||||||||
6.200%, 02/28/30 | 662 | 621 | ||||||||||
Republic of South Africa Government International Bond | ||||||||||||
5.875%, 05/30/22 | 467 | 493 | ||||||||||
5.875%, 06/22/30 | 459 | 470 | ||||||||||
5.750%, 09/30/49 | 741 | 631 | ||||||||||
5.650%, 09/27/47 | 1,250 | 1,064 | ||||||||||
5.000%, 10/12/46 | 592 | 477 | ||||||||||
4.300%, 10/12/28 | 2,029 | 1,897 | ||||||||||
Romanian Government International Bond, MTN | ||||||||||||
6.750%, 02/07/22 | 810 | 873 | ||||||||||
6.125%, 01/22/44 | 218 | 296 | ||||||||||
4.375%, 08/22/23 | 1,646 | 1,792 | ||||||||||
4.000%, 02/14/51 | 1,542 | 1,596 | ||||||||||
3.624%, 05/26/30 | EUR | 500 | 664 | |||||||||
3.375%, 01/28/50 | EUR | 1,393 | 1,672 | |||||||||
3.000%, 02/14/31(A) | 332 | 342 | ||||||||||
Russian Foreign Bond - Eurobond | ||||||||||||
5.250%, 06/23/47 | 2,400 | 3,185 | ||||||||||
4.375%, 03/21/29 | 1,200 | 1,379 | ||||||||||
4.250%, 06/23/27 | 600 | 677 | ||||||||||
Saudi Government International Bond, MTN | ||||||||||||
5.250%, 01/16/50 | 2,132 | 2,872 | ||||||||||
5.000%, 04/17/49 | 1,706 | 2,212 | ||||||||||
4.625%, 10/04/47 | 523 | 641 | ||||||||||
4.500%, 04/22/60(A) | 589 | 732 | ||||||||||
3.750%, 01/21/55 | 1,423 | 1,544 | ||||||||||
Sri Lanka Government International Bond | ||||||||||||
7.850%, 03/14/29 | 1,160 | 818 | ||||||||||
7.550%, 03/28/30 | 1,024 | 707 | ||||||||||
6.825%, 07/18/26 | 508 | 359 | ||||||||||
6.750%, 04/18/28 | 483 | 333 | ||||||||||
6.250%, 10/04/20 | 49,100 | 48,118 | ||||||||||
6.200%, 05/11/27 | 870 | 600 | ||||||||||
State Oil of the Azerbaijan Republic, MTN | ||||||||||||
4.750%, 03/13/23 | 203 | 211 | ||||||||||
Suriname Government International Bond | ||||||||||||
9.250%, 10/26/26 | 1,105 | 661 | ||||||||||
Third Pakistan International Sukuk | ||||||||||||
5.625%, 12/05/22 | 824 | 825 | ||||||||||
5.500%, 10/13/21 | 7,119 | 7,100 | ||||||||||
Turkey Government International Bond | ||||||||||||
7.375%, 02/05/25 | 570 | 591 | ||||||||||
7.250%, 12/23/23 | 386 | 399 | ||||||||||
6.875%, 03/17/36 | 282 | 265 | ||||||||||
6.750%, 05/30/40 | 513 | 468 | ||||||||||
6.350%, 08/10/24 | 361 | 361 | ||||||||||
6.125%, 10/24/28 | 985 | 939 | ||||||||||
6.000%, 03/25/27 | 924 | 888 | ||||||||||
6.000%, 01/14/41 | 511 | 425 | ||||||||||
5.750%, 03/22/24 | 766 | 755 | ||||||||||
5.750%, 05/11/47 | 1,698 | 1,350 | ||||||||||
5.600%, 11/14/24 | 455 | 442 | ||||||||||
4.875%, 04/16/43 | 1,728 | 1,292 | ||||||||||
4.250%, 03/13/25 | 316 | 292 | ||||||||||
3.250%, 03/23/23 | 523 | 498 | ||||||||||
Ukraine Government International Bond | ||||||||||||
9.750%, 11/01/28 | 436 | 473 | ||||||||||
8.994%, 02/01/24 | 696 | 729 | ||||||||||
7.750%, 09/01/21 | 1,682 | 1,723 | ||||||||||
7.750%, 09/01/23 | 1,250 | 1,275 | ||||||||||
7.750%, 09/01/24 | 565 | 568 | ||||||||||
7.750%, 09/01/25 | 2,263 | 2,275 | ||||||||||
7.750%, 09/01/26 | 1,502 | 1,498 | ||||||||||
7.750%, 09/01/27 | 1,288 | 1,279 | ||||||||||
7.375%, 09/25/32 | 4,643 | 4,375 | ||||||||||
7.253%, 03/15/33(A) | 1,079 | 997 | ||||||||||
0.000%, 05/31/40(F) | 48,261 | 43,840 | ||||||||||
Uruguay Government International Bond | ||||||||||||
7.875%, 01/15/33 | 1,124 | 1,738 | ||||||||||
7.625%, 03/21/36 | 887 | 1,384 | ||||||||||
5.100%, 06/18/50 | 911 | 1,229 | ||||||||||
4.975%, 04/20/55 | 2,516 | 3,356 | ||||||||||
4.125%, 11/20/45 | 808 | 962 | ||||||||||
Vertical US Newco | ||||||||||||
5.250%, 07/15/27(A) | 1,400 | 1,455 | ||||||||||
Vietnam Government International Bond | ||||||||||||
4.800%, 11/19/24 | 1,178 | 1,319 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 114
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Zambia Government International Bond | ||||||||||||
8.970%, 07/30/27 | $ | 2,105 | $ | 1,038 | ||||||||
8.500%, 04/14/24 | 545 | 271 | ||||||||||
5.375%, 09/20/22 | 500 | 248 | ||||||||||
Total Sovereign Debt | ||||||||||||
Cost ($541,908) | 490,715 | |||||||||||
Mortgage-Backed Securities [9.8%] | ||||||||||||
Adagio Cl O VIII DAC, Ser 2019-X, Cl D | ||||||||||||
3.800%, VAR Euribor 3 Month+3.800%, 04/15/32 | EUR | 1,000 | 1,109 | |||||||||
Adagio IV Cl O, Ser 2015-X, Cl F | ||||||||||||
6.650%, VAR Euribor 3 Month+6.650%, 10/15/29 | EUR | 1,250 | 1,181 | |||||||||
Anchorage Capital Cl O 9, Ser 2019-9A, Cl ER | ||||||||||||
6.685%, VAR ICE LIBOR USD 3 Month+6.410%, 07/15/32(A) | 3,330 | 3,043 | ||||||||||
Arbour Cl o VII DAC, Ser 2020-7X, Cl E | ||||||||||||
6.400%, VAR Euribor 3 Month+6.400%, 03/15/33 | EUR | 5,000 | 5,534 | |||||||||
Arch Street Cl O, Ser 2018-2A, Cl ER | ||||||||||||
6.572%, VAR ICE LIBOR USD 3 Month+6.300%, 10/20/28(A) | 1,039 | 610 | ||||||||||
Ares European Cl O XIII BV, Ser 2020-13X, Cl E | ||||||||||||
6.350%, VAR Euribor 3 Month+6.350%, 07/20/32 | EUR | 3,250 | 3,754 | |||||||||
Armada Euro Cl O II DAC, Ser 2018-2X, Cl E | ||||||||||||
4.820%, VAR Euribor 3 Month+4.820%, 11/15/31 | EUR | 1,500 | 1,598 | |||||||||
Armada Euro Cl O II DAC, Ser 2018-2X, Cl F | ||||||||||||
6.450%, VAR Euribor 3 Month+6.450%, 11/15/31 | EUR | 1,000 | 1,005 | |||||||||
Atlas Senior Loan Fund III, Ser 2017-1A, Cl DR | ||||||||||||
2.880%, VAR ICE LIBOR USD 3 Month+2.600%, 11/17/27(A) | 1,500 | 1,195 | ||||||||||
BABSN, Ser 2018-IA, Cl ER | ||||||||||||
5.772%, VAR ICE LIBOR USD 3 Month+5.500%, 01/20/31(A) | 4,000 | 2,613 | ||||||||||
Bain Capital Euro Cl O 2018-1 DAC, Ser 2018-1X, Cl E | ||||||||||||
4.970%, VAR Euribor 3 Month+4.970%, 04/20/32 | EUR | 1,690 | 1,743 | |||||||||
Barings Cl O 2019-III, Ser 2019-3A, Cl E | ||||||||||||
7.052%, VAR ICE LIBOR USD 3 Month+6.780%, 04/20/31(A) | 1,500 | 1,363 | ||||||||||
Barings Euro Cl O 2018-1 BV, Ser 2018-1X, Cl C | ||||||||||||
1.500%, VAR Euribor 3 Month+1.500%, 04/15/31 | EUR | 1,100 | 1,188 | |||||||||
Barings Euro Cl O 2018-1 BV, Ser 2018-1X, Cl E | ||||||||||||
4.120%, VAR Euribor 3 Month+4.120%, 04/15/31 | EUR | 4,275 | 4,268 | |||||||||
Barings Euro Cl O 2018-2 BV, Ser 2018-2X, Cl E | ||||||||||||
5.050%, VAR Euribor 3 Month+5.050%, 10/15/31 | EUR | 1,000 | 1,049 | |||||||||
Barings Euro Cl O 2018-3 BV, Ser 2018-3X, Cl E | ||||||||||||
5.790%, VAR Euribor 3 Month+5.790%, 07/27/31 | EUR | 2,900 | 2,806 | |||||||||
Barings Euro Cl O DAC, Ser 2020-2X, Cl E | ||||||||||||
6.500%, VAR Euribor 3 Month+6.500%, 07/24/32 | EUR | 2,475 | 2,723 | |||||||||
Battalion Cl XVIII | ||||||||||||
%, 10/15/32 | 2,000 | 1,960 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Battalion Cl o XIV, Ser 2019-14A, Cl E | ||||||||||||
6.952%, VAR ICE LIBOR USD 3 Month+6.680%, 04/20/32(A) | $ | 3,450 | $ | 3,235 | ||||||||
Black Diamond Cl O, Ser 2017-1A, Cl C | ||||||||||||
4.214%, VAR ICE LIBOR USD 3 Month+3.950%, 04/24/29(A) | 5,000 | 4,528 | ||||||||||
Black Diamond Cl O DAC, Ser 2015-1X, Cl F | ||||||||||||
6.500%, VAR Euribor 3 Month+6.500%, 10/03/29 | EUR | 1,220 | 1,233 | |||||||||
Black Diamond Cl O DAC, Ser 2018-1A, Cl BR | ||||||||||||
2.225%, VAR ICE LIBOR USD 3 Month+1.980%, 04/26/31(A) | 4,000 | 3,639 | ||||||||||
Black Diamond Cl O DAC, Ser 2018-1X, Cl DR | ||||||||||||
2.650%, VAR Euribor 3 Month+2.650%, 10/03/29 | EUR | 5,000 | 5,550 | |||||||||
Black Diamond Cl O DAC, Ser 2019-1X, Cl D | ||||||||||||
4.100%, VAR Euribor 3 Month+4.100%, 05/15/32 | EUR | 3,000 | 3,324 | |||||||||
Blackrock European Cl O DAC, Ser 2018-1X, Cl ER | ||||||||||||
4.420%, VAR Euribor 3 Month+4.420%, 03/15/31 | EUR | 3,000 | 3,033 | |||||||||
Blackrock European Cl O DAC, Ser 2018-1X, Cl FR | ||||||||||||
6.600%, VAR Euribor 3 Month+6.600%, 03/15/31 | EUR | 1,750 | 1,773 | |||||||||
Blackrock European Cl O IX DAC, Ser 2019-9X, Cl F | ||||||||||||
8.920%, VAR Euribor 3 Month+8.920%, 12/15/32 | EUR | 1,250 | 1,331 | |||||||||
Bosphorus Cl O IV DAC, Ser 2018-4X, Cl E | ||||||||||||
4.630%, VAR Euribor 3 Month+4.630%, 12/15/30 | EUR | 2,000 | 2,111 | |||||||||
Cairn Cl O XI DAC, Ser 2019-11X, Cl E | ||||||||||||
6.770%, VAR Euribor 3 Month+6.770%, 07/15/35 | EUR | 2,500 | 2,806 | |||||||||
Carlyle Euro Cl O 2017-1 DAC, Ser 2017-1X, Cl D | ||||||||||||
5.000%, VAR Euribor 3 Month+5.000%, 07/15/30 | EUR | 3,014 | 3,047 | |||||||||
Carlyle Euro Cl O 2017-3 DAC, Ser 2017-3X, Cl D | ||||||||||||
4.580%, VAR Euribor 3 Month+4.580%, 01/15/31 | EUR | 2,000 | 1,857 | |||||||||
Carlyle Global Market Strategies Cl O 2012-4, Ser 2019-4A, Cl ERR | ||||||||||||
7.548%, VAR ICE LIBOR USD 3 Month+7.290%, 04/22/32(A) | 2,000 | 1,551 | ||||||||||
Carlyle Global Market Strategies Cl O 2014-4-R, Ser 2018-4RA, Cl C | ||||||||||||
3.175%, VAR ICE LIBOR USD 3 Month+2.900%, 07/15/30(A) | 3,800 | 3,154 | ||||||||||
Carlyle Global Market Strategies Euro Cl O 2014-1 DAC, Ser 2018-1X, Cl ER | ||||||||||||
4.930%, VAR Euribor 3 Month+4.930%, 07/15/31 | EUR | 3,300 | 3,397 | |||||||||
Carlyle Global Market Strategies Euro Cl O 2014-3 DAC, Ser 2018-3X, Cl DR | ||||||||||||
4.580%, VAR Euribor 3 Month+4.580%, 01/25/32 | EUR | 2,400 | 2,458 | |||||||||
Carlyle Global Market Strategies Euro Cl O 2015-1, Ser 2020-1X, Cl DR | ||||||||||||
5.500%, VAR Euribor 3 Month+5.500%, 01/16/33 | EUR | 2,000 | 1,901 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
CarVal Cl O, Ser 2018-1A, Cl D | ||||||||||||
3.161%, VAR ICE LIBOR USD 3 Month+2.890%, 07/16/31(A) | $ | 5,000 | $ | 4,756 | ||||||||
Catamaran Cl O 2018-1, Ser 2018-1A, Cl E | ||||||||||||
6.615%, VAR ICE LIBOR USD 3 Month+6.370%, 10/25/31(A) | 3,500 | 2,973 | ||||||||||
CIFC Funding, Ser 2018-4RA, Cl D | ||||||||||||
5.973%, VAR ICE LIBOR USD 3 Month+5.700%, 10/17/30(A) | 2,200 | 1,859 | ||||||||||
CIFC Funding 2013-II, Ser 2017-2A, Cl B2LR | ||||||||||||
6.792%, VAR ICE LIBOR USD 3 Month+6.520%, 10/18/30(A) | 1,300 | 1,108 | ||||||||||
Columbia Cent Cl O 27, Ser 2018-27A, Cl B | ||||||||||||
2.545%, VAR ICE LIBOR USD 3 Month+2.300%, 10/25/28(A) | 3,000 | 2,928 | ||||||||||
Columbia Cent Cl O 27, Ser 2018-27A, Cl C | ||||||||||||
3.545%, VAR ICE LIBOR USD 3 Month+3.300%, 10/25/28(A) | 3,000 | 2,770 | ||||||||||
Crestline Denali Cl O XIV, Ser 2018-1A, Cl DR | ||||||||||||
3.606%, VAR ICE LIBOR USD 3 Month+3.350%, 10/23/31(A) | 2,000 | 1,748 | ||||||||||
Crestline Denali Cl O XVI, Ser 2018-1A, Cl C | ||||||||||||
2.122%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/30(A) | 4,500 | 4,245 | ||||||||||
Crestline Denali Cl O XVII, Ser 2018-1A, Cl D | ||||||||||||
3.525%, VAR ICE LIBOR USD 3 Month+3.250%, 10/15/31(A) | 2,250 | 1,941 | ||||||||||
CRNPT, Ser 2018-4A, Cl C | ||||||||||||
2.172%, VAR ICE LIBOR USD 3 Month+1.900%, 04/20/31(A) | 2,750 | 2,607 | ||||||||||
CRNPT, Ser 2018-4A, Cl D | ||||||||||||
3.022%, VAR ICE LIBOR USD 3 Month+2.750%, 04/20/31(A) | 3,000 | 2,689 | ||||||||||
Crown Point Cl O 8, Ser 2019-8A, Cl E | ||||||||||||
7.372%, VAR ICE LIBOR USD 3 Month+7.100%, 10/20/32(A) | 4,000 | 3,566 | ||||||||||
Dryden 29 Euro Cl O 2013 BV, Ser 2018-29X, Cl ERR | ||||||||||||
4.750%, VAR Euribor 3 Month+4.750%, 07/15/32 | EUR | 911 | 953 | |||||||||
Dryden 32 Euro Cl O 2014 B.V., Ser 2018-32X, Cl FR | ||||||||||||
7.270%, VAR Euribor 3 Month+7.270%, 08/15/31 | EUR | 1,250 | 1,306 | |||||||||
DRYDEN 35 EURO Cl O BV, Ser 2020-35X, Cl ER | ||||||||||||
6.330%, VAR Euribor 3 Month+6.330%, 01/17/33 | EUR | 4,700 | 5,333 | |||||||||
Dryden 48 Euro Cl O 2016 BV, Ser 2019-48X, Cl ER | ||||||||||||
6.670%, VAR Euribor 3 Month+6.670%, 10/15/32 | EUR | 1,140 | 1,311 | |||||||||
Dryden 56 Euro Cl O 2017 BV, Ser 2017-56X, Cl E | ||||||||||||
4.720%, VAR Euribor 3 Month+4.720%, 01/15/32 | EUR | 3,225 | 3,389 | |||||||||
Elevation Cl O 2013-1, Ser 2019-1A, Cl D1R2 | ||||||||||||
7.930%, VAR ICE LIBOR USD 3 Month+7.650%, 08/15/32(A) | 2,210 | 2,102 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 117
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
Euro-Galaxy III Cl O BV, Ser 2019-3X, Cl ERR | ||||||||||||
6.650%, VAR Euribor 3 Month+6.650%, 01/17/31 | EUR | 4,825 | $ | 5,530 | ||||||||
Euro-Galaxy VII Cl O DAC, Ser 2019-7X, Cl E | ||||||||||||
6.160%, VAR Euribor 3 Month+6.160%, 04/25/32 | EUR | 2,000 | 2,256 | |||||||||
Galaxy XV Cl O, Ser 2017-15A, Cl ER | ||||||||||||
6.920%, VAR ICE LIBOR USD 3 Month+6.645%, 10/15/30(A) | $ | 2,725 | 2,540 | |||||||||
GoldenTree Loan Management EUR Cl O 3 DAC, Ser 2019-3X, Cl E | ||||||||||||
5.910%, VAR Euribor 3 Month+5.910%, 01/20/32 | EUR | 3,550 | 3,908 | |||||||||
Greywolf Cl O III, Ser 2020-3RA, Cl CR | ||||||||||||
3.608%, VAR ICE LIBOR USD 3 Month+3.350%, 04/15/33(A) | 3,000 | 2,828 | ||||||||||
Greywolf Cl O III, Ser 2020-3RA, Cl DR | ||||||||||||
7.178%, VAR ICE LIBOR USD 3 Month+6.920%, 04/15/33(A) | 5,000 | 4,412 | ||||||||||
Grosvenor Place Cl O BV, Ser 2018-1X, Cl DRR | ||||||||||||
5.400%, VAR Euribor 3 Month+5.400%, 10/30/29 | EUR | 3,800 | 4,178 | |||||||||
Halsey Point Cl O I, Ser 2019-1A, Cl E | ||||||||||||
7.972%, VAR ICE LIBOR USD 3 Month+7.700%, 01/20/33(A) | 2,000 | 1,826 | ||||||||||
Harvest Cl O IX DAC, Ser 2017-9X, Cl ER | ||||||||||||
5.120%, VAR Euribor 3 Month+5.120%, 02/15/30 | EUR | 1,000 | 1,072 | |||||||||
Harvest Cl O VIII DAC, Ser 2018-8X, Cl DRR | ||||||||||||
2.550%, VAR Euribor 3 Month+2.550%, 01/15/31 | EUR | 1,800 | 1,929 | |||||||||
Harvest Cl O XIV DAC, Ser 2015-14X, Cl F | ||||||||||||
6.300%, VAR Euribor 3 Month+6.300%, 11/18/29 | EUR | 3,250 | 3,269 | |||||||||
Harvest Cl O XVI DAC, Ser 2018-16X, Cl DR | ||||||||||||
3.450%, VAR Euribor 3 Month+3.450%, 10/15/31 | EUR | 2,000 | 2,243 | |||||||||
Harvest Cl O XVI DAC, Ser 2018-16X, Cl ER | ||||||||||||
5.570%, VAR Euribor 3 Month+5.570%, 10/15/31 | EUR | 3,000 | 3,233 | |||||||||
Harvest Cl O XXIII DAC, Ser 2020-23X, Cl F | ||||||||||||
8.310%, VAR Euribor 3 Month+8.310%, 10/20/32 | EUR | 1,500 | 1,564 | |||||||||
Holland Park Cl O DAC, Ser 2019-1X, Cl DRR | ||||||||||||
7.030%, VAR Euribor 3 Month+7.030%, 11/14/32 | EUR | 2,300 | 2,706 | |||||||||
Jamestown Cl O XIV, Ser 2019-14A, Cl D | ||||||||||||
7.312%, VAR ICE LIBOR USD 3 Month+7.040%, 10/20/32(A) | 3,600 | 3,412 | ||||||||||
KKR Cl O 14, Ser 2018-14, Cl ER | ||||||||||||
6.425%, VAR ICE LIBOR USD 3 Month+6.150%, 07/15/31(A) | 2,000 | 1,608 | ||||||||||
KKR Cl o 25, Ser 2019-25, Cl E | ||||||||||||
6.815%, VAR ICE LIBOR USD 3 Month+6.540%, 04/15/32(A) | 1,250 | 1,095 | ||||||||||
KKR Cl O 26, Ser 2019-26, Cl E | ||||||||||||
7.275%, VAR ICE LIBOR USD 3 Month+7.000%, 07/15/32(A) | 4,000 | 3,633 | ||||||||||
Laurelin 2016-1 DAC, Ser 2018-1X, Cl ER | ||||||||||||
5.430%, VAR Euribor 3 Month+5.430%, 10/20/31 | EUR | 2,500 | 2,768 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 118
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
LCM 29, Ser 2019-29A, Cl E | ||||||||||||
7.175%, VAR ICE LIBOR USD 3 Month+6.900%, 04/15/31(A) | $ | 1,750 | $ | 1,599 | ||||||||
Madison Park Euro Funding IX DAC, Ser 2017-9X, Cl E | ||||||||||||
4.900%, VAR Euribor 3 Month+4.900%, 07/15/30 | EUR | 1,640 | 1,664 | |||||||||
Madison Park Euro Funding VII BV, Ser 2018-7X, Cl ER | ||||||||||||
4.700%, VAR Euribor 3 Month+4.700%, 05/25/31 | EUR | 1,150 | 1,130 | |||||||||
Madison Park Euro Funding XI DAC, Ser 2018-11X, Cl D | ||||||||||||
2.800%, VAR Euribor 3 Month+2.800%, 02/15/31 | EUR | 3,000 | 3,267 | |||||||||
Madison Park Euro Funding XI DAC, Ser 2018-11X, Cl E | ||||||||||||
4.860%, VAR Euribor 3 Month+4.860%, 02/15/31 | EUR | 3,650 | 3,640 | |||||||||
Madison Park Euro Funding XII DAC, Ser 2018-12X, Cl E | ||||||||||||
5.200%, VAR Euribor 3 Month+5.200%, 10/15/31 | EUR | 2,136 | 2,254 | |||||||||
Madison Park Funding XI, Ser 2017-11A, Cl ER | ||||||||||||
6.706%, VAR ICE LIBOR USD 3 Month+6.450%, 07/23/29(A) | 3,500 | 2,985 | ||||||||||
Madison Park Funding XXXII, Ser 2019-32A, Cl E | ||||||||||||
7.358%, VAR ICE LIBOR USD 3 Month+7.100%, 01/22/31(A) | 4,000 | 3,888 | ||||||||||
Man GLG Euro Cl O I DAC, Ser 2018-1X, Cl ERR | ||||||||||||
4.850%, VAR Euribor 3 Month+4.850%, 10/15/30 | EUR | 1,000 | 1,003 | |||||||||
Man GLG Euro Cl O II DAC, Ser 2016-2X, Cl F | ||||||||||||
8.750%, VAR Euribor 3 Month+8.750%, 01/15/30 | EUR | 2,000 | 2,040 | |||||||||
Man GLG Euro Cl O IV DAC, Ser 2018-4X, Cl C | ||||||||||||
1.600%, VAR Euribor 3 Month+1.600%, 05/15/31 | EUR | 5,725 | 6,420 | |||||||||
Man GLG Euro Cl O V DAC, Ser 2018-5X, Cl D1 | ||||||||||||
3.550%, VAR Euribor 3 Month+3.550%, 12/15/31 | EUR | 2,500 | 2,782 | |||||||||
Man GLG Euro Cl O VI DAC, Ser 2020-6X, Cl E | ||||||||||||
5.390%, VAR Euribor 3 Month+5.390%, 10/15/32 | EUR | 1,300 | 1,470 | |||||||||
Marathon Cl O 14, Ser 2019-2A, Cl C2 | ||||||||||||
6.242%, VAR ICE LIBOR USD 3 Month+5.970%, 01/20/33(A) | 2,000 | 1,937 | ||||||||||
Marathon Cl O XIII, Ser 2019-1A, Cl C | ||||||||||||
4.345%, VAR ICE LIBOR USD 3 Month+4.070%, 04/15/32(A) | 3,000 | 2,619 | ||||||||||
Marble Point Cl O XII, Ser 2018-1A, Cl D | ||||||||||||
3.271%, VAR ICE LIBOR USD 3 Month+3.000%, 07/16/31(A) | 5,000 | 4,542 | ||||||||||
MidOcean Credit Cl O III, Ser 2018-3A, Cl DR | ||||||||||||
3.531%, VAR ICE LIBOR USD 3 Month+3.260%, 04/21/31(A) | 4,100 | 3,452 | ||||||||||
Midocean Credit Cl O IX, Ser 2018-9A, Cl E | ||||||||||||
6.322%, VAR ICE LIBOR USD 3 Month+6.050%, 07/20/31(A) | 1,000 | 858 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 119
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
MidOcean Credit Cl O VI, Ser 2019-6A, Cl DR | ||||||||||||
4.022%, VAR ICE LIBOR USD 3 Month+3.750%, 01/20/29(A) | $ | 3,000 | $ | 2,884 | ||||||||
Midocean Credit Cl o VIII, Ser 2018-8A, Cl C | ||||||||||||
2.203%, VAR ICE LIBOR USD 3 Month+1.950%, 02/20/31(A) | 450 | 422 | ||||||||||
Montmartre Euro Cl O 2020-2 DAC, Ser 2020-2X, Cl E | ||||||||||||
6.430%, VAR Euribor 3 Month+6.430%, 07/15/33 | EUR | 563 | 651 | |||||||||
Montmartre Euro Cl O 2020-2 DAC, Ser 2020-2X, Cl F | ||||||||||||
6.920%, VAR Euribor 3 Month+6.920%, 07/15/33 | EUR | 263 | 296 | |||||||||
Mountain View Cl O, Ser 2018-9A, Cl CR | ||||||||||||
3.395%, VAR ICE LIBOR USD 3 Month+3.120%, 07/15/31(A) | 2,500 | 2,145 | ||||||||||
Northwoods Capital 19 Euro DAC, Ser 2020-21X, Cl F | ||||||||||||
8.090%, VAR Euribor 3 Month+8.090%, 06/16/33 | EUR | 1,000 | 1,158 | |||||||||
Northwoods Capital 20, Ser 2019-20A, Cl E | ||||||||||||
8.095%, VAR ICE LIBOR USD 3 Month+7.850%, 01/25/30(A) | 3,000 | 2,886 | ||||||||||
Northwoods Capital 22, Ser 2020-22A, Cl E | ||||||||||||
9.074%, VAR ICE LIBOR USD 3 Month+8.820%, 09/01/31(A) | 5,000 | 4,867 | ||||||||||
Oak Hill European Credit Partners IV Designated Activity, Ser 2018-4X, Cl DR | ||||||||||||
2.500%, VAR Euribor 3 Month+2.500%, 01/20/32 | EUR | 3,000 | 3,264 | |||||||||
OAK Hill European Credit Partners V Designated Activity, Ser 2017-5X, Cl E | ||||||||||||
6.200%, VAR Euribor 3 Month+6.200%, 02/21/30 | EUR | 1,500 | 1,567 | |||||||||
OAK Hill European Credit Partners V Designated Activity, Ser 2017-5X, Cl F | ||||||||||||
7.300%, VAR Euribor 3 Month+7.300%, 02/21/30 | EUR | 1,100 | 976 | |||||||||
Ocean Trails Cl O VII, Ser 2019-7A, Cl E | ||||||||||||
7.153%, VAR ICE LIBOR USD 3 Month+6.880%, 04/17/30(A) | 3,000 | 2,407 | ||||||||||
OZLM IX, Ser 2018-9A, Cl CRR | ||||||||||||
3.522%, VAR ICE LIBOR USD 3 Month+3.250%, 10/20/31(A) | 1,500 | 1,401 | ||||||||||
OZLM IX, Ser 2018-9A, Cl DRR | ||||||||||||
6.392%, VAR ICE LIBOR USD 3 Month+6.120%, 10/20/31(A) | 2,000 | 1,436 | ||||||||||
OZLM VI, Ser 2018-6A, Cl DS | ||||||||||||
6.323%, VAR ICE LIBOR USD 3 Month+6.050%, 04/17/31(A) | 3,550 | 2,720 | ||||||||||
OZLM XI, Ser 2017-11A, Cl DR | ||||||||||||
7.268%, VAR ICE LIBOR USD 3 Month+7.000%, 10/30/30(A) | 3,000 | 2,337 | ||||||||||
OZLM XXII, Ser 2018-22A, Cl B | ||||||||||||
2.073%, VAR ICE LIBOR USD 3 Month+1.800%, 01/17/31(A) | 3,500 | 3,332 | ||||||||||
OZLM XXII, Ser 2018-22A, Cl D | ||||||||||||
5.573%, VAR ICE LIBOR USD 3 Month+5.300%, 01/17/31(A) | 1,800 | 1,285 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 120
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
OZLM XXIV, Ser 2019-24A, Cl D | ||||||||||||
7.322%, VAR ICE LIBOR USD 3 Month+7.050%, 07/20/32(A) | $ | 4,000 | $ | 3,472 | ||||||||
Parallel, Ser 2018-1A, Cl C | ||||||||||||
3.072%, VAR ICE LIBOR USD 3 Month+2.800%, 04/20/31(A) | 2,000 | 1,690 | ||||||||||
Parallel 2018-1, Ser 2018-1A, Cl D | ||||||||||||
5.522%, VAR ICE LIBOR USD 3 Month+5.250%, 04/20/31(A) | 1,250 | 878 | ||||||||||
Pikes Peak Cl O 5, Ser 2020-5A, Cl E | ||||||||||||
7.869%, VAR ICE LIBOR USD 3 Month+6.700%, 04/20/33(A) | 2,500 | 2,417 | ||||||||||
Regatta XIV Funding, Ser 2018-3A, Cl E | ||||||||||||
6.195%, VAR ICE LIBOR USD 3 Month+5.950%, 10/25/31(A) | 3,600 | 3,123 | ||||||||||
Regatta XV Funding, Ser 2018-4A, Cl D | ||||||||||||
6.745%, VAR ICE LIBOR USD 3 Month+6.500%, 10/25/31(A) | 1,750 | 1,516 | ||||||||||
Rockford Tower Europe Cl O 2019-1 DAC, Ser 2019-1X, Cl E | ||||||||||||
6.030%, VAR Euribor 3 Month+6.030%, 01/20/33 | EUR | 1,000 | 1,081 | |||||||||
Saranac Cl O III, Ser 2018-3A, Cl CR | ||||||||||||
2.575%, VAR ICE LIBOR USD 3 Month+2.350%, 06/22/30(A) | 5,000 | 4,636 | ||||||||||
Saranac Cl O VI, Ser 2018-6A, Cl D | ||||||||||||
3.789%, VAR ICE LIBOR USD 3 Month+3.540%, 08/13/31(A) | 2,000 | 1,804 | ||||||||||
Sorrento Park Cl O DAC, Ser 2014-1X, Cl E | ||||||||||||
5.769%, VAR Euribor 3 Month+6.250%, 11/16/27 | EUR | 3,000 | 3,052 | |||||||||
Sound Point Cl O V-R, Ser 2018-1RA, Cl D | ||||||||||||
3.372%, VAR ICE LIBOR USD 3 Month+3.100%, 07/18/31(A) | 1,000 | 855 | ||||||||||
Sound Point Cl O XXIII, Ser 2019-2A, Cl E | ||||||||||||
6.985%, VAR ICE LIBOR USD 3 Month+6.710%, 04/15/32(A) | 3,000 | 2,637 | ||||||||||
Sound Point Cl O XXIV, Ser 2019-3A, Cl E | ||||||||||||
7.555%, VAR ICE LIBOR USD 3 Month+7.310%, 10/25/32(A) | 3,000 | 2,724 | ||||||||||
Sound Point Cl O XXVII, Ser 2020-2A, Cl E | ||||||||||||
0.000%, VAR ICE LIBOR USD 3 Month+7.240%, 10/25/31(A) | 3,000 | 2,910 | ||||||||||
St. Paul’s Cl O III-R DAC, Ser 2018-3RX, Cl CR | ||||||||||||
1.600%, VAR Euribor 3 Month+1.600%, 01/15/32 | EUR | 2,750 | 3,085 | |||||||||
St. Paul’s Cl O III-R DAC, Ser 2018-3RX, Cl ER | ||||||||||||
4.430%, VAR Euribor 3 Month+4.430%, 01/15/32 | EUR | 5,650 | 5,619 | |||||||||
St. Paul’s Cl O V, Ser 2017-5X, Cl ER | ||||||||||||
5.150%, VAR Euribor 3 Month+5.150%, 02/20/30 | EUR | 1,500 | 1,586 | |||||||||
St. Paul’s Cl O VIII DAC, Ser 2017-8X, Cl E | ||||||||||||
4.600%, VAR Euribor 3 Month+4.600%, 01/17/30 | EUR | 2,800 | 2,840 | |||||||||
Sutton Park Cl O DAC, Ser 2018-1X, Cl C | ||||||||||||
3.300%, VAR Euribor 3 Month+3.300%, 11/15/31 | EUR | 1,000 | 1,111 | |||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 121
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1) | Value (000) | ||||||||||
THL Credit Wind River 2019-3 Cl o, Ser 2019-3A, Cl E | ||||||||||||
6.825%, VAR ICE LIBOR USD 3 Month+6.550%, 04/15/31(A) | $ | 3,500 | $ | 2,909 | ||||||||
Toro European Cl O 2 DAC, Ser 2018-2X, Cl ER | ||||||||||||
5.600%, VAR Euribor 3 Month+5.600%, 10/15/30 | EUR | 1,170 | 1,278 | |||||||||
Toro European Cl O 3 DAC, Ser 2017-3X, Cl D | ||||||||||||
3.320%, VAR Euribor 3 Month+3.320%, 04/15/30 | EUR | 2,000 | 2,224 | |||||||||
Toro European Cl O 6 DAC, Ser 2019-6X, Cl D | ||||||||||||
4.030%, VAR Euribor 3 Month+4.030%, 01/12/32 | EUR | 2,000 | 2,186 | |||||||||
Tralee Cl O V, Ser 2018-5A, Cl D | ||||||||||||
3.472%, VAR ICE LIBOR USD 3 Month+3.200%, 10/20/28(A) | 3,000 | 2,770 | ||||||||||
Trimaran Cavu 2019-1, Ser 2019-1A, Cl E | ||||||||||||
7.312%, VAR ICE LIBOR USD 3 Month+7.040%, 07/20/32(A) | 1,800 | 1,635 | ||||||||||
Trimaran CAVU 2019-2, Ser 2019-2A, Cl D | ||||||||||||
7.222%, VAR ICE LIBOR USD 3 Month+6.950%, 11/26/32(A) | 1,750 | 1,436 | ||||||||||
Venture CDO, Ser 2018-31A, Cl C1 | ||||||||||||
2.222%, VAR ICE LIBOR USD 3 Month+1.950%, 04/20/31(A) | 4,000 | 3,790 | ||||||||||
Vesey Park Cl O DAC, Ser 2020-1X, Cl D | ||||||||||||
7.160%, VAR Euribor 3 Month+7.160%, 11/16/32 | EUR | 2,000 | 2,300 | |||||||||
VIBR, Ser 2018-8A, Cl D | ||||||||||||
6.022%, VAR ICE LIBOR USD 3 Month+5.750%, 01/20/31(A) | 2,000 | 1,409 | ||||||||||
Vibrant Cl O VIII, Ser 2018-8A, Cl B1 | ||||||||||||
2.072%, VAR ICE LIBOR USD 3 Month+1.800%, 01/20/31(A) | 400 | 380 | ||||||||||
Voya Cl O 2013-3, Ser 2018-3A, Cl DR | ||||||||||||
6.172%, VAR ICE LIBOR USD 3 Month+5.900%, 10/18/31(A) | 2,500 | 2,088 | ||||||||||
Voya Euro Cl O I DAC, Ser 2018-1X, Cl D | ||||||||||||
2.500%, VAR Euribor 3 Month+2.500%, 10/15/30 | EUR | 3,075 | 3,351 | |||||||||
Voya Euro Cl O II DAC, Ser 2019-2X, Cl E | ||||||||||||
5.900%, VAR Euribor 3 Month+5.900%, 07/15/32 | EUR | 1,500 | 1,668 | |||||||||
York Cl O-5, Ser 2018-1A, Cl E | ||||||||||||
6.268%, VAR ICE LIBOR USD 3 Month+6.010%, 10/22/31(A) | 2,500 | 2,141 | ||||||||||
Z Capital Credit Partners Cl O, Ser 2018-1A, Cl DR | ||||||||||||
3.371%, VAR ICE LIBOR USD 3 Month+3.100%, 07/16/27(A) (D) | 4,050 | 3,267 | ||||||||||
Zais Cl O 5, Ser 2016-2A, Cl B | ||||||||||||
3.575%, VAR ICE LIBOR USD 3 Month+3.300%, 10/15/28(A) | 4,500 | 4,186 | ||||||||||
Zais Cl O 8, Ser 2018-1A, Cl C | ||||||||||||
2.025%, VAR ICE LIBOR USD 3 Month+1.750%, 04/15/29(A) | 4,030 | 3,527 | ||||||||||
Total Mortgage-Backed Securities | ||||||||||||
Cost ($376,302) | 365,429 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 122
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Face Amount (000)(1)/Acquisition Cost (000) | Value (000) | ||||||
Life Settlement Contracts [3.4%](B)(E)(I) | ||||||||
American General Life #460L, Acquired 05/30/2014 | 303 | $ | 824 | |||||
American General Life #508L, Acquired 05/30/2014 | 2,595 | 2,382 | ||||||
American General Life #542L, Acquired 07/30/2015 | 83 | 390 | ||||||
American General Life #906L, Acquired 07/30/2015 | 479 | 2,912 | ||||||
American General Life #964L, Acquired 07/30/2015 | 1,459 | 2,155 | ||||||
AXA Equitable Life #0474, Acquired 11/04/2013 | 7,290 | 8,374 | ||||||
AXA Equitable Life #1616, Acquired 05/30/2014 | 3,254 | 3,847 | ||||||
AXA Equitable Life #1898, Acquired 11/04/2013 | 441 | 838 | ||||||
AXA Equitable Life #7233, Acquired 11/04/2013 | 395 | 2,058 | ||||||
AXA Equitable Life #7578, Acquired 11/04/2013 | 2,104 | 3,791 | ||||||
AXA Equitable Life #7857, Acquired 11/04/2013 | 2,297 | 1,409 | ||||||
AXA Equitable Life #8538, Acquired 11/04/2013 | 1,333 | 2,018 | ||||||
AXA Equitable Life #9345, Acquired 11/04/2013 | 143 | 1,105 | ||||||
BlackBrush Oil & Gas, L.P., Acquired | — | — | ||||||
Guardian Insurance #0346, Acquired 11/04/2013 | 646 | 2,674 | ||||||
Hartford Life #4700, Acquired 11/24/2015 | 81 | 191 | ||||||
ING Reliastar #1234, Acquired 12/05/2013 | 1,067 | 4,913 | ||||||
ING Reliastar #3394, Acquired 05/30/2014 | 3,687 | 7,319 | ||||||
ING Reliastar #4842, Acquired 11/20/2013 | 921 | 3,747 | ||||||
ING Reliastar #776H, Acquired 05/30/2014 | 1,518 | 1,737 | ||||||
John Hancock #0430, Acquired 05/30/2014 | 2,418 | 4,119 | ||||||
John Hancock #0801, Acquired 05/30/2014 | 1,564 | 2,253 | ||||||
John Hancock #1929, Acquired 05/30/2014 | 3,812 | 4,208 |
Description | Acquisition Cost (000) | Value (000) | ||||||
John Hancock #5072, Acquired 05/30/2014 | 1,409 | $ | 3,860 | |||||
John Hancock #5080, Acquired 11/19/2013 | 313 | 3,850 | ||||||
John Hancock #5885, Acquired 05/30/2014 | 894 | 1,872 | ||||||
John Hancock #6686, Acquired 05/30/2014 | 3,035 | 3,037 | ||||||
John Hancock #6912, Acquired 05/30/2014 | 1,065 | 1,820 | ||||||
Lincoln National #4754, Acquired 09/17/2015 | 1,029 | 5,221 | ||||||
Lincoln National #4754, Acquired 09/17/2015 | 610 | 3,292 | ||||||
Lincoln National #5658, Acquired 09/17/2015 | 329 | 1,515 | ||||||
Lincoln National #7099, Acquired 09/17/2015 | 1,254 | 3,102 | ||||||
Lincoln National #8558, Acquired 09/17/2015 | 1,659 | 3,619 | ||||||
Mass Mutual #1849, Acquired 11/05/2013 | 2,926 | 5,071 | ||||||
Mass Mutual #5167, Acquired 05/30/2014 | 63 | 1,949 | ||||||
Mass Mutual #5681, Acquired 11/05/2013 | 288 | 2,743 | ||||||
Mass Mutual #5864, Acquired 05/30/2014 | 4,668 | — | ||||||
Met Life #8MLU, Acquired 05/20/2014 | 1,413 | 1,161 | ||||||
Penn Life #8183, Acquired 10/18/2016 | 46 | 121 | ||||||
Penn Mutual #3106, Acquired 05/30/2014 | 1,294 | 1,402 | ||||||
Phoenix Life #5715, Acquired 10/18/2016 | 569 | 2,394 | ||||||
Phoenix Life #6157, Acquired 10/18/2016 | 569 | 2,418 | ||||||
Phoenix Life #6161, Acquired 05/30/2014 | 3,472 | 9,798 | ||||||
Phoenix Life #8499, Acquired 05/30/2014 | 756 | 1,296 | ||||||
Phoenix Life #8509, Acquired 05/30/2014 | 761 | 1,296 | ||||||
Principal Financial #6653, Acquired 10/30/2013 | 306 | 504 | ||||||
Security Mutual Life #5380, Acquired 10/28/2013 | 410 | — | ||||||
Transamerica #1708, Acquired 10/28/2013 | 957 | 2,436 |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 123
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Acquisition Cost (000) | Value (000) | ||||||||||
Transamerica #8205, Acquired 10/28/2013 | 714 | $ | 1,240 | |||||||||
Total Life Settlement Contracts | ||||||||||||
(Cost $68,699) | 128,281 | |||||||||||
Exchange-Traded Fund [2.7%] | ||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 1,200,000 | 100,680 | ||||||||||
Total Exchange-Traded Fund | ||||||||||||
(Cost $102,046) | 100,680 | |||||||||||
Limited Partnership [0.3%] | ||||||||||||
NB Insurance-Linked Strategies Fund LP* | 10,000 | 11,830 | ||||||||||
Total Limited Partnership | ||||||||||||
(Cost $10,256) | 11,830 | |||||||||||
Common Stock [0.2%] | ||||||||||||
[0.0%] | ||||||||||||
McDermott International | 12,792 | 30 | ||||||||||
Party City Holdings | 53,709 | 140 | ||||||||||
Total | 170 | |||||||||||
Agricultural [0.0%] | ||||||||||||
Mriya Farming PLC * | 2,903 | — | ||||||||||
Chemicals [0.0%] | ||||||||||||
Hexion Holdings * | 21,096 | 216 | ||||||||||
Consumer Cyclical [0.0%] | ||||||||||||
TruKid * | 257 | 643 | ||||||||||
Diversified Minerals [0.0%] | ||||||||||||
New World Resources, ClA * | 44,276,198 | — | ||||||||||
Energy [0.0%] | ||||||||||||
Templar Energy, ClA * | 105,419 | — | ||||||||||
Finance [0.0%] | ||||||||||||
BCD Acquisition | 1,000,000 | — | ||||||||||
Health Care [0.0%] | ||||||||||||
Novartex | 180,000 | 80 | ||||||||||
Description | Acquisition Cost (000)/ Number of Warrants | Value (000) | ||||||||||
Manufacturing [0.0%] | ||||||||||||
Longview Power LLC, Acquired | 384 | $ | 357 | |||||||||
Vivarte | 6,400 | 3 | ||||||||||
Total Manufacturing | 360 | |||||||||||
Media Entertainment [0.0%] | ||||||||||||
iHeartMedia * | 12,136 | 99 | ||||||||||
Oil, Gas & Consumable Fuels [0.1%] | ||||||||||||
Gulf Keystone Petroleum * | 2,140,000 | 2,043 | ||||||||||
Savannah Petroleum * | 4,307,451 | 584 | ||||||||||
Whiting Petroleum * | 19,668 | 340 | ||||||||||
Total Oil, Gas & Consumable Fuels | 2,967 | |||||||||||
Services [0.0%] | ||||||||||||
A’ayan Leasing & Investment KSCP * | 1,169,438 | 232 | ||||||||||
Wayne Services Legacy * | 257 | — | ||||||||||
Total Services | 232 | |||||||||||
Telephones & Telecommunications [0.1%] | ||||||||||||
Technicolor * | 666,813 | 1,001 | ||||||||||
Total Common Stock | ||||||||||||
(Cost $9,981) | 5,768 | |||||||||||
Warrants [0.1%] | ||||||||||||
Central Bank of Nigeria, | ||||||||||||
Expires 11/15/20, Strike Price $.0001* | 249,000 | 2,241 | ||||||||||
Toys ‘R’ Us/Hill Street | ||||||||||||
Expires 06/21/21* (J) | 14,773 | 6 | ||||||||||
Total Warrants | ||||||||||||
(Cost $7,008) | 2,247 | |||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 124
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | Shares | Value (000) | ||||||||||
Closed-End Fund [0.0%] | ||||||||||||
Stone Ridge Reinsurance Risk Premium Interval Fund* | 21,596 | $ | 881 | |||||||||
Total Closed-End Fund | ||||||||||||
(Cost $1,047) | 881 | |||||||||||
Convertible Bonds [0.0%] | ||||||||||||
Coal Mining [0.0%] | ||||||||||||
New World Resources | ||||||||||||
4.000%cash or 8.000% PIK, 10/07/20(D) | EUR | 380 | 7 | |||||||||
Medical Products & Services [0.0%] | ||||||||||||
Bio City Development | ||||||||||||
8.000%, 07/06/19 | 1,000 | 50 | ||||||||||
Description | Shares | Value (000) | ||||||||||
Real Estate Oper/Develop [0.0%] | ||||||||||||
No. Va Land Investment Group | ||||||||||||
5.500%, 04/27/23 | 1,159 | 1,164 | ||||||||||
Telephones & Telecommunications [0.0%] | ||||||||||||
Digicel Group 0.5 | ||||||||||||
7.000%, 10/01/68(A) | 1,683 | 219 | ||||||||||
Total Convertible Bonds | ||||||||||||
Cost ($2,791) | 1,440 | |||||||||||
Preferred Stock [0.0%] | ||||||||||||
[0.0%] | ||||||||||||
BlackBrush Oil & Gas, L.P. | 1,265,625 | 367 | ||||||||||
Total Preferred Stock | ||||||||||||
(Cost $367) | 367 | |||||||||||
Short-Term Investment** [4.1%] | ||||||||||||
SEI Daily Income Trust Government Fund, ClF, 0.010% | 154,244,393 | 154,244 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $154,244) | 154,244 | |||||||||||
Total Investments [100.6%] | ||||||||||||
(Cost $4,006,162) | $ | 3,763,078 | ||||||||||
Percentages are based on Net Assets of $3,739,101 (000).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(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 September 30, 2020, the value of these securities amounted to $795,959 (000), representing 21.3% of the net assets of the Fund. |
(B) | Level 3 security in accordance with fair value hierarchy. |
(C) | Step Bond — The rate reported is the rate in effect on September 30, 2020. The coupon on a step bond changes on a specific date. |
(D) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
(E) | Security is considered illiquid. The total market value of such security as of September 30, 2020 was $143,547 (000) and represented 3.8% 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 not available. |
(H) | Zero coupon security. The rate reported is the effective yield at time of purchase. |
(I) | Security is considered restricted. The total market value of such securities as of September 30, 2020 was $128,638 (000) and represented 3.44% of the net assets of the Fund. |
(J) | Strike Price is unavailable. |
CDO — Collateralized Debt Obligation
CHF — Swiss Franc
Cl— Class
DAC — Designated Activity Company
ETF — Exchange-Traded Fund
EUR — Euro
Euribor — Euro Interbank Offered Rate
GBP — British Pound Sterling
JPY — Japanese Yen
ICE — Intercontinental Exchange
JSC — Joint Stock Company
LIBOR — London Interbank Offered Rates
LLC — Limited Liability Company
LLP — Limited Liability Partnership
LP — Limited Partnership
LTD — Limited
MTN — Medium Term Note
PIK — Paid-in Kind
PLC — Public Limited Company
REIT — Real Estate Investment Trust
Ser — Series
ULC — Unlimited Liability Company
USD — U.S. Dollar
VAR — Variable
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 125
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
A list of the open forward foreign currency contracts held by the Fund at September 30, 2020, is as follows:
Counterparty | Settlement | Currency to | Currency to | Unrealized | |||||||||||
U.S. Bank | 10/09/20 - 11/04/20 | EUR | 382,451 | USD | 453,379 | $ | 4,860 | ||||||||
U.S. Bank | 10/14/20 - 11/04/20 | USD | 6,765 | EUR | 5,700 | (77 | ) | ||||||||
U.S. Bank | 10/14/20 - 11/04/20 | GBP | 32,660 | USD | 42,316 | 170 | |||||||||
U.S. Bank | 10/14/20 | GBP | 210 | USD | 270 | (1 | ) | ||||||||
U.S. Bank | 11/04/20 | CHF | 48,800 | USD | 53,635 | 599 | |||||||||
U.S. Bank | 11/04/20 | USD | 52,412 | CHF | 47,500 | (789 | ) | ||||||||
U.S. Bank | 11/04/20 | JPY | 460,000 | USD | 4,340 | (23 | ) | ||||||||
| $ | 4,739 | ||||||||||||||
The following is a list of the inputs used as of September 30, 2020 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 | $ | — | $ | 1,707,721 | $ | 2 | $ | 1,707,723 | ||||||||
Loan Participations | — | 791,293 | 2,180 | 793,473 | ||||||||||||
Sovereign Debt | — | 490,713 | 2 | 490,715 | ||||||||||||
Mortgage-Backed Securities | — | 365,429 | — | 365,429 | ||||||||||||
Life Settlement Contracts | — | — | 128,281 | 128,281 | ||||||||||||
Exchange-Traded Fund | 100,680 | — | — | 100,680 | ||||||||||||
Limited Partnership | — | 11,830 | — | 11,830 | ||||||||||||
Common Stock | 5,737 | 31 | — | 5,768 | ||||||||||||
Warrants | — | 6 | 2,241 | 2,247 | ||||||||||||
Closed-End Fund | 881 | — | — | 881 | ||||||||||||
Convertible Bonds | — | 1,440 | — | 1,440 | ||||||||||||
Preferred Stock | — | 367 | — | 367 | ||||||||||||
Short-Term Investment | 154,244 | — | — | 154,244 | ||||||||||||
Total Investments in Securities | $ | 261,542 | $ | 3,368,830 | $ | 132,706 | $ | 3,763,078 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 5,629 | $ | — | $ | 5,629 | ||||||||
Unrealized Depreciation | — | (890 | ) | — | (890 | ) | ||||||||||
Total Other Financial Instruments | $ | — | $ | 4,739 | $ | — | $ | 4,739 | ||||||||
* | Forwards contracts and swap contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
(1) | Of the $132,706 (000) in Level 3 securities as of September 30, 2020, $128,281 (000) or 96.7% are not valued via third party pricing vendors and broker quotes. If significant, the discosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party vendors or broker quotes (see following page). |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2020:
Investments | Investments in | Investments in | ||||||||||
Beginning balance as of October 1, 2019 | $ | 2,647 | $ | 140,944 | $ | 3 | ||||||
Accrued discounts/ premiums | 154 | — | — | |||||||||
Realized gain/(loss) | — | 10,376 | — | |||||||||
Change in unrealized appreciation/(depreciation) | (5 | ) | 7,127 | — | ||||||||
Purchases | — | — | — | |||||||||
Sales/paydowns | (616 | ) | (30,166 | ) | (1 | ) | ||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Ending balance as of September 30, 2020 | $ | 2,180 | $ | 128,281 | $ | 2 | ||||||
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (5 | ) | $ | 7,127 | $ | — | |||||
Investments | Investments in | Total | ||||||||||
Beginning balance as of October 1, 2019 | $ | — | $ | 12 | $ | 143,606 | ||||||
Accrued discounts/ premiums | — | 7 | 161 | |||||||||
Realized gain/(loss) | — | 15 | 10,391 | |||||||||
Change in unrealized appreciation/(depreciation) | — | (16 | ) | 7,106 | ||||||||
Purchases | — | — | — | |||||||||
Sales/paydowns | — | (16 | ) | (30,799 | ) | |||||||
Transfers into Level 3 | 2,241 | — | 2,241 | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Ending balance as of September 30, 2020 | $ | 2,241 | $ | 2 | $ | 132,706 | ||||||
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | — | $ | (16 | ) | $ | 7,106 | |||||
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 126
consolidated schedule of investments |
September 30, 2020 |
City National Rochdale Fixed Income Opportunities Fund (concluded) |
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2020. 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 | Valuation Techniques | ||
Life Settlement Contracts | $128,281 | Discounted Cash Flow Model | |
Observable Inputs | |||
Maturity Value | |||
Unobservable Inputs | Range | ||
Discount Rate | 13.43% | ||
Expected Maturity (months) | 13-287 months |
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationships between them could result in significantly higher or lower fair value measurements. Increases in projected collection rates in isolation would result in a higher fair value measurement, while increases in expected discount rates, projected default rates, and maturities of life settlement contracts, in isolation, would result in a lower fair value measurement.
For the year ended September 30, 2020, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
At September 30, 2020, the Fund had the following investments in life settlement contracts:
Year | Number of | Fair Value (000) | Face Value (Death | |||||||||
2021 | 2 | $ | 6,461 | $ | 8,500 | |||||||
2022 | 5 | 19,107 | 30,250 | |||||||||
2023 | 13 | 50,215 | 95,513 | |||||||||
2024 | 9 | 23,020 | 65,500 | |||||||||
Thereafter | 19 | 29,478 | 111,653 | |||||||||
| 48 | $ | 128,281 | $ | 311,416 | ||||||||
For the year ended September 30, 2020, 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 $7,127,171, offset by $22,869,041 in premiums paid and continuing costs associated with its investment in the policies. For the year ended September 30, 2020, the Fund realized gains of $10,375,353 on matured life settlement contracts, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain/(loss) on investments.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 127
schedule of investments |
September 30, 2020 |
City National Rochdale Short Term Emerging Markets Debt Fund |
Description | Face Amount (000) | Value (000) | ||||||||||
Corporate Bonds [71.1%] | ||||||||||||
Banks [4.0%] | ||||||||||||
Access Bank, MTN | ||||||||||||
10.500%, 10/19/21 | $ | 9,945 | $ | 10,243 | ||||||||
Building-Heavy Construct [0.1%] | ||||||||||||
Andrade Gutierrez International | ||||||||||||
11.000% cash/12.000% PIK, 08/20/21 | 201 | 135 | ||||||||||
11.000%, 08/20/21(A) | 1 | 1 | ||||||||||
Total Building-Heavy Construct | 136 | |||||||||||
Drugs [3.5%] | ||||||||||||
Glenmark Pharmaceuticals | ||||||||||||
4.500%, 08/02/21 | 8,515 | 8,411 | ||||||||||
Jubilant Pharma | ||||||||||||
4.875%, 10/06/21 | 473 | 473 | ||||||||||
Total Drugs | 8,884 | |||||||||||
Electric Utilities [2.4%] | ||||||||||||
Instituto Costarricense de Electricidad | ||||||||||||
6.950%, 11/10/21 | 6,190 | 6,206 | ||||||||||
Entertainment & Gaming [5.0%] | ||||||||||||
NagaCorp | ||||||||||||
9.375%, 05/21/21 | 12,641 | 12,837 | ||||||||||
Metals & Mining [6.2%] | ||||||||||||
Vedanta Resources | ||||||||||||
8.250%, 06/07/21 | 16,897 | 15,968 | ||||||||||
Paper & Related Products [5.1%] | ||||||||||||
Eldorado International Finance GmbH | ||||||||||||
8.625%, 06/16/21 | 13,177 | 13,259 | ||||||||||
Petroleum & Fuel Products [22.3%] | ||||||||||||
Georgian Oil and Gas JSC | ||||||||||||
6.750%, 04/26/21 | 12,510 | 12,575 | ||||||||||
Pan American Energy | ||||||||||||
7.875%, 05/07/21 | 2,218 | 2,163 | ||||||||||
Petroleos Mexicanos, MTN | ||||||||||||
2.500%, 08/21/21 | EUR | 6,600 | 7,626 | |||||||||
Tullow Oil Jersey | ||||||||||||
6.625%, 07/12/21 | 34,000 | 22,100 | ||||||||||
YPF | ||||||||||||
8.500%, 03/23/21 | 13,674 | 12,846 | ||||||||||
Total Petroleum & Fuel Products | 57,310 | |||||||||||
Real Estate Oper/Develop [8.4%] | ||||||||||||
Alam Synergy Pte | ||||||||||||
11.500%, 04/22/21 | 12,900 | 9,159 | ||||||||||
Global Prime Capital Pte | ||||||||||||
7.250%, 04/26/21 | 12,308 | 12,431 | ||||||||||
Total Real Estate Oper/Develop | 21,590 | |||||||||||
Telephones & Telecommunications [7.1%] | ||||||||||||
Telecom Argentina | ||||||||||||
6.500%, 06/15/21 | 19,636 | 18,360 | ||||||||||
Transportation Services [7.0%] | ||||||||||||
Global Liman Isletmeleri | ||||||||||||
8.125%, 11/14/21 | 16,050 | 10,855 | ||||||||||
Ukraine Railways via Shortline | ||||||||||||
9.875%, 09/15/21 | 7,156 | 7,228 | ||||||||||
Total Transportation Services | 18,083 | |||||||||||
Total Corporate Bonds | ||||||||||||
(Cost $203,198) | 182,876 | |||||||||||
Sovereign Debt [24.9%] | ||||||||||||
Argentine Republic Government International Bond | ||||||||||||
1.000%, 07/09/29 | 500 | 228 | ||||||||||
0.750%, 07/09/46 | EUR | 40 | 16 | |||||||||
0.500%, 07/09/29 | EUR | 1 | — | |||||||||
Ciudad Autonoma De Buenos Aires, MTN | ||||||||||||
8.950%, 02/19/21 | 670 | 607 | ||||||||||
Lao People’s Democratic Republic International Bond | ||||||||||||
6.875%, 06/30/21 | 15,000 | 12,407 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 128
schedule of investments |
September 30, 2020 |
City National Rochdale Short Term Emerging Markets Debt Fund (concluded) |
Description | Face Amount (000)/Shares | Value (000) | ||||||||||
Namibia International Bonds | ||||||||||||
5.500%, 11/03/21 | $ | 3,000 | $ | 3,029 | ||||||||
Nigeria Government International Bond | ||||||||||||
6.750%, 01/28/21 | 11,189 | 11,230 | ||||||||||
Provincia de Buenos Aires | ||||||||||||
4.000%, 06/01/20(B) | EUR | 9,490 | 4,228 | |||||||||
Provincia de Cordoba | ||||||||||||
7.125%, 06/10/21 | 12,157 | 7,416 | ||||||||||
Provincia de Neuquen Argentina | ||||||||||||
7.875%, 04/26/21 | 416 | 228 | ||||||||||
Senegal Government International Bond | ||||||||||||
8.750%, 05/13/21 | 1,650 | 1,695 | ||||||||||
Sri Lanka Government International Bond | ||||||||||||
6.250%, 07/27/21 | 14,300 | 12,441 | ||||||||||
Third Pakistan International Sukuk | ||||||||||||
5.500%, 10/13/21 | 8,606 | 8,581 | ||||||||||
Ukraine Government International Bond | ||||||||||||
7.750%, 09/01/21 | 2,000 | 2,048 | ||||||||||
Total Sovereign Debt | ||||||||||||
(Cost $77,434) | 64,154 | |||||||||||
Short-Term Investment** [1.2%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 3,185,353 | 3,185 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $3,185) | 3,185 | |||||||||||
Total Investments [97.2%] | ||||||||||||
(Cost $283,817) | $ | 250,215 | ||||||||||
Percentages are based on Net Assets of $257,398 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2020, the value of these securities amounted to $1 (000), representing 0.0% of the net assets of the Fund. |
(B) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
Cl — Class
EUR — Euro
JSC — Joint Stock Company
MTN — Medium Term Note
PIK — Paid-in Kind
A list of the open forward foreign currency contracts held by the Fund at September 30, 2020, is as follows:
Counterparty | Settlement | Currency to | Currency to | Unrealized | |||||||||||
U.S. Bank | 11/04/20 | CHF | 4,200 | USD | 4,619 | $ | 55 | ||||||||
U.S. Bank | 11/04/20 | USD | 4,631 | CHF | 4,200 | (67 | ) | ||||||||
U.S. Bank | 11/04/20 | EUR | 10,100 | USD | 11,878 | 28 | |||||||||
| $ | 16 | ||||||||||||||
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments and other financial instruments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 182,876 | $ | — | $ | 182,876 | ||||||||
Sovereign Debt | — | 64,154 | — | 64,154 | ||||||||||||
Short-Term Investment | 3,185 | — | — | 3,185 | ||||||||||||
Total Investments in Securities | $ | 3,185 | $ | 247,030 | $ | — | $ | 250,215 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 83 | $ | — | $ | 83 | ||||||||
Unrealized Depreciation | — | (67 | ) | — | (67 | ) | ||||||||||
Total Other Financial Instruments | $ | — | $ | 16 | $ | — | $ | 16 | ||||||||
* | Forwards contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
For the year ended September 30, 2020, there have been no transfers in or out of Level 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 129
schedule of investments |
September 30, 2020 |
City National Rochdale Dividend & Income Fund |
Description | Shares | Value (000) | ||||||||||
Common Stock [86.4%] | ||||||||||||
Communication Services [6.3%] | ||||||||||||
AT&T | 151,500 | $ | 4,319 | |||||||||
BCE | 63,000 | 2,613 | ||||||||||
Verizon Communications | 119,167 | 7,089 | ||||||||||
Total Communication Services | 14,021 | |||||||||||
Consumer Staples [20.8%] | ||||||||||||
Altria Group | 144,550 | 5,585 | ||||||||||
Clorox | 37,700 | 7,923 | ||||||||||
Coca-Cola | 81,772 | 4,037 | ||||||||||
General Mills | 72,780 | 4,489 | ||||||||||
Hershey | 25,400 | 3,641 | ||||||||||
Kellogg | 47,000 | 3,036 | ||||||||||
Kimberly-Clark | 19,000 | 2,806 | ||||||||||
Philip Morris International | 61,700 | 4,627 | ||||||||||
Procter & Gamble | 49,349 | 6,859 | ||||||||||
Unilever ADR | 50,300 | 3,102 | ||||||||||
Total Consumer Staples | 46,105 | |||||||||||
Financials [7.8%] | ||||||||||||
Ares Capital | 118,600 | 1,654 | ||||||||||
Arthur J Gallagher | 29,400 | 3,104 | ||||||||||
Cincinnati Financial | 60,650 | 4,729 | ||||||||||
Compass Diversified Holdings (A) | 198,000 | 3,774 | ||||||||||
Hartford Financial Services Group | 52,000 | 1,917 | ||||||||||
Description | Shares | Value (000) | ||||||||||
JPMorgan Chase | 22,700 | $ | 2,186 | |||||||||
Total Financials | 17,364 | |||||||||||
Health Care [6.6%] | ||||||||||||
Bristol-Myers Squibb | 69,400 | 4,184 | ||||||||||
Merck | 73,150 | 6,068 | ||||||||||
Pfizer | 119,444 | 4,384 | ||||||||||
Total Health Care | 14,636 | |||||||||||
Industrials [7.7%] | ||||||||||||
Eaton | 30,000 | 3,061 | ||||||||||
Emerson Electric | 38,000 | 2,492 | ||||||||||
Lockheed Martin | 30,117 | 11,543 | ||||||||||
Total Industrials | 17,096 | |||||||||||
Information Technology [10.5%] | ||||||||||||
Cisco Systems | 118,000 | 4,648 | ||||||||||
Intel | 146,000 | 7,560 | ||||||||||
Paychex | 68,200 | 5,440 | ||||||||||
Qualcomm | 48,700 | 5,731 | ||||||||||
Total Information Technology | 23,379 | |||||||||||
Materials [2.1%] | ||||||||||||
Sonoco Products | 84,650 | 4,323 | ||||||||||
Westrock | 11,000 | 382 | ||||||||||
Total Materials | 4,705 | |||||||||||
REITs [9.0%] | ||||||||||||
Crown Castle International | 25,600 | 4,263 | ||||||||||
Healthcare Trust of America, Cl A | 141,200 | 3,671 | ||||||||||
Mid-America Apartment Communities | 36,000 | 4,174 | ||||||||||
National Retail Properties | 59,500 | 2,053 | ||||||||||
Prologis | 56,689 | 5,704 | ||||||||||
Total REITs | 19,865 | |||||||||||
Utilities [15.6%] | ||||||||||||
American Electric Power | 34,900 | 2,852 | ||||||||||
Avangrid | 59,000 | 2,977 | ||||||||||
Brookfield Infrastructure Partners (A) | 67,600 | 3,219 | ||||||||||
Dominion Energy | 36,300 | 2,865 | ||||||||||
Duke Energy | 68,006 | 6,023 | ||||||||||
Entergy | 47,800 | 4,710 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 130
schedule of investments |
September 30, 2020 |
City National Rochdale Dividend & Income Fund (concluded) |
Description | Shares | Value (000) | ||||||||||
Eversource Energy | 44,542 | $ | 3,721 | |||||||||
Pinnacle West Capital | 33,635 | 2,507 | ||||||||||
WEC Energy Group | 15,550 | 1,507 | ||||||||||
Xcel Energy | 62,100 | 4,286 | ||||||||||
Total Utilities | 34,667 | |||||||||||
Total Common Stock | ||||||||||||
(Cost $145,156) | 191,838 | |||||||||||
Preferred Stock [2.9%] | ||||||||||||
Communication Services [0.1%] | ||||||||||||
Qwest, 7.000% | 10,000 | 255 | ||||||||||
Financials [1.1%] | ||||||||||||
AmTrust Financial Services, 7.500% * | 10,000 | 183 | ||||||||||
Bank of America, 5.38% - 6% | 20,000 | 542 | ||||||||||
First Republic Bank, 5.500% | 10,000 | 267 | ||||||||||
JPMorgan Chase, 6.000% | 10,000 | 274 | ||||||||||
MetLife, 5.625% | 10,000 | 274 | ||||||||||
Truist Financial, 4.75% - 5.25% | 20,000 | 535 | ||||||||||
Wells Fargo, 5.625 - 6.00% | 11,596 | 304 | ||||||||||
Total Financials | 2,379 | |||||||||||
REITs [1.2%] | ||||||||||||
Brookfield Property Partners, 5.750% | 7,500 | 134 | ||||||||||
Digital Realty Trust, 5.250% | 10,000 | 265 | ||||||||||
National Retail Properties, 5.200% | 10,000 | 257 | ||||||||||
National Storage Affiliates Trust, 6.000% | 20,000 | 530 | ||||||||||
PS Business Parks, 5.200% | 10,000 | 259 | ||||||||||
Public Storage, 5.050% | 30,000 | 784 | ||||||||||
Vornado Realty Trust, 5.250% | 20,000 | 507 | ||||||||||
Total REITs | 2,736 | |||||||||||
Utilities [0.5%] | ||||||||||||
Brookfield Renewable Partners, 5.250% | 10,000 | 263 | ||||||||||
Dominion Energy, 5.250% | 5,000 | 128 | ||||||||||
DTE Energy, 5.250% | 20,000 | 528 | ||||||||||
Southern, 6.250% | 10,000 | 254 | ||||||||||
Total Utilities | 1,173 | |||||||||||
Total Preferred Stock | ||||||||||||
(Cost $6,352) | 6,543 | |||||||||||
Exchange-Traded Funds [2.4%] | ||||||||||||
Invesco Preferred ETF | 291,000 | 4,287 | ||||||||||
iShares Preferred & Income Securities ETF | 27,300 | 995 | ||||||||||
Total Exchange-Traded Funds | ||||||||||||
(Cost $5,348) | 5,282 | |||||||||||
Short-Term Investment** [7.9%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 17,515,108 | 17,515 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $17,515) | 17,515 | |||||||||||
Total Investments [99.6%] | ||||||||||||
(Cost $174,371) | $ | 221,178 | ||||||||||
Percentages are based on Net Assets of $222,097 (000).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Security is a Master Limited Partnership. At September 30, 2020, such securities amounted to $6,993 (000), or 3.1% of the net assets of the Fund. |
ADR — American Depositary Receipt
Cl — Class
ETF — Exchange-Traded Fund
REIT — Real Estate Investment Trust
The following is a list of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value (000):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 191,838 | $ | — | $ | — | $ | 191,838 | ||||||||
Preferred Stock | 6,543 | — | — | 6,543 | ||||||||||||
Exchange-Traded Funds | 5,282 | — | — | 5,282 | ||||||||||||
Short-Term Investment | 17,515 | — | — | 17,515 | ||||||||||||
Total Investments in Securities | $ | 221,178 | $ | — | $ | — | $ | 221,178 | ||||||||
For the year ended September 30, 2020, there have been no transfers in or out of Level 3.
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 131
schedule of investments |
September 30, 2020 |
City National Rochdale U.S. Core Equity Fund |
Description | Shares | Value (000) | ||||||||||
Common Stock [93.9%] | ||||||||||||
Aerospace & Defense [1.6%] | ||||||||||||
L3Harris Technologies | 10,000 | $ | 1,698 | |||||||||
Northrop Grumman | 12,000 | 3,786 | ||||||||||
Total Aerospace & Defense | 5,484 | |||||||||||
Beverages [2.0%] | ||||||||||||
PepsiCo | 49,000 | 6,791 | ||||||||||
Capital Markets [3.2%] | ||||||||||||
Blackstone Group, Cl A (A) | 87,000 | 4,542 | ||||||||||
CME Group, Cl A | 36,000 | 6,023 | ||||||||||
Total Capital Markets | 10,565 | |||||||||||
Commercial Banks [2.0%] | ||||||||||||
JPMorgan Chase | 68,000 | 6,546 | ||||||||||
Commercial Services & Supplies [3.7%] | ||||||||||||
Cintas | 27,000 | 8,987 | ||||||||||
TransUnion | 39,000 | 3,281 | ||||||||||
Total Commercial Services & Supplies | 12,268 | |||||||||||
Diversified Financial Services [1.7%] | ||||||||||||
Berkshire Hathaway, Cl B * | 27,000 | 5,749 | ||||||||||
Electric Utilities [1.7%] | ||||||||||||
NextEra Energy | 20,000 | 5,551 | ||||||||||
Entertainment [1.8%] | ||||||||||||
Walt Disney | 48,000 | 5,956 | ||||||||||
Food & Staples Retailing [4.2%] | ||||||||||||
Costco Wholesale | 21,000 | 7,455 | ||||||||||
Walmart | 46,000 | 6,436 | ||||||||||
Total Food & Staples Retailing | 13,891 | |||||||||||
Health Care Equipment & Supplies [4.1%] | ||||||||||||
Danaher | 35,000 | 7,537 | ||||||||||
Edwards Lifesciences * | 75,000 | 5,986 | ||||||||||
Total Health Care Equipment & Supplies | 13,523 | |||||||||||
Health Care Providers & Services [5.0%] | ||||||||||||
CVS Health | 44,000 | 2,569 | ||||||||||
HCA Healthcare * | 18,000 | 2,244 | ||||||||||
UnitedHealth Group | 38,000 | 11,847 | ||||||||||
Total Health Care Providers & Services | 16,660 | |||||||||||
Hotels, Restaurants & Leisure [3.7%] | ||||||||||||
McDonald’s | 33,000 | 7,243 | ||||||||||
Starbucks | 59,000 | 5,070 | ||||||||||
Total Hotels, Restaurants & Leisure | 12,313 | |||||||||||
Household Products [1.3%] | ||||||||||||
Colgate-Palmolive | 57,000 | 4,398 | ||||||||||
Industrial Conglomerates [0.8%] | ||||||||||||
Roper Technologies | 7,000 | 2,766 | ||||||||||
Insurance [1.0%] | ||||||||||||
Aon, Cl A | 16,000 | 3,301 | ||||||||||
Interactive Media & Services [4.8%] | ||||||||||||
Alphabet, Cl A * | 6,800 | 9,966 | ||||||||||
Facebook, Cl A * | 23,000 | 6,024 | ||||||||||
Total Interactive Media & Services | 15,990 | |||||||||||
Internet & Catalog Retail [3.3%] | ||||||||||||
Alibaba Group Holding ADR * | 20,000 | 5,879 | ||||||||||
Amazon.Com * | 1,600 | 5,038 | ||||||||||
Total Internet & Catalog Retail | 10,917 | |||||||||||
IT Services [9.7%] | ||||||||||||
Accenture, Cl A | 36,000 | 8,136 | ||||||||||
Mastercard, Cl A | 34,000 | 11,498 | ||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 132
schedule of investments |
September 30, 2020 |
City National Rochdale U.S. Core Equity Fund (concluded) |
Description | Shares | Value (000) | ||||||||||
Visa, Cl A | 63,000 | $ | 12,598 | |||||||||
Total IT Services | 32,232 | |||||||||||
Life Sciences Tools & Services [5.1%] | ||||||||||||
Charles River Laboratories International * | 22,000 | 4,982 | ||||||||||
Thermo Fisher Scientific | 27,000 | 11,921 | ||||||||||
Total Life Sciences Tools & Services | 16,903 | |||||||||||
Machinery [1.6%] | ||||||||||||
Trane Technologies | 44,000 | 5,335 | ||||||||||
Media [1.8%] | ||||||||||||
Comcast, Cl A | 126,000 | 5,828 | ||||||||||
Multi-Utilities [0.9%] | ||||||||||||
CMS Energy | 48,000 | 2,948 | ||||||||||
Pharmaceuticals [2.9%] | ||||||||||||
Johnson & Johnson | 20,000 | 2,978 | ||||||||||
Zoetis, Cl A | 40,000 | 6,615 | ||||||||||
Total Pharmaceuticals | 9,593 | |||||||||||
Real Estate Investment Trusts [2.7%] | ||||||||||||
Equinix | 7,000 | 5,321 | ||||||||||
Essex Property Trust | 18,000 | 3,614 | ||||||||||
Total Real Estate Investment Trusts | 8,935 | |||||||||||
Semiconductors & Semiconductor Equipment [1.2%] | ||||||||||||
ASML Holding, Cl G | 11,000 | 4,062 | ||||||||||
Software [9.1%] | ||||||||||||
Adobe * | 20,000 | 9,809 | ||||||||||
Microsoft | 98,000 | 20,612 | ||||||||||
Total Software | 30,421 | |||||||||||
Specialty Retail [3.3%] | ||||||||||||
Home Depot | 40,000 | 11,108 | ||||||||||
Technology Hardware, Storage & Peripherals [6.4%] | ||||||||||||
Apple | 184,000 | 21,309 | ||||||||||
Water Utilities [1.4%] | ||||||||||||
American Water Works | 32,000 | 4,636 | ||||||||||
Wireless Telecommunication Services [1.9%] | ||||||||||||
T-Mobile US * | 55,000 | 6,290 | ||||||||||
Total Common Stock | ||||||||||||
(Cost $153,402) | 312,269 | |||||||||||
Short-Term Investment** [6.1%] | ||||||||||||
SEI Daily Income Trust Government Fund, Cl F, 0.010% | 20,204,214 | 20,204 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $20,204) | 20,204 | |||||||||||
Total Investments [100.0%] | ||||||||||||
(Cost $173,606) | $ | 332,473 | ||||||||||
Percentages are based on Net Assets of $332,391 (000).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of September 30, 2020. |
(A) | Security is a Master Limited Partnership. At September 30, 2020, such securities amounted to $4,542 (000), or 1.4% of the net assets of the Fund. |
ADR — American Depositary Receipt
Cl — Class
As of September 30, 2020, 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 year ended September 30, 2020, there have been no transfers in or out of Level 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 133
statements of assets and liabilities (000) |
September 30, 2020 |
| City National | City National | City National | City National | ||||||||||||
ASSETS: | ||||||||||||||||
Cost of securities (including affiliated investments and repurchase agreements) | $ | 4,160,995 | $ | 38,385 | $ | 128,405 | $ | 73,867 | ||||||||
Investments in securities, at value | $ | 3,279,995 | $ | 39,863 | $ | 129,593 | $ | 77,160 | ||||||||
Repurchase agreements, at value | 881,000 | — | — | — | ||||||||||||
Affiliated Investments, at value | — | — | 3,545 | — | ||||||||||||
Dividend and interest receivable | 231 | 183 | 937 | 935 | ||||||||||||
Receivable for investment securities sold | — | 1,305 | — | — | ||||||||||||
Receivable for capital shares sold | — | 42 | 151 | 371 | ||||||||||||
Foreign tax reclaim receivable | — | — | 9 | — | ||||||||||||
Receivable due from investment adviser | — | 24 | — | 19 | ||||||||||||
Prepaid expenses | 844 | 1 | 2 | 1 | ||||||||||||
Total Assets | $ | 4,162,070 | $ | 41,418 | $ | 134,237 | $ | 78,486 | ||||||||
LIABILITIES: | ||||||||||||||||
Payable for income distributions | $ | 27 | $ | 27 | $ | 131 | $ | 68 | ||||||||
Payable for capital shares redeemed | — | 65 | 374 | 1 | ||||||||||||
Payable for investment securities purchased | — | 1,249 | — | — | ||||||||||||
Investment advisory fees payable | 134 | — | 11 | — | ||||||||||||
Shareholder servicing and distribution fees payable | 838 | 9 | 30 | 28 | ||||||||||||
Administrative fees payable | 68 | 15 | 16 | 15 | ||||||||||||
Trustee fees payable | — | 2 | 2 | 2 | ||||||||||||
Accrued expenses | 196 | 15 | 19 | 20 | ||||||||||||
Total Liabilities | $ | 1,263 | $ | 1,382 | $ | 583 | $ | 134 | ||||||||
Net Assets | $ | 4,160,807 | $ | 40,036 | $ | 133,654 | $ | 78,352 | ||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 4,160,780 | $ | 39,324 | $ | 129,730 | $ | 74,926 | ||||||||
Total distributable earnings | 27 | 712 | 3,924 | 3,426 | ||||||||||||
Net Assets | $ | 4,160,807 | $ | 40,036 | $ | 133,654 | $ | 78,352 | ||||||||
Class N Shares: | ||||||||||||||||
Net Assets | $ | 523,559 | $ | 2,890 | $ | 11,827 | $ | 7,417 | ||||||||
Total shares outstanding at end of year | 523,551 | 265 | 1,097 | 677 | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 1.00 | $ | 10.91 | $ | 10.79 | * | $ | 10.96 | |||||||
Class S Shares: | ||||||||||||||||
Net Assets | $ | 421,153 | $ | — | $ | — | $ | — | ||||||||
Total shares outstanding at end of year | 421,145 | — | — | — | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||
Servicing Class Shares: | ||||||||||||||||
Net Assets | $ | 3,216,095 | $ | 37,146 | $ | 121,827 | $ | 70,935 | ||||||||
Total shares outstanding at end of year | 3,216,087 | 3,412 | 11,313 | 6,493 | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 1.00 | $ | 10.89 | $ | 10.77 | $ | 10.93 | * | |||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
* | NAV per share as of September 30, 2020 does not calculate to the stated NAV per share due to rounding of net assets and shares. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 134
statements of assets and liabilities (000)/ |
September 30, 2020 |
City National | City National | City National | City National | |||||||||||||
ASSETS: | ||||||||||||||||
Cost of securities (including affiliated investments and repurchase agreements) | $ | 1,619,515 | $ | 98,927 | $ | 4,006,162 | $ | 283,817 | ||||||||
Investments in securities, at value | $ | 1,663,453 | $ | 102,102 | $ | 3,763,078 | $ | 250,215 | ||||||||
Affiliated Investments, at value | — | 2,879 | — | — | ||||||||||||
Cash | — | — | 3,268 | — | ||||||||||||
Foreign currency(1) | — | — | 10,124 | — | ||||||||||||
Dividend and interest receivable | 20,350 | 695 | 44,246 | 5,816 | ||||||||||||
Foreign tax reclaim receivable | — | 2 | 342 | — | ||||||||||||
Receivable for capital shares sold | 4,648 | 178 | 11,089 | — | ||||||||||||
Receivable for investment securities sold | 9,062 | — | 40,204 | 5,546 | ||||||||||||
Unrealized gain on forward foreign currency contracts | — | — | 5,629 | 83 | ||||||||||||
Prepaid expenses | 24 | 2 | 56 | 5 | ||||||||||||
Total Assets | $ | 1,697,537 | $ | 105,858 | $ | 3,878,036 | $ | 261,665 | ||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | $ | 28,241 | $ | — | $ | 116,156 | $ | 2,889 | ||||||||
Payable for income distributions | 2,454 | — | — | 605 | ||||||||||||
Payable for capital shares redeemed | 2,806 | 473 | 18,211 | 505 | ||||||||||||
Unrealized loss on forward foreign currency contracts | — | — | 890 | 67 | ||||||||||||
Investment advisory fees payable | 678 | 1 | 1,534 | 90 | ||||||||||||
Shareholder servicing and distribution fees payable | 559 | 41 | 1,590 | 55 | ||||||||||||
Trustee fees payable | 4 | 2 | — | 2 | ||||||||||||
Administrative fees payable | 36 | 16 | 65 | 18 | ||||||||||||
Accrued expenses | 123 | 21 | 489 | 36 | ||||||||||||
Total Liabilities | $ | 34,901 | $ | 554 | $ | 138,935 | $ | 4,267 | ||||||||
Net Assets | $ | 1,662,636 | $ | 105,304 | $ | 3,739,101 | $ | 257,398 | ||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 1,677,570 | $ | 99,305 | $ | 4,270,362 | $ | 295,533 | ||||||||
Total distributable earnings/(loss) | (14,934 | ) | 5,999 | (531,261 | ) | (38,135 | ) | |||||||||
Net Assets | $ | 1,662,636 | $ | 105,304 | $ | 3,739,101 | $ | 257,398 | ||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | — | $ | 5,609 | $ | — | $ | — | ||||||||
Total shares outstanding at end of year | — | 203 | — | — | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | — | $ | 27.57 | * | $ | — | $ | — | |||||||
Class N Shares: | ||||||||||||||||
Net Assets | $ | 1,053,948 | $ | 99,695 | $ | 3,739,101 | $ | — | ||||||||
Total shares outstanding at end of year | 99,342 | 3,615 | 165,648 | — | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 10.61 | $ | 27.58 | $ | 22.57 | $ | — | ||||||||
Servicing Class Shares: | ||||||||||||||||
Net Assets | $ | 608,688 | $ | — | $ | — | $ | — | ||||||||
Total shares outstanding at end of year | 57,342 | — | — | — | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 10.62 | $ | — | $ | — | $ | — | ||||||||
Class Y Shares: | ||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | 257,398 | ||||||||
Total shares outstanding at end of year | — | — | — | 30,114 | ||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | — | $ | — | $ | — | $ | 8.55 | ||||||||
* | NAV per share as of September 30, 2020 does not calculate to the stated NAV per share due to rounding of net assets and shares. |
(1) | Cost of foreign currency $10,110 (000). |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 135
statements of assets and liabilities (000) |
September 30, 2020 |
City National | City National | |||||||
ASSETS: | ||||||||
Cost of securities | $ | 174,371 | $ | 173,606 | ||||
Investments in securities, at value | $ | 221,178 | $ | 332,473 | ||||
Cash | 35 | — | ||||||
Dividend and interest receivable | 422 | 50 | ||||||
Foreign tax reclaim receivable | 34 | 15 | ||||||
Receivable for capital shares sold | 1,067 | 389 | ||||||
Prepaid expenses | 4 | 5 | ||||||
Total Assets | $ | 222,740 | $ | 332,932 | ||||
LIABILITIES: | ||||||||
Payable for capital shares redeemed | $ | 417 | $ | 276 | ||||
Investment advisory fees payable | 92 | 109 | ||||||
Shareholder servicing and distribution fees payable | 92 | 102 | ||||||
Payable to custodian | — | 5 | ||||||
Administrative fees payable | 17 | 19 | ||||||
Trustee fees payable | 2 | 2 | ||||||
Accrued expenses | 23 | 28 | ||||||
Total Liabilities | $ | 643 | $ | 541 | ||||
Net Assets | $ | 222,097 | $ | 332,391 | ||||
NET ASSETS: | ||||||||
Paid-in Capital (unlimited authorization — $0.01 par value) | $ | 183,520 | $ | 174,676 | ||||
Total distributable earnings | 38,577 | 157,715 | ||||||
Net Assets | $ | 222,097 | $ | 332,391 | ||||
Institutional Class Shares: | ||||||||
Net Assets | $ | — | $ | 5,633 | ||||
Total shares outstanding at end of year | — | 268 | ||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | — | $ | 20.99 | * | |||
Class N Shares: | ||||||||
Net Assets | $ | 222,097 | $ | 171,355 | ||||
Total shares outstanding at end of year | 6,252 | 8,267 | ||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | 35.52 | $ | 20.73 | ||||
Servicing Class Shares: | ||||||||
Net Assets | $ | — | $ | 155,403 | ||||
Total shares outstanding at end of year | — | 7,481 | ||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | $ | — | $ | 20.77 | ||||
Amounts designated as “—” are either $0 or have been rounded to $0.
* | NAV per share as of September 30, 2020 does not calculate to the stated NAV per share due to rounding of net assets and shares. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 136
statements of operations (000) |
For the year ended September 30, 2020 |
| City National | City National | City National | City National | ||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | — | $ | 3 | $ | 24 | $ | 9 | ||||||||
Dividend Income from Affiliated Investments | — | — | 212 | — | ||||||||||||
Interest Income | 26,949 | 761 | 3,320 | 1,627 | ||||||||||||
Total Investment Income | 26,949 | 764 | 3,556 | 1,636 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment Advisory Fees | 9,303 | 181 | 530 | 218 | ||||||||||||
Shareholder Servicing Fees — Class N(1) | 2,185 | 14 | 52 | 38 | ||||||||||||
Shareholder Servicing Fees — Class S(1) | 2,557 | — | — | — | ||||||||||||
Shareholder Servicing Fees — Servicing Class | 7,038 | 98 | 306 | 183 | ||||||||||||
Administration Fees | 754 | 171 | 186 | 177 | ||||||||||||
Transfer Agent Fees | 222 | 3 | 8 | 5 | ||||||||||||
Trustee Fees | 162 | 34 | 37 | 35 | ||||||||||||
Professional Fees | 377 | 18 | 27 | 22 | ||||||||||||
Custody Fees | 141 | 2 | 5 | 4 | ||||||||||||
Registration Fees | 188 | 2 | 5 | 3 | ||||||||||||
Printing Fees | 55 | — | 1 | 1 | ||||||||||||
Insurance and Other Expenses | 367 | 8 | 18 | 23 | ||||||||||||
Total Expenses | 23,349 | 531 | 1,175 | 709 | ||||||||||||
Less, Waivers of: | ||||||||||||||||
Investment Advisory Fees | (4,695 | ) | (181 | ) | (144 | ) | (181 | ) | ||||||||
Shareholder Servicing Fees — Class N(1) | (1,430 | ) | — | — | — | |||||||||||
Shareholder Servicing Fees — Class S(1) | (1,438 | ) | — | — | — | |||||||||||
Shareholder Servicing Fees — Servicing Class | (3,851 | ) | — | — | — | |||||||||||
Reimbursement of Expenses from Investment Advisor | — | (15 | ) | — | — | |||||||||||
Net Expenses | 11,935 | 335 | 1,031 | 528 | ||||||||||||
Net Investment Income | 15,014 | 429 | 2,525 | 1,108 | ||||||||||||
Net Realized Gain: | ||||||||||||||||
Security Transactions | — | 114 | 873 | 427 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | — | 1,157 | 2,402 | 673 | ||||||||||||
Affiliated Investments | — | — | (259 | ) | — | |||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 15,014 | $ | 1,700 | $ | 5,541 | $ | 2,208 | ||||||||
(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 137
statements of operations (000)/ |
For the year ended September 30, 2020 |
City National | City National | City National | City National | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | 343 | $ | 30 | $ | 6,022 | $ | 45 | ||||||||
Dividend Income from Affiliates | — | 81 | — | — | ||||||||||||
Interest Income | 67,664 | 3,070 | 270,675 | 29,006 | ||||||||||||
Less: Foreign Taxes Withheld | — | (1 | ) | (440 | ) | (22 | ) | |||||||||
Total Investment Income | 68,007 | 3,180 | 276,257 | 29,029 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment Advisory Fees | 7,723 | 449 | 17,814 | 1,331 | ||||||||||||
Shareholder Servicing Fees — Class N(1) | 4,825 | 536 | 17,814 | — | ||||||||||||
Shareholder Servicing Fees — Servicing Class | 1,449 | — | — | — | ||||||||||||
Shareholder Servicing Fees — Class Y | — | — | — | 665 | ||||||||||||
Administration Fees | 420 | 182 | 831 | 208 | ||||||||||||
Transfer Agent Fees | 94 | 7 | 219 | 17 | ||||||||||||
Trustee Fees | 45 | 36 | 197 | 41 | ||||||||||||
Professional Fees | 164 | 26 | 1,021 | 37 | ||||||||||||
Custody Fees | 59 | 4 | 562 | 44 | ||||||||||||
Registration Fees | 63 | 5 | 150 | 8 | ||||||||||||
Printing Fees | 20 | 1 | 47 | 4 | ||||||||||||
Offering Costs | — | — | — | 87 | ||||||||||||
Insurance and Other Expenses | 311 | 23 | 727 | 28 | ||||||||||||
Total Expenses | 15,173 | 1,269 | 39,382 | 2,470 | ||||||||||||
Less, Waivers of: | ||||||||||||||||
Investment Advisory Fees | — | (160 | ) | (384 | ) | (32 | ) | |||||||||
Net Expenses | 15,173 | 1,109 | 38,998 | 2,438 | ||||||||||||
Net Investment Income | 52,834 | 2,071 | 237,259 | 26,591 | ||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Securities Transactions | (38,887 | ) | 2,437 | (92,799 | ) | (4,122 | ) | |||||||||
Swap Contracts | — | — | 39 | — | ||||||||||||
Forward Foreign Currency Contracts | — | — | (27,079 | ) | (498 | ) | ||||||||||
Foreign Currency Transactions | — | — | (12,034 | ) | (340 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | (9,731 | ) | 1,607 | (184,807 | ) | (27,702 | ) | |||||||||
Affiliated Investments | — | 379 | — | — | ||||||||||||
Forward Foreign Currency Contracts | — | — | 774 | (49 | ) | |||||||||||
Foreign Currency Translations | — | — | (143 | ) | 3 | |||||||||||
Swap Contracts | — | — | (260 | ) | — | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,216 | $ | 6,494 | $ | (79,050 | ) | $ | (6,117 | ) | ||||||
(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 138
statements of operations (000) |
For the year ended September 30, 2020 |
City National | City National | |||||||
INVESTMENT INCOME: | ||||||||
Dividend Income | $ | 7,156 | $ | 4,101 | ||||
Interest Income | 11 | — | ||||||
Less: Foreign Taxes Withheld | (16 | ) | — | |||||
Total Investment Income | 7,151 | 4,101 | ||||||
EXPENSES: | ||||||||
Investment Advisory Fees | 1,152 | 1,267 | ||||||
Shareholder Servicing Fees — Class N(1) | 1,152 | 797 | ||||||
Shareholder Servicing Fees — Servicing Class | — | 389 | ||||||
Administration Fees | 202 | 216 | ||||||
Transfer Agent Fees | 14 | 19 | ||||||
Trustee Fees | 38 | 79 | ||||||
Professional Fees | 37 | 45 | ||||||
Custody Fees | 9 | 13 | ||||||
Registration Fees | 10 | 13 | ||||||
Printing Fees | 3 | 4 | ||||||
Insurance and Other Expenses | 26 | 35 | ||||||
Total Expenses | 2,643 | 2,877 | ||||||
Less, Waivers of: | ||||||||
Recovery of Investment Advisory Fees Previously Waived | 12 | — | ||||||
Net Expenses | 2,655 | 2,877 | ||||||
Net Investment Income | 4,496 | 1,224 | ||||||
Net Realized Loss from: | ||||||||
Securities Transactions | (9,768 | ) | (1,138 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||
Investments | (20,233 | ) | 32,839 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (25,505 | ) | $ | 32,925 | |||
(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 139
statements of changes in net assets (000) |
For the year ended September 30, 2020 |
City National | City National | |||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | $ | 15,014 | $ | 65,000 | $ | 429 | $ | 540 | ||||||||||||||||||||||||||||||||||||
Net Realized Gain (Loss) from Security Transactions | — | — | 114 | (165 | ) | |||||||||||||||||||||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments | — | — | 1,157 | 1,766 | ||||||||||||||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 15,014 | 65,000 | 1,700 | 2,141 | ||||||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS: | ||||||||||||||||||||||||||||||||||||||||||||
Class N | (1,077 | ) | (7,721 | ) | (24 | ) | (25 | ) | ||||||||||||||||||||||||||||||||||||
Class S | (1,124 | ) | (8,434 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Servicing Class | (12,791 | ) | (48,847 | ) | (434 | ) | (568 | ) | ||||||||||||||||||||||||||||||||||||
Total Distributions | (14,992 | ) | (65,002 | ) | (458 | ) | (593 | ) | ||||||||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS:(1) | ||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | — | — | 11 | 1 | ||||||||||||||||||||||||||||||||||||||||
Shares Redeemed | — | — | (13 | ) | — | |||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets from Institutional Class Share Transactions | — | — | (2 | ) | 1 | |||||||||||||||||||||||||||||||||||||||
Class N: | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | 920,464 | 1,704,701 | 271 | 977 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 1,077 | 6,502 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||
Shares Redeemed | (618,068 | ) | (2,485,710 | ) | (313 | ) | (231 | ) | ||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets from Class N Share Transactions | 303,473 | (774,507 | ) | (22 | ) | 766 | ||||||||||||||||||||||||||||||||||||||
Class S: | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | 1,321,522 | 3,267,637 | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares Issued in Lieu of Dividends and Distributions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares Redeemed | (1,186,148 | ) | (4,052,336 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets from Class S Share Transactions | 135,374 | (784,699 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Servicing Class: | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | 7,218,391 | 9,070,868 | 4,277 | 6,831 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 10,485 | 34,041 | 54 | 62 | ||||||||||||||||||||||||||||||||||||||||
Shares Redeemed | (6,049,690 | ) | (10,010,994 | ) | (9,016 | ) | (21,435 | ) | ||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets from Servicing Class Share Transactions | 1,179,186 | (906,085 | ) | (4,685 | ) | (14,542 | ) | |||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Share Transactions | 1,618,033 | (2,465,291 | ) | (4,709 | ) | (13,775 | ) | |||||||||||||||||||||||||||||||||||||
Total Increase (Decrease) in Net Assets | 1,618,055 | (2,465,293 | ) | (3,467 | ) | (12,227 | ) | |||||||||||||||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning of Year | 2,542,752 | 5,008,045 | 43,503 | 55,730 | ||||||||||||||||||||||||||||||||||||||||
End of Year | $ | 4,160,807 | $ | 2,542,752 | $ | 40,036 | $ | 43,503 | ||||||||||||||||||||||||||||||||||||
(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 140
City National | City National | City National | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
| $ | 2,525 | $ | 3,096 | $ | 1,108 | $ | 1,279 | $ | 52,834 | $ | 48,673 | ||||||||||||
| 873 | (489 | ) | 427 | 83 | (38,887 | ) | (3,438 | ) | |||||||||||||||
| 2,143 | 4,722 | 673 | 2,793 | (9,731 | ) | 52,266 | |||||||||||||||||
| 5,541 | 7,329 | 2,208 | 4,155 | 4,216 | 97,501 | ||||||||||||||||||
| (172 | ) | (170 | ) | (88 | ) | (101 | ) | (32,117 | ) | (29,069 | ) | ||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||
| (2,376 | ) | (2,909 | ) | (1,021 | ) | (1,179 | ) | (20,716 | ) | (20,548 | ) | ||||||||||||
| (2,548 | ) | (3,079 | ) | (1,109 | ) | (1,280 | ) | (52,833 | ) | (49,617 | ) | ||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||
| 3,821 | 3,726 | 1,075 | 2,029 | 332,651 | 257,970 | ||||||||||||||||||
| 146 | 139 | 50 | 53 | 19,769 | 17,835 | ||||||||||||||||||
| (1,330 | ) | (2,260 | ) | (1,996 | ) | (1,928 | ) | (163,321 | ) | (165,088 | ) | ||||||||||||
| 2,637 | 1,605 | (871 | ) | 154 | 189,099 | 110,717 | |||||||||||||||||
| 18,867 | — | — | — | — | — | ||||||||||||||||||
| 251 | — | — | — | — | — | ||||||||||||||||||
| (24,751 | ) | — | — | — | — | — | |||||||||||||||||
| (5,633 | ) | — | — | — | — | — | |||||||||||||||||
| — | 17,555 | 15,197 | 20,285 | 148,790 | 123,317 | ||||||||||||||||||
| — | 294 | 164 | 187 | 2,539 | 2,683 | ||||||||||||||||||
| — | (29,644 | ) | (22,467 | ) | (24,861 | ) | (94,095 | ) | (85,954 | ) | |||||||||||||
| — | (11,795 | ) | (7,106 | ) | (4,389 | ) | 57,234 | 40,046 | |||||||||||||||
| (2,996 | ) | (10,190 | ) | (7,977 | ) | (4,235 | ) | 246,333 | 150,763 | ||||||||||||||
| (3 | ) | (5,940 | ) | (6,878 | ) | (1,360 | ) | 197,716 | 198,647 | ||||||||||||||
| 133,657 | 139,597 | 85,230 | 86,590 | 1,464,920 | 1,266,273 | ||||||||||||||||||
| $ | 133,654 | $ | 133,657 | $ | 78,352 | $ | 85,230 | $ | 1,662,636 | $ | 1,464,920 | ||||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 141
statements of changes in net assets (000)/ |
For the year ended September 30, 2020 |
City National | City National | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
OPERATIONS: | ||||||||||||||||
Net Investment Income | $ | 2,071 | $ | 3,268 | $ | 237,259 | $ | 172,840 | ||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Security Transactions and Swap Contracts | 2,437 | (653 | ) | (92,760 | ) | 3,468 | ||||||||||
Forward Currency Contracts and Foreign Currency Transactions | — | — | (39,113 | ) | 10,401 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments, Affiliated Investments, and Swap Contracts | 1,986 | 7,436 | (185,067 | ) | (75,165 | ) | ||||||||||
Forward Foreign Currency Contracts and Foreign Currency Translations | — | — | 631 | 3,001 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,494 | 10,051 | (79,050 | ) | 114,545 | |||||||||||
DISTRIBUTIONS: | ||||||||||||||||
Distributions: | ||||||||||||||||
Institutional Class | (121 | ) | (121 | ) | — | — | ||||||||||
Class N | (1,938 | ) | (3,216 | ) | (211,921 | ) | (182,595 | ) | ||||||||
Servicing Class | — | — | — | — | ||||||||||||
Class Y | — | — | — | — | ||||||||||||
Return of Capital: | ||||||||||||||||
Class N | — | — | — | — | ||||||||||||
Servicing Class | — | — | — | — | ||||||||||||
Class Y | — | — | — | — | ||||||||||||
Total Distributions | (2,059 | ) | (3,337 | ) | (211,921 | ) | (182,595 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS:(1) | ||||||||||||||||
Institutional Class: | ||||||||||||||||
Shares Issued | 2,333 | 279 | — | — | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 50 | 57 | — | — | ||||||||||||
Shares Redeemed | (1,332 | ) | (703 | ) | — | — | ||||||||||
Increase (Decrease) in Net Assets from Institutional Class Share Transactions | 1,051 | (367 | ) | — | — | |||||||||||
Class N: | ||||||||||||||||
Shares Issued | 25,669 | 22,792 | 1,621,835 | 1,027,567 | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 1,894 | 3,126 | 162,832 | 137,447 | ||||||||||||
Shares Redeemed | (46,759 | ) | (97,171 | ) | (1,170,706 | ) | (683,460 | ) | ||||||||
Increase (Decrease) in Net Assets from Class N Share Transactions | (19,196 | ) | (71,253 | ) | 613,961 | 481,554 | ||||||||||
Servicing Class: | ||||||||||||||||
Shares Issued | — | — | — | — | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | — | — | — | — | ||||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
Increase (Decrease) in Net Assets from Servicing Class Share Transactions | — | — | — | — | ||||||||||||
Class Y: | ||||||||||||||||
Shares Issued | — | — | — | — | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | — | — | — | — | ||||||||||||
Redemption Fees | — | — | — | — | ||||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
Increase in Net Assets from Class Y Share Transactions | — | — | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets from Share Transactions | (18,145 | ) | (71,620 | ) | 613,961 | 481,554 | ||||||||||
Total Increase (Decrease) in Net Assets | (13,710 | ) | (64,906 | ) | 322,990 | 413,504 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of Year/Period | 119,014 | 183,920 | 3,416,111 | 3,002,607 | ||||||||||||
End of Year/Period | $ | 105,304 | $ | 119,014 | $ | 3,739,101 | $ | 3,416,111 | ||||||||
(1) | See Note 9 for shares issued and redeemed. |
(2) | Commenced operations on May 14, 2019. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 142
City National | City National | City National | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
| $ | 26,591 | $ | 3,694 | $ | 4,496 | $ | 5,603 | $ | 1,224 | $ | 2,093 | ||||||||||||
| (4,122 | ) | 266 | (9,768 | ) | 3,752 | (1,138 | ) | 8,295 | |||||||||||||||
| (838 | ) | 262 | — | — | — | — | |||||||||||||||||
| (27,702 | ) | (5,900 | ) | (20,233 | ) | 15,506 | 32,839 | 22,682 | |||||||||||||||
| (46 | ) | 62 | — | — | — | — | |||||||||||||||||
| (6,117 | ) | (1,616 | ) | (25,505 | ) | 24,861 | 32,925 | 33,070 | |||||||||||||||
| — | — | — | — | (22 | ) | (2 | ) | ||||||||||||||||
| — | — | (6,933 | ) | (14,470 | ) | (4,592 | ) | (6,426 | ) | ||||||||||||||
| — | — | — | — | (4,920 | ) | (7,281 | ) | ||||||||||||||||
| (26,735 | ) | (3,667 | ) | — | — | — | — | ||||||||||||||||
| — | — | (2,077 | ) | — | (10 | ) | — | ||||||||||||||||
| — | — | — | — | (16 | ) | — | |||||||||||||||||
| (3,741 | ) | — | — | — | — | — | |||||||||||||||||
| (30,476 | ) | (3,667 | ) | (9,010 | ) | (14,470 | ) | (9,560 | ) | (13,709 | ) | ||||||||||||
| — | — | — | — | 5,254 | 404 | ||||||||||||||||||
| — | — | — | — | 17 | 3 | ||||||||||||||||||
| — | — | — | — | (550 | ) | (16 | ) | ||||||||||||||||
| — | — | — | — | 4,721 | 391 | ||||||||||||||||||
| — | — | 58,381 | 38,525 | 35,598 | 21,403 | ||||||||||||||||||
| — | — | 5,846 | 9,328 | 4,013 | 5,622 | ||||||||||||||||||
| — | — | (54,769 | ) | (50,529 | ) | (37,715 | ) | (25,401 | ) | ||||||||||||||
| — | — | 9,458 | (2,676 | ) | 1,896 | 1,624 | |||||||||||||||||
| — | — | — | — | 19,982 | 25,726 | ||||||||||||||||||
| — | — | — | — | 370 | 492 | ||||||||||||||||||
| — | — | — | — | (40,980 | ) | (25,713 | ) | ||||||||||||||||
| — | — | — | — | (20,628 | ) | 505 | |||||||||||||||||
| 83,486 | 226,273 | — | — | — | — | ||||||||||||||||||
| 17,969 | 2,176 | — | — | — | — | ||||||||||||||||||
| 8 | — | — | — | — | — | ||||||||||||||||||
| (28,584 | ) | (2,054 | ) | — | — | — | — | ||||||||||||||||
| 72,879 | 226,395 | — | — | — | — | ||||||||||||||||||
| 72,879 | 226,395 | 9,458 | (2,676 | ) | (14,011 | ) | 2,520 | ||||||||||||||||
| 36,286 | 221,112 | (25,057 | ) | 7,715 | 9,354 | 21,881 | |||||||||||||||||
| 221,112 | — | 247,154 | 239,439 | 323,037 | 301,156 | ||||||||||||||||||
| $ | 257,398 | $ | 221,112 | $ | 222,097 | $ | 247,154 | $ | 332,391 | $ | 323,037 | ||||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 143
consolidated statement of cash flows (000) |
For the year ended September 30, 2020 |
| City National | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net decrease in net assets from operations | $ | (79,050 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities: | ||||
Purchase of investment securities | (9,249,076 | ) | ||
Proceeds from disposition of investment securities | 8,624,348 | |||
Amortization (accretion of market discount) | (66,993 | ) | ||
Premium payments | (23,133 | ) | ||
Net realized loss on investments | 92,799 | |||
Net change in unrealized appreciation on investments | 184,807 | |||
Changes in assets: | ||||
Repurchase agreements | 100,000 | |||
Variation margin receivable | 26 | |||
Dividend and interest receivable | (4,986 | ) | ||
Foreign Tax Reclaim receivable | (148 | ) | ||
Unrealized gain on forward foreign currency contracts | 950 | |||
Unrealized gain on spot contracts | 7 | |||
Prepaid expenses | (15 | ) | ||
Changes in liabilities: | ||||
Variation margin payable | (830 | ) | ||
Unrealized loss on forward foreign currency contracts | (1,723 | ) | ||
Unrealized loss on spot contracts | (17 | ) | ||
Investment advisory fees payable | 202 | |||
Shareholder servicing and distribution fees payable | 195 | |||
Administrative fees payable | 5 | |||
Accrued expenses | (10 | ) | ||
Net Cash Used in Operating Activities | (422,642 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from shares issued | 1,781,752 | |||
Cost of shares redeemed | (1,152,933 | ) | ||
Distributions | (211,921 | ) | ||
Net cash provided by financing activities | 416,898 | |||
Net change in cash | (5,744 | ) | ||
Cash at beginning of year | 19,136 | |||
Cash at end of year | $ | 13,392 | ||
NON-CASH FINANCING ACTIVITIES: | ||||
Reinvestments of dividends and distributions | $ | 162,832 | ||
The following table provides a reconciliation of cash and foreign currency reported on the statement of assets and liabilities to the total of such amounts shown in this statement of cash flows.
Balance at the end of the year | ||||
Cash | $ | 3,268 | ||
Foreign Currency | 10,124 | |||
Total Cash and Foreign Currency | $ | 13,392 |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 144
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CITY NATIONAL ROCHDALE FUNDS | PAGE 145
financial highlights/consolidated financial highlights |
For a Share Outstanding Throughout Each Year |
| Net Asset | Net | Net | Dividends | Distributions | Net Asset | Total | Net Assets | Ratio of | Ratio of Net | Ratio of Expenses | Portfolio |
City National Rochdale Government Money Market Fund | ||||||||||||
Class N (commenced operations on June 21, 1999) | ||||||||||||
2020 | $ 1.00 | $ 0.003 | $ 0.001 | $ (0.004) | $ — | $ 1.00 | 0.42% | $ 523,559 | 0.38% | 0.27% | 0.88% | —% |
2019 | 1.00 | 0.016 | 0.000* | (0.016) | — | 1.00 | 1.58 | 220,083 | 0.76 | 1.55 | 0.87 | — |
2018 | 1.00 | 0.007 | 0.000* | (0.007) | — | 1.00 | 0.71 | 994,591 | 0.88 | 0.69 | 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 | — |
Class S (commenced operations on October 6, 1999) | ||||||||||||
2020 | $ 1.00 | $ 0.003 | $ 0.000* | $ (0.003) | $ — | $ 1.00 | 0.35% | $ 421,153 | 0.50% | 0.31% | 1.03% | —% |
2019 | 1.00 | 0.014 | 0.000* | (0.014) | — | 1.00 | 1.43 | 285,778 | 0.91 | 1.43 | 1.02 | — |
2018 | 1.00 | 0.006 | 0.000* | (0.006) | — | 1.00 | 0.62 | 1,070,474 | 0.95 | 0.64 | 1.03 | — |
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 | — |
Servicing Class (commenced operations on April 3, 2000)^^ | ||||||||||||
2020 | $ 1.00 | $ 0.005 | $ 0.001 | $ (0.006) | $ — | $ 1.00 | 0.57% | $ 3,216,095 | 0.31% | 0.46% | 0.57% | —% |
2019 | 1.00 | 0.019 | 0.000* | (0.019) | — | 1.00 | 1.89 | 2,036,891 | 0.46 | 1.87 | 0.57 | — |
2018 | 1.00 | 0.011 | 0.000* | (0.011) | — | 1.00 | 1.11 | 2,942,980 | 0.46 | 1.12 | 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 | — |
City National Rochdale Government Bond Fund | ||||||||||||
Class N (commenced operations on April 13, 2000) | ||||||||||||
2020 | $ 10.59 | $ 0.08 | $ 0.33 | $ (0.09) | $ — | $ 10.91 | 3.90% | $ 2,890 | 1.03% | 0.78% | 1.50% | 25% |
2019 | 10.27 | 0.09 | 0.33 | (0.10) | — | 10.59 | 4.12 | 2,827 | 1.03 | 0.87 | 1.35 | 60 |
2018 | 10.49 | 0.07 | (0.19) | (0.09) | (0.01) | 10.27 | (1.21) | 1,984 | 1.03 | 0.72 | 1.25 | 14 |
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 |
Servicing Class (commenced operations on January 14, 2000) | ||||||||||||
2020 | $ 10.57 | $ 0.11 | $ 0.33 | $ (0.12) | $ — | $ 10.89 | 4.17% | $ 37,146 | 0.78% | 1.04% | 1.24% | 25% |
2019 | 10.26 | 0.11 | 0.33 | (0.13) | — | 10.57 | 4.28 | 40,675 | 0.78 | 1.10 | 1.11 | 60 |
2018 | 10.48 | 0.10 | (0.20) | (0.11) | (0.01) | 10.26 | (0.98) | 53,746 | 0.78 | 0.97 | 1.00 | 14 |
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 |
City National Rochdale Corporate Bond Fund | ||||||||||||
Class N (commenced operations on April 13, 2000) | ||||||||||||
2020 | $ 10.53 | $ 0.18 | $ 0.26 | $ (0.18) | $ — | $ 10.79 | 4.21% | $ 11,827 | 1.01% | 1.66% | 1.12% | 35% |
2019 | 10.20 | 0.21 | 0.33 | (0.21) | — | 10.53 | 5.36 | 8,947 | 1.01 | 2.04 | 1.06 | 21 |
2018 | 10.43 | 0.18 | (0.24) | (0.17) | — | 10.20 | (0.55) | 7,065 | 1.01 | 1.72 | 1.12 | 29 |
2017 | 10.52 | 0.16 | (0.09) | (0.16) | — | 10.43 | 0.68 | 5,626 | 1.01 | 1.53 | 1.13 | 26 |
2016 | 10.45 | 0.16 | 0.08 | (0.15) | (0.02) | 10.52 | 2.39 | 3,783 | 1.01 | 1.52 | 1.09 | 30 |
Servicing Class (commenced operations on January 14, 2000) | ||||||||||||
2020 | $ 10.52 | $ 0.20 | $ 0.26 | $ (0.21) | $ — | $ 10.77 | 4.38% | $ 121,827 | 0.76% | 1.93% | 0.87% | 35% |
2019 | 10.19 | 0.24 | 0.33 | (0.24) | — | 10.52 | 5.63 | 124,710 | 0.76 | 2.30 | 0.81 | 21 |
2018 | 10.41 | 0.20 | (0.22) | (0.20) | — | 10.19 | (0.22) | 132,532 | 0.76 | 1.95 | 0.87 | 29 |
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 |
* | 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) | 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 146
|
| Net Asset | Net | Net | Dividends | Distributions | Net Asset | Total | Net Assets | Ratio of | Ratio of Net | Ratio of Expenses | Portfolio |
City National Rochdale California Tax Exempt Bond Fund | ||||||||||||
Class N (commenced operations on April 13, 2000) | ||||||||||||
2020 | $ 10.80 | $ 0.12 | $ 0.16 | $ (0.12) | $ — | $ 10.96 | 2.65% | $ 7,417 | 0.88% | 1.14% | 1.10% | 23% |
2019 | 10.43 | 0.14 | 0.37 | (0.14) | — | 10.80 | 4.90 | 8,185 | 0.88 | 1.29 | 1.06 | 24 |
2018 | 10.64 | 0.13 | (0.21) | (0.13) | — | 10.43 | (0.78) | 7,760 | 0.88 | 1.21 | 1.08 | 26 |
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 |
Servicing Class (commenced operations on January 14, 2000) | ||||||||||||
2020 | $ 10.77 | $ 0.15 | $ 0.16 | $ (0.15) | $ — | $ 10.93 | 2.91% | $ 70,935 | 0.63% | 1.40% | 0.86% | 23% |
2019 | 10.40 | 0.16 | 0.37 | (0.16) | — | 10.77 | 5.17 | 77,045 | 0.63 | 1.55 | 0.81 | 24 |
2018 | 10.61 | 0.15 | (0.21) | (0.15) | — | 10.40 | (0.53) | 78,830 | 0.63 | 1.46 | 0.83 | 3 |
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 |
City National Rochdale Municipal High Income Fund | ||||||||||||
Class N (commenced operations on December 30, 2013) | ||||||||||||
2020 | $ 10.95 | $ 0.35 | $ (0.34) | $ (0.35) | $ — | $ 10.61 | 0.17% | $ 1,053,948 | 1.08% | 3.33% | 1.08% | 45% |
2019 | 10.57 | 0.38 | 0.39 | (0.39) | — | 10.95 | 7.47 | 894,519 | 1.08 | 3.60 | 1.08 | 33 |
2018 | 10.76 | 0.40 | (0.22) | (0.37) | — | 10.57 | 1.73 | 754,819 | 1.07 | 3.76 | 1.07 | 24 |
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 |
Servicing Class (commenced operations on December 30, 2013) | ||||||||||||
2020 | $ 10.95 | $ 0.38 | $ (0.33) | $ (0.38) | $ — | $ 10.62 | 0.52% | $ 608,688 | 0.83% | 3.58% | 0.83% | 45% |
2019 | 10.57 | 0.41 | 0.39 | (0.42) | — | 10.95 | 7.74 | 570,401 | 0.83 | 3.85 | 0.83 | 33 |
2018 | 10.77 | 0.43 | (0.23) | (0.40) | — | 10.57 | 1.89 | 511,454 | 0.82 | 4.01 | 0.82 | 24 |
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 |
City National Rochdale Intermediate Fixed Income Fund | ||||||||||||
Institutional Class (commenced operations on December 20, 2013) | ||||||||||||
2020 | $ 26.52 | $ 0.62 | $ 1.06 | $ (0.63) | $ — | $ 27.57 | 6.45% | $ 5,609 | 0.51% | 2.31% | 0.66% | 49% |
2019 | 25.33 | 0.68 | 1.24 | (0.73) | — | 26.52 | 7.66 | 4,359 | 0.51 | 2.61 | 0.58 | 35 |
2018 | 26.18 | 0.63 | (0.81) | (0.67) | — | 25.33 | (0.70) | 4,528 | 0.51 | 2.45 | 0.55 | 30 |
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 |
Class N (commenced operations on December 31, 1999) | ||||||||||||
2020 | $ 26.52 | $ 0.49 | $ 1.07 | $ (0.50) | $ — | $ 27.58 | 5.95% | $ 99,695 | 1.01% | 1.83% | 1.15% | 49% |
2019 | 25.33 | 0.55 | 1.23 | (0.59) | — | 26.52 | 7.11 | 114,655 | 1.01 | 2.13 | 1.08 | 35 |
2018 | 26.17 | 0.50 | (0.81) | (0.53) | — | 25.33 | (1.18) | 179,392 | 1.01 | 1.95 | 1.05 | 30 |
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 |
City National Rochdale Fixed Income Opportunities Fund (Consolidated) | ||||||||||||
Class N (commenced operations on July 1, 2009) | ||||||||||||
2020 | $ 24.22 | $ 1.53 | $ (1.83) | $ (1.35) | $ — | $ 22.57 | (0.94)% | $ 3,739,101 | 1.10%(5) | 6.66% | 1.11%(5) | 143% |
2019 | 24.72 | 1.36 | (0.45) | (1.41) | — | 24.22 | 3.83 | 3,416,111 | 1.09(5) | 5.53 | 1.10(5) | 180 |
2018 | 25.81 | 1.19 | (0.92) | (1.36) | — | 24.72 | 1.09 | 3,002,607 | 1.09(4) | 4.65 | 1.09(4) | 162 |
2017 | 25.36 | 1.30 | 0.67 | (1.52) | — | 25.81 | 7.99 | 2,740,248 | 1.10(1)(3) | 5.04 | 1.09(3) | 140 |
2016 | 25.22 | 1.28 | 0.65 | (1.79) | — | 25.36 | 8.04 | 2,162,580 | 1.10(2) | 5.15 | 1.10(2) | 124 |
† | 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) | Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
(2) | 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. |
(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 1.08%, 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 1.09%, 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. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 147
financial highlights |
For a Share Outstanding Throughout Each Year or Period |
| Net Asset | Net | Net | Dividends | Distributions | Redemption | Distributions | Net Asset | Total | Net Assets | Ratio of | Ratio | Ratio of | Portfolio |
City National Rochdale Short Term Emerging Markets Debt Fund | ||||||||||||||
Class Y (commenced operations on May 14, 2019) | ||||||||||||||
2020 | $ 9.71 | $ 0.91 | $ (1.03) | $ (0.87) | $ (0.04) | $ —(3) | $ (0.13) | $ 8.55 | (1.16)% | $ 257,398 | 0.92% | 10.00% | 0.93% | 129% |
2019 | 10.00 | 0.24 | (0.30) | (0.23) | — | — | — | 9.71 | (0.61) | 221,112 | 0.98 | 6.41 | 1.01 | 121 |
City National Rochdale Dividend & Income Fund | ||||||||||||||
Class N (commenced operations on June 1, 1999) | ||||||||||||||
2020 | $ 41.01 | $ 0.73 | $ (4.73) | $ (0.79) | $ (0.36) | $ — | $ (0.34) | $ 35.52 | (9.80)% | $ 222,097 | 1.15% | 1.15% | 1.95% | 20% |
2019 | 39.32 | 0.93 | 3.18 | (1.12) | (1.30) | — | — | 41.01 | 11.25 | 247,154 | 1.14 | 2.40 | 1.14 | 3 |
2018 | 40.40 | 1.10 | 0.12 | (1.12) | (1.18) | — | — | 39.32 | 3.10 | 239,439 | 1.14 | 2.79 | 1.14 | 10 |
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 |
City National Rochdale U.S. Core Equity Fund | ||||||||||||||
Institutional Class (commenced operations on December 3, 2012) | ||||||||||||||
2020 | $ 19.32 | $ 0.10 | $ 2.21 | $ (0.14) | $ (0.50) | $ — | $ —^ | $ 20.99 | 12.20% | $ 5,633 | 0.56% | 0.52% | 0.56% | 14% |
2019 | 18.21 | 0.20 | 1.79 | (0.19) | (0.69) | — | — | 19.32 | 12.01 | 443 | 0.52 | 1.07 | 0.52 | 22 |
2018 | 15.83 | 0.17 | 2.60 | (0.18) | (0.21) | — | — | 18.21 | 17.71 | 34 | 0.52 | 0.97 | 0.52 | 18 |
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 |
Class N (commenced operations on December 3, 2012) | ||||||||||||||
2020 | $ 19.10 | $ 0.05 | $ 2.14 | $ (0.06) | $ (0.50) | $ — | $ —^ | $ 20.73 | 11.64% | $ 171,355 | 1.04% | 0.26% | 1.04% | 14% |
2019 | 18.01 | 0.10 | 1.78 | (0.10) | (0.69) | — | — | 19.10 | 11.49 | 157,700 | 1.02 | 0.57 | 1.02 | 22 |
2018 | 15.66 | 0.09 | 2.56 | (0.09) | (0.21) | — | — | 18.01 | 17.12 | 146,533 | 1.02 | 0.51 | 1.02 | 18 |
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 |
Servicing Class (commenced operations on December 3, 2012) | ||||||||||||||
2020 | $ 19.13 | $ 0.10 | $ 2.14 | $ (0.10) | $ (0.50) | $ — | $ —^ | $ 20.77 | 11.91% | $ 155,403 | 0.78% | 0.52% | 0.78% | 14% |
2019 | 18.04 | 0.15 | 1.77 | (0.14) | (0.69) | — | — | 19.13 | 11.74 | 164,894 | 0.77 | 0.83 | 0.77 | 22 |
2018 | 15.69 | 0.13 | 2.56 | (0.13) | (0.21) | — | — | 18.04 | 17.38 | 154,589 | 0.77 | 0.76 | 0.77 | 18 |
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 |
† | Per share calculations are based on Average Shares outstanding throughout the period. |
‡ | Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
^ | Amount represents less than $0.01 per share. |
(1) | Annualized for periods less than one year. |
(2) | Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
(3) | See Note 2 for Redemption Fees |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 148
notes to financial statements/ |
September 30, 2020 |
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 10 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 Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) and City National Rochdale Short Term Emerging Markets Debt Fund (“Short Term Emerging Markets Debt Fund”) (collectively, the “Fixed Income Funds”); and City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”) and City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”) (collectively, the “Equity Funds”).
The investment objective of the Government Money Market Fund is to provide capital preservation. The investment objective of the Government Bond Fund and Corporate Bond Fund is to provide current income as a primary part of a total return intermediate duration strategy. The investment objective of the California Tax Exempt Bond Fund is to provide current income exempt from federal and California state income tax. The investment objective of the Municipal High Income Fund is to provide a high level of current income that is not subject to federal income tax. The investment objective of the Intermediate Fixed Income Fund is to provide current income and capital appreciation. The investment objective of the Fixed Income Opportunities Fund is to provide a high level of current income. The investment objective of the Short Term Emerging Markets Debt Fund is to provide interest income and capital preservation in order to achieve positive total returns. The investment objective of the Dividend & Income Fund is to provide significant income and a secondary focus on long-term capital appreciation. The investment objective of the U.S. Core Equity Fund is to provide long-term capital appreciation.
The City National Rochdale Government Bond Fund, Institutional Class was liquidated on June 12, 2020.
The Trust is registered to offer: Class N shares of the Funds except for Short Term Emerging Markets Debt Fund; Servicing Class shares of the Funds except for Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Short Term Emerging Markets Debt Fund and Dividend & Income Fund; Institutional Class shares of Intermediate Fixed Income and U.S. Core Equity Fund; Class S shares of the Government Money Market Fund; Class Y shares of the Short Term Emerging Markets Debt Fund.
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, which is 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 149
notes to financial statements/ |
September 30, 2020 |
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 the 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 the 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. 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 year ended September 30, 2020, 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 uses 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 150
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) based upon a combination of the above, depending on the nature of the expenditure.
Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.
Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Government Money Market Fund and Fixed Income Funds, except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Equity Funds. 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 transactions. The Funds do not isolate the portion of gains and losses on investments that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investments. 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 the 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 Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund have entered into master netting arrangements, established within the Fixed Income Opportunities Fund’s and the Short Term Emerging Markets Debt Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt 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 Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt 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 agreements, the cash and/or securities will be made available to the Fixed Income Opportunities Fund and/or the Short Term Emerging Markets Debt Fund.
For financial reporting purposes, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt 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.
CITY NATIONAL ROCHDALE FUNDS | PAGE 151
notes to financial statements/ |
September 30, 2020 |
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 marked to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund, or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt 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 Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund, if any, is noted in the Schedules 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 the amounts due to the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund from the Funds’ counterparties are not fully collateralized, contractually or otherwise, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt 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 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/Consolidated Statement of Assets and Liabilities. As of September 30, 2020, there were no open futures contracts.
Swap Agreements – A Fund may invest in swap agreements as a non-principal investment strategy. A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon measures such as prices, interest rates or indices. The nominal amount on which these cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indices or inflation rates.
Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.
Generally, a swap agreement has a fixed maturity date that is agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.
A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund will cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will
CITY NATIONAL ROCHDALE FUNDS | PAGE 152
segregate assets with a daily value at least equal to the excess, if any, of the Fund’s accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of the Fund’s accrued obligations under the agreement.
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/Consolidated 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 realized gain or loss.
The net realized gain or loss on options contracts is reflected in the Statements of Operations/Consolidated 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 Statements of Operations/Consolidated Statement of Operations. Realized and changes in unrealized gains or losses on options contracts during the period as disclosed in the Statements of Operations/Consolidated Statement of Operations, serve as indicators of the volume of derivative activity for a Fund. As of September 30, 2020 and for the year then ended, 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. While restricted securities are generally presumed to be illiquid, it may be determined that a particular restricted security is liquid. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by a Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. Federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from certain mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities, and gains from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sectors.
Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in
CITY NATIONAL ROCHDALE FUNDS | PAGE 153
notes to financial statements/ |
September 30, 2020 |
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 Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights.
The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at September 30, 2020, were $169,972,620, which represented 4.5% of the net assets of the Fixed Income Opportunities Fund.
Investments in Affiliated Securities – The Fixed Income Funds and Equity Funds may invest excess cash in the Government Money Market Fund, the Municipal High Income Fund and / or the Fixed Income Opportunities Fund.
Redemption Fees – The Short Term Emerging Markets Debt Fund retains a redemption fee of 2.00% on redemptions of capital shares held for less than 90 days. For the year ended September 30, 2020, the Fund retained $8 (000). Such fees are retained by the Fund for the benefit of the remaining shareholders and are recorded as additions to fund capital.
3. | DERIVATIVE TRANSACTIONS |
The following tables include only Funds that had exposure to more than one type of risk from derivatives held throughout the year. For Funds that held derivatives throughout the year with exposure to only one type of risk, additional information can be found on the Schedule of Investments/Consolidated Schedule of Investments and the Statements of Operations/Consolidated Statement of Operations.
The fair value of derivative instruments as of September 30, 2020, was as follows:
| Asset |
| Liability |
| ||||||
| Consolidated | Fair Value | Consolidated | Fair Value | ||||||
Derivatives not accounted for as hedging instruments: | ||||||||||
Fixed Income Opportunities Fund | ||||||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | $ | 5,629 | Unrealized loss on forward foreign currency contracts | $ | 890 | ||||
Total derivatives not accounted for as hedging instruments | $ | 5,629 | $ | 890 | ||||||
Amount of realized gain or (loss) on derivatives recognized in income (000):
Derivatives not accounted for | Forward | Swaps | Total | |||||||||
Fixed Income Opportunities Fund | ||||||||||||
Interest rate contracts | $ | — | $ | 39 | $ | 39 | ||||||
Foreign exchange contracts | (27,079 | ) | — | (27,079 | ) | |||||||
Total | $ | (27,079 | ) | $ | 39 | $ | (27,040 | ) | ||||
Change in unrealized appreciation or (depreciation) on derivatives recognized in income (000):
Derivatives not accounted for | Forward | Swaps | Total | |||||||||
Fixed Income Opportunities Fund | ||||||||||||
Interest rate contracts | $ | — | $ | (260 | ) | $ | (260 | ) | ||||
Foreign exchange contracts | 774 | — | 774 | |||||||||
Total | $ | 774 | $ | (260 | ) | $ | 514 | |||||
The following table discloses the volume of the Funds’ forward foreign currency contracts activity during the year ended September 30, 2020 (000):
Fixed Income Opportunities Fund |
| |||
Forwards: | ||||
Average Notional Balance Long | $ | 19,426 | ||
Average Notional Balance Short | 433,436 | |||
Ending Notional Balance Long | 58,311 | |||
Ending Notional Balance Short | 548,335 | |||
CITY NATIONAL ROCHDALE FUNDS | PAGE 154
Short Term Emerging Markets Debt Fund |
| |||
Forwards: | ||||
Average Notional Balance Long | $ | 1,476 | ||
Average Notional Balance Short | 5,857 | |||
Ending Notional Balance Long | 4,655 | |||
Ending Notional Balance Short | 16,583 | |||
The following tables present, by derivative type, the Fixed Income Opportunities Fund’s OTC derivative assets and liabilities net of the related collateral posted for the benefit of the Fixed Income Opportunities Fund at September 30, 2020 (000):
Derivative Type | Derivative | Derivative | Collateral | Net Amount | ||||||||||||
Fixed Income Opportunities Fund | ||||||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||
U.S. Bank | $ | 5,629 | $ | (890 | ) | $ | — | $ | 4,739 | |||||||
Derivative Type | Derivative | Derivative | Collateral | Net Amount | ||||||||||||
Fixed Income Opportunities Fund | ||||||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||
U.S. Bank | $ | (890 | ) | $ | 890 | $ | — | $ | — | |||||||
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, 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 Plan is transmitted to CNR Securities, LLC (“CNR Securities”) as Sub-Distribution Coordinator. CNR Securities then reallows those fees to broker-dealers and service providers, including City National Rochdale, LLC (“City National Rochdale” or the “Adviser”) and other affiliates, for payments for distribution services of the type identified in the 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, 2021. Anytime prior to January 31, 2021, the arrangement may be terminated without penalty by the Fund’s Board of Trustees.
U.S. Bank Global Fund Services (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.
The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Class N, Class S, Servicing Class or Class Y Shares, as applicable. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of the average daily net assets of the relevant class of each Fund.
CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the year ended September 30, 2020, CNB and City National Rochdale received $24,648,722 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 155
notes to financial statements/ |
September 30, 2020 |
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 |
Intermediate Fixed Income Fund | 0.40 |
Fixed Income Opportunities Fund | 0.50 |
Short Term Emerging Markets Debt Fund | 0.50 |
Dividend & Income Fund | 0.50 |
U.S. Core Equity Fund | 0.40 |
City National Rochdale has contractually agreed to waive the management fee for the Government Money Market Fund such that the fee charged is 0.15% through January 31, 2021. Anytime prior to January 31, 2021, 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, 2021, 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.
City National Rochdale has contractually agreed to waive its fees and/or pay for the operating expenses of the Short Term Emerging Markets Debt Fund to ensure total fund operating expenses do not exceed 1.00% of the average daily net assets of Class Y shares.
Alcentra LTD, Alcentra NY, LLC, AllFinancial 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.
GML Capital LLP acts as the investment sub-adviser with respect to the Short Term Emerging Markets Debt 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 | Corporate |
Institutional Class | n/a | n/a |
Class N | 1.03% | 1.01% |
Class S | n/a | n/a |
Servicing Class | 0.78% | 0.76% |
| California | Intermediate | Fixed Income |
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 September 30, 2020, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:
Fund | Potential Amount of | Expiration | ||||||
Government Bond Fund | $ | 175 | 2021 | |||||
| 161 | 2022 | |||||||
| 196 | 2023 | |||||||
Corporate Bond Fund | 159 | 2021 | ||||||
| 75 | 2022 | |||||||
| 144 | 2023 | |||||||
California Tax Exempt Bond Fund | 177 | 2021 | ||||||
| 150 | 2022 | |||||||
| 181 | 2023 | |||||||
Intermediate Fixed Income Fund | 93 | 2021 | ||||||
| 113 | 2022 | |||||||
| 160 | 2023 | |||||||
Fixed Income Opportunities Fund | — | 2021 | ||||||
| 105 | 2022 | |||||||
| 384 | 2023 | |||||||
Short Term Emerging Markets Debt Fund | — | 2021 | ||||||
| 15 | 2022 | |||||||
| 32 | 2023 | |||||||
During the year ended September 30, 2020, City National Rochdale recovered $12(000) in previously waived fees for the Dividend & Income Fund.
CITY NATIONAL ROCHDALE FUNDS | PAGE 156
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 year ended September 30, 2020, were as follows for the Fixed Income Funds and Equity Funds:
Purchases | Sales and Maturities | |||||||||||||||
Fund | U.S. Gov’t | Other | U.S. Gov’t | Other | ||||||||||||
Government Bond Fund | $ | 7,908 | $ | 2,406 | $ | 14,491 | $ | — | ||||||||
Corporate Bond Fund | — | 49,920 | — | 38,684 | ||||||||||||
California Tax Exempt Bond Fund | — | 17,450 | — | 19,539 | ||||||||||||
Municipal High Income Fund | — | 867,731 | — | 644,762 | ||||||||||||
Intermediate Fixed Income Fund | 11,481 | 36,016 | 27,647 | 35,257 | ||||||||||||
Fixed Income Opportunities Fund | — | 3,913,480 | † | 3,103 | 3,172,812 | † | ||||||||||
Short Term Emerging Markets Debt Fund | — | 290,756 | — | 260,206 | ||||||||||||
Dividend & Income Fund | — | 41,549 | — | 47,706 | ||||||||||||
U.S. Core Equity | — | 42,126 | — | 71,035 | ||||||||||||
† | Includes 17a-7 related party transactions of $15,141 (000) and $2,405 (000), respectively. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
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, 2020, 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 distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.
The permanent differences primarily consist of gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, reclassification of long term capital gain distribution on REITs, distribution reclassification,defaulted bond basis adjustments, market discount basis adjustments, investments in swaps and foreign currency translations. The permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings as of September 30, 2020 is primarily related to excise tax paid and partnership adjustment:
| Distributable | Paid-in Capital | ||||||
Corporate Bond Fund | $ | 3 | $ | (3 | ) | |||
Dividend & Income Fund | 7 | (7 | ) | |||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 157
notes to financial statements/ |
September 30, 2020 |
The tax character of dividends and distributions declared during the years ended September 30, 2020, and September 30, 2019, unless otherwise indicated were as follows:
Fund | Tax Exempt | Ordinary | Long-Term | Return of | Total | |||||||||||||||
Government Money Market Fund | ||||||||||||||||||||
2020 | $ | — | $ | 14,992 | $ | — | $ | — | $ | 14,992 | ||||||||||
2019 | — | 65,002 | — | — | 65,002 | |||||||||||||||
Government Bond Fund | ||||||||||||||||||||
2020 | $ | — | $ | 458 | $ | — | $ | — | $ | 458 | ||||||||||
2019 | — | 593 | — | — | 593 | |||||||||||||||
Corporate Bond Fund | ||||||||||||||||||||
2020 | $ | — | $ | 2,548 | $ | — | $ | — | $ | 2,548 | ||||||||||
2019 | — | 3,079 | — | — | 3,079 | |||||||||||||||
California Tax Exempt Bond Fund | ||||||||||||||||||||
2020 | $ | 1,064 | $ | 45 | $ | — | $ | — | $ | 1,109 | ||||||||||
2019 | 1,253 | 27 | — | — | 1,280 | |||||||||||||||
Municipal High Income Fund | ||||||||||||||||||||
2020 | $ | 52,096 | $ | 737 | $ | — | $ | — | $ | 52,833 | ||||||||||
2019 | 48,946 | 671 | — | — | 49,617 | |||||||||||||||
Fund | Tax Exempt | Ordinary | Long-Term | Return of | Total | |||||||||||||||
Intermediate Fixed Income Fund | ||||||||||||||||||||
2020 | $ | — | $ | 2,059 | $ | — | $ | — | $ | 2,059 | ||||||||||
2019 | — | 3,337 | — | — | 3,337 | |||||||||||||||
Fixed Income Opportunities Fund | ||||||||||||||||||||
2020 | $ | — | $ | 211,921 | $ | — | $ | — | $ | 211,921 | ||||||||||
2019 | — | 182,595 | — | — | 182,595 | |||||||||||||||
Short Term Emerging Markets Debt Fund | ||||||||||||||||||||
2020 | $ | — | $ | 26,735 | $ | — | $ | 3,741 | $ | 30,476 | ||||||||||
2019 | — | 3,667 | — | — | 3,667 | |||||||||||||||
Dividend & Income Fund | ||||||||||||||||||||
2020 | $ | — | $ | 4,753 | $ | 2,180 | $ | 2,077 | $ | 9,010 | ||||||||||
2019 | — | 5,534 | 8,936 | — | 14,470 | |||||||||||||||
U.S. Core Equity Fund | ||||||||||||||||||||
2020 | $ | — | $ | 1,257 | $ | 8,277 | $ | 26 | $ | 9,560 | ||||||||||
2019 | — | 2,095 | 11,614 | — | 13,709 | |||||||||||||||
As of September 30, 2020, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:
Fund | Undistributed | Undistributed | Undistributed | Capital Loss | Post-October | Unrealized | Other | Total | ||||||||||||||||||||||||
Government Money Market Fund | $ | — | $ | 111 | $ | — | $ | — | $ | — | $ | — | $ | (84 | ) | $ | 27 | |||||||||||||||
Government Bond Fund | — | 33 | — | (768 | ) | — | 1,478 | (31 | ) | 712 | ||||||||||||||||||||||
Corporate Bond Fund | — | 197 | — | (848 | ) | — | 4,726 | (151 | ) | 3,924 | ||||||||||||||||||||||
California Tax Exempt Bond Fund | 84 | — | 134 | — | — | 3,293 | (85 | ) | 3,426 | |||||||||||||||||||||||
Municipal High Income Fund | 4,663 | — | — | (20,740 | ) | (36,575 | ) | 42,006 | (4,288 | ) | (14,934 | ) | ||||||||||||||||||||
Intermediate Fixed Income Fund | — | 58 | — | (90 | ) | — | 6,035 | (4 | ) | 5,999 | ||||||||||||||||||||||
Fixed Income Opportunities Fund | — | 25,601 | — | (27,723 | ) | (77,949 | ) | (451,193 | ) | 3 | (531,261 | ) | ||||||||||||||||||||
Short Term Emerging Markets Debt Fund | — | — | — | — | (1,767 | ) | (36,067 | ) | (301 | ) | (38,135 | ) | ||||||||||||||||||||
Dividend & Income Fund | — | — | — | (180 | ) | (8,269 | ) | 47,034 | (8 | ) | 38,577 | |||||||||||||||||||||
U.S. Core Equity Fund | — | — | — | — | (1,152 | ) | 158,867 | — | 157,715 | |||||||||||||||||||||||
* | Other temporary differences primarily consist of dividend payable. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 158
Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2019, through September 30, 2020, 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.
The Funds have capital losses carried forward as follows:
Fund | Short-Term Loss | Long-Term Loss | Total | |||||||||
Government Bond Fund | $ | (52 | ) | $ | (716 | ) | $ | (768 | ) | |||
Corporate Bond Fund | — | (848 | ) | (848 | ) | |||||||
Municpal High Income Fund | (17,657 | ) | (3,083 | ) | (20,740 | ) | ||||||
Intermediate Fixed Income Fund | — | (90 | ) | (90 | ) | |||||||
Fixed Income Opportunities Fund | — | (27,723 | ) | (27,723 | ) | |||||||
Dividend & Income Fund | — | (180 | ) | (180 | ) | |||||||
During the year ended September 30, 2020, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
Fund | Amount | |||
Corporate Bond Fund | $ | 389 | ||
California Tax Exempt Bond Fund | 294 | |||
Intermediate Fixed Income Fund | 1,753 | |||
Fixed Income Opportunities Fund | 3,259 | |||
The aggregate gross unrealized appreciation on investments, the aggregate gross unrealized depreciation on investments and the net unrealized appreciation/(depreciation) for tax purposes as of September 30, 2020, for each of the Fixed Income Funds’ and Equity Funds’ investments were as follows:
Fund | Federal Tax | Aggregate | Aggregate | Net | ||||||||||||
Government Bond Fund | $ | 38,385 | $ | 1,481 | $ | (3 | ) | $ | 1,478 | |||||||
Corporate Bond Fund | 128,412 | 5,293 | (567 | ) | 4,726 | |||||||||||
California Tax Exempt Bond Fund | 73,867 | 3,316 | (23 | ) | 3,293 | |||||||||||
Municipal High Income Fund | 1,621,447 | 91,282 | (49,276 | ) | 42,006 | |||||||||||
Intermediate Fixed Income Fund | 98,945 | 6,530 | (495 | ) | 6,035 | |||||||||||
Fixed Income Opportunities Fund | 4,214,450 | 122,587 | (573,780 | ) | (451,193 | ) | ||||||||||
Short Term Emerging Markets Debt Fund | 286,282 | 255 | (36,322 | ) | (36,067 | ) | ||||||||||
Dividend & Income Fund | 174,144 | 51,560 | (4,526 | ) | 47,034 | |||||||||||
U.S. Core Equity Fund | 173,606 | 159,840 | (973 | ) | 158,867 | |||||||||||
At September 30, 2020, 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 and the Dividend & Income 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 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 and may suffer a loss.
The Municipal High Income Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Short Term Emerging Markets Debt 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, or 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 159
notes to financial statements/ |
September 30, 2020 |
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 for 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.
Short Term Emerging Markets Debt Fund – Specific Risks
Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.
As long as the Short Term Emerging Markets Debt 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 Short Term Emerging Markets Debt Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.
CITY NATIONAL ROCHDALE FUNDS | PAGE 160
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 years ended September 30, 2020 and September 30, 2019, were as follows (000):
Government Money Market Fund | Government Bond Fund | Corporate Bond Fund | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||||||||||||
Institutional Class: | ||||||||||||||||||||||||||
Shares issued | — | — | 1 | — | (a) | — | — | |||||||||||||||||||
Shares issued in lieu of dividends and distributions | — | — | — | (a) | — | (a) | — | — | ||||||||||||||||||
Shares redeemed | — | — | (1 | ) | — | (a) | — | — | ||||||||||||||||||
Net Institutional Class transactions | — | — | — | — | (a) | — | — | |||||||||||||||||||
Class N: | ||||||||||||||||||||||||||
Shares issued | 920,464 | 1,704,701 | 25 | 94 | 359 | 362 | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | 1,077 | 6,502 | 2 | 2 | 14 | 14 | ||||||||||||||||||||
Shares redeemed | (618,068 | ) | (2,485,710 | ) | (29 | ) | (22 | ) | (126 | ) | (218 | ) | ||||||||||||||
Net Class N transactions | 303,473 | (774,507 | ) | (2 | ) | 74 | 247 | 158 | ||||||||||||||||||
Class S: | ||||||||||||||||||||||||||
Shares issued | 1,321,522 | 3,267,637 | — | — | — | — | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | — | — | — | — | — | — | ||||||||||||||||||||
Shares redeemed | (1,186,148 | ) | (4,052,335 | ) | — | — | — | — | ||||||||||||||||||
Net Class S transactions | 135,374 | (784,698 | ) | — | — | — | — | |||||||||||||||||||
Servicing Class: | ||||||||||||||||||||||||||
Shares issued | 7,218,391 | 9,070,868 | 399 | 657 | 1,780 | 1,703 | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | 10,485 | 34,041 | 5 | 6 | 24 | 28 | ||||||||||||||||||||
Shares redeemed | (6,049,690 | ) | (10,010,994 | ) | (839 | ) | (2,056 | ) | (2,350 | ) | (2,880 | ) | ||||||||||||||
Net Servicing Class transactions | 1,179,186 | (906,085 | ) | (435 | ) | (1,393 | ) | (546 | ) | (1,149 | ) | |||||||||||||||
(a) | Less than 1,000. |
California Tax Exempt Bond Fund | Municipal High | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
CAPITAL SHARES ISSUED AND REDEEMED: | |||||||||||||||||
Class N: | |||||||||||||||||
Shares issued | 99 | 191 | 31,405 | 24,236 | |||||||||||||
Shares issued in lieu of dividends and distributions | 5 | 5 | 1,862 | 1,672 | |||||||||||||
Shares redeemed | (185 | ) | (182 | ) | (15,632 | ) | (15,627 | ) | |||||||||
Net Class N transactions | (81 | ) | 14 | 17,635 | 10,281 | ||||||||||||
Servicing Class: | |||||||||||||||||
Shares issued | 1,400 | 1,912 | 14,008 | 11,583 | |||||||||||||
Shares issued in lieu of dividends and distributions | 15 | 18 | 239 | 252 | |||||||||||||
Shares redeemed | (2,078 | ) | (2,357 | ) | (8,981 | ) | (8,134 | ) | |||||||||
Net Servicing Class transactions | (663 | ) | (427 | ) | 5,266 | 3,701 | |||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 161
notes to financial statements/ |
September 30, 2020 |
Intermediate Fixed Income Fund | Fixed Income Opportunities Fund | Short Term Emerging Markets Debt Fund(b) | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
CAPITAL SHARES ISSUED AND REDEEMED: | ||||||||||||||||||||||||||
Institutional Class: | ||||||||||||||||||||||||||
Shares issued | 86 | 11 | — | — | — | — | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | 2 | 2 | — | — | — | — | ||||||||||||||||||||
Shares redeemed | (49 | ) | (28 | ) | — | — | — | — | ||||||||||||||||||
Net Institutional Class transactions | 39 | (15 | ) | — | — | — | — | |||||||||||||||||||
Class N: | ||||||||||||||||||||||||||
Shares issued | 955 | 883 | 70,559 | 41,878 | — | — | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | 71 | 121 | 7,451 | 5,678 | — | — | ||||||||||||||||||||
Shares redeemed | (1,734 | ) | (3,762 | ) | (53,434 | ) | (27,952 | ) | — | — | ||||||||||||||||
Net Class N transactions | (708 | ) | (2,758 | ) | 24,576 | 19,604 | — | — | ||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||
Shares issued | — | — | — | — | 8,472 | 22,751 | ||||||||||||||||||||
Shares issued in lieu of dividends and distributions | — | — | — | — | 2,019 | 222 | ||||||||||||||||||||
Shares redeemed | — | — | — | — | (3,142 | ) | (208 | ) | ||||||||||||||||||
Net Class Y transactions | — | — | — | — | 7,349 | 22,765 | ||||||||||||||||||||
Dividend & Income Fund | U.S. Core Equity Fund | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
CAPITAL SHARES ISSUED AND REDEEMED: | |||||||||||||||||
Institutional Class: | |||||||||||||||||
Shares issued | — | — | 274 | 22 | |||||||||||||
Shares issued in lieu of dividends and distributions | — | — | 1 | — | (a) | ||||||||||||
Shares redeemed | — | — | (30 | ) | (1 | ) | |||||||||||
Net Institutional Class transactions | — | — | 245 | 21 | |||||||||||||
Class N: | |||||||||||||||||
Shares issued | 1,572 | 997 | 1,869 | 1,223 | |||||||||||||
Shares issued in lieu of dividends and distributions | 161 | 252 | 206 | 361 | |||||||||||||
Shares redeemed | (1,507 | ) | (1,312 | ) | (2,066 | ) | (1,462 | ) | |||||||||
Net Class N transactions | 226 | (63 | ) | 9 | 122 | ||||||||||||
Servicing Class: | |||||||||||||||||
Shares issued | — | — | 1,037 | 1,498 | |||||||||||||
Shares issued in lieu of dividends and distributions | — | — | 19 | 31 | |||||||||||||
Shares redeemed | — | — | (2,195 | ) | (1,479 | ) | |||||||||||
Net Servicing Class transactions | — | — | (1,139 | ) | 50 | ||||||||||||
(a) | Less than 1,000. |
(b) | Commenced operations on May 14, 2019. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 162
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 are limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.
Borrowing activity under the LOC for the year ended September 30, 2020, was as follows:
Fund | Maximum | Interest | Average | Average | Maximum | |||||||||||||||
Fixed Income Opportunities Fund | $ | 200,000 | $ | 22 | 2.75 | % | $ | 17,787 | $ | 29,580 | ||||||||||
Dividend & Income Fund | 200,000 | — | 4.25 | % | 386 | 507 | ||||||||||||||
Amounts shown as “—“ have been rounded to zero.
11. | NEW ACCOUNTING PRONOUNCEMENTS |
In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosure requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.
12. OTHER MATTERS
The outbreak of a novel strain of coronavirus (COVID-19) and subsequent global pandemic began significantly impacting the U.S. and global markets and economies in early 2020. There is significant uncertainty with respect to the breadth and duration of business disruptions related to COVID-19, as well as its long-term impact on the U.S. and global markets and economies. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such developments may negatively affect the value of the Funds’ investments and could lead to losses. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management continues to monitor and evaluate this situation.
In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR very likely will cease to be published after that time. Various financial industry groups have begun planning for that transition, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise, but there are obstacles to converting certain securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for the Fund. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect the Fund’s performance or NAV.
13. | SUBSEQUENT EVENTS |
The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2020, and no issues were noted to disclose.
CITY NATIONAL ROCHDALE FUNDS | PAGE 163
report of independent registered public accounting firm |
To the Shareholders and the Board of Trustees
of City National Rochdale Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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, City National Rochdale Municipal High Income Fund, City National Rochdale Intermediate Fixed Income Fund, City National Rochdale Fixed Income Opportunities Fund (consolidated), City National Rochdale Dividend & Income Fund and City National Rochdale U.S. Core Equity Fund, each a series of shares of beneficial interest in City National Rochdale Funds, (inclusive of the City National Rochdale Short Term Emerging Markets Debt Fund referred to as the “Funds”), including the schedules of investments, as of September 30, 2020, and the related statements of operations and cash flows (for City National Rochdale Fixed Income Opportunities Fund only) for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended (consolidated for City National Rochdale Fixed Income Opportunities Fund), and the related notes. We have also audited the accompanying statement of assets and liabilities of City National Rochdale Short Term Emerging Markets Debt Fund, a series of shares of beneficial interest in City National Rochdale Funds, including the schedule of investments, as of September 30, 2020 and the related statements of operations for the year ended September 30, 2020 and the changes in net assets and the financial highlights for the year ended September 30, 2020 and for the period May 14, 2019 (commencement of operations) through September 30, 2019 and the related notes. The above statements are collectively referred to as the “financial statements”.
In our opinion, the financial statements (consolidated where noted) referred to above present fairly, in all material respects, the financial position of the Funds as of September 30, 2020, and the results of their operations and cash flows (for City National Rochdale Fixed Income Opportunities Fund only), the changes in their net assets and their financial highlights for each of the periods noted above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
CITY NATIONAL ROCHDALE FUNDS | PAGE 164
|
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, brokers, insurance companies, and other counterparties or by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
BBD, LLP
We have served as the auditor of one or more of the Funds in the City National Rochdale Funds since 2015.
Philadelphia, Pennsylvania
November 30, 2020
CITY NATIONAL ROCHDALE FUNDS | PAGE 165
trustees and officers (Unaudited) |
September 30, 2020 |
The Trustees and officers of the Trust, their principal occupations during the past five years, and their affiliations, if any, with City National Rochdale are set forth below. The persons listed below may have held other positions with their employers named below during the relevant periods. Trustees who are “interested persons” of the Trust, within the meaning of the 1940 Act, are referred to as Interested Trustees. Trustees who are not interested persons of the Trust are referred to as Independent Trustees. The address for the Trustees and the officers of the Trust is 400 North Roxbury Drive, Beverly Hills, California 90210, unless otherwise noted. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-889-0799.
Name and | Position(s) | Term of | Principal Occupation(s) | Number of | Other |
INDEPENDENT TRUSTEES: | |||||
Daniel A. Hanwacker
Year of Birth: 1951 | Trustee | Since 2013 | CEO and President, Hanwacker Associates, Inc. (asset management consulting and executive search services) (2001-present). Managing Director - Asset Management, Putnam Lovell Securities (2000- 2001). Co-Founding Partner, Constellation Financial Management Co., LLC (1995-2000). | 15 | None |
Jon C. Hunt
Year of Birth: 1951 | Trustee | Since 2013 | Retired (2013-present). Consultant to Management, Convergent Capital Management, LLC (“CCM”) (2012-2013). Managing Director and Chief Operating Officer, CCM (1998-2012). | 15 | Advisor’s Inner Circle Fund III (2014-present); Winton Series Trust and Winton Diversified Opportunities Fund, Lead Independent Trustee (2015- 2018); Gallery Trust (2016-present); Schroder Series Trust and Schroder Global Series Trust, Lead Independent Trustee (2017-present) |
| Julie C. Miller
Year of Birth: 1957 | Trustee | Since May 2020 | Certified Public Accountant(CPA) and Partner, Holthouse, Carlin & Van Trigt LLP (accounting firm) (2006 – present). | 15 | None |
Jay C. Nadel
Year of Birth: 1958 | Trustee Chairman | Since 2013 Since 2019 | Financial Services Consultant (2005-present). Executive Vice President, Bank of New York Broker-Dealer and Member of the Operating Committee (2002-2004). Weiss, Peck & Greer, Partner, Managing Director and Chair of the Operations Committee (1986-2001). | 15 | Advisor’s Inner Circle Fund III (2016-present); Winton Series Trust and Winton Diversified Opportunities Fund (2016-2018); Gallery Trust (2016-present); Schroder Series Trust and Schroder Global Series Trust, Independent Trustee (2017-present) |
CITY NATIONAL ROCHDALE FUNDS | PAGE 166
|
Name and | Position(s) | Term of | Principal Occupation(s) | Number of | Other |
INDEPENDENT TRUSTEES (Continued) | |||||
James R. Wolford
Year of Birth: 1954 | Trustee | Since 1999 | Chief Executive Officer of Corinthian Development Company (2013-present). President, Chief Operating Officer and Chief Financial Officer, Thompson National Properties (2011-2013). Chief Financial Officer, Pacific Office Properties, a real estate investment trust (2010-2011). Chief Financial Officer, Bixby Land Company, a real estate company (2004- 2010). Regional Financial Officer, AIMCO, a real estate investment trust (2004). Chief Financial Officer, DBM Group, a direct mail marketing company (2001- 2004). Senior Vice President and Chief Operating Officer, Forecast Commercial Real Estate Service, Inc. (2000-2001). Senior Vice President and Chief Financial Officer, Bixby Ranch Company (1985- 2000). | 15 | None |
INTERESTED TRUSTEE: | |||||
Andrew S. Clare(4)
Year of Birth: 1945 | Trustee | Since 2013 | Attorney and partner, Loeb & Loeb LLP, a law firm (1972-present). | 15 | None |
(1) | The Trustees serve for terms of office as follows: |
Name of Trustee | End of Term of Office |
James R. Wolford | March 29, 2023 |
Andrew S. Clare | December 31, 2020* |
Daniel A. Hanwacker | March 29, 2023 |
Jon C. Hunt | March 29, 2023 |
Julie C. Miller | May 14, 2030 |
Jay C. Nadel | March 29, 2023 |
* | Subject to extension by the Board for up to two years. |
(2) | “Fund complex” is defined as two or more registered investment companies that hold themselves out to investors as related companies or have a common investment adviser or affiliated investment advisers and in this case includes the series of City National Rochdale Funds and the following registered closed-end funds: City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale Select Strategies Fund and City National Rochdale Strategic Credit Fund. |
(3) | Mr. Clare is an “interested person” of the Fund, as defined in the 1940 Act, by virtue of the provision of significant legal services by him and his law firm to CNB. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 167
trustees and officers (Unaudited) (Continued) |
September 30, 2020 |
Name and | Position(s) | Term of | Principal Occupation(s) |
OFFICERS: | |||
Garrett R. D’Alessandro | President and Chief Executive Officer | Since 2013 | Chief Executive Officer, City National Rochdale (1986-present); Chief Investment Officer, City National Rochdale (2016-2018); President and Chief Executive Officer, City National Rochdale Funds (2013-present). |
Stephen Connors | Treasurer (Principal Financial and Accounting Officer and Controller) | Since November 2020 | Director of Fund Accounting, SEI Investments Company (2014-present). |
Don Andrews | Vice President; Chief Compliance Officer (“CCO”) and Anti-Money Laundering Officer | Since 2019 | CCO, City National Rochdale (2019-present); Senior Vice President and CCO, City National Bank Wealth Management Division (2019-present);Interim CCO, City National Rochdale Select Strategies Fund, City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, and City National Rochdale Structured Claims Fixed Income Fund LLC (2019-present); Global Practice Leader for Risk and Compliance, Reed Smith (2017–2019); Co-Head of Risk and Compliance, Venable (2015–2017); CCO and CRO, Bessemer Trust (2002 – 2015). |
Mitchell Cepler | Vice President and Assistant Treasurer | Since 2015 | Vice President and Assistant Treasurer, City National Rochdale Funds (2015-present); Group Finance Manager, City National Rochdale (2011-present). |
Anthony Sozio | Vice President and Secretary | Since 2013 | Vice President (2013-present), Secretary (2019-present), and Assistant Secretary (2013-present), City National Rochdale Funds; Assistant Vice President of Registered Fund Operations, City National Rochdale (1998-present). |
Matthew M. Maher | Assistant Secretary | Since 2019 | Counsel, SEI Investments Company (2018-present); Assistant Secretary, City National Rochdale Funds (2019-2019); Attorney, Blank Rome LLP (2015-2018); Assistant Counsel and Vice President, Bank of New York Mellon (2013-2014); Attorney, Dilworth Paxson LLP (2006-2013). |
(1) | Each officer serves until removed by the Board or the principal executive officer of the Fund, or until such officer resign. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 168
notice to shareholders (Unaudited) |
September 30, 2020 |
For shareholders that do not have a September 30, 2020, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2020, taxable year end, please consult your tax advisor as to the pertinence of this notice.
For California income tax purposes, for the fiscal year ended September 30, 2020, each of the California Tax Exempt Bond Fund and Municipal High Income Fund is designating 97.29% and 8.56%, respectively, of its distributions paid from net investment income as exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.
For Federal income tax purposes, for the fiscal year ended September 30, 2020, each Fund is designating the following items with regard to distributions paid during the year:
(A) | (B) | (C) | (D) | (E) | (F) | (G) | (H) | (I) | (J) | (K) | |
Government Money Market Fund(3) | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 53.18% | 100.00% | 0.00% | 0.00% |
Government Bond Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 66.06% | 99.67% | 0.00% | 0.00% |
Corporate Bond Fund(3) | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 92.17% | 0.00% | 0.00% |
California Tax Exempt Bond Fund(3) | 0.00% | 0.00% | 3.93% | 96.07% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Municipal High Income Fund(3) | 0.00% | 0.00% | 1.40% | 98.60% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Intermediate Fixed Income Fund(3) | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.05% | 0.05% | 6.52% | 85.18% | 0.00% | 0.00% |
Fixed Income Opportunities Fund(3) | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 6.30% | 6.65% | 0.00% | 99.09% | 0.00% | 0.00% |
Short Term Emerging Markets Debt Fund(3)(6) | 0.00% | 13.99% | 86.01% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 94.63% | 100.00% | 0.07% |
Dividend & Income Fund(3) | 31.44% | 29.95% | 38.61% | 0.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
U.S. Core Equity Fund(3) | 86.82% | 0.27% | 12.91% | 0.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
(1) | “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction. |
(2) | “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount permitted by law. |
(3) | “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | “Interest Related Dividends” represent qualifying interest that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004. |
(5) | “Short-Term Capital Gain Dividends” represent qualifying short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004. |
(6) | The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended September 30, 2020, the total amount of foreign source income was $25,436,117. The total amount of foreign tax credit to be paid is $21,627. Your allocable share of foreign tax credit will be reported on Form 1099-DIV. |
Items (A), (B), (C), (D), (E) and (K) are based on the percentage of each fund’s total distribution.
Items (F) and (G) are based on the percentage of “Ordinary Income Distributions.”
Item (H) is based on the percentage of gross income of each Fund.
Item (I) is based on the percentage of net investment income distributions.
Item (J) is based on the percentage of short-term capital gain distributions.
CITY NATIONAL ROCHDALE FUNDS | PAGE 169
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 a Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (April 1, 2020 to September 30, 2020).
The table below illustrates each Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that each 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 the Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare each 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 each Fund’s comparative cost by comparing the hypothetical result for each 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 each Fund’s actual return – the account values shown do not apply to your specific investment.
CITY NATIONAL ROCHDALE FUNDS | PAGE 170
|
Beginning | Ending | Annualized | Expense | |||||||||||||
City National Rochdale Government Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,000.10 | 0.38 | % | $ | 1.89 | ||||||||
Class S | 1,000.00 | 1,000.10 | 0.50 | % | 2.49 | |||||||||||
Servicing Class | 1,000.00 | 1,000.15 | 0.31 | % | 1.55 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,023.10 | 0.38 | % | $ | 1.91 | ||||||||
Class S | 1,000.00 | 1,022.50 | 0.50 | % | 2.51 | |||||||||||
Servicing Class | 1,000.00 | 1,023.45 | 0.31 | % | 1.56 | |||||||||||
City National Rochdale Government Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Institutional Class | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,002.10 | 1.03 | % | $ | 5.16 | ||||||||
Servicing Class | 1,000.00 | 1,003.30 | 0.78 | % | 3.91 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Institutional Class | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,019.85 | 1.03 | % | $ | 5.20 | ||||||||
Servicing Class | 1,000.00 | 1,021.10 | 0.78 | % | 3.94 | |||||||||||
City National Rochdale Corporate Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,049.50 | 1.01 | % | $ | 5.17 | ||||||||
Servicing Class | 1,000.00 | 1,049.80 | 0.76 | % | 3.89 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,019.95 | 1.01 | % | $ | 5.10 | ||||||||
Servicing Class | 1,000.00 | 1,021.20 | 0.76 | % | 3.84 | |||||||||||
City National Rochdale California Tax Exempt Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,028.00 | 0.88 | % | $ | 4.46 | ||||||||
Servicing Class | 1,000.00 | 1,029.30 | 0.63 | % | 3.20 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,020.60 | 0.88 | % | $ | 4.45 | ||||||||
Servicing Class | 1,000.00 | 1,021.85 | 0.63 | % | 3.18 | |||||||||||
City National Rochdale Municipal High Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,063.00 | 1.07 | % | $ | 5.52 | ||||||||
Servicing Class | 1,000.00 | 1,064.20 | 0.82 | % | 4.23 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,019.65 | 1.07 | % | $ | 5.40 | ||||||||
Servicing Class | 1,000.00 | 1,020.90 | 0.82 | % | 4.14 | |||||||||||
City National Rochdale Intermediate Fixed Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,063.90 | 0.51 | % | $ | 2.63 | ||||||||
Class N | 1,000.00 | 1,061.60 | 1.01 | % | 5.21 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,022.45 | 0.51 | % | $ | 2.58 | ||||||||
Class N | 1,000.00 | 1,019.95 | 1.01 | % | 5.10 | |||||||||||
City National Rochdale Fixed Income Opportunities Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,177.00 | 1.09 | % | $ | 5.93 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,019.55 | 1.09 | % | $ | 5.50 | ||||||||
City National Rochdale Dividend & Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,118.30 | 1.16 | % | $ | 6.14 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class N | $ | 1,000.00 | $ | 1,019.20 | 1.16 | % | $ | 5.86 | ||||||||
City National Rochdale U.S. Core Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,290.10 | 0.57 | % | $ | 3.26 | ||||||||
Class N | 1,000.00 | 1,287.10 | 1.05 | % | 6.00 | |||||||||||
Servicing Class | 1,000.00 | 1,288.10 | 0.80 | % | 4.58 | |||||||||||
Hypothetical 5% Return | ||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,022.15 | 0.57 | % | $ | 2.88 | ||||||||
Class N | 1,000.00 | 1,019.75 | 1.05 | % | 5.30 | |||||||||||
Servicing Class | 1,000.00 | 1,021.00 | 0.80 | % | 4.04 | |||||||||||
City National Rochdale Short Term Emerging Markets Debt Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class Y | $ | 1,000.00 | $ | 1,217.90 | 0.89 | % | $ | 4.93 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class Y | $ | 1,000.00 | $ | 1,020.55 | 0.89 | % | $ | 4.50 | ||||||||
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
CITY NATIONAL ROCHDALE FUNDS | PAGE 171
board approval of advisory and sub-advisory agreements (Unaudited) |
The Board of Trustees of City National Rochdale Funds (the “Trust”) is currently 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). At a meeting held on April 1, 2020, at which time the Board was comprised of five Trustees, four of whom were Independent Trustees, and a meeting held on May 14, 2020, the Board and the Independent Trustees considered and approved the renewal of the following advisory and sub-advisory agreements:
● | The advisory agreement between City National Rochdale, LLC (the “Adviser”) and the Trust, on behalf of the City National Rochdale Government Money Market Fund (the “Government Money Market Fund”), City National Rochdale Government Bond Fund (the “Government Bond Fund”), City National Rochdale Corporate Bond Fund (the “Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (the “California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (the “Municipal High Income Fund”), City National Rochdale Intermediate Fixed Income Fund (the “Intermediate Fixed Income Fund”), City National Rochdale Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund”), City National Rochdale Short Term Emerging Markets Debt Fund (the “Short Term EM Debt Fund”), City National Rochdale Dividend & Income Fund (the “Dividend & Income Fund”), and City National Rochdale U.S. Core Equity Fund (the “U.S. Core Equity Fund”) (each a “Fund” and collectively, the “Funds”); |
● | The advisory agreement between the Adviser and City National Rochdale Fixed Income Opportunities (Ireland) Limited (the “Irish Subsidiary”), a wholly-owned subsidiary of the Fixed Income Opportunities Fund; |
● | The sub-advisory agreement between the Adviser and Alcentra Limited (“Alcentra”), with respect to the Fixed Income Opportunities Fund; |
● | The sub-advisory agreement among the Adviser, Alcentra and Alcentra NY, LLC (“Alcentra NY”), with respect to the Fixed Income Opportunities Fund; |
● | The sub-advisory agreement between the Adviser and AllFinancial Partners II, LLC (“AllFinancial”), with respect to the Fixed Income Opportunities Fund; |
● | The sub-advisory agreement between the Adviser and Ashmore Investment Management Limited (“Ashmore”), with respect to the Fixed Income Opportunities Fund; |
● | The sub-advisory agreement between the Adviser and Federated Investment Management Company (“Federated”), with respect to the Fixed Income Opportunities Fund; |
● | The sub-advisory agreements between the Adviser and GML Capital LLP (“GML”), with respect to the Fixed Income Opportunities Fund and the Short Term EM Debt Fund; and |
● | The sub-advisory agreement between the Adviser and Seix Investment Advisors LLC (“Seix”), with respect to the Fixed Income Opportunities Fund. |
The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” Alcentra, Alcentra NY, AllFinancial, Ashmore, Federated, GML, and Seix are collectively referred to below as the “Sub-Advisers.”
With respect to each meeting, the Board acknowledged that in accordance with exemptive relief granted by the U.S. Securities and Exchange Commission, due to unforeseen emergency circumstances related to the COVID-19 pandemic, the meeting was held by videoconference, and that as required by the relief, the Board would ratify the renewal of the Agreements at their next in-person meeting.
General Information
The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Agreements were considered separately for each Fund and the Irish Subsidiary, although the Board took into account the common interests of the Funds and the Irish Subsidiary in its review. As described below, the Board considered the nature, quality and extent of the various services performed by the Adviser and each Sub-Adviser. In considering these matters, the Independent Trustees discussed the renewal 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 extensive materials regarding investment results of the Adviser and each Sub-Adviser with respect to the Funds (or portions of the Funds) and the Irish Subsidiary they manage, advisory fee and expense comparisons, financial
CITY NATIONAL ROCHDALE FUNDS | PAGE 172
information with respect to the Adviser and each Sub-Adviser, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing various services to the Funds and the Irish Subsidiary. The Board also took into account information they received at past meetings of the Board and its committees with respect to these matters.
In deciding to renew 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 renewal.
CITY NATIONAL ROCHDALE, LLC
Nature, Extent and Quality of Services
In reviewing the services provided by the Adviser to the Funds and the Irish Subsidiary, the Board considered a variety of matters, including the overall quality and depth of the Adviser’s organization, its overall financial strength and stability, its commitment to compliance with applicable laws and regulations and the systems in place to ensure compliance with those requirements, its portfolio trading and soft dollar practices, and its disaster recovery and contingency planning practices. The Board also considered the experience, capability and integrity of the Adviser’s senior management, the background, education and experience of the Adviser’s personnel, and its efforts to retain, attract and motivate capable personnel to serve the Funds and the Irish Subsidiary. With respect to Funds that are sub-advised, the Board considered the process the Adviser utilizes to select the Sub-Advisers and proactively oversee the Sub-Advisers with respect to various investment, valuation and compliance matters. The Board found all of these matters to be satisfactory.
Investment Performance
The Board assessed the performance of each Fund compared with the returns of its respective benchmark index or indexes and the averages of the funds included in its respective fund universe selected by Lipper, Inc. (each, a “Lipper Universe”), for the one-, three-, five-, ten- and 15-year and since inception periods ended December 31, 2019, as applicable. In addition, the Board reviewed the performance of each Fund compared to the average returns of certain peer group funds in the Fund’s Lipper Universe selected by the Funds’ administrator based on the Fund’s total net assets, for the same periods. With respect to the performance results of the Funds, the Trustees noted that the meeting materials indicated as follows:
● | The Government Money Market Fund (Servicing Class) underperformed the average returns of the funds in the Lipper Institutional U.S. Government Money Market Objective Universe (by 0.18% or less) for the one-, three-, five-, ten- and 15-year and since inception periods. The Trustees noted the Adviser’s contractual waiver of 11 basis points of its advisory fee, and the waiver of 12b-1 fees and shareholder servicing fees in order to make the Fund more competitive. The Trustees also considered the Adviser’s explanation that the Fund’s performance continues to be impacted by the remaining effects of the past recapture of waived fees and/or reimbursed expenses. |
● | The Government Bond Fund (Institutional Class) outperformed the Lipper Short/Intermediate U.S. Government Objective Universe average returns for the one-, three-, five-, and ten-year periods, but trailed the Lipper Universe (by 0.20% or less) for the 15-year and since inception periods. The Fund underperformed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index returns (by 0.40% or less) for the one-, three-, five-, ten- and 15-year and since inception periods. The Trustees noted the Adviser’s explanation that government securities with longer maturity profiles benefitted from higher average yields and a flattening of the yield curve, and that the Fund’s underperformance compared to its benchmark was due to its shorter duration profile. The Trustees also considered the Fund’s recent positive return of 3.30% during the first quarter of 2020, despite the onset of the COVID-19 pandemic. |
● | The Corporate Bond Fund (Servicing Class) outperformed the average returns of the Lipper Short/Intermediate Investment-Grade Objective Universe for the one-, three-, and 15-year periods, and its performance was even with the Lipper Universe for the since inception period. The Fund underperformed the Lipper Universe (by 0.22% or less) for the five- and ten-year periods, and trailed the Bloomberg Barclays U.S. Corp 1-5 A3+, 2% Issuer Constrained Index returns (by 0.60% or less) for the one-, three-, five-, ten- and 15-year and since inception periods. The Trustees considered the Adviser’s explanation that the Fund’s recent underperformance was due in part to its overweight position in the banking industry as compared to its peers, but that the Fund’s overall performance remained in line with the Bloomberg Barclays Index. The Trustees also considered the |
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board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
Adviser’s explanation that certain of the Fund’s dislocations with the Bloomberg Barclays Index served the Fund well during the recent downturn caused by the COVID-19 pandemic, and that the Adviser expected the Fund to remain stable in the near to intermediate term.
● | The California Tax Exempt Bond Fund (Servicing Class) consistently outperformed the average returns of the funds in the Lipper CA Short/Intermediate Municipal Debt Objective Universe for the one-, three-, five-, ten-, and 15-year and since inception periods, but underperformed the Bloomberg Barclays CA Intermediate-Short Municipal Index returns (by 0.57% or less) during the same periods. The Trustees considered the Adviser’s explanation that the trailing one-, three-, five- and ten-year underperformance compared to the Bloomberg Barclays Index was largely a result of the post-financial crisis low yield environment, which limited opportunities for the Fund to increase performance. The Trustees also considered the Adviser’s observation that the Fund outperformed the Bloomberg Barclays Index for the first quarter of 2020, despite the impact of the COVID-19 pandemic. |
● | The Municipal High Income Fund (Servicing Class) underperformed the average returns of the funds in the Lipper High Yield Municipal Classification Universe (by 0.66% or less), and the S&P Municipal Yield Index returns (by 2.35% or less) for the one-, three- and five-year and since inception periods. The Trustees noted the Adviser’s observation that the Fund underperformed its benchmark for the first quarter of 2020 by 90 basis points, but that the Fund outperformed its peer group over the same period. The Trustees also considered the Adviser’s assertion that the Fund’s underperformance for the one-year period was primarily because the value of Puerto Rico-related bonds rose dramatically in 2019, and that the Fund’s exposure to Puerto Rico-related holdings was below that of the S&P Municipal Yield Index and the other funds in the Lipper Universe. |
● | The Short Term EM Debt Fund (Class Y) outperformed the BofAML 0-1 Year Emerging Markets Corp Plus Index return, but underperformed the average return of the funds in the Lipper Emerging Markets Hard Currency Debt Classification Universe (by 1.92%) for the period since the Fund’s inception on May 14, 2019. The Fund outperformed the Lipper Universe average returns and the BofAML Index during the three- and six-month periods. The Trustees noted the Adviser’s belief that the Fund’s focus on shorter duration bonds is somewhat unique among the funds in the Lipper Universe, and that the comparison of the Fund’s performance to that of funds in the Lipper Universe is therefore less meaningful. The Trustees also considered that the Fund has been operating for a short period, and that performance over longer periods would be more meaningful. |
● | The Intermediate Fixed Income Fund (Institutional Class) outperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index returns for the one-, five- and ten-year periods, and its performance was the same as the Bloomberg Barclays Index return for the three-year period. The Fund underperformed the Bloomberg Barclays Index returns (by 0.26% or less) for the 15-year and since inception periods, and underperformed the average returns of the funds in the Lipper Core Bond Funds Classification Universe (by 1.21% or less) for the one-, three-, five-, ten- and 15-year and since inception periods. The Trustees observed that the Fund outperformed its benchmark in 2019, and considered the Adviser’s explanation that the recent underperformance was due to the Fund’s underweight allocation to U.S. Treasury securities and overweight allocation to the banking industry. The Trustees also noted the Adviser’s continued move toward higher credit quality assets, U.S. Treasury securities, and taxable municipal bonds in an effort to better position the Fund for a potential downturn in credit quality. |
● | The Fixed Income Opportunities Fund (Class N) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index returns for the three-, five- and ten-year and since inception periods, but underperformed the Bloomberg Barclays Index return (by 0.33%) for the one-year period. The Fund outperformed the average returns of the funds in the Lipper Global High Yield Funds Classification Universe for the five-year period, but underperformed the Lipper Universe (by 4.67% or less) for the one-, three- and ten-year and since inception periods. The Trustees considered the Adviser’s explanation that the Fund’s significant underperformance during the first quarter of 2020, compared to the Bloomberg Barclays Index, was largely due to reactionary selling in response to the COVID-19 pandemic and the need for liquidity, rather than the fundamental strategies of the Fund. The Trustees also considered the Adviser’s explanation that the Fund’s underperformance compared to the Bloomberg Barclays Index over the one-year period largely resulted from the Fund’s shorter duration, as longer duration assets outperformed during the period. The Trustees also noted the Adviser’s high confidence in the Fund’s Sub-Advisers. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 174
● | The Dividend & Income Fund (Class N) outperformed the Blended Index (a customized index composed of 60% Dow Jones U.S. Select Dividend Index, 25% Bank of America ML Core Fixed Rate Preferred Securities Index and 15% MSCI U.S. REIT Index) for the one- and 15-year periods, but underperformed the Blended Index (by 2.64% or less) for the three-, five-, and ten-year and since inception periods. The Fund also underperformed the average returns of the funds in the Lipper Equity Income Funds Classification Universe (by 2.97% or less) and the S&P 500 Index returns (by 8.85% or less) for the one, three-, five-, ten- and 15-year and since inception periods. The Trustees considered the Adviser’s observation that the Fund outperformed the Blended Index for the one-year period and the first quarter of 2020. The Trustees noted the Adviser’s assertion that the Fund has performed well on a risk-adjusted basis, and that the Fund’s underperformance compared to the Blended Index for the three-, five- and ten-year periods was due largely to weak performance in the first quarter of 2018 and a below benchmark return in 2017. The Trustees also considered the Adviser’s explanation of the effect of several compounding shocks to the performance of the Fund, which resulted in the Adviser taking steps to reduce equity exposure and risk in the short term and to increase the Fund’s cash position. |
● | The U.S. Core Equity Fund (Institutional Class) outperformed the average returns of the funds in the Lipper Large Cap Core Funds Classification Universe and the returns of the S&P 500 Index for the one-, three-, and five-year and since inception periods. The Fund outperformed the average return of the funds in the Lipper Large Cap Growth Funds Classification Universe for the one-year period, but underperformed the Lipper Large Cap Growth Funds Classification Universe averages (by 1.37% or less) for the three- and five-year and since inception periods. The Trustees considered the Fund’s outperformance of the S&P 500 Index, the Lipper Large Cap Core Funds Classification Universe, and the Lipper Large Cap Growth Funds Classification Universe for the one-year period. The Trustees also considered the Adviser’s observation that despite the Fund’s negative return for the first quarter of 2020, which the Adviser believes was due to the impact of the COVID-19 pandemic, the Fund still outperformed the S&P 500 Index during the quarter. |
The Board concluded that the Adviser continued to provide high quality management and oversight services to the Funds and the Irish Subsidiary. The Board noted that the investment results of the Funds over the long term were generally competitive; that the Adviser had given reasonable explanations for the performance of those Funds that had underperformed relative to their benchmarks and had explained the impact of market conditions on the performance of the Funds; that the Adviser had taken actions in response to the COVID-19 pandemic; that the results for the Government Money Market Fund compared to its peer group were acceptable given the special services and investment focuses of the Fund and the unusual market conditions applicable to the money market fund industry in recent years; and that consideration of returns of market indexes needed to take into account that indexes do not reflect the expenses of operating mutual funds.
Advisory Fees and Fund Expenses
The Board then reviewed information regarding the advisory fees (both before and after waivers) charged by the Adviser to each Fund, and the total expenses (net of fee waivers) for the last fiscal year of a share class of each Fund (as percentages of their respective average annual net assets), as applicable (“Total Expense Ratios”), compared to those of the funds included in its respective Lipper Universe and peer group selected by the Trust’s administrator (each, a “Peer Group”), as applicable.
The Board observed that the meeting materials indicated as follows with respect to the Funds’ investment advisory fees (gross of fee waivers):
● | The gross advisory fees paid by the Government Bond Fund, California Tax Exempt Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Short Term EM Debt Fund, Dividend & Income Fund, and U.S. Core Equity Fund were below their respective Peer Group and Lipper Universe averages. |
● | The gross advisory fee paid by the Government Money Market Fund was below its Lipper Universe average, but in line with its Peer Group average. |
● | The gross advisory fees paid by the Corporate Bond Fund and Municipal High Income Fund were below their respective Lipper Universe averages, but above their respective Peer Group averages. |
The Board noted that the Adviser does not manage investment portfolios for other registered investment companies, pension funds, or institutional accounts that have similar investment objectives and policies as the Funds, so it did not have a basis to compare the Funds’ advisory fees with advisory fees charged by the Adviser to other comparable client accounts. The Trustees considered that except with respect to the Municipal High
CITY NATIONAL ROCHDALE FUNDS | PAGE 175
board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
Income Fund, any net advisory fees retained by the Adviser with respect to the Funds, after the payment of any sub-advisory fees, are rebated to shareholders investing in the Funds through separate accounts managed by the Adviser, and that with respect to the Municipal High Income Fund, the Adviser rebates half of the Adviser’s net advisory fee to shareholders investing in the Fund through separate accounts managed by the Adviser.
The Board observed that the meeting materials indicated as follows with respect to the Total Expense Ratios of each Fund (net of fee waivers):
● | The Total Expense Ratios of the Institutional Class of the Government Bond Fund and U.S. Core Equity Fund; and the Servicing Class of the California Tax Exempt Bond Fund and U.S. Core Equity Fund were below both their respective Peer Group and Lipper Universe averages. |
● | The Total Expense Ratios of the Institutional Class of the Intermediate Fixed Income Fund; and the Servicing Class of the Government Money Market Fund and Municipal High Income Fund were below their respective Lipper Universe averages, but above their respective Peer Group averages. |
● | The Total Expense Ratios of Class N of the Government Bond Fund, Dividend & Income Fund, and U.S. Core Equity Fund; and the Servicing Class of the Government Bond Fund were below their respective Peer Group averages, but above their respective Lipper Universe averages. |
● | The Total Expense Ratios of Class N of the Government Money Market Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Municipal High Income Fund, Intermediate Fixed Income Fund, and Fixed Income Opportunities Fund; the Servicing Class of the Corporate Bond Fund; and Class Y of the Short Term EM Debt Fund were above both their respective Peer Group and Lipper Universe averages. |
The Board concluded that the advisory fees charged by the Adviser were fair and reasonable in relation to the value of services provided, and the total expenses of each Fund continued to be reasonable in light of the services provided, noting the different expense structure and arrangements for shareholder services and distribution of the various classes of the Funds.
Profitability, Benefits to the Adviser and Economies of Scale
The Board next considered information prepared by the Adviser relating to its costs and profits with respect to the Funds for the year ended December 31, 2019. The Board also considered the benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds (other than the investment advisory fees paid to the Adviser), including fees paid to the Adviser, City National Bank (“CNB”), City National Securities, Inc., and CNR Securities, LLC for providing certain shareholder servicing and/or sub-distribution services to the Funds and/or their shareholders; benefits to CNB’s brokerage and wealth management business as a result of the availability of the Funds to its customers; and any research received from broker-dealers that execute transactions on behalf of the Funds. The Trustees recognized the competitiveness of the registered fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining management stability and accountability. Recognizing the difficulty in evaluating an investment adviser’s profitability with respect to the funds it manages in the context of an adviser with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Trustees concluded that the profit of the Adviser from its relationship with the Funds was reasonable.
The Board also considered potential economies of scale realized by the Adviser as the Funds grow and how any such economies are shared with the Funds, reviewing information prepared by the Adviser relating to the Trust’s assets, as well as the assets of each Fund. The Board considered the Adviser’s explanation that it shares any economies of scale with Fund shareholders through means other than breakpoints, such as expense caps and fee waivers, and the investments that the Adviser made in its business over the past year, including devoting resources to innovation and the design of new products and funds. Based on this explanation, the Board concluded that although there were no advisory fee breakpoints, the existing fee structure of each Fund reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that it will have the opportunity to periodically reexamine the appropriateness of the advisory fees payable to the Adviser in light of any economies of scale experienced in the future.
Conclusion
The Board and the Independent Trustees concluded that, based on the various factors they had reviewed, the compensation payable to the Adviser under the advisory agreements was fair and reasonable in light of the nature and quality of the services the Adviser provided to the Funds and the Irish Subsidiary, and that renewal of the advisory agreements would be in the best interests of each Fund, the Irish Subsidiary, and their respective shareholders.
CITY NATIONAL ROCHDALE FUNDS | PAGE 176
SUB-ADVISERS
Nature, Extent and Quality of Services
In reviewing the services provided by each Sub-Adviser, the Board considered a variety of matters, including the overall quality and depth of each Sub-Adviser’s organization and its overall financial strength and stability. The Board also considered, among other things, the investment operations and staff of each Sub-Adviser, its commitment to compliance with applicable laws and regulations and the Trust’s compliance policies and procedures, its portfolio trading and soft dollar practices, and its disaster recovery and contingency planning practices. In addition, the Board considered the background, education and experience of each Sub-Adviser’s key portfolio management and operational personnel, and each Sub-Adviser’s efforts to retain, attract and motivate capable personnel to serve the Fund(s) to which it provides services. The Board found all of these matters to be satisfactory.
Investment Performance
The Board reviewed information provided in the meeting materials setting forth the performance of the portion of the Fixed Income Opportunities Fund sub-advised by each Sub-Adviser compared with applicable benchmarks for various periods ended December 31, 2019. The Board made the following additional observations in reviewing the performance of the following Sub-Advisers of the Fixed Income Opportunities Fund:
● | The annualized returns for the portion of the Fund managed by Federated were above the returns of the Bloomberg Barclays U.S. Corporate High Yield Index for the one-, three, and five-year periods. |
● | The annualized returns for the portion of the Fund managed by Seix were below the returns of the Credit Suisse Institutional Loan Index (by 0.32% or less) for the one-, three-, and five-year periods. |
● | The annualized returns for the portion of the Fund managed by Alcentra were below the returns of the Credit Suisse Institutional Western Europe Leveraged Loan Index for the one-, three-, and five-year periods (by 1.35% or less). |
● | The annualized returns for a portion of the Fund managed by GML were above the returns of the JP Morgan CEMBI Diversified High Yield Index for the one-, three-, and five-year periods. The total return for the short-term emerging markets portion of the Fund managed by GML was above the ICE BofAML 0-1 Year Emerging Markets Plus Index return for the one-year period. |
● | The annualized returns for the portion of the Fund managed by Ashmore were above the returns of the 60% JP Morgan CEMBI BD/40% JPM EMBI Index for the three- and five-year periods, but below the total return (by 1.98%) for the one-year period. |
The Board also considered and reviewed information related to the services AllFinancial provides in respect of life settlement policies held by the Fixed Income Opportunities Fund.
The Board noted that because GML sub-advises the entire Short Term EM Debt Fund, the performance of GML had already been reviewed and discussed as part of the review of the performance of the Short Term EM Debt Fund generally.
The Board noted that, while not all of the Sub-Advisers outperformed their respective benchmarks for the periods under evaluation, in each case the Adviser reviewed the Sub-Adviser’s performance relative to current market conditions and with an understanding of the Sub-Adviser’s style and philosophy. The Board considered the investment results of the Fixed Income Opportunities Fund to be generally competitive, and determined that each of Alcentra, Alcentra NY, AllFinancial, Ashmore, Federated, GML, and Seix continued to provide high quality sub-advisory services to the Fixed Income Opportunities Fund.
Sub-Advisory Fees and Fund Expenses
The Board reviewed information included in the meeting materials regarding the sub-advisory fees charged by each Sub-Adviser, and observed that the fees charged by each Sub-Adviser to the Short Term EM Debt Fund and the Fixed Income Opportunities Fund were generally equal to or lower than the fees it charged to its other advisory or sub-advisory clients, as applicable, to manage comparable mutual funds, private funds, and separate accounts. The Trustees noted that the Adviser pays all sub-advisory fees out of its advisory fees. The Board also noted that the Adviser evaluates each Sub-Adviser’s fees relative to those of its respective asset class peer groups in an effort to ensure that they are reasonable and appropriate in light of the services provided. In addition, the Board considered the different advisory and sub-advisory fee splits of the sub-advised Funds, and noted the Adviser’s beliefs that the fees paid to the Sub-Advisers are priced at competitive levels, and that the overall advisory fees, gross advisory fees and sub-advisory fees are fair and reasonable in light of the services provided to the Funds by the Adviser and the Sub-Advisers, as applicable.
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board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
Benefits to Sub-Advisers and Economies of Scale
The Board also considered the benefits received by each Sub-Adviser and its affiliates as a result of its relationship with the Fund(s) to which it provides services (other than the sub-advisory fee paid to the Sub-Adviser), including any research services made available to the Sub-Adviser by broker-dealers providing execution services to the Fund(s), the intangible benefits of the Sub-Adviser’s association with the Fund(s) generally and any favorable publicity arising in connection with the Funds’ performance. The Board also considered that the current asset levels of the Funds were not likely to lead to significant economies of scale.
Conclusion
Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each Sub-Adviser pursuant to its respective sub-advisory agreement was fair and reasonable in light of the nature and quality of the services provided by each Sub-Adviser to the Fund(s) to which it provides services, and that it would be in the best interests of the Fund(s) and its shareholders to renew the sub-advisory agreements with each of Alcentra, Alcentra NY, AllFinancial, Ashmore, Federated, GML, and Seix.
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liquidity risk management program (Unaudited) |
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), which requires open-end investment companies to adopt a written liquidity risk management program that is reasonably designed to assess and manage a fund’s liquidity risk. A fund’s “liquidity risk” is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund.
The series of City National Rochdale Funds (the “Trust”), excluding the City National Rochdale Government Money Market Fund (for purposes of this section only, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed City National Rochdale, LLC, the Funds’ investment adviser (“City National Rochdale”), as the Program administrator for the Funds. City National Rochdale established a Liquidity Risk Management Committee to manage the Program for the Funds. The Committee’s responsibilities include oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness. As part of its responsibilities as Program administrator, City National Rochdale has retained a third party to perform certain functions, including providing market data and liquidity classifications for the Funds’ investments.
At a Board meeting held on May 14, 2020, City National Rochdale provided a written report (the “Report”) to the Board addressing the operation, adequacy, and effectiveness of the Program, including any material changes to the Program, for the period from the inception of the Program on December 1, 2018, through March 31, 2020 (the “Reporting Period”). The Report concluded that the Program was adequately implemented and operated effectively during the Reporting Period. There were no material changes to the Program during the Reporting Period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus and statement of additional information for more information regarding the Fund’s exposure to liquidity risk, and the other principal risks to which an investment in the Fund may be subject.
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CNR-AR-001-1900
| Item 2. | Code of Ethics. |
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer and principal accounting officer.
| Item 3. | Audit Committee Financial Expert. |
(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial expert is James R. Wolford. Mr. Wolford is independent as defined in Form N-CSR Item 3(a)(2).
| Item 4. | Principal Accountant Fees and Services. |
Fees billed by BBD LLP Related to the Trust
BBD LLP billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:
| 2020 | 2019 | ||||||
| All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | ||
| (a) | Audit Fees(1) | $213,500 | N/A | N/A | $207,875 | N/A | N/A |
| (b) | Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A |
| (c) | Tax Fees | N/A | N/A | N/A | N/A | N/A | N/A |
| (d) | All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A |
Notes:
| (1) | Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. |
| (e)(1) | Not Applicable |
| (e)(2) | Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows: |
| 2020 | 2019 | |
Audit-Related Fees | N/A | N/A |
| Tax Fees | N/A | N/A |
All Other Fees | N/A | N/A |
| (f) | Not Applicable |
| (g) | The aggregate non-audit fees and services billed by BBD LLP for the last two fiscal years were $0 and $0 for 2020 and 2019, respectively. |
| (h) | Not Applicable |
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to unlisted registrants.
| 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. |
There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees during the period covered by this report.
| Item 11. | Controls and Procedures. |
(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered in this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Items 12. | Exhibits. |
(a)(1) Code of Ethics attached hereto.
SIGNATURES
Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | City National Rochdale Funds | |
| By (Signature and Title) | /s/ Garrett R. D’Alessandro | |
| Garrett R. D’Alessandro, | ||
| President and Chief Executive Officer | ||
| Date: | December 8, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Garrett R. D’Alessandro | |
| Garrett R. D’Alessandro, | ||
| President and Chief Executive Officer | ||
| Date: | December 8, 2020 | |
| By (Signature and Title) | /s/ Stephen Connors | |
| Stephen Connors, | ||
| Treasurer | ||
| Date: | December 8, 2020 |