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)
Rochelle Levy
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, 2023
Date of reporting period: September 30, 2023
Item 1. Reports to Stockholders.
A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended (17 CFR § 270.30e-1) is attached hereto.
TABLE OF CONTENTS
| | City National Rochdale Funds Annual Report |
| | |
2 | Letter to Our Shareholders |
4 | Fixed Income Funds Investment Adviser’s Report |
6 | Fixed Income Funds Overview |
9 | Equity Funds Investment Adviser’s Report |
10 | Equity Funds Overview |
12 | Schedule of Investments |
97 | Statements of Assets and Liabilities |
99 | Statements of Operations |
102 | Statements of Changes in Net Assets |
106 | Statement of Cash Flows |
108 | Financial Highlights |
110 | Notes to Financial Statements |
122 | Report of Independent Registered Public Accounting Firm |
124 | Change in Independent Registered Public Accounting Firm |
125 | Trustees and Officers |
128 | Notice to Shareholders |
129 | Disclosure of Fund Expenses |
131 | Board Approval of Advisory and Sub-Advisory Agreements |
The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year 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, 2023 |
Dear Shareholders,
This annual report covers the one-year period ended September 30, 2023.
Despite a U.S. economy that continues to shine with unexpected resilience, financial markets have found themselves under increasing pressure as we head toward year end. From surging bond yields to U.S. government shutdown fears to geopolitical concerns, there has been plenty for investors to worry about, but there is also reason for optimism. We suspect that markets may remain volatile in the near term, prompted by temporary uncertainties as well as more structural challenges, such as the impact of higher interest rates on the economy and corporate profits. But for long-term investors, the decline in stock and bond prices is creating more attractive buying opportunities for investors who are patient.
In recent months, stocks have largely taken their cues from the bond market, as the Federal Reserve’s message of a higher-for-longer interest rate environment seems to have finally been absorbed by markets. The rapid move higher in government bond yields has increased volatility in both equities and bonds. Higher yields can increase the cost of borrowing, weigh on bond price returns, and put downward pressure on stock valuations. Notably, mega-cap technology stocks, which have driven the lion’s share of equity gains since last October’s bear-market low and often trade at a premium due to their growth prospects, find themselves particularly exposed.
Although it has been disappointing to not capture more of the upside concentrated portion of the U.S. stock markets this year, with major U.S. equity indices now near correction territory our mild, defensive positioning is proving prudent. Near-term challenges should keep volatility elevated and the markets perhaps vulnerable to additional pullbacks. We do not think that the impact of the prior Federal Reserve rate hikes has been completely felt by the economy. Higher borrowing costs are soon likely to show a more noticeable impact on consumer spending and business investment. While a still-strong labor market and solid household finances will help mitigate a slowdown ahead, a short and mild recession will be hard to avoid in coming quarters, as will disappointments in corporate earnings.
Still, an approaching end to the Federal Reserve’s interest rate hiking cycle now suggests that a more normal recession will be avoided and has given us reason to begin peaking over “walls of worry.” Yields might overshoot in the near term and rise above 5%, particularly given the outsized supply of U.S. Treasuries coming to market. But as economic growth decelerates, inflation moderates, and the Federal Reserve steps to the sidelines, interest rates are expected to peak and gradually moderate, reducing pressure on equity valuations.
Although on the surface valuations are still not cheap relative to current bond yields, with the recent pullback in stock prices many segments of the equity market are already trading at more compelling levels. This allows us to start looking over the mild recessionary valley ahead to a recovery of corporate profit growth in the second half of 2024. In fixed income, the recent sell-off in bonds is also creating a buying opportunity. Three years of negative bond returns would be unprecedented, but the upside of this historic decline is that with yields now at very attractive levels, the larger income component can better offset price decreases to produce overall higher total returns going forward.
As uncertainties subside, we have a disciplined game plan in place to take advantage of these opportunities and increase equity exposure. For now though, it appears premature to provide an all-clear sign. Given the risks of a short and shallow recession, decreasing corporate earnings, and a correction of a narrow and expensive stock market, we continue to believe that our mildly defensive portfolio positioning is a smart way to stay fully invested until clearer signs of the economy’s direction develop. Our fundamentally driven investment process has navigated several market cycles over the last 30 years, and today it is calling for continued patience, while our focus on holding high-quality and income-producing U.S. stocks and bonds can help provide client portfolios with relative stability as the investment environment grows more challenging.
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
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,
Frank Bonsignore
Fund Oversight and Administration Lead
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.
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.
The Fixed Income Opportunities Fund Blended Benchmark is comprised of the following indices. The percentage contribution is 40%, 35%, 25%, respectively:
The Bloomberg Multiverse Index provides a broad-based measure of the global fixed income bond market. The index is the union of the Global Aggregate Index and the Global High Yield Index as it represents investment grade and high yield bonds in all eligible currencies.
The Morningstar Global Leveraged Loan Index is designed to measure the performance of the global leveraged loan market. It is a fixed-weight composite index consisting of 75% weight from the Morningstar LSTA US Leveraged Loan Index and 25% weight from the Morningstar European Leveraged Loan Index.
The Bloomberg Emerging Markets High Yield Total Return Index Value Unhedged USD provides a broad-based measure of the emerging market high yield bond market, including corporate and sovereign positions.
Bloomberg Intermediate-Short California Municipal Bond Index measures the performance of California municipal bonds.
Bloomberg Global Aggregate Corporate Total Return Index Hedged USD 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, 2023 |
CALIFORNIA TAX EXEMPT BOND FUND – CNTIX
The Servicing Class shares of the Fund, for the fiscal year ended September 30, 2023, underperformed the Bloomberg Intermediate-Short California Municipal Bond Index (1.69% for the Fund versus 2.19% for the benchmark). Calendar year to date, as of September 30, 2023, the Fund returned -1.07% versus the benchmark return of -0.75%. The Fund posted a return of -1.97% in Q3 2023, which underperformed the benchmark’s -1.92% return. Short duration versus the benchmark was the primary cause of underperformance. Looking forward, credit quality remains strong and the Fund is looking for opportunities to enhance yield.
MUNICIPAL HIGH INCOME BOND FUND – CNRMX
The Servicing Class shares of the Fund posted a return of -4.14% for Q3 2023 versus the Bloomberg Tax-Exempt 60% High Yield/40% Investment Grade Index Custom Cap 1% Index return of -4.09%. Calendar year to date, as of September 30, 2023, the Fund returned -1.55% versus the Index return of -0.99%. For the fiscal year ended September 30, 2023, the Fund returned 0.58%, which underperformed its benchmark return of 3.16%.
Municipal bonds underperformed U.S. Treasuries for the quarter and weak technical data (e.g., increasing supply, tempered demand, negative fund flows) exacerbated the market selloff. The credit outlook for municipal bonds continues to remain positive. Upgrades continue to outweigh downgrades, although this trend is starting to slow. With the prospect of a delayed recession, BBB credit spreads have narrowed, and this sector has outperformed high quality municipal debt year to date. The Fund’s underweight allocation to higher quality short-term bonds played a part in the Fund’s underperformance, while credit spread compression allowed the Fund to improve overall credit quality and increase yield. The Fund continues to maintain duration at or a slightly below the index. We continue to view recent volatility and much improved valuations as buying opportunities.
FIXED INCOME OPPORTUNITIES FUND – RIMOX
The Fund’s Class N shares posted a return of 1.91% for Q3 2023, which outperformed the blended benchmark (40% Bloomberg Barclays Multiverse Hedged, 35% S&P Global Leveraged Loan Index, 25% Bloomberg Barclays Emerging Markets High Yield Total Return) return of 0.14%%. Calendar year to date, as of September 30, 2023, the Fund returned 7.55% versus the blended benchmark return of 4.89%. For the fiscal year ended September 30, 2023, the Fund returned 11.44%, which outperformed the blended benchmark return of 10.02%.
The Fund’s opportunistic income strategy has continued to outperform throughout 2023. The third quarter was the strongest yet for 2023, with all segments producing positive returns. Greater exposure to rate sensitive asset classes in the benchmark continued to play a part in the Fund’s relative outperformance. The Fund has also been somewhat insulated from interest rate volatility, as credit spreads and absolute higher yields across the board have impacted the Fund’s performance more so than the volatility in interest rates. In terms of outlook, our manager discussions have included positioning the Fund’s portfolio on the conservative side with ideas such as shortening duration and taking advantage of rating agency mismatches where possible.
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 4
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 used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
fund overview (Unaudited) |
September 30, 2023 |
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 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
Symbol | 1-year
Return | 3-Year
Return | 5-year
Return | 10-year
Return |
Servicing Class*^ | CNTIX | 1.69% | -2.18% | 0.26% | 0.86% |
Class N* | CCTEX | 1.42% | -2.42% | 0.01% | 0.60% |
Bloomberg California Intermediate- Short Municipal Index | n/a | 2.19% | -1.49% | 0.93% | 1.41% |
* | 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 |
Barclays, 5.250%, 10/3/2022 | | | 4.8 | % |
Westlands, Water District, 5.000%, 9/1/2027 | | | 3.0 | % |
San Mateo County, Joint Powers Financing Authority, 5.000%, 6/15/2026 | | | 3.0 | % |
San Francisco City & County, Public Utilities Commission, Water Revenue, 4.000%, 11/1/2030 | | | 3.0 | % |
Long Beach, Unified School District, 5.000%, 8/1/2026 | | | 2.9 | % |
California State, 5.000%, 8/1/2026 | | | 2.9 | % |
California State, University Systemwide Revenue, 1.600%, 11/1/2047 | | | 2.6 | % |
East Bay, Municipal Utility District, Water System Revenue, 5.000%, 6/1/2029 | | | 2.5 | % |
California State, Public Works Board, 5.000%, 4/1/2028 | | | 2.4 | % |
California State, Health Facilities Financing Authority, 5.000%, 11/1/2027 | | | 1.9 | % |
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
fund overview (Unaudited) |
September 30, 2023 |
City National Rochdale Municipal High Income Fund |
The Fund seeks to provide a high level of current income that is not subject to federal income tax.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Municipal High Income Fund, Servicing Class Shares, versus the Bloomberg 60%LB Tax-Exempt HY/40%LB Municipal IG TR Unhedged USD Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
| Past performance is no indication of future performance. |
| The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS |
Shares | Ticker
Symbol | 1-Year
Return | 3-Year
Return | 5-Year
Return | Inception
to Date |
Servicing Class(1)^ | CNRMX | 0.58% | -3.17% | -0.34% | 2.36% |
Class N(1)* | CNRNX | 0.44% | -3.38% | -0.59% | 2.10% |
Bloomberg 60%LB Tax-Exempt HY/40%LB Municipal IG TR Unhedged USD Index | n/a | 3.16% | -1.34% | 1.49% | 3.45% |
* | 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, 4.500%, 7/1/2034 | | | 1.3 | % |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, 4.784%, 7/1/2058 | | | 0.9 | % |
Jefferson County, Sewer Revenue, 6.000%, 10/1/2042 | | | 0.9 | % |
Chicago, 6.000%, 1/1/2038 | | | 0.9 | % |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, 5.000%, 7/1/2058 | | | 0.9 | % |
Buckeye Tobacco Settlement, Financing Authority, 5.000%, 6/1/2055 | | | 0.8 | % |
Ohio State, Air Quality Development Authority, 5.000%, 7/1/2049 | | | 0.7 | % |
California State, Statewide Communities Development Authority, 5.250%, 12/1/2044 | | | 0.7 | % |
Westchester, Tobacco Asset Securitization, 5.125%, 6/1/2051 | | | 0.7 | % |
North Texas, Tollway Authority, 7.000%, 9/1/2031 | | | 0.6 | % |
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
fund overview (Unaudited) |
September 30, 2023 |
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 Bloomberg Global Aggregate Corporate Total Return Index Hedged USD(1) and the 40/35/25 Hybrid of the following 3 Indexes: Bloomberg Multiverse Total Return Index Value Hedged USD, S&P Global Leveraged Loan Index and Bloomberg Emerging Markets High Yield Index
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
| Past performance is no indication of future performance. |
| The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS |
Shares | Ticker
Symbol | 1-Year
Return | 3-Year
Return | 5-Year
Return | 10-Year
Return |
Class N(1) | RIMOX | 11.44% | 1.33% | 1.37% | 2.89% |
Bloomberg Global Aggregate Corporate Total Return Index Hedged USD | n/a | 5.53% | -3.07% | 1.33% | 2.71% |
40/35/25 hybrid of the following three indices: | n/a | 10.02% | -0.08% | 1.78% | 2.87% |
Bloomberg Multiverse Total Return Index Value Hedged USD | n/a | 2.46% | -3.51% | 0.66% | 1.96% |
S&P Global Leveraged Loan Index | n/a | 15.93% | 5.10% | 3.87% | 3.68% |
Bloomberg Emerging Markets High Yield Index | n/a | 14.22% | -1.87% | 0.18% | 2.84% |
(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, 2012, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
TOP TEN HOLDINGS* |
% OF PORTFOLIO |
Golub Capital BDC 3 | | | 3.5 | % |
Golub Capital BDC 4 | | | 1.1 | % |
Andrade Gutierrez International, 9.0%, 12/28/2029 | | | 0.7 | % |
Primary Wave Music IP Fund LP | | | 0.7 | % |
Rockford Tower Europe CLO 2019-1 DAC, 4.6%. 1/20/2033 | | | 0.7 | % |
ShaMaran Petroleum, 12.0%, 7/30/2025 | | | 0.5 | % |
TCW Direct Lending LLC | | | 0.5 | % |
Pikes Peak CLO 14 2023, 7.1%, 4/20/2036 | | | 0.5 | % |
Cartesian LP | | | 0.5 | % |
Teva Pharmaceutical Finance Netherlands III BV, 6.8%, 3/1/2028 | | | 0.5 | % |
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
investment adviser’s report (Unaudited) |
September 30, 2023 |
Equity Funds |
EQUITY INCOME FUND – RIMHX
The Fund’s Class N shares posted a return of -4.16% in Q3 2023, which underperformed the Dow Jones U.S. Select Dividend Index’s return of -3.69%. Year to date, the Fund’s return is -12.02% versus -7.84% for its benchmark. For the fiscal year ended September 30, 2023, the Fund returned 0.03%, which outperformed its benchmark return of -3.10%. Generally, the Fund’s portfolio is relatively balanced between cyclical and defensive sectors, but with a modest tilt defensively, consistent with CNR’s macro view. Stock selection has focused on less-cyclical, less volatile, and less commodity-correlated companies, although recent trades added some cyclical names for both alpha and risk reduction purposes. We expect that our emphasis on quality will lead to superior returns over the entire course of the current market cycle. Stock selection remains biased towards dividend growth over yield given the inflationary backdrop. We continue to closely monitor the Fund’s holdings and we believe that they are executing well amidst a challenging environment.
U.S. CORE EQUITY FUND – CNRVX
The Servicing Class shares of the Fund posted a return of -3.17% for Q3 2023, which outperformed the S&P 500 Index return of -3.27%. Calendar year to date, as of September 30, 2023, the Fund returned 10.26%, which underperformed its benchmark return of 13.07%. For the fiscal year ended September 30, 2023, the Fund returned 20.18%, which underperformed its benchmark return of 21.62%.
During the quarter, we increased our forecasts for GDP and lowered our recession risk for 2023. These changes were mainly due to stronger than expected consumer spending. The Fund’s positioning is intact due to inflation that is stabilizing but still elevated, the continued slowing of the global economy, the increase in recession risk, geopolitical tensions, and the hawkish Federal Reserve response. We remain cautious in the near term with the “higher for longer” interest rate environment unfolding and volatility expected to continue in 2023. The Fund’s portfolio has now been repositioned to the new “Mild Recession” thesis, with an emphasis on high quality companies and the right blend of offense and defense.
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 9
fund overview (Unaudited) |
September 30, 2023 |
City National Rochdale Equity Income Fund |
The Fund seeks to provide significant income and long-term capital appreciation.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Equity Income Fund, Class N Shares, versus the Dow Jones U.S. Select Dividend Index(1)
(1) | The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
| Past performance is no indication of future performance. |
| The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
AVERAGE ANNUAL TOTAL RETURNS |
Shares | Ticker
Symbol | 1-year
Return | 3-Year
Return | 5-year
Return | 10-year
Return |
Class N(1) | RIMHX | 0.03% | 3.97% | 2.43% | 5.07% |
Dow Jones U.S. Select Dividend Index | n/a | -3.10% | 14.08% | 5.76% | 9.09% |
(1) | The predecessor to the City National Rochdale Equity 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 |
Chevron | | | 3.3 | % |
Williams | | | 3.1 | % |
Duke Energy | | | 3.1 | % |
American Electric Power | | | 3.0 | % |
Ares Capital | | | 2.9 | % |
Marathon Petroleum | | | 2.6 | % |
MetLife | | | 2.5 | % |
Entergy | | | 2.5 | % |
Altria Group | | | 2.4 | % |
Cincinnati Financial | | | 2.4 | % |
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 10
fund overview (Unaudited) |
September 30, 2023 |
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
Symbol | 1-year
Return | 3-Year
Return | 5-year
Return | 10-year
Return | Inception
to Date |
Servicing Class*(1)^ | CNRVX | 20.18% | 7.62% | 9.28% | 11.13% | 12.24% |
Institutional Class*(1)^^ | CNRUX | 20.43% | 7.70% | 9.44% | 11.39% | 12.54% |
Class N*(1) | CNRWX | 19.85% | 7.34% | 9.01% | 10.85% | 11.96% |
S&P 500 Index | n/a | 21.62% | 10.15% | 9.92% | 11.91% | 12.96% |
* | The graph is based on only Servicing Class Shares; performance for Institutional Class and Class N Shares would be different due to differences in fee structures. |
(1) | Commenced operations on 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 |
Microsoft | | | 7.5 | % |
Apple | | | 7.0 | % |
UnitedHealth Group | | | 4.0 | % |
Alphabet | | | 3.6 | % |
Amazon.Com | | | 3.3 | % |
Home Depot | | | 3.2 | % |
Costco Wholesale | | | 3.1 | % |
Mastercard | | | 2.8 | % |
Visa | | | 2.7 | % |
NXP Semiconductors | | | 2.5 | % |
* | Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
schedule of investments |
September 30, 2023 |
City National Rochdale Government Money Market Fund |
Description | | Face Amount (000) | | | Value (000) | |
U.S. Government Agency Obligations [45.2%] |
FFCB | | | | | | | | |
5.405%, SOFRRATE + 0.075%, 04/18/24(A) | | $ | 100,000 | | | $ | 100,000 | |
5.430%, SOFRRATE + 0.100%, 08/08/24(A) | | | 25,000 | | | | 25,000 | |
5.420%, SOFRRATE + 0.090%, 08/26/24(A) | | | 120,000 | | | | 120,000 | |
5.470%, FEDL01 + 0.140%, 11/14/24(A) | | | 100,000 | | | | 100,000 | |
5.500%, FEDL01 + 0.170%, 01/06/25(A) | | | 50,000 | | | | 50,000 | |
FHLB | | | | | | | | |
5.380%, SOFRRATE + 0.070%, 10/03/23(A) | | | 50,000 | | | | 50,000 | |
5.420%, SOFRRATE + 0.090%, 12/05/23(A) | | | 100,000 | | | | 100,000 | |
5.360%, SOFRRATE + 0.030%, 12/06/23(A) | | | 100,000 | | | | 100,000 | |
5.355%, SOFRRATE + 0.025%, 12/14/23(A) | | | 200,000 | | | | 200,000 | |
5.355%, SOFRRATE + 0.025%, 12/22/23(A) | | | 85,000 | | | | 85,000 | |
5.360%, SOFRRATE + 0.030%, 01/25/24(A) | | | 100,000 | | | | 100,000 | |
5.420%, SOFRRATE + 0.090%, 02/02/24(A) | | | 50,000 | | | | 50,000 | |
5.380%, SOFRRATE + 0.050%, 03/18/24(A) | | | 100,000 | | | | 100,000 | |
FHLB DN | | | | | | | | |
5.342%, 11/20/23(B) | | | 231,000 | | | | 229,304 | |
5.301%, 10/04/23(B) | | | 275,000 | | | | 274,879 | |
5.280%, 10/06/23(B) | | | 138,000 | | | | 137,899 | |
5.307%, 10/18/23(B) | | | 195,000 | | | | 194,513 | |
5.329%, 10/20/23(B) | | | 150,000 | | | | 149,582 | |
5.304%, 10/25/23(B) | | | 145,000 | | | | 144,490 | |
5.321%, 10/27/23(B) | | | 200,000 | | | | 199,238 | |
5.321%, 11/03/23(B) | | | 435,000 | | | | 432,896 | |
5.328%, 11/13/23(B) | | | 145,000 | | | | 144,086 | |
5.329%, 11/15/23(B) | | | 100,000 | | | | 99,341 | |
5.341%, 11/17/23(B) | | | 275,000 | | | | 273,098 | |
5.370%, 11/24/23(B) | | $ | 180,000 | | | $ | 178,562 | |
| | | | | | | | | | | | | |
Total U.S. Government Agency Obligations |
(Cost $3,637,888) | | | 3,637,888 | |
| | | | | | | | | | | | | |
U.S. Treasury Obligations [39.6%] |
U.S. Treasury Bills | | | | | | | | |
5.295%, 10/03/23(B) | | | 250,000 | | | | 249,927 | |
5.295%, 10/05/23(B) | | | 500,000 | | | | 499,709 | |
5.310%, 10/10/23(B) | | | 500,000 | | | | 499,340 | |
5.324%, 10/17/23(B) | | | 200,000 | | | | 199,531 | |
5.314%, 10/19/23(B) | | | 400,000 | | | | 398,944 | |
5.324%, 10/24/23(B) | | | 200,000 | | | | 199,325 | |
5.325%, 10/31/23(B) | | | 400,000 | | | | 398,240 | |
5.335%, 11/07/23(B) | | | 200,000 | | | | 198,912 | |
5.327%, 11/14/23(B) | | | 350,000 | | | | 347,739 | |
5.337%, 11/21/23(B) | | | 200,000 | | | | 198,500 | |
| | | | | | | | | | | | | |
Total U.S. Treasury Obligations |
(Cost $3,190,167) | | | 3,190,167 | |
| | | | | | | | | | | | | |
Short-Term Investment [1.9%] |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 5.270%** | | | 149,801,638 | | | | 149,802 | |
| | | | | | | | | | | | | |
Total Short-Term Investment |
(Cost $149,802) | | | 149,802 | |
| | | | | | | | | | | | | |
Repurchase Agreements [13.3%] |
Barclays (C) | | | | | | | | |
5.250%, dated 09/29/23, repurchased on 10/02/23, repurchase price $48,321,259 (collateralized by various U.S. Treasury obligations, par values ranging from $7,321,400-$44,498,200, 3.880%-4.000%, 07/31/2030-08/15/2033; with a total market value of $49,266,0265) | | $ | 48,300 | | | | 48,300 | |
Barclays MBS (C) | | | | | | | | |
5.300%, dated 09/29/23, repurchased on 10/02/23, repurchase price $100,044,433 (collateralized by various U.S. Treasury obligations, par values ranging from $16,732,703-$85,011,019, 6.000%, 10/01/2053; with a total market value of $102,000,001) | | | 100,000 | | | | 100,000 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
schedule of investments |
September 30, 2023 |
City National Rochdale Government Money Market Fund (concluded) |
Description | | Face Amount (000) | | | Value (000) | |
Daiwa (C) | | | | | | | | |
5.250%, dated 09/29/23, repurchased on 10/02/23, repurchase price $23,010,186 (collateralized by various U.S. Treasury obligations, par values ranging from $100-$8,180,800, 0.000%-5.540%, 10/31/2024-08/01/2053; with a total market value of $23,606,054) | | $ | 23,000 | | | $ | 23,000 | |
Daiwa MBS (C) | | | | | | | | |
5.280%, dated 09/29/23, repurchased on 10/02/23, repurchase price $200,089,139 (collateralized by various U.S. Treasury obligations, par values ranging from $35-$451,472,559, 0.000%-6.000%, 12/07/2023-09/01/2053; with a total market value of $205,401,273) | | | 200,000 | | | | 200,000 | |
Goldman Sachs (C) | | | | | | | | |
5.230%, dated 09/29/23, repurchased on 10/02/23, repurchase price $700,306,922 (collateralized by various U.S. Treasury obligations, par values ranging from $175,600-$1,084,456,000, 0.000%-3.630%, 06/30/2028-02/15/2053; with a total market value of $714,000,001) | | | 700,000 | | | | 700,000 | |
| | | | | | | | | | | | | |
Total Repurchase Agreements |
(Cost $1,071,300) | | | 1,071,300 | |
| | | | | | | | | | | | | |
Total Investments [100.0%] |
(Cost $8,049,157) | | $ | 8,049,157 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $8,045,639 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
(A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(B) | Interest rate represents the security’s effective yield at the time of purchase. |
(C) | Tri-party Repurchase Agreement. |
DN — Discount Note
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
SOFR — Secured Overnight Financing Rate
The following is a summary of the inputs used as of September 30, 2023, in valuing the Fund’s investments carried at value (000):
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
U.S. Government Agency Obligations | | $ | — | | | $ | 3,637,888 | | | $ | — | | | $ | 3,637,888 | |
U.S. Treasury Obligations | | | — | | | | 3,190,167 | | | | — | | | | 3,190,167 | |
Short-Term Investment | | | 149,802 | | | | — | | | | — | | | | 149,802 | |
Repurchase Agreements | | | — | | | | 1,071,300 | | | | — | | | | 1,071,300 | |
Total Investments in Securities | | $ | 149,802 | | | $ | 7,899,355 | | | $ | — | | | $ | 8,049,157 | |
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 13
schedule of investments |
September 30, 2023 |
City National Rochdale California Tax Exempt Bond Fund |
Description | | Face Amount (000) | | | Value (000) | |
Municipal Bonds [94.0%] |
Alabama [1.4%] |
Black Belt Energy Gas District, Ser C-1, RB | | | | | | | | |
Callable 03/01/29 @ 100 | | | | | | | | |
5.250%, 02/01/53(A) | | $ | 500 | | | $ | 507 | |
| | | | | | | | | | | | | |
California [90.8%] |
Anaheim Housing & Public Improvements Authority, RB | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
5.000%, 10/01/29 | | | 375 | | | | 396 | |
Bay Area Toll Authority, Ser F-1, RB | | | | | | | | |
5.000%, 04/01/31 | | | 500 | | | | 557 | |
Bay Area Toll Authority, Sub-Ser, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 10/01/24(B) | | | 140 | | | | 142 | |
California State University, Ser A, RB | | | | | | | | |
5.000%, 11/01/31 | | | 170 | | | | 190 | |
California State, Community Choice Financing Authority, Ser A-1, RB | | | | | | | | |
Callable 05/01/28 @ 100 | | | | | | | | |
4.000%, 05/01/53(A) | | | 500 | | | | 484 | |
California State, Community Choice Financing Authority, Ser S, RB | | | | | | | | |
Callable 09/01/27 @ 101 | | | | | | | | |
4.000%, 10/01/52(A) | | | 500 | | | | 485 | |
California State, Department of Water Resources, Ser AX, RB | | | | | | | | |
Callable 12/01/27 @ 100 | | | | | | | | |
5.000%, 12/01/29 | | | 525 | | | | 559 | |
California State, Educational Facilities Authority, Ser A, RB, ETM | | | | | | | | |
5.000%, 10/01/25 | | $ | 110 | | | $ | 113 | |
California State, GO | | | | | | | | |
5.000%, 08/01/26 | | | 1,000 | | | | 1,038 | |
California State, GO | | | | | | | | |
Callable 04/01/29 @ 100 | | | | | | | | |
5.000%, 04/01/31 | | | 265 | | | | 284 | |
California State, GO | | | | | | | | |
5.000%, 09/01/31 | | | 500 | | | | 550 | |
California State, GO | | | | | | | | |
Callable 04/01/32 @ 100 | | | | | | | | |
5.000%, 04/01/33 | | | 575 | | | | 637 | |
California State, GO | | | | | | | | |
Callable 09/01/32 @ 100 | | | | | | | | |
5.000%, 09/01/33 | | | 215 | | | | 239 | |
California State, Health Facilities Financing Authority, Ser A, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.000%, 11/15/25 | | | 665 | | | | 668 | |
California State, Health Facilities Financing Authority, Ser A, RB | | | | | | | | |
Callable 08/15/26 @ 100 | | | | | | | | |
5.000%, 08/15/30 | | | 500 | | | | 517 | |
California State, Health Facilities Financing Authority, Sub-Ser A1, RB | | | | | | | | |
5.000%, 11/01/27 | | | 650 | | | | 685 | |
California State, Public Works Board, Ser B, RB | | | | | | | | |
5.000%, 10/01/25 | | | 245 | | | | 251 | |
California State, Public Works Board, Ser C, RB | | | | | | | | |
Callable 03/01/27 @ 100 | | | | | | | | |
5.000%, 03/01/28 | | | 570 | | | | 597 | |
California State, Public Works Board, Ser S, RB | | | | | | | | |
Callable 04/01/27 @ 100 | | | | | | | | |
5.000%, 04/01/28 | | | 800 | | | | 839 | |
California State, Statewide Communities Development Authority, Cottage Health System, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 11/01/24(B) | | | 350 | | | | 354 | |
California State, Statewide Communities Development Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 02/15/26(B) | | | 550 | | | | 570 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
schedule of investments |
September 30, 2023 |
City National Rochdale California Tax Exempt Bond Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
California State, University Systemwide Revenue, Ser A, RB | | | | | | | | |
Callable 05/01/26 @ 100 | | | | | | | | |
5.000%, 11/01/27 | | $ | 350 | | | $ | 364 | |
California State, University Systemwide Revenue, Ser B-1, RB | | | | | | | | |
Callable 05/01/26 @ 100 | | | | | | | | |
1.600%, 11/01/47(A) | | | 1,000 | | | | 911 | |
Chino Basin Regional Financing Authority, Sub-Ser, RB | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
5.000%, 06/01/31 | | | 250 | | | | 275 | |
County of Sacramento California Airport System Revenue, Sub-Ser E, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
5.000%, 07/01/32 | | | 265 | | | | 281 | |
East Bay, Municipal Utility District, Water System Revenue, Ser A, RB | | | | | | | | |
Callable 06/01/25 @ 100 | | | | | | | | |
5.000%, 06/01/29 | | | 850 | | | | 872 | |
East Side Unified High School District, Ser D, GO | | | | | | | | |
5.000%, 08/01/30 | | | 465 | | | | 511 | |
El Dorado Irrigation District, Ser A, RB | | | | | | | | |
Callable 03/01/30 @ 100 | | | | | | | | |
5.000%, 03/01/32 | | | 235 | | | | 254 | |
Fairfield-Suisun Unified School District, GO | | | | | | | | |
Callable 08/01/28 @ 100 | | | | | | | | |
4.000%, 08/01/31 | | | 145 | | | | 147 | |
Golden State Tobacco Securitization, Ser A-1, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 06/01/27(B) | | | 500 | | | | 528 | |
Imperial Irrigation District Electric System Revenue, RB | | | | | | | | |
Callable 11/01/27 @ 100 | | | | | | | | |
4.000%, 11/01/32 | | | 170 | | | | 172 | |
Long Beach, Unified School District, GO | | | | | | | | |
5.000%, 08/01/26 | | | 1,000 | | | | 1,040 | |
Los Angeles County, Metropolitan Transportation Authority Sales Tax Revenue, RB | | | | | | | | |
5.000%, 06/01/31 | | | 270 | | | | 302 | |
Los Angeles County, Metropolitan Transportation Authority, RB | | | | | | | | |
5.000%, 06/01/26 | | $ | 260 | | | $ | 271 | |
Los Angeles, Department of Airports, RB | | | | | | | | |
Callable 11/15/29 @ 100 | | | | | | | | |
5.000%, 05/15/32 | | | 105 | | | | 115 | |
Los Angeles, Department of Airports, Ser B, RB | | | | | | | | |
Callable 05/15/30 @ 100 | | | | | | | | |
5.000%, 05/15/33 | | | 100 | | | | 110 | |
Los Angeles, Department of Airports, Ser C, RB | | | | | | | | |
5.000%, 05/15/25 | | | 660 | | | | 675 | |
Los Angeles, Department of Airports, Sub-Ser, RB | | | | | | | | |
Callable 05/15/32 @ 100 | | | | | | | | |
5.000%, 05/15/33 | | | 125 | | | | 141 | |
Los Angeles, Department of Airports, Sub-Ser, RB, AMT | | | | | | | | |
Callable 05/15/26 @ 100 | | | | | | | | |
5.000%, 05/15/29 | | | 400 | | | | 407 | |
Los Angeles, Department of Water & Power, Ser A, RB | | | | | | | | |
5.000%, 07/01/27 | | | 515 | | | | 546 | |
Los Angeles, Department of Water & Power, Ser B, RB | | | | | | | | |
Callable 01/01/27 @ 100 | | | | | | | | |
5.000%, 07/01/30 | | | 175 | | | | 183 | |
Los Angeles, Sanitation Districts Financing Authority, Ser A, RB | | | | | | | | |
Callable 10/01/25 @ 100 | | | | | | | | |
5.000%, 10/01/28 | | | 525 | | | | 540 | |
Los Angeles, Unified School District, Ser B-1, GO | | | | | | | | |
Callable 01/01/28 @ 100 | | | | | | | | |
5.000%, 07/01/30 | | | 345 | | | | 366 | |
Los Angeles, Wastewater System Revenue, Sub-Ser A, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/30 | | | 150 | | | | 158 | |
Marin Municipal Water District, Sub-Ser, RB | | | | | | | | |
5.000%, 06/15/32 | | | 430 | | | | 482 | |
Metropolitan Water District of Southern California, Ser A, RB | | | | | | | | |
5.000%, 10/01/31 | | | 260 | | | | 291 | |
Modesto Irrigation District, RB | | | | | | | | |
5.000%, 07/01/31 | | | 110 | | | | 121 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
schedule of investments |
September 30, 2023 |
City National Rochdale California Tax Exempt Bond Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Redding, Electric System Revenue, RB | | | | | | | | |
5.000%, 06/01/24 | | $ | 655 | | | $ | 661 | |
Redding, Electric System Revenue, RB | | | | | | | | |
5.000%, 06/01/25 | | | 595 | | | | 606 | |
Riverside Community College District, GO | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
4.000%, 08/01/32 | | | 380 | | | | 391 | |
Riverside County, Infrastructure Financing Authority, Ser A, RB | | | | | | | | |
Callable 11/01/26 @ 100 | | | | | | | | |
4.000%, 11/01/29 | | | 520 | | | | 522 | |
Riverside County, Public Financing Authority, RB, ETM | | | | | | | | |
5.000%, 11/01/25 | | | 235 | | | | 242 | |
Riverside County, Transportation Commission Sales Tax Revenue, Ser A, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/30 | | | 155 | | | | 163 | |
Riverside County, Transportation Commission Sales Tax Revenue, Ser B, RB | | | | | | | | |
Callable 12/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/32 | | | 345 | | | | 365 | |
Riverside Redevelopment Agency Successor Agency, Ser A, RB | | | | | | | | |
5.000%, 09/01/27 | | | 100 | | | | 105 | |
Riverside Redevelopment Agency Successor Agency, Ser A, RB | | | | | | | | |
Callable 09/01/28 @ 100 | | | | | | | | |
5.000%, 09/01/29 | | | 290 | | | | 308 | |
Riverside Unified School District, Ser C, GO | | | | | | | | |
Callable 08/01/32 @ 100 | | | | | | | | |
5.000%, 08/01/34 | | | 275 | | | | 309 | |
San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB | | | | | | | | |
Callable 07/01/27 @ 100 | | | | | | | | |
5.000%, 07/01/28 | | | 365 | | | | 383 | |
San Dieguito Unified High School District, Ser E-2, GO | | | | | | | | |
4.000%, 08/01/30 | | | 100 | | | | 104 | |
San Francisco Bay Area Rapid Transit District, GO | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
5.000%, 08/01/32 | | $ | 215 | | | $ | 234 | |
San Francisco Bay Area Rapid Transit District, GO | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
5.000%, 08/01/33 | | | 130 | | | | 141 | |
San Francisco City & County, Airport Comm-San Francisco International Airport, RB | | | | | | | | |
Callable 05/01/26 @ 100 | | | | | | | | |
5.000%, 05/01/29 | | | 405 | | | | 420 | |
San Francisco City & County, Earthquake Saftey, GO | | | | | | | | |
Callable 06/15/29 @ 100 | | | | | | | | |
4.000%, 06/15/31 | | | 100 | | | | 103 | |
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | | | | | | | | |
Callable 10/01/25 @ 100 | | | | | | | | |
5.000%, 10/01/27 | | | 500 | | | | 515 | |
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB | | | | | | | | |
Callable 11/01/24 @ 100 | | | | | | | | |
5.000%, 11/01/28 | | | 500 | | | | 506 | |
San Francisco City & County, Public Utilities Commission, Water Revenue, Sub-Ser C, RB | | | | | | | | |
5.000%, 11/01/33 | | | 500 | | | | 569 | |
San Francisco City & County, Public Utilities Commission, Water Revenue, Sub-Ser, RB | | | | | | | | |
Callable 11/01/26 @ 100 | | | | | | | | |
4.000%, 11/01/30 | | | 1,040 | | | | 1,049 | |
San Jose, Redevelopment Agency Successor Agency, Sub-Ser B, RB | | | | | | | | |
5.000%, 08/01/27 | | | 125 | | | | 132 | |
San Jose, Redevelopment Agency Successor Agency, Sub-Ser B, RB | | | | | | | | |
Callable 08/01/27 @ 100 | | | | | | | | |
5.000%, 08/01/28 | | | 500 | | | | 526 | |
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB | | | | | | | | |
Callable 06/15/24 @ 100 | | | | | | | | |
5.000%, 06/15/26 | | | 1,045 | | | | 1,053 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 16
schedule of investments |
September 30, 2023 |
City National Rochdale California Tax Exempt Bond Fund (concluded) |
Description | | Face Amount (000) | | | Value (000) | |
Santa Clara Valley, Transportation Authority, Ser B, RB | | | | | | | | |
5.000%, 06/01/26 | | $ | 200 | | | $ | 208 | |
Santa Monica-Malibu Unified School District, Ser B, GO | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
4.000%, 08/01/32 | | | 120 | | | | 123 | |
Tahoe-Truckee, Unified School District, Ser B, GO | | | | | | | | |
Callable 08/01/26 @ 100 | | | | | | | | |
5.000%, 08/01/28 | | | 200 | | | | 209 | |
Tustin, Unified School District, SPL Tax, BAM | | | | | | | | |
5.000%, 09/01/24 | | | 525 | | | | 530 | |
University of California, Ser BN, RB | | | | | | | | |
5.000%, 05/15/32 | | | 500 | | | | 566 | |
Western Placer Waste Management Authority, RB | | | | | | | | |
5.000%, 06/01/32 | | | 100 | | | | 112 | |
Westlands, Water District, Ser A, RB, AGM | | | | | | | | |
Callable 09/01/26 @ 100 | | | | | | | | |
5.000%, 09/01/27 | | | 1,035 | | | | 1,077 | |
| | | | | | | | | | | | | |
Total California | | | 32,450 | |
| | | | | | | | | | | | | |
New York [1.8%] |
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser E-1, RB | | | | | | | | |
5.000%, 11/01/29 | | | 600 | | | | 645 | |
| | | | | | | | | | | | | |
Total Municipal Bonds |
(Cost $34,864) | | | 33,602 | |
| | | | | | | | | | | | | |
Short-Term Investment [0.2%] |
SEI Daily Income Trust Government Fund, Cl Institutional, 5.210%** | | | 80,919 | | | | 81 | |
| | | | | | | | | | | | | |
Total Short-Term Investment |
(Cost $81) | | | 81 | |
| | | | | | | | | | | | | |
Repurchase Agreement [4.8%] |
Barclays (C) | | | | | | | | |
5.250%, dated 09/29/23, repurchased on 10/02/23, repurchase price $1,700,748 (collateralized by various U.S. Treasury obligations, par values ranging from $1,753,400, 3.750%, 04/15/2026; with a total market value of $1,734,026) | | $ | 1,700 | | | $ | 1,700 | |
| | | | | | | | | | | | | |
Total Repurchase Agreement |
(Cost $1,700) | | | 1,700 | |
| | | | | | | | | | | | | |
Total Investments [99.0%] |
(Cost $36,645) | | $ | 35,383 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $35,750 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
(A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(B) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
(C) | Tri-party Repurchase Agreement. |
AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
ETM — Escrowed to Maturity
GO — General Obligation
RB — Revenue Bond
Ser — Series
SPL Tax — Special Tax
The following is a list of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at value (000):
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | — | | | $ | 33,602 | | | $ | — | | | $ | 33,602 | |
Short-Term Investment | | | 81 | | | | — | | | | — | | | | 81 | |
Repurchase Agreement | | | — | | | | 1,700 | | | | — | | | | 1,700 | |
Total Investments in Securities | | $ | 81 | | | $ | 35,302 | | | $ | — | | | $ | 35,383 | |
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 17
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund |
Description | | Face Amount (000) | | | Value (000) | |
Municipal Bonds [97.8%] |
Alabama [2.0%] |
Black Belt Energy Gas District, Ser B-1, RB | | | | | | | | |
Callable 07/01/27 @ 100 | | | | | | | | |
4.000%, 04/01/53(A) | | $ | 1,000 | | | $ | 963 | |
Jefferson County, Sewer Revenue, Ser D, RB | | | | | | | | |
Callable 10/25/23 @ 105 | | | | | | | | |
6.000%, 10/01/42 | | | 9,000 | | | | 9,344 | |
Jefferson County, Sewer Revenue, Sub-Ser, RB | | | | | | | | |
Callable 10/25/23 @ 105 | | | | | | | | |
7.750%, 10/01/46 | | | 2,500 | | | | 2,629 | |
Southeast Energy Authority A Cooperative District, Ser A-1, RB | | | | | | | | |
Callable 09/01/29 @ 100 | | | | | | | | |
5.500%, 01/01/53(A) | | | 1,500 | | | | 1,539 | |
Southeast Energy Authority A Cooperative District, Ser B, RB | | | | | | | | |
Callable 09/01/31 @ 101 | | | | | | | | |
4.000%, 12/01/51(A) | | | 5,000 | | | | 4,651 | |
Tuscaloosa County, Industrial Development Authority, Ser A, RB | | | | | | | | |
Callable 05/01/29 @ 100 | | | | | | | | |
5.250%, 05/01/44(B) | | | 3,000 | | | | 2,605 | |
| | | | | | | | | | | | | |
Total Alabama | | | 21,731 | |
| | | | | | | | | | | | | |
Alaska [0.3%] |
Northern Tobacco Securitization, Ser A-CLASS, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
4.000%, 06/01/50 | | $ | 3,500 | | | $ | 2,902 | |
| | | | | | | | | | | | | |
Arizona [1.6%] |
Arizona State, Industrial Development Authority, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
5.000%, 07/01/43(B) | | | 310 | | | | 278 | |
Arizona State, Industrial Development Authority, RB | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
5.000%, 01/01/54 | | | 375 | | | | 215 | |
Arizona State, Industrial Development Authority, RB | | | | | | | | |
Callable 07/15/29 @ 100 | | | | | | | | |
4.000%, 07/15/51(B) | | | 500 | | | | 348 | |
Arizona State, Industrial Development Authority, RB | | | | | | | | |
Callable 07/15/29 @ 100 | | | | | | | | |
4.000%, 07/15/56(B) | | | 225 | | | | 151 | |
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
5.250%, 11/15/46 | | | 1,000 | | | | 688 | |
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
5.250%, 11/15/51 | | | 1,850 | | | | 1,232 | |
Glendale, Industrial Development Authority, Glencroft Retirement Community, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
5.000%, 11/15/36 | | | 600 | | | | 458 | |
Maricopa County Industrial Development Authority, RB | | | | | | | | |
Callable 07/01/30 @ 100 | | | | | | | | |
6.250%, 07/01/53(B) | | | 1,400 | | | | 1,321 | |
Phoenix, Civic Improvement, Ser A, RB | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
5.000%, 07/01/45 | | | 250 | | | | 249 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 18
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
5.000%, 07/01/45(B) | | $ | 3,300 | | | $ | 2,935 | |
Pima County, Industrial Development Authority, Noah Webster School Project, RB | | | | | | | | |
Callable 12/15/23 @ 100 | | | | | | | | |
7.000%, 12/15/43 | | | 1,500 | | | | 1,505 | |
Sierra Vista, Industrial Development Authority, RB | | | | | | | | |
Callable 06/15/30 @ 100 | | | | | | | | |
5.750%, 06/15/53(B) | | | 5,400 | | | | 5,113 | |
Tempe, Industrial Development Authority, Mirrabella at ASU Project, Ser A, RB | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
6.125%, 10/01/52(B) | | | 1,200 | | | | 668 | |
Yavapai County, Industrial Development Authority, Ser A, RB | | | | | | | | |
Callable 03/01/25 @ 100 | | | | | | | | |
5.000%, 09/01/34(B) | | | 2,015 | | | | 1,887 | |
| | | | | | | | | | | | | |
Total Arizona | | | 17,048 | |
| | | | | | | | | | | | | |
Arkansas [0.4%] |
Arkansas State, Development Finance Authority, RB, AMT | | | | | | | | |
Callable 09/01/26 @ 103 | | | | | | | | |
4.500%, 09/01/49(B) | | | 4,750 | | | | 4,292 | |
| | | | | | | | | | | | | |
California [7.3%] |
California County, Tobacco Securitization Agency, RB | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
4.000%, 06/01/49 | | | 1,000 | | | | 840 | |
California County, Tobacco Securitization Agency, Sub-Ser A, RB | | | | | | | | |
Callable 10/20/23 @ 24 | | | | | | | | |
0.000%, 06/01/46(C) | | | 10,000 | | | | 2,347 | |
California State, Community Choice Financing Authority, RB | | | | | | | | |
Callable 08/01/32 @ 100 | | | | | | | | |
3.000%, 02/01/57(B) | | | 8,500 | | | | 4,899 | |
California State, Community Choice Financing Authority, Ser B-1-GREEN, RB | | | | | | | | |
Callable 05/01/31 @ 101 | | | | | | | | |
4.000%, 02/01/52(A) | | $ | 3,750 | | | $ | 3,538 | |
California State, Infrastructure & Economic Development Bank, RB, AMT | | | | | | | | |
Callable 03/01/24 @ 105 | | | | | | | | |
8.000%, 01/01/50(A)(B) | | | 5,000 | | | | 4,994 | |
California State, Infrastructure & Economic Development Bank, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
3.650%, 01/01/50(A)(B) | | | 2,100 | | | | 2,087 | |
California State, Municipal Finance Authority, California Baptist University, Ser A, RB | | | | | | | | |
Callable 11/01/25 @ 100 | | | | | | | | |
5.500%, 11/01/45(B) | | | 4,000 | | | | 3,794 | |
California State, Municipal Finance Authority, RB | | | | | | | | |
Callable 09/01/29 @ 103 | | | | | | | | |
5.000%, 09/01/52 | | | 875 | | | | 826 | |
California State, Municipal Finance Authority, RB | | | | | | | | |
Callable 11/01/31 @ 100 | | | | | | | | |
4.000%, 11/01/36(B) | | | 2,370 | | | | 2,066 | |
California State, Municipal Finance Authority, Ser A, RB | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
5.000%, 12/01/54(B) | | | 875 | | | | 749 | |
California State, Municipal Finance Authority, Ser A, RB, AGM | | | | | | | | |
Callable 11/01/32 @ 100 | | | | | | | | |
5.250%, 11/01/52 | | | 1,000 | | | | 1,031 | |
California State, Municipal Finance Authority, Ser D, RB | | | | | | | | |
Callable 09/01/29 @ 103 | | | | | | | | |
6.000%, 09/01/42 | | | 2,000 | | | | 1,957 | |
California State, Pollution Control Financing Authority, Calplant I Project, RB, AMT | | | | | | | | |
Callable 07/01/27 @ 100 | | | | | | | | |
8.000%, 07/01/39(B) (D) | | | 5,000 | | | | 250 | |
California State, Pollution Control Financing Authority, RB, AMT | | | | | | | | |
7.500%, 07/01/32(B) (D) | | | 1,275 | | | | 166 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
California State, Pollution Control Financing Authority, RB, AMT | | | | | | | | |
Callable 07/01/33 @ 100 | | | | | | | | |
5.000%, 07/01/34(B) | | $ | 1,000 | | | $ | 1,034 | |
California State, School Finance Authority, RB | | | | | | | | |
Callable 08/01/32 @ 100 | | | | | | | | |
5.375%, 08/01/42(B) | | | 500 | | | | 491 | |
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 | | | | 1,077 | |
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 | | | | 967 | |
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 | | | | 574 | |
California State, Statewide Communities Development Authority, RB | | | | | | | | |
Callable 06/01/28 @ 100 | | | | | | | | |
5.500%, 12/01/58(B) | | | 1,500 | | | | 1,425 | |
California State, Statewide Communities Development Authority, RB | | | | | | | | |
Callable 06/01/28 @ 100 | | | | | | | | |
5.250%, 12/01/43(B) | | | 500 | | | | 473 | |
California State, Statewide Communities Development Authority, RB | | | | | | | | |
Callable 12/01/24 @ 100 | | | | | | | | |
5.250%, 12/01/44 | | | 7,380 | | | | 6,928 | |
City & County of San Francisco California Community Facilities District No. 2016-1, Ser 2021, SPL Tax | | | | | | | | |
Callable 09/01/27 @ 103 | | | | | | | | |
4.000%, 09/01/51 | | | 1,500 | | | | 1,152 | |
City & County of San Francisco California Community Facilities District No. 2016-1, SPL Tax | | | | | | | | |
Callable 09/01/28 @ 103 | | | | | | | | |
4.000%, 09/01/42(B) | | | 2,250 | | | | 1,855 | |
City & County of San Francisco California Infrastructure & Revitalization Fing Dist No. 1, SPL Tax | | | | | | | | |
Callable 09/01/32 @ 100 | | | | | | | | |
5.000%, 09/01/52(B) | | $ | 1,320 | | | $ | 1,140 | |
CMFA Special Finance Agency VII, RB | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
3.000%, 08/01/56(B) | | | 5,500 | | | | 3,433 | |
CSCDA Community Improvement Authority, RB | | | | | | | | |
Callable 05/01/32 @ 100 | | | | | | | | |
3.250%, 05/01/57(B) | | | 6,430 | | | | 4,133 | |
CSCDA Community Improvement Authority, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
3.000%, 06/01/47(B) | | | 3,840 | | | | 2,555 | |
Golden State, Tobacco Securitization, Sub-Ser B-2, RB | | | | | | | | |
Callable 12/01/31 @ 28 | | | | | | | | |
0.000%, 06/01/66(C) | | | 38,000 | | | | 3,288 | |
Golden State, Tobacco Securitization, Sub-Ser, RB | | | | | | | | |
Callable 12/01/31 @ 100 | | | | | | | | |
3.850%, 06/01/50 | | | 4,065 | | | | 3,687 | |
Inland Empire, Tobacco Securitization Authority, RB | | | | | | | | |
Callable 10/20/23 @ 44 | | | | | | | | |
0.000%, 06/01/36(C) | | | 12,500 | | | | 5,427 | |
Orange County Community Facilities District, Ser A, SPL Tax | | | | | | | | |
Callable 08/15/29 @ 103 | | | | | | | | |
5.000%, 08/15/52 | | | 3,200 | | | | 3,006 | |
State of California, GO | | | | | | | | |
Callable 09/01/26 @ 100 | | | | | | | | |
5.000%, 09/01/27 | | | 5,000 | | | | 5,206 | |
| | | | | | | | | | | | | |
Total California | | | 77,395 | |
| | | | | | | | | | | | | |
Colorado [10.4%] |
9th Avenue Metropolitan District No. 2, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.000%, 12/01/48 | | | 1,000 | | | | 840 | |
Amber Creek, Metropolitan District, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
5.125%, 12/01/47 | | | 1,041 | | | | 880 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 20
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Amber Creek, Metropolitan District, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
5.000%, 12/01/37 | | $ | 715 | | | $ | 648 | |
Banning Lewis Ranch Metropolitan District No. 8, GO | | | | | | | | |
Callable 06/01/26 @ 103 | | | | | | | | |
4.875%, 12/01/51(B) | | | 3,500 | | | | 2,490 | |
Base Village Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
5.750%, 12/01/46 | | | 3,055 | | | | 2,929 | |
Broadway Park North Metropolitan District No. 2, GO | | | | | | | | |
Callable 12/01/25 @ 103 | | | | | | | | |
5.000%, 12/01/49(B) | | | 1,265 | | | | 1,084 | |
Broadway Station Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 06/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/35 | | | 730 | | | | 570 | |
Broadway Station Metropolitan District No. 3, GO | | | | | | | | |
Callable 06/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 1,500 | | | | 1,090 | |
Buffalo Highlands Metropolitan District, Ser A, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.375%, 12/01/48 | | | 1,775 | | | | 1,569 | |
Canyons Metropolitan District No. 5, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
6.125%, 12/01/47 | | | 1,000 | | | | 920 | |
Canyons Metropolitan District No. 5, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
6.000%, 12/01/37 | | | 2,000 | | | | 1,870 | |
Chambers Highpoint Metropolitan District No. 2, GO | | | | | | | | |
Callable 09/01/26 @ 103 | | | | | | | | |
5.000%, 12/01/41 | | | 515 | | | | 435 | |
Chambers Highpoint Metropolitan District No. 2, GO | | | | | | | | |
Callable 09/01/26 @ 103 | | | | | | | | |
5.000%, 12/01/51 | | | 1,505 | | | | 1,187 | |
City & County of Denver Colorado, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.000%, 10/01/32 | | | 2,000 | | | | 1,942 | |
Clear Creek Station, Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
5.000%, 12/01/47 | | $ | 1,000 | | | $ | 875 | |
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
5.250%, 07/01/46(B) | | | 1,930 | | | | 1,745 | |
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
5.000%, 07/01/36(B) | | | 1,415 | | | | 1,326 | |
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.250%, 04/01/25(B) (E) | | | 2,655 | | | | 2,703 | |
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.125%, 04/01/25(B) (E) | | | 1,515 | | | | 1,540 | |
Colorado State, Health Facilities Authority, RB | | | | | | | | |
Callable 05/15/28 @ 100 | | | | | | | | |
5.000%, 11/15/48 | | | 2,800 | | | | 2,805 | |
Colorado State, Health Facilities Authority, Ser A, RB | | | | | | | | |
Callable 05/15/28 @ 103 | | | | | | | | |
5.000%, 05/15/35 | | | 1,170 | | | | 975 | |
Colorado State, Health Facilities Authority, Ser A, RB | | | | | | | | |
Callable 05/15/28 @ 103 | | | | | | | | |
5.000%, 05/15/49 | | | 3,000 | | | | 2,026 | |
Colorado State, Health Facilities Authority, Ser A, RB | | | | | | | | |
Callable 05/15/28 @ 103 | | | | | | | | |
5.000%, 05/15/58 | | | 5,145 | | | | 3,277 | |
Colorado State, Health Facilities Authority, Ser A-, RB | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
4.000%, 08/01/44 | | | 4,155 | | | | 3,465 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 21
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.750%, 01/01/44 | | $ | 2,000 | | | $ | 2,002 | |
Constitution Heights Metropolitan District, GO | | | | | | | | |
Callable 06/01/25 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 1,260 | | | | 1,077 | |
Cottonwood Highlands Metropolitan District No. 1, Ser A, GO | | | | | | | | |
Callable 06/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 1,400 | | | | 1,184 | |
Denver, International Business Center Metropolitan District No. 1, Ser A, RB | | | | | | | | |
Callable 06/01/24 @ 100 | | | | | | | | |
4.000%, 12/01/48 | | | 850 | | | | 655 | |
Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO | | | | | | | | |
Callable 06/01/24 @ 103 | | | | | | | | |
6.000%, 12/01/48 | | | 2,290 | | | | 2,161 | |
Erie Highlands, Metropolitan District No. 1, GO, BAM | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
2.250%, 12/01/40 | | | 900 | | | | 573 | |
Erie Highlands, Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.250%, 12/01/48 | | | 5,725 | | | | 5,010 | |
First Creek Village Metropolitan District, Ser A, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/39 | | | 595 | | | | 555 | |
First Creek Village Metropolitan District, Ser A, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
5.000%, 08/01/49 | | | 1,085 | | | | 945 | |
First Creek Village Metropolitan District, Ser A, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
3.000%, 12/01/29 | | | 500 | | | | 426 | |
Four Corners Business Improvement District, GO | | | | | | | | |
Callable 09/01/27 @ 103 | | | | | | | | |
6.000%, 12/01/52 | | | 1,130 | | | | 972 | |
Green Valley Ranch East Metropolitan District No. 6, Ser A, GO | | | | | | | | |
Callable 09/01/25 @ 103 | | | | | | | | |
5.875%, 12/01/50 | | $ | 1,195 | | | $ | 1,095 | |
Greenways Metropolitan District No. 1, Ser A, GO | | | | | | | | |
Callable 09/01/26 @ 103 | | | | | | | | |
4.625%, 12/01/51 | | | 3,685 | | | | 2,440 | |
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
4.375%, 12/01/47 | | | 750 | | | | 580 | |
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
4.125%, 12/01/40 | | | 575 | | | | 465 | |
Karl’s Farm Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 09/01/25 @ 103 | | | | | | | | |
5.625%, 12/01/50(B) | | | 1,900 | | | | 1,648 | |
Karl’s Farm Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 09/01/25 @ 103 | | | | | | | | |
5.375%, 12/01/40(B) | | | 645 | | | | 576 | |
Legato Community Authority, Ser A-1, RB | | | | | | | | |
Callable 06/01/26 @ 103 | | | | | | | | |
5.000%, 12/01/51 | | | 1,025 | | | | 802 | |
Legato Community Authority, Ser A-2, RB | | | | | | | | |
Callable 06/01/26 @ 101 | | | | | | | | |
0.000%, 12/01/51(C) | | | 7,335 | | | | 4,475 | |
Meadowlark Metropolitan District, Ser A-SENIOR-LIMITED, GO | | | | | | | | |
Callable 09/01/25 @ 103 | | | | | | | | |
5.125%, 12/01/50 | | | 750 | | | | 622 | |
Mirabelle Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 03/01/25 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 1,950 | | | | 1,641 | |
North Holly, Metropolitan District, Ser A, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.500%, 12/01/48 | | | 1,755 | | | | 1,584 | |
North Range Metropolitan District No. 3, Ser A, GO | | | | | | | | |
Callable 12/01/25 @ 103 | | | | | | | | |
5.250%, 12/01/50 | | | 3,000 | | | | 2,551 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Rampart Range Metropolitan District No. 5, RB | | | | | | | | |
Callable 10/01/26 @ 102 | | | | | | | | |
4.000%, 12/01/51 | | $ | 3,725 | | | $ | 2,479 | |
Regional Transportation District, RB | | | | | | | | |
4.000%, 07/15/40 | | | 500 | | | | 449 | |
Senac South Metropolitan District No. 1, Ser A, GO | | | | | | | | |
Callable 12/01/26 @ 103 | | | | | | | | |
5.250%, 12/01/51 | | | 5,000 | | | | 4,024 | |
Serenity Ridge, Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.125%, 12/01/23(E) | | | 1,000 | | | | 1,031 | |
Serenity Ridge, Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.125%, 12/01/23(E) | | | 550 | | | | 567 | |
Southglenn, Metropolitan District, GO | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
5.000%, 12/01/46 | | | 1,575 | | | | 1,365 | |
Spring Hill, Metropolitan District No. 3, Ser A, GO | | | | | | | | |
Callable 12/01/27 @ 103 | | | | | | | | |
6.750%, 12/01/52(B) | | | 5,000 | | | | 4,827 | |
Stone Creek, Metropolitan District, Ser A, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.625%, 12/01/47 | | | 2,000 | | | | 1,836 | |
Trails at Crowfoot Metropolitan District No. 3, Ser ES, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 3,620 | | | | 3,028 | |
Verve Metropolitan District No. 1, GO | | | | | | | | |
Callable 03/01/26 @ 103 | | | | | | | | |
5.000%, 12/01/51 | | | 5,000 | | | | 3,556 | |
Village at Dry Creek Metropolitan District No. 2, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
4.375%, 12/01/44 | | | 1,536 | | | | 1,209 | |
Villas Metropolitan District, Ser A, GO | | | | | | | | |
Callable 12/01/23 @ 103 | | | | | | | | |
5.125%, 12/01/48 | | | 1,246 | | | | 1,082 | |
Water Valley, Metropolitan District No. 01, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
5.250%, 12/01/40 | | | 545 | | | | 508 | |
Water Valley, Metropolitan District No. 01, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
5.000%, 12/01/35 | | $ | 100 | | | $ | 94 | |
Water Valley, Metropolitan District No. 01, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
4.000%, 12/01/33 | | | 375 | | | | 324 | |
Water Valley, Metropolitan District No. 02, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
5.250%, 12/01/40 | | | 1,045 | | | | 975 | |
Water Valley, Metropolitan District No. 02, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
4.000%, 12/01/33 | | | 250 | | | | 217 | |
Waterview II Metropolitan District, Ser A, GO | | | | | | | | |
Callable 03/01/27 @ 103 | | | | | | | | |
5.000%, 12/01/41 | | | 980 | | | | 847 | |
Waterview II Metropolitan District, Ser A, GO | | | | | | | | |
Callable 03/01/27 @ 103 | | | | | | | | |
5.000%, 12/01/51 | | | 2,500 | | | | 2,021 | |
Westcreek Metropolitan District No. 2, Ser A, GO | | | | | | | | |
Callable 06/01/24 @ 103 | | | | | | | | |
5.375%, 12/01/48 | | | 1,300 | | | | 1,153 | |
Wild Plum Metropolitan District, Ser A, GO | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 12/01/24(E) | | | 595 | | | | 617 | |
Willow Bend Metropolitan District, Ser A, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/39 | | | 600 | | | | 542 | |
Willow Bend Metropolitan District, Ser A, GO | | | | | | | | |
Callable 09/01/24 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 1,000 | | | | 839 | |
Wyndham Hill Metropolitan District No. 2, Ser A, GO, BAM | | | | | | | | |
Callable 12/01/28 @ 100 | | | | | | | | |
4.000%, 12/01/49 | | | 1,500 | | | | 1,232 | |
| | | | | | | | | | | | | |
Total Colorado | | | 108,052 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 23
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Connecticut [0.1%] |
Steel Point Infrastructure Improvement District, TA | | | | | | | | |
Callable 04/01/30 @ 100 | | | | | | | | |
4.000%, 04/01/51(B) | | $ | 1,280 | | | $ | 967 | |
| | | | | | | | | | | | | |
Delaware [0.2%] |
Delaware State, Economic Development Authority, Ser V, RB | | | | | | | | |
Callable 10/01/25 @ 100 | | | | | | | | |
1.250%, 10/01/45(A) | | | 2,000 | | | | 1,818 | |
| | | | | | | | | | | | | |
District of Columbia [0.9%] |
District of Columbia, Ser A, RB | | | | | | | | |
Callable 09/01/29 @ 100 | | | | | | | | |
4.000%, 03/01/39 | | | 6,005 | | | | 5,630 | |
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Sub-Ser, RB | | | | | | | | |
Callable 10/01/29 @ 100 | | | | | | | | |
4.000%, 10/01/49 | | | 4,965 | | | | 4,159 | |
| | | | | | | | | | | | | |
Total District of Columbia | | | 9,789 | |
| | | | | | | | | | | | | |
Florida [7.2%] |
Alachua County, Health Facilities Authority, RB | | | | | | | | |
Callable 11/15/24 @ 100 | | | | | | | | |
6.375%, 11/15/49 | | | 5,190 | | | | 3,460 | |
Capital Trust Agency, RB | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
5.375%, 07/01/54(B) | | | 1,500 | | | | 1,311 | |
Capital Trust Agency, RB | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
5.125%, 07/01/39(B) | | | 1,500 | | | | 1,366 | |
Capital Trust Agency, RB | | | | | | | | |
Callable 06/15/26 @ 100 | | | | | | | | |
5.000%, 06/15/39(B) | | | 3,610 | | | | 3,232 | |
Capital Trust Agency, RB | | | | | | | | |
Callable 06/15/26 @ 100 | | | | | | | | |
4.000%, 06/15/41(B) | | | 2,250 | | | | 1,724 | |
Charlotte County, Industrial Development Authority, RB, AMT | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
5.000%, 10/01/49(B) | | | 1,915 | | | | 1,676 | |
Charlotte County, Industrial Development Authority, RB, AMT | | | | | | | | |
Callable 10/01/31 @ 100 | | | | | | | | |
4.000%, 10/01/41(B) | | $ | 1,405 | | | $ | 1,119 | |
County of Monroe Florida Airport Revenue, Ser 202, RB, AMT | | | | | | | | |
Callable 10/01/32 @ 100 | | | | | | | | |
5.000%, 10/01/52 | | | 750 | | | | 668 | |
County of Osceola Florida Transportation Revenue, Ser A-2, RB | | | | | | | | |
Callable 10/01/29 @ 49 | | | | | | | | |
0.000%, 10/01/49(C) | | | 1,325 | | | | 278 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/15/32 @ 100 | | | | | | | | |
5.750%, 06/15/47 | | | 2,750 | | | | 2,704 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/01/27 @ 103 | | | | | | | | |
5.250%, 06/01/50(B) | | | 750 | | | | 586 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/01/28 @ 103 | | | | | | | | |
5.000%, 06/01/35(B) | | | 200 | | | | 181 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 09/15/27 @ 100 | | | | | | | | |
5.000%, 09/15/40(B) | | | 1,045 | | | | 887 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 09/15/27 @ 100 | | | | | | | | |
5.000%, 09/15/50(B) | | | 1,950 | | | | 1,521 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/01/28 @ 103 | | | | | | | | |
5.000%, 06/01/51(B) | | | 1,750 | | | | 1,358 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/01/28 @ 103 | | | | | | | | |
4.000%, 06/01/46(B) | | | 300 | | | | 192 | |
Florida State, Development Finance, RB | | | | | | | | |
Callable 06/01/28 @ 103 | | | | | | | | |
4.000%, 06/01/55(B) | | | 1,750 | | | | 1,025 | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
8.000%, 07/01/57(A)(B) | | | 3,000 | | | | 2,970 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 24
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
Callable 01/01/24 @ 107 | | | | | | | | |
7.375%, 01/01/49(B) | | $ | 5,000 | | | $ | 4,958 | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
Callable 10/03/23 @ 104 | | | | | | | | |
7.250%, 07/01/57(A)(B) | | | 3,000 | | | | 3,120 | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
Callable 04/02/26 @ 100 | | | | | | | | |
6.125%, 07/01/32(A)(B) | | | 2,970 | | | | 2,954 | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
5.250%, 08/01/29(B) | | | 1,375 | | | | 1,295 | |
Florida State, Development Finance, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 104 | | | | | | | | |
5.000%, 05/01/29(B) | | | 3,500 | | | | 3,263 | |
Florida State, Development Finance, Renaissance Charter School Project, RB | | | | | | | | |
Callable 06/15/25 @ 100 | | | | | | | | |
6.125%, 06/15/46(B) | | | 4,930 | | | | 4,740 | |
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | | | | | | | | |
Callable 06/15/24 @ 100 | | | | | | | | |
6.125%, 06/15/44(B) | | | 3,000 | | | | 2,939 | |
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB | | | | | | | | |
Callable 06/15/24 @ 100 | | | | | | | | |
6.000%, 06/15/34(B) | | | 2,110 | | | | 2,114 | |
Lakewood Ranch, Stewardship District, SAB | | | | | | | | |
Callable 05/01/27 @ 100 | | | | | | | | |
5.250%, 05/01/37 | | | 1,810 | | | | 1,782 | |
Lakewood Ranch, Stewardship District, SPA | | | | | | | | |
Callable 05/01/33 @ 100 | | | | | | | | |
6.125%, 05/01/43 | | | 1,000 | | | | 1,001 | |
Lakewood Ranch, Stewardship District, SPA | | | | | | | | |
5.450%, 05/01/33 | | | 500 | | | | 501 | |
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB | | | | | | | | |
Callable 09/15/24 @ 100 | | | | | | | | |
5.250%, 09/15/44 | | | 2,500 | | | | 2,386 | |
Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB | | | | | | | | |
Callable 09/15/25 @ 100 | | | | | | | | |
5.750%, 09/15/35(B) | | $ | 1,605 | | | $ | 1,558 | |
Osceola County, Finance Authority, Poinciana Parkway Project, Ser A, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.375%, 10/01/24(E) | | | 5,000 | | | | 5,065 | |
Osceola County, Transportation Revenue, Ser A-1, RB | | | | | | | | |
Callable 10/01/29 @ 100 | | | | | | | | |
5.000%, 10/01/49 | | | 1,045 | | | | 984 | |
Osceola County, Transportation Revenue, Ser A-1, RB | | | | | | | | |
Callable 10/01/29 @ 100 | | | | | | | | |
4.000%, 10/01/54 | | | 800 | | | | 620 | |
Palm Beach County, Health Facilities Authority, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
5.000%, 11/15/32 | | | 1,500 | | | | 1,507 | |
Palm Beach County, Health Facilities Authority, RB | | | | | | | | |
Callable 06/01/25 @ 103 | | | | | | | | |
5.000%, 06/01/55 | | | 2,395 | | | | 1,915 | |
Village Community Development District No. 12, SAB | | | | | | | | |
Callable 05/01/28 @ 100 | | | | | | | | |
4.250%, 05/01/43 | | | 2,290 | | | | 1,977 | |
Village Community Development District No. 14, SAB | | | | | | | | |
Callable 05/01/30 @ 100 | | | | | | | | |
5.375%, 05/01/42 | | | 2,540 | | | | 2,515 | |
Village Community Development District No. 8, SAB, AGM | | | | | | | | |
Callable 05/01/30 @ 100 | | | | | | | | |
4.500%, 05/01/39 | | | 2,105 | | | | 2,093 | |
| | | | | | | | | | | | | |
Total Florida | | | 75,545 | |
| | | | | | | | | | | | | |
Georgia [1.2%] |
Atlanta, Airport Passenger Facility Charge, Sub-Ser, RB, AMT | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
4.000%, 07/01/38 | | | 4,000 | | | | 3,703 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Gainesville & Hall County, Development Authority, Riverside Military Academy, RB | | | | | | | | |
Callable 03/01/27 @ 100 | | | | | | | | |
5.000%, 03/01/47 | | $ | 4,000 | | | $ | 2,768 | |
Main Street Natural Gas, Ser A, RB | | | | | | | | |
Callable 05/15/29 @ 100 | | | | | | | | |
5.000%, 05/15/43 | | | 600 | | | | 577 | |
Main Street Natural Gas, Ser C, RB | | | | | | | | |
Callable 05/01/27 @ 101 | | | | | | | | |
4.000%, 08/01/52(A)(B) | | | 4,500 | | | | 4,243 | |
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
7.250%, 01/01/24(E) | | | 810 | | | | 816 | |
| | | | | | | | | | | | | |
Total Georgia | | | 12,107 | |
| | | | | | | | | | | | | |
Hawaii [0.1%] |
Hawaii State, Department of Budget & Finance, Hawaiian Electric Project, RB, AMT | | | | | | | | |
Callable 03/01/27 @ 100 | | | | | | | | |
4.000%, 03/01/37 | | | 2,000 | | | | 1,401 | |
| | | | | | | | | | | | | |
Idaho [0.2%] |
Idaho Falls Auditorium District, RB | | | | | | | | |
Callable 05/15/26 @ 102 | | | | | | | | |
5.250%, 05/15/51(B) | | | 2,250 | | | | 2,011 | |
| | | | | | | | | | | | | |
Illinois [11.7%] |
Aurora, Tax Increase Revenue, Ser A, RB | | | | | | | | |
5.000%, 12/30/27 | | | 600 | | | | 577 | |
Bridgeview Village, Ser A, GO | | | | | | | | |
Callable 12/01/25 @ 100 | | | | | | | | |
5.750%, 12/01/35 | | | 2,000 | | | | 1,955 | |
Bridgeview Village, Ser A, GO | | | | | | | | |
Callable 06/01/24 @ 100 | | | | | | | | |
5.500%, 12/01/43 | | | 4,880 | | | | 4,291 | |
Chicago, Board of Education, Ser A, GO | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
5.000%, 12/01/35 | | | 2,300 | | | | 2,292 | |
Chicago, Board of Education, Ser B, GO | | | | | | | | |
Callable 12/01/27 @ 100 | | | | | | | | |
7.000%, 12/01/42(B) | | $ | 5,250 | | | $ | 5,539 | |
Chicago, Board of Education, Ser B, GO | | | | | | | | |
Callable 12/01/31 @ 100 | | | | | | | | |
4.000%, 12/01/40 | | | 2,500 | | | | 2,080 | |
Chicago, Board of Education, Ser D, GO | | | | | | | | |
Callable 12/01/28 @ 100 | | | | | | | | |
5.000%, 12/01/46 | | | 2,300 | | | | 2,081 | |
Chicago, Midway International Airport, Ser A, RB, AMT | | | | | | | | |
Callable 01/01/24 @ 100 | | | | | | | | |
5.000%, 01/01/41 | | | 485 | | | | 477 | |
Chicago, Midway International Airport, Ser B, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.000%, 01/01/35 | | | 2,000 | | | | 1,998 | |
Chicago, O’Hare International Airport, RB, AMT | | | | | | | | |
Callable 01/01/32 @ 100 | | | | | | | | |
5.000%, 01/01/48 | | | 4,750 | | | | 4,708 | |
Chicago, Ser A, GO | | | | | | | | |
Callable 01/01/27 @ 100 | | | | | | | | |
6.000%, 01/01/38 | | | 9,000 | | | | 9,343 | |
Chicago, Ser A, GO | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
5.500%, 01/01/35 | | | 5,000 | | | | 5,204 | |
Chicago, Ser A, GO | | | | | | | | |
5.000%, 01/01/27 | | | 1,750 | | | | 1,788 | |
Chicago, Ser A, GO | | | | | | | | |
Callable 01/01/24 @ 100 | | | | | | | | |
5.000%, 01/01/30 | | | 1,000 | | | | 1,002 | |
Chicago, Ser A, GO | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
5.000%, 01/01/40 | | | 1,500 | | | | 1,486 | |
Chicago, Ser C, GO | | | | | | | | |
5.000%, 01/01/26 | | | 2,000 | | | | 2,034 | |
County of Cook Illinois, Ser A, GO | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
5.000%, 11/15/31 | | | 2,400 | | | | 2,470 | |
Illinois State, Finance Authority, Columbia College Chicago, Ser S, RB | | | | | | | | |
Callable 12/01/25 @ 100 | | | | | | | | |
4.125%, 12/01/30 | | | 1,505 | | | | 1,421 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Illinois State, Finance Authority, Presence Health Network, Ser C, RB | | | | | | | | |
Callable 02/15/27 @ 100 | | | | | | | | |
5.000%, 02/15/36 | | $ | 1,935 | | | $ | 1,975 | |
Illinois State, Finance Authority, Presence Health Network, Ser C, RB | | | | | | | | |
Callable 02/15/27 @ 100 | | | | | | | | |
5.000%, 02/15/41 | | | 1,000 | | | | 1,007 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 11/15/29 @ 103 | | | | | | | | |
6.500%, 05/15/42 | | | 1,000 | | | | 992 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 11/15/29 @ 103 | | | | | | | | |
6.500%, 05/15/47 | | | 1,000 | | | | 973 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 01/01/30 @ 102 | | | | | | | | |
6.375%, 01/01/48(B) | | | 4,330 | | | | 4,076 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 09/01/29 @ 100 | | | | | | | | |
5.000%, 09/01/40 | | | 250 | | | | 217 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 12/01/29 @ 100 | | | | | | | | |
5.000%, 12/01/44 | | | 2,175 | | | | 1,998 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 09/01/32 @ 100 | | | | | | | | |
5.000%, 03/01/52 | | | 830 | | | | 694 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 04/01/31 @ 100 | | | | | | | | |
4.000%, 10/01/32 | | | 400 | | | | 351 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 04/01/31 @ 100 | | | | | | | | |
4.000%, 10/01/33 | | | 350 | | | | 304 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 09/01/29 @ 100 | | | | | | | | |
4.000%, 09/01/37 | | | 350 | | | | 279 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 04/01/31 @ 100 | | | | | | | | |
4.000%, 10/01/38 | | | 230 | | | | 180 | |
Illinois State, Finance Authority, RB | | | | | | | | |
Callable 10/01/30 @ 100 | | | | | | | | |
4.000%, 10/01/40 | | $ | 4,250 | | | $ | 3,567 | |
Illinois State, Finance Authority, Ser A, RB | | | | | | | | |
Callable 10/01/28 @ 101 | | | | | | | | |
6.125%, 04/01/49(B) | | | 4,995 | | | | 4,403 | |
Illinois State, Finance Authority, Ser A, RB | | | | | | | | |
Callable 10/01/28 @ 101 | | | | | | | | |
6.000%, 04/01/38(B) | | | 2,195 | | | | 2,003 | |
Illinois State, Finance Authority, Ser A, RB | | | | | | | | |
Callable 05/15/25 @ 100 | | | | | | | | |
5.000%, 11/15/38 | | | 1,010 | | | | 988 | |
Illinois State, Finance Authority, Ser A, RB | | | | | | | | |
Callable 11/01/26 @ 103 | | | | | | | | |
5.000%, 11/01/49 | | | 2,000 | | | | 1,535 | |
Illinois State, Finance Authority, Ser B-1, RB | | | | | | | | |
Callable 05/15/24 @ 100 | | | | | | | | |
5.000%, 05/15/50(A) | | | 1,500 | | | | 1,504 | |
Illinois State, Finance Authority, Ser S, RB | | | | | | | | |
Callable 12/01/25 @ 100 | | | | | | | | |
5.000%, 12/01/37 | | | 2,425 | | | | 2,309 | |
Illinois State, Finance Authority, Wesleyan University, RB | | | | | | | | |
Callable 09/01/26 @ 100 | | | | | | | | |
4.000%, 09/01/41 | | | 6,640 | | | | 5,548 | |
Illinois State, GO | | | | | | | | |
Callable 05/01/24 @ 100 | | | | | | | | |
5.000%, 05/01/27 | | | 5,000 | | | | 5,004 | |
Illinois State, GO | | | | | | | | |
Callable 05/01/24 @ 100 | | | | | | | | |
5.000%, 05/01/31 | | | 5,000 | | | | 4,995 | |
Illinois State, GO | | | | | | | | |
Callable 05/01/24 @ 100 | | | | | | | | |
5.000%, 05/01/35 | | | 5,000 | | | | 4,946 | |
Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB | | | | | | | | |
Callable 01/01/26 @ 100 | | | | | | | | |
5.600%, 01/01/56(B) | | | 5,200 | | | | 3,434 | |
Morton Grove, Tax Increment Revenue, RB | | | | | | | | |
Callable 01/01/26 @ 100 | | | | | | | | |
5.000%, 01/01/39 | | | 2,000 | | | | 1,776 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 27
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Morton Grove, Tax Increment Revenue, RB | | | | | | | | |
Callable 01/01/26 @ 100 | | | | | | | | |
4.250%, 01/01/29 | | $ | 785 | | | $ | 738 | |
Romeoville Village, Lewis University, Ser B, RB | | | | | | | | |
Callable 04/01/25 @ 100 | | | | | | | | |
4.125%, 10/01/41 | | | 2,415 | | | | 1,990 | |
Southwestern Illinois, Development Authority, Collinsville Project, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.350%, 03/01/31 | | | 75 | | | | 49 | |
State of Illinois, GO | | | | | | | | |
5.000%, 02/01/26 | | | 1,000 | | | | 1,019 | |
Upper Illinois River Valley Development Authority, RB | | | | | | | | |
Callable 12/01/28 @ 100 | | | | | | | | |
5.000%, 12/01/48 | | | 2,000 | | | | 1,793 | |
Village of Bolingbrook, Special Service Area No. 1, SPL Tax | | | | | | | | |
Callable 03/01/28 @ 100 | | | | | | | | |
5.250%, 03/01/41 | | | 3,500 | | | | 3,068 | |
Village of Gilberts, RB | | | | | | | | |
Callable 10/20/23 @ 100 | | | | | | | | |
5.000%, 11/15/34 | | | 2,419 | | | | 2,215 | |
Village of Hodgkins, Redevelopment Project Area #4, TA | | | | | | | | |
Callable 01/01/27 @ 100 | | | | | | | | |
5.625%, 01/01/37 | | | 4,705 | | | | 4,410 | |
Village of Lincolnwood Il, Ser A, RB | | | | | | | | |
Callable 11/10/26 @ 100 | | | | | | | | |
4.820%, 01/01/41(B) | | | 2,415 | | | | 2,082 | |
Village of Matteson Illinois, GO | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
6.500%, 12/01/35 | | | 965 | | | | 988 | |
Village of Villa Park Illinois, TA | | | | | | | | |
Callable 12/31/28 @ 100 | | | | | | | | |
0.000%, 12/31/38(C) | | | 1,680 | | | | 1,224 | |
| | | | | | | | | | | | | |
Total Illinois | | | 125,380 | |
| | | | | | | | | | | | | |
Indiana [1.4%] |
Anderson Indiana, RB | | | | | | | | |
Callable 01/01/27 @ 102 | | | | | | | | |
5.375%, 01/01/40(B) | | | 2,745 | | | | 2,100 | |
Anderson Indiana, RB | | | | | | | | |
5.000%, 01/01/25 | | | 250 | | | | 244 | |
Indiana State, Finance Authority, RB, AMT | | | | | | | | |
Callable 11/01/30 @ 100 | | | | | | | | |
6.750%, 05/01/39 | | $ | 1,750 | | | $ | 1,883 | |
Indiana State, Finance Authority, Ser A-, RB | | | | | | | | |
4.250%, 11/01/30 | | | 2,500 | | | | 2,432 | |
Indiana State, Housing & Community Development Authority, Ser A, RB | | | | | | | | |
Callable 04/01/29 @ 102 | | | | | | | | |
5.250%, 04/01/41(B) | | | 5,750 | | | | 4,354 | |
Lafayette City, Finance Authority, Glasswater Creek Project, RB | | | | | | | | |
Callable 07/01/26 @ 101 | | | | | | | | |
5.800%, 01/01/37 | | | 3,310 | | | | 2,764 | |
Terre Haute, Westminster Village Project, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
6.000%, 08/01/39 | | | 2,355 | | | | 1,380 | |
| | | | | | | | | | | | | |
Total Indiana | | | 15,157 | |
| | | | | | | | | | | | | |
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 | | | | 1,766 | |
Iowa State, Tobacco Settlement Authority, Sub-Ser B, RB | | | | | | | | |
Callable 06/01/31 @ 26 | | | | | | | | |
0.000%, 06/01/65(C) | | | 14,000 | | | | 1,336 | |
PEFA, RB | | | | | | | | |
Callable 06/01/26 @ 101 | | | | | | | | |
5.000%, 09/01/49(A) | | | 2,000 | | | | 1,995 | |
| | | | | | | | | | | | | |
Total Iowa | | | 5,097 | |
| | | | | | | | | | | | | |
Kansas [0.5%] |
University of Kansas Hospital Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
4.000%, 03/01/27(E) | | | 1,330 | | | | 1,341 | |
University of Kansas Hospital Authority, RB | | | | | | | | |
Callable 03/01/27 @ 100 | | | | | | | | |
4.000%, 03/01/42 | | | 1,170 | | | | 1,067 | |
Wichita City, Masonic Home, Ser II-A, RB | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
5.375%, 12/01/46(D) | | | 1,500 | | | | 315 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Wichita City, Masonic Home, Ser II-A, RB | | | | | | | | |
Callable 12/01/26 @ 100 | | | | | | | | |
5.250%, 12/01/36(D) | | $ | 500 | | | $ | 105 | |
Wyandotte County, Kansas City Unified Government, RB | | | | | | | | |
Callable 09/01/25 @ 100 | | | | | | | | |
5.750%, 09/01/32 | | | 4,080 | | | | 3,636 | |
| | | | | | | | | | | | | |
Total Kansas | | | 6,464 | |
| | | | | | | | | | | | | |
Kentucky [0.7%] |
County of Trimble Kentucky, RB, AMT | | | | | | | | |
1.300%, 09/01/44(A) | | | 1,000 | | | | 849 | |
Henderson Kentucky, RB, AMT | | | | | | | | |
Callable 01/01/32 @ 100 | | | | | | | | |
4.700%, 01/01/52(B) | | | 500 | | | | 455 | |
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB | | | | | | | | |
Callable 05/15/26 @ 100 | | | | | | | | |
5.000%, 05/15/46 | | | 4,500 | | | | 3,178 | |
Kentucky State, Economic Development Finance Authority, Ser A-, RB | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
5.000%, 08/01/44 | | | 1,000 | | | | 972 | |
Kentucky State, Public Energy Authority, Ser B, RB | | | | | | | | |
Callable 10/01/24 @ 100 | | | | | | | | |
4.000%, 01/01/49(A) | | | 2,500 | | | | 2,477 | |
| | | | | | | | | | | | | |
Total Kentucky | | | 7,931 | |
| | | | | | | | | | | | | |
Louisiana [0.9%] |
Juban Crossing, Economic Development District, General Infrastructure Project, Ser C, RB | | | | | | | | |
Callable 03/15/25 @ 100 | | | | | | | | |
7.000%, 09/15/44(B) | | | 5,450 | | | | 5,304 | |
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
10.500%, 07/01/39(D) | | | 1,435 | | | | — | |
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT | | | | | | | | |
7.000%, 07/01/24(B) (D) | | | 1,319 | | | | — | |
Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
8.375%, 07/01/39(D) | | $ | 3,474 | | | $ | — | |
Parish of State John the Baptist Louisiana, RB | | | | | | | | |
2.200%, 06/01/37(A) | | | 4,000 | | | | 3,739 | |
| | | | | | | | | | | | | |
Total Louisiana | | | 9,043 | |
| | | | | | | | | | | | | |
Maine [0.1%] |
Maine State, Financing Authority, Casella Waste Systems Project, RB, AMT | | | | | | | | |
4.375%, 08/01/35(A)(B) | | | 1,000 | | | | 988 | |
| | | | | | | | | | | | | |
Maryland [2.0%] |
Baltimore, Harbor Point Project, RB | | | | | | | | |
Callable 06/01/26 @ 100 | | | | | | | | |
5.000%, 06/01/36 | | | 1,000 | | | | 961 | |
Baltimore, RB | | | | | | | | |
Callable 06/01/29 @ 100 | | | | | | | | |
3.625%, 06/01/46(B) | | | 1,370 | | | | 1,028 | |
Baltimore, RB | | | | | | | | |
Callable 06/01/29 @ 100 | | | | | | | | |
3.500%, 06/01/39(B) | | | 650 | | | | 511 | |
Baltimore, Sub-Ser B, RB | | | | | | | | |
Callable 10/25/23 @ 100 | | | | | | | | |
3.875%, 06/01/46(B) | | | 350 | | | | 265 | |
Baltimore, Sub-Ser B, RB | | | | | | | | |
Callable 10/25/23 @ 100 | | | | | | | | |
3.700%, 06/01/39(B) | | | 200 | | | | 158 | |
Baltimore, Sub-Ser, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
5.000%, 06/01/51 | | | 800 | | | | 718 | |
Baltimore, Sub-Ser, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
4.875%, 06/01/42 | | | 740 | | | | 677 | |
Brunswick, RB | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
5.000%, 07/01/36 | | | 1,550 | | | | 1,514 | |
Brunswick, RB | | | | | | | | |
Callable 01/01/29 @ 100 | | | | | | | | |
4.000%, 07/01/29 | | | 945 | | | | 902 | |
Frederick County, RB | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
3.750%, 07/01/39 | | | 1,410 | | | | 1,157 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 29
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Howard County, Annapolis Junction Town Center Project, TA | | | | | | | | |
Callable 02/15/24 @ 100 | | | | | | | | |
6.100%, 02/15/44 | | $ | 1,425 | | | $ | 1,396 | |
Howard County, Annapolis Junction Town Center Project, TA | | | | | | | | |
Callable 02/15/24 @ 100 | | | | | | | | |
5.800%, 02/15/34 | | | 725 | | | | 714 | |
Howard County, Downtown Columbia Project, Ser A, TA | | | | | | | | |
Callable 02/15/26 @ 100 | | | | | | | | |
4.500%, 02/15/47(B) | | | 1,250 | | | | 1,062 | |
Howard County, Downtown Columbia Project, Ser A, TA | | | | | | | | |
Callable 02/15/26 @ 100 | | | | | | | | |
4.375%, 02/15/39(B) | | | 1,000 | | | | 895 | |
Maryland State, Economic Development, GO | | | | | | | | |
Callable 09/01/30 @ 100 | | | | | | | | |
4.000%, 09/01/40 | | | 875 | | | | 732 | |
Maryland State, Economic Development, GO | | | | | | | | |
Callable 09/01/30 @ 100 | | | | | | | | |
4.000%, 09/01/50 | | | 875 | | | | 663 | |
Prince George’s County, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
5.250%, 07/01/48(B) | | | 2,000 | | | | 1,840 | |
Prince George’s County, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
5.125%, 07/01/39(B) | | | 1,000 | | | | 937 | |
Westminster, Luther Village Millers Grant Project, RB | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
6.250%, 07/01/44 | | | 3,780 | | | | 3,786 | |
Westminster, Luther Village Millers Grant Project, RB | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
6.125%, 07/01/39 | | | 750 | | | | 751 | |
Westminster, Luther Village Millers Grant Project, RB | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
6.000%, 07/01/34 | | | 1,205 | | | | 1,209 | |
| | | | | | | | | | | | | |
Total Maryland | | | 21,876 | |
| | | | | | | | | | | | | |
Massachusetts [0.7%] |
Massachusetts State, Development Finance Agency, RB | | | | | | | | |
Callable 07/01/28 @ 103 | | | | | | | | |
5.000%, 07/01/51(B) | | | 2,500 | | | | 1,867 | |
Massachusetts State, Development Finance Agency, RB | | | | | | | | |
Callable 07/01/28 @ 103 | | | | | | | | |
5.000%, 07/01/56(B) | | $ | 1,910 | | | $ | 1,393 | |
Massachusetts State, Development Finance Agency, Ser A, RB | | | | | | | | |
Callable 10/01/26 @ 100 | | | | | | | | |
5.000%, 10/01/43 | | | 4,905 | | | | 4,644 | |
| | | | | | | | | | | | | |
Total Massachusetts | | | 7,904 | |
| | | | | | | | | | | | | |
Michigan [2.2%] |
Detroit City, GO | | | | | | | | |
Callable 04/01/28 @ 100 | | | | | | | | |
5.000%, 04/01/38 | | | 625 | | | | 609 | |
Kalamazoo Economic Development, RB | | | | | | | | |
Callable 05/15/26 @ 103 | | | | | | | | |
5.000%, 05/15/37 | | | 2,450 | | | | 2,141 | |
Kalamazoo Economic Development, RB | | | | | | | | |
Callable 05/15/26 @ 103 | | | | | | | | |
5.000%, 05/15/42 | | | 1,300 | | | | 1,067 | |
Kalamazoo Economic Development, RB | | | | | | | | |
Callable 08/15/28 @ 103 | | | | | | | | |
5.000%, 08/15/51(B) | | | 1,505 | | | | 1,110 | |
Michigan State, Finance Authority, Hospital Presbyterian Village, RB | | | | | | | | |
Callable 11/15/25 @ 100 | | | | | | | | |
5.250%, 11/15/35 | | | 2,340 | | | | 2,090 | |
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
6.500%, 12/01/40 | | | 3,745 | | | | 3,447 | |
Michigan State, Hospital Finance Authority, Ser Senior CR, RB | | | | | | | | |
Callable 05/15/30 @ 100 | | | | | | | | |
5.000%, 11/15/47 | | | 4,000 | | | | 3,970 | |
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.875%, 12/01/30 | | | 2,000 | | | | 1,904 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Michigan State, Strategic Fund, RB | | | | | | | | |
Callable 08/15/28 @ 103 | | | | | | | | |
5.000%, 08/15/41(B) | | $ | 895 | | | $ | 723 | |
Michigan State, Tobacco Settlement Finance Authority, Ser C, RB | | | | | | | | |
Callable 06/01/33 @ 11 | | | | | | | | |
0.000%, 06/01/58(C) | | | 28,000 | | | | 1,019 | |
State of Michigan Trunk Line Revenue, RB | | | | | | | | |
Callable 11/15/30 @ 100 | | | | | | | | |
4.000%, 11/15/39 | | | 5,000 | | �� | | 4,725 | |
| | | | | | | | | | | | | |
Total Michigan | | | 22,805 | |
| | | | | | | | | | | | | |
Minnesota [0.7%] |
Anoka, Housing Revenue Authority, Homestead Project, RB | | | | | | | | |
Callable 11/01/24 @ 103 | | | | | | | | |
4.750%, 11/01/35 | | | 3,000 | | | | 2,521 | |
Bethel, Senior Housing Revenue, Lodge at Lakes at Stillwater Project, RB | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
5.250%, 06/01/58 | | | 2,840 | | | | 2,023 | |
Duluth Economic Development Authority, RB | | | | | | | | |
Callable 07/01/26 @ 103 | | | | | | | | |
4.000%, 07/01/41 | | | 1,860 | | | | 1,397 | |
Minneapolis State, Riverton Community Housing Project, RB | | | | | | | | |
Callable 08/01/24 @ 102 | | | | | | | | |
5.000%, 08/01/53(B) | | | 500 | | | | 444 | |
Minneapolis State, Riverton Community Housing Project, RB | | | | | | | | |
Callable 08/01/24 @ 102 | | | | | | | | |
4.750%, 08/01/43(B) | | | 1,600 | | | | 1,401 | |
| | | | | | | | | | | | | |
Total Minnesota | | | 7,786 | |
| | | | | | | | | | | | | |
Missouri [2.6%] |
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
4.000%, 03/01/42 | | | 1,000 | | | | 774 | |
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
3.625%, 03/01/33 | | $ | 500 | | | $ | 421 | |
Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
3.000%, 03/01/26 | | | 285 | | | | 270 | |
Kansas City, Industrial Development Authority, Ser A, RB | | | | | | | | |
Callable 04/01/26 @ 100 | | | | | | | | |
5.000%, 04/01/36(B) | | | 2,000 | | | | 1,781 | |
Kirkwood Industrial Development Authority, RB | | | | | | | | |
Callable 05/15/27 @ 100 | | | | | | | | |
5.250%, 05/15/30 | | | 2,515 | | | | 2,297 | |
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | | | | | | | | |
Callable 08/15/24 @ 102 | | | | | | | | |
5.000%, 08/15/46 | | | 2,000 | | | | 1,536 | |
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB | | | | | | | | |
Callable 08/15/24 @ 102 | | | | | | | | |
5.000%, 08/15/51 | | | 500 | | | | 370 | |
Lees Summit, Industrial Development Authority, RB | | | | | | | | |
Callable 08/15/25 @ 103 | | | | | | | | |
5.000%, 08/15/42 | | | 2,400 | | | | 1,918 | |
Missouri State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
4.000%, 08/01/36 | | | 440 | | | | 363 | |
Missouri State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
4.000%, 08/01/41 | | | 410 | | | | 308 | |
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | | | | | | | | |
Callable 09/01/24 @ 100 | | | | | | | | |
5.250%, 09/01/45(B) | | | 3,000 | | | | 2,543 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB | | | | | | | | |
Callable 09/01/24 @ 100 | | | | | | | | |
5.000%, 09/01/38(B) | | $ | 2,000 | | | $ | 1,754 | |
St. Louis County, Industrial Development Authority, RB | | | | | | | | |
Callable 09/01/25 @ 103 | | | | | | | | |
5.250%, 09/01/53 | | | 2,000 | | | | 1,657 | |
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
4.375%, 11/15/35 | | | 2,250 | | | | 1,727 | |
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB | | | | | | | | |
Callable 11/15/26 @ 100 | | | | | | | | |
3.875%, 11/15/29 | | | 1,225 | | | | 1,039 | |
St. Louis, Industrial Development Authority, Innovation District Project, TA | | | | | | | | |
Callable 05/15/24 @ 100 | | | | | | | | |
4.375%, 05/15/36 | | | 2,500 | | | | 2,246 | |
St. Louis, Industrial Development Authority, RB | | | | | | | | |
Callable 05/15/29 @ 100 | | | | | | | | |
5.000%, 05/15/41 | | | 3,250 | | | | 3,044 | |
University City Industrial Development Authority, Ser A, RB | | | | | | | | |
Callable 06/15/33 @ 100 | | | | | | | | |
4.875%, 06/15/36 | | | 1,900 | | | | 1,812 | |
| | | | | | | | | | | | | |
Total Missouri | | | 25,860 | |
| | | | | | | | | | | | | |
Nebraska [0.2%] |
Central Plains Energy Project, Ser 1, RB | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
5.000%, 05/01/53(A) | | | 1,750 | | | | 1,741 | |
| | | | | | | | | | | | | |
Nevada [1.5%] |
Henderson Local Improvement Districts, SAB | | | | | | | | |
Callable 09/01/31 @ 100 | | | | | | | | |
4.000%, 09/01/51 | | | 250 | | | | 182 | |
Henderson Local Improvement Districts, SAB | | | | | | | | |
Callable 09/01/31 @ 100 | | | | | | | | |
3.500%, 09/01/45 | | $ | 700 | | | $ | 474 | |
Henderson Local Improvement Districts, SPA | | | | | | | | |
Callable 03/01/33 @ 100 | | | | | | | | |
5.000%, 03/01/43 | | | 930 | | | | 850 | |
Las Vegas, Finance Authority, RB | | | | | | | | |
Callable 10/25/23 @ 100 | | | | | | | | |
4.375%, 06/15/35(B) | | | 2,400 | | | | 2,101 | |
Las Vegas, Special Improvement District No. 611, RB | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
4.125%, 06/01/50 | | | 870 | | | | 672 | |
Las Vegas, Special Improvement District No. 612 Skye Hills, GO | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
3.750%, 06/01/42 | | | 745 | | | | 553 | |
Las Vegas, Special Improvement District No. 612 Skye Hills, GO | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
3.500%, 06/01/35 | | | 200 | | | | 157 | |
Las Vegas, Special Improvement District No. 812, SAB | | | | | | | | |
Callable 12/01/25 @ 100 | | | | | | | | |
5.000%, 12/01/35 | | | 895 | | | | 875 | |
Las Vegas, Special Improvement District No. 814, GO | | | | | | | | |
Callable 06/01/29 @ 100 | | | | | | | | |
4.000%, 06/01/44 | | | 705 | | | | 564 | |
Las Vegas, Special Improvement District No. 815, GO | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
4.750%, 12/01/40 | | | 745 | | | | 670 | |
Las Vegas, Special Improvement District No. 816, SPA | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
3.125%, 06/01/46 | | | 2,290 | | | | 1,458 | |
Las Vegas, Special Improvement District No. 816, SPA | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
3.125%, 06/01/51 | | | 1,060 | | | | 632 | |
Las Vegas, Special Improvement District No. 816, SPA | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
3.000%, 06/01/41 | | | 950 | | | | 644 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Nevada State, Department of Business & Industry, Green-Fulcrum Sierra Biofuels, RB, AMT | | | | | | | | |
Callable 12/15/27 @ 100 | | | | | | | | |
6.250%, 12/15/37(B) | | $ | 100 | | | $ | 89 | |
Nevada State, Department of Business & Industry, Ser A, RB | | | | | | | | |
Callable 12/15/25 @ 100 | | | | | | | | |
5.000%, 12/15/38(B) | | | 1,000 | | | | 920 | |
Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB | | | | | | | | |
Callable 12/15/25 @ 100 | | | | | | | | |
5.000%, 12/15/35(B) | | | 1,595 | | | | 1,521 | |
Reno Nevada, Sub-Ser, RB | | | | | | | | |
Callable 07/01/38 @ 31 | | | | | | | | |
0.000%, 07/01/58(B)(C) | | | 15,500 | | | | 1,674 | |
| | | | | | | | | | | | | |
Total Nevada | | | 14,036 | |
| | | | | | | | | | | | | |
New Hampshire [0.7%] |
New Hampshire, Business Finance Authority, RB | | | | | | | | |
Callable 01/01/26 @ 103 | | | | | | | | |
4.000%, 01/01/41 | | | 1,000 | | | | 790 | |
New Hampshire, Business Finance Authority, RB | | | | | | | | |
Callable 01/01/26 @ 103 | | | | | | | | |
4.000%, 01/01/51 | | | 1,000 | | | | 713 | |
New Hampshire, Business Finance Authority, Ser A, RB | | | | | | | | |
Callable 07/01/25 @ 103 | | | | | | | | |
5.750%, 07/01/54(B) | | | 1,250 | | | | 1,059 | |
New Hampshire, Business Finance Authority, Ser A, RB | | | | | | | | |
Callable 07/01/25 @ 103 | | | | | | | | |
5.625%, 07/01/46(B) | | | 500 | | | | 429 | |
New Hampshire, Business Finance Authority, Ser B, RB, AMT | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
3.750%, 07/01/45(A)(B) | | | 5,615 | | | | 4,141 | |
| | | | | | | | | | | | | |
Total New Hampshire | | | 7,132 | |
| | | | | | | | | | | | | |
New Jersey [2.5%] |
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 101 | | | | | | | | |
5.250%, 09/15/29 | | $ | 750 | | | $ | 747 | |
New Jersey State, Economic Development Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 12/15/28(E) | | | 370 | | | | 398 | |
New Jersey State, Economic Development Authority, RB | | | | | | | | |
Callable 12/15/28 @ 100 | | | | | | | | |
5.000%, 06/15/43 | | | 630 | | | | 633 | |
New Jersey State, Economic Development Authority, RB | | | | | | | | |
Callable 11/01/29 @ 100 | | | | | | | | |
4.000%, 11/01/37 | | | 1,100 | | | | 1,034 | |
New Jersey State, Economic Development Authority, RB, AMT | | | | | | | | |
Callable 03/05/24 @ 101 | | | | | | | | |
5.625%, 11/15/30 | | | 1,000 | | | | 1,005 | |
New Jersey State, Economic Development Authority, Ser A, RB | | | | | | | | |
Callable 12/15/27 @ 100 | | | | | | | | |
5.000%, 06/15/42 | | | 1,155 | | | | 1,157 | |
New Jersey State, Economic Development Authority, Ser A, RB | | | | | | | | |
Callable 12/15/27 @ 100 | | | | | | | | |
5.000%, 06/15/47 | | | 1,230 | | | | 1,231 | |
New Jersey State, Transportation Trust Fund Authority, Ser A, RB | | | | | | | | |
Callable 06/15/33 @ 100 | | | | | | | | |
5.000%, 06/15/37 | | | 2,000 | | | | 2,104 | |
New Jersey State, Transportation Trust Fund Authority, Ser A, RB | | | | | | | | |
Callable 06/15/33 @ 100 | | | | | | | | |
5.000%, 06/15/38 | | | 2,000 | | | | 2,090 | |
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB | | | | | | | | |
Callable 06/15/25 @ 100 | | | | | | | | |
5.250%, 06/15/41 | | | 5,245 | | | | 5,265 | |
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB | | | | | | | | |
Callable 12/15/28 @ 100 | | | | | | | | |
4.000%, 06/15/37 | | | 3,500 | | | | 3,310 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
New Jersey State, Transportation Trust Fund Authority, Ser S, RB | | | | | | | | |
Callable 12/15/28 @ 100 | | | | | | | | |
5.000%, 06/15/46 | | $ | 1,000 | | | $ | 1,003 | |
New Jersey State, Transportation Trust Fund Authority, Ser S, RB | | | | | | | | |
Callable 12/15/28 @ 100 | | | | | | | | |
4.500%, 06/15/49 | | | 4,015 | | | | 3,703 | |
Tobacco Settlement Financing, Sub-Ser B, RB | | | | | | | | |
Callable 06/01/28 @ 100 | | | | | | | | |
5.000%, 06/01/46 | | | 2,330 | | | | 2,166 | |
| | | | | | | | | | | | | |
Total New Jersey | | | 25,846 | |
| | | | | | | | | | | | | |
New Mexico [0.5%] |
Farmington New Mexico, RB | | | | | | | | |
1.150%, 06/01/40(A) | | | 3,500 | | | | 3,406 | |
Lower Petroglyphs, Public Improvement District, RB | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
5.000%, 10/01/33 | | | 500 | | | | 468 | |
Lower Petroglyphs, Public Improvement District, RB | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
5.000%, 10/01/38 | | | 500 | | | | 449 | |
Lower Petroglyphs, Public Improvement District, RB | | | | | | | | |
Callable 10/01/27 @ 100 | | | | | | | | |
5.000%, 10/01/48 | | | 1,750 | | | | 1,496 | |
| | | | | | | | | | | | | |
Total New Mexico | | | 5,819 | |
| | | | | | | | | | | | | |
New York [4.9%] |
Dutchess County, Local Development, Ser A, RB | | | | | | | | |
Callable 07/01/30 @ 100 | | | | | | | | |
5.000%, 07/01/45 | | | 875 | | | | 843 | |
Dutchess County, Local Development, Ser A, RB | | | | | | | | |
Callable 07/01/30 @ 100 | | | | | | | | |
5.000%, 07/01/51 | | | 875 | | | | 825 | |
Jefferson County, Civic Facility Development, RB | | | | | | | | |
Callable 11/01/27 @ 100 | | | | | | | | |
4.000%, 11/01/42 | | | 4,500 | | | | 3,063 | |
Jefferson County, Civic Facility Development, RB | | | | | | | | |
Callable 11/01/27 @ 100 | | | | | | | | |
4.000%, 11/01/47 | | | 375 | | | | 239 | |
Metropolitan Transportation Authority, Ser A-1, RB | | | | | | | | |
Callable 05/15/31 @ 100 | | | | | | | | |
4.000%, 11/15/49 | | $ | 3,000 | | | $ | 2,474 | |
Metropolitan Transportation Authority, Ser C-1, RB | | | | | | | | |
Callable 05/15/30 @ 100 | | | | | | | | |
4.750%, 11/15/45 | | | 2,000 | | | | 1,860 | |
Metropolitan Transportation Authority, Ser D1, RB | | | | | | | | |
Callable 11/15/30 @ 100 | | | | | | | | |
5.000%, 11/15/44 | | | 2,450 | | | | 2,432 | |
Metropolitan Transportation Authority, Sub-Ser A-SUB, RB | | | | | | | | |
Callable 11/15/28 @ 100 | | | | | | | | |
5.000%, 11/15/45 | | | 690 | | | | 682 | |
Nassau County, Industrial Development Agency, RB | | | | | | | | |
Callable 10/01/26 @ 107 | | | | | | | | |
5.000%, 01/01/58(A) | | | 4,358 | | | | 1,044 | |
New York City Housing Development, RB, HUD SECT 8 | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
4.800%, 02/01/53 | | | 1,000 | | | | 944 | |
New York City Housing Development, RB, HUD SECT 8 | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
4.600%, 08/01/48 | | | 3,000 | | | | 2,716 | |
New York City Housing Development, RB, HUD SECT 8 | | | | | | | | |
Callable 08/01/31 @ 100 | | | | | | | | |
4.450%, 08/01/43 | | | 2,000 | | | | 1,842 | |
New York State, Liberty Development, Bank of America Tower, RB | | | | | | | | |
Callable 03/15/29 @ 100 | | | | | | | | |
2.800%, 09/15/69 | | | 1,000 | | | | 861 | |
New York State, Transportation Development, American Airlines, RB, AMT | | | | | | | | |
Callable 10/25/23 @ 100 | | | | | | | | |
5.000%, 08/01/26 | | | 1,535 | | | | 1,525 | |
New York State, Transportation Development, RB, AMT | | | | | | | | |
Callable 08/01/30 @ 100 | | | | | | | | |
5.250%, 08/01/31 | | | 1,575 | | | | 1,592 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
New York State, Transportation Development, RB, AMT | | | | | | | | |
Callable 01/01/28 @ 100 | | | | | | | | |
5.000%, 01/01/36 | | $ | 5,000 | | | $ | 4,965 | |
New York State, Transportation Development, RB, AMT | | | | | | | | |
Callable 10/01/30 @ 100 | | | | | | | | |
5.000%, 10/01/40 | | | 2,800 | | | | 2,682 | |
Niagara, Tobacco Asset Securitization, RB | | | | | | | | |
Callable 05/15/24 @ 100 | | | | | | | | |
5.250%, 05/15/40 | | | 1,000 | | | | 969 | |
Port Authority of New York & New Jersey, Ser 221, RB, AMT | | | | | | | | |
Callable 07/15/30 @ 100 | | | | | | | | |
4.000%, 07/15/50 | | | 2,000 | | | | 1,674 | |
TSASC, Ser B, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/48 | | | 6,000 | | | | 5,202 | |
TSASC, Sub-Ser, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/45 | | | 4,000 | | | | 3,531 | |
Westchester, Tobacco Asset Securitization, Ser B, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.000%, 06/01/41 | | | 2,485 | | | | 2,498 | |
Westchester, Tobacco Asset Securitization, Sub-Ser C, RB | | | | | | | | |
Callable 06/01/27 @ 100 | | | | | | | | |
5.125%, 06/01/51 | | | 7,000 | | | | 6,903 | |
| | | | | | | | | | | | | |
Total New York | | | 51,366 | |
| | | | | | | | | | | | | |
North Carolina [0.2%] |
North Carolina State, Department of Transportation, I-77 Hot Lanes Project, RB, AMT | | | | | | | | |
Callable 06/30/25 @ 100 | | | | | | | | |
5.000%, 12/31/37 | | | 1,405 | | | | 1,356 | |
North Carolina State, Medical Care Commission, Ser A, RB | | | | | | | | |
Callable 09/01/27 @ 100 | | | | | | | | |
4.000%, 09/01/50 | | | 250 | | | | 174 | |
North Carolina State, Turnpike Authority, RB, ETM | | | | | | | | |
5.000%, 02/01/24 | | | 1,000 | | | | 1,002 | |
| | | | | | | | | | | | | |
Total North Carolina | | | 2,532 | |
| | | | | | | | | | | | | |
North Dakota [0.6%] |
Burleigh County, Educational Facilities Revenue, Education Facilities, University of Mary Project, RB | | | | | | | | |
Callable 04/15/26 @ 100 | | | | | | | | |
5.200%, 04/15/46 | | $ | 1,100 | | | $ | 955 | |
County of Grand Forks North Dakota, RB, AMT | | | | | | | | |
Callable 06/15/26 @ 103 | | | | | | | | |
7.000%, 12/15/43(B) (D) | | | 5,000 | | | | 2,500 | |
County of Ward North Dakota, Ser C, RB | | | | | | | | |
Callable 06/01/28 @ 100 | | | | | | | | |
5.000%, 06/01/38 | | | 4,000 | | | | 3,298 | |
| | | | | | | | | | | | | |
Total North Dakota | | | 6,753 | |
| | | | | | | | | | | | | |
Ohio [3.4%] |
Buckeye Tobacco Settlement, Financing Authority, Ser A-2-Class, RB | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
4.000%, 06/01/48 | | | 3,500 | | | | 2,956 | |
Buckeye Tobacco Settlement, Financing Authority, Ser B-2, RB | | | | | | | | |
Callable 06/01/30 @ 100 | | | | | | | | |
5.000%, 06/01/55 | | | 9,345 | | | | 8,050 | |
Buckeye Tobacco Settlement, Financing Authority, Ser B-3, RB | | | | | | | | |
Callable 06/01/30 @ 22 | | | | | | | | |
0.000%, 06/01/57(C) | | | 40,000 | | | | 3,896 | |
Cleveland-Cuyahoga County Port Authority, TA | | | | | | | | |
Callable 12/01/29 @ 100 | | | | | | | | |
4.000%, 12/01/55(B) | | | 250 | | | | 184 | |
County of Cuyahoga Ohio, RB | | | | | | | | |
Callable 02/15/27 @ 100 | | | | | | | | |
5.500%, 02/15/52 | | | 3,800 | | | | 3,593 | |
County of Hamilton Ohio, RB | | | | | | | | |
Callable 01/01/30 @ 103 | | | | | | | | |
5.750%, 01/01/53 | | | 500 | | | | 480 | |
Cuyahoga County, RB | | | | | | | | |
Callable 02/15/27 @ 100 | | | | | | | | |
5.000%, 02/15/57 | | | 5,000 | | | | 4,388 | |
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.000%, 02/15/48 | | | 250 | | | | 209 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT | | | | | | | | |
Callable 01/15/28 @ 100 | | | | | | | | |
4.500%, 01/15/48(B) | | $ | 970 | | | $ | 868 | |
Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT | | | | | | | | |
Callable 01/15/28 @ 100 | | | | | | | | |
4.250%, 01/15/38(B) | | | 3,555 | | | | 3,351 | |
Ohio State, Air Quality Development Authority, RB, AMT | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
5.000%, 07/01/49(B) | | | 8,250 | | | | 6,928 | |
Ohio State, Housing Finance Agency, Sanctuary at Springboro Project, RB | | | | | | | | |
Callable 10/01/25 @ 101 | | | | | | | | |
5.450%, 01/01/38(B) | | | 2,500 | | | | 1,852 | |
| | | | | | | | | | | | | |
Total Ohio | | | 36,755 | |
| | | | | | | | | | | | | |
Oklahoma [0.7%] |
Oklahoma County, Finance Authority, Epworth Village Project, Ser A, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.125%, 04/01/42(D) | | | 4,000 | | | | 1,920 | |
Oklahoma State, Development Finance Authority, RB | | | | | | | | |
Callable 08/01/27 @ 100 | | | | | | | | |
5.250%, 08/01/57(D) | | | 1,622 | | | | 2 | |
Oklahoma State, Development Finance Authority, Ser B, RB | | | | | | | | |
Callable 08/15/28 @ 100 | | | | | | | | |
5.250%, 08/15/48 | | | 1,000 | | | | 868 | |
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | | | | | | | | |
Callable 11/01/26 @ 100 | | | | | | | | |
6.875%, 11/01/46(D) | | | 3,843 | | | | 3 | |
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB | | | | | | | | |
Callable 11/01/26 @ 100 | | | | | | | | |
6.625%, 11/01/36(D) | | | 1,664 | | | | 1 | |
Tulsa Airports Improvement Trust, RB, AMT | | | | | | | | |
Callable 06/01/25 @ 100 | | | | | | | | |
5.000%, 06/01/35(A) | | $ | 4,000 | | | $ | 3,991 | |
| | | | | | | | | | | | | |
Total Oklahoma | | | 6,785 | |
| | | | | | | | | | | | | |
Oregon [0.6%] |
Clackamas County, Hospital Facility Authority, Ser A, RB | | | | | | | | |
Callable 11/15/25 @ 102 | | | | | | | | |
5.375%, 11/15/55 | | | 875 | | | | 759 | |
Clackamas County, Hospital Facility Authority, Ser A, RB | | | | | | | | |
Callable 11/15/25 @ 102 | | | | | | | | |
5.250%, 11/15/50 | | | 1,000 | | | | 868 | |
Hospital Facilities Authority of Multnomah County Oregon, RB | | | | | | | | |
Callable 12/01/28 @ 103 | | | | | | | | |
4.000%, 12/01/36 | | | 1,180 | | | | 927 | |
Hospital Facilities Authority of Multnomah County Oregon, RB | | | | | | | | |
Callable 12/01/28 @ 103 | | | | | | | | |
4.000%, 12/01/51 | | | 5,000 | | | | 3,178 | |
| | | | | | | | | | | | | |
Total Oregon | | | 5,732 | |
| | | | | | | | | | | | | |
Pennsylvania [2.8%] |
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB | | | | | | | | |
Callable 05/01/27 @ 100 | | | | | | | | |
5.000%, 05/01/42(B) | | | 1,750 | | | | 1,633 | |
Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB | | | | | | | | |
Callable 05/01/28 @ 100 | | | | | | | | |
5.375%, 05/01/42(B) | | | 3,000 | | | | 2,892 | |
Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB | | | | | | | | |
Callable 05/01/28 @ 100 | | | | | | | | |
5.125%, 05/01/32(B) | | | 1,500 | | | | 1,496 | |
Berks County, Industrial Development Authority, RB | | | | | | | | |
Callable 11/01/27 @ 100 | | | | | | | | |
4.000%, 11/01/47 | | | 3,325 | | | | 1,883 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Berks County, Industrial Development Authority, RB | | | | | | | | |
Callable 11/01/27 @ 100 | | | | | | | | |
4.000%, 11/01/50 | | $ | 3,500 | | | $ | 1,979 | |
Chester County Health and Education Facilities Authority, Ser S, RB | | | | | | | | |
Callable 12/01/25 @ 100 | | | | | | | | |
5.250%, 12/01/45 | | | 1,400 | | | | 1,096 | |
Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB | | | | | | | | |
Callable 03/01/28 @ 100 | | | | | | | | |
5.125%, 03/01/48(B) | | | 700 | | | | 611 | |
Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB | | | | | | | | |
Callable 03/01/28 @ 100 | | | | | | | | |
5.000%, 03/01/38(B) | | | 425 | | | | 394 | |
Dauphin County, General Authority, Harrisburg University of Science and Technology Project, RB | | | | | | | | |
Callable 10/15/27 @ 100 | | | | | | | | |
5.125%, 10/15/41(B) | | | 1,135 | | | | 866 | |
Dauphin County, General Authority, RB | | | | | | | | |
Callable 10/15/28 @ 100 | | | | | | | | |
6.250%, 10/15/53(B) | | | 750 | | | | 612 | |
Dauphin County, General Authority, RB | | | | | | | | |
Callable 10/15/27 @ 100 | | | | | | | | |
5.000%, 10/15/34(B) | | | 3,470 | | | | 2,952 | |
DuBois, Hospital Authority, RB | | | | | | | | |
Callable 01/15/28 @ 100 | | | | | | | | |
4.000%, 07/15/43 | | | 2,370 | | | | 2,004 | |
Franklin County, Industrial Development Authority, RB | | | | | | | | |
Callable 12/01/25 @ 103 | | | | | | | | |
5.000%, 12/01/49 | | | 780 | | | | 583 | |
Franklin County, Industrial Development Authority, RB | | | | | | | | |
Callable 12/01/25 @ 103 | | | | | | | | |
5.000%, 12/01/54 | | | 1,000 | | | | 723 | |
Pennsylvania State, Economic Development Financing Authority, RB, AMT | | | | | | | | |
Callable 12/31/32 @ 100 | | | | | | | | |
5.750%, 06/30/48 | | | 625 | | | | 652 | |
Pennsylvania State, Economic Development Financing Authority, RB, AMT | | | | | | | | |
Callable 12/31/32 @ 100 | | | | | | | | |
5.250%, 06/30/53 | | $ | 1,500 | | | $ | 1,458 | |
Pennsylvania State, Turnpike Commission, Convertible Capital Appreciation Project, Sub-Ser E, RB | | | | | | | | |
Callable 12/01/27 @ 100 | | | | | | | | |
6.375%, 12/01/38 | | | 2,000 | | | | 2,153 | |
Pennsylvania State, Turnpike Commission, Ser A, RB | | | | | | | | |
Callable 12/01/24 @ 100 | | | | | | | | |
5.000%, 12/01/33 | | | 1,500 | | | | 1,516 | |
Pottsville, Hospital Authority, Schuykill Health System Project, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
6.500%, 07/01/24(B) (E) | | | 3,000 | | | | 3,041 | |
Washington County, Redevelopment Authority, TA | | | | | | | | |
Callable 01/01/28 @ 100 | | | | | | | | |
5.000%, 07/01/35 | | | 1,235 | | | | 1,162 | |
| | | | | | | | | | | | | |
Total Pennsylvania | | | 29,706 | |
| | | | | | | | | | | | | |
Rhode Island [0.4%] |
Rhode Island State, Health & Educational Building, RB | | | | | | | | |
Callable 05/15/26 @ 100 | | | | | | | | |
5.000%, 05/15/39 | | | 1,000 | | | | 947 | |
Rhode Island State, Tobacco Settlement Financing, Ser B, RB | | | | | | | | |
Callable 10/20/23 @ 18 | | | | | | | | |
0.000%, 06/01/52(C) | | | 21,270 | | | | 2,915 | |
| | | | | | | | | | | | | |
Total Rhode Island | | | 3,862 | |
| | | | | | | | | | | | | |
South Carolina [0.2%] |
Berkeley County, RB | | | | | | | | |
Callable 11/01/29 @ 100 | | | | | | | | |
4.375%, 11/01/49 | | | 2,500 | | | | 1,925 | |
Berkeley County, SPA | | | | | | | | |
Callable 11/01/29 @ 100 | | | | | | | | |
4.000%, 11/01/30 | | | 425 | | | | 390 | |
| | | | | | | | | | | | | |
Total South Carolina | | | 2,315 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Tennessee [0.5%] |
Chattanooga, Health Educational & Housing Facility Board, RB | | | | | | | | |
Callable 10/01/25 @ 100 | | | | | | | | |
5.000%, 10/01/35 | | $ | 1,000 | | | $ | 1,006 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Ser S, RB | | | | | | | | |
Callable 11/01/25 @ 102 | | | | | | | | |
4.000%, 11/01/45 | | | 5,000 | | | | 3,677 | |
Nashville, Metropolitan Development & Housing Agency, RB | | | | | | | | |
Callable 06/01/28 @ 100 | | | | | | | | |
5.125%, 06/01/36(B) | | | 900 | | | | 879 | |
Nashville, Metropolitan Development & Housing Agency, RB | | | | | | | | |
4.500%, 06/01/28(B) | | | 445 | | | | 437 | |
| | | | | | | | | | | | | |
Total Tennessee | | | 5,999 | |
| | | | | | | | | | | | | |
Texas [7.3%] |
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | | | | | | | | |
Callable 03/01/24 @ 100 | | | | | | | | |
7.125%, 03/01/44 | | | 2,300 | | | | 2,188 | |
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB | | | | | | | | |
Callable 03/01/24 @ 100 | | | | | | | | |
7.000%, 03/01/34 | | | 400 | | | | 400 | |
Celina, Cambridge Crossing Public Improvement Project, SAB | | | | | | | | |
Callable 09/01/28 @ 100 | | | | | | | | |
5.250%, 09/01/47(B) | | | 500 | | | | 462 | |
Celina, Cambridge Crossing Public Improvement Project, SAB | | | | | | | | |
Callable 09/01/28 @ 100 | | | | | | | | |
5.125%, 09/01/38(B) | | | 1,500 | | | | 1,424 | |
Celina, Sutton Fields II Public Improvement Project, SAB | | | | | | | | |
Callable 03/01/24 @ 102 | | | | | | | | |
7.250%, 09/01/45 | | | 475 | | | | 482 | |
Clifton, Higher Education Finance, International Leadership Project, Ser D, RB | | | | | | | | |
Callable 08/15/25 @ 100 | | | | | | | | |
6.125%, 08/15/48 | | $ | 4,245 | | | $ | 4,109 | |
Grand Parkway, Transportation, Toll Revenue, Sub-Ser B, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 10/01/23(E) | | | 2,000 | | | | 2,000 | |
Gulf Coast Authority, Ser B, RB, AMT | | | | | | | | |
1.500%, 05/01/28 | | | 1,000 | | | | 860 | |
Houston, Airport System Revenue, RB, AMT | | | | | | | | |
4.750%, 07/01/24 | | | 800 | | | | 798 | |
Houston, Airport System Revenue, RB, AMT | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
4.000%, 07/01/41 | | | 2,500 | | | | 2,073 | |
Houston, Airport System Revenue, RB, AMT | | | | | | | | |
Callable 07/15/29 @ 100 | | | | | | | | |
4.000%, 07/15/41 | | | 3,530 | | | | 2,926 | |
Houston, Airport System Revenue, Ser B-1, RB, AMT | | | | | | | | |
Callable 07/15/25 @ 100 | | | | | | | | |
5.000%, 07/15/35 | | | 3,000 | | | | 2,909 | |
Houston, Airport System Revenue, Ser C, RB, AMT | | | | | | | | |
5.000%, 07/15/27 | | | 1,000 | | | | 994 | |
Houston, Airport System Revenue, United Airlines Project, RB, AMT | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
5.000%, 07/01/29 | | | 3,000 | | | | 2,951 | |
Lago Vista Texas, RB | | | | | | | | |
Callable 09/01/30 @ 100 | | | | | | | | |
4.875%, 09/01/50(B) | | | 275 | | | | 234 | |
Matagorda County Navigation District No. 1, RB, AMBAC, AMT | | | | | | | | |
5.125%, 11/01/28 | | | 1,500 | | | | 1,516 | |
Mission, Economic Development, RB, AMT | | | | | | | | |
Callable 10/25/23 @ 103 | | | | | | | | |
4.625%, 10/01/31(B) | | | 3,250 | | | | 3,111 | |
New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB | | | | | | | | |
Callable 07/01/24 @ 102 | | | | | | | | |
5.000%, 07/01/36 | | | 3,410 | | | | 2,774 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB | | | | | | | | |
Callable 07/01/24 @ 102 | | | | | | | | |
5.000%, 07/01/46 | | $ | 1,250 | | | $ | 883 | |
New Hope, Cultural Education Facilities Finance, RB | | | | | | | | |
7.500%, 11/15/36 | | | 3,385 | | | | 2,705 | |
New Hope, Cultural Education Facilities Finance, RB | | | | | | | | |
7.500%, 11/15/37 | | | 545 | | | | 405 | |
New Hope, Cultural Education Facilities Finance, RB | | | | | | | | |
Callable 08/15/31 @ 100 | | | | | | | | |
4.000%, 08/15/46(B) | | | 4,385 | | | | 3,146 | |
New Hope, Cultural Education Facilities Finance, RB | | | | | | | | |
Callable 11/15/26 @ 105 | | | | | | | | |
2.000%, 11/15/61(A) | | | 14,026 | | | | 5,365 | |
New Hope, Cultural Education Facilities Finance, Ser A, RB | | | | | | | | |
Callable 08/15/25 @ 100 | | | | | | | | |
5.000%, 08/15/40(B) | | | 4,750 | | | | 4,154 | |
Newark, Higher Education Finance, Ser A, RB | | | | | | | | |
Callable 08/15/25 @ 100 | | | | | | | | |
5.750%, 08/15/45(B) | | | 1,700 | | | | 1,709 | |
Newark, Higher Education Finance, Ser A, RB | | | | | | | | |
Callable 08/15/25 @ 100 | | | | | | | | |
5.500%, 08/15/35(B) | | | 900 | | | | 910 | |
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
7.000%, 09/01/31(E) | | | 5,000 | | | | 5,971 | |
Port Beaumont Navigation District, RB | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
6.000%, 01/01/25(B) | | | 1,525 | | | | 1,435 | |
Port Beaumont Navigation District, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
3.625%, 01/01/35(B) | | | 1,000 | | | | 773 | |
Port Beaumont Navigation District, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
2.875%, 01/01/41(B) | | | 750 | | | | 466 | |
Port Beaumont Navigation District, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 103 | | | | | | | | |
2.750%, 01/01/36(B) | | $ | 1,000 | | | $ | 684 | |
Port of Beaumont, Industrial Development Authority, RB | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
4.100%, 01/01/28(B) | | | 6,330 | | | | 5,005 | |
Sanger, Industrial Development Authority, Texas Pellets Project, Ser B, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
8.000%, 07/01/38(D) | | | 4,950 | | | | 1,163 | |
Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB | | | | | | | | |
Callable 05/15/27 @ 100 | | | | | | | | |
5.250%, 11/15/47(D) | | | 3,071 | | | | — | |
Tarrant County, Cultural Education Facilities Finance, RB | | | | | | | | |
Callable 02/15/27 @ 100 | | | | | | | | |
6.375%, 02/15/52(D) | | | 9,000 | | | | 4,950 | |
Temple, Ser A-REV, RB | | | | | | | | |
Callable 08/01/25 @ 100 | | | | | | | | |
5.000%, 08/01/38 | | | 2,000 | | | | 1,876 | |
Texas State, Department of Housing & Community Affairs, Ser A, RB, GNMA | | | | | | | | |
Callable 09/01/27 @ 100 | | | | | | | | |
4.250%, 09/01/43 | | | 1,880 | | | | 1,740 | |
Texas State, Private Activity Bond Surface Transportation, RB, AMT | | | | | | | | |
Callable 06/30/29 @ 100 | | | | | | | | |
5.000%, 06/30/58 | | | 2,000 | | | | 1,905 | |
Texas State, Transportation Commission, RB | | | | | | | | |
Callable 02/01/29 @ 73 | | | | | | | | |
0.000%, 08/01/36(C) | | | 1,000 | | | | 508 | |
| | | | | | | | | | | | | |
Total Texas | | | 77,964 | |
| | | | | | | | | | | | | |
Utah [0.4%] |
Downtown East Streetcar Sewer Public Infrastructure District, Ser A, GO | | | | | | | | |
Callable 09/01/27 @ 103 | | | | | | | | |
6.000%, 03/01/53(B) | | | 2,000 | | | | 1,796 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 39
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Downtown East Streetcar Sewer Public Infrastructure District, Ser A, GO | | | | | | | | |
Callable 09/01/27 @ 103 | | | | | | | | |
5.750%, 03/01/42(B) | | $ | 500 | | | $ | 458 | |
Salt Lake City Utah Airport Revenue, Ser A, RB, AMT | | | | | | | | |
Callable 07/01/33 @ 100 | | | | | | | | |
5.250%, 07/01/48 | | | 750 | | | | 769 | |
Utah Charter School Finance Authority, RB | | | | | | | | |
Callable 06/15/28 @ 102 | | | | | | | | |
5.000%, 06/15/55(B) | | | 1,750 | | | | 1,492 | |
| | | | | | | | | | | | | |
Total Utah | | | 4,515 | |
| | | | | | | | | | | | | |
Vermont [0.1%] |
Vermont State, Economic Development Authority, Casella Waste Systems Project, RB, AMT | | | | | | | | |
4.625%, 04/01/36(A)(B) | | | 1,000 | | | | 976 | |
| | | | | | | | | | | | | |
Virginia [0.7%] |
Cherry Hill, Community Development Authority, Potomac Shores Project, SAB | | | | | | | | |
Callable 03/01/25 @ 100 | | | | | | | | |
5.150%, 03/01/35(B) | | | 1,000 | | | | 1,002 | |
Lower Magnolia Green, Community Development Authority, SAB | | | | | | | | |
Callable 03/01/25 @ 100 | | | | | | | | |
5.000%, 03/01/45(B) | | | 3,780 | | | | 3,357 | |
West Falls Community Development Authority, Ser A, RB | | | | | | | | |
Callable 09/01/32 @ 100 | | | | | | | | |
5.375%, 09/01/52(B) | | | 2,125 | | | | 1,985 | |
Wise County, Industrial Development Authority, Ser A-RE, RB | | | | | | | | |
0.750%, 10/01/40(A) | | | 1,500 | | | | 1,370 | |
| | | | | | | | | | | | | |
Total Virginia | | | 7,714 | |
| | | | | | | | | | | | | |
Washington [1.2%] |
Kalispel Tribe of Indians, Ser A, RB | | | | | | | | |
Callable 01/01/28 @ 100 | | | | | | | | |
5.250%, 01/01/38(B) | | | 400 | | | | 408 | |
Washington State, Health Care Facilities Authority, RB | | | | | | | | |
Callable 01/01/28 @ 100 | | | | | | | | |
4.000%, 07/01/42 | | $ | 3,500 | | | $ | 2,847 | |
Washington State, Health Care Facilities Authority, Ser A-, RB | | | | | | | | |
Callable 08/01/29 @ 100 | | | | | | | | |
4.000%, 08/01/44 | | | 2,715 | | | | 2,264 | |
Washington State, Housing Finance Commission, Judson Park Project, RB | | | | | | | | |
Callable 07/01/25 @ 102 | | | | | | | | |
5.000%, 07/01/38(B) | | | 325 | | | | 281 | |
Washington State, Housing Finance Commission, Judson Park Project, RB | | | | | | | | |
Callable 07/01/25 @ 102 | | | | | | | | |
5.000%, 07/01/48(B) | | | 2,400 | | | | 1,874 | |
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
7.500%, 01/01/24(B) (E) | | | 2,000 | | | | 2,015 | |
Washington State, Housing Finance Commission, Ser A, RB | | | | | | | | |
Callable 07/01/26 @ 103 | | | | | | | | |
5.000%, 01/01/55(B) | | | 4,000 | | | | 2,832 | |
| | | | | | | | | | | | | |
Total Washington | | | 12,521 | |
| | | | | | | | | | | | | |
West Virginia [0.9%] |
South Charleston West Virginia, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
4.500%, 06/01/50(B) | | | 1,240 | | | | 890 | |
South Charleston West Virginia, RB | | | | | | | | |
Callable 06/01/31 @ 100 | | | | | | | | |
4.250%, 06/01/42(B) | | | 1,435 | | | | 1,077 | |
West Virginia, Economic Development Authority, RB, AMT | | | | | | | | |
Callable 01/01/25 @ 100 | | | | | | | | |
5.000%, 07/01/45(A) | | | 1,190 | | | | 1,185 | |
West Virginia, Economic Development Authority, Ser S, RB | | | | | | | | |
0.625%, 12/01/38(A) | | | 2,500 | | | | 2,261 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
West Virginia, Tobacco Settlement Finance Authority, RB | | | | | | | | |
Callable 12/01/30 @ 100 | | | | | | | | |
4.875%, 06/01/49 | | $ | 5,005 | | | $ | 4,532 | |
| | | | | | | | | | | | | |
Total West Virginia | | | 9,945 | |
| | | | | | | | | | | | | |
Wisconsin [6.5%] |
Hartford, Public Finance Authority, RB | | | | | | | | |
Callable 09/01/24 @ 100 | | | | | | | | |
5.000%, 09/01/38(B) | | | 1,580 | | | | 1,326 | |
Pine Lake, Public Finance Authority, RB | | | | | | | | |
Callable 03/01/25 @ 100 | | | | | | | | |
5.500%, 03/01/45(B) | | | 3,460 | | | | 3,302 | |
Pine Lake, Public Finance Authority, RB | | | | | | | | |
Callable 03/01/25 @ 100 | | | | | | | | |
5.250%, 03/01/35(B) | | | 1,250 | | | | 1,248 | |
Public Finance Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
5.000%, 04/01/30(B) (E) | | | 100 | | | | 108 | |
Public Finance Authority, RB | | | | | | | | |
Callable 04/01/30 @ 100 | | | | | | | | |
5.000%, 04/01/40(B) | | | 1,175 | | | | 1,089 | |
Public Finance Authority, RB | | | | | | | | |
Callable 04/01/30 @ 100 | | | | | | | | |
5.000%, 04/01/50(B) | | | 1,575 | | | | 1,364 | |
Public Finance Authority, RB | | | | | | | | |
Callable 02/01/32 @ 100 | | | | | | | | |
5.000%, 02/01/62 | | | 2,500 | | | | 2,147 | |
Public Finance Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
4.000%, 04/01/32(B) (E) | | | 50 | | | | 52 | |
Public Finance Authority, RB | | | | | | | | |
Pre-Refunded @ 100 | | | | | | | | |
4.000%, 04/01/32(B) (E) | | | 60 | | | | 62 | |
Public Finance Authority, RB | | | | | | | | |
Callable 07/01/29 @ 100 | | | | | | | | |
4.000%, 07/01/51 | | | 2,750 | | | | 1,981 | |
Public Finance Authority, RB | | | | | | | | |
Callable 06/01/27 @ 103 | | | | | | | | |
4.000%, 06/01/56(B) | | | 4,000 | | | | 2,498 | |
Public Finance Authority, RB, AMT | | | | | | | | |
Callable 09/30/31 @ 100 | | | | | | | | |
4.000%, 09/30/51 | | | 600 | | | | 441 | |
Public Finance Authority, RB, AMT | | | | | | | | |
Callable 09/30/31 @ 100 | | | | | | | | |
4.000%, 03/31/56 | | $ | 3,290 | | | $ | 2,370 | |
University of Wisconsin Hospitals & Clinics, RB | | | | | | | | |
Callable 10/01/31 @ 100 | | | | | | | | |
4.000%, 04/01/51 | | | 4,995 | | | | 4,163 | |
Wisconsin State, Health & Educational Facilities Authority, Dickson Hollow Project, RB | | | | | | | | |
Callable 11/06/23 @ 101 | | | | | | | | |
5.500%, 10/01/49 | | | 2,500 | | | | 2,059 | |
Wisconsin State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 08/15/24 @ 100 | | | | | | | | |
5.000%, 02/15/52(A) | | | 1,500 | | | | 1,503 | |
Wisconsin State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 04/01/27 @ 100 | | | | | | | | |
4.000%, 04/01/39 | | | 2,500 | | | | 2,236 | |
Wisconsin State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 01/01/27 @ 103 | | | | | | | | |
4.000%, 01/01/47 | | | 1,680 | | | | 1,142 | |
Wisconsin State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 01/01/27 @ 103 | | | | | | | | |
4.000%, 01/01/57 | | | 1,920 | | | | 1,208 | |
Wisconsin State, Health & Educational Facilities Authority, RB | | | | | | | | |
Callable 08/15/31 @ 100 | | | | | | | | |
3.000%, 08/15/51 | | | 1,610 | | | | 1,039 | |
Wisconsin State, Health & Educational Facilities Authority, Woodland Hill Senior Housing Project, RB | | | | | | | | |
Callable 11/06/23 @ 102 | | | | | | | | |
5.250%, 12/01/49 | | | 4,000 | | | | 3,230 | |
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | | | | | | | | |
Callable 06/01/26 @ 100 | | | | | | | | |
5.000%, 06/01/36(B) | | | 6,125 | | | | 5,486 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (continued) |
Description | | Face Amount (000) | | | Value (000) | |
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB | | | | | | | | |
Callable 06/01/26 @ 100 | | | | | | | | |
4.625%, 06/01/36(B) | | $ | 3,300 | | | $ | 2,835 | |
Wisconsin State, Public Finance Authority, Coral Academy Project, RB | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
5.625%, 07/01/44 | | | 3,500 | | | | 3,405 | |
Wisconsin State, Public Finance Authority, Coral Academy Project, RB | | | | | | | | |
Callable 07/01/24 @ 100 | | | | | | | | |
5.375%, 07/01/34 | | | 2,000 | | | | 2,005 | |
Wisconsin State, Public Finance Authority, Cornerstone Christian Project, RB | | | | | | | | |
Callable 02/01/26 @ 100 | | | | | | | | |
5.000%, 02/01/36(B) | | | 3,000 | | | | 2,748 | |
Wisconsin State, Public Finance Authority, National Gypsum, RB, AMT | | | | | | | | |
Callable 08/01/26 @ 100 | | | | | | | | |
4.000%, 08/01/35 | | | 3,000 | | | | 2,522 | |
Wisconsin State, Public Finance Authority, RB | | | | | | | | |
Callable 03/01/30 @ 100 | | | | | | | | |
5.250%, 03/01/45(B) | | | 3,165 | | | | 2,627 | |
Wisconsin State, Public Finance Authority, RB | | | | | | | | |
Callable 03/01/30 @ 100 | | | | | | | | |
5.250%, 03/01/55(B) | | | 835 | | | | 656 | |
Wisconsin State, Public Finance Authority, Roseman University Health Sciences, RB | | | | | | | | |
Callable 04/01/25 @ 100 | | | | | | | | |
5.875%, 04/01/45 | | | 5,000 | | | | 4,985 | |
Wisconsin State, Public Finance Authority, Senior Trips Obligation Group Project, Ser B, RB, AMT | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.000%, 07/01/42 | | | 1,000 | | | | 924 | |
Wisconsin State, Public Finance Authority, Ser A, RB | | | | | | | | |
Callable 06/15/25 @ 100 | | | | | | | | |
5.500%, 06/15/35(B) | | | 3,000 | | | | 3,001 | |
Wisconsin State, Public Finance Authority, Ser A, RB | | | | | | | | |
Callable 06/15/25 @ 100 | | | | | | | | |
5.500%, 06/15/45(B) | | $ | 4,280 | | | $ | 3,936 | |
| | | | | | | | | | | | | |
Total Wisconsin | | | 69,698 | |
| | | | | | | | | | | | | |
American Samoa [0.3%] |
American Samoa, Economic Development Authority, Ser A, RB | | | | | | | | |
Callable 09/01/25 @ 100 | | | | | | | | |
6.625%, 09/01/35 | | | 3,000 | | | | 3,084 | |
| | | | | | | | | | | | | |
Puerto Rico [4.8%] |
Children’s Trust Fund, RB | | | | | | | | |
Callable 11/06/23 @ 100 | | | | | | | | |
5.625%, 05/15/43 | | | 2,000 | | | | 2,010 | |
Commonwealth of Puerto Rico, Ser A, GO | | | | | | | | |
0.000%, 07/01/24(C) | | | 202 | | | | 195 | |
Commonwealth of Puerto Rico, Ser A1, GO | | | | | | | | |
5.625%, 07/01/27 | | | 2,951 | | | | 3,029 | |
Commonwealth of Puerto Rico, Ser A1, GO | | | | | | | | |
Callable 07/01/31 @ 103 | | | | | | | | |
4.000%, 07/01/33 | | | 6,113 | | | | 5,479 | |
Commonwealth of Puerto Rico, Ser A1, GO | | | | | | | | |
Callable 07/01/31 @ 103 | | | | | | | | |
4.000%, 07/01/37 | | | 2,957 | | | | 2,482 | |
Commonwealth of Puerto Rico, Sub-Ser Senior, GO | | | | | | | | |
0.000%, 11/01/51(C) | | | 6,800 | | | | 3,493 | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
5.000%, 07/01/58 | | | 10,167 | | | | 9,197 | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
4.750%, 07/01/53 | | | 1,276 | | | | 1,128 | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB | | | | | | | | |
Callable 07/01/25 @ 100 | | | | | | | | |
4.500%, 07/01/34 | | | 14,005 | | | | 13,483 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
schedule of investments |
September 30, 2023 |
City National Rochdale Municipal High Income Fund (concluded) |
Description | | Face Amount (000) /Shares | | | Value (000) | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB | | | | | | | | |
0.000%, 07/01/24(C) | | $ | 784 | | | $ | 759 | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
4.784%, 07/01/58 | | | 10,771 | | | | 9,401 | |
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB | | | | | | | | |
Callable 07/01/28 @ 100 | | | | | | | | |
4.536%, 07/01/53 | | | 31 | | | | 26 | |
| | | | | | | | | | | | | |
Total Puerto Rico | | | 50,682 | |
| | | | | | | | | | | | | |
Total Municipal Bonds |
(Cost $1,163,361) | | | 1,034,827 | |
| | | | | | | | | | | | | |
Short-Term Investment [1.0%] |
SEI Daily Income Trust Government Fund, Cl Institutional, 5.210%** | | | 11,093,198 | | | | 11,093 | |
| | | | | | | | | | | | | |
Total Short-Term Investment |
(Cost $11,093) | | | 11,093 | |
| | | | | | | | | | | | | |
Total Investments [98.8%] |
(Cost $1,174,454) | | $ | 1,045,920 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $1,058,242 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
(A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(B) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2023, the value of these securities amounted to $300,565 (000), representing 28.4% of the net assets of the Fund. |
(D) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
(E) | Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
AGM — Assured Guarantee Municipal
AMBAC — American Municipal Bond Assurance Company
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
ETM — Escrowed to Maturity
GO — General Obligation
GNMA — Government National Mortgage Association
HUD — Housing Urban Development
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
SPA — Special Assessment
SPL Tax — Special Tax
TA — Tax Allocation
The following is a list of the inputs used as of September 30, 2023, 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 | | $ | — | | | $ | 1,034,827 | | | $ | — | | | $ | 1,034,827 | |
Short-Term Investment | | | 11,093 | | | | — | | | | — | | | | 11,093 | |
Total Investments in Securities | | $ | 11,093 | | | $ | 1,034,827 | | | $ | — | | | $ | 1,045,920 | |
Amounts designated as “—” are either $0 or have been rounded to $0.
For information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund |
Description | | Face Amount (000)(1) | | | Value (000) | |
Corporate Bonds [51.5%] |
Aerospace / Defense [0.7%] |
Boeing | | | | | | | | |
2.196%, 02/04/26 | | $ | 5,400 | | | $ | 4,959 | |
Spirit AeroSystems | | | | | | | | |
7.500%, 04/15/25(A) | | | 610 | | | | 598 | |
Spirit AeroSystems | | | | | | | | |
9.375%, 11/30/29(A) | | | 527 | | | | 537 | |
TransDigm | | | | | | | | |
6.250%, 03/15/26(A) | | | 6,155 | | | | 6,066 | |
TransDigm | | | | | | | | |
6.750%, 08/15/28(A) | | | 825 | | | | 812 | |
TransDigm | | | | | | | | |
6.875%, 12/15/30(A) | | | 3,200 | | | | 3,132 | |
| | | | | | | | | | | | | |
Total Aerospace / Defense | | | 16,104 | |
| | | | | | | | | | | | | |
Airlines [0.3%] |
Allegiant Travel | | | | | | | | |
7.250%, 08/15/27(A) | | | 1,935 | | | | 1,822 | |
American Airlines | | | | | | | | |
11.750%, 07/15/25(A) | | | 1,020 | | | | 1,096 | |
American Airlines | | | | | | | | |
5.500%, 04/20/26(A) | | | 3,309 | | | | 3,232 | |
Mileage Plus Holdings | | | | | | | | |
6.500%, 06/20/27(A) | | | 1,069 | | | | 1,059 | |
| | | | | | | | | | | | | |
Total Airlines | | | 7,209 | |
| | | | | | | | | | | | | |
Airport Develop/Maint [0.2%] |
GMR Hyderabad International Airport | | | | | | | | |
4.750%, 02/02/26 | | | 3,800 | | | | 3,585 | |
| | | | | | | | | | | | | |
Appliances [0.0%] |
Versuni Group BV | | | | | | | | |
3.125%, 06/15/28 | | EUR | 850 | | | $ | 711 | |
| | | | | | | | | | | | | |
Auto Rent & Lease [0.1%] |
Kapla Holding SAS | | | | | | | | |
9.163%, EUR003M + 5.500%, 07/15/27(B) | | EUR | 350 | | | | 376 | |
Upbound Group | | | | | | | | |
6.375%, 02/15/29(A) | | | 1,310 | | | | 1,163 | |
| | | | | | | | | | | | | |
Total Auto Rent & Lease | | | 1,539 | |
| | | | | | | | | | | | | |
Automotive [1.1%] |
Adient Global Holdings | | | | | | | | |
4.875%, 08/15/26(A) | | | 1,625 | | | | 1,533 | |
Clarios Global | | | | | | | | |
6.750%, 05/15/25(A) | | | 159 | | | | 158 | |
Dana | | | | | | | | |
5.625%, 06/15/28 | | | 475 | | | | 435 | |
Dana Financing Luxembourg Sarl | | | | | | | | |
5.750%, 04/15/25(A) | | | 224 | | | | 219 | |
Dornoch Debt Merger Sub | | | | | | | | |
6.625%, 10/15/29(A) | | | 1,650 | | | | 1,364 | |
Ford Motor Credit | | | | | | | | |
4.063%, 11/01/24 | | | 2,200 | | | | 2,130 | |
Ford Motor Credit | | | | | | | | |
5.125%, 06/16/25 | | | 1,850 | | | | 1,790 | |
Ford Motor Credit | | | | | | | | |
3.375%, 11/13/25 | | | 1,200 | | | | 1,115 | |
Ford Motor Credit | | | | | | | | |
6.950%, 03/06/26 | | | 2,505 | | | | 2,501 | |
Ford Motor Credit | | | | | | | | |
5.113%, 05/03/29 | | | 1,500 | | | | 1,373 | |
Ford Motor Credit, MTN | | | | | | | | |
4.389%, 01/08/26 | | | 2,100 | | | | 1,982 | |
IHO Verwaltungs GmbH | | | | | | | | |
4.750%cash/5.500% PIK, 09/15/26(A) | | | 1,350 | | | | 1,236 | |
IHO Verwaltungs GmbH | | | | | | | | |
6.000%cash/6.750% PIK, 05/15/27(A) | | | 1,350 | | | | 1,253 | |
IHO Verwaltungs GmbH | | | | | | | | |
6.375%cash/7.125% PIK, 05/15/29(A) | | | 300 | | | | 271 | |
Panther BF Aggregator 2 | | | | | | | | |
8.500%, 05/15/27(A) | | | 3,550 | | | | 3,540 | |
Real Hero Merger Sub 2 | | | | | | | | |
6.250%, 02/01/29(A) | | | 1,500 | | | | 1,157 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Standard Profil Automotive GmbH | | | | | | | | |
6.250%, 04/30/26 | | EUR | 968 | | | $ | 785 | |
ZF North America Capital | | | | | | | | |
6.875%, 04/14/28(A) | | | 500 | | | | 489 | |
ZF North America Capital | | | | | | | | |
7.125%, 04/14/30(A) | | | 325 | | | | 318 | |
| | | | | | | | | | | | | |
Total Automotive | | | 23,649 | |
| | | | | | | | | | | | | |
Autoparts [0.3%] |
Grupo Antolin-Irausa | | | | | | | | |
3.500%, 04/30/28 | | EUR | 650 | | | | 470 | |
Metalsa Sapi De Cv | | | | | | | | |
3.750%, 05/04/31 | | | 1,195 | | | | 885 | |
3.750%, 05/04/31(A) | | | 7,800 | | | | 5,774 | |
| | | | | | | | | | | | | |
Total Autoparts | | | 7,129 | |
| | | | | | | | | | | | | |
Banking [0.0%] |
Ally Financial | | | | | | | | |
5.750%, 11/20/25 | | | 725 | | | | 704 | |
| | | | | | | | | | | | | |
Banks [3.8%] |
Akbank | | | | | | | | |
6.800%, 02/06/26 | | | 7,600 | | | | 7,400 | |
Banca Comerciala Romana, MTN | | | | | | | | |
7.625%, EUR003M + 4.539%, 05/19/27(B) | | EUR | 2,300 | | | | 2,503 | |
Banca Transilvania, MTN | | | | | | | | |
8.875%, EUAMDB01 + 5.580%, 04/27/27(B) | | EUR | 2,882 | | | | 3,152 | |
Banco Davivienda | | | | | | | | |
6.650%, H15T10Y + 5.097%, 10/22/71(A) (B) | | | 6,000 | | | | 4,035 | |
Banco de Bogota | | | | | | | | |
6.250%, 05/12/26 | | | 2,350 | | | | 2,241 | |
Banco General | | | | | | | | |
5.250%, H15T10Y + 3.665%, 11/07/71(B) | | | 5,300 | | | | 4,667 | |
Banco Mercantil del Norte | | | | | | | | |
7.625%, H15T10Y + 5.353%, 10/06/67(B) | | | 5,100 | | | | 4,692 | |
Banco Mercantil del Norte | | | | | | | | |
6.625%, H15T10Y + 5.034%, 01/24/72(B) | | | 1,085 | | | | 851 | |
Bancolombia | | | | | | | | |
4.625%, H15T5Y + 2.944%, 12/18/29(B) | | | 6,115 | | | | 5,265 | |
Bank Hapoalim | | | | | | | | |
3.255%, H15T5Y + 2.155%, 01/21/32(A) (B) | | $ | 4,547 | | | $ | 3,876 | |
Bank Nadra Via NDR Finance | | | | | | | | |
8.250%, 06/22/17(C) | | | 631 | | | | 3 | |
Bank Negara Indonesia Persero | | | | | | | | |
4.300%, H15T5Y + 3.466%, 03/24/72(B) | | | 5,200 | | | | 4,233 | |
Bank Negara Indonesia Persero, MTN | | | | | | | | |
3.750%, 03/30/26 | | | 2,000 | | | | 1,847 | |
Bank of Montreal | | | | | | | | |
5.203%, 02/01/28 | | | 4,400 | | | | 4,294 | |
BBVA Bancomer | | | | | | | | |
5.125%, H15T5Y + 2.650%, 01/18/33(B) | | | 8,055 | | | | 6,935 | |
Freedom Mortgage | | | | | | | | |
8.125%, 11/15/24(A) | | | 450 | | | | 450 | |
Freedom Mortgage | | | | | | | | |
7.625%, 05/01/26(A) | | | 1,315 | | | | 1,225 | |
Freedom Mortgage | | | | | | | | |
12.000%, 10/01/28(A) | | | 800 | | | | 814 | |
HDFC Bank | | | | | | | | |
3.700%, H15T5Y + 2.925%, 02/25/72(B) | | | 750 | | | | 647 | |
ING Bank, MTN | | | | | | | | |
2.571%, 01/01/28 | | JPY | 271,165 | | | | 1,443 | |
Ipoteka-Bank ATIB | | | | | | | | |
5.500%, 11/19/25 | | | 5,425 | | | | 4,870 | |
NBK Tier 1 Financing 2 | | | | | | | | |
4.500%, CMTUSD6Y + 2.832%, 05/27/72(B) | | | 4,125 | | | | 3,788 | |
Sovcombank Via SovCom Capital DAC | | | | | | | | |
7.600%, H15T5Y + 6.362%, 02/17/72(B) | | | 3,615 | | | | — | |
Toronto-Dominion Bank, MTN | | | | | | | | |
3.766%, 06/06/25 | | | 5,500 | | | | 5,320 | |
Wells Fargo, MTN | | | | | | | | |
3.550%, 09/29/25 | | | 5,400 | | | | 5,162 | |
Yapi ve Kredi Bankasi, MTN | | | | | | | | |
9.250%, 10/16/28(A) | | | 3,950 | | | | 3,967 | |
| | | | | | | | | | | | | |
Total Banks | | | 83,680 | |
| | | | | | | | | | | | | |
Broadcasting & Cable [0.7%] |
Cable One | | | | | | | | |
4.000%, 11/15/30(A) | | | 2,110 | | | | 1,607 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
CCO Holdings | | | | | | | | |
7.375%, 03/01/31(A) | | $ | 2,913 | | | $ | 2,814 | |
Charter Communications Operating | | | | | | | | |
5.750%, 04/01/48 | | | 730 | | | | 582 | |
CSC Holdings | | | | | | | | |
11.250%, 05/15/28(A) | | | 1,075 | | | | 1,071 | |
CSC Holdings | | | | | | | | |
6.500%, 02/01/29(A) | | | 2,500 | | | | 2,072 | |
LCPR Senior Secured Financing DAC | | | | | | | | |
6.750%, 10/15/27 | | | 6,250 | | | | 5,741 | |
6.750%, 10/15/27(A) | | | 1,925 | | | | 1,768 | |
| | | | | | | | | | | | | |
Total Broadcasting & Cable | | | 15,655 | |
| | | | | | | | | | | | | |
Building & Construction [1.4%] |
ACProducts Holdings | | | | | | | | |
6.375%, 05/15/29(A) | | | 915 | | | | 604 | |
Allegheny Ludlum | | | | | | | | |
6.950%, 12/15/25 | | | 470 | | | | 471 | |
Ashton Woods USA | | | | | | | | |
6.625%, 01/15/28(A) | | | 1,195 | | | | 1,127 | |
Assemblin Group | | | | | | | | |
8.964%, EUR003M + 5.000%, 07/05/29(B) | | EUR | 300 | | | | 317 | |
Brundage-Bone Concrete Pumping Holdings | | | | | | | | |
6.000%, 02/01/26(A) | | | 1,320 | | | | 1,256 | |
Cemex | | | | | | | | |
5.450%, 11/19/29 | | | 3,200 | | | | 3,031 | |
Cemex | | | | | | | | |
3.875%, 07/11/31 | | | 2,100 | | | | 1,758 | |
Cemex | | | | | | | | |
9.125%, H15T5Y + 5.157%, 06/14/72(A) (B) | | | 1,080 | | | | 1,124 | |
Cemex | | | | | | | | |
5.125%, H15T5Y + 4.534%, 09/08/72(B) | | | 1,000 | | | | 936 | |
Dream Finders Homes | | | | | | | | |
8.250%, 08/15/28(A) | | | 558 | | | | 559 | |
Forestar Group | | | | | | | | |
3.850%, 05/15/26(A) | | | 1,184 | | | | 1,075 | |
Forestar Group | | | | | | | | |
5.000%, 03/01/28(A) | | | 980 | | | | 880 | |
HTA Group | | | | | | | | |
7.000%, 12/18/25 | | | 5,215 | | | | 5,013 | |
Installed Building Products | | | | | | | | |
5.750%, 02/01/28(A) | | | 2,588 | | | | 2,382 | |
New Home | | | | | | | | |
8.250%, 10/15/27(A) | | | 2,665 | | | | 2,471 | |
Patrick Industries | | | | | | | | |
7.500%, 10/15/27(A) | | $ | 1,245 | | | $ | 1,192 | |
Shea Homes | | | | | | | | |
4.750%, 02/15/28 | | | 1,450 | | | | 1,300 | |
Summit Materials | | | | | | | | |
6.500%, 03/15/27(A) | | | 1,450 | | | | 1,416 | |
Thor Industries | | | | | | | | |
4.000%, 10/15/29(A) | | | 815 | | | | 671 | |
West China Cement | | | | | | | | |
4.950%, 07/08/26 | | | 3,870 | | | | 2,711 | |
Yuksel Insaat | | | | | | | | |
9.500%, 11/10/15(C) | | | 12,655 | | | | 127 | |
| | | | | | | | | | | | | |
Total Building & Construction | | | 30,421 | |
| | | | | | | | | | | | | |
Building Materials [0.8%] |
American Builders & Contractors Supply | | | | | | | | |
4.000%, 01/15/28(A) | | | 350 | | | | 310 | |
American Builders & Contractors Supply | | | | | | | | |
3.875%, 11/15/29(A) | | | 400 | | | | 334 | |
Beacon Roofing Supply | | | | | | | | |
6.500%, 08/01/30(A) | | | 200 | | | | 194 | |
Camelot Return Merger Sub | | | | | | | | |
8.750%, 08/01/28(A) | | | 975 | | | | 940 | |
Cornerstone Building Brands | | | | | | | | |
6.125%, 01/15/29(A) | | | 275 | | | | 208 | |
CP Atlas Buyer | | | | | | | | |
7.000%, 12/01/28(A) | | | 1,575 | | | | 1,235 | |
Foundation Building Materials | | | | | | | | |
6.000%, 03/01/29(A) | | | 2,757 | | | | 2,294 | |
GYP Holdings III | | | | | | | | |
4.625%, 05/01/29(A) | | | 1,475 | | | | 1,271 | |
Interface | | | | | | | | |
5.500%, 12/01/28(A) | | | 825 | | | | 701 | |
SRS Distribution | | | | | | | | |
6.125%, 07/01/29(A) | | | 1,025 | | | | 873 | |
SRS Distribution | | | | | | | | |
6.000%, 12/01/29(A) | | | 2,125 | | | | 1,785 | |
Standard Industries | | | | | | | | |
5.000%, 02/15/27(A) | | | 3,090 | | | | 2,864 | |
Standard Industries | | | | | | | | |
4.750%, 01/15/28(A) | | | 1,500 | | | | 1,353 | |
Standard Industries | | | | | | | | |
3.375%, 01/15/31(A) | | | 375 | | | | 290 | |
White Capital Buyer | | | | | | | | |
6.875%, 10/15/28(A) | | | 1,125 | | | | 993 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
White Capital Parent | | | | | | | | |
8.250%cash/9.000% PIK, 03/15/26(A) | | $ | 925 | | | $ | 893 | |
| | | | | | | | | | | | | |
Total Building Materials | | | 16,538 | |
| | | | | | | | | | | | | |
Building-Heavy Construct [1.0%] |
Andrade Gutierrez International | | | | | | | | |
9.000%cash/10.500% PIK, 12/28/29 | | | 45,616 | | | | 15,737 | |
9.000%cash/10.500% PIK, 12/28/29(A) | | | 854 | | | | 295 | |
Odebrecht Holdco Finance | | | | | | | | |
0.000%, 09/10/58(D) | | | 13,874 | | | | 31 | |
Sitios Latinoamerica | | | | | | | | |
5.375%, 04/04/32(A) | | | 7,270 | | | | 6,259 | |
| | | | | | | | | | | | | |
Total Building-Heavy Construct | | | 22,322 | |
| | | | | | | | | | | | | |
Cable Satellite [1.5%] |
CCO Holdings | | | | | | | | |
5.125%, 05/01/27(A) | | | 1,850 | | | | 1,724 | |
CCO Holdings | | | | | | | | |
5.000%, 02/01/28(A) | | | 1,200 | | | | 1,090 | |
CCO Holdings | | | | | | | | |
4.500%, 08/15/30(A) | | | 1,125 | | | | 923 | |
4.500%, 06/01/33(A) | | | 725 | | | | 555 | |
CCO Holdings | | | | | | | | |
4.250%, 02/01/31(A) | | | 1,425 | | | | 1,134 | |
4.250%, 01/15/34(A) | | | 900 | | | | 663 | |
CSC Holdings | | | | | | | | |
5.500%, 04/15/27(A) | | | 1,550 | | | | 1,327 | |
CSC Holdings | | | | | | | | |
7.500%, 04/01/28(A) | | | 675 | | | | 440 | |
CSC Holdings | | | | | | | | |
5.750%, 01/15/30(A) | | | 2,150 | | | | 1,205 | |
CSC Holdings | | | | | | | | |
4.125%, 12/01/30(A) | | | 400 | | | | 283 | |
CSC Holdings | | | | | | | | |
4.625%, 12/01/30(A) | | | 2,995 | | | | 1,592 | |
CSC Holdings | | | | | | | | |
3.375%, 02/15/31(A) | | | 400 | | | | 272 | |
CSC Holdings | | | | | | | | |
4.500%, 11/15/31(A) | | | 975 | | | | 691 | |
DIRECTV Holdings | | | | | | | | |
5.875%, 08/15/27(A) | | | 1,366 | | | | 1,210 | |
DISH DBS | | | | | | | | |
7.750%, 07/01/26 | | | 1,050 | | | | 787 | |
DISH DBS | | | | | | | | |
7.375%, 07/01/28 | | | 1,125 | | | | 709 | |
DISH DBS | | | | | | | | |
5.125%, 06/01/29 | | $ | 1,275 | | | $ | 707 | |
DISH Network | | | | | | | | |
11.750%, 11/15/27(A) | | | 1,950 | | | | 1,965 | |
Intelsat Jackson Holdings | | | | | | | | |
5.500%, 08/01/23(C) | | | 725 | | | | — | |
Intelsat Jackson Holdings | | | | | | | | |
8.500%, 10/15/24(A) (C) | | | 875 | | | | — | |
Intelsat Jackson Holdings | | | | | | | | |
9.750%, 07/15/25(A) (C) | | | 525 | | | | — | |
Sirius XM Radio | | | | | | | | |
4.000%, 07/15/28(A) | | | 2,040 | | | | 1,741 | |
Sirius XM Radio | | | | | | | | |
5.500%, 07/01/29(A) | | | 1,250 | | | | 1,106 | |
Sirius XM Radio | | | | | | | | |
3.875%, 09/01/31(A) | | | 1,425 | | | | 1,079 | |
Telenet Finance Luxembourg Notes Sarl | | | | | | | | |
5.500%, 03/01/28(A) | | | 2,600 | | | | 2,340 | |
UPC Broadband Finco BV | | | | | | | | |
4.875%, 07/15/31(A) | | | 2,300 | | | | 1,867 | |
Virgin Media Finance | | | | | | | | |
5.000%, 07/15/30(A) | | | 1,025 | | | | 806 | |
Virgin Media Secured Finance | | | | | | | | |
5.500%, 05/15/29(A) | | | 845 | | | | 753 | |
Virgin Media Secured Finance | | | | | | | | |
4.500%, 08/15/30(A) | | | 825 | | | | 681 | |
Vmed O2 UK Financing I | | | | | | | | |
4.750%, 07/15/31(A) | | | 2,280 | | | | 1,842 | |
Ziggo Bond BV | | | | | | | | |
6.000%, 01/15/27(A) | | | 2,500 | | | | 2,289 | |
| | | | | | | | | | | | | |
Total Cable Satellite | | | 31,781 | |
| | | | | | | | | | | | | |
Chemicals [1.2%] |
Axalta Coating Systems | | | | | | | | |
4.750%, 06/15/27(A) | | | 700 | | | | 651 | |
Axalta Coating Systems | | | | | | | | |
3.375%, 02/15/29(A) | | | 375 | | | | 312 | |
Braskem Idesa SAPI | | | | | | | | |
7.450%, 11/15/29 | | | 2,100 | | | | 1,308 | |
Braskem Idesa SAPI | | | | | | | | |
6.990%, 02/20/32 | | | 3,750 | | | | 2,255 | |
Braskem Netherlands Finance BV | | | | | | | | |
8.500%, 01/12/31(A) | | | 2,530 | | | | 2,507 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Braskem Netherlands Finance BV | | | | | | | | |
7.250%, 02/13/33(A) | | $ | 3,675 | | | $ | 3,387 | |
Element Solutions | | | | | | | | |
3.875%, 09/01/28(A) | | | 1,375 | | | | 1,187 | |
HB Fuller | | | | | | | | |
4.250%, 10/15/28 | | | 775 | | | | 684 | |
Herens Holdco Sarl | | | | | | | | |
4.750%, 05/15/28(A) | | | 2,125 | | | | 1,650 | |
Illuminate Buyer | | | | | | | | |
9.000%, 07/01/28(A) | | | 375 | | | | 355 | |
Indorama Ventures Global Services | | | | | | | | |
4.375%, 09/12/24 | | | 5,000 | | | | 4,825 | |
INEOS Finance | | | | | | | | |
6.750%, 05/15/28(A) | | | 1,180 | | | | 1,104 | |
Italmatch Chemicals | | | | | | | | |
9.455%, EUR003M + 5.500%, 02/06/28(B) | | EUR | 937 | | | | 951 | |
LSF11 A5 HoldCo | | | | | | | | |
6.625%, 10/15/29(A) | | | 950 | | | | 790 | |
Olympus Water US Holding | | | | | | | | |
7.125%, 10/01/27(A) | | | 375 | | | | 347 | |
Olympus Water US Holding | | | | | | | | |
4.250%, 10/01/28(A) | | | 1,200 | | | | 978 | |
Olympus Water US Holding | | | | | | | | |
9.625%, 11/15/28 | | EUR | 600 | | | | 633 | |
Olympus Water US Holding | | | | | | | | |
9.750%, 11/15/28(A) | | | 325 | | | | 324 | |
Olympus Water US Holding | | | | | | | | |
6.250%, 10/01/29(A) | | | 1,525 | | | | 1,178 | |
Polar US Borrower | | | | | | | | |
6.750%, 05/15/26(A) | | | 775 | | | | 387 | |
SCIL IV LLC / SCIL USA Holdings LLC | | | | | | | | |
9.500%, 07/15/28 | | | 210 | | | | 226 | |
WR Grace Holdings | | | | | | | | |
4.875%, 06/15/27(A) | | | 425 | | | | 390 | |
WR Grace Holdings | | | | | | | | |
5.625%, 08/15/29(A) | | | 625 | | | | 505 | |
| | | | | | | | | | | | | |
Total Chemicals | | | 26,934 | |
| | | | | | | | | | | | | |
Coal Mining [0.1%] |
Mongolian Mining | | | | | | | | |
0.000%, 10/01/71(D) | | | 1,360 | | | | 1,140 | |
New World Resources | | | | | | | | |
8.000%, 04/07/20(C) | | EUR | 1,101 | | | $ | 2 | |
Warrior Met Coal | | | | | | | | |
7.875%, 12/01/28(A) | | | 319 | | | | 320 | |
| | | | | | | | | | | | | |
Total Coal Mining | | | 1,462 | |
| | | | | | | | | | | | | |
Coatings/Paint [0.1%] |
Sherwin-Williams | | | | | | | | |
3.450%, 08/01/25 | | | 3,275 | | | | 3,143 | |
| | | | | | | | | | | | | |
Commercial Serv-Finance [0.0%] |
Sabre GLBL | | | | | | | | |
8.625%, 06/01/27(A) | | | 640 | | | | 544 | |
| | | | | | | | | | | | | |
Commercial Services [0.3%] |
Bidvest Group UK | | | | | | | | |
3.625%, 09/23/26 | | | 5,625 | | | | 4,981 | |
Live Nation Entertainment | | | | | | | | |
5.625%, 03/15/26(A) | | | 1,155 | | | | 1,107 | |
SD International Sukuk, MTN | | | | | | | | |
6.300%, 05/09/22(C) | | | 13,384 | | | | 17 | |
| | | | | | | | | | | | | |
Total Commercial Services | | | 6,105 | |
| | | | | | | | | | | | | |
Communication & Media [0.4%] |
Globo Comunicacao e Participacoes | | | | | | | | |
5.500%, 01/14/32 | | | 1,505 | | | | 1,237 | |
5.500%, 01/14/32(A) | | | 8,525 | | | | 7,003 | |
| | | | | | | | | | | | | |
Total Communication & Media | | | 8,240 | |
| | | | | | | | | | | | | |
Communications Software [0.1%] |
RingCentral | | | | | | | | |
8.500%, 08/15/30(A) | | | 1,160 | | | | 1,119 | |
| | | | | | | | | | | | | |
Computer System Design & Services [0.2%] |
Magnum Holdings | | | | | | | | |
5.375%, 10/31/26(A) | | | 4,900 | | | | 4,337 | |
Virtusa | | | | | | | | |
7.125%, 12/15/28(A) | | | 350 | | | | 283 | |
| | | | | | | | | | | | | |
Total Computer System Design & Services | | | 4,620 | |
| | | | | | | | | | | | | |
Computers-Memory Devices [0.0%] |
Seagate HDD Cayman | | | | | | | | |
8.250%, 12/15/29(A) | | | 911 | | | | 935 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 48
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Construction Machinery [0.1%] |
H&E Equipment Services | | | | | | | | |
3.875%, 12/15/28(A) | | $ | 1,100 | | | $ | 939 | |
Ritchie Bros Holdings | | | | | | | | |
6.750%, 03/15/28(A) | | | 200 | | | | 200 | |
Terex | | | | | | | | |
5.000%, 05/15/29(A) | | | 680 | | | | 609 | |
United Rentals North America | | | | | | | | |
5.500%, 05/15/27 | | | 424 | | | | 412 | |
United Rentals North America | | | | | | | | |
4.875%, 01/15/28 | | | 600 | | | | 562 | |
United Rentals North America | | | | | | | | |
4.000%, 07/15/30 | | | 350 | | | | 298 | |
| | | | | | | | | | | | | |
Total Construction Machinery | | | 3,020 | |
| | | | | | | | | | | | | |
Consumer Cyclical Services [0.5%] |
Allied Universal Holdco | | | | | | | | |
6.625%, 07/15/26(A) | | | 700 | | | | 663 | |
Allied Universal Holdco | | | | | | | | |
9.750%, 07/15/27(A) | | | 1,700 | | | | 1,521 | |
Allied Universal Holdco | | | | | | | | |
6.000%, 06/01/29(A) | | | 1,900 | | | | 1,417 | |
Cars.com | | | | | | | | |
6.375%, 11/01/28(A) | | | 1,250 | | | | 1,136 | |
Garda World Security | | | | | | | | |
4.625%, 02/15/27(A) | | | 650 | | | | 595 | |
Garda World Security | | | | | | | | |
6.000%, 06/01/29(A) | | | 1,650 | | | | 1,350 | |
Go Daddy Operating | | | | | | | | |
5.250%, 12/01/27(A) | | | 725 | | | | 684 | |
GW B-CR Security | | | | | | | | |
9.500%, 11/01/27(A) | | | 1,818 | | | | 1,738 | |
Match Group | | | | | | | | |
5.000%, 12/15/27(A) | | | 1,350 | | | | 1,245 | |
Match Group | | | | | | | | |
4.625%, 06/01/28(A) | | | 475 | | | | 426 | |
Signal Parent | | | | | | | | |
6.125%, 04/01/29(A) | | | 912 | | | | 556 | |
| | | | | | | | | | | | | |
Total Consumer Cyclical Services | | | 11,331 | |
| | | | | | | | | | | | | |
Consumer Products [0.3%] |
Acushnet | | | | | | | | |
7.375%, 10/15/28(A) | | | 150 | | | | 151 | |
BCPE Empire Holdings | | | | | | | | |
7.625%, 05/01/27(A) | | | 2,575 | | | | 2,445 | |
Edgewell Personal Care | | | | | | | | |
5.500%, 06/01/28(A) | | $ | 875 | | | $ | 807 | |
Edgewell Personal Care | | | | | | | | |
4.125%, 04/01/29(A) | | | 400 | | | | 340 | |
Energizer Holdings | | | | | | | | |
6.500%, 12/31/27(A) | | | 1,000 | | | | 947 | |
Energizer Holdings | | | | | | | | |
4.750%, 06/15/28(A) | | | 625 | | | | 540 | |
Energizer Holdings | | | | | | | | |
4.375%, 03/31/29(A) | | | 1,100 | | | | 918 | |
| | | | | | | | | | | | | |
Total Consumer Products | | | 6,148 | |
| | | | | | | | | | | | | |
Consumer Products & Services [0.2%] |
Turkiye Sise ve Cam Fabrikalari | | | | | | | | |
6.950%, 03/14/26 | | | 4,650 | | | | 4,516 | |
| | | | | | | | | | | | | |
Containers & Packaging [0.4%] |
Graham Packaging | | | | | | | | |
7.125%, 08/15/28(A) | | | 1,195 | | | | 1,001 | |
Klabin Austria GmbH | | | | | | | | |
3.200%, 01/12/31 | | | 9,700 | | | | 7,551 | |
Klabin Austria GmbH | | | | | | | | |
7.000%, 04/03/49 | | | 655 | | | | 618 | |
| | | | | | | | | | | | | |
Total Containers & Packaging | | | 9,170 | |
| | | | | | | | | | | | | |
Distribution/Wholesale [0.0%] |
Windsor Holdings III | | | | | | | | |
8.500%, 06/15/30(A) | | | 565 | | | | 557 | |
| | | | | | | | | | | | | |
Diversified Manufacturing [0.2%] |
Emerald Debt Merger Sub | | | | | | | | |
6.625%, 12/15/30(A) | | | 1,850 | | | | 1,782 | |
Gates Global | | | | | | | | |
6.250%, 01/15/26(A) | | | 2,300 | | | | 2,241 | |
WESCO Distribution | | | | | | | | |
7.250%, 06/15/28(A) | | | 1,000 | | | | 1,008 | |
| | | | | | | | | | | | | |
Total Diversified Manufacturing | | | 5,031 | |
| | | | | | | | | | | | | |
Drugs [0.7%] |
AbbVie | | | | | | | | |
3.800%, 03/15/25 | | | 5,400 | | | | 5,249 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
6.750%, 03/01/28 | | | 10,950 | | | | 10,753 | |
| | | | | | | | | | | | | |
Total Drugs | | | 16,002 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
| | | | | | | | | | | | | |
E-Commerce/Products [0.0%] |
ANGI Group | | | | | | | | |
3.875%, 08/15/28(A) | | $ | 1,025 | | | $ | 802 | |
| | | | | | | | | | | | | |
E-Commerce/Services [0.1%] |
Uber Technologies | | | | | | | | |
7.500%, 09/15/27(A) | | | 2,258 | | | | 2,277 | |
| | | | | | | | | | | | | |
Electric Utilities [1.6%] |
Adani Renewable Energy RJ, MTN | | | | | | | | |
4.625%, 10/15/39 | | | 5,162 | | | | 3,753 | |
AES Gener | | | | | | | | |
7.125%, USSW5 + 4.644%, 03/26/79(B) | | | 1,480 | | | | 1,396 | |
Cikarang Listrindo | | | | | | | | |
4.950%, 09/14/26 | | | 2,700 | | | | 2,576 | |
Greenko Power II | | | | | | | | |
4.300%, 12/13/28 | | | 668 | | | | 571 | |
Mercury Chile Holdco | | | | | | | | |
6.500%, 01/24/27(A) | | | 8,100 | | | | 7,410 | |
Minejesa Capital BV | | | | | | | | |
4.625%, 08/10/30 | | | 3,500 | | | | 3,110 | |
Minejesa Capital BV | | | | | | | | |
5.625%, 08/10/37(A) | | | 5,300 | | | | 4,043 | |
Mong Duong Finance Holdings BV | | | | | | | | |
5.125%, 05/07/29 | | | 8,560 | | | | 7,734 | |
Pacific Gas and Electric | | | | | | | | |
4.950%, 07/01/50 | | | 1,645 | | | | 1,222 | |
Star Energy Geothermal Wayang Windu | | | | | | | | |
6.750%, 04/24/33 | | | 2,655 | | | | 2,548 | |
| | | | | | | | | | | | | |
Total Electric Utilities | | | 34,363 | |
| | | | | | | | | | | | | |
Electric-Distribution [0.0%] |
Energia Group Roi Financeco DAC | | | | | | | | |
6.875%, 07/31/28 | | EUR | 300 | | | | 311 | |
| | | | | | | | | | | | | |
Electric-Transmission [0.3%] |
Oryx Funding | | | | | | | | |
5.800%, 02/03/31 | | | 7,250 | | | | 6,882 | |
| | | | | | | | | | | | | |
Energy & Power [0.3%] |
Continuum Energy Aura Pte | | | | | | | | |
9.500%, 02/24/27(A) | | | 2,390 | | | | 2,379 | |
Greenko Solar Mauritius | | | | | | | | |
5.950%, 07/29/26 | | $ | 3,800 | | | $ | 3,539 | |
| | | | | | | | | | | | | |
Total Energy & Power | | | 5,918 | |
| | | | | | | | | | | | | |
Enterprise Software/Serv [0.2%] |
Oracle | | | | | | | | |
2.650%, 07/15/26 | | | 5,450 | | | | 5,026 | |
| | | | | | | | | | | | | |
Entertainment & Gaming [1.0%] |
CDI Escrow Issuer | | | | | | | | |
5.750%, 04/01/30(A) | | | 1,250 | | | | 1,129 | |
Melco Resorts Finance | | | | | | | | |
4.875%, 06/06/25 | | | 3,600 | | | | 3,400 | |
Melco Resorts Finance | | | | | | | | |
5.250%, 04/26/26 | | | 4,600 | | | | 4,266 | |
MGM China Holdings | | | | | | | | |
5.250%, 06/18/25 | | | 2,700 | | | | 2,579 | |
Sands China | | | | | | | | |
4.300%, 01/08/26 | | | 2,400 | | | | 2,243 | |
Sands China | | | | | | | | |
3.100%, 03/08/29 | | | 8,200 | | | | 6,785 | |
Wynn Macau | | | | | | | | |
5.500%, 01/15/26(A) | | | 2,525 | | | | 2,360 | |
| | | | | | | | | | | | | |
Total Entertainment & Gaming | | | 22,762 | |
| | | | | | | | | | | | | |
Finance [0.0%] |
Garfunkelux Holdco 3 | | | | | | | | |
6.750%, 11/01/25 | | EUR | 450 | | | | 365 | |
Garfunkelux Holdco 3 | | | | | | | | |
7.750%, 11/01/25 | | GBP | 600 | | | | 551 | |
| | | | | | | | | | | | | |
Total Finance | | | 916 | |
| | | | | | | | | | | | | |
Finance Companies [0.7%] |
GTCR W-2 Merger Sub | | | | | | | | |
7.500%, 01/15/31(A) | | | 1,035 | | | | 1,039 | |
Navient | | | | | | | | |
6.750%, 06/25/25 | | | 950 | | | | 936 | |
Navient | | | | | | | | |
5.000%, 03/15/27 | | | 750 | | | | 674 | |
Navient | | | | | | | | |
5.500%, 03/15/29 | | | 1,025 | | | | 859 | |
Rocket Mortgage | | | | | | | | |
2.875%, 10/15/26(A) | | | 1,275 | | | | 1,119 | |
Rocket Mortgage | | | | | | | | |
3.625%, 03/01/29(A) | | | 675 | | | | 558 | |
Rocket Mortgage | | | | | | | | |
3.875%, 03/01/31(A) | | | 1,625 | | | | 1,296 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Rocket Mortgage | | | | | | | | |
4.000%, 10/15/33(A) | | $ | 875 | | | $ | 661 | |
United Wholesale Mortgage | | | | | | | | |
5.500%, 11/15/25(A) | | | 4,305 | | | | 4,089 | |
5.500%, 04/15/29(A) | | | 3,606 | | | | 3,047 | |
| | | | | | | | | | | | | |
Total Finance Companies | | | 14,278 | |
| | | | | | | | | | | | | |
Financial Services [0.8%] |
Castlelake Aviation Finance DAC | | | | | | | | |
5.000%, 04/15/27(A) | | | 650 | | | | 594 | |
CSN Inova Ventures | | | | | | | | |
6.750%, 01/28/28(A) | | | 2,680 | | | | 2,479 | |
Encore Capital Group | | | | | | | | |
4.250%, 06/01/28 | | GBP | 1,000 | | | | 976 | |
Genworth Mortgage Holdings | | | | | | | | |
6.500%, 08/15/25(A) | | | 2,371 | | | | 2,335 | |
Iqera Group SAS | | | | | | | | |
10.281%, EUR003M + 6.500%, 02/15/27(B) | | EUR | 900 | | | | 842 | |
Macquarie Airfinance Holdings | | | | | | | | |
8.375%, 05/01/28(A) | | | 560 | | | | 568 | |
Macquarie Airfinance Holdings | | | | | | | | |
8.125%, 03/30/29(A) | | | 360 | | | | 360 | |
Midcap Financial Issuer Trust | | | | | | | | |
6.500%, 05/01/28(A) | | | 1,205 | | | | 1,040 | |
Nationstar Mortgage Holdings | | | | | | | | |
6.000%, 01/15/27(A) | | | 1,780 | | | | 1,682 | |
Nationstar Mortgage Holdings | | | | | | | | |
5.750%, 11/15/31(A) | | | 660 | | | | 546 | |
OEC Finance | | | | | | | | |
7.500%, 03/14/72 | | | 36 | | | | 3 | |
OneMain Finance | | | | | | | | |
9.000%, 01/15/29 | | | 710 | | | | 708 | |
PennyMac Financial Services | | | | | | | | |
5.375%, 10/15/25(A) | | | 250 | | | | 238 | |
PennyMac Financial Services | | | | | | | | |
5.750%, 09/15/31(A) | | | 1,250 | | | | 1,022 | |
Radian Group | | | | | | | | |
4.500%, 10/01/24 | | | 575 | | | | 558 | |
Radian Group | | | | | | | | |
6.625%, 03/15/25 | | | 749 | | | | 745 | |
Sobha Sukuk | | | | | | | | |
8.750%, 07/17/28 | | $ | 2,600 | | | $ | 2,532 | |
| | | | | | | | | | | | | |
Total Financial Services | | | 17,228 | |
| | | | | | | | | | | | | |
Food & Beverage [0.3%] |
Aramark Services | | | | | | | | |
6.375%, 05/01/25(A) | | | 775 | | | | 787 | |
BellRing Brands | | | | | | | | |
7.000%, 03/15/30(A) | | | 1,475 | | | | 1,453 | |
Performance Food Group | | | | | | | | |
4.250%, 08/01/29(A) | | | 1,125 | | | | 972 | |
Post Holdings | | | | | | | | |
5.750%, 03/01/27(A) | | | 632 | | | | 607 | |
Post Holdings | | | | | | | | |
5.625%, 01/15/28(A) | | | 1,075 | | | | 1,016 | |
US Foods | | | | | | | | |
6.875%, 09/15/28(A) | | | 375 | | | | 374 | |
US Foods | | | | | | | | |
4.750%, 02/15/29(A) | | | 925 | | | | 827 | |
| | | | | | | | | | | | | |
Total Food & Beverage | | | 6,036 | |
| | | | | | | | | | | | | |
Food, Beverage & Tobacco [1.2%] |
Agrosuper | | | | | | | | |
4.600%, 01/20/32(A) | | | 4,410 | | | | 3,526 | |
BRF | | | | | | | | |
4.875%, 01/24/30 | | | 3,955 | | | | 3,200 | |
Health & Happiness H&H International Holdings | | | | | | | | |
5.625%, 10/24/24 | | | 2,500 | | | | 2,376 | |
Indofood CBP Sukses Makmur | | | | | | | | |
3.398%, 06/09/31 | | | 2,700 | | | | 2,175 | |
Minerva Luxembourg | | | | | | | | |
4.375%, 03/18/31(A) | | | 3,250 | | | | 2,515 | |
Minerva Luxembourg | | | | | | | | |
8.875%, 09/13/33(A) | | | 2,600 | | | | 2,579 | |
Pilgrim’s Pride | | | | | | | | |
5.875%, 09/30/27(A) | | | 665 | | | | 675 | |
Simmons Foods | | | | | | | | |
4.625%, 03/01/29(A) | | | 1,245 | | | | 1,021 | |
Turning Point Brands | | | | | | | | |
5.625%, 02/15/26(A) | | | 1,915 | | | | 1,781 | |
Tyson Foods | | | | | | | | |
3.550%, 06/02/27 | | | 3,500 | | | | 3,244 | |
Vector Group | | | | | | | | |
5.750%, 02/01/29(A) | | | 2,630 | | | | 2,236 | |
| | | | | | | | | | | | | |
Total Food, Beverage & Tobacco | | | 25,328 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 51
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Gaming [1.1%] |
Affinity Interactive | | | | | | | | |
6.875%, 12/15/27(A) | | $ | 1,075 | | | $ | 911 | |
Allwyn Entertainment Financing UK | | | | | | | | |
7.906%, EUR003M + 4.125%, 02/15/28(B) | | EUR | 1,500 | | | | 1,594 | |
Boyd Gaming | | | | | | | | |
4.750%, 12/01/27 | | | 1,375 | | | | 1,266 | |
Caesars Entertainment | | | | | | | | |
4.625%, 10/15/29(A) | | | 625 | | | | 529 | |
Caesars Entertainment | | | | | | | | |
7.000%, 02/15/30(A) | | | 75 | | | | 73 | |
Churchill Downs | | | | | | | | |
6.750%, 05/01/31(A) | | | 700 | | | | 661 | |
Colt Merger Sub | | | | | | | | |
6.250%, 07/01/25(A) | | | 2,530 | | | | 2,497 | |
Colt Merger Sub | | | | | | | | |
8.125%, 07/01/27(A) | | | 3,160 | | | | 3,175 | |
Light & Wonder International | | | | | | | | |
7.500%, 09/01/31(A) | | | 625 | | | | 618 | |
MGM Resorts International | | | | | | | | |
5.500%, 04/15/27 | | | 1,310 | | | | 1,225 | |
Midwest Gaming Borrower | | | | | | | | |
4.875%, 05/01/29(A) | | | 1,200 | | | | 1,020 | |
Mohegan Tribal Gaming Authority | | | | | | | | |
8.000%, 02/01/26(A) | | | 1,750 | | | | 1,619 | |
Ontario Gaming GTA | | | | | | | | |
8.000%, 08/01/30(A) | | | 1,000 | | | | 1,000 | |
Penn Entertainment | | | | | | | | |
5.625%, 01/15/27(A) | | | 250 | | | | 235 | |
Penn Entertainment | | | | | | | | |
4.125%, 07/01/29(A) | | | 1,710 | | | | 1,398 | |
Scientific Games Holdings | | | | | | | | |
6.625%, 03/01/30(A) | | | 1,400 | | | | 1,207 | |
Station Casinos | | | | | | | | |
4.500%, 02/15/28(A) | | | 4,035 | | | | 3,520 | |
VICI Properties | | | | | | | | |
5.625%, 05/01/24(A) | | | 425 | | | | 422 | |
VICI Properties | | | | | | | | |
3.500%, 02/15/25(A) | | | 75 | | | | 72 | |
| | | | | | | | | | | | | |
Total Gaming | | | 23,042 | |
| | | | | | | | | | | | | |
Gas-Distribution [0.0%] |
AmeriGas Partners | | | | | | | | |
9.375%, 06/01/28(A) | | | 405 | | | | 411 | |
| | | | | | | | | | | | | |
Gold Mining [0.6%] |
Aris Mining | | | | | | | | |
6.875%, 08/09/26 | | $ | 6,456 | | | $ | 5,157 | |
Cia de Minas Buenaventura SAA | | | | | | | | |
5.500%, 07/23/26 | | | 9,450 | | | | 8,282 | |
| | | | | | | | | | | | | |
Total Gold Mining | | | 13,439 | |
| | | | | | | | | | | | | |
Healthcare [0.9%] |
Avantor Funding | | | | | | | | |
4.625%, 07/15/28(A) | | | 1,975 | | | | 1,801 | |
CHS | | | | | | | | |
8.000%, 03/15/26(A) | | | 225 | | | | 214 | |
CHS | | | | | | | | |
5.625%, 03/15/27(A) | | | 750 | | | | 643 | |
CHS | | | | | | | | |
6.000%, 01/15/29(A) | | | 250 | | | | 202 | |
CHS | | | | | | | | |
6.875%, 04/15/29(A) | | | 2,100 | | | | 1,124 | |
CHS | | | | | | | | |
6.125%, 04/01/30(A) | | | 550 | | | | 280 | |
DaVita | | | | | | | | |
4.625%, 06/01/30(A) | | | 2,685 | | | | 2,205 | |
Embecta | | | | | | | | |
5.000%, 02/15/30(A) | | | 475 | | | | 370 | |
Embecta | | | | | | | | |
6.750%, 02/15/30(A) | | | 1,000 | | | | 818 | |
Garden Spinco | | | | | | | | |
8.625%, 07/20/30(A) | | | 400 | | | | 417 | |
Global Medical Response | | | | | | | | |
6.500%, 10/01/25(A) | | | 450 | | | | 305 | |
IQVIA | | | | | | | | |
5.000%, 10/15/26(A) | | | 1,075 | | | | 1,027 | |
IQVIA | | | | | | | | |
6.500%, 05/15/30(A) | | | 200 | | | | 196 | |
LifePoint Health | | | | | | | | |
5.375%, 01/15/29(A) | | | 625 | | | | 438 | |
Medline Borrower | | | | | | | | |
5.250%, 10/01/29(A) | | | 4,375 | | | | 3,781 | |
MPH Acquisition Holdings | | | | | | | | |
5.500%, 09/01/28(A) | | | 1,105 | | | | 939 | |
Tenet Healthcare | | | | | | | | |
5.125%, 11/01/27 | | | 2,075 | | | | 1,934 | |
Tenet Healthcare | | | | | | | | |
6.125%, 10/01/28 | | | 2,194 | | | | 2,059 | |
Tenet Healthcare | | | | | | | | |
4.250%, 06/01/29 | | | 525 | | | | 452 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Tenet Healthcare | | | | | | | | |
6.750%, 05/15/31(A) | | $ | 450 | | | $ | 434 | |
| | | | | | | | | | | | | |
Total Healthcare | | | 19,639 | |
| | | | | | | | | | | | | |
Homebuilders/Materials/Construction [0.1%] |
Ren10 Holding | | | | | | | | |
8.100%, EUR003M + 4.375%, 02/01/27(B) | | EUR | 600 | | | | 634 | |
Victoria | | | | | | | | |
3.625%, 08/24/26 | | EUR | 500 | | | | 415 | |
Victoria | | | | | | | | |
3.750%, 03/15/28 | | EUR | 300 | | | | 229 | |
| | | | | | | | | | | | | |
Total Homebuilders/Materials/Construction | | | 1,278 | |
| | | | | | | | | | | | | |
Hotels and Motels [0.2%] |
Hilton Grand Vacations Borrower Escrow | | | | | | | | |
5.000%, 06/01/29(A) | | | 775 | | | | 672 | |
Marriott Ownership Resorts | | | | | | | | |
4.750%, 01/15/28 | | | 1,970 | | | | 1,724 | |
Travel + Leisure | | | | | | | | |
6.625%, 07/31/26(A) | | | 1,155 | | | | 1,124 | |
| | | | | | | | | | | | | |
Total Hotels and Motels | | | 3,520 | |
| | | | | | | | | | | | | |
Human Resources [0.0%] |
House of HR Group BV | | | | | | | | |
9.000%, 11/03/29 | | EUR | 200 | | | | 206 | |
| | | | | | | | | | | | | |
Independent Energy [1.0%] |
Antero Resources | | | | | | | | |
7.625%, 02/01/29(A) | | | 159 | | | | 161 | |
Antero Resources | | | | | | | | |
5.375%, 03/01/30(A) | | | 775 | | | | 714 | |
Ascent Resources Utica Holdings | | | | | | | | |
7.000%, 11/01/26(A) | | | 1,710 | | | | 1,670 | |
Ascent Resources Utica Holdings | | | | | | | | |
9.000%, 11/01/27(A) | | | 200 | | | | 252 | |
Ascent Resources Utica Holdings | | | | | | | | |
8.250%, 12/31/28(A) | | | 1,685 | | | | 1,668 | |
Berry Petroleum | | | | | | | | |
7.000%, 02/15/26(A) | | | 550 | | | | 527 | |
Callon Petroleum | | | | | | | | |
6.375%, 07/01/26 | | | 175 | | | | 172 | |
Callon Petroleum | | | | | | | | |
8.000%, 08/01/28(A) | | $ | 890 | | | $ | 891 | |
Callon Petroleum | | | | | | | | |
7.500%, 06/15/30(A) | | | 550 | | | | 533 | |
Chesapeake Energy | | | | | | | | |
7.000%, 10/01/24(C) (E) | | | 575 | | | | 11 | |
Chord Energy | | | | | | | | |
6.375%, 06/01/26(A) | | | 500 | | | | 490 | |
Civitas Resources | | | | | | | | |
8.375%, 07/01/28(A) | | | 1,650 | | | | 1,679 | |
Civitas Resources | | | | | | | | |
8.750%, 07/01/31(A) | | | 585 | | | | 597 | |
Comstock Resources | | | | | | | | |
6.750%, 03/01/29(A) | | | 1,835 | | | | 1,688 | |
Comstock Resources | | | | | | | | |
5.875%, 01/15/30(A) | | | 1,425 | | | | 1,234 | |
CrownRock | | | | | | | | |
5.625%, 10/15/25(A) | | | 1,400 | | | | 1,378 | |
Occidental Petroleum | | | | | | | | |
5.875%, 09/01/25 | | | 900 | | | | 895 | |
PDC Energy | | | | | | | | |
5.750%, 05/15/26 | | | 770 | | | | 768 | |
Permian Resources Operating | | | | | | | | |
6.875%, 04/01/27(A) | | | 1,475 | | | | 1,454 | |
Range Resources | | | | | | | | |
4.875%, 05/15/25 | | | 397 | | | | 385 | |
Range Resources | | | | | | | | |
8.250%, 01/15/29 | | | 650 | | | | 666 | |
Sitio Royalties Operating Partnership | | | | | | | | |
7.875%, 11/01/28(A) | | | 300 | | | | 301 | |
SM Energy | | | | | | | | |
6.750%, 09/15/26 | | | 1,075 | | | | 1,055 | �� |
SM Energy | | | | | | | | |
6.625%, 01/15/27 | | | 645 | | | | 632 | |
Southwestern Energy | | | | | | | | |
8.375%, 09/15/28 | | | 375 | | | | 387 | |
Southwestern Energy | | | | | | | | |
5.375%, 03/15/30 | | | 300 | | | | 274 | |
Southwestern Energy | | | | | | | | |
4.750%, 02/01/32 | | | 225 | | | | 193 | |
| | | | | | | | | | | | | |
Total Independent Energy | | | 20,675 | |
| | | | | | | | | | | | | |
Industrial - Other [0.2%] |
Madison IAQ | | | | | | | | |
5.875%, 06/30/29(A) | | | 2,475 | | | | 1,993 | |
Rand Parent | | | | | | | | |
8.500%, 02/15/30(A) | | | 615 | | | | 569 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
SPX FLOW | | | | | | | | |
8.750%, 04/01/30(A) | | $ | 1,625 | | | $ | 1,503 | |
TK Elevator Holdco GmbH | | | | | | | | |
7.625%, 07/15/28(A) | | | 400 | | | | 364 | |
Vertical US Newco | | | | | | | | |
5.250%, 07/15/27(A) | | | 850 | | | | 782 | |
| | | | | | | | | | | | | |
Total Industrial - Other | | | 5,211 | |
| | | | | | | | | | | | | |
Industrial Services [0.0%] |
Prime Security Services Borrower | | | | | | | | |
5.250%, 04/15/24(A) | | | 731 | | | | 726 | |
| | | | | | | | | | | | | |
Insurance [0.1%] |
Alliant Holdings Intermediate | | | | | | | | |
6.750%, 04/15/28(A) | | | 1,205 | | | | 1,163 | |
| | | | | | | | | | | | | |
Insurance - P&C [1.2%] |
AmWINS Group | | | | | | | | |
4.875%, 06/30/29(A) | | | 1,800 | | | | 1,577 | |
Ardonagh Midco 2 | | | | | | | | |
11.500%, 01/15/27(A) | | | 2,294 | | | | 2,243 | |
AssuredPartners | | | | | | | | |
7.000%, 08/15/25(A) | | | 2,090 | | | | 2,064 | |
AssuredPartners | | | | | | | | |
5.625%, 01/15/29(A) | | | 1,500 | | | | 1,299 | |
BroadStreet Partners | | | | | | | | |
5.875%, 04/15/29(A) | | | 3,425 | | | | 3,022 | |
GTCR AP Finance | | | | | | | | |
8.000%, 05/15/27(A) | | | 900 | | | | 884 | |
HUB International | | | | | | | | |
7.000%, 05/01/26(A) | | | 3,475 | | | | 3,467 | |
HUB International | | | | | | | | |
5.625%, 12/01/29(A) | | | 2,100 | | | | 1,829 | |
HUB International | | | | | | | | |
7.250%, 06/15/30(A) | | | 600 | | | | 599 | |
Jones Deslauriers Insurance Management | | | | | | | | |
8.500%, 03/15/30(A) | | | 875 | | | | 881 | |
Jones Deslauriers Insurance Management | | | | | | | | |
10.500%, 12/15/30(A) | | | 1,000 | | | | 1,018 | |
NFP | | | | | | | | |
6.875%, 08/15/28(A) | | | 3,525 | | | | 3,027 | |
NFP | | | | | | | | |
7.500%, 10/01/30(A) | | | 500 | | | | 480 | |
Ryan Specialty | | | | | | | | |
4.375%, 02/01/30(A) | | | 400 | | | | 348 | |
USI | | | | | | | | |
6.875%, 05/01/25(A) | | $ | 3,025 | | | $ | 3,002 | |
| | | | | | | | | | | | | |
Total Insurance - P&C | | | 25,740 | |
| | | | | | | | | | | | | |
Internet Connectiv Svcs [0.0%] |
United Group BV | | | | | | | | |
8.600%, EUR003M + 4.875%, 02/01/29(A) (B) | | EUR | 500 | | | | 522 | |
| | | | | | | | | | | | | |
Investment Bank/Broker-Dealer [0.0%] |
NFP | | | | | | | | |
8.500%, 10/01/31(A) | | | 585 | | | | 586 | |
| | | | | | | | | | | | | |
Investment Companies [0.1%] |
Hightower Holding | | | | | | | | |
6.750%, 04/15/29(A) | | | 2,702 | | | | 2,321 | |
| | | | | | | | | | | | | |
Leisure [0.5%] |
Carnival | | | | | | | | |
4.000%, 08/01/28(A) | | | 1,360 | | | | 1,179 | |
Carnival | | | | | | | | |
7.000%, 08/15/29(A) | | | 175 | | | | 173 | |
Carnival | | | | | | | | |
10.500%, 06/01/30(A) | | | 1,681 | | | | 1,731 | |
NCL | | | | | | | | |
5.875%, 03/15/26(A) | | | 550 | | | | 508 | |
5.875%, 02/15/27(A) | | | 1,580 | | | | 1,502 | |
NCL | | | | | | | | |
7.750%, 02/15/29(A) | | | 125 | | | | 116 | |
NCL Finance | | | | | | | | |
6.125%, 03/15/28(A) | | | 200 | | | | 176 | |
SeaWorld Parks & Entertainment | | | | | | | | |
5.250%, 08/15/29(A) | | | 1,625 | | | | 1,427 | |
Six Flags Entertainment | | | | | | | | |
7.250%, 05/15/31(A) | | | 1,490 | | | | 1,399 | |
Viking Cruises | | | | | | | | |
6.250%, 05/15/25(A) | | | 1,140 | | | | 1,116 | |
VOC Escrow | | | | | | | | |
5.000%, 02/15/28(A) | | | 1,750 | | | | 1,592 | |
| | | | | | | | | | | | | |
Total Leisure | | | 10,919 | |
| | | | | | | | | | | | | |
Lodging [0.2%] |
Hilton Domestic Operating | | | | | | | | |
5.750%, 05/01/28(A) | | | 525 | | | | 508 | |
Hilton Domestic Operating | | | | | | | | |
3.750%, 05/01/29(A) | | | 925 | | | | 800 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Hilton Domestic Operating | | | | | | | | |
3.625%, 02/15/32(A) | | $ | 225 | | | $ | 181 | |
RHP Hotel Properties | | | | | | | | |
7.250%, 07/15/28(A) | | | 200 | | | | 197 | |
Royal Caribbean Cruises | | | | | | | | |
5.500%, 08/31/26(A) | | | 350 | | | | 331 | |
Royal Caribbean Cruises | | | | | | | | |
5.375%, 07/15/27(A) | | | 2,049 | | | | 1,896 | |
| | | | | | | | | | | | | |
Total Lodging | | | 3,913 | |
| | | | | | | | | | | | | |
Machinery [0.0%] |
Manitowoc | | | | | | | | |
9.000%, 04/01/26(A) | | | 830 | | | | 828 | |
| | | | | | | | | | | | | |
Marine Services [0.4%] |
DP World Salaam | | | | | | | | |
6.000%, H15T5Y + 5.750%, 01/01/72(B) | | | 2,250 | | | | 2,216 | |
Mersin Uluslararasi Liman Isletmeciligi | | | | | | | | |
5.375%, 11/15/24 | | | 7,450 | | | | 7,272 | |
| | | | | | | | | | | | | |
Total Marine Services | | | 9,488 | |
| | | | | | | | | | | | | |
Media Entertainment [1.1%] |
Audacy Capital | | | | | | | | |
6.500%, 05/01/27(A) (C) | | | 2,050 | | | | 41 | |
Audacy Capital | | | | | | | | |
6.750%, 03/31/29(A) (C) | | | 1,350 | | | | 25 | |
CMG Media | | | | | | | | |
8.875%, 12/15/27(A) | | | 2,768 | | | | 2,167 | |
Cumulus Media New Holdings | | | | | | | | |
6.750%, 07/01/26(A) | | | 300 | | | | 227 | |
Diamond Sports Group | | | | | | | | |
5.375%, 08/15/26(A) (C) | | | 250 | | | | 5 | |
Gray Escrow II | | | | | | | | |
5.375%, 11/15/31(A) | | | 1,730 | | | | 1,132 | |
Gray Television | | | | | | | | |
5.875%, 07/15/26(A) | | | 400 | | | | 359 | |
Gray Television | | | | | | | | |
7.000%, 05/15/27(A) | | | 2,000 | | | | 1,720 | |
iHeartCommunications | | | | | | | | |
6.375%, 05/01/26 | | | 1,279 | | | | 1,102 | |
iHeartCommunications | | | | | | | | |
8.375%, 05/01/27 | | | 3,444 | | | | 2,479 | |
Lamar Media | | | | | | | | |
4.875%, 01/15/29 | | | 1,525 | | | | 1,380 | |
Nexstar Broadcasting | | | | | | | | |
5.625%, 07/15/27(A) | | $ | 1,900 | | | $ | 1,691 | |
Nexstar Broadcasting | | | | | | | | |
4.750%, 11/01/28(A) | | | 275 | | | | 228 | |
Outfront Media Capital | | | | | | | | |
4.250%, 01/15/29(A) | | | 975 | | | | 774 | |
Outfront Media Capital | | | | | | | | |
4.625%, 03/15/30(A) | | | 925 | | | | 727 | |
ROBLOX | | | | | | | | |
3.875%, 05/01/30(A) | | | 1,000 | | | | 802 | |
Scripps Escrow | | | | | | | | |
5.875%, 07/15/27(A) | | | 315 | | | | 233 | |
Scripps Escrow II | | | | | | | | |
5.375%, 01/15/31(A) | | | 825 | | | | 507 | |
Sinclair Television Group | | | | | | | | |
5.125%, 02/15/27(A) | | | 1,375 | | | | 1,100 | |
Sinclair Television Group | | | | | | | | |
5.500%, 03/01/30(A) | | | 1,200 | | | | 631 | |
Sinclair Television Group | | | | | | | | |
4.125%, 12/01/30(A) | | | 175 | | | | 108 | |
Stagwell Global | | | | | | | | |
5.625%, 08/15/29(A) | | | 3,100 | | | | 2,503 | |
TEGNA | | | | | | | | |
4.625%, 03/15/28 | | | 425 | | | | 368 | |
TEGNA | | | | | | | | |
5.000%, 09/15/29 | | | 1,000 | | | | 840 | |
Univision Communications | | | | | | | | |
8.000%, 08/15/28(A) | | | 100 | | | | 97 | |
Univision Communications | | | | | | | | |
4.500%, 05/01/29(A) | | | 775 | | | | 631 | |
Univision Communications | | | | | | | | |
7.375%, 06/30/30(A) | | | 625 | | | | 571 | |
Urban One | | | | | | | | |
7.375%, 02/01/28(A) | | | 1,500 | | | | 1,276 | |
| | | | | | | | | | | | | |
Total Media Entertainment | | | 23,724 | |
| | | | | | | | | | | | | |
Medical Labs and Testing Srv [0.1%] |
US Acute Care Solutions | | | | | | | | |
6.375%, 03/01/26(A) | | | 1,155 | | | | 993 | |
| | | | | | | | | | | | | |
Medical Products & Services [0.1%] |
Bio City Development | | | | | | | | |
8.000%, 07/06/19(C) | | | 1,000 | | | | 50 | |
Surgery Center Holdings | | | | | | | | |
10.000%, 04/15/27(A) | | | 150 | | | | 152 | |
Tenet Healthcare | | | | | | | | |
6.125%, 06/15/30 | | | 1,195 | | | | 1,120 | |
| | | | | | | | | | | | | |
Total Medical Products & Services | | | 1,322 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Metal-Copper [0.2%] |
First Quantum Minerals | | | | | | | | |
7.500%, 04/01/25(A) | | $ | 1,400 | | | $ | 1,397 | |
Freeport Indonesia, MTN | | | | | | | | |
5.315%, 04/14/32 | | | 2,425 | | | | 2,199 | |
| | | | | | | | | | | | | |
Total Metal-Copper | | | 3,596 | |
| | | | | | | | | | | | | |
Metal-Iron [0.1%] |
TMS International | | | | | | | | |
6.250%, 04/15/29(A) | | | 1,950 | | | | 1,613 | |
| | | | | | | | | | | | | |
Metals & Mining [0.2%] |
Arsenal AIC Parent | | | | | | | | |
8.000%, 10/01/30(A) | | | 1,135 | | | | 1,129 | |
Cleveland-Cliffs | | | | | | | | |
4.625%, 03/01/29(A) | | | 975 | | | | 849 | |
Cleveland-Cliffs | | | | | | | | |
6.750%, 04/15/30(A) | | | 200 | | | | 187 | |
Coeur Mining | | | | | | | | |
5.125%, 02/15/29(A) | | | 1,050 | | | | 908 | |
Vedanta Resources | | | | | | | | |
6.125%, 08/09/24 | | | 1,595 | | | | 1,005 | |
Vedanta Resources Finance II | | | | | | | | |
8.950%, 03/11/25 | | | 1,300 | | | | 955 | |
| | | | | | | | | | | | | |
Total Metals & Mining | | | 5,033 | |
| | | | | | | | | | | | | |
Midstream [1.0%] |
AmeriGas Partners | | | | | | | | |
5.875%, 08/20/26 | | | 1,225 | | | | 1,179 | |
AmeriGas Partners | | | | | | | | |
5.750%, 05/20/27 | | | 425 | | | | 398 | |
Antero Midstream Partners | | | | | | | | |
7.875%, 05/15/26(A) | | | 400 | | | | 403 | |
Antero Midstream Partners | | | | | | | | |
5.750%, 03/01/27(A) | | | 3,200 | | | | 3,058 | |
Cheniere Energy | | | | | | | | |
4.625%, 10/15/28 | | | 800 | | | | 738 | |
CNX Midstream Partners | | | | | | | | |
4.750%, 04/15/30(A) | | | 1,200 | | | | 999 | |
Crestwood Midstream Partners | | | | | | | | |
8.000%, 04/01/29(A) | | | 1,375 | | | | 1,412 | |
Crestwood Midstream Partners | | | | | | | | |
7.375%, 02/01/31(A) | | | 425 | | | | 433 | |
DT Midstream | | | | | | | | |
4.375%, 06/15/31(A) | | | 1,500 | | | | 1,261 | |
EQT Midstream Partners | | | | | | | | |
6.000%, 07/01/25(A) | | $ | 248 | | | $ | 244 | |
EQT Midstream Partners | | | | | | | | |
6.500%, 07/01/27(A) | | | 2,820 | | | | 2,754 | |
6.500%, 07/15/48 | | | 350 | | | | 308 | |
EQT Midstream Partners | | | | | | | | |
5.500%, 07/15/28 | | | 2,425 | | | | 2,276 | |
Hess Midstream Operations | | | | | | | | |
5.125%, 06/15/28(A) | | | 825 | | | | 759 | |
Holly Energy Partners | | | | | | | | |
5.000%, 02/01/28(A) | | | 800 | | | | 736 | |
Solaris Midstream Holdings | | | | | | | | |
7.625%, 04/01/26(A) | | | 725 | | | | 700 | |
Suburban Propane Partners | | | | | | | | |
5.875%, 03/01/27 | | | 1,000 | | | | 955 | |
Suburban Propane Partners | | | | | | | | |
5.000%, 06/01/31(A) | | | 675 | | | | 563 | |
Targa Resources Partners | | | | | | | | |
6.500%, 07/15/27 | | | 1,050 | | | | 1,058 | |
Targa Resources Partners | | | | | | | | |
5.000%, 01/15/28 | | | 500 | | | | 476 | |
Western Midstream Operating | | | | | | | | |
4.650%, 07/01/26 | | | 150 | | | | 144 | |
Western Midstream Operating | | | | | | | | |
4.750%, 08/15/28 | | | 200 | | | | 187 | |
Western Midstream Operating | | | | | | | | |
5.300%, 03/01/48 | | | 625 | | | | 488 | |
| | | | | | | | | | | | | |
Total Midstream | | | 21,529 | |
| | | | | | | | | | | | | |
Miscellaneous Manufacturing [0.1%] |
Anolis Capital Markets PCC | | | | | | | | |
4.150%, 01/01/28 | | EUR | 827 | | | | 761 | |
Bombardier | | | | | | | | |
7.500%, 03/15/25(A) | | | 317 | | | | 316 | |
| | | | | | | | | | | | | |
Total Miscellaneous Manufacturing | | | 1,077 | |
| | | | | | | | | | | | | |
Non-Ferrous Metals [0.1%] |
Minsur | | | | | | | | |
4.500%, 10/28/31 | | | 3,200 | | | | 2,687 | |
| | | | | | | | | | | | | |
Oil Field Services [0.5%] |
Archrock Partners | | | | | | | | |
6.875%, 04/01/27(A) | | | 2,350 | | | | 2,273 | |
Nabors Industries | | | | | | | | |
7.250%, 01/15/26(A) | | | 1,000 | | | | 966 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Nabors Industries | | | | | | | | |
7.375%, 05/15/27(A) | | $ | 1,990 | | | $ | 1,925 | |
Precision Drilling | | | | | | | | |
7.125%, 01/15/26(A) | | | 750 | | | | 742 | |
Precision Drilling | | | | | | | | |
6.875%, 01/15/29(A) | | | 705 | | | | 667 | |
Transocean Titan Financing | | | | | | | | |
8.375%, 02/01/28(A) | | | 612 | | | | 623 | |
USA Compression Partners | | | | | | | | |
6.875%, 04/01/26 | | | 2,025 | | | | 1,984 | |
Weatherford International | | | | | | | | |
8.625%, 04/30/30(A) | | | 2,185 | | | | 2,202 | |
| | | | | | | | | | | | | |
Total Oil Field Services | | | 11,382 | |
| | | | | | | | | | | | | |
Oil-Field Services [0.0%] |
ORO SG Pte | | | | | | | | |
12.000%, 12/20/25 | | | 8,102 | | | | 8 | |
| | | | | | | | | | | | | |
Packaging [0.7%] |
ARD Finance | | | | | | | | |
6.500% PIK, 06/30/27(A) | | | 2,157 | | | | 1,628 | |
Ardagh Metal Packaging Finance USA | | | | | | | | |
4.000%, 09/01/29(A) | | | 975 | | | | 763 | |
Ardagh Packaging Finance | | | | | | | | |
5.250%, 08/15/27(A) | | | 2,475 | | | | 2,066 | |
Ball | | | | | | | | |
6.875%, 03/15/28 | | | 475 | | | | 478 | |
Ball | | | | | | | | |
6.000%, 06/15/29 | | | 675 | | | | 656 | |
Clydesdale Acquisition Holdings | | | | | | | | |
8.750%, 04/15/30(A) | | | 3,525 | | | | 3,023 | |
Mauser Packaging Solutions Holding | | | | | | | | |
7.875%, 08/15/26(A) | | | 675 | | | | 651 | |
Mauser Packaging Solutions Holding | | | | | | | | |
9.250%, 04/15/27(A) | | | 725 | | | | 634 | |
OI European Group BV | | | | | | | | |
4.750%, 02/15/30(A) | | | 925 | | | | 805 | |
Owens-Brockway Glass Container | | | | | | | | |
6.375%, 08/15/25(A) | | | 1,475 | | | | 1,472 | |
Owens-Brockway Glass Container | | | | | | | | |
7.250%, 05/15/31(A) | | | 350 | | | | 342 | |
Trivium Packaging Finance BV | | | | | | | | |
8.500%, 08/15/27(A) | | $ | 2,550 | | | $ | 2,341 | |
| | | | | | | | | | | | | |
Total Packaging | | | 14,859 | |
| | | | | | | | | | | | | |
Packaging / Paper / Forest Products [0.0%] |
Kleopatra Finco Sarl | | | | | | | | |
4.250%, 03/01/26 | | EUR | 700 | | | | 617 | |
| | | | | | | | | | | | | |
Paper [0.1%] |
Graphic Packaging International | | | | | | | | |
4.750%, 07/15/27(A) | | | 300 | | | | 283 | |
Graphic Packaging International | | | | | | | | |
3.500%, 03/15/28(A) | | | 300 | | | | 265 | |
3.500%, 03/01/29(A) | | | 525 | | | | 442 | |
| | | | | | | | | | | | | |
Total Paper | | | 990 | |
| | | | | | | | | | | | | |
Paper & Related Products [0.2%] |
Domtar | | | | | | | | |
6.750%, 10/01/28(A) | | | 1,030 | | | | 853 | |
Mativ Holdings | | | | | | | | |
6.875%, 10/01/26(A) | | | 2,315 | | | | 2,112 | |
Suzano Austria GmbH | | | | | | | | |
5.000%, 01/15/30 | | | 2,450 | | | | 2,238 | |
| | | | | | | | | | | | | |
Total Paper & Related Products | | | 5,203 | |
| | | | | | | | | | | | | |
Petroleum & Fuel Products [5.6%] |
California Resources | | | | | | | | |
7.125%, 02/01/26(A) | | | 895 | | | | 899 | |
Canacol Energy | | | | | | | | |
5.750%, 11/24/28(A) | | | 3,603 | | | | 2,857 | |
Chesapeake Energy | | | | | | | | |
6.750%, 04/15/29(A) | | | 1,435 | | | | 1,403 | |
Civitas Resources | | | | | | | | |
5.000%, 10/15/26(A) | | | 951 | | | | 892 | |
Cosan Luxembourg | | | | | | | | |
7.500%, 06/27/30(A) | | | 2,800 | | | | 2,779 | |
Cosan Overseas | | | | | | | | |
8.250%, 02/05/72 | | | 3,275 | | | | 3,267 | |
Crestwood Midstream Partners | | | | | | | | |
6.000%, 02/01/29(A) | | | 280 | | | | 270 | |
Ecopetrol | | | | | | | | |
4.625%, 11/02/31 | | | 7,550 | | | | 5,764 | |
Ecopetrol | | | | | | | | |
8.875%, 01/13/33 | | | 1,230 | | | | 1,202 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Ecopetrol | | | | | | | | |
5.875%, 05/28/45 | | $ | 4,500 | | | $ | 2,966 | |
Energian Israel Finance | | | | | | | | |
5.375%, 03/30/28(A) | | | 4,183 | | | | 3,752 | |
Energy Transfer | | | | | | | | |
4.750%, 01/15/26 | | | 3,500 | | | | 3,406 | |
Energy Transfer | | | | | | | | |
6.625%, US0003M + 4.155%, 02/15/72(B) | | | 805 | | | | 641 | |
Ensign Drilling | | | | | | | | |
9.250%, 04/15/24(A) | | | 1,700 | | | | 1,688 | |
Geopark | | | | | | | | |
5.500%, 01/17/27 | | | 10,155 | | | | 8,708 | |
Hilcorp Energy I | | | | | | | | |
6.250%, 11/01/28(A) | | | 2,341 | | | | 2,196 | |
KazMunayGas National JSC, MTN | | | | | | | | |
5.375%, 04/24/30 | | | 2,550 | | | | 2,315 | |
Kinder Morgan | | | | | | | | |
4.300%, 06/01/25 | | | 5,400 | | | | 5,262 | |
Kinetik Holdings | | | | | | | | |
5.875%, 06/15/30(A) | | | 1,185 | | | | 1,111 | |
Kosmos Energy | | | | | | | | |
7.125%, 04/04/26 | | | 8,600 | | | | 8,095 | |
Kosmos Energy | | | | | | | | |
7.500%, 03/01/28 | | | 500 | | | | 449 | |
Leviathan Bond | | | | | | | | |
6.500%, 06/30/27(A) | | | 5,341 | | | | 5,061 | |
Magnolia Oil & Gas Operating | | | | | | | | |
6.000%, 08/01/26(A) | | | 3,585 | | | | 3,460 | |
Medco Bell Pte | | | | | | | | |
6.375%, 01/30/27 | | | 3,285 | | | | 3,087 | |
Medco Platinum Road Pte | | | | | | | | |
6.750%, 01/30/25 | | | 721 | | | | 719 | |
New Fortress Energy | | | | | | | | |
6.750%, 09/15/25(A) | | | 2,475 | | | | 2,362 | |
Noble Finance II | | | | | | | | |
8.000%, 04/15/30(A) | | | 1,085 | | | | 1,099 | |
Nostrum Oil & Gas Finance BV | | | | | | | | |
5.000%, 06/30/26 | | | 5,018 | | | | 3,691 | |
Nostrum Oil & Gas Finance BV | | | | | | | | |
14.000%, 06/30/26 | | | 7,280 | | | | 1,875 | |
Oro Negro Drilling Pte | | | | | | | | |
0.000%, (D) (E) | | | 3,683 | | | | — | |
Oro Negro Drilling Pte | | | | | | | | |
7.500%, 01/24/24(A) (C) | | | 23,137 | | | | 23 | |
Patterson-UTI Energy | | | | | | | | |
5.150%, 11/15/29 | | | 591 | | | | 538 | |
Petrobras Global Finance BV | | | | | | | | |
5.500%, 06/10/51 | | $ | 2,600 | | | $ | 1,979 | |
Petroleos de Venezuela | | | | | | | | |
8.500%, 10/27/20(C) | | | 10,470 | | | | 5,131 | |
Petroleos de Venezuela | | | | | | | | |
9.750%, 05/17/35(C) | | | 8,689 | | | | 456 | |
Petroleos del Peru | | | | | | | | |
4.750%, 06/19/32 | | | 2,900 | | | | 2,043 | |
Petroleos Mexicanos | | | | | | | | |
10.000%, 02/07/33(A) | | | 1,820 | | | | 1,620 | |
Petrorio Luxembourg Trading Sarl | | | | | | | | |
6.125%, 06/09/26 | | | 850 | | | | 821 | |
Rockies Express Pipeline | | | | | | | | |
4.950%, 07/15/29(A) | | | 625 | | | | 557 | |
Rockies Express Pipeline | | | | | | | | |
7.500%, 07/15/38(A) | | | 1,238 | | | | 1,169 | |
Seadrill Finance | | | | | | | | |
8.375%, 08/01/30(A) | | | 650 | | | | 662 | |
ShaMaran Petroleum | | | | | | | | |
12.000%, 07/30/25(A) | | | 12,606 | | | | 11,314 | |
Summit Midstream Holdings | | | | | | | | |
9.000%, 10/15/26(A) (F) | | | 800 | | | | 768 | |
Tallgrass Energy Partners | | | | | | | | |
7.500%, 10/01/25(A) | | | 1,500 | | | | 1,496 | |
Talos Production | | | | | | | | |
12.000%, 01/15/26 | | | 1,764 | | | | 1,839 | |
Tengizchevroil Finance International | | | | | | | | |
3.250%, 08/15/30 | | | 3,350 | | | | 2,538 | |
Transocean | | | | | | | | |
8.750%, 02/15/30(A) | | | 594 | | | | 607 | |
Tullow Oil | | | | | | | | |
7.000%, 03/01/25 | | | 6,000 | | | | 4,632 | |
Valaris | | | | | | | | |
8.375%, 04/30/30(A) | | | 1,094 | | | | 1,097 | |
Venture Global Calcasieu Pass | | | | | | | | |
6.250%, 01/15/30(A) | | | 595 | | | | 568 | |
Vital Energy | | | | | | | | |
10.125%, 01/15/28 | | | 561 | | | | 571 | |
Vital Energy | | | | | | | | |
7.750%, 07/31/29(A) | | | 655 | | | | 610 | |
| | | | | | | | | | | | | |
Total Petroleum & Fuel Products | | | 122,315 | |
| | | | | | | | | | | | | |
Pharmaceuticals [0.2%] |
Bausch Health | | | | | | | | |
5.000%, 01/30/28(A) | | | 325 | | | | 132 | |
5.000%, 02/15/29(A) | | | 300 | | | | 114 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 58
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Bausch Health | | | | | | | | |
6.250%, 02/15/29(A) | | $ | 900 | | | $ | 356 | |
Bausch Health | | | | | | | | |
7.250%, 05/30/29(A) | | | 1,950 | | | | 780 | |
Bausch Health Americas | | | | | | | | |
8.500%, 01/31/27(A) | | | 750 | | | | 381 | |
Emergent BioSolutions | | | | | | | | |
3.875%, 08/15/28(A) | | | 1,100 | | | | 459 | |
Grifols | | | | | | | | |
4.750%, 10/15/28(A) | | | 1,975 | | | | 1,691 | |
Organon | | | | | | | | |
5.125%, 04/30/31(A) | | | 1,100 | | | | 882 | |
| | | | | | | | | | | | | |
Total Pharmaceuticals | | | 4,795 | |
| | | | | | | | | | | | | |
Pipelines [0.0%] |
Allen Media | | | | | | | | |
10.500%, 02/15/28(A) | | | 835 | | | | 478 | |
| | | | | | | | | | | | | |
Printing & Publishing [0.0%] |
Cimpress | | | | | | | | |
7.000%, 06/15/26 | | | 807 | | | | 755 | |
| | | | | | | | | | | | | |
Real Estate [0.2%] |
Emeria SASU | | | | | | | | |
7.750%, 03/31/28 | | EUR | 350 | | | | 342 | |
PCPD Capital | | | | | | | | |
5.125%, 06/18/26 | | | 5,000 | | | | 3,618 | |
| | | | | | | | | | | | | |
Total Real Estate | | | 3,960 | |
| | | | | | | | | | | | | |
Real Estate Investment Trusts [0.2%] |
Brookfield Property REIT | | | | | | | | |
5.750%, 05/15/26(A) | | | 2,322 | | | | 2,130 | |
MPT Operating Partnership | | | | | | | | |
5.250%, 08/01/26 | | | 1,400 | | | | 1,192 | |
Necessity Retail REIT | | | | | | | | |
4.500%, 09/30/28(A) | | | 1,020 | | | | 776 | |
| | | | | | | | | | | | | |
Total Real Estate Investment Trusts | | | 4,098 | |
| | | | | | | | | | | | | |
Real Estate Oper/Develop [0.9%] |
Country Garden Holdings | | | | | | | | |
5.125%, 01/17/25 | | | 2,600 | | | | 169 | |
Dar Al-Arkan Sukuk | | | | | | | | |
6.875%, 02/26/27 | | | 3,525 | | | | 3,390 | |
Howard Hughes | | | | | | | | |
5.375%, 08/01/28(A) | | | 2,650 | | | | 2,335 | |
Kaisa Group Holdings | | | | | | | | |
11.700%, 11/11/25(C) | | | 2,021 | | | | 111 | |
MAF Global Securities | | | | | | | | |
6.375%, H15T5Y + 3.539%, 09/20/72(B) | | $ | 5,175 | | | $ | 4,981 | |
Pakuwon Jati | | | | | | | | |
4.875%, 04/29/28 | | | 7,800 | | | | 7,004 | |
Theta Capital Pte | | | | | | | | |
6.750%, 10/31/26 | | | 2,000 | | | | 1,350 | |
| | | | | | | | | | | | | |
Total Real Estate Oper/Develop | | | 19,340 | |
| | | | | | | | | | | | | |
Regional Banks-Non US [0.2%] |
Emirates NBD Bank PJSC | | | | | | | | |
6.125%, CMTUSD6Y + 3.656%, 09/20/72(B) | | | 4,500 | | | | 4,431 | |
| | | | | | | | | | | | | |
Restaurants [0.2%] |
1011778 BC ULC | | | | | | | | |
4.000%, 10/15/30(A) | | | 3,600 | | | | 2,987 | |
KFC Holding | | | | | | | | |
4.750%, 06/01/27(A) | | | 975 | | | | 926 | |
Yum! Brands | | | | | | | | |
4.750%, 01/15/30(A) | | | 925 | | | | 831 | |
| | | | | | | | | | | | | |
Total Restaurants | | | 4,744 | |
| | | | | | | | | | | | | |
Retail [1.3%] |
Arcos Dorados BV | | | | | | | | |
6.125%, 05/27/29 | | | 2,400 | | | | 2,280 | |
Bath & Body Works | | | | | | | | |
6.950%, 03/01/33 | | | 843 | | | | 755 | |
Bath & Body Works | | | | | | | | |
6.750%, 07/01/36 | | | 810 | | | | 710 | |
BlueLinx Holdings | | | | | | | | |
6.000%, 11/15/29(A) | | | 1,415 | | | | 1,247 | |
Fertitta Entertainment | | | | | | | | |
6.750%, 01/15/30(A) | | | 1,835 | | | | 1,496 | |
FirstCash | | | | | | | | |
5.625%, 01/01/30(A) | | | 2,644 | | | | 2,379 | |
Foot Locker | | | | | | | | |
4.000%, 10/01/29(A) | | | 2,140 | | | | 1,543 | |
Future Retail | | | | | | | | |
5.600%, 01/22/25(C) | | | 16,200 | | | | 121 | |
InRetail Consumer | | | | | | | | |
3.250%, 03/22/28 | | | 2,600 | | | | 2,216 | |
Macy’s Retail Holdings | | | | | | | | |
6.125%, 03/15/32(A) | | | 551 | | | | 457 | |
Macy’s Retail Holdings | | | | | | | | |
5.125%, 01/15/42 | | | 700 | | | | 433 | |
Michaels | | | | | | | | |
5.250%, 05/01/28(A) | | | 1,863 | | | | 1,487 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Michaels | | | | | | | | |
7.875%, 05/01/29(A) | | $ | 760 | | | $ | 496 | |
QVC | | | | | | | | |
4.450%, 02/15/25 | | | 292 | | | | 256 | |
QVC | | | | | | | | |
5.450%, 08/15/34 | | | 3,460 | | | | 1,538 | |
Vivo Energy Investments BV | | | | | | | | |
5.125%, 09/24/27 | | | 8,300 | | | | 7,594 | |
Walgreens Boots Alliance | | | | | | | | |
3.450%, 06/01/26 | | | 3,400 | | | | 3,150 | |
| | | | | | | | | | | | | |
Total Retail | | | 28,158 | |
| | | | | | | | | | | | | |
Retail (non-food/drug) [0.0%] |
eG Global Finance | | | | | | | | |
6.250%, 10/30/25 | | EUR | 832 | | | | 853 | |
| | | | | | | | | | | | | |
Retailers [0.2%] |
Academy | | | | | | | | |
6.000%, 11/15/27(A) | | | 1,050 | | | | 992 | |
Asbury Automotive Group | | | | | | | | |
4.625%, 11/15/29(A) | | | 1,100 | | | | 944 | |
Asbury Automotive Group | | | | | | | | |
5.000%, 02/15/32(A) | | | 350 | | | | 290 | |
Gap | | | | | | | | |
3.625%, 10/01/29(A) | | | 425 | | | | 315 | |
Gap | | | | | | | | |
3.875%, 10/01/31(A) | | | 450 | | | | 316 | |
LCM Investments Holdings II | | | | | | | | |
4.875%, 05/01/29(A) | | | 100 | | | | 85 | |
LCM Investments Holdings II | | | | | | | | |
8.250%, 08/01/31(A) | | | 700 | | | | 679 | |
William Carter | | | | | | | | |
5.625%, 03/15/27(A) | | | 400 | | | | 385 | |
| | | | | | | | | | | | | |
Total Retailers | | | 4,006 | |
| | | | | | | | | | | | | |
Security Brokers & Dealers [0.7%] |
Bank of America, MTN | | | | | | | | |
4.250%, 10/22/26 | | | 5,400 | | | | 5,131 | |
Citigroup | | | | | | | | |
4.450%, 09/29/27 | | | 5,400 | | | | 5,073 | |
Morgan Stanley, MTN | | | | | | | | |
3.125%, 07/27/26 | | | 5,450 | | | | 5,063 | |
| | | | | | | | | | | | | |
Total Security Brokers & Dealers | | | 15,267 | |
| | | | | | | | | | | | | |
Semi-Conductors [0.0%] |
Tunghsu Venus Holdings | | | | | | | | |
7.000%, 06/12/20(C) | | $ | 4,275 | | | $ | 257 | |
| | | | | | | | | | | | | |
Services [0.1%] |
Castor | | | | | | | | |
9.095%, EUR003M + 5.250%, 02/15/29(B) | | EUR | 2,275 | | | | 2,279 | |
Summer BC Holdco B SARL | | | | | | | | |
5.750%, 10/31/26 | | EUR | 500 | | | | 485 | |
| | | | | | | | | | | | | |
Total Services | | | 2,764 | |
| | | | | | | | | | | | | |
Steel & Steel Works [0.4%] |
CAP | | | | | | | | |
3.900%, 04/27/31 | | | 6,875 | | | | 5,059 | |
CSN Islands XI | | | | | | | | |
6.750%, 01/28/28 | | | 800 | | | | 740 | |
CSN Resources | | | | | | | | |
5.875%, 04/08/32(A) | | | 1,075 | | | | 872 | |
Periama Holdings | | | | | | | | |
5.950%, 04/19/26 | | | 2,661 | | | | 2,523 | |
| | | | | | | | | | | | | |
Total Steel & Steel Works | | | 9,194 | |
| | | | | | | | | | | | | |
Supermarkets [0.1%] |
Albertsons | | | | | | | | |
3.250%, 03/15/26(A) | | | 625 | | | | 579 | |
Albertsons | | | | | | | | |
7.500%, 03/15/26(A) | | | 1,075 | | | | 1,089 | |
Albertsons | | | | | | | | |
6.500%, 02/15/28(A) | | | 450 | | | | 445 | |
| | | | | | | | | | | | | |
Total Supermarkets | | | 2,113 | |
| | | | | | | | | | | | | |
Technology [2.2%] |
Ams | | | | | | | | |
7.000%, 07/31/25(A) | | | 475 | | | | 468 | |
AthenaHealth Group | | | | | | | | |
6.500%, 02/15/30(A) | | | 3,425 | | | | 2,867 | |
Black Knight InfoServ | | | | | | | | |
3.625%, 09/01/28(A) | | | 1,475 | | | | 1,321 | |
Boxer Parent | | | | | | | | |
9.125%, 03/01/26(A) | | | 1,300 | | | | 1,296 | |
Capstone Borrower | | | | | | | | |
8.000%, 06/15/30(A) | | | 1,125 | | | | 1,098 | |
Central Parent | | | | | | | | |
7.250%, 06/15/29(A) | | | 1,800 | | | | 1,745 | |
Central Parent | | | | | | | | |
8.000%, 06/15/29(A) | | | 200 | | | | 200 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 60
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Clarivate Science Holdings | | | | | | | | |
3.875%, 07/01/28(A) | | $ | 350 | | | $ | 303 | |
Clarivate Science Holdings | | | | | | | | |
4.875%, 07/01/29(A) | | | 1,575 | | | | 1,342 | |
Cloud Software Group | | | | | | | | |
6.500%, 03/31/29(A) | | | 3,280 | | | | 2,901 | |
Cloud Software Group | | | | | | | | |
9.000%, 09/30/29(A) | | | 900 | | | | 782 | |
Coherent | | | | | | | | |
5.000%, 12/15/29(A) | | | 1,950 | | | | 1,691 | |
Consensus Cloud Solutions | | | | | | | | |
6.000%, 10/15/26(A) | | | 825 | | | | 759 | |
Consensus Cloud Solutions | | | | | | | | |
6.500%, 10/15/28(A) | | | 1,400 | | | | 1,193 | |
Dun & Bradstreet | | | | | | | | |
5.000%, 12/15/29(A) | | | 1,075 | | | | 927 | |
Elastic | | | | | | | | |
4.125%, 07/15/29(A) | | | 1,325 | | | | 1,128 | |
Entegris Escrow | | | | | | | | |
4.750%, 04/15/29(A) | | | 350 | | | | 315 | |
Entegris Escrow | | | | | | | | |
5.950%, 06/15/30(A) | | | 3,811 | | | | 3,535 | |
GoTo Group | | | | | | | | |
5.500%, 09/01/27(A) | | | 1,650 | | | | 917 | |
HealthEquity | | | | | | | | |
4.500%, 10/01/29(A) | | | 1,525 | | | | 1,314 | |
Helios Software Holdings | | | | | | | | |
4.625%, 05/01/28(A) | | | 1,400 | | | | 1,205 | |
Iron Mountain | | | | | | | | |
7.000%, 02/15/29(A) | | | 1,225 | | | | 1,199 | |
McAfee | | | | | | | | |
7.375%, 02/15/30(A) | | | 3,400 | | | | 2,847 | |
Millennium Escrow | | | | | | | | |
6.625%, 08/01/26(A) | | | 825 | | | | 658 | |
NCR | | | | | | | | |
5.000%, 10/01/28(A) | | | 700 | | | | 627 | |
NCR | | | | | | | | |
5.125%, 04/15/29(A) | | | 1,200 | | | | 1,057 | |
NCR | | | | | | | | |
5.250%, 10/01/30(A) | | | 1,050 | | | | 904 | |
NCR Atleos Escrow | | | | | | | | |
9.500%, 04/01/29(A) | | | 700 | | | | 680 | |
Open Text | | | | | | | | |
3.875%, 02/15/28(A) | | | 1,800 | | | | 1,572 | |
Rackspace Technology Global | | | | | | | | |
3.500%, 02/15/28(A) | | | 1,000 | | | | 467 | |
Rackspace Technology Global | | | | | | | | |
5.375%, 12/01/28(A) | | | 1,150 | | | | 386 | |
Rocket Software | | | | | | | | |
6.500%, 02/15/29(A) | | $ | 2,250 | | | $ | 1,856 | |
Science Applications International | | | | | | | | |
4.875%, 04/01/28(A) | | | 400 | | | | 363 | |
Seagate HDD Cayman | | | | | | | | |
9.625%, 12/01/32(A) | | | 1,816 | | | | 1,957 | |
Sensata Technologies BV | | | | | | | | |
4.000%, 04/15/29(A) | | | 600 | | | | 517 | |
Sensata Technologies BV | | | | | | | | |
5.875%, 09/01/30(A) | | | 475 | | | | 442 | |
SS&C Technologies | | | | | | | | |
5.500%, 09/30/27(A) | | | 1,850 | | | | 1,745 | |
Synaptics | | | | | | | | |
4.000%, 06/15/29(A) | | | 400 | | | | 330 | |
TTM Technologies | | | | | | | | |
4.000%, 03/01/29(A) | | | 775 | | | | 643 | |
Veritas US | | | | | | | | |
7.500%, 09/01/25(A) | | | 650 | | | | 543 | |
Viavi Solutions | | | | | | | | |
3.750%, 10/01/29(A) | | | 325 | | | | 265 | |
ZipRecruiter | | | | | | | | |
5.000%, 01/15/30(A) | | | 1,840 | | | | 1,445 | |
| | | | | | | | | | | | | |
Total Technology | | | 47,810 | |
| | | | | | | | | | | | | |
Technology, Electronics, Software & IT [0.0%] |
Cedacri Mergeco SPA | | | | | | | | |
8.424%, EUR003M + 4.625%, 05/15/28(B) | | EUR | 790 | | | | 821 | |
| | | | | | | | | | | | | |
Telecommunications [0.3%] |
Altice Financing | | | | | | | | |
5.000%, 01/15/28(A) | | | 1,295 | | | | 1,107 | |
Altice Financing | | | | | | | | |
4.250%, 08/15/29 | | EUR | 900 | | | | 790 | |
Altice Financing | | | | | | | | |
5.750%, 08/15/29(A) | | | 300 | | | | 246 | |
Altice France | | | | | | | | |
8.125%, 02/01/27(A) | | | 1,745 | | | | 1,548 | |
Altice France | | | | | | | | |
3.375%, 01/15/28 | | EUR | 100 | | | | 78 | |
Altice France | | | | | | | | |
4.000%, 07/15/29 | | EUR | 700 | | | | 531 | |
Altice France Holding | | | | | | | | |
10.500%, 05/15/27(A) | | | 890 | | | | 556 | |
Altice France Holding | | | | | | | | |
4.000%, 02/15/28 | | EUR | 475 | | | | 234 | |
Altice France Holding | | | | | | | | |
6.000%, 02/15/28(A) | | | 325 | | | | 156 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Eolo | | | | | | | | |
4.875%, 10/21/28 | | EUR | 400 | | | $ | 279 | |
| | | | | | | | | | | | | |
Total Telecommunications | | | 5,525 | |
| | | | | | | | | | | | | |
Telephones & Telecommunications [2.4%] |
Axian Telecom | | | | | | | | |
7.375%, 02/16/27(A) | | | 8,545 | | | | 7,626 | |
C&W Senior Financing DAC | | | | | | | | |
6.875%, 09/15/27 | | | 7,150 | | | | 6,285 | |
CT Trust | | | | | | | | |
5.125%, 02/03/32(A) | | | 3,195 | | | | 2,495 | |
Digicel | | | | | | | | |
6.750%, 03/01/23(A) | | | 4,800 | | | | 120 | |
Frontier Communications Holdings | | | | | | | | |
5.875%, 10/15/27(A) | | | 605 | | | | 550 | |
Iliad Holding SASU | | | | | | | | |
6.500%, 10/15/26(A) | | | 1,100 | | | | 1,033 | |
Iliad Holding SASU | | | | | | | | |
7.000%, 10/15/28(A) | | | 1,408 | | | | 1,282 | |
Internap Holdings LLC | | | | | | | | |
0.000%, (D) | | | 61 | | | | 9 | |
Level 3 Financing | | | | | | | | |
10.500%, 05/15/30(A) | | | 1,865 | | | | 1,877 | |
Liberty Costa Rica Senior Secured Finance | | | | | | | | |
10.875%, 01/15/31(A) | | | 2,400 | | | | 2,406 | |
Oztel Holdings SPC | | | | | | | | |
6.625%, 04/24/28 | | | 4,667 | | | | 4,757 | |
Sixsigma Networks Mexico | | | | | | | | |
7.500%, 05/02/25 | | | 4,170 | | | | 3,666 | |
Telefonica Celular del Paraguay | | | | | | | | |
5.875%, 04/15/27(A) | | | 2,700 | | | | 2,459 | |
T-Mobile USA | | | | | | | | |
3.750%, 04/15/27 | | | 3,250 | | | | 3,037 | |
Turk Telekomunikasyon | | | | | | | | |
6.875%, 02/28/25 | | | 8,270 | | | | 8,052 | |
Turkcell Iletisim Hizmetleri | | | | | | | | |
5.750%, 10/15/25 | | | 2,500 | | | | 2,412 | |
Viasat | | | | | | | | |
5.625%, 04/15/27(A) | | | 1,865 | | | | 1,616 | |
Vodafone Group | | | | | | | | |
4.125%, 05/30/25 | | | 3,300 | | | | 3,218 | |
| | | | | | | | | | | | | |
Total Telephones & Telecommunications | | | 52,900 | |
| | | | | | | | | | | | | |
Textile-Products [0.1%] |
Golden Legacy Pte. Ltd. | | | | | | | | |
6.875%, 03/27/24(C) | | $ | 15,640 | | | $ | 313 | |
Prime Bloom Holdings | | | | | | | | |
6.950%, 07/05/22(C) | | | 16,500 | | | | 990 | |
| | | | | | | | | | | | | |
Total Textile-Products | | | 1,303 | |
| | | | | | | | | | | | | |
Transportation Services [1.1%] |
Adani International Container Terminal Pvt | | | | | | | | |
3.000%, 02/16/31 | | | 3,569 | | | | 2,681 | |
Georgian Railway JSC | | | | | | | | |
4.000%, 06/17/28 | | | 5,600 | | | | 4,847 | |
JSW Infrastructure | | | | | | | | |
4.950%, 01/21/29(A) | | | 4,500 | | | | 3,952 | |
Royal Caribbean Cruises | | | | | | | | |
7.250%, 01/15/30(A) | | | 1,720 | | | | 1,705 | |
Rumo Luxembourg Sarl | | | | | | | | |
4.200%, 01/18/32 | | | 4,325 | | | | 3,373 | |
Stena International | | | | | | | | |
6.125%, 02/01/25(A) | | | 1,200 | | | | 1,182 | |
Transnet SOC | | | | | | | | |
8.250%, 02/06/28(A) | | | 3,680 | | | | 3,523 | |
Viking Cruises | | | | | | | | |
9.125%, 07/15/31(A) | | | 1,096 | | | | 1,098 | |
Watco | | | | | | | | |
6.500%, 06/15/27(A) | | | 1,000 | | | | 950 | |
XPO | | | | | | | | |
6.250%, 06/01/28(A) | | | 600 | | | | 580 | |
| | | | | | | | | | | | | |
Total Transportation Services | | | 23,891 | |
| | | | | | | | | | | | | |
Utility - Electric [0.4%] |
Calpine | | | | | | | | |
5.250%, 06/01/26(A) | | | 289 | | | | 280 | |
Calpine | | | | | | | | |
4.500%, 02/15/28(A) | | | 925 | | | | 834 | |
Calpine | | | | | | | | |
5.125%, 03/15/28(A) | | | 625 | | | | 556 | |
Enviva Partners | | | | | | | | |
6.500%, 01/15/26(A) | | | 1,525 | | | | 1,243 | |
NRG Energy | | | | | | | | |
5.750%, 01/15/28 | | | 1,450 | | | | 1,360 | |
TerraForm Power Operating | | | | | | | | |
5.000%, 01/31/28(A) | | | 1,125 | | | | 1,021 | |
TransAlta | | | | | | | | |
7.750%, 11/15/29 | | | 100 | | | | 101 | |
Vistra Operations | | | | | | | | |
5.500%, 09/01/26(A) | | | 1,000 | | | | 953 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Vistra Operations | | | | | | | | |
5.625%, 02/15/27(A) | | $ | 925 | | | $ | 877 | |
Vistra Operations | | | | | | | | |
7.750%, 10/15/31(A) | | | 880 | | | | 868 | |
| | | | | | | | | | | | | |
Total Utility - Electric | | | 8,093 | |
| | | | | | | | | | | | | |
Water [0.3%] |
Aegea Finance Sarl | | | | | | | | |
6.750%, 05/20/29(A) | | | 4,425 | | | | 4,080 | |
Aegea Finance Sarl | | | | | | | | |
9.000%, 01/20/31(A) | | | 2,040 | | | | 2,056 | |
| | | | | | | | | | | | | |
Total Water | | | 6,136 | |
| | | | | | | | | | | | | |
Wireless Communications [0.1%] |
Sprint | | | | | | | | |
7.625%, 02/15/25 | | | 1,000 | | | | 1,015 | |
| | | | | | | | | | | | | |
Total Corporate Bonds | | | | |
Cost ($1,339,492) | | | 1,125,313 | |
| | | | | | | | | | | | | |
Loan Participations [16.0%] |
Aerospace and Defense [0.2%] |
Delos Aircraft, Term Loan, 1st Lien | | | | | | | | |
7.402%, 10/14/27 | | | 770 | | | | 771 | |
Peraton Corp., Term B Loan, 1st Lien | | | | | | | | |
9.166%, CME Term SOFR + 3.750%, 02/01/28(B) | | | 1,757 | | | | 1,751 | |
Peraton Corp., Term B-1 Loan, 2nd Lien | | | | | | | | |
13.233%, CME Term SOFR + 7.750%, 02/01/29(B) | | | 508 | | | | 496 | |
Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc and Onex Wind Finance LP.), 2022 Refinancing Term Loan | | | | | | | | |
8.446%, CME Term SOFR + 4.500%, 04/01/28(B) | | | 224 | | | | 157 | |
Spirit Aerosystems, Inc., 2022 Refinancing Term Loan, 1st Lien | | | | | | | | |
9.619%, CME Term SOFR + 4.250%, 01/15/27(B) | | $ | 639 | | | $ | 637 | |
| | | | | | | | | | | | | |
Total Aerospace and Defense | | | 3,812 | |
| | | | | | | | | | | | | |
Automobile [0.0%] |
CWGS Group, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
7.945%, CME Term SOFR + 2.500%, 06/03/28(B) | | | 992 | | | | 932 | |
| | | | | | | | | | | | | |
Automotive [0.1%] |
Autokiniton US Holdings (L&W), Term Loan, 1st Lien | | | | | | | | |
9.931%, 04/06/28(B) | | | 995 | | | | 973 | |
Phinia Inc., Term Loan B | | | | | | | | |
9.431%, 06/08/28 | | | 1,000 | | | | 1,000 | |
| | | | | | | | | | | | | |
Total Automotive | | | 1,973 | |
| | | | | | | | | | | | | |
Banking [0.0%] |
Nexus Buyer LLC, Term Loan, 1st Lien | | | | | | | | |
9.166%, CME Term SOFR + 3.750%, 11/09/26(B) | | | 403 | | | | 396 | |
| | | | | | | | | | | | | |
Beverage, Food and Tobacco [0.1%] |
Naked Juice LLC, Initial Loan, 2nd Lien | | | | | | | | |
11.490%, CME Term SOFR + 6.000%, 01/24/30(B) | | | 670 | | | | 541 | |
Naked Juice LLC, Initial Term Loan, 1st Lien | | | | | | | | |
8.740%, CME Term SOFR + 3.250%, 01/24/29(B) | | | 558 | | | | 528 | |
Whole Earth Brands, Inc., Term Loan, 1st Lien | | | | | | | | |
10.040%, CME Term SOFR + 4.500%, 02/05/28(B) | | | 372 | | | | 335 | |
| | | | | | | | | | | | | |
Total Beverage, Food and Tobacco | | | 1,404 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 63
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Broadcasting and Entertainment [0.8%] |
Allen Media, LLC, Initial Term Loan (2021), 1st Lien | | | | | | | | |
11.040%, CME Term SOFR + 5.500%, 02/10/27(B) | | $ | 642 | | | $ | 569 | |
Altice Financing S.A., 2022 Refinancing Dollar Commitments, 1st Lien | | | | | | | | |
10.308%, CME Term SOFR + 5.000%, 10/31/27(B) | | | 3,090 | | | | 3,054 | |
Altice France S.A., EUR Term Loan B, 1st Lien | | | | | | | | |
9.163%, EURIBOR + 5.500%, 08/15/28(B) | | | 1,493 | | | | 1,441 | |
Altice France S.A., USD Term Loan B, 1st Lien | | | | | | | | |
10.808%, CME Term SOFR + 5.500%, 08/15/28(B) | | | 1,922 | | | | 1,735 | |
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien | | | | | | | | |
7.116%, CME Term SOFR + 1.750%, 02/01/27(B) | | | 916 | | | | 914 | |
CMG Media Corporation, 2021 Term B Loan, 1st Lien | | | | | | | | |
8.990%, CME Term SOFR + 3.500%, 12/17/26(B) | | | 784 | | | | 715 | |
CSC Holdings, LLC, March 2017 Refinancing Term Loan, 1st Lien | | | | | | | | |
7.697%, Syn LIBOR + 2.250%, 07/17/25(B) | | | 2,067 | | | | 2,000 | |
DIRECTV Financing, LLC, Closing Date Term Loan, 1st Lien | | | | | | | | |
10.431%, CME Term SOFR + 5.000%, 08/02/27(B) | | | 1,185 | | | | 1,157 | |
E.W. Scripps Company, The, Tranche B-2 Term Loan, 1st Lien | | | | | | | | |
8.008%, LIBOR + 2.563%, 05/01/26(B) | | | 992 | | | | 976 | |
Univision Communications Inc., 2021 Replacement Converted First-Lien Term Loan, 1st Lien | | | | | | | | |
8.681%, CME Term SOFR + 3.250%, 03/15/26(B) | | $ | 1,798 | | | $ | 1,792 | |
Virgin Media Bristol LLC, Facility Q, 1st Lien | | | | | | | | |
8.697%, CME Term SOFR + 3.250%, 01/31/29(B) | | | 1,825 | | | | 1,778 | |
Virgin Media Bristol LLC, Facility Y, 1st Lien | | | | | | | | |
8.311%, CME Term SOFR + 3.250%, 03/31/31(B) | | | 200 | | | | 195 | |
Virgin Media SFA, Term Loan, 1st Lien | | | | | | | | |
0.000%, 12/31/29(G) | | | 1,000 | | | | 1,040 | |
Ziggo Financing Partnership, Term Loan I Facility, 1st Lien | | | | | | | | |
7.947%, LIBOR + 2.500%, 04/30/28(B) | | | 1,000 | | | | 976 | |
| | | | | | | | | | | | | |
Total Broadcasting and Entertainment | | | 18,342 | |
| | | | | | | | | | | | | |
Buildings and Real Estate [0.3%] |
Apollo Commercial Real Estate Finance, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.181%, CME Term SOFR + 2.750%, 05/15/26(B) | | | 659 | | | | 643 | |
Crown Subsea Communications Holding, Inc., Amendment No. 2 Term Loan, 1st Lien | | | | | | | | |
10.694%, CME Term SOFR + 5.250%, 04/27/27(B) | | | 183 | | | | 183 | |
Crown Subsea Communications Holding, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
10.444%, CME Term SOFR + 5.000%, 04/27/27(B) | | | 721 | | | | 723 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Cushman & Wakefield U.S. Borrower, LLC, 2023-2 Refinancing Term Loan, 1st Lien | | | | | | | | |
9.316%, CME Term SOFR + 4.000%, 01/31/30(B) | | $ | 800 | | | $ | 792 | |
Forest City Enterprises, L.P., Replacement Term Loan, 1st Lien | | | | | | | | |
8.931%, CME Term SOFR + 3.500%, 12/08/25(B) | | | 700 | | | | 630 | |
Griffon Corporation, Term B Loan, 1st Lien | | | | | | | | |
7.791%, CME Term SOFR + 2.500%, 01/19/29(B) | | | 887 | | | | 886 | |
Mannington Mills, Inc., Tranche B-1 Loan, 1st Lien | | | | | | | | |
9.402%, CME Term SOFR + 3.750%, 08/06/26(B) | | | 991 | | | | 873 | |
Oscar AcquisitionCo, LLC, Term B Loan, 1st Lien | | | | | | | | |
9.990%, CME Term SOFR + 4.500%, 04/29/29(B) | | | 1,295 | | | | 1,284 | |
Smyrna Ready Mix Concrete, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.666%, CME Term SOFR + 4.250%, 04/02/29(B) | | | 796 | | | | 797 | |
TAMKO Building Products LLC, 2023 Term Loan, 1st Lien | | | | | | | | |
8.898%, CME Term SOFR + 3.500%, 09/20/30(B) | | | 500 | | | | 497 | |
| | | | | | | | | | | | | |
Total Buildings and Real Estate | | | 7,308 | |
| | | | | | | | | | | | | |
Business equipment & services [0.0%] |
Emerald X, Inc., Initial Term Loan | | | | | | | | |
10.416%, 06/02/26 | | | 599 | | | | 599 | |
| | | | | | | | | | | | | |
Cable [0.1%] |
Virgin Media Ireland Limited, Facility B1, 1st Lien | | | | | | | | |
7.138%, EURIBOR + 3.463%, 07/15/29(B) | | $ | 1,000 | | | $ | 1,042 | |
Ziggo B.V., Term Loan H Facility, 1st Lien | | | | | | | | |
6.928%, EURIBOR + 3.000%, 01/31/29(B) | | EUR | 2,000 | | | | 2,034 | |
| | | | | | | | | | | | | |
Total Cable | | | | | | | 3,076 | |
| | | | | | | | | | | | | |
Cargo Transport [0.2%] |
Daseke Companies, Inc., Initial Term Loan (2021), 1st Lien | | | | | | | | |
9.431%, CME Term SOFR + 4.000%, 03/09/28(B) | | | 868 | | | | 856 | |
Dynasty Acquisition Co., Inc., 2023 Specified Refinancing Term B-1 Loan, 1st Lien | | | | | | | | |
9.316%, CME Term SOFR + 4.000%, 08/24/28(B) | | | 1,013 | | | | 1,010 | |
Dynasty Acquisition Co., Inc., 2023 Specified Refinancing Term B-2 Loan, 1st Lien | | | | | | | | |
9.316%, CME Term SOFR + 4.000%, 08/24/28(B) | | | 434 | | | | 433 | |
LaserShip, Inc., Initial Loan, 2nd Lien | | | | | | | | |
13.396%, CME Term SOFR + 7.500%, 05/07/29(B) | | | 645 | | | | 532 | |
LaserShip, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
10.396%, CME Term SOFR + 4.500%, 05/07/28(B) | | | 828 | | | | 765 | |
Rand Parent, LLC, Term B Loan, 1st Lien | | | | | | | | |
9.640%, CME Term SOFR + 4.250%, 03/17/30(B) | | | 851 | | | | 823 | |
| | | | | | | | | | | | | |
Total Cargo Transport | | | | | | | 4,419 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Chemicals [0.1%] |
Consolidated Energy Limited Term Loan B | | | | | | | | |
8.038%, LIBOR + 2.500%, 05/07/25(B) | | $ | 1,797 | | | $ | 1,777 | |
Ravago, Term Loan B, 1st Lien | | | | | | | | |
8.004%, 02/18/28 | | | 659 | | | | 646 | |
| | | | | | | | | | | | | |
Total Chemicals | | | | | | | 2,423 | |
| | | | | | | | | | | | | |
Chemicals & plastics [0.0%] |
Cyanco Intermediate 2 Corp., Initial Term Loan | | | | | | | | |
10.081%, 06/29/28 | | | 1,028 | | | | 1,029 | |
| | | | | | | | | | | | | |
Chemicals, Plastics and Rubber [1.1%] |
ARC Falcon I Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.181%, LIBOR + 3.750%, 09/22/28(B) | | | 1,968 | | | | 1,941 | |
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, 1st Lien | | | | | | | | |
10.318%, CME Term SOFR + 4.750%, 08/27/26(B) | | | 995 | | | | 972 | |
Chemours Company, The, Tranche B-3 US$ Term Loan, 1st Lien | | | | | | | | |
8.816%, CME Term SOFR + 3.500%, 08/18/28(B) | | | 665 | | | | 657 | |
Cheplapharm Arzneimittel GmbH, Facility B, 1st Lien | | | | | | | | |
7.422%, EURIBOR + 3.750%, 02/22/29(B) | | | 2,000 | | | | 2,095 | |
Eden S.A.S, Facility B, 1st Lien | | | | | | | | |
8.597%, EURIBOR + 4.625%, 06/22/29(B) | | | 1,000 | | | | 1,053 | |
Flint Group, Term Loan | | | | | | | | |
0.000%, 12/31/26(G) | | | 633 | | | | 589 | |
0.000%, 12/31/27(G) | | | 300 | | | | 211 | |
Granite FR Bidco, Term Loan, 1st Lien | | | | | | | | |
8.934%, 10/17/28 | | | 1,000 | | | | 1,038 | |
Herens Holdco S.a r.l., Facility B (EUR), 1st Lien | | | | | | | | |
7.897%, Euribor + 3.925%, 07/03/28(B) | | | 1,000 | | | | 947 | |
Herens Holdco S.a r.l., Facility B (USD), 1st Lien | | | | | | | | |
9.415%, CME Term SOFR + 3.925%, 07/03/28(B) | | $ | 735 | | | $ | 650 | |
Hexion Holdings Corporation, Initial Term Loan, 1st Lien | | | | | | | | |
10.033%, CME Term SOFR + 4.500%, 03/15/29(B) | | | 411 | | | | 389 | |
Hexion Holdings Corporation, Initial Term Loan, 2nd Lien | | | | | | | | |
12.856%, CME Term SOFR + 7.438%, 03/15/30(B) | | | 695 | | | | 563 | |
ILPEA Parent Inc., Term Loan, 1st Lien | | | | | | | | |
9.934%, CME Term SOFR + 4.500%, 06/22/28(B) | | | 574 | | | | 569 | |
INEOS Enterprises Holdings US Finco LLC, 2030 Tranche B Dollar Term Loan, 1st Lien | | | | | | | | |
9.272%, CME Term SOFR + 3.750%, 07/08/30(B) | | | 580 | | | | 578 | |
Ineos US Finance LLC, 2030 Dollar Term Loan, 1st Lien | | | | | | | | |
8.916%, CME Term SOFR + 3.500%, 02/18/30(B) | | | 1,461 | | | | 1,449 | |
Nouryon Finance B.V., Extended Dollar Term Loan, 1st Lien | | | | | | | | |
9.427%, CME Term SOFR + 4.000%, 04/03/28(B) | | | 338 | | | | 333 | |
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien | | | | | | | | |
8.427%, CME Term SOFR + 3.000%, 10/01/25(B) | | | 940 | | | | 939 | |
PMHC II, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.698%, CME Term SOFR + 4.250%, 04/23/29(B) | | | 869 | | | | 818 | |
Root Bidco Sarl, Term Loan, 1st Lien | | | | | | | | |
9.222%, 09/29/27 | | | 1,000 | | | | 1,055 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Sirona Bidco, Term Loan, 1st Lien | | | | | | | | |
7.522%, 10/20/28 | | $ | 2,500 | | | $ | 2,598 | |
Trinseo Materials Operating S.C.A., 2021 Incremental Term Loan, 1st Lien | | | | | | | | |
7.931%, CME Term SOFR + 2.500%, 05/03/28(B) | | | 748 | | | | 626 | |
Tronox Finance LLC, 2023 Incremental Term Loan, 1st Lien | | | | | | | | |
8.832%, CME Term SOFR + 3.500%, 08/16/28(B) | | | 720 | | | | 712 | |
Vantage Specialty Chemicals, Inc., 2023 Incremental Term Loan, 1st Lien | | | | | | | | |
10.081%, CME Term SOFR + 4.750%, 10/26/26(B) | | | 955 | | | | 933 | |
Windsor Holdings III, LLC, Dollar Term B Loan, 1st Lien | | | | | | | | |
9.830%, CME Term SOFR + 4.500%, 08/01/30(B) | | | 735 | | | | 731 | |
Windsor Holdings III, LLC, Euro Term B Loan, 1st Lien | | | | | | | | |
8.154%, Euribor + 4.500%, 08/01/30(B) | | | 1,000 | | | | 1,053 | |
| | | | | | | | | | | | | |
Total Chemicals, Plastics and Rubber | | | 23,499 | |
| | | | | | | | | | | | | |
Consumer Discretionary [0.2%] |
Camping World, Term Loan, 1st Lien | | | | | | | | |
10.142%, 06/03/28 | | | 641 | | | | 638 | |
Playcore, Term Loan, 1st Lien | | | | | | | | |
9.383%, 03/17/27 | | | 900 | | | | 897 | |
Restoration Hardware, Term Loan B, 1st Lien | | | | | | | | |
7.946%, 10/20/28 | | | 916 | | | | 878 | |
Sally Beauty, Term Loan B, 1st Lien | | | | | | | | |
7.578%, 02/28/30 | | | 997 | | | | 997 | |
| | | | | | | | | | | | | |
Total Consumer Discretionary | | | 3,410 | |
| | | | | | | | | | | | | |
Consumer Durables [0.0%] |
Justrite (Safety Products) Delay Draw | | | | | | | | |
9.931%, 06/28/26 | | $ | 46 | | | $ | 45 | |
Justrite (Safety Products) Term Loan B | | | | | | | | |
9.931%, 06/28/26 | | | 853 | | | | 834 | |
| | | | | | | | | | | | | |
Total Consumer Durables | | | | | | | 879 | |
| | | | | | | | | | | | | |
Consumer Products [0.3%] |
Idemia Group S.A.S., Term Loan (EUR) | | | | | | | | |
8.323%, 09/22/28 | | | 1,000 | | | | 1,051 | |
Roper Technologies, Term Loan, 1st Lien | | | | | | | | |
0.000%, 11/30/29(G) | | | 998 | | | | 1,048 | |
Stiga SPA, Term Loan B-1, 1st Lien | | | | | | | | |
8.510%, 03/02/26 | | �� | 2,584 | | | | 2,568 | |
Zara UK Midco, Term Loan, 1st Lien | | | | | | | | |
9.698%, 02/03/25 | | | 1,000 | | | | 841 | |
| | | | | | | | | | | | | |
Total Consumer Products | | | 5,508 | |
| | | | | | | | | | | | | |
Consumer Staples [0.0%] |
Tate & Lyle/Primary Products, Term Loan, 1st Lien | | | | | | | | |
9.397%, 10/25/28 | | | 657 | | | | 654 | |
| | | | | | | | | | | | | |
Containers, Packaging and Glass [0.0%] |
Kleopatra Finco S.a r.l., Facility B (USD), 1st Lien | | | | | | | | |
10.476%, CME Term SOFR + 4.725%, 02/12/26(B) | | | 1,004 | | | | 964 | |
| | | | | | | | | | | | | |
Diversified Media [0.1%] |
Banijay Entertainment S.A.S. , Facility B (USD), 1st Lien | | | | | | | | |
9.177%, LIBOR + 3.750%, 03/03/28(B) | | | 1,147 | | | | 1,146 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Diversified Natural Resources, Precious Metals and Minerals [0.1%] |
Domtar Corporation, Initial Term Loan, 1st Lien | | | | | | | | |
10.939%, LIBOR + 5.500%, 11/30/28(B) | | $ | 975 | | | $ | 972 | |
Mativ Holdings, Inc., Term B Loan, 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 04/20/28(B) | | | 1,202 | | | | 1,187 | |
| | | | | | | | | | | | | |
Total Diversified Natural Resources, Precious Metals and Minerals | | | 2,159 | |
| | | | | | | | | | | | | |
Diversified/Conglomerate Service [0.6%] |
Amentum Government Services Holdings LLC, Tranche 3 Term Loan, 1st Lien | | | | | | | | |
9.331%, CME Term SOFR + 4.000%, 02/15/29(B) | | | 1,733 | | | | 1,705 | |
Employbridge Holding Company, Term B Loan, 1st Lien | | | | | | | | |
10.258%, CME Term SOFR + 4.750%, 07/19/28(B) | | | 1,176 | | | | 1,057 | |
Medline Borrower, LP, Initial Dollar Term Loan, 1st Lien | | | | | | | | |
8.681%, CME Term SOFR + 3.250%, 10/23/28(B) | | | 1,985 | | | | 1,978 | |
Mermaid Bidco Inc., Additional Term Facility (USD), 1st Lien | | | | | | | | |
9.901%, CME Term SOFR + 4.500%, 12/22/27(B) | | | 497 | | | | 497 | |
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.916%, CME Term SOFR + 4.250%, 09/01/28(B) | | | 1,263 | | | | 1,186 | |
OMNIA Partners, LLC, Delayed Draw Term Loan, 1st Lien | | | | | | | | |
0.500%, 07/25/30(B) | | | 67 | | | | 67 | |
OMNIA Partners, LLC , Initial Term Loan, 1st Lien | | | | | | | | |
9.601%, CME Term SOFR + 4.250%, 07/25/30(B) | | $ | 713 | | | $ | 713 | |
Physician Partners, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.416%, CME Term SOFR + 4.000%, 12/23/28(B) | | | 914 | | | | 867 | |
Signal Parent, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.916%, CME Term SOFR + 3.500%, 04/03/28(B) | | | 1,088 | | | | 916 | |
TMS International Corporation, Term B-4 Loan, 1st Lien | | | | | | | | |
10.119%, CME Term SOFR + 4.750%, 03/02/30(B) | | | 522 | | | | 524 | |
TRC Companies LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 12/08/28(B) | | | 694 | | | | 685 | |
United Talent Agency, LLC, Term B Loan, 1st Lien | | | | | | | | |
9.431%, CME Term SOFR + 4.000%, 07/07/28(B) (E) | | | 658 | | | | 655 | |
Venga Finance S.a r.l., Initial Dollar Term Loan, 1st Lien | | | | | | | | |
10.434%, CME Term SOFR + 4.750%, 06/28/29(B) | | | 1,463 | | | | 1,448 | |
| | | | | | | | | | | | | |
Total Diversified/Conglomerate Service | | | 12,298 | |
| | | | | | | | | | | | | |
Electronics [0.9%] |
Adeia Inc., Initial Term B Loan, 1st Lien | | | | | | | | |
8.931%, CME Term SOFR + 3.500%, 06/08/28(B) | | | 1,852 | | | | 1,847 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Aretec Group, Inc. (fka RCS Capital Corporation), Term B-1 Loan, 1st Lien | | | | | | | | |
9.916%, CME Term SOFR + 4.500%, 08/09/30(B) | | $ | 1,995 | | | $ | 1,977 | |
athenahealth Group Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.568%, CME Term SOFR + 3.250%, 02/15/29(B) | | | 1,246 | | | | 1,221 | |
Digi International Inc., Initial Term Loan, 1st Lien | | | | | | | | |
10.431%, CME Term SOFR + 5.000%, 11/01/28(B) | | | 685 | | | | 684 | |
Evercommerce Solutions Inc., Term Loan, 1st Lien | | | | | | | | |
8.681%, CME Term SOFR + 3.250%, 07/06/28(B) | | | 916 | | | | 916 | |
Instructure Holdings, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.679%, LIBOR + 2.750%, 10/20/28(B) | | | 714 | | | | 712 | |
LSF9 Atlantis Holdings, LLC, Term Loan, 1st Lien | | | | | | | | |
12.640%, CME Term SOFR + 7.250%, 03/31/29(B) | | | 629 | | | | 602 | |
Magenta Buyer LLC, Initial Term Loan, 1st Lien | | | | | | | | |
10.631%, CME Term SOFR + 5.000%, 07/27/28(B) | | | 1,410 | | | | 1,045 | |
McAfee Corp., Tranche B-1 Term Loan, 1st Lien | | | | | | | | |
9.180%, CME Term SOFR + 3.750%, 03/01/29(B) | | | 1,379 | | | | 1,344 | |
MH Sub I, LLC (Micro Holding Corp.), 2020 June New Term Loan, 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 09/13/24(B) | | | 398 | | | | 398 | |
Open Text Corporation, 2023 Replacement Term Loan, 1st Lien | | | | | | | | |
8.166%, CME Term SOFR + 2.750%, 01/31/30(B) | | $ | 1,602 | | | $ | 1,601 | |
Orchid Merger Sub II, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
10.290%, CME Term SOFR + 4.750%, 07/27/27(B) | | | 783 | | | | 566 | |
Priority Holdings, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
11.434%, CME Term SOFR + 5.750%, 04/27/27(B) | | | 1,116 | | | | 1,112 | |
Rackspace Technology Global, Inc., 2021 Term B Loan, 1st Lien | | | | | | | | |
8.194%, CME Term SOFR + 2.750%, 02/15/28(B) | | | 1,906 | | | | 857 | |
Sabre GLBL Inc., 2022 Term B-2 Loan, 1st Lien | | | | | | | | |
10.416%, CME Term SOFR + 5.000%, 06/30/28(B) | | | 1,071 | | | | 941 | |
Snap One Holdings Corp., Initial Term Loan, 1st Lien | | | | | | | | |
10.040%, CME Term SOFR + 4.500%, 12/08/28(B) | | | 1,133 | | | | 1,092 | |
TTM Technologies, Inc., Term B Loan, 1st Lien | | | | | | | | |
8.080%, CME Term SOFR + 2.750%, 05/30/30(B) | | | 896 | | | | 896 | |
UPC Financing Partnership , Facility AX, 1st Lien | | | | | | | | |
8.372%, CME Term SOFR + 2.925%, 01/31/29(B) | | | 1,000 | | | | 984 | |
| | | | | | | | | | | | | |
Total Electronics | | | | | | | 18,795 | |
| | | | | | | | | | | | | |
Electronics/electrical [0.0%] |
Capstone Borrower, Inc., Initial Term Loan | | | | | | | | |
9.082%, 05/17/30 | | | 1,000 | | | | 995 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 69
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Energy [0.1%] |
Arclight, Term Loan B, 1st Lien | | | | | | | | |
9.293%, 04/13/28 | | $ | 803 | | | $ | 804 | |
Invenergy, Term Loan B, 1st Lien | | | | | | | | |
0.000%, 08/03/29(G) | | | 618 | | | | 616 | |
Invenergy, Term Loan C, 1st Lien | | | | | | | | |
0.000%, 08/03/29(G) | | | 48 | | | | 47 | |
Lackawanna Energy, Term Loan B-2, 1st Lien | | | | | | | | |
10.316%, 08/03/29 | | | 794 | | | | 782 | |
Lackawanna Energy, Term Loan C, 1st Lien | | | | | | | | |
10.316%, 08/06/29 | | | 171 | | | | 169 | |
| | | | | | | | | | | | | |
Total Energy | | | | | | | 2,418 | |
| | | | | | | | | | | | | |
Finance (including structured products) [0.6%] |
ASP Navigate Acquisition Corp., Initial Term Loan, 1st Lien | | | | | | | | |
9.877%, CME Term SOFR + 4.250%, 10/06/27(B) | | | 1,136 | | | | 1,129 | |
Castlelake Aviation One Designated Activity Company, 2023 Incremental Term Loan, 1st Lien | | | | | | | | |
8.421%, CME Term SOFR + 2.750%, 10/22/27(B) | | | 465 | | | | 464 | |
CTC Holdings, L.P., Term Loan, 1st Lien | | | | | | | | |
10.344%, CME Term SOFR + 5.000%, 02/20/29(B) | | | 734 | | | | 719 | |
DRW Holdings, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 03/01/28(B) | | | 1,000 | | | | 997 | |
FinCo I LLC, 2023 Initial Refinancing Term Loan, 1st Lien | | | | | | | | |
8.369%, CME Term SOFR + 3.000%, 06/27/29(B) | | | 658 | | | | 658 | |
FINThrive Software Intermediate Holdings, Inc., Initial Loan, 2nd Lien | | | | | | | | |
12.181%, CME Term SOFR + 6.750%, 12/17/29(B) | | $ | 385 | | | $ | 239 | |
FINThrive Software Intermediate Holdings, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.431%, CME Term SOFR + 4.000%, 12/18/28(B) | | | 568 | | | | 462 | |
Geon Performance Solutions, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
10.402%, CME Term SOFR + 4.750%, 08/18/28(B) | | | 1,161 | | | | 1,143 | |
HighTower Holding, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.612%, CME Term SOFR + 4.000%, 04/21/28(B) | | | 843 | | | | 841 | |
Hudson River Trading LLC, Term Loan, 1st Lien | | | | | | | | |
8.631%, CME Term SOFR + 3.000%, 03/20/28(B) | | | 1,029 | | | | 1,021 | |
Jane Street Group, LLC, Dollar Term Loan, 1st Lien | | | | | | | | |
8.181%, CME Term SOFR + 2.750%, 01/26/28(B) | | | 992 | | | | 989 | |
LendingTree, Inc., Initial Term B Loan, 1st Lien | | | | | | | | |
9.196%, CME Term SOFR + 3.750%, 09/15/28(B) | | | 753 | | | | 619 | |
LSF11 A5 Holdco LLC, Term Loan B, 1st Lien | | | | | | | | |
9.681%, 10/15/28 | | | 499 | | | | 491 | |
LSF11 A5 Holdco LLC, Term Loan, 1st Lien | | | | | | | | |
8.946%, CME Term SOFR + 3.500%, 10/15/28(B) | | | 579 | | | | 565 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Quirch Foods Holdings, LLC, 2022-1 Incremental Term Loan, 1st Lien | | | | | | | | |
10.449%, CME Term SOFR + 4.500%, 10/27/27(B) | | $ | 975 | | | $ | 969 | |
Red Planet Borrower, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.166%, CME Term SOFR + 3.750%, 10/02/28(B) | | | 1,000 | | | | 954 | |
VFH Parent LLC, Initial Term Loan, 1st Lien | | | | | | | | |
8.418%, CME Term SOFR + 3.000%, 01/13/29(B) | | | 990 | | | | 981 | |
| | | | | | | | | | | | | |
Total Finance (including structured products) | | | 13,241 | |
| | | | | | | | | | | | | |
Financial intermediaries [0.0%] |
Helix Gen Funding, LLC, Term Loan | | | | | | | | |
10.051%, 12/03/27 | | | 1,018 | | | | 1,015 | |
| | | | | | | | | | | | | |
Financials [0.2%] |
Altisource Term Loan B (2018) | | | | | | | | |
14.842%, 03/29/24 | | | 612 | | | | 490 | |
Citadel Securities, Term Loan | | | | | | | | |
7.931%, 07/29/30 | | | 1,150 | | | | 1,146 | |
EIG Management, Term Loan B, 1st Lien | | | | | | | | |
9.181%, 01/31/25 | | | 917 | | | | 914 | |
GTCR W Merger Sub LLC, Term Loan, 1st Lien | | | | | | | | |
0.000%, 09/20/30(G) | | | 395 | | | | 395 | |
Janus, Term Loan B, 1st Lien | | | | | | | | |
8.677%, 07/25/30(B) | | | 175 | | | | 174 | |
Star Parent, Inc, Term Loan B | | | | | | | | |
9.386%, 09/19/30 | | | 805 | | | | 786 | |
Superannuation and Investments, Term Loan, 1st Lien | | | | | | | | |
9.181%, 12/01/28 | | | 768 | | | | 766 | |
| | | | | | | | | | | | | |
Total Financials | | | | | | | 4,671 | |
| | | | | | | | | | | | | |
Food, Beverage and Tobacco [0.2%] |
Artisan Newco BV, Term Loan, 1st Lien | | | | | | | | |
8.030%, 02/02/29 | | $ | 990 | | | $ | 1,032 | |
Thevelia Tricor Group, Term Loan | | | | | | | | |
8.466%, 06/18/29 | | | 953 | | | | 1,009 | |
ZF Invest, Senior Facility B, 1st Lien | | | | | | | | |
7.636%, EURIBOR + 3.925%, 06/30/28(B) | | | 2,000 | | | | 2,059 | |
| | | | | | | | | | | | | |
Total Food, Beverage and Tobacco | | | 4,100 | |
| | | | | | | | | | | | | |
Gaming [0.2%] |
Premier Lotteries, Cov-Lite Term Loan B | | | | | | | | |
7.472%, 06/26/24 | | EUR | 2,336 | | | | 2,451 | |
Scientific Games, Term Loan, 1st Lien | | | | | | | | |
5.185%, 02/04/29 | | | 1,000 | | | | 1,052 | |
| | | | | | | | | | | | | |
Total Gaming | | | | | | | 3,503 | |
| | | | | | | | | | | | | |
Government [0.1%] |
Japan Paris Club, Term Loan, 1st Lien | | | | | | | | |
0.000%, 01/10/28(G) | | JPY | 216,667 | | | | 1,145 | |
| | | | | | | | | | | | | |
Healthcare [1.2%] |
Alloheim Term Loan B | | | | | | | | |
7.627%, 02/26/25 | | EUR | 1,500 | | | | 1,363 | |
Auris Luxembourg III S.a r.l., Facility B1A, 1st Lien | | | | | | | | |
7.781%, Euribor + 4.000%, 07/24/25(B) | | EUR | 2,000 | | | | 2,055 | |
BVI Medical, Inc., Term B Loan, 1st Lien | | | | | | | | |
7.214%, Euribor + 3.500%, 03/02/26(B) | | | 1,000 | | | | 896 | |
CD&R Firefly Bidco Limited, Facility B5, 1st Lien | | | | | | | | |
11.036%, SONIA + 6.000%, 06/21/28(B) | | | 1,000 | | | | 1,189 | |
Chrome Bidco, Facility B, 1st Lien | | | | | | | | |
7.331%, EURIBOR + 3.250%, 05/12/28(B) | | | 2,500 | | | | 2,546 | |
Cidron Ollopa Holding B.V., Facility B, 1st Lien | | | | | | | | |
6.891%, EURIBOR + 3.250%, 04/16/25(B) | | EUR | 1,437 | | | | 1,516 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Diaverum Holding S.a.r.l. (fka Velox Bidco S.a.r.l.), Second Lien Facility | | | | | | | | |
11.657%, EURIBOR + 8.000%, 05/24/24(B) | | EUR | 1,500 | | | $ | 1,573 | |
Domus VI | | | | | | | | |
6.964%, 10/31/26 | | | 1,000 | | | | 979 | |
Envalior Finance GmbH, Facility B1 (EUR) | | | | | | | | |
9.214%, 03/28/30 | | | 1,000 | | | | 990 | |
Gesundheits GmbH Term Loan | | | | | | | | |
7.869%, 07/30/26 | | EUR | 2,000 | | | | 1,401 | |
Indivior, Term Loan B, 1st Lien | | | | | | | | |
10.754%, 06/26/26 | | | 772 | | | | 768 | |
Inovie Group, Term Loan, 1st Lien | | | | | | | | |
7.972%, 03/03/28 | | | 2,000 | | | | 2,029 | |
Insulet Corporation, Term Loan B, 1st Lien | | | | | | | | |
8.696%, 05/04/28 | | | 558 | | | | 557 | |
Mediq BV, Term Loan, 1st Lien | | | | | | | | |
7.185%, 03/03/28 | | | 1,000 | | | | 1,036 | |
OneDigital Borrower LLC, 2021 Term Loan, 1st Lien | | | | | | | | |
9.666%, CME Term SOFR + 4.250%, 11/16/27(B) | | | 901 | | | | 898 | |
Onex TSG Intermediate Corp, Term Loan, 1st Lien | | | | | | | | |
10.381%, 02/28/28 | | | 705 | | | | 652 | |
Optimus Bidco SAS, Commitment, 2nd Lien | | | | | | | | |
12.222%, EURIBOR + 8.250%, 09/25/26(B) | | | 1,000 | | | | 1,015 | |
PetIQ, Term Loan, 1st Lien | | | | | | | | |
9.838%, 04/07/28 | | | 1,024 | | | | 1,004 | |
Sotera Health, Term Loan, 1st Lien | | | | | | | | |
9.074%, 12/11/26 | | | 733 | | | | 733 | |
TakeCare Bidco SAS, Term Loan, 1st Lien | | | | | | | | |
7.897%, 05/26/28 | | | 1,000 | | | | 1,054 | |
TTF/Soliant Health, Cov-Lite Term Loan, 1st Lien | | | | | | | | |
9.446%, 03/31/28 | | | 733 | | | | 732 | |
Vivalto Sante, Term Loan, 1st Lien | | | | | | | | |
7.272%, 07/21/28 | | $ | 1,500 | | | $ | 1,563 | |
| | | | | | | | | | | | | |
Total Healthcare | | | | | | | 26,549 | |
| | | | | | | | | | | | | |
Healthcare, Education and Childcare [0.5%] |
AHP Health Partners, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.931%, CME Term SOFR + 3.500%, 08/24/28(B) | | | 992 | | | | 992 | |
Bach Finance Limited (aka Nord Anglia / Fugue Finance), Seventh Amendment Dollar Term Loan, 1st Lien | | | | | | | | |
9.354%, CME Term SOFR + 4.000%, 01/31/28(B) | | | 668 | | | | 669 | |
Envision Healthcare Corporation, Second Out Term Loan, 1st Lien | | | | | | | | |
9.640%, CME Term SOFR + 4.250%, 03/31/27(B) | | | 362 | | | | 82 | |
Envision Healthcare Corporation, Third Out Term Loan, 1st Lien | | | | | | | | |
8.992%, CME Term SOFR + 3.750%, 03/31/27(B) | | | 886 | | | | 1 | |
Fortrea Holdings Inc., Initial Term B Loan, 1st Lien | | | | | | | | |
9.066%, CME Term SOFR + 3.750%, 07/01/30(B) | | | 798 | | | | 795 | |
Houghton Mifflin Harcourt Company, Term B Loan, 1st Lien | | | | | | | | |
10.666%, CME Term SOFR + 5.250%, 04/09/29(B) | | | 708 | | | | 667 | |
Icon Public Limited Company, Lux Term Loan, 1st Lien | | | | | | | | |
7.902%, CME Term SOFR + 2.250%, 07/03/28(B) | | | 626 | | | | 626 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Icon Public Limited Company, U.S. Term Loan, 1st Lien | | | | | | | | |
7.902%, CME Term SOFR + 2.250%, 07/03/28(B) | | $ | 156 | | | $ | 156 | |
Medical Solutions Holdings, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.772%, CME Term SOFR + 3.250%, 11/01/28(B) | | | 992 | | | | 959 | |
National Mentor Holdings, Inc., Initial Term C Loan, 1st Lien | | | | | | | | |
9.240%, CME Term SOFR + 3.750%, 03/02/28(B) | | | 13 | | | | 12 | |
National Mentor Holdings, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.166%, CME Term SOFR + 3.750%, 03/02/28(B) | | | 643 | | | | 571 | |
Organon & Co., Dollar Term Loan, 1st Lien | | | | | | | | |
8.442%, CME Term SOFR + 3.000%, 06/02/28(B) | | | 1,646 | | | | 1,641 | |
Petco Health and Wellness Company, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
8.902%, CME Term SOFR + 3.250%, 03/03/28(B) | | | 976 | | | | 963 | |
Surgery Center Holdings, Inc., 2021 New Term Loan, 1st Lien | | | | | | | | |
9.189%, CME Term SOFR + 3.750%, 08/31/26(B) | | | 969 | | | | 969 | |
Team Health Holdings, Inc., Extended Term Loan, 1st Lien | | | | | | | | |
10.566%, CME Term SOFR + 5.250%, 03/02/27(B) | | | 1,071 | | | | 808 | |
| | | | | | | | | | | | | |
Total Healthcare, Education and Childcare | | | 9,911 | |
| | | | | | | | | | | | | |
Home and Office Furnishings, Housewares and Durable Consumer Products [0.2%] |
ACProducts Holdings, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.902%, CME Term SOFR + 4.250%, 05/17/28(B) | | $ | 1,344 | | | $ | 1,105 | |
Hunter Douglas Holding B.V., Tranche B-1 Term Loan, 1st Lien | | | | | | | | |
8.891%, CME Term SOFR + 3.500%, 02/26/29(B) | | | 731 | | | | 710 | |
Samsonite International S.A., New Initial Tranche B Term Loan, 1st Lien | | | | | | | | |
8.066%, CME Term SOFR + 2.750%, 06/21/30(B) | | | 748 | | | | 749 | |
Weber-Stephen Products LLC, Initial Term B Loan, 1st Lien | | | | | | | | |
8.681%, CME Term SOFR + 3.250%, 10/30/27(B) | | | 881 | | | | 791 | |
| | | | | | | | | | | | | |
Total Home and Office Furnishings, Housewares and Durable Consumer Products | | | 3,355 | |
| | | | | | | | | | | | | |
Homebuilders/Materials/Construction [0.2%] |
LSF10 XL Bidco S.C.A., Facility B4, 1st Lien | | | | | | | | |
7.523%, EURIBOR + 3.925%, 04/12/28(B) | | | 1,465 | | | | 1,329 | |
Tencate Grass, Term Loan, 1st Lien | | | | | | | | |
8.086%, 10/21/28 | | | 1,000 | | | | 1,038 | |
TMF Sapphire Bidco B.V., Facility B1, 1st Lien | | | | | | | | |
8.161%, Euribor + 4.500%, 05/03/28(B) | | | 1,500 | | | | 1,583 | |
Winterfell Financing S.a r.l., Facility B, 1st Lien | | | | | | | | |
6.690%, 02/18/28 | | EUR | 1,000 | | | | 1,004 | |
| | | | | | | | | | | | | |
Total Homebuilders/Materials/Construction | | | 4,954 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Hotels, Leisure & Entertainment [0.3%] |
EG Group Limited, Additional Term Facility (Tranche C) (EUR), 1st Lien | | | | | | | | |
7.858%, Euribor + 4.000%, 02/07/25(B) | | $ | 1,047 | | | $ | 1,075 | |
Hunter Douglas, Term Loan, 1st Lien | | | | | | | | |
7.826%, 02/26/29 | | | 1,000 | | | | 1,027 | |
Pax Midco Spain, S.L.U., Facility B, 1st Lien | | | | | | | | |
8.489%, EURIBOR + 4.750%, 06/07/26(B) | | EUR | 2,000 | | | | 2,033 | |
Sandy BidCo B.V., Facility B, 1st Lien | | | | | | | | |
7.338%, EURIBOR + 4.000%, 09/15/28(B) | | | 1,000 | | | | 1,047 | |
Wyndham Vacation, Term Loan B, 1st Lien | | | | | | | | |
7.627%, 05/09/25 | | | 619 | | | | 649 | |
| | | | | | | | | | | | | |
Total Hotels, Leisure & Entertainment | | | 5,831 | |
| | | | | | | | | | | | | |
Hotels, Motels, Inns and Gaming [0.3%] |
Caesars Entertainment, Inc., 2023 Incremental Term B Loan, 1st Lien | | | | | | | | |
8.666%, CME Term SOFR + 3.250%, 02/06/30(B) | | | 696 | | | | 695 | |
Golden Entertainment, Inc., 2023 Refinancing Term B-1 Facility Loan, 1st Lien | | | | | | | | |
8.168%, CME Term SOFR + 2.750%, 05/28/30(B) | | | 599 | | | | 597 | |
Light and Wonder International, Inc., Initial Term B Loan, 1st Lien | | | | | | | | |
8.434%, CME Term SOFR + 3.000%, 04/14/29(B) | | | 1,289 | | | | 1,287 | |
Ontario Gaming GTA Limited Partnership, Term B Loan, 1st Lien | | | | | | | | |
9.640%, CME Term SOFR + 4.250%, 08/01/30(B) | | | 435 | | | | 435 | |
Pilot Travel Centers LLC, Initial Tranche B Term Loan , 1st Lien | | | | | | | | |
7.416%, CME Term SOFR + 2.000%, 08/04/28(B) | | $ | 991 | | | $ | 989 | |
Playa Resorts Holding B.V., 2022 Term Loan, 1st Lien | | | | | | | | |
9.581%, CME Term SOFR + 4.250%, 01/05/29(B) | | | 1,020 | | | | 1,020 | |
Scientific Games Holdings LP , Initial Dollar Term Loan, 1st Lien | | | | | | | | |
8.768%, CME Term SOFR + 3.500%, 04/04/29(B) | | | 1,237 | | | | 1,228 | |
Travel + Leisure Co., 2022 Incremental Term Loan, 1st Lien | | | | | | | | |
9.432%, CME Term SOFR + 4.000%, 12/14/29(B) | | | 556 | | | | 556 | |
Wyndham Hotels & Resorts, Inc., 2023 Term B Loan, 1st Lien | | | | | | | | |
7.666%, CME Term SOFR + 2.250%, 05/24/30(B) | | | 549 | | | | 549 | |
| | | | | | | | | | | | | |
Total Hotels, Motels, Inns and Gaming | | | 7,356 | |
| | | | | | | | | | | | | |
Industrials [0.2%] |
American Gaming, Term Loan, 1st Lien | | | | | | | | |
9.392%, 02/09/29 | | | 493 | | | | 491 | |
Barnes Group Inc, Initial Term Loan | | | | | | | | |
8.416%, 09/03/30 | | | 490 | | | | 490 | |
Chart Industries, Term Loan B, 1st Lien | | | | | | | | |
9.174%, 03/15/30 | | | 597 | | | | 597 | |
CPM Holdings, Term Loan, 1st Lien | | | | | | | | |
9.818%, 05/22/28 | | | 350 | | | | 349 | |
GFL Environmental, Term Loan | | | | | | | | |
7.824%, 05/31/27 | | | 703 | | | | 702 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Par Pacific, Term Loan B, 1st Lien | | | | | | | | |
9.772%, 02/14/30 | | $ | 997 | | | $ | 995 | |
| | | | | | | | | | | | | |
Total Industrials | | | 3,624 | |
| | | | | | | | | | | | | |
Information Technology [0.3%] |
Aspect Software, Term Loan, 2nd Lien | | | | | | | | |
14.659%, 05/03/29 | | | 175 | | | | 79 | |
E2open, Term Loan B, 1st Lien | | | | | | | | |
8.946%, 02/04/28 | | | 746 | | | | 745 | |
Magenta Buyer, Term Loan, 1st Lien | | | | | | | | |
13.881%, 07/27/29 | | | 110 | | | | 50 | |
Sitel Worldwide, Cov-Lite Term Loan, 1st Lien | | | | | | | | |
9.196%, 07/28/28 | | | 995 | | | | 968 | |
Ultra Clean Holdings, Term Loan, 1st Lien | | | | | | | | |
9.181%, 08/27/25(B) | | | 1,850 | | | | 1,851 | |
Zacapa S.a r.l., Initial Term Loan (2022), 1st Lien | | | | | | | | |
9.242%, CME Term SOFR + 4.250%, 02/10/29(B) | | | 2,190 | | | | 2,171 | |
| | | | | | | | | | | | | |
Total Information Technology | | | 5,864 | |
| | | | | | | | | | | | | |
Insurance [0.2%] |
Acrisure, LLC, 2020 Term Loan, 1st Lien | | | | | | | | |
8.931%, Syn LIBOR + 3.500%, 02/15/27(B) | | | 1,591 | | | | 1,566 | |
Asurion, LLC, New B-11 Term Loan, 1st Lien | | | | | | | | |
9.666%, CME Term SOFR + 4.250%, 08/19/28(B) | | | 1,302 | | | | 1,263 | |
Asurion, LLC, New B-4 Term Loan, 2nd Lien | | | | | | | | |
10.681%, CME Term SOFR + 5.250%, 01/20/29(B) | | | 1,000 | | | | 885 | |
Baldwin Risk Partners, LLC, Term B-1 Loan, 1st Lien | | | | | | | | |
8.924%, CME Term SOFR + 3.500%, 10/14/27(B) | | | 499 | | | | 493 | |
Jones DesLauriers Insurance Management Inc., 2023 Refinancing Term Loan, 1st Lien | | | | | | | | |
9.615%, CME Term SOFR + 4.250%, 03/15/30(B) | | $ | 890 | | | $ | 892 | |
| | | | | | | | | | | | | |
Total Insurance | | | | | | | 5,099 | |
| | | | | | | | | | | | | |
Leisure Products [0.1%] |
Topgolf Callaway, Term Loan, 1st Lien | | | | | | | | |
8.916%, 03/15/30 | | | 1,194 | | | | 1,186 | |
| | | | | | | | | | | | | |
Leisure, Amusement, Motion Pictures, Entertainment [0.1%] |
Herschend Entertainment Company, LLC, Initial Term Loan (2021), 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 08/27/28(B) | | | 723 | | | | 722 | |
Lakeshore Learning Materials, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
8.931%, CME Term SOFR + 3.500%, 09/29/28(B) | | | 703 | | | | 696 | |
| | | | | | | | | | | | | |
Total Leisure, Amusement, Motion Pictures, Entertainment | | | | | | | 1,418 | |
| | | | | | | | | | | | | |
Machinery (Non-Agriculture, Non-Construction and Non-Electronic) [0.2%] |
ChampionX Corporation, Term B-1 Loan, 1st Lien | | | | | | | | |
8.678%, CME Term SOFR + 3.250%, 05/13/29(B) | | | 923 | | | | 924 | |
Coherent Corp., Initial Term B Loan, 1st Lien | | | | | | | | |
8.181%, CME Term SOFR + 2.750%, 07/02/29(B) | | | 784 | | | | 780 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
MKS Instruments, Inc., Initial Dollar Term B Loan, 1st Lien | | | | | | | | |
8.166%, CME Term SOFR + 2.750%, 08/17/29(B) | | $ | 1,544 | | | $ | 1,542 | |
0.000%, 08/17/29(G) | | | 750 | | | | 748 | |
| | | | | | | | | | | | | |
Total Machinery (Non-Agriculture, Non-Construction and Non-Electronic) | | | 3,994 | |
| | | | | | | | | | | | | |
Manufacturing/Machinery/Industrial [0.4%] |
Ammeraal Beltech, Term Loan, 1st Lien | | | | | | | | |
8.972%, 12/29/28 | | | 1,500 | | | | 1,577 | |
BCP V Modular Services, Term Loan, 1st Lien | | | | | | | | |
8.023%, 10/07/28 | | | 2,000 | | | | 1,982 | |
Distributed Power Term Loan B | | | | | | | | |
6.339%, EURIBOR + 3.500%, 10/03/25(B) | | EUR | 1,000 | | | | 1,051 | |
Platin2025 Acquisition S.a r.l., Facility B, 1st Lien | | | | | | | | |
7.872%, EURIBOR + 3.900%, 11/19/28(B) | | | 1,000 | | | | 1,010 | |
Rubix Group, Term Loan, 1st Lien | | | | | | | | |
8.951%, 09/12/26 | | | 1,000 | | | | 1,052 | |
Shilton Bidco Limited, Facility B3 | | | | | | | | |
0.000%, 01/13/27(G) | | | 1,000 | | | | 1,058 | |
| | | | | | | | | | | | | |
Total Manufacturing/Machinery/Industrial | | | 7,730 | |
| | | | | | | | | | | | | |
Materials [0.0%] |
Caldic, Term Loan, 1st Lien | | | | | | | | |
9.119%, 02/26/29 | | | 557 | | | | 554 | |
| | | | | | | | | | | | | |
Mining, Steel, Iron and Nonprecious Metals [0.1%] |
Arsenal AIC Parent LLC, Term B Loan, 1st Lien | | | | | | | | |
9.879%, CME Term SOFR + 4.500%, 08/18/30(B) | | | 1,035 | | | | 1,032 | |
NWR Holdings B.V., Super Senior Term Facility, 1st Lien | | | | | | | | |
14.500%, 12/31/49 | | EUR | 1,011 | | | | — | |
Oxbow Carbon LLC, Tranche B Term Loan (2023), 1st Lien | | | | | | | | |
9.490%, CME Term SOFR + 4.000%, 05/10/30(B) | | $ | 613 | | | $ | 612 | |
| | | | | | | | | | | | | |
Total Mining, Steel, Iron and Nonprecious Metals | | | 1,644 | |
| | | | | | | | | | | | | |
Oil and Gas [0.2%] |
AL NGPL Holdings, LLC, Third Amendment Incremental Term Loan | | | | | | | | |
9.145%, 04/13/28 | | | 85 | | | | 85 | |
BlackBrush Oil & Gas, L.P., Closing Date Commitment (Term Loan), 1st Lien | | | | | | | | |
12.648%, LIBOR + 7.000%, 09/03/25(B) | | | 448 | | | | 430 | |
Brazos Delaware II, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.084%, CME Term SOFR + 3.750%, 02/11/30(B) | | | 748 | | | | 744 | |
M6 ETX Holdings II Midco LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.920%, CME Term SOFR + 4.500%, 09/19/29(B) | | | 1,401 | | | | 1,396 | |
Medallion Midland Acquisition, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.254%, CME Term SOFR + 3.750%, 10/18/28(B) | | | 434 | | | | 434 | |
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, 1st Lien | | | | | | | | |
8.692%, CME Term SOFR + 3.250%, 10/05/28(B) | | | 1,403 | | | | 1,401 | |
| | | | | | | | | | | | | |
Total Oil and Gas | | | | | | | 4,490 | |
| | | | | | | | | | | | | |
Packaging / Paper / Forest Products [0.2%] |
Ahlstrom-Munksjo Holding 3 Oy, Facility B (EUR), 1st Lien | | | | | | | | |
5.452%, EURIBOR + 3.250%, 03/10/28(B) | | | 1,000 | | | | 1,036 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
LABL, Inc., Initial Euro Term Loan, 1st Lien | | | | | | | | |
8.858%, EURIBOR + 5.000%, 10/29/28(B) | | $ | 975 | | | $ | 1,028 | |
Neptune BidCo US Inc., Euro Term B Loan, 1st Lien | | | | | | | | |
8.640%, EURIBOR + 5.000%, 04/11/29(B) | | | 998 | | | | 1,049 | |
Weener Plastics Group Term Loan B | | | | | | | | |
7.163%, EURIBOR + 3.750%, 06/20/25(B) | | EUR | 1,500 | | | | 1,582 | |
| | | | | | | | | | | | | |
Total Packaging / Paper / Forest Products | | | 4,695 | |
| | | | | | | | | | | | | |
Personal and Non-Durable Consumer Products (Manufacturing Only) [0.1%] |
ABG Intermediate Holdings 2 LLC, 2023 Delayed Draw Term Loan, 1st Lien | | | | | | | | |
4.000%, 12/21/28(B) | | | 247 | | | | 247 | |
ABG Intermediate Holdings 2 LLC, 2023 Refinancing Term Loan, 1st Lien | | | | | | | | |
9.416%, CME Term SOFR + 4.000%, 12/21/28(B) | | | 753 | | | | 752 | |
ABG Intermediate Holdings 2 LLC, Initial Term Loan, 2nd Lien | | | | | | | | |
11.416%, CME Term SOFR + 6.000%, 12/20/29(B) | | | 124 | | | | 125 | |
| | | | | | | | | | | | | |
Total Personal and Non-Durable Consumer Products (Manufacturing Only) | | | 1,124 | |
| | | | | | | | | | | | | |
Personal Transportation [0.2%] |
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Initial Term Loan, 1st Lien | | | | | | | | |
10.338%, CME Term SOFR + 4.750%, 04/20/28(B) | | | 1,900 | | | | 1,955 | |
Mileage Plus Holdings, LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 1st Lien | | | | | | | | |
10.798%, CME Term SOFR + 5.250%, 06/21/27(B) | | $ | 1,765 | | | $ | 1,831 | |
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 1st Lien | | | | | | | | |
9.076%, CME Term SOFR + 3.750%, 10/20/27(B) | | | 901 | | | | 932 | |
| | | | | | | | | | | | | |
Total Personal Transportation | | | 4,718 | |
| | | | | | | | | | | | | |
Personal, Food and Miscellaneous Services [0.0%] |
1011778 B.C. Unlimited Liability Company, Term B-5 Loan, 1st Lien | | | | | | | | |
7.566%, CME Term SOFR + 2.250%, 09/23/30(B) | | | 500 | | | | 498 | |
| | | | | | | | | | | | | |
Pharmaceuticals [0.5%] |
Aenova, Term Loan | | | | | | | | |
8.205%, 03/06/26 | | | 2,500 | | | | 2,630 | |
Albion Financing 3 S.a r.l. (Albion Financing LLC), 2023 Incremental Euro Term Loan | | | | | | | | |
8.948%, 08/17/26 | | | 1,500 | | | | 1,586 | |
Antigua Bidco Ltd, Term Loan, 1st Lien | | | | | | | | |
7.783%, 08/07/26 | | | 1,000 | | | | 1,049 | |
Compass III Limited, Facility B2, 1st Lien | | | | | | | | |
7.867%, EURIBOR + 4.000%, 05/09/25(B) | | | 381 | | | | 399 | |
Financiere Verdi I SAS, 1st Lien | | | | | | | | |
9.740%, 03/31/28 | | | 1,000 | | | | 1,082 | |
Nextpharma Holdings Ltd, Term Loan, 1st Lien | | | | | | | | |
7.098%, 03/31/28 | | | 1,000 | | | | 1,028 | |
Nidda Healthcare Holding GmbH, Facility F (EUR), 1st Lien | | | | | | | | |
6.915%, Euribor + 3.500%, 08/21/26(B) | | | 2,000 | | | | 2,096 | |
Organon & Co, Term Loan, 1st Lien | | | | | | | | |
6.636%, 06/02/28 | | | 987 | | | | 1,040 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Stamina BidCo B.V., Facility B, 1st Lien | | | | | | | | |
7.660%, EURIBOR + 4.000%, 11/02/28(B) | | $ | 1,000 | | | $ | 1,054 | |
| | | | | | | | | | | | | |
Total Pharmaceuticals | | | | | | | 11,964 | |
| | | | | | | | | | | | | |
Printing, Publishing and Broadcasting [0.2%] |
AppLovin Corporation, Amendment No. 9 Replacement Term Loan, 1st Lien | | | | | | | | |
8.416%, CME Term SOFR + 3.000%, 08/19/30(B) | | | 2,045 | | | | 2,038 | |
Digital Media Solutions, LLC, Initial Term Loan, 1st Lien | | | | | | | | |
10.538%, LIBOR + 5.000%, 05/19/26(B) | | | 677 | | | | 452 | |
Dun & Bradstreet Corporation, The, 2022 Incremental Term B-2 Loan, 1st Lien | | | | | | | | |
8.318%, CME Term SOFR + 3.250%, 01/18/29(B) | | | 995 | | | | 992 | |
Magnite, Inc., Initial Term Loan, 1st Lien | | | | | | | | |
10.929%, CME Term SOFR + 5.000%, 04/28/28(B) | | | 938 | | | | 939 | |
Summer (BC) Bidco B LLC, Additional Facility B2 (USD), 1st Lien | | | | | | | | |
10.150%, CME Term SOFR + 4.500%, 12/04/26(B) | | | 794 | | | | 765 | |
| | | | | | | | | | | | | |
Total Printing, Publishing and Broadcasting | | | 5,186 | |
| | | | | | | | | | | | | |
Publishing and Media-other [0.1%] |
Infinitas Learn Cov-Lite Lien1 | | | | | | | | |
8.586%, 07/21/28 | | | 1,000 | | | | 1,049 | |
S4 Capital Lux, Term Loan, 1st Lien | | | | | | | | |
7.608%, 07/31/28 | | | 1,000 | | | | 1,014 | |
| | | | | | | | | | | | | |
Total Publishing and Media-other | | | 2,063 | |
| | | | | | | | | | | | | |
Retail [0.1%] |
Ascena Retail Group, Inc. (Anntaylor Retail, Inc.), Tranche B Term Loan, 1st Lien | | | | | | | | |
5.250%, LIBOR + 4.500%, 12/28/23(B) | | $ | 248 | | | $ | 1 | |
Belk,Inc., First-Out Loan, 1st Lien | | | | | | | | |
15.000%, LIBOR + 7.500%, 07/31/25(B) | | | 1,635 | | | | 1,389 | |
Belk,Inc., Second-Out Loan, 1st Lien | | | | | | | | |
10.000%, 07/31/25(B) | | | 654 | | | | 113 | |
J.C. Penney Corporation, Inc. , Loan (2016), 1st Lien | | | | | | | | |
5.250%, LIBOR + 4.250%, 06/21/24(B) (C) (E) | | | 794 | | | | 1 | |
| | | | | | | | | | | | | |
Total Retail | | | | | | | 1,504 | |
| | | | | | | | | | | | | |
Retail (non-food/drug) [0.3%] |
AL AS Adventure, Term Loan, 1st Lien | | | | | | | | |
8.637%, 04/24/26 | | | 2,228 | | | | 2,313 | |
CTEC III GmbH, Facility B, 1st Lien | | | | | | | | |
7.283%, EURIBOR + 3.500%, 03/16/29(B) | | | 1,000 | | | | 1,043 | |
Elsan SAS , Facility B5, 1st Lien | | | | | | | | |
7.390%, EURIBOR + 3.350%, 06/16/28(B) | | | 1,000 | | | | 1,039 | |
Peer Holding Iii B.V | | | | | | | | |
7.222%, 11/27/26 | | EUR | 2,000 | | | | 2,106 | |
THG Operations Holdings Limited, Facility B, 1st Lien | | | | | | | | |
8.262%, 12/10/26 | | EUR | 1,000 | | | | 994 | |
| | | | | | | | | | | | | |
Total Retail (non-food/drug) | | | 7,495 | |
| | | | | | | | | | | | | |
Retail and Wholesale [0.0%] |
GIP Pilot, Term Loan | | | | | | | | |
0.000%, 09/18/30(G) | | | 235 | | | | 234 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Retail Stores [0.1%] |
Belfor Holdings Inc., Initial Term Loan, 1st Lien | | | | | | | | |
9.431%, CME Term SOFR + 4.000%, 04/06/26(B) | | $ | 1,240 | | | $ | 1,235 | |
Evergreen Acqco 1 LP, Initial Term Loan, 1st Lien | | | | | | | | |
10.754%, CME Term SOFR + 5.500%, 04/21/28(B) | | | 327 | | | | 327 | |
Great Outdoors Group, LLC, Term B-2 Loan, 1st Lien | | | | | | | | |
9.181%, CME Term SOFR + 3.750%, 03/06/28(B) | | | 898 | | | | 895 | |
Jo-Ann Stores, LLC, Term B-1 Loan, 1st Lien | | | | | | | | |
10.362%, CME Term SOFR + 4.750%, 07/07/28(B) | | | 789 | | | | 248 | |
Rising Tide Holdings, Inc., Initial Term Loan | | | | | | | | |
13.922%, CME Term SOFR + 8.250%, 06/01/29(B) | | | 249 | | | | 4 | |
0.000%, CME Term SOFR + 8.250%, 06/01/29(B) (G) | | | 254 | | | | 4 | |
Rising Tide Holdings, Inc., Term Loan, 1st Lien | | | | | | | | |
13.661%, 03/11/24 | | | 23 | | | | 21 | |
Toys ‘R’ Us Property Company I, LLC, Term Loan | | | | | | | | |
0.000%, 03/20/22(G) | | | 9 | | | | 44 | |
| | | | | | | | | | | | | |
Total Retail Stores | | | | | | | 2,778 | |
| | | | | | | | | | | | | |
Services [1.4%] |
Adtalem Global, Term Loan B, 1st Lien | | | | | | | | |
9.431%, 08/12/28 | | | 1,444 | | | | 1,441 | |
American Public Education, Term Loan B, 1st Lien | | | | | | | | |
10.946%, 03/29/27 | | | 759 | | | | 751 | |
Assystem Technologies, Term Loan, 1st Lien | | | | | | | | |
7.540%, 09/27/24 | | | 1,000 | | | | 1,041 | |
Boels, Term Loan | | | | | | | | |
6.949%, 02/06/27 | | | 862 | | | | 910 | |
CAB, Facility B, 1st Lien | | | | | | | | |
6.754%, EURIBOR + 3.000%, 02/09/28(B) | | $ | 1,000 | | | $ | 1,013 | |
Eagle Bidco Limited, Term Loan, 1st Lien | | | | | | | | |
9.740%, 03/10/28 | | | 1,182 | | | | 1,377 | |
Foncia, Term Loan, 1st Lien | | | | | | | | |
7.455%, 03/17/28 | | | 1,000 | | | | 987 | |
Franklin UK Midco Limited, New Facility B1, 1st Lien | | | | | | | | |
7.643%, EURIBOR + 5.250%, 12/18/26(B) | | | 598 | | | | 617 | |
Franklin UK Midco Limited, New Facility B2, 1st Lien | | | | | | | | |
7.643%, EURIBOR + 5.250%, 12/18/26(B) | | | 20 | | | | 21 | |
Franklin UK Midco Limited, New Facility B3, 1st Lien | | | | | | | | |
6.712%, EURIBOR + 5.250%, 12/18/26(B) | | | 231 | | | | 238 | |
Franklin UK Midco Limited, New Facility B4, 1st Lien | | | | | | | | |
8.862%, EURIBOR + 5.250%, 12/18/26(B) | | | 151 | | | | 155 | |
HNVR Holdco Limited, Facility D, 1st Lien | | | | | | | | |
8.839%, EURIBOR + 5.500%, 09/12/27(B) | | | 1,000 | | | | 1,051 | |
Kronosnet, Term Loan, 1st Lien | | | | | | | | |
9.448%, 07/28/29 | | | 1,500 | | | | 1,532 | |
MGroup Term Loan B | | | | | | | | |
8.837%, 07/25/25 | | GBP | 1,700 | | | | 2,060 | |
Nielsen Consumer, Inc, Term Loan, 1st Lien | | | | | | | | |
10.358%, 03/06/28 | | | 1,000 | | | | 1,055 | |
7.608%, 03/06/28 | | | 1,000 | | | | 1,019 | |
Nobel Bidco B.V., Facility B, 1st Lien | | | | | | | | |
7.270%, EURIBOR + 3.500%, 09/01/28(B) | | | 1,500 | | | | 1,527 | |
Oravel Stays, Term Loan B, 1st Lien | | | | | | | | |
13.908%, 06/05/26 | | | 846 | | | | 724 | |
QA Term Loan | | | | | | | | |
10.055%, LIBOR + 4.750%, 07/26/24(B) | | GBP | 1,500 | | | | 1,812 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Sigma Holdco B.V., Facility B1, 1st Lien | | | | | | | | |
7.413%, EURIBOR + 3.500%, 07/02/25(B) | | $ | 753 | | | $ | 793 | |
Sitel Group, Term Loan, 1st Lien | | | | | | | | |
7.610%, 07/28/28 | | | 1,500 | | | | 1,542 | |
St. George’s University Scholastic Services LLC, Term Loan B, 1st Lien | | | | | | | | |
8.666%, 02/10/29 | | | 767 | | | | 759 | |
Timber Servicios Empresariales, S.A., Facility B, 1st Lien | | | | | | | | |
8.986%, EURIBOR + 4.850%, 03/30/29(B) | | | 1,000 | | | | 992 | |
Unique BidCo AB, Facility B Loan, 1st Lien | | | | | | | | |
8.949%, EURIBOR + 5.250%, 03/16/29(B) | | | 1,000 | | | | 1,019 | |
Verisure Holding AB (publ), Facility B (EUR), 1st Lien | | | | | | | | |
6.972%, EURIBOR + 3.000%, 03/27/28(B) | | | 1,500 | | | | 1,566 | |
Villa Dutch Bidco, Term Loan, 1st Lien | | | | | | | | |
9.118%, 03/01/30 | | | 2,000 | | | | 2,101 | |
Virgin Media, Term Loan, 1st Lien | | | | | | | | |
8.466%, 01/31/27 | | GBP | 1,000 | | | | 1,200 | |
WSH Term Loan | | | | | | | | |
10.241%, 02/27/26 | | GBP | 1,000 | | | | 1,184 | |
| | | | | | | | | | | | | |
Total Services | | | | | | | 30,487 | |
| | | | | | | | | | | | | |
Software and Service [0.1%] |
Cloud Software Group, Inc, Term Loan A, 1st Lien | | | | | | | | |
9.990%, 09/29/28 | | | 2,112 | | | | 2,024 | |
| | | | | | | | | | | | | |
Technology [0.1%] |
UST Holdings Ltd, Term Loan, 1st Lien | | | | | | | | |
8.946%, 11/20/28 | | | 764 | | | | 749 | |
Virtusa, Term Loan, 1st Lien | | | | | | | | |
9.331%, 02/11/28 | | | 1,243 | | | | 1,232 | |
| | | | | | | | | | | | | |
Total Technology | | | | | | | 1,981 | |
| | | | | | | | | | | | | |
Technology, Electronics, Software & IT [0.3%] |
Colour Bidco (NGA UK) Term Loan B | | | | | | | | |
9.201%, LIBOR + 5.250%, 11/22/24(B) | | GBP | 1,628 | | | $ | 1,937 | |
ION Trading Finance Limited, Initial Euro Term Loan (2021), 1st Lien | | | | | | | | |
8.222%, EURIBOR + 4.250%, 04/01/28(B) | | | 1,430 | | | | 1,485 | |
Kleopatra Finco S.a r.l., Facility B (EUR), 1st Lien | | | | | | | | |
8.669%, EURIBOR + 4.725%, 02/12/26(B) | | | 1,000 | | | | 992 | |
Polaris Newco LLC, Term Loan, 1st Lien | | | | | | | | |
7.714%, 06/02/28 | | | 968 | | | | 971 | |
Trevise Holdings 1, Facility B, 1st Lien | | | | | | | | |
8.722%, Euribor + 4.900%, 07/09/29(B) | | | 1,000 | | | | 1,056 | |
| | | | | | | | | | | | | |
Total Technology, Electronics, Software & IT | | | 6,441 | |
| | | | | | | | | | | | | |
Telecommunications [1.0%] |
AI Sirona (Luxembourg) Acquisition S.a.r.l., Facility B2 (EUR), 1st Lien | | | | | | | | |
8.858%, Euribor + 5.000%, 09/30/28(B) | | | 1,000 | | | | 1,054 | |
AP Core Holdings II, LLC, Term B-2 Loan, 1st Lien | | | | | | | | |
10.931%, CME Term SOFR + 5.500%, 09/01/27(B) | | | 500 | | | | 485 | |
Apex Group Treasury Limited, EUR Term Loan, 1st Lien | | | | | | | | |
7.754%, EURIBOR + 4.000%, 07/27/28(B) | | | 1,000 | | | | 1,049 | |
Atlantic Broadband, Term Loan B, 1st Lien | | | | | | | | |
0.000%, 09/18/30(G) | | | 460 | | | | 452 | |
Circet Europe, Senior Facility B, 1st Lien | | | | | | | | |
7.222%, EURIBOR + 3.250%, 10/13/28(B) | | | 1,500 | | | | 1,572 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, 1st Lien | | | | | | | | |
8.816%, CME Term SOFR + 3.500%, 12/11/26(B) | | $ | 1,998 | | | $ | 1,954 | |
Coral-US Co-Borrower LLC, Term B-5 Loan, 1st Lien | | | | | | | | |
7.697%, CME Term SOFR + 2.250%, 01/31/28(B) | | | 1,000 | | | | 990 | |
Creation Technologies Inc., Initial Term Loan, 1st Lien | | | | | | | | |
11.012%, CME Term SOFR + 5.500%, 10/05/28(B) | | | 906 | | | | 858 | |
Guardian US Holdco LLC, Initial Term Loan, 1st Lien | | | | | | | | |
9.390%, CME Term SOFR + 4.000%, 01/31/30(B) | | | 778 | | | | 778 | |
Intelsat Jackson Holdings S.A., Term B Loan, 1st Lien | | | | | | | | |
9.772%, CME Term SOFR + 4.250%, 02/01/29(B) | | | 1,179 | | | | 1,176 | |
Iridium Communications, Term Loan B, 1st Lien | | | | | | | | |
7.816%, 09/13/30 | | | 500 | | | | 499 | |
Lorca Holdco Limited, Facility B, 1st Lien | | | | | | | | |
8.022%, EURIBOR + 4.200%, 09/17/27(B) | | | 2,500 | | | | 2,632 | |
Lumen Technologies Inc., Term B Loan, 1st Lien | | | | | | | | |
7.681%, CME Term SOFR + 2.250%, 03/15/27(B) | | | 1,058 | | | | 752 | |
Patagonia Holdco LLC, Amendment No.1 Term Loan, 1st Lien | | | | | | | | |
11.117%, CME Term SOFR + 5.750%, 08/01/29(B) | | | 724 | | | | 637 | |
Radiate Holdco, LLC, Amendment No. 6 Term B Loan, 1st Lien | | | | | | | | |
8.681%, CME Term SOFR + 3.250%, 09/25/26(B) | | | 1,788 | | | | 1,458 | |
UPC Broadband Holding B.V., Facility AY, 1st Lien | | | | | | | | |
6.600%, EURIBOR + 3.000%, 01/31/29(B) | | $ | 1,000 | | | $ | 1,044 | |
Virgin Media SFA, Term Loan, 1st Lien | | | | | | | | |
8.472%, 11/15/27 | | | 1,000 | | | | 1,201 | |
Voyage Digital (NZ) Limited, Initial U.S. Term Loan, 1st Lien | | | | | | | | |
9.630%, CME Term SOFR + 4.250%, 05/11/29(B) | | | 1,072 | | | | 1,069 | |
WP/AP Telecom Holdings IV B.V., Facility B Loan, 1st Lien | | | | | | | | |
7.872%, EURIBOR + 4.000%, 11/19/28(B) | | | 2,000 | | | | 2,103 | |
Zayo Group Holdings, Term Loan, 1st Lien | | | | | | | | |
0.000%, 03/09/27(G) | | | 995 | | | | 795 | |
| | | | | | | | | | | | | |
Total Telecommunications | | | | | | | 22,558 | |
| | | | | | | | | | | | | |
Transportation [0.0%] |
Forward Air, Term Loan B, 1st Lien | | | | | | | | |
0.000%, 09/30/30(G) | | | 725 | | | | 706 | |
| | | | | | | | | | | | | |
Transportation, Airlines & Distribution [0.0%] |
Flint Group, Term Loan | | | | | | | | |
0.000%, 12/31/27(G) | | | 400 | | | | 81 | |
| | | | | | | | | | | | | |
Utilities [0.2%] |
Eastern Power, LLC (Eastern Covert Midco, LLC), Term Loan, 1st Lien | | | | | | | | |
9.196%, LIBOR + 3.750%, 10/02/25(B) | | | 963 | | | | 928 | |
Generation Bridge Northeast, LLC, Term B Loan, 1st Lien | | | | | | | | |
9.566%, CME Term SOFR + 4.250%, 08/22/29(B) | | | 170 | | | | 170 | |
Talen Energy Supply, LLC, Initial Term B Loan, 1st Lien | | | | | | | | |
9.876%, CME Term SOFR + 4.500%, 05/17/30(B) | | | 391 | | | | 393 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Talen Energy Supply, LLC, Initial Term C Loan, 1st Lien | | | | | | | | |
9.876%, CME Term SOFR + 4.500%, 05/17/30(B) | | $ | 318 | | | $ | 319 | |
Traverse Midstream Partners LLC, Advance, 1st Lien | | | | | | | | |
9.216%, CME Term SOFR + 3.750%, 02/16/28(B) | | | 803 | | | | 801 | |
WaterBridge Midstream Operating LLC, Initial Term Loan, 1st Lien | | | | | | | | |
11.363%, CME Term SOFR + 5.750%, 06/22/26(B) | | | 1,530 | | | | 1,530 | |
| | | | | | | | | | | | | |
Total Utilities | | | | | | | 4,141 | |
| | | | | | | | | | | | | |
Total Loan Participations | | | | |
(Cost $367,764) | | | | | | | 350,350 | |
| | | | | | | | | | | | | |
Mortgage-Backed Securities [15.0%] |
522 Funding CLO, Ser 2021-7A, Cl E | | | | | | | | |
11.827%, TSFR3M + 6.482%, 04/23/34(A) (B) | | | 1,700 | | | | 1,560 | |
Adagio IX EUR CLO DAC, Ser 2021-X, Cl E | | | | | | | | |
9.865%, EUR003M + 6.020%, 09/15/34(B) | | EUR | 1,000 | | | | 908 | |
Adagio V CLO DAC, Ser 2018-X, Cl ER | | | | | | | | |
8.813%, EUR003M + 5.150%, 10/15/31(B) | | EUR | 1,000 | | | | 882 | |
Anchorage Capital Europe CLO DAC, Ser 2021-4X, Cl E | | | | | | | | |
9.431%, EUR003M + 5.710%, 04/25/34(B) | | EUR | 1,000 | | | | 947 | |
Arbour CLO III DAC, Ser 2021-3X, Cl ERR | | | | | | | | |
9.553%, EUR003M + 5.890%, 07/15/34(B) | | EUR | 1,250 | | | | 1,171 | |
ARBOUR CLO IX DAC, Ser 2021-9X, Cl E | | | | | | | | |
9.453%, EUR003M + 5.790%, 04/15/34(B) | | EUR | 1,300 | | | | 1,193 | |
Armada Euro CLO II DAC, Ser 2018-2X, Cl F | | | | | | | | |
10.231%, EUR003M + 6.450%, 11/15/31(B) | | EUR | 1,000 | | | | 890 | |
Bain Capital Euro CLO 2021-2 DAC, Ser 2021-2X, Cl A | | | | | | | | |
4.683%, EUR003M + 1.020%, 07/17/34(B) | | EUR | 3,600 | | | $ | 3,717 | |
Ballyrock CLO 23, Ser 2023-23A, Cl A1 | | | | | | | | |
6.971%, TSFR3M + 1.980%, 04/25/36(A) (B) | | | 10,000 | | | | 10,042 | |
Barings Euro CLO 2015-1 DAC, Ser 2022-1X, Cl ERR | | | | | | | | |
10.581%, EUR003M + 6.860%, 07/25/35(B) | | EUR | 1,220 | | | | 1,131 | |
Barings Euro CLO 2021-2 DAC, Ser 2021-2X, Cl E | | | | | | | | |
9.833%, EUR003M + 6.170%, 10/15/34(B) | | EUR | 2,374 | | | | 2,055 | |
Barings Euro CLO 2021-3 DAC, Ser 2022-3X, Cl D | | | | | | | | |
7.305%, EUR003M + 3.600%, 07/27/34(B) | | EUR | 1,000 | | | | 960 | |
Barings Euro CLO BV, Ser 2018-1X, Cl E | | | | | | | | |
7.783%, EUR003M + 4.120%, 04/15/31(B) | | EUR | 4,275 | | | | 3,715 | |
Barings Euro CLO BV, Ser 2018-2X, Cl E | | | | | | | | |
8.713%, EUR003M + 5.050%, 10/15/31(B) | | EUR | 3,000 | | | | 2,624 | |
Battalion CLO 18, Ser 2021-18A, Cl ER | | | | | | | | |
12.280%, TSFR3M + 6.972%, 10/15/36(A) (B) | | | 2,000 | | | | 1,731 | |
Battalion CLO X, Ser 2021-10A, Cl DR2 | | | | | | | | |
12.217%, TSFR3M + 6.872%, 01/25/35(A) (B) | | | 2,750 | | | | 2,244 | |
Battalion CLO XIV, Ser 2021-14A, Cl ER | | | | | | | | |
12.448%, TSFR3M + 7.122%, 01/20/35(A) (B) | | | 3,500 | | | | 3,047 | |
Bbam US CLO I, Ser 2022-1A, Cl A1 | | | | | | | | |
6.688%, TSFR3M + 1.380%, 04/15/35(A) (B) | | | 9,750 | | | | 9,573 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Birch Grove CLO 3, Ser 2021-3A, Cl E | | | | | | | | |
12.562%, TSFR3M + 7.242%, 01/19/35(A) (B) | | $ | 4,000 | | | $ | 3,741 | |
Black Diamond CLO, Ser 2021-1A, Cl D | | | | | | | | |
13.087%, TSFR3M + 7.742%, 11/22/34(A) (B) | | | 1,000 | | | | 941 | |
Blackrock European CLO DAC, Ser 2018-1X, Cl FR | | | | | | | | |
10.445%, EUR003M + 6.600%, 03/15/31(B) | | EUR | 1,750 | | | | 1,554 | |
Blackrock European CLO III DAC, Ser 2021-3X, Cl ER | | | | | | | | |
9.815%, EUR003M + 6.130%, 07/19/35(B) | | EUR | 3,000 | | | | 2,819 | |
Blackrock European CLO IX DAC, Ser 2019-9X, Cl F | | | | | | | | |
12.765%, EUR003M + 8.920%, 12/15/32(B) | | EUR | 1,250 | | | | 1,124 | |
Bluemountain Euro CLO DAC, Ser 2021-2X, Cl D | | | | | | | | |
6.763%, EUR003M + 3.100%, 10/15/35(B) | | EUR | 1,150 | | | | 1,101 | |
Bosphorus CLO VI DAC, Ser 2021-6X, Cl E | | | | | | | | |
9.626%, EUR003M + 5.800%, 05/25/34(B) | | EUR | 2,500 | | | | 2,248 | |
Bridgepoint CLO 2 DAC, Ser 2021-2X, Cl A | | | | | | | | |
4.563%, EUR003M + 0.900%, 04/15/35(B) | | EUR | 5,400 | | | | 5,567 | |
BSL CLO 3, Ser 2021-3A, Cl E | | | | | | | | |
12.538%, TSFR3M + 7.212%, 10/20/34(A) (B) | | | 2,000 | | | | 1,868 | |
Cairn CLO XI DAC, Ser 2019-11X, Cl E | | | | | | | | |
10.433%, EUR003M + 6.770%, 07/15/32(B) | | EUR | 5,850 | | | | 5,627 | |
Cairn CLO XII DAC, Ser 2021-12X, Cl AR | | �� | | | | | | |
4.653%, EUR003M + 0.990%, 07/15/34(B) | | EUR | 3,400 | | | | 3,510 | |
Cairn CLO XIII DAC, Ser 2021-13X, Cl E | | | | | | | | |
9.825%, EUR003M + 6.120%, 10/20/33(B) | | EUR | 1,000 | | | | 936 | |
Cairn CLO XIV DAC, Ser 2021-14X, Cl A | | | | | | | | |
4.714%, EUR003M + 1.000%, 10/29/34(B) | | EUR | 2,000 | | | $ | 2,061 | |
Cairn CLO XIV DAC, Ser 2021-14X, Cl E | | | | | | | | |
9.824%, EUR003M + 6.110%, 10/29/34(B) | | EUR | 1,000 | | | | 943 | |
Capital Four CLO I DAC, Ser 2019-1X, Cl E | | | | | | | | |
10.133%, EUR003M + 6.470%, 01/15/33(B) | | EUR | 1,500 | | | | 1,468 | |
Carlyle Euro CLO 2017-1 DAC, Ser 2021-1X, Cl DR | | | | | | | | |
10.133%, EUR003M + 6.470%, 07/15/34(B) | | EUR | 1,650 | | | | 1,548 | |
Carlyle Euro CLO DAC, Ser 2022-3X, Cl C | | | | | | | | |
7.281%, EUR003M + 3.500%, 02/15/36(B) | | EUR | 1,350 | | | | 1,252 | |
Carlyle Euro CLO DAC, Ser 2022-3X, Cl D | | | | | | | | |
10.241%, EUR003M + 6.460%, 02/15/36(B) | | EUR | 2,700 | | | | 2,393 | |
Carlyle Global Market Strategies Euro CLO, Ser 2020-1X, Cl DR | | | | | | | | |
9.163%, EUR003M + 5.500%, 01/16/33(B) | | EUR | 2,000 | | | | 1,788 | |
Carlyle Global Market Strategies Euro CLO DAC, Ser 2018-1X, Cl ER | | | | | | | | |
8.593%, EUR003M + 4.930%, 07/15/31(B) | | EUR | 3,300 | | | | 3,014 | |
Carlyle Global Market Strategies Euro CLO DAC, Ser 2018-3X, Cl DR | | | | | | | | |
8.301%, EUR003M + 4.580%, 01/25/32(B) | | EUR | 2,400 | | | | 2,140 | |
Carlyle Global Market Strategies Euro CLO DAC, Ser 2022-2X, Cl DRR | | | | | | | | |
10.415%, EUR003M + 6.650%, 11/10/35(B) | | EUR | 1,450 | | | | 1,322 | |
Cathedral Lake VI, Ser 2021-6A, Cl E | | | | | | | | |
12.823%, TSFR3M + 7.472%, 04/25/34(A) (B) | | | 1,000 | | | | 848 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Cathedral Lake VIII, Ser 2021-8A, Cl E | | | | | | | | |
13.085%, TSFR3M + 7.752%, 01/20/35(A) (B) | | $ | 2,000 | | | $ | 1,817 | |
CQS US CLO, Ser 2021-1A, Cl DJ | | | | | | | | |
10.568%, TSFR3M + 5.242%, 01/20/35(A) (B) | | | 300 | | | | 293 | |
CVC Cordatus Loan Fund IV, Ser 2021-4X, Cl FRRR | | | | | | | | |
11.876%, EUR003M + 8.060%, 02/22/34(B) | | EUR | 615 | | | | 578 | |
CVC Cordatus Loan Fund XVI DAC, Ser 2019-16X, Cl E | | | | | | | | |
10.567%, EUR003M + 6.700%, 06/17/32(B) | | EUR | 1,000 | | | | 983 | |
CVC Cordatus Loan Fund XX DAC, Ser 2021-20X, Cl E | | | | | | | | |
9.544%, EUR003M + 5.610%, 06/22/34(B) | | EUR | 1,000 | | | | 950 | |
CVC Cordatus Loan Fund XXII DAC, Ser 2021-22X, Cl F | | | | | | | | |
12.625%, EUR003M + 8.780%, 12/15/34(B) | | EUR | 1,700 | | | | 1,597 | |
Diameter Capital CLO 3, Ser 2022-3A, Cl D | | | | | | | | |
12.108%, TSFR3M + 6.800%, 04/15/37(A) (B) | | | 2,600 | | | | 2,382 | |
Diameter Capital CLO 5, Ser 2023-5A, Cl D | | | | | | | | |
12.884%, TSFR3M + 7.570%, 10/15/36(A) (B) | | | 2,000 | | | | 1,980 | |
Dryden 29 Euro CLO 2013 BV, Ser 2018-29X, Cl ERR | | | | | | | | |
8.413%, EUR003M + 4.750%, 07/15/32(B) | | EUR | 911 | | | | 813 | |
Dryden 32 Euro CLO 2014 BV, Ser 2018-32X, Cl FR | | | | | | | | |
11.051%, EUR003M + 7.270%, 08/15/31(B) | | EUR | 1,250 | | | | 894 | |
Dryden 35 EURO CLO 2014 BV, Ser 2020-35X, Cl ER | | | | | | | | |
9.993%, EUR003M + 6.330%, 01/17/33(B) | | EUR | 4,200 | | | | 3,873 | |
Dryden 66 Euro CLO 2018 DAC, Ser 2018-66X, Cl E | | | | | | | | |
9.070%, EUR003M + 5.410%, 01/18/32(B) | | EUR | 1,200 | | | $ | 1,082 | |
Dryden 69 Euro CLO 2018 DAC, Ser 2021-69X, Cl ER | | | | | | | | |
10.030%, EUR003M + 6.370%, 10/18/34(B) | | EUR | 4,700 | | | | 4,142 | |
Dryden 88 Euro CLO 2020 DAC, Ser 2021-88X, Cl E | | | | | | | | |
9.715%, EUR003M + 6.010%, 07/20/34(B) | | EUR | 1,500 | | | | 1,323 | |
Dryden 91 Euro CLO 2021 DAC, Ser 2022-91X, Cl E | | | | | | | | |
10.720%, EUR003M + 7.060%, 04/18/35(B) | | EUR | 1,000 | | | | 959 | |
Euro-Galaxy III CLO DAC, Ser 2021-3X, Cl FRRR | | | | | | | | |
11.678%, EUR003M + 7.980%, 04/24/34(B) | | EUR | 500 | | | | 469 | |
Euro-Galaxy V CLO DAC, Ser 2021-5X, Cl ERR | | | | | | | | |
9.601%, EUR003M + 5.820%, 02/15/34(B) | | EUR | 1,350 | | | | 1,287 | |
Fair Oaks Loan Funding II DAC, Ser 2021-2X, Cl AR | | | | | | | | |
4.543%, EUR003M + 0.880%, 04/15/34(B) | | EUR | 3,500 | | | | 3,607 | |
Fair Oaks Loan Funding III DAC, Ser 2021-3X, Cl AR | | | | | | | | |
4.663%, EUR003M + 1.000%, 10/15/34(B) | | EUR | 10,000 | | | | 10,294 | |
Fidelity Grand Harbour CLO 2019-1 DAC, Ser 2019-1X, Cl E | | | | | | | | |
9.855%, EUR003M + 6.010%, 03/15/32(B) | | EUR | 1,000 | | | | 942 | |
Franklin Park Place CLO I, Ser 2022-1A, Cl E | | | | | | | | |
12.811%, TSFR3M + 7.500%, 04/14/35(A) (B) | | | 3,160 | | | | 2,909 | |
Greywolf CLO II, Ser 2021-1A, Cl DRR | | | | | | | | |
12.618%, TSFR3M + 7.310%, 04/15/34(A) (B) | | | 3,000 | | | | 2,699 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Greywolf CLO III, Ser 2020-3RA, Cl DR | | | | | | | | |
12.526%, TSFR3M + 7.180%, 04/15/33(A) (B) | | $ | 5,000 | | | $ | 4,543 | |
Guggenheim CLO 2022-2, Ser 2023-2A, Cl E | | | | | | | | |
14.548%, TSFR3M + 9.240%, 01/15/35(A) (B) | | | 3,000 | | | | 2,991 | |
Halseypoint CLO 7, Ser 2023-7A, Cl A | | | | | | | | |
7.509%, TSFR3M + 2.250%, 07/20/36(A) (B) | | | 10,000 | | | | 10,017 | |
Harvest CLO IX DAC, Ser 2017-9X, Cl ER | | | | | | | | |
8.901%, EUR003M + 5.120%, 02/15/30(B) | | EUR | 1,000 | | | | 937 | |
Harvest CLO XXII DAC, Ser 2019-22X, Cl E | | | | | | | | |
9.773%, EUR003M + 6.110%, 01/15/32(B) | | EUR | 1,500 | | | | 1,365 | |
Harvest CLO XXIII DAC, Ser 2020-23X, Cl F | | | | | | | | |
12.015%, EUR003M + 8.310%, 10/20/32(B) | | EUR | 1,500 | | | | 1,389 | |
Harvest CLO XXIV DAC, Ser 2021-24X, Cl AR | | | | | | | | |
4.703%, EUR003M + 1.040%, 07/15/34(B) | | EUR | 5,000 | | | | 5,163 | |
Hayfin Emerald CLO IV DAC, Ser 2021-4X, Cl DR | | | | | | | | |
7.113%, EUR003M + 3.450%, 10/15/34(B) | | EUR | 2,255 | | | | 2,034 | |
Hayfin Emerald CLO VIII DAC, Ser 2021-8X, Cl D | | | | | | | | |
7.163%, EUR003M + 3.500%, 01/17/35(B) | | EUR | 1,550 | | | | 1,361 | |
Henley CLO III DAC, Ser 2021-3X, Cl ER | | | | | | | | |
10.011%, EUR003M + 6.290%, 12/25/35(B) | | EUR | 1,050 | | | | 1,011 | |
Henley CLO IV DAC, Ser 2021-4X, Cl A | | | | | | | | |
4.621%, EUR003M + 0.900%, 04/25/34(B) | | EUR | 2,500 | | | | 2,581 | |
ICG Euro CLO DAC, Ser 2021-1X, Cl E | | | | | | | | |
10.123%, EUR003M + 6.460%, 10/15/34(B) | | EUR | 2,000 | | | | 1,861 | |
ICG Euro CLO DAC, Ser 2021-1X, Cl F | | | | | | | | |
12.483%, EUR003M + 8.820%, 10/15/34(B) | | EUR | 1,000 | | | $ | 934 | |
Invesco Euro CLO IV DAC, Ser 2020-4X, Cl A | | | | | | | | |
4.593%, EUR003M + 0.930%, 04/15/33(B) | | EUR | 3,700 | | | | 3,833 | |
Jamestown CLO XVII, Ser 2021-17A, Cl E | | | | | | | | |
12.703%, TSFR3M + 7.352%, 01/25/35(A) (B) | | | 4,000 | | | | 3,742 | |
KKR CLO 14, Ser 2018-14, Cl ER | | | | | | | | |
11.720%, TSFR3M + 6.412%, 07/15/31(A) (B) | | | 2,000 | | | | 1,812 | |
Logiclane I CLO DAC, Ser 2022-1X, Cl A | | | | | | | | |
4.633%, EUR003M + 0.970%, 03/15/35(B) | | EUR | 5,000 | | | | 5,154 | |
Madison Park Euro Funding XII DAC, Ser 2018-12X, Cl EN | | | | | | | | |
8.863%, EUR003M + 5.200%, 10/15/31(B) | | EUR | 151 | | | | 139 | |
Man GLG Euro CLO V DAC, Ser 2018-5X, Cl E | | | | | | | | |
9.705%, EUR003M + 5.860%, 12/15/31(B) | | EUR | 900 | | | | 849 | |
Man GLG Euro CLO VI DAC, Ser 2020-6X, Cl E | | | | | | | | |
9.053%, EUR003M + 5.390%, 10/15/32(B) | | EUR | 1,300 | | | | 1,189 | |
Marble Point CLO XX, Ser 2021-1A, Cl E | | | | | | | | |
12.717%, TSFR3M + 7.372%, 04/23/34(A) (B) | | | 1,000 | | | | 924 | |
Marble Point CLO XXII, Ser 2021-2A, Cl A | | | | | | | | |
6.813%, TSFR3M + 1.462%, 07/25/34(A) (B) | | | 4,000 | | | | 3,953 | |
Midocean Credit CLO IX, Ser 2018-9A, Cl E | | | | | | | | |
11.638%, TSFR3M + 6.312%, 07/20/31(A) (B) | | | 1,000 | | | | 861 | |
MidOcean Credit CLO X, Ser 2021-10A, Cl ER | | | | | | | | |
12.767%, TSFR3M + 7.422%, 10/23/34(A) (B) | | | 3,000 | | | | 2,497 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
MidOcean Credit CLO XII, Ser 2023-12A, Cl A1 | | | | | | | | |
7.060%, TSFR3M + 2.000%, 04/18/34(A) (B) | | $ | 7,500 | | | $ | 7,535 | |
Northwoods Capital 20, Ser 2021-20A, Cl ER | | | | | | | | |
13.463%, TSFR3M + 8.112%, 01/25/32(A) (B) | | | 2,438 | | | | 2,314 | |
Northwoods Capital 21 Euro DAC, Ser 2021-21X, Cl DR | | | | | | | | |
6.948%, EUR003M + 3.250%, 07/22/34(B) | | EUR | 1,375 | | | | 1,269 | |
Northwoods Capital 21 Euro DAC, Ser 2021-21X, Cl ER | | | | | | | | |
9.758%, EUR003M + 6.060%, 07/22/34(B) | | EUR | 2,300 | | | | 2,070 | |
Northwoods Capital 21 Euro DAC, Ser 2021-21X, Cl FR | | | | | | | | |
12.328%, EUR003M + 8.630%, 07/22/34(B) | | EUR | 3,230 | | | | 2,675 | |
Northwoods Capital 22, Ser 2022-22A, Cl D2R | | | | | | | | |
11.060%, TSFR3M + 5.650%, 09/01/31(A) (B) | | | 1,000 | | | | 945 | |
Northwoods Capital 25, Ser 2021-25A, Cl E | | | | | | | | |
12.728%, TSFR3M + 7.402%, 07/20/34(A) (B) | | | 2,000 | | | | 1,793 | |
Northwoods Capital 26 Euro DAC, Ser 2022-26X, Cl E | | | | | | | | |
11.233%, EUR003M + 7.570%, 07/15/35(B) | | EUR | 500 | | | | 479 | |
Northwoods Capital 27, Ser 2021-27A, Cl E | | | | | | | | |
12.610%, TSFR3M + 7.302%, 10/17/34(A) (B) | | | 1,150 | | | | 986 | |
OAK Hill European Credit Partners V DAC, Ser 2021-5X, Cl DR | | | | | | | | |
7.246%, EUR003M + 3.600%, 01/21/35(B) | | EUR | 1,350 | | | | 1,334 | |
OAK Hill European Credit Partners V Designated Activity, Ser 2021-5X, Cl ER | | | | | | | | |
10.016%, EUR003M + 6.370%, 01/21/35(B) | | EUR | 1,000 | | | $ | 956 | |
Oaktree CLO 2022-3, Ser 2022-3A, Cl A2 | | | | | | | | |
7.608%, TSFR3M + 2.300%, 07/15/35(A) (B) | | | 4,300 | | | | 4,327 | |
Oaktree CLO 2023-1, Ser 2023-1A, Cl A1 | | | | | | | | |
6.761%, TSFR3M + 1.900%, 04/15/36(A) (B) | | | 5,000 | | | | 5,017 | |
Ocean Trails CLO VII, Ser 2019-7A, Cl E | | | | | | | | |
12.450%, TSFR3M + 7.142%, 04/17/30(A) (B) | | | 3,000 | | | | 1,947 | |
OZLM XXIV, Ser 2019-24A, Cl D | | | | | | | | |
12.638%, TSFR3M + 7.312%, 07/20/32(A) (B) | | | 4,000 | | | | 3,296 | |
PARK BLUE CLO 2023-III, Ser 2023-3A, Cl A1 | | | | | | | | |
6.957%, TSFR3M + 2.000%, 04/20/36(A) (B) | | | 10,000 | | | | 9,996 | |
Pikes Peak CLO 14 2023, Ser 2023-14A, Cl A1 | | | | | | | | |
7.145%, TSFR3M + 1.950%, 04/20/36(A) (B) | | | 10,900 | | | | 10,941 | |
Purple Finance CLO 2 DAC, Ser 2019-2X, Cl E | | | | | | | | |
10.105%, EUR003M + 6.400%, 04/20/32(B) | | EUR | 2,000 | | | | 1,934 | |
Rockford Tower Europe CLO 2019-1 DAC, Ser 2019-1X, Cl A | | | | | | | | |
4.625%, EUR003M + 0.920%, 01/20/33(B) | | EUR | 13,970 | | | | 14,450 | |
Rockford Tower Europe CLO 2021-2 DAC, Ser 2021-2X, Cl F | | | | | | | | |
12.598%, EUR003M + 8.900%, 01/24/35(B) | | EUR | 1,000 | | | | 898 | |
Rockford Tower Europe CLO DAC, Ser 2021-2X, Cl D | | | | | | | | |
7.148%, EUR003M + 3.450%, 01/24/35(B) | | EUR | 1,350 | | | | 1,238 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount (000)(1) | | | Value (000) | |
Rockford Tower Europe CLO DAC, Ser 2021-2X, Cl E | | | | | | | | |
9.918%, EUR003M + 6.220%, 01/24/35(B) | | EUR | 1,500 | | | $ | 1,374 | |
Sculptor CLO XXIX, Ser 2021-29A, Cl D2 | | | | | | | | |
10.477%, TSFR3M + 5.132%, 10/22/34(A) (B) | | | 1,010 | | | | 905 | |
Sculptor CLO XXVI, Ser 2021-26A, Cl E | | | | | | | | |
12.838%, TSFR3M + 7.512%, 07/20/34(A) (B) | | | 1,800 | | | | 1,658 | |
Sculptor European CLO II DAC, Ser 2021-2X, Cl DR | | | | | | | | |
7.263%, EUR003M + 3.600%, 04/15/34(B) | | EUR | 1,000 | | | | 985 | |
Sculptor European CLO II DAC, Ser 2021-2X, Cl ER | | | | | | | | |
9.553%, EUR003M + 5.890%, 04/15/34(B) | | EUR | 1,100 | | | | 1,040 | |
Sculptor European CLO VI DAC, Ser 2021-6X, Cl DR | | | | | | | | |
7.063%, EUR003M + 3.400%, 10/15/34(B) | | EUR | 1,350 | | | | 1,282 | |
Sculptor European CLO VII DAC, Ser 2020-7X, Cl F | | | | | | | | |
12.043%, EUR003M + 8.380%, 01/15/34(B) | | EUR | 255 | | | | 244 | |
Sound Point CLO XXVIII, Ser 2020-3A, Cl A1 | | | | | | | | |
6.893%, TSFR3M + 1.542%, 01/25/32(A) (B) | | | 10,000 | | | | 9,983 | |
St. Paul’s CLO III-R DAC, Ser 2018-3RX, Cl ER | | | | | | | | |
8.093%, EUR003M + 4.430%, 01/15/32(B) | | EUR | 5,366 | | | | 4,572 | |
St. Paul’s CLO VI DAC, Ser 2021-6X, Cl ERR | | | | | | | | |
10.115%, EUR003M + 6.300%, 05/20/34(B) | | EUR | 1,000 | | | | 941 | |
St. Paul’s CLO VII DAC, Ser 2021-7X, Cl ERR | | | | | | | | |
9.780%, EUR003M + 6.120%, 07/18/34(B) | | EUR | 4,000 | | | | 3,764 | |
St. Paul’s CLO VIII DAC, Ser 2017-8X, Cl E | | | | | | | | |
8.263%, EUR003M + 4.600%, 07/17/30(B) | | EUR | 2,800 | | | | 2,564 | |
Description | | Face Amount (000)(1)/Shares | | | Value (000) | |
St. Paul’s CLO X DAC, Ser 2021-10X, Cl DR | | | | | | | | |
7.448%, EUR003M + 3.750%, 04/22/35(B) | | EUR | 250 | | | $ | 242 | |
St. Paul’s CLO X DAC, Ser 2021-10X, Cl ER | | | | | | | | |
10.058%, EUR003M + 6.360%, 04/22/35(B) | | EUR | 2,360 | | | | 2,272 | |
St. Paul’s CLO XII DAC, Ser 2020-12X, Cl E | | | | | | | | |
8.983%, EUR003M + 5.320%, 04/15/33(B) | | EUR | 1,710 | | | | 1,588 | |
Tikehau CLO II BV, Ser 2021-2X, Cl ER | | | | | | | | |
10.122%, EUR003M + 6.320%, 09/07/35(B) | | EUR | 1,000 | | | | 954 | |
Tikehau CLO VI DAC, Ser 2021-6X, Cl E | | | | | | | | |
9.983%, EUR003M + 6.320%, 01/15/35(B) | | EUR | 1,100 | | | | 1,056 | |
Toro European CLO 2 DAC, Ser 2021-2X, Cl ERR | | | | | | | | |
10.191%, EUR003M + 6.470%, 07/25/34(B) | | EUR | 2,000 | | | | 1,898 | |
Toro European CLO 3 DAC, Ser 2021-3X, Cl ERR | | | | | | | | |
9.963%, EUR003M + 6.300%, 07/15/34(B) | | EUR | 2,000 | | | | 1,881 | |
Toro European CLO 6 DAC, Ser 2019-6X, Cl E | | | | | | | | |
10.151%, EUR003M + 6.490%, 01/12/32(B) | | EUR | 1,207 | | | | 1,127 | |
Trimaran Cavu, Ser 2019-1A, Cl E | | | | | | | | |
12.628%, TSFR3M + 7.302%, 07/20/32(A) (B) | | | 1,800 | | | | 1,733 | |
Trimaran Cavu, Ser 2019-2A, Cl D | | | | | | | | |
12.522%, TSFR3M + 7.212%, 11/26/32(A) (B) | | | 1,750 | | | | 1,646 | |
Trimaran Cavu, Ser 2021-3A, Cl E | | | | | | | | |
12.942%, TSFR3M + 7.632%, 01/18/35(A) (B) | | | 2,000 | | | | 1,898 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description | | Face Amount
(000)(1)/Shares | | | Value (000) | |
Wind River CLO, Ser 2021-1KRA, Cl FR2 | | | | | | | | |
13.470%, TSFR3M + 8.162%, 10/15/34(A) (B) | | $ | 1,000 | | | $ | 706 | |
| | | | | | | | | | | | | |
Total Mortgage-Backed Securities | | | | |
Cost ($352,092) | | | 327,929 | |
| | | | | | | | | | | | | |
Non-Listed Business Development Companies [5.1%] |
Financials [5.1%] |
Golub Capital BDC 3 (J) | | | 5,007,204 | | | | 75,108 | |
Golub Capital BDC 4 (J) | | | 1,643,455 | | | | 24,652 | |
TCW Direct Lending LLC (J) | | | 250 | | | | 11,020 | |
| | | | | | | | | | | | | |
Total Financials | | | | | | | 110,780 | |
| | | | | | | | | | | | | |
Total Non-Listed Business Development Companies | | | | |
| | | | | | | | | | | | | |
(Cost $110,657) | | | | | | | 110,780 | |
| | | | | | | | | | | | | |
Limited Partnerships [2.9%] |
NB Insurance-Linked Strategies Fund* | | | N/A | | | | 10,773 | |
Oberland Capital Healthcare Solutions Co-Invest Offshore LP (J) | | | N/A | | | | 2,002 | |
Oberland Capital Healthcare Solutions LP (J) | | | N/A | | | | 1,430 | |
Primary Wave Music IP Fund LP (J) | | | N/A | | | | 47,332 | |
| | | | | | | | | | | | | |
Total Limited Partnerships | | | | |
(Cost $51,653) | | | | | | | 61,537 | |
| | | | | | | | | | | | | |
Note [4.3%](E)(H) |
City National Rochdale FIOF Investments (Ireland) Limited | | | 237,546 | | | | 94,702 | |
| | | | | | | | | | | | | |
Total Note | | | | |
(Cost $237,546) | | | | | | | 94,702 | |
| | | | | | | | | | | | | |
Sovereign Debt [0.9%] |
Angolan Government International Bond, MTN | | | | | | | | |
8.000%, 11/26/29 | | | 3,050 | | | | 2,506 | |
Argentina Paris Club | | | | | | | | |
2.910%, 05/30/21 | | CHF | 2,244 | | | | 1,594 | |
| | | | | | | | | |
Description | | Face Amount
(000)(1)/Shares | | | Value (000) | |
Argentine Republic Government International Bond | | | | | | | | |
3.625%, 07/09/24(F) | | $ | 12,750 | | | $ | 3,141 | |
Costa Rica Government International Bond | | | | | | | | |
5.625%, 04/30/43 | | | 368 | | | | 305 | |
Dominican Republic International Bond | | | | | | | | |
4.875%, 09/23/32 | | | 2,700 | | | | 2,192 | |
Ghana Government International Bond | | | | | | | | |
8.625%, 04/07/34 | | | 578 | | | | 254 | |
Ivory Coast Government International Bond | | | | | | | | |
6.125%, 06/15/33 | | | 4,400 | | | | 3,641 | |
Mexico Government International Bond, MTN | | | | | | | | |
6.050%, 01/11/40 | | | 214 | | | | 198 | |
Senegal Government International Bond | | | | | | | | |
6.250%, 05/23/33 | | | 6,050 | | | | 4,842 | |
Sri Lanka Government International Bond | | | | | | | | |
7.850%, 03/14/29(C) | | | 560 | | | | 259 | |
7.550%, 03/28/30(C) | | | 424 | | | | 195 | |
| | | | | | | | | | | | | |
Total Sovereign Debt | | | | |
Cost ($22,452) | | | 19,127 | |
| | | | | | | | | | | | | |
Convertible Bonds [0.4%] |
Automotive [0.1%] |
NIO | | | | | | | | |
3.875%, 10/15/29(A) | | | 1,050 | | | | 1,082 | |
| | | | | | | | | | | | | |
Building & Construction [0.1%] |
HTA Group | | | | | | | | |
2.875%, 03/18/27 | | | 1,400 | | | | 1,138 | |
| | | | | | | | | | | | | |
Cable Satellite [0.0%] |
DISH Network | | | | | | | | |
3.375%, 08/15/26 | | | 750 | | | | 451 | |
| | | | | | | | | | | | | |
Coal Mining [0.0%] |
New World Resources | | | | | | | | |
4.000%cash/8.000% PIK, 10/07/20(C) | | EUR | 380 | | | | — | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description
| | Shares/Number
of Warrants/Face
Amount (000)(1) | | | Value (000) | |
E-Commerce/Services [0.1%] |
MercadoLibre | | | | | | | | |
2.000%, 08/15/28 | | $ | 570 | | | $ | 1,656 | |
| | | | | | | | | | | | | |
Entertainment & Gaming [0.1%] |
Wynn Macau | | | | | | | | |
4.500%, 03/07/29(A) | | | 2,575 | | | | 2,710 | |
| | | | | | | | | | | | | |
Hotels and Motels [0.0%] |
H World Group | | | | | | | | |
3.000%, 05/01/26 | | | 680 | | | | 775 | |
| | | | | | | | | | | | | |
Total Convertible Bonds | | | | |
Cost ($7,960) | | | 7,812 | |
| | | | | | | | | | | | | |
Common Stock [0.2%] |
Cable Satellite [0.0%] |
Intelsat Jackson (E) | | | 2,119 | | | | 13 | |
| | | | | | | | | | | | | |
Consumer Cyclical [0.0%] |
TruKid * | | | 232 | | | | 579 | |
| | | | | | | | | | | | | |
Diversified Minerals [0.0%] |
New World Resources, Cl A * | | | 44,276,198 | | | | — | |
| | | | | | | | | | | | | |
Energy [0.0%] |
BlackBrush Oil & Gas, L.P. | | | 39,375 | | | | 49 | |
| | | | | | | | | | | | | |
Financial Services [0.0%] |
A’ayan Leasing & Investment KSCP | | | 976,932 | | | | 354 | |
| | | | | | | | | | | | | |
Financials [0.0%] |
BCD Acquisition | | | 1,000,000 | | | | — | |
Description
| | Shares | | | Value (000) | |
Copper Property CTL Pass Through Trust | | | 3,788 | | | $ | 40 | |
| | | | | | | | | | | | | |
Total Financials | | | | | | | 40 | |
| | | | | | | | | | | | | |
Health Care [0.0%] |
Novartex (E) | | | 180,000 | | | | 27 | |
| | | | | | | | | | | | | |
Manufacturing [0.0%] |
Vivarte (E) | | | 6,000 | | | | 1 | |
| | | | | | | | | | | | | |
Media Entertainment [0.0%] |
iHeartMedia * | | | 12,136 | | | | 38 | |
| | | | | | | | | | | | | |
Oil Field Services [0.1%] |
Superior Energy (E) | | | 20,620 | | | | 1,509 | |
| | | | | | | | | | | | | |
Oil, Gas & Consumable Fuels [0.0%] |
Nostrum Oil & Gas * | | | 3,039,550 | | | | 488 | |
Summit Midstream Partners * | | | 11,456 | | | | 159 | |
| | | | | | | | | | | | | |
Total Oil, Gas & Consumable Fuels | | | 647 | |
| | | | | | | | | | | | | |
Other [0.0%] |
ESC GCBREGS Corp | | | 4,750,000 | | | | — | |
Latina Offshore | | | 65 | | | | — | |
| | | | | | | | | | | | | |
Total Other | | | | | | | — | |
| | | | | | | | | | | | | |
Retailers [0.0%] |
Belk, Inc. | | | 81 | | | | 1 | |
Penney Borrower LLC * (E) | | | 505 | | | | 2 | |
Rising Tide Holdings Inc (E) | | | 1,887 | | | | 4 | |
| | | | | | | | | | | | | |
Total Retailers | | | | | | | 7 | |
| | | | | | | | | | | | | |
Services [0.0%] |
Wayne Services Legacy * | | | 257 | | | | — | |
| | | | | | | | | | | | | |
Technology [0.0%] |
AS ADV Shares (E) | | | 127,800 | | | | 601 | |
Lumileds * (E) | | | 4,241 | | | | 2 | |
| | | | | | | | | | | | | |
Total Technology | | | | | | | 603 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
Description
| | Shares/Number
of Warrants | | | Value (000) | |
Utilities [0.1%] |
Longview Power LLC | | | 64,904 | | | $ | 811 | |
| | | | | | | | | | | | | |
Total Common Stock | | | | |
(Cost $5,418) | | | | | | | 4,678 | |
| | | | | | | | | | | | | |
Warrants [0.0%] |
Altisource | | | | | | | | |
Expires 06/21/24* (I) | | | 7,176 | | | | 29 | |
Toys ‘R’ Us/Hill Street | | | | | | | | |
Expires 06/21/23* (I) | | | 14,795 | | | | 7 | |
| | | | | | | | | | | | | |
Total Warrants | | | | |
(Cost $0) | | | | | | | 36 | |
| | | | | | | | | | | | | |
Preferred Stock [0.0%] |
[0.0%] |
Blackbrush Oil & Gas, LP | | | 1,299 | | | | 771 | |
| | | | | | | | | | | | | |
Total Preferred Stock | | | | |
(Cost $366) | | | | | | | 771 | |
| | | | | | | | | | | | | |
Short-Term Investment [2.7%] |
SEI Daily Income Trust Government Fund, Cl Institutional, 5.210%** | | | 58,619,258 | | | | 58,619 | |
| | | | | | | | | | | | | |
Total Short-Term Investment | | | | |
(Cost $58,619) | | | | | | | 58,619 | |
| | | | | | | | | | | | | |
Total Investments [99.0%] |
(Cost $2,554,019) | | | | | | $ | 2,161,654 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $2,184,165 (000).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
(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, 2023, the value of these securities amounted to $748,688 (000), representing 34.3% of the net assets of the Fund. |
(B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(C) | In default on interest payments. Rate shown represents the last coupon rate prior to default. |
(E) | Level 3 security in accordance with fair value hierarchy. |
(F) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(G) | Unsettled bank loan, interest rate not available. |
(H) | Security is considered restricted. The total market value of such securities as of September 30, 2023 was $94,702 (000) and represented 4.3% of the net assets of the Fund. |
(I) | Strike Price is unavailable. |
(J) | Unfunded Commitments as of September 30, 2023: |
Security | | Value | | | Unfunded
Commitments | | | Redemption
Frequency | | | Redemption
Notice
(Days) | |
Golub Capital BDC 3 | | $ | 75,108,058 | | | $ | — | | | | None | | | | None | |
Golub Capital BDC 4 | | | 24,651,821 | | | | 50,348,179 | | | | None | | | | None | |
Oberland Capital Healthcare Solutions Co-Invest Offshore LP | | | 2,001,642 | | | | 16,681,250 | | | | None | | | | None | |
Oberland Capital Healthcare Solutions LP | | | 1,430,590 | | | | 15,715,097 | | | | None | | | | None | |
Primary Wave Music IP Fund LP | | | 47,332,233 | | | | 4,340,896 | | | | None | | | | None | |
TCW Direct Lending LLC | | | 11,019,782 | | | | 13,995,043 | | | | None | | | | None | |
Total | | $ | 161,544,126 | | | $ | 101,080,465 | | | | | | | | | |
CHF — Swiss Franc
Cl — Class
CLO — Collateralized Loan Obligation
CME — Collateralized Chicago Mercantile Exchange
CMTUSD6Y — 1 Year CMT (Monthly)
DAC — Designated Activity Company
EUR — Euro
EUR003M — Euribor 3 Month
EUAMDB01 — 1 Year EUR LIBOR
Euribor — Euro Interbank Offered Rate
GBP — British Pound Sterling
H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
JSC — Joint Stock Company
JPY — Japanese Yen
LIBOR — London Interbank Offered Rates
LLC — Limited Liability Company
LP — Limited Partnership
LTD — Limited
MTN — Medium Term Note
PIK — Payment-in Kind
PJSC — Public Joint Stock Company
REIT — Real Estate Investment Trust
Ser — Series
SOFR — Secured Overnight Financing Rate
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (continued) |
SONIA — Sterling Overnight Index Average
TSFR3M — Term Secured Overnight Financing Rate 3 Months
ULC — Unlimited Liability Company
US0003M — ICE LIBOR USD 3 Month
USD — U.S. Dollar
USSW5 — USD Swap Semi 30/360 5 Yr Curr
A list of the open forward foreign currency contracts held by the Fund at September 30, 2023, is as follows:
Counterparty | Settlement
Date | Currency to
Deliver
(000) | Currency to
Receive
(000) | | Unrealized
Appreciation
(Depreciation)
(000) | |
BNP Paribas | 11/24/23 | EUR | | | 3,786 | | USD | | | 4,139 | | | $ | 127 | |
HSBC | 11/24/23 | EUR | | | 664 | | USD | | | 728 | | | | 25 | |
State Street | 11/24/23 | EUR | | | 995 | | USD | | | 1,091 | | | | 36 | |
U.S. Bancorp | 10/13/23 | USD | | | 16,974 | | EUR | | | 16,000 | | | | (51 | ) |
U.S. Bancorp | 10/13/23 | EUR | | | 191,825 | | USD | | | 205,757 | | | | 2,864 | |
U.S. Bancorp | 10/13/23 | EUR | | | 1,200 | | USD | | | 1,264 | | | | (5 | ) |
U.S. Bancorp | 10/16/23 | GBP | | | 12,150 | | USD | | | 15,135 | | | | 309 | |
U.S. Bancorp | 10/16/23 | EUR | | | 132,210 | | USD | | | 142,025 | | | | 2,169 | |
| | | | | | | | | | | | | | $ | 5,474 | |
A list of the open futures contracts held by the Fund at September 30, 2023, is as follows:
Type of
Contract | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount
(000) | | | Value
(000) | | | Unrealized
Appreciation
(000) | |
Short Contracts | | | | | | | | | | | | | | | | | | | | |
U.S. 10-Year Treasury Note | | | (365 | ) | | | Dec-2023 | | | $ | (40,038 | ) | | $ | (39,443 | ) | | $ | 595 | |
The following is a summary of the inputs used as of September 30, 2023 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 | | $ | — | | | $ | 1,125,302 | | | $ | 11 | | | $ | 1,125,313 | |
Loan Participations | | | — | | | | 349,694 | | | | 656 | | | | 350,350 | |
Mortgage-Backed Securities | | | — | | | | 327,929 | | | | — | | | | 327,929 | |
Non-Listed Business Development Companies(a) | | | — | | | | — | | | | — | | | | 110,780 | |
Limited Partnerships(a) | | | — | | | | — | | | | — | | | | 61,537 | |
Note | | | — | | | | — | | | | 94,702 | | | | 94,702 | |
Sovereign Debt | | | — | | | | 19,127 | | | | — | | | | 19,127 | |
Convertible Bonds | | | — | | | | 7,812 | | | | — | | | | 7,812 | |
Common Stock | | | 1,658 | | | | 865 | | | | 2,155 | | | | 4,678 | |
Warrants | | | — | | | | 36 | | | | — | | | | 36 | |
Preferred Stock | | | — | | | | 771 | | | | — | | | | 771 | |
Short-Term Investment | | | 58,619 | | | | — | | | | — | | | | 58,619 | |
Total Investments in Securities | | $ | 60,277 | | | $ | 1,831,536 | | | $ | 97,524 | | | $ | 2,161,654 | |
Other Financial Instruments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Futures Contracts* | | | | | | | | | | | | | | | | |
Unrealized Appreciation | | $ | 595 | | | $ | — | | | $ | — | | | $ | 595 | |
Forward Contracts* | | | | | | | | | | | | | | | | |
Unrealized Appreciation | | | — | | | | 5,530 | | | | — | | | | 5,530 | |
Unrealized Depreciation | | | — | | | | (56 | ) | | | — | | | | (56 | ) |
Total Other Financial Instruments | | $ | 595 | | | $ | 5,474 | | | $ | — | | | $ | 6,069 | |
(a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
* Forwards and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
(1) Of the $97,524 (000) in Level 3 securities as of September 30, 2023, $94,702 (000) or 97.1% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party vendors or broker quotes.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
schedule of investments |
September 30, 2023 |
City National Rochdale Fixed Income Opportunities Fund (concluded) |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of September 30, 2023:
| | | Investments
in Corporate
Bonds | | | Investments
in Loan
Participations | | | Investments
in Note | |
Beginning balance as of October 1, 2022 | | $ | 14 | | | $ | 3,131 | | | $ | — | |
Accrued discounts/ premiums | | | — | | | | 1 | | | | — | |
Realized gain/(loss) | | | — | | | | (56 | ) | | | (14 | ) |
Change in unrealized appreciation/(depreciation) | | | (3 | ) | | | 102 | | | | (12,269 | ) |
Purchases | | | — | | | | 128 | | | | 106,993 | |
Sales/paydowns | | | — | | | | (2,650 | ) | | | (8 | ) |
Transfers into Level 3 | | | — | | | | — | | | | — | |
Transfers out of Level 3 | | | — | | | | — | | | | — | |
Ending balance as of September 30, 2023 | | $ | 11 | | | $ | 656 | | | $ | 94,702 | |
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | | $ | (3 | ) | | $ | 30 | | | $ | (12,269 | ) |
| | | Investments
in Life
Settlement
Policies | | | Investments
in Common
Stock | | | Total | |
Beginning balance as of October 1, 2022 | | $ | 72,359 | | | $ | 66 | | | $ | 75,570 | |
Accrued discounts/ premiums | | | — | | | | — | | | | 1 | |
Realized gain/(loss) | | | — | | | | — | | | | (70 | ) |
Change in unrealized appreciation/(depreciation) | | | — | | | | (1 | ) | | | (12,171 | ) |
Purchases | | | — | | | | — | | | | 107,121 | |
Sales/paydowns | | | — | | | | — | | | | (2,658 | ) |
Transfers into Level 3 | | | — | | | | 2,141 | | | | 2,141 | |
Transfers out of Level 3 | | | (72,359 | ) | | | (51 | ) | | | (72,410 | ) |
Ending balance as of September 30, 2023 | | $ | — | | | $ | 2,155 | | | $ | 97,524 | |
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | | $ | — | | | $ | 296 | | | $ | (11,946 | ) |
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.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2023. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
| | | Fair Value at
September 30,
2023 (000) | | | Valuation Techniques | |
| Investment Company | | | | | | | | |
| Life Settlement Policies^ | | $ | 56,423 | | | | | |
| Cash and Equivalents | | | 19,302 | | | | | |
| Receivable for Life Settlement Maturities | | | 19,000 | | | | | |
| Other Liabilities in Excess of Assets | | | (23 | ) | | | | |
| Total | | $ | 94,702 | | | | Discounted Cash Flow Model | |
Observable Inputs | | | | | | | | | | | | |
Maturity Value | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Unobservable Inputs | | Low | | | High | | | Weighted
Average | |
Discount Rate | | | 13.50 | % | | | 13.50 | % | | | 13.50 | % |
Expected Maturity (months) | | | 13.27 | | | | 99.47 | | | | 56.79 | |
Future Annual Premium Payments | | | 5,812.50 | | | | 1,424,750.00 | | | | 657,071.66 | |
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 interrelationship 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, 2023, there have been transfers out of Level 3 due to securities no longer consolidated. Transfers between Levels are recognized at period end.
^ | Investments in life settlement policies are valued using a probabilistic method, for an actuarially derived valuation approach, in order to determine the fair value of each Policy. 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. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
schedule of investments |
September 30, 2023 |
City National Rochdale Equity Income Fund |
Description | | Shares | | | Value (000) | |
Common Stock [93.1%] |
Communication Services [2.8%] |
AT&T | | | 67,245 | | | $ | 1,010 | |
Interpublic Group of Cos Inc | | | 92,400 | | | | 2,648 | |
Verizon Communications | | | 33,367 | | | | 1,081 | |
| | | | | | | | | | | | | |
Total Communication Services | | | 4,739 | |
| | | | | | | | | | | | | |
Consumer Discretionary [5.4%] |
Ford Motor | | | 223,400 | | | | 2,775 | |
Genuine Parts | | | 23,800 | | | | 3,436 | |
Wendy’s | | | 86,900 | | | | 1,774 | |
Whirlpool | | | 10,600 | | | | 1,417 | |
| | | | | | | | | | | | | |
Total Consumer Discretionary | | | 9,402 | |
| | | | | | | | | | | | | |
Consumer Staples [11.0%] |
Altria Group | | | 97,900 | | | | 4,116 | |
Coca-Cola | | | 68,900 | | | | 3,857 | |
General Mills | | | 50,900 | | | | 3,257 | |
Philip Morris International | | | 40,600 | | | | 3,759 | |
Procter & Gamble | | | 25,500 | | | | 3,719 | |
| | | | | | | | | | | | | |
Total Consumer Staples | | | 18,708 | |
| | | | | | | | | | | | | |
Energy [9.0%] |
Chevron | | | 33,000 | | | | 5,564 | |
Marathon Petroleum | | | 29,200 | | | | 4,419 | |
Williams | | | 155,700 | | | $ | 5,246 | |
| | | | | | | | | | | | | |
Total Energy | | | 15,229 | |
| | | | | | | | | | | | | |
Financials [21.2%] |
Ares Capital | | | 253,000 | | | | 4,926 | |
Cincinnati Financial | | | 39,900 | | | | 4,081 | |
Citigroup | | | 39,100 | | | | 1,608 | |
Citizens Financial Group | | | 16,000 | | | | 429 | |
Eversource Energy | | | 45,500 | | | | 2,646 | |
Fidelity National Financial | | | 40,000 | | | | 1,652 | |
Fifth Third Bancorp | | | 141,100 | | | | 3,574 | |
Hartford Financial Services Group | | | 56,600 | | | | 4,014 | |
MetLife | | | 67,400 | | | | 4,240 | |
Principal Financial Group | | | 22,900 | | | | 1,650 | |
Regions Financial | | | 106,500 | | | | 1,832 | |
Unum Group | | | 41,300 | | | | 2,032 | |
US Bancorp | | | 100,000 | | | | 3,306 | |
| | | | | | | | | | | | | |
Total Financials | | | 35,990 | |
| | | | | | | | | | | | | |
Health Care [4.9%] |
AbbVie | | | 19,000 | | | | 2,832 | |
Merck | | | 36,200 | | | | 3,727 | |
Pfizer | | | 49,600 | | | | 1,645 | |
| | | | | | | | | | | | | |
Total Health Care | | | 8,204 | |
| | | | | | | | | | | | | |
Industrials [4.7%] |
Emerson Electric | | | 34,600 | | | | 3,341 | |
Lockheed Martin | | | 7,600 | | | | 3,108 | |
Watsco | | | 4,000 | | | | 1,511 | |
| | | | | | | | | | | | | |
Total Industrials | | | 7,960 | |
| | | | | | | | | | | | | |
Information Technology [4.6%] |
Cisco Systems | | | 50,900 | | | | 2,736 | |
HP | | | 60,400 | | | | 1,552 | |
IBM | | | 25,700 | | | | 3,606 | |
| | | | | | | | | | | | | |
Total Information Technology | | | 7,894 | |
| | | | | | | | | | | | | |
Materials [6.9%] |
International Paper | | | 114,400 | | | | 4,058 | |
LyondellBasell Industries, Cl A | | | 41,400 | | | | 3,921 | |
Packaging Corp of America | | | 3,900 | | | | 599 | |
Sonoco Products | | | 57,000 | | | | 3,098 | |
| | | | | | | | | | | | | |
Total Materials | | | 11,676 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
schedule of investments |
September 30, 2023 |
City National Rochdale Equity Income Fund (concluded) |
Description | | Shares | | | Value (000) | |
REITs [3.0%] |
Mid-America Apartment Communities | | | 9,100 | | | $ | 1,171 | |
NNN REIT | | | 47,200 | | | | 1,668 | |
Prologis | | | 20,200 | | | | 2,267 | |
| | | | | | | | | | | | | |
Total REITs | | | 5,106 | |
| | | | | | | | | | | | | |
Utilities [19.6%] |
American Electric Power | | | 68,600 | | | | 5,160 | |
Avangrid | | | 14,000 | | | | 422 | |
Dominion Energy | | | 72,000 | | | | 3,216 | |
DTE Energy | | | 24,000 | | | | 2,383 | |
Duke Energy | | | 59,200 | | | | 5,225 | |
Entergy | | | 45,200 | | | | 4,181 | |
FirstEnergy | | | 90,800 | | | | 3,104 | |
NiSource | | | 135,700 | | | | 3,349 | |
Public Service Enterprise Group | | | 58,700 | | | | 3,341 | |
Sempra | | | 44,900 | | | | 3,054 | |
| | | | | | | | | | | | | |
Total Utilities | | | 33,435 | |
| | | | | | | | | | | | | |
Total Common Stock |
(Cost $141,733) | | | 158,343 | |
| | | | | | | | | | | | | |
Exchange-Traded Funds [5.7%] |
iShares Select Dividend ETF | | | 29,200 | | | | 3,143 | |
iShares US Telecommunications ETF | | | 85,800 | | | | 1,828 | |
SPDR S&P 500 | | | 3,500 | | | | 1,496 | |
SPDR S&P Regional Banking ETF | | | 75,100 | | | | 3,137 | |
| | | | | | | | | | | | | |
Total Exchange-Traded Funds |
(Cost $9,926) | | | 9,604 | |
| | | | | | | | | | | | | |
Short-Term Investment [1.0%] |
SEI Daily Income Trust Government Fund, Cl Institutional, 5.210%** | | | 1,764,688 | | | | 1,765 | |
| | | | | | | | | | | | | |
Total Short-Term Investment |
(Cost $1,765) | | | 1,765 | |
| | | | | | | | | | | | | |
Total Investments [99.8%] |
(Cost $153,424) | | $ | 169,712 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $170,108 (000).
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
Cl — Class
ETF — Exchange-Traded Fund
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
SPDR — Standard & Poor’s Depositary Receipts
As of September 30, 2023, 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 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 94
schedule of investments |
September 30, 2023 |
City National Rochdale U.S. Core Equity Fund |
Description | | Shares | | | Value (000) | |
Common Stock [98.3%] |
Aerospace & Defense [1.1%] |
Northrop Grumman | | | 9,400 | | | $ | 4,138 | |
| | | | | | | | | | | | | |
Banks [2.3%] |
JPMorgan Chase | | | 58,700 | | | | 8,513 | |
| | | | | | | | | | | | | |
Beverages [3.6%] |
Anheuser-Busch InBev ADR | | | 122,590 | | | | 6,779 | |
PepsiCo | | | 38,600 | | | | 6,541 | |
| | | | | | | | | | | | | |
Total Beverages | | | 13,320 | |
| | | | | | | | | | | | | |
Biotechnology [4.1%] |
Amgen | | | 18,350 | | | | 4,932 | |
Gilead Sciences | | | 89,000 | | | | 6,670 | |
Vertex Pharmaceuticals * | | | 9,500 | | | | 3,303 | |
| | | | | | | | | | | | | |
Total Biotechnology | | | 14,905 | |
| | | | | | | | | | | | | |
Broadline Retail [3.3%] |
Amazon.com * | | | 93,500 | | | | 11,886 | |
| | | | | | | | | | | | | |
Capital Markets [2.0%] |
CME Group, Cl A | | | 19,500 | | | | 3,904 | |
S&P Global | | | 9,430 | | | | 3,446 | |
| | | | | | | | | | | | | |
Total Capital Markets | | | 7,350 | |
| | | | | | | | | | | | | |
Chemicals [0.8%] |
Linde | | | 7,450 | | | | 2,774 | |
| | | | | | | | | | | | | |
Commercial Services & Supplies [2.3%] |
Cintas | | | 17,200 | | | $ | 8,273 | |
| | | | | | | | | | | | | |
Construction & Engineering [1.7%] |
Quanta Services | | | 33,800 | | | | 6,323 | |
| | | | | | | | | | | | | |
Consumer Staples Distribution & Retail [4.9%] |
Costco Wholesale | | | 20,298 | | | | 11,468 | |
Walmart | | | 39,500 | | | | 6,317 | |
| | | | | | | | | | | | | |
Total Consumer Staples Distribution & Retail | | | 17,785 | |
| | | | | | | | | | | | | |
Electric Utilities [1.3%] |
NextEra Energy | | | 80,000 | | | | 4,583 | |
| | | | | | | | | | | | | |
Energy Equipment & Services [0.5%] |
Schlumberger | | | 33,000 | | | | 1,924 | |
| | | | | | | | | | | | | |
Entertainment [2.5%] |
Walt Disney * | | | 110,500 | | | | 8,956 | |
| | | | | | | | | | | | | |
Financial Services [7.5%] |
Berkshire Hathaway, Cl B * | | | 21,400 | | | | 7,496 | |
Mastercard, Cl A | | | 25,850 | | | | 10,234 | |
Visa, Cl A | | | 42,100 | | | | 9,684 | |
| | | | | | | | | | | | | |
Total Financial Services | | | 27,414 | |
| | | | | | | | | | | | | |
Health Care Equipment & Supplies [2.2%] |
Becton Dickinson | | | 24,000 | | | | 6,205 | |
Edwards Lifesciences * | | | 28,500 | | | | 1,974 | |
| | | | | | | | | | | | | |
Total Health Care Equipment & Supplies | | | 8,179 | |
| | | | | | | | | | | | | |
Health Care Providers & Services [4.8%] |
HCA Healthcare | | | 10,650 | | | | 2,620 | |
UnitedHealth Group | | | 29,233 | | | | 14,739 | |
| | | | | | | | | | | | | |
Total Health Care Providers & Services | | | 17,359 | |
| | | | | | | | | | | | | |
Hotels, Restaurants & Leisure [3.7%] |
McDonald’s | | | 31,383 | | | | 8,267 | |
Starbucks | | | 59,000 | | | | 5,385 | |
| | | | | | | | | | | | | |
Total Hotels, Restaurants & Leisure | | | 13,652 | |
| | | | | | | | | | | | | |
Insurance [0.8%] |
Chubb | | | 13,500 | | | | 2,810 | |
| | | | | | | | | | | | | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
schedule of investments |
September 30, 2023 |
City National Rochdale U.S. Core Equity Fund (concluded) |
Description | | Shares | | | Value (000) | |
Interactive Media & Services [3.6%] |
Alphabet, Cl A * | | | 101,150 | | | $ | 13,236 | |
| | | | | | | | | | | | | |
IT Services [1.8%] |
Accenture, Cl A | | | 21,200 | | | | 6,511 | |
| | | | | | | | | | | | | |
Life Sciences Tools & Services [3.1%] |
Danaher | | | 12,292 | | | | 3,050 | |
Thermo Fisher Scientific | | | 16,283 | | | | 8,242 | |
| | | | | | | | | | | | | |
Total Life Sciences Tools & Services | | | 11,292 | |
| | | | | | | | | | | | | |
Machinery [3.1%] |
Parker-Hannifin | | | 7,150 | | | | 2,785 | |
Trane Technologies | | | 41,702 | | | | 8,462 | |
| | | | | | | | | | | | | |
Total Machinery | | | 11,247 | |
| | | | | | | | | | | | | |
Media [0.6%] |
Comcast, Cl A | | | 54,000 | | | | 2,394 | |
| | | | | | | | | | | | | |
Oil, Gas & Consumable Fuels [3.2%] |
EOG Resources | | | 49,000 | | | | 6,211 | |
ExxonMobil | | | 17,000 | | | | 1,999 | |
Occidental Petroleum | | | 28,600 | | | | 1,856 | |
Pioneer Natural Resources | | | 6,601 | | | | 1,515 | |
| | | | | | | | | | | | | |
Total Oil, Gas & Consumable Fuels | | | 11,581 | |
| | | | | | | | | | | | | |
Pharmaceuticals [0.9%] |
Zoetis, Cl A | | | 19,000 | | | | 3,306 | |
| | | | | | | | | | | | | |
Semiconductors & Semiconductor Equipment [5.7%] |
ASML Holding, Cl G | | | 14,050 | | | | 8,271 | |
NVIDIA | | | 8,000 | | | | 3,480 | |
NXP Semiconductors | | | 44,800 | | | | 8,956 | |
| | | | | | | | | | | | | |
Total Semiconductors & Semiconductor Equipment | | | 20,707 | |
| | | | | | | | | | | | | |
Software [10.8%] |
Adobe * | | | 16,400 | | | | 8,362 | |
Microsoft | | | 87,000 | | | | 27,470 | |
Roper Technologies | | | 7,000 | | | | 3,390 | |
| | | | | | | | | | | | | |
Total Software | | | 39,222 | |
| | | | | | | | | | | | | |
Specialized REITs [1.6%] |
American Tower | | | 9,800 | | | $ | 1,612 | |
Equinix | | | 5,600 | | | | 4,067 | |
| | | | | | | | | | | | | |
Total Specialized REITs | | | 5,679 | |
| | | | | | | | | | | | | |
Specialty Retail [4.4%] |
Home Depot | | | 38,137 | | | | 11,523 | |
TJX | | | 50,922 | | | | 4,526 | |
| | | | | | | | | | | | | |
Total Specialty Retail | | | 16,049 | |
| | | | | | | | | | | | | |
Technology Hardware, Storage & Peripherals [6.9%] |
Apple | | | 148,000 | | | | 25,339 | |
| | | | | | | | | | | | | |
Water Utilities [1.1%] |
American Water Works | | | 32,000 | | | | 3,962 | |
| | | | | | | | | | | | | |
Wireless Telecommunication Services [2.1%] |
T-Mobile US | | | 55,000 | | | | 7,703 | |
| | | | | | | | | | | | | |
Total Common Stock |
(Cost $185,580) | | | 358,372 | |
| | | | | | | | | | | | | |
Short-Term Investment [1.7%] |
SEI Daily Income Trust Government Fund, Cl Institutional, 5.210%** | | | 6,037,595 | | | | 6,038 | |
| | | | | | | | | | | | | |
Total Short-Term Investment |
(Cost $6,038) | | | 6,038 | |
| | | | | | | | | | | | | |
Total Investments [100.0%] |
(Cost $191,618) | | $ | 364,410 | |
| | | | | | | | | | | | | |
Percentages are based on net assets of $364,347 (000).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of September 30, 2023. |
ADR — American Depositary Receipts
Cl — Class
REIT - Real Estate Investment Trusts
S&P - Standard & Poor’s
As of September 30, 2023, 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 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 96
statements of assets and liabilities (000) |
September 30, 2023 |
| | City National
Rochdale
Government Money
Market Fund | | | City National
Rochdale California
Tax Exempt
Bond Fund | | | City National
Rochdale Municipal
High Income Fund | |
ASSETS: | | | | | | | | | | | | |
Cost of securities (including repurchase agreements) | | $ | 8,049,157 | | | $ | 36,645 | | | $ | 1,174,454 | |
Investments in securities, at value | | $ | 6,977,857 | | | $ | 33,683 | | | $ | 1,045,920 | |
Repurchase agreements, at value | | | 1,071,300 | | | | 1,700 | | | | — | |
Cash | | | — | | | | — | | | | 93 | |
Dividend and interest receivable | | | 7,386 | | | | 467 | | | | 16,545 | |
Receivable for investment securities sold | | | — | | | | — | | | | 8,205 | |
Receivable for capital shares sold | | | 149,389 | | | | — | | | | 3,640 | |
Receivable due from investment adviser | | | — | | | | 25 | | | | — | |
Prepaid expenses | | | 65 | | | | 1 | | | | 15 | |
Total Assets | | $ | 8,205,997 | | | $ | 35,876 | | | $ | 1,074,418 | |
| | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | |
Payable for income distributions | | | 9,311 | | | | 58 | | | | 2,393 | |
Payable for capital shares redeemed | | | 147,604 | | | | 1 | | | | 5,021 | |
Payable for investment securities purchased | | | — | | | | — | | | | 7,770 | |
Investment advisory fees payable | | | 254 | | | | — | | | | 454 | |
Shareholder servicing and distribution fees payable | | | 2,287 | | | | 19 | | | | 358 | |
Administrative fees payable | | | 123 | | | | 25 | | | | 39 | |
Trustee fees payable | | | 12 | | | | 2 | | | | 4 | |
Audit expense payable | | | — | | | | 15 | | | | — | |
Accrued expenses | | | 767 | | | | 6 | | | | 137 | |
Total Liabilities | | | 160,358 | | | | 126 | | | | 16,176 | |
Net Assets | | $ | 8,045,639 | | | $ | 35,750 | | | $ | 1,058,242 | |
| | | | | | | | | | | | | |
NET ASSETS: | | | | | | | | | | | | |
Paid-in Capital (unlimited authorization — $0.01 par value) | | $ | 8,045,610 | | | $ | 39,423 | | | $ | 1,407,172 | |
Total distributable earnings/(loss) | | | 29 | | | | (3,673 | ) | | | (348,930 | ) |
Net Assets | | $ | 8,045,639 | | | $ | 35,750 | | | $ | 1,058,242 | |
| | | | | | | | | | | | | |
Class N Shares: | | | | | | | | | | | | |
Net Assets | | $ | 664,234 | | | $ | 3,212 | | | $ | 616,138 | |
Total shares outstanding at end of year | | | 664,220 | | | | 327 | | | | 71,091 | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | 1.00 | | | $ | 9.83 | * | | $ | 8.67 | |
| | | | | | | | | | | | | |
Class S Shares: | | | | | | | | | | | | |
Net Assets | | $ | 1,470,759 | | | $ | — | | | $ | — | |
Total shares outstanding at end of year | | | 1,470,748 | | | | — | | | | — | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | 1.00 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | |
Servicing Class Shares: | | | | | | | | | | | | |
Net Assets | | $ | 5,910,646 | | | $ | 32,538 | | | $ | 442,104 | |
Total shares outstanding at end of year | | | 5,910,644 | | | | 3,321 | | | | 50,984 | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | 1.00 | | | $ | 9.80 | | | $ | 8.67 | |
* | NAV per share as of September 30, 2023 does not calculate to the stated NAV per share due to rounding of net assets and shares.
Amounts designated as “—” are either $0 or have been rounded to $0. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
statements of assets and liabilities (000) |
September 30, 2023 |
| | | City National
Rochdale
Fixed Income
Opportunities Fund | | | City National
Rochdale Equity
Income Fund | | | City National
Rochdale U.S.
Core Equity Fund | |
ASSETS: | | | | | | | | | | | | |
Cost of securities | | $ | 2,554,019 | | | $ | 153,424 | | | $ | 191,618 | |
Investments in securities, at value | | $ | 2,161,654 | | | $ | 169,712 | | | $ | 364,410 | |
Cash | | | 3,038 | | | | — | | | | — | |
Foreign currency(1) | | | 1,542 | | | | — | | | | — | |
Dividend and interest receivable | | | 28,637 | | | | 582 | | | | 90 | |
Foreign tax reclaim receivable | | | 462 | | | | 81 | | | | 24 | |
Receivable for capital shares sold | | | 5,496 | | | | 337 | | | | 301 | |
Receivable for investment securities sold | | | 12,408 | | | | 7,448 | | | | — | |
Unrealized gain on forward foreign currency contracts | | | 5,530 | | | | — | | | | — | |
Cash collateral for forward foreign currency contracts | | | 603 | | | | — | | | | — | |
Prepaid expenses | | | 30 | | | | 2.00 | | | | 4.00 | |
Total Assets | | $ | 2,219,400 | | | $ | 178,162 | | | $ | 364,829 | |
| | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | |
Payable for investment securities purchased | | | 26,844 | | | | 7,840 | | | | — | |
Payable for capital shares redeemed | | | 5,941 | | | | 250 | | | | 150 | |
Unrealized loss on forward foreign currency contracts | | | 56 | | | | — | | | | — | |
Payable to Custodian | | | — | | | | — | | | | 6 | |
Investment advisory fees payable | | | 926 | | | | 73 | | | | 124 | |
Shareholder servicing and distribution fees payable | | | 926 | | | | 74 | | | | 121 | |
Variation margin payable | | | 86 | | | | — | | | | — | |
Administrative fees payable | | | 54 | | | | 27 | | | | 30 | |
Accrued expenses | | | 402 | | | | 32 | | | | 51 | |
Total Liabilities | | | 35,235 | | | | 8,296 | | | | 482 | |
Net Assets | | $ | 2,184,165 | | | $ | 169,866 | | | $ | 364,347 | |
| | | | | | | | | | | | | |
NET ASSETS: | | | | | | | | | | | | |
Paid-in Capital (unlimited authorization — $0.01 par value) | | $ | 3,349,986 | | | $ | 156,464 | | | $ | 154,965 | |
Total distributable earnings/(loss) | | | (1,165,821 | ) | | | 13,402 | | | | 209,382 | |
Net Assets | | $ | 2,184,165 | | | $ | 169,866 | | | $ | 364,347 | |
| | | | | | | | | | | | | |
Institutional Class Shares: | | | | | | | | | | | | |
Net Assets | | $ | — | | | $ | — | | | $ | 138 | |
Total shares outstanding at end of year | | | — | | | | — | | | | 6 | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | — | | | $ | — | | | $ | 24.21 | * |
| | | | | | | | | | | | | |
Class N Shares: | | | | | | | | | | | | |
Net Assets | | $ | 2,184,165 | | | $ | 169,866 | | | $ | 209,330 | |
Total shares outstanding at end of year | | | 115,211 | | | | 5,564 | | | | 8,732 | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | 18.96 | | | $ | 30.53 | | | $ | 23.97 | |
| | | | | | | | | | | | | |
Servicing Class Shares: | | | | | | | | | | | | |
Net Assets | | $ | — | | | $ | — | | | $ | 154,879 | |
Total shares outstanding at end of year | | | — | | | | — | | | | 6,440 | |
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) | | $ | — | | | $ | — | | | $ | 24.05 | |
* | NAV per share as of September 30, 2023 does not calculate to the stated NAV per share due to rounding of net assets and shares. |
(1) Cost of foreign currency $1,544 (000).
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
Statements of Operations
statements of operations (000) |
For the year ended September 30, 2023 |
| | | City National
Rochdale
Government Money
Market Fund | | | City National
Rochdale California
Tax Exempt
Bond Fund | | | City National
Rochdale Municipal
High Income Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend Income | | $ | — | | | $ | — | | | $ | 816 | |
Interest Income | | | 288,606 | | | | 1,086 | | | | 62,369 | |
Total Investment Income | | | 288,606 | | | | 1,086 | | | | 63,185 | |
| | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | |
Investment Advisory Fees | | | 16,005 | | | | 117 | | | | 6,225 | |
Shareholder Servicing Fees — Class N(1) | | | 2,654 | | | | 21 | | | | 3,552 | |
Shareholder Servicing Fees — Class S(1) | | | 7,262 | | | | — | | | | — | |
Shareholder Servicing Fees — Servicing Class | | | 11,588 | | | | 98 | | | | 1,336 | |
Administration Fees | | | 1,195 | | | | 229 | | | | 424 | |
Transfer Agent Fees | | | 384 | | | | 2 | | | | 61 | |
Trustee Fees | | | 305 | | | | 59 | | | | 115 | |
Professional Fees | | | 652 | | | | 25 | | | | 150 | |
Custody Fees | | | 213 | | | | 2 | | | | 47 | |
Registration Fees | | | 299 | | | | 2 | | | | 55 | |
Printing Fees | | | 130 | | | | 1 | | | | 22 | |
Insurance and Other Expenses | | | 454 | | | | 20 | | | | 183 | |
Total Expenses | | | 41,141 | | | | 576 | | | | 12,170 | |
Less, Waivers of: | | | | | | | | | | | | |
Investment Advisory Fees | | | (13,542 | ) | | | (117 | ) | | | — | |
Reimbursement of Expenses from Investment Advisor | | | — | | | | (171 | ) | | | — | |
Net Expenses | | | 27,599 | | | | 288 | | | | 12,170 | |
| | | | | | | | | | | | | |
Net Investment Income | | | 261,007 | | | | 798 | | | | 51,015 | |
Net Realized Gain (Loss): | | | | | | | | | | | | |
Investments | | | 8 | | | | (914 | ) | | | (76,511 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
Investments | | | — | | | | 979 | | | | 44,529 | |
Net Increase in Net Assets Resulting from Operations | | $ | 261,015 | | | $ | 863 | | | $ | 19,033 | |
(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 99
statements of operations (000) |
For the year ended September 30, 2023 |
| | | City National
Rochdale
Fixed Income
Opportunities Fund | | | City National
Rochdale Equity
Income Fund | | | City National
Rochdale U.S.
Core Equity Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend Income | | $ | 9,007 | | | $ | 8,175 | | | $ | 5,002 | |
Interest Income | | | 192,053 | | | | — | | | | — | |
Less: Foreign Taxes Withheld | | | — | | | | (11 | ) | | | (50 | ) |
Total Investment Income | | | 201,060 | | | | 8,164 | | | | 4,952 | |
| | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | |
Investment Advisory Fees | | | 12,266 | | | | 1,143 | | | | 1,466 | |
Shareholder Servicing Fees — Class N(1) | | | 12,266 | | | | 1,014 | | | | 1,033 | |
Shareholder Servicing Fees — Servicing Class | | | — | | | | — | | | | 399 | |
Administration Fees | | | 620 | | | | 254 | | | | 281 | |
Transfer Agent Fees | | | 122 | | | | 10 | | | | 20 | |
Trustee Fees | | | 99 | | | | 66 | | | | 73 | |
Professional Fees | | | 341 | | | | 42 | | | | 59 | |
Custody Fees | | | 289 | | | | 8 | | | | 14 | |
Registration Fees | | | 110 | | | | 8 | | | | 13 | |
Printing Fees | | | 41 | | | | 4 | | | | 7 | |
Insurance and Other Expenses | | | 1,688 | | | | 25 | | | | 35 | |
Total Expenses | | | 27,842 | | | | 2,574 | | | | 3,400 | |
Less, Waivers of: | | | | | | | | | | | | |
Investment Advisory Fees | | | (79 | ) | | | — | | | | — | |
Net Expenses | | | 27,763 | | | | 2,574 | | | | 3,400 | |
| | | | | | | | | | | | | |
Net Investment Income | | | 173,297 | | | | 5,590 | | | | 1,552 | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | |
Securities Transactions | | | (422,750 | ) | | | (2,945 | ) | | | 36,154 | |
Futures Contracts | | | 2,320 | | | | — | | | | — | |
Forward Foreign Currency Contracts | | | (20,747 | ) | | | — | | | | — | |
Foreign Currency Transactions | | | (1,598 | ) | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
Investments | | | 548,821 | | | | 59 | | | | 27,027 | |
Forward Foreign Currency Contracts | | | (5,048 | ) | | | — | | | | — | |
Foreign Currency Translations | | | (113 | ) | | | — | | | | — | |
Futures Contracts | | | (698 | ) | | | — | | | | — | |
Net Increase in Net Assets Resulting from Operations | | $ | 273,484 | | | $ | 2,704 | | | $ | 64,733 | |
(1) Includes class specific distribution expenses.
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
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CITY NATIONAL ROCHDALE FUNDS | PAGE 101
statements of changes in net assets (000) |
For the years ended September 30, |
| | | City National
Rochdale
Government
Money
Market Fund | | | City National
Rochdale
California
Tax Exempt
Bond Fund | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | |
OPERATIONS: |
Net Investment Income | | $ | 261,007 | | | $ | 22,018 | | | $ | 798 | | | $ | 688 | |
Net Realized Gain (Loss) from Security Transactions | | | 8 | | | | (2 | ) | | | (914 | ) | | | (1,496 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments | | | — | | | | — | | | | 979 | | | | (4,462 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 261,015 | | | | 22,016 | | | | 863 | | | | (5,270 | ) |
| | | | | | | | | | | | | | | | | |
DISTRIBUTIONS: |
Class N | | | (19,633 | ) | | | (1,516 | ) | | | (66 | ) | | | (57 | ) |
Class S | | | (40,751 | ) | | | (2,395 | ) | | | — | | | | — | |
Servicing Class | | | (200,615 | ) | | | (18,106 | ) | | | (731 | ) | | | (652 | ) |
Total Distributions | | | (260,999 | ) | | | (22,017 | ) | | | (797 | ) | | | (709 | ) |
| | | | | | | | | | | | | | | | | |
CAPITAL SHARE TRANSACTIONS:(1) |
Class N: | | | | | | | | | | | | | | | | |
Shares Issued | | | 2,349,456 | | | | 564,965 | | | | 264 | | | | 549 | |
Shares Issued in Lieu of Dividends and Distributions | | | 20,195 | | | | 961 | | | | 32 | | | | 28 | |
Shares Redeemed | | | (2,052,969 | ) | | | (860,618 | ) | | | (3,176 | ) | | | (992 | ) |
Increase (Decrease) in Net Assets from Class N Share Transactions | | | 316,682 | | | | (294,692 | ) | | | (2,880 | ) | | | (415 | ) |
| | | | | | | | | | | | | | | | | |
Class S: | | | | | | | | | | | | | | | | |
Shares Issued | | | 4,509,922 | | | | 2,355,075 | | | | — | | | | — | |
Shares Issued in Lieu of Dividends and Distributions | | | — | | | | — | | | | — | | | | — | |
Shares Redeemed | | | (3,764,560 | ) | | | (2,319,186 | ) | | | — | | | | — | |
Increase in Net Assets from Class S Share Transactions | | | 745,362 | | | | 35,889 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | |
Servicing Class: | | | | | | | | | | | | | | | | |
Shares Issued | | | 22,199,562 | | | | 10,595,088 | | | | 10,302 | | | | 8,683 | |
Shares Issued in Lieu of Dividends and Distributions | | | 145,596 | | | | 8,237 | | | | 76 | | | | 86 | |
Shares Redeemed | | | (19,921,782 | ) | | | (10,556,161 | ) | | | (19,367 | ) | | | (31,666 | ) |
Increase (Decrease) in Net Assets from Servicing Class Share Transactions | | | 2,423,376 | | | | 47,164 | | | | (8,989 | ) | | | (22,897 | ) |
| | | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Share Transactions | | | 3,485,420 | | | | (211,639 | ) | | | (11,869 | ) | | | (23,312 | ) |
Total Increase (Decrease) in Net Assets | | | 3,485,436 | | | | (211,640 | ) | | | (11,803 | ) | | | (29,291 | ) |
| | | | | | | | | | | | | | | | | |
NET ASSETS: |
Beginning of Year | | | 4,560,203 | | | | 4,771,843 | | | | 47,553 | | | | 76,844 | |
End of Year | | $ | 8,045,639 | | | $ | 4,560,203 | | | $ | 35,750 | | | $ | 47,553 | |
(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 102
| | City National
Rochdale
Municipal
High Income
Fund | |
| | 2023 | | | 2022 | |
| | | | | | | | |
| | $ | 51,015 | | | $ | 57,881 | |
| | | (76,511 | ) | | | (89,647 | ) |
| | | 44,529 | | | | (288,958 | ) |
| | | 19,033 | | | | (320,724 | ) |
| | | | | | | | |
| | | | | | | | |
| | | (27,130 | ) | | | (33,496 | ) |
| | | — | | | | — | |
| | | (21,761 | ) | | | (23,938 | ) |
| | | (48,891 | ) | | | (57,434 | ) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | 228,335 | | | | 355,667 | |
| | | 14,072 | | | | 17,301 | |
| | | (445,565 | ) | | | (543,674 | ) |
| | | (203,158 | ) | | | (170,706 | ) |
| | | | | | | | |
| | | | | | | | |
| | | — | | | | — | |
| | | — | | | | — | |
| | | — | | | | — | |
| | | — | | | | — | |
| | | | | | | | |
| | | | | | | | |
| | | 112,456 | | | | 247,536 | |
| | | 3,737 | | | | 4,432 | |
| | | (253,292 | ) | | | (333,172 | ) |
| | | (137,099 | ) | | | (81,204 | ) |
| | | | | | | | |
| | | (340,257 | ) | | | (251,910 | ) |
| | | (370,115 | ) | | | (630,068 | ) |
| | | | | | | | |
| | | | | | | | |
| | | 1,428,357 | | | | 2,058,425 | |
| | $ | 1,058,242 | | | $ | 1,428,357 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
statements of changes in net assets (000) |
For the years ended September 30, |
| | | City National
Rochdale
Fixed Income
Opportunities
Fund | | | City National
Rochdale
Equity
Income Fund | |
| | 2023 | | | 2022* | | | 2023 | | | 2022 | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 173,297 | | | $ | 197,478 | | | $ | 5,590 | | | $ | 5,872 | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | |
Security Transactions and Futures Contracts | | | (420,430 | ) | | | (217,722 | ) | | | (2,945 | ) | | | 25,613 | |
Foreign Currency Transactions | | | (22,345 | ) | | | 98,415 | | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments and Futures Contracts | | | 548,123 | | | | (662,003 | ) | | | 59 | | | | (39,130 | ) |
Foreign Currency Translations | | | (5,161 | ) | | | (1,988 | ) | | | — | | | | — | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 273,484 | | | | (585,820 | ) | | | 2,704 | | | | (7,645 | ) |
| | | | | | | | | | | | | | | | | |
DISTRIBUTIONS: | | | | | | | | | | | | | | | | |
Institutional Class | | | — | | | | — | | | | — | | | | — | |
Class N | | | (210,639 | ) | | | (223,593 | ) | | | (30,788 | ) | | | (21,587 | ) |
Servicing Class | | | — | | | | — | | | | — | | | | — | |
Total Distributions | | | (210,639 | ) | | | (223,593 | ) | | | (30,788 | ) | | | (21,587 | ) |
| | | | | | | | | | | | | | | | | |
CAPITAL SHARE TRANSACTIONS:(1) | | | | | | | | | | | | | | | | |
Institutional Class: | | | | | | | | | | | | | | | | |
Shares Issued | | | — | | | | — | | | | — | | | | — | |
Shares Issued in Lieu of Dividends and Distributions | | | — | | | | — | | | | — | | | | — | |
Shares Redeemed | | | — | | | | — | | | | — | | | | — | |
Increase (Decrease) in Net Assets from Institutional Class Share Transactions | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | |
Class N: | | | | | | | | | | | | | | | | |
Shares Issued | | | 400,280 | | | | 1,005,541 | | | | 27,670 | | | | 29,214 | |
Shares Issued in Lieu of Dividends and Distributions | | | 142,070 | | | | 153,558 | | | | 20,143 | | | | 14,092 | |
Shares Redeemed | | | (1,491,668 | ) | | | (1,390,960 | ) | | | (52,543 | ) | | | (48,613 | ) |
Increase (Decrease) in Net Assets from Class N Share Transactions | | | (949,318 | ) | | | (231,861 | ) | | | (4,730 | ) | | | (5,307 | ) |
| | | | | | | | | | | | | | | | | |
Servicing Class: | | | | | | | | | | | | | | | | |
Shares Issued | | | — | | | | — | | | | — | | | | — | |
Shares Issued in Lieu of Dividends and Distributions | | | — | | | | — | | | | — | | | | — | |
Shares Redeemed | | | — | | | | — | | | | — | | | | — | |
Increase (Decrease) in Net Assets from Servicing Class Share Transactions | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Share Transactions | | | (949,318 | ) | | | (231,861 | ) | | | (4,730 | ) | | | (5,307 | ) |
Total Increase (Decrease) in Net Assets | | | (886,473 | ) | | | (1,041,274 | ) | | | (32,814 | ) | | | (34,539 | ) |
| | | | | | | | | | | | | | | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 3,070,638 | | | | 4,111,912 | | | | 202,680 | | | | 237,219 | |
End of Year | | $ | 2,184,165 | | | $ | 3,070,638 | | | $ | 169,866 | | | $ | 202,680 | |
(1) | See Note 9 for shares issued and redeemed. |
* | Includes Consolidated investments in City National Rochdale Fixed Income Opportunities (Ireland) Limited (the “Irish Subsidiary”). See Note 1 in the Notes to Financial
Statements. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
| | City National
Rochdale
U.S. Core
Equity Fund | |
| | 2023 | | | 2022 | |
| | | | | | | | |
| | $ | 1,552 | | | $ | 1,114 | |
| | | | | | | | |
| | | 36,154 | | | | 7,534 | |
| | | — | | | | — | |
| | | | | | | | |
| | | 27,027 | | | | (82,811 | ) |
| | | — | | | | — | |
| | | 64,733 | | | | (74,163 | ) |
| | | | | | | | |
| | | | | | | | |
| | | (4 | ) | | | (8 | ) |
| | | (4,432 | ) | | | (10,518 | ) |
| | | (3,877 | ) | | | (9,106 | ) |
| | | (8,313 | ) | | | (19,632 | ) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | 28 | | | | 87 | |
| | | 4 | | | | 8 | |
| | | (44 | ) | | | (77 | ) |
| | | (12 | ) | | | 18 | |
| | | | | | | | |
| | | | | | | | |
| | | 23,030 | | | | 29,149 | |
| | | 3,618 | | | | 8,624 | |
| | | (33,396 | ) | | | (31,725 | ) |
| | | (6,748 | ) | | | 6,048 | |
| | | | | | | | |
| | | | | | | | |
| | | 12,834 | | | | 19,493 | |
| | | 382 | | | | 897 | |
| | | (27,144 | ) | | | (22,696 | ) |
| | | (13,928 | ) | | | (2,306 | ) |
| | | | | | | | |
| | | (20,688 | ) | | | 3,760 | |
| | | 35,732 | | | | (90,035 | ) |
| | | | | | | | |
| | | | | | | | |
| | | 328,615 | | | | 418,650 | |
| | $ | 364,347 | | | $ | 328,615 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
statement of cash flows (000) |
For the year ended September 30, 2023 |
| | | City National
Rochdale
Fixed Income
Opportunities Fund | |
Cash Flows from Operating Activities: | | | | |
Net increase in net assets from operations | | $ | 273,484 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | | | | |
Purchase of investment securities | | | (3,004,944 | ) |
Proceeds from disposition of investment securities | | | 3,969,584 | |
Amortization (accretion of market discount) | | | (22,732 | ) |
Net realized loss on investments, futures contracts, forward foreign currency contracts and foreign currency transactions | | | 442,775 | |
Net change in unrealized appreciation on investments, forward foreign currency contracts, foreign currency transactions and futures contracts | | | (542,962 | ) |
| | | | | |
Changes in assets: | | | | |
Dividend and interest receivable | | | 9,190 | |
Reclaim receivable | | | 17 | |
Receivable for investment securities sold | | | 37,872 | |
Variation Margin | | | 96 | |
Unrealized gain on forward foreign currency contracts | | | 5,011 | |
Prepaid expenses | | | 6 | |
| | | | | |
Changes in liabilities: | | | | |
Payable for investment securities purchased | | | (11,474 | ) |
Variation margin payable | | | 86 | |
Unrealized loss on forward foreign currency contracts | | | 37 | |
Investment advisory fees payable | | | (410 | ) |
Shareholder servicing and distribution fees payable | | | (410 | ) |
Administrative fees payable | | | (5 | ) |
Accrued expenses | | | (143 | ) |
Net Cash Provided By Operating Activities | | | 1,155,078 | |
| | | | | |
Cash Flows from Financing Activities: | | | | |
Proceeds from shares issued | | | 538,893 | |
Cost of shares redeemed | | | (1,490,316 | ) |
Distributions | | | (210,639 | ) |
Net cash used in financing activities | | | (1,162,062 | ) |
Net change in cash and foreign currency | | | (6,984 | ) |
Cash and foreign currency at beginning of year | | | 12,167 | |
Cash and foreign currency at end of year | | $ | 5,183 | |
| | | | | |
Non-cash operating and financing activites: | | | | |
Reinvestments of dividends and distributions | | $ | 142,070 | |
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 | | $ | 3,038 | |
Foreign Currency | | | 1,542 | |
Restricted Cash | | | 603 | |
Total Cash and Foreign Currency | | $ | 5,183 | |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
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CITY NATIONAL ROCHDALE FUNDS | PAGE 107
financial highlights |
For a Share Outstanding Throughout Each Year
For the year ended September 30, |
| | Net Asset
Value
Beginning
of Year | | | Net
Investment
Income† | | | Net
Realized and
Unrealized
Gains
(Losses) on
Securities | | | Dividends
from Net
Investment
Income | | | Distributions
from Realized
Capital Gains | | | Net Asset
Value End
of Year | | | Total
Return‡ | | | Net Assets End
of Year (000) | | | Ratio of
Expenses to
Average Net
Assets(1) | | | Ratio of Net
Investment
Income to
Average Net
Assets(1) | | | Ratio of Expenses
to Average Net
Assets (Excluding
Waivers &
Recovered Fees) | | | Portfolio
Turnover
Rate | |
City National Rochdale Government Money Market Fund |
Class N (commenced operations on June 21, 1999) |
2023 | | $ | 1.00 | | | $ | 0.041 | | | $ | (0.001 | ) | | $ | (0.040 | ) | | $ | — | | | $ | 1.00 | | | | 4.00 | % | | $ | 664,234 | | | | 0.65 | % | | | 4.07 | % | | | 0.87 | % | | | — | % |
2022 | | | 1.00 | | | | 0.004 | | | | 0.000 | * | | | (0.004 | ) | | | — | | | | 1.00 | | | | 0.39 | | | | 347,551 | | | | 0.29 | | | | 0.30 | | | | 0.86 | | | | — | |
2021 | | | 1.00 | | | | 0.000 | * | | | 0.000 | * | | | (0.000 | )* | | | — | | | | 1.00 | | | | 0.01 | | | | 642,240 | | | | 0.07 | | | | 0.01 | | | | 0.87 | | | | — | |
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 | | | | — | |
Class S (commenced operations on October 6, 1999) |
2023 | | $ | 1.00 | | | $ | 0.039 | | | $ | (0.001 | ) | | $ | (0.038 | ) | | $ | — | | | $ | 1.00 | | | | 3.85 | % | | $ | 1,470,759 | | | | 0.80 | % | | | 3.93 | % | | | 1.02 | % | | | — | % |
2022 | | | 1.00 | | | | 0.003 | | | | - | | | | (0.003 | ) | | | — | | | | 1.00 | | | | 0.34 | | | | 725,394 | | | | 0.39 | | | | 0.35 | | | | 1.02 | | | | — | |
2021 | | | 1.00 | | | | 0.000 | * | | | 0.000 | * | | | (0.000 | )* | | | — | | | | 1.00 | | | | 0.01 | | | | 689,506 | | | | 0.07 | | | | 0.01 | | | | 1.02 | | | | — | |
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 | | | | — | |
Servicing Class (commenced operations on April 3, 2000) |
2023 | | $ | 1.00 | | | $ | 0.043 | | | $ | (0.001 | ) | | $ | (0.042 | ) | | $ | — | | | $ | 1.00 | | | | 4.31 | % | | $ | 5,910,646 | | | | 0.35 | % | | | 4.33 | % | | | 0.57 | % | | | — | % |
2022 | | | 1.00 | | | | 0.005 | | | | 0.000 | * | | | (0.005 | ) | | | — | | | | 1.00 | | | | 0.51 | | | | 3,487,258 | | | | 0.21 | | | �� | 0.47 | | | | 0.57 | | | | — | |
2021 | | | 1.00 | | | | 0.000 | * | | | 0.000 | * | | | (0.000 | )* | | | — | | | | 1.00 | | | | 0.02 | | | | 3,440,097 | | | | 0.07 | | | | 0.01 | | | | 0.57 | | | | — | |
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 | | | | — | |
City National Rochdale California Tax Exempt Bond Fund |
Class N (commenced operations on April 13, 2000) |
2023 | | $ | 9.85 | | | $ | 0.16 | | | $ | (0.02 | ) | | $ | (0.16 | ) | | $ | — | | | $ | 9.83 | | | | 1.42 | % | | $ | 3,212 | | | | 0.89 | % | | | 1.59 | % | | | 1.53 | % | | | 25 | % |
2022 | | | 10.80 | | | | 0.09 | | | | (0.95 | ) | | | (0.09 | ) | | | — | | | | 9.85 | | | | (8.00 | ) | | | 6,045 | | | | 0.87 | | | | 0.84 | | | | 1.25 | | | | 24 | |
2021 | | | 10.96 | | | | 0.10 | | | | (0.14 | ) | | | (0.10 | ) | | | (0.02 | ) | | | 10.80 | | | | (0.43 | ) | | | 7,050 | | | | 0.88 | | | | 0.87 | | | | 1.13 | | | | 33 | |
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 | |
Servicing Class (commenced operations on January 14, 2000) |
2023 | | $ | 9.82 | | | $ | 0.19 | | | $ | (0.02 | ) | | $ | (0.19 | ) | | $ | — | | | $ | 9.80 | | | | 1.69 | % | | $ | 32,538 | | | | 0.64 | % | | | 1.87 | % | | | 1.30 | % | | | 25 | % |
2022 | | | 10.76 | | | | 0.11 | | | | (0.94 | ) | | | (0.11 | ) | | | — | | | | 9.82 | | | | (7.71 | ) | | | 41,508 | | | | 0.62 | | | | 1.06 | | | | 0.99 | | | | 24 | |
2021 | | | 10.93 | | | | 0.12 | | | | (0.15 | ) | | | (0.12 | ) | | | (0.02 | ) | | | 10.76 | | | | (0.27 | ) | | | 69,794 | | | | 0.63 | | | | 1.13 | | | | 0.89 | | | | 33 | |
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 | |
City National Rochdale Municipal High Income Fund |
Class N (commenced operations on December 30, 2013) |
2023 | | $ | 8.97 | | | $ | 0.36 | | | $ | (0.31 | ) | | $ | (0.35 | ) | | $ | — | | | $ | 8.67 | | | | 0.44 | % | | $ | 616,138 | | | | 1.08 | % | | | 3.99 | % | | | 1.08 | % | | | 25 | % |
2022 | | | 11.07 | | | | 0.31 | | | | (2.10 | ) | | | (0.31 | ) | | | — | | | | 8.97 | | | | (16.47 | ) | | | 835,922 | | | | 1.07 | | | | 2.97 | | | | 1.07 | | | | 48 | |
2021 | | | 10.61 | | | | 0.33 | | | | 0.46 | | | | (0.33 | ) | | | — | | | | 11.07 | | | | 7.51 | | | | 1,235,195 | | | | 1.07 | | | | 3.03 | | | | 1.07 | | | | 15 | |
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 | |
Servicing Class (commenced operations on December 30, 2013) |
2023 | | $ | 8.98 | | | $ | 0.39 | | | $ | (0.33 | ) | | $ | (0.37 | ) | | $ | — | | | $ | 8.67 | | | | 0.58 | % | | $ | 442,104 | | | | 0.84 | % | | | 4.24 | % | | | 0.84 | % | | | 25 | % |
2022 | | | 11.08 | | | | 0.33 | | | | (2.10 | ) | | | (0.33 | ) | | | — | | | | 8.98 | | | | (16.24 | ) | | | 592,435 | | | | 0.82 | | | | 3.22 | | | | 0.82 | | | | 48 | |
2021 | | | 10.62 | | | | 0.36 | | | | 0.46 | | | | (0.36 | ) | | | — | | | | 11.08 | | | | 7.77 | | | | 823,230 | | | | 0.82 | | | | 3.27 | | | | 0.82 | | | | 15 | |
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 | |
* | 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. |
(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 108
| | Net Asset
Value
Beginning
of Year | | | Net
Investment
Income† | | | Net
Realized
and
Unrealized
Gains
(Losses) on
Securities | | | Dividends
from Net
Investment
Income | | | Distributions
from
Realized
Capital Gains | | | Distributions
from Return
of Capital | | | Net Asset
Value End
of Year | | | Total
Return‡ | | | Net Assets
End of
Year (000) | | | Ratio of
Expenses
to Average
Net
Assets(1) | | | Ratio
of Net
Investment
Income to
Average
Net
Assets(1) | | | Ratio of
Expenses
to Average
Net Assets
(Excluding
Waivers &
Recovered
Fees) | | | Portfolio
Turnover
Rate | |
City National Rochdale Fixed Income Opportunities Fund | | | | |
Class N (commenced operations on July 1, 2009) | | | | |
2023 | | $ | 18.60 | | | $ | 1.34 | | | $ | 0.71 | | | $ | (1.69 | ) | | $ | — | | | $ | — | | | $ | 18.96 | | | | 11.44 | % | | $ | 2,184,165 | | | | 1.13 | % | | | 7.06 | % | | | 1.13 | % | | | 63 | % |
2022* | | | 23.39 | | | | 1.16 | | | | (4.62 | ) | | | (1.33 | ) | | | — | | | | — | | | | 18.60 | | | | (15.23 | ) | | | 3,070,638 | | | | 1.09 | (2) | | | 5.44 | | | | 1.09 | | | | 94 | |
2021* | | | 22.57 | | | | 1.21 | | | | 1.04 | | | | (1.43 | ) | | | — | | | | — | | | | 23.39 | | | | 10.14 | | | | 4,111,912 | | | | 1.10 | (2) | | | 5.14 | | | | 1.10 | | | | 117 | |
2020* | | | 24.22 | | | | 1.53 | | | | (1.83 | ) | | | (1.35 | ) | | | — | | | | — | | | | 22.57 | | | | (0.94 | ) | | | 3,739,101 | | | | 1.10 | (2) | | | 6.66 | | | | 1.11 | (2) | | | 143 | |
2019* | | | 24.72 | | | | 1.36 | | | | (0.45 | ) | | | (1.41 | ) | | | — | | | | — | | | | 24.22 | | | | 3.83 | | | | 3,416,111 | | | | 1.09 | (2) | | | 5.53 | | | | 1.10 | (2) | | | 180 | |
City National Rochdale Equity Income Fund | | | | |
Class N (commenced operations on June 1, 1999) | | | | |
2023 | | $ | 35.40 | | | $ | 0.96 | | | $ | (0.42 | ) | | $ | (0.95 | ) | | $ | (4.46 | ) | | $ | — | | | $ | 30.53 | | | | 0.03 | % | | $ | 169,866 | | | | 1.27 | % | | | 2.76 | % | | | 1.27 | % | | | 32 | % |
2022 | | | 40.58 | | | | 1.02 | | | | (2.42 | ) | | | (1.02 | ) | | | (2.76 | ) | | | — | | | | 35.40 | | | | (4.41 | ) | | | 202,680 | | | | 1.12 | | | | 2.47 | | | | 1.17 | | | | 24 | |
2021 | | | 35.52 | | | | 0.88 | | | | 5.30 | | | | (1.12 | ) | | | — | | | | — | | | | 40.58 | | | | 17.53 | | | | 237,219 | | | | 1.15 | | | | 2.25 | | | | 1.15 | | | | 30 | |
2020 | | | 41.01 | | | | 0.73 | | | | (4.73 | ) | | | (0.79 | ) | | | (0.36 | ) | | | (0.34 | ) | | | 35.52 | | | | (9.80 | ) | | | 222,097 | | | | 1.15 | | | | 1.95 | | | | 1.15 | | | | 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 | |
City National Rochdale U.S. Core Equity Fund | | | | |
Institutional Class (commenced operations on December 3, 2012) | | | | |
2023 | | $ | 20.66 | | | $ | 0.19 | | | $ | 3.98 | | | $ | (0.16 | ) | | $ | (0.46 | ) | | $ | — | | | $ | 24.21 | | | | 20.43 | % | | $ | 138 | | | | 0.54 | % | | | 0.81 | % | | | 0.54 | % | | | 28 | % |
2022 | | | 26.49 | | | | 0.17 | | | | (4.67 | ) | | | (0.18 | ) | | | (1.15 | ) | | | — | | | | 20.66 | | | | (18.18 | ) | | | 126 | | | | 0.52 | | | | 0.70 | | | | 0.52 | | | | 28 | |
2021 | | | 20.99 | | | | 0.15 | | | | 5.45 | | | | (0.10 | ) | | | — | | | | — | | | | 26.49 | | | | 26.76 | | | | 148 | | | | 0.51 | | | | 0.62 | | | | 0.51 | | | | 13 | |
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 | |
Class N (commenced operations on December 3, 2012) | | | | |
2023 | | $ | 20.46 | | | $ | 0.07 | | | $ | 3.94 | | | $ | (0.04 | ) | | $ | (0.46 | ) | | $ | — | | | $ | 23.97 | | | | 19.85 | % | | $ | 209,330 | | | | 1.04 | % | | | 0.31 | % | | | 1.04 | % | | | 28 | % |
2022 | | | 26.25 | | | | 0.04 | | | | (4.62 | ) | | | (0.06 | ) | | | (1.15 | ) | | | — | | | | 20.46 | | | | (18.61 | ) | | | 184,503 | | | | 1.02 | | | | 0.17 | | | | 1.02 | | | | 28 | |
2021 | | | 20.73 | | | | 0.02 | | | | 5.53 | | | | (0.03 | ) | | | — | | | | — | | | | 26.25 | | | | 26.79 | | | | 230,767 | | | | 1.01 | | | | 0.07 | | | | 1.01 | | | | 13 | |
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 | |
Servicing Class (commenced operations on December 3, 2012) | | | | |
2023 | | $ | 20.52 | | | $ | 0.13 | | | $ | 3.96 | | | $ | (0.10 | ) | | $ | (0.46 | ) | | $ | — | | | $ | 24.05 | | | | 20.18 | % | | $ | 154,879 | | | | 0.79 | % | | | 0.57 | % | | | 0.79 | % | | | 28 | % |
2022 | | | 26.33 | | | | 0.10 | | | | (4.64 | ) | | | (0.12 | ) | | | (1.15 | ) | | | — | | | | 20.52 | | | | (18.42 | ) | | | 143,986 | | | | 0.77 | | | | 0.42 | | | | 0.77 | | | | 28 | |
2021 | | | 20.77 | | | | 0.08 | | | | 5.54 | | | | (0.06 | ) | | | — | | | | — | | | | 26.33 | | | | 27.13 | | | | 187,735 | | | | 0.76 | | | | 0.32 | | | | 0.76 | | | | 13 | |
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 | |
† | 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. |
* | Includes Consolidated investments in Irish Subsidiary. See Note 1 in the Notes to Financial Statements. |
(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 Irish 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 109
notes to financial statements |
September 30, 2023 |
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 6 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market 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”) and City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) (collectively, the “Fixed Income Funds”); and City National Rochdale Equity Income Fund (“Equity Income Fund”) and City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”) (collectively, the “Equity Funds”). The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.
The investment objective of the Government Money Market Fund is to preserve your principal and maintain a high degree of liquidity while providing current income. 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 Fixed Income Opportunities Fund is to provide a high level of current income. The investment objective of the Equity Income Fund is to provide significant income and long-term capital appreciation. The investment objective of the U.S. Core Equity Fund is to provide long-term capital appreciation.
The Trust is registered to offer: Class N shares of the Funds; Servicing Class shares of the Funds except for Fixed Income Opportunities Fund and Equity Income Fund; Institutional Class shares of U.S. Core Equity Fund; Class S shares of the Government Money Market 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.
The City National Rochdale Government Bond Fund, the City National Rochdale Corporate Bond Fund, and the City National Rochdale Intermediate Fixed Income Fund were each liquidated on May 25, 2023.
The California Tax Exempt Bond Fund was liquidated on October 16, 2023.
On October 1, 2022, City National Rochdale Income Opportunities (Ireland) Limited, a wholly owned subsidiary of the Fixed Income Opportunities Fund, transferred its holdings to CNR FIOF Investments (Ireland) Limited, a company organized under the laws of Ireland (the “Irish Company”), and began the process of dissolving. The Irish Company is a “qualifying company” as defined in Section 110 of the Irish Taxes Consolidation Act 1997, as amended. As a result of this restructuring, the Irish Company issued a profit participation note to the Fixed Income Opportunities Fund, through which the Fund benefits from the profits of the transferred holdings. The Fixed Income Opportunities Fund does not hold an equity interest or voting rights in the Irish Company, nor does it have the ability to appoint directors. Consequently, the Fixed Income Opportunities Fund does not consolidate the operations of the Irish Company into the Fund’s financial statements, including in the September 30, 2023 Annual Report. The Irish Company (unlike the Fixed Income Opportunities Fund) may invest an unlimited portion of its net assets in life insurance policies. The Irish Company also may invest in other instruments, including fixed income securities, cash and cash equivalents and U.S. Government securities.
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
CITY NATIONAL ROCHDALE FUNDS | PAGE 110
sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of 60 days or less may be valued at their amortized cost, if the Fair Value Committee (the “Committee”) of City National Rochdale, LLC (“City National Rochdale” or the “Adviser”) concludes that such amortized cost approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. Dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.
Securities for which market prices are not “readily available” are valued in accordance with the Fair Value Procedures approved by the Trust’s Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through the Committee designated by the Adviser. 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.
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, 2023, there have been no changes to the Funds’ fair value methodologies. For more details on the investment classifications, refer to the Schedules of Investments.
Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining 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 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
notes to financial statements |
September 30, 2023 |
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 Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for Fixed Income Opportunities Fund and Equity Funds. Distributions from net realized capital gains are distributed to shareholders at least annually. Dividends and distributions are recorded on the ex-dividend date.
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. 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. 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 has entered into master netting arrangements, established within the Fixed Income Opportunities Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these agreements, the cash and/or securities will be made available to the Fixed Income Opportunities Fund.
For financial reporting purposes, the Fixed Income Opportunities Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the 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, or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fixed Income Opportunities Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fixed Income Opportunities Fund, if any, is noted in the Schedules 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
Fund from the Fund’s counterparties are not fully collateralized, contractually or otherwise, the Fixed Income Opportunities Fund bears 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. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of September 30, 2023, if applicable.
Swaps – A Fund may invest in swaps 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.
Swaps may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swaps 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 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 would be likely to decline, potentially resulting in losses.
Generally, a swap 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 either by assignment or by other disposition, or by entering into an offsetting swap 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 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 swaps according to guidelines established by the SEC. If a Fund enters into a swap on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of the Fund’s accrued obligations under the swap over the accrued amount the Fund is entitled to receive under the agreement. If a Fund enters into a swap 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 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 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. Realized and changes in unrealized gains or losses on options contracts during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for a Fund. As of September 30, 2023 and for the year then ended, there were no open options contracts.
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
notes to financial statements |
September 30, 2023 |
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. 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 Equity 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 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.
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 and the Statements of Operations.
The fair value of derivative instruments as of September 30, 2023, was as follows:
| | | Asset Derivatives | | | Liability Derivatives | |
| | Statement of
Assets and
Liabilities
Location | | | Fair Value
(000) | | | Statement of
Assets and
Liabilities
Location | | | Fair Value
(000) | |
Derivatives not accounted for as hedging instruments: |
Fixed Income Opportunities Fund |
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | | $ | 595 | | Net Assets — Unrealized depreciation on futures contracts | | $ | — | |
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | | | 5,530 | | Unrealized loss on forward foreign currency contracts | | | 56 | |
Total derivatives not accounted for as hedging instruments | | | | | | $ | 6,125 | | | | | | | $ | 56 | |
Amount of realized gain or (loss) on derivatives recognized in income:
Derivatives not accounted for
as hedging instruments | | Forward
Currency
Contracts
(000) | | | Futures
(000) | | | Total
(000) | |
Fixed Income Opportunities Fund |
Interest rate contracts | | $ | — | | | $ | 2,320 | | | $ | 2,320 | |
Foreign exchange contracts | | | (20,747 | ) | | | — | | | | (20,747 | ) |
Total | | $ | (20,747 | ) | | $ | 2,320 | | | $ | (18,427 | ) |
CITY NATIONAL ROCHDALE FUNDS | PAGE 114
Change in unrealized appreciation or (depreciation) on derivatives recognized in income:
Derivatives not accounted for
as hedging instruments | | Forward
Currency
Contracts
(000) | | | Futures
(000) | | | Total
(000) | |
Fixed Income Opportunities Fund |
Interest rate contracts | | $ | — | | | $ | (698 | ) | | $ | (698 | ) |
Foreign exchange contracts | | | (5,048 | ) | | | — | | | | (5,048 | ) |
Total | | $ | (5,048 | ) | | $ | (698 | ) | | $ | (5,746 | ) |
The following table discloses the volume of the Fixed Income Opportunities Fund’s forward foreign currency contracts activity during the year ended September 30, 2023:
Fixed Income Opportunities Fund | | (000) | |
Forwards: | | | | |
Average Notional Balance Long | | $ | 54,187 | |
Average Notional Balance Short | | | 342,883 | |
Futures: | | | | |
Average Notional Balance Long | | | — | |
Average Notional Balance Short | | | 38,879 | |
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, 2023:
Derivative Type | | Derivative
Assets
Subject to
a Netting
Agreement
or Similar
Arrangement
(000) | | | Derivative
Available for
Offset
(000) | | | Collateral
Received
(000) | | | Net Amount
(000) | |
Fixed Income Opportunities Fund |
Forward Foreign Currency Contracts | | | | | | | | | | | | | | | | |
BNP Paribas | | $ | 127 | | | $ | — | | | $ | — | | | $ | 127 | |
HSBC | | | 25 | | | | — | | | | — | | | | 25 | |
State Street | | | 36 | | | | — | | | | — | | | | 36 | |
U.S. Bancorp | | | 5,342 | | | | (56 | ) | | | — | | | | 5,286 | |
Total | | | 5,530 | | | | (56 | ) | | | — | | | | 5,474 | |
Derivative Type | | Derivative
Liabilities
Subject to
a Netting
Agreement
or Similar
Arrangement
(000) | | | Derivative
Available for
Offset
(000) | | | Collateral
Pledged
(000) | | | Net Amount
(000) | |
Fixed Income Opportunities Fund |
Forward Foreign Currency Contracts | | | | | | | | | | | | | | | | |
U.S. Bancorp | | $ | (56 | ) | | $ | 56 | | | $ | — | | | $ | — | |
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 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 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 fee payable by Class S shares of the Fund to 0.45% through January 31, 2024. Any time prior to January 31, 2024, the arrangement may be terminated without penalty by the Board.
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 a Shareholder Services Agreement that permits payment of compensation to City National Bank (“CNB”), its affiliates (including City National Rochdale) and others, which provide certain specified shareholder services to shareholders of all classes of each Fund, except for the Institutional Class shares. As compensation for the provision of such services, each Fund will pay CNB a fee of 0.25% of the average daily net assets of the applicable classes on an annual basis, payable monthly.
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
notes to financial statements |
September 30, 2023 |
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, 2023, CNB and City National Rochdale received $26,164,972 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.
5. | INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS: |
Under the terms of the current investment management agreement, 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% |
California Tax Exempt Bond Fund | 0.27 |
Municipal High Income Fund | 0.50 |
Fixed Income Opportunities Fund | 0.50 |
Equity 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, 2024. Anytime prior to January 31, 2024, the arrangement may be terminated without penalty (a) by the Board, or (b) by the Adviser effective no earlier than January 31, 2024, 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.
As of September 30, 2023, Alcentra LTD, Alcentra NY, LLC, AllFinancial Partners II LLC, Federated Investment Management Company, Seix Investment Advisors LLC, and T. Rowe Price Associates, Inc. act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.
Sub-adviser fees are paid by City National Rochdale.
City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of the average daily net assets) are as follows:
| California
Tax Exempt
Bond Fund | Fixed Income
Opportunities
Fund |
Institutional Class | n/a | n/a |
Class N | 0.88% | 1.09% |
Servicing Class | 0.63% | 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, 2023, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:
Fund | | Potential Amount of
Recovery
(000) | | | Expiration | |
California Tax Exempt Bond Fund | | $ | 181 | | | | 2023 | |
| | | | 202 | | | | 2024 | |
| | | | 249 | | | | 2025 | |
During the year ended September 30, 2023, City National Rochdale did not recover previously waived fees for the Equity Income Fund.
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, 2023, were as follows for the Fixed Income Funds and Equity Funds:
| | | Purchases | | | Sales and Maturities | |
Fund | | U.S. Gov’t
(000) | | | Other
(000) | | | U.S. Gov’t
(000) | | | Other
(000) | |
California Tax Exempt Bond Fund | | $ | — | | | $ | 10,209 | | | $ | — | | | $ | 19,701 | |
Municipal High Income Fund | | | — | | | | 303,263 | | | | — | | | | 612,120 | |
Fixed Income Opportunities Fund | | | — | | | | 1,117,115 | | | | — | | | | 1,813,613 | |
Equity Income Fund | | | — | | | | 62,971 | | | | — | | | | 91,517 | |
U.S. Core Equity | | | — | | | | 99,631 | | | | — | | | | 129,771 | |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
7. | FEDERAL TAX INFORMATION: |
Each Fund intends to 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, 2023, 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
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 difference that is credited or charged to Paid-in Capital and Distributable Earnings as of September 30, 2023 is primarily related to deemed distributions due to shareholder redemptions that have been reclassified to (from) the following accounts:
| | Distributable
Earnings (Loss)
(000) | | | Paid-in Capital
(000) | |
Fixed Income Opportunities Fund | | $ | (22,172 | ) | | $ | 22,172 | |
U.S. Core Equity Fund | | | (78 | ) | | | 78 | |
The tax character of dividends and distributions declared during the years ended September 30, 2023, and September 30, 2022, unless otherwise indicated were as follows:
Fund | | Tax Exempt
Income
(000) | | | Ordinary
Income
(000) | | | Long-Term
Capital
Gain
(000) | | | Return of
Capital
(000) | | | Total
(000) | |
Government Money Market Fund |
2023 | | $ | — | | | $ | 260,999 | | | $ | — | | | $ | — | | | $ | 260,999 | |
2022 | | | — | | | | 22,017 | | | | — | | | | — | | | | 22,017 | |
California Tax Exempt Bond Fund |
2023 | | $ | 731 | | | $ | 66 | | | $ | — | | | $ | — | | | $ | 797 | |
2022 | | | 678 | | | | 11 | | | | 20 | | | | — | | | | 709 | |
Municipal High Income Fund |
2023 | | $ | 46,813 | | | $ | 2,078 | | | $ | — | | | $ | — | | | $ | 48,891 | |
2022 | | | 54,772 | | | | 2,662 | | | | — | | | | — | | | | 57,434 | |
Fixed Income Opportunities Fund |
2023 | | $ | — | | | $ | 210,639 | | | $ | — | | | $ | — | | | $ | 210,639 | |
2022 | | | — | | | | 223,593 | | | | — | | | | — | | | | 223,593 | |
Equity Income Fund |
2023 | | $ | — | | | $ | 5,535 | | | $ | 25,253 | | | $ | — | | | $ | 30,788 | |
2022 | | | — | | | | 5,722 | | | | 15,865 | | | | — | | | | 21,587 | |
U.S. Core Equity Fund |
2023 | | $ | — | | | $ | 1,038 | | | $ | 7,275 | | | $ | — | | | $ | 8,313 | |
2022 | | | — | | | | 1,134 | | | | 18,498 | | | | — | | | | 19,632 | |
As of September 30, 2023, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:
Fund | | Undistributed
Tax-Exempt
Income
(000) | | | Undistributed
Ordinary
Income
(000) | | | Undistributed
Long-Term
Capital Gain
(000) | | | Capital Loss
Carryforwards
(000) | | | Post-October
Losses
(000) | | | Unrealized
Appreciation
(Depreciation)
(000) | | | Other
Temporary
Differences
(000)* | | | Total
Distributable
Earnings
(Accumulated
Losses)
(000) | |
Government Money Market Fund | | $ | — | | | $ | 31,128 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (31,099 | ) | | $ | 29 | |
California Tax Exempt Bond Fund | | | 67 | | | | — | | | | — | | | | (2,410 | ) | | | — | | | | (1,262 | ) | | | (68 | ) | | | (3,673 | ) |
Municipal High Income Fund | | | 5,151 | | | | — | | | | — | | | | (153,138 | ) | | | (68,103 | ) | | | (129,055 | ) | | | (3,785 | ) | | | (348,930 | ) |
Fixed Income Opportunities Fund | | | — | | | | — | | | | — | | | | (365,472 | ) | | | (384,030 | ) | | | (416,321 | ) | | | 2 | | | | (1,165,821 | ) |
Equity Income Fund | | | — | | | | 85 | | | | — | | | | — | | | | (2,953 | ) | | | 16,261 | | | | 8 | | | | 13,401 | |
U.S. Core Equity Fund | | | — | | | | 1,930 | | | | 34,661 | | | | — | | | | — | | | | 172,792 | | | | (1 | ) | | | 209,382 | |
* | Other temporary differences primarily consist of dividend payable. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 117
notes to financial statements |
September 30, 2023 |
Post-October losses and Late-Year losses represent losses realized on investments and foreign currency transactions from November 1, 2022, through September 30, 2023, 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.
Specified losses are losses realized on investment transactions from November 1, 2022 through September 30, 2023 that in accordance with Federal income tax regulations, the fund defers and treats as having arisen in the following fiscal year.
The Funds have capital losses carried forward as follows:
Fund | | Short-Term Loss
(000) | | | Long-Term Loss
(000) | | | Total
(000) | |
California Tax Exempt Bond Fund | | $ | 785 | | | $ | 1,625 | | | $ | 2,410 | |
Municipal High Income Fund | | | 98,631 | | | | 54,507 | | | | 153,138 | |
Fixed Income Opportunities Fund | | | 109,429 | | | | 256,043 | | | | 365,472 | |
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, 2023, for each of the Fixed Income Funds’ and Equity Funds’ investments were as follows:
Fund | | Federal
Tax Cost
(000) | | | Aggregate
Gross
Unrealized
Appreciation
(000) | | | Aggregate
Gross
Unrealized
Depreciation
(000) | | | Net
Unrealized
Appreciation
(Depreciation)
(000) | |
California Tax Exempt Bond Fund | | $ | 36,645 | | | $ | 4 | | | $ | (1,266 | ) | | $ | (1,262 | ) |
Municipal High Income Fund | | | 1,174,975 | | | | 9,847 | | | | (138,902 | ) | | | (129,055 | ) |
Fixed Income Opportunities Fund | | | 2,578,061 | | | | 47,102 | | | | (463,423 | ) | | | (416,321 | ) |
Equity Income Fund | | | 153,448 | | | | 23,418 | | | | (7,157 | ) | | | 16,261 | |
U.S. Core Equity Fund | | | 191,618 | | | | 176,000 | | | | (3,208 | ) | | | 172,792 | |
At September 30, 2023, 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.
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 Fixed Income Opportunities Fund and the Equity 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 and Fixed Income Opportunities Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and investors are subject to a greater risk that the issuer may not be able to pay interest or dividends, or repay the principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.
The Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.
The 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.
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.
CITY NATIONAL ROCHDALE FUNDS | PAGE 118
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.
LIBOR Risk
LIBOR was a leading benchmark or reference rate for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. On July 27, 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced the gradual phase out of the LIBOR rate, with nearly all LIBOR rate publications having ceased as of June 30, 2023 (some LIBOR rates continue to be published, but only on a temporary and synthetic basis). Alternatives to LIBOR have been established and others may be developed. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified the Secured Overnight Financial Rate (“SOFR”) as the preferred alternative rate to LIBOR. SOFR is a relatively new index calculated by short-term repurchase agreements, backed by U.S. Treasury securities. There remains uncertainty surrounding the nature of any replacement rates.
The transition to a new reference rate may result in (i) increased volatility or illiquidity in markets for instruments or contracts that previously relied on or still rely on LIBOR; (ii) a reduction in the value of certain instruments or contracts held by a Fund; (iii) reduced effectiveness of related Fund transactions, such as hedging; (iv) additional tax, accounting and regulatory risks; or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments or contracts using an alternative rate will have the same volume or liquidity.
A more complete description of risks is included in the Funds’ prospectus and statement of additional information.
CITY NATIONAL ROCHDALE FUNDS | PAGE 119
notes to financial statements |
September 30, 2023 |
9. | CAPITAL SHARES ISSUED AND REDEEMED: |
Capital share activity for the year ended September 30, 2023, and the year ended September 30, 2022, was as follows (000):
| | | Government Money Market Fund | | | California Tax Exempt Bond Fund | | | Municipal High
Income Fund | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
CAPITAL SHARES ISSUED AND REDEEMED: | | | | | | | | | | | | | | | | | | | | |
Class N: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | 2,349,457 | | | | 564,965 | | | | 26 | | | | 53 | | | | 25,198 | | | | 35,148 | |
Shares issued in lieu of dividends and distributions | | | 20,194 | | | | 961 | | | | 3 | | | | 3 | | | | 1,553 | | | | 1,704 | |
Shares redeemed | | | (2,052,969 | ) | | | (860,618 | ) | | | (316 | ) | | | (95 | ) | | | (48,815 | ) | | | (55,285 | ) |
Net Class N transactions | | | 316,682 | | | | (294,692 | ) | | | (287 | ) | | | (39 | ) | | | (22,064 | ) | | | (18,433 | ) |
Class S: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | 4,509,922 | | | | 2,355,075 | | | | — | | | | — | | | | — | | | | — | |
Shares issued in lieu of dividends and distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (3,764,560 | ) | | | (2,319,186 | ) | | | — | | | | — | | | | — | | | | — | |
Net Class S transactions | | | 745,362 | | | | 35,889 | | | | — | | | | — | | | | — | | | | — | |
Servicing Class: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | 22,199,561 | | | | 10,595,087 | | | | 1,019 | | | | 838 | | | | 12,384 | | | | 24,505 | |
Shares issued in lieu of dividends and distributions | | | 145,596 | | | | 8,237 | | | | 8 | | | | 8 | | | | 412 | | | | 433 | |
Shares redeemed | | | (19,921,782 | ) | | | (10,556,161 | ) | | | (1,933 | ) | | | (3,104 | ) | | | (27,792 | ) | | | (33,287 | ) |
Net Servicing Class transactions | | | 2,423,375 | | | | 47,163 | | | | (906 | ) | | | (2,258 | ) | | | (14,996 | ) | | | (8,349 | ) |
| | | Fixed Income Opportunities Fund | | | Equity Income Fund | | | U.S. Core Equity Fund | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
CAPITAL SHARES ISSUED AND REDEEMED: | | | | | | | | | | | | | | | | | | | | |
Institutional Class: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | — | | | | — | | | | — | | | | — | | | | 1 | | | | 3 | |
Shares issued in lieu of dividends and distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | (a) |
Shares redeemed | | | — | | | | — | | | | — | | | | — | | | | (1 | ) | | | (3 | ) |
Net Institutional Class transactions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | (a) |
Class N: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | 21,051 | | | | 47,379 | | | | 800 | | | | 712 | | | | 991 | | | | 1,176 | |
Shares issued in lieu of dividends and distributions | | | 7,601 | | | | 7,421 | | | | 581 | | | | 350 | | | | 166 | | | | 315 | |
Shares redeemed | | | (78,552 | ) | | | (65,498 | ) | | | (1,542 | ) | | | (1,183 | ) | | | (1,443 | ) | | | (1,264 | ) |
Net Class N transactions | | | (49,900 | ) | | | (10,698 | ) | | | (161 | ) | | | (121 | ) | | | (286 | ) | | | 227 | |
Servicing Class: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued | | | — | | | | — | | | | — | | | | — | | | | 555 | | | | 771 | |
Shares issued in lieu of dividends and distributions | | | — | | | | — | | | | — | | | | — | | | | 18 | | | | 33 | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | | | | (1,148 | ) | | | (918 | ) |
Net Servicing Class transactions | | | — | | | | — | | | | — | | | | — | | | | (575 | ) | | | (114 | ) |
CITY NATIONAL ROCHDALE FUNDS | PAGE 120
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%. The line of credit matures, unless renewed by September 4, 2024. The line of credit is with the Custodian. The Funds have authorized the Custodian to charge any of the accounts of the Funds for any missed payments. Interest expense amounts are included in other expenses on the Statements of Operations.
Borrowing activity under the LOC for the year ended September 30, 2023, was as follows:
Fund | | Maximum
Amount
of Line of
Credit
(000) | | | Interest
Expense
(000) | | | Average
Rate | | | Average
Borrowings
(000) | | | Maximum
Amount
Outstanding
(000) | |
Fixed Income Opportunities Fund | | $ | 300,000 | | | $ | 1,152 | | | | 7.12 | % | | $ | 45,926 | | | $ | 154,882 | |
Equity Income Fund | | | 300,000 | | | | 1 | | | | 7.57 | | | | 603 | | | | 1,174 | |
11. SUBSEQUENT EVENTS
The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2023, and no issues were noted to disclose, except the following:
The California Tax-Exempt Bond Fund was liquidated effective October 17, 2023.
CITY NATIONAL ROCHDALE FUNDS | PAGE 121
report of independent registered public accounting firm |
|
To the Shareholders and Board of Trustees
of City National Rochdale Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of City National Rochdale Government Money Market Fund, City National Rochdale California Tax Exempt Bond Fund, City National Rochdale Municipal High Income Fund, City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Equity Income Fund, and City National Rochdale U.S. Core Equity Fund (the “Funds”), each a series of shares of beneficial interest in City National Rochdale Funds, as of September 30, 2023, the related statements of operations, changes in net assets and cash flows (for City National Rochdale Fixed Income Opportunities Fund only), the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2023, the results of their operations, the changes in net assets, the cash flows (for City National Rochdale Fixed Income Opportunities Fund only), and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial statements and financial highlights for the years ended September 30, 2022, and prior, were audited by another auditor whose report, dated November 29, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
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 laws 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks 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, 2023, by correspondence with the custodian, brokers, agent banks, insurance companies and by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made
CITY NATIONAL ROCHDALE FUNDS | PAGE 122
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.
We have served as the Funds’ auditor since 2023.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
November 30, 2023
CITY NATIONAL ROCHDALE FUNDS | PAGE 123
change in independent registered public accounting firm (Unaudited) |
|
Effective March 6, 2023, BBD LLP (“BBD”) ceased to serve as the independent registered public accounting firm of City National Rochdale Funds (the “Trust”), a Delaware statutory trust registered as an open-end management investment company. Effective March 6, 2023, the Audit Committee of the Trust’s Board of Trustees approved Cohen & Company, Ltd. (“Cohen”) to replace BBD as the Trust’s independent registered public accounting firm as a result of Cohen’s acquisition of BBD’s investment management group.
The reports of BBD on the financial statements of the Trust as of and for the fiscal years ended September 30, 2021, and September 30, 2022, did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal years ended September 30, 2021, and September 30, 2022, and during the subsequent interim period through March 6, 2023: (i) there were no disagreements between the Trust and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Trust for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested that BBD furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating that it agrees with the above statements.
Effective March 6, 2023, the Audit Committee of the Trust’s Board of Trustees also recommended and approved the appointment of Cohen as the Trust’s independent registered public accounting firm for the fiscal year ended September 30, 2023.
During the fiscal years ended September 30, 2021, and September 30, 2022, and during the subsequent interim period through March 6, 2023, neither the Trust, nor anyone acting on its behalf, consulted with Cohen on behalf of the Trust regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Trust’s financial statements, or any matter that was either: (i) the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K.
CITY NATIONAL ROCHDALE FUNDS | PAGE 124
trustees and officers (Unaudited) |
September 30, 2023 |
The Trustees and officers of the Trust, their principal occupations during the past five years, and their affiliations, if any, with City National Rochdale, the investment adviser to the Trust, are set forth below. The persons listed below may have held other positions with their employers named below during the relevant periods. Certain officers of the Trust also serve as officers to one or more other mutual funds for which SEI Investments Company (“SEI Investments”) or its affiliates act as investment adviser, administrator or distributor. Each Trustee may be referred to in this SAI as an “Independent Trustee” and collectively as the “Independent Trustees.” There is no stated term of office for the Trustees. However, the Board has adopted a policy setting a retirement date for Trustees of December 31 of the year in which each Trustee reaches age 75. Exceptions to the retirement age may be made by the Board in individual cases for a period of up to two years, in the discretion of the Board. The business address for each Trustee is c/o City National Rochdale Funds, 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
Year of Birth | Position(s)
Held with
the Trust | Length of
Time Served | Principal Occupation(s)
During the Past 5 Years | Number of
Portfolios
in Fund
Complex(1)
Overseen by
Trustee | Other
Directorships
Held by Trustee |
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). | 7 | 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). | 7 | Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd. |
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). | 7 | None |
CITY NATIONAL ROCHDALE FUNDS | PAGE 125
trustees and officers (Unaudited) (Continued) |
September 30, 2023 |
Name and
Year of Birth | Position(s)
Held with
the Trust | Length of
Time Served | Principal Occupation(s)
During the Past 5 Years | Number of
Portfolios
in Fund
Complex(1)
Overseen by
Trustee | Other
Directorships
Held by Trustee |
INDEPENDENT TRUSTEES: (Continued) |
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). | 7 | Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd. |
Shelley Simms Year of Birth: 1968 | Trustee | Since 2023 | General Counsel, Corporate Secretary and Chief Compliance Officer, Xponance, Inc., a registered investment adviser (2004-present); Chief Compliance Officer, Xponance Alts Solutions, LLC, a registered investment adviser (2021-present); Chairperson (2023-present) and Commissioner (2018-present), Pennsylvania State Ethics Commission. | 7 | Board Member of 1st Colonial Bancorp and 1st Colonial Community Bank |
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). | 7 | None |
(1) | “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 Select Strategies Fund and City National Rochdale Strategic Credit Fund. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 126
Name and
Year of Birth | Position(s)
Held with
the Trust | Term of
Office(1) and
Length of
Time Served | Principal Occupation(s) During the Past 5 Years |
OFFICERS: |
Kurt Hawkesworth Year of Birth: 1971 | President and Chief Executive Officer | Since 2023 | Chief Operating Officer, City National Rochdale (2003-present); Head of Portfolio Management, City National Rochdale (2017-present). |
Andrew Metzger SEI Investments One Freedom Valley Drive
Oaks, Pennsylvania 19456 Year of Birth: 1980 | Treasurer (Principal Financial and Accounting Officer and Controller) | Since 2021 | Director of Fund Accounting, SEI Investments Company (2020-present). Senior Director, Embark Consulting, LLC (2019-2020). Senior Manager, PricewaterhouseCoopers LLP (2002-2019). Treasurer (Principal Financial and Accounting Officer and Controller), City National Rochdale Funds (April 2021-present). |
Rochelle Levy Year of Birth: 1985 | Chief Compliance Officer (“CCO”), Anti-Money Laundering Officer (“AML Officer”) and Identity Theft Program Officer (“ITP Officer”) | Since 2022 | Senior Vice President and Wealth Management Chief Compliance Officer, City National Bank (2022-present); CCO, AML Officer and ITP Officer, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (September 2022-present); CCO and AML Officer, BNY Mellon Private Funds (2019-2022); CCO, BNY Mellon Commingled Funds (2019-2021); Investment Management, Head of Distribution Compliance BNY Mellon, N.A. (2019-2022); Vice President, JPMorgan Chase & Co. (2014-2019). |
Mitchell Cepler Year of Birth: 1982 | Vice President and Assistant Treasurer | Since 2015 | Senior Vice President, Finance, City National Rochdale (2011-present); Vice President and Assistant Treasurer, City National Rochdale Funds (2015-present), Select Strategies Fund (2016-present), and Strategic Credit Fund (2018-present) |
Frank Bonsignore Year of Birth: 1967 | Vice President and Secretary | Since 2023 | Vice President, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (2023-present); Secretary, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (2023-present); Director of Operations, BNY Mellon (1997-2023). |
Matthew M. Maher SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Year of Birth: 1975 | Assistant Secretary | Since 2019 | Counsel, SEI Investments Company (2018-present); Assistant Secretary, City National Rochdale Funds, Select Strategies Fund, and Strategic Credit Fund (2019-present); 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 127
notice to shareholders (Unaudited) |
September 30, 2023 |
For shareholders that do not have a September 30, 2023, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2023, 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, 2023, each of the California Tax Exempt Bond Fund and Municipal High Income Fund is designating 96.96% and 7.09%, 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, 2023, each Fund is designating the following items with regard to distributions paid during the year:
| | (A)
Long Term
Capital Gain
Distributions | (B)
Return of
Capital | (C)
Ordinary
Income
Distributions | (D)
Tax Exempt
Interest | (E)
Total
Distributions | (F)
Dividends
Qualifying
for Corporate
Dividends
Rec.
Deduction (1) | (G)
Qualifying
Dividend
Income (2) | (H)
U.S.
Government
Interest (3) | (I)
Interest
Related
Dividends (4) | (J)
Qualified
Short-Term
Capital Gain
Dividends (5) | (K)
Foreign Tax
Credit |
Government Money Market Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 82.91% | 100.00% | 0.00% | 0.00% |
California Tax Exempt Bond Fund(3) | 0.00% | 0.00% | 8.40% | 91.60% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Municipal High Income Fund(3) | 0.00% | 0.00% | 4.18% | 95.82% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Fixed Income Opportunities Fund(3) | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% | 0.28% | 0.28% | 0.08% | 90.94% | 0.00% | 0.00% |
Equity Income Fund(3) | 82.02% | 0.00% | 17.98% | 0.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
U.S. Core Equity Fund(3) | 87.51% | 0.00% | 12.49% | 0.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Government Bond Fund(3)(6) | 0.00% | 1.91% | 98.09% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 88.41% | 0.00% | 0.00% |
Corporate Bond Fund(3)(6) | 0.83% | 1.96% | 97.21% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 85.86% | 0.00% | 0.00% |
Intermediate Fixed Income Fund(3)(6) | 0.25% | 0.00% | 99.75% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 61.74% | 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) | Fund was liquidated on May 25, 2023. |
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 128
disclosure of fund expenses (Unaudited) |
|
All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees, acquired fund fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from 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, 2023 through September 30, 2023).
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 129
disclosure of fund expenses (Unaudited) (Continued) |
|
| | | Beginning
Account
Value
4/1/2023 | | | Ending
Account
Value
9/30/2023 | | | Annualized
Expense
Ratios | | | Expense
Paid During
Period* | |
City National Rochdale Government Money Market Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,022.70 | | | | 0.65 | % | | $ | 3.30 | |
Class S | | | 1,000.00 | | | | 1,021.90 | | | | 0.80 | % | | $ | 4.05 | |
Servicing Class | | | 1,000.00 | | | | 1,024.20 | | | | 0.35 | % | | $ | 1.78 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,021.81 | | | | 0.65 | % | | $ | 3.29 | |
Class S | | | 1,000.00 | | | | 1,021.06 | | | | 0.80 | % | | | 4.05 | |
Servicing Class | | | 1,000.00 | | | | 1,023.31 | | | | 0.35 | % | | | 1.78 | |
| | | | | | | | | | | | | | | | | |
City National Rochdale California Tax Exempt Bond Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 972.10 | | | | 0.89 | % | | $ | 4.40 | |
Servicing Class | | | 1,000.00 | | | | 974.20 | | | | 0.64 | % | | | 3.17 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.89 | % | | $ | 4.51 | |
Servicing Class | | | 1,000.00 | | | | 1,021.86 | | | | 0.64 | % | | | 3.24 | |
| | | | | | | | | | | | | | | | | |
City National Rochdale Municipal High Income Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 966.00 | | | | 1.09 | % | | $ | 5.37 | |
Servicing Class | | | 1,000.00 | | | | 966.10 | | | | 0.84 | % | | | 4.14 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,019.60 | | | | 1.09 | % | | $ | 5.52 | |
Servicing Class | | | 1,000.00 | | | | 1,020.86 | | | | 0.84 | % | | | 4.26 | |
| |
City National Rochdale Fixed Income Opportunities Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,045.20 | | | | 1.08 | % | | $ | 5.54 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,019.65 | | | | 1.08 | % | | $ | 5.47 | |
| | | | | | | | | | | | | | | | | |
City National Rochdale Equity Income Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 921.80 | | | | 1.25 | % | | $ | 6.02 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Class N | | $ | 1,000.00 | | | $ | 1,018.80 | | | | 1.25 | % | | $ | 6.33 | |
| | | | | | | | | | | | | | | | | |
City National Rochdale U.S. Core Equity Fund |
Actual Fund Return | | | | | | | | | | | | | | | | |
Institutional Class | | $ | 1,000.00 | | | $ | 1,038.80 | | | | 0.55 | % | | $ | 2.81 | |
Class N | | | 1,000.00 | | | | 1,036.50 | | | | 1.05 | % | | | 5.36 | |
Servicing Class | | | 1,000.00 | | | | 1,037.70 | | | | 0.80 | % | | | 4.09 | |
| | | | | | | | | | | | | | | | | |
Hypothetical 5% Return | | | | | | | | | | | | | | | | |
Institutional Class | | $ | 1,000.00 | | | $ | 1,022.31 | | | | 0.55 | % | | $ | 2.79 | |
Class N | | | 1,000.00 | | | | 1,019.80 | | | | 1.05 | % | | | 5.32 | |
Servicing Class | | | 1,000.00 | | | | 1,021.06 | | | | 0.80 | % | | | 4.05 | |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the on-half year period). |
CITY NATIONAL ROCHDALE FUNDS | PAGE 130
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, all 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 in-person meetings held on April 4, 2023, and May 18, 2023, the Board, which was composed of five Trustees, all of whom were 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 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 Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund”), City National Rochdale Equity Income Fund (the “Equity 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 CNR FIOF Investments (Ireland) Limited (the “Irish Company”), a company organized under the laws of Ireland; |
| | ● | 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 Federated Investment Management Company (“Federated”), with respect to the Fixed Income Opportunities Fund; |
| | ● | The sub-advisory agreement between the Adviser and Seix Investment Advisors LLC (“Seix”), with respect to the Fixed Income Opportunities Fund; and |
| | ● | The sub-advisory agreement between the Adviser and T. Rowe Price Associates, Inc. (“T. Rowe Price”), with respect to the Fixed Income Opportunities Fund. |
The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” AllFinancial, Federated, Seix, and T. Rowe Price are collectively referred to below as the “Sub-Advisers.”
General Information
The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Trustees 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 Company, although the Board took into account the common interests of the Funds and the Irish Company 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 Fixed Income Opportunities Fund) they manage and the Irish Company, as applicable, advisory fee and expense comparisons, financial 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 Company. 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 Company, 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 131
board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
|
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 Company. With respect to the Fixed Income Opportunities Fund, 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, 2022, as applicable. In addition, the Board reviewed the performance of each Fund compared to the average returns of certain funds (each, a “Peer Group” and collectively, the “Peer Groups”) 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 0.15% or less) for the one-, three-, five-, ten- and 15-year and since inception periods. The Trustees observed that although the Fund underperformed the Lipper Universe average returns for the one-, three-, five- and ten-year periods, the Fund’s yield had steadily climbed as the Federal Reserve raised interest rates over the prior 12-month period, and that the Fund’s annualized returns had exceeded the Peer Group average returns over the one-, three-, five- and ten-year periods. The Trustees also considered the Adviser’s explanation that the Fund employed U.S. agency floating rate notes and shortened the Fund’s weighted average maturity, which enhanced the Fund’s gross yield. |
| | ● | The California Tax Exempt Bond Fund (Servicing Class) outperformed the average returns of the funds in the Lipper CA Short/Intermediate Municipal Debt Objective Universe for the ten- and 15-year and since inception periods, but underperformed the Lipper Universe average returns (by 1.07% or less) for the one-, three-, and five-year periods. The Fund underperformed the Bloomberg CA Intermediate-Short Municipal Index returns (by 0.88% or less) for the one-, three-, five-, ten-, and 15-year and since inception periods. The Trustees noted the Adviser’s explanation that the Fund’s underperformance relative to the Bloomberg CA Intermediate-Short Municipal Index for all periods was largely a result of the post-financial crisis and COVID-19 pandemic-induced low yield environment, which severely constrained the Fund’s opportunities to generate returns above its expense ratio. The Trustees considered the Adviser’s assertion that the Fund was positioned neutrally leading into 2022 to reflect the uncertainty regarding inflation and Federal Reserve interest rate hikes, and that although the tactical shift into out-of-benchmark maturities added to the Fund’s returns in 2021, such securities contributed negatively to performance in 2022 as the yield curve quickly shifted higher. The Trustees also considered that the Fund was scheduled to be liquidated. |
| | ● | The Municipal High Income Fund (Servicing Class) underperformed the average returns of the funds in the Lipper High Yield Municipal Classification Universe (by 1.86% or less), and the Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Unhedged USD Index returns (by 4.00% or less) for the one-, three-, and five-year and since inception periods. The Trustees considered the Adviser’s explanation that the underperformance for the one-year period as compared to the Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Unhedged USD Index and the Lipper High Yield Municipal Universe was largely due to the fact that the Fund’s average duration was longer than the average duration of the Index and many Peer Group funds. The Trustees also considered that the Fund sustained significant redemptions in 2022, which caused the Fund to sell bonds at suboptimal times and prices, and exacerbated the underperformance. |
| | ● | The Fixed Income Opportunities Fund (Class N) outperformed the Bloomberg Global Credit-Corp Total Return Hedged Index returns for the one- and three-year periods, but underperformed the Index returns (by 0.86% or less) for the five- and ten-year and since inception periods. The Fund underperformed the Blended Index (a hybrid index composed of 40% Bloomberg Multiverse Total Return Index Value Hedged USD, 35% S&P Global Leveraged Loan Index, and 25% Bloomberg Emerging Markets High Yield Index) returns (by 2.70% or less) and the Lipper Global High Yield Funds Classification |
CITY NATIONAL ROCHDALE FUNDS | PAGE 132
Universe average returns (by 1.85% or less) for the one-, three-, five-, and ten-year and since inception periods. The Trustees considered the Adviser’s observation that although the Fund lagged the Lipper Universe average returns, the funds in the Lipper Universe generally do not have exposure to structured credit, leveraged loans, or emerging market bonds, which constitute nearly 70% of the Fund’s assets. The Trustees also considered the Adviser’s discussion of the challenges the emerging market sector faced as the value of the U.S. dollar rose and ongoing impacts from the COVID-19 pandemic lingered, which limited the non-developed world’s economic recovery.
| | ● | The Equity 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) return, the Lipper Equity Income Funds Classification Universe average return, and the S&P 500 Index return for the one-year period, but underperformed the Blended Index (by 2.39% or less), the Lipper Equity Income Funds Classification Universe average returns (by 2.73% or less), and the S&P 500 Index returns (by 4.75% or less) for the three-, five-, ten- and 15-year and since inception periods. The Equity Income Fund underperformed the Dow Jones U.S. Select Dividend Index returns (by 5.03% 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 underperformance for the one-year period was primarily due to its relative sector allocation, specifically the overweight allocation in real estate investment trusts, which weighed on relative returns despite being a source of material outperformance the prior year. The Trustees also considered that following the Adviser’s strategic review of the Fund in May 2021, the Fund’s performance ranked it in the top quartile of the funds in the Lipper Universe for the one-year period. The Trustees also observed that the Fund remained a Lipper Leader in capital preservation and expenses for all time periods. |
| | ● | The U.S. Core Equity Fund (Institutional Class) outperformed the average returns of the funds in the Lipper Large Cap Core Funds Classification Universe for the five-year and since inception periods, but underperformed the Lipper Universe average returns (by 1.70% or less) for the one- and three-year periods. The Fund underperformed the returns of the S&P 500 Index for the one-, three-, and five-year and since inception periods (by 1.80% or less). The Trustees considered the Fund’s underperformance of the Lipper Large Cap Core Funds Classification Universe and the S&P 500 Index for the trailing one-year period (net of fees), and the Adviser’s explanation that the Fund’s underperformance was attributable in part to being underweight in cyclical industry groups, including automobiles and components, retail, technology hardware and equipment, real estate, and semiconductors. The Trustees also considered the Adviser’s discussion of the Fund’s outperformance (net of fees) of its Lipper Universe and Peer Group average returns for the five- and ten-year periods. |
The Board concluded that the Adviser continued to provide high quality management and oversight services to the Funds and the Irish Company. 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 Peer Groups and had explained the impact of market conditions on the performance of the Funds; that the Adviser’s compliance team had made enhancements to the Funds’ compliance program during the past year; that the Adviser had replaced portfolio managers and/or sub-advisers for Funds or strategies that experienced performance challenges; 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 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, 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 California Tax Exempt Bond Fund, Fixed Income Opportunities Fund, Equity Income Fund, and U.S. Core Equity Fund were below their respective Peer Group and Lipper Universe averages. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 133
board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
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| | ● | The gross advisory fees paid by 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 Board noted that with the exception of the strategies listed below, 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 certain Funds’ advisory fees with advisory fees charged by the Adviser to other comparable client accounts. The Board also noted that the Adviser manages discretionary client account assets in the Core Equity, Equity Income, and California Tax Exempt strategies in accordance with investment policies similar to those of the U.S. Core Equity Fund, Equity Income Fund, and California Tax Exempt Bond Fund, respectively. The Trustees reviewed the Adviser’s fee schedules and concluded that the advisory fees charged to the U.S. Core Equity Fund, Equity Income Fund, and California Tax Exempt Bond Fund were generally in the range of, and in some instances lower than, the fees that the Adviser charged to manage client accounts using similar strategies as those used by those Funds. The Trustees considered the Adviser’s explanation that the fees published in its fee schedules are applicable to each client’s entire account, regardless of the strategies used to manage the assets in the account, and that such fees are subject to negotiation. The Trustees also noted that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to separate accounts that the Adviser manages. The Trustees also considered that 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.
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 both the Institutional Class and Servicing Class of the U.S. Core Equity Fund were below its Peer Group and Lipper Universe averages. |
| | ● | The Total Expense Ratio of the Servicing Class of the Municipal High Income Fund was below its Lipper Universe average, but above its Peer Group average. |
| | ● | The Total Expense Ratios of Class N of the Government Money Market Fund, Fixed Income Opportunities Fund, Equity Income Fund, and U.S. Core Equity Fund; and the Servicing Class of the Government Money Market Fund and California Tax Exempt 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 California Tax Exempt Bond Fund and Municipal High Income 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 structures 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, 2022. 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, as applicable; 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. The Board recognized 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 noted that other profitability methodologies might also be reasonable. The Board observed that the Adviser had not realized a profit with respect to the California Tax Exempt Bond Fund, and concluded that the profits of the Adviser from its relationships with the remaining Funds were 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 achieved with Fund shareholders through means other than breakpoints, such as expense caps
CITY NATIONAL ROCHDALE FUNDS | PAGE 134
and fee waivers, and the investments that the Adviser made in its business over the past year, including devoting resources to innovation. 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 Company, and that renewal of the advisory agreements would be in the best interests of each Fund, the Irish Company, and their respective shareholders.
SUB-ADVISERS
Nature, Extent and Quality of Services
In reviewing the services provided by each Sub-Adviser, the Board considered a variety of matters, including the overall quality and depth of each Sub-Adviser’s organization and 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 Fixed Income Opportunities Fund. The Board found all of these matters to be satisfactory.
Investment Performance
The Board reviewed information provided in the meeting materials setting forth the performance of the portion of the Fixed Income Opportunities Fund sub-advised by each Sub-Adviser compared with applicable benchmarks for various periods ended December 31, 2022. 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 U.S. Corporate High Yield Index for the one-, three-, and five-year periods. |
| | ● | The annualized returns for the leveraged loan portfolio of the Fund managed by Seix were above the returns of the S&P LSTA U.S. Leveraged Loan Index for the one- and three-year periods, and the Fund’s performance was the same as the Index for the five-year period. |
| | ● | The return for the high yield bond portfolio of the Fund managed by Seix was above the return of the Bloomberg U.S. Corporate High Yield Index for the one-year period. |
| | ● | The return for the portion of the Fund managed by T. Rowe Price (the main portfolio) was above the return of the ICE BofA High Yield U.S. Emerging Markets Corporate Plus Index for the one-year period. The return for the portion of the Fund managed by T. Rowe Price (the liquid portfolio) was above the return of the ICE BofA 0-1 Year Emerging Markets Corporate Plus Index 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, 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 AllFinancial, Federated, Seix, and T. Rowe Price continued to provide high quality sub-advisory services to the Fixed Income Opportunities Fund.
Sub-Advisory Fees and Benefits to Sub-Advisers
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 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 Board noted that although certain Sub-Advisers charged lower fees to
CITY NATIONAL ROCHDALE FUNDS | PAGE 135
board approval of advisory and sub-advisory agreements (Unaudited) (Continued) |
|
other mutual funds advised by the Sub-Advisers, those funds were significantly larger than the Fixed Income Opportunities Fund. 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 Fixed Income Opportunities Fund, 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.
The Board also considered the benefits received by each Sub-Adviser and its affiliates as a result of its relationship with the Fixed Income Opportunities Fund (other than the sub-advisory fee paid to the Sub-Adviser), including any research services provided by broker-dealers providing execution services to the Fund, the intangible benefits of the Sub-Adviser’s association with the Fund generally, and any favorable publicity arising in connection with the Fund’s performance.
Conclusion
Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the 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 Fixed Income Opportunities Fund, and that it would be in the best interests of the Fund and its shareholders to renew the sub-advisory agreements with each of AllFinancial, Federated, Seix, and T. Rowe Price.
CITY NATIONAL ROCHDALE FUNDS | PAGE 136
CNR-AR-001-2200
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 Cohen & Company, LTD (“Cohen”) Related to the Trust
Cohen billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:
| | 2023 | 2022 |
| | | 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) | $179,000 | N/A | N/A | $217,750 | 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)(2) | Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows: |
| | 2023 | 2022 |
Audit-Related Fees | N/A | N/A |
| Tax Fees | N/A | N/A |
All Other Fees | N/A | N/A |
| (g) | The aggregate non-audit fees and services billed by Cohen for the last two fiscal years were $0 and $0 for 2023 and 2022, respectively. |
| (i) | Not Applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction. |
| (j) | Not Applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to unlisted registrants.
Item 6. Investments
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
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 Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Items 13. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(a)(3) Not applicable.
(a)(4)(i) Change in Registrant’s Independent Public Accountant (disclosure pursuant to Item 4.01 of Form 8-K under the Exchange Act (17 CFR 249.308)) is attached hereto.
(a)(4)(ii) Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.
SIGNATURES
Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | City National Rochdale Funds | |
| | | |
| By (Signature and Title) | /s/ Kurt Hawkesworth | |
| | Kurt Hawkesworth, | |
| | President and Chief Executive Officer | |
| | | |
| Date: December 8, 2023 | | |
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/ Kurt Hawkesworth | |
| | Kurt Hawkesworth, | |
| | President and Chief Executive Officer | |
| | | |
| Date: December 8, 2023 | | |
| | | |
| By (Signature and Title) | /s/ Andrew Metzger | |
| | Andrew Metzger, | |
| | Treasurer (Principal Financial and Accounting Officer and Controller) | |
| | | |
| Date: December 8, 2023 | | |
