N-CSR

As filed with the Securities and Exchange Commission on March 11, 2010

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: 811-08685

Rochdale Investment Trust

(Exact name of registrant as specified in charter)

570 Lexington Avenue

New York, NY 10022-6837

(Address of principal executive offices) (Zip code)

Garrett R. D’Alessandro

570 Lexington Avenue

New York, NY 10022-6837

(Name and address of agent for service)

800-245-9888

Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2009

Item 1. Reports to Stockholders.

ROCHDALE

INVESTMENT TRUST

Rochdale Large Growth Portfolio

Rochdale Large Value Portfolio

Rochdale Mid/Small Growth Portfolio

Rochdale Mid/Small Value Portfolio

Rochdale Dividend & Income Portfolio

Rochdale Intermediate Fixed Income Portfolio

Rochdale Fixed Income Opportunities Portfolio

Annual Report

December 31, 2009

ROCHDALE INVESTMENT TRUST

Rochdale Funds Annual Report

Table of Contents

Letter to Shareholders	1
Performance Graphs and Total Returns Tables	12
Expense Example	19
Schedules of Investments	21
Rochdale Large Growth Portfolio	21
Rochdale Large Value Portfolio	27
Rochdale Mid/Small Growth Portfolio	33
Rochdale Mid/Small Value Portfolio	39
Rochdale Dividend & Income Portfolio	45
Rochdale Intermediate Fixed Income Portfolio	51
Rochdale Fixed Income Opportunities Portfolio	62
Statements of Assets and Liabilities	78
Statements of Operations	80
Statements of Changes in Net Assets	83
Financial Highlights	87
Notes to Financial Statements	94
Report of Independent Registered Public Accounting Firm	110
Trustee and Officer Information	111
Additional Information	112

This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Rochdale Investment Trust.

Past performance is not a guarantee of future results. Due to market volatility, fund performance may fluctuate substantially over the short-term and current performance may differ from that shown. Share price and returns will fluctuate, and investors may have a gain or loss when they redeem shares. Statements and other information in this report are dated and are subject to change.

ROCHDALE INVESTMENT TRUST

Rochdale Funds Annual Report

February 10, 2010

Dear Fellow Shareholders:

We would like to discuss the performance of the Rochdale Funds (“Funds” or “Portfolios) for the year ended December 31, 2009. Despite an ongoing debate about its strength and sustainability, the U.S. economic growth is on the road to recovery from the worst downturn since the Great Depression. Government spending and stimulus, along with modest consumer spending, are leading the economy towards what we believe will be a sustainable economic recovery throughout 2010. Over the next few quarters, our comprehensive set of forward looking indicators support the notion that businesses will gradually, but modestly, increase business investment and hiring. New net jobs will help sustain continued moderate consumer spending and, along with a moderately improving housing market boosting consumer confidence, help build private sector demand as the benefits from fiscal stimulus dissipate later this year. Unfortunately, we are not yet able though to see beyond that point and feel assured of a long secular

economic expansion as would normally occur after such recession. The magnitude of the uncertainties and secular long-term structural challenges presently allow only for a shortened outlook. But, for now, sufficient momentum exists to support a sustainable, though moderate, economic recovery.

One of the more important factors influencing our outlook is the Fed’s future actions concerning interest rates, money supply, and liquidity. Certainly, it was renewed confidence in the prospects of the financial system that sparked a historic stock market rally in 2009. The rapid rise in stock values at a time when financial

markets and the economy were still experiencing extreme levels of distress was a surprise to many investment professionals. As fundamental investment professionals, we conduct balance sheet and income statement analysis to determine the value of a company. However, the financial sector’s complete lack of transparency in early 2009 made this impossible. Without the clarity of data necessary to support bank and financial company share values, Rochdale assessed that the risk of owning these stocks, and being fully invested in general, remained too high. Indeed, not until April, when our proprietary equity allocation and macro economic models appropriately forecasted that the worst of the Great Recession would likely end in the later part of 2009, did we become comfortable with risk levels and begin to incrementally increase our exposure to equities, outside the financial sector.

Performance quoted represents past performance. Past performance does not guarantee future results. The investment return 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. Current performance may be lower or higher than the performance quoted. Total returns do not reflect sales charges, which, when applied, would lower returns.

Investing in small and medium-size companies and REITs may carry additional risks such as limited liquidity and increasing volatility. Investing in international companies carries risks such as currency fluctuation, interest rate fluctuation, and economic and political instability. When investing in bond funds, it should be noted that when interest rates rise, bond prices will fall.

An investor should consider carefully the fund’s investment objectives, risks, charges, and expenses. The prospectus contains this and other important information about the respective investment company, and it may be obtained by calling 800-245-9888, or visiting www.rochdale.com. Please read it carefully before investing. RIM Securities LLC is the affiliate broker dealer for Rochdale Investment Management LLC, 570 Lexington Avenue, New York, NY 10022.

Broad Market Index Performance Year Ended December 31, 2009
Index	Total Return
S&P 500	26.46%
S&P 1000	33.48%
NASDAQ Composite	43.89%
MSCI AC World ex USA	42.14%
Barclays Capital Aggregate Bond	5.39%
Source: Lipper

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ROCHDALE INVESTMENT TRUST

While our focus on risk management and ownership of high quality companies protected clients from the full downside exposure of the previous bear market, our defensive positioning and higher cash levels during the extreme uncertainty that surrounded the stock market’s initial recovery phase led to overall underperformance in 2009. From the stock market bottom, the financial sector and bank stocks returned 93% by June end. This return was driven mostly by speculative investment decision making. In hindsight, that rate of return was appropriate for the risk inherent in those stocks at the time. But, as a matter of risk management, we prefer not to buy stocks of which we have little fundamental understanding and thus avoided the financial sector in our Funds, leading to overall underperformance for the year. Still, even as we are disappointed we did not keep pace with the benchmarks, Rochdale Funds’ total returns were well balanced relative to the risk we were bearing. Our Funds are now fully invested, and our exposures across all sectors including the financial and banking system are in place.

Looking ahead, the key forces that drove equity prices higher in 2009 remain in place for 2010. Monetary and fiscal stimulus, low interest rates and inflation, financial system stabilization and improving economic growth all should continue to provide the right type of environment for positive equity market performance. Most importantly, despite an economic recovery that will likely be moderate, the recovery in corporate earnings is turning out to be a very good driver for stocks. In Corporate America, balance sheets (outside of the financial sector) are healthy and, with costs being reduced, successful companies will experience substantial growth in profits from the low levels in 2009.

Overall, S&P 500 earnings are on pace to grow by double digit rates in 2010 and 2011. Despite a modest economic recovery, businesses should be able to achieve these types of earnings increases through a combination of three factors: modest revenue increases from domestic sources, strong growth in revenues from international sources and strong cost controls. If our 2011 earnings estimate of $90 is realized, then stocks should provide a reasonably good rate of return this year. Of course, this earnings recovery has occurred against a backdrop of very low interest rates and very accommodative monetary and fiscal policy. Therefore, our rather positive outlook depends importantly on the condition that the Fed, as well as the Administration, does nothing with respect to interest rates, money supply, taxes, or spending that would remove the positive trends these policies are currently providing to the U.S. economy.

From a risk management perspective, Rochdale’s investment focus and company selection process has always been centered on quality and value relative to the risk being taken. One interesting aspect about the stock market rise during 2009 was the fact that the riskiest companies with the weakest balance sheets appreciated the most. As fundamental investors, we have a long standing investment approach that chooses high quality companies that have sustainable competitive advantages, strong balance sheets, and improving earnings. Quite simply, the stocks that rose the most in 2009 were not the stocks in the neighborhoods that we live in as investors. Nevertheless, Rochdale’s fundamental security selection remains focused on investment in high quality companies that have strong cash flow, good earnings visibility and growth prospects, and our strategy continues to be dedicated to acquiring good businesses that can grow revenue and generate solid profits during a period of modest GDP growth. Shareholders in Rochdale Funds can be confident that our time tested investment process and team of trained Fund managers will enable us to successfully navigate through the unique economic and financial landscape that lies ahead.

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Rochdale Large Growth Portfolio

The Large Growth Portfolio invests primarily in large U.S. companies within growth industries such as technology, medical products, financial services, and consumer services. Growth industries typically exhibit stronger earnings growth with relatively higher price-to-earnings ratios than their value counterparts. During the year ended December 31, 2009, Rochdale’s Large Growth Portfolio returned 23.11%, underperforming the S&P 500 / Citi Growth benchmark’s return of 31.57%.

While the Fund outperformed the benchmark in the second half of 2009, we took a defensive stance in the first half and reduced the overall risk of our Fund amid a deep global recession and high market volatility. That has led to underperformance of our Fund for

the whole year. We avoided depressed and cyclical areas such as financials, banks, insurance and materials, as well as companies with weak balance sheets, high leverage and poor earnings visibility, which rallied strongly from their March lows.

Our investment strategy is to achieve sustained steady returns in the growth universe by selecting high quality growth companies that we feel have long-term steady revenue streams and reliable earnings growth. Our Large Growth Portfolio’s holdings are valued at 19 times forward earnings compared to 20.5 times for the benchmark while at the same time, earnings for the companies held in the Fund are expected to grow on average 14% in the long-term, better than the benchmark’s 12%. The forward PEG for the Large Growth Portfolio is 1.35 as compared to the benchmark’s 1.71 thus indicating our Large Growth Portfolio holds companies that are growing earnings faster but at a more attractive valuation. Given our belief that the U.S. economic recovery remains on course and sufficient economic momentum now exists to sustain moderate economic growth through 2010, our focus is on sectors and companies that will benefit from this global economic recovery. We have focused our industry selection to be overweight in areas such as technology, energy, materials, and industrials that are globally exposed to growth. We like companies with strong balance sheets, low level of debt, strong cash flows and good earnings visibility, companies that will drive earnings growth in a moderate revenue growth environment and can generate solid profits during a period of modest economic expansion.

The unsubsidized total annual fund operating expense ratio for the Large Growth Portfolio is 1.33%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year and 10-year: 16.00%,
-2.70%, and -4.81%, respectively.

Large Growth Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Bank of America Corp.	3.88%
United States Steel Corp.	3.55%
ENSCO International Plc — ADR	2.66%
Hess Corp.	2.61%
Ingersoll-Rand Plc	2.53%
Cummins Inc.	2.31%
Microsoft Corp.	2.23%
ABB Ltd. — ADR	2.22%
EMC Corp.	2.16%
Autodesk, Inc.	2.09%

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Rochdale Large Value Portfolio

The Large Value Portfolio invests primarily in select large U.S. companies across economically cyclical industries including energy, financials, and telecommunications. Value industries typically experience cyclical revenues and earnings and posess lower price-to-earnings ratios than their growth counterparts. During the year ended December 31, 2009, our Large Value Portfolio posted a 10.31% return, underperforming the S&P 500 / Citi Value benchmark’s return of 21.18%.

While the Fund outperformed the benchmark in the second half of 2009, the Large Cap Value Fund was constructed defensively in the first half of 2009 and held an elevated cash level. In the first half of 2009, amid a deep global recession and high market volatility, we held a cautious stance and preferred lower risk across the Fund. We chose to avoid both consumer sensitive stocks and, in large part, the banks, and avoided companies with weak balance sheets, high leverage and poor earnings visibility. While this helped us reduce the overall risk of the Fund, it nevertheless led to the Fund’s underperformance in 2009.

Given our belief of a moderate economic recovery in 2010, the Large Cap Value Fund is focused on high quality companies with recognition for fundamental valuation. We own fundamentally solid companies at reasonable valuations relative to their expected earnings growth. Our Large Value Portfolio’s holdings are valued at 17.7 times forward earnings compared to 20.7 times for the benchmark. While at the same time, earnings for the companies held in the Fund are expected to grow on average 10.7% in the long term, better than the benchmark’s 9.1% expected growth rate. Additionally, the Long Term Debt to Capital Ratio of the Portfolio is 37% as compared to the benchmark’s 41%. This ratio measures the level of debt to available capital where a lower number indicates our companies have a more solid balance sheet and lower debt levels. Our focus is on sectors and companies that will benefit from the global economic recovery. Our industry and stock selection is dedicated to acquiring at reasonable prices, high quality, and successful market share companies that can sustain revenue growth and generate solid profits during a period of modest economic expansion.

The unsubsidized total annual fund operating expense ratio for the Large Value Portfolio is 1.35%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year, and 10-year: 3.96%, -3.78%, and -1.85%, respectively.

Large Value Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Bank of America Corp.	3.36%
United States Steel Corp.	2.88%
JP Morgan Chase & Co.	2.74%
Deere & Co.	2.59%
ABB Ltd. — ADR	2.55%
CSX Corp.	2.52%
Snap-on Inc.	2.50%
Fluor Corp.	2.26%
Banco Santander SA — ADR	2.25%
Lincoln National Corp.	2.24%

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Rochdale Mid/Small Growth Portfolio

The Mid/Small Growth Portfolio invests primarily in medium and small-size U.S. companies across growth industries such as Energy, Health Care Equipment & Services, Capital Goods and Software & Services. During the year ending December 31, 2009, Rochdale’s Mid/Small Growth Portfolio returned 18.71% as compared to the S&P / Citi 1000 Growth which returned 36.87%.

Investors began 2009 with high levels of risk aversion. As the first quarter came to a close, a broad-based rally occurred which was led by consumer sensitive industries, such as Autos and Retailing, and Information Technology. Many of the companies that experienced the highest returns were of lower quality as they had higher levels of debt, lower levels of free cash flow, lower return on equity and higher valuations. Our decision to hold higher levels of cash early on in the year and to scale back into the market with a focus on higher quality companies led to underperformance during 2009.

For 2010 with the recession behind us, we are fully invested in sectors and companies that will succeed in a moderate economic recovery. We own companies with strong balance sheets and reasonable valuations which are expected to experience sustained growth in revenues and earnings. It is our belief that this process of selecting higher quality companies will outperform over the long term and serve shareholders well. At the year end, the Portfolio’s forward price to earnings ratio was 1.48 as compared to 2.15 for the benchmark. This ratio provides a measure of valuation relative to expected earnings growth. A lower value indicates we are invested in growth companies at reasonable valuations. Furthermore, the Long Term Debt to Capital Ratio of the Portfolio is 20.83% as compared to the benchmark’s value of 26.07%. This measure gives an indication of the level of debt to available capital where a lower number indicated our companies have a much more solid balance sheet and lower debt levels. As we enter 2010, some of the sectors that we favor are Technology, Industrials and Energy.

The unsubsidized total annual fund operating expense ratio for the Mid/Small Growth Portfolio is 1.43%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year, and 10-year: 11.87%,
-3.17 %, and 1.48%, respectively.

Mid/Small Growth Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Albemarle Corp.	2.73%
Southwestern Energy Co.	2.29%
FMC Corp.	2.22%
Longtop Financial Technologies Ltd. — ADR	2.14%
CONSOL Energy Inc.	2.11%
WMS Industries Inc.	2.09%
Panera Bread Co. — Class A	1.98%
Kirby Corp.	1.97%
LKQ Corp.	1.95%
Wabtec Corp.	1.90%

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Rochdale Mid/Small Value Portfolio

The Mid / Small Value Portfolio invests primarily in medium and small-sized U.S. companies across value industries including Utilities, Real Estate, Capital Goods and Banks. Our strategy of investing in high quality companies with strong balance sheets in lower risk industries served us well during the first quarter of 2009; however, as investors risk appetite increased, industries such Retailing and Real Estate outperformed. During the year ending December 31, 2009, Rochdale’s Mid/Small Value Portfolio returned 17.51% as compared to the S&P / Citi 1000 Value which returned 30.17%.

During the first quarter of 2009, concerns over the recession continued to drive investors towards lower risk sectors such as Energy and Health Care. However, before the end of the first quarter, investors risk appetite increased significantly and by the end of the second quarter we began to witness above normal returns from higher risk and economically sensitive industry groups such as Autos, Media, Real Estate and Diversified Financials. Our strategy to underweight industries and companies with weak balance sheets and lower quality led to underperformance.

We enter 2010 with expectations of moderate growth for the next year or two. We are fully invested in higher quality companies with expected above average revenue and earnings growth as well as attractive valuations. On average, the forward PEG of the Portfolio is 1.8 as compared to the benchmark value of 3.03 thus indicating that the Portfolio owns companies that are growing but at more attractive valuations. Additionally, the average Return on Equity (ROE), which measures the return to shareholders, is 11.25% for the Portfolio as compared to the benchmark’s ROE. 3.34%. As we begin 2010, we favor companies with strong balance sheets, strong expected revenue and earnings growth and companies which can be expected to outperform in a moderate growth environment.

The unsubsidized total annual fund operating expense ratio for the Mid/Small Value Portfolio is 1.45%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year, and 10-year: 10.74%,
-3.26%, and 4.32%, respectively.

Mid/Small Value Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Delphi Financial Group, Inc. Class — A	2.70%
FMC Corp.	2.12%
Lubrizol Corp./The	2.04%
EnerSys	2.03%
American Medical Systems Holdings, Inc.	2.00%
PAREXEL International Corp.	1.97%
Quanta Services, Inc.	1.95%
Taleo Corp. — Class A	1.94%
Tech Data Corp.	1.91%
Shaw Group Inc./The	1.90%

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Rochdale Dividend & Income Portfolio

The Dividend & Income Portfolio seeks to provide significant dividend income and, secondarily, moderate long-term capital appreciation, through investment primarily in high dividend common stocks and other high yielding securities of companies that have exhibited stable dividend history, potential for dividend growth, strong financial condition, and reasonable valuation. The Fund ended the year on quite a positive note.

For the full year, the Fund was up 19.21% vs. a positive 11.13% in the Dow Jones Select Dividend Index. The Fund’s outperformance was attributable to our company specific research and investments in stable companies such as energy distribution companies, selected consumer products companies, and in selected healthcare service providing companies. The Fund performance benefitted from our avoidance of most of the financial services companies. Additionally, the Fund maintained its quality rating as a Lipper leader for the Preservation category¹. With very challenging market conditions we are pleased to continue to have this high rank for this category. For the upcoming year we continue our focus on seeking quality companies at attractive valuations driven by stable cash flows that can support an attractive dividend yield. Additionally, we are searching for companies that can grow their earnings with an improvement in the economy as these companies are then in a position to increase dividends over time.

For the full year, the Fund paid total dividends of $1.00. Overall, we continue to focus strongly on the stability of each company’s dividend and in the potential growth of the dividend over time. We feel increased optimism for our companies to maintain and increase their dividends as the economy continues to slowly improve. However, we are mindful of what hurdles may lie ahead and are poised to act defensively in the event that the economy or our companies take a turn for the worse. On the whole, however, we feel that there are attractive investments in our universe of high dividend stocks, especially in light of a better economy and steadier credit markets.

The unsubsidized total annual fund operating expense ratio for the Dividend & Income Portfolio is 1.46%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year, and 10-year: 12.37%, 1.47% and -0.14%.

Dividend & Income Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
McDonald’s Corp.	4.54%
Mead Johnson Nutrition Co.	2.81%
Bristol-Myers Squibb Co.	2.63%
HRPT Properties Trust	2.53%
Occidental Petroleum Corp.	2.34%
Procter & Gamble Co./The	2.32%
Nationwide Health Properties, Inc.	2.31%
Wal-Mart Stores, Inc.	1.99%
Exxon Mobil Corp.	1.95%
Sysco Corp.	1.89%

¹ Lipper Rating System is calculated using an equal-weighted average in the categories of Total Return, Consistent Return, Preservation, Tax Efficiency and Expenses based on its 3-, 5-, and 10-year performance history as compared to similar funds. Categories are compiled by Lipper and are not directly investable. Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. A ranking of ‘5’ represents that the Fund is in the top 20% of Lipper’s rating system for that particular category and are considered Lipper Leaders. Past performance does not indicate future results.

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Rochdale Intermediate Fixed Income Portfolio

The Intermediate Fixed Income Portfolio invests primarily in debt obligations of government and corporate issuers, with the goal of providing current income and secondarily, capital appreciation. The Fixed Income market showed remarkable recovery from the credit crisis in the beginning of the year. Investors’ appetite for riskier assets gradually returned to the market amid sporadic signs of the recession ending and the stabilization of the global economy. In addition, the U.S. government’s initiatives helped to restore additional stability in the financial markets.

The strength in the fixed income market persisted throughout the year but there was increasingly more volatility for government and agency securities in the second half of 2009. Overall credit spreads contracted significantly for the year, as the Baa spread contracted 315 basis points and the Baa-Aaa spread contracted 226 basis points. A record amount of new Treasury issues were sold in 2009 to fund the stimulus plan and the growing U.S. deficit. This, coupled with the pending conclusion of the Fed’s repurchasing programs (at the end of the first quarter of 2010), fueled the anxiety of the Treasury market, with the yield curve steepening to a historical level. The 10-year over 2-year Treasury yield spread expanded 121.4 basis points for the year.

The Fund outperformed the index for the full year with its return of 5.77% total return vs. the Barclays Capital Intermediate U.S. Government/Credit Index total return of 5.24%. Our investment decisions took advantage of opportunities in corporate bonds and the steep yield curve. We are cautious for fixed income in 2010, given only modest signs of inflation as the U.S. economy slowly recovers. Credit spreads have come down to levels well below that seen back at the time of the worst of the financial system crisis in March 2008.

While economic recovery and functioning capital markets will likely continue to support corporate credit quality improvements relatively tight credit spreads warrant a more cautious approach to our bond portfolio allocation. We have reduced our agency bond positions ahead of the pending conclusion of the Federal Reserve’s agency debt program. We remain alert to the prospects for future increases in inflation and will be positioning the Portfolio less oriented to longer maturities over time.

The unsubsidized total annual fund operating expense ratio for the Intermediate Fixed Income Portfolio is 1.19%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) for 1-year, 5-year, and 10-year: -0.33%, 1.89% and 4.33%.

Intermediate Fixed Income Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Federal Home Loan Mortgage Corporation	6.38%
General Electric Capital Corp.	4.44%
Federal National Mortgage Association	3.83%
Goldman Sachs Group, Inc.	2.28%
Bank of America Corp.	1.96%
Arcelormittal	1.51%
Eaton Vance	1.48%
Bunge Limited Finance Corp.	1.38%
Merrill Lynch & Co.	1.13%
JP Morgan Chase & Co.	1.12%

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Rochdale Fixed Income Opportunities Portfolio

The Rochdale Fixed Income Opportunities Portfolio seeks to provide investors with a high level of current income by investing in securities whose yields are higher than those available from investment grade fixed income securities. The Fund invests in a mix of fixed and variable rate high yield bonds and bank loans. For the six months ended December 31, 2009, the Fund’s return of 8.6% was appropriate relative to the Barclay’s Capital High Yield Index of 21.29%. However, because we commenced the Fund with all cash and took the appropriate period of several months to become fully invested, the returns we earned are not comparable to the fully invested return of the benchmark. During the period we were moving from all cash to fully invested, returns in high yield

securities were rapidly appreciating which benefited the fully invested benchmark.

In addition, an important reason for Rochdale commencing this Fund was the potential to earn the better yields and capital appreciation opportunities present in high yield income investments as compared with those from traditional fixed income investments. During the six months ended December 31, 2009 the Fund’s total return of 8.6% outperformed the return from investment grade bonds of 3.57%.

The high-yield market’s strong performance in 2009 resulted from the economic recovery and improvements in investor risk appetites for higher returning fixed income securities. The total return for high yield securities during 2009 was led by attractive valuations along with a return to better corporate profits and cash flows which provided the basis for a higher confidence in their ability to service their debt obligations. Underperformance of the Fund also resulted from the strategic decision to avoid much of the higher risk high yield sectors, including many of the financial and banking companies, and lower exposure to the highest yielding bonds that had the poorest balance sheet quality. Our investment philosophy as we enter 2010 is to focus on the middle quality type companies while avoiding the poorest quality companies as well as some components of the financial and banking companies. We think the riskiest areas of the high yield market are offering unattractive risk return profiles and we are therefore focused on the better quality companies within the high yield category.

The part of our Fund that was invested in bank loans earned a return of 5.17%, performing better than the Credit Suisse Institutional Leveraged Loan Index which was up 4.86% for the same period. Within the Loan portfolio we remain focused on credits that exhibit good asset coverage and attractive valuations. Our managers have been adding to Bond positions relative to Loans to take advantage of the more attractive yields. We continue to see longer term value in certain sectors such as Telecommunications, Healthcare and Cable. We are also increasing exposure to stronger companies in sectors that represent strong value such as Autos and select Retailers.

It is clear that the significant dislocation in the credit markets of the past year has now reverted to more normal levels. Still, we see ahead that returns from High Yield should continue to benefit from positive fundamentals that are underpinning the credit markets. Corporations are focused on strengthening their balance sheets through deleveraging, cost cutting, and building cash reserves. In addition, we believe the domestic economy will continue its recovery, corporate earnings will continue to improve and high yield default rates will move lower. This positive economic backdrop should lead to continued capital appreciation opportunities from high yield securities. Interest rates are still above their historic averages and default rates for High Yield are expected to decline by year end which should lead to the return potential for the Portfolio exceeding that of traditional fixed income investments.

Fixed Income Opportunities Portfolio: Top Ten Holdings as of December 31, 2009
Company	Percent of Net Assets
Ford Motor Credit Co. LLC (Bond)	1.71%
HCA Inc. (Bond)	1.24%
NDS Group Plc (Loan)	1.21%
Intelsat Jackson Holdings (Bond)	1.20%
GMAC Inc. (Bond)	1.11%
Virgin Media Finance Plc (Bond)	1.07%
HCA Inc. (Loan)	1.06%
MEG Energy Corp. (Bond)	1.02%
Wind Acquisition Finance (Bond)	0.96%
Warner Chillcott (Loan)	0.93%

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The unsubsidized total annual fund operating expense ratio, based on the 6/5/09 Rochdale Investment Trust Prospectus Report for the Fixed Income Opportunities Portfolio is 1.46%. Average Annualized Total Return at POP (Public Offering Price, reflecting maximum front end sales charge of 5.75%) since inception of July 1, 2009 for one month and year to date is -3.55% and 2.34%, respectively, through December 31, 2009.

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Thank you for your investment in Rochdale Funds. We take our responsibility as stewards of clients’ wealth seriously, and we appreciate you making the Rochdale Funds a part of your investment portfolio. For more frequent updates, please call us at 1-800-245-9888 or visit our Web site at www.rochdale.com, where you can find details on current holdings, sector exposure, portfolio commentary, and more.

Sincerely,

Carl Acebes

Garrett R. D’Alessandro, CFA, AIF^®

David J. Abella, CFA

Portfolio Managers

Important Disclosures

Rochdale Investment Management, its affiliated companies, or their respective shareholders, directors, officers and/or employees may have long or short positions in the securities discussed herein.

The Standard & Poor’s (S&P) 500 Index represents 500 large U.S. companies. The S&P 500/Citigroup Growth and Value indices are market cap weighted and contain the full market cap of the S&P 500, with some overlap. Constituents are based on the S&P/Citigroup multi-factor methodology and are classified as growth, value, or a mix of growth and value.

The Standard & Poor’s (S&P) 1000 Index represents 400 medium-size and 600 small U.S. companies. The S&P 1000/Citigroup Growth and Value indices are market cap weighted and contain the full market cap of the S&P 1000, with some overlap. Constituents are based on the S&P/Citigroup multi- factor methodology and are classified as growth, value, or a mix of growth and value.

The NASDAQ Composite Index is the broadest measure of over-the-counter trading; this weighted index includes all of the approximately 4000 issues that trade on the NASDAQ system.

The Barclay’s Capital Aggregate Bond Index is comprised of U.S. government, mortgage-backed, asset-backed, and corporate fixed income securities with maturities of one year or more.

The Morgan Stanley Capital International (MSCI) All Country World ex USA Index comprises of approximately 2,100 securities listed on exchanges in 47 countries, excluding the United States.

The Dow Jones Select Dividend Index measures the performance of 100 leading U.S. dividend-paying companies.

Portfolio valuation data was derived from FactSet.

Unsubsidized total annual fund operating expense ratios shown are based on the 4/27/09 and 6/5/09 Rochdale Investment Trust prospectuses.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the funds’ performance.

11

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year	Three Years		Five Years		Ten Years		Since Inception
Rochdale Large Growth Portfolio
Return at NAV(1)	23.11%	(6.17%	)	(1.54%	)	(4.24%	)	(4.24%	)
Return at POP(2)	16.00%	(8.01%	)	(2.70%	)	(4.81%	)	(4.81%	)
S&P 500/Citigroup Growth Index	31.57%	(2.24%	)	1.53%		(2.87%	)	(2.85%	)
Lipper Large-Cap Growth Category Average	35.08%	(2.66%	)	0.92%		(2.92%	)	N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Standard & Poor’s (S&P) 500 Index represents 500 large U.S. companies. The S&P 500/Citigroup Growth Index is market cap weighted and contains the full market cap of the S&P 500, with some overlap. Constituents are based on the S&P/Citigroup multi-factor methodology and are classified as growth, value, or a mix of growth and value.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Large-Cap Growth consists of funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Funds typically have an above-average price-to-earnings ratios, price-to-book ratios, and three-year sales-per-share growth value, compared to the S&P 500 Index. As of December 31, 2009, the category consists of 814, 702, 582 and 311 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Large Growth Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 31, 1999.

N/A – not available.

12

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year	Three Years		Five Years		Ten Years		Since Inception
Rochdale Large Value Portfolio
Return at NAV(1)	10.31%	(12.27%	)	(2.63%	)	(1.26%	)	(1.26%	)
Return at POP(2)	3.96%	(13.98%	)	(3.78%	)	(1.85%	)	(1.85%	)
S&P 500/Citigroup Value Index	21.18%	(9.10%	)	(0.81%	)	0.82%		0.87%
Lipper Large-Cap Value Category Average	23.10%	(7.59%	)	(0.25%	)	2.02%		N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Standard & Poor’s (S&P) 500 Index represents 500 large U.S. companies. The S&P 500/Citigroup Value Index is market cap weighted and contains the full market cap of the S&P 500, with some overlap. Constituents are based on the S&P/Citigroup multi-factor methodology and are classified as growth, value, or a mix of growth and value.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Large-Cap Value consists of funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Funds typically have a below average price-to-earnings ratios, price-to-book ratios, and three-year sales-per-share growth value, compared to the S&P 500 Index. As of December 31, 2009, the category consists of 527, 461, 394 and 186 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Large Value Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 31, 1999.

N/A – not available.

13

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year	Three Years		Five Years		Ten Years	Since Inception
Rochdale Mid/Small Growth Portfolio
Return at NAV(1)	18.71%	(7.03%	)	(2.02%	)	2.09%	2.09%
Return at POP(2)	11.87%	(8.85%	)	(3.17%	)	1.48%	1.48%
S&P 1000/Citigroup Growth Index	36.87%	(1.12%	)	3.04%		5.61%	5.71%
Lipper Mid-Cap Growth Category Average	40.35%	(3.28%	)	1.62%		0.15%	N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Standard & Poor’s (S&P) 1000 index represents 400 medium-size and 600 small U.S. companies. The S&P 1000/Citigroup Growth index is market cap weighted and contains the full market cap of the S&P 1000, with some overlap. Constituents are based on the S&P/Citigroup multi-factor methodology and are classified as growth, value, or a mix of growth and value.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Mid-Cap Growth consists of funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE large-cap floor. Funds normally have above-average price-to-earnings ratios, price-to-book ratios, and three-year sales-per-growth value, compared to the S&P Mid-Cap 400 Index. As of December 31, 2009, the category consists of 474, 425, 353 and 170 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Mid/Small Growth Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 31, 1999.

N/A – not available

14

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year	Three Years		Five Years		Ten Years	Since Inception
Rochdale Mid/Small Value Portfolio
Return at NAV(1)	17.51%	(10.73%	)	(2.10%	)	4.95%	4.94%
Return at POP(2)	10.74%	(12.48%	)	(3.26%	)	4.32%	4.32%
S&P 1000/Citigroup Value Index	30.17%	(4.60%	)	2.11%		6.96%	7.06%
Lipper Mid-Cap Value Category Average	37.11%	(5.27%	)	1.65%		6.79%	N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Standard & Poor’s (S&P) 1000 index represents 400 medium-size and 600 small U.S. companies. The S&P 1000/Citigroup Value index is market cap weighted and contains the full market cap of the S&P 1000, with some overlap. Constituents are based on the S&P/Citigroup multi-factor methodology and are classified as growth, value, or a mix of growth and value.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Mid-Cap Value consists of funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE large-cap floor. Funds normally have above-average price-to-earnings ratios, price-to-book ratios, and three-year sales-per-growth value, compared to the S&P Small-Cap 600 Index. As of December 31, 2009, the category consists of 251, 210, 161 and 61 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Mid/Small Value Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 31, 1999.

N/A – not available.

15

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year	Three Years		Five Years		Ten Years		Since Inception
Rochdale Dividend & Income Portfolio
Return at NAV(1)	19.21%	(2.76%	)	2.68%		0.45%		2.15%
Return at POP(2)	12.37%	(4.65%	)	1.47%		(0.14%	)	1.58%
S&P 500 Index	26.46%	(5.63%	)	0.42%		(0.95%	)	0.31%
Dow Jones Select Dividend Index	11.13%	(10.06%	)	(2.03%	)	6.53%		5.07%
Lipper Equity Income Category Average	22.86%	(5.43%	)	1.10%		2.78%		N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The S&P 500 Index measures the performance of 500 of the largest U.S. Companies based on total market capitalization, which represents approximately 75% of the investable U.S. equity market. The S&P 500 is a leading indicator of the U.S. equity markets and is often used as a proxy for U.S. market returns and performance.

The Dow Jones Select Dividend Index measures the performance of 100 leading U.S. dividend-paying companies.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Equity Income consists of funds that seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds’ gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. As of December 31, 2009, the category consists of 299, 246, 189 and 104 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Prior to 6/27/03, the Rochdale Dividend & Income Portfolio invested as the Rochdale Alpha Portfolio, with a different investment objective and an aggressive mid- and small-cap strategy.

N/A – not available.

16

ROCHDALE INVESTMENT TRUST

	Average Annual Total Return Period Ended December 31, 2009
	One Year		Three Years	Five Years	Ten Years	Since Inception
Rochdale Intermediate Fixed Income Portfolio
Return at NAV(1)	5.77%		3.13%	3.10%	4.95%	4.95%
Return at POP(2)	(0.33%	)	1.12%	1.89%	4.33%	4.33%
Barclays Capital Intermediate Government/Credit Bond Index	5.24%		5.90%	4.66%	5.93%	5.90%
Lipper Intermediate Investment Grade Category Average	12.89%		4.60%	3.90%	5.74%	N/A

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Barclays Capital Intermediate Government/Credit Bond Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from one to ten years, representing securities in the intermediate maturity range of the Barclays Capital Government/Credit Bond Index.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Intermediate Investment Grade consists of funds that invest in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years. As of December 31, 2009, the category consists of 549, 458, 395 and 219 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Intermediate Fixed Income Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 31, 1999.

N/A – not available.

17

ROCHDALE INVESTMENT TRUST

	Cumulative Total Return Since Inception Through December 31, 2009
Rochdale Fixed Income Opportunities Portfolio
Return at NAV(1)	8.60%
Return at POP(2)	2.34%
Barclays Capital Intermediate Government/Credit Bond Index	3.57%
Barclays Capital Aggregate Bond Index	3.95%
Barclays Capital U.S. High Yield Corporate Bond Index	21.29%
Lipper High Current Yield Category Average	19.45%

⁽¹⁾ NAV (Net Asset Value) total returns do not include the effect of any sales charge.

⁽²⁾ POP (Public Offering Price) total returns include the effect of the maximum front-end 5.75% sales charge.

The Barclays Capital Intermediate Government/Credit Bond Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from one to ten years, representing securities in the intermediate maturity range of the Barclays Capital Government/Credit Bond Index.

The Barclays Capital Aggregate Bond Index is comprised of U.S. Government, mortgage-backed, asset-backed, and corporate fixed income securities with maturities of one-year or more.

The Barclays Capital U.S. High-Yield Corporate Bond Index covers the U.S.-dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market and includes securities with ratings by Moody’s, Fitch and S&P of Ba1/BB+/BB+ or below.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper High Current Yield Funds consist of funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. As of December 31 2009, the category consists of 474 funds for the six month period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Rochdale Fixed Income Opportunities Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on July 1, 2009.

18

ROCHDALE INVESTMENT TRUST

EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Portfolios, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from 07/01/09 to 12/31/09.

Actual Expenses

The information in the tables under the headings “Actual Performance” provides actual account values and actual expenses. You will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC the Portfolio’s transfer agent. If you request that a redemption be made by a wire transfer, currently a $15.00 fee is charged by the Portfolio’s transfer agent. The example includes, but is not limited to, management, distribution, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses or the indirect costs associated with a Portfolio’s investment companies. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your Portfolio, in the row entitled “Expenses Paid during Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the tables under the headings “Hypothetical Performance (5% return before expenses)” provides hypothetical account values and hypothetical expenses based on the Portfolios’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the headings “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Large Growth Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,240.80	$	1,018.10
Expenses Paid during Period*	$	7.96	$	7.17

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.41%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

19

ROCHDALE INVESTMENT TRUST

EXPENSE EXAMPLE (Unaudited), Continued

Large Value Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,223.80	$	1,017.90
Expenses Paid during Period*	$	8.13	$	7.37

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

Mid/Small Growth Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,168.70	$	1,017.54
Expenses Paid during Period*	$	8.31	$	7.73

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.52%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

Mid/Small Value Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,157.00	$	1,017.39
Expenses Paid during Period*	$	8.43	$	7.98

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

Dividend & Income Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,208.60	$	1,017.85
Expenses Paid during Period*	$	8.13	$	7.43

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

Intermediate Fixed Income Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,046.50	$	1,019.41
Expenses Paid during Period*	$	5.93	$	6.21

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

Fixed Income Opportunities Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,086.00	$	1,019.11
Expenses Paid during Period*	$	6.36	$	6.16

* Expenses are equal to the Portfolio’s annualized expense ratio of 1.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

20

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Shares		Value
COMMON STOCKS: 96.9%
CONSUMER DISCRETIONARY: 12.4%
4,000	Amazon.com, Inc. (a)	$	538,080
11,500	Best Buy Co., Inc.		453,790
15,000	Big Lots, Inc. (a)(b)		434,700
3,000	Coach, Inc.		109,590
6,100	Genuine Parts Co.		231,556
6,000	Lowe’s Companies, Inc.		140,340
8,500	Macy’s, Inc. (b)		142,460
22,000	Newell Rubbermaid Inc. (b)		330,220
9,000	Snap-on Inc.		380,340
15,300	TJX Companies, Inc./The		559,215
15,000	Yum! Brands, Inc. (b)		524,550
			3,844,841
CONSUMER STAPLES: 2.9%
5,500	Costco Wholesale Corp.		325,435
6,000	Philip Morris International Inc.		289,140
5,000	Procter & Gamble Co./The		303,150
			917,725
ENERGY: 21.1%
11,500	Atwood Oceanics, Inc. (a)		412,275
7,000	Canadian Natural Resources Ltd. (d)		503,650
25,000	Chesapeake Energy Corp.		647,000

The accompanying notes are an integral part of these financial statements.

21

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
ENERGY, Continued
7,500	CONSOL Energy Inc.	$	373,500
20,700	ENSCO International Plc - ADR (d)		826,758
3,000	Exxon Mobil Corp.		204,570
13,390	Hess Corp.		810,095
11,500	National-Oilwell Varco Inc.		507,035
8,300	Noble Corp. (d)		337,810
7,500	Petroleo Brasileiro SA - ADR (b)(d)		357,600
9,000	Schlumberger Ltd. (d)		585,810
7,600	Transocean Ltd. (a)(d)		629,280
20,100	Weatherford International Ltd. (a)(d)		359,991
			6,555,374
FINANCIALS: 12.2%
80,000	Bank of America Corp. (b)		1,204,800
4,000	Bank of New York Mellon Corp.		111,880
5,500	Bank of Nova Scotia (b)(d)		257,070
40,000	Fifth Third Bancorp		390,000
12,100	Itau Unibanco Holding SA - ADR (d)		276,364
25,000	Janus Capital Group Inc.		336,250
16,300	Morgan Stanley		482,480
3,100	Shinhan Financial Group Co., Ltd. - ADR (d)		230,268
22,000	U.S. Bancorp		495,220
			3,784,332
HEALTH CARE: 2.3%
5,000	Covidien Plc (d)		239,450
7,400	Johnson & Johnson		476,634
			716,084
INDUSTRIALS: 15.0%
36,000	ABB Ltd. - ADR (d)		687,600
7,000	Caterpillar Inc.		398,930
2,500	CSX Corp.		121,225
15,600	Cummins Inc.		715,416
5,000	Deere & Co.		270,450
11,300	Fluor Corp.		508,952
28,000	General Electric Co.		423,640
22,000	Ingersoll-Rand Plc (d)		786,280
25,000	Manitowoc Co., Inc./The		249,250
6,200	Norfolk Southern Corp.		325,004
2,500	Union Pacific Corp.		159,750
			4,646,497
INFORMATION TECHNOLOGY: 23.0%
16,000	Adobe Systems Inc. (a)		588,480
13,600	Agilent Technologies, Inc. (a)		422,552
19,200	Altera Corp.		434,496
24,500	Applied Materials, Inc.		341,530

The accompanying notes are an integral part of these financial statements.

22

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares			Value
	INFORMATION TECHNOLOGY, Continued
	25,500	Autodesk, Inc. (a)	$	647,955
	6,600	Broadcom Corp. - Class A (a)		207,570
	22,000	Cisco Systems, Inc. (a)		526,680
	16,750	Corning Inc.		323,442
	38,350	EMC Corp. (a)		669,975
	6,200	Harris Corp.		294,810
	4,501	International Business Machines Corp. (IBM)		589,181
	22,700	Microsoft Corp.		692,123
	57,500	Novell, Inc. (a)		238,625
	25,100	Oracle Corp.		615,954
	15,550	Texas Instruments Inc.		405,233
	8,000	Total System Services, Inc.		138,160
				7,136,766
	MATERIALS: 8.0%
	3,800	Cliffs Natural Resources Inc.		175,142
	5,000	FMC Corp. (b)		278,800
	5,260	Freeport-McMoRan Copper & Gold Inc. (a)		422,325
	3,000	Monsanto Co.		245,250
	5,300	Nucor Corp.		247,245
	20,000	United States Steel Corp.		1,102,400
				2,471,162
	Total Common Stocks
	(Cost $23,844,534)			30,072,781
	EXCHANGE TRADED FUNDS: 4.3%
	90,000	Ultra Financials ProShares (b)		506,700
	12,000	Ultra Industrials ProShares		373,560
	13,000	Ultra Oil & Gas Proshares (b)		448,760
	Total Exchange Traded Funds
	(Cost $862,787)			1,329,020
	SHORT TERM INVESTMENT: 0.5%
	Money Market Investment: 0.5%
	154,977	First American Government Obligations Fund, 0.00% (e)		154,977
	Total Short Term Investment
	(Cost $154,977)			154,977
Principal Amount
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 11.7%
	COMMERCIAL PAPER: 1.3%
$	688,779	Atlantic East Funding LLC, 3.059%, 03/25/10 (c)		402,643

The accompanying notes are an integral part of these financial statements.

23

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
MONEY MARKET INVESTMENTS: 10.4%
3,204,842	Mount Vernon Securities Lending Trust Prime Portfolio, 0.20% (e)	$	3,204,842
16,606	Reserve Primary Fund, 0.00% (c)(e)		10,110
			3,214,952
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
(Cost $3,910,226)			3,617,595
TOTAL INVESTMENTS
(Cost $28,772,524), 113.4%			35,174,373
LIABILITIES IN EXCESS OF OTHER ASSETS, (13.4)%			(4,147,265	)
TOTAL NET ASSETS, 100.0%		$	31,027,108

(a) Non Income Producing.

(b) This security or portion of this security is out on loan at December 31, 2009.

(c) Fair valued by Valuation Committee as delegated by Rochdale Portfolios’ Board of Trustees.

(d) Foreign Security.

(e) 7-Day Yield.

ADR American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

24

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	3,844,841	$	—	$	—	$	3,844,841
Consumer Staples		917,725		—		—		917,725
Energy		6,555,374		—		—		6,555,374
Financials		3,784,332		—		—		3,784,332
Health Care		716,084		—		—		716,084
Industrials		4,646,497		—		—		4,646,497
Information Technology		7,136,766		—		—		7,136,766
Materials		2,471,162		—		—		2,471,162
Total Common Stock		30,072,781		—		—		30,072,781
Exchange Traded Funds		1,329,020		—		—		1,329,020
Short Term Investment		154,977		—		—		154,977
Investments Purchased With Cash Proceeds From Securities Lending
Commercial Paper		—		402,643		—		402,643
Investment Companies		3,204,842		—		10,110		3,214,952
Total Investments Purchased With Cash Proceeds From Securities Lending		3,204,842		402,643		10,110		3,617,595
Total Investments in Securities	$	34,761,620	$	402,643	$	10,110	$	35,174,373

25

ROCHDALE LARGE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Investments in Securities
Balance as of December 31, 2008	$	39,071
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,305	)
Net purchases (sales)		(27,656	)
Transfers in and/or out of Level 3*		—
Balance as of December 31, 2009	$	10,110

* The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

26

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Shares		Value
COMMON STOCKS: 96.9%
CONSUMER DISCRETIONARY: 11.4%
11,300	Best Buy Co., Inc.	$	445,898
6,300	Coach, Inc.		230,139
9,000	Comcast Corp. - Class A		151,740
6,650	Genuine Parts Co.		252,434
10,000	Lowe’s Companies, Inc.		233,900
23,000	Macy’s, Inc. (b)		385,480
30,000	Newell Rubbermaid Inc. (b)		450,300
17,300	Snap-on Inc.		731,098
13,200	Yum! Brands, Inc. (b)		461,604
			3,342,593
CONSUMER STAPLES: 3.0%
7,400	Costco Wholesale Corp.		437,858
7,300	Procter & Gamble Co./The		442,599
			880,457
ENERGY: 10.0%
20,500	Chesapeake Energy Corp.		530,540
7,500	CONSOL Energy Inc.		373,500
13,630	ENSCO International Plc - ADR (d)		544,382
7,100	National-Oilwell Varco Inc.		313,039
9,800	Noble Corp. (d)		398,860
6,000	Petroleo Brasileiro SA - ADR (b)(d)		286,080

The accompanying notes are an integral part of these financial statements.

27

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
ENERGY, Continued
3,600	Transocean Ltd. (a)(d)	$	298,080
10,300	Weatherford International Ltd. (a)(d)		184,473
			2,928,954
FINANCIALS: 29.7%
4,814	ACE Ltd. (d)		242,626
10,800	Assurant, Inc.		318,384
40,000	Banco Santander SA - ADR (d)		657,600
65,200	Bank of America Corp. (b)		981,912
9,800	BB&T Corp. (b)		248,626
67,000	Fifth Third Bancorp		653,250
17,600	Itau Unibanco Holding SA - ADR (d)		401,984
23,200	Janus Capital Group Inc.		312,040
19,234	JP Morgan Chase & Co.		801,481
26,300	Lincoln National Corp.		654,344
4,800	M&T Bank Corp. (b)		321,072
16,250	Metlife, Inc.		574,437
10,000	Morgan Stanley		296,000
10,900	Northern Trust Corp.		571,160
5,900	PNC Financial Services Group, Inc.		311,461
60,000	Regions Financial Corp.		317,400
4,000	Shinhan Financial Group Co., Ltd. - ADR (d)		297,120
6,500	State Street Corp.		283,010
8,000	SunTrust Banks, Inc.		162,320
5,400	Travelers Companies, Inc./The		269,244
			8,675,471
HEALTH CARE: 3.4%
8,060	Abbott Laboratories		435,159
5,000	Covidien Plc (d)		239,450
6,350	Genzyme Corp. (a)		311,214
			985,823
INDUSTRIALS: 20.7%
39,080	ABB Ltd. - ADR (d)		746,428
9,000	Caterpillar Inc.		512,910
15,200	CSX Corp.		737,048
9,800	Cummins Inc.		449,428
13,982	Deere & Co.		756,287
3,200	Flowserve Corp.		302,496
14,700	Fluor Corp.		662,088
15,200	Ingersoll-Rand Plc Class A (d)		543,248
59,200	Manitowoc Co. Inc./The		590,224
19,000	McDermott International, Inc. (a)(d)		456,190
5,934	Norfolk Southern Corp.		311,060
			6,067,407

The accompanying notes are an integral part of these financial statements.

28

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares			Value
	INFORMATION TECHNOLOGY: 8.3%
	5,800	Adobe Systems Inc. (a)	$	213,324
	11,860	Agilent Technologies, Inc. (a)		368,490
	15,200	Applied Materials, Inc.		211,888
	17,000	Autodesk, Inc. (a)		431,970
	25,500	EMC Corp. (a)		445,485
	8,800	Harris Corp.		418,440
	13,000	Texas Instruments Inc.		338,780
				2,428,377
	MATERIALS: 10.4%
	8,500	AK Steel Holding Corp.		181,475
	8,800	Cliffs Natural Resources Inc.		405,592
	5,000	Freeport-McMoRan Copper & Gold Inc. (a)		401,450
	13,580	Nucor Corp.		633,507
	15,300	United States Steel Corp. (b)		843,336
	20,000	Vale SA - ADR (b)(d)		580,600
				3,045,960
	Total Common Stocks
	(Cost $24,900,375)			28,355,042
	EXCHANGE TRADED FUNDS: 4.1%
	12,000	Ultra Basic Materials ProShares (b)		386,760
	70,000	Ultra Financials ProShares (b)		394,100
	13,000	Ultra Industrials ProShares (b)		404,690
	Total Exchange Traded Funds
	(Cost $788,784)			1,185,550
	SHORT TERM INVESTMENT: 0.9%
	Money Market Investment: 0.9%
	248,769	First American Government Obligations Fund, 0.00% (e)		248,769
	Total Short Term Investment
	(Cost $248,769)			248,769
Principal Amount
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 16.8%
	COMMERCIAL PAPER: 1.2%
$	614,552	Atlantic East Funding LLC, 3.059%, 03/25/10 (c)		359,252

The accompanying notes are an integral part of these financial statements.

29

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
MONEY MARKET INVESTMENTS: 15.6%
4,548,834	Mount Vernon Securities Lending Trust Prime Portfolio, 0.20% (e)	$	4,548,834
20,969	Reserve Primary Fund, 0.00% (c)(e)		11,217
			4,560,051
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
(Cost $5,184,354)			4,919,303
TOTAL INVESTMENTS
(Cost $31,122,282), 118.7%			34,708,664
LIABILITIES IN EXCESS OF OTHER ASSETS, (18.7)%			(5,458,925	)
TOTAL NET ASSETS, 100.0%		$	29,249,739

(a) Non Income Producing.

(b) This security or portion of this security is out on loan at December 31, 2009.

(c) Fair valued by Valuation Committee as delegated by Rochdale Portfolios’ Board of Trustees.

(d) Foreign Security.

(e) 7-Day Yield.

ADR American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

30

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	3,342,593	$	—	$	—	$	3,342,593
Consumer Staples		880,457		—		—		880,457
Energy		2,928,954		—		—		2,928,954
Financials		8,675,471		—		—		8,675,471
Health Care		985,823		—		—		985,823
Industrials		6,067,407		—		—		6,067,407
Information Technology		2,428,377		—		—		2,428,377
Materials		3,045,960		—		—		3,045,960
Total Common Stock		28,355,042		—		—		28,355,042
Exchange Traded Funds		1,185,550		—		—		1,185,550
Short Term Investment		248,769		—		—		248,769
Investments Purchased With Cash Proceeds From Securities Lending
Commercial Paper		—		359,252		—		359,252
Investment Companies		4,548,834		—		11,217		4,560,051
Total Investments Purchased With Cash Proceeds From Securities Lending		4,548,834		359,252		11,217		4,919,303
Total Investments in Securities	$	34,338,195	$	359,252	$	11,217	$	34,708,664

31

ROCHDALE LARGE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Investments in Securities
Balance as of December 31, 2008	$	48,099
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,960	)
Net purchases (sales)		(34,922	)
Transfers in and/or out of Level 3*		—
Balance as of December 31, 2009	$	11,217

* The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

32

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Shares		Value
COMMON STOCKS: 101.3%
CONSUMER DISCRETIONARY: 19.5%
6,000	Advance Auto Parts, Inc.	$	242,880
8,400	Brinker International, Inc.		125,328
11,000	Cheesecake Factory Inc./The (a)		237,490
7,000	Children’s Place Retail Stores, Inc./The (a)		231,070
29,700	CKE Restaurants, Inc.		251,262
6,000	Dollar Tree, Inc. (a)		289,800
9,800	Dress Barn, Inc./The (a)(b)		226,380
25,900	LKQ Corp. (a)		507,381
5,500	New Oriental Education & Technology Group, Inc. - ADR (a)(b)(d)		415,855
7,700	Panera Bread Co. - Class A (a)		515,669
16,000	PetMed Express, Inc. (b)		282,080
6,200	Ross Stores, Inc.		264,802
32,300	Shuffle Master, Inc. (a)		266,152
15,000	True Religion Apparel, Inc. (a)(b)		277,350
11,000	Urban Outfitters, Inc. (a)		384,890
13,600	WMS Industries Inc. (a)		544,000
			5,062,389
CONSUMER STAPLES: 1.6%
13,000	China Nepstar Chain Drugstore Ltd. - ADR (b)(d)		94,770
5,250	Church & Dwight Co., Inc.		317,363
			412,133

The accompanying notes are an integral part of these financial statements.

33

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
ENERGY: 9.7%
2,000	Arena Resources, Inc. (a)	$	86,240
4,000	Atwood Oceanics, Inc. (a)		143,400
4,700	Comstock Resources, Inc. (a)		190,679
11,000	CONSOL Energy Inc.		547,800
8,500	Dril-Quip, Inc. (a)		480,080
6,700	Holly Corp.		171,721
12,346	Southwestern Energy Co. (a)		595,077
13,000	Swift Energy Co. (a)		311,480
			2,526,477
FINANCIALS: 10.8%
17,000	CNinsure, Inc. - ADR (d)		341,360
6,800	Delphi Financial Group, Inc. - Class A		152,116
25,000	EZCORP, Inc. - Class A (a)		430,250
3,794	HCC Insurance Holdings, Inc.		106,118
4,500	KB Financial Group, Inc. - ADR (d)		228,825
6,750	Prosperity Bancshares, Inc.		273,173
20,000	SEI Investments Co.		350,400
7,900	Signature Bank (a)		252,010
16,590	Tower Group, Inc.		388,372
11,410	W.R. Berkley Corp.		281,142
			2,803,766
HEALTH CARE: 10.8%
19,965	AmSurg Corp. (a)		439,629
4,200	Cubist Pharmaceuticals, Inc. (a)(b)		79,674
5,400	Edwards Lifesciences Corp. (a)		468,990
7,700	Henry Schein, Inc. (a)		405,020
21,250	Martek Biosciences Corp. (a)(b)		402,475
10,000	Meridian Bioscience, Inc.		215,500
6,500	Techne Corp.		445,640
5,550	Waters Corp. (a)		343,878
			2,800,806
INDUSTRIALS: 17.7%
7,500	Aecom Technology Corp. (a)		206,250
14,500	Aegean Marine Petroleum Network Inc. (d)		398,460
5,000	Air Methods Corp. (a)		168,100
9,977	AMETEK, Inc.		381,520
5,500	Bucyrus International, Inc. (b)		310,035
5,908	Copart, Inc. (a)(b)		216,410
4,300	FTI Consulting, Inc. (a)(b)		202,788
15,000	Gafisa SA - ADR (b)(d)		485,400
4,250	IHS Inc. - Class A (a)		232,943
14,700	Kirby Corp. (a)		512,001
9,500	Sociedad Quimica y Minera de Chile SA - ADR (d)		356,915
12,500	TrueBlue, Inc. (a)		185,125
6,000	URS Corp. (a)		267,120

The accompanying notes are an integral part of these financial statements.

34

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
INDUSTRIALS, Continued
12,100	Wabtec Corp. (b)	$	494,164
5,360	Waste Connections, Inc. (a)		178,703
			4,595,934
INFORMATION TECHNOLOGY: 19.7%
31,000	Activision, Inc. (a)		344,410
13,000	Altera Corp.		294,190
7,344	Amphenol Corp. - Class A		339,146
120,000	Bluephoenix Solutions Ltd. (a)(b)(d)		303,600
11,159	Broadridge Financial Solutions, Inc.		251,747
5,800	Ebix, Inc. (a)(b)		283,214
10,000	Fair Isaac Corp.		213,100
16,745	Jack Henry & Associates, Inc.		387,144
6,000	Linear Technology Corp.		183,240
12,000	Logitech International SA (a)(b)(d)		205,200
15,000	Longtop Financial Technologies Ltd. - ADR (a)(d)		555,300
11,000	McAfee, Inc. (a)		446,270
25,632	QLogic Corp. (a)		483,676
20,000	VanceInfo Technologies, Inc. - ADR (a)(d)		384,200
11,000	ViaSat, Inc. (a)(b)		349,580
4,000	Xilinx, Inc.		100,240
			5,124,257
MATERIALS: 9.7%
9,406	Airgas, Inc.		447,726
19,500	Albemarle Corp.		709,215
5,952	Ball Corp.		307,718
4,021	Ecolab, Inc.		179,256
10,350	FMC Corp. (b)		577,116
13,500	Sealed Air Corp.		295,110
			2,516,141
TELECOMMUNICATION SERVICES: 1.8%
21,100	Neutral Tandem Inc. (a)(b)		480,025
Total Common Stocks
(Cost $23,638,962)			26,321,928
SHORT TERM INVESTMENT: 0.1%
Money Market Investment: 0.1%
21,535	First American Government Obligations Fund, 0.00% (e)		21,535
Total Short Term Investment
(Cost $21,535)			21,535

The accompanying notes are an integral part of these financial statements.

35

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Value
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 19.2%
	COMMERCIAL PAPER: 1.5%
$	656,554	Atlantic East Funding LLC, 3.059%, 03/25/10 (c)	$	383,805
Shares
	MONEY MARKET INVESTMENTS: 17.7%
	4,604,089	Mount Vernon Securities Lending Trust Prime Portfolio, 0.20% (e)		4,604,089
	24,239	Reserve Primary Fund, 0.00% (c)(e)		14,148
				4,618,237
	TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
	(Cost $5,284,881)			5,002,042
	TOTAL INVESTMENTS
	(Cost $28,945,378), 120.6%			31,345,505
	LIABILITIES IN EXCESS OF OTHER ASSETS, (20.6)%			(5,354,957	)
	TOTAL NET ASSETS, 100.0%		$	25,990,548

(a) Non Income Producing.

(b) This security or portion of this security is out on loan at December 31, 2009.

(c) Fair valued by Valuation Committee as delegated by Rochdale Portfolios’ Board of Trustees.

(d) Foreign Security.

(e) 7-Day Yield.

ADR American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

36

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	5,062,389	$	—	$	—	$	5,062,389
Consumer Staples		412,133		—		—		412,133
Energy		2,526,477		—		—		2,526,477
Financials		2,803,766		—		—		2,803,766
Health Care		2,800,806		—		—		2,800,806
Industrials		4,595,934		—		—		4,595,934
Information Technology		5,124,257		—		—		5,124,257
Materials		2,516,141		—		—		2,516,141
Telecommunication Services		480,025		—		—		480,025
Total Common Stock		26,321,928		—		—		26,321,928
Short Term Investment		21,535		—		—		21,535
Investments Purchased With Cash Proceeds From Securities Lending
Commercial Paper		—		383,805		—		383,805
Investment Companies		4,604,089		—		14,148		4,618,237
Total Investments Purchased With Cash Proceeds From Securities Lending		4,604,089		383,805		14,148		5,002,042
Total Investments in Securities	$	30,947,552	$	383,805	$	14,148	$	31,345,505

37

ROCHDALE MID/SMALL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Investments in Securities
Balance as of December 31, 2008	$	56,547
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(2,028	)
Net purchases (sales)		(40,371	)
Transfers in and/or out of Level 3*		—
Balance as of December 31, 2009	$	14,148

* The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

38

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Shares		Value
COMMON STOCKS: 100.5%
CONSUMER DISCRETIONARY: 18.0%
13,500	BorgWarner, Inc.	$	448,470
13,500	Brinker International, Inc.		201,420
3,000	Buffalo Wild Wings Inc. (a)(b)		120,810
12,000	Cheesecake Factory Inc./The (a)		259,080
2,600	Children’s Place Retail Stores, Inc./The (a)		85,826
2,500	DeVry, Inc.		141,825
29,000	Foot Locker, Inc.		323,060
10,500	Gap, Inc./The		219,975
10,200	Genesco Inc. (a)		280,092
9,000	Iconix Brand Group, Inc. (a)(b)		113,850
10,500	Jo-Ann Stores, Inc. (a)		380,520
5,000	LIFE TIME FITNESS, Inc. (a)		124,650
16,300	Men’s Wearhouse, Inc./The		343,278
33,000	Ruby Tuesday, Inc. (a)		237,600
6,000	Scotts Miracle-Gro Company/The - Class A		235,860
8,500	Urban Outfitters, Inc. (a)		297,415
11,000	WMS Industries Inc. (a)		440,000
			4,253,731
CONSUMER STAPLES: 3.5%
10,800	BJ’s Wholesale Club, Inc. (a)		353,268
6,800	United Natural Foods, Inc. (a)		181,832
6,300	Universal Corp. (b)		287,343
			822,443

The accompanying notes are an integral part of these financial statements.

39

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
ENERGY: 5.7%
12,500	Atwood Oceanics, Inc. (a)	$	448,125
4,200	Lufkin Industries, Inc.		307,440
4,250	Oceaneering International, Inc. (a)		248,710
4,500	SEACOR Holdings Inc. (a)		343,125
			1,347,400
FINANCIALS: 8.9%
5,000	Cullen/Frost Bankers, Inc.		250,000
28,500	Delphi Financial Group, Inc. - Class A		637,545
20,005	First Horizon National Corp. (a)		268,068
58,000	Huntington Bancshares Inc.		211,700
1,700	Northern Trust Corp.		89,080
8,800	Prosperity Bancshares, Inc.		356,136
4,160	StanCorp Financial Group, Inc.		166,483
5,500	Tower Group, Inc.		128,755
			2,107,767
HEALTH CARE: 8.0%
24,500	American Medical Systems Holdings, Inc. (a)		472,605
4,750	Cerner Corp. (a)(b)		391,590
3,950	Edwards Lifesciences Corp. (a)		343,057
12,000	Greatbatch, Inc. (a)		230,760
33,000	PAREXEL International Corp. (a)		465,300
			1,903,312
INDUSTRIALS: 20.2%
17,500	Administaff, Inc.		412,825
9,000	Aecom Technology Corp. (a)		247,500
47,000	Aercap Holdings NV (a)(b)(d)		425,820
3,500	Alexander & Baldwin, Inc.		119,805
10,114	Applied Industrial Technologies, Inc.		223,216
11,000	Corrections Corporation of America (a)		270,050
22,000	EnerSys (a)		481,140
2,518	Flowserve Corp.		238,026
2,000	Fluor Corp.		90,080
2,700	FTI Consulting, Inc. (a)(b)		127,332
5,900	Hubbell Inc. - Class B		279,070
5,000	Manpower Inc.		272,900
4,883	Moog, Inc. (a)		142,730
10,000	Puda Coal, Inc. (a)		73,400
22,150	Quanta Services, Inc. (a)		461,606
15,600	Shaw Group Inc./The (a)		448,500
7,400	URS Corp. (a)		329,448
3,500	Wabtec Corp. (b)		142,940
			4,786,388

The accompanying notes are an integral part of these financial statements.

40

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
INFORMATION TECHNOLOGY: 15.9%
12,500	ADTRAN, Inc.	$	281,875
13,003	Avnet, Inc. (a)		392,170
12,300	Blue Coat Systems, Inc. (a)		351,042
6,500	CACI International Inc. - Class A (a)		317,525
7,215	Fidelity National Information Services, Inc.		169,120
8,800	Hewitt Associates, Inc. - Class A (a)		371,888
4,000	Informatica Corp. (a)		103,440
12,800	Ingram Micro Inc. - Class A (a)		223,360
6,307	Lender Processing Services, Inc.		256,443
14,000	SAIC, Inc. (a)		265,160
19,500	Taleo Corp. - Class A (a)		458,640
9,700	Tech Data Corp. (a)		452,602
25,000	Technitrol, Inc.		109,500
			3,752,765
MATERIALS: 11.2%
15,500	AK Steel Holding Corp.		330,925
3,592	AptarGroup, Inc.		128,378
9,000	FMC Corp. (b)		501,840
23,000	Gerdau SA - ADR (b)(d)		391,690
8,000	GrafTech International Ltd. (a)		124,400
6,620	Lubrizol Corp./The		482,929
6,800	Rock-Tenn Co. - Class A		342,788
13,050	Sensient Technologies Corp.		343,215
			2,646,165
TELECOMMUNICATION SERVICES: 1.7%
17,500	Neutral Tandem Inc. (a)(b)		398,125
UTILITIES: 7.4%
7,000	CMS Energy Corp. (b)		109,620
8,500	DPL Inc.		234,600
2,300	EQT Corp.		101,016
27,410	NV Energy, Inc.		339,336
6,056	OGE Energy Corp.		223,406
7,300	Piedmont Natural Gas Co., Inc. (b)		195,275
8,984	UGI Corp.		217,323
5,695	Unisource Energy Corp.		183,322
5,700	Vectren Corp.		140,676
			1,744,574
Total Common Stocks
(Cost $20,893,427)			23,762,670
EXCHANGE TRADED FUND: 0.7%
25,000	Ultra Real Estate ProShares (b)		172,250
Total Exchange Traded Fund
(Cost $134,662)			172,250

The accompanying notes are an integral part of these financial statements.

41

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares			Value
	SHORT TERM INVESTMENT: 0.1%
	Money Market Investment: 0.1%
	9,578	First American Government Obligations Fund, 0.00% (e)	$	9,578
	Total Short Term Investment
	(Cost $9,578)			9,578
Principal Amount
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 12.6%
	COMMERCIAL PAPER: 1.6%
$	637,785	Atlantic East Funding LLC, 3.059%, 03/25/10 (c)		372,834
Shares
	MONEY MARKET INVESTMENTS: 11.0%
	2,612,188	Mount Vernon Securities Lending Trust Prime Portfolio, 0.20% (e)		2,612,188
	11,683	Reserve Primary Fund, 0.00% (c)(e)		4,081
				2,616,269
	TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
	(Cost $3,261,657)			2,989,103
	TOTAL INVESTMENTS
	(Cost $24,299,324), 113.9%			26,933,601
	LIABILITIES IN EXCESS OF OTHER ASSETS, (13.9)%			(3,285,972	)
	TOTAL NET ASSETS, 100.0%		$	23,647,629

(a) Non Income Producing.

(b) This security or portion of this security is out on loan at December 31, 2009.

(c) Fair valued by Valuation Committee as delegated by Rochdale Portfolios’ Board of Trustees.

(d) Foreign Security.

(e) 7-Day Yield.

ADR - American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

42

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	4,253,731	$	—	$	—	$	4,253,731
Consumer Staples		822,443		—		—		822,443
Energy		1,347,400		—		—		1,347,400
Financials		2,107,767		—		—		2,107,767
Health Care		1,903,312		—		—		1,903,312
Industrials		4,786,388		—		—		4,786,388
Information Technology		3,752,765		—		—		3,752,765
Materials		2,646,165		—		—		2,646,165
Telecommunication Services		398,125		—		—		398,125
Utilities		1,744,574		—		—		1,744,574
Total Common Stock		23,762,670		—		—		23,762,670
Exchange Traded Fund		172,250		—		—		172,250
Short Term Investment		9,578		—		—		9,578
Investments Purchased With Cash Proceeds From Securities Lending
Commercial Paper		—		372,834		—		372,834
Investment Companies		2,612,188		—		4,081		2,616,269
Total Investments Purchased With Cash Proceeds From Securities Lending		2,612,188		372,834		4,081		2,989,103
Total Investments in Securities	$	26,556,686	$	372,834	$	4,081	$	26,933,601

43

ROCHDALE MID/SMALL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Investments in Securities
Balance as of December 31, 2008	$	25,064
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,528	)
Net purchases (sales)		(19,455	)
Transfers in and/or out of Level 3*		—
Balance as of December 31, 2009	$	4,081

* The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

44

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Shares		Value
COMMON STOCKS: 98.3%
CONSUMER DISCRETIONARY: 8.1%
12,500	Best Buy Co., Inc.	$	493,250
3,491	Cherokee, Inc.		62,210
16,905	Heelys, Inc. (a)		36,853
43,000	McDonald’s Corp.		2,684,920
58,300	Regal Entertainment Group - Class A		841,852
22,200	Weight Watchers International, Inc.		647,352
			4,766,437
CONSUMER STAPLES: 24.5%
14,250	Altria Group, Inc.		279,727
98,950	B & G Foods, Inc. - Class A		908,361
15,000	BJ’s Wholesale Club, Inc. (a)		490,650
9,700	General Mills, Inc.		686,857
7,035	H.J. Heinz & Co.		300,817
24,000	Hershey Co./The		858,960
2,600	J.M. Smucker Co./The		160,550
7,000	Kimberly-Clark Corp.		445,970
20,382	Kraft Foods, Inc. - Class A		553,983
8,000	Lancaster Colony Corp.		397,600
12,526	Lorillard, Inc.		1,004,961
38,085	Mead Johnson Nutrition Co.		1,664,317
23,000	Philip Morris International Inc.		1,108,370
22,569	Procter & Gamble Co./The		1,368,358

The accompanying notes are an integral part of these financial statements.

45

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
CONSUMER STAPLES, Continued
5,346	Reynolds American, Inc.	$	283,178
40,000	Sysco Corp.		1,117,600
20,000	Unilever Plc - ADR (b)		638,000
76,558	Vector Group Ltd.		1,071,812
22,000	Wal-Mart Stores, Inc.		1,175,900
			14,515,971
ENERGY: 13.4%
8,100	BP Plc - ADR (b)		469,557
4,400	Buckeye Partners LP		239,580
9,783	Chevron Corp.		753,193
9,000	Dorchester Minerals LP		191,520
7,500	Enbridge Energy Partners LP		402,675
3,700	Energy Transfer Partners LP		166,389
21,692	Enterprise Products Partners LP		681,346
16,938	Exxon Mobil Corp.		1,155,002
5,700	Kinder Morgan Energy Partners LP		347,586
11,250	Nustar Energy LP		631,013
17,000	Occidental Petroleum Corp.		1,382,950
1,200	ONEOK Partners, LP		74,760
24,806	Penn West Energy Trust (b)		436,585
9,800	Plains All American Pipeline LP		517,930
13,928	TransCanada Corp. (b)		478,705
			7,928,791
FINANCIALS: 5.7%
13,200	Arthur J. Gallagher & Co.		297,132
53,170	Babcock & Brown Air Ltd. - ADR (b)		477,998
17,952	Bank of America Corp.		270,357
32,000	Cincinnati Financial Corp.		839,680
5,901	Comerica, Inc.		174,492
28,571	FirstMerit Corp.		575,420
5,935	NBT Bancorp, Inc.		120,896
6,067	Travelers Companies, Inc./The		302,501
10,000	U.S. Bancorp		225,100
7,513	Whitney Holding Corp.		68,443
			3,352,019
HEALTH CARE: 6.1%
8,000	Abbott Laboratories		431,920
61,609	Bristol-Myers Squibb Co.		1,555,627
11,000	Johnson & Johnson		708,510
9,150	Merck & Co., Inc.		334,341
32,000	Pfizer Inc.		582,080
			3,612,478

The accompanying notes are an integral part of these financial statements.

46

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
INDUSTRIALS: 4.0%
3,400	3M Co.	$	281,078
3,600	Cooper Industries PLC - Class A (b)		153,504
25,000	Deluxe Corp.		369,750
32,997	General Electric Co.		499,245
1,872	Honeywell International, Inc.		73,382
4,074	Landauer, Inc.		250,144
32,000	Olin Corp.		560,640
3,753	Weyerhaeuser Co.		161,904
			2,349,647
INFORMATION TECHNOLOGY & TELECOMMUNICATION SERVICES: 9.0%
27,800	AT&T, Inc.		779,234
55,900	Consolidated Communications Holdings, Inc.		978,250
84,200	Frontier Communications Corp.		657,602
32,000	Iowa Telecommunications Services, Inc.		536,320
30,000	Microsoft Corp.		914,700
17,367	Verizon Communications, Inc.		575,369
78,500	Windstream Corp.		862,715
			5,304,190
MATERIALS: 1.2%
36,000	Acadian Timber Income Fund (b)		218,578
3,980	E.I. du Pont de Nemours & Co.		134,007
12,000	Southern Copper Corp.		394,920
			747,505
REITS: 13.6%
17,229	Apartment Investment & Management Co. - Class A		274,286
8,914	Camden Property Trust		377,686
8,200	Entertainment Properties Trust		289,214
26,631	First Industrial Realty Trust, Inc. (a)		139,280
29,046	Health Care Property Investors, Inc.		887,065
11,612	Health Care REIT, Inc.		514,644
17,000	Healthcare Realty Trust, Inc.		364,820
231,313	HRPT Properties Trust		1,496,595
15,385	Liberty Property Trust		492,474
38,879	Nationwide Health Properties, Inc.		1,367,763
16,973	Pennsylvania Real Estate Investment Trust		143,592
10,036	Sovran Self Storage, Inc.		358,586
24,492	Tanger Factory Outlet Centers, Inc.		954,943
13,115	Washington Real Estate Investment Trust		361,318
			8,022,266
SHIPPING & TRANSPORTATION: 2.6%
29,090	General Maritime Corp. (b)		203,339
55,000	Jazz Air Income Fund (b)		231,917
12,000	Knightsbridge Tankers Ltd. (b)		159,120
31,000	Nordic American Tanker Shipping Limited (b)		930,000
			1,524,376

The accompanying notes are an integral part of these financial statements.

47

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
UTILITIES: 10.1%
8,200	Amerigas Partners LP	$	322,506
15,000	Atmos Energy Corp.		441,000
4,536	Cleco Corp.		123,969
6,755	DTE Energy Co.		294,451
9,506	Duke Energy Corp.		163,598
12,452	EQT Corp.		546,892
7,300	Ferrellgas Partners LP		154,249
24,010	Hawaiian Electric Industries, Inc.		501,809
7,977	Integrys Energy Group, Inc.		334,954
11,986	National Fuel Gas Co.		599,300
8,396	Northwest Natural Gas Co.		378,156
3,500	NSTAR		128,800
4,000	OGE Energy Corp.		147,560
4,185	Pinnacle West Capital Corp.		153,087
12,000	Portland General Electric Co.		244,920
12,329	Progress Energy, Inc.		505,612
4,753	Spectra Energy Corp.		97,484
11,200	Suburban Propane Partners LP		527,296
19,318	United Utilities Group Plc - ADR (b)		309,276
			5,974,919
Total Common Stocks
(Cost $57,197,951)			58,098,599
PREFERRED STOCK: 0.1%
REITS: 0.1%
1,760	Public Storage		42,574
Total Preferred Stock
(Cost $44,000)			42,574

Principal Amount			Coupon Rate	Maturity Date
	CORPORATE BOND: 0.4%
	CONSUMER STAPLES: 0.4%
$	73,950	B&G Foods Inc.	12.000%	10/30/2016	229,245
	Total Corporate Bonds
	(Cost $230,103)				229,245

The accompanying notes are an integral part of these financial statements.

48

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
SHORT TERM INVESTMENT: 0.0%
Money Market Investment: 0.0%
925	Fidelity Institutional Government Portfolio, 0.25% (c)	$	925
Total Short Term Investment
(Cost $925)			925
TOTAL INVESTMENTS
(Cost $57,472,979), 98.8%			58,371,343
OTHER ASSETS IN EXCESS OF LIABILITIES, 1.2%			735,376
TOTAL NET ASSETS, 100.0%		$	59,106,719

(a) Non Income Producing.

(b) Foreign Security.

(c) 7-Day Yield.

ADR American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

49

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	4,766,437	$	—	$	—	$	4,766,437
Consumer Staples		14,515,971		—		—		14,515,971
Energy		7,928,791		—		—		7,928,791
Financials		3,352,019		—		—		3,352,019
Health Care		3,612,478		—		—		3,612,478
Industrials		2,349,647		—		—		2,349,647
Information Technology & Telecommunication Services		5,304,190		—		—		5,304,190
Materials		747,505		—		—		747,505
REITs		8,022,266		—		—		8,022,266
Shipping & Transportation		1,524,376		—		—		1,524,376
Utilities		5,974,919		—		—		5,974,919
Total Common Stock		58,098,599		—		—		58,098,599
Preferred Stock		42,574		—		—		42,574
Corporate Bond
Consumer Staples		—		229,245		—		229,245
Total Corporate Bond		—		229,245		—		229,245
Short Term Investment		925		—		—		925
Total Investments in Securities	$	58,142,098	$	229,245	$	—	$	58,371,343

50

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Principal Amount			Coupon Rate		Maturity Date		Value
	CORPORATE BONDS: 82.4%
	CONSUMER DISCRETIONARY: 4.5%
$	225,000	Autozone Inc.	6.950%		06/15/2016		$	243,920
	250,000	Best Buy Co.	6.750%		07/15/2013			274,649
	63,000	CBS Corp.	8.875%		06/14/2014			69,218
	161,000	Cox Communications Inc.	7.250%		11/15/2015			181,093
	250,000	Hasbro Inc.	6.125%		05/15/2014			272,187
	155,000	Hasbro Inc.	6.300%		09/15/2017			164,030
	500,000	Home Depot, Inc.	5.400%		03/01/2016			523,430
	50,000	News America Holdings	8.000%		10/17/2016			58,878
	240,000	Sotheby’s	3.125%		06/15/2013			233,100
	150,000	Stanley Works	6.150%		10/01/2013			165,061
	17,000	Starwood Hotels & Resort	7.875%		05/01/2012			18,339
	17,000	Toyota Motor Credit Corp.	5.500%	(a)	07/25/2017			17,199
	500,000	Toyota Motor Credit Corp.	5.750%		02/17/2017			502,062
	25,000	WPP Finance (UK) Corp. (d)	5.875%		06/15/2014			25,818
								2,748,984
	CONSUMER STAPLES: 9.7%
	250,000	Altria Group Inc.	7.750%		02/06/2014	(b)		283,574
	100,000	Altria Group Inc.	8.500%		11/10/2013	(b)		115,563
	222,000	B & G Foods Inc.	8.000%		10/01/2011			225,885
	500,000	Bunge Limited Finance Corp.	5.100%		07/15/2015			495,726
	257,000	Bunge Limited Finance Corp.	5.875%		05/15/2013			267,517
	114,000	Bunge Limited Finance Corp.	7.800%		10/15/2012			124,570
	250,000	Campbell Soup Co.	8.875%		05/01/2021			325,570

The accompanying notes are an integral part of these financial statements.

51

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date		Value
	CONSUMER STAPLES, Continued
$	250,000	Estee Lauder Co. Inc.	7.750%	11/01/2013		$	290,440
	400,000	Heinz (H.J.) Finance Co.	6.000%	03/15/2012			429,074
	360,000	Kraft Foods Inc.	5.625%	11/01/2011			382,343
	200,000	Kraft Foods Inc.	6.125%	02/01/2018	(b)		210,308
	100,000	Kraft Foods Inc.	6.125%	08/23/2018			105,435
	250,000	PepsiAmericas Inc.	4.875%	01/15/2015			265,455
	405,000	PepsiCo, Inc.	5.000%	06/01/2018			420,484
	400,000	Philip Morris International Inc.	4.875%	05/16/2013			422,262
	252,000	Reynolds American Inc.	7.250%	06/01/2013			274,938
	250,000	Reynolds American Inc.	7.625%	06/01/2016			272,544
	71,000	RJ Reynolds Tobacco Holdings	7.250%	06/01/2012			78,051
	424,000	Starbucks Corp.	6.250%	08/15/2017			448,447
	250,000	Walgreen Co.	5.250%	01/15/2019	(b)		265,302
	250,000	WM Wrigley Jr Co.	4.650%	07/15/2015			245,938
							5,949,426
	ENERGY: 10.4%
	284,000	Amerigas Partners LP	7.250%	05/20/2015			284,000
	400,000	Buckeye Partners	4.625%	07/15/2013			409,882
	125,000	Burlington Resources, Inc.	9.875%	06/15/2010			130,257
	250,000	Chesapeake Energy Corp.	7.500%	09/15/2013			254,375
	75,000	Chesapeake Energy Corp.	7.500%	06/15/2014			76,500
	250,000	Conoco Phillips	4.750%	02/01/2014			268,423
	20,000	Enbridge Energy Partners	5.350%	12/15/2014			20,841
	35,000	Enbridge Energy Partners	5.875%	12/15/2016			36,375
	11,000	Energy Transfer Partners	6.125%	02/15/2017			11,409
	205,000	Energy Transfer Partners	8.500%	04/15/2014			236,631
	53,000	Enterprise Products Operating	5.900%	04/15/2013			56,248
	270,000	Enterprise Products Operating	6.300%	09/15/2017			290,661
	93,000	Ferrellgas Partners LP	8.750%	06/15/2012			94,163
	250,000	Inergy LP	6.875%	12/15/2014			246,875
	284,000	Kinder Morgan Energy Partners	5.625%	02/15/2015			305,407
	135,000	Knight Inc.	6.500%	09/01/2012			140,400
	100,000	Louisiana Land & Exploration	7.650%	12/01/2023			115,505
	300,000	Marathon Oil Canada Corp. (d)	8.375%	05/01/2012			335,805
	250,000	Massey Energy Co. Convertible	3.250%	08/01/2015			218,438
	250,000	Massey Energy Co.	6.875%	12/15/2013	(b)		249,688
	250,000	Nustar Logistics LP	7.650%	04/15/2018			274,172
	300,000	Nustar Pipeline Operations	5.875%	06/01/2013			310,442
	250,000	Peabody Energy Corp.	6.875%	03/15/2013			252,813
	205,000	Plains All American Pipeline	5.875%	08/15/2016			209,478
	518,000	Premcor Refining Group	7.500%	06/15/2015			514,193
	240,000	Spectra Energy Capital	5.500%	03/01/2014			252,325
	10,000	Spectra Energy Capital	5.668%	08/15/2014			10,824
	250,000	Suburban Propane Partners	6.875%	12/15/2013			250,000
	515,000	Valero Energy Corp.	6.125%	06/15/2017			527,067
							6,383,197

The accompanying notes are an integral part of these financial statements.

52

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date	Value
	FINANCIALS: 21.8%
$	300,000	Aegon NV (d)	4.625%		12/01/2015	$	292,849
	100,000	American Express Bank	6.000%		09/13/2017		103,753
	300,000	American Express Centurion	5.550%		10/17/2012		320,829
	250,000	American Express Credit Co.	7.300%		08/20/2013		280,970
	5,000	Bank of America Corp.	4.900%		05/15/2018		4,547
	4,000	Bank of America Corp.	5.000%		05/15/2015		3,923
	10,000	Bank of America Corp.	5.150%		08/15/2015		9,832
	8,000	Bank of America Corp.	5.250%		03/15/2015		7,953
	50,000	Bank of America Corp.	5.250%		08/15/2015		49,246
	19,000	Bank of America Corp.	5.250%		12/15/2015		18,631
	6,000	Bank of America Corp.	5.350%		09/15/2015		5,980
	100,000	Bank of America Corp.	5.375%		12/15/2014		100,175
	11,000	Bank of America Corp.	5.500%		11/15/2014		11,031
	10,000	Bank of America Corp.	5.500%		02/15/2015		10,027
	40,000	Bank of America Corp.	5.500%		11/15/2015		39,668
	5,000	Bank of America Corp.	5.500%		12/15/2015		4,959
	81,000	Bank of America Corp.	5.550%		12/15/2015		80,508
	25,000	Bank of America Corp.	5.600%		02/15/2016		24,833
	35,000	Bank of America Corp.	5.625%		11/15/2015		34,829
	30,000	Bank of America Corp.	5.650%		12/15/2015		29,944
	50,000	Bank of America Corp.	5.700%		11/15/2014		50,430
	7,000	Bank of America Corp.	5.750%		08/15/2014		7,022
	25,000	Bank of America Corp.	5.750%		05/15/2016		24,884
	40,000	Bank of America Corp.	5.750%		06/15/2016		39,795
	500,000	Bank of America Corp.	10.200%		07/15/2015		582,623
	119,000	Bank of America N.A.	6.000%		06/15/2016		122,431
	375,000	BB&T Corp.	5.200%		12/23/2015		389,482
	667,000	Bear Stearns Cos. LLC	5.550%		01/22/2017		667,196
	500,000	Berkshire Hathaway	4.750%		05/15/2012		533,033
	25,000	Citigroup Global Markets	5.000%		11/15/2013		24,830
	100,000	Countrywide Financial Corp.	6.000%	(a)	07/28/2015		100,137
	200,000	Countrywide Financial Corp.	6.250%		05/15/2016		203,433
	123,000	Eaton Vance Corp.	6.500%		10/02/2017		127,194
	250,000	General Electric Capital Corp.	0.284%	(a)	03/12/2010		250,028
	400,000	General Electric Capital Corp.	0.449%	(a)	08/20/2010		399,909
	10,000	General Electric Capital Corp.	5.000%		03/15/2016		9,891
	101,000	General Electric Capital Corp.	5.250%		01/15/2016		101,128
	109,000	General Electric Capital Corp.	5.250%		02/15/2016		109,077
	275,000	General Electric Capital Corp.	5.250%	(a)	11/28/2017		277,700
	250,000	General Electric Capital Corp.	5.310%		02/01/2011		250,574
	200,000	General Electric Capital Corp.	5.375%		06/15/2015		202,997
	45,000	General Electric Capital Corp.	5.375%		02/15/2016		45,141
	289,000	General Electric Capital Corp.	5.450%		01/15/2016		291,634
	13,000	General Electric Capital Corp.	5.500%	(a)	10/28/2016		13,118
	520,000	General Electric Capital Corp.	5.500%		10/06/2017		510,203
	10,000	General Electric Capital Corp.	5.550%		07/15/2016		10,215

The accompanying notes are an integral part of these financial statements.

53

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date		Value
	FINANCIALS, Continued
$	8,000	General Electric Capital Corp.	5.600%		12/15/2015		$	8,055
	300,000	General Electric Capital Corp.	5.625%		09/15/2017			309,069
	22,000	General Electric Capital Corp.	6.000%		05/15/2015			22,183
	46,000	General Electric Capital Corp.	6.750%		05/15/2018			48,694
	250,000	Goldman Sachs Group, Inc.	5.350%		01/15/2016			259,666
	500,000	Goldman Sachs Group, Inc.	5.625%		01/15/2017			510,680
	300,000	Goldman Sachs Group, Inc.	6.250%		09/01/2017			321,724
	350,000	Goldman Sachs Group, Inc.	6.600%		01/15/2012			380,499
	10,000	Hartford Life Global Funding	5.000%		08/15/2013			10,025
	9,000	Hartford Life Global Funding	5.000%		02/15/2015			8,807
	4,000	Hartford Life Insurance Co.	5.000%		11/15/2013			3,993
	15,000	Hartford Life Insurance Co.	5.250%		01/15/2013			15,011
	40,000	Hartford Life Insurance Co.	5.500%		10/15/2014			40,092
	40,000	Hartford Life Insurance Co.	5.500%		11/15/2014			40,054
	10,000	Hartford Life Insurance Co.	5.500%		02/15/2015			9,982
	18,000	Hartford Life Insurance Co.	5.650%		04/15/2017			17,508
	20,000	Hartford Life Insurance Co.	5.750%		08/15/2015			19,964
	10,000	Hartford Life Insurance Co.	5.750%		10/15/2016			9,786
	20,000	Hartford Life Insurance Co.	5.750%		02/15/2017			19,534
	14,000	Hartford Life Insurance Co.	6.000%		06/15/2016			13,916
	15,000	Hartford Life Insurance Co.	6.000%		07/15/2016			15,015
	20,000	HSBC Finance Corp.	4.850%		01/15/2014			19,849
	33,000	HSBC Finance Corp.	4.850%	(a)	07/15/2013			33,078
	30,000	HSBC Finance Corp.	5.000%		05/15/2013			30,072
	20,000	HSBC Finance Corp.	5.000%		06/15/2013			20,050
	20,000	HSBC Finance Corp.	5.000%		05/15/2014			19,931
	16,000	HSBC Finance Corp.	5.500%		08/15/2014			15,976
	228,000	HSBC Finance Corp.	5.500%		01/19/2016			239,190
	15,000	Janus Capital Group Inc.	6.500%		06/15/2012			14,890
	350,000	Jefferies Group Inc.	5.875%		06/08/2014			359,427
	250,000	Jefferies Group Inc.	7.750%		03/15/2012			270,404
	250,000	JP Morgan Chase & Co.	5.750%		01/02/2013			266,622
	193,000	JP Morgan Chase & Co.	6.125%		06/27/2017			203,996
	20,000	Key Bank N.A.	5.700%		08/15/2012			20,589
	47,000	Lazard Group LLC	7.125%		05/15/2015			48,793
	400,000	Lehman Brothers Holdings, Inc. (e)	7.000%		09/28/2037			78,000
	350,000	Merrill Lynch & Co.	5.000%		02/03/2014			354,207
	370,000	Merrill Lynch & Co.	6.050%		05/16/2016			373,329
	250,000	Morgan Stanley	4.750%		04/01/2014			251,437
	300,000	NASDAQ	2.500%		08/15/2013			281,250
	250,000	National City Bank	0.393%	(a)	01/21/2010			249,987
	250,000	National City Corp.	4.000%		02/01/2011	(b)		254,687
	500,000	NYSE Euronext	4.800%		06/28/2013			524,566
	35,000	Principal Life Income Funding	5.100%		04/15/2014			35,609
	25,000	Principal Life Income Funding	5.500%		07/15/2015			25,018
	10,000	Principal Life Income Funding	5.500%		09/15/2015			9,906

The accompanying notes are an integral part of these financial statements.

54

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date		Value
	FINANCIALS, Continued
$	105,000	Principal Life Income Funding	5.600%		05/16/2016		$	104,451
	40,000	Progressive Corp.	7.000%		10/01/2013			43,491
	15,000	Prudential Financial Inc.	5.300%		01/15/2016			15,010
	10,000	Prudential Financial Inc.	5.750%		06/15/2013			9,986
	11,000	Prudential Financial Inc.	6.000%		07/15/2013			11,006
	250,000	Salomon Smith Barney Holdings, Inc.	7.300%		08/01/2013			249,311
	76,000	UBS AG/NY (d)	7.375%		07/15/2015			83,094
	49,000	Wells Fargo Bank NA	5.750%		05/16/2016			50,797
								13,430,858
	HEALTH CARE - 1.8%
	500,000	Amgen Inc.	6.150%		06/01/2018			553,850
	15,000	Boston Scientific Corp.	5.450%		06/15/2014			15,750
	300,000	Johnson & Johnson	5.150%		07/15/2018			322,691
	230,000	Teva Pharmaceutical Finance LLC	5.550%		02/01/2016			242,781
								1,135,072
	INDUSTRIALS - 1.8%
	20,000	Allied Waste North America	6.125%		02/15/2014			20,348
	250,000	Caterpillar Financial Services Corp.	1.000%	(a)	06/24/2011			252,067
	15,000	Caterpillar Financial Services Corp.	4.850%		06/15/2015			14,863
	16,000	Caterpillar Financial Services Corp.	5.200%		03/15/2015			16,067
	250,000	Caterpillar Inc.	7.000%		12/15/2013			289,107
	250,000	Ingersoll - Rand Global Holding Co. (d)	9.500%		04/15/2014			298,734
	58,000	Terex Corp.	7.375%		01/15/2014			58,653
	125,000	United Technologies Corp.	9.340%		02/01/2011			131,611
								1,081,450
	INFORMATION TECHNOLOGY - 2.8%
	5,000	Applied Materials Inc.	7.125%		10/15/2017			5,599
	34,000	Corning Inc.	6.200%		03/15/2016			36,084
	315,000	Hewlett-Packard Co.	4.500%		03/01/2013			333,951
	250,000	Hewlett-Packard Co.	4.750%		06/02/2014			266,964
	205,000	IBM Corp.	7.625%		10/15/2018			250,335
	250,000	IBM Corp.	8.375%		11/01/2019			318,849
	265,000	Intuit Inc.	5.750%		03/15/2017			274,475
	5,000	Lexmark International, Inc.	5.900%		06/01/2013			5,132
	253,000	Linear Technology Corp.	3.000%		05/01/2027	(b)		253,632
								1,745,021
	MATERIALS - 8.1%
	231,000	Alcoa Inc.	5.550%		02/01/2017			229,685
	235,000	Alcoa Inc.	6.000%		07/15/2013	(b)		247,557
	250,000	Arcelormittal (d)	5.375%		06/01/2013			263,813
	268,000	Arcelormittal (d)	9.000%		02/15/2015			316,533
	624,000	Arcelormittal (d)	9.750%		04/01/2014			655,200
	300,000	Cabot Corp.	5.000%		10/01/2016			294,211
	250,000	Dow Chemical Co./The	5.250%		12/15/2016			247,188

The accompanying notes are an integral part of these financial statements.

55

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	MATERIALS, Continued
$	10,000	Dow Chemical Co./The	5.850%	08/15/2015	$	9,814
	17,000	Dow Chemical Co./The	7.500%	11/15/2015		17,146
	250,000	E.I. du Pont De Nemours and Co.	4.875%	04/30/2014		266,643
	300,000	Freeport-McMoran Copper & Gold	8.250%	04/01/2015		327,000
	100,000	Freeport-McMoran Copper & Gold	8.375%	04/01/2017		109,500
	375,000	International Paper Co.	5.250%	04/01/2016		378,885
	250,000	Potash Corporation of Saskatchewan (d)	5.250%	05/15/2014		268,651
	258,000	Rio Tinto Finance USA Ltd. (d)	8.950%	05/01/2014		309,162
	165,000	Rohm & Haas Co.	6.000%	09/15/2017		170,269
	15,000	RPM International Inc.	6.250%	12/15/2013		15,733
	125,000	Southern Copper Corp.	6.375%	07/27/2015		128,463
	80,000	Vale Overseas Limited (d)	6.250%	01/11/2016		83,782
	300,000	Vulcan Materials	6.400%	11/30/2017		312,187
	30,000	Xstrata Canada Corp. (d)	5.500%	06/15/2017		29,921
	300,000	Xstrata Canada Corp. (d)	6.000%	10/15/2015		320,390
						5,001,733
	REITS - 3.3%
	250,000	HCP, Inc.	5.650%	12/15/2013		250,435
	5,000	HCP, Inc.	6.000%	03/01/2015		4,967
	65,000	HCP, Inc.	6.300%	09/15/2016		63,443
	293,000	Health Care Property Investors, Inc.	5.950%	09/15/2011		302,294
	112,000	Healthcare Realty Trust	5.125%	04/01/2014		108,067
	113,000	HRPT Properties Trust	6.500%	01/15/2013		113,560
	250,000	Nationwide Health Properties	6.250%	02/01/2013		254,640
	408,000	Simon Property Group LP	5.750%	12/01/2015		416,059
	235,000	Simon Property Group LP	6.100%	05/01/2016		239,827
	255,000	Washington REIT	5.950%	06/15/2011		259,266
						2,012,558
	SHIPPING & TRANSPORTATION - 2.5%
	270,000	American Airlines	7.858%	10/01/2011		270,000
	150,000	Burlington North Santa Fe	7.000%	02/01/2014		170,234
	100,000	CSX Corp.	7.900%	05/01/2017		115,838
	541,718	FedEx Corp.	7.020%	01/15/2016		587,764
	400,000	Union Pacific Corp.	4.875%	01/15/2015		415,348
						1,559,184
	TELECOMMUNICATION SERVICES - 3.8%
	250,000	AT&T Mobility LLC	6.500%	12/15/2011		271,832
	308,000	British Telecommunications Plc (d)	5.150%	01/15/2013		321,178
	300,000	Cingular Wireless Service	7.875%	03/01/2011		322,319
	100,000	Embarq Corp.	6.738%	06/01/2013		108,648
	250,000	Embarq Corp.	7.082%	06/01/2016		276,145
	286,000	Telecom Italia Capital (d)	5.250%	11/15/2013		300,812
	190,000	Telefonos De Mexico SAB (d)	5.500%	01/27/2015		195,878
	275,000	Verizon Communications	7.250%	12/01/2010		290,613
	250,000	Verizon New England Inc.	4.750%	10/01/2013		260,016
						2,347,441

The accompanying notes are an integral part of these financial statements.

56

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date		Value
	UTILITIES - 11.9%
$	66,000	AGL Capital Corp.	6.375%	07/15/2016		$	70,135
	500,000	American Electric Power	5.375%	03/15/2010			504,539
	10,000	American Water Capital Corp.	6.085%	10/15/2017			10,449
	250,000	Arizona Public Service Co.	6.500%	03/01/2012			268,721
	250,000	Commonwealth Edison	4.700%	04/15/2015			258,920
	263,000	Enersis SA (d)	7.375%	01/15/2014			293,181
	2,000	Entergy Gulf States	5.250%	08/01/2015			1,973
	250,000	Entergy New Orleans Inc.	5.250%	08/01/2013			259,426
	335,000	Florida Power & Light	4.850%	02/01/2013			354,622
	60,000	Indiana Michigan Power	5.650%	12/01/2015			62,770
	245,000	Jersey Central Power & Light	5.625%	05/01/2016			253,955
	250,000	KCP&L Greater Missouri	7.950%	02/01/2011			261,307
	500,000	National Fuel Gas Co.	6.700%	11/21/2011			534,972
	270,000	National Grid Plc (d)	6.300%	08/01/2016			293,639
	300,000	National Rural Utilities	6.550%	11/01/2018			327,377
	250,000	National Rural Utilities Cooperative	5.450%	04/10/2017			260,731
	100,000	Nisource Capital Markets	7.860%	03/27/2017			105,000
	266,000	Nisource Finance Corp.	5.400%	07/15/2014			273,130
	100,000	Nisource Finance Corp.	7.875%	11/15/2010			104,836
	300,000	Northern State Power (A Minnesota Corporation)	8.000%	08/28/2012			344,184
	226,000	Ohio Edison	5.450%	05/01/2015			238,303
	144,000	Ohio Edison	6.400%	07/15/2016			154,748
	10,000	Ohio Power Company	6.000%	06/01/2016			10,602
	8,000	Oklahoma Gas & Electric	6.500%	07/15/2017			8,542
	22,000	Oneok Inc.	6.150%	10/01/2016			23,118
	250,000	Oneok Inc.	7.125%	04/15/2011			264,417
	500,000	Pacificorp	5.450%	09/15/2013			544,438
	201,000	Pennsylvania Electric Co.	6.050%	09/01/2017			209,174
	250,000	Pepco Holdings Inc.	6.450%	08/15/2012			268,318
	400,000	PSEG Power LLC	7.750%	04/15/2011			428,019
	56,000	Southwestern Electric Power Co.	5.550%	01/15/2017			56,508
	250,000	Southwestern Public Service	8.750%	12/01/2018			304,735
	10,000	Xcel Energy Inc.	5.613%	04/01/2017			10,311
							7,365,100
	Total Corporate Bonds
	(Cost $49,634,220)						50,760,024
	U.S. GOVERNMENT AGENCY OBLIGATIONS: 13.1%
	Federal Farm Credit Bank: 0.7%
	455,000		5.850%	12/15/2020			463,096
	Federal Home Loan Bank: 0.8%
	245,000		5.350%	01/25/2023	(b)		244,839
	225,000		5.500%	08/20/2018	(b)		237,361
							482,200

The accompanying notes are an integral part of these financial statements.

57

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date		Value
	Federal Home Loan Mortgage Corporation: 3.6%
$	500,000		3.250%		04/15/2024	(b)	$	483,729
	500,000		6.000%		08/22/2022			510,644
	500,000		6.000%		09/07/2022			504,434
	675,000		6.050%		08/22/2022			710,558
								2,209,365
	Federal Home Loan Mortgage Corporation Gold Certificate: 0.3%
	158,975	Pool #G0-2940	5.500%		05/01/2037			166,716
	Federal Home Loan Mortgage Corporation Mortgage Backed Securities: 3.1%
	250,000	Series 2668, Class OE	5.000%		10/15/2028			262,411
	750,000	Series 3165, Class NC	5.500%		01/15/2032			789,891
	99,724	Series R006, Class AK	5.750%		12/15/2018			104,279
	710,000	Series 3165, Class GC	6.000%		05/15/2032			746,347
								1,902,928
	Federal National Mortgage Association: 4.0%
	250,000		5.210%		01/25/2023			250,618
	250,000		5.500%		05/03/2017	(b)		254,087
	500,000		5.850%		02/24/2028	(b)		497,210
	250,000		6.000%		04/28/2021	(b)		260,577
	400,000		6.000%		09/20/2021			406,139
	275,000		6.060%		07/20/2027			279,362
	250,000		6.077%		08/20/2027	(b)		253,551
	265,000		6.317%		06/21/2027			269,884
								2,471,428
	Federal National Mortgage Association Mortgage Backed Securities: 0.6%
	300,000	Series 2006-63, Class QD	5.500%		02/25/2030			315,395
	48,563	Series 2004-29, Class WS	10.553%	(a)	02/25/2019			47,294
								362,689
	Total U.S. Government Agency Obligations
	(Cost $7,961,547)							8,058,422
Shares			Rate
	PREFERRED STOCKS—2.3%
	Closed End—1.9%
	10	Advent Claymore Convertable Security	1.464%	(a)				250,000
	3	Blackrock Preferred Income Strategy Fund	1.464%	(a)				75,000
	3	Eaton Vance Floating Rate Income Trust Preferred Auction Series B	1.466%	(a)				75,000
	9	Eaton Vance Limited Duration Income Fund Series B	0.197%	(a)				225,000
	7	Eaton Vance Limited Duration Income Fund Series C	0.212%	(a)				175,000
	7	Eaton Vance Limited Duration Income Fund Series D	0.167%	(a)				175,000
	7	Eaton Vance Limited Duration Income Fund Series E	0.167%	(a)				175,000
								1,150,000

The accompanying notes are an integral part of these financial statements.

58

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares			Rate		Value
	Financials - 0.4%
	10,000	JPM Chase Capital XXVIII	7.200	%(a)	$	250,000
	Total Preferred Stocks
	(Cost $1,400,000)					1,400,000
	SHORT TERM INVESTMENT: 1.0%
	Money Market Investment: 1.0%
	644,874	Fidelity Institutional Money Market Portfolio, 0.25% (f)				644,874
	Total Short Term Investment
	(Cost $644,874)					644,874
Principal Amount
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 5.8%
	COMMERCIAL PAPER: 0.2%
$	270,392	Atlantic East Funding LLC, 3.059%, 03/25/10 (c)				158,065
Shares
	MONEY MARKET INVESTMENTS: 5.6%
	3,452,574	Mount Vernon Securities Lending Trust Prime Portfolio, 0.20% (f)				3,452,574
	5,189	Reserve Primary Fund, 0.00% (c)(f)				1,495
						3,454,069
	TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
	(Cost $3,728,155)					3,612,134
	TOTAL INVESTMENTS
	(Cost $63,368,796), 104.6%					64,475,454
	LIABILITIES IN EXCESS OF OTHER ASSETS, (4.6)%					(2,848,357	)
	TOTAL NET ASSETS, 100.0%				$	61,627,097

(a) Variable Rate.

(b) This security or portion of this security is out on loan at December 31, 2009.

(c) Fair valued by Valuation Committee as delegated by Rochdale Portfolios’ Board of Trustees.

(d) Foreign Security.

(e) Defaulted Security.

(f) 7-Day Yield.

The accompanying notes are an integral part of these financial statements.

59

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Preferred Stocks
Closed End Funds	$	—	$	1,150,000	$	—	$	1,150,000
Financials		—		250,000		—		250,000
Total Preferred Stocks		—		1,400,000		—		1,400,000
Fixed Income
Corporate Bonds		—		50,760,024		—		50,760,024
U.S. Government Agency Obligations		—		8,058,422		—		8,058,422
Total Fixed Income		—		58,818,446		—		58,818,446
Short Term Investment		644,874		—		—		644,874
Investments Purchased With Cash Proceeds From Securities Lending
Commercial Paper		—		158,065		—		158,065
Investment Companies		3,452,574		—		1,495		3,454,069
Total Investments Purchased With Cash Proceeds From Securities Lending		3,452,574		158,065		1,495		3,612,134
Total Investments in Securities	$	4,097,448	$	60,376,511	$	1,495	$	64,475,454

60

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Investments in Securities
Balance as of December 31, 2008	$	10,881
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(743	)
Net purchases (sales)		(8,643	)
Transfers in and/or out of Level 3*		—
Balance as of December 31, 2009	$	1,495

* The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

61

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009

Principal Amount			Coupon Rate	Maturity Date	Value
	CORPORATE BONDS: 59.7%
	AEROSPACE/DEFENSE: 1.1%
$	250,000	Alliant Techsystems Inc.	6.750%	04/01/2016	$	247,500
	375,000	Altegrity Inc. (c)(e)(g)	10.500%	11/01/2015		334,687
	775,000	L-3 Communications Corp.	5.875%	01/15/2015		774,031
	250,000	Transdigm Inc. (c)(e)(g)	7.750%	07/15/2014		253,125
	200,000	Transdigm Inc. (c)(e)(g)	7.750%	07/15/2014		203,000
						1,812,343
	AUTOMOTIVE: 2.9%
	300,000	Affinia Group Inc. (c)(e)(g)	10.750%	08/15/2016		325,125
	50,000	American Axle and Manufacturing Holdings, Inc. (c)(e)(g)	9.250%	01/15/2017		50,750
	300,000	Ford Motor Credit Co. LLC	7.250%	10/25/2011		302,968
	450,000	Ford Motor Credit Co. LLC	7.500%	08/01/2012		453,806
	650,000	Ford Motor Credit Co. LLC	8.000%	06/01/2014		667,412
	475,000	Ford Motor Credit Co. LLC	8.000%	12/15/2016		475,631
	75,000	Ford Motor Credit Co. LLC	8.125%	01/15/2020		73,702
	500,000	Ford Motor Credit Co. LLC	8.700%	10/01/2014		522,746
	325,000	Ford Motor Credit Co. LLC	9.875%	08/10/2011		340,282
	325,000	Navistar International Corp.	8.250%	11/01/2021		333,125
	325,000	Tenneco Inc.	8.625%	11/15/2014		327,844
	325,000	TRW Automotive, Inc. (c)(e)(g)	8.875%	12/01/2017		338,000
	550,000	United Components Inc.	9.375%	06/15/2013		530,750
						4,742,141

The accompanying notes are an integral part of these financial statements.

62

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	BUILDING MATERIALS: 0.5%
$	50,000	Associated Materials LLC (c)(e)(g)	9.875%	11/15/2016	$	52,750
	375,000	Goodman Global Group Inc. (c)(d)(e)(g)	0.000%	12/15/2014		212,813
	200,000	Goodman Global Inc.	13.500%	02/15/2016		221,250
	148,000	Norcraft Holdings	9.750%	09/01/2012		142,080
	250,000	Norcraft Holdings (c)(e)(g)	10.500%	12/15/2015		256,250
						885,143
	CABLE/WIRELESS VIDEO: 2.1%
	250,000	Cablevision Systems Corp. (c)(e)	8.625%	09/15/2017		260,313
	750,000	Mediacom Broadband LLC	8.500%	10/15/2015		757,500
	500,000	UPC Germany GMBH (b)(c)(e)(g)	8.125%	12/01/2017		505,625
	250,000	UPC Holding BV (b)(c)(e)(g)	9.875%	04/15/2018		263,750
	1,650,000	Virgin Media Finance Plc (b)	9.500%	08/15/2016		1,771,687
						3,558,875
	CHEMICALS: 1.6%
	375,000	Ashland Inc. (c)(e)(g)	9.125%	06/01/2017		411,562
	250,000	Compass Minerals International, Inc. (c)(e)(g)	8.000%	06/01/2019		257,500
	200,000	Hexion U.S. Finance Corp./Hexion Nova Scotia	9.750%	11/15/2014		196,000
	475,000	Huntsman International LLC (c)(e)(g)	5.500%	06/30/2016		421,562
	150,000	Koppers Inc. (c)(e)(g)	7.875%	12/01/2019		151,500
	675,000	Nalco Co.	8.875%	11/15/2013		695,250
	400,000	Solutia, Inc.	8.750%	11/01/2017		416,500
	175,000	Terra Capital, Inc. (c)(e)(g)	7.750%	11/01/2019		187,250
						2,737,124
	CONSTRUCTION MACHINERY: 0.3%
	425,000	RSC Equipment Rental Inc. (c)(e)(g)	10.000%	07/15/2017		462,187
	CONSUMER PRODUCTS: 2.9%
	450,000	AAC Group Holding Corp. (c)(e)(g)	10.250%	10/01/2012		451,125
	125,000	American Achievement Corp. (c)(e)(g)	8.250%	04/01/2012		124,687
	515,000	Central Garden and Pet Co.	9.125%	02/01/2013		522,081
	325,000	Easton-Bell Sports Inc. (c)(e)(g)	9.750%	12/01/2016		336,781
	250,000	Jarden Corp.	7.500%	05/01/2017		249,375
	200,000	Jarden Corp.	8.000%	05/01/2016		206,500
	400,000	School Specialty	3.750%	11/30/2026		379,500
	350,000	Sealy Mattress Co.	8.250%	06/15/2014		350,000
	200,000	Sealy Mattress Co. (c)(e)(g)	10.875%	04/15/2016		222,500
	375,000	Spectrum Brands Inc.	12.000%	08/28/2019		367,500
	475,000	Visant Corp.	7.625%	10/01/2012		477,375
	725,000	Visant Holding Corp.	8.750%	12/01/2013		744,938
	350,000	Visant Holding Corp.	10.250%	12/01/2013		361,375
						4,793,737

The accompanying notes are an integral part of these financial statements.

63

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date	Value
	CONSUMER NON-DURABLES 0.1%
$	70,000	Hanesbrands, Inc.	8.000%		12/15/2016	$	71,313
	50,000	Revlon Consumer Products (c)(e)(g)	9.750%		11/15/2015		51,625
							122,938
	ENERGY: 2.1%
	25,000	Antero Resources Finance (c)(e)(g)	9.375%		12/01/2017		25,500
	875,000	Chesapeake Energy Corp.	6.875%		01/15/2016		875,000
	300,000	Cie Generale de Geophysique (b)	7.500%		05/15/2015		297,750
	300,000	Forest Oil Corp. (c)(e)	8.500%		02/15/2014		313,500
	725,000	McJunkin Red Man Corp. (c)(e)(g)	9.500%		12/15/2016		708,688
	45,000	OPTI Canada Inc. (b)(c)(e)(g)	9.000%		12/15/2012		46,013
	350,000	Plains Exploration & Production Co.	7.750%		06/15/2015		356,125
	900,000	Western Refining Inc. (c)(e)(g)	10.750%	(a)	06/15/2014		805,500
							3,428,076
	ENTERTAINMENT: 0.6%
	325,000	Cinemark USA Inc. (c)(e)	8.625%		06/15/2019		338,000
	325,000	Regal Cinemas Corp. (c)(e)(g)	8.625%		07/15/2019		338,000
	250,000	Universal City Development Partners Ltd. (c)(e)(g)	8.875%		11/15/2015		244,687
	75,000	Universal City Development Partners Ltd. (c)(e)(g)	10.875%		11/15/2016		75,188
							995,875
	FINANCIAL INSTITUTIONS: 1.6%
	1,325,000	GMAC Inc. (c)(e)(g)	6.875%		09/15/2011		1,305,125
	550,000	GMAC Inc. (c)(e)(g)	7.000%		02/01/2012		541,750
	275,000	Lender Processing Services	8.125%		07/01/2016		292,531
	600,000	Nuveen Investments Inc.	10.500%		11/15/2015		544,500
							2,683,906
	FOOD & BEVERAGE: 2.8%
	725,000	Aramark Corp.	8.500%		02/01/2015		746,750
	500,000	B & G Foods Inc.	8.000%		10/01/2011		508,750
	75,000	Bumble Bee Foods LLC (c)(e)(g)	7.750%		12/15/2015		75,187
	425,000	Constellation Brands Inc.	7.250%		05/15/2017		430,844
	550,000	Dean Foods Co.	7.000%		06/01/2016		539,000
	125,000	Del Monte Corp. (c)(e)(g)	7.500%		10/15/2019		128,750
	400,000	M-Foods Holdings Inc. (c)(e)(g)	9.750%		10/01/2013		415,500
	125,000	Pinnacle Foods Finance LLC (c)(e)(g)	9.250%		04/01/2015		126,875
	250,000	Pinnacle Foods Finance LLC	9.250%		04/01/2015		253,750
	175,000	Pinnacle Foods Finance LLC	10.625%		04/01/2017		182,000
	400,000	Reddy Ice Holdings Inc.	10.500%		11/01/2012		372,000
	300,000	Smithfield Foods Inc.	7.750%		07/01/2017		276,750
	275,000	Smithfield Foods Inc. (c)(e)(g)	10.000%		07/15/2014		298,375
	200,000	Tyson Foods Inc.	10.500%		03/01/2014		228,500
							4,583,031

The accompanying notes are an integral part of these financial statements.

64

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	GAMING: 3.5%
$	250,000	American Casino & Entertainment (c)(e)(g)	11.000%	06/15/2014	$	210,625
	375,000	Ameristar Casinos Inc. (c)(e)	9.250%	06/01/2014		389,062
	451,000	Global Cash Access LLC	8.750%	03/15/2012		449,309
	425,000	Great Canadian Gaming Corp. (b)(c)(e)(g)	7.250%	02/15/2015		408,531
	125,000	Harrahs Entertainment, Inc. (c)(e)(g)	11.250%	06/01/2017		130,781
	300,000	Harrahs Entertainment, Inc. Operating Escrow (c)(e)(g)	11.250%	06/01/2017		313,875
	350,000	Indianapolis Downs LLC (c)(e)(g)	11.000%	11/01/2012		227,500
	325,000	Jacobs Entertainment, Inc.	9.750%	06/15/2014		303,063
	875,000	MGM Mirage Inc.	7.500%	06/01/2016		682,500
	250,000	MGM Mirage Inc. (c)(e)	11.125%	11/15/2017		276,875
	200,000	MGM Mirage Inc. (c)(e)(g)	11.375%	03/01/2018		179,000
	100,000	Peninsula Gaming LLC (c)(e)(g)	8.375%	08/15/2015		99,750
	325,000	Peninsula Gaming LLC (c)(e)(g)	10.750%	08/15/2017		326,625
	275,000	Penn National Gaming Inc. (c)(e)	8.750%	08/15/2019		281,188
	200,000	San Pasqual Casino (c)(e)(g)	8.000%	09/15/2013		187,000
	275,000	Seminole Tribe of Florida (c)(e)(g)	7.804%	10/01/2020		233,260
	225,000	Shingle Springs Tribal Gaming (c)(e)(g)	9.375%	06/15/2015		171,000
	250,000	Tunica-Biloxi Gaming Authority (c)(e)(g)	9.000%	11/15/2015		225,313
	200,000	Yonkers Racing Corp. (c)(e)	11.375%	07/15/2016		210,000
	300,000	Wynn Las Vegas LLC	6.625%	12/01/2014		289,875
	300,000	Wynn Las Vegas LLC (c)(e)(g)	7.875%	11/01/2017		303,750
						5,898,882
	HEALTH CARE: 5.7%
	400,000	Accellent, Inc.	10.500%	12/01/2013		385,000
	500,000	Axcan Intermediate Holdings	9.250%	03/01/2015		539,375
	350,000	AMR HoldCo./ EmCare HoldCo.	10.000%	02/15/2015		367,500
	375,000	Bausch & Lomb Inc.	9.875%	11/01/2015		395,625
	750,000	Biomet Inc.	11.625%	10/15/2017		828,750
	350,000	Bio-Rad Laboratories, Inc. (c)(e)(g)	8.000%	09/15/2016		369,250
	375,000	CRC Health Corp.	10.750%	02/01/2016		315,000
	350,000	HCA Inc. (c)(e)(g)	7.875%	02/15/2020		364,437
	1,900,000	HCA Inc.	9.625%	11/15/2016		2,056,750
	250,000	Inverness Medical Innovations, Inc.	7.875%	02/01/2016		245,000
	250,000	Inverness Medical Innovations, Inc.	9.000%	05/15/2016		256,250
	250,000	National Mentor Holdings, Inc.	11.250%	07/01/2014		255,000
	525,000	Omnicare Inc.	6.875%	12/15/2015		510,563
	75,000	Talecris Biotherapeutics Holdings Corp. (c)(e)(g)	7.750%	11/15/2016		76,125
	500,000	United Surgical Partners	9.250%	05/01/2017		510,000
	250,000	Vanguard Health Holdings II	9.000%	10/01/2014		259,063
	125,000	Vanguard Health Holdings II	11.250%	10/01/2015		131,563
	450,000	Ventas Realty LP	6.500%	06/01/2016		434,250
	250,000	Viant Holdings Inc. (c)(e)(g)	10.125%	07/15/2017		248,750
	525,000	VWR Funding Inc.	10.250%	07/15/2015		546,000
	375,000	Universal Hospital Services, Inc.	8.500%	06/01/2015		369,375
						9,463,626

The accompanying notes are an integral part of these financial statements.

65

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date	Value
	INDUSTRIALS: 2.2%
$	375,000	ALH Finance LLC/ ALH Finance Corp.	8.500%		01/15/2013	$	375,000
	175,000	Aquilex Holdings/ Aquilex Finance (c)(e)(g)	11.125%		12/15/2016		174,562
	250,000	Belden Inc. (c)(e)(g)	9.250%		06/15/2019		264,062
	350,000	Education Management LLC	8.750%		06/01/2014		361,375
	67,000	Education Management LLC	10.250%		06/01/2016		71,690
	300,000	Esco Corp. (c)(e)(g)	4.129%	(a)	12/15/2013		273,375
	500,000	General Cable Corp.	7.125%		04/01/2017		491,250
	100,000	JohnsonDiversey Holdings, Inc. (c)(e)(g)	8.250%		11/15/2019		101,250
	200,000	JohnsonDiversey Holdings, Inc. (c)(e)(g)	10.500%		05/15/2020		201,000
	250,000	Knowledge Learning Center (c)(e)(g)	7.750%		02/01/2015		240,000
	300,000	Reliance Intermediate Holdings (b)(c)(e)(f)	9.500%		12/15/2019		312,375
	450,000	Sensus Metering Systems, Inc.	8.625%		12/15/2013		459,563
	325,000	SPX Corp.	7.625%		12/15/2014		334,750
							3,660,252
	INFORMATION TECHNOLOGY: 0.0%
	25,000	Dupont Fabros Tech LP (c)(e)(g)	8.500%		12/15/2017		25,406
	LODGING: 0.5%
	375,000	Host Hotels & Resorts LP	7.125%		11/01/2013		381,094
	450,000	Royal Caribbean Cruises Ltd. (b)	7.250%		06/15/2016		434,813
							815,907
	MEDIA - CABLE: 1.3%
	650,000	Charter Communications Holdings II	8.750%		11/15/2013		667,062
	125,000	CSC Holdings Inc.	7.875%		02/15/2018		129,375
	600,000	Dish DBS Corp.	6.625%		10/01/2014		605,250
	400,000	Kabel Deutschland GmbH (b)	10.625%		07/01/2014		418,000
	275,000	Videotron Ltee (b)(c)(e)	9.125%		04/15/2018		302,500
							2,122,187
	MEDIA - NON-CABLE: 4.4%
	225,000	Belo Corp.	8.000%		11/15/2016		231,187
	280,000	Clear Channel Worldwide (c)(e)(g)	9.250%		12/15/2017		288,400
	80,000	Clear Channel Worldwide (c)(e)(g)	9.250%		12/15/2017		81,600
	250,000	Fox Acquisition Sub LLC (c)(e)(g)	13.375%		07/15/2016		193,437
	100,000	Inmarsat Finance Plc (b)(c)(e)(g)	7.375%		12/01/2017		102,250
	675,000	Intelsat Intermediate Holdings (b)(d)	0.000%		02/01/2015		693,563
	125,000	Intelsat Jackson Holdings (b)(c)(e)(g)	8.500%		11/01/2019		128,750
	1,075,000	Intelsat Jackson Holdings (b)	11.250%		06/15/2016		1,163,687
	525,000	Interpublic Group Cos., Inc. (c)(e)(g)	10.000%		07/15/2017		582,750
	300,000	Lamar Media Corp.	6.625%		08/15/2015		288,000
	225,000	Lamar Media Corp.	9.750%		04/01/2014		248,344
	375,000	MDC Partners Inc. (b)(c)(e)(g)	11.000%		11/01/2016		390,000
	400,000	Medimedia USA Inc. (c)(e)(g)	11.375%		11/15/2014		336,000
	225,000	Nexstar Broadcasting Inc.	7.000%		01/15/2014		169,031
	175,000	Nielsen Finance LLC (d)	0.000%	(a)	08/01/2016		159,688
	475,000	Nielsen Finance LLC	11.500%		05/01/2016		530,812
	175,000	Quebecor Media, Inc. (b)	7.750%		03/15/2016		174,563

The accompanying notes are an integral part of these financial statements.

66

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date	Value
	MEDIA - NON-CABLE, Continued
$	425,000	QVC Inc. (c)(e)(g)	7.500%		10/01/2019	$	433,500
	275,000	Rainbow National Services LLC (c)(e)(g)	10.375%		09/01/2014		290,125
	225,000	SGS International Inc.	12.000%		12/15/2013		227,531
	250,000	Umbrella Acquisition Inc. (c)(e)(g)	9.750%		03/15/2015		219,062
	125,000	XM Satellite Radio Inc. (c)(e)(g)	11.250%		06/15/2013		134,375
	200,000	XM Satellite Radio Inc. (c)(e)(g)	13.000%		08/01/2014		217,250
							7,283,905
	MEDIA/TELECOMMUNICATIONS: 0.1%
	100,000	NII Capital Corp. (c)(e)(g)	8.875%		12/15/2019		97,375
	METALS & MINING: 0.7%
	1,025,000	Teck Resources Limited (b)(c)(e)	10.250%		05/15/2016		1,194,125
	PACKAGING: 1.7%
	400,000	Ball Corp.	7.125%		09/01/2016		410,000
	425,000	Berry Plastics Corp.	8.875%		09/15/2014		413,312
	325,000	Crown Americas LLC	7.750%		11/15/2015		336,375
	200,000	Graham Packaging Co. LP (c)(e)(g)	8.250%		01/01/2017		197,500
	400,000	Greif Inc.	7.750%		08/01/2019		408,000
	425,000	Owens-Brockway Glass Container, Inc.	7.375%		05/15/2016		438,813
	575,000	Reynolds Group (c)(e)(g)	7.750%		10/15/2016		587,937
							2,791,937
	PAPER: 1.7%
	450,000	Boise Paper Holdings/Finance (c)(e)(g)	9.000%		11/01/2017		466,312
	75,000	Cascades, Inc. (b)(c)(e)(g)	7.875%		01/15/2020		76,125
	700,000	Georgia-Pacific LLC (c)(e)(g)	8.250%		05/01/2016		742,000
	400,000	Graphic Packaging International Corp.	9.500%		08/15/2013		413,000
	150,000	Graphic Packaging International Corp.	9.500%		06/15/2017		159,000
	375,000	Newpage Corp. (c)(e)(g)	11.375%		12/31/2014		378,750
	250,000	PE Paper Escrow GMBH (b)(c)(e)(g)	12.000%		08/01/2014		276,250
	350,000	Rock-Tenn Co.	9.250%		03/15/2016		380,188
							2,891,625
	RESTAURANTS: 0.6%
	275,000	Dave & Buster’s Inc.	11.250%		03/15/2014		285,312
	475,000	NPC International Inc.	9.500%		05/01/2014		470,250
	325,000	Seminole Hard Rock Entertainment, Inc. (c)(e)(g)	2.754%	(a)	03/15/2014		267,719
							1,023,281
	RETAILERS: 2.5%
	446,000	Dollar General Corp.	11.875%		07/15/2017		515,130
	525,000	General Nutrition Center	5.178%	(a)	03/15/2014		489,563
	350,000	Limited Brands Inc. (c)(e)(g)	8.500%		06/15/2019		380,625
	450,000	Macys Retail Holdings, Inc.	6.650%		07/15/2024		409,500
	200,000	Nebraska Book Co.	8.625%		03/15/2012		172,000

The accompanying notes are an integral part of these financial statements.

67

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	RETAILERS, Continued
$	425,000	Nebraska Book Co. (c)(e)(g)	10.000%	12/01/2011	$	430,313
	575,000	Sally Holdings LLC	10.500%	11/15/2016		618,125
	40,000	Toys ‘R’ Us (c)(e)(g)	8.500%	12/01/2017		40,700
	450,000	Toys ‘R’ Us (c)(e)(g)	10.750%	07/15/2017		492,750
	225,000	Yankee Candle Co., Inc./The	8.500%	02/15/2015		223,312
	375,000	Yankee Candle Co., Inc./The	9.750%	02/15/2017		369,375
						4,141,393
	SERVICES: 1.7%
	375,000	Ceridian Corp.	11.250%	11/15/2015		357,656
	50,000	Geo Group Inc./The (c)(e)(g)	7.750%	10/15/2017		51,188
	275,000	KAR Auction Services	8.750%	05/01/2014		283,594
	1,000,000	Leucadia National Corp.	7.125%	03/15/2017		945,000
	75,000	United Rentals North America	9.250%	12/15/2019		77,438
	525,000	West Corp.	9.500%	10/15/2014		532,875
	500,000	West Corp.	11.000%	10/15/2016		522,500
						2,770,251
	SUPERMARKETS: 0.1%
	150,000	Supervalu Inc.	8.000%	05/01/2016		152,250
	TECHNOLOGY: 2.7%
	250,000	Activant Solutions Inc.	9.500%	05/01/2016		235,937
	300,000	Advanced Micro Devices, Inc. (c)(e)(g)	8.125%	12/15/2017		298,875
	425,000	Compucom Systems Inc. (c)(e)(g)	12.500%	10/01/2015		431,906
	175,000	Freescale Semiconductor	8.875%	12/15/2014		160,562
	350,000	GXS Worldwide Inc. (c)(e)(g)	9.750%	06/15/2015		343,875
	100,000	JDA Software Group, Inc. (c)(e)(g)	8.000%	12/15/2014		102,000
	375,000	Seagate Technology HDD Holdings (b)	6.800%	10/01/2016		362,813
	300,000	Serena Software, Inc.	10.375%	03/15/2016		288,375
	195,000	SS&C Technologies Inc.	11.750%	12/01/2013		206,700
	375,000	Stream Global Services Inc. (c)(e)(g)	11.250%	10/01/2014		379,219
	600,000	Sungard Data Systems Inc.	10.250%	08/15/2015		639,000
	450,000	Sungard Data Systems Inc.	10.625%	05/15/2015		495,563
	350,000	Terremark Worldwide Inc. (c)(e)	12.000%	06/15/2017		386,750
	175,000	Viasystems, Inc. (c)(e)(g)	12.000%	01/15/2015		187,469
						4,519,044
	TELECOMMUNICATIONS: 3.8%
	500,000	DigitalGlobe Inc. (c)(e)(g)	10.500%	05/01/2014		535,000
	1,500,000	Geoeye Inc. (c)(e)	9.625%	10/01/2015		1,543,125
	1,000,000	Global Crossing Ltd. (b)(c)(e)	12.000%	09/15/2015		1,097,500
	200,000	Intelsat Bermuda Ltd. (b)(c)(e)(g)	11.250%	02/04/2017		200,500
	150,000	Intelsat Bermuda Ltd. (b)(c)(e)(g)	11.500%	02/04/2017		147,375
	500,000	Level 3 Financing Inc.	9.250%	11/01/2014		472,500
	900,000	Paetec Holding Corp. (c)(e)(g)	8.875%	06/30/2017		911,250
	500,000	Qwest Communications International Inc.	7.500%	02/15/2014		501,875

The accompanying notes are an integral part of these financial statements.

68

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate		Maturity Date	Value
	TELECOMMUNICATIONS, Continued
$	250,000	Sprint Capital Corp.	8.375%		03/15/2012	$	258,750
	200,000	Telestat Canada/Telestat LLC (b)	11.000%		11/01/2015		217,000
	500,000	Viasat Inc. (c)(e)(g)	8.875%		09/15/2016		515,000
							6,399,875
	TEXTILE: 0.2%
	275,000	Phillips-Van Heusen Corp.	8.125%		05/01/2013		280,500
	TOBACCO: 0.1%
	150,000	Alliance One International Inc. (c)(e)(g)	10.000%		07/15/2016		157,500
	TRANSPORTATION: 0.8%
	425,000	CEVA Group Plc (b)(c)(e)(g)	11.625%		10/01/2016		436,156
	325,000	Hertz Corp.	8.875%		01/01/2014		332,312
	200,000	Hertz Corp.	10.500%		01/01/2016		213,500
	250,000	Kansas City Southern Railway Co.	13.000%		12/15/2013		290,000
							1,271,968
	UTILITY - ELECTRIC: 1.1%
	833,000	Calpine Corp. (c)(e)(g)	7.250%		10/15/2017		799,680
	250,000	Dynegy Holdings, Inc.	7.750%		06/01/2019		216,875
	650,000	NRG Energy Inc.	7.375%		02/01/2016		650,812
	300,000	Texas Competitive Electric Holdings Co. LLC	10.250%		11/01/2015		243,000
							1,910,367
	UTILITY - NATURAL GAS: 1.4%
	450,000	Amerigas Partners LP	7.250%		05/20/2015		450,000
	425,000	Holly Energy Partners LP	6.250%		03/01/2015		405,875
	550,000	Inergy LP	8.750%		03/01/2015		565,125
	450,000	MarkWest Energy Partners LP	8.750%		04/15/2018		463,500
	150,000	Regency Energy Partners LP	8.375%		12/15/2013		155,250
	300,000	Regency Energy Partners LP (c)(e)	9.375%		06/01/2016		319,500
							2,359,250
	WIRELESS COMMUNICATIONS: 4.3%
	175,000	Clearwire Communications LLC (c)(e)(g)	12.000%		12/01/2015		177,625
	500,000	Clearwire Communications LLC (c)(e)(g)	12.000%		12/01/2015		507,500
	250,000	Cricket Communications Inc.	7.750%		05/15/2016		249,375
	50,000	Digicel Group Ltd. (b)(c)(e)(g)	8.250%		09/01/2017		48,750
	475,000	Digicel Group Ltd. (b)(c)(e)(g)	8.875%		01/15/2015		460,750
	375,000	Digicel Group Ltd. (b)(c)(e)(g)	12.000%		04/01/2014		416,250
	650,000	MetroPCS Wireless, Inc.	9.250%		11/01/2014		658,125
	550,000	Nextel Communications, Inc.	7.375%		08/01/2015		534,875
	250,000	Qwest Corp. (c)(e)(g)	8.375%		05/01/2016		268,125
	325,000	SBA Telecommunications Corp. (c)(e)	8.000%		08/15/2016		339,625
	975,000	Sprint Capital Corp.	6.900%		05/01/2019		897,000
	500,000	Sprint Nextel Corp.	0.651%	(a)	06/28/2010		492,111

The accompanying notes are an integral part of these financial statements.

69

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	WIRELESS COMMUNICATIONS, Continued
$	450,000	Sprint Nextel Corp.	8.375%	08/15/2017	$	459,000
	1,375,000	Wind Acquisition Finance SA (b)(c)(e)	11.750%	07/15/2017		1,502,188
	100,000	Wind Acquisition Finance SA (b)(c)(e)(g)	12.250%	07/15/2017		98,500
						7,109,799
	Total Corporate Bonds
	(Cost $94,156,027)					99,146,081
	LOANS (a): 36.3%
	AEROSPACE: 0.3%
	498,750	Hawker Beechcraft Inc.	10.500%	03/26/2014		472,815
	BROADCASTING: 0.8%
	500,000	Sinclair Broadcasting Group	6.500%	10/23/2015		500,625
	1,000,000	Umbrella Acquisition	2.501%	09/29/2014		864,750
						1,365,375
	CABLE/WIRELESS VIDEO: 2.1%
	461,290	Cablevision Systems Corp.	1.254%	12/13/2013		446,068
	216,360	Cequel Communications, LLC	2.255%	11/05/2013		204,707
	1,496,183	Charter Communications Operating, LLC (d)	0.000%	03/06/2014		1,400,592
	248,737	DIRECTV Holdings LLC	5.250%	04/13/2013		248,496
	498,750	Mediacom LLC	5.500%	08/15/2019		498,750
	800,000	UPC Financing	3.735%	12/31/2016		775,336
						3,573,949
	CHEMICALS: 1.7%
	531,937	Ashland Inc.	6.650%	05/13/2014		538,474
	129,668	Celanese AG	2.037%	04/02/2014		123,148
	500,000	Gentek Inc.	7.000%	10/28/2014		504,250
	375,000	Huntsman International LLC	1.981%	04/21/2014		352,830
	300,000	Huntsman International LLC	2.481%	06/30/2016		285,750
	148,454	Ineos Group Holdings Plc	9.500%	12/14/2013		133,794
	148,454	Ineos Group Holdings Plc	10.000%	12/16/2014		134,536
	249,139	MacDermid Holdings, LLC	2.231%	04/12/2014		215,921
	248,750	Nalco Co.	5.750%	05/07/2016		250,660
	370,558	Solutia Inc.	7.250%	02/28/2014		375,609
						2,914,972
	CONSUMER NON-DURABLES: 0.3%
	241,536	Bausch & Lomb Inc.	3.501%	04/24/2015		228,930
	200,000	Hanesbrands, Inc.	5.250%	12/10/2015		201,194
						430,124
	DIVERSIFIED MEDIA: 3.3%
	722,182	Carmike Cinemas Inc.	3.740%	05/19/2012		699,433
	626,845	Catalina Marketing Corp.	2.983%	10/01/2014		587,930
	496,948	Cengage Learning, Inc.	2.750%	07/03/2014		450,483

The accompanying notes are an integral part of these financial statements.

70

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	DIVERSIFIED MEDIA, Continued
$	258,663	Cinemark USA, Inc.	2.010%	10/05/2013	$	245,585
	746,241	Discovery Communications	5.250%	05/14/2014		751,651
	854,750	Getty Images, Inc.	6.250%	07/02/2015		854,443
	497,449	Harland Clark Holdings	2.751%	06/30/2014		411,818
	427,940	Live Nation	3.510%	06/21/2013		410,390
	547,243	Nielsen Finance LLC	3.985%	05/02/2016		514,409
	128,553	QVC Inc.	3.749%	06/30/2010		126,224
	402,665	QVC Inc.	5.749%	03/30/2014		402,665
						5,455,031
	ENERGY: 4.9%
	1,500,000	Atlas Pipeline Partners LP	6.750%	07/27/2014		1,470,000
	825,458	ATP Oil and Gas Corp.	11.250%	07/15/2014		801,470
	128,259	ATP Oil and Gas Corp.	11.750%	01/15/2011		124,532
	231,111	CGGVeritas (b)	3.570%	01/12/2014		226,489
	125,000	Dresser Inc.	2.521%	05/04/2014		116,445
	250,000	Enterprise GP Holdings L.P.	2.485%	11/08/2014		240,208
	175,000	EPCO Holdings, Inc.	1.231%	08/07/2012		153,563
	1,725,000	MEG Energy Corp.	6.000%	04/03/2016		1,694,813
	313,438	Niska Gas Storage	1.983%	05/12/2013		298,974
	400,000	Petroleum Geo-Services	2.010%	06/29/2015		380,752
	1,040,000	Targa Resources, Inc. (d)	0.000%	06/17/2016		1,043,255
	700,000	Vulcan Energy Corp.	5.500%	09/25/2015		700,000
	993,649	Western Refining Inc.	9.750%	05/30/2014		944,384
						8,194,885
	FINANCIALS: 0.6%
	125,000	BNY ConvergEx Group, LLX	3.240%	10/02/2013		117,812
	399,000	Hub International Holdings	6.750%	06/12/2014		393,681
	498,750	USI Holdings Corp.	7.000%	05/05/2014		481,294
						992,787
	FOOD & DRUG: 0.7%
	247,423	Mylan Inc.	3.563%	10/02/2014		241,675
	875,000	Supervalu Inc.	1.156%	06/02/2011		849,118
						1,090,793
	FOOD & TOBACCO: 0.6%
	250,000	W.M. Wrigley Jr. Co.	3.063%	12/16/2012		249,970
	750,000	W.M. Wrigley Jr. Co.	3.313%	12/16/2014		751,710
						1,001,680
	FOREST PRODUCTS/CONTAINERS: 0.6%
	575,501	Georgia-Pacific Corp.	2.251%	12/20/2012		556,078
	465,000	Reynolds Consumer Products Holdings Inc.	6.250%	11/02/2015		466,646
						1,022,724

The accompanying notes are an integral part of these financial statements.

71

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	GAMING/LEISURE: 1.6%
$	748,062	Cedar Fair-Canada	0.000%	02/17/2012	$	710,038
	400,000	Harrah’s Entertainment Inc.	3.282%	01/28/2015		324,216
	550,000	Harrah’s Entertainment Inc.	9.500%	10/01/2016		548,625
	1,125,000	Universal City Development Partners Ltd.	7.750%	10/29/2014		1,124,299
						2,707,178
	HEALTH CARE: 4.1%
	582,023	Biomet Inc.	3.251%	03/25/2015		557,124
	132,388	Carestream Health Holdings, Inc.	2.244%	04/30/2013		124,569
	1,497,308	Community Health Systems, Inc.	2.511%	07/25/2014		1,415,102
	248,715	CRC Health Corp.	2.501%	02/06/2013		224,465
	1,835,469	HCA Inc.	1.501%	11/17/2012		1,755,167
	497,275	Health Management Associates, Inc.	2.001%	02/28/2014		464,882
	497,446	IM US Holdings, LLC	2.251%	06/26/2014		472,986
	243,218	Life Technologies Corp.	5.250%	11/21/2015		244,434
	508,475	Warner Chillcott	5.500%	10/14/2014		508,632
	813,559	Warner Chillcott	5.750%	03/14/2015		813,812
	225,000	Warner Chillcott	5.750%	04/30/2015		225,187
						6,806,360
	HOUSING: 1.0%
	199,001	Building Materials Corp.	3.000%	02/22/2014		182,783
	254,945	CB Richard Ellis Services, Inc.	6.000%	12/20/2013		242,197
	497,085	CB Richard Ellis Services, Inc.	6.750%	12/20/2015		475,547
	596,939	Realogy Corp.	3.287%	10/09/2013		527,921
	250,000	Realogy Corp.	13.500%	10/15/2017		264,168
						1,692,616
	INFORMATION TECHNOLOGY: 4.2%
	250,000	Allen Systems Group	7.750%	10/19/2013		248,750
	375,000	Booz Allen	6.000%	07/31/2015		375,536
	1,000,000	Dupont Fabros Technology LP (d)(f)	0.000%	12/02/2014		950,000
	759,258	First Data Corp.	3.001%	09/24/2014		673,105
	970,038	Flextronics International Ltd.	2.540%	10/01/2012		913,456
	497,455	Flextronics International Ltd.	2.534%	10/01/2014		457,246
	249,353	Freescale Semiconductor	1.985%	11/29/2013		217,513
	249,372	Freescale Semiconductor	12.500%	12/15/2014		255,294
	2,100,000	NDS Group Plc (d)(f)	0.000%	02/03/2017		2,016,000
	696,456	West Corp.	7.250%	10/24/2013		698,197
						6,805,097
	MANUFACTURING: 0.8%
	435,930	Manitowoc Co.	7.500%	10/25/2014		423,506
	858,753	Oshkosh Truck Corp.	6.260%	12/06/2013		857,096
						1,280,602
	MEDIA/TELECOM: 0.2%
	61,499	Clear Channel Communications (d)	0.000%	01/29/2016		50,238
	70,000	Clear Channel Communications (d)	0.000%	01/29/2016		57,182
	304,887	Clear Channel Communications (d)	0.000%	01/29/2016		249,056
						356,476

The accompanying notes are an integral part of these financial statements.

72

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SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Principal Amount			Coupon Rate	Maturity Date	Value
	METALS/MINERALS: 0.4%
$	670,074	John Maneely Co.	3.483%	12/08/2013	$	629,152
	RETAIL: 1.7%
	348,310	Claire’s Stores Inc. (d)	0.000%	05/29/2014		280,992
	508,763	Collective Brands, Inc.	3.023%	08/01/2014		483,645
	129,350	Dollar General Corp.	2.981%	07/04/2014		124,560
	230,452	Michaels Stores	2.563%	10/31/2013		208,750
	268,585	Michaels Stores	4.813%	07/31/2016		253,058
	245,905	Neiman Marcus Group, Inc.	2.255%	04/06/2013		221,438
	750,000	Pilot Travel Centers LLC (d)	0.000%	11/24/2015		753,510
	500,000	Toys ‘R’ Us	4.481%	07/16/2012		486,875
						2,812,828
	SERVICE: 0.8%
	476,096	Harbor Freight	9.750%	02/16/2013		476,096
	590,633	Hercules Offshore, Inc.	6.000%	07/11/2013		564,350
	248,945	Hertz Corp.	2.030%	12/21/2012		237,742
						1,278,188
	TELECOMMUNICATIONS: 1.4%
	822,938	Asurion Corp.	3.273%	07/03/2014		784,992
	500,000	Consolidated Communications Inc.	2.731%	12/29/2014		466,875
	498,715	Intelsat Subsidiary Holding Co. Ltd.	2.735%	07/03/2013		476,272
	582,032	Telesat Holdings Inc.	3.240%	10/31/2014		557,051
						2,285,190
	TRANSPORTATION: 1.2%
	1,657,221	Ford Motor Co.	3.240%	12/15/2013		1,526,715
	300,000	Sabre Holdings Corp.	2.481%	09/30/2014		269,679
	200,000	TRW Automotive Inc.	5.250%	05/30/2016		199,500
						1,995,894
	UTILITY: 1.8%
	165,201	Calpine Corp.	3.135%	03/29/2014		156,322
	500,000	FirstLight Power Resources, Inc.	4.813%	05/01/2014		422,500
	349,103	Kgen LLC	2.000%	02/01/2014		329,029
	1,413,221	NRG Energy Inc.	2.001%	02/01/2013		1,345,697
	970,673	TXU Energy Co. LLC	3.751%	10/10/2014		785,944
						3,039,492
	WIRELESS COMMUNICATIONS: 1.2%
	258,663	MetroPCS Wireless, Inc.	2.500%	11/03/2013		246,829
	1,075,000	Skype Technologies	9.000%	11/16/2014		1,100,757
	700,000	Wind Acquisition Finance SA (b)	8.926%	11/26/2014		701,316
						2,048,902
	Total Loans
	(Cost $59,354,290)					60,253,110

The accompanying notes are an integral part of these financial statements.

73

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SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Shares		Value
SHORT TERM INVESTMENT: 6.9%
Money Market Investment: 6.9%
11,544,060	Federated Prime Obligations Fund, 0.09% (h)	$	11,544,060
Total Short Term Investment
(Cost $11,544,060)			11,544,060
TOTAL INVESTMENTS
(Cost $165,054,377), 102.9%			170,943,251
LIABILITIES IN EXCESS OF ASSETS, (2.9%)			(4,781,526	)
TOTAL NET ASSETS, 100.0%		$	166,161,725

(a) Variable Rate.

(b) Foreign Security.

(c) 144A Security.

(d) Non-income Producing.

(e) Restricted. Listed in Note 7.

(f) Illiquid.

(g) Private Placement.

(h) 7-Day Yield.

The accompanying notes are an integral part of these financial statements.

74

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The Portfolio has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

75

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2009:

	Level 1		Level 2		Level 3		Total
Corporate Bonds
Aerospace/Defense	$	—	$	1,812,343	$	—	$	1,812,343
Automotive		—		4,742,141		—		4,742,141
Building Materials		—		885,143		—		885,143
Cable/Wireless Video		—		3,558,875		—		3,558,875
Chemicals		—		2,737,124		—		2,737,124
Construction Machinery		—		462,187		—		462,187
Consumer Products		—		4,793,737		—		4,793,737
Consumer Non-Durables		—		122,938		—		122,938
Energy		—		3,428,076		—		3,428,076
Entertainment		—		995,875		—		995,875
Financial Institutions		—		2,683,906		—		2,683,906
Food & Beverage		—		4,583,031		—		4,583,031
Gaming		—		5,898,882		—		5,898,882
Health Care		—		9,463,626		—		9,463,626
Industrials		—		3,660,252		—		3,660,252
Information Technology		—		25,406		—		25,406
Lodging		—		815,907		—		815,907
Media - Cable		—		2,122,187		—		2,122,187
Media - Non-Cable		—		7,283,905		—		7,283,905
Media/Telecommunications		—		97,375		—		97,375
Metals & Mining		—		1,194,125		—		1,194,125
Packaging		—		2,791,937		—		2,791,937
Paper		—		2,891,625		—		2,891,625
Restaurants		—		1,023,281		—		1,023,281
Retailers		—		4,141,393		—		4,141,393
Services		—		2,770,251		—		2,770,251
Supermarkets		—		152,250		—		152,250
Technology		—		4,519,044		—		4,519,044
Telecommunications		—		6,399,875		—		6,399,875
Textile		—		280,500		—		280,500
Tobacco		—		157,500		—		157,500
Transportation		—		1,271,968		—		1,271,968
Utility - Electric		—		1,910,367		—		1,910,367
Utility - Natural Gas		—		2,359,250		—		2,359,250
Wireless Communications		—		7,109,799		—		7,109,799
Total Corporate Bonds		—		99,146,081		—		99,146,081

76

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SCHEDULE OF INVESTMENTS at December 31, 2009, Continued

Summary of Fair Value Exposure

	Level 1		Level 2		Level 3		Total
Loans
Aerospace	$	—	$	472,815	$	—	$	472,815
Broadcasting		—		1,365,375		—		1,365,375
Cable/Wireless Video		—		3,573,949		—		3,573,949
Chemicals		—		2,914,972		—		2,914,972
Consumer Non-Durables		—		430,124		—		430,124
Diversified Media		—		5,455,031		—		5,455,031
Energy		—		8,194,885		—		8,194,885
Financials		—		992,787		—		992,787
Food & Drug		—		1,090,793		—		1,090,793
Food & Tobacco		—		1,001,680		—		1,001,680
Forest Products/Containers		—		1,022,724		—		1,022,724
Gaming/Leisure		—		2,707,178		—		2,707,178
Health Care		—		6,806,360		—		6,806,360
Housing		—		1,692,616		—		1,692,616
Information Technology		—		6,805,097		—		6,805,097
Manufacturing		—		1,280,602		—		1,280,602
Media/Telecom		—		356,476		—		356,476
Metals/Minerals		—		629,152		—		629,152
Retail		—		2,812,828		—		2,812,828
Service		—		1,278,188		—		1,278,188
Telecommunications		—		2,285,190		—		2,285,190
Transportation		—		1,995,894		—		1,995,894
Utility		—		3,039,492		—		3,039,492
Wireless Communications		—		2,048,902		—		2,048,902
Total Loans		—		60,253,110		—		60,253,110
Short Term Investment		11,544,060		—		—		11,544,060
Total Investments in Securities	$	11,544,060	$	159,399,191	$	—	$	170,943,251

77

ROCHDALE INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2009

	Large Growth Portfolio			Large Value Portfolio			Mid/Small Growth Portfolio
ASSETS
Investments in securities at cost	$	28,772,524		$	31,122,282		$	28,945,378
Investments in securities at value**	$	35,174,373		$	34,708,664		$	31,345,505
Receivables:
Securities lending broker		410			581			589
Fund shares sold		17,280			17,870			29,724
Securities sold		—			—			276,877
Dividends and interest		28,249			25,384			11,604
Prepaid expenses		7,737			7,188			6,440
Total assets		35,228,049			34,759,687			31,670,739
LIABILITIES
Payable upon return of securities loaned (Note 2)		3,910,636			5,184,935			5,285,470
Payables:
Fund shares redeemed		32,129			24,632			10,630
Securities purchased		179,086			220,944			314,102
Advisory fees		16,285			17,626			15,772
Service fees		3,956			3,728			3,292
Administration fees		7,521			7,071			6,278
Distribution fees		19,615			18,538			15,560
Custodian		945			917			696
Accrued expenses		30,768			31,557			28,391
Total liabilities		4,200,941			5,509,948			5,680,191
NET ASSETS	$	31,027,108		$	29,249,739		$	25,990,548
Number of shares, $0.01 par value, issued and outstanding (unlimited number of shares authorized)		1,982,801			1,584,832			1,045,089
Net asset value per share	$	15.65		$	18.46		$	24.87
Maximum offering price per share* (Net asset value divided by 94.25%)	$	16.60		$	19.59		$	26.39
COMPONENTS OF NET ASSETS
Paid in capital	$	38,589,158		$	41,444,646		$	34,924,762
Undistributed net investment income		—			157,291			—
Accumulated net realized loss on investments		(13,963,904	)		(15,938,580	)		(11,334,341	)
Net unrealized appreciation on:
Investments		6,401,849			3,586,382			2,400,127
Foreign currency		5			—			—
Net assets	$	31,027,108		$	29,249,739		$	25,990,548

* Redemption price per share is equal to net asset value less any applicable sales charge.

** Includes securities out on loan to brokers with a market value of $3,718,219, $4,942,583, $5,001,068, respectively.

The accompanying notes are an integral part of these financial statements.

78

ROCHDALE INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2009

	Mid/Small Value Portfolio			Dividend & Income Portfolio			Intermediate Fixed Income Portfolio			Fixed Income Opportunities Portfolio
ASSETS
Investments in securities at cost	$	24,299,324		$	57,472,979		$	63,368,796		$	165,054,377
Investments in securities at value**	$	26,933,601		$	58,371,343		$	64,475,454		$	170,943,251
Cash		—			40			—			980
Receivables:
Securities lending broker		333			—			439			—
Fund shares sold		29,724			300,319			397,653			486,570
Securities sold		196,901			2,008,682			—			732,193
Dividends and interest		10,558			244,222			832,190			2,255,476
Prepaid expenses		6,976			8,185			9,467			23,530
Total assets		27,178,093			60,932,791			65,715,203			174,442,000
LIABILITIES
Payable upon return of securities loaned (Note 2)		3,261,990			—			3,728,596			—
Payables:
Line of Credit		—			125,000			—			—
Fund shares redeemed		15,534			66,043			60,257			23,493
Securities purchased		184,553			1,504,279			183,416			8,009,147
Advisory fees		15,751			36,270			17,477			50,346
Service fees		2,986			7,459			7,803			20,494
Administration fees		5,938			11,909			12,532			26,877
Distribution fees		14,176			35,706			38,103			95,752
Custodian		683			1,680			1,895			6,046
Accrued expenses		28,853			37,726			38,027			48,120
Total liabilities		3,530,464			1,826,072			4,088,106			8,280,275
NET ASSETS	$	23,647,629		$	59,106,719		$	61,627,097		$	166,161,725
Number of shares, $0.01 par value, issued and outstanding (unlimited number of shares authorized)		790,636			2,492,604			2,454,430			6,256,013
Net asset value per share	$	29.91		$	23.71		$	25.11		$	26.56
Maximum offering price per share* (Net asset value divided by 94.25%)	$	31.73		$	25.16		$	26.64		$	28.18
COMPONENTS OF NET ASSETS
Paid in capital	$	32,633,354		$	66,739,272		$	64,510,776		$	159,388,630
Undistributed net investment income		—			667,844			172,132			629,000
Accumulated net realized gain (loss) on investments		(11,620,002	)		(9,198,736	)		(4,162,469	)		255,221
Net unrealized appreciation (depreciation) on: Investments		2,634,277			898,364			1,106,658			5,888,874
Foreign currency		—			(25	)		—			—
Net assets	$	23,647,629		$	59,106,719		$	61,627,097		$	166,161,725

* Redemption price per share is equal to net asset value less any applicable sales charge.

** Includes securities out on loan to brokers with a market value of $3,067,109, $0, $3,619,161, and $0, respectively.

The accompanying notes are an integral part of these financial statements.

79

ROCHDALE INVESTMENT TRUST

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2009

	Large Growth Portfolio			Large Value Portfolio			Mid/Small Growth Portfolio
INVESTMENT INCOME
Income
Dividends	$	403,339	(1)	$	512,932	(1)	$	135,905	(1)
Interest		4,295			4,171			3,871
Income from securities lending		17,446			15,059			23,578
Total income		425,080			532,162			163,354
Expenses
Advisory fees		137,076			130,405			100,803
12b-1 fees (Note 3)		68,538			65,202			50,401
Service fees		41,123			39,122			30,241
Fund accounting fees		25,313			25,313			25,583
Administration fees		32,906			31,683			27,598
Transfer agent fees		26,578			27,024			24,551
Registration expense		19,841			18,591			17,382
Audit fees		13,146			13,146			13,246
Custody fees		5,143			5,013			3,989
Legal fees		9,088			8,739			5,879
Reports to shareholders		5,574			5,547			4,516
Trustee fees		4,614			4,642			3,525
Insurance expense		1,675			1,726			1,311
Miscellaneous		1,294			1,272			1,187
Total expenses		391,909			377,425			310,212
Less: expenses waived and reimbursed (Note 3)		(4,155	)		(2,534	)		(3,341	)
Add: interest expenses (Note 6)		85			88			106
Net expenses		387,839			374,979			306,977
Net investment income (loss)		37,241			157,183			(143,623	)
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments		(4,705,855	)		(6,577,976	)		(3,124,953	)
Foreign currency transactions		124			134			—
Change in net unrealized appreciation/depreciation on:
Investments		10,322,326			8,883,431			6,468,621
Foreign currency translations		5			—			—
Net realized and unrealized gain on investments and foreign currency		5,616,600			2,305,589			3,343,668
Net increase in net assets resulting from operations	$	5,653,841		$	2,462,772		$	3,200,045

(1) Net of foreign tax withheld of $2,851 for Large Growth Portfolio, $5,877 for Large Value Portfolio and $1,034 for Mid/Small Growth Portfolio.

The accompanying notes are an integral part of these financial statements.

80

ROCHDALE INVESTMENT TRUST

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2009

	Mid/Small Value Portfolio			Dividend & Income Portfolio			Intermediate Fixed Income Portfolio
INVESTMENT INCOME
Income
Dividends	$	242,499	(1)	$	2,887,373	(1)	$	49,900	(1)
Interest		3,134			14,977			2,867,126
Income from securities lending		10,084			—			22,832
Total income		255,717			2,902,350			2,939,858
Expenses
Advisory fees		94,164			329,919			230,378
12b-1 fees (Note 3)		47,082			126,892			143,986
Service fees		28,249			76,135			86,392
Fund accounting fees		25,940			33,951			46,534
Administration fees		26,437			61,193			68,758
Transfer agent fees		23,672			38,700			33,839
Registration expense		17,631			19,989			23,253
Audit fees		13,246			13,303			13,246
Custody fees		3,725			10,816			11,457
Legal fees		6,137			16,938			19,395
Reports to shareholders		4,137			10,167			11,262
Trustee fees		3,370			7,785			7,541
Insurance expense		1,198			2,605			2,151
Miscellaneous		1,198			1,576			1,559
Total expenses		296,186			749,969			699,751
Less: expenses waived and reimbursed (Note 3)		(6,080	)		(5,751	)		(54,337	)
Add: interest expenses (Note 6)		86			—			588
Net expenses		290,192			744,218			646,002
Net investment income (loss)		(34,475	)		2,158,132			2,293,856
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments		(3,144,767	)		(5,030,236	)		(2,116,452	)
Foreign currency transactions		—			396			(85	)
Change in net unrealized appreciation/depreciation on:
Investments		5,833,302			11,797,046			3,107,725
Foreign currency translations		—			140			16
Net realized and unrealized gain on investments and foreign currency		2,688,535			6,767,346			991,204
Net increase in net assets resulting from operations	$	2,654,060		$	8,925,478		$	3,285,060

(1) Net of foreign tax withheld $128 for Mid/Small Value, $18,188 for Dividend & Income Portfolio and $801 for Intermediate Fixed Income Portfolio.

The accompanying notes are an integral part of these financial statements.

81

ROCHDALE INVESTMENT TRUST

STATEMENTS OF OPERATIONS For the Period July 1, 2009⁽¹⁾ through December 31, 2009

	Fixed Income Opportunities Portfolio
INVESTMENT INCOME
Income
Interest	$	4,252,605
Total income		4,252,605
Expenses
Advisory fees		302,390
12b-1 fees (Note 3)		151,195
Service fees		90,717
Fund accounting fees		31,427
Administration fees		61,873
Transfer agent fees		16,758
Registration expense		17,372
Audit fees		21,284
Custody fees		9,383
Legal fees		7,128
Reports to shareholders		11,587
Trustee fees		6,755
Insurance expense		2,905
Miscellaneous		1,302
Total expenses		732,076
Net investment income		3,520,529
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS:
Net realized gain on:
Investments		648,259
Change in net unrealized appreciation/depreciation on:
Investments		5,888,874
Net realized and unrealized gain on investments		6,537,133
Net increase in net assets resulting from operations	$	10,057,662

(1) Commencement of operations.

The accompanying notes are an integral part of these financial statements.

82

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Large Growth Portfolio						Large Value Portfolio
	Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2009			Year Ended 12/31/2008
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	37,241		$	116,802		$	157,183		$	540,798
Net realized gain (loss) on:
Investments		(4,705,855	)		(8,079,498	)		(6,577,976	)		(9,351,650	)
Foreign currency		124			—			134			—
Change in net unrealized appreciation/ depreciation on investments and foreign currency transactions		10,322,331			(11,220,346	)		8,883,431			(12,842,805	)
Net increase (decrease) in net assets resulting from operations		5,653,841			(19,183,042	)		2,462,772			(21,653,657	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(42,067	)		(121,638	)		(182,472	)		(366,791	)
From net realized gain		—			—			—			(182,625	)
Total distributions to shareholders		(42,067	)		(121,638	)		(182,472	)		(549,416	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		8,905,276			7,349,867			9,021,993			6,293,782
Proceeds from reinvestment of distribution		40,587			120,125			177,257			542,975
Cost of shares redeemed		(12,554,495	)		(13,061,982	)		(11,120,138	)		(14,989,355	)
Redemption fees		2,214			3,106			3,921			4,220
Net decrease in net assets resulting from share transactions		(3,606,418	)		(5,588,884	)		(1,916,967	)		(8,148,378	)
Total increase (decrease) in net assets		2,005,356			(24,893,564	)		363,333			(30,351,451	)
NET ASSETS
Beginning of year		29,021,752			53,915,316			28,886,406			59,237,857
End of year	$	31,027,108		$	29,021,752		$	29,249,739		$	28,886,406
Undistributed net investment income	$	—		$	3,815		$	157,291		$	182,446
CHANGE IN SHARES
Shares sold		666,791			419,595			555,741			258,859
Shares issued on reinvestment of distribution		2,637			9,518			9,780			32,670
Shares redeemed		(965,983	)		(760,435	)		(695,714	)		(619,869	)
Net decrease		(296,555	)		(331,322	)		(130,193	)		(328,340	)

The accompanying notes are an integral part of these financial statements.

83

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mid/Small Growth Portfolio						Mid/Small Value Portfolio
	Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2009			Year Ended 12/31/2008
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	(143,623	)	$	(133,774	)	$	(34,475	)	$	104,319
Net realized loss on:
Investments		(3,124,953	)		(6,852,039	)		(3,144,767	)		(6,095,750	)
Change in net unrealized appreciation/ depreciation on investments		6,468,621			(8,718,428	)		5,833,302			(9,970,886	)
Net increase (decrease) in net assets resulting from operations		3,200,045			(15,704,241	)		2,654,060			(15,962,317	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			—			(34,032	)		(62,633	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		12,698,433			6,560,029			11,306,116			5,899,856
Proceeds from reinvestment of distribution		—			—			33,204			60,274
Cost of shares redeemed		(11,335,591	)		(22,456,214	)		(10,549,418	)		(21,302,948	)
Redemption fees		1,813			1,440			2,539			1,472
Net increase (decrease) in net assets resulting from share transactions		1,364,655			(15,894,745	)		792,441			(15,341,346	)
Total increase (decrease) in net assets		4,564,700			(31,598,986	)		3,412,469			(31,366,296	)
NET ASSETS
Beginning of year		21,425,848			53,024,834			20,235,160			51,601,456
End of year	$	25,990,548		$	21,425,848		$	23,647,629		$	20,235,160
Undistributed net investment income	$	—		$	—		$	—		$	37,974
CHANGE IN SHARES
Shares sold		554,125			219,762			407,310			157,731
Shares issued on reinvestment of distribution		—			—			1,131			2,419
Shares redeemed		(531,926	)		(783,118	)		(411,691	)		(597,510	)
Net increase (decrease)		22,199			(563,356	)		(3,250	)		(437,360	)

The accompanying notes are an integral part of these financial statements.

84

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dividend & Income Portfolio						Intermediate Fixed Income Portfolio
	Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2009			Year Ended 12/31/2008
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	2,158,132		$	2,619,671		$	2,293,856		$	2,733,901
Net realized gain (loss) on:
Investments		(5,030,236	)		(4,383,755	)		(2,116,452	)		(1,440,875	)
Foreign currency		396			(3,101	)		(85	)		269
Change in net unrealized appreciation/ depreciation on investments and foreign currency transactions		11,797,186			(16,010,300	)		3,107,741			(2,162,349	)
Net increase (decrease) in net assets resulting from operations		8,925,478			(17,777,485	)		3,285,060			(869,054	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(2,093,187	)		(2,387,929	)		(2,283,429	)		(2,731,096	)
From paid in capital		(317,402	)		(239,312	)		—			—
Total distributions to shareholders		(2,410,589	)		(2,627,241	)		(2,283,429	)		(2,731,096	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		19,367,677			11,115,601			30,145,176			14,948,643
Proceeds from reinvestment of distribution		2,210,582			2,472,944			2,148,896			2,651,379
Cost of shares redeemed		(21,299,688	)		(15,363,663	)		(24,106,170	)		(17,572,693	)
Redemption fees		5,750			2,853			3,786			5,904
Net increase (decrease) in net assets resulting from share transactions		284,321			(1,772,265	)		8,191,688			33,233
Total increase (decrease) in net assets		6,799,210			(22,176,991	)		9,193,319			(3,566,917	)
NET ASSETS
Beginning of year		52,307,509			74,484,500			52,433,778			56,000,695
End of year	$	59,106,719		$	52,307,509		$	61,627,097		$	52,433,778
Undistributed net investment income	$	667,844		$	865,630		$	172,132		$	203,322
CHANGE IN SHARES
Shares sold		922,686			443,732			1,218,193			580,112
Shares issued on reinvestment of distribution		106,747			96,673			87,260			104,821
Shares redeemed		(1,043,214	)		(630,397	)		(975,829	)		(690,885	)
Net increase (decrease)		(13,781	)		(89,992	)		329,624			(5,952	)

The accompanying notes are an integral part of these financial statements.

85

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fixed Income Opportunities Portfolio
	July 1, 2009(1) through 12/31/2009
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	3,520,529
Net realized gain on:
Investments		648,259
Change in net unrealized appreciation/ depreciation on investments		5,888,874
Net increase in net assets resulting from operations		10,057,662
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(2,891,529	)
From net realized gain		(393,038	)
Total distributions to shareholders		(3,284,567	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		159,247,501
Proceeds from reinvestment of distribution		2,909,922
Cost of shares redeemed		(2,772,594	)
Redemption fees		3,801
Net increase in net assets resulting from share transactions		159,388,630
Total increase in net assets		166,161,725
NET ASSETS
Beginning of year		—
End of year	$	166,161,725
Undistributed net investment income	$	629,000
CHANGE IN SHARES
Shares sold		6,251,167
Shares issued on reinvestment of distribution		110,803
Shares redeemed		(105,957	)
Net increase		6,256,013

(1) Commencement of operations.

The accompanying notes are an integral part of these financial statements.

86

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Large Growth Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	12.73		$	20.65		$	19.46		$	17.76		$	17.40
Income from investment operations:
Net investment income (loss)		0.02			0.05			0.01			(0.01	)(1)		0.03
Net realized and unrealized gain (loss) on investments		2.92			(7.92	)		1.62			1.71			0.36
Total from investment operations		2.94			(7.87	)		1.63			1.70			0.39
Less distributions:
From net investment income		(0.02	)		(0.05	)		(0.01	)		(0.00	)(2)		(0.03	)
From net realized gain		—			—			(0.43	)		—			—
Total distributions		(0.02	)		(0.05	)		(0.44	)		(0.00	)(2)		(0.03	)
Net asset value, end of period	$	15.65		$	12.73		$	20.65		$	19.46		$	17.76
Total return		23.11	%		(38.09	)%		8.38	%		9.59	%		2.24	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	31.0		$	29.0		$	53.9		$	44.1		$	23.7
Portfolio turnover rate		94.39	%		40.48	%		81.88	%		87.06	%		11.97	%
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recouped		1.43	%		1.31	%		1.23	%		1.22	%		1.26	%
After fees waived and expenses absorbed/recouped		1.41	%(3)		1.25	%		1.24	%		1.25	%		1.25	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recouped		0.12	%		0.21	%		0.04	%		(0.03	)%		0.17	%
After fees waived and expenses absorbed/recouped		0.14	%		0.27	%		0.05	%		(0.06	)%		0.18	%

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

(2) Less than $0.01 per share.

(3) Effective February 16, 2009, the expense cap was increased from 1.25% to 1.50%.

The accompanying notes are an integral part of these financial statements.

87

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Large Value Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	16.84		$	28.99		$	29.02		$	26.55		$	24.57
Income from investment operations:
Net investment income		0.10			0.32			0.37			0.34			0.21
Net realized and unrealized gain (loss) on investments		1.63			(12.14	)		0.59			4.68			2.00
Total from investment operations		1.73			(11.82	)		0.96			5.02			2.21
Less distributions:
From net investment income		(0.11	)		(0.22	)		(0.37	)		(0.38	)		(0.23	)
From net realized gain		—			(0.11	)		(0.62	)		(2.17	)		—
Total distributions		(0.11	)		(0.33	)		(0.99	)		(2.55	)		(0.23	)
Net asset value, end of period	$	18.46		$	16.84		$	28.99		$	29.02		$	26.55
Total return		10.31	%		(40.77	)%		3.34	%		18.92	%		9.01	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	29.2		$	28.9		$	59.2		$	55.0		$	29.5
Portfolio turnover rate		95.28	%		54.72	%		20.23	%		66.89	%		24.48	%
Ratio of expenses to average net assets:
Before fees waived and expenses recouped		1.45	%		1.32	%		1.20	%		1.18	%		1.18	%
After fees waived and expenses recouped		1.44	%(1)		1.25	%		1.20	%		1.18	%		1.18	%
Ratio of net investment income to average net assets:
Before fees waived and expenses recouped		0.59	%		1.13	%		1.23	%		1.42	%		0.91	%
After fees waived and expenses recouped		0.60	%		1.20	%		1.23	%		1.42	%		0.91	%

(1) Effective February 16, 2009, the expense cap was increased from 1.25% to 1.50%.

The accompanying notes are an integral part of these financial statements.

88

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Mid/Small Growth Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	20.95		$	33.43		$	35.11		$	37.05		$	33.89
Income from investment operations:
Net investment loss		(0.14	)(2)		(0.13	)(2)		(0.21	)(2)		(0.18	)(1)		(0.14	)
Net realized and unrealized gain (loss) on investments		4.06			(12.35	)		2.97			1.26			3.30
Total from investment operations		3.92			(12.48	)		2.76			1.08			3.16
Less distributions:
From net investment income		—			—			(4.43	)		(3.02	)		—
From paid in capital		—			—			(0.01	)		—			—
Total distributions		—			—			(4.44	)		(3.02	)		—
Net asset value, end of period	$	24.87		$	20.95		$	33.43		$	35.11		$	37.05
Total return		18.71	%		(37.33	)%		8.00	%		2.80	%		9.32	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	26.0		$	21.4		$	53.0		$	46.8		$	33.0
Portfolio turnover rate		58.05	%		34.57	%		121.40	%		85.04	%		9.67	%
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recouped		1.54	%		1.40	%(3)		1.23	%		1.20	%		1.19	%
After fees waived and expenses absorbed/recouped		1.52	%(4)		1.36	%(3)		1.23	%		1.20	%		1.19	%
Ratio of net investment loss to average net assets:
Before fees waived and expenses absorbed/recouped		(0.73	)%		(0.44	)%		(0.66	)%		(0.48	)%		(0.44	)%
After fees waived and expenses absorbed/recouped		(0.71	)%		(0.40	)%		(0.66	)%		(0.48	)%		(0.44	)%

(1) Net investment loss per share is calculated by dividing net investment loss by the average shares outstanding throughout the period.

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

(3) The expense ratio includes interest expense of 0.01%, which is not subject to the Portfolio’s expense cap.

(4) Effective February 16, 2009, the expense cap was increased from 1.35% to 1.60%.

The accompanying notes are an integral part of these financial statements.

89

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Mid/Small Value Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	25.49		$	41.91		$	50.05		$	45.50		$	43.29
Income from investment operations:
Net investment income (loss)		(0.05	)(4)		0.13			0.20			0.17			0.08
Net realized and unrealized gain (loss) on investments		4.51			(16.47	)		(0.60	)		5.86			4.98
Total from investment operations		4.46			(16.34	)		(0.40	)		6.03			5.06
Less distributions:
From net investment income		(0.04	)		(0.08	)		(0.20	)		(0.20	)		(0.08	)
From net realized gain		—			—			(7.50	)		(1.28	)		(2.78	)
From paid in capital		—			—			(0.04	)		—			—
Total distributions		(0.04	)		(0.08	)		(7.74	)		(1.48	)		(2.86	)
Paid in capital from redemption fees (Note 2)		0.00	(1)		0.00	(1)		0.00	(1)		0.00	(1)		0.01
Net asset value, end of period	$	29.91		$	25.49		$	41.91		$	50.05		$	45.50
Total return		17.51	%		(38.99	)%		(0.79	)%		13.23	%		11.64	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	23.6		$	20.2		$	51.6		$	53.5		$	35.8
Portfolio turnover rate		66.15	%		25.19	%		39.52	%		34.47	%		26.75	%
Ratio of expenses to average net assets:
Before fees waived and expenses recouped		1.57	%		1.42	%(3)		1.23	%		1.19	%		1.17	%
After fees waived and expenses recouped		1.54	%(2)		1.37	%(3)		1.23	%		1.19	%		1.17	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses recouped		(0.21	)%		0.27	%		0.37	%		0.41	%		0.20	%
After fees waived and expenses recouped		(0.18	)%		0.32	%		0.37	%		0.41	%		0.20	%

(1) Less than $0.01 per share.

(2) Effective February 16, 2009, the expense cap was increased from 1.35% to 1.60%.

(3) The expense ratio includes interest expense of 0.02%, which is not subject to the Portfolio’s expense cap.

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

The accompanying notes are an integral part of these financial statements.

90

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Dividend & Income Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	20.87		$	28.69		$	29.72		$	25.60		$	26.20
Income from investment operations:
Net investment income		0.90			0.93			1.51	(1)		1.33			0.88
Net realized and unrealized gain (loss) on investments		2.94			(7.73	)		(0.91	)		4.20			(0.46	)
Total from investment operations		3.84			(6.80	)		0.60			5.53			0.42
Less distributions:
From net investment income		(0.87	)		(0.93	)		(1.51	)		(1.33	)		(0.88	)
From net realized gain		—			—			(0.06	)		—			—
Return of capital		(0.13	)		(0.09	)		(0.07	)		(0.08	)		(0.15	)
Total distributions		(1.00	)		(1.02	)		(1.64	)		(1.41	)		(1.03	)
Paid in capital from redemption fees (Note 2)		0.00	(2)		0.00	(2)		0.01			0.00	(2)		0.01
Net asset value, end of period	$	23.71		$	20.87		$	28.69		$	29.72		$	25.60
Total return		19.21	%		(24.31	)%		1.91	%		22.10	%		1.65	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	59.1		$	52.3		$	74.5		$	65.7		$	37.7
Portfolio turnover rate		15.69	%		6.80	%		12.73	%		10.03	%		2.34	%
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recouped		1.48	%		1.39	%		1.34	%		1.31	%		1.28	%
After fees waived and expenses absorbed/recouped		1.47	%(3)		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed/recouped		4.24	%		3.93	%		5.14	%		5.04	%		3.53	%
After fees waived and expenses absorbed/recouped		4.25	%		3.97	%		5.13	%		5.00	%		3.46	%

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

(2) Less than $0.01 per share.

(3) Effective February 16, 2009, the expense cap was increased from 1.35% to 1.60%.

The accompanying notes are an integral part of these financial statements.

91

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Intermediate Fixed Income Portfolio
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05
Net asset value, beginning of period	$	24.68		$	26.28		$	26.14		$	26.14		$	26.61
Income from investment operations:
Net investment income		0.95			1.26			1.17			1.13			1.05
Net realized and unrealized gain (loss) on investments		0.44			(1.60	)		0.14			(0.13	)		(0.50	)
Total from investment operations		1.39			(0.34	)		1.31			1.00			0.55
Less distributions:
From net investment income		(0.96	)		(1.26	)		(1.17	)		(1.01	)		(1.03	)
Paid in capital from redemption fees (Note 2)		0.00	(1)		0.00	(1)		0.00	(1)		0.01			0.01
Net asset value, end of period	$	25.11		$	24.68		$	26.28		$	26.14		$	26.14
Total return		5.77	%		(1.33	)%		5.11	%		3.96	%		2.13	%
Ratios/supplemental data:
Net assets, end of period (millions)	$	61.6		$	52.4		$	56.0		$	46.2		$	28.8
Portfolio turnover rate		70.22	%		47.41	%		47.46	%		42.19	%		26.06	%
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.22	%		1.17	%		1.14	%		1.11	%		1.10	%
After fees waived and expenses absorbed		1.12	%(2)		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		3.89	%		4.63	%		4.37	%		4.22	%		3.82	%
After fees waived and expenses absorbed		3.99	%		4.90	%		4.61	%		4.43	%		4.02	%

(1) Less than $0.01 per share.

(2) Effective February 16, 2009, the expense cap was increased from 0.90% to 1.15%.

The accompanying notes are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each Period
	Fixed Income Opportunities Portfolio
	July 1, 2009(1) through 12/31/09
Net asset value, beginning of period		25.00
Income from investment operations:
Net investment income(2)		0.76
Net realized and unrealized gain on investments		1.38
Total from investment operations		2.14
Less distributions:
From net investment income		(0.52	)
From net realized gain		(0.06	)
Total distributions		(0.58	)
Net asset value, end of period	$	26.56
Total return		8.60	%(3)
Ratios/supplemental data:
Net assets, end of period (millions)	$	166.2
Portfolio turnover rate		22.29	%(3)
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.21	%(4)
After fees waived and expenses absorbed		1.21	%(4)
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		5.82	%(4)
After fees waived and expenses absorbed		5.82	%(4)

(1) Commencement of operations.

(2) Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the period.

(3) Not annualized.

(4) Annualized.

The accompanying notes are an integral part of these financial statements.

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009

NOTE 1 – ORGANIZATION

The Rochdale Large Growth Portfolio, Rochdale Large Value Portfolio. Rochdale Mid/Small Growth Portfolio, Rochdale Mid/Small Value Portfolio, Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (the “Portfolios”) are series of shares of beneficial interest of Rochdale Investment Trust (the “Trust”), which is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Portfolios are diversified funds. Rochdale Investment Management LLC (the “Advisor”) is the Advisor to the Portfolios. Federated Global Investment Management Corp. and Seix Investment Advisors LLC (the “Sub-Advisors”) are the Sub-Advisors to the Fixed Income Opportunities Portfolio.

The Rochdale Large Growth, Large Value, Mid/Small Growth, Mid/Small Value, and Intermediate Fixed Income Portfolios commenced operations on December 31, 1999. The Rochdale Dividend & Income Portfolio commenced operations on June 1, 1999. The Fixed Income Opportunities Portfolio commenced operations on July 1, 2009.

The Rochdale Large Growth Portfolio is a large-cap domestic equity fund with the investment objective of long-term growth of capital. It seeks to achieve its objective by investing primarily in growth-style equity securities of large U.S. companies with market capitalizations similar to those securities included in indices generally regarded as large-cap growth.

The Rochdale Large Value Portfolio is a large-cap domestic equity fund with the investment objective of long-term growth of capital. It seeks to achieve its objective by investing primarily in value-style equity securities of large U.S. companies with market capitalizations similar to those securities included in indices generally regarded as large-cap value.

The Rochdale Mid/Small Growth Portfolio is a mid- and small-cap domestic equity fund with the investment objective of long-term growth of capital. It seeks to achieve its objective by investing primarily in growth-style equity securities of small and medium-size U.S. companies such as those securities included in indices generally regarded as small- and mid-cap growth.

The Rochdale Mid/Small Value Portfolio is a mid- and small-cap domestic equity fund with the investment objective of long-term growth of capital. It seeks to achieve its objective by investing primarily in value-style equity securities of small and medium-size U.S. companies such as those securities included in indices generally regarded as small- and mid-cap value.

The Rochdale Dividend & Income Portfolio is a dividend-paying equity securities fund. Its investment objective is significant income and, as a secondary focus, long-term capital appreciation. It seeks income primarily from a diversified portfolio of income-generating securities, including dividend-paying equity and fixed income securities.

The Rochdale Intermediate Fixed Income Portfolio is a fixed income fund with the investment objective of current income. It seeks to achieve its objective by investing primarily in investment grade fixed-income obligations and intends to have an average portfolio maturity and duration between 3 to 10 years.

The Rochdale Fixed Income Opportunities Portfolio is a high yield corporate debt/bank loan portfolio with the investment objective of high current income. It seeks to generate a high level of income through investments in fixed income securities that generate yields and/or capital appreciation above that which is generally available from traditional fixed income investments.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolios. These policies are in conformity with accounting principles generally accepted in the United States of America.

A. Security Valuation. In valuing the Portfolios’ assets for calculating net asset value, readily marketable portfolio securities listed on a national securities exchange are valued at the last sale price on the business

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day as of which such values are being determined. If there has been no sale on such exchange on such day, the security is valued at closing bid price. Securities listed on the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). Readily marketable securities traded only in an over-the-counter market and not on NASDAQ are valued at the current or last bid price. If no bid is quoted on such day, the security is valued by such method as the Board of Trustees of the Trust shall determine in good faith to reflect the security’s fair value. All other assets of the Portfolios are valued in such manner as the Board of Trustees in good faith deems appropriate to reflect their fair value.

In September 2006, the Portfolios adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These standards define fair value as 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. Management has determined that these standards had no material impact on the Portfolio’s financial statements. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

In March 2008, accounting standards regarding disclosures about derivative instruments and hedging activity standards were issued and are effective for fiscal years beginning after November 15, 2008. These standards are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. These standards do not have any impact on the Portfolios’ financial statement disclosures because the Portfolios have not maintained any positions in derivative instruments or engaged in hedging activities.

In May 2009, the FASB issued subsequent event standards. The Portfolios adopted these standards which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, an entity will be required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. In addition, these standards require an entity to disclose the date through which subsequent events have been evaluated. The Portfolios have evaluated subsequent events through February 26, 2010, the date that the financial statements were available to be issued.

In June 2009, the accounting standards codification and the hierarchy of generally accepted accounting principles standards were issued and are effective for interim and annual reporting periods ending after September 15, 2009. These standards are intended to establish the FASB Codification as the source of authoritative accounting principles recognized by the FASB to be applied to nongovernmental entities in preparation of financial statements in conformity with GAAP.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “Improving Disclosures about Fair Value Measurements” that requires additional disclosures regarding fair value measurements. Certain required disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, and other required disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact it will have on its financial statement disclosures.

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B. Share Valuation. Each Portfolio’s share price (net asset value) is determined as of the close of the regular session of trading on the NASDAQ (normally 4:00 p.m., eastern time). The net asset value per share of each Portfolio is calculated by dividing the sum of the value of the securities held by the Portfolio plus cash or other assets minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Portfolio, rounded to the nearest cent. The offering and redemption price per share of each Portfolio is equal to a Portfolio’s net asset value per share. The Portfolios charge a redemption fee on shares redeemed or exchanged within 45 days of purchase and which were not subject to a sales charge at the time of purchase or to a contingent deferred sales charge at the time of redemption. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. Each Portfolio will retain the fee charged as paid-in capital and such fees become part of the Portfolio’s daily net assets value (“NAV”) calculations.

C. Federal Income Taxes. The Portfolios intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no federal income tax provision is required. Under current tax law, capital and currency losses realized after October 31 and prior to the Portfolios’ fiscal year end may be deferred as occurring on the first day of the following fiscal year. For the year ended December 31, 2009, the Portfolio indicated below has Post October losses:

Portfolio	Post October Loss
Dividend & Income Portfolio	$	1,258,432

For Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, as of December 31, 2009, which are available to offset future capital gains, if any:

	Capital losses expiring in:
Portfolio	2012		2013		2014		2015		2016		2017		Total
Large Cap Growth Portfolio	$	—	$	—	$	—	$	—	$	4,966,385	$	8,948,445	$	13,914,830
Large Cap Value Portfolio		—		—		—		—		4,873,166		11,065,414		15,938,580
Mid/Small Growth Portfolio		—		—		—		—		3,727,565		7,591,088		11,318,653
Mid/Small Value Portfolio		—		—		—		—		6,105,729		5,514,273		11,620,002
Dividend & Income Portfolio		—		—		—		—		1,513,139		6,435,612		7,948,751
Intermediate Fixed Income Portfolio		273,604		115,546		226,027		29,507		1,276,630		2,241,155		4,162,469

Effective June 29, 2007, the Portfolios adopted accounting standards regarding recognition and measurement of tax positions taken on a tax return. These standards had no impact on the Portfolios’ net assets or results of operations. These standards require the Portfolios to analyze all open tax years, as defined by the Statute of Limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Major jurisdictions for the Portfolios only relate to Federal tax years. As of December 31, 2009, open Federal tax years include the tax year ended December 31, 2006 through December 31, 2009.

D. Security Transactions and Investment Income. Security transactions are accounted for on the date the security is purchased or sold (trade date). The cost of securities sold is determined under the identified cost method. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Purchase discounts and premiums on securities held by the Portfolios are accreted and amortized to maturity using the effective interest method.

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

F. Forward Currency Contracts. A forward 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 by the Portfolio as an unrealized gain or loss. When a contract is closed, the Portfolio 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. The Portfolio 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.

G. Distributions to Shareholders. Distributions from net investment income and realized gains, if any, are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, net operating losses, passive foreign investment companies and post-October capital and currency losses.

The Dividend & Income Portfolio has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is common for these dividends to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

H. Option Writing. Each Portfolio may write (sell) covered call options and secured put options on securities and indices. When the Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Portfolio on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

I. Loans of Portfolio Securities. Each Portfolio may lend its portfolio securities to banks, brokers and dealers. Lending portfolio securities exposes a Portfolio to risks such as (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, or (iii) a Portfolio may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain collateral with Portfolios’ custodian, marked to market daily, in the form of cash and/or U.S. government obligations, in an amount at least equal to 102% of the market value of the loaned securities. Each Portfolio will limit the amount of its loans of portfolio securities to no more than 50% of its total assets.

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At December 31, 2009, each Portfolio loaned equity securities having a market value and received equity securities collateral for the loan as follows:

Portfolio	Decrease in Unrealized Loss on Collateral During Year		Unrealized Loss on Collateral at 12/31/09			Market Value		Collateral
Rochdale Large Growth Portfolio	$	82,709	$	(292,631	)	$	3,718,219	$	3,910,636
Rochdale Large Value Portfolio		77,410		(265,051	)		4,942,583		5,184,935
Rochdale Mid/Small Growth Portfolio		84,091		(282,839	)		5,001,068		5,285,470
Rochdale Mid/Small Value Portfolio		73,609		(272,554	)		3,067,109		3,261,990
Rochdale Intermediate Fixed Income Portfolio		31,286		(116,021	)		3,619,161		3,728,596

J. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

K. Reclassification of Capital Accounts. Accounting Principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2009 permanent differences in book and tax accounting have been reclassified to undistributed net investment income, accumulated realized gain/(loss) on investment, and paid in capital as follows:

	Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid in Capital
Rochdale Large Growth Portfolio	$	1,011		$	(124	)	$	(887	)
Rochdale Large Value Portfolio		134			(134	)		—
Rochdale Mid/Small Growth Portfolio		143,623			—			(143,623	)
Rochdale Mid/Small Value Portfolio		30,533			—			(30,533	)
Rochdale Dividend & Income Portfolio		54,671			192,393			(247,064	)
Rochdale Intermediate Fixed Income Portfolio		(41,617	)		41,739			(122	)
Rochdale Fixed Income Opportunities Portfolio		—			—			—

L. Securities Sold Short. To the extent the Portfolios engage in selling securities short, they are obligated to replace a security borrowed by purchasing the same security at the current market value. The Portfolios would incur a loss if the price of the security increases between the date of the short sale and the date on which the Portfolios replace the borrowed security. The Portfolios would realize a gain if the price of the security declines between those dates.

The Portfolios are required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Portfolios must also maintain a deposit with the broker consisting of cash having a value equal to a specified percentage of the value of the securities sold short.

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M. Indemnifications. Under the Trust’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred or that would be covered by other parties.

N. High-Yield Bonds. The Fixed Income Opportunities Portfolio may invest in lower-rated corporate bonds (also known as “junk bonds”). The security selection process includes an analysis of the issuer’s financial condition, business and product strength, competitive position and management expertise. Below investment grade securities involve greater risk of defaults, downgrades, price declines and volatility than investment grade securities. Below investment grade securities may also be less liquid than higher quality securities. In addition, issuers of high yield securities may be more susceptible than other issuers to economic downturns. High yield securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. High yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell. Generally, the lower the rating of a debt security, the higher its credit risk.

O. Floating Rate Loans and Related Instruments. These instruments – which include first and second lien senior floating rate loans and other floating rate debt securities – generally consist of loans made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates on these loans are most often floating, not fixed, and are tied to a benchmark lending rate (such as the London Interbank Offered Rate or “LIBOR”). Additionally, to the extent that the Fixed Income Opportunities Portfolio invests in senior loans to non-U.S. borrowers, the Portfolio may be subject to the risks associated with any foreign investments. The Portfolio may also acquire junior debt securities or securities with a lien on collateral lower than a senior claim on collateral. The risks associated with floating rate loans are similar to the risks of below investment grade securities. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. Difficulty in selling a floating rate loan may result in a loss. The purchase and sale of bank loans are subject to the terms and conditions of the underlying credit agreements, which may substantially limit the number of purchasers that may be eligible to purchase such 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 of these limitations, the bank loans may have relatively less liquidity than other types of fixed income assets, and the Portfolio may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments. Borrowers may pay back principal before the schedule due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may also acquire loan participations, by which the Portfolio has the right to receive payments of principal, interest and fees from an intermediary (typically a bank, financial institution or lending syndicate) that has a direct contractual relationship with a borrower. Absent a direct contractual relationship with the borrower, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Portfolio may not benefit directly from any collateral supporting the underlying loan. As a result, the Portfolio may be exposed to the credit risk of both the borrower and the intermediary offering the participation. The Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid and may have limited or no right to vote on changes that may be made to the underlying loan agreement. Such investments may involve risks in addition to those noted above, for example, if a loan is foreclosed, the Portfolio could become part owner of any collateral and would bear the costs and liability associated with such ownership.

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P. Asset-Backed Securities. The Portfolios may invest in asset-backed securities, which represent participations in, or are secured by and payable from, pools of assets including company receivables, truck and auto loans, leases and credit card receivables. The asset pools that back asset-backed securities are securitized through the use of privately-formed trusts, special purpose corporations or other entities. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present. Certain asset backed securities may be considered derivative instruments. Asset-backed securities may have prepayment risks, which is the risk that when interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result, the Portfolio may have to reinvest these prepayments at then-prevailing lower rates, which may, in turn, reduce income. The Portfolio may participate in arrangements designed to provide qualified borrowers with a revolving line of credit. Commonly referred to as “revolvers,” these instruments effectively require that the lenders (including participating investors such as the Portfolios) can meet this continuing obligation. Under certain circumstances, participating investors may be required to segregate assets to ensure that such obligation is satisfied.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Advisor provides the Portfolios with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by the Trust. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.65% from the Dividend & Income Portfolio; 0.50% from the Large Growth, Large Value, Mid/Small Growth and Mid/Small Value Portfolios; 0.40% from the Intermediate Fixed Income Portfolio; and 0.50% from the Fixed Income Opportunities Portfolio, based upon the average daily net assets of each Portfolio. Federated Global Investment Management Corp. and Seix Investment Advisors LLC are the Sub-Advisors to the Fixed Income Opportunities Portfolio. As compensation for it services, the Sub-Advisors are entitled to a monthly fee at the annual rate of 0.40% from the Advisor.

The Advisor also furnishes the Portfolios with certain administrative services and the personnel associated with the provision of those services as well as personnel to serve as executive officers of the Trust. For these services, the Advisor is paid on a per Portfolio basis a fee based upon the average daily net assets of these Portfolios at the annual rate of 0.15% for the first $250 million in assets, 0.12% for the next $250 million, 0.10% for the next $500 million, and 0.08% for assets exceeding $1 billion.

The Portfolios are responsible for their own operating expenses. The Advisor has agreed to reduce fees payable to it by the Portfolios to the extent necessary to limit each Portfolio’s aggregate annual operating expenses to a maximum of 1.50%, 1.50%, 1.60%, 1.60%, 1.60%, 1.15% and 1.50% of average net assets for the Rochdale Large Growth, Large Value, Mid/Small Growth, Mid/Small Value, Dividend & Income, Intermediate Fixed Income and Fixed Income Opportunities Portfolios, respectively. Prior to February 16, 2009, the Advisor had contractually agreed to reduce its fees and/or pay expenses for each Portfolio’s Total Annual Fund Operating Expenses (excluding interest, taxes, and acquired fund fees and expenses) to 1.25%, 1.25%, 1.35%, 1.35%, 1.35% and 0.90% for the Large Growth, Large Value, Mid/Small Growth, Mid/Small Value, Dividend & Income and Intermediate Fixed Income Portfolios, respectively. Any reductions made by the Advisor in its fees or payments or reimbursement of expenses which are the Portfolios’ obligation may be subject to reimbursement by the Portfolios within the following three years, provided the Portfolios are able to effect such reimbursement and remain in compliance with applicable limitations. For the year ended December 31, 2009, the Advisor has reimbursed for expenses in excess of the limit in the amounts of $4,155 for the Large Growth Portfolio, $2,534 for the Large Value Portfolio, $3,341 for the Mid/Small Growth Portfolio, $6,080 for the Mid/Small Value Portfolio, $5,751 for the Dividend & Income Portfolio, and $54,337 for the Intermediate Fixed Income Portfolio.

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At December 31, 2009, the cumulative amounts available for reimbursement that have been paid and/or waived by the Advisor on behalf of the Portfolios are as follows:

Portfolio	Unrecouped
Rochdale Large Growth Portfolio	$	29,539
Rochdale Large Value Portfolio		34,019
Rochdale Mid/Small Growth Portfolio		14,941
Rochdale Mid/Small Value Portfolio		23,649
Rochdale Dividend & Income Portfolio		33,673
Rochdale Intermediate Fixed Income Portfolio		328,654

At December 31, 2009, the Advisor may recapture a portion of the above amounts no later than the dates as stated below:

	December 31,
Portfolio	2010		2011		2012
Rochdale Large Growth Portfolio	$	—	$	25,384	$	4,155
Rochdale Large Value Portfolio		—		31,485		2,534
Rochdale Mid/Small Growth Portfolio		—		11,600		3,341
Rochdale Mid/Small Value Portfolio		—		17,569		6,080
Rochdale Dividend & Income Portfolio		—		27,922		5,751
Rochdale Intermediate Fixed Income Portfolio		124,136		150,181		54,337

RIM Securities LLC, an affiliate of the Advisor, which serves as the distributor of the Trust’s share has advised the Trust that it retained net selling commission for the year ended December 31, 2009 and since inception (July 1, 2009) through December 31, 2009 for the Fixed Income Opportunities Portfolio as follows:

Portfolio	Retained Net Selling Commission
Rochdale Large Growth Portfolio	$	61
Rochdale Large Value Portfolio		67
Rochdale Mid/Small Growth Portfolio		5
Rochdale Mid/Small Value Portfolio		21
Rochdale Dividend & Income Portfolio		661
Rochdale Intermediate Fixed Income Portfolio		487
Rochdale Fixed Income Opportunities Portfolio		2,172

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

The Portfolios have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1. The Plan provides that the Portfolios may pay for distribution and related expenses up to an annual rate of 0.25% of each Portfolio’s average net assets to RIM Securities LLC. For the year ended December 31, 2009 and since inception (July 1, 2009) through December 31, 2009 for the Fixed Income Opportunities Portfolio, the amounts paid to the Distributor were as follows:

Portfolio	Distribution Plan Expense
Rochdale Large Growth Portfolio	$	68,538
Rochdale Large Value Portfolio		65,202
Rochdale Mid/Small Growth Portfolio		50,401
Rochdale Mid/Small Value Portfolio		47,082
Rochdale Dividend & Income Portfolio		126,892
Rochdale Intermediate Fixed Income Portfolio		143,986
Rochdale Fixed Income Opportunities Portfolio		151,195

U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as the Trust’s Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Portfolios; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Portfolios’ custodian, transfer agent and accountants; coordinates the preparation and payment of Portfolio expenses and reviews the Portfolio’s expense accruals. For its services, the Administrator receives a monthly fee from the Portfolios at an annual rate of 0.10% for the first $200 million, 0.05% for the next $300 million and 0.03% thereafter of average net assets, with a minimum annual fee per fund of $22,500.

RIM Securities LLC also acts as the Portfolios’ principal underwriter in a continuous public offering of the Portfolios’ shares.

During the year ended December 31, 2009, RIM Securities LLC received $190 in brokerage fee commissions with respect to the Portfolios’ transactions, which constituted less than 1% of the Portfolios’ brokerage commissions during the period.

Portfolio	Commissions
Rochdale Large Growth Portfolio	$	104,551
Rochdale Large Value Portfolio		103,929
Rochdale Mid/Small Growth Portfolio		54,886
Rochdale Mid/Small Value Portfolio		69,435
Rochdale Dividend & Income Portfolio		40,358
Rochdale Intermediate Fixed Income Portfolio		2,024
Rochdale Fixed Income Opportunities Portfolio (since inception July 1, 2009)		—
	$	375,183

Certain officers and trustees of the Trust are also officers and/or directors of the Advisor or Distributor.

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

NOTE 4 – PURCHASES AND SALES OF SECURITIES

The cost of purchases and the proceeds from sales of securities, other than short-term investments and U.S. Government securities, for the year ended December 31, 2009 and since inception (July 1, 2009) through December 31, 2009 for the Fixed Income Opportunities Portfolio, are as follows:

Portfolio	Purchases		Sales
Rochdale Large Growth Portfolio	$	25,931,572	$	24,342,367
Rochdale Large Value Portfolio		26,249,551		23,144,331
Rochdale Mid/Small Growth Portfolio		16,793,830		10,769,481
Rochdale Mid/Small Value Portfolio		15,555,440		11,459,286
Rochdale Dividend & Income Portfolio		15,012,160		7,265,820
Rochdale Intermediate Fixed Income Portfolio		42,031,381		13,086,038
Rochdale Fixed Income Opportunities Portfolio		177,830,208		26,081,090

The cost of purchases and the proceeds from sales of U.S. Government securities, other than short-term investments, for the year ended December 31, 2009 and since inception (July 1, 2009) through December 31, 2009 for the Fixed Income Opportunities Portfolio, are as follows:

Portfolio	Purchases		Sales
Rochdale Large Growth Portfolio	$	—	$	—
Rochdale Large Value Portfolio		—		—
Rochdale Mid/Small Growth Portfolio		—		—
Rochdale Mid/Small Value Portfolio		—		—
Rochdale Dividend & Income Portfolio		—		—
Rochdale Intermediate Fixed Income Portfolio		5,131,872		23,829,182
Rochdale Fixed Income Opportunities Portfolio		—		—

NOTE 5 – TAX INFORMATION

As of December 31, 2009, the tax basis of the Portfolios’ components of distributable earnings/(deficit) were as follows:

	Large Growth Portfolio			Large Value Portfolio			Mid/Small Growth Portfolio
Cost of investments for tax purposes	$	28,821,598		$	31,122,282		$	28,961,066
Gross tax unrealized appreciation		6,658,743			4,412,528			3,179,132
Gross tax unrealized depreciation		(305,968	)		(826,146	)		(794,693	)
Net tax unrealized appreciation on investments*		6,352,775			3,586,382			2,384,439
Net tax unrealized appreciation on foreign currency		5			—			—
Undistributed ordinary income		—			157,291			—
Other accumulated losses		(13,914,830	)		(15,938,580	)		(11,318,653	)
Total accumulated losses	$	(7,562,050	)	$	(12,194,907	)	$	(8,934,214	)

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

	Mid/Small Value Portfolio			Dividend & Income Portfolio			Intermediate Fixed Income Portfolio			Fixed Income Opportunities Portfolio
Cost of investments for tax purposes	$	24,299,324		$	56,711,632		$	63,368,796		$	165,055,029
Gross tax unrealized appreciation		3,497,728			10,274,547			1,585,888			6,262,814
Gross tax unrealized depreciation		(863,451	)		(8,614,836	)		(479,230	)		(374,592	)
Net tax unrealized appreciation on investments*		2,634,277			1,659,711			1,106,658			5,888,222
foreign currency		—			(25	)		—			—
Undistributed ordinary income		—			—			172,132			629,000
Undistributed gains		—			—			—			255,873
Other accumulated losses		(11,620,002	)		(9,292,239	)		(4,162,469	)		—
Total accumulated earnings/(losses)	$	(8,985,725	)	$	(7,632,553	)	$	(2,883,679	)	$	6,773,095

* The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of wash sales, partnership income and passive foreign investment companies.

The tax composition of dividends for the year ended December 31, 2009 and since inception (July 1, 2009) through December 31, 2009 for the Fixed Income Opportunities Portfolio was as follows:

	Ordinary Income Total		Return of Capital Total
Large Growth Portfolio	$	42,067	$	—
Large Value Portfolio		182,472		—
Mid/Small Growth Portfolio		—		—
Mid/Small Value Portfolio		34,032		—
Dividend & Income Portfolio		2,093,187		317,402
Intermediate Fixed Income Portfolio		2,283,429		—
Fixed Income Opportunities Portfolio		3,284,567		—
The tax composition of dividends for the year ended December 31, 2008 was as follows:
	Ordinary Income Total		Long-term Capital Gains Total		Return of Capital Total
Large Growth Portfolio	$	121,638	$	—	$	—
Large Value Portfolio		452,476		96,940		—
Mid/Small Growth Portfolio		—		—		—
Mid/Small Value Portfolio		62,633		—		—
Dividend & Income Portfolio		2,387,929		—		239,312
Intermediate Fixed Income Portfolio		2,731,096		—		—

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended December 31, 2008.

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

NOTE 6 – LINE OF CREDIT

Each of the Portfolios, except for the Fixed Income Opportunities Portfolio, has an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Portfolio were limited to either the lesser of 10% of the Portfolios’ net assets or an explicit amount on the LOC. Interest is charged to each Portfolio based on its borrowings at prime rate minus 0.50%.

Borrowing activity under the LOC for the year ended December 31, 2009, was as follows:

Portfolio	Maximum Amount of Line of Credit		Interest Expense		Average Rate		Average Borrowings		Maximum Amount Outstanding
Rochdale Large Growth Portfolio	$	2,000,000	$	85	2.75	%	$	39,821	$	189,000
Rochdale Large Value Portfolio		2,000,000		88	2.75			60,547		144,000
Rochdale Mid/Small Growth Portfolio		2,000,000		106	2.75			81,706		199,000
Rochdale Mid/Small Value Portfolio		2,000,000		86	2.75			160,000		305,000
Rochdale Dividend & Income Portfolio		2,000,000		—	—			125,000		125,000
Rochdale Intermediate Fixed Income Portfolio		2,000,000		588	2.75			855,111		1,788,000

At December 31, 2009, the Dividend & Income Portfolio had borrowings of $125,000.

NOTE 7 – RESTRICTED SECURITIES

Below are securities in the Fixed Income Opportunities Portfolio that are listed as restricted:

Security
Altegrity Inc.	(Acquired 7/13/2009 and 7/22/2009, Cost $167,810 and $150,104, respectively)
Transdigm Inc.	(Acquired 9/14/2009, Cost $250,625)
Transdigm Inc.	(Acquired 9/30/2009, Cost $194,452)
Affinia Group Inc.	(Acquired 8/6/2009 – 12/7/2009, Aggregate cost $321,253)
American Axle and Manufacturing Holdings, Inc.	(Acquired 12/10/2009, Cost $49,358)
TRW Automotive, Inc.	(Acquired 11/18/2009 – 12/2/2009, Aggregate cost $327,755)
Associated Materials LLC	(Acquired 10/29/2009, Cost $49,379)
Goodman Global Group Inc.	(Acquired 12/11/2009, Cost $205,901)
Norcraft Holdings	(Acquired 12/2/2009 and 12/3/2009, Cost $172,171 and $75,651, respectively)
Cablevision Systems Corp.	(Acquired 9/9/2009, Cost $246,490)
UPC Germany GMBH	(Acquired 11/17/2009, Cost $498,750)
UPC Holding BV	(Acquired 7/6/2009, Cost $241,521)
Ashland Inc.	(Acquired 7/13/2009 and 9/15/2009, Cost $335,182 and $53,171, respectively)
Compass Minerals International, Inc.	(Acquired 11/25/2009, Cost $259,626)
Huntsman International LLC	(Acquired 9/9/2009 – 10/14/2009, Aggregate cost $406,705)
Koppers Inc.	(Acquired 11/20/2009, Cost $147,467)
Terra Capital, Inc.	(Acquired 10/19/2009. Cost $172,022)

105

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

RSC Equipment Rental Inc.	(Acquired 7/13/2009 – 9/15/2009, Aggregate cost $445,330)
AAC Group Holding Corp.	(Acquired 7/29/2009 – 10/23/2009, Aggregate cost $401,929)
American Achievement Corp.	(Acquired 7/16/2009, Cost $118,103)
Easton-Bell Sports Inc.	(Acquired 11/20/2009 – 12/10/2009, Aggregate cost $330,989)
Sealy Mattress Co.	(Acquired 7/13/2009 and 9/3/2009, Cost $131,828 and $80,611, respectively)
Revlon Consumer Products	(Acquired 11/13/2009, Cost $49,450)
Antero Resources Finance	(Acquired 11/12/2009, Cost $24,825)
Forest Oil Corp.	(Acquired 9/15/2009, Cost $306,401)
McJunkin Red Man Corp.	(Acquired 12/16/2009 and 12/18/2009, Aggregate cost $708,367)
OPTI Canada Inc.	(Acquired 11/16/2009, Cost $43,697)
Western Refining Inc.	(Acquired 7/6/2009 and 8/14/2009, Cost $458,352 and $372,772, respectively)
Cinemark USA Inc.	(Acquired 7/6/2009 and 10/14/2009, Cost $199,500 and $130,254, respectively)
Regal Cinemas Corp.	(Acquired 7/9/2009 and 12/2/2009, Cost $48,781 and $285,973, respectively)
Universal City Development Partners Ltd.	(Acquired 10/27/2009 – 11/5/2009, Aggregate cost $246,848)
Universal City Development Partners Ltd.	(Acquired 10/27/2009 and 12/2/2009, Cost $49,398 and $25,373, respectively)
GMAC Inc.	(Acquired 7/9/2009 – 12/2/2009, Aggregate cost $1,235,676)
GMAC Inc.	(Acquired 9/8/2009 – 10/5/2009, Aggregate cost $516,951)
Bumble Bee Foods LLC	(Acquired 12/10/2009, Cost $74,117)
Del Monte Corp.	(Acquired 9/17/2009, Cost $122,840)
M-Foods Holdings Inc.	(Acquired 12/09/2009, Cost $125,000)
Pinnacle Foods Finance LLC	(Acquired 8/5/2009, Cost $241,775)
Smithfield Foods Inc.	(Acquired 7/13/2009 – 11/17/2009, Aggregate cost $282,284)
American Casino & Entertainment	(Acquired 8/11/2009 and 9/16/2009, Cost $167,779 and $46,368, respectively)
Ameristar Casinos Inc.	(Acquired 7/6/2009 and 9/29/2009, Cost $203,254 and $182,558, respectively)
Great Canadian Gaming Corp.	(Acquired 7/8/2009 and 10/29/2009, Cost $227,540 and $169,684, respectively)
Harrahs Entertainment, Inc.	(Acquired 9/8/2009, Cost $125,000)
Harrahs Entertainment, Inc. Operating Escrow	(Acquired 7/17/2009 – 10/6/2009, Aggregate cost $298,302)
Indianapolis Downs LLC	(Acquired 7/16/2009 and 7/23/2009, Cost $192,805 and $80,467, respectively)
MGM Mirage Inc.	(Acquired 7/8/2009 and 8/3/2009, Cost $133,151 and $138,621, respectively)
MGM Mirage Inc.	(Acquired 9/17/2009, Cost $194,876)
Peninsula Gaming LLC	(Acquired 7/28/2009 and 8/28/2009, Cost $73,370 and $24,706, respectively)
Peninsula Gaming LLC	(Acquired 7/28/2009 – 10/22/2009, Aggregate cost $320,036)

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

Penn National Gaming Inc.	(Acquired 8/10/2009, Cost $275,000)
San Pasqual Casino	(Acquired 9/21/2009, Cost $192,472)
Seminole Tribe of Florida	(Acquired 11/19/2009, Cost $251,776)
Shingle Springs Tribal Gaming	(Acquired 7/14/2009, Cost $142,687)
Tunica-Biloxi Gaming Authority	(Acquired 10/20/2009 and 11/6/2009, Cost $91,219 and $138,206, respectively)
Yonkers Racing Corp.	(Acquired 7/13/2009 and 12/2/2009, Cost $72,917 and $131,534, respectively)
Wynn Las Vegas LLC	(Acquired 10/9/2009, Cost $293,601)
Bio-Rad Laboratories, Inc.	(Acquired 10/19/2009, Cost $362,424)
HCA Inc.	(Acquired 7/29/2009, Cost $343,889)
Talecris Biotherapeutics Holdings Corp.	(Acquired 10/16/2009, Cost $74,491)
Viant Holdings Inc.	(Acquired 8/25/2009, Cost $240,337)
Aquilex Holdings/Aquilex Finance	(Acquired 12/16/2009, Cost $171,280)
Belden Inc.	(Acquired 7/14/2009, Cost $243,331)
Esco Corp.	(Acquired 8/26/2009, Cost $268,541)
JohnsonDiversey Holdings, Inc.	(Acquired 11/5/2009, Cost $99,170)
JohnsonDiversey Holdings, Inc.	(Acquired 11/20/2009, Cost $192,041)
Knowledge Learning Center	(Acquired 7/21/2009, Cost $242,984)
Reliance Intermediate Holdings	(Acquired 7/23/2009 and 8/6/2009, Cost $143,082 and $147,750, respectively)
Dupont Fabros Tech LP	(Acquired 12/11/2009, Cost $25,000)
Videotron Ltee	(Acquired 7/14/2009, Cost $280,343)
Clear Channel Worldwide	(Acquired 12/18/2009, Cost $280,000)
Clear Channel Worldwide	(Acquired 12/18/2009, Cost $80,000)
Fox Acquisition Sub LLC	(Acquired 7/29/2009, Cost $152,523)
Inmarsat Finance Plc	(Acquired 11/12/2009, Cost $99,256)
Intelsat Jackson Holdings	(Acquired 10/14/2009, Cost $123,958)
Interpublic Group Cos., Inc.	(Acquired 10/26/2009 – 11/18/2009, Aggregate cost $553,856)
MDC Partners Inc.	(Acquired 10/20/2009 and 10/26/2009, Cost $262,421 and $100,986, respectively)
Medimedia USA Inc.	(Acquired 8/25/2009, Cost $226,222)
QVC Inc.	(Acquired 9/22/2009 and 9/24/2009, Cost $122,848 and $300,742, respectively)
Rainbow National Services LLC	(Acquired 7/13/2009, Cost $287,802)
Umbrella Acquisition Inc.	(Acquired 10/15/2009 and 11/5/2009, Cost $158,039 and $38,942, respectively)
XM Satellite Radio Inc.	(Acquired 9/14/2009 and 12/18/2009, Cost $173,379 and $27,305, respectively)
XM Satellite Radio Inc.	(Acquired 7/9/2009, Cost $124,688)
NII Capital Corp.	(Acquired 12/9/2009, Cost $99,187)
Teck Resources Limited	(Acquired 7/6/2009 – 9/4/2009, Aggregate cost $1,116,135)
Graham Packaging Co. LP	(Acquired 11/18/2009, Cost $197,334)
Reynolds Group	(Acquired 10/29/2009 – 11/18/2009, Aggregate cost $572,924)
Boise Paper Holdings/Finance	(Acquired 10/21/2009 – 11/18/2009, Aggregate cost $458,387)
Cascades, Inc.	(Acquired 12/9/2009, Cost $73,720)
Georgia-Pacific LLC	(Acquired 7/8/2009 – 10/13/2009, Aggregate cost $709,143)
Newpage Corp.	(Acquired 9/17/2009 and 9/22/2009, Cost $235,398 and $123,594, respectively)

107

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

PE Paper Escrow GMBH	(Acquired 7/24/2009 – 12/16/2009, Aggregate cost $253,523)
Seminole Hard Rock Entertainment, Inc.	(Acquired 10/21/2009, Cost $273,698)
Limited Brands Inc.	(Acquired 7/7/2009 and 9/14/2009, Cost $240,950 and $102,958, respectively)
Nebraska Book Co.	(Acquired 9/23/2009, Cost $422,987)
Toys ‘R’ Us	(Acquired 11/10/2009, Cost $39,429)
Toys ‘R’ Us	(Acquired 7/6/2009 – 11/10/2009, Aggregate cost $452,488)
Geo Group Inc./The	(Acquired 10/7/2009, Cost $49,274)
Advanced Micro Devices, Inc.	(Acquired 11/23/2009 – 12/7/2009, Aggregate cost $283,321)
Compucom Systems Inc.	(Acquired 7/20/2009 and 11/16/2009, Cost $281,917 and $101,982, respectively)
GXS Worldwide Inc.	(Acquired 12/17/2009 – 12/21/2009, Aggregate cost $343,106)
JDA Software Group, Inc.	(Acquired 12/7/2009, Cost $98,988)
Stream Global Services Inc.	(Acquired 9/29/2009 and 10/20/2009, Cost $239,066 and $122,587, respectively)
Terremark Worldwide Inc.	(Acquired 7/6/2009 – 12/15/2009, Aggregate cost $354,061)
Viasystems Inc.	(Acquired 11/10/2009, Cost $168,602)
DigitalGlobe Inc.	(Acquired 7/7/2009, Cost $513,938)
Geoeye Inc.	(Acquired 9/24/2009 and 10/16/2009, Cost $1,014,534 and $513,400, respectively)
Global Crossing Ltd.	(Acquired 9/11/2009 – 10/2/2009, Aggregate cost $1,035,238)
Intelsat Bermuda Ltd.	(Acquired 12/1/2009, Cost $198,000)
Intelsat Bermuda Ltd.	(Acquired 12/9/2009, Cost $146,262)
Paetec Holding Corp.	(Acquired 10/6/2009, Cost $891,000)
Viasat Inc.	(Acquired 10/21/2009, Cost $506,707)
Alliance One International Inc.	(Acquired 7/6/2009 and 11/18/2009, Cost $47,744 and $106,441, respectively)
CEVA Group Plc	(Acquired 9/30/2009 and 10/30/2009, Cost $267,271 and $155,175, respectively)
Calpine Corp.	(Acquired 10/6/2009 and 10/16/2009, Cost $378,586 and $377,167, respectively)
Regency Energy Partners LP	(Acquired 7/10/2009, Cost $292,307)
Clearwire Communications LLC	(Acquired 11/18/2009 – 11/19/2009, Aggregate cost $173,412)
Clearwire Communications LLC	(Acquired 11/24/2009. Cost $489,795)
Digicel Group Ltd.	(Acquired 11/23/2009, Cost $49,313)
Digicel Group Ltd.	(Acquired 7/9/2009 – 7/24/2009, Aggregate cost $409,771)
Digicel Group Ltd.	(Acquired 9/17/2009 and 9/22/2009, Cost $235,398 and $123,594, respectively)
Qwest Corp.	(Acquired 11/19/2009, Cost $260,802)
SBA Telecommunications Corp.	(Acquired 7/21/2009 and 8/19/2009, Cost $49,665 and $275,000, respectively)
Wind Acquisition Finance SA.	(Acquired 7/6/2009 – 7/28/2009, Aggregate cost $1,427,866)

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NOTES TO FINANCIAL STATEMENTS at December 31, 2009, Continued

Wind Acquisition Finance SA	(Acquired 12/10/2009, Cost $98,325)
Great Canadian Gaming Corp.	(Acquired 7/8/2009 and 10/29/2009, Cost $227,540 and $169,684, respectively)

The total market value of these securities is $40,737,493, which makes up 24.52% of the net assets.

109

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and

Board of Trustees of

Rochdale Investment Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Rochdale Large Growth Portfolio, Rochdale Large Value Portfolio, Rochdale Mid/Small Growth Portfolio, Rochdale Mid/Small Value Portfolio, Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio, each a series of shares of beneficial interest of Rochdale Investment Trust, as of December 31, 2009, with respect to the Rochdale Large Growth Portfolio, Rochdale Large Value Portfolio, Rochdale Mid/Small Growth Portfolio, Rochdale Mid/Small Value Portfolio, Rochdale Dividend & Income Portfolio and Rochdale Intermediate Fixed Income Portfolio, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended, with respect to the Rochdale Fixed Income Opportunities Portfolio, the statement of operations, the statement of changes in net assets and financial highlights for the period from July 1, 2009 (commencement of operations) to December 31, 2009. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochdale Large Growth Portfolio, Rochdale Large Value Portfolio, Rochdale Mid/Small Growth Portfolio, Rochdale Mid/Small Value Portfolio, Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio as of December 31, 2009, the results of their operations, changes in their net assets and financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

February 26, 2010

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ROCHDALE INVESTMENT TRUST

TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The Trustees of the Trust, who were elected for an indefinite term by the initial shareholders of the Trust, are responsible for the overall management of the Trust, including, general supervision and review of the investment activities of the Portfolios. The Trustees, in turn, elect the officers of the Trust, who are responsible for administering the day to day operations of the Trust and its separate series. The current Trustees and officers, their affiliations and principal occupations for the past five years are set forth below. The Statement of Additional Information includes additional information about the Trustees and is available, without charge, by calling 1-866-209-1967.

Interested Trustees and Officers
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Carl Acebes 570 Lexington Avenue New York, NY 10022 Age: 63	Chairman and Trustee	Since 1998	Chairman and Chief Investment Officer of Rochdale Investment Management	7	*
Garrett R. D’Alessandro 570 Lexington Avenue New York, NY 10022 Age: 52	President and Secretary	Since 1998	President, Chief Executive Officer and Director of Research of Rochdale Investment Management	N/A	N/A
Edmund Towers 570 Lexington Avenue New York, NY 10022 Age: 52	Treasurer	Since 2005	Chief Financial Officer, Rochdale Management LLC since July 2005; Chief Financial Officer, Daiwa Securities America Inc. December 1986 to June 2005	N/A	N/A
Kurt Hawkesworth 570 Lexington Avenue New York, NY 10022 Age: 38	Chief Compliance Officer	Since 2004	Executive Vice President, General Counsel, Rochdale Investment Management	N/A	N/A
Independent Trustees
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Maxime C. Baretge 570 Lexington Avenue New York, NY 10022 Age: 69	Trustee	Since 1998	President, P.A. Pommares Agencies, S.A. (luxury goods distribution)	7	*
Jerry Roland 570 Lexington Avenue New York, NY 10022 Age: 73	Trustee	Since 2001	Retired; Previously was a Consultant, Credit Suisse-First Boston (securities and investment banking)	7	*
Thomas J. Volpe 570 Lexington Avenue New York, NY 10022 Age: 74	Trustee	Since 2004	Retired; Former consultant, Babcock & Brown, 2001 to 2009.	7	*

* Rochdale Core Alternative Master Fund LLC; Rochdale Core Alternative Strategies Fund LLC and Rochdale Core Alternative Strategies Fund TEI LLC.

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ROCHDALE INVESTMENT TRUST

ADDITIONAL INFORMATION (UNAUDITED)

Proxy Voting Policies and Procedures

You may obtain a description of the Portfolios’ proxy voting policies and procedures and information regarding how the Portfolios voted proxies related to portfolio securities, without charge, upon request by contacting the Portfolios directly at 1-800-245-9888; or on the EDGAR Database on the SEC’s website at www.sec.gov.

Quarterly Form N-Q Portfolio Schedule

Each Portfolio will file its complete portfolio schedule with the Securities and Exchange Commission (“SEC”) on Form N-Q at the end of the first and third fiscal quarters within sixty days of the end of the quarter to which it relates. The Portfolios’ Form N-Qs will be available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room. For information about the operation of the Public Reference Room, please call 1-202-942-8090.

ADDITIONAL TAX INFORMATION (UNAUDITED)

For the period ended December 31, 2009, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from net investment income designated as qualified dividend income is as follows:

Large Growth Portfolio	100.00%
Large Value Portfolio	100.00%
Mid/Small Value Portfolio	100.00%
Dividend & Income Portfolio	96.51%
Intermediate Fixed Income Portfolio	2.70%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2009 is as follows:

Large Growth Portfolio	100.00%
Large Value Portfolio	100.00%
Mid/Small Value Portfolio	100.00%
Dividend & Income Portfolio	79.40%
Intermediate Fixed Income Portfolio	2.30%

112

Advisor

Rochdale Investment Management LLC

570 Lexington Avenue

New York, New York 10022-6837

(800) 245-9888

·

Distributor

RIM Securities LLC

570 Lexington Avenue

New York, New York 10022-6837

(800) 245-9888

·

Custodian

U.S Bank, NA.

Custody Operations

1555 N. RiverCenter Dr., Suite 302

Milwaukee, WI 53212

(800) 485-8510

·

Transfer Agent

U.S. Bancorp Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

(866) 209-1967

·

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, Pennsylvania 19103

This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change.

113

Rochdale Investment Trust

570 Lexington Avenue

New York, NY 10022-6837

800-245-9888

www.rochdale.com

You can discuss your questions about the Portfolios, and request other information, including the Prospectus and Statement of Additional Information (SAI), free of charge, by calling the Portfolios at 800-245-9888 or visiting our Web site at www.rochdale.com. The Prospectus and SAI provide detailed information about the Portfolios.

You can review and copy information about the Portfolios, including the Portfolios’ Prospectus and SAI, at the Public Reference Room of the Securities and Exchange Commission, or get copies for a fee, by writing or calling the Public Reference Room of the Commission, Washington, DC 20549-0102 or (202) 551-8090. You may also send an e-mail to the publicinfo@sec.gov. You can obtain the same information free of charge from the Commission’s Internet Web site at http://www.sec.gov.

(Rochdale Investment Trust’s SEC

Investment Company Act File number

is 811-08685)

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-866-209-1967.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Thomas J. Volpe is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 12/31/2009		FYE 12/31/2008
Audit Fees	$	100,500	$	75,000
Audit-Related Fees	$	0	$	0
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant. All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

	FYE 12/31/2009		FYE 12/31/2008
Non-Audit Related Fees
Registrant	$	0	$	0
Registrant’s Investment Adviser	$	0	$	0

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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 investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable

Item 11. Controls and Procedures.

(a) The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

2

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed March, 2004.
	(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
	(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

3

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) Rochdale Investment Trust

By (Signature and Title)	/s/    GARRETT R. D’ALESSANDRO
	Garrett R. D’Alessandro, President

Date 3/4/10

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

By (Signature and Title)	/s/    GARRETT R. D’ALESSANDRO
	Garrett R. D’Alessandro, President

Date 3/4/10

By (Signature and Title)	/s/    EDMUND TOWERS
	Edmund Towers, Treasurer

Date 3/4/10

EX-99.12.A.2

EX.99.CERT

CERTIFICATIONS

I, Garrett R. D’Alessandro, certify that:

1. I have reviewed this report on Form N-CSR of Rochdale Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/4/10	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro President

EX.99.CERT

CERTIFICATIONS

I, Edmund Towers, certify that:

1. I have reviewed this report on Form N-CSR of Rochdale Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/4/10	/s/ Edmund Towers
	Edmund Towers Treasurer

EX-99.12.B

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Rochdale Investment Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Rochdale Investment Trust for the year ended December 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Rochdale Investment Trust for the stated period.

/s/ Garrett R. D’Alessandro	/s/ Edmund Towers
Garrett R. D’Alessandro President, Rochdale Investment Trust	Edmund Towers Treasurer, Rochdale Investment Trust
Dated: 3/4/10	Dated: 3/4/10

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Rochdale Investment Trust for purposes of Section 18 of the Securities Exchange Act of 1934.