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Sincerely,
|
|
/s/ Garrett R. D’Alessandro
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Garrett R. D’Alessandro
President & Chief Executive Officer
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Page | |
SUMMARY OF PROSPECTUS/PROXY STATEMENT
|
1
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PROPOSED REORGANIZATION
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19
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VOTING AND MEETING PROCEDURES
|
25
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GENERAL INFORMATION
|
27
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FINANCIAL HIGHLIGHTS AND FINANCIAL STATEMENTS
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27
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INFORMATION FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
|
28
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APPENDIX A - AGREEMENT AND PLAN OF REORGANIZATION
|
A-1
|
|
·
|
CNR expects that (i) the Full Maturity Fund shareholders will pay lower management fees and lower gross and net total operating expenses after the Reorganization is completed, and (ii) the Intermediate Fund shareholders will pay the same management fees and the same or lower gross and net total operating expenses after the Reorganization is completed.
|
|
·
|
CNR believes that the combined Intermediate Fund will be better positioned for growth than either the Full Maturity Fund or the Intermediate Fund is prior to the Reorganization.
|
|
·
|
The Reorganization will provide shareholders of the Full Maturity Fund with the opportunity to continue to utilize the services of CNR as manager of their equity portfolios on an uninterrupted basis.
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|
·
|
The investment objectives and principal strategies of the Full Maturity Fund are similar to those of the Intermediate Fund. Although the Funds’ investment objectives are not identical, Full Maturity Fund shareholders will remain in a portfolio with similar investment strategies, as each Fund focuses on investment grade fixed income securities, maintains an intermediate duration profile and uses the Barclays Intermediate U.S. Government/Credit Index as its primary benchmark index.
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|
·
|
CNR, rather than the shareholders of the Full Maturity Fund, will bear the costs of the Reorganization other than transaction costs associated with the sale of the Full Maturity Fund’s investment portfolio, including legal, accounting and transfer agent costs.
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Full Maturity Fund
|
Intermediate Fund
|
|||
Investment Objectives
|
The Full Maturity Fund’s investment objective is to seek to provide a high level of current income, consistent with the preservation of capital.
|
The Intermediate Fund seeks current income and, to the extent consistent with this goal, capital appreciation.
|
||
Principal Strategies
|
At least 80% of the Full Maturity Fund’s net assets (including borrowings for
|
Under normal conditions, the Intermediate Fund invests at least
|
Full Maturity Fund
|
Intermediate Fund
|
|||
investment purposes) consists of fixed income securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities, money market instruments, non-convertible fixed income securities (i.e., bonds which cannot be converted into stock) of U.S. companies and U.S. dollar-denominated debt obligations issued by foreign governments and corporations. |
80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. The Intermediate Fund’s investments in fixed income securities consist primarily of fixed rate and variable rate corporate debt obligations, debt obligations of the U.S. Government and its agencies, bank obligations, commercial paper, repurchase agreements and Eurodollar obligations. In investing its assets the Intermediate Fund seeks to purchase debt obligations of corporate and government issuers that provide an attractive rate of current income or provide for an attractive return based on the maturity, duration, and credit quality of the issuer relative to comparable issuers included in the Barclays Intermediate U.S. Government/Credit Bond Index.
The Intermediate Fund also invests in bank loans, agency and non-agency mortgage-backed securities and asset-backed securities backed by the income generated by litigation proceeds purchase contracts (“Litigation Advance Notes”).
|
|||
The Full Maturity Fund invests at least 80% of its net assets in securities having one of the three highest ratings of either Moody’s Investors Service or Standard & Poor’s (at least A-). The Full Maturity Fund may also invest up to 20% of its total assets in securities with a minimum credit rating from Moody’s or Standard & Poor’s of Baa3 or BBB-, respectively, or which, if unrated, are determined by a sub-adviser to be of comparable quality. | Under normal market conditions, the Intermediate Fund’s assets will principally be invested in investment grade fixed-income securities (i.e., obligations rated BBB- or better by S&P or Baa3 or better by Moody’s, or if unrated, determined by CNR to be of equal quality). The Intermediate Fund may also invest a portion of its assets in fixed-income securities rated below investment grade (commonly known as “junk” bonds). The Intermediate Fund may retain a security after it has been downgraded below the minimum credit rating if the adviser determines that doing so is in the best interests of the Intermediate Fund. |
Full Maturity Fund
|
Intermediate Fund
|
|||
|
The Intermediate Fund may invest more than 7.5% of its assets in obligations of the U.S. Government or any one of its agencies or of any corporate issuer, provided that the issuer has been rated at least an investment grade of A- by S&P Ratings Group (“S&P”) or A3 by Moody’s Investors Service, Inc. (“Moody’s”).
|
|||
At least 80% of the Full Maturity Fund’s net assets consist of fixed income securities with “full duration.” This investment strategy may be changed at any time, with 60 days’ prior notice to shareholders. CNR considers “full duration” to mean a portfolio with an average duration ranging from the average duration of the Barclays U.S. Intermediate Government/Credit Bond Index to that of the Barclays U.S. Aggregate Bond Index. As of September 30, 2013, those indices had average durations of [ ] and [ ] years, respectively. Duration is a weighted measure of the length of time required to receive the present value of future payments, both interest and principal, from a fixed income security. Each of the Full Maturity Fund’s sub-advisers actively manages the average duration of the portion of the Full Maturity Fund’s investments that it manages and determines which securities to purchase or sell in accordance with its individual analysis of prevailing interest rates and yields, the quality and value of particular securities, and the comparative risks and returns of alternative investments. The maturities of the securities held by the Full Maturity Fund are generally less than five years. |
The Intermediate Fund seeks to have an average portfolio maturity and duration between three and ten years, as such debt obligations generally pay a higher rate of current income than shorter maturity debt obligations.
|
|||
The Full Maturity Fund may retain a security after it has been downgraded to any rating below the minimum credit rating if CNR determines that doing so is in the best interests of the Full Maturity Fund. The fixed income securities in which the Full Maturity Fund invests may |
The Intermediate Fund may continue to own a security as long as the dividend or interest yields satisfy the Intermediate Fund’s objectives, the credit quality meets CNR’s fundamental criteria and CNR believes valuation is
|
Full Maturity Fund
|
Intermediate Fund
|
|||
have fixed, variable or floating interest rates, as well as varying principal repayment and interest rate reset terms.
|
attractive and industry trends remain favorable. However, the Intermediate Fund may sell a security to obtain capital appreciation if the security increases in value as a result of declines in market interest rates or improvements in the creditworthiness of the issuer. |
Full Maturity Fund
|
Intermediate Fund
|
|
Interest Rate Risk - The Full Maturity Fund’s yield typically moves in the same direction as movements in short-term interest rates, although it does not do so as quickly.
|
Credit Risk - Change in the credit quality rating of a security or changes in an issuer’s financial condition can affect the Intermediate Fund. A default on a security held by the Intermediate Fund could cause the value of your investment in the Intermediate Fund to decline. Investments in bank loans and lower rated debt securities involve high credit risks. There is a relatively high risk that the issuer of such loans or debt securities will fail to make timely payments of interest or principal, or go bankrupt. Credit risk may be high for the Intermediate Fund because it invests in junk bonds and lower rated investment quality fixed-income securities. |
|
Issuer Risk - The Full Maturity Fund may be adversely affected if the issuers of securities that the Full Maturity Fund holds do not make their principal |
Liquidity Risk - Bank loans, high-yield bonds, floating rate securities and lower rated securities may experience illiquidity, particularly during certain periods of financial or economic distress, causing the
|
Full Maturity Fund
|
Intermediate Fund
|
|
or interest payments on time.
|
value of the Intermediate Fund’s investments to decline. It may be more difficult for the Intermediate Fund to sell its investments when illiquid or the Intermediate Fund may receive less than it expects to receive if the security were sold. Additionally, one or more of the instruments in which the Intermediate Fund invests may be permanently illiquid in nature and market prices for these instruments are unlikely to be readily available at any time. In the absence of readily available market prices or, as is expected to be the case for certain illiquid asset-backed investments, the absence of any pricing service or observable pricing inputs, the valuation process will depend on the evaluation of factors such as prevailing interests rates, creditworthiness of the issuer, the relative value of the cash flows represented by the underlying assets and other factors. The resulting values, although arrived upon through a good faith process, may be inaccurate and may affect the Intermediate Fund’s net asset value. |
|
Government Sponsored Entities Risk - The Full Maturity Fund invests in securities issued by government-sponsored entities which may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency. |
High Yield (“Junk”) Bond Risk - High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest of dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.
|
|
Rating Agencies Risk - A credit rating is not an absolute standard of quality, but rather a general indicator that reflects only the view of the originating rating agency. If a rating agency revises downward or withdraws its rating of a security in which the Full Maturity Fund invests, that security may become less liquid or may lose value. |
Litigation Proceeds Purchase Contract Risk - The owner of a litigation proceeds purchase contract is entitled to receive a specified sum of money when and if a claimant and/or the claimant’s attorney collects on the claim upon which the lawsuit is based. If no amounts are ever collected by the claimant or the claimant’s attorney in connection with the claim, no amount will be owed under the litigation proceeds purchase contract. Relevant laws and regulations with respect to such contract are complex, uncertain and subject to constant change. In addition, the possibility exists that the adverse party and/or its insurer could become insolvent and seek protection under the federal bankruptcy or state insolvency laws. Such action could delay or reduce the payments under the contracts, which in turn, could delay or reduce the principal and interest payments, thus negatively affecting the value of the Litigation Advance Notes. Additionally, there is no guarantee that the underlying cases will settle or resolve within the expected time period, or that litigation will not be prolonged, thereby creating the possibility of significant delay in the receipt of payments, which in turn, could delay or reduce the principal and interest payments on the Litigation Advance Notes. |
Full Maturity Fund
|
Intermediate Fund
|
|
Foreign Securities Risk - Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income).
Sub-Adviser Risk - The Full Maturity Fund’s performance is affected by CNR’s decisions concerning how much of the Full Maturity Fund’s portfolio to allocate for management by each of the Fund’s sub-advisers or to retain management by CNR.
|
Full Maturity Fund
|
Intermediate Fund
|
Pro Forma
Intermediate Fund
|
||
Class N
Shares
|
Institutional
Class Shares
|
Class N
Shares
|
Institutional
Class Shares
|
|
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets)
|
||||
Management Fee
|
0.50%
|
0.50%
|
0.40%
|
0.40%
|
Distribution (12b-1) Fees
|
0.25%
|
None
|
0.25%
|
None
|
Other Expenses
|
||||
Shareholder Servicing Fee
|
0.25%
|
None
|
0.25%
|
None
|
Other Fund Expenses+
|
0.10%
|
0.10%
|
0.09%
|
0.14%
|
Total Other Expenses
|
0.35%
|
0.10%
|
0.34%
|
0.14%
|
Total Annual Fund Operating Expenses
|
1.10%
|
0.60%
|
0.99%
|
0.54%
|
Fee Waiver and/or Expense Reimbursement*
|
(0.25%)
|
(0.00%)
|
(0.00%)
|
(0.00%)
|
Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
0.85%
|
0.60%
|
0.99%
|
0.54%
|
+
|
The increase in Pro Forma Other Expenses is attributable to a re-allocation methodology of certain trust level expenses effective with the Funds' fiscal year beginning on October 1, 2013.
|
Institutional Class
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Full Maturity Fund:
|
$61
|
$192
|
$335
|
$750
|
Intermediate Fund:
|
$55
|
$173
|
$302
|
$677
|
Pro Forma Combined Intermediate Fund:
|
$55
|
$173
|
$302
|
$677
|
Class N
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Full Maturity Fund:
|
$87
|
$274
|
$582
|
$1,318
|
Intermediate Fund:
|
$101
|
$315
|
$547
|
$1,213
|
![]() |
Best Quarter
4.14%
Q3 2009
|
Worst Quarter
(2.43)%
Q2 2004
|
One Year
|
Five Years
|
Ten Years
|
|
Institutional Class
|
|||
Return Before Taxes
|
4.24%
|
5.22%
|
4.56%
|
Return After Taxes on Distributions
|
2.98%
|
3.85%
|
3.08%
|
Return After Taxes on Distributions and Distributions of Fund Shares
|
3.05%
|
3.72%
|
3.06%
|
Class N
|
|||
Return Before Taxes
|
4.08%
|
4.96%
|
4.34%
|
Barclays U.S. Intermediate Government/Credit Bond Index (Reflects no deduction for fees, expenses or taxes)
|
3.89%
|
5.18%
|
4.62%
|
Barclays U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes)
|
4.21%
|
5.95%
|
5.18%
|
*
|
On September 30, 2005, the predecessor fund to the Full Maturity Fund (the "Predecessor Fund") reorganized into the Full Maturity Fund. The performance results for Institutional Class shares of the Full Maturity Fund before September 30, 2005, reflect the performance of the Predecessor Fund’s Class I shares. The performance results for Class N shares of the Full Maturity Fund before September 30, 2005 reflect the performance of the Predecessor Fund's Class A
|
1
|
The Full Maturity Fund’s total return from January 1, 2013 to September 30, 2013 was (1.89%).
|
![]() |
Highest
3.60%
9/30/2009
|
Lowest
(4.07%)
9/30/2008
|
One Year
|
Five Years
|
Ten Years
|
|
Predecessor Fund
|
|||
Return Before Taxes
|
7.99%
|
4.41%
|
4.11%
|
Return After Taxes on Distributions
|
6.72%
|
3.02%
|
2.57%
|
Return After Taxes on Distributions and Distributions of Fund Shares
|
5.24%
|
2.96%
|
2.61%
|
Barclays U.S. Intermediate Government/Credit Bond Index (Reflects no deduction for fees, expenses or taxes)
|
3.89%
|
5.18%
|
4.62%
|
3
|
The Intermediate Fund commenced operations on March 29, 2013 and offered shares for public sale on April 1, 2013, after the reorganization of the Rochdale Intermediate Fund Fixed Income Portfolio into the Intermediate Fund.
|
Full Maturity Fund
|
Intermediate Fund
|
|
Fundamental Limitations | Fundamental Limitations | |
The Full Maturity Fund may not issue senior securities as defined in the 1940 Act or borrow money, except that the Full Maturity Fund may borrow from banks for temporary or emergency purposes (but not for investment) in an amount up to 10% of the value of its total assets (including the amount borrowed) less liabilities (not including the amount borrowed) at the time the borrowing was made. While any such borrowings exist for the Full Maturity Fund, it will not purchase securities. (However, the Full Maturity Fund which is authorized to do so by its investment policies may lend securities, enter into repurchase agreements without limit and reverse repurchase agreements in an amount not exceeding 10% of its total assets, purchase securities on a when-issued or delayed delivery basis and enter into forward foreign currency contracts.) |
The Intermediate Fund may not borrow money, except as permitted by the 1940 Act and the rules and regulations promulgated thereunder, as each may be amended from time to time except to the extent that the Intermediate Fund may be permitted to do so by exemptive order, SEC release, no-action letter or similar relief or interpretations; or (b) mortgage, pledge or hypothecate any of its assets except in connection with any such borrowings described in (a). The Intermediate Fund may not issue senior securities, as defined in the 1940 Act except as permitted by rule, regulation or order of the SEC.
|
|
The Full Maturity Fund may not purchase a security, other than government securities, if as a result of such purchase more than 5% of the value of the Full Maturity Fund’s assets would be invested in the securities of any one issuer, or the Full Maturity Fund would own more than 10% of the voting securities, or of any class of securities, of any one issuer, except that all of the investable assets of the Full Maturity Fund may be invested in another registered investment company having the same investment objective and substantially the same investment policies as the Full Maturity Fund. For purposes of this restriction, all outstanding indebtedness of an issuer is deemed to be a single class. | The Intermediate Fund may not purchase securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities, except that this restriction does not preclude the Intermediate Fund from obtaining such short term credit as may be necessary for the clearance of purchases and sales of its portfolio securities. | |
The Full Maturity Fund may not purchase a security, other than government securities, if as a result of such purchase 25% or more of the value of the Full Maturity Fund’s total assets would be invested in the securities of issuers in any one industry or group of industries, except that all of the investable assets of the Full Maturity Fund may be invested in another registered investment company having the same investment objective and substantially the same investment policies as the Full Maturity Fund.
|
The Intermediate Fund may not act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling a portfolio security.
|
The Full Maturity Fund may not purchase the securities (other than government securities) of an issuer having a record, together with predecessors, of less than three years’ continuous operations, if as a result of such purchase more than 5% of the value of the Full Maturity Fund’s total assets would be invested in such securities, except that this shall not prohibit the Full Maturity Fund from investing all of its investable assets in another registered investment company having the same investment objective and substantially the same investment policies as the Full Maturity Fund. | With respect to 75% of its total assets, the Intermediate Fund may not invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the voting securities of such issuer, except that this restriction does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. | |
The Full Maturity Fund may not make short sales of securities or purchase securities on margin, except for such short-term loans as are necessary for the clearance of purchases of securities. | The Intermediate Fund does not have a corresponding fundamental Investment limitation. | |
The Full Maturity Fund may not engage in the underwriting of securities except insofar as the Full Maturity Fund may be deemed an underwriter under the 1933 Act in disposing of a security and except that all of the investable assets of the Full Maturity Fund may be invested in another registered investment company having the same investment objective and substantially the same investment policies as the Full Maturity Fund. | The Intermediate Fund does not have a corresponding fundamental Investment limitation. | |
The Full Maturity Fund may not purchase or sell real estate or interests therein, or purchase oil, gas or other mineral leases, rights or royalty contracts or development programs, except that the Full Maturity Fund may invest in the securities of issuers engaged in the foregoing activities and may invest in securities secured by real estate or interests therein.
|
The Intermediate Fund may not purchase or sell real estate, or commodities or commodity contracts, except that the Intermediate Fund may purchase or sell currencies (including forward currency exchange contracts), futures contracts, and related options and securities which are secured by real estate and securities of companies which invest or deal in real estate, such as real estate investment trusts (REITs).
|
|
The Full Maturity Fund may not make loans of money or securities, except through the purchase of permitted investments (including repurchase and reverse repurchase agreements) and through the loan of securities (in an amount not exceeding one-third of total assets) by the Full Maturity Fund. | The Intermediate Fund may not make loans to others, except (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) through the lending of portfolio securities, or (c) to the extent the entry into a repurchase agreement is deemed to be a loan. |
The Full Maturity Fund may not purchase or sell commodities or commodity contracts, except that the Full Maturity Fund may purchase and sell financial futures contracts and options on such contracts and may enter into forward foreign currency contracts and engage in the purchase and sale of foreign currency options and futures. | The Intermediate Fund does not have a corresponding fundamental Investment limitation. | |
The Full Maturity Fund may not invest more than 5% of the value of the Full Maturity Fund’s total assets in warrants, including not more than 2% of such assets in warrants not listed on a U.S. stock exchange. (Rights and warrants attached to, received in exchange for, or as a distribution on, other securities are not subject to this restriction.) | The Intermediate Fund may not invest 25% or more of its net assets in the securities of companies engaged in any particular industry or particular group of industries (except securities issued or guaranteed by the United States Government, its agencies or instrumentalities). | |
The Full Maturity Fund may not pledge, hypothecate, mortgage or otherwise encumber its assets, except as necessary to secure permitted borrowings. (Collateral arrangements and initial margin with respect to permitted options on securities, financial futures contracts and related options, and arrangements incident to other permitted practices, are not deemed to be subject to this restriction.) | The Intermediate Fund does not have a corresponding fundamental Investment limitation. | |
The foregoing percentages (other than the limitation on borrowing) will apply at the time of the purchase of a security and will not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security. Except as otherwise indicated, these investment limitations and the goal of each Fund as set forth in the Prospectus are fundamental policies of the Full Maturity Funds and may not be changed without shareholder approval. Although the Full Maturity Fundamental Policies permit the Full Maturity Funds to enter into reverse repurchase agreements, the Full Maturity Funds do not currently intend to do so. Up to one-third of the Full Maturity Fund’s assets may be pledged to secure permitted borrowings by the Full Maturity Fund. | The foregoing percentages (other than the limitation on borrowing) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security. Up to one-third of the Intermediate Fund’s total assets may be pledged to secure permitted borrowings by the Intermediate Fund. | |
The Full Maturity Fund does not have a corresponding fundamental Investment limitation.
|
The Intermediate Fund may not invest in any issuer for purposes of exercising control or management.
|
Non-Fundamental Limitations
|
Non-Fundamental Limitations
|
|
The following policies of the Full Maturity Fund, the Full Maturity Fund, the Diversified Equity Fund and the Socially Responsible Equity Fund are non-fundamental and may be changed by the Board without a vote of Fund shareholders. | The following policies of the Intermediate Fund are non-fundamental and may be changed by the Board without a vote of shareholders. | |
The Full Maturity Fund may not purchase or hold securities that are illiquid or are otherwise not readily marketable (i.e., securities that cannot be disposed of for their approximate carrying value in seven days or less, which term includes repurchase agreements and time deposits maturing in more than seven days) if, in the aggregate, more than 10% of its net assets would be invested in illiquid securities. (As a matter of non-fundamental policy, repurchase agreements maturing in more than seven days, certain time deposits and over-the-counter options are considered to be illiquid.) | The Intermediate Fund may not invest, in the aggregate, more than 15% of its net assets in securities with legal or contractual restrictions on resale, securities which are not readily marketable, and repurchase agreements with more than seven days to maturity. | |
The Full Maturity Fund may not invest for the pupose of exercising control or management of another company except that all the investable assets of the Full Maturity Fund may be invested in another registered investment company having the same investment objective and substantially the same investment policies as the Full Maturity Fund. | The Intermediate Fund does not have a corresponding non-fundamental limitation. | |
The Full Maturity Fund may not invest, under normal circumstances, less than 80% of the value of its net assets (plus borrowings for investment purposes) in a particular type of investment that is suggested by the Full Maturity Fund’s name. A Fund will notify its shareholders at least 60 days prior to any change in such policy. | The Intermediate Fund may not make any change in the Intermediate Fund’s investment policies of investing at least 80% of its net assets in the investments suggested by the Intermediate Fund’s name without first providing the Intermediate Fund’s shareholders with at least 60 days’ prior notice. | |
The Full Maturity Fund may not purchase the stock or bonds of companies identified by the tobacco service of the RiskMetrics Group Social Issues Services. This service identifies those companies engaged in growing, processing or otherwise handling tobacco. If the Full Maturity Fund holds any such securities of an issuer which is subsequently identified by RiskMetrics as engaged in such activities, the securities will be sold within a reasonable time period, consistent with prudent investment practice.
|
The Intermediate Fund does not have a corresponding non-fundamental limitation.
|
The Full Maturity Fund may not borrow money in an amount exceeding 10% of its total assets. A Fund will not borrow money for leverage purposes. For the purpose of this investment restriction, the use of options and futures transactions and the purchase of securities on a when-issued or delayed delivery basis shall not be deemed the borrowing of money. A Fund will not make additional investments while its borrowings exceed 5% of total assets. | The Intermediate Fund does not have a corresponding non-fundamental limitation. | |
Each of the foregoing percentage limitations (except with respect to the limitations on borrowing and investing in illiquid and not readily marketable securities) applies at the time of purchase. If, subsequent to the Full Maturity Fund’s purchase of an illiquid security, more than 10% of the Full Maturity Fund’s net assets are invested in illiquid securities because of changes in valuations, the Full Maturity Fund will, within a reasonable time, dispose of a portion of such securities so that the limit will not be exceeded.
|
Each of the foregoing percentage limitations (except with respect to the limitation on investing in illiquid and not readily marketable securities) applies at the time of purchase. If, subsequent to the Intermediate Fund’s purchase of an illiquid security, more than 15% of the Intermediate Fund’s net assets are invested in illiquid securities because of changes in valuations, the Intermediate Fund will, within a reasonable time, dispose of a portion of such holding so that the above set-forth limit will not be exceeded.
|
|
·
|
First, the Full Maturity Fund will transfer all of its assets and liabilities to the Intermediate Fund.
|
|
·
|
Second, in exchange for the assets transferred to the Intermediate Fund, the Full Maturity Fund will receive shares of beneficial interest of the Intermediate Fund having a total value equal to the value of the assets the Full Maturity Fund transferred to the Intermediate Fund (net of any liabilities).
|
|
·
|
Third, the Full Maturity Fund will distribute the shares of the Intermediate Fund which it receives to its shareholders and the Full Maturity Fund will dissolve.
|
|
·
|
Fourth, the Intermediate Fund will open an account for each shareholder of the Full Maturity Fund and will credit the shareholder with shares of the Intermediate Fund of the same class and having the same total value as the Full Maturity Fund shares that he or she owned on the date of the Reorganization. Share certificates will not be issued.
|
Fund
|
Capital Loss Carryforward
|
Intermediate Fund
|
$2,432
|
Full Maturity Fund
|
$0
|
Fund
|
2016
(000)
|
2017
(000)
|
Intermediate Fund
|
$192
|
$2,240
|
Full Maturity Fund
|
$ -
|
$ -
|
Fund
|
Post-2010 Losses
|
Intermediate Fund
|
$0
|
Full Maturity Fund
|
$0
|
Full Maturity Fund
|
Class N
Shares
|
Institutional
Class Shares
|
Total of All
Class Shares
|
Aggregate Net Assets
|
$250,553
|
$44,282,461
|
$44,533,014
|
Shares Outstanding
|
24,227
|
4,277,790
|
4,302,017
|
Net Asset Value Per Share
|
$10.34
|
$10.35
|
$10.35
|
Intermediate Fund
|
Class N
Shares
|
Institutional
Class Shares
|
Total of All
Class Shares
|
Aggregate Net Assets
|
$154,411,889
|
$0
|
$154,411,889
|
Shares Outstanding
|
5,941,638
|
0
|
5,941,638
|
Net Asset Value Per Share
|
$25.99
|
$0
|
$25.99
|
Combined Pro forma
Intermediate Fund
|
Class N
Shares
|
Institutional
Class Shares
|
Total of All
Class Shares
|
Aggregate Net Assets
|
$154,411,889
|
$44,533,014
|
$198,944,903
|
Shares Outstanding
|
5,941,638
|
1,713,467
|
7,655,105
|
Net Asset Value Per Share
|
$25.99
|
$25.99
|
$25.99
|
Full Maturity Fund Shareholder
|
Class
|
Percentage of
Outstanding
Shares in Class
|
Percentage of
Outstanding
Shares in Class
of Combined Fund
|
Intermediate Fund Shareholder
|
Class
|
Percentage of
Outstanding
Shares in Class
|
Percentage of
Outstanding
Shares in Class
of Combined Fund
|
|
(a)
|
The transfer of substantially all of the Full Maturity Fund’s assets to the Intermediate Fund in exchange for Shares and the assumption of the Full Maturity Fund’s liabilities, and the distribution of the Shares to the Full Maturity Fund’s shareholders in complete liquidation of the Full Maturity Fund, will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and each of Full Maturity Fund and Intermediate Fund will be a “party to a reorganization” within the meaning of Section 368(b) of the Code;
|
|
(b)
|
No gain or loss will be recognized by Full Maturity Fund on the transfer of the all of its assets to Intermediate Fund solely in exchange for the Shares and the assumption by Intermediate Fund of all of the liabilities of Full Maturity Fund, or upon the distribution of the Shares to the shareholders of Full Maturity Fund, except for (i) gain or loss that may be recognized on the transfer of “section 1256 contracts” as defined in Section 1256(b) of the Code, (ii) gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, or (iii) any other gain that may be required to be recognized as a result of the closing of Full Maturity Fund’s taxable year or upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code;
|
|
(c)
|
The tax basis in the hands of Intermediate Fund of each asset of Full Maturity Fund will be the same as the tax basis of such asset in the hands of Full Maturity Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by Full Maturity Fund on the transfer;
|
|
(d)
|
The holding period of each asset of Full Maturity Fund in the hands of Intermediate Fund, other than assets with respect to which gain or loss is required to be recognized, will include in each instance the period during which such asset was held by Full Maturity Fund;
|
|
(e)
|
No gain or loss will be recognized by Intermediate Fund upon its receipt of the assets of Full Maturity Fund solely in exchange for Shares and the assumption of all the liabilities of Full Maturity Fund;
|
|
(f)
|
No gain or loss will be recognized by the Full Maturity Fund shareholders upon the exchange of all of their Full Maturity Fund shares for Shares as part of the Reorganization;
|
|
(g)
|
The aggregate tax basis of the Shares that each Full Maturity Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of the Full Maturity Fund shares exchanged therefor;
|
|
(h)
|
Each Full Maturity Fund shareholder’s holding period for the Shares received in the Reorganization will include the period for which such shareholder held the Full Maturity Fund shares exchanged therefor, provided that the Full Maturity Fund shareholder held such Full Maturity Fund shares as capital assets on the date of exchange.
|
|
(a)
|
either party shall have breached any material provision of this Agreement; or
|
|
(b)
|
circumstances develop that, in the opinion of such Board, make proceeding with the Reorganization inadvisable; or
|
|
(c)
|
any governmental body shall have issued an order, decree or ruling having the effect of permanently enjoining, restraining or otherwise prohibiting the consummation of this Agreement.
|
City National Rochdale Funds
|
||
Beverly Hills, CA 90210
|
||
Attn: Garrett R. D’Alessandro
|
||
with a copy to:
|
||
Bingham McCutchen LLP
|
||
Los Angeles, CA 90071
|
||
Attn: Michael Glazer
|
||
*** Signature Page Follows***
|
CITY NATIONAL ROCHDALE FUNDS, on behalf of the City National Rochdale Full Maturity Fixed Income Fund
|
|||
By:
|
|
||
Garrett R. D’Alessandro
|
|||
President & Chief Executive Officer
|
|||
CITY NATIONAL ROCHDALE FUNDS, on behalf of the City National Rochdale Intermediate Fixed Income Fund
|
|||
By:
|
|
||
Garrett R. D’Alessandro
|
|||
President & Chief Executive Officer
|
|||
Solely for purposes of Section 4.4
|
|||
CITY NATIONAL ROCHDALE, LLC
|
|||
By:
|
|
1. The Full Maturity Fund’s Statement of Additional Information, dated January 28, 2013, as supplemented September 10, 2013 (File No. 333-16093), as filed with the SEC on September 10, 2013 (Accession No. 0001398344-13-004353) is incorporated herein by reference.
|
2. The Intermediate Fund’s Statement of Additional Information, dated April 30, 2013, as supplemented September 10, 2013 (File No. 333-16093), as filed with the SEC on September 10, 2013 (Accession No. 0001398344-13-004356) is incorporated herein by reference.
|
3. The Full Maturity Fund’s Annual Report for the year ended September 30, 2012 (File No. 811-07923), as filed with the SEC on December 7, 2012 (Accession No. 0001398344-12-003779) is incorporated herein by reference.
|
4. The Intermediate Fund’s Annual Report for the year ended December 31, 2012 (File No. 811-08685), as filed with the SEC on March 8, 2013 (Accession No. 0001193125-13-097925) is incorporated herein by reference.
|
5. The Funds’ Semi-Annual Report for the fiscal period ended March 31, 2013 (File No. 811-07923), as filed with the SEC on June 10, 2013 (Accession No. 0001398344-13-002827) is incorporated herein by reference.
|
Pro Forma Schedule of Investments (Unaudited)
|
City National Rochdale
|
Intermediate Fixed Income Fund and Full Maturity Fixed Income Fund
|
March 31, 2013
|
City National Rochdale Intermediate Fixed
Income Fund
|
City National Rochdale Full Maturity Fixed Income Fund
|
Proforma
Combined
|
||||||||||||||||||||||
Face Amount (000)
|
Value (000)
|
Face Amount (000)
|
Value (000)
|
Face Amount (000)
|
Value (000)
|
|||||||||||||||||||
Corporate Bonds - 70.1%
|
||||||||||||||||||||||||
Consumer Discretionary - 3.7%
|
||||||||||||||||||||||||
AutoZone, 3.700%, 04/15/22
|
$ | 250 | $ | 258 | $ | - | $ | - | $ | 250 | $ | 258 | ||||||||||||
Best Buy, 7.250%, 07/15/13
|
250 | 254 | - | - | 250 | 254 | ||||||||||||||||||
Best Buy, 3.750%, 03/15/16
|
300 | 300 | - | - | 300 | 300 | ||||||||||||||||||
CBS, 3.375%, 03/01/22
|
- | - | 175 | 178 | 175 | 178 | ||||||||||||||||||
Comcast, 3.125%, 07/15/22
|
200 | 205 | - | - | 200 | 205 | ||||||||||||||||||
DIRECTV Holdings, 3.500%, 03/01/16
|
- | - | 170 | 181 | 170 | 181 | ||||||||||||||||||
Expedia, 5.950%, 08/15/20
|
250 | 278 | - | - | 250 | 278 | ||||||||||||||||||
Gap, 5.950%, 04/12/21
|
495 | 566 | - | - | 495 | 566 | ||||||||||||||||||
Hasbro, 6.125%, 05/15/14
|
250 | 264 | - | - | 250 | 264 | ||||||||||||||||||
Johnson Controls, 5.500%, 01/15/16
|
- | - | 100 | 112 | 100 | 112 | ||||||||||||||||||
Lowe's, 5.000%, 10/15/15
|
- | - | 165 | 184 | 165 | 184 | ||||||||||||||||||
Royal Caribbean Cruises, 6.875%, 12/01/13
|
250 | 258 | - | - | 250 | 258 | ||||||||||||||||||
Scripps Networks Interactive, 2.700%, 12/15/16
|
1,000 | 1,052 | - | - | 1,000 | 1,052 | ||||||||||||||||||
Time Warner, 7.700%, 05/01/32
|
- | - | 150 | 204 | 150 | 204 | ||||||||||||||||||
Time Warner Cable, 4.125%, 02/15/21
|
- | - | 165 | 177 | 165 | 177 | ||||||||||||||||||
Toys R Us, 7.375%, 10/15/18
|
500 | 441 | - | - | 500 | 441 | ||||||||||||||||||
Toys R Us Property II, 8.500%, 12/01/17
|
21 | 22 | - | - | 21 | 22 | ||||||||||||||||||
Tupperware Brands, 4.750%, 06/01/21
|
500 | 527 | - | - | 500 | 527 | ||||||||||||||||||
Viacom, 6.250%, 04/30/16
|
- | - | 125 | 144 | 125 | 144 | ||||||||||||||||||
WPP Finance UK, 8.000%, 09/15/14
|
749 | 823 | - | - | 749 | 823 | ||||||||||||||||||
WPP Finance UK, 5.875%, 06/15/14
|
400 | 422 | - | - | 400 | 422 | ||||||||||||||||||
Yum! Brands, 6.250%, 03/15/18
|
- | - | 95 | 114 | 95 | 114 | ||||||||||||||||||
Total Consumer Discretionary
|
5,670 | 1,294 | 6,964 | |||||||||||||||||||||
Consumer Staples - 4.1%
|
||||||||||||||||||||||||
Avon Products, 6.500%, 03/01/19
|
250 | 284 | - | - | 250 | 284 | ||||||||||||||||||
Avon Products, 5.625%, 03/01/14
|
700 | 730 | - | - | 700 | 730 | ||||||||||||||||||
B&G Foods, 7.625%, 01/15/18
|
229 | 245 | - | - | 229 | 245 | ||||||||||||||||||
Bunge NA Finance, 5.900%, 04/01/17
|
- | - | 100 | 113 | 100 | 113 | ||||||||||||||||||
Campbell Soup, 8.875%, 05/01/21
|
350 | 484 | - | - | 350 | 484 | ||||||||||||||||||
ConAgra Foods, 4.950%, 08/15/20 (A)
|
410 | 470 | - | - | 410 | 470 | ||||||||||||||||||
ConAgra Foods, 1.900%, 01/25/18
|
200 | 202 | - | - | 200 | 202 | ||||||||||||||||||
CVS Caremark, 2.750%, 12/01/22
|
500 | 493 | - | - | 500 | 493 | ||||||||||||||||||
Kellogg, 3.125%, 05/17/22
|
250 | 259 | - | - | 250 | 259 | ||||||||||||||||||
Kraft Foods, 6.500%, 08/11/17
|
- | - | 150 | 181 | 150 | 181 | ||||||||||||||||||
Lorillard Tobacco, 8.125%, 06/23/19
|
500 | 636 | - | - | 500 | 636 | ||||||||||||||||||
PepsiAmericas, 4.875%, 01/15/15
|
250 | 269 | - | - | 250 | 269 | ||||||||||||||||||
PepsiCo, 3.125%, 11/01/20
|
- | - | 260 | 279 | 260 | 279 | ||||||||||||||||||
Reynolds American, 7.625%, 06/01/16
|
290 | 345 | - | - | 290 | 345 | ||||||||||||||||||
Reynolds American, 6.750%, 06/15/17
|
100 | 120 | - | - | 100 | 120 | ||||||||||||||||||
Safeway, 5.000%, 08/15/19
|
475 | 529 | - | - | 475 | 529 | ||||||||||||||||||
Safeway, 4.750%, 12/01/21
|
526 | 566 | - | - | 526 | 566 | ||||||||||||||||||
Safeway, 3.950%, 08/15/20
|
672 | 687 | - | - | 672 | 687 | ||||||||||||||||||
WM Wrigley Jr, 4.650%, 07/15/15
|
750 | 799 | - | - | 750 | 799 | ||||||||||||||||||
Total Consumer Staples
|
7,118 | 573 | 7,691 | |||||||||||||||||||||
Energy - 4.7%
|
||||||||||||||||||||||||
Anadarko Finance, 7.500%, 05/01/31
|
- | - | 150 | 199 | 150 | 199 | ||||||||||||||||||
Boardwalk Pipelines, 5.875%, 11/15/16
|
146 | 164 | - | - | 146 | 164 | ||||||||||||||||||
Boardwalk Pipelines, 5.750%, 09/15/19
|
175 | 203 | - | - | 175 | 203 | ||||||||||||||||||
Boardwalk Pipelines, 5.500%, 02/01/17
|
221 | 247 | - | - | 221 | 247 | ||||||||||||||||||
Boardwalk Pipelines, 5.200%, 06/01/18
|
84 | 93 | - | - | 84 | 93 | ||||||||||||||||||
BP Capital Markets, 3.200%, 03/11/16
|
- | - | 100 | 107 | 100 | 107 | ||||||||||||||||||
BP Capital Markets, 3.125%, 10/01/15
|
- | - | 345 | 364 | 345 | 364 | ||||||||||||||||||
Buckeye Partners, 6.050%, 01/15/18
|
155 | 177 | - | - | 155 | 177 | ||||||||||||||||||
Buckeye Partners, 4.625%, 07/15/13
|
400 | 404 | - | - | 400 | 404 | ||||||||||||||||||
Chesapeake Energy, 9.500%, 02/15/15
|
385 | 435 | - | - | 385 | 435 |
Copano Energy, 7.750%, 06/01/18
|
189 | 198 | - | - | 189 | 198 | ||||||||||||||||||
DCP Midstream, 9.750%, 03/15/19 (A)
|
- | - | 114 | 150 | 114 | 150 | ||||||||||||||||||
Ecopetrol, 7.625%, 07/23/19
|
250 | 313 | - | - | 250 | 313 | ||||||||||||||||||
Enbridge Energy Partners, 5.875%, 12/15/16
|
191 | 219 | - | - | 191 | 219 | ||||||||||||||||||
Enbridge Energy Partners, 5.350%, 12/15/14
|
20 | 21 | - | - | 20 | 21 | ||||||||||||||||||
Energy Transfer Partners, 9.700%, 03/15/19
|
330 | 445 | - | - | 330 | 445 | ||||||||||||||||||
Energy Transfer Partners, 9.000%, 04/15/19
|
189 | 249 | - | - | 189 | 249 | ||||||||||||||||||
Energy Transfer Partners, 6.625%, 10/15/36
|
- | - | 75 | 86 | 75 | 86 | ||||||||||||||||||
Energy Transfer Partners, 6.125%, 02/15/17
|
426 | 493 | - | - | 426 | 493 | ||||||||||||||||||
Energy Transfer Partners, 3.600%, 02/01/23
|
200 | 199 | - | - | 200 | 199 | ||||||||||||||||||
Enterprise Products Operating, 6.500%, 01/31/19
|
- | - | 140 | 174 | 140 | 174 | ||||||||||||||||||
Enterprise Products Operating, 3.700%, 06/01/15
|
- | - | 125 | 132 | 125 | 132 | ||||||||||||||||||
FMC Technologies, 3.450%, 10/01/22
|
200 | 203 | - | - | 200 | 203 | ||||||||||||||||||
Husky Energy, 3.950%, 04/15/22
|
- | - | 150 | 160 | 150 | 160 | ||||||||||||||||||
Kinder Morgan Energy Partners, 5.950%, 02/15/18
|
- | - | 150 | 179 | 150 | 179 | ||||||||||||||||||
Kinder Morgan Energy Partners, 5.625%, 02/15/15
|
284 | 309 | - | - | 284 | 309 | ||||||||||||||||||
Kinder Morgan Energy Partners, 5.300%, 09/15/20
|
- | - | 125 | 146 | 125 | 146 | ||||||||||||||||||
Marathon Oil, 6.000%, 10/01/17
|
- | - | 150 | 178 | 150 | 178 | ||||||||||||||||||
National Oilwell Varco, 6.125%, 08/15/15
|
100 | 101 | - | - | 100 | 101 | ||||||||||||||||||
ONEOK Partners, 2.000%, 10/01/17
|
- | - | 105 | 106 | 105 | 106 | ||||||||||||||||||
Petrobras International Finance - Pifco, 5.750%, 01/20/20
|
250 | 275 | 250 | 275 | ||||||||||||||||||||
Petrobras International Finance - Pifco, 2.875%, 02/06/15
|
500 | 510 | - | - | 500 | 510 | ||||||||||||||||||
Petrobras International Finance, 3.875%, 01/27/16
|
- | - | 100 | 105 | 100 | 105 | ||||||||||||||||||
Plains All American Pipeline, 5.875%, 08/15/16
|
205 | 227 | - | - | 205 | 227 | ||||||||||||||||||
PPL Energy Supply, 6.200%, 05/15/16
|
105 | 120 | - | - | 105 | 120 | ||||||||||||||||||
Puget Energy, 6.000%, 09/01/21
|
500 | 568 | - | - | 500 | 568 | ||||||||||||||||||
Sabine Pass LNG, 7.500%, 11/30/16
|
100 | 111 | - | - | 100 | 111 | ||||||||||||||||||
Spectra Energy Capital, 6.200%, 04/15/18
|
- | - | 75 | 91 | 75 | 91 | ||||||||||||||||||
Total Capital International, 1.500%, 02/17/17
|
- | - | 100 | 102 | 100 | 102 | ||||||||||||||||||
Williams Partners, 3.350%, 08/15/22
|
200 | 198 | - | - | 200 | 198 | ||||||||||||||||||
Total Energy
|
6,482 | 2,279 | 8,761 | |||||||||||||||||||||
Financials - 20.8%
|
||||||||||||||||||||||||
ACE INA Holdings, 2.700%, 03/13/23
|
850 | 846 | - | - | 850 | 846 | ||||||||||||||||||
Alleghany, 5.625%, 09/15/20
|
270 | 311 | - | - | 270 | 311 | ||||||||||||||||||
American Express Bank, 5.500%, 04/16/13
|
100 | 100 | - | - | 100 | 100 | ||||||||||||||||||
American Express Credit, MTN, 7.300%, 08/20/13
|
250 | 256 | - | - | 250 | 256 | ||||||||||||||||||
American Express Credit, MTN, 2.800%, 09/19/16
|
- | - | 175 | 185 | 175 | 185 | ||||||||||||||||||
Aon, 3.500%, 09/30/15
|
- | - | 200 | 211 | 200 | 211 | ||||||||||||||||||
Associates Corp of North America, 6.950%, 11/01/18
|
- | - | 150 | 183 | 150 | 183 | ||||||||||||||||||
Axis Specialty Finance, 5.875%, 06/01/20
|
250 | 285 | - | - | 250 | 285 | ||||||||||||||||||
Bank of America, 10.200%, 07/15/15
|
- | - | 100 | 117 | 100 | 117 | ||||||||||||||||||
Bank of America, 5.420%, 03/15/17 (A)
|
42 | 47 | - | - | 42 | 47 | ||||||||||||||||||
Bank of America, MTN, 5.650%, 05/01/18
|
- | - | 160 | 185 | 160 | 185 | ||||||||||||||||||
Bank of New York Mellon, MTN, 3.100%, 01/15/15
|
- | - | 175 | 183 | 175 | 183 | ||||||||||||||||||
Barclays Bank, 5.125%, 01/08/20
|
- | - | 100 | 115 | 100 | 115 | ||||||||||||||||||
BB&T, MTN, 1.600%, 08/15/17
|
- | - | 355 | 358 | 355 | 358 | ||||||||||||||||||
Bear Stearns, 7.250%, 02/01/18
|
- | - | 275 | 342 | 275 | 342 | ||||||||||||||||||
Bear Stearns, 5.550%, 01/22/17
|
468 | 534 | - | - | 468 | 534 | ||||||||||||||||||
Berkshire Hathaway, 3.000%, 02/11/23
|
250 | 254 | - | - | 250 | 254 | ||||||||||||||||||
Berkshire Hathaway, 1.550%, 02/09/18
|
300 | 304 | - | - | 300 | 304 | ||||||||||||||||||
Berkshire Hathaway Finance, 1.600%, 05/15/17
|
440 | 449 | - | - | 440 | 449 | ||||||||||||||||||
BlackRock, 3.500%, 12/10/14
|
- | - | 170 | 179 | 170 | 179 | ||||||||||||||||||
Bunge Finance, 8.500%, 06/15/19
|
105 | 135 | - | - | 105 | 135 | ||||||||||||||||||
Bunge Finance, 5.875%, 05/15/13
|
257 | 258 | - | - | 257 | 258 | ||||||||||||||||||
Bunge Finance, 5.100%, 07/15/15
|
500 | 542 | - | - | 500 | 542 | ||||||||||||||||||
Capital One Financial, 7.375%, 05/23/14
|
- | - | 100 | 107 | 100 | 107 | ||||||||||||||||||
Capital One, 1.500%, 03/22/18
|
475 | 470 | - | - | 475 | 470 | ||||||||||||||||||
Citigroup, 6.375%, 08/12/14
|
- | - | 170 | 182 | 170 | 182 | ||||||||||||||||||
Citigroup, 5.000%, 09/15/14
|
503 | 528 | - | - | 503 | 528 | ||||||||||||||||||
CNA Financial, 6.950%, 01/15/18
|
1,076 | 1,282 | - | - | 1,076 | 1,282 | ||||||||||||||||||
Commonwealth Bank of Australia, 5.000%, 10/15/19 (A)
|
- | - | 150 | 176 | 150 | 176 | ||||||||||||||||||
Countrywide Financial, MTN, 6.000%, 08/26/20 (C)
|
313 | 313 | - | - | 313 | 313 | ||||||||||||||||||
Credit Suisse NY, MTN, 5.300%, 08/13/19
|
- | - | 150 | 177 | 150 | 177 | ||||||||||||||||||
Deutsche Bank, MTN, 3.450%, 03/30/15
|
- | - | 100 | 105 | 100 | 105 | ||||||||||||||||||
Dresdner Bank NY, 7.250%, 09/15/15
|
1,000 | 1,081 | 150 | 162 | 1,150 | 1,243 | ||||||||||||||||||
ERAC USA Finance, 3.300%, 10/15/22 (A)
|
250 | 252 | - | - | 250 | 252 | ||||||||||||||||||
Fifth Third Bancorp, 3.625%, 01/25/16
|
- | - | 105 | 112 | 105 | 112 | ||||||||||||||||||
General Electric Capital, 2.250%, 11/09/15
|
- | - | 350 | 362 | 350 | 362 | ||||||||||||||||||
General Electric Capital, MTN, 6.000%, 08/07/19
|
- | - | 125 | 152 | 125 | 152 | ||||||||||||||||||
General Electric Capital, MTN, 5.625%, 09/15/17
|
300 | 352 | - | - | 300 | 352 | ||||||||||||||||||
General Electric Capital, MTN, 5.450%, 01/15/16
|
289 | 292 | - | - | 289 | 292 | ||||||||||||||||||
General Electric Capital, MTN, 4.375%, 09/16/20
|
- | - | 150 | 168 | 150 | 168 | ||||||||||||||||||
Goldman Sachs Group, 6.250%, 09/01/17
|
550 | 647 | - | - | 550 | 647 |
Goldman Sachs Group, 6.000%, 06/15/20
|
500 | 590 | - | - | 500 | 590 | ||||||||||||||||||
Goldman Sachs Group, 5.625%, 01/15/17
|
700 | 784 | - | - | 700 | 784 | ||||||||||||||||||
Goldman Sachs Group, 5.350%, 01/15/16
|
250 | 277 | - | - | 250 | 277 | ||||||||||||||||||
Goldman Sachs Group, 5.250%, 04/01/13
|
392 | 392 | - | - | 392 | 392 | ||||||||||||||||||
Goldman Sachs Group, 5.125%, 01/15/15
|
355 | 379 | - | - | 355 | 379 | ||||||||||||||||||
Goldman Sachs Group, 3.625%, 02/07/16
|
- | - | 355 | 377 | 355 | 377 | ||||||||||||||||||
HSBC Finance, 6.676%, 01/15/21 (A)
|
- | - | 83 | 98 | 83 | 98 | ||||||||||||||||||
Icahn Enterprises, 8.000%, 01/15/18
|
440 | 471 | - | - | 440 | 471 | ||||||||||||||||||
Icahn Enterprises, 7.750%, 01/15/16
|
305 | 318 | - | - | 305 | 318 | ||||||||||||||||||
ING Bank, 3.750%, 03/07/17 (A)
|
- | - | 200 | 213 | 200 | 213 | ||||||||||||||||||
Janus Capital Group, 6.700%, 06/15/17
|
600 | 687 | - | - | 600 | 687 | ||||||||||||||||||
Jefferies Group, 6.450%, 06/08/27
|
- | - | 100 | 110 | 100 | 110 | ||||||||||||||||||
Jefferies Group, 5.875%, 06/08/14
|
733 | 773 | - | - | 733 | 773 | ||||||||||||||||||
JPMorgan Chase, 4.250%, 10/15/20
|
- | - | 150 | 165 | 150 | 165 | ||||||||||||||||||
JPMorgan Chase, MTN, 5.300%, 05/15/18
|
150 | 148 | - | - | 150 | 148 | ||||||||||||||||||
KeyBank, 5.800%, 07/01/14
|
- | - | 150 | 159 | 150 | 159 | ||||||||||||||||||
Kookmin Bank, 7.250%, 05/14/14 (A)
|
- | - | 100 | 106 | 100 | 106 | ||||||||||||||||||
Lehman Brothers Holdings, MTN, 7.000%, 09/28/37 (D)
|
400 | 107 | - | - | 400 | 107 | ||||||||||||||||||
Manulife Financial, 3.400%, 09/17/15
|
- | - | 198 | 208 | 198 | 208 | ||||||||||||||||||
Marsh & McLennan, 5.750%, 09/15/15
|
- | - | 79 | 88 | 79 | 88 | ||||||||||||||||||
Merrill Lynch, 5.700%, 05/02/17
|
950 | 1,060 | - | - | 950 | 1,060 | ||||||||||||||||||
MetLife, 5.000%, 06/15/15
|
- | - | 175 | 191 | 175 | 191 | ||||||||||||||||||
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (A)
|
- | - | 125 | 135 | 125 | 135 | ||||||||||||||||||
Moody's, 5.500%, 09/01/20
|
800 | 874 | - | - | 800 | 874 | ||||||||||||||||||
Morgan Stanley, 5.375%, 10/15/15
|
210 | 229 | - | - | 210 | 229 | ||||||||||||||||||
Morgan Stanley, 4.750%, 04/01/14
|
3,323 | 3,435 | 75 | 77 | 3,398 | 3,512 | ||||||||||||||||||
Morgan Stanley, 4.750%, 03/22/17
|
- | - | 165 | 182 | 165 | 182 | ||||||||||||||||||
Morgan Stanley, 4.200%, 11/20/14
|
250 | 262 | - | - | 250 | 262 | ||||||||||||||||||
Morgan Stanley, MTN, 6.625%, 04/01/18
|
- | - | 100 | 120 | 100 | 120 | ||||||||||||||||||
Morgan Stanley, MTN, 6.000%, 05/13/14
|
1,050 | 1,107 | - | - | 1,050 | 1,107 | ||||||||||||||||||
Morgan Stanley, MTN, 6.000%, 04/28/15
|
600 | 654 | - | - | 600 | 654 | ||||||||||||||||||
Morgan Stanley, MTN, 5.450%, 01/09/17
|
100 | 112 | - | - | 100 | 112 | ||||||||||||||||||
NASDAQ OMX Group, 5.550%, 01/15/20
|
1,249 | 1,347 | - | - | 1,249 | 1,347 | ||||||||||||||||||
National Bank of Canada, MTN, 1.450%, 11/07/17
|
750 | 747 | - | - | 750 | 747 | ||||||||||||||||||
National Rural Utilities Cooperative Finance, 10.375%, 11/01/18
|
- | - | 125 | 183 | 125 | 183 | ||||||||||||||||||
National Rural Utilities Cooperative Finance, 6.550%, 11/01/18
|
300 | 369 | - | - | 300 | 369 | ||||||||||||||||||
Nationsbank, 10.200%, 07/15/15
|
250 | 292 | - | - | 250 | 292 | ||||||||||||||||||
Nisource Capital Markets, MTN, 7.860%, 03/27/17
|
163 | 190 | - | - | 163 | 190 | ||||||||||||||||||
Nisource Finance, 5.400%, 07/15/14
|
266 | 281 | - | - | 266 | 281 | ||||||||||||||||||
PNC Funding, 4.250%, 09/21/15
|
- | - | 325 | 352 | 325 | 352 | ||||||||||||||||||
PNC Funding, 3.000%, 05/19/14
|
- | - | 125 | 129 | 125 | 129 | ||||||||||||||||||
Principal Financial Group, 3.300%, 09/15/22
|
200 | 203 | - | - | 200 | 203 | ||||||||||||||||||
Progressive, 7.000%, 10/01/13
|
40 | 41 | - | - | 40 | 41 | ||||||||||||||||||
Protective Life, 6.400%, 01/15/18
|
250 | 290 | - | - | 250 | 290 | ||||||||||||||||||
Protective Life, 4.300%, 06/01/13
|
- | - | 100 | 101 | 100 | 101 | ||||||||||||||||||
Prudential Financial, MTN, 6.200%, 01/15/15
|
- | - | 160 | 174 | 160 | 174 | ||||||||||||||||||
Prudential Financial, MTN, 5.375%, 06/21/20
|
- | - | 155 | 183 | 155 | 183 | ||||||||||||||||||
Salomon, MTN, 7.300%, 08/01/13
|
250 | 255 | - | - | 250 | 255 | ||||||||||||||||||
Silicon Valley Bank, 6.050%, 06/01/17
|
355 | 388 | - | - | 355 | 388 | ||||||||||||||||||
SLM, MTN, 5.050%, 11/14/14
|
500 | 527 | - | - | 500 | 527 | ||||||||||||||||||
SLM, MTN, 5.000%, 06/15/18
|
802 | 806 | - | - | 802 | 806 | ||||||||||||||||||
Sumitomo Mitsui Banking, 3.150%, 07/22/15 (A)
|
- | - | 200 | 210 | 200 | 210 | ||||||||||||||||||
SunTrust Banks, 6.000%, 09/11/17
|
- | - | 119 | 141 | 119 | 141 | ||||||||||||||||||
TD Ameritrade Holding, 5.600%, 12/01/19
|
- | - | 155 | 186 | 155 | 186 | ||||||||||||||||||
Toyota Motor Credit, MTN, 2.000%, 09/15/16
|
- | - | 100 | 103 | 100 | 103 | ||||||||||||||||||
UBS, MTN, 7.375%, 06/15/17
|
388 | 449 | - | - | 388 | 449 | ||||||||||||||||||
UFJ Finance Aruba, 6.750%, 07/15/13
|
- | - | 125 | 127 | 125 | 127 | ||||||||||||||||||
US Bancorp, MTN, 1.650%, 05/15/17
|
- | - | 345 | 352 | 345 | 352 | ||||||||||||||||||
WEA Finance, 7.500%, 06/02/14 (A)
|
- | - | 125 | 134 | 125 | 134 | ||||||||||||||||||
Wells Fargo Bank, 5.750%, 05/16/16
|
100 | 114 | - | - | 100 | 114 | ||||||||||||||||||
Wells Fargo, 3.625%, 04/15/15
|
- | - | 125 | 132 | 125 | 132 | ||||||||||||||||||
Wells Fargo, 2.625%, 12/15/16
|
235 | 247 | - | - | 235 | 247 | ||||||||||||||||||
Wells Fargo, 1.500%, 01/16/18
|
150 | 150 | - | - | 150 | 150 | ||||||||||||||||||
Wells Fargo, MTN, 3.450%, 02/13/23
|
250 | 252 | - | - | 250 | 252 | ||||||||||||||||||
Wells Fargo, MTN, 2.100%, 05/08/17
|
250 | 258 | 325 | 335 | 575 | 593 | ||||||||||||||||||
Westpac Banking, MTN, 1.600%, 01/12/18
|
250 | 253 | - | - | 250 | 253 | ||||||||||||||||||
Wilmington Trust, 8.500%, 04/02/18
|
315 | 396 | - | - | 315 | 396 | ||||||||||||||||||
Total Financials
|
30,052 | 8,832 | 38,884 | |||||||||||||||||||||
Healthcare -1.2%
|
||||||||||||||||||||||||
Actavis, 3.250%, 10/01/22
|
500 | 507 | - | - | 500 | 507 |
BioMed Realty, 3.850%, 04/15/16
|
500 | 531 | - | - | 500 | 531 | ||||||||||||||||||
Boston Scientific, 4.500%, 01/15/15
|
250 | 265 | - | - | 250 | 265 | ||||||||||||||||||
Express Scripts Holding, 3.500%, 11/15/16
|
- | - | 150 | 162 | 150 | 162 | ||||||||||||||||||
UnitedHealth Group, 4.750%, 02/10/14
|
- | - | 40 | 41 | 40 | 41 | ||||||||||||||||||
UnitedHealth Group, 4.700%, 02/15/21
|
- | - | 200 | 230 | 200 | 230 | ||||||||||||||||||
UnitedHealth Group, 1.625%, 03/15/19
|
250 | 251 | - | - | 250 | 251 | ||||||||||||||||||
Wyeth, 5.500%, 02/15/16
|
- | - | 160 | 182 | 160 | 182 | ||||||||||||||||||
Zimmer Holdings, 4.625%, 11/30/19
|
- | - | 75 | 85 | 75 | 85 | ||||||||||||||||||
Total Healthcare
|
1,554 | 700 | 2,254 | |||||||||||||||||||||
Industrials - 5.8%
|
||||||||||||||||||||||||
Avery Dennison, 5.375%, 04/15/20
|
405 | 442 | - | - | 405 | 442 | ||||||||||||||||||
Canadian National Railway, 2.250%, 11/15/22
|
650 | 640 | - | - | 650 | 640 | ||||||||||||||||||
Carlisle, 3.750%, 11/15/22
|
250 | 250 | - | - | 250 | 250 | ||||||||||||||||||
Caterpillar, 7.000%, 12/15/13
|
250 | 262 | - | - | 250 | 262 | ||||||||||||||||||
CNH America, 7.250%, 01/15/16
|
388 | 434 | - | - | 388 | 434 | ||||||||||||||||||
DCP Midstream Operating, 3.250%, 10/01/15
|
120 | 125 | - | - | 120 | 125 | ||||||||||||||||||
Eaton, 8.875%, 06/15/19
|
125 | 166 | - | - | 125 | 166 | ||||||||||||||||||
Embraer Overseas, 6.375%, 01/24/17
|
465 | 525 | - | - | 465 | 525 | ||||||||||||||||||
IDEX, 4.200%, 12/15/21
|
250 | 267 | - | - | 250 | 267 | ||||||||||||||||||
Ingersoll-Rand Global Holding, 9.500%, 04/15/14
|
250 | 272 | - | - | 250 | 272 | ||||||||||||||||||
International Lease Finance, MTN, 6.100%, 04/15/14
|
250 | 258 | - | - | 250 | 258 | ||||||||||||||||||
International Lease Finance, MTN, 5.650%, 06/01/14
|
197 | 206 | - | - | 197 | 206 | ||||||||||||||||||
Joy Global, 6.000%, 11/15/16
|
500 | 576 | - | - | 500 | 576 | ||||||||||||||||||
Lennox International, 4.900%, 05/15/17
|
250 | 273 | - | - | 250 | 273 | ||||||||||||||||||
Manitowoc, 9.500%, 02/15/18
|
148 | 163 | - | - | 148 | 163 | ||||||||||||||||||
NuStar Logistics, 8.150%, 04/15/18
|
250 | 286 | - | - | 250 | 286 | ||||||||||||||||||
NuStar Logistics, 4.800%, 09/01/20
|
200 | 198 | - | - | 200 | 198 | ||||||||||||||||||
Owens Corning, 6.500%, 12/01/16
|
620 | 698 | - | - | 620 | 698 | ||||||||||||||||||
Penske Truck Leasing LP, 4.875%, 07/11/22 (A)
|
200 | 211 | - | - | 200 | 211 | ||||||||||||||||||
Penske Truck Leasing LP, 4.250%, 01/17/23 (A)
|
300 | 302 | - | - | 300 | 302 | ||||||||||||||||||
Penske Truck Leasing LP, 3.375%, 03/15/18 (A)
|
250 | 260 | - | - | 250 | 260 | ||||||||||||||||||
Penske Truck Leasing LP, 2.500%, 03/15/16 (A)
|
500 | 512 | - | - | 500 | 512 | ||||||||||||||||||
Republic Services, 3.550%, 06/01/22
|
250 | 261 | - | - | 250 | 261 | ||||||||||||||||||
Roper Industries, 3.125%, 11/15/22
|
200 | 201 | - | - | 200 | 201 | ||||||||||||||||||
Roper Industries, 1.850%, 11/15/17
|
250 | 252 | - | - | 250 | 252 | ||||||||||||||||||
Rowan, 4.875%, 06/01/22
|
200 | 218 | - | - | 200 | 218 | ||||||||||||||||||
Spectra Energy Capital, 6.750%, 07/15/18
|
745 | 877 | - | - | 745 | 877 | ||||||||||||||||||
Spectra Energy, 5.500%, 03/01/14
|
240 | 250 | - | - | 240 | 250 | ||||||||||||||||||
Transocean, 7.375%, 04/15/18
|
494 | 590 | - | - | 494 | 590 | ||||||||||||||||||
Transocean, 6.000%, 03/15/18
|
500 | 566 | - | - | 500 | 566 | ||||||||||||||||||
Xylem, 3.550%, 09/20/16
|
200 | 213 | - | - | 200 | 213 | ||||||||||||||||||
Total Industrials
|
10,754 | - | 10,754 | |||||||||||||||||||||
Information Technology - 6.4%
|
||||||||||||||||||||||||
Advanced Micro Devices, 8.125%, 12/15/17
|
1,000 | 1,010 | - | - | 1,000 | 1,010 | ||||||||||||||||||
Arrow Electronics, 6.875%, 06/01/18
|
400 | 470 | - | - | 400 | 470 | ||||||||||||||||||
Avnet, 6.625%, 09/15/16
|
128 | 146 | - | - | 128 | 146 | ||||||||||||||||||
Cardtronics, 8.250%, 09/01/18 (E)
|
225 | 246 | - | - | 225 | 246 | ||||||||||||||||||
Cisco Systems, 5.500%, 01/15/40
|
- | - | 100 | 119 | 100 | 119 | ||||||||||||||||||
Dell, 5.650%, 04/15/18
|
500 | 522 | - | - | 500 | 522 | ||||||||||||||||||
Dell, 5.625%, 04/15/14
|
322 | 336 | - | - | 322 | 336 | ||||||||||||||||||
Fiserv, 3.500%, 10/01/22
|
250 | 249 | - | - | 250 | 249 | ||||||||||||||||||
Hewlett-Packard, 4.750%, 06/02/14
|
850 | 888 | - | - | 850 | 888 | ||||||||||||||||||
Hewlett-Packard, 4.650%, 12/09/21
|
- | - | 150 | 156 | 150 | 156 | ||||||||||||||||||
Hewlett-Packard, 2.125%, 09/13/15
|
- | - | 190 | 193 | 190 | 193 | ||||||||||||||||||
Hewlett-Packard, 1.550%, 05/30/14
|
920 | 924 | - | - | 920 | 924 | ||||||||||||||||||
KLA-Tencor, 6.900%, 05/01/18
|
200 | 240 | - | - | 200 | 240 | ||||||||||||||||||
Lexmark International, 5.125%, 03/15/20
|
2,250 | 2,305 | - | - | 2,250 | 2,305 | ||||||||||||||||||
Nokia, 5.375%, 05/15/19
|
950 | 905 | - | - | 950 | 905 | ||||||||||||||||||
Texas Instruments, 1.650%, 08/03/19
|
- | - | 345 | 344 | 345 | 344 | ||||||||||||||||||
Western Union, 5.253%, 04/01/20
|
2,000 | 2,143 | - | - | 2,000 | 2,143 | ||||||||||||||||||
Xerox, 8.250%, 05/15/14
|
473 | 510 | - | - | 473 | 510 | ||||||||||||||||||
Xerox, 6.350%, 05/15/18
|
- | - | 160 | 187 | 160 | 187 | ||||||||||||||||||
Total Information Technology
|
10,894 | 999 | 11,893 | |||||||||||||||||||||
Materials - 6.4%
|
||||||||||||||||||||||||
Airgas, 2.900%, 11/15/22
|
250 | 245 | - | - | 250 | 245 | ||||||||||||||||||
Alcoa, 6.750%, 07/15/18
|
700 | 799 | - | - | 700 | 799 | ||||||||||||||||||
Alcoa, 6.150%, 08/15/20
|
200 | 218 | - | - | 200 | 218 | ||||||||||||||||||
Alcoa, 5.720%, 02/23/19
|
385 | 414 | - | - | 385 | 414 | ||||||||||||||||||
AngloGold Ashanti Holdings, 5.375%, 04/15/20
|
1,317 | 1,394 | - | - | 1,317 | 1,394 | ||||||||||||||||||
ArcelorMittal, 9.500%, 02/15/15
|
400 | 452 | - | - | 400 | 452 | ||||||||||||||||||
ArcelorMittal, 6.125%, 06/01/18
|
800 | 864 | - | - | 800 | 864 |
ArcelorMittal, 5.375%, 06/01/13
|
250 | 252 | - | - | 250 | 252 | ||||||||||||||||||
ArcelorMittal, 10.350%, 06/01/19
|
200 | 252 | - | - | 200 | 252 | ||||||||||||||||||
Cabot, 5.000%, 10/01/16
|
300 | 334 | - | - | 300 | 334 | ||||||||||||||||||
International Paper, 5.500%, 01/15/14
|
465 | 480 | - | - | 465 | 480 | ||||||||||||||||||
Kinross, 5.125%, 09/01/21
|
303 | 317 | - | - | 303 | 317 | ||||||||||||||||||
Rio Tinto Finance USA, 8.950%, 05/01/14
|
100 | 109 | - | - | 100 | 109 | ||||||||||||||||||
Rio Tinto Finance USA, 6.500%, 07/15/18
|
- | - | 100 | 122 | 100 | 122 | ||||||||||||||||||
RPM International, 6.125%, 10/15/19
|
150 | 176 | - | - | 150 | 176 | ||||||||||||||||||
RPM International, 3.450%, 11/15/22
|
250 | 248 | - | - | 250 | 248 | ||||||||||||||||||
Southern Copper, 6.375%, 07/27/15
|
380 | 417 | - | - | 380 | 417 | ||||||||||||||||||
Vale Inco, 5.700%, 10/15/15
|
100 | 109 | - | - | 100 | 109 | ||||||||||||||||||
Vale Overseas, 6.875%, 11/21/36
|
- | - | 100 | 114 | 100 | 114 | ||||||||||||||||||
Vale Overseas, 5.625%, 09/15/19
|
350 | 395 | 165 | 186 | 515 | 581 | ||||||||||||||||||
Volkswagen International Finance, 2.375%, 03/22/17 (A)
|
- | - | 125 | 130 | 125 | 130 | ||||||||||||||||||
Vulcan Materials, 6.400%, 11/30/17
|
1,000 | 1,115 | - | - | 1,000 | 1,115 | ||||||||||||||||||
Worthington Industries, 6.500%, 04/15/20
|
250 | 273 | - | - | 250 | 273 | ||||||||||||||||||
Xstrata Canada, 6.000%, 10/15/15
|
1,192 | 1,322 | - | - | 1,192 | 1,322 | ||||||||||||||||||
Xstrata Canada, 5.500%, 06/15/17
|
1,010 | 1,142 | - | - | 1,010 | 1,142 | ||||||||||||||||||
Total Materials
|
11,327 | 552 | 11,879 | |||||||||||||||||||||
REITs - 5.4%
|
||||||||||||||||||||||||
Boston Properties, 5.875%, 10/15/19
|
- | - | 150 | 180 | 150 | 180 | ||||||||||||||||||
CommonWealth REIT, 6.650%, 01/15/18
|
300 | 344 | - | - | 300 | 344 | ||||||||||||||||||
CommonWealth REIT, 5.875%, 09/15/20
|
105 | 115 | - | - | 105 | 115 | ||||||||||||||||||
DDR, 4.625%, 07/15/22
|
250 | 270 | - | - | 250 | 270 | ||||||||||||||||||
Equity One, 3.750%, 11/15/22
|
250 | 249 | - | - | 250 | 249 | ||||||||||||||||||
HCP, 6.000%, 03/01/15
|
215 | 234 | - | - | 215 | 234 | ||||||||||||||||||
HCP, 6.000%, 01/30/17
|
350 | 405 | - | - | 350 | 405 | ||||||||||||||||||
HCP, 5.650%, 12/15/13
|
250 | 259 | - | - | 250 | 259 | ||||||||||||||||||
HCP, 2.625%, 02/01/20
|
- | - | 195 | 196 | 195 | 196 | ||||||||||||||||||
HCP, MTN, 6.300%, 09/15/16
|
462 | 535 | - | - | 462 | 535 | ||||||||||||||||||
Health Care REIT, 5.875%, 05/15/15
|
268 | 294 | - | - | 268 | 294 | ||||||||||||||||||
Health Care, 4.950%, 01/15/21
|
- | - | 165 | 184 | 165 | 184 | ||||||||||||||||||
Healthcare Realty Trust, 6.500%, 01/17/17
|
250 | 288 | - | - | 250 | 288 | ||||||||||||||||||
Healthcare Realty Trust, 5.125%, 04/01/14
|
695 | 725 | - | - | 695 | 725 | ||||||||||||||||||
Highwoods Realty, 3.625%, 01/15/23
|
200 | 198 | - | - | 200 | 198 | ||||||||||||||||||
Liberty Property, MTN, 7.500%, 01/15/18
|
177 | 216 | - | - | 177 | 216 | ||||||||||||||||||
National Retail Properties, 6.875%, 10/15/17
|
300 | 358 | - | - | 300 | 358 | ||||||||||||||||||
National Retail Properties, 3.800%, 10/15/22
|
350 | 358 | - | - | 350 | 358 | ||||||||||||||||||
Post Apartment Homes, 3.375%, 12/01/22
|
200 | 202 | - | - | 200 | 202 | ||||||||||||||||||
Prologis, 7.375%, 10/30/19
|
558 | 699 | - | - | 558 | 699 | ||||||||||||||||||
Prologis, 6.875%, 03/15/20
|
279 | 343 | - | - | 279 | 343 | ||||||||||||||||||
Realty Income, 5.950%, 09/15/16
|
129 | 148 | - | - | 129 | 148 | ||||||||||||||||||
Realty Income, 3.250%, 10/15/22
|
200 | 196 | - | - | 200 | 196 | ||||||||||||||||||
Senior Housing Properties Trust, 6.750%, 12/15/21
|
500 | 578 | - | - | 500 | 578 | ||||||||||||||||||
Senior Housing Properties Trust, 4.300%, 01/15/16
|
500 | 523 | - | - | 500 | 523 | ||||||||||||||||||
Simon Property Group, 6.100%, 05/01/16
|
600 | 686 | - | - | 600 | 686 | ||||||||||||||||||
Simon Property Group, 5.750%, 12/01/15
|
408 | 456 | - | - | 408 | 456 | ||||||||||||||||||
Simon Property Group, 2.150%, 09/15/17
|
- | - | 350 | 361 | 350 | 361 | ||||||||||||||||||
Tanger Properties, 6.150%, 11/15/15
|
115 | 130 | - | - | 115 | 130 | ||||||||||||||||||
Washington Real Estate Investment Trust, 3.950%, 10/15/22
|
250 | 255 | - | - | 250 | 255 | ||||||||||||||||||
Total REITs
|
9,064 | 921 | 9,985 | |||||||||||||||||||||
Shipping & Transportation - 0.9%
|
||||||||||||||||||||||||
Burlington Northern Santa Fe, 3.000%, 03/15/23
|
250 | 252 | - | - | 250 | 252 | ||||||||||||||||||
Federal Express 1998 Pass Through Trust, 7.020%, 01/15/16
|
568 | 620 | - | - | 568 | 620 | ||||||||||||||||||
GATX, 8.750%, 05/15/14
|
200 | 217 | - | - | 200 | 217 | ||||||||||||||||||
GATX, 6.000%, 02/15/18
|
170 | 191 | - | - | 170 | 191 | ||||||||||||||||||
Union Pacific, 4.875%, 01/15/15
|
400 | 429 | - | - | 400 | 429 | ||||||||||||||||||
Total Shipping & Transportation
|
1,709 | - | 1,709 | |||||||||||||||||||||
Telecommunication Services - 5.1%
|
||||||||||||||||||||||||
America Movil, 5.750%, 01/15/15
|
186 | 201 | - | - | 186 | 201 | ||||||||||||||||||
AT&T, 5.600%, 05/15/18
|
- | - | 310 | 368 | 310 | 368 | ||||||||||||||||||
British Telecommunications, 9.625%, 12/15/30
|
- | - | 100 | 155 | 100 | 155 | ||||||||||||||||||
CenturyLink, 6.450%, 06/15/21
|
355 | 376 | - | - | 355 | 376 | ||||||||||||||||||
CenturyLink, 5.800%, 03/15/22
|
250 | 253 | - | - | 250 | 253 | ||||||||||||||||||
COX Communications, 7.250%, 11/15/15
|
231 | 267 | - | - | 231 | 267 | ||||||||||||||||||
COX Communications, MTN, 6.850%, 01/15/18
|
224 | 270 | - | - | 224 | 270 | ||||||||||||||||||
Deutsche Telekom International Finance, 8.750%, 06/15/30
|
- | - | 75 | 106 | 75 | 106 | ||||||||||||||||||
Deutsche Telekom International Finance, 6.000%, 07/08/19
|
- | - | 50 | 60 | 50 | 60 | ||||||||||||||||||
GTE, 6.840%, 04/15/18
|
- | - | 100 | 124 | 100 | 124 | ||||||||||||||||||
New Cingular Wireless Services, 8.750%, 03/01/31
|
- | - | 75 | 117 | 75 | 117 |
Qwest, 6.500%, 06/01/17
|
100 | 116 | - | - | 100 | 116 | ||||||||||||||||||
Telecom Italia Capital, 7.200%, 07/18/36
|
- | - | 75 | 75 | 75 | 75 | ||||||||||||||||||
Telecom Italia Capital, 7.175%, 06/18/19
|
100 | 114 | - | - | 100 | 114 | ||||||||||||||||||
Telecom Italia Capital, 6.999%, 06/04/18
|
600 | 677 | - | - | 600 | 677 | ||||||||||||||||||
Telecom Italia Capital, 6.175%, 06/18/14
|
625 | 654 | - | - | 625 | 654 | ||||||||||||||||||
Telecom Italia Capital, 5.250%, 11/15/13
|
560 | 571 | - | - | 560 | 571 | ||||||||||||||||||
Telecom Italia Capital, 5.250%, 10/01/15
|
700 | 738 | - | - | 700 | 738 | ||||||||||||||||||
Telecom Italia Capital, 4.950%, 09/30/14
|
832 | 862 | - | - | 832 | 862 | ||||||||||||||||||
Telefonica Emisiones, 6.421%, 06/20/16
|
200 | 222 | 75 | 83 | 275 | 305 | ||||||||||||||||||
Telefonica Emisiones SAU, 6.221%, 07/03/17
|
286 | 320 | - | - | 286 | 320 | ||||||||||||||||||
Telefonica Emisiones SAU, 5.462%, 02/16/21
|
115 | 124 | - | - | 115 | 124 | ||||||||||||||||||
Telefonica Emisiones SAU, 5.134%, 04/27/20
|
300 | 316 | - | - | 300 | 316 | ||||||||||||||||||
Telefonica Emisiones SAU, 4.949%, 01/15/15
|
764 | 802 | - | - | 764 | 802 | ||||||||||||||||||
Telefonica Emisiones SAU, 3.992%, 02/16/16
|
500 | 521 | - | - | 500 | 521 | ||||||||||||||||||
Telefonica Emisiones SAU, 3.729%, 04/27/15
|
400 | 414 | - | - | 400 | 414 | ||||||||||||||||||
Verizon Communications, 3.000%, 04/01/16
|
- | - | 345 | 365 | 345 | 365 | ||||||||||||||||||
Verizon New England, 4.750%, 10/01/13
|
250 | 255 | - | - | 250 | 255 | ||||||||||||||||||
Total Telecommunication Services
|
8,073 | 1,453 | 9,526 | |||||||||||||||||||||
Utilities - 5.6%
|
||||||||||||||||||||||||
AES Gener, 7.500%, 03/25/14
|
61 | 64 | - | - | 61 | 64 | ||||||||||||||||||
American Water Capital, 6.085%, 10/15/17
|
310 | 370 | - | - | 310 | 370 | ||||||||||||||||||
AmeriGas Partners, 6.500%, 05/20/21
|
477 | 508 | - | - | 477 | 508 | ||||||||||||||||||
Arizona Public Service, 6.250%, 08/01/16
|
44 | 51 | - | - | 44 | 51 | ||||||||||||||||||
British Transco Finance, 6.625%, 06/01/18
|
128 | 158 | - | - | 128 | 158 | ||||||||||||||||||
Carolina Power & Light, 5.150%, 04/01/15
|
- | - | 80 | 87 | 80 | 87 | ||||||||||||||||||
Cleveland Electric Illuminating, 7.880%, 11/01/17
|
10 | 12 | - | - | 10 | 12 | ||||||||||||||||||
Cleveland Electric Illuminating, 5.700%, 04/01/17
|
10 | 11 | - | - | 10 | 11 | ||||||||||||||||||
Commonwealth Edison, 4.700%, 04/15/15
|
250 | 270 | - | - | 250 | 270 | ||||||||||||||||||
Enersis, 7.375%, 01/15/14
|
263 | 275 | - | - | 263 | 275 | ||||||||||||||||||
Entergy Mississippi, 4.950%, 06/01/18
|
39 | 39 | - | - | 39 | 39 | ||||||||||||||||||
Entergy Mississippi, 6.640%, 07/01/19
|
540 | 646 | - | - | 540 | 646 | ||||||||||||||||||
Entergy New Orleans, 5.250%, 08/01/13
|
250 | 253 | - | - | 250 | 253 | ||||||||||||||||||
Entergy Texas, 7.125%, 02/01/19
|
190 | 236 | - | - | 190 | 236 | ||||||||||||||||||
Exelon Generation, 4.250%, 06/15/22
|
- | - | 100 | 105 | 100 | 105 | ||||||||||||||||||
Exelon, 5.625%, 06/15/35
|
- | - | 75 | 83 | 75 | 83 | ||||||||||||||||||
Jersey Central Power & Light, 5.625%, 05/01/16
|
265 | 298 | - | - | 265 | 298 | ||||||||||||||||||
KeySpan, 8.000%, 11/15/30
|
- | - | 50 | 67 | 50 | 67 | ||||||||||||||||||
Korea Electric Power, 6.750%, 08/01/27
|
- | - | 75 | 102 | 75 | 102 | ||||||||||||||||||
Korea Electric Power, 7.750%, 04/01/13
|
- | - | 95 | 95 | 95 | 95 | ||||||||||||||||||
National Fuel Gas, 4.900%, 12/01/21
|
500 | 557 | - | - | 500 | 557 | ||||||||||||||||||
National Grid, 6.300%, 08/01/16
|
270 | 314 | - | - | 270 | 314 | ||||||||||||||||||
Northern Indiana Public Service, MTN, 7.590%, 06/12/17
|
440 | 513 | - | - | 440 | 513 | ||||||||||||||||||
NuStar Pipeline Operating Partnership, 5.875%, 06/01/13
|
570 | 573 | - | - | 570 | 573 | ||||||||||||||||||
Ohio Edison, 5.450%, 05/01/15
|
236 | 258 | - | - | 236 | 258 | ||||||||||||||||||
Ohio Edison, 6.400%, 07/15/16
|
217 | 252 | - | - | 217 | 252 | ||||||||||||||||||
ONEOK, 4.250%, 02/01/22
|
350 | 372 | 100 | 106 | 450 | 478 | ||||||||||||||||||
PacifiCorp, 5.450%, 09/15/13
|
500 | 511 | - | - | 500 | 511 | ||||||||||||||||||
Panhandle Eastern Pipe Line, 7.000%, 06/15/18
|
396 | 481 | - | - | 396 | 481 | ||||||||||||||||||
Pennsylvania Electric, 6.625%, 04/01/19
|
15 | 17 | - | - | 15 | 17 | ||||||||||||||||||
PPL Energy Supply, 5.700%, 10/15/15
|
- | - | 75 | 82 | 75 | 82 | ||||||||||||||||||
Puget Energy, 5.625%, 07/15/22
|
250 | 275 | - | - | 250 | 275 | ||||||||||||||||||
Puget Sound Energy, MTN, 6.740%, 06/15/18
|
57 | 71 | - | - | 57 | 71 | ||||||||||||||||||
Southwestern Electric Power, 3.550%, 02/15/22
|
500 | 521 | - | - | 500 | 521 | ||||||||||||||||||
Southwestern Electric Power, 5.875%, 03/01/18
|
581 | 683 | - | - | 581 | 683 | ||||||||||||||||||
Southwestern Public Service, 8.750%, 12/01/18
|
250 | 335 | - | - | 250 | 335 | ||||||||||||||||||
Trans-Allegheny Interstate Line, 4.000%, 01/15/15 (A)
|
- | - | 100 | 105 | 100 | 105 | ||||||||||||||||||
TransAlta, 5.750%, 12/15/13
|
480 | 496 | - | - | 480 | 496 | ||||||||||||||||||
Virginia Electric and Power, 8.875%, 11/15/38
|
- | - | 100 | 168 | 100 | 168 | ||||||||||||||||||
Xcel Energy, 5.613%, 04/01/17
|
10 | 12 | - | - | 10 | 12 | ||||||||||||||||||
Total Utilities
|
9,432 | 1,000 | 10,432 | |||||||||||||||||||||
Total Corporate Bonds
|
112,129 | 18,603 | 130,732 | |||||||||||||||||||||
U.S. Government Agency Obligations - 8.1%
|
||||||||||||||||||||||||
FFCB, 3.600%, 05/14/32
|
200 | 200 | - | - | 200 | 200 | ||||||||||||||||||
FFCB, 3.500%, 02/28/33
|
2,000 | 2,008 | - | - | 2,000 | 2,008 | ||||||||||||||||||
FHLB, 5.500%, 08/20/18
|
225 | 230 | - | - | 225 | 230 | ||||||||||||||||||
FHLB, 3.480%, 03/25/33
|
990 | 986 | - | - | 990 | 986 | ||||||||||||||||||
FHLB, 3.400%, 10/04/32
|
1,667 | 1,662 | - | - | 1,667 | 1,662 | ||||||||||||||||||
FHLB, 3.400%, 03/28/33
|
1,000 | 1,002 | - | - | 1,000 | 1,002 | ||||||||||||||||||
FHLB, 3.100%, 07/09/26
|
538 | 538 | - | - | 538 | 538 | ||||||||||||||||||
FHLB, 3.070%, 10/15/27
|
110 | 110 | - | - | 110 | 110 | ||||||||||||||||||
FHLMC, 5.500%, 05/01/37
|
38 | 41 | - | - | 38 | 41 | ||||||||||||||||||
FHLMC, 2.500%, 01/07/14
|
- | - | 380 | 387 | 380 | 387 |
FHLMC, 1.000%, 09/29/17
|
- | - | 560 | 564 | 560 | 564 | ||||||||||||||||||
FNMA, 4.625%, 10/15/13
|
- | - | 415 | 425 | 415 | 425 | ||||||||||||||||||
FNMA, 3.400%, 09/27/32
|
4,000 | 4,011 | - | - | 4,000 | 4,011 | ||||||||||||||||||
FNMA, 2.875%, 12/11/13
|
- | - | 460 | 469 | 460 | 469 | ||||||||||||||||||
FNMA, 2.375%, 07/28/15
|
- | - | 870 | 910 | 870 | 910 | ||||||||||||||||||
FNMA, 1.375%, 11/15/16
|
- | - | 530 | 546 | 530 | 546 | ||||||||||||||||||
FNMA, 1.125%, 04/27/17
|
- | - | 200 | 204 | 200 | 204 | ||||||||||||||||||
FNMA, 0.625%, 10/30/14
|
- | - | 905 | 910 | 905 | 910 | ||||||||||||||||||
Total U.S. Government Agency Obligations
|
10,788 | 4,415 | 15,203 | |||||||||||||||||||||
Preferred Stock - 6.4%
|
||||||||||||||||||||||||
Energy - 0.1%
|
||||||||||||||||||||||||
NextEra Energy Capital Holdings
|
10 | 260 | - | - | 10 | 260 | ||||||||||||||||||
Financials 2.6%
|
||||||||||||||||||||||||
BB&T
|
10 | 255 | - | - | 10 | 255 | ||||||||||||||||||
Charles Schwab
|
20 | 528 | - | - | 20 | 528 | ||||||||||||||||||
Citigroup*
|
10 | 249 | - | - | 10 | 249 | ||||||||||||||||||
Digital Realty Trust
|
10 | 270 | - | - | 10 | 270 | ||||||||||||||||||
Goldman Sachs Group
|
25 | 633 | - | - | 25 | 633 | ||||||||||||||||||
HSBC Holdings
|
30 | 843 | - | - | 30 | 843 | ||||||||||||||||||
JPMorgan Chase
|
20 | 506 | - | - | 20 | 506 | ||||||||||||||||||
Kimco Realty
|
10 | 254 | - | - | 10 | 254 | ||||||||||||||||||
PPL Capital Funding*
|
10 | 252 | - | - | 10 | 252 | ||||||||||||||||||
Prudential Financial
|
10 | 254 | - | - | 10 | 254 | ||||||||||||||||||
Vornado Realty Trust
|
20 | 509 | - | - | 20 | 509 | ||||||||||||||||||
Wells Fargo
|
10 | 255 | - | - | 10 | 255 | ||||||||||||||||||
Total Financials
|
4,808 | - | 4,808 | |||||||||||||||||||||
Industrials - 0.4%
|
||||||||||||||||||||||||
Pitney Bowes
|
10 | 257 | - | - | 10 | 257 | ||||||||||||||||||
Stanley Black & Decker
|
20 | 528 | - | - | 20 | 528 | ||||||||||||||||||
Total Industrials
|
785 | - | 785 | |||||||||||||||||||||
REITs -1.4%
|
||||||||||||||||||||||||
National Retail Properties
|
20 | 531 | - | - | 20 | 531 | ||||||||||||||||||
Realty Income
|
20 | 534 | - | - | 20 | 534 | ||||||||||||||||||
Senior Housing Properties Trust
|
53 | 1,315 | - | - | 53 | 1,315 | ||||||||||||||||||
Ventas Realty
|
10 | 252 | - | - | 10 | 252 | ||||||||||||||||||
Total REITs
|
2,632 | - | 2,632 | |||||||||||||||||||||
Telecommunication Services - 1.2%
|
||||||||||||||||||||||||
Qwest
|
44 | 1,172 | - | - | 44 | 1,172 | ||||||||||||||||||
Telephone & Data Systems
|
30 | 758 | - | - | 30 | 758 | ||||||||||||||||||
United States Cellular
|
10 | 265 | - | - | 10 | 265 | ||||||||||||||||||
Total Telecommunication Services
|
2,195 | - | 2,195 | |||||||||||||||||||||
Utilities - 0.7%
|
||||||||||||||||||||||||
DTE Energy
|
20 | 551 | - | - | 20 | 551 | ||||||||||||||||||
Entergy Louisiana
|
10 | 258 | - | - | 10 | 258 | ||||||||||||||||||
SCE Trust I
|
20 | 526 | - | - | 20 | 526 | ||||||||||||||||||
Total Utilities
|
1,335 | - | 1,335 | |||||||||||||||||||||
Total Preferred Stocks
|
12,015 | - | 12,015 | |||||||||||||||||||||
U.S. Treasury Obligations - 4.9%
|
||||||||||||||||||||||||
U.S. Treasury Bond, 6.250%, 08/15/23
|
- | - | 675 | 955 | 675 | 955 | ||||||||||||||||||
U.S. Treasury Bond, 5.250%, 11/15/28
|
- | - | 900 | 1,219 | 900 | 1,219 | ||||||||||||||||||
U.S. Treasury Bond, 2.625%, 04/30/16
|
- | - | 385 | 411 | 385 | 411 | ||||||||||||||||||
U.S. Treasury Bond, 2.625%, 11/15/20
|
- | - | 425 | 464 | 425 | 464 | ||||||||||||||||||
U.S. Treasury Bond, 0.875%, 07/31/19
|
- | - | 815 | 804 | 815 | 804 | ||||||||||||||||||
U.S. Treasury Note, 4.375%, 02/15/38
|
- | - | 950 | 1,188 | 950 | 1,188 | ||||||||||||||||||
U.S. Treasury Note, 2.750%, 02/15/19
|
- | - | 795 | 877 | 795 | 877 | ||||||||||||||||||
U.S. Treasury Note, 2.375%, 07/31/17
|
- | - | 710 | 763 | 710 | 763 | ||||||||||||||||||
U.S. Treasury Note, 1.750%, 05/15/22
|
- | - | 730 | 732 | 730 | 732 | ||||||||||||||||||
U.S. Treasury Note, 1.250%, 04/30/19
|
- | - | 1,675 | 1,698 | 1,675 | 1,698 | ||||||||||||||||||
Total U.S. Treasury Obligations
|
- | 9,111 | 9,111 | |||||||||||||||||||||
U.S. Government Mortgage-Backed Obligations - 4.8%
|
||||||||||||||||||||||||
FHLMC, Pool A93505, 4.500%, 08/01/40
|
- | - | 79 | 84 | 79 | 84 | ||||||||||||||||||
FHLMC, Pool A93996, 4.500%, 09/01/40
|
- | - | 111 | 119 | 111 | 119 | ||||||||||||||||||
FHLMC, Pool C03490, 4.500%, 08/01/40
|
- | - | 574 | 614 | 574 | 614 | ||||||||||||||||||
FHLMC, Pool C09015, 3.000%, 10/01/42
|
- | - | 269 | 276 | 269 | 276 |
FHLMC, Pool C20300, 6.500%, 01/01/29
|
- | - | 5 | 6 | 5 | 6 | ||||||||||||||||||
FHLMC, Pool E01280, 5.000%, 12/01/17
|
- | - | 9 | 10 | 9 | 10 | ||||||||||||||||||
FHLMC, Pool G04222, 5.500%, 04/01/38
|
- | - | 55 | 60 | 55 | 60 | ||||||||||||||||||
FHLMC, Pool G04913, 5.000%, 03/01/38
|
- | - | 172 | 185 | 172 | 185 | ||||||||||||||||||
FHLMC, Pool G08003, 6.000%, 07/01/34
|
- | - | 36 | 40 | 36 | 40 | ||||||||||||||||||
FHLMC, Pool G11431, 6.000%, 02/01/18
|
- | - | 6 | 6 | 6 | 6 | ||||||||||||||||||
FHLMC, Pool G11880, 5.000%, 12/01/20
|
- | - | 29 | 31 | 29 | 31 | ||||||||||||||||||
FHLMC, Pool G18124, 6.000%, 06/01/21
|
- | - | 21 | 24 | 21 | 24 | ||||||||||||||||||
FHLMC, Pool J19197, 3.000%, 05/01/27
|
- | - | 232 | 245 | 232 | 245 | ||||||||||||||||||
FHLMC, Pool Q08998, 3.500%, 06/01/42
|
- | - | 243 | 256 | 243 | 256 | ||||||||||||||||||
FHLMC, Pool Q10378, 3.000%, 08/01/42
|
- | - | 260 | 267 | 260 | 267 | ||||||||||||||||||
FHLMC ARM, 2.807%, 01/01/35 (B)
|
- | - | 6 | 7 | 6 | 7 | ||||||||||||||||||
FHLMC ARM, 2.801%, 01/01/35 (B)
|
- | - | 11 | 12 | 11 | 12 | ||||||||||||||||||
FHLMC ARM, 2.745%, 12/01/34 (B)
|
- | - | 18 | 19 | 18 | 19 | ||||||||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2011-K704, Cl A2, 2.412%, 08/25/18
|
- | - | 400 | 422 | 400 | 422 | ||||||||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K705, Cl A2, 2.303%, 09/25/18
|
- | - | 200 | 210 | 200 | 210 | ||||||||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K706, Cl A2, 2.323%, 10/25/18
|
- | - | 150 | 157 | 150 | 157 | ||||||||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K708, Cl A2, 2.130%, 01/25/19
|
- | - | 300 | 311 | 300 | 311 | ||||||||||||||||||
FHLMC REMIC, Ser 2007-R010, Cl VA, 5.500%, 04/15/17
|
- | - | 44 | 44 | 44 | 44 | ||||||||||||||||||
FHLMC REMIC, Ser 2804, Cl VC, 5.000%, 07/15/21
|
- | - | 118 | 130 | 118 | 130 | ||||||||||||||||||
FNMA, Pool 252570, 6.500%, 07/01/29
|
- | - | 9 | 10 | 9 | 10 | ||||||||||||||||||
FNMA, Pool 253183, 7.500%, 04/01/30
|
- | - | 1 | 1 | 1 | 1 | ||||||||||||||||||
FNMA, Pool 253398, 8.000%, 08/01/30
|
- | - | 3 | 4 | 3 | 4 | ||||||||||||||||||
FNMA, Pool 254545, 5.000%, 12/01/17
|
- | - | 25 | 27 | 25 | 27 | ||||||||||||||||||
FNMA, Pool 254685, 5.000%, 04/01/18
|
- | - | 21 | 23 | 21 | 23 | ||||||||||||||||||
FNMA, Pool 254949, 5.000%, 11/01/33
|
- | - | 27 | 29 | 27 | 29 | ||||||||||||||||||
FNMA, Pool 255814, 5.500%, 08/01/35
|
- | - | 59 | 65 | 59 | 65 | ||||||||||||||||||
FNMA, Pool 303168, 9.500%, 02/01/25
|
- | - | 3 | 4 | 3 | 4 | ||||||||||||||||||
FNMA, Pool 725424, 5.500%, 04/01/34
|
- | - | 45 | 49 | 45 | 49 | ||||||||||||||||||
FNMA, Pool 735060, 6.000%, 11/01/34
|
- | - | 28 | 32 | 28 | 32 | ||||||||||||||||||
FNMA, Pool 735228, 5.500%, 02/01/35
|
- | - | 24 | 27 | 24 | 27 | ||||||||||||||||||
FNMA, Pool 735230, 5.500%, 02/01/35
|
- | - | 59 | 66 | 59 | 66 | ||||||||||||||||||
FNMA, Pool 745275, 5.000%, 02/01/36
|
- | - | 251 | 273 | 251 | 273 | ||||||||||||||||||
FNMA, Pool 745418, 5.500%, 04/01/36
|
- | - | 307 | 337 | 307 | 337 | ||||||||||||||||||
FNMA, Pool 844809, 5.000%, 11/01/35
|
- | - | 135 | 147 | 135 | 147 | ||||||||||||||||||
FNMA, Pool AD0454, 5.000%, 11/01/21
|
- | - | 66 | 72 | 66 | 72 | ||||||||||||||||||
FNMA, Pool AD8522, 4.000%, 08/01/40
|
- | - | 80 | 85 | 80 | 85 | ||||||||||||||||||
FNMA, Pool AE0828, 3.500%, 02/01/41
|
- | - | 484 | 511 | 484 | 511 | ||||||||||||||||||
FNMA, Pool AE0949, 4.000%, 02/01/41
|
- | - | 518 | 553 | 518 | 553 | ||||||||||||||||||
FNMA, Pool AH0621, 3.500%, 01/01/41
|
- | - | 121 | 128 | 121 | 128 | ||||||||||||||||||
FNMA, Pool AJ1407, 4.000%, 09/01/41
|
- | - | 120 | 128 | 120 | 128 | ||||||||||||||||||
FNMA, Pool AJ7689, 4.000%, 12/01/41
|
- | - | 366 | 391 | 366 | 391 | ||||||||||||||||||
FNMA, Pool AO2970, 3.000%, 05/01/42
|
- | - | 248 | 256 | 248 | 256 | ||||||||||||||||||
FNMA, Pool AO4137, 3.500%, 06/01/42
|
- | - | 270 | 286 | 270 | 286 | ||||||||||||||||||
FNMA, Pool MA1277, 2.500%, 12/01/27
|
- | - | 194 | 201 | 194 | 201 | ||||||||||||||||||
FNMA ARM, 2.590%, 04/01/35 (B)
|
- | - | 83 | 87 | 83 | 87 | ||||||||||||||||||
FNMA REMIC, Ser 33, Cl LD, 4.250%, 09/25/22
|
- | - | 7 | 7 | 7 | 7 | ||||||||||||||||||
FNMA Whole Loan, Ser W6, Cl 1A6, 5.500%, 07/25/34
|
- | - | 30 | 30 | 30 | 30 | ||||||||||||||||||
GNMA, Pool 780315, 9.500%, 12/15/17
|
- | - | 4 | 5 | 4 | 5 | ||||||||||||||||||
GNMA, Pool G2 4696, 4.500%, 05/20/40
|
- | - | 266 | 294 | 266 | 294 | ||||||||||||||||||
GNMA, Pool G2 4747, 5.000%, 07/20/40
|
- | - | 103 | 115 | 103 | 115 | ||||||||||||||||||
GNMA, Pool G2 4923, 4.500%, 01/20/41
|
- | - | 139 | 153 | 139 | 153 | ||||||||||||||||||
GNMA, Pool G2 MA0155, 4.000%, 06/20/42
|
- | - | 345 | 374 | 345 | 374 | ||||||||||||||||||
GNMA, Pool G2 MA0392, 3.500%, 09/20/42
|
- | - | 313 | 335 | 313 | 335 | ||||||||||||||||||
NCUA Guaranteed Notes, Ser 2010-C1, Cl A2, 2.900%, 10/29/20
|
- | - | 225 | 240 | 225 | 240 | ||||||||||||||||||
NCUA Guaranteed Notes, Ser 2010-R1, Cl 2A, 1.840%, 10/07/20
|
- | - | 76 | 77 | 76 | 77 | ||||||||||||||||||
Total U.S. Government Mortgage-Backed Obligations
|
- | 8,957 | 8,957 | |||||||||||||||||||||
Asset-Backed Securities - 1.4%
|
||||||||||||||||||||||||
American Express Credit Account Master Trust, Ser 2008-5, Cl A, 1.003%, 03/15/16 (B)
|
- | - | 200 | 201 | 200 | 201 | ||||||||||||||||||
American Express Credit Account Master Trust, Ser 2009-2, Cl A, 1.453%, 03/15/17 (B)
|
- | - | 575 | 584 | 575 | 584 | ||||||||||||||||||
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2, 6.205%, 05/28/37
|
- | - | 158 | 161 | 158 | 161 | ||||||||||||||||||
BT SPE (Acquired 07/06/11, Acquisition Cost $1,611,982), 9.250%, 06/06/16 (E) (F) (G)
|
1,612 | 1,561 | - | - | 1,612 | 1,561 |
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4, 7.000%, 07/25/28
|
- | - | 3 | - | 3 | - | ||||||||||||||||||
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9, 7.090%, 04/15/28
|
- | - | - | - | - | - | ||||||||||||||||||
GMAC Mortgage Corporation Loan Trust, Ser 2004-GH1, Cl A6, 4.810%, 07/25/35
|
- | - | 60 | 58 | 60 | 58 | ||||||||||||||||||
Green Tree Financial, Ser 1997-7, Cl A6, 6.760%, 07/15/29
|
- | - | 42 | 45 | 42 | 45 | ||||||||||||||||||
RAAC, Ser 2004-SP1, Cl AI4, 5.285%, 08/25/27 (B)
|
- | - | 25 | 25 | 25 | 25 | ||||||||||||||||||
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5, 5.572%, 06/25/32 (B)
|
- | - | 39 | 34 | 39 | 34 | ||||||||||||||||||
Total Asset-Backed Securities
|
1,561 | 1,108 | 2,669 | |||||||||||||||||||||
Commercial Mortgage-Backed Obligations - 1.1%
|
||||||||||||||||||||||||
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9, Ser PWR9, Cl A4A, 4.871%, 09/11/42
|
- | - | 200 | 216 | 200 | 216 | ||||||||||||||||||
Citigroup, Ser 2005-CD1, 5.219%, 07/15/44 (B)
|
- | - | 200 | 219 | 200 | 219 | ||||||||||||||||||
Citigroup, Ser 2007-CD4, Cl A2B, 5.205%, 12/11/49
|
- | - | 32 | 32 | 32 | 32 | ||||||||||||||||||
Commercial Mortgage, Ser 2005-C5, Cl A5A, Cl 0, 5.116%, 06/10/44 (B)
|
- | - | 275 | 299 | 275 | 299 | ||||||||||||||||||
Commercial Mortgage Trust, Ser CR2, Cl A4, 3.147%, 08/15/45
|
- | - | 125 | 130 | 125 | 130 | ||||||||||||||||||
GS Mortgage Securities II, Ser GCJ9, Cl A3, 2.773%, 11/10/45
|
- | - | 275 | 275 | 275 | 275 | ||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities Series 2005-CIBC12, Ser CB12, Cl A4, 4.895%, 09/12/37
|
- | - | 275 | 297 | 275 | 297 | ||||||||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Ser C6, Cl A4, 2.858%, 11/15/45
|
- | - | 275 | 278 | 275 | 278 | ||||||||||||||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2005-C22, 5.297%, 12/15/44 (B)
|
- | - | 250 | 274 | 250 | 274 | ||||||||||||||||||
Total Commercial Mortgage-Backed Obligations
|
- | 2,020 | 2,020 | |||||||||||||||||||||
Residential Mortgage-Backed Securities - 0.1%
|
||||||||||||||||||||||||
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1, 5.500%, 03/25/19
|
- | - | 48 | 49 | 48 | 49 | ||||||||||||||||||
Chase Mortgage Finance, Ser 2003-S13, Cl A11, 5.500%, 11/25/33
|
- | - | 27 | 27 | 27 | 27 | ||||||||||||||||||
Residential Accredit Loans, Ser 2004-QS5, Cl A5, 4.750%, 04/25/34
|
- | - | 15 | 16 | 15 | 16 | ||||||||||||||||||
Residential Accredit Loans, Ser 2004-QS6, Cl A1, 5.000%, 05/25/19
|
- | - | 24 | 24 | 24 | 24 | ||||||||||||||||||
WaMu Mortgage Pass-Through Certificates, Ser 2004-CB2, Cl 5A, 5.000%, 07/25/19
|
- | - | 75 | 77 | 75 | 77 | ||||||||||||||||||
Total Residential Mortgage-Backed Securities
|
- | 193 | 193 | |||||||||||||||||||||
Sovereign Debt - 0.3%
|
||||||||||||||||||||||||
Province of Newfoundland Canada, 7.320%, 10/13/23
|
100 | 138 | - | - | 100 | 138 | ||||||||||||||||||
Province of Quebec Canada, 7.380%, 04/09/26
|
100 | 143 | - | - | 100 | 143 | ||||||||||||||||||
Region of Lombardy, 5.804%, 10/25/32
|
150 | 142 | - | - | 150 | 142 | ||||||||||||||||||
United Mexican States, MTN, 5.125%, 07/25/19
|
- | - | 100 | 117 | 100 | 117 | ||||||||||||||||||
Total Sovereign Debt
|
423 | 117 | 540 | |||||||||||||||||||||
Convertible Bonds - 0.3%
|
||||||||||||||||||||||||
Information Technology - 0.3%
|
||||||||||||||||||||||||
Advanced Micro Devices, 6.000%, 05/01/15
|
256 | 254 | - | - | 256 | 254 | ||||||||||||||||||
Linear Technology, 3.000%, 05/01/27
|
258 | 276 | - | - | 258 | 276 | ||||||||||||||||||
Total Information Technology
|
530 | - | 530 | |||||||||||||||||||||
Total Convertible Bonds
|
530 | - | 530 | |||||||||||||||||||||
Municipal Bond - 0.1%
|
||||||||||||||||||||||||
Puerto Rico
|
||||||||||||||||||||||||
Government Development Bank for Puerto Rico, Ser B, RB, 4.704%, 05/01/16
|
- | - | 100 | 101 | 100 | 101 | ||||||||||||||||||
Total Municipal Bond
|
- | 101 | 101 | |||||||||||||||||||||
Certificate of Deposit - 0.1%
|
||||||||||||||||||||||||
Swiss Bank, 7.375%, 07/15/15
|
175 | 190 | - | - | 175 | 190 | ||||||||||||||||||
Total Certificate of Deposit
|
190 | - | 190 |
Short-Term Investments - 1.6%
|
||||||||||||||||||||||||
CNI Government Money Market Fund, Cl I, 0.010%**†
|
- | - | 721 | 721 | 721 | 721 | ||||||||||||||||||
First American Government Obligations Fund, 0.020%**
|
1,616 | 1,616 | - | - | 1,616 | 1,616 | ||||||||||||||||||
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
|
- | - | 721 | 721 | 721 | 721 | ||||||||||||||||||
Total Short-Term Investments
|
1,616 | 1,442 | 3,058 | |||||||||||||||||||||
Total Investments - 99.3% (Cost $177,842)
|
$ | 139,252 | $ | 46,067 | $ | 185,319 | ||||||||||||||||||
Other Assets in Excess of Liabilities - 0.7%
|
1,411 | (159 | ) | 1,252 | ||||||||||||||||||||
Net Assets - 100.0%
|
$ | 140,663 | $ | 45,908 | $ | 186,571 |
*
|
Non-income producing security.
|
**
|
The rate reported is the 7-day effective yield as of March 31, 2013.
|
†
|
Investment in Affiliate.
|
(A)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $3,511 ($ Thousands), representing 1.9% of net assets.
|
(B)
|
Floating Rate Security — The rate reported is the rate in effect on March 31, 2013
|
(C)
|
Step Bond — The rate reported is the rate in effect on March 31, 2013. The coupon on a step bond changes on a specific date.
|
(D)
|
In default on interest payments. Rate shown represents the last coupon rate prior to default.
|
(E)
|
Security is considered illiquid.
|
(F)
|
Security is considered restricted. The total market value of such security as of March 31, 2013 was $1,561 ($ Thousands) and represented .08% of net assets.
|
(G)
|
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2013 was $1,561 ($ Thousands) and represented 0.8% of net assets.
|
City National Rochdale
|
Intermediate Fixed Income Fund and Full Maturity Fixed Income Fund
|
Pro Forma Statement of Assets and Liabilities (000) (Unaudited)
|
March 31, 2013
|
City National
Rochdale
Intermediate Fixed
Income Fund
|
City National
Rochdale
Full Maturity Fixed
Income Fund
|
Proforma
Adjustments
|
Pro Forma
Combined
|
|||||||||||||
ASSETS
|
|
|||||||||||||||
Cost of securities
|
$ | 133,444 | $ | 44,398 | $ | 177,842 | ||||||||||
Investments in securities, at value
|
$ | 139,252 | $ | 45,346 | $ | 184,598 | ||||||||||
Affiliated investments, at value
|
- | 721 | 721 | |||||||||||||
Cash
|
25 | 8 | 33 | |||||||||||||
Dividend and income receivable
|
1,641 | 323 | 1,964 | |||||||||||||
Receivable for capital shares sold
|
526 | 13 | 539 | |||||||||||||
Receivable for investment securities sold
|
250 | - | 250 | |||||||||||||
Prepaid expenses
|
14 | 3 | 17 | |||||||||||||
TOTAL ASSETS
|
141,708 | 46,414 | 188,122 | |||||||||||||
LIABILITIES
|
||||||||||||||||
Payable for investment securities purchased
|
717 | 456 | 1,173 | |||||||||||||
Payable for capital shares redeemed
|
175 | - | 175 | |||||||||||||
Investment adviser fees payable
|
46 | 19 | 65 | |||||||||||||
Shareholder servicing and distribution fees payable
|
29 | - | 29 | |||||||||||||
Administrative fees payable
|
5 | 2 | 7 | |||||||||||||
Payable for income distributions
|
- | 13 | 13 | |||||||||||||
Accrued expenses
|
73 | 16 |
|
89 | ||||||||||||
TOTAL LIABILITIES
|
1,045 | 506 | 1,551 | |||||||||||||
NET ASSETS
|
$ | 140,663 | $ | 45,908 | $ | 186,571 | ||||||||||
Institutional Class Shares:
|
||||||||||||||||
Net Assets ($Dollars)
|
$ | - | $ | 45,613,820 | $ | 294,602 | $ | 45,908,422 | ||||||||
Total shares outstanding at end of period
|
- | 4,252,567 | (2,547,082 | ) | 1,705,485 | |||||||||||
Net asset value, offering and redemption price per share
|
||||||||||||||||
(net assets ÷ shares outstanding)
|
$ | - | $ | 10.73 | $ | 26.92 | ||||||||||
Class N Shares:
|
||||||||||||||||
Net Assets ($Dollars)
|
$ | 140,663,361 | $ | 294,602 | $ | (294,602 | ) | $ | 140,663,361 | |||||||
Total shares outstanding at end of period
|
5,225,600 | 27,491 | (27,491 | ) | 5,225,600 | |||||||||||
Net asset value, offering and redemption price per share
|
||||||||||||||||
(net assets ÷ shares outstanding)
|
$ | 26.92 | $ | 10.72 | $ | 26.92 |
Pro Forma Combining Statement of Operations (000) (Unaudited)
|
For the Twelve Months Ended March 31, 2013
|
City National
Rochdale
Intermediate
Fixed
Income Fund
|
City National
Rochdale
Full Maturity
Fixed
Income Fund
|
Combined
|
Pro Forma
Adjustments
|
Pro Forma
Combined
|
|||||||||||||||||
Investment Income:
|
|||||||||||||||||||||
Dividends
|
$ | 465 | $ | - | $ | 465 | $ | - | $ | 465 | |||||||||||
Interest
|
5,042 | 1,299 | 6,341 | - | 6,341 | ||||||||||||||||
Income from securities lending
|
29 | - | 29 | - | 29 | ||||||||||||||||
TOTAL INCOME
|
5,536 | 1,299 | 6,835 | - | 6,835 | ||||||||||||||||
Expenses:
|
|||||||||||||||||||||
Investment advisory fees
|
483 | 235 | 718 | (49 | ) |
(a)
|
669 | ||||||||||||||
Shareholder servicing fees - Class N (2)
|
484 | 2 | 486 | (2 | ) |
(d)
|
484 | ||||||||||||||
Administration fees
|
158 | 22 | 180 | (63 | ) |
(b)
|
117 | ||||||||||||||
Fund accounting fees
|
60 | - | 60 | - | 60 | ||||||||||||||||
Trustees fees
|
7 | 2 | 9 | - | 9 | ||||||||||||||||
Professional fees
|
26 | 6 | 32 | - | 32 | ||||||||||||||||
Printing fees
|
9 | 2 | 11 | (2 | ) |
(e)
|
9 | ||||||||||||||
Transfer Agent fees
|
29 | 43 | 72 | - |
(f)
|
72 | |||||||||||||||
Custodian fees
|
45 | 2 | 47 | - | 47 | ||||||||||||||||
Registration and filing fees
|
32 | 2 | 34 | 2 |
(g)
|
36 | |||||||||||||||
Interest expense
|
56 | - | 56 | - | 56 | ||||||||||||||||
Insurance and other expenses
|
7 | 3 | 10 | - | 10 | ||||||||||||||||
Total expenses
|
1,396 | 319 | 1,715 | (114 | ) | 1,601 | |||||||||||||||
Less:
|
|||||||||||||||||||||
Waiver of investment advisory fees
|
(1 | ) | (1 | ) | (2 | ) | (262 | ) |
(c)
|
(264 | ) | ||||||||||
Net expenses
|
1,395 | 318 | 1,713 | (376 | ) | 1,337 | |||||||||||||||
Net investment income
|
4,141 | 981 | 5,122 | 376 | 5,498 | ||||||||||||||||
REALIZED AND UNREALIZED GAIN
|
|||||||||||||||||||||
ON INVESTMENTS
|
|||||||||||||||||||||
Net realized gain/loss on investments
|
300 | 569 | 869 | - | 869 | ||||||||||||||||
Net change in unrealized appreciation
|
|||||||||||||||||||||
on investments
|
1,408 | 169 | 1,577 | - | 1,577 | ||||||||||||||||
Net urealized and unrealized gain
|
1,708 | 738 | 2,446 | - | 2,446 | ||||||||||||||||
Net increase in net assets
|
|||||||||||||||||||||
resulting from operations
|
$ | 5,849 | $ | 1,719 | $ | 7,568 | $ | 376 | $ | 7,944 |
Item 15.
|
Indemnification
|
Item 16.
|
Exhibits
|
1)
|
Charter Documents:
|
|
a.
|
Certificate of Trust dated October 25, 1996 and amendments thereto dated February 11, 1998 and April 2, 1999. (H)
|
|
(i)
|
Certificate of Amendment dated August 15, 2013 to the Certificate of Trust dated October 25, 1996, as amended - filed herewith.
|
|
b.
|
Agreement and Declaration of Trust dated October 25, 1996. (A)
|
|
(i)
|
Amendment dated April 26, 1999, to the Agreement and Declaration of Trust dated October 25, 1996. (B)
|
|
(ii)
|
Amendment dated December 4, 2012, to the Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999. (I)
|
|
(iii)
|
Amendment dated August 15, 2013, to the Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999 - filed herewith.
|
2)
|
By-Laws:
|
|
a.
|
By-Laws dated October 25, 1996. (A)
|
|
b.
|
Amendment dated April 26, 1999, to the By-Laws dated October 25, 1996. (B)
|
|
c.
|
Amended and Restated By-Laws dated February 26, 2009. (H)
|
|
d.
|
Amendment dated August 29, 2013 to the Amended and Restated By-Laws dated February 26, 2009 - filed herewith.
|
3)
|
Not applicable.
|
4)
|
Agreement and Plan of Reorganization:
|
|
a.
|
Form of Agreement and Plan of Reorganization. (C)
|
5)
|
Not applicable.
|
6)
|
Investment Management Agreements:
|
|
a.
|
Investment Management Agreement dated October 1, 2005 between the Registrant and City National Asset Management, Inc. (now City National Rochdale, LLC) with respect to the City National Rochdale Full Maturity Fixed Income Fund (the “Full Maturity Fixed Income Fund”). (G)
|
|
b.
|
Expense Limitation and Reimbursement Agreement dated January 28, 2013 between the Registrant and City National Asset Management, Inc. (now City National Rochdale, LLC) with respect to the Full Maturity Fixed Income Fund. (H)
|
|
c.
|
Form of Investment Manager Agreement between City National Asset Management, Inc. (now City National Rochdale, LLC) and Robert W. Baird & Co. Incorporated with respect to the Full Maturity Fixed Income Fund. (J)
|
|
d.
|
Investment Manager Agreement dated December 27, 2012 between City National Asset Management, Inc. (now City National Rochdale, LLC) and Boyd Watterson Asset Management, LLC with respect to the Full Maturity Fixed Income Fund. (H)
|
|
e.
|
Investment Management Agreement dated March 28, 2013 between the Registrant and Rochdale Investment Management LLC (now City National Rochdale, LLC) with respect to the City National Rochdale Intermediate Fixed Income Fund (the “Intermediate Fixed Income Fund”). (I)
|
7)
|
Distribution Agreements:
|
|
a.
|
Distribution Agreement dated April 1, 1999 between the Registrant and SEI Investments Distribution Co. with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
|
b.
|
AML Amendment dated March 13/14, 2006, to the Distribution Agreement dated April 1, 1999 between the Registrant and SEI Investments Distribution Co. with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
|
c.
|
Form of Sub-Distribution and Servicing Agreement. (F)
|
8)
|
Not applicable.
|
9)
|
Custody Agreements:
|
|
a.
|
Custody Agreement dated August 1, 2011 between the Registrant and U.S. Bank National Association with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (E)
|
|
b.
|
First Amendment dated January 1, 2012, to the Custody Agreement dated August 1, 2011 between the Registrant and U.S. Bank National Association with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
10)
|
Distribution Plan and Rule 18f-3 Plan:
|
|
a.
|
Rule 12b-1 Distribution Plan dated January 28, 2013 with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (H)
|
|
b.
|
Amended and Restated Multiple Class Plan dated February 19, 2013 with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
|
c.
|
Revised Appendix A dated September 17, 2013 to the Amended and Restated Multiple Class Plan dated February 19, 2013 with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund - filed herewith.
|
11)
|
Opinion of Counsel:
|
|
a.
|
Opinion and consent of counsel as to the legality of the securities being registered - filed herewith.
|
12)
|
Tax Opinion:
|
|
a.
|
Form of opinion of counsel supporting tax matters and consequences to shareholders discussed in Part A of the Registration Statement on Form N-14 - filed herewith.
|
13)
|
Other Material Contracts:
|
|
a.
|
Amended and Restated Administration Agreement dated January 1, 2013 between the Registrant and SEI Investments Global Funds Services with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
|
b.
|
Transfer Agent Servicing Agreement dated January 1, 2013 between the Registrant and U.S. Bancorp Fund Services, LLC with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (I)
|
|
c.
|
Amended and Restated Shareholder Services Agreement dated June 1, 2001 between the Registrant and City National Bank with respect to the Intermediate Fixed Income Fund. (F)
|
|
(i)
|
Amended Exhibit A dated December 4, 2012, to the Amended and Restated Shareholder Services Agreement dated June 1, 2001 between the Registrant and City National Bank with respect to the Intermediate Fixed Income Fund. (I)
|
|
d.
|
Form of Shareholder Services Agreement dated January 1, 2011 between the Registrant and City National Asset Management, Inc. with respect to the Full Maturity Fixed Income Fund. (G)
|
|
e.
|
Form of Shareholder Service Provider Agreement between City National Bank and RIM Securities, LLC with respect to the Full Maturity Fixed Income Fund and Intermediate Fixed Income Fund. (D)
|
14)
|
Other Opinions:
|
|
a.
|
Consent of Independent Registered Certified Public Accounting Firm, Tait, Weller & Baker LLP – filed herewith.
|
|
b.
|
Consent of Independent Registered Certified Public Accounting Firm, KPMG LLP - filed herewith.
|
15)
|
Not applicable.
|
16)
|
Powers of Attorney:
|
|
a.
|
Power of Attorney - filed herewith.
|
17)
|
Additional Exhibits:
|
|
a.
|
Form of Proxy Card - filed herewith.
|
|
b.
|
The Full Maturity Fixed Income Fund’s Statement of Additional Information, dated January 28, 2013, as supplemented September 10, 2013. (K)
|
|
c.
|
The Intermediate Fixed Income Fund’s Statement of Additional Information, dated April 30, 2013, as supplemented September 10, 2013. (K)
|
|
d.
|
The Full Maturity Fixed Income Fund’s Annual Report for the year ended September 30, 2012. (L)
|
|
e.
|
The Intermediate Fixed Income Fund’s Annual Report for the year ended December 31, 2012. (M)
|
|
f.
|
The Full Maturity Fixed Income Fund’s and Intermediate Fixed Income Fund’s Semi-Annual Report for the fiscal period ended March 31, 2013. (N)
|
A.
|
Previously filed as an exhibit to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on November 14, 1996 and incorporated herein by reference.
|
B.
|
Previously filed as an exhibit to Post-Effective Amendment No. 8 to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on May 3, 1999 and incorporated herein by reference.
|
|
C.
|
Filed as Appendix A to Part A of this Registration Statement on Form N-14.
|
|
D.
|
Previously filed as an exhibit to Post-Effective Amendment No. 54 to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on November 21, 2012, and incorporated herein by reference.
|
|
E.
|
Previously filed as an exhibit to Post-Effective Amendment No. 44 to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on September 14, 2011, and incorporated herein by reference.
|
|
F.
|
Previously filed as an exhibit to Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on June 27, 2007 and incorporated herein by reference.
|
|
G.
|
Previously filed as an exhibit to Post-Effective Amendment No. 41 to Registrant’s Registration Statement on Form N-1A (File No. 333-16093) on January 28, 2011, and incorporated herein by reference.
|
|
H.
|
Previously filed as an exhibit to Registrant’s Registration Statement on Form N-14 (File No. 333-186096) on January 28, 2013, and incorporated herein by reference.
|
|
I.
|
Previously filed as an exhibit to Registrant’s Post-Effective Amendment No. 62 (File No. 333-16093) on April 30, 2013, and incorporated herein by reference.
|
|
J.
|
Previously filed as an exhibit to Registrant’s Post-Effective Amendment No. 25 (File No. 333-16093) on May 13, 2005 and incorporated herein by reference.
|
|
K.
|
Previously filed as part of a 497 filing (File No. 333-16093) on September 10, 2013 and incorporated herein by reference.
|
|
L.
|
Previously filed on December 7, 2012 (File No. 811-07923) and incorporated herein by reference.
|
|
M.
|
Previously filed on March 8, 2013 (File No. 811-08685) and incorporated herein by reference.
|
|
N.
|
Previously filed on June 10, 2013 (File No. 811-07923) and incorporated herein by reference.
|
Item 17.
|
Undertakings
|
1.
|
The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of the registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
|
2.
|
The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
|
3.
|
The undersigned registrant agrees that it shall file a final executed version of the legal opinion as to tax matters as an exhibit to the subsequent post-effective amendment to its registration statement on Form N-14 filed with the SEC upon the closing of the reorganization contemplated by this Registration Statement on Form N-14.
|
CITY NATIONAL ROCHDALE FUNDS
|
||
By:
|
/s/ Garrett D’Alessandro
|
|
Garrett D’Alessandro | ||
President, Chief Executive Officer |
Signature
|
Title
|
Date
|
|
/s/ Garrett D’Alessandro
|
President & Chief
|
October 4, 2013
|
|
Garrett D’Alessandro
|
Executive Officer
|
||
/s/ Eric Kleinschmidt
|
Controller & Chief
|
October 4, 2013
|
|
Eric Kleinschmidt
|
Operating Officer
|
||
Irwin G. Barnet*
|
Trustee
|
October 4, 2013
|
|
Irwin G. Barnet
|
|||
Vernon C. Kozlen*
|
Trustee
|
October 4, 2013
|
|
Vernon C. Kozlen
|
|||
William R. Sweet*
|
Trustee
|
October 4, 2013
|
|
William R. Sweet
|
|||
James R. Wolford*
|
Trustee
|
October 4, 2013
|
|
James R. Wolford
|
|||
Daniel A. Hanwacker*
|
Trustee
|
October 4, 2013
|
|
Daniel A. Hanwacker
|
|||
Jay C. Nadel*
|
Trustee
|
October 4, 2013
|
|
Jay C. Nadel
|
|||
Andrew S. Clare*
|
Trustee
|
October 4, 2013
|
|
Andrew S. Clare
|
|||
Jon C. Hunt*
|
Trustee
|
October 4, 2013
|
* By: |
/s/ Garrett D’Alessandro
|
|
Garrett D’Alessandro
Attorney-in-Fact, pursuant to Power of Attorney
|
Exhibit Number
|
Exhibit
|
1.A.I
|
Certificate of Amendment dated August 15, 2013 to the Certificate of Trust dated October 25, 1996, as amended.
|
1.B.III
|
Amendment dated August 15, 2013, to the Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999.
|
2.D
|
Amendment dated August 29, 2013 to the Amended and Restated By-Laws dated February 26, 2009.
|
10.C
|
Revised Appendix A dated September 17, 2013 to the Amended and Restated Multiple Class Plan dated February 19, 2 013.
|
11.A
|
Opinion and consent of counsel as to legality of the securities being registered.
|
12.A
|
Form of opinion of counsel supporting tax matters and consequences to shareholders discussed in Part A of the Registration Statement on Form N-14.
|
14.A
|
Consent of Independent Registered Certified Public Accounting Firm, Tait, Weller & Baker LLP.
|
14.B
|
Consent of Independent Registered Certified Public Accounting Firm, KPMG LLP.
|
16.A
|
Power of Attorney.
|
17.A
|
Form of Proxy Card.
|
1.
|
Name of Statutory Trust: CNI Charter Funds
|
2.
|
The Certificate of Amendment to the Certificate of Trust is hereby amended as follows:
|
Please change name of Trust from “CNI Charter Funds” to “City National Rochdale Funds”.
|
3.
|
(Please complete with either upon filing or it may be a future effective date that is within 90 days of the file day). This Certificate of Amendments shall be effective September 10, 2013.
|
|
By:
|
/s/ Irwin G. Barnet | |
Trustee
|
|||
Name: | Irwin G. Barnet | ||
Type or Print
|
/s/Irwin G. Barnet
Irwin G. Barnet
Trustee
|
/s/William R. Sweet
William R. Sweet
Trustee
|
/s/Vernon C. Kozlen
Vernon C. Kozlen
Trustee
|
/s/James Wolford
James Wolford
Trustee
|
/s/Daniel A. Hanwacker
Daniel A. Hanwacker
Trustee
|
/s/Jay C. Nadel
Jay C. Nadel
Trustee
|
/s/Andrew S. Clare
Andrew S. Clare
Trustee
|
/s/Jon C. Hunt
Jon C. Hunt
Trustee
|
|
(a)
|
a majority vote of a quorum consisting of Trustees who are not parties to the proceeding and are not interested persons of the Trust (as defined in the Investment Company Act of 1940); or
|
|
(b)
|
a written opinion by an independent legal counsel.
|
Very truly yours,
|
|
/s/BINGHAM McCUTCHEN LLP
|
|
1.
|
The Transaction will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and the Target Fund and the Acquiring Fund will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code.
|
|
2.
|
No gain or loss will be recognized by the Acquiring Fund upon receipt of the assets of Target Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Target Fund’s liabilities.
|
|
3.
|
The basis in the hands of the Acquiring Fund of the assets transferred to the Acquiring Fund in the Transaction will be the same as the basis of such assets in the hands of the Target Fund immediately prior to the transfer, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund upon the transfer.
|
|
4.
|
The holding periods in the hands of the Acquiring Fund of the assets transferred to the Acquiring Fund in the Transaction, other than any asset with respect to which gain or loss is required to be recognized in the Transaction, will include the periods during which the respective assets were held by the Target Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset).
|
|
5.
|
No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to the Acquiring Fund in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Target Fund’s liabilities, or upon the distribution of the Acquiring Fund Shares by the Target Fund to its shareholders in liquidation except for (A) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code and (C) any other gain or loss that may be required to be recognized as a result of the closing of the Target Fund’s taxable year or upon the transfer of an asset regardless of whether such transfer would otherwise be a nonrecognition transaction under the Code. |
|
6.
|
No gain or loss will be recognized by the Target Fund shareholders upon the exchange of their Target Fund Shares solely for Acquiring Fund Shares as part of the Transaction.
|
|
7.
|
The aggregate basis of the Acquiring Fund Shares that each Target Fund shareholder receives in the Transaction will be the same as the aggregate basis of his or her Target Fund Shares exchanged therefor.
|
|
8.
|
Each Target Fund shareholder’s holding period for his or her Acquiring Fund Shares received in the Transaction will include the period for which he or she held the Target Fund Shares exchanged therefor, provided that he or she held the Target Fund Shares as capital assets on the date of the exchange.
|
/s/TAIT, WELLER & BAKER LLP
|
·
|
Reorganization of City National Rochdale Diversified Equity Fund, a series of the Trust, into City National Rochdale U.S. Core Equity Fund, a series of the Trust
|
|
·
|
Reorganization of City National Rochdale Full Maturity Fixed Income Fund, a series of the Trust, into City National Rochdale Intermediate Fixed Income Fund, a series of the Trust
|
|
·
|
Reorganization of City National Rochdale Alternative Total Return Fund LLC into City National Rochdale Fixed Income Opportunities Fund, a series of the Trust
|
|
/s/
|
Irwin G. Barnet
|
/s/
|
William R. Sweet
|
|
Irwin G. Barnet
|
William R. Sweet
|
|||
Trustee
|
Trustee
|
|||
/s/
|
Vernon C. Kozlen
|
/s/
|
James Wolford
|
|
Vernon C. Kozlen
|
James Wolford
|
|||
Trustee
|
Trustee
|
|||
/s/
|
Daniel A. Hanwacker
|
/s/
|
Jay C. Nadel
|
|
Daniel A. Hanwacker
|
Jay C. Nadel
|
|||
Trustee
|
Trustee
|
|||
/s/
|
Andrew S. Clare
|
/s/
|
Jon C. Hunt
|
|
Andrew S. Clare
|
Jon C. Hunt
|
|||
Trustee
|
Trustee
|
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