UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-0792
City National Rochdale Funds
(Exact name of registrant as specified in charter)
400 North Roxbury Drive
Beverly Hills, CA 90210
(Address of principal executive offices) (Zip code)
William J. Souza, Esq.
400 North Roxbury Drive
Beverly Hills, CA 90210
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-889-0799
Date of fiscal year end: September 30, 2013
Date of reporting period: September 30, 2013
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Item 1.
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Reports to Stockholders.
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TABLE OF CONTENTS
City National Rochdale Funds Annual Report
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2
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Letter to Our Shareholders
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4
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Fixed Income and Blended Funds Investment Adviser’s Report
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8
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Fixed Income and Blended Funds Overview
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17
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Equity Funds Investment Adviser’s Report
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20
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Equity Funds Overview
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25
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Schedule of Investments
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118
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Statements of Assets and Liabilities
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123
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Statements of Operations
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128
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Statements of Changes in Net Assets
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134
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Financial Highlights
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139
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Notes to Financial Statements
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155
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Report of Independent Registered Public Accounting Firm
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156
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Trustees and Officers
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159
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Notice to Shareholders
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160
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Disclosure of Fund Expenses
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163
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Board Approval of Advisory and Sub-Advisory Agreements
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The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The Funds’ Form N-Q filings are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The most current Form N-Q filing is also available on the Funds’ website at www. citynationalrochdalefunds.com and without charge, upon request, by calling 1-888-889-0799.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Securities and Exchange Commission’s website at www.sec.gov.
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
letter to our shareholders
September 30, 2013
Dear Shareholders,
This annual report covers the one-year period ended September 30, 2013. As we head closer to the end of the calendar year, equity investors find themselves generally in good spirits. Most broad market indices are comfortably in the black – a number of which have delivered returns close to, or in excess of 20% over the last 12 months. Developed market equities have been among the best places to invest, as evidenced by the S&P 500 Index’s 19.3% return and the MSCI EAFE Index’s 24.3% showing over the one-year period ended September 30, 2013. Market participants continue to slowly gain comfort with investing in the Eurozone, as left tail risks have for the most part been removed from the equation. Domestic small cap investors have been handsomely rewarded throughout the year, capturing returns in the 30% range, as represented by the Russell 2000 Index. Emerging market equities on the other hand have faced an uphill battle, finishing the one-year period with a paltry 1.3% return as measured by the MSCI Emerging Markets Index. Concerns surrounding a slowdown in Chinese economic activity combined with commodity price pressures led to a sharp sell-off in the securities comprising the MSCI Emerging Market Index during the spring and summer months. Performance dispersion between developed and emerging market indices has since narrowed to some degree, however, as investors have opportunistically sought to take advantage of attractive valuation discounts.
Fixed income markets have been much less accommodating to investors over the last year, as broad market indices across the asset class posted returns anywhere from the low negative single digits to the positive low teens depending on the level of credit risk incurred. Tapering comments communicated by the Federal Reserve (“Fed”) toward the end of the second quarter spooked investors, leading to indiscriminate selling of fixed income assets of all types. Market participants have seemingly become so accustomed to the series of Quantitative Easing (“QE”) initiatives over the last several years that any perceived change in monetary policy by the Federal Open Market Committee to slow open market purchases leads to panic. A rapid spike in the 10-year treasury yield from the 2013 low of 1.61% on May 1st, up to the mid to high 2% range toward the end of June, had a severe negative impact on interest rate-sensitive investments. The Barclays U.S. Aggregate Index declined 2.3% during the second quarter, finishing the trailing 12-month period ending September 30, 2013 with a return of -1.7%. Credit-oriented fixed income investments such as High Yield Bonds and Bank Loans held up much better than their more rate-sensitive cohorts, delivering fiscal year-end returns of 6.8% and 5.0%, respectively. While rising interest rates will inevitably become a reality at some point in the future, low to moderate economic growth rates and near nonexistent inflationary pressures should keep a lid on this possibility for some time.
Commodity markets have faced significant challenges of late, with three of the last four quarters posting negative returns. Slowing emerging market demand combined with mixed messages on the tapering front sent both industrial and precious metals reeling in the second quarter. Gold has been under significant pressure over the last year, selling off close to 25% as investors have gravitated toward equities in search of more upside. The industrial metals complex has also been challenged, declining nearly 16% for the fiscal year ended September 30, 2013. Though commodities have taken investors on a bumpy ride throughout the last year, the correlation profile and inflationary benefits provided by the asset class continue to play a valuable role within a broadly diversified portfolio.
With 2014 right around the corner, City National Rochdale remains as committed as ever to delivering a high quality investment experience for our clients with unparalleled levels of service and attention. We thank you for your trust and confidence in our abilities to continue to serve you well through your investment in the City National Rochdale Funds.
Thank you for the confidence you place in City National Rochdale Funds.
Sincerely,
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
Bruce Simon
Chief Investment Officer
City National Rochdale Funds
Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Past performance is no guarantee of future results. Certain shareholders may be subject to the Alternative Minimum Tax (AMT). Federal income tax rules apply to any capital gain distributions.
Investing involves risk, including the loss of principal.
Fund expenses have been waived during the period on which the performance is based. Without waivers, performance would be lower.
This information must be preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing.
City National Rochdale Funds do not generally accept investments by non-U.S. persons and may not be available in all states.
The MSCI EAFE Index measures international equity performance. It comprises the MSCI country indices that represent developed markets outside of North America: Europe, Australasia and the Far East.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market.
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
investment adviser’s report (Unaudited)
September 30, 2013
Fixed Income and Blended Funds
LIMITED MATURITY FIXED INCOME FUND
The Institutional Class Shares of the Fund outperformed its Barclays 1-3 Year Government/Credit Bond Index benchmark by 12 basis points (“bps”) in Q3 with a return of 0.52%. Calendar year to date, as of September 30, 2013, the Institutional Class Shares of the Fund returned -0.32% versus a return of 0.47% for the benchmark. For the fiscal year ended September 30, 2013, the Institutional Class Shares of the Fund delivered a return of -0.15% versus a 0.62% return for its benchmark.
In terms of performance attribution, the relative return pattern over the course of the last year has been mixed. The Fund generally tracked the benchmark during Q4 2012 and Q1 2013. In early 2013, the Fund was overweight corporate bonds with a tilt toward the Financials sector. Credit selection and curve placement, coupled with slightly longer duration positioning relative to the benchmark, were key contributors to performance. When interest rates sharply rose in May and June, the Fund underperformed due to its longer duration profile. An overweight to corporate bonds, which generated cash flows considerably higher than the benchmark, helped offset some of the decline associated with the elevated interest rate volatility. During Q3, sector and security selection were accretive, as issuers in the Financials sector performed particularly well. Moving forward, the Fund seeks to remain duration neutral to the benchmark in order to limit interest rate risk.
GOVERNMENT BOND FUND
The Servicing Class Shares of the Fund posted a return of -0.09% for Q3, underperforming its Barclays U.S. 1-5 Year Government Bond Index benchmark return of 0.44% by 53bps. Calendar year to date, the Servicing Class Shares of the Fund are lagging its benchmark’s return of -0.06% by 132bps with a return of -1.38%. For the fiscal year ending September 30, 2013, the Servicing Class Shares of the Fund returned -1.26% and its benchmark delivered a 0.00% return.
The strategy began 2013 on par with the benchmark, appreciating by 10bps. At that point in time the Fund was positioned with a slightly higher relative duration, was underweight Treasuries and benefited from an allocation to MBS securities. Moving into the second half of the year, the Fund’s higher duration profile was a significant headwind as interest rates spiked sharply higher during the month of June. With approximately 40% of the Fund’s portfolio allocated to Agency MBS, increased volatility in the fixed income markets led to underperformance during Q2 of approximately 60bps. During Q3, the portfolio shifted half of its 40% MBS allocation into Agency bonds in an effort to limit duration extension within the Fund. Underperformance during the quarter was primarily attributable to a slightly longer duration profile, as rates continued to tick higher. Moving forward, the strategy is increasing exposure to floating rate securities in order to offset the risk of rising rates in addition to selectively investing in attractive entry points on the curve to take advantage of the steepness in shape.
CORPORATE BOND FUND
The Servicing Class Shares of the Fund posted a return of 0.90% for Q3, slightly underperforming its Barclays U.S. Corporate 1-5 A3 or Higher, 2% Issuer Constrained Index benchmark return of 1.00%. Calendar year to date, the Servicing Class Shares of the Fund are lagging its benchmark’s return of 0.35% by 16bps with a return of 0.19%. For the fiscal year ended September 30, 2013, the Servicing Class Shares of the Fund matched its benchmark’s return of 0.75%.
Early in the year, the Fund benefited from issue selection within Industrials and Financials segments of the market. An allocation to BBB-rated securities added significantly to performance, leading to relative outperformance in Q1. Price declines across Time Warner, Teck Resources, and Transocean debt pressured returns. During the second quarter, the Fund trailed the benchmark by a narrow margin of roughly 10bps. The sharp back up in rates during the month of June had a material negative impact on rate-sensitive assets, particularly at the longer end of the curve. The Fund’s shorter duration profile benefited relative performance during the sell-off. Q3 Fund performance slightly trailed the benchmark primarily due to BBB-rated bonds underperforming A-rated credits. The Fund continues to seek to out-accrue the benchmark and take advantage of strong relative value trades across the credit continuum moving forward.
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
CALIFORNIA TAX EXEMPT BOND FUND
The Servicing Class Shares of the Fund posted a return of 1.03% for Q3, underperforming its Barclays CA Intermediate-Short Municipal Bond Index benchmark return of 1.20%. Calendar year to date, the Servicing Class Shares of the Fund are lagging its benchmark’s return of 0.15% by 56bps with a return of -0.41%. For the fiscal year ended September 30, 2013, the Servicing Class Shares of the Fund has underperformed its benchmark’s return of 0.50% with a return of -0.20%.
With short term interest rates having remained low for an extended period of time, it has been challenging to deliver meaningful levels of income within the short duration fixed income world. During Q1, the Fund lagged the benchmark as a result of cash inflows and the resultant drag, as well as curve placement. A slightly higher credit quality portfolio with higher call risk was additive to performance. Moving into Q2, the Fund trailed the benchmark by a narrow margin as the impact of widening credit spreads during the month of June pressured returns. Callable bond structures underperformed during the quarter, especially those with sub-5% coupons. Liquidity conditions due to wide bid/ask spreads also detracted from gross performance. The strategy seeks to maintain a neutral to slightly short duration target relative to the benchmark moving forward, while striving to continue to out-accrue the Barclays CA Intermediate-Short Municipal Bond Index.
FULL MATURITY FIXED INCOME FUND
The Institutional Class Shares of the Full Maturity Fixed Income Fund posted a return of 0.49% in Q3, slightly trailing its Barclays Intermediate U.S. Government/Credit Bond Index benchmark by 13bps. Calendar year to date, the Institutional Class Shares of the Full Maturity Fixed Income Fund is lagging its benchmark’s return -0.84% return with a -1.89% showing. For the fiscal year ended September 30, 2013, the Fund returned -1.78% compared to a -0.50% return for its benchmark.
The Fund started 2013 with a flat return in Q1, relative to a minor decline for the benchmark. Representing roughly 60% of the Fund’s total capital base, Baird Advisors generated a return slightly ahead of the Barclays Aggregate Bond Index while maintaining a duration neutral profile. Boyd Watterson, which manages the remaining 40% of the fund, outpaced its respective benchmark, the Barclays Intermediate U.S. Government/Credit Index by a narrow margin, benefiting from slightly shorter duration positioning. Moving into Q2, the Fund generally kept pace with the benchmark, as minor outperformance by Boyd Watterson was off-set by the negative attribution generated by Baird Advisors’ adverse yield curve positioning.
HIGH YIELD BOND FUND
The Servicing Class Shares of the Fund posted a return of 1.49% for Q3, underperforming its Citigroup High Yield Market Capped Index benchmark return of 2.09% by 60bps. Calendar year to date, the Servicing Class Shares of the Fund are slightly behind its benchmark’s return of 3.68% by 16bps with a return of 3.52%. For the fiscal year ended September 30, 2013, the Servicing Class Shares of the Fund returned 6.35%, lagging its benchmark’s return of 6.78% by 43bps.
The Fund trailed the benchmark by about 30bps in Q4 of 2012, and then bounced back to outperform by approximately 80bps in Q1 of 2013. Positive security selection within the Single B-rated segment was the most impactful, generating 44bps of excess return during the quarter. The largest sector allocation at the end of Q1 was to Consumer Cyclical securities, at about 15% of the total portfolio. The Fund trailed the benchmark slightly during Q2, as idiosyncratic underperformance across a handful of individual issues offset the impact from a lower relative duration profile. The majority of the underperformance in Q3 was associated with the month of July, when credit rallied sharply as a snapback from June’s pronounced rate sell-off. Though the portfolio participated in the upside, it didn’t capture as much of the spread compression as the benchmark due to its higher credit quality positioning. The Fund’s sub-adviser remains focused on keeping interest-rate duration short amid increased rate volatility, while continuing to upgrade credit quality in the wake of a softening in underwriting standards.
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
investment adviser’s report (Unaudited)
September 30, 2013
Fixed Income and Blended Funds (continued)
INTERMEDIATE FIXED INCOME FUND
The Fund posted a return of -0.17% for Q3, underperforming its Barclays Intermediate U.S. Government/Credit Index benchmark return of 0.62% by 79bps. Calendar year to date, the Fund is slightly behind its benchmark’s return of -0.84% by 12bps with a return of -0.96%. On a trailing twelve month basis ending September 30, 2013, the Fund returned 0.05%, outpacing its benchmark’s return of -0.50% by 55bps.
During the first half of the trailing 12 month period, the Fund outpaced the benchmark by nearly 200bps. In Q1 of 2013, the spread between the 10-year and 2-year treasury securities widened by 11bps, which benefited the Fund, given its slightly lower relative duration profile. At this point in time, the Fund increased exposure to Information Technology, Financial, and Telecommunication Services bonds based on attractive relative value opportunities. The Fund also increased duration positioning in anticipation of a slight decline in interest rates in the coming quarters. Unfortunately, the decision detracted from returns when interest rates spiked sharply during the month of June. Exposure to longer duration preferred stock securities also weighed on performance in the face of a rising rate environment. Nonetheless, the Fund continued to generate significantly higher cash flow than the benchmark. During the most recent quarter, the Fund proceeded to lower its risk profile by shedding various lower rated and long duration assets.
FIXED INCOME OPPORTUNITIES FUND
The Fund posted a return of 1.50% for Q3, outperforming its Credit Suisse Leveraged Loan Index benchmark return of 1.40% by 10bps. Calendar year to date, the Fund is slightly behind its benchmark’s return of 4.25% by 109bps with a return of 3.16%. On a trailing twelve month basis ending September 30, 2013, the Fund returned 5.71%, lagging its benchmark’s return of 5.83% by 12bps.
The Fund delivered positive absolute performance during both Q4 2012 and Q1 2013 as credit spreads tightened and interest rates declined slightly. During Q1 2013, the Emerging Markets High Yield debt sleeve of the Fund was the strongest performing segment, generating a return of 3.7%. This compares to a 3.2% return for the US High Yield sleeve and a 2.4% return for the US Bank Loan segment. Moving into Q2 of 2013, the Fund slightly outperformed the benchmark as the lower duration profile benefited relative performance when the 10 Year Treasury Yield moved from 2.13% to 2.49% during the month of June. The bellwether interest rate benchmark touched a 2013 low of 1.67% on April 30th. During Q2, the allocation to US High Yield fixed income was slightly reduced to scale up exposure to US Bank Loans. The Fund’s lower duration profile continued to benefit performance during Q3 as interest rates continued to tick higher. Moving forward, the Bank Loan segment of the Fund is anticipated to selectively increase credit risk in an effort to take advantage of projected low default rates and potential spread compression.
MULTI-ASSET FUND
The Servicing Class Shares of the Fund posted a 3.01% return in Q3, outperforming its BofA Merrill Lynch 3-Month U.S. Treasury Bill Index benchmark of 0.02%. Calendar year to date, the Servicing Class Shares of the Fund has delivered a 3.51% return relative to 0.06% for its benchmark. For the fiscal year ended September 30, 2013, the Servicing Class Shares of the Fund returned 4.51% compared to a 0.10% return for its benchmark.
Over the course of the last year, the Fund generated positive absolute performance in 3 out of 4 quarters. In early 2013, an overweight to US equities benefited performance as domestic markets outperformed developed and emerging market equities. A 5% allocation to gold was the primary detractor from performance during Q1, as the physical asset sold off close to 5%. During Q2, the Fund returned -2% as exposure to interest rate sensitive assets and emerging market equities pressured performance in the wake of the sharp interest rate spike in late May and June. Q3 saw a nice rebound in performance as international equities and opportunistic credit investments drove returns higher. Moving forward, the strategy has increased the Fund’s cash exposure to insulate the portfolio from policy driven market volatility, while seeking to selectively add risk during short-term sell-offs.
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
The Government Money Market Fund’s, Prime Money Market Fund’s, California Tax Exempt Money Market Fund’s, Government Bond Fund’s, Corporate Bond Fund’s, California Tax Exempt Bond Fund’s, High Yield Bond Fund’s, Multi Asset Fund’s, Fixed Income Opportunities Fund’s, US Core Equity Fund’s, and Emerging Markets Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. There can be no assurance that the Adviser will continue to waive fees.
The Limited Maturity Fixed Income Fund’s, Full Maturity Fixed Income Fund’s, Diversified Equity Fund’s, and Socially Responsible Equity Fund’s investment performance reflects contractual fee waivers in effect. Absent these waivers, total return and yield would be lower. Waivers are in effect until January 28, 2014.
Mutual fund investing involves risk including lose of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
California Tax Exempt Money Market Fund and California Tax Exempt Bond Fund invest primarily in California securities and may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations than a Fund investing in obligations of a number of states.
The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSRO”). The two NRSROs currently utilized are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”. For bonds, these credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “AA-” or “AA+” have been included in the “AA” rated category. Long-term ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide a high level of current income, consistent with the preservation of capital and liquidity, by investing primarily in fixed income securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities, money market instruments and non-convertible fixed income securities of U.S. companies.
Comparison of Change in the Value of a $1,000,000 Investment in the City National Rochdale Limited Maturity Fixed Income Fund, Institutional Class Shares, versus the Barclays U.S. 1-3 Year Government/Credit Bond Index and the BofA Merrill Lynch 1-3 Year U.S. Treasury Index(1)
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(1)
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The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
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(2)
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Previously, the Fund’s performance was compared to the BofA Merrill Lynch 1-3 Year US Treasury Index as its primary benchmark. The Trust has elected to compare the Fund’s performance to the Barclays U.S. 1-3 Year Government/Credit Bond Index, as City National Rochdale believes this is the most appropriate measure for comparison to the Fund’s performance.
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Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
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AVERAGE ANNUAL TOTAL RETURNS
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Shares
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Ticker
Symbol
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1-Year
Return
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3-Year
Return
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5-Year
Return
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10-Year
Return
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Institutional Class*(1)
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AHLFX
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-0.15%
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0.88%
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2.83%
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2.61%
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Class N(2)
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AHALX
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-0.49%
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0.60%
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2.54%
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2.38%
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Barclays U.S. 1-3 Year Government/Credit Bond Index
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n/a
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0.62%
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1.08%
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2.52%
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2.91%
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BofA Merrill Lynch 1-3 Year U.S. Treasury Index
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n/a
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0.37%
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0.71%
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1.62%
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2.58%
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*
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The graph is based on only Institutional Class Shares; performance for Class N Shares would be different due to differences in fee structures.
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(1)
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Class I Shares of the predecessor to the City National Rochdale Limited Maturity Fixed Income Fund (the “Predecessor Fund”) commenced operations on October 22, 1988. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Institutional Class Shares of the Fund for the period of October 22, 1988 to September 29, 2005, reflects the performance of the Predecessor Fund’s Class I Shares.
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(2)
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Class A Shares of the Predecessor Fund, the predecessor to the Class N Shares of the Fund, commenced operations on October 22, 2004. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Class N Shares of the Fund for the period of October 22, 2004, to September 29, 2005, reflects the performance of the Predecessor Fund’s Class A Shares. The performance results for Class N Shares of the Fund for the period of October 22, 1988 to October 21, 2004, reflects the performance of the Predecessor Fund’s Class I Shares. The performance of the Predecessor Fund’s Class I Shares has not been adjusted to reflect the higher Rule 12b-1 fees and expenses applicable to the Fund’s Class N Shares. If it had, the performance of the Fund’s Class N Shares would have been lower than that shown.
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TOP TEN HOLDINGS
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% OF PORTFOLIO
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FNMA
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0.500%, 07/02/15
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7.9%
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FHLMC REMIC, Ser 2004-2825, Cl VP
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5.500%, 06/15/15
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4.8%
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FHLMC
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4.375%, 07/17/15
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4.3%
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Southern California, Public Power Authority, Ser B, RB, AGM, ETM
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|
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6.930%, 05/15/17
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3.2%
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FNMA
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|
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5.000%, 03/15/16
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2.9%
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FNMA
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|
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1.000%, 10/16/17
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2.9%
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Wachovia
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|
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5.750%, 06/15/17
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2.8%
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America Movil
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1.256%, 09/12/16
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2.8%
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ConocoPhillips Canada Funding I
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|
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5.625%, 10/15/16
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2.8%
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FHLMC
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|
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1.000%, 07/30/14
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2.7%
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CITY NATIONAL ROCHDALE FUNDS | PAGE 8
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing primarily in securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Government Bond Fund, Servicing Class Shares, versus the Barclays U.S. 1-5 Year Government Bond Index(1)
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(1)
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The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
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Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
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AVERAGE ANNUAL TOTAL RETURNS
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|||||
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Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Servicing Class*(1)^
|
CNBIX
|
-1.26%
|
0.90%
|
2.24%
|
2.61%
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|
Institutional Class(2)^^†
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CNIGX
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-1.11%
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1.04%
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2.32%
|
2.65%
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Class N(3)
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CGBAX
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-1.60%
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0.65%
|
1.98%
|
2.35%
|
|
Barclays U.S. 1-5 Year Government Bond Index
|
n/a
|
0.00%
|
1.16%
|
2.60%
|
3.16%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Institutional Class and Class N Shares would be different due to differences in fee structures.
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(1)
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Commenced operations on January 14, 2000.
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(2)
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Commenced operations on February 1, 2012.
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(3)
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Commenced operations on April 13, 2000.
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^
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The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
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^^
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The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement.
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|
†
|
Institutional Class Shares’ performance for the period of January 14, 2000 to February 1, 2012 is that of the Servicing Class Shares.
|
|
TOP TEN HOLDINGS
|
|
|
% OF PORTFOLIO
|
|
|
U.S. Treasury Note
|
|
|
1.375%, 11/30/15
|
8.0%
|
|
Israel Government AID Bond
|
|
|
4.180%, 05/15/20
|
7.7%
|
|
FNMA
|
|
|
0.202%, 08/15/16
|
5.8%
|
|
FFCB
|
|
|
0.264%, 07/26/17
|
5.8%
|
|
Tennessee Valley Authority, Ser E
|
|
|
6.250 12/15/17
|
5.5%
|
|
Egypt Government AID Bond
|
|
|
4.450%, 09/15/15
|
5.0%
|
|
FHLB
|
|
|
0.683%, 04/08/14
|
4.6%
|
|
FNMA REMIC, Ser 2011-99, Cl AV
|
|
|
4.000%, 08/25/24
|
4.2%
|
|
FAMC, MTN
|
|
|
3.250%, 06/25/14
|
4.1%
|
|
FHLB
|
|
|
1.000%, 06/09/17
|
4.0%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing in a diversified portfolio of fixed income securities, primarily investment grade corporate bonds issued by domestic and international companies denominated in U.S. dollars.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Corporate Bond Fund, Servicing Class Shares, versus the Barclays U.S. Corporate 1-5 A3 or Higher, 2% Issuer Constrained Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Servicing Class*(1)^
|
CNCIX
|
0.75%
|
2.23%
|
5.06%
|
3.63%
|
|
Class N(2)
|
CCBAX
|
0.49%
|
1.97%
|
4.79%
|
3.38%
|
|
Barclays U.S. Corporate 1-5 A3 or Higher, 2% Issuer Constrained Index
|
n/a
|
0.75%
|
2.59%
|
5.88%
|
3.92%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Commenced operations on January 14, 2000.
|
|
(2)
|
Commenced operations on April 13, 2000.
|
|
^
|
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
|
|
TOP TEN HOLDINGS
|
|
|
% OF PORTFOLIO
|
|
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
|
|
|
2.107%, 07/01/18
|
2.9%
|
|
Lowe's
|
|
|
6.100%, 09/15/17
|
2.5%
|
|
Caisse Centrale Desjardins du Quebec
|
|
|
2.650%, 09/16/15
|
2.3%
|
|
General Electric Capital, MTN
|
|
|
2.150%, 01/09/15
|
2.2%
|
|
Wyeth
|
|
|
5.500%, 02/15/16
|
2.2%
|
|
VW Credit, MTN
|
|
|
1.875%, 10/13/16
|
2.2%
|
|
Total Capital International
|
|
|
1.500%, 02/17/17
|
2.2%
|
|
America Movil
|
|
|
1.256%, 09/12/16
|
2.0%
|
|
American Express Credit, MTN
|
|
|
2.800%, 09/19/16
|
2.0%
|
|
AT&T
|
|
|
2.950%, 05/15/16
|
2.0%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 10
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide current income exempt from federal and California state income tax (as the primary component of a total return strategy) by investing primarily in California municipal bonds and notes.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale California Tax Exempt Bond Fund, Servicing Class Shares, versus the Barclays CA Intermediate-Short Municipal Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Servicing Class*(1)^
|
CNTIX
|
-0.20%
|
2.42%
|
3.98%
|
3.11%
|
|
Class N(2)
|
CCTEX
|
-0.45%
|
2.16%
|
3.71%
|
2.85%
|
|
Barclays CA Intermediate-Short Municipal Index
|
n/a
|
0.50%
|
2.87%
|
4.55%
|
3.80%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Commenced operations on January 14, 2000.
|
|
(2)
|
Commenced operations on April 13, 2000.
|
|
^
|
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
|
|
TOP TEN HOLDINGS
|
|
|
% OF PORTFOLIO
|
|
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, Callable 02/01/17 @ 100
|
|
|
1.020%, 04/01/52
|
3.0%
|
|
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
|
|
|
5.000%, 11/01/17
|
2.7%
|
|
Golden State Tobacco Securitization, Ser A
|
|
|
5.000%, 06/01/21
|
2.5%
|
|
California State, GO, Callable 03/01/15 @ 100
|
|
|
5.000%, 03/01/16
|
2.4%
|
|
California State, GO
|
|
|
5.000%, 09/01/21
|
2.1%
|
|
Sacramento, Financing Authority, Master Lease Program, Ser E, AMBAC
|
|
|
5.250%, 12/01/23
|
2.1%
|
|
Southern California, Public Power Authority Subordinated Southern Transmission Project, Ser A, RB
|
|
|
5.000%, 07/01/17
|
2.1%
|
|
California State, GO
|
|
|
5.000%, 09/01/20
|
1.8%
|
|
Orange County, Public Financing Authority, RB, NATL-RE
|
|
|
5.000%, 07/01/17
|
1.8%
|
|
California State, GO, Callable 11/01/20 @ 100
|
|
|
5.000%, 11/01/22
|
1.8%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide a high level of current income, consistent with the preservation of capital, by investing primarily in 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 of U.S. companies and U.S. dollar-denominated debt obligations issued by foreign governments and corporations.
Comparison of Change in the Value of a $1,000,000 Investment in the City National Rochdale Full Maturity Fixed Income Fund, Institutional Class Shares, versus the Barclays U.S. Intermediate Government/Credit Bond Index and the Barclays U.S. Aggregate Bond Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Institutional Class*(1)
|
AHFMX
|
-1.78%
|
-2.19%
|
4.94%
|
3.95%
|
|
Class N(2)
|
AHAFX
|
-2.02%
|
-1.94%
|
4.69%
|
3.70%
|
|
Barclays U.S. Intermediate Government/Credit Bond Index
|
n/a
|
-0.50%
|
-2.42%
|
4.95%
|
4.10%
|
|
Barclays U.S. Aggregate Bond Index
|
n/a
|
-1.68%
|
-2.86%
|
5.41%
|
4.59%
|
|
*
|
The graph is based on only Institutional Class Shares; performance for Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Class I Shares of the predecessor to the City National Rochdale Full Maturity Fixed Income Fund (the “Predecessor Fund”) commenced operations on October 20, 1988. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Institutional Class Shares of the Fund for the period of October 20, 1988 to September 29, 2005, reflects the performance of the Predecessor Fund’s Class I Shares.
|
|
(2)
|
Class A Shares of the Predecessor Fund, the predecessor to the Class N Shares of the Fund, commenced operations on May 11, 2004. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Class N Shares of the Fund for the period of May 11, 2004, to September 29, 2005, reflects the performance of the Predecessor Fund’s Class A Shares. The performance results for Class N Shares of the Fund for the period of October 20, 1988 to May 11, 2004, reflects the performance of the Predecessor Fund’s Class I Shares. The performance of the Predecessor Fund’s Class I Shares has not been adjusted to reflect the higher Rule 12b-1 fees and expenses applicable to the Fund’s Class N Shares. If it had, the performance of the Fund’s Class N Shares would have been lower than that shown.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
U.S. Treasury Note
|
|
|
1.250%, 04/30/19
|
5.4%
|
|
U.S. Treasury Bond
|
|
|
5.250%, 11/15/28
|
2.8%
|
|
U.S. Treasury Bond
|
|
|
5.250%, 02/15/38
|
2.5%
|
|
U.S. Treasury Note
|
|
|
2.375%, 07/31/17
|
2.0%
|
|
U.S. Treasury Note
|
|
|
2.750%, 02/15/19
|
2.0%
|
|
FNMA
|
|
|
2.375%, 07/28/15
|
1.9%
|
|
U.S. Treasury Note
|
|
|
0.875%, 07/31/19
|
1.7%
|
|
U.S. Treasury Bond
|
|
|
6.250%, 08/15/23
|
1.6%
|
|
FHLMC
|
|
|
1.000%, 09/29/17
|
1.5%
|
|
U.S. Treasury Note
|
|
|
1.750%, 05/15/23
|
1.3%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
fund overview (Unaudited)
September 30, 2013
The Fund seeks to maximize total return by investing primarily in fixed income securities rated below investment grade including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and debt securities that are issued by U.S. and foreign governments.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale High Yield Bond Fund, Servicing Class Shares, versus the Citigroup High Yield Market Capped Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Servicing Class*(1)^
|
CHYIX
|
6.35%
|
9.06%
|
11.98%
|
7.94%
|
|
Institutional Class(2)^^†
|
CNIHX
|
6.49%
|
9.21%
|
12.07%
|
7.98%
|
|
Class N(1)
|
CHBAX
|
5.95%
|
8.75%
|
11.65%
|
7.62%
|
|
Citigroup High Yield Market Capped Index
|
n/a
|
6.78%
|
9.15%
|
12.24%
|
8.36%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Commenced operations on January 14, 2000.
|
|
(2)
|
Commenced operations on February 2, 2012.
|
|
^
|
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
|
|
^^
|
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement.
|
|
†
|
Institutional Class Shares’ performance for the period of January 14, 2000 to February 2, 2012 is that of the Servicing Class Shares.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
First Data
|
|
|
8.750%, 01/15/22
|
1.5%
|
|
Victor Technologies Group
|
|
|
9.000%, 12/15/17
|
1.5%
|
|
GRD Holdings III
|
|
|
10.750%, 06/01/19
|
1.4%
|
|
AmeriGas Finance
|
|
|
7.000%, 05/20/22
|
1.4%
|
|
Central Garden and Pet
|
|
|
8.250%, 03/01/18
|
1.4%
|
|
Laureate Education
|
|
|
9.250%, 09/01/19
|
1.3%
|
|
Eagle Rock Energy Partners
|
|
|
8.375%, 06/01/19
|
1.3%
|
|
TPC Group
|
|
|
8.750%, 12/15/20
|
1.3%
|
|
MDC Partners
|
|
|
6.750%, 04/01/20
|
1.3%
|
|
Exterran Holdings
|
|
|
7.250%, 12/01/18
|
1.2%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 13
fund overview (Unaudited)
September 30, 2013
The Fund seeks current income and, to the extent consistent with this goal, capital appreciation, by investing primarily in fixed income securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Intermediate Fixed Income Fund, versus the Barclays Intermediate U.S. Government/Credit Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Class N*(1)
|
RIMCX
|
0.05%
|
3.09%
|
5.06%
|
3.55%
|
|
Barclays Intermediate U.S. Government/Credit Index
|
n/a
|
-0.50%
|
2.42%
|
4.95%
|
4.10%
|
|
*
|
Commenced operations on December 31, 1999.
|
|
(1)
|
The predecessor to the City National Rochdale Intermediate Fixed Income Fund (the “Predecessor Fund”) commenced operations on December 31, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund prior to March 29, 2013 represents the performance of the Predecessor Fund.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
General Electric Capital, MTN
|
|
|
0.461%, 10/06/13
|
2.8%
|
|
California State, Department of Water Resources, Ser L, RB Callable 05/01/21 @ 100
|
|
|
5.000%, 05/01/21
|
2.6%
|
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
|
|
|
2.107%, 07/01/18
|
2.4%
|
|
Morgan Stanley
|
|
|
4.750%, 04/01/14
|
2.2%
|
|
HSBC Finance
|
|
|
0.518%, 01/15/14
|
1.9%
|
|
America Movil
|
|
|
1.241%, 12/12/13
|
1.9%
|
|
American Express
|
|
|
0.852%, 11/22/13
|
1.9%
|
|
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
|
|
|
0.530%, 03/15/16
|
1.6%
|
|
Lexmark International
|
|
|
5.125%, 03/15/20
|
1.5%
|
|
JPMorgan Chase
|
|
|
3.375%, 05/01/23
|
1.5%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
fund overview (Unaudited)
September 30, 2013
The Fund seeks a high level of current income by investing primarily in fixed income securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Fixed Income Opportunities Fund, versus the Credit Suisse Leveraged Loan Index , the Barclays U.S. Aggregate Bond Index and the Barclays U.S. High Yield Bond Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
Inception
to Date
|
|
Class N*(1)
|
RIMOX
|
5.71%
|
6.31%
|
8.35%
|
|
Credit Suisse Leveraged Loan Index
|
n/a
|
5.83%
|
6.26%
|
9.24%
|
|
Barclays U.S. Aggregate Bond Index
|
n/a
|
-1.68%
|
2.86%
|
4.80%
|
|
Barclays U.S. High Yield Bond Index
|
n/a
|
7.14%
|
9.19%
|
14.16%
|
|
*
|
Commenced operations on July 1, 2009.
|
|
(1)
|
The predecessor to the City National Rochdale Fixed Income Opportunities Fund (the “Predecessor Fund”) commenced operations on July 1, 2009. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund prior to March 29, 2013 represents the performance of the Predecessor Fund.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
BT SPE (Acquired 07/06/11, Acquisition Cost $13,916,998)
|
|
|
9.250%, 06/06/16
|
1.2%
|
|
Dubai Holding Commercial Operations, MTN
|
|
|
6.000%, 02/01/17
|
0.9%
|
|
Bulgaria Telecom
|
|
|
5.500%, 01/15/20
|
0.7%
|
|
Sea Trucks Group
|
|
|
9.000%, 03/26/18
|
0.7%
|
|
Altice Financing
|
|
|
8.000%, 12/15/19
|
0.7%
|
|
First Quantum Minerals
|
|
|
7.250%, 10/15/19
|
0.6%
|
|
Renaissance Capital Via Renaissance Consumer Funding
|
|
|
13.500%, 06/21/18
|
0.6%
|
|
JSC BTA Bank
|
|
|
4.728%, 09/30/13
|
0.6%
|
|
DNO International
|
|
|
7.778%, 04/11/16
|
0.5%
|
|
Hilton Hotels
|
|
|
0.000%, 09/23/20
|
0.5%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
fund overview (Unaudited)
September 30, 2013
The Fund seeks to generate a positive total return in excess of inflation in a manner consistent with capital preservation in all market environments by investing all or a principal portion of its assets in other mutual funds or exchange-traded funds.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Multi-Asset Fund, Servicing Class Shares, versus the BofA Merrill Lynch 3-Month T. Bill Index, the Barclays U.S. TIPS Index and a 40/60 hybrid of the following two indexes: the MSCI World Index and Barclays Intermediate Government/Credit Bond Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
|
(2)
|
Previously, the Fund’s performance was compared to the Barclays U.S. TIPS Index as its primary benchmark. The Trust has elected to compare the Fund’s performance to the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and a hybrid index consisting of 40% MSCI World Index and 60% Barclays U.S. Intermediate Government/Credit Bond Index, as City National Rochdale believes these are the most appropriate measures for comparison to the Fund’s performance.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
Inception
to Date
|
|
Servicing Class*(1)^
|
CNIIX
|
4.51%
|
3.04%
|
3.95%
|
1.52%
|
|
Institutional Class(2)^^†
|
CNIMX
|
4.79%
|
3.20%
|
4.04%
|
1.59%
|
|
Class N(1)
|
CNIAX
|
4.25%
|
2.82%
|
3.72%
|
1.27%
|
|
BofA Merrill Lynch U.S. 3-Month T. Bill Index
|
n/a
|
0.10%
|
0.10%
|
0.17%
|
0.62%
|
|
Barclays U.S. TIPS Index
|
n/a
|
-6.10%
|
4.02%
|
5.31%
|
5.45%
|
|
40/60 hybrid of the following two indexes:
|
|||||
|
MSCI World Index
|
n/a
|
20.90% | 12.46% | 8.46% | 3.70% |
|
Barclays Intermediate Government/Credit Bond Index
|
n/a
|
11.10%
|
10.74%
|
8.40%
|
4.65%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Commenced operations on October 1, 2007.
|
|
(2)
|
Commenced operations on March 22, 2012.
|
|
^
|
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank.
|
|
^^
|
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement.
|
|
†
|
Institutional Class Shares’ performance for the period of October 1, 2007 to March 22, 2012 is that of the Servicing Class Shares.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
Vanguard Short-Term Bond Index Fund
|
10.1%
|
|
SPDR S&P 500 ETF
|
8.4%
|
|
City National Rochdale Corporate Bond Fund, Servicing Class
|
7.0%
|
|
Eaton Vance Floating Rate Advantage Fund
|
6.6%
|
|
City National Rochdale Limited Maturity Fixed Income Fund, Insitutional Class
|
5.3%
|
|
Vanguard FTSE Europe ETF
|
5.1%
|
|
City National Rochdale Government Bond Fund, Insitutional Class
|
5.0%
|
|
Ivy High Income Fund
|
4.9%
|
|
Vanguard Small Cap Value
|
4.8%
|
|
SPDR S&P Dividend
|
4.6%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 16
investment adviser’s report (Unaudited)
September 30, 2013
DIVIDEND & INCOME FUND
The Fund posted a return of -0.22% for Q3, underperforming its S&P 500 Index benchmark return of 5.24%. Calendar year to date, the Fund delivered a return of 13.74%, lagging its benchmark’s 19.79% return by 605bps. On a trailing twelve month basis ending September 30, 2013, the Fund generated a 12.47% return, underperforming its benchmark’s return of 19.34% by 687bps.
From a performance attribution standpoint over the trailing 12 month period, the Fund lagged the benchmark in Q4 of 2012 but rebounded to outpace the Dow Jones US Select Dividend Index by 144bps in Q1 of 2013. Outperformance in Q1 was driven by broad-based positive stock selection across the portfolio’s quality dividend names. An overweight to defensively oriented sectors such as Consumer Staples, Utilities, and Real Estate Investment Trusts (“REITs”), as well as significant exposure to the Master Limited Partnership segment, benefited performance early in the year as safety commanded a premium in the market. During Q2, the Fund underperformed the benchmark primarily due to the sell-off in interest rate sensitive REIT and Utilities stocks. The interest rate spike in June attributable to concerns surrounding the Fed’s projected tapering activities had a significant negative impact on interest rate sensitive securities across all asset classes. Beginning with the month of July, a rebound in cyclical companies and a rotation out of defensively-oriented segments of the market led to relative underperformance in Q3. The portfolio remains somewhat defensive, although the manager is reviewing select cyclical and financial stocks for inclusion as we move into 2014.
U.S. CORE EQUITY FUND
The Servicing Class Shares of the U.S. Core Equity Fund posted a return of 8.59% for Q3, outpacing its S&P 500 Index benchmark return of 5.24% by 335bps. Calendar year to date, the Servicing Class Shares of the U.S. Core Equity Fund delivered a return of 21.34%, 155bps ahead of the its benchmark return of 19.79%. With an inception date of December 3, 2012, the Servicing Class Shares of the U.S. Core Equity Fund does not yet have a full year of performance. Since inception, the Servicing Class Shares of the U.S. Core Equity Fund returned 21.60% compared to 21.46% for its benchmark.
In terms of performance attribution, the Fund has generally been positioned with a pro-cyclical orientation throughout the year. This led to slight relative underperformance in Q1, as underweights to defensive industries like Food, Beverage & Tobacco pressured returns. Moving into the middle of calendar year 2013, the manager continued to scale back on defensive names and rotate into more cyclical companies, effectively raising the tracking error of the portfolio. Performance trailed the benchmark by a narrow margin in Q2 as stocks with a higher beta profile suffered during the market’s sell-off in June on the back of tapering concerns. As risk assets rebounded strongly in July, the Fund’s pro-cyclical profile was rewarded, leading to over 300bps of outperformance in Q3. Positive stock selection accounted for the bulk of the outperformance during the quarter, as investors placed a premium on companies with superior EPS growth characteristics.
DIVERSIFIED EQUITY FUND
The Institutional Class of the Diversified Equity Fund posted a 5.38% return in Q3, narrowly outperforming its S&P 500 Index benchmark return of 5.24%. Calendar year to date, the Institutional Class of the Diversified Equity Fund has delivered a 17.75% return relative to 19.79% for its benchmark. For the fiscal year ended September 30, 2013, the Institutional Class of the Diversified Equity Fund returned 18.18% compared to a 19.34% return for its benchmark.
The Fund generally kept pace with the benchmark in early 2013, trailing the index slightly during Q1. With an approximate 30% allocation within the aggregate Fund, Turner’s Large Cap Growth strategy’s lackluster relative returns weighed on performance to a significant degree. A meaningful underweight to the Consumer Staples sector also placed downward pressure on performance, as defensive segments of the market were strong positive contributors. Moving into the middle of 2013, the Fund continued to trail the benchmark by a narrow margin, in large part due to stock selection within the Energy sector. Turner was removed from the Fund as a sub-advisor during Q2, and as a result
CITY NATIONAL ROCHDALE FUNDS | PAGE 17
investment adviser’s report (Unaudited)
September 30, 2013
their assets were shifted to an internally managed core/growth mandate. Internally managed capital represents approximately 2/3 of the Fund’s total assets under managemenr, with the remaining 1/3 overseen by SKBA in a Large Cap Value mandate.
SOCIALLY RESPONSIBLE EQUITY FUND
The Institutional Class Shares of the Socially Responsible Equity Fund posted a return of 4.78% for Q3, matching its MSCI KLD 400 Social Index benchmark return of 4.82%. Calendar year to date, the Institutional Class Shares of the Socially Responsible Equity Fund delivered a return of 20.16%, trailing its benchmark’s 24.16% return by 400bps. For the fiscal year ended September 30, 2013, the Institutional Class Shares of the Socially Responsible Equity Fund was slightly behind its benchmark, returning 23.38% versus 24.22%, respectively.
In terms of performance attribution, the first quarter of the trailing one year period ending September 30, 2013 started off on solid ground with about 260bps of excess return. As 2013 began, the Fund gave some of this back, lagging the benchmark by 210bps. Much of this underperformance is attributed to broad based stock selection challenges and a significant (roughly 900bps) underweight to the Consumer Staples sector, which was the 2nd best performing segment of the market behind the Health Care sector. The Fund continued to struggle on a relative basis during Q2, as a meaningful Energy overweight and less than stellar stock selection within the Health Care sector weighed on performance. The Fund kept pace with the benchmark during Q3, as the portfolio’s value orientation was rewarded in the marketplace when investor risk appetite returned in July. An overweight to the Materials sector was additive, as this was the top performing segment in the market during the quarter. The Fund will generally maintain a smaller market capitalization profile relative to the benchmark and emphasize companies at the lower end of the valuation spectrum.
EMERGING MARKETS FUND
The Emerging Markets Fund posted a return of 1.90% for Q3, underperforming its MSCI Emerging Markets Index benchmark return of 5.77%. Calendar year to date, the Emerging Markets Fund delivered a return of 5.97%, outpacing its benchmark’s -4.35% return by 1,032bps. On a trailing twelve month basis ending September 30, 2013, the Emerging Markets Fund was comfortably ahead of its benchmark, returning 14.12% versus 0.98%, respectively.
Over the last year, the Emerging Markets Fund outperformed the benchmark in 3 out of 4 quarters. The strategy began the one year period outpacing the benchmark by nearly 200bps in Q4 with almost an 8% return. As 2013 began, the Fund protected capital in Q1, posting positive absolute performance as the benchmark declined. Much of this outperformance is due to stock selection within China, as the strategy’s preference for consumer-oriented industries over large financial companies benefited performance to a significant degree. Moving into Q2, the Fund continued to outperform as most Asian markets declined further. At just over 10%, an elevated cash position was additive to relative performance. A significant overweight to the Consumer Discretionary sector combined with positive stock selection within the segment was notably impactful. During Q3, the Fund lagged the benchmark as higher beta stocks and cyclical names drove performance, particularly during the month of July. A lack of exposure to South Korea explained a significant amount of the underperformance during Q3, as the Korean Won appreciated 5.7% against the US Dollar. The strategy remains constructive on China and proactively increased exposure throughout the quarter.
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current
performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
CITY NATIONAL ROCHDALE FUNDS | PAGE 18
The Government Money Market Fund’s, Prime Money Market Fund’s, California Tax Exempt Money Market Fund’s, Government Bond Fund’s, Corporate Bond Fund’s, California Tax Exempt Bond Fund’s, High Yield Bond Fund’s, Multi Asset Fund’s, Fixed Income Opportunities Fund’s, US Core Equity Fund’s, and Emerging Markets Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. There can be no assurance that the Adviser will continue to waive fees.
The Limited Maturity Fixed Income Fund’s, Full Maturity Fixed Income Fund’s, Diversified Equity Fund’s, and Socially Responsible Equity Fund’s investment performance reflects contractual fee waivers in effect. Absent these waivers, total return and yield would be lower. Waivers are in effect until January 28, 2014.
Mutual fund investing involves risk including lose of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
California Tax Exempt Money Market Fund and California Tax Exempt Bond Fund invest primarily in California securities and may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations than a fund investing in obligations of a number of states.
The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSRO”). The two NRSROs currently utilized are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”. For bonds, these credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “AA-” or “AA+” have been included in the “AA” rated category. Long-term ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide significant income and, as a secondary focus, long-term capital appreciation, by investing primarily in income-generating securities, principally comprised of dividend-paying equity securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Dividend & Income Fund, versus the S&P 500 Index and the Dow Jones Select Dividend Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Class N*(1)
|
RIMHX
|
12.47%
|
12.56%
|
9.23%
|
8.70%
|
|
S&P 500 Index
|
n/a
|
19.34%
|
16.27%
|
10.02%
|
7.57%
|
|
Dow Jones Select Dividend Index
|
n/a
|
19.45%
|
16.80%
|
9.00%
|
8.07%
|
|
*
|
Commenced operations on June 1, 1999.
|
|
(1)
|
The predecessor to the City National Rochdale Dividend & Income Fund (the “Predecessor Fund”) commenced operations on June 1, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund prior to March 29, 2013 represents the performance of the Predecessor Fund.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
Philip Morris International
|
2.7%
|
|
Chevron
|
2.4%
|
|
Mattel
|
2.4%
|
|
Lorillard
|
2.1%
|
|
Johnson & Johnson
|
1.9%
|
|
General Mills
|
1.9%
|
|
Bristol-Myers Squibb
|
1.8%
|
|
McDonald's
|
1.8%
|
|
EI du Pont de Nemours
|
1.8%
|
|
Microsoft
|
1.8%
|
|
*
|
Excludes Cash Equivalents
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 20
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of large and middle capitalization corporations domiciled in the United States.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale U.S. Core Equity Fund, Servicing Class Shares, versus the S&P 500 Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
||
|
Shares
|
Ticker
Symbol
|
Cumulative Inception
to Date
|
|
Servicing Class*(1)
|
CNRVX
|
21.60%
|
|
Institutional Class(1)
|
CNRUX
|
22.23%
|
|
Class N(1)
|
CNRWX
|
21.33%
|
|
S&P 500 Index
|
n/a
|
21.46%
|
|
*
|
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Commenced operations on December 3, 2012.
|
|
TOP TEN HOLDINGS
|
|
|
% OF PORTFOLIO
|
|
|
Apple
|
3.8%
|
|
Celgene
|
3.0%
|
|
Qualcomm
|
2.5%
|
|
Facebook, Cl A
|
2.5%
|
|
JPMorgan Chase
|
2.4%
|
|
Prudential Financial
|
2.4%
|
|
Gilead Sciences
|
2.3%
|
|
Google, Cl A
|
2.3%
|
|
Schlumberger
|
2.2%
|
|
National Oilwell Varco
|
2.1%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 21
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide long-term capital growth by investing primarily in common stocks of large-capitalization U.S. companies that are diversified among various industries and market sectors.
Comparison of Change in the Value of a $1,000,000 Investment in the City National Rochdale Diversified Equity Fund, Institutional Class Shares, versus the S&P 500 Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
10-Year
Return
|
|
Institutional Class*(1)
|
AHDEX
|
18.18%
|
11.57%
|
6.60%
|
5.90%
|
|
Class N(2)
|
AHADX
|
17.89%
|
11.27%
|
6.34%
|
5.63%
|
|
S&P 500 Index
|
n/a
|
19.34%
|
16.27%
|
10.02%
|
7.57%
|
|
*
|
The graph is based on only Institutional Class Shares; performance for Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Class I Shares of the predecessor to the City National Rochdale Diversified Equity Fund (the “Predecessor Fund”) commenced operations on October 20, 1988. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Institutional Class Shares of the Fund for the period of October 20, 1988 to September 29, 2005, reflects the performance of the Predecessor Fund’s Class I Shares.
|
|
(2)
|
Class A Shares of the Predecessor Fund, the predecessor to the Class N Shares of the Fund, commenced operations on December 30, 2002. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Class N Shares of the Fund for the period of December 30, 2002, to September 29, 2005, reflects the performance of the Predecessor Fund’s Class A Shares. The performance results for Class N Shares of the Fund for the period of October 20, 1988 to December 30, 2002, reflects the performance of the Predecessor Fund’s Class I Shares. The performance of the Predecessor Fund’s Class I Shares has not been adjusted to reflect the higher Rule 12b-1 fees and expenses applicable to the Fund’s Class N Shares. If it had, the performance of the Fund’s Class N Shares would have been lower than that shown.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
Apple
|
2.3%
|
|
Cisco Systems
|
1.9%
|
|
Microsoft
|
1.9%
|
|
American International Group
|
1.8%
|
|
Bank of America
|
1.8%
|
|
Berkshire Hathaway, Cl B
|
1.7%
|
|
PepsiCo
|
1.7%
|
|
MetLife
|
1.7%
|
|
Arrow Electronics
|
1.6%
|
|
McKesson
|
1.5%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide long-term capital growth by investing primarily in common stocks of U.S. issuers that meet certain socially responsible criteria.
Comparison of Change in the Value of a $1,000,000 Investment in the City National Rochdale Socially Responsible Equity Fund, Institutional Class Shares, versus the MSCI KLD 400 Social Index and the Russell 1000 Value Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
3-Year
Return
|
5-Year
Return
|
Inception
to Date
|
|
Institutional Class*(1)
|
AHRAX
|
23.38%
|
13.07%
|
6.64%
|
4.48%
|
|
Class N(2)
|
AHSRX
|
23.12%
|
12.83%
|
6.37%
|
4.24%
|
|
MSCI KLD 400 Social Index
|
n/a
|
24.22%
|
16.25%
|
10.59%
|
6.03%
|
|
Russell 1000 Value Index
|
n/a
|
22.30%
|
16.25%
|
8.86%
|
5.80%
|
|
*
|
The graph is based on only Institutional Class Shares; performance for Class N Shares would be different due to differences in fee structures.
|
|
(1)
|
Class I Shares of the predecessor to the Socially Responsible Equity Fund (the “Predecessor Fund”) commenced operations on January 3, 2005. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Institutional Class Shares of the Fund for the period of January 3, 2005 to September 29, 2005, reflects the performance of the Predecessor Fund’s Class I Shares.
|
|
(2)
|
Class A Shares of the Predecessor Fund, the predecessor to the Class N Shares of the Fund, commenced operations on August 12, 2005. On September 30, 2005, the Predecessor Fund reorganized into the Fund. The performance results for Class N Shares of the Fund for the period of August 12, 2005, to September 29, 2005, reflects the performance of the Predecessor Fund’s Class A Shares. The performance results for Class N Shares of the Fund for the period of January 3, 2005 to August 12, 2005, reflects the performance of the Predecessor Fund’s Class I Shares. The performance of the Predecessor Fund’s Class I Shares has not been adjusted to reflect the higher Rule 12b-1 fees and expenses applicable to the Fund’s Class N Shares. If it had, the performance of the Fund’s Class N Shares would have been lower than that shown.
|
|
TOP TEN HOLDINGS*
|
|
|
% OF PORTFOLIO
|
|
|
Arrow Electronics
|
3.1%
|
|
American International Group
|
3.0%
|
|
Southwestern Energy
|
2.7%
|
|
ConocoPhillips
|
2.6%
|
|
PepsiCo
|
2.6%
|
|
Genworth Financial, Cl A
|
2.5%
|
|
Xerox
|
2.5%
|
|
Brookfield Asset Management, Cl A
|
2.5%
|
|
AbbVie
|
2.4%
|
|
Laboratory Corp of America Holdings
|
2.4%
|
|
*
|
Excludes Cash Equivalent
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 23
fund overview (Unaudited)
September 30, 2013
The Fund seeks to provide long-term capital appreciation by investing primarily in the equity securities of companies that are operating principally in emerging market countries.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Emerging Markets Fund, versus the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index(1)
|
(1)
|
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
|
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
|
Shares
|
Ticker
Symbol
|
1-Year
Return
|
Inception
to Date
|
|
Class N*(1)
|
RIMIX
|
14.12%
|
19.18%
|
|
MSCI Emerging Markets Index
|
n/a
|
0.98%
|
7.91%
|
|
MSCI Emerging Markets Asia Index
|
n/a
|
4.22%
|
10.44%
|
|
*
|
Commenced operations on December 14, 2011.
|
|
(1)
|
The predecessor to the City National Rochdale Emerging Markets Fund (the “Predecessor Fund”) commenced operations on December 14, 2011. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund prior to March 29, 2013 represents the performance of the Predecessor Fund.
|
|
TOP TEN HOLDINGS
|
|
|
% OF PORTFOLIO
|
|
|
Galaxy Entertainment Group
|
4.5%
|
|
Great Wall Motor, Cl H
|
3.8%
|
|
Tencent Holdings
|
3.7%
|
|
NagaCorp
|
3.4%
|
|
Magic Holdings International
|
3.0%
|
|
Goodbaby International Holdings
|
2.0%
|
|
XTEP International Holdings
|
1.9%
|
|
Ping An Insurance Group of China, Cl H
|
1.9%
|
|
Malayan Banking
|
1.9%
|
|
Bosideng International Holdings
|
1.8%
|
CITY NATIONAL ROCHDALE FUNDS | PAGE 24
schedule of investments
September 30, 2013
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
U.S. Government Agency Obligations [74.2%]
|
||||||||
|
FAMC, MTN
|
||||||||
|
1.250%, 12/06/13
|
$ | 4,380 | $ | 4,388 | ||||
|
3.125%, 02/04/14
|
5,000 | 5,050 | ||||||
|
3.250%, 06/25/14
|
3,500 | 3,577 | ||||||
|
FAMC DN(A)
|
||||||||
|
0.030%, 10/01/13
|
28,000 | 28,000 | ||||||
|
0.072%, 10/03/13
|
42,720 | 42,720 | ||||||
|
0.020%, 10/10/13
|
18,000 | 18,000 | ||||||
|
0.100%, 10/18/13
|
24,800 | 24,799 | ||||||
|
0.160%, 11/25/13
|
10,945 | 10,942 | ||||||
|
0.155%, 02/28/14
|
25,000 | 24,984 | ||||||
|
0.140%, 03/06/14
|
20,000 | 19,988 | ||||||
|
0.170%, 03/18/14
|
15,000 | 14,988 | ||||||
|
0.167%, 03/25/14
|
42,352 | 42,318 | ||||||
|
FFCB
|
||||||||
|
0.230%, 10/01/13(B)
|
25,000 | 25,000 | ||||||
|
0.190%, 10/01/13(B)
|
31,690 | 31,691 | ||||||
|
0.130%, 10/01/13(B)
|
25,000 | 25,000 | ||||||
|
0.120%, 10/01/13(B)
|
24,150 | 24,150 | ||||||
|
0.350%, 10/03/13
|
10,000 | 10,000 | ||||||
|
0.170%, 10/03/13(B)
|
20,000 | 20,000 | ||||||
|
0.147%, 10/11/13(B)
|
20,000 | 20,000 | ||||||
|
0.212%, 10/13/13(B)
|
12,300 | 12,313 | ||||||
|
0.199%, 10/23/13(B)
|
26,500 | 26,525 | ||||||
|
0.250%, 11/21/13(B)
|
21,000 | 21,013 | ||||||
|
0.350%, 01/23/14
|
10,000 | 10,008 | ||||||
|
0.025%, 02/10/14(B)
|
22,075 | 22,080 | ||||||
|
0.200%, 05/13/14
|
20,000 | 20,006 | ||||||
|
FFCB DN
|
||||||||
|
0.160%, 04/15/14(A)
|
19,095 | 19,078 | ||||||
|
FHLB
|
||||||||
|
0.190%, 10/01/13(B)
|
20,000 | 20,000 | ||||||
|
0.170%, 10/01/13(B)
|
25,000 | 24,999 | ||||||
|
0.160%, 10/01/13(B)
|
15,000 | 15,000 | ||||||
|
0.132%, 10/08/13(B)
|
40,000 | 40,000 | ||||||
|
0.102%, 10/15/13(B)
|
40,000 | 39,999 | ||||||
|
3.625%, 10/18/13
|
20,000 | 20,032 | ||||||
|
0.100%, 11/20/13
|
30,000 | 29,999 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
0.076%, 12/12/13(B)
|
$ | 20,000 | $ | 20,000 | ||||
|
0.160%, 12/19/13
|
20,400 | 20,401 | ||||||
|
0.875%, 12/27/13
|
9,415 | 9,432 | ||||||
|
0.120%, 02/10/14
|
25,000 | 24,998 | ||||||
|
0.280%, 02/24/14
|
12,250 | 12,257 | ||||||
|
0.125%, 03/21/14
|
20,000 | 19,998 | ||||||
|
0.160%, 03/28/14
|
62,405 | 62,404 | ||||||
|
0.125%, 04/11/14
|
8,800 | 8,798 | ||||||
|
0.125%, 04/17/14
|
51,765 | 51,756 | ||||||
|
0.125%, 05/02/14
|
9,350 | 9,348 | ||||||
|
5.250%, 06/18/14
|
10,000 | 10,365 | ||||||
|
0.125%, 06/18/14
|
31,040 | 31,033 | ||||||
|
0.125%, 09/03/14
|
25,000 | 24,988 | ||||||
|
FHLB DN(A)
|
||||||||
|
0.053%, 10/02/13
|
259,800 | 259,800 | ||||||
|
0.037%, 10/04/13
|
49,350 | 49,350 | ||||||
|
0.005%, 10/09/13
|
15,100 | 15,100 | ||||||
|
0.055%, 10/16/13
|
30,500 | 30,499 | ||||||
|
0.032%, 10/18/13
|
198,502 | 198,499 | ||||||
|
0.015%, 10/23/13
|
206,103 | 206,101 | ||||||
|
0.060%, 11/01/13
|
40,000 | 39,998 | ||||||
|
0.018%, 11/08/13
|
34,400 | 34,399 | ||||||
|
0.030%, 11/13/13
|
86,000 | 85,997 | ||||||
|
0.025%, 11/27/13
|
63,000 | 62,997 | ||||||
|
0.015%, 12/02/13
|
35,000 | 34,999 | ||||||
|
0.041%, 12/13/13
|
100,000 | 99,992 | ||||||
|
0.025%, 12/18/13
|
129,000 | 128,993 | ||||||
|
0.135%, 01/08/14
|
5,000 | 4,998 | ||||||
|
0.135%, 08/15/14
|
25,000 | 24,970 | ||||||
|
FHLMC
|
||||||||
|
0.153%, 10/04/13(B)
|
22,500 | 22,501 | ||||||
|
0.450%, 01/09/14
|
10,000 | 10,009 | ||||||
|
1.375%, 02/25/14
|
15,098 | 15,171 | ||||||
|
FHLMC DN(A)
|
||||||||
|
0.120%, 10/08/13
|
3,550 | 3,550 | ||||||
|
0.020%, 11/25/13
|
12,300 | 12,299 | ||||||
|
0.020%, 12/02/13
|
37,300 | 37,299 | ||||||
|
0.025%, 12/16/13
|
44,900 | 44,898 | ||||||
|
FNMA
|
||||||||
|
1.125%, 10/08/13
|
15,493 | 15,496 | ||||||
|
0.360%, 12/23/13(B)
|
29,000 | 29,042 | ||||||
|
1.250%, 02/27/14
|
11,409 | 11,462 | ||||||
|
2.750%, 03/13/14
|
32,883 | 33,270 | ||||||
|
4.125%, 04/15/14
|
5,540 | 5,659 | ||||||
|
2.500%, 05/15/14
|
21,026 | 21,332 | ||||||
|
FNMA DN(A)
|
||||||||
|
0.075%, 10/02/13
|
22,500 | 22,500 | ||||||
|
0.010%, 10/07/13
|
5,000 | 5,000 | ||||||
|
0.010%, 10/23/13
|
4,300 | 4,300 | ||||||
|
0.120%, 01/02/14
|
40,000 | 39,988 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
schedule of investments
September 30, 2013
City National Rochdale Government Money Market Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
0.020%, 01/03/14
|
$ | 50,000 | $ | 49,997 | ||||
|
0.150%, 02/03/14
|
20,000 | 19,990 | ||||||
|
Total U.S. Government Agency Obligations (Cost $2,702,880)
|
2,702,880 | |||||||
|
Municipal Bonds [11.0%]
|
||||||||
|
California [1.8%]
|
||||||||
|
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/03/13(B) (C)
|
15,000 | 15,000 | ||||||
|
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/03/13(B) (C)
|
6,300 | 6,300 | ||||||
|
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/03/13(B) (C)
|
8,000 | 8,000 | ||||||
|
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/03/13(B) (C)
|
28,450 | 28,450 | ||||||
|
Sacramento County Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/03/13(B) (C)
|
9,000 | 9,000 | ||||||
|
Total California
|
66,750 | |||||||
|
New York [4.1%]
|
||||||||
|
New York State, Housing Finance Agency, RB, FHLMC
|
||||||||
|
0.050%, 10/02/13(B) (C) (D)
|
25,200 | 25,200 | ||||||
|
New York State, Housing Finance Agency, 316 11th Avenue Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/02/13(B) (C)
|
19,000 | 19,000 | ||||||
|
New York State, Housing Finance Agency, 345 East 94th Street Project, Ser A, RB, FHLMC, AMT
|
||||||||
|
0.080%, 10/02/13(B) (C)
|
13,200 | 13,200 | ||||||
| Description | Face Amount (000) |
Value (000)
|
||||||
|
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/02/13(B) (C)
|
$ | 23,800 | $ | 23,800 | ||||
|
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/02/13(B) (C)
|
14,100 | 14,100 | ||||||
|
New York State, Housing Finance Agency, 750 6th Avenue Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.070%, 10/02/13(B) (C)
|
7,500 | 7,500 | ||||||
|
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
|
||||||||
|
0.070%, 10/02/13(B) (C)
|
25,500 | 25,500 | ||||||
|
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.080%, 10/02/13(B) (C)
|
20,000 | 20,000 | ||||||
|
Total New York
|
148,300 | |||||||
|
Tennessee [3.9%]
|
||||||||
|
Tennessee Valley Authority DN
|
||||||||
|
0.065%, 10/10/13(A)
|
43,527 | 43,526 | ||||||
|
Tennessee Valley Authority DN
|
||||||||
|
0.035%, 10/17/13(A)
|
100,000 | 99,999 | ||||||
|
Total Tennessee
|
143,525 | |||||||
|
Texas [0.8%]
|
||||||||
|
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
|
||||||||
|
0.100%, 10/02/13(B) (C)
|
13,595 | 13,595 | ||||||
|
Texas Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
|
||||||||
|
0.090%, 10/03/13(B) (C)
|
13,610 | 13,610 | ||||||
|
Total Texas
|
27,205 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
schedule of investments
September 30, 2013
City National Rochdale Government Money Market Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Washington [0.4%]
|
||||||||
|
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
|
||||||||
|
0.090%, 10/03/13(B) (C)
|
$ | 16,295 | $ | 16,295 | ||||
|
Total Municipal Bonds (Cost $402,075)
|
402,075 | |||||||
|
U.S. Treasury Obligations [5.1%]
|
||||||||
|
U.S. Treasury Bill
|
||||||||
|
0.005%, 10/03/13(A)
|
100,000 | 100,000 | ||||||
|
U.S. Treasury Notes
|
||||||||
|
0.500%, 10/15/13
|
30,000 | 30,005 | ||||||
|
2.750%, 10/31/13
|
50,000 | 50,111 | ||||||
|
0.250%, 10/31/13
|
5,000 | 5,000 | ||||||
|
Total U.S. Treasury Obligations (Cost $185,116)
|
185,116 | |||||||
|
Repurchase Agreements(E) [9.4%]
|
||||||||
|
Bank of America
|
||||||||
|
0.030%, dated 09/30/13, repurchased on 10/01/13, repurchase price $90,000,075 (collateralized by a U.S. Treasury Note, par value $93,200,000, 0.625%, 08/31/17; with total market value $91,800,000)
|
90,000 | 90,000 | ||||||
|
Barclays
|
||||||||
|
0.060%, dated 09/30/13, repurchased on 10/01/13, repurchase price $80,000,133 (collateralized by various U.S. Treasury Notes, par values ranging from $15,400,000 to $71,300,000, 0.750% - 1.625%, 10/31/17 to 11/15/22; with total market value $81,600,000)
|
80,000 | 80,000 | ||||||
|
Deutsche Bank
|
||||||||
|
0.100%, dated 09/30/13, repurchased on 10/01/13, repurchase price $18,000,050 (collateralized by various U.S. Government obligations, par values ranging from $239,000 to $13,500,000, 0.000% - 5.355%, 06/27/16 to 03/26/37; with total market value $18,360,193)
|
18,000 | 18,000 | ||||||
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Deutsche Bank
|
||||||||
|
0.050%, dated 09/30/13, repurchased on 10/01/13, repurchase price $50,000,069 (collateralized by various U.S. Treasury Notes, par values ranging from $103,800 to $40,000,000, 1.250% - 3.625%, 09/30/15 to 05/15/21; with total market value $51,000,006)
|
$ | 50,000 | $ | 50,000 | ||||
|
Goldman Sachs
|
||||||||
|
0.040%, dated 09/30/13, repurchased on 10/01/13, repurchase price $105,000,117 (collateralized by various U.S. Government obligations, par values ranging from $39,700,000 to $66,000,000, 0.800% - 2.625%, 11/20/14 to 06/24/16; with total market value $107,100,000)
|
105,000 | 105,000 | ||||||
|
Total Repurchase Agreements (Cost $343,000)
|
343,000 | |||||||
|
Short-Term Investment [0.3%]
|
||||||||
|
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.050%*
|
9,256,703 | 9,257 | ||||||
|
Total Short-Term Investment (Cost $9,257)
|
9,257 | |||||||
|
Total Investments [100.0%] (Cost $3,642,328)
|
$ | 3,642,328 | ||||||
Percentages are based on Net Assets of $3,643,970 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
(A)
|
Zero coupon security. The rate reported is the effective yield at time of purchase.
|
|
(B)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(C)
|
Put and Demand Feature — The date reported is the next reset or put date.
|
|
(D)
|
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
|
|
(E)
|
Tri-Party Repurchase Agreement.
|
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 27
schedule of investments
September 30, 2013
City National Rochdale Government Money Market Fund (concluded)
ABAG — Association of Bay Area Governments
AMT — Alternative Minimum Tax (subject to)
DN — Discount Note
FAMC — Federal Agriculture Mortgage Corporation
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
The following is a summary of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
U.S. Government Agency Obligations
|
$ | — | $ | 2,702,880 | $ | — | $ | 2,702,880 | ||||||||
|
Municipal Bonds
|
— | 402,075 | — | 402,075 | ||||||||||||
|
U.S. Treasury Obligations
|
— | 185,116 | — | 185,116 | ||||||||||||
|
Repurchase Agreements
|
— | 343,000 | — | 343,000 | ||||||||||||
|
Short-Term Investment
|
9,257 | — | — | 9,257 | ||||||||||||
|
Total Investments in Securities
|
$ | 9,257 | $ | 3,633,071 | $ | — | $ | 3,642,328 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
schedule of investments
September 30, 2013
City National Rochdale Prime Money Market Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Commercial Paper [61.7%]
|
||||||||
|
Air Transportation [2.4%]
|
||||||||
|
United Parcel Service (A)
|
||||||||
|
0.001%, 10/02/13
|
$ | 30,000 | $ | 30,000 | ||||
|
Banks [26.9%]
|
||||||||
|
ANZ New Zealand International(A)
|
||||||||
|
0.240%, 11/06/13
|
10,000 | 9,998 | ||||||
|
ASB Finance(A)
|
||||||||
|
0.250%, 10/30/13
|
15,000 | 14,997 | ||||||
|
0.230%, 02/28/14
|
10,000 | 9,990 | ||||||
|
Bank of Nova Scotia
|
||||||||
|
0.225%, 10/04/13
|
10,000 | 10,000 | ||||||
|
0.200%, 12/09/13
|
10,000 | 9,996 | ||||||
|
Bank of Tokyo-Mitsubishi UFJ NY
|
||||||||
|
0.160%, 10/23/13
|
15,000 | 14,999 | ||||||
|
0.240%, 10/29/13
|
10,000 | 9,998 | ||||||
|
0.240%, 11/22/13
|
15,000 | 14,995 | ||||||
|
Barclays US Funding
|
||||||||
|
0.230%, 03/12/14
|
10,000 | 9,990 | ||||||
|
Credit Suisse NY
|
||||||||
|
0.260%, 03/18/14
|
10,000 | 9,988 | ||||||
|
HSBC USA
|
||||||||
|
0.230%, 03/10/14
|
10,000 | 9,990 | ||||||
|
Korea Development Bank NY
|
||||||||
|
0.220%, 10/01/13
|
35,000 | 35,000 | ||||||
|
Macquarie Bank(A)
|
||||||||
|
0.250%, 11/08/13
|
10,000 | 9,997 | ||||||
|
0.280%, 11/20/13
|
10,000 | 9,996 | ||||||
|
National Australia Funding Delaware(A)
|
||||||||
|
0.225%, 12/23/13
|
15,000 | 14,992 | ||||||
|
0.250%, 05/23/14
|
20,000 | 19,967 | ||||||
|
Skandinaviska Enskilda Banken(A)
|
||||||||
|
0.070%, 10/23/13
|
20,000 | 19,999 | ||||||
|
0.260%, 03/10/14
|
10,000 | 9,988 | ||||||
|
Standard Chartered Bank(A)
|
||||||||
|
0.220%, 01/06/14
|
10,000 | 9,994 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Sumitomo Corp of America
|
||||||||
|
0.240%, 11/26/13
|
$ | 5,000 | $ | 4,998 | ||||
|
0.250%, 12/02/13
|
20,920 | 20,911 | ||||||
|
Sumitomo Mitsui Banking(A)
|
||||||||
|
0.210%, 10/08/13
|
10,000 | 10,000 | ||||||
|
0.215%, 11/01/13
|
15,000 | 14,997 | ||||||
|
Sumitomo Mitsui Trust Bank Limited(A)
|
||||||||
|
0.180%, 10/24/13
|
13,000 | 12,999 | ||||||
|
Toronto-Dominion Holdings USA(A)
|
||||||||
|
0.100%, 11/01/13
|
20,000 | 19,998 | ||||||
|
Total Banks
|
338,777 | |||||||
|
Financial Services [21.2%]
|
||||||||
|
Allianz Finance(A)
|
||||||||
|
0.280%, 10/25/13
|
10,000 | 9,998 | ||||||
|
0.280%, 10/28/13
|
10,000 | 9,998 | ||||||
|
American Honda Finance
|
||||||||
|
0.110%, 11/12/13
|
7,585 | 7,584 | ||||||
|
Caisse Centrale Desjardins du Quebec(A)
|
||||||||
|
0.210%, 10/24/13
|
15,000 | 14,998 | ||||||
|
0.225%, 10/25/13
|
20,000 | 19,997 | ||||||
|
CPPIB Capital(A)
|
||||||||
|
0.150%, 10/25/13
|
3,500 | 3,500 | ||||||
|
0.200%, 12/04/13
|
2,000 | 1,999 | ||||||
|
0.230%, 01/03/14
|
15,000 | 14,991 | ||||||
|
0.180%, 01/16/14
|
15,000 | 14,992 | ||||||
|
General Electric Capital
|
||||||||
|
0.230%, 11/04/13
|
10,000 | 9,998 | ||||||
|
0.240%, 03/27/14
|
15,000 | 14,982 | ||||||
|
John Deere Canada ULC(A)
|
||||||||
|
0.060%, 10/18/13
|
30,000 | 29,999 | ||||||
|
Liberty Street Funding(A)
|
||||||||
|
0.130%, 10/17/13
|
10,000 | 10,000 | ||||||
|
MetLife Short Term Funding(A)
|
||||||||
|
0.120%, 10/02/13
|
10,000 | 10,000 | ||||||
|
0.110%, 10/23/13
|
15,000 | 14,999 | ||||||
|
0.110%, 10/25/13
|
10,000 | 9,999 | ||||||
|
Mizuho Funding(A)
|
||||||||
|
0.215%, 01/17/14
|
17,600 | 17,589 | ||||||
|
Toyota Financial Services de Puerto Rico
|
||||||||
|
0.210%, 10/21/13
|
10,000 | 9,999 | ||||||
|
0.200%, 11/04/13
|
10,000 | 9,998 | ||||||
|
Westpac Securities NZ(A)
|
||||||||
|
0.180%, 11/27/13
|
31,000 | 30,991 | ||||||
|
Total Financial Services
|
266,611 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 29
schedule of investments
September 30, 2013
City National Rochdale Prime Money Market Fund (continued)
|
Description
|
Face Amount (000) |
Value (000)
|
||||||
|
Food, Beverage & Tobacco [3.5%]
|
||||||||
|
Coca-Cola(A)
|
||||||||
|
0.200%, 01/07/14
|
$ | 5,000 | $ | 4,997 | ||||
|
Nestle Capital(A)
|
||||||||
|
0.010%, 10/02/13
|
30,000 | 30,000 | ||||||
|
0.010%, 10/09/13
|
10,000 | 10,000 | ||||||
|
Total Food, Beverage & Tobacco
|
44,997 | |||||||
|
Gas Transmission [1.2%]
|
||||||||
|
Total Capital Canada(A)
|
||||||||
|
0.140%, 02/03/14
|
15,000 | 14,993 | ||||||
|
Import/Export [0.9%]
|
||||||||
|
Mitsui & USA
|
||||||||
|
0.170%, 10/22/13
|
11,000 | 10,999 | ||||||
|
Medical-HMO [3.2%]
|
||||||||
|
UnitedHealth Group(A)
|
||||||||
|
0.140%, 10/01/13
|
40,000 | 40,000 | ||||||
|
Petroleum & Fuel Products [0.4%]
|
||||||||
|
ConocoPhillips Qatar Funding(A)
|
||||||||
|
0.150%, 10/18/13
|
4,860 | 4,860 | ||||||
|
Regional Authority [1.2%]
|
||||||||
|
California State, Educational Facilities Authority
|
||||||||
|
0.200%, 01/23/14
|
15,000 | 15,000 | ||||||
|
Schools [0.8%]
|
||||||||
|
University of California
|
||||||||
|
0.130%, 10/15/13
|
10,000 | 9,999 | ||||||
|
Total Commercial Paper (Cost $776,236)
|
776,236 | |||||||
|
Certificates of Deposit [18.4%]
|
||||||||
|
Banco Del Estado De Chile
|
||||||||
|
0.270%, 10/10/13
|
10,000 | 10,000 | ||||||
|
0.630%, 11/27/13
|
8,600 | 8,605 | ||||||
|
0.630%, 12/04/13
|
2,500 | 2,502 | ||||||
|
0.270%, 01/08/14
|
15,000 | 15,000 | ||||||
|
Bank of America
|
||||||||
|
0.170%, 10/07/13
|
25,000 | 25,000 | ||||||
|
Bank of Montreal IL
|
||||||||
|
0.275%, 11/01/13
|
15,000 | 15,000 | ||||||
|
0.170%, 11/25/13
|
25,000 | 25,000 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Citibank
|
||||||||
|
0.260%, 11/01/13
|
$ | 15,000 | $ | 15,000 | ||||
|
0.260%, 11/04/13
|
10,000 | 10,000 | ||||||
|
0.260%, 11/18/13
|
10,000 | 10,000 | ||||||
|
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
|
||||||||
|
0.350%, 03/17/14
|
10,000 | 10,006 | ||||||
|
Mizuho Bank
|
||||||||
|
0.220%, 10/01/13
|
20,000 | 20,000 | ||||||
|
Norinchukin Bank
|
||||||||
|
0.230%, 10/07/13
|
10,000 | 10,000 | ||||||
|
0.310%, 11/12/13
|
17,000 | 17,001 | ||||||
|
0.220%, 12/10/13
|
10,000 | 10,000 | ||||||
|
Standard Chartered Bank
|
||||||||
|
0.110%, 10/01/13
|
13,000 | 13,000 | ||||||
|
Toronto-Dominion Bank
|
||||||||
|
0.266%, 10/19/13
|
10,000 | 10,000 | ||||||
|
Westpac Banking
|
||||||||
|
0.370%, 12/20/13
|
5,000 | 5,001 | ||||||
|
Total Certificates of Deposit (Cost $231,115)
|
231,115 | |||||||
|
Municipal Bonds [15.0%]
|
||||||||
|
California [8.2%]
|
||||||||
|
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
|
||||||||
|
0.040%, 10/01/13(B) (C) (D)
|
29,000 | 29,000 | ||||||
|
California State, Pollution Control Financing Authority, Pacific Gas & Electric Project, Ser C, RB
|
||||||||
|
0.030%, 10/01/13(B) (C) (D)
|
5,000 | 5,000 | ||||||
|
California State, Ser A-2, RAN
|
||||||||
|
2.000%, 06/23/14
|
15,000 | 15,192 | ||||||
|
Los Angeles, Department of Water & Power, Ser B-1, RB
|
||||||||
|
0.070%, 10/03/13(C) (D)
|
25,000 | 25,000 | ||||||
|
Los Angeles, Department of Water & Power, Ser B-3, RB
|
||||||||
|
0.060%, 10/01/13(B) (C) (D)
|
13,340 | 13,340 | ||||||
|
Southern California, Metropolitan Water District, Ser B-3, RB
|
||||||||
|
0.020%, 10/01/13(C) (D)
|
15,000 | 15,000 | ||||||
|
Total California
|
102,532 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
schedule of investments
September 30, 2013
City National Rochdale Prime Money Market Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Illinois [1.1%]
|
||||||||
|
Chicago, Midway Airport Authority, Ser B, RB, AMT
|
||||||||
|
0.090%, 10/01/13(B) (C) (D)
|
$ | 14,500 | $ | 14,500 | ||||
|
Massachusetts [1.3%]
|
||||||||
|
Massachusetts State, Health & Educational Facilities Authority, Childrens Hospital Project, Ser N-4, RB
|
||||||||
|
0.070%, 10/01/13(B) (C) (D)
|
16,100 | 16,100 | ||||||
|
North Carolina [1.3%]
|
||||||||
|
Charlotte, Water and Sewer System, Ser B, RB
|
||||||||
|
0.060%, 10/03/13(C) (D)
|
15,900 | 15,900 | ||||||
|
Ohio [1.4%]
|
||||||||
|
Ohio State, Higher Educational Facility Commission, Cleveland Clinic Project, Ser B-4, RB
|
||||||||
|
0.050%, 10/01/13(C) (D)
|
17,485 | 17,485 | ||||||
|
Texas [1.7%]
|
||||||||
|
Lower Neches Valley Authority Industrial Development, Exxon-Mobil Project, RB
|
||||||||
|
0.020%, 10/01/13(C) (D)
|
22,100 | 22,100 | ||||||
|
Total Municipal Bonds (Cost $188,617)
|
188,617 | |||||||
|
Corporate Bond [0.3%]
|
||||||||
|
Financial Services [0.3%]
|
||||||||
|
HSBC Finance
|
||||||||
|
0.518%, 10/16/13(C)
|
3,425 | 3,426 | ||||||
|
Total Corporate Bond (Cost $3,426)
|
3,426 | |||||||
|
Repurchase Agreements(E) [4.4%]
|
||||||||
|
Barclays
|
||||||||
|
0.060%, dated 09/30/13, repurchased on 10/01/13, repurchase price $15,000,025 (collateralized by a U.S. Treasury Note, par value $15,600,000, 0.750%, 2/28/18; with total market value $15,300,000)
|
15,000 | 15,000 | ||||||
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Deutsche Bank
|
||||||||
|
0.100%, dated 09/30/13, repurchased on 10/01/13, repurchase price $15,000,042 (collateralized by various U.S. Government obligations, par values ranging from $65,000 to $11,300,000, 0.000% - 5.355%, 07/28/14 to 01/15/30; with total market value $15,300,045)
|
$ | 15,000 | $ | 15,000 | ||||
|
Deutsche Bank
|
||||||||
|
0.050%, dated 09/30/13, repurchased on 10/01/13, repurchase price $15,000,021 (collateralized by various U.S. Treasury obligations, par values ranging from $2,260,600 to $6,866,300, 0.125% - 3.875%, 04/30/15 to 04/15/29; with total market value $15,300,004)
|
15,000 | 15,000 | ||||||
|
Goldman Sachs
|
||||||||
|
0.040%, dated 09/30/13, repurchased on 10/01/13, repurchase price $10,000,011 (collateralized by a U.S. Government obligation, par value $10,200,000, 0.000%, 3/25/14; with total market value $10,200,000)
|
10,000 | 10,000 | ||||||
|
Total Repurchase Agreements (Cost $55,000)
|
55,000 | |||||||
|
Short-Term Investment [0.2%]
|
||||||||
|
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
|
2,434,635 | 2,435 | ||||||
|
Total Short-Term Investment (Cost $2,435)
|
2,435 | |||||||
|
Total Investments [100.0%] (Cost $1,256,829)
|
$ | 1,256,829 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
schedule of investments
September 30, 2013
City National Rochdale Prime Money Market Fund (concluded)
Percentages are based on Net Assets of $1,256,877 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
(A)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2013, the value of these securities amounted to $536,812 (000), representing 42.7% of the net assets of the Fund.
|
|
(B)
|
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
|
|
(C)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(D)
|
Put and Demand Feature — The date reported is the next reset date or put date.
|
|
(E)
|
Tri-Party Repurchase Agreement.
|
AMT — Alternative Minimum Tax (subject to)
Cl — Class
NY — New York
RAN — Revenue Anticipation Note
RB — Revenue Bond
Ser — Series
The following is a summary of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Commercial Paper
|
$ | — | $ | 776,236 | $ | — | $ | 776,236 | ||||||||
|
Certificates of Deposit
|
— | 231,115 | — | 231,115 | ||||||||||||
|
Municipal Bonds
|
— | 188,617 | — | 188,617 | ||||||||||||
|
Corporate Bond
|
— | 3,426 | — | 3,426 | ||||||||||||
|
Repurchase Agreements
|
— | 55,000 | — | 55,000 | ||||||||||||
|
Short-Term Investment
|
2,435 | — | — | 2,435 | ||||||||||||
|
Total Investments in Securities
|
$ | 2,435 | $ | 1,254,394 | $ | — | $ | 1,256,829 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Money Market Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Municipal Bonds [80.4%]
|
||||||||
|
California [69.7%]
|
||||||||
|
ABAG Finance Authority for Nonprofit Corporations, Country Day School Project, RB
|
||||||||
|
0.050%, 10/03/13(A) (B) (C)
|
$ | 2,015 | $ | 2,015 | ||||
|
Bay Area Toll Authority, Ser A-2, RB
|
||||||||
|
0.050%, 10/03/13(A) (B) (C)
|
15,000 | 15,000 | ||||||
|
Bay Area Toll Authority, Ser C-1, RB
|
||||||||
|
0.060%, 10/03/13(A) (B) (C)
|
14,445 | 14,445 | ||||||
|
Bay Area Toll Authority, Ser C-2, RB
|
||||||||
|
0.060%, 10/03/13(A) (B) (C)
|
4,190 | 4,190 | ||||||
|
California State, College and University, Ser A, RB, AGM
|
||||||||
|
Pre-Refunded @ 100
|
||||||||
|
5.000%, 05/01/14(D)
|
3,800 | 3,906 | ||||||
|
California State, GO
|
||||||||
|
Pre-Refunded @ 100
|
||||||||
|
5.500%, 11/01/13(D)
|
10,390 | 10,437 | ||||||
|
California State, GO
|
||||||||
|
Pre-Refunded @ 100
|
||||||||
|
5.125%, 11/01/13(D)
|
2,000 | 2,008 | ||||||
|
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser A, RB
|
||||||||
|
0.050%, 10/03/13(A) (B) (C)
|
2,600 | 2,600 | ||||||
|
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB
|
||||||||
|
0.030%, 10/01/13(A) (B) (C)
|
5,580 | 5,580 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
California State, Health Facilities Financing Authority, Health Facility Catholic Project, RB
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
$ | 3,500 | $ | 3,500 | ||||
|
California State, Health Facilities Financing Authority, Health Facility Catholic Project, RB
|
||||||||
|
0.050%, 10/02/13(A) (B) (C)
|
6,750 | 6,750 | ||||||
|
California State, Health Facilities Financing Authority, Scripps Health Project, Ser A, RB
|
||||||||
|
0.050%, 10/02/13(A) (B) (C)
|
2,085 | 2,085 | ||||||
|
California State, Health Facilities Financing Authority, Scripps Health Project, Ser C, RB
|
||||||||
|
0.070%, 10/02/13(A) (B) (C)
|
8,650 | 8,650 | ||||||
|
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser A, RB
|
||||||||
|
Pre-Refunded @ 100
|
||||||||
|
5.000%, 11/15/13(D)
|
1,900 | 1,911 | ||||||
|
California State, Kindergarten Project, Ser A-1, GO
|
||||||||
|
0.060%, 10/01/13(A) (B) (C)
|
9,685 | 9,685 | ||||||
|
California State, Kindergarten Project, Ser A-2, GO
|
||||||||
|
0.050%, 10/01/13(A) (B) (C)
|
17,150 | 17,150 | ||||||
|
California State, Kindergarten Project, Ser A-3, GO
|
||||||||
|
0.050%, 10/01/13(A) (B) (C)
|
8,980 | 8,980 | ||||||
|
California State, Kindergarten Project, Ser A-8, GO
|
||||||||
|
0.060%, 10/03/13(A) (B) (C)
|
11,400 | 11,400 | ||||||
|
California State, Kindergarten Project, Ser B-1, GO
|
||||||||
|
0.020%, 10/01/13(A) (B) (C)
|
15,200 | 15,200 | ||||||
|
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, RB
|
||||||||
|
0.050%, 10/01/13(A) (C)
|
13,000 | 13,000 | ||||||
|
California State, Public Works Board, Department of Corrections, Ser C, RB
|
||||||||
|
Pre-Refunded @ 100
|
||||||||
|
5.250%, 12/01/13(D)
|
7,810 | 7,876 | ||||||
|
California State, Ser A-2, GO
|
||||||||
|
0.030%, 10/01/13(A) (B) (C)
|
10,500 | 10,500 | ||||||
|
California State, Ser B-1, GO
|
||||||||
|
0.050%, 10/02/13(A) (B) (C)
|
1,000 | 1,000 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Money Market Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
California State, Ser B-4, GO
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
$ | 15,000 | $ | 15,000 | ||||
|
California State, Ser A-2, RAN
|
||||||||
|
2.000%, 06/23/14
|
23,500 | 23,801 | ||||||
|
California State, Sub-Ser A-1, GO
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
7,500 | 7,500 | ||||||
|
California State, Sub-Ser A-2, GO
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
1,500 | 1,500 | ||||||
|
California Statewide, Communities Development Authority, RB
|
||||||||
|
0.040%, 10/01/13(C)
|
5,050 | 5,050 | ||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser D, RB
|
||||||||
|
0.050%, 10/02/13(A) (C)
|
20,000 | 20,000 | ||||||
|
California Statewide, Communities Development Authority, Masters College Project, Ser A, RB
|
||||||||
|
0.090%, 10/03/13(A) (B) (C)
|
3,000 | 3,000 | ||||||
|
Eastern Municipal Water District, Ser C, COP
|
||||||||
|
0.070%, 10/02/13(A) (C)
|
2,900 | 2,900 | ||||||
|
Eastern Municipal Water District, Ser D, COP
|
||||||||
|
0.070%, 10/02/13(A) (C)
|
12,375 | 12,375 | ||||||
|
Elsinore Valley, Municipal Water District, Ser A, COP
|
||||||||
|
0.080%, 10/02/13(A) (B) (C)
|
3,240 | 3,240 | ||||||
|
Elsinore Valley, Municipal Water District, Ser B, COP
|
||||||||
|
0.070%, 10/02/13(A) (B) (C)
|
14,100 | 14,100 | ||||||
|
Fresno County, TRAN
|
||||||||
|
1.250%, 06/30/14
|
5,000 | 5,040 | ||||||
|
Irvine Ranch, Water District, SAB
|
||||||||
|
0.060%, 10/03/13(A) (B) (C)
|
5,200 | 5,200 | ||||||
|
Irvine Ranch, Water District, Ser B, SAB
|
||||||||
|
0.060%, 10/01/13(A) (B) (C)
|
10,025 | 10,025 | ||||||
|
Los Angeles County, Metropolitan Transportation Authority, Ser A1, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
1,180 | 1,180 | ||||||
|
Los Angeles County, Ser A, TRAN
|
||||||||
|
2.000%, 02/28/14
|
5,000 | 5,037 | ||||||
|
Los Angeles, Department of Water & Power, Sub-Ser A-3, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
2,500 | 2,500 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Los Angeles, Department of Water & Power, Sub-Ser A-8, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
$ | 3,000 | $ | 3,000 | ||||
|
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
7,350 | 7,350 | ||||||
|
Los Angeles, Department of Water & Power, Sub-Ser B-2, RB
|
||||||||
|
0.060%, 10/01/13(A) (C)
|
28,700 | 28,700 | ||||||
|
Los Angeles, Department of Water & Power, Sub-Ser B-4, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
9,075 | 9,075 | ||||||
|
Los Angeles, Department of Water & Power, Sub-Ser B-6, RB
|
||||||||
|
0.050%, 10/01/13(A) (C)
|
12,400 | 12,400 | ||||||
|
Metropolitan Water District of Southern California, Ser A-1, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
10,000 | 10,000 | ||||||
|
Metropolitan Water District of Southern California, Ser A-1, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
1,820 | 1,820 | ||||||
|
Metropolitan Water District of Southern California, Ser A-2, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
11,000 | 11,000 | ||||||
|
Metropolitan Water District of Southern California, Ser A-3, RB
|
||||||||
|
0.070%, 10/03/13(A) (C)
|
10,000 | 10,000 | ||||||
|
Modesto, Water Revenue, Ser A, RB
|
||||||||
|
0.050%, 10/03/13(A) (B) (C)
|
4,800 | 4,800 | ||||||
|
Orange County, Apartment Development Authority, Riverbend Apartments Project, Ser B, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
10,000 | 10,000 | ||||||
|
Orange County, Water District Authority, Ser A, COP
|
||||||||
|
0.080%, 10/02/13(A) (B) (C)
|
25,350 | 25,350 | ||||||
|
Riverside County, Public Facilities Authority, Ser C, COP
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
5,700 | 5,700 | ||||||
|
Riverside County, Ser A, TRAN
|
||||||||
|
2.000%, 03/31/14
|
9,000 | 9,082 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Money Market Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Riverside County, Water Authority, Ser A, RB
|
||||||||
|
0.090%, 10/03/13(A) (C)
|
$ | 16,375 | $ | 16,375 | ||||
|
Sacramento County, Sanitation District Financing Authority, Sub-Ser D, RB
|
||||||||
|
0.070%, 10/01/13(A) (B) (C)
|
1,975 | 1,975 | ||||||
|
San Diego County, Regional Transportation Commission, Ser B, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
9,180 | 9,180 | ||||||
|
San Diego County, Regional Transportation Commission, Ser D, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
10,890 | 10,890 | ||||||
|
San Diego County, Ser A, RAN
|
||||||||
|
2.000%, 06/30/14
|
2,500 | 2,534 | ||||||
|
San Francisco City & County, Airports Commission, Ser 37C, RB
|
||||||||
|
0.060%, 10/02/13(A) (B) (C)
|
15,900 | 15,900 | ||||||
|
Santa Barbara County, Ser A, RB
|
||||||||
|
2.000%, 06/30/14
|
5,000 | 5,068 | ||||||
|
Santa Clara County, Financing Authority, VMC Facility Replacement Project, Ser B, RB
|
||||||||
|
0.080%, 10/02/13(A) (C)
|
20,820 | 20,820 | ||||||
|
Santa Clara Valley, Transportation Authority, Ser C, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
995 | 995 | ||||||
|
Santa Clara Valley, Transportation Authority, Ser C, RB
|
||||||||
|
0.050%, 10/03/13(A) (C)
|
18,300 | 18,300 | ||||||
|
Santa Clara Valley, Transportation Authority, Ser D, RB
|
||||||||
|
0.060%, 10/03/13(A) (C)
|
15,000 | 15,000 | ||||||
|
Southern California, Public Power Authority, Magnolia Power Project, Ser A-1, RB
|
||||||||
|
0.070%, 10/02/13(A) (B) (C)
|
19,300 | 19,300 | ||||||
|
Southern California, Public Power Authority, Southern Transmission Project, Ser A, RB, AGM
|
||||||||
|
0.080%, 10/02/13(A) (C)
|
35,000 | 35,000 | ||||||
|
University of California, RB
|
||||||||
|
0.060%, 10/02/13(A) (C)
|
5,000 | 5,000 | ||||||
|
Total California
|
639,930 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
New York [8.5%]
|
||||||||
|
New York City, Municipal Water Finance Authority, Ser DD-1, RB
|
||||||||
|
0.050%, 10/01/13(A) (C)
|
$ | 30,010 | $ | 30,010 | ||||
|
New York City, GO,
|
||||||||
|
0.060%, 10/01/13(B) (C)
|
7,540 | 7,540 | ||||||
|
New York City, Ser A-5, GO
|
||||||||
|
0.030%, 10/01/13(A) (C)
|
25,160 | 25,160 | ||||||
|
New York City, Sub-Ser G-6, GO
|
||||||||
|
0.030%, 10/01/13(A) (B) (C)
|
15,895 | 15,895 | ||||||
|
Total New York
|
78,605 | |||||||
|
Texas [2.2%]
|
||||||||
|
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
|
||||||||
|
0.020%, 10/01/13(A) (C)
|
9,950 | 9,950 | ||||||
|
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, Ser A, RB
|
||||||||
|
0.040%, 10/01/13(A) (C)
|
10,000 | 10,000 | ||||||
|
Total Texas
|
19,950 | |||||||
|
Total Municipal Bonds (Cost $738,485)
|
738,485 | |||||||
|
Commercial Paper [18.2%]
|
||||||||
|
California [18.2%]
|
||||||||
|
California State University Institute
|
||||||||
|
0.110%, 12/03/13
|
1,505 | 1,505 | ||||||
|
California State
|
||||||||
|
0.090%, 11/05/13
|
15,000 | 15,000 | ||||||
|
California State, Department of Water Resources
|
||||||||
|
0.110%, 10/02/13
|
5,789 | 5,789 | ||||||
|
0.110%, 12/02/13
|
9,155 | 9,155 | ||||||
|
0.110%, 12/03/13
|
14,264 | 14,264 | ||||||
|
0.100%, 12/04/13
|
1,853 | 1,853 | ||||||
|
0.090%, 10/03/13
|
3,500 | 3,500 | ||||||
|
California State, Educational Facilities Authority
|
||||||||
|
0.200%, 01/23/14
|
25,000 | 25,000 | ||||||
|
California State, Health Facilities Financing Authority, Ser B-2
|
||||||||
|
0.150%, 12/05/13
|
18,550 | 18,550 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Money Market Fund (concluded)
|
Description
|
Face Amount (000) |
Value (000)
|
||||||
|
Sacramento, Municipal Utility District
|
||||||||
|
0.110%, 12/05/13
|
$ | 15,000 | $ | 15,000 | ||||
|
San Diego, Water Authority
|
||||||||
|
0.100%, 10/03/13
|
13,100 | 13,100 | ||||||
|
0.080%, 10/07/13
|
10,000 | 10,000 | ||||||
|
San Francisco City & County
|
||||||||
|
0.090%, 10/03/13
|
15,357 | 15,357 | ||||||
|
Santa Clara Valley, Water District
|
||||||||
|
0.110%, 12/04/13
|
13,855 | 13,855 | ||||||
|
University of California
|
||||||||
|
0.080%, 10/03/13
|
4,883 | 4,883 | ||||||
|
Total California
|
166,811 | |||||||
|
Total Commercial Paper (Cost $166,811)
|
166,811 | |||||||
|
Total Investments [98.6%] (Cost $905,296)
|
$ | 905,296 | ||||||
Percentages are based on Net Assets of $918,259 (000).
|
(A)
|
Put and Demand Feature — The date reported is the next reset or put date.
|
|
(B)
|
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
|
|
(C)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(D)
|
Pre-Refunded Security — The maturity date shown is the pre-refunded date.
|
ABAG — Association of Bay Area Governments
AGM — Assured Guarantee Municipal
COP — Certificate of Participation
GO — General Obligation
RAN — Revenue Anticipation Note
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
TRAN — Tax and Revenue Anticipation Note
As of September 30, 2013, all of the Fund’s investments are Level 2.
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
schedule of investments
September 30, 2013
City National Rochdale Limited Maturity Fixed Income Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [47.8%]
|
||||||||
|
Banks [18.3%]
|
||||||||
|
Barclays Bank, MTN
|
||||||||
|
2.941%, 07/10/13(A)
|
$ | 545 | $ | 546 | ||||
|
Citigroup
|
||||||||
|
5.850%, 08/02/16
|
1,075 | 1,197 | ||||||
|
Goldman Sachs Group
|
||||||||
|
5.125%, 01/15/15
|
1,100 | 1,157 | ||||||
|
JPMorgan Chase
|
||||||||
|
6.000%, 01/15/18
|
955 | 1,097 | ||||||
|
Morgan Stanley
|
||||||||
|
5.375%, 10/15/15
|
1,100 | 1,183 | ||||||
|
National Australia Bank, MTN
|
||||||||
|
2.750%, 03/09/17
|
945 | 981 | ||||||
|
National Bank of Canada
|
||||||||
|
1.500%, 06/26/15
|
725 | 735 | ||||||
|
Wachovia
|
||||||||
|
5.750%, 06/15/17
|
1,100 | 1,265 | ||||||
|
Total Banks
|
8,161 | |||||||
|
Computer System Design & Services [1.9%]
|
||||||||
|
Apple
|
||||||||
|
0.316%, 05/03/16(A)
|
861 | 861 | ||||||
|
Distribution/Wholesale [2.2%]
|
||||||||
|
Glencore Funding
|
||||||||
|
1.700%, 05/27/16(B)
|
1,000 | 985 | ||||||
|
Financial Services [5.9%]
|
||||||||
|
Caterpillar Financial Services, MTN
|
||||||||
|
1.625%, 06/01/17
|
545 | 546 | ||||||
|
Daimler Finance North America
|
||||||||
|
6.500%, 11/15/13
|
940 | 946 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
General Electric Capital, MTN
|
||||||||
|
2.950%, 05/09/16
|
$ | 1,100 | $ | 1,150 | ||||
|
Total Financial Services
|
2,642 | |||||||
|
Food, Beverage & Tobacco [5.1%]
|
||||||||
|
Anheuser-Busch InBev Worldwide
|
||||||||
|
5.375%, 11/15/14
|
1,100 | 1,160 | ||||||
|
Bottling Group
|
||||||||
|
6.950%, 03/15/14
|
1,100 | 1,132 | ||||||
|
Total Food, Beverage & Tobacco
|
2,292 | |||||||
|
Investment Banker/Broker Dealer [2.4%]
|
||||||||
|
Merrill Lynch, MTN
|
||||||||
|
6.400%, 08/28/17
|
940 | 1,081 | ||||||
|
Oil, Gas & Consumable Fuels [4.0%]
|
||||||||
|
ConocoPhillips Canada Funding I
|
||||||||
|
5.625%, 10/15/16
|
1,100 | 1,248 | ||||||
|
Total Capital International
|
||||||||
|
1.550%, 06/28/17
|
525 | 528 | ||||||
|
Total Oil, Gas & Consumable Fuels
|
1,776 | |||||||
|
Petroleum & Fuel Products [2.1%]
|
||||||||
|
Occidental Petroleum
|
||||||||
|
1.750%, 02/15/17
|
940 | 949 | ||||||
|
Telephones & Telecommunications [5.9%]
|
||||||||
|
America Movil
|
||||||||
|
1.256%, 09/12/16(A)
|
1,250 | 1,250 | ||||||
|
AT&T
|
||||||||
|
2.400%, 08/15/16
|
1,100 | 1,136 | ||||||
|
Verizon Communications
|
||||||||
|
1.782%, 09/15/16(A)
|
250 | 257 | ||||||
|
Total Telephones & Telecommunications
|
2,643 | |||||||
|
Total Corporate Bonds (Cost $21,318)
|
21,390 | |||||||
|
U.S. Government Agency Obligations [25.0%]
|
||||||||
|
FHLB
|
||||||||
|
0.500%, 11/20/15
|
580 | 580 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
schedule of investments
September 30, 2013
City National Rochdale Limited Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
FHLMC
|
||||||||
|
4.375%, 07/17/15
|
$ | 1,800 | $ | 1,931 | ||||
|
1.000%, 07/30/14
|
1,200 | 1,209 | ||||||
|
1.000%, 09/29/17
|
440 | 437 | ||||||
|
FNMA
|
||||||||
|
5.000%, 03/15/16
|
1,175 | 1,301 | ||||||
|
1.000%, 10/16/17
|
1,300 | 1,280 | ||||||
|
0.500%, 07/02/15
|
3,500 | 3,509 | ||||||
|
0.202%, 08/12/16(A)
|
940 | 940 | ||||||
|
Total U.S. Government Agency Obligations (Cost $11,179)
|
11,187 | |||||||
|
U.S. Government Mortgage-Backed Obligations [8.6%]
|
||||||||
|
FHLMC, Pool G12806
|
||||||||
|
5.500%, 09/01/22
|
70 | 75 | ||||||
|
FHLMC, Pool G18247
|
||||||||
|
5.000%, 04/01/23
|
42 | 45 | ||||||
|
FHLMC, Pool G18251
|
||||||||
|
5.000%, 05/01/23
|
66 | 71 | ||||||
|
FHLMC, Pool G18321
|
||||||||
|
4.500%, 08/01/24
|
33 | 35 | ||||||
|
FHLMC, Pool J04241
|
||||||||
|
5.500%, 01/01/22
|
29 | 31 | ||||||
|
FHLMC, Pool J04459
|
||||||||
|
5.000%, 03/01/22
|
43 | 46 | ||||||
|
FHLMC, Pool J04508
|
||||||||
|
5.000%, 03/01/22
|
49 | 52 | ||||||
|
FHLMC, Pool J07575
|
||||||||
|
5.000%, 04/01/23
|
31 | 33 | ||||||
|
FHLMC REMIC, Ser 2004-2825, Cl VP
|
||||||||
|
5.500%, 06/15/15
|
2,140 | 2,154 | ||||||
|
FHLMC REMIC, Ser 2011-3877, Cl ND
|
||||||||
|
3.000%, 02/15/25
|
562 | 584 | ||||||
|
FNMA, Pool 837196
|
||||||||
|
5.500%, 02/01/21
|
73 | 79 | ||||||
|
FNMA, Pool 933915
|
||||||||
|
4.500%, 06/01/23
|
48 | 51 | ||||||
|
FNMA, Pool 961783
|
||||||||
|
4.500%, 02/01/23
|
70 | 74 | ||||||
|
FNMA REMIC, Ser 2010-39, Cl PD
|
||||||||
|
3.000%, 06/25/38
|
486 | 500 | ||||||
|
Total U.S. Government Mortgage-Backed Obligations (Cost $3,760)
|
3,830 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Municipal Bonds [6.5%]
|
||||||||
|
California [3.1%]
|
||||||||
|
Southern California, Public Power Authority, Palo Verde Project, Ser B, RB, AGM, ETM
|
||||||||
|
6.930%, 05/15/17
|
$ | 1,195 | $ | 1,405 | ||||
|
Florida [1.9%]
|
||||||||
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
|
||||||||
|
2.107%, 07/01/18
|
855 | 833 | ||||||
|
Maryland [1.5%]
|
||||||||
|
State of Maryland, GO
|
||||||||
|
4.000%, 08/15/16
|
625 | 685 | ||||||
|
Total Municipal Bonds (Cost $2,907)
|
2,923 | |||||||
|
U.S. Treasury Obligations [3.6%]
|
||||||||
|
U.S. Treasury Notes
|
||||||||
|
4.250%, 08/15/15
|
560 | 601 | ||||||
|
2.375%, 09/30/14
|
1,000 | 1,023 | ||||||
|
Total U.S. Treasury Obligations (Cost $1,598)
|
1,624 | |||||||
|
Sovereign Debt [2.5%]
|
||||||||
|
Province of Ontario, Canada
|
||||||||
|
1.600%, 09/21/16
|
||||||||
|
(Cost $1,115)
|
1,100 | 1,120 | ||||||
|
Asset-Backed Security [2.3%]
|
||||||||
|
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
|
||||||||
|
0.530%, 03/15/16
|
||||||||
|
(Cost $1,000)
|
1,000 | 1,001 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
schedule of investments
September 30, 2013
City National Rochdale Limited Maturity Fixed Income Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [3.2%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%*†
|
711,405 | $ | 711 | |||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
711,405 | 711 | ||||||
|
Total Short-Term Investments (Cost $1,422)
|
1,422 | |||||||
|
Total Investments [99.5%] (Cost $44,299)
|
$ | 44,497 | ||||||
Percentages are based on Net Assets of $44,735 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(B)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2013, the value of these securities amounted to $985 (000), representing 2.2% of the net assets of the Fund.
|
AGM — Assured Guarantee Municipal
Cl — Class
ETM — Escrowed to Maturity
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GO — General Obligation
MTN — Medium Term Note
RB — Revenue Bond
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 21,390 | $ | — | $ | 21,390 | ||||||||
|
U.S. Government Agency Obligations
|
— | 11,187 | — | 11,187 | ||||||||||||
|
U.S. Government Mortgage-Backed Obligations
|
— | 3,830 | — | 3,830 | ||||||||||||
|
Municipal Bonds
|
— | 2,923 | — | 2,923 | ||||||||||||
|
U.S. Treasury Obligations
|
— | 1,624 | — | 1,624 | ||||||||||||
|
Sovereign Debt
|
— | 1,120 | — | 1,120 | ||||||||||||
|
Asset-Backed Security
|
— | 1,001 | — | 1,001 | ||||||||||||
|
Short-Term Investments
|
1,422 | — | — | 1,422 | ||||||||||||
|
Total Investments in Securities
|
$ | 1,422 | $ | 43,075 | $ | — | $ | 44,497 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 39
schedule of investments
September 30, 2013
City National Rochdale Government Bond Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
U.S. Government Agency Obligations [61.5%]
|
||||||||
|
Egypt Government AID Bond
|
||||||||
|
4.450%, 09/15/15
|
$ | 8,000 | $ | 8,609 | ||||
|
FAMC, MTN
|
||||||||
|
3.250%, 06/25/14
|
7,000 | 7,151 | ||||||
|
FFCB
|
||||||||
|
0.264%, 07/26/17(A)
|
10,000 | 9,984 | ||||||
|
FHLB
|
||||||||
|
3.250%, 09/12/14
|
3,000 | 3,088 | ||||||
|
1.150%, 07/25/18
|
1,520 | 1,484 | ||||||
|
1.000%, 06/09/17
|
7,000 | 6,971 | ||||||
|
0.683%, 04/08/14(A)
|
8,000 | 8,024 | ||||||
|
0.500%, 11/20/15
|
4,500 | 4,500 | ||||||
|
FHLMC
|
||||||||
|
1.000%, 06/29/17
|
4,000 | 3,991 | ||||||
|
1.000%, 09/29/17
|
4,000 | 3,966 | ||||||
|
FNMA
|
||||||||
|
1.000%, 10/16/17
|
7,000 | 6,894 | ||||||
|
0.875%, 05/21/18
|
4,500 | 4,372 | ||||||
|
0.625%, 08/26/16
|
5,000 | 4,985 | ||||||
|
0.202%, 08/15/16(A)
|
10,000 | 10,002 | ||||||
|
Israel Government AID Bond
|
||||||||
|
4.180%, 05/15/20(B)
|
15,528 | 13,289 | ||||||
|
Tennessee Valley Authority, Ser E
|
||||||||
|
6.250%, 12/15/17
|
8,000 | 9,523 | ||||||
|
Total U.S. Government Agency Obligations (Cost $105,251)
|
106,833 | |||||||
|
U.S. Government Mortgage-Backed Obligations [19.9%]
|
||||||||
|
FHLMC REMIC, Ser 2011-3877, Cl ND
|
||||||||
|
3.000%, 02/15/25
|
2,229 | 2,318 | ||||||
|
FHLMC REMIC, Ser 2012-4021, Cl P
|
||||||||
|
3.000%, 03/15/27
|
5,601 | 5,740 | ||||||
|
FNMA ARM, Pool 766620
|
||||||||
|
2.418%, 03/01/34(A)
|
240 | 256 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
FNMA REMIC, Ser 2011-144, Cl CE
|
||||||||
|
1.250%, 06/25/35
|
$ | 949 | $ | 952 | ||||
|
FNMA REMIC, Ser 2011-99, Cl AV
|
||||||||
|
4.000%, 08/25/24
|
7,006 | 7,323 | ||||||
|
FNMA REMIC, Ser 2012-32, Cl DE
|
||||||||
|
3.000%, 12/25/26
|
6,575 | 6,764 | ||||||
|
GNMA, Pool 329656
|
||||||||
|
8.000%, 08/15/22
|
5 | 5 | ||||||
|
GNMA, Pool 376533
|
||||||||
|
7.500%, 06/15/24
|
2 | 2 | ||||||
|
GNMA, Pool 398660
|
||||||||
|
7.500%, 05/15/26
|
3 | 3 | ||||||
|
GNMA, Pool 497411
|
||||||||
|
6.000%, 01/15/29
|
5 | 5 | ||||||
|
GNMA, Pool 571376
|
||||||||
|
7.000%, 12/15/16
|
4 | 5 | ||||||
|
GNMA, Pool 584992
|
||||||||
|
7.500%, 04/15/32
|
29 | 32 | ||||||
|
GNMA ARM, Pool G2 81318
|
||||||||
|
1.625%, 04/20/35(A)
|
313 | 326 | ||||||
|
GNMA ARM, Pool G2 81447
|
||||||||
|
1.750%, 08/20/35(A)
|
66 | 69 | ||||||
|
GNMA CMO, Ser 2010-87, Cl NE
|
||||||||
|
3.000%, 09/20/38
|
4,142 | 4,212 | ||||||
|
GNMA CMO, Ser 2012-43, Cl HA
|
||||||||
|
3.500%, 06/20/40
|
6,351 | 6,540 | ||||||
|
Total U.S. Government Mortgage-Backed Obligations (Cost $34,981)
|
34,552 | |||||||
|
U.S. Treasury Obligations [12.8%]
|
||||||||
|
U.S. Treasury Notes
|
||||||||
|
1.375%, 11/30/15
|
13,500 | 13,789 | ||||||
|
1.250%, 02/15/14
|
4,000 | 4,018 | ||||||
|
0.875%, 02/28/17
|
4,500 | 4,506 | ||||||
|
Total U.S. Treasury Obligations (Cost $22,186)
|
22,313 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
schedule of investments
September 30, 2013
City National Rochdale Government Bond Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [5.2%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%*†
|
4,501,218 | $ | 4,501 | |||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
4,501,218 | 4,501 | ||||||
|
Total Short-Term Investments (Cost $9,002)
|
9,002 | |||||||
|
Total Investments [99.4%] (Cost $171,420)
|
$ | 172,700 | ||||||
Percentages are based on Net Assets of $173,808 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(B)
|
Zero coupon security. The rate reported is the effective yield at time of purchase.
|
AID — Agency for International Development
ARM — Adjustable Rate Mortgage
Cl — Class
CMO — Collateralized Mortgage Obligation
FAMC — Federal Agriculture Mortgage Corporation
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
MTN — Medium Term Note
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
U.S. Government Agency Obligations
|
$ | — | $ | 106,833 | $ | — | $ | 106,833 | ||||||||
|
U.S. Government Mortgage-Backed Obligations
|
— | 34,552 | — | 34,552 | ||||||||||||
|
U.S. Treasury Obligations
|
— | 22,313 | — | 22,313 | ||||||||||||
|
Short-Term Investments
|
9,002 | — | — | 9,002 | ||||||||||||
|
Total Investments in Securities
|
$ | 9,002 | $ | 163,698 | $ | — | $ | 172,700 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
schedule of investments
September 30, 2013
City National Rochdale Corporate Bond Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [89.4%]
|
||||||||
|
Banks [4.4%]
|
||||||||
|
Barclays Bank, MTN
|
||||||||
|
2.941%, 03/10/17(A)
|
$ | 1,950 | $ | 1,955 | ||||
|
Deutsche Bank, MTN
|
||||||||
|
3.875%, 08/18/14
|
853 | 877 | ||||||
|
Nordea Bank
|
||||||||
|
2.250%, 03/20/15(B)
|
500 | 510 | ||||||
|
Wells Fargo Bank
|
||||||||
|
5.750%, 05/16/16
|
2,400 | 2,678 | ||||||
|
Total Banks
|
6,020 | |||||||
|
Broadcasting & Cable [0.8%]
|
||||||||
|
Time Warner Cable
|
||||||||
|
5.850%, 05/01/17
|
1,000 | 1,088 | ||||||
|
Coatings/Paint [1.1%]
|
||||||||
|
Sherwin-Williams
|
||||||||
|
3.125%, 12/15/14
|
1,450 | 1,492 | ||||||
|
Computer System Design & Services [1.7%]
|
||||||||
|
Cisco Systems
|
||||||||
|
5.500%, 02/22/16
|
1,250 | 1,389 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Dell
|
||||||||
|
5.625%, 04/15/14
|
$ | 1,000 | $ | 1,020 | ||||
|
Total Computer System Design & Services
|
2,409 | |||||||
|
Computers-Memory Devices [0.7%]
|
||||||||
|
NetApp
|
||||||||
|
2.000%, 12/15/17
|
1,000 | 984 | ||||||
|
Distribution/Wholesale [1.1%]
|
||||||||
|
Glencore Funding
|
||||||||
|
1.700%, 05/27/16(B)
|
1,500 | 1,478 | ||||||
|
Diversified Metals & Mining [0.8%]
|
||||||||
|
Rio Tinto
|
||||||||
|
2.250%, 09/20/16
|
1,100 | 1,126 | ||||||
|
Diversified Minerals [3.5%]
|
||||||||
|
BHP Billiton
|
||||||||
|
5.250%, 12/15/15
|
2,377 | 2,598 | ||||||
|
Teck Resources
|
||||||||
|
3.150%, 01/15/17
|
1,250 | 1,282 | ||||||
|
2.500%, 02/01/18
|
1,000 | 990 | ||||||
|
Total Diversified Minerals
|
4,870 | |||||||
|
Diversified Operations [1.6%]
|
||||||||
|
Siemens Financieringsmaatschappij
|
||||||||
|
5.750%, 10/17/16(B)
|
2,000 | 2,273 | ||||||
|
Drugs [2.9%]
|
||||||||
|
AbbVie
|
||||||||
|
1.200%, 11/06/15
|
1,000 | 1,004 | ||||||
|
Wyeth
|
||||||||
|
5.500%, 02/15/16
|
2,750 | 3,054 | ||||||
|
Total Drugs
|
4,058 | |||||||
|
Electric Utilities [2.4%]
|
||||||||
|
American Electric Power
|
||||||||
|
1.650%, 12/15/17
|
1,000 | 982 | ||||||
|
Commonwealth Edison
|
||||||||
|
6.950%, 07/15/18
|
1,000 | 1,178 | ||||||
|
Exelon
|
||||||||
|
4.900%, 06/15/15
|
1,138 | 1,209 | ||||||
|
Total Electric Utilities
|
3,369 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
schedule of investments
September 30, 2013
City National Rochdale Corporate Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Financial Services [20.1%]
|
||||||||
|
American Express Credit, MTN
|
||||||||
|
2.800%, 09/19/16
|
$ | 2,600 | $ | 2,720 | ||||
|
American Honda Finance
|
||||||||
|
1.600%, 02/16/18(B)
|
1,000 | 984 | ||||||
|
Caisse Centrale Desjardins du Quebec
|
||||||||
|
2.650%, 09/16/15(B)
|
3,000 | 3,098 | ||||||
|
Countrywide Financial
|
||||||||
|
6.250%, 05/15/16
|
1,200 | 1,327 | ||||||
|
Daimler Finance North America(B)
|
||||||||
|
2.300%, 01/09/15
|
1,350 | 1,371 | ||||||
|
1.875%, 09/15/14
|
1,000 | 1,010 | ||||||
|
Ford Motor Credit
|
||||||||
|
8.000%, 12/15/16
|
1,000 | 1,182 | ||||||
|
2.375%, 01/16/18
|
1,000 | 992 | ||||||
|
General Electric Capital, MTN
|
||||||||
|
2.150%, 01/09/15
|
3,000 | 3,062 | ||||||
|
Harley-Davidson Financial Services, MTN
|
||||||||
|
3.875%, 03/15/16(B)
|
1,000 | 1,064 | ||||||
|
HSBC Finance
|
||||||||
|
5.250%, 04/15/15
|
1,250 | 1,327 | ||||||
|
Nissan Motor Acceptance, MTN
|
||||||||
|
1.950%, 09/12/17(B)
|
2,000 | 1,989 | ||||||
|
PACCAR Financial, MTN
|
||||||||
|
0.800%, 02/08/16
|
1,500 | 1,499 | ||||||
|
Toyota Motor Credit, MTN
|
||||||||
|
2.050%, 01/12/17
|
2,000 | 2,046 | ||||||
|
VW Credit, MTN
|
||||||||
|
1.875%, 10/13/16
|
3,000 | 3,052 | ||||||
|
Western Union
|
||||||||
|
5.930%, 10/01/16
|
1,000 | 1,114 | ||||||
|
Total Financial Services
|
27,837 | |||||||
|
Food, Beverage & Tobacco [3.2%]
|
||||||||
|
Anheuser-Busch InBev Worldwide
|
||||||||
|
5.375%, 11/15/14
|
1,195 | 1,259 | ||||||
|
Bottling Group
|
||||||||
|
6.950%, 03/15/14
|
1,000 | 1,029 | ||||||
|
5.500%, 04/01/16
|
1,000 | 1,114 | ||||||
|
Dr Pepper Snapple Group
|
||||||||
|
2.900%, 01/15/16
|
1,000 | 1,038 | ||||||
|
Total Food, Beverage & Tobacco
|
4,440 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Home Decoration Products [0.4%]
|
||||||||
|
Newell Rubbermaid
|
||||||||
|
2.000%, 06/15/15
|
$ | 500 | $ | 507 | ||||
|
Internet Security [0.7%]
|
||||||||
|
Symantec
|
||||||||
|
2.750%, 09/15/15
|
1,000 | 1,031 | ||||||
|
Investment Banker/Broker Dealer [4.1%]
|
||||||||
|
Goldman Sachs Group
|
||||||||
|
5.625%, 01/15/17
|
1,700 | 1,873 | ||||||
|
Jefferies Group
|
||||||||
|
8.500%, 07/15/19
|
1,370 | 1,659 | ||||||
|
Macquarie Group
|
||||||||
|
6.000%, 01/14/20(B)
|
2,000 | 2,172 | ||||||
|
Total Investment Banker/Broker Dealer
|
5,704 | |||||||
|
Medical Products & Services [2.0%]
|
||||||||
|
Genentech
|
||||||||
|
4.750%, 07/15/15
|
2,500 | 2,678 | ||||||
|
Medical-HMO [0.9%]
|
||||||||
|
UnitedHealth Group
|
||||||||
|
4.875%, 03/15/15
|
1,205 | 1,276 | ||||||
|
Metal-Copper [0.7%]
|
||||||||
|
Freeport-McMoRan Copper & Gold
|
||||||||
|
1.400%, 02/13/15
|
1,000 | 1,002 | ||||||
|
Petroleum & Fuel Products [7.7%]
|
||||||||
|
BP Capital Markets
|
||||||||
|
5.250%, 11/07/13
|
2,000 | 2,009 | ||||||
|
Kinder Morgan Energy Partners
|
||||||||
|
6.000%, 02/01/17
|
1,000 | 1,133 | ||||||
|
Shell International Finance
|
||||||||
|
3.250%, 09/22/15
|
2,500 | 2,630 | ||||||
|
Spectra Energy Capital
|
||||||||
|
5.500%, 03/01/14
|
615 | 626 | ||||||
|
Total Capital International
|
||||||||
|
1.500%, 02/17/17
|
2,980 | 3,003 | ||||||
|
Transocean
|
||||||||
|
6.000%, 03/15/18
|
1,000 | 1,127 | ||||||
|
Total Petroleum & Fuel Products
|
10,528 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
schedule of investments
September 30, 2013
City National Rochdale Corporate Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Real Estate Investment Trusts [4.1%]
|
||||||||
|
HCP
|
||||||||
|
5.650%, 12/15/13
|
$ | 500 | $ | 505 | ||||
|
5.625%, 05/01/17
|
500 | 559 | ||||||
|
Health Care
|
||||||||
|
4.700%, 09/15/17
|
1,000 | 1,088 | ||||||
|
Kimco Realty
|
||||||||
|
6.875%, 10/01/19
|
1,080 | 1,302 | ||||||
|
Simon Property Group
|
||||||||
|
6.100%, 05/01/16
|
2,000 | 2,232 | ||||||
|
Total Real Estate Investment Trusts
|
5,686 | |||||||
|
Retail [6.2%]
|
||||||||
|
Lowe's
|
||||||||
|
6.100%, 09/15/17
|
3,000 | 3,463 | ||||||
|
McDonald's, MTN
|
||||||||
|
0.750%, 05/29/15
|
1,000 | 1,004 | ||||||
|
Tesco
|
||||||||
|
2.000%, 12/05/14(B)
|
2,000 | 2,026 | ||||||
|
Wal-Mart Stores
|
||||||||
|
2.875%, 04/01/15
|
2,000 | 2,079 | ||||||
|
Total Retail
|
8,572 | |||||||
|
Security Brokers & Dealers [6.0%]
|
||||||||
|
Citigroup
|
||||||||
|
5.850%, 08/02/16
|
980 | 1,092 | ||||||
|
5.500%, 02/15/17
|
250 | 274 | ||||||
|
JPMorgan Chase
|
||||||||
|
6.300%, 04/23/19
|
2,000 | 2,343 | ||||||
|
Morgan Stanley, MTN
|
||||||||
|
6.250%, 08/28/17
|
2,000 | 2,276 | ||||||
|
UBS, MTN
|
||||||||
|
5.875%, 12/20/17
|
2,000 | 2,309 | ||||||
|
Total Security Brokers & Dealers
|
8,294 | |||||||
|
Telephones & Telecommunications [11.3%]
|
||||||||
|
America Movil
|
||||||||
|
1.256%, 09/12/16(A)
|
2,750 | 2,750 | ||||||
|
AT&T
|
||||||||
|
5.100%, 09/15/14
|
2,000 | 2,086 | ||||||
|
2.950%, 05/15/16
|
2,600 | 2,719 | ||||||
|
Motorola Solutions
|
||||||||
|
6.000%, 11/15/17
|
1,000 | 1,141 | ||||||
|
Telefonica Emisiones SAU
|
||||||||
|
6.421%, 06/20/16
|
1,000 | 1,099 | ||||||
|
Verizon Communications
|
||||||||
|
5.550%, 02/15/16
|
2,195 | 2,414 | ||||||
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Vivendi
|
||||||||
|
3.450%, 01/12/18(B)
|
$ | 1,000 | $ | 1,011 | ||||
|
Vodafone Group
|
||||||||
|
5.000%, 09/15/15
|
2,250 | 2,424 | ||||||
|
Total Telephones & Telecommunications
|
15,644 | |||||||
|
Trucking & Leasing [1.0%]
|
||||||||
|
Penske Truck Leasing(B)
|
||||||||
|
3.750%, 05/11/17
|
750 | 785 | ||||||
|
3.125%, 05/11/15
|
500 | 515 | ||||||
|
Total Trucking & Leasing
|
1,300 | |||||||
|
Total Corporate Bonds (Cost $121,000)
|
123,666 | |||||||
|
Municipal Bonds [3.0%]
|
||||||||
|
California [0.1%]
|
||||||||
|
California State, GO
|
||||||||
|
5.700%, 11/01/21
|
185 | 211 | ||||||
|
Florida [2.9%]
|
||||||||
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
|
||||||||
|
2.107%, 07/01/18
|
4,130 | 4,022 | ||||||
|
Total Municipal Bonds (Cost $4,318)
|
4,233 | |||||||
|
Unaffiliated Registered Investment Company [1.8%]
|
||||||||
|
Vanguard High-Yield Corporate Fund
|
427,350 | 2,534 | ||||||
|
Total Unaffiliated Registered Investment Company (Cost $2,500)
|
2,534 | |||||||
|
Sovereign Debt [1.1%]
|
||||||||
|
Korea National Oil
|
||||||||
|
2.875%, 11/09/15(B)
|
$ | 1,000 | 1,029 | |||||
|
United Mexican States, MTN
|
||||||||
|
5.875%, 01/15/14
|
450 | 456 | ||||||
|
Total Sovereign Debt (Cost $1,449)
|
1,485 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
schedule of investments
September 30, 2013
City National Rochdale Corporate Bond Fund (concluded)
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Asset-Backed Security [1.1%]
|
||||||||
|
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
|
||||||||
|
0.530%, 03/15/16
|
$ | 1,500 | $ | 1,501 | ||||
|
Total Asset-Backed Security (Cost $1,500)
|
1,501 | |||||||
|
U.S. Government Mortgage-Backed Obligation [0.1%]
|
||||||||
|
FNMA, Ser 2002-56, Cl MC
|
||||||||
|
5.500%, 09/25/17
|
124 | 131 | ||||||
|
Total U.S. Government Mortgage-Backed Obligation (Cost $124)
|
131 | |||||||
|
Short-Term Investments [2.5%]
|
||||||||
|
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%* †
|
1,703,589 | 1,704 | ||||||
|
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
|
1,703,589 | 1,704 | ||||||
|
Total Short-Term Investments (Cost $3,408)
|
3,408 | |||||||
|
Total Investments [99.0%] (Cost $134,299)
|
$ | 136,958 | ||||||
Percentages are based on Net Assets of $138,284 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(B)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2013, the value of these securities amounted to $21,315 (000), representing 15.4% of the net assets of the Fund.
|
Cl — Class
FNMA — Federal National Mortgage Association
GO — General Obligation
HMO — Health Maintenance Organization
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 123,666 | $ | — | $ | 123,666 | ||||||||
|
Municipal Bonds
|
— | 4,233 | — | 4,233 | ||||||||||||
|
Unaffiliated Registered Investment Company
|
2,534 | — | — | 2,534 | ||||||||||||
|
Sovereign Debt
|
— | 1,485 | — | 1,485 | ||||||||||||
|
Asset-Backed Security
|
— | 1,501 | — | 1,501 | ||||||||||||
|
U.S. Government Mortgage-Backed Obligation
|
— | 131 | — | 131 | ||||||||||||
|
Short-Term Investments
|
3,408 | — | — | 3,408 | ||||||||||||
|
Total Investments in Securities
|
$ | 5,942 | $ | 131,016 | $ | — | $ | 136,958 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Bond Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Municipal Bonds [97.6%]
|
||||||||
|
Arizona [1.2%]
|
||||||||
|
Arizona State, School Facilities Board, Ser C, COP, AGM
|
||||||||
|
Callable 09/01/14 @ 100
|
||||||||
|
5.000%, 09/01/15
|
$ | 750 | $ | 780 | ||||
|
California [91.3%]
|
||||||||
|
Bay Area, Infrastructure Financing Authority, State Payment Acceleration Project, RB, NATL-RE FGIC
|
||||||||
|
Callable 08/01/14 @ 100
|
||||||||
|
5.000%, 08/01/17
|
860 | 891 | ||||||
|
Beverly Hills Community Facilities District 2002-A
|
||||||||
|
4.000%, 09/01/22
|
250 | 262 | ||||||
|
California State University, Ser A, RB, AGM
|
||||||||
|
Callable 05/01/17 @ 100
|
||||||||
|
5.000%, 11/01/24
|
400 | 434 | ||||||
|
California State, Department of Water Resources, RB
|
||||||||
|
Callable 05/01/18 @ 100
|
||||||||
|
4.375%, 05/01/20
|
200 | 223 | ||||||
|
California State, Economic Recovery Authority, Ser A, GO
|
||||||||
|
Callable 07/01/19 @ 100
|
||||||||
|
5.000%, 07/01/20
|
1,000 | 1,167 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
California State, Economic Recovery Authority, Ser A, GO, NATL-RE
|
||||||||
|
Callable 07/01/14 @ 100
|
||||||||
|
5.000%, 07/01/15
|
$ | 965 | $ | 1,000 | ||||
|
California State, Educational Facilities Authority, Loyola Marymount, RB
|
||||||||
|
4.000%, 10/01/13
|
500 | 500 | ||||||
|
California State, GO
|
||||||||
|
Callable 03/01/15 @ 100
|
||||||||
|
5.000%, 03/01/16
|
1,500 | 1,594 | ||||||
|
California State, GO
|
||||||||
|
4.000%, 02/01/18
|
1,000 | 1,114 | ||||||
|
4.000%, 02/01/19
|
1,000 | 1,117 | ||||||
|
5.000%, 09/01/20
|
1,000 | 1,181 | ||||||
|
5.000%, 09/01/21
|
1,200 | 1,414 | ||||||
|
California State, GO
|
||||||||
|
Callable 11/01/20 @ 100
|
||||||||
|
5.000%, 11/01/22
|
1,025 | 1,171 | ||||||
|
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
|
||||||||
|
5.000%, 07/01/18
|
500 | 568 | ||||||
|
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
|
||||||||
|
Callable 03/01/21 @ 100
|
||||||||
|
5.250%, 03/01/22
|
265 | 303 | ||||||
|
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
|
||||||||
|
5.000%, 08/15/17
|
750 | 857 | ||||||
|
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
|
||||||||
|
5.000%, 11/15/17
|
375 | 428 | ||||||
|
California State, Health Facilities Financing Authority, Memorial Health Services Corp, Ser A, RB
|
||||||||
|
5.000%, 10/01/15
|
450 | 488 | ||||||
|
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
|
||||||||
|
5.000%, 07/01/43(A)
|
500 | 569 | ||||||
|
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
|
||||||||
|
5.500%, 08/15/17
|
500 | 579 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
|
||||||||
|
5.500%, 08/15/18
|
$ | 125 | $ | 148 | ||||
|
California State, Public Works Board, Department of Corrections-Administration Project, Ser A, RB, AMBAC
|
||||||||
|
Callable 03/01/14 @ 100
|
||||||||
|
5.250%, 03/01/18
|
155 | 156 | ||||||
|
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
|
||||||||
|
5.000%, 12/01/19
|
850 | 940 | ||||||
|
California State, Public Works Board, Ser A, RB
|
||||||||
|
4.000%, 04/01/17
|
500 | 547 | ||||||
|
California State, Public Works Board, Ser G-1, RB
|
||||||||
|
Callable 10/01/19 @ 100
|
||||||||
|
5.250%, 10/01/23
|
250 | 279 | ||||||
|
California State, Public Works Board, State Prisons, Ser C, RB
|
||||||||
|
5.000%, 10/01/16
|
1,000 | 1,122 | ||||||
|
California State, Public Works Board, University of California Project, Ser C-1, RB
|
||||||||
|
Callable 03/01/20 @ 100
|
||||||||
|
5.000%, 03/01/21
|
660 | 767 | ||||||
|
California State, Public Works Board, University of California Research Project, Ser L, RB, NATL-RE
|
||||||||
|
Callable 11/01/15 @ 100
|
||||||||
|
5.250%, 11/01/16
|
1,000 | 1,092 | ||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
|
||||||||
|
5.000%, 04/01/19
|
850 | 984 | ||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B
|
||||||||
|
Callable 02/01/17 @ 100
|
||||||||
|
1.020%, 04/01/52(A)
|
2,000 | 2,006 | ||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
|
||||||||
|
3.900%, 08/01/31(A)
|
625 | 639 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
|
||||||||
|
5.000%, 08/15/18
|
$ | 200 | $ | 233 | ||||
|
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
|
||||||||
|
4.500%, 09/01/16
|
350 | 380 | ||||||
|
Chula Vista, Elementary School District, School Building Project, Ser A, AGM
|
||||||||
|
5.000%, 09/01/22
|
1,000 | 1,132 | ||||||
|
Contra Costa, Transportation Authority, Ser B, RB
|
||||||||
|
Callable 03/01/20 @ 100
|
||||||||
|
5.000%, 03/01/23
|
1,000 | 1,148 | ||||||
|
El Camino, Hospital District, GO, NATL-RE
|
||||||||
|
Callable 02/01/17 @ 100
|
||||||||
|
5.000%, 08/01/20
|
500 | 563 | ||||||
|
El Dorado, Irrigation District, Ser A, RB, AGM
|
||||||||
|
4.500%, 03/01/19
|
500 | 556 | ||||||
|
Gilroy, Public Facilities Financing Authority, RB
|
||||||||
|
5.000%, 11/01/21
|
940 | 1,061 | ||||||
|
Golden State Tobacco Securitization, Ser A, RB
|
||||||||
|
5.000%, 06/01/21
|
1,500 | 1,683 | ||||||
|
Jefferson, Unified High School District, Ser A, GO, NATL-RE FGIC
|
||||||||
|
5.000%, 08/01/14
|
200 | 206 | ||||||
|
Los Angeles County, Metropolitan Transportation Authority, Proposition C, Ser A, RB, NATL-RE
|
||||||||
|
Callable 07/01/14 @ 100
|
||||||||
|
5.000%, 07/01/16
|
200 | 207 | ||||||
|
Los Angeles, Department of Airports, Ser C, RB
|
||||||||
|
4.000%, 05/15/17
|
545 | 604 | ||||||
|
Los Angeles, Department of Water & Power, Power Systems Revenue, Ser A, RB
|
||||||||
|
5.000%, 07/01/19
|
500 | 593 | ||||||
|
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
|
||||||||
|
4.000%, 11/01/19
|
575 | 623 | ||||||
|
Los Angeles, Municipal Improvement Authority, Real Property, Ser E, RB
|
||||||||
|
5.000%, 09/01/15
|
275 | 296 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Los Angeles, Municipal Improvement Authority, Ser C, RB
|
||||||||
|
4.000%, 09/01/16
|
$ | 500 | $ | 536 | ||||
|
Los Angeles, Ser A, GO
|
||||||||
|
5.000%, 09/01/21
|
240 | 286 | ||||||
|
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
|
||||||||
|
Callable 07/01/17 @ 100
|
||||||||
|
5.000%, 07/01/19
|
500 | 561 | ||||||
|
Los Angeles, Unified School District, Headquarters Building Project, COP
|
||||||||
|
5.000%, 10/01/20
|
1,000 | 1,151 | ||||||
|
Los Angeles, Unified School District, Ser A-1, GO, NATL-RE
|
||||||||
|
Callable 07/01/14 @ 100
|
||||||||
|
5.000%, 07/01/17
|
165 | 171 | ||||||
|
Los Angeles, Unified School District, Ser I, GO
|
||||||||
|
Callable 07/01/19 @ 100
|
||||||||
|
5.250%, 07/01/23
|
1,000 | 1,138 | ||||||
|
Modesto, Irrigation District, Ser A, RB
|
||||||||
|
5.000%, 07/01/17
|
1,000 | 1,143 | ||||||
|
Mount San Antonio, Community College District, GO, ETM
|
||||||||
|
3.368%, 05/01/15(B)
|
635 | 632 | ||||||
|
M-S-R, Public Power Agency, Sub-Ser L, RB, AGM
|
||||||||
|
5.000%, 07/01/18
|
500 | 578 | ||||||
|
Northern California, Power Agency, Ser C, RB
|
||||||||
|
Callable 07/01/18 @ 100
|
||||||||
|
5.000%, 07/01/20
|
500 | 566 | ||||||
|
Oakland-Alameda County, Coliseum Authority, Ser A, RB
|
||||||||
|
5.000%, 02/01/20
|
795 | 904 | ||||||
|
Orange County, Public Financing Authority, RB, NATL-RE
|
||||||||
|
5.000%, 07/01/17
|
1,050 | 1,174 | ||||||
|
Orange County, Sanitation District, Ser A, COP
|
||||||||
|
3.000%, 02/01/17
|
500 | 536 | ||||||
|
Port of Oakland, Ser B, RB, NATL-RE
|
||||||||
|
Callable 11/01/17 @ 100
|
||||||||
|
5.000%, 11/01/23
|
500 | 547 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Port of Oakland, Ser C, RB, NATL-RE
|
||||||||
|
5.000%, 11/01/15
|
$ | 450 | $ | 493 | ||||
|
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
|
||||||||
|
5.000%, 11/01/17
|
1,600 | 1,810 | ||||||
|
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL-RE FGIC
|
||||||||
|
Callable 10/01/17 @ 100
|
||||||||
|
5.000%, 10/01/21
|
400 | 435 | ||||||
|
Sacramento, Financing Authority, EPA Building Project, Ser A
|
||||||||
|
4.000%, 05/01/18
|
850 | 928 | ||||||
|
Sacramento, Financing Authority, EPA Building Project, Ser A, RB, AMBAC
|
||||||||
|
Callable 10/01/13 @ 100
|
||||||||
|
4.750%, 05/01/17
|
525 | 525 | ||||||
|
Sacramento, Financing Authority, Master Lease Program, Ser E, AMBAC
|
||||||||
|
5.250%, 12/01/23
|
1,250 | 1,395 | ||||||
|
Sacramento, Unified School District, Election of 2002, GO, NATL-RE
|
||||||||
|
Callable 07/01/15 @ 100
|
||||||||
|
5.000%, 07/01/18
|
300 | 317 | ||||||
|
San Francisco City & County, Airports Commission, Ser B, RB
|
||||||||
|
5.000%, 05/01/17
|
495 | 563 | ||||||
|
San Francisco City & County, Finance, Corp Open Space Fund, Various Park Projects, RB, NATL-RE
|
||||||||
|
Callable 07/01/14 @ 100
|
||||||||
|
3.750%, 07/01/18
|
500 | 508 | ||||||
|
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
|
||||||||
|
Callable 04/01/19 @ 100
|
||||||||
|
5.000%, 04/01/22
|
735 | 803 | ||||||
|
San Francisco City & County, Public Utilities Commission Water Revenue, Ser D, RB
|
||||||||
|
4.000%, 11/01/19
|
1,000 | 1,122 | ||||||
|
San Francisco City & County, Public Utilities Commission Water Revenue, Sub-Ser A, RB
|
||||||||
|
5.000%, 11/01/20
|
250 | 292 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 48
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
|
||||||||
|
5.000%, 08/01/17
|
$ | 540 | $ | 576 | ||||
|
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL-RE FGIC
|
||||||||
|
Callable 08/01/14 @ 100
|
||||||||
|
5.250%, 08/01/18
|
600 | 601 | ||||||
|
San Jose, Financing Authority, Civic Center Project, Ser A, RB
|
||||||||
|
5.000%, 06/01/19
|
1,000 | 1,157 | ||||||
|
San Mateo County, Transportation Authority, Ser A, RB, NATL-RE
|
||||||||
|
5.250%, 06/01/19
|
755 | 885 | ||||||
|
San Mateo, Unified High School District, GO
|
||||||||
|
1.063%, 02/15/15(B)
|
1,000 | 993 | ||||||
|
Santa Clara County, Financing Authority, Lease Revenue Capital Project, RB
|
||||||||
|
5.000%, 02/01/20
|
500 | 584 | ||||||
|
Santa Margarita, Dana Point Authority, Improvement Districts 3-3A-4-4A, Ser A, RB, AMBAC
|
||||||||
|
Callable 08/01/14 @ 100
|
||||||||
|
5.000%, 08/01/15
|
290 | 301 | ||||||
|
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
|
||||||||
|
5.000%, 07/01/17
|
1,200 | 1,381 | ||||||
|
Turlock, Irrigation District, Ser A, RB
|
||||||||
|
5.000%, 01/01/17
|
575 | 642 | ||||||
|
University of California, Regents Medical Center, Ser E, RB
|
||||||||
|
Callable 05/15/17 @ 101
|
||||||||
|
5.000%, 05/15/21
|
250 | 279 | ||||||
|
University of California, Ser E, RB
|
||||||||
|
Callable 05/15/20 @ 100
|
||||||||
|
5.000%, 05/15/22
|
500 | 578 | ||||||
|
Ventura County, Public Financing Authority, Ser A, RB
|
||||||||
|
4.000%, 11/01/18
|
500 | 556 | ||||||
|
Total California
|
61,472 | |||||||
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Connecticut [3.0%]
|
||||||||
|
Connecticut State, Ser A, GO
|
||||||||
|
Callable 03/01/15 @ 100
|
||||||||
|
1.420%, 03/01/19(A)
|
$ | 1,000 | $ | 1,012 | ||||
|
Connecticut State, Ser D, GO
|
||||||||
|
0.950%, 08/15/19(A)
|
1,000 | 998 | ||||||
|
Total Connecticut
|
2,010 | |||||||
|
Illinois [0.9%]
|
||||||||
|
Illinois State, GO
|
||||||||
|
4.000%, 07/01/18
|
600 | 636 | ||||||
|
New York [0.3%]
|
||||||||
|
New York State, Local Assistance Correction Authority, Ser E, RB
|
||||||||
|
6.000%, 04/01/14
|
190 | 195 | ||||||
|
Puerto Rico [0.9%]
|
||||||||
|
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB, ETM
|
||||||||
|
4.000%, 08/01/16
|
130 | 142 | ||||||
|
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
|
||||||||
|
4.000%, 08/01/16
|
475 | 480 | ||||||
|
Total Puerto Rico
|
622 | |||||||
|
Total Municipal Bonds (Cost $64,809)
|
65,715 | |||||||
|
Short-Term Investment [1.5%]
|
||||||||
|
City National Rochdale Tax Exempt Money Market Fund, Institutional Class, 0.010%*†
|
997,037 | $ | 997 | |||||
|
Total Short-Term Investment (Cost $997)
|
997 | |||||||
|
Total Investments [99.1%] (Cost $65,806)
|
$ | 66,712 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
schedule of investments
September 30, 2013
City National Rochdale California Tax Exempt Bond Fund (concluded)
Percentages are based on Net Assets of $67,346 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(B)
|
Zero coupon security. The rate reported is the effective yield at time of purchase.
|
AGM — Assured Guarantee Municipal
AMBAC — American Municipal Bond Assurance Company
COP — Certificate of Participation
EPA —Environmental Protection Agency
ETM — Escrowed to Maturity
FGIC — Financial Guaranty Insurance Company
GO — General Obligation
NATL-RE — National Public Finance Guarantee Corporation
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
TA — Tax Allocation
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Municipal Bonds
|
$ | — | $ | 65,715 | $ | — | $ | 65,715 | ||||||||
|
Cash Equivalent
|
997 | — | — | 997 | ||||||||||||
|
Total Investments in Securities
|
$ | 997 | $ | 65,715 | $ | — | $ | 66,712 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [39.9%]
|
||||||||
|
Agriculture [0.2%]
|
||||||||
|
Bunge NA Finance
|
||||||||
|
5.900%, 04/01/17
|
$ | 100 | $ | 111 | ||||
|
Automotive [0.5%]
|
||||||||
|
Johnson Controls
|
||||||||
|
5.500%, 01/15/16
|
100 | 109 | ||||||
|
Volkswagen International Finance
|
||||||||
|
2.375%, 03/22/17(A)
|
125 | 128 | ||||||
|
Total Automotive
|
237 | |||||||
|
Banks [10.2%]
|
||||||||
|
Bank of America
|
||||||||
|
10.200%, 07/15/15
|
100 | 114 | ||||||
|
Bank of America, MTN
|
||||||||
|
5.650%, 05/01/18
|
145 | 164 | ||||||
|
Bank of Montreal, MTN
|
||||||||
|
1.450%, 04/09/18
|
340 | 332 | ||||||
|
Barclays Bank
|
||||||||
|
5.125%, 01/08/20
|
100 | 112 | ||||||
|
BB&T, MTN
|
||||||||
|
1.600%, 08/15/17
|
355 | 353 | ||||||
|
Capital One Financial
|
||||||||
|
7.375%, 05/23/14
|
100 | 104 | ||||||
|
Citigroup
|
||||||||
|
6.125%, 05/15/18
|
140 | 162 | ||||||
|
Commonwealth Bank of Australia, MTN
|
||||||||
|
5.000%, 10/15/19(A)
|
150 | 169 | ||||||
|
Credit Suisse NY, MTN
|
||||||||
|
5.300%, 08/13/19
|
150 | 169 | ||||||
|
Dresdner Bank - New York
|
||||||||
|
7.250%, 09/15/15
|
150 | 160 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Goldman Sachs Group
|
||||||||
|
6.150%, 04/01/18
|
$ | 290 | $ | 332 | ||||
|
ING Bank
|
||||||||
|
3.750%, 03/07/17(A)
|
200 | 210 | ||||||
|
JPMorgan Chase
|
||||||||
|
4.250%, 10/15/20
|
150 | 157 | ||||||
|
Kookmin Bank
|
||||||||
|
7.250%, 05/14/14(A)
|
100 | 104 | ||||||
|
Morgan Stanley
|
||||||||
|
4.750%, 03/22/17
|
155 | 167 | ||||||
|
PNC Funding
|
||||||||
|
4.250%, 09/21/15
|
325 | 346 | ||||||
|
Royal Bank of Canada, MTN
|
||||||||
|
0.714%, 09/09/16(B)
|
125 | 126 | ||||||
|
Sumitomo Mitsui Banking
|
||||||||
|
3.150%, 07/22/15(A)
|
200 | 207 | ||||||
|
SunTrust Banks
|
||||||||
|
6.000%, 09/11/17
|
254 | 291 | ||||||
|
US Bancorp, MTN
|
||||||||
|
1.650%, 05/15/17
|
345 | 347 | ||||||
|
Wells Fargo, MTN
|
||||||||
|
3.625%, 04/15/15
|
125 | 130 | ||||||
|
2.100%, 05/08/17
|
325 | 332 | ||||||
|
Total Banks
|
4,588 | |||||||
|
Cable/Media [0.3%]
|
||||||||
|
Time Warner Cable
|
||||||||
|
4.125%, 02/15/21
|
165 | 156 | ||||||
|
Computer System Design & Services [0.3%]
|
||||||||
|
Hewlett-Packard
|
||||||||
|
4.650%, 12/09/21
|
150 | 147 | ||||||
|
Distribution/Wholesale [0.3%]
|
||||||||
|
Glencore Funding
|
||||||||
|
4.125%, 05/30/23(A)
|
150 | 139 | ||||||
|
Electronic Compo-Semicon [0.6%]
|
||||||||
|
Texas Instruments
|
||||||||
|
1.650%, 08/03/19
|
295 | 285 | ||||||
|
Energy [1.9%]
|
||||||||
|
Duke Energy Progress
|
||||||||
|
5.150%, 04/01/15
|
80 | 85 | ||||||
|
Exelon
|
||||||||
|
5.625%, 06/15/35
|
75 | 75 | ||||||
|
Exelon Generation
|
||||||||
|
6.200%, 10/01/17
|
135 | 155 | ||||||
|
4.250%, 06/15/22
|
100 | 99 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 51
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Korea Electric Power
|
||||||||
|
6.750%, 08/01/27
|
$ | 75 | $ | 92 | ||||
|
PPL Energy Supply, Ser A
|
||||||||
|
5.700%, 10/15/15
|
75 | 80 | ||||||
|
Trans-Allegheny Interstate Line
|
||||||||
|
4.000%, 01/15/15(A)
|
100 | 103 | ||||||
|
Virginia Electric and Power
|
||||||||
|
8.875%, 11/15/38
|
100 | 155 | ||||||
|
Total Energy
|
844 | |||||||
|
Finance Auto Loans [0.2%]
|
||||||||
|
Toyota Motor Credit, MTN
|
||||||||
|
2.000%, 09/15/16
|
100 | 103 | ||||||
|
Financial Services [3.9%]
|
||||||||
|
American Express Credit, MTN
|
||||||||
|
2.800%, 09/19/16
|
175 | 183 | ||||||
|
American International Group
|
||||||||
|
6.400%, 12/15/20
|
125 | 147 | ||||||
|
American International Group, MTN
|
||||||||
|
5.450%, 05/18/17
|
150 | 168 | ||||||
|
Associates Corp of North America
|
||||||||
|
6.950%, 11/01/18
|
150 | 178 | ||||||
|
Bank of New York Mellon, MTN
|
||||||||
|
3.100%, 01/15/15
|
175 | 181 | ||||||
|
General Electric Capital, MTN
|
||||||||
|
6.000%, 08/07/19
|
410 | 477 | ||||||
|
4.375%, 09/16/20
|
150 | 159 | ||||||
|
HSBC Finance
|
||||||||
|
6.676%, 01/15/21
|
83 | 95 | ||||||
|
National Rural Utilities Cooperative Finance
|
||||||||
|
10.375%, 11/01/18
|
125 | 172 | ||||||
|
Total Financial Services
|
1,760 | |||||||
|
Food, Beverage & Tobacco [0.8%]
|
||||||||
|
Mondelez International
|
||||||||
|
6.500%, 08/11/17
|
75 | 87 | ||||||
|
PepsiCo
|
||||||||
|
3.125%, 11/01/20
|
260 | 264 | ||||||
|
Total Food, Beverage & Tobacco
|
351 | |||||||
|
Gas-Distribution [0.1%]
|
||||||||
|
KeySpan
|
||||||||
|
8.000%, 11/15/30
|
50 | 65 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Insurance [1.9%]
|
||||||||
|
Manulife Financial
|
||||||||
|
3.400%, 09/17/15
|
$ | 198 | $ | 206 | ||||
|
MetLife
|
||||||||
|
5.000%, 06/15/15
|
175 | 187 | ||||||
|
Metropolitan Life Global Funding I
|
||||||||
|
3.875%, 04/11/22(A)
|
125 | 128 | ||||||
|
Prudential Financial, MTN
|
||||||||
|
6.200%, 01/15/15
|
160 | 171 | ||||||
|
5.375%, 06/21/20
|
145 | 164 | ||||||
|
Total Insurance
|
856 | |||||||
|
Insurance Brokers [0.7%]
|
||||||||
|
Aon
|
||||||||
|
3.500%, 09/30/15
|
200 | 210 | ||||||
|
Marsh & McLennan
|
||||||||
|
5.750%, 09/15/15
|
79 | 86 | ||||||
|
Total Insurance Brokers
|
296 | |||||||
|
Invest Mgmnt/Advis Serv [0.4%]
|
||||||||
|
BlackRock
|
||||||||
|
3.500%, 12/10/14
|
170 | 176 | ||||||
|
Investment Banker/Broker Dealer [2.1%]
|
||||||||
|
Bear Stearns
|
||||||||
|
7.250%, 02/01/18
|
275 | 329 | ||||||
|
Jefferies Group
|
||||||||
|
6.450%, 06/08/27
|
100 | 102 | ||||||
|
Morgan Stanley
|
||||||||
|
4.750%, 04/01/14
|
75 | 76 | ||||||
|
Morgan Stanley, MTN
|
||||||||
|
6.625%, 04/01/18
|
100 | 116 | ||||||
|
TD Ameritrade Holding
|
||||||||
|
5.600%, 12/01/19
|
290 | 338 | ||||||
|
Total Investment Banker/Broker Dealer
|
961 | |||||||
|
Medical Instruments [0.4%]
|
||||||||
|
Boston Scientific
|
||||||||
|
6.400%, 06/15/16
|
145 | 163 | ||||||
|
Medical-HMO [0.6%]
|
||||||||
|
UnitedHealth Group
|
||||||||
|
4.750%, 02/10/14
|
40 | 40 | ||||||
|
4.700%, 02/15/21
|
200 | 219 | ||||||
|
Total Medical-HMO
|
259 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Metal-Iron [0.6%]
|
||||||||
|
Vale Overseas
|
||||||||
|
6.875%, 11/21/36
|
$ | 100 | $ | 102 | ||||
|
5.625%, 09/15/19
|
155 | 168 | ||||||
|
Total Metal-Iron
|
270 | |||||||
|
Metals & Mining [0.3%]
|
||||||||
|
Rio Tinto Finance USA
|
||||||||
|
6.500%, 07/15/18
|
100 | 118 | ||||||
|
Multi-Media [1.1%]
|
||||||||
|
CBS
|
||||||||
|
3.375%, 03/01/22
|
175 | 167 | ||||||
|
Time Warner
|
||||||||
|
7.700%, 05/01/32
|
150 | 189 | ||||||
|
Viacom
|
||||||||
|
6.250%, 04/30/16
|
125 | 140 | ||||||
|
Total Multi-Media
|
496 | |||||||
|
Networking Products [0.3%]
|
||||||||
|
Cisco Systems
|
||||||||
|
5.500%, 01/15/40
|
100 | 112 | ||||||
|
Oil, Gas & Consumable Fuels [2.4%]
|
||||||||
|
BP Capital Markets
|
||||||||
|
3.200%, 03/11/16
|
100 | 105 | ||||||
|
3.125%, 10/01/15
|
145 | 151 | ||||||
|
ConocoPhillips
|
||||||||
|
5.750%, 02/01/19
|
290 | 338 | ||||||
|
Husky Energy
|
||||||||
|
3.950%, 04/15/22
|
150 | 151 | ||||||
|
Marathon Oil
|
||||||||
|
6.000%, 10/01/17
|
150 | 173 | ||||||
|
Petrobras International Finance
|
||||||||
|
3.875%, 01/27/16
|
100 | 103 | ||||||
|
Total Capital International
|
||||||||
|
1.500%, 02/17/17
|
100 | 101 | ||||||
|
Total Oil, Gas & Consumable Fuels
|
1,122 | |||||||
|
Paper & Related Products [0.4%]
|
||||||||
|
International Paper
|
||||||||
|
7.950%, 06/15/18
|
130 | 161 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Petroleum & Fuel Products [4.0%]
|
||||||||
|
Anadarko Finance
|
||||||||
|
7.500%, 05/01/31
|
$ | 150 | $ | 187 | ||||
|
DCP Midstream
|
||||||||
|
9.750%, 03/15/19(A)
|
114 | 145 | ||||||
|
Energy Transfer Partners
|
||||||||
|
6.625%, 10/15/36
|
75 | 80 | ||||||
|
Enterprise Products Operating
|
||||||||
|
6.500%, 01/31/19
|
140 | 166 | ||||||
|
3.700%, 06/01/15
|
125 | 131 | ||||||
|
EOG Resources
|
||||||||
|
5.625%, 06/01/19
|
290 | 338 | ||||||
|
Kinder Morgan Energy Partners
|
||||||||
|
5.950%, 02/15/18
|
75 | 86 | ||||||
|
5.300%, 09/15/20
|
125 | 137 | ||||||
|
ONEOK
|
||||||||
|
4.250%, 02/01/22
|
100 | 93 | ||||||
|
ONEOK Partners
|
||||||||
|
2.000%, 10/01/17
|
155 | 154 | ||||||
|
Spectra Energy Capital
|
||||||||
|
6.200%, 04/15/18
|
135 | 155 | ||||||
|
Spectra Energy Partners
|
||||||||
|
4.750%, 03/15/24
|
125 | 129 | ||||||
|
Total Petroleum & Fuel Products
|
1,801 | |||||||
|
Pharmacy Services [0.4%]
|
||||||||
|
Express Scripts Holding
|
||||||||
|
3.500%, 11/15/16
|
150 | 159 | ||||||
|
REITs-Health Care [0.7%]
|
||||||||
|
HCP
|
||||||||
|
2.625%, 02/01/20
|
175 | 166 | ||||||
|
Health Care REIT
|
||||||||
|
4.950%, 01/15/21
|
155 | 164 | ||||||
|
Total REITs-Health Care
|
330 | |||||||
|
REITs-Office Property [0.4%]
|
||||||||
|
Boston Properties
|
||||||||
|
5.875%, 10/15/19
|
140 | 161 | ||||||
|
REITs-Regional Malls [0.8%]
|
||||||||
|
Simon Property Group
|
||||||||
|
2.150%, 09/15/17
|
350 | 355 | ||||||
|
Retail-Restaurants [0.4%]
|
||||||||
|
Yum! Brands
|
||||||||
|
6.250%, 03/15/18
|
135 | 156 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Telephones & Telecommunications [2.7%]
|
||||||||
|
AT&T
|
||||||||
|
5.600%, 05/15/18
|
$ | 310 | $ | 354 | ||||
|
British Telecommunications
|
||||||||
|
9.625%, 12/15/30
|
100 | 148 | ||||||
|
Deutsche Telekom International Finance
|
||||||||
|
8.750%, 06/15/30
|
75 | 104 | ||||||
|
6.000%, 07/08/19
|
50 | 58 | ||||||
|
GTE
|
||||||||
|
6.840%, 04/15/18
|
100 | 117 | ||||||
|
New Cingular Wireless Services
|
||||||||
|
8.750%, 03/01/31
|
75 | 103 | ||||||
|
Telecom Italia Capital
|
||||||||
|
7.200%, 07/18/36
|
75 | 70 | ||||||
|
Telefonica Emisiones
|
||||||||
|
6.421%, 06/20/16
|
75 | 82 | ||||||
|
Verizon Communications
|
||||||||
|
3.000%, 04/01/16
|
170 | 177 | ||||||
|
Total Telephones & Telecommunications
|
1,213 | |||||||
|
Total Corporate Bonds (Cost $17,564)
|
17,951 | |||||||
|
U.S. Treasury Obligations [20.8%]
|
||||||||
|
U.S. Treasury Bonds
|
||||||||
|
6.250%, 08/15/23
|
550 | 728 | ||||||
|
5.250%, 11/15/28
|
900 | 1,125 | ||||||
|
4.375%, 02/15/38
|
1,125 | 1,274 | ||||||
|
3.500%, 02/15/39
|
175 | 172 | ||||||
|
U.S. Treasury Notes
|
||||||||
|
2.750%, 02/15/19
|
845 | 899 | ||||||
|
2.625%, 11/15/20
|
425 | 442 | ||||||
|
2.375%, 07/31/17
|
860 | 904 | ||||||
|
1.750%, 05/15/23
|
650 | 602 | ||||||
|
1.250%, 04/30/19
|
2,475 | 2,430 | ||||||
|
0.875%, 07/31/19
|
815 | 778 | ||||||
|
Total U.S. Treasury Obligations (Cost $9,470)
|
9,354 | |||||||
|
U.S. Government Mortgage-Backed Obligations [17.6%]
|
||||||||
|
FHLMC, Pool A93505
|
||||||||
|
4.500%, 08/01/40
|
62 | 66 | ||||||
|
FHLMC, Pool A93996
|
||||||||
|
4.500%, 09/01/40
|
90 | 96 | ||||||
|
FHLMC, Pool C03490
|
||||||||
|
4.500%, 08/01/40
|
466 | 496 | ||||||
|
FHLMC, Pool C09015
|
||||||||
|
3.000%, 10/01/42
|
258 | 251 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
FHLMC, Pool C20300
|
||||||||
|
6.500%, 01/01/29
|
$ | 5 | $ | 5 | ||||
|
FHLMC, Pool E01280
|
||||||||
|
5.000%, 12/01/17
|
7 | 7 | ||||||
|
FHLMC, Pool G04222
|
||||||||
|
5.500%, 04/01/38
|
38 | 41 | ||||||
|
FHLMC, Pool G04913
|
||||||||
|
5.000%, 03/01/38
|
126 | 135 | ||||||
|
FHLMC, Pool G08003
|
||||||||
|
6.000%, 07/01/34
|
29 | 32 | ||||||
|
FHLMC, Pool G11431
|
||||||||
|
6.000%, 02/01/18
|
5 | 5 | ||||||
|
FHLMC, Pool G11880
|
||||||||
|
5.000%, 12/01/20
|
23 | 25 | ||||||
|
FHLMC, Pool G18124
|
||||||||
|
6.000%, 06/01/21
|
17 | 19 | ||||||
|
FHLMC, Pool J19197
|
||||||||
|
3.000%, 05/01/27
|
207 | 214 | ||||||
|
FHLMC, Pool Q08998
|
||||||||
|
3.500%, 06/01/42
|
226 | 230 | ||||||
|
FHLMC, Pool Q10378
|
||||||||
|
3.000%, 08/01/42
|
248 | 242 | ||||||
|
FHLMC ARM, Pool 1B2677
|
||||||||
|
2.798%, 01/01/35(B)
|
9 | 9 | ||||||
|
FHLMC ARM, Pool 1B2683
|
||||||||
|
2.807%, 01/01/35(B)
|
6 | 7 | ||||||
|
FHLMC ARM, Pool 1B2692
|
||||||||
|
2.744%, 12/01/34(B)
|
15 | 16 | ||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K003, Cl A4
|
||||||||
|
5.053%, 01/25/19
|
150 | 170 | ||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2011-K704, Cl A2
|
||||||||
|
2.412%, 08/25/18
|
400 | 408 | ||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K705, Cl A2
|
||||||||
|
2.303%, 09/25/18
|
200 | 203 | ||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K708, Cl A2
|
||||||||
|
2.130%, 01/25/19
|
300 | 300 | ||||||
|
FHLMC REMIC, Ser 2804, Cl VC
|
||||||||
|
5.000%, 07/15/21
|
112 | 122 | ||||||
|
FNMA, Pool 252570
|
||||||||
|
6.500%, 07/01/29
|
8 | 9 | ||||||
|
FNMA, Pool 253183
|
||||||||
|
7.500%, 04/01/30
|
1 | 1 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
FNMA, Pool 253398
|
||||||||
|
8.000%, 08/01/30
|
$ | 3 | $ | 3 | ||||
|
FNMA, Pool 254545
|
||||||||
|
5.000%, 12/01/17
|
20 | 21 | ||||||
|
FNMA, Pool 254685
|
||||||||
|
5.000%, 04/01/18
|
17 | 18 | ||||||
|
FNMA, Pool 254949
|
||||||||
|
5.000%, 11/01/33
|
22 | 24 | ||||||
|
FNMA, Pool 255814
|
||||||||
|
5.500%, 08/01/35
|
43 | 47 | ||||||
|
FNMA, Pool 303168
|
||||||||
|
9.500%, 02/01/25
|
3 | 3 | ||||||
|
FNMA, Pool 725424
|
||||||||
|
5.500%, 04/01/34
|
34 | 38 | ||||||
|
FNMA, Pool 735060
|
||||||||
|
6.000%, 11/01/34
|
22 | 24 | ||||||
|
FNMA, Pool 735228
|
||||||||
|
5.500%, 02/01/35
|
19 | 20 | ||||||
|
FNMA, Pool 735230
|
||||||||
|
5.500%, 02/01/35
|
46 | 50 | ||||||
|
FNMA, Pool 745275
|
||||||||
|
5.000%, 02/01/36
|
186 | 202 | ||||||
|
FNMA, Pool 745418
|
||||||||
|
5.500%, 04/01/36
|
227 | 247 | ||||||
|
FNMA, Pool 844809
|
||||||||
|
5.000%, 11/01/35
|
95 | 103 | ||||||
|
FNMA, Pool AD0454
|
||||||||
|
5.000%, 11/01/21
|
54 | 57 | ||||||
|
FNMA, Pool AD8522
|
||||||||
|
4.000%, 08/01/40
|
63 | 66 | ||||||
|
FNMA, Pool AE0828
|
||||||||
|
3.500%, 02/01/41
|
429 | 437 | ||||||
|
FNMA, Pool AE0949
|
||||||||
|
4.000%, 02/01/41
|
444 | 466 | ||||||
|
FNMA, Pool AH0621
|
||||||||
|
3.500%, 01/01/41
|
103 | 105 | ||||||
|
FNMA, Pool AJ1407
|
||||||||
|
4.000%, 09/01/41
|
99 | 104 | ||||||
|
FNMA, Pool AJ7689
|
||||||||
|
4.000%, 12/01/41
|
312 | 328 | ||||||
|
FNMA, Pool AK0971
|
||||||||
|
3.000%, 02/01/27
|
195 | 202 | ||||||
|
FNMA, Pool AO2970
|
||||||||
|
3.000%, 05/01/42
|
234 | 229 | ||||||
|
FNMA, Pool AO4137
|
||||||||
|
3.500%, 06/01/42
|
247 | 252 | ||||||
|
FNMA, Pool MA1277
|
||||||||
|
2.500%, 12/01/27
|
178 | 179 | ||||||
|
FNMA ARM, Pool 827223
|
||||||||
|
2.217%, 04/01/35(B)
|
78 | 81 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
FNMA REMIC Whole Loan, Ser 2004-W6, Cl 1A6
|
||||||||
|
5.500%, 07/25/34
|
$ | 125 | $ | 129 | ||||
|
GNMA, Pool 780315
|
||||||||
|
9.500%, 12/15/17
|
4 | 4 | ||||||
|
GNMA, Pool G2 4696
|
||||||||
|
4.500%, 05/20/40
|
225 | 244 | ||||||
|
GNMA, Pool G2 4747
|
||||||||
|
5.000%, 07/20/40
|
87 | 95 | ||||||
|
GNMA, Pool G2 4923
|
||||||||
|
4.500%, 01/20/41
|
121 | 131 | ||||||
|
GNMA, Pool G2 MA0155
|
||||||||
|
4.000%, 06/20/42
|
297 | 315 | ||||||
|
GNMA, Pool G2 MA0392
|
||||||||
|
3.500%, 09/20/42
|
293 | 303 | ||||||
|
NCUA Guaranteed Notes, Ser 2010-C1, Cl A2
|
||||||||
|
2.900%, 10/29/20
|
225 | 234 | ||||||
|
NCUA Guaranteed Notes, Ser 2010-R1, Cl 2A
|
||||||||
|
1.840%, 10/07/20
|
59 | 59 | ||||||
|
Total U.S. Government Mortgage-Backed Obligations (Cost $7,857)
|
7,929 | |||||||
|
U.S. Government Agency Obligations [10.2%]
|
||||||||
|
FHLMC
|
||||||||
|
2.500%, 01/07/14
|
380 | 383 | ||||||
|
1.000%, 09/29/17
|
660 | 654 | ||||||
|
FNMA
|
||||||||
|
4.625%, 10/15/13
|
215 | 215 | ||||||
|
2.875%, 12/11/13
|
460 | 462 | ||||||
|
2.375%, 07/28/15
|
820 | 850 | ||||||
|
1.875%, 09/18/18
|
150 | 152 | ||||||
|
1.375%, 11/15/16
|
460 | 468 | ||||||
|
1.125%, 04/27/17
|
470 | 471 | ||||||
|
0.875%, 05/21/18
|
350 | 340 | ||||||
|
0.625%, 10/30/14
|
570 | 573 | ||||||
|
Total U.S. Government Agency Obligations (Cost $4,580)
|
4,568 | |||||||
|
Commercial Mortgage-Backed Obligations [5.2%]
|
||||||||
|
Bear Stearns Commercial Mortgage Securities Trust, Ser PWR9, Cl A4A
|
||||||||
|
4.871%, 09/11/42
|
200 | 211 | ||||||
|
Citigroup, Ser 2005-CD1, Cl A4
|
||||||||
|
5.393%, 07/15/44(B)
|
200 | 213 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Citigroup, Ser 2007-CD4, Cl A2B
|
||||||||
|
5.205%, 12/11/49
|
$ | 7 | $ | 7 | ||||
|
Commercial Mortgage, Ser 2005-C5, Cl A5A
|
||||||||
|
5.116%, 06/10/44(B)
|
275 | 292 | ||||||
|
Commercial Mortgage Trust, Ser CR2, Cl A4
|
||||||||
|
3.147%, 08/15/45
|
125 | 122 | ||||||
|
Credit Suisse First Boston Mortgage Securities, Ser C5, Cl A4
|
||||||||
|
5.100%, 08/15/38(B)
|
275 | 291 | ||||||
|
GS Mortgage Securities II, Ser GCJ9, Cl A3
|
||||||||
|
2.773%, 11/10/45
|
275 | 258 | ||||||
|
JPMorgan Chase Commercial Mortgage Securities, Ser CB12, Cl A4
|
||||||||
|
4.895%, 09/12/37
|
275 | 289 | ||||||
|
JPMorgan Chase Commercial Mortgage Series Trust, Ser LC11, Cl A5
|
||||||||
|
2.960%, 04/15/46
|
150 | 141 | ||||||
|
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
|
||||||||
|
2.858%, 11/15/45
|
275 | 261 | ||||||
|
Wachovia Bank Commercial Mortgage Trust, Ser 2005-C22, Cl A4
|
||||||||
|
5.465%, 12/15/44(B)
|
250 | 267 | ||||||
|
Total Commercial Mortgage- Backed Obligations (Cost $2,400)
|
2,352 | |||||||
|
Asset-Backed Securities [1.8%]
|
||||||||
|
American Express Credit Account Master Trust, Ser 2009-2, Cl A
|
||||||||
|
1.432%, 03/15/17(B)
|
575 | 582 | ||||||
|
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
|
||||||||
|
6.205%, 05/28/37
|
136 | 146 | ||||||
|
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4
|
||||||||
|
7.000%, 07/25/28 (C)
|
5 | — | ||||||
|
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
|
42 | 41 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Green Tree Financial, Ser 1997-7, Cl A6
|
||||||||
|
6.760%, 07/15/28
|
$ | 37 | $ | 39 | ||||
|
Total Asset-Backed Securities (Cost $807)
|
808 | |||||||
|
Residential Mortgage-Backed Securities [0.4%]
|
||||||||
|
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
|
||||||||
|
5.500%, 03/25/19
|
41 | 43 | ||||||
|
Chase Mortgage Finance, Ser 2003-S13, Cl A11
|
||||||||
|
5.500%, 11/25/33
|
18 | 18 | ||||||
|
RAAC, Ser 2004-SP1, Cl AI4
|
||||||||
|
5.285%, 08/25/27(B)
|
16 | 16 | ||||||
|
Residential Accredit Loans, Ser 2004-QS5, Cl A5
|
||||||||
|
4.750%, 04/25/34
|
12 | 13 | ||||||
|
Residential Accredit Loans, Ser 2004-QS6, Cl A1
|
||||||||
|
5.000%, 05/25/19
|
20 | 20 | ||||||
|
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
|
||||||||
|
5.572%, 06/25/32(B)
|
37 | 33 | ||||||
|
WaMu Mortgage Pass-Through Certificates, Ser 2004-CB2, Cl 5A
|
||||||||
|
5.000%, 07/25/19
|
61 | 62 | ||||||
|
Total Residential Mortgage- Backed Securities (Cost $206)
|
205 | |||||||
|
Sovereign Debt [0.3%]
|
||||||||
|
United Mexican States, MTN
|
||||||||
|
5.125%, 01/15/20
|
100 | 112 | ||||||
|
Total Sovereign Debt (Cost $99)
|
112 | |||||||
|
Municipal Bond [0.2%]
|
||||||||
|
Puerto Rico [0.2%]
|
||||||||
|
Government Development Bank for Puerto Rico, Ser B, RB
|
||||||||
|
4.704%, 05/01/16
|
100 | 82 | ||||||
|
Total Municipal Bond (Cost $100)
|
82 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
schedule of investments
September 30, 2013
City National Rochdale Full Maturity Fixed Income Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [3.8%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%*†
|
852,385 | $ | 852 | |||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
852,385 | 852 | ||||||
|
Total Short-Term Investments (Cost $1,704)
|
1,704 | |||||||
|
Total Investments [100.2%] (Cost $44,787)
|
$ | 45,065 | ||||||
Percentages are based on Net Assets of $44,957 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 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 September 30, 2013, the value of these securities amounted to $1,333 (000), representing 3.0% of the net assets of the Fund.
|
|
(B)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(C)
|
Security is considered illiquid. The total value of such securities as of September 30, 2013 was $0 and represented 0.0% of net assets of the Fund.
|
ARM — Adjustable Rate Mortgage
Cl — Class
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
HMO — Health Maintenance Organization
MTN — Medium Term Note
NA — National Association
NCUA — National Credit Union Administration
NY — New York
RB — Revenue Bond
REITs — Real Estate Investment Trusts
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
Amounts designated as “—” are either $0 or have been rounded to $0.
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 17,951 | $ | — | $ | 17,951 | ||||||||
|
U.S. Treasury Obligations
|
— | 9,354 | — | 9,354 | ||||||||||||
|
U.S. Government Mortgage-Backed Obligations
|
— | 7,929 | — | 7,929 | ||||||||||||
|
U.S. Government Agency Obligations
|
— | 4,568 | — | 4,568 | ||||||||||||
|
Commercial Mortgage-Backed Obligations
|
— | 2,352 | — | 2,352 | ||||||||||||
|
Asset-Backed Securities
|
— | 808 | — | 808 | ||||||||||||
|
Residential Mortgage-Backed Securities
|
— | 205 | — | 205 | ||||||||||||
|
Sovereign Debt
|
— | 112 | — | 112 | ||||||||||||
|
Municipal Bond
|
— | 82 | — | 82 | ||||||||||||
|
Short-Term Investments
|
1,704 | — | — | 1,704 | ||||||||||||
|
Total Investments in Securities
|
$ | 1,704 | $ | 43,361 | $ | — | $ | 45,065 | ||||||||
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [93.7%]
|
||||||||
|
Advertising Agencies [1.2%]
|
||||||||
|
MDC Partners
|
||||||||
|
6.750%, 04/01/20(A)
|
$ | 2,000 | $ | 2,025 | ||||
|
Airlines [0.2%]
|
||||||||
|
Continental Airlines, Ser 2007-1, Cl C
|
||||||||
|
7.339%, 04/19/14(B)
|
130 | 132 | ||||||
|
Continental Airlines, Ser 2009-2, Cl B Pass-Through Trust
|
||||||||
|
9.250%, 05/10/17(B)
|
134 | 146 | ||||||
|
Total Airlines
|
278 | |||||||
|
Autoparts [0.6%]
|
||||||||
|
Stanadyne
|
||||||||
|
10.000%, 08/15/14
|
900 | 860 | ||||||
|
Stanadyne Holdings
|
||||||||
|
12.000%, 02/15/15(C)
|
225 | 126 | ||||||
|
Total Autoparts
|
986 | |||||||
|
Broadcasting & Cable [3.3%]
|
||||||||
|
Cablevision Systems
|
||||||||
|
8.000%, 04/15/20
|
400 | 446 | ||||||
|
CSC Holdings
|
||||||||
|
6.750%, 11/15/21
|
300 | 321 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
DCP
|
||||||||
|
10.750%, 08/15/15(A)
|
$ | 500 | $ | 517 | ||||
|
DISH DBS
|
||||||||
|
4.250%, 04/01/18
|
800 | 801 | ||||||
|
Local TV Finance
|
||||||||
|
9.250%, 06/15/15(A)
|
122 | 123 | ||||||
|
Unitymedia Hessen GmbH & KG(A)
|
||||||||
|
7.500%, 03/15/19
|
500 | 540 | ||||||
|
5.500%, 01/15/23
|
675 | 640 | ||||||
|
Univision Communications(A)
|
||||||||
|
6.875%, 05/15/19
|
1,525 | 1,632 | ||||||
|
6.750%, 09/15/22
|
250 | 264 | ||||||
|
Total Broadcasting & Cable
|
5,284 | |||||||
|
Building & Construction [2.4%]
|
||||||||
|
APERAM(A)
|
||||||||
|
7.750%, 04/01/18
|
1,510 | 1,487 | ||||||
|
7.375%, 04/01/16
|
270 | 270 | ||||||
|
Building Materials Corp of America
|
||||||||
|
6.750%, 05/01/21(A)
|
950 | 1,022 | ||||||
|
CPG Merger Sub
|
||||||||
|
8.000%, 10/01/21(A)
|
500 | 507 | ||||||
|
Dycom Investments
|
||||||||
|
7.125%, 01/15/21
|
300 | 314 | ||||||
|
Interline Brands
|
||||||||
|
7.500%, 11/15/18
|
190 | 201 | ||||||
|
Total Building & Construction
|
3,801 | |||||||
|
Business Services [0.4%]
|
||||||||
|
FTI Consulting
|
||||||||
|
6.000%, 11/15/22
|
680 | 675 | ||||||
|
Chemicals [0.4%]
|
||||||||
|
Nexeo Solutions
|
||||||||
|
8.375%, 03/01/18
|
250 | 249 | ||||||
|
Polymer Group
|
||||||||
|
7.750%, 02/01/19
|
380 | 406 | ||||||
|
Total Chemicals
|
655 | |||||||
|
Commercial Services [1.7%]
|
||||||||
|
Ceridian
|
||||||||
|
8.875%, 07/15/19(A)
|
600 | 687 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 58
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
ServiceMaster
|
||||||||
|
8.000%, 02/15/20
|
$ | 425 | $ | 421 | ||||
|
7.450%, 08/15/27
|
275 | 220 | ||||||
|
7.100%, 03/01/18
|
380 | 366 | ||||||
|
7.000%, 08/15/20
|
1,070 | 1,011 | ||||||
|
Total Commercial Services
|
2,705 | |||||||
|
Communications Software [1.2%]
|
||||||||
|
Aspect Software
|
||||||||
|
10.625%, 05/15/17
|
1,910 | 1,905 | ||||||
|
Computer Graphics [0.3%]
|
||||||||
|
Epicor Software
|
||||||||
|
8.625%, 05/01/19
|
400 | 427 | ||||||
|
Computer System Design & Services [2.5%]
|
||||||||
|
Brocade Communications Systems
|
||||||||
|
4.625%, 01/15/23(A)
|
1,000 | 922 | ||||||
|
iGate
|
||||||||
|
9.000%, 05/01/16
|
1,250 | 1,341 | ||||||
|
Stratus Technologies Bermuda
|
||||||||
|
12.000%, 03/29/15
|
747 | 745 | ||||||
|
Stream Global Services
|
||||||||
|
11.250%, 10/01/14
|
1,000 | 1,006 | ||||||
|
Total Computer System Design & Services
|
4,014 | |||||||
|
Consumer Products & Services [3.6%]
|
||||||||
|
Armored Autogroup
|
||||||||
|
9.250%, 11/01/18
|
395 | 356 | ||||||
|
Central Garden and Pet
|
||||||||
|
8.250%, 03/01/18
|
2,200 | 2,173 | ||||||
|
Gibson Brands
|
||||||||
|
8.875%, 08/01/18(A)
|
175 | 178 | ||||||
|
Reynolds Group Issuer
|
||||||||
|
6.875%, 02/15/21
|
1,125 | 1,201 | ||||||
|
Spectrum Brands Escrow(A)
|
||||||||
|
6.625%, 11/15/22
|
65 | 67 | ||||||
|
6.375%, 11/15/20
|
130 | 136 | ||||||
|
WMG Acquisition
|
||||||||
|
11.500%, 10/01/18
|
1,100 | 1,268 | ||||||
|
6.000%, 01/15/21(A)
|
518 | 537 | ||||||
|
Total Consumer Products & Services
|
5,916 | |||||||
|
Containers & Packaging [1.4%]
|
||||||||
|
Ardagh Packaging Finance
|
||||||||
|
4.875%, 11/15/22(A)
|
450 | 429 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Pretium Packaging
|
||||||||
|
11.500%, 04/01/16
|
$ | 900 | $ | 965 | ||||
|
Sealed Air
|
||||||||
|
8.125%, 09/15/19(A)
|
750 | 836 | ||||||
|
Total Containers & Packaging
|
2,230 | |||||||
|
Data Processing/Mgmt [2.0%]
|
||||||||
|
Audatex North America
|
||||||||
|
6.000%, 06/15/21(A)
|
700 | 714 | ||||||
|
First Data(A)
|
||||||||
|
8.875%, 08/15/20
|
150 | 166 | ||||||
|
8.750%, 01/15/22(D)
|
2,310 | 2,408 | ||||||
|
Total Data Processing/Mgmt
|
3,288 | |||||||
|
Distribution/Wholesale [0.5%]
|
||||||||
|
INTCOMEX
|
||||||||
|
13.250%, 12/15/14
|
868 | 842 | ||||||
|
Diversified Operations [0.3%]
|
||||||||
|
Amsted Industries
|
||||||||
|
8.125%, 03/15/18(A)
|
450 | 477 | ||||||
|
Drugs [0.9%]
|
||||||||
|
Valeant Pharmaceuticals International
|
||||||||
|
6.750%, 08/15/18(A)
|
1,375 | 1,471 | ||||||
|
E-Commerce/Products [0.5%]
|
||||||||
|
GXS Worldwide
|
||||||||
|
9.750%, 06/15/15
|
750 | 771 | ||||||
|
E-Commerce/Services [0.8%]
|
||||||||
|
IAC
|
||||||||
|
4.750%, 12/15/22
|
1,505 | 1,385 | ||||||
|
Educational Services [1.3%]
|
||||||||
|
Laureate Education
|
||||||||
|
9.250%, 09/01/19(A)
|
1,950 | 2,106 | ||||||
|
Electric Utilities [1.0%]
|
||||||||
|
AES
|
||||||||
|
7.375%, 07/01/21
|
850 | 935 | ||||||
|
4.875%, 05/15/23
|
750 | 701 | ||||||
|
Total Electric Utilities
|
1,636 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Engines-Internal Combust [0.3%]
|
||||||||
|
Briggs & Stratton
|
||||||||
|
6.875%, 12/15/20
|
$ | 500 | $ | 541 | ||||
|
Enterprise Software/Serv [1.4%]
|
||||||||
|
Eagle Midco
|
||||||||
|
9.000%, 06/15/18(A)
|
1,250 | 1,256 | ||||||
|
Infor US
|
||||||||
|
9.375%, 04/01/19
|
865 | 967 | ||||||
|
Total Enterprise Software/Serv
|
2,223 | |||||||
|
Entertainment & Gaming [2.7%]
|
||||||||
|
Buffalo Thunder Development Authority
|
||||||||
|
9.375%, 12/15/14(A) (B) (E)
|
75 | 27 | ||||||
|
Caesars Entertainment Operating
|
||||||||
|
8.500%, 02/15/20
|
370 | 340 | ||||||
|
Carmike Cinemas
|
||||||||
|
7.375%, 05/15/19
|
310 | 334 | ||||||
|
Choctaw Resort Development Enterprise
|
||||||||
|
7.250%, 11/15/19(A)
|
175 | 172 | ||||||
|
Chukchansi Economic Development Authority
|
||||||||
|
9.750%, 05/30/20(A) (E)
|
428 | 244 | ||||||
|
Cinemark USA
|
||||||||
|
4.875%, 06/01/23
|
475 | 437 | ||||||
|
Diamond Resorts
|
||||||||
|
12.000%, 08/15/18
|
750 | 832 | ||||||
|
Inn of the Mountain Gods Resort & Casino
|
||||||||
|
1.250%, 11/30/20(A) (D)
|
104 | 99 | ||||||
|
Mashantucket Western Pequot Tribe
|
||||||||
|
6.500%, 07/01/36
|
74 | 11 | ||||||
|
Regal Entertainment Group
|
||||||||
|
9.125%, 08/15/18
|
131 | 145 | ||||||
|
Seminole Hard Rock Entertainment
|
||||||||
|
5.875%, 05/15/21(A)
|
100 | 96 | ||||||
|
Seminole Indian Tribe of Florida
|
||||||||
|
7.750%, 10/01/17(A)
|
360 | 382 | ||||||
|
Snoqualmie Entertainment Authority(A)
|
||||||||
|
9.125%, 02/01/15
|
105 | 105 | ||||||
|
4.147%, 02/01/14(F)
|
405 | 401 | ||||||
|
Tunica-Biloxi Gaming Authority
|
||||||||
|
9.000%, 11/15/15(A)
|
125 | 113 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Waterford Gaming
|
||||||||
|
8.625%, 09/15/14(A) (B)
|
$ | 41 | $ | 8 | ||||
|
Wynn Las Vegas
|
||||||||
|
5.375%, 03/15/22
|
600 | 603 | ||||||
|
Total Entertainment & Gaming
|
4,349 | |||||||
|
Entertainment Software [0.9%]
|
||||||||
|
Activision Blizzard(A)
|
||||||||
|
6.125%, 09/15/23
|
300 | 302 | ||||||
|
5.625%, 09/15/21
|
1,200 | 1,201 | ||||||
|
Total Entertainment Software
|
1,503 | |||||||
|
Financial Services [3.8%]
|
||||||||
|
Credit Acceptance
|
||||||||
|
9.125%, 02/01/17
|
500 | 530 | ||||||
|
Icahn Enterprises
|
||||||||
|
8.000%, 01/15/18
|
450 | 471 | ||||||
|
7.750%, 01/15/16
|
1,250 | 1,291 | ||||||
|
International Lease Finance
|
||||||||
|
2.204%, 06/15/16(F)
|
650 | 647 | ||||||
|
Jefferies Finance
|
||||||||
|
7.375%, 04/01/20(A)
|
345 | 342 | ||||||
|
Jefferies LoanCore
|
||||||||
|
6.875%, 06/01/20(A)
|
450 | 441 | ||||||
|
Nationstar Mortgage
|
||||||||
|
9.625%, 05/01/19
|
800 | 890 | ||||||
|
6.500%, 08/01/18
|
500 | 503 | ||||||
|
6.500%, 07/01/21
|
700 | 670 | ||||||
|
Oxford Finance
|
||||||||
|
7.250%, 01/15/18(A)
|
450 | 462 | ||||||
|
Total Financial Services
|
6,247 | |||||||
|
Food, Beverage & Tobacco [3.4%]
|
||||||||
|
ARAMARK
|
||||||||
|
5.750%, 03/15/20(A)
|
375 | 379 | ||||||
|
B&G Foods
|
||||||||
|
4.625%, 06/01/21
|
600 | 573 | ||||||
|
Beverages & More
|
||||||||
|
9.625%, 10/01/14(A)
|
750 | 750 | ||||||
|
Bumble Bee Holdco SCA
|
||||||||
|
9.625%, 03/15/18(A) (D)
|
1,000 | 1,040 | ||||||
|
Bumble Bee Holdings
|
||||||||
|
9.000%, 12/15/17(A)
|
848 | 918 | ||||||
|
JBS USA
|
||||||||
|
7.250%, 06/01/21(A)
|
300 | 298 | ||||||
|
Le-Nature's
|
||||||||
|
9.000%, 06/15/13(A) (B) (E)
|
150 | 3 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 60
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Vector Group
|
||||||||
|
7.750%, 02/15/21
|
$ | 1,550 | $ | 1,604 | ||||
|
Total Food, Beverage & Tobacco
|
5,565 | |||||||
|
Food-Confectionery [0.2%]
|
||||||||
|
Barry Callebaut Services
|
||||||||
|
5.500%, 06/15/23(A)
|
300 | 301 | ||||||
|
Food-Wholesale/Distrib [1.8%]
|
||||||||
|
KeHE Distributors
|
||||||||
|
7.625%, 08/15/21(A)
|
1,100 | 1,116 | ||||||
|
US Foods
|
||||||||
|
8.500%, 06/30/19
|
1,750 | 1,844 | ||||||
|
Total Food-Wholesale/Distrib
|
2,960 | |||||||
|
Gas-Distribution [0.5%]
|
||||||||
|
LBC Tank Terminals Holding Netherlands
|
||||||||
|
6.875%, 05/15/23(A)
|
850 | 854 | ||||||
|
Gold Mining [0.6%]
|
||||||||
|
Eldorado
|
||||||||
|
6.125%, 12/15/20(A)
|
750 | 723 | ||||||
|
IAMGOLD
|
||||||||
|
6.750%, 10/01/20(A)
|
300 | 262 | ||||||
|
Total Gold Mining
|
985 | |||||||
|
Insurance [1.4%]
|
||||||||
|
American Equity Investment Life Holding
|
||||||||
|
6.625%, 07/15/21
|
675 | 699 | ||||||
|
Fidelity & Guaranty Life Holdings
|
||||||||
|
6.375%, 04/01/21(A)
|
425 | 431 | ||||||
|
Ironshore Holdings US
|
||||||||
|
8.500%, 05/15/20(A)
|
950 | 1,090 | ||||||
|
Total Insurance
|
2,220 | |||||||
|
Internet Connectiv Svcs [1.0%]
|
||||||||
|
Zayo Group
|
||||||||
|
10.125%, 07/01/20
|
1,135 | 1,302 | ||||||
|
8.125%, 01/01/20
|
250 | 274 | ||||||
|
Total Internet Connectiv Svcs
|
1,576 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Internet Infrastr Equip [0.9%]
|
||||||||
|
CyrusOne
|
||||||||
|
6.375%, 11/15/22
|
$ | 1,425 | $ | 1,414 | ||||
|
Internet Security [0.5%]
|
||||||||
|
VeriSign
|
||||||||
|
4.625%, 05/01/23(A)
|
800 | 752 | ||||||
|
Investment Banker/Broker Dealer [1.4%]
|
||||||||
|
KCG Holdings
|
||||||||
|
8.250%, 06/15/18(A)
|
805 | 793 | ||||||
|
Nuveen Investments
|
||||||||
|
9.125%, 10/15/17(A)
|
1,560 | 1,533 | ||||||
|
Total Investment Banker/Broker Dealer
|
2,326 | |||||||
|
Machinery [1.7%]
|
||||||||
|
Tempel Steel
|
||||||||
|
12.000%, 08/15/16(A)
|
500 | 478 | ||||||
|
Victor Technologies Group
|
||||||||
|
9.000%, 12/15/17
|
2,170 | 2,338 | ||||||
|
Total Machinery
|
2,816 | |||||||
|
Medical Information Sys [1.0%]
|
||||||||
|
IMS Health
|
||||||||
|
6.000%, 11/01/20(A)
|
1,600 | 1,634 | ||||||
|
Medical Products & Services [1.8%]
|
||||||||
|
Apria Healthcare Group
|
||||||||
|
12.375%, 11/01/14
|
508 | 511 | ||||||
|
HCA
|
||||||||
|
7.500%, 02/15/22
|
575 | 631 | ||||||
|
4.750%, 05/01/23
|
650 | 612 | ||||||
|
Physio-Control International
|
||||||||
|
9.875%, 01/15/19(A)
|
119 | 133 | ||||||
|
Symbion
|
||||||||
|
11.000%, 08/23/15
|
238 | 238 | ||||||
|
8.000%, 06/15/16
|
425 | 448 | ||||||
|
Tenet Healthcare
|
||||||||
|
6.250%, 11/01/18
|
350 | 373 | ||||||
|
Total Medical Products & Services
|
2,946 | |||||||
|
Metal-Copper [1.0%]
|
||||||||
|
KGHM International
|
||||||||
|
7.750%, 06/15/19(A)
|
1,590 | 1,642 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Metals & Mining [0.5%]
|
||||||||
|
Midwest Vanadium
|
||||||||
|
11.500%, 02/15/18(A)
|
$ | 500 | $ | 412 | ||||
|
Mirabela Nickel
|
||||||||
|
8.750%, 04/15/18(A) (B)
|
1,020 | 398 | ||||||
|
Total Metals & Mining
|
810 | |||||||
|
Miscellaneous Business Services [1.1%]
|
||||||||
|
ADT
|
||||||||
|
6.250%, 10/15/21(A)
|
400 | 406 | ||||||
|
MCBC Holdings
|
||||||||
|
6.817%, 10/15/14(A) (B) (E)
|
50 | 5 | ||||||
|
Sitel
|
||||||||
|
11.000%, 08/01/17(A)
|
1,225 | 1,308 | ||||||
|
Total Miscellaneous Business Services
|
1,719 | |||||||
|
Miscellaneous Manufacturing [1.9%]
|
||||||||
|
AGY Holding
|
||||||||
|
11.000%, 11/15/14(B) (E)
|
100 | 57 | ||||||
|
Atkore International
|
||||||||
|
9.875%, 01/01/18
|
435 | 470 | ||||||
|
CEVA Group(A)
|
||||||||
|
11.625%, 10/01/16
|
220 | 227 | ||||||
|
8.375%, 12/01/17
|
1,275 | 1,284 | ||||||
|
Coleman Cable
|
||||||||
|
9.000%, 02/15/18
|
665 | 707 | ||||||
|
Rivers Pittsburgh Borrower
|
||||||||
|
9.500%, 06/15/19(A)
|
254 | 277 | ||||||
|
Total Miscellaneous Manufacturing
|
3,022 | |||||||
|
Motion Pictures and Services [0.4%]
|
||||||||
|
DreamWorks Animation SKG
|
||||||||
|
6.875%, 08/15/20(A)
|
600 | 622 | ||||||
|
Multi-line Insurance [0.6%]
|
||||||||
|
ING US
|
||||||||
|
5.650%, 11/15/13(F)
|
750 | 686 | ||||||
|
Kemper
|
||||||||
|
6.000%, 05/15/17
|
195 | 213 | ||||||
|
Total Multi-line Insurance
|
899 | |||||||
|
Office Automation and Equip [0.2%]
|
||||||||
|
CDW
|
||||||||
|
8.000%, 12/15/18
|
274 | 301 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Oil-Field Services [2.3%]
|
||||||||
|
Exterran Holdings
|
||||||||
|
7.250%, 12/01/18
|
$ | 1,800 | $ | 1,906 | ||||
|
Exterran Partners
|
||||||||
|
6.000%, 04/01/21(A)
|
225 | 218 | ||||||
|
Hiland Partners
|
||||||||
|
7.250%, 10/01/20(A)
|
725 | 756 | ||||||
|
SESI
|
||||||||
|
7.125%, 12/15/21
|
500 | 546 | ||||||
|
6.375%, 05/01/19
|
300 | 317 | ||||||
|
Total Oil-Field Services
|
3,743 | |||||||
|
Oil-US Royalty Trusts [0.1%]
|
||||||||
|
IronGate Energy Services
|
||||||||
|
11.000%, 07/01/18(A)
|
225 | 223 | ||||||
|
Paper & Related Products [0.6%]
|
||||||||
|
Unifrax I
|
||||||||
|
7.500%, 02/15/19(A)
|
1,025 | 1,025 | ||||||
|
Petrochemicals [1.3%]
|
||||||||
|
TPC Group
|
||||||||
|
8.750%, 12/15/20(A)
|
2,000 | 2,045 | ||||||
|
Petroleum & Fuel Products [12.3%]
|
||||||||
|
Atlas Energy Holdings Operating
|
||||||||
|
7.750%, 01/15/21(A)
|
250 | 232 | ||||||
|
Atlas Pipeline Partners(A)
|
||||||||
|
5.875%, 08/01/23
|
876 | 823 | ||||||
|
4.750%, 11/15/21
|
400 | 361 | ||||||
|
Atlas Resource Escrow
|
||||||||
|
9.250%, 08/15/21(A)
|
450 | 454 | ||||||
|
Bill Barrett
|
||||||||
|
7.625%, 10/01/19
|
1,325 | 1,352 | ||||||
|
BreitBurn Energy Partners
|
||||||||
|
7.875%, 04/15/22
|
1,800 | 1,796 | ||||||
|
Carrizo Oil & Gas
|
||||||||
|
7.500%, 09/15/20
|
175 | 186 | ||||||
|
Crestwood Midstream Partners
|
||||||||
|
7.750%, 04/01/19
|
1,800 | 1,890 | ||||||
|
Eagle Rock Energy Partners
|
||||||||
|
8.375%, 06/01/19
|
2,100 | 2,100 | ||||||
|
Endeavor Energy Resources
|
||||||||
|
7.000%, 08/15/21(A)
|
1,900 | 1,881 | ||||||
|
Gibson Energy
|
||||||||
|
6.750%, 07/15/21(A)
|
1,575 | 1,626 | ||||||
|
Legacy Reserves(A)
|
||||||||
|
8.000%, 12/01/20
|
760 | 768 | ||||||
|
6.625%, 12/01/21
|
600 | 561 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Midstates Petroleum
|
||||||||
|
10.750%, 10/01/20(A)
|
$ | 600 | $ | 630 | ||||
|
Milagro Oil & Gas
|
||||||||
|
10.500%, 05/15/16
|
400 | 302 | ||||||
|
Pacific Drilling
|
||||||||
|
5.375%, 06/01/20(A)
|
750 | 731 | ||||||
|
Penn Virginia Resource Partners
|
||||||||
|
8.375%, 06/01/20
|
1,580 | 1,643 | ||||||
|
Precision Drilling
|
||||||||
|
6.500%, 12/15/21
|
400 | 418 | ||||||
|
SandRidge Energy
|
||||||||
|
8.125%, 10/15/22
|
1,000 | 1,010 | ||||||
|
7.500%, 03/15/21
|
650 | 657 | ||||||
|
Summit Midstream Holdings
|
||||||||
|
7.500%, 07/01/21(A)
|
550 | 568 | ||||||
|
Total Petroleum & Fuel Products
|
19,989 | |||||||
|
Printing & Publishing [0.6%]
|
||||||||
|
Expo Event Transco
|
||||||||
|
9.000%, 06/15/21(A)
|
975 | 970 | ||||||
|
Southern Graphics
|
||||||||
|
8.375%, 10/15/20(A)
|
85 | 88 | ||||||
|
Total Printing & Publishing
|
1,058 | |||||||
|
Property/Casualty Ins [0.5%]
|
||||||||
|
Lancashire Holdings
|
||||||||
|
5.700%, 10/01/22(A)
|
480 | 436 | ||||||
|
QBE Capital Funding III
|
||||||||
|
7.250%, 05/24/41(A) (F)
|
250 | 264 | ||||||
|
Total Property/Casualty Ins
|
700 | |||||||
|
Publishing-Books [0.2%]
|
||||||||
|
Baker & Taylor Acquisitions
|
||||||||
|
15.000%, 04/01/17(A)
|
475 | 378 | ||||||
|
Real Estate [1.1%]
|
||||||||
|
Kennedy-Wilson
|
||||||||
|
8.750%, 04/01/19
|
1,665 | 1,798 | ||||||
|
Real Estate Investment Trusts [0.4%]
|
||||||||
|
DuPont Fabros Technology
|
||||||||
|
5.875%, 09/15/21(A)
|
700 | 700 | ||||||
|
Research and Development [0.9%]
|
||||||||
|
Alion Science and Technology
|
||||||||
|
12.000%, 11/01/14(D)
|
604 | 610 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Jaguar Holding II
|
||||||||
|
9.500%, 12/01/19(A)
|
$ | 675 | $ | 759 | ||||
|
Total Research and Development
|
1,369 | |||||||
|
Retail [6.1%]
|
||||||||
|
AmeriGas Finance
|
||||||||
|
7.000%, 05/20/22
|
2,110 | 2,195 | ||||||
|
Brunswick
|
||||||||
|
4.625%, 05/15/21(A)
|
550 | 514 | ||||||
|
Burlington Coat Factory Warehouse
|
||||||||
|
10.000%, 02/15/19
|
1,030 | 1,146 | ||||||
|
Checkers Drive-In Restaurants
|
||||||||
|
11.000%, 12/01/17(A)
|
600 | 648 | ||||||
|
CST Brands
|
||||||||
|
5.000%, 05/01/23(A)
|
150 | 141 | ||||||
|
Dufry Finance SCA
|
||||||||
|
5.500%, 10/15/20(A)
|
1,600 | 1,615 | ||||||
|
GRD Holdings III
|
||||||||
|
10.750%, 06/01/19(A)
|
2,170 | 2,300 | ||||||
|
Limited Brands
|
||||||||
|
5.625%, 02/15/22
|
250 | 256 | ||||||
|
Mobile Mini
|
||||||||
|
7.875%, 12/01/20
|
755 | 821 | ||||||
|
Wok Acquisition
|
||||||||
|
10.250%, 06/30/20(A)
|
285 | 310 | ||||||
|
Total Retail
|
9,946 | |||||||
|
Schools-Day Care [0.2%]
|
||||||||
|
Knowledge Universe Education
|
||||||||
|
7.750%, 02/01/15(A)
|
400 | 388 | ||||||
|
Security Brokers & Dealers [1.0%]
|
||||||||
|
Ally Financial
|
||||||||
|
4.750%, 09/10/18
|
200 | 199 | ||||||
|
3.500%, 07/18/16
|
500 | 504 | ||||||
|
Bank of America
|
||||||||
|
5.200%, 12/01/13(F)
|
1,000 | 875 | ||||||
|
Total Security Brokers & Dealers
|
1,578 | |||||||
|
Shipbuilding [0.2%]
|
||||||||
|
Huntington Ingalls Industries
|
||||||||
|
7.125%, 03/15/21
|
250 | 269 | ||||||
|
Silver Mining [0.1%]
|
||||||||
|
Hecla Mining
|
||||||||
|
6.875%, 05/01/21(A)
|
225 | 213 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 63
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Telecommunication Equip [0.1%]
|
||||||||
|
Alcatel-Lucent USA
|
||||||||
|
8.875%, 01/01/20(A)
|
$ | 200 | $ | 211 | ||||
|
Telephones & Telecommunications [2.8%]
|
||||||||
|
Avaya
|
||||||||
|
7.000%, 04/01/19(A)
|
420 | 393 | ||||||
|
Clearwire Communications
|
||||||||
|
12.000%, 12/01/15(A)
|
280 | 293 | ||||||
|
CommScope
|
||||||||
|
8.250%, 01/15/19(A)
|
1,325 | 1,447 | ||||||
|
SBA Telecommunications
|
||||||||
|
5.750%, 07/15/20
|
300 | 298 | ||||||
|
Sprint Communications
|
||||||||
|
7.000%, 03/01/20(A)
|
1,150 | 1,236 | ||||||
|
UPCB Finance V
|
||||||||
|
7.250%, 11/15/21(A)
|
500 | 545 | ||||||
|
Virgin Media Secured Finance
|
||||||||
|
5.375%, 04/15/21(A)
|
355 | 346 | ||||||
|
Total Telephones & Telecommunications
|
4,558 | |||||||
|
Textile-Home Furnishings [0.3%]
|
||||||||
|
Empire Today
|
||||||||
|
11.375%, 02/01/17(A)
|
700 | 568 | ||||||
|
Transportation Services [4.5%]
|
||||||||
|
Florida East Coast Railway
|
||||||||
|
8.125%, 02/01/17
|
750 | 787 | ||||||
|
Harbinger Group
|
||||||||
|
7.875%, 07/15/19(A)
|
1,775 | 1,837 | ||||||
|
Marquette Transportation
|
||||||||
|
10.875%, 01/15/17
|
1,110 | 1,171 | ||||||
|
Nielsen Luxembourg
|
||||||||
|
5.500%, 10/01/21(A)
|
800 | 804 | ||||||
|
Pegasus Solutions
|
||||||||
|
10.500%, 04/15/15(A) (B)
|
100 | 95 | ||||||
|
Quality Distribution
|
||||||||
|
9.875%, 11/01/18
|
720 | 783 | ||||||
|
Sabre
|
||||||||
|
8.500%, 05/15/19(A)
|
1,095 | 1,184 | ||||||
|
Sabre Holdings
|
||||||||
|
8.350%, 03/15/16
|
350 | 381 | ||||||
|
Travelport
|
||||||||
|
13.875%, 03/01/16(A) (D)
|
173 | 179 | ||||||
|
11.875%, 09/01/16
|
90 | 89 | ||||||
|
Total Transportation Services
|
7,310 | |||||||
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
Web Hosting/Design [0.2%]
|
||||||||
|
Equinix
|
||||||||
|
7.000%, 07/15/21
|
$ | 250 | $ | 266 | ||||
|
X-Ray Equipment [0.4%]
|
||||||||
|
Hologic
|
||||||||
|
6.250%, 08/01/20
|
700 | 729 | ||||||
|
Total Corporate Bonds (Cost $150,525)
|
152,168 | |||||||
|
Mortgage-Backed Security [0.2%]
|
||||||||
|
SRERS Funding, Ser 2011-RS, Cl A1B1
|
||||||||
|
0.432%, 10/09/13(A) (F)
|
385 | 334 | ||||||
|
Total Mortgage-Backed Security (Cost $337)
|
334 | |||||||
|
Loan Participations [0.0%]
|
||||||||
|
Global Aviation, Term Loan (B) (E)
|
||||||||
|
10.000%, 07/13/17
|
22 | 14 | ||||||
|
3.000%, 02/13/18
|
216 | 11 | ||||||
|
Total Loan Participations (Cost $175)
|
25 | |||||||
|
Asset-Backed Security [0.2%]
|
||||||||
|
United Airlines, Pass-Through Trust, Ser 2013-1, Cl B
|
||||||||
|
5.375%, 08/15/21
|
400 | 394 | ||||||
|
Total Asset-Backed Security (Cost $400)
|
394 | |||||||
|
Preferred Stock [0.6%]
|
||||||||
|
Insurance [0.6%]
|
||||||||
|
Aspen Insurance Holdings (F)
|
40,000 | 949 | ||||||
|
Miscellaneous Manufacturing [0.0%]
|
||||||||
|
CEVA Group **
|
49 | 40 | ||||||
|
Total Preferred Stock (Cost $1,044)
|
989 | |||||||
|
Common Stock [0.2%]
|
||||||||
|
Miscellaneous Manufacturing [0.0%]
|
||||||||
|
CEVA Group **
|
22 | 19 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (continued)
|
Description
|
Shares/Face Amount (000)
|
Value (000)
|
||||||
|
Printing & Publishing [0.2%]
|
||||||||
|
Houghton Mifflin Harcourt **
|
9,352 | $ | 289 | |||||
|
Total Common Stock (Cost $419)
|
308 | |||||||
|
Special Stock [0.0%]
|
||||||||
|
Broadcasting & Cable [0.0%]
|
||||||||
|
Adelphia Recovery Trust (B) (G)
|
8,500 | — | ||||||
|
Total Special Stock (Cost $9)
|
— | |||||||
|
Convertible Bond [0.0%]
|
||||||||
|
Food, Beverage & Tobacco [0.0%]
|
||||||||
|
Vector Group
|
||||||||
|
14.345%, 06/15/26(F)
|
$ | 54 | 62 | |||||
|
Total Convertible Bond (Cost $55)
|
62 | |||||||
|
Number of Warrants
|
||||||||
|
Warrants [0.0%]
|
||||||||
|
Alion Science and Technology,
|
||||||||
|
Expires 03/15/17** (B)
|
380 | — | ||||||
|
CUI Acquisition** (B) (G) (H)
|
2,756 | 28 | ||||||
|
Global Aviation** (B)
|
35,583 | — | ||||||
|
Total Warrants (Cost $250)
|
28 | |||||||
|
Short-Term Investments [3.1%]
|
||||||||
|
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010% *†
|
2,481,808 | 2,482 | ||||||
|
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
|
2,481,808 | 2,482 | ||||||
|
Total Short-Term Investments (Cost $4,964)
|
4,964 | |||||||
|
Total Investments [98.0%] (Cost $158,178)
|
$ | 159,272 | ||||||
Percentages are based on Net Assets of $162,539 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
**
|
Non-income producing security.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2013, the value of these securities amounted to $77,979 (000), representing 48.0% of the net assets of the Fund.
|
|
(B)
|
Security is considered illiquid. The total value of such securities as of September 30, 2013 was $924 (000) and represented 0.6% of net assets of the Fund.
|
|
(C)
|
Step Bond — The rate reported is the rate in effect on September 30, 2013. The coupon on a step bond changes on a specific date.
|
|
(D)
|
Payment in Kind.
|
|
(E)
|
In default on interest payments. Rate shown represents the last coupon rate prior to default.
|
|
(F)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(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 September 30, 2013 was $28 (000) and represented 0.0% of net assets of the Fund.
|
|
(H)
|
This warrant is a result of the restructuring of Cleveland Unlimited, has an exercise price of $0.0001 per share of common stock and does not have an expiration date.
|
Cl — Class
Ser — Series
Amounts designated as “—” are either $0 or have been rounded to $0.
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3(1)
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 152,168 | $ | — | $ | 152,562 | ||||||||
|
Mortgage-Backed Security
|
— | — | 334 | 334 | ||||||||||||
|
Loan Participations
|
— | 25 | — | 25 | ||||||||||||
|
Asset-Backed Security
|
— | 394 | — | 394 | ||||||||||||
|
Preferred Stock
|
— | 949 | 40 | 989 | ||||||||||||
|
Common Stock
|
— | 289 | 19 | 308 | ||||||||||||
|
Special Stock
|
— | — | — | — | ||||||||||||
|
Convertible Bond
|
— | 62 | — | 62 | ||||||||||||
|
Warrants
|
— | — | 28 | 28 | ||||||||||||
|
Short-Term Investments
|
4,964 | — | — | 4,964 | ||||||||||||
|
Total Investments in Securities
|
$ | 4,964 | $ | 153,887 | $ | 421 | $ | 159,272 | ||||||||
|
(1)
|
Of the $421 (000) in Level 3 securities as of September 30, 2013, $28 (000) or 0.02% are not valued via third party pricing vendors and broker quotes.
|
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
schedule of investments
September 30, 2013
City National Rochdale High Yield Bond Fund (concluded)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2013:
|
Investments in Corporate Bonds (000)
|
Investments in Mortgage-Backed Securities (000)
|
Investments in Preferred Stock (000)
|
Investments in Common Stock (000)
|
|||||||||||||
|
Beginning balance as of October 1, 2012
|
$ | 8 | $ | — | $ | — | $ | — | ||||||||
|
Accrued discounts/premiums
|
— | — | — | — | ||||||||||||
|
Realized gain/(loss)
|
— | 2 | — | — | ||||||||||||
|
Change in unrealized appreciation/(depreciation)
|
— | (2 | ) | (4 | ) | — | ||||||||||
|
Purchases
|
— | 352 | 44 | 19 | ||||||||||||
|
Sales/Paydowns
|
— | (18 | ) | — | — | |||||||||||
|
Transfers into Level 3
|
— | — | — | — | ||||||||||||
|
Transfers out of Level 3
|
(8 | ) | — | — | — | |||||||||||
|
Ending balance as of September 30, 2013
|
$ | — | $ | 334 | $ | 40 | $ | 19 | ||||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
|
$ | — | $ | (2 | ) | $ | (4 | ) | $ | — | ||||||
|
Investments in Special Stock (000)
|
Investments in Warrants (000)
|
Total
|
||||||||||
|
Beginning balance as of October 1, 2012
|
$ | 7 | $ | 125 | $ | 140 | ||||||
|
Accrued discounts/premiums
|
— | — | — | |||||||||
|
Realized gain/(loss)
|
— | — | 2 | |||||||||
|
Change in unrealized appreciation/(depreciation)
|
(7 | ) | (97 | ) | (110 | ) | ||||||
|
Purchases
|
— | — | 415 | |||||||||
|
Sales/Paydowns
|
— | — | (18 | ) | ||||||||
|
Transfers into Level 3
|
— | — | — | |||||||||
|
Transfers out of Level 3
|
— | — | (8 | ) | ||||||||
|
Ending balance as of September 30, 2013
|
$ | — | $ | 28 | $ | 421 | ||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
|
$ | — | $ | (97 | ) | $ | (103 | ) | ||||
For the year ended September 30, 2013, the transfers out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [76.9%]
|
||||||||
|
Consumer Discretionary [3.9%]
|
||||||||
|
AutoZone
|
||||||||
|
3.700%, 04/15/22
|
$ | 250 | $ | 245 | ||||
|
Best Buy
|
||||||||
|
3.750%, 03/15/16
|
300 | 309 | ||||||
|
Comcast
|
||||||||
|
3.125%, 07/15/22
|
200 | 195 | ||||||
|
Expedia
|
||||||||
|
5.950%, 08/15/20
|
250 | 261 | ||||||
|
Gap
|
||||||||
|
5.950%, 04/12/21
|
495 | 548 | ||||||
|
Hasbro
|
||||||||
|
6.125%, 05/15/14
|
250 | 258 | ||||||
|
Icahn Enterprises
|
||||||||
|
8.000%, 01/15/18
|
440 | 461 | ||||||
|
7.750%, 01/15/16
|
305 | 315 | ||||||
|
Royal Caribbean Cruises
|
||||||||
|
6.875%, 12/01/13
|
250 | 252 | ||||||
|
Scripps Networks Interactive
|
||||||||
|
2.700%, 12/15/16
|
1,000 | 1,038 | ||||||
|
Toys R Us
|
||||||||
|
7.375%, 10/15/18
|
500 | 431 | ||||||
|
Toys R Us Property II
|
||||||||
|
8.500%, 12/01/17
|
21 | 22 | ||||||
|
Tupperware Brands
|
||||||||
|
4.750%, 06/01/21
|
500 | 507 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
WPP Finance UK
|
||||||||
|
8.000%, 09/15/14
|
$ | 749 | $ | 799 | ||||
|
5.875%, 06/15/14
|
400 | 413 | ||||||
|
Total Consumer Discretionary
|
6,054 | |||||||
|
Consumer Staples [4.2%]
|
||||||||
|
Avon Products
|
||||||||
|
6.500%, 03/01/19
|
250 | 280 | ||||||
|
Bunge Finance
|
||||||||
|
8.500%, 06/15/19
|
105 | 131 | ||||||
|
5.100%, 07/15/15
|
500 | 532 | ||||||
|
Campbell Soup
|
||||||||
|
8.875%, 05/01/21
|
350 | 459 | ||||||
|
ConAgra Foods
|
||||||||
|
4.950%, 08/15/20(A)
|
410 | 433 | ||||||
|
1.900%, 01/25/18
|
200 | 197 | ||||||
|
CVS Caremark
|
||||||||
|
2.750%, 12/01/22
|
500 | 462 | ||||||
|
Kellogg
|
||||||||
|
3.125%, 05/17/22
|
250 | 243 | ||||||
|
Lorillard Tobacco
|
||||||||
|
8.125%, 06/23/19
|
500 | 606 | ||||||
|
PepsiAmericas
|
||||||||
|
4.875%, 01/15/15
|
250 | 264 | ||||||
|
Reynolds American
|
||||||||
|
7.625%, 06/01/16
|
290 | 340 | ||||||
|
6.750%, 06/15/17
|
100 | 115 | ||||||
|
Safeway
|
||||||||
|
5.000%, 08/15/19
|
475 | 496 | ||||||
|
4.750%, 12/01/21
|
526 | 528 | ||||||
|
3.950%, 08/15/20
|
672 | 660 | ||||||
|
WM Wrigley Jr
|
||||||||
|
4.650%, 07/15/15
|
750 | 788 | ||||||
|
Total Consumer Staples
|
6,534 | |||||||
|
Energy [5.6%]
|
||||||||
|
Boardwalk Pipelines
|
||||||||
|
5.875%, 11/15/16
|
146 | 163 | ||||||
|
5.750%, 09/15/19
|
175 | 195 | ||||||
|
5.500%, 02/01/17
|
221 | 243 | ||||||
|
5.200%, 06/01/18
|
84 | 91 | ||||||
|
Buckeye Partners
|
||||||||
|
6.050%, 01/15/18
|
155 | 176 | ||||||
|
Chesapeake Energy
|
||||||||
|
9.500%, 02/15/15
|
385 | 424 | ||||||
|
DCP Midstream Operating
|
||||||||
|
3.250%, 10/01/15
|
120 | 124 | ||||||
|
Ecopetrol
|
||||||||
|
7.625%, 07/23/19
|
250 | 296 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Enbridge Energy Partners
|
||||||||
|
5.875%, 12/15/16
|
$ | 191 | $ | 216 | ||||
|
5.350%, 12/15/14
|
20 | 21 | ||||||
|
Energy Transfer Partners
|
||||||||
|
9.700%, 03/15/19
|
330 | 422 | ||||||
|
9.000%, 04/15/19
|
189 | 239 | ||||||
|
6.125%, 02/15/17
|
426 | 482 | ||||||
|
3.600%, 02/01/23
|
200 | 186 | ||||||
|
FMC Technologies
|
||||||||
|
3.450%, 10/01/22
|
200 | 192 | ||||||
|
Kinder Morgan Energy Partners
|
||||||||
|
5.625%, 02/15/15
|
284 | 302 | ||||||
|
National Oilwell Varco
|
||||||||
|
6.125%, 08/15/15
|
100 | 100 | ||||||
|
Panhandle Eastern Pipe Line
|
||||||||
|
7.000%, 06/15/18
|
396 | 463 | ||||||
|
Petrobras International Finance
|
||||||||
|
5.750%, 01/20/20
|
250 | 260 | ||||||
|
2.875%, 02/06/15
|
500 | 507 | ||||||
|
Plains All American Pipeline
|
||||||||
|
5.875%, 08/15/16
|
205 | 227 | ||||||
|
PPL Energy Supply
|
||||||||
|
6.200%, 05/15/16
|
105 | 116 | ||||||
|
Puget Energy
|
||||||||
|
6.000%, 09/01/21
|
500 | 545 | ||||||
|
Rowan
|
||||||||
|
4.875%, 06/01/22
|
200 | 206 | ||||||
|
Sabine Pass LNG
|
||||||||
|
7.500%, 11/30/16
|
100 | 110 | ||||||
|
Spectra Energy Capital
|
||||||||
|
6.750%, 07/15/18
|
745 | 871 | ||||||
|
5.500%, 03/01/14
|
240 | 244 | ||||||
|
Transocean
|
||||||||
|
7.375%, 04/15/18
|
494 | 571 | ||||||
|
6.000%, 03/15/18
|
500 | 563 | ||||||
|
Williams Partners
|
||||||||
|
3.350%, 08/15/22
|
200 | 185 | ||||||
|
Total Energy
|
8,740 | |||||||
|
Financials [22.9%]
|
||||||||
|
ACE INA Holdings
|
||||||||
|
2.700%, 03/13/23
|
850 | 798 | ||||||
|
Alleghany
|
||||||||
|
5.625%, 09/15/20
|
270 | 297 | ||||||
|
American Express
|
||||||||
|
0.852%, 11/22/13(B)
|
3,000 | 2,996 | ||||||
|
Axis Specialty Finance
|
||||||||
|
5.875%, 06/01/20
|
250 | 277 | ||||||
|
Bank of America
|
||||||||
|
5.420%, 03/15/17
|
42 | 46 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Bear Stearns
|
||||||||
|
5.550%, 01/22/17
|
$ | 468 | $ | 519 | ||||
|
Berkshire Hathaway
|
||||||||
|
3.000%, 02/11/23
|
250 | 241 | ||||||
|
1.550%, 02/09/18
|
300 | 297 | ||||||
|
Berkshire Hathaway Finance
|
||||||||
|
1.600%, 05/15/17
|
440 | 444 | ||||||
|
Capital One
|
||||||||
|
1.500%, 03/22/18
|
475 | 461 | ||||||
|
Citigroup
|
||||||||
|
5.000%, 09/15/14
|
503 | 522 | ||||||
|
CNA Financial
|
||||||||
|
6.950%, 01/15/18
|
1,076 | 1,253 | ||||||
|
Countrywide Financial, MTN
|
||||||||
|
6.000%, 08/26/20
|
313 | 312 | ||||||
|
Dresdner Bank NY
|
||||||||
|
7.250%, 09/15/15
|
1,000 | 1,065 | ||||||
|
ERAC USA Finance
|
||||||||
|
3.300%, 10/15/22(A)
|
250 | 238 | ||||||
|
Ford Motor Credit
|
||||||||
|
1.700%, 05/09/16
|
1,000 | 1,000 | ||||||
|
General Electric Capital, MTN
|
||||||||
|
5.625%, 09/15/17
|
300 | 342 | ||||||
|
Goldman Sachs Group
|
||||||||
|
6.250%, 09/01/17
|
550 | 628 | ||||||
|
5.625%, 01/15/17
|
700 | 771 | ||||||
|
5.350%, 01/15/16
|
250 | 272 | ||||||
|
5.125%, 01/15/15
|
355 | 373 | ||||||
|
Goldman Sachs Group, MTN
|
||||||||
|
6.000%, 06/15/20
|
500 | 568 | ||||||
|
HSBC Finance
|
||||||||
|
0.518%, 01/15/14(B)
|
3,000 | 3,000 | ||||||
|
International Lease Finance, MTN
|
||||||||
|
6.100%, 04/15/14
|
250 | 254 | ||||||
|
5.650%, 06/01/14
|
197 | 202 | ||||||
|
Janus Capital Group
|
||||||||
|
6.700%, 06/15/17
|
600 | 670 | ||||||
|
Jefferies Group
|
||||||||
|
5.875%, 06/08/14
|
733 | 757 | ||||||
|
JPMorgan Chase
|
||||||||
|
3.375%, 05/01/23
|
2,500 | 2,267 | ||||||
|
JPMorgan Chase, MTN
|
||||||||
|
5.300%, 05/15/18
|
150 | 150 | ||||||
|
Lehman Brothers Holdings, MTN
|
||||||||
|
7.000%, 09/28/37(C)
|
400 | 104 | ||||||
|
Merrill Lynch
|
||||||||
|
5.700%, 05/02/17
|
950 | 1,049 | ||||||
|
Moody's
|
||||||||
|
5.500%, 09/01/20
|
800 | 872 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Morgan Stanley
|
||||||||
|
5.375%, 10/15/15
|
$ | 210 | $ | 226 | ||||
|
4.750%, 04/01/14
|
3,323 | 3,380 | ||||||
|
4.200%, 11/20/14
|
250 | 259 | ||||||
|
Morgan Stanley, MTN
|
||||||||
|
6.000%, 05/13/14
|
1,050 | 1,082 | ||||||
|
6.000%, 04/28/15
|
600 | 644 | ||||||
|
5.450%, 01/09/17
|
100 | 110 | ||||||
|
NASDAQ OMX Group
|
||||||||
|
5.550%, 01/15/20
|
1,249 | 1,338 | ||||||
|
National Bank of Canada, MTN
|
||||||||
|
1.450%, 11/07/17
|
750 | 736 | ||||||
|
National Rural Utilities Cooperative Finance
|
||||||||
|
6.550%, 11/01/18
|
300 | 359 | ||||||
|
Nationsbank
|
||||||||
|
10.200%, 07/15/15
|
250 | 285 | ||||||
|
Principal Financial Group
|
||||||||
|
3.300%, 09/15/22
|
200 | 194 | ||||||
|
Progressive
|
||||||||
|
7.000%, 10/01/13
|
40 | 40 | ||||||
|
Protective Life
|
||||||||
|
6.400%, 01/15/18
|
250 | 282 | ||||||
|
Silicon Valley Bank
|
||||||||
|
6.050%, 06/01/17
|
355 | 381 | ||||||
|
SLM, MTN
|
||||||||
|
5.050%, 11/14/14
|
500 | 516 | ||||||
|
5.000%, 06/15/18
|
802 | 789 | ||||||
|
UBS, MTN
|
||||||||
|
7.375%, 06/15/17
|
388 | 433 | ||||||
|
Wells Fargo
|
||||||||
|
1.500%, 01/16/18
|
150 | 148 | ||||||
|
Wells Fargo, MTN
|
||||||||
|
3.450%, 02/13/23
|
250 | 234 | ||||||
|
2.625%, 12/15/16
|
235 | 245 | ||||||
|
2.100%, 05/08/17
|
250 | 255 | ||||||
|
Wells Fargo Bank
|
||||||||
|
5.750%, 05/16/16
|
100 | 112 | ||||||
|
Westpac Banking, MTN
|
||||||||
|
1.600%, 01/12/18
|
250 | 246 | ||||||
|
Wilmington Trust
|
||||||||
|
8.500%, 04/02/18
|
315 | 380 | ||||||
|
Total Financials
|
35,719 | |||||||
|
Healthcare [0.5%]
|
||||||||
|
Actavis
|
||||||||
|
3.250%, 10/01/22
|
500 | 469 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
UnitedHealth Group
|
||||||||
|
1.625%, 03/15/19
|
$ | 250 | $ | 241 | ||||
|
Total Healthcare
|
710 | |||||||
|
Industrials [7.3%]
|
||||||||
|
Canadian National Railway
|
||||||||
|
2.250%, 11/15/22
|
650 | 593 | ||||||
|
Carlisle
|
||||||||
|
3.750%, 11/15/22
|
250 | 240 | ||||||
|
Caterpillar
|
||||||||
|
7.000%, 12/15/13
|
250 | 253 | ||||||
|
CNH America
|
||||||||
|
7.250%, 01/15/16
|
388 | 426 | ||||||
|
Eaton
|
||||||||
|
8.875%, 06/15/19
|
125 | 158 | ||||||
|
Embraer Overseas
|
||||||||
|
5.696%, 09/16/13
|
520 | 507 | ||||||
|
GATX
|
||||||||
|
8.750%, 05/15/14
|
200 | 209 | ||||||
|
6.000%, 02/15/18
|
170 | 189 | ||||||
|
General Electric Capital, MTN
|
||||||||
|
0.461%, 10/06/15(B)
|
4,300 | 4,283 | ||||||
|
IDEX
|
||||||||
|
4.200%, 12/15/21
|
250 | 252 | ||||||
|
Joy Global
|
||||||||
|
6.000%, 11/15/16
|
500 | 561 | ||||||
|
Lennox International
|
||||||||
|
4.900%, 05/15/17
|
250 | 265 | ||||||
|
Manitowoc
|
||||||||
|
9.500%, 02/15/18
|
148 | 159 | ||||||
|
NuStar Logistics
|
||||||||
|
8.150%, 04/15/18
|
250 | 280 | ||||||
|
4.800%, 09/01/20
|
200 | 187 | ||||||
|
Owens Corning
|
||||||||
|
6.500%, 12/01/16
|
620 | 692 | ||||||
|
Penske Truck Leasing (A)
|
||||||||
|
4.875%, 07/11/22
|
200 | 204 | ||||||
|
4.250%, 01/17/23
|
300 | 292 | ||||||
|
3.375%, 03/15/18
|
250 | 256 | ||||||
|
2.500%, 03/15/16
|
500 | 509 | ||||||
|
Republic Services
|
||||||||
|
3.550%, 06/01/22
|
250 | 244 | ||||||
|
Roper Industries
|
||||||||
|
3.125%, 11/15/22
|
200 | 187 | ||||||
|
1.850%, 11/15/17
|
250 | 249 | ||||||
|
Xylem
|
||||||||
|
3.550%, 09/20/16
|
200 | 210 | ||||||
|
Total Industrials
|
11,405 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 69
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Information Technology [6.5%]
|
||||||||
|
Advanced Micro Devices
|
||||||||
|
8.125%, 12/15/17
|
$ | 1,000 | $ | 1,045 | ||||
|
Arrow Electronics
|
||||||||
|
6.875%, 06/01/18
|
400 | 457 | ||||||
|
Avnet
|
||||||||
|
6.625%, 09/15/16
|
128 | 145 | ||||||
|
Dell
|
||||||||
|
5.625%, 04/15/14
|
322 | 329 | ||||||
|
Fiserv
|
||||||||
|
3.500%, 10/01/22
|
250 | 237 | ||||||
|
Hewlett-Packard
|
||||||||
|
4.750%, 06/02/14
|
850 | 872 | ||||||
|
1.550%, 05/30/14
|
920 | 924 | ||||||
|
KLA-Tencor
|
||||||||
|
6.900%, 05/01/18
|
200 | 236 | ||||||
|
Lexmark International
|
||||||||
|
5.125%, 03/15/20
|
2,250 | 2,319 | ||||||
|
Nokia
|
||||||||
|
5.375%, 05/15/19
|
950 | 964 | ||||||
|
Western Union
|
||||||||
|
5.253%, 04/01/20
|
2,000 | 2,122 | ||||||
|
Xerox
|
||||||||
|
8.250%, 05/15/14
|
473 | 494 | ||||||
|
Total Information Technology
|
10,144 | |||||||
|
Materials [8.9%]
|
||||||||
|
Airgas
|
||||||||
|
2.900%, 11/15/22
|
250 | 231 | ||||||
|
Alcoa
|
||||||||
|
6.750%, 07/15/18
|
700 | 767 | ||||||
|
6.150%, 08/15/20
|
200 | 209 | ||||||
|
5.720%, 02/23/19
|
385 | 401 | ||||||
|
AngloGold Ashanti Holdings
|
||||||||
|
5.375%, 04/15/20
|
1,317 | 1,177 | ||||||
|
ArcelorMittal
|
||||||||
|
10.350%, 06/01/19
|
200 | 246 | ||||||
|
9.500%, 02/15/15
|
400 | 439 | ||||||
|
6.125%, 06/01/18
|
800 | 848 | ||||||
|
Avery Dennison
|
||||||||
|
5.375%, 04/15/20
|
405 | 422 | ||||||
|
Cabot
|
||||||||
|
5.000%, 10/01/16
|
300 | 328 | ||||||
|
Glencore Funding
|
||||||||
|
1.700%, 05/27/16(A)
|
1,500 | 1,478 | ||||||
|
1.628%, 01/15/19
|
2,000 | 1,883 | ||||||
|
Kinross
|
||||||||
|
5.125%, 09/01/21
|
303 | 287 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Rio Tinto Finance USA
|
||||||||
|
8.950%, 05/01/14
|
$ | 100 | $ | 105 | ||||
|
RPM International
|
||||||||
|
6.125%, 10/15/19
|
150 | 171 | ||||||
|
3.450%, 11/15/22
|
250 | 234 | ||||||
|
Southern Copper
|
||||||||
|
6.375%, 07/27/15
|
380 | 411 | ||||||
|
Vale Canada
|
||||||||
|
5.700%, 10/15/15
|
100 | 106 | ||||||
|
Vale Overseas
|
||||||||
|
5.625%, 09/15/19
|
350 | 380 | ||||||
|
Vulcan Materials
|
||||||||
|
6.400%, 11/30/17
|
1,000 | 1,090 | ||||||
|
Worthington Industries
|
||||||||
|
6.500%, 04/15/20
|
250 | 269 | ||||||
|
Xstrata Canada
|
||||||||
|
6.000%, 10/15/15
|
1,192 | 1,285 | ||||||
|
5.500%, 06/15/17
|
1,010 | 1,085 | ||||||
|
Total Materials
|
13,852 | |||||||
|
REITs [4.9%]
|
||||||||
|
BioMed Realty
|
||||||||
|
3.850%, 04/15/16
|
500 | 524 | ||||||
|
CommonWealth REIT
|
||||||||
|
6.650%, 01/15/18
|
300 | 326 | ||||||
|
5.875%, 09/15/20
|
105 | 108 | ||||||
|
DDR
|
||||||||
|
4.625%, 07/15/22
|
250 | 255 | ||||||
|
Equity One
|
||||||||
|
3.750%, 11/15/22
|
250 | 236 | ||||||
|
HCP
|
||||||||
|
6.000%, 03/01/15
|
215 | 229 | ||||||
|
6.000%, 01/30/17
|
350 | 394 | ||||||
|
5.650%, 12/15/13
|
250 | 252 | ||||||
|
HCP, MTN
|
||||||||
|
6.300%, 09/15/16
|
462 | 522 | ||||||
|
Health Care REIT
|
||||||||
|
5.875%, 05/15/15
|
268 | 288 | ||||||
|
Healthcare Realty Trust
|
||||||||
|
6.500%, 01/17/17
|
250 | 281 | ||||||
|
Highwoods Realty
|
||||||||
|
3.625%, 01/15/23
|
200 | 186 | ||||||
|
Liberty Property, MTN
|
||||||||
|
7.500%, 01/15/18
|
177 | 210 | ||||||
|
National Retail Properties
|
||||||||
|
6.875%, 10/15/17
|
300 | 349 | ||||||
|
3.800%, 10/15/22
|
350 | 334 | ||||||
|
Post Apartment Homes
|
||||||||
|
3.375%, 12/01/22
|
200 | 186 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Prologis
|
||||||||
|
6.875%, 03/15/20
|
$ | 101 | $ | 119 | ||||
|
Realty Income
|
||||||||
|
5.950%, 09/15/16
|
129 | 144 | ||||||
|
3.250%, 10/15/22
|
200 | 184 | ||||||
|
Senior Housing Properties Trust
|
||||||||
|
6.750%, 12/15/21
|
500 | 548 | ||||||
|
4.300%, 01/15/16
|
500 | 519 | ||||||
|
Simon Property Group
|
||||||||
|
6.100%, 05/01/16
|
600 | 670 | ||||||
|
5.750%, 12/01/15
|
408 | 446 | ||||||
|
Tanger Properties
|
||||||||
|
6.150%, 11/15/15
|
115 | 127 | ||||||
|
Washington Real Estate Investment Trust
|
||||||||
|
3.950%, 10/15/22
|
250 | 241 | ||||||
|
Total REITs
|
7,678 | |||||||
|
Shipping & Transportation [0.8%]
|
||||||||
|
Burlington Northern Santa Fe
|
||||||||
|
3.000%, 03/15/23
|
250 | 235 | ||||||
|
Federal Express 1998 Pass-Through Trust
|
||||||||
|
7.020%, 01/15/16
|
568 | 607 | ||||||
|
Union Pacific
|
||||||||
|
4.875%, 01/15/15
|
400 | 421 | ||||||
|
Total Shipping & Transportation
|
1,263 | |||||||
|
Telecommunication Services [6.6%]
|
||||||||
|
America Movil
|
||||||||
|
5.750%, 01/15/15
|
186 | 197 | ||||||
|
1.241%, 09/12/16(B)
|
3,000 | 3,000 | ||||||
|
CenturyLink
|
||||||||
|
6.450%, 06/15/21
|
355 | 353 | ||||||
|
5.800%, 03/15/22
|
250 | 235 | ||||||
|
COX Communications
|
||||||||
|
7.250%, 11/15/15
|
231 | 257 | ||||||
|
COX Communications, MTN
|
||||||||
|
6.850%, 01/15/18
|
224 | 253 | ||||||
|
Qwest
|
||||||||
|
6.500%, 06/01/17
|
100 | 113 | ||||||
|
Telecom Italia Capital
|
||||||||
|
7.175%, 06/18/19
|
100 | 110 | ||||||
|
6.999%, 06/04/18
|
600 | 659 | ||||||
|
6.175%, 06/18/14
|
625 | 643 | ||||||
|
5.250%, 11/15/13
|
560 | 562 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Telefonica Emisiones SAU
|
||||||||
|
6.421%, 06/20/16
|
$ | 200 | $ | 220 | ||||
|
6.221%, 07/03/17
|
286 | 316 | ||||||
|
5.462%, 02/16/21
|
115 | 118 | ||||||
|
5.134%, 04/27/20
|
300 | 307 | ||||||
|
4.949%, 01/15/15
|
764 | 796 | ||||||
|
3.992%, 02/16/16
|
500 | 518 | ||||||
|
3.729%, 04/27/15
|
400 | 412 | ||||||
|
Verizon Communications
|
||||||||
|
2.500%, 09/15/16
|
1,000 | 1,030 | ||||||
|
Verizon New England
|
||||||||
|
4.750%, 10/01/13
|
250 | 250 | ||||||
|
Total Telecommunication Services
|
10,349 | |||||||
|
Utilities [4.8%]
|
||||||||
|
AES Gener
|
||||||||
|
7.500%, 03/25/14
|
61 | 62 | ||||||
|
American Water Capital
|
||||||||
|
6.085%, 10/15/17
|
310 | 358 | ||||||
|
AmeriGas Partners
|
||||||||
|
6.500%, 05/20/21
|
477 | 491 | ||||||
|
Arizona Public Service
|
||||||||
|
6.250%, 08/01/16
|
44 | 50 | ||||||
|
British Transco Finance
|
||||||||
|
6.625%, 06/01/18
|
128 | 153 | ||||||
|
Cleveland Electric Illuminating
|
||||||||
|
7.880%, 11/01/17
|
10 | 12 | ||||||
|
5.700%, 04/01/17
|
6 | 7 | ||||||
|
Commonwealth Edison
|
||||||||
|
4.700%, 04/15/15
|
250 | 265 | ||||||
|
Enersis
|
||||||||
|
7.375%, 01/15/14
|
263 | 267 | ||||||
|
Entergy Mississippi
|
||||||||
|
6.640%, 07/01/19
|
540 | 636 | ||||||
|
4.950%, 06/01/18
|
39 | 39 | ||||||
|
Entergy Texas
|
||||||||
|
7.125%, 02/01/19
|
190 | 225 | ||||||
|
Jersey Central Power & Light
|
||||||||
|
5.625%, 05/01/16
|
265 | 292 | ||||||
|
National Fuel Gas
|
||||||||
|
4.900%, 12/01/21
|
500 | 528 | ||||||
|
National Grid
|
||||||||
|
6.300%, 08/01/16
|
270 | 306 | ||||||
|
Nisource Capital Markets, MTN
|
||||||||
|
7.860%, 03/27/17
|
163 | 183 | ||||||
|
Nisource Finance
|
||||||||
|
5.400%, 07/15/14
|
266 | 275 | ||||||
|
Northern Indiana Public Service, MTN
|
||||||||
|
7.590%, 06/12/17
|
440 | 496 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)/Shares
|
Value (000)
|
||||||
|
ONEOK
|
||||||||
|
4.250%, 02/01/22
|
$ | 350 | $ | 327 | ||||
|
Pennsylvania Electric
|
||||||||
|
6.625%, 04/01/19
|
15 | 17 | ||||||
|
Puget Energy
|
||||||||
|
5.625%, 07/15/22
|
250 | 265 | ||||||
|
Puget Sound Energy, MTN
|
||||||||
|
6.740%, 06/15/18
|
57 | 68 | ||||||
|
Southwestern Electric Power
|
||||||||
|
5.875%, 03/01/18
|
581 | 660 | ||||||
|
3.550%, 02/15/22
|
500 | 486 | ||||||
|
Southwestern Public Service
|
||||||||
|
8.750%, 12/01/18
|
250 | 323 | ||||||
|
TransAlta
|
||||||||
|
5.750%, 12/15/13
|
480 | 484 | ||||||
|
Xcel Energy
|
||||||||
|
5.613%, 04/01/17
|
10 | 11 | ||||||
|
Total Utilities
|
7,286 | |||||||
|
Total Corporate Bonds (Cost $117,323)
|
119,734 | |||||||
|
Preferred Stock [6.0%]
|
||||||||
|
Financials [2.4%]
|
||||||||
|
BB&T
|
10,000 | 206 | ||||||
|
Charles Schwab
|
20,000 | 453 | ||||||
|
Citigroup
|
10,000 | 212 | ||||||
|
Digital Realty Trust
|
10,000 | 224 | ||||||
|
Goldman Sachs Group
|
25,000 | 562 | ||||||
|
HSBC Holdings
|
30,000 | 811 | ||||||
|
JPMorgan Chase
|
20,000 | 430 | ||||||
|
Kimco Realty
|
10,000 | 198 | ||||||
|
Prudential Financial
|
10,000 | 215 | ||||||
|
Vornado Realty Trust
|
20,000 | 416 | ||||||
|
Total Financials
|
3,727 | |||||||
|
Industrials [0.4%]
|
||||||||
|
Pitney Bowes
|
10,000 | 247 | ||||||
|
Stanley Black & Decker
|
20,000 | 440 | ||||||
|
Total Industrials
|
687 | |||||||
|
REITs [1.3%]
|
||||||||
|
National Retail Properties
|
20,000 | 459 | ||||||
|
Realty Income
|
20,000 | 485 | ||||||
|
Senior Housing Properties Trust
|
52,500 | 1,078 | ||||||
|
Total REITs
|
2,022 | |||||||
|
Description
|
Shares/Face Amount (000)
|
Value (000)
|
||||||
|
Telecommunication Services [1.3%]
|
||||||||
|
Qwest
|
43,700 | $ | 1,097 | |||||
|
Telephone & Data Systems
|
30,000 | 610 | ||||||
|
United States Cellular
|
10,000 | 241 | ||||||
|
Total Telecommunication Services
|
1,948 | |||||||
|
Utilities [0.6%]
|
||||||||
|
DTE Energy
|
20,000 | 492 | ||||||
|
SCE Trust I
|
20,000 | 411 | ||||||
|
Total Utilities
|
903 | |||||||
|
Total Preferred Stock (Cost $10,249)
|
9,287 | |||||||
|
Municipal Bonds [5.0%]
|
||||||||
|
California [2.6%]
|
||||||||
|
California State, Department of Water Resources, Ser L, RB
|
||||||||
|
Callable 05/01/21 @ 100
|
||||||||
|
5.000%, 05/01/21
|
$ | 3,460 | 4,066 | |||||
|
Florida [2.4%]
|
||||||||
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
|
||||||||
|
2.107%, 07/01/18
|
3,870 | 3,769 | ||||||
|
Total Municipal Bonds (Cost $7,987)
|
7,835 | |||||||
|
U.S. Government Agency Obligations [3.7%]
|
||||||||
|
FFCB
|
||||||||
|
3.600%, 05/14/32
|
200 | 182 | ||||||
|
3.500%, 02/28/33
|
2,000 | 1,832 | ||||||
|
FHLB
|
||||||||
|
3.480%, 03/25/33
|
990 | 902 | ||||||
|
3.400%, 10/04/32
|
1,667 | 1,409 | ||||||
|
3.400%, 03/28/33
|
1,000 | 846 | ||||||
|
3.100%, 07/09/26
|
538 | 489 | ||||||
|
3.070%, 10/15/27
|
110 | 98 | ||||||
|
FHLMC
|
||||||||
|
5.500%, 05/01/37
|
26 | 28 | ||||||
|
Total U.S. Government Agency Obligations (Cost $6,524)
|
5,786 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Asset-Backed Securities [2.3%]
|
||||||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $1,228,991)
|
||||||||
|
9.250%, 06/06/16(D) (E) (F)
|
$ | 1,229 | $ | 1,158 | ||||
|
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
|
||||||||
|
0.530%, 03/15/16
|
2,500 | 2,501 | ||||||
|
Total Asset-Backed Securities (Cost $3,730)
|
3,659 | |||||||
|
Foreign Government Bonds [0.3%]
|
||||||||
|
Province of Newfoundland and Labrador Canada
|
||||||||
|
7.320%, 10/13/23
|
100 | 130 | ||||||
|
Province of Quebec Canada, MTN
|
||||||||
|
7.380%, 04/09/26
|
100 | 133 | ||||||
|
Region of Lombardy Italy
|
||||||||
|
5.804%, 10/25/32
|
150 | 138 | ||||||
|
Total Foreign Government Bonds (Cost $386)
|
401 | |||||||
|
Convertible Bond [0.2%]
|
||||||||
|
Information Technology [0.2%]
|
||||||||
|
Advanced Micro Devices
|
||||||||
|
6.000%, 05/01/15
|
256 | 266 | ||||||
|
Total Convertible Bond (Cost $257)
|
266 | |||||||
|
Certificate of Deposit [0.1%]
|
||||||||
|
Swiss Bank
|
||||||||
|
7.375%, 07/15/15
|
175 | 191 | ||||||
|
Total Certificate of Deposit (Cost $182)
|
191 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [4.4%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%* †
|
3,681,438 | $ | 3,681 | |||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
3,222,253 | 3,222 | ||||||
|
Total Short-Term Investments (Cost $6,903)
|
6,903 | |||||||
|
Total Investments [98.9%] (Cost $153,541)
|
$ | 154,062 | ||||||
Percentages are based on Net Assets of $155,740 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 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 September 30, 2013, the value of these securities amounted to $3,410 (000), representing 2.2% of the net assets of the Fund.
|
|
(B)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(C)
|
In default on interest payments. Rate shown represents the last coupon rate prior to default.
|
|
(D)
|
Security is considered illiquid. The total market value of such securities as of September 30, 2013 was $1,158 (000) and represented 0.7% of the net assets of the Fund.
|
|
(E)
|
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 September 30, 2013 was $1,158 (000) and represented 0.7% of the net assets of the Fund.
|
|
(F)
|
Security is considered restricted. The total market value of such securities as of September 30, 2013 was $1,158 (000) and represented 0.7% of the net assets of the Fund.
|
Cl — Class
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
MTN — Medium Term Note
NY — New York
RB — Revenue Bond
REIT — Real Estate Investment Trust
Ser — Series
SPE — Special Purpose Entity
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
schedule of investments
September 30, 2013
City National Rochdale Intermediate Fixed Income Fund (concluded)
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 119,734 | $ | — | $ | 119,734 | ||||||||
|
Preferred Stock
|
5,003 | 4,284 | — | 9,287 | ||||||||||||
|
Municipal Bonds
|
— | 7,835 | — | 7,835 | ||||||||||||
|
U.S. Government Agency Obligations
|
— | 5,786 | — | 5,786 | ||||||||||||
|
Asset-Backed Securities
|
— | 2,501 | 1,158 | 3,659 | ||||||||||||
|
Foreign Government Bonds
|
— | 401 | — | 401 | ||||||||||||
|
Convertible Bond
|
— | 266 | — | 266 | ||||||||||||
|
Certificate of Deposit
|
— | 191 | — | 191 | ||||||||||||
|
Short-Term Investments
|
6,903 | — | — | 6,903 | ||||||||||||
|
Total Investments in Securities
|
$ | 11,906 | $ | 140,998 | $ | 1,158 | $ | 154,062 | ||||||||
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2013:
|
Investments in Asset-Backed Securities
|
||||
|
Beginning balance as of January 1, 2013
|
$ | 1,742 | ||
|
Accrued discounts/premiums
|
— | |||
|
Realized gain/(loss)
|
— | |||
|
Change in unrealized appreciation/(depreciation)
|
(14 | ) | ||
|
Purchases
|
— | |||
|
Sales/Paydowns
|
(570 | ) | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Ending balance as of September 30, 2013
|
$ | 1,158 | ||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
|
$ | 14 | ||
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
|
Fair Value at
September 30, 2013 (000)
|
Valuation Techniques
|
||||
|
BT SPE
|
$1,158
|
Discounted Cash Flow Model
|
|||
|
Observable Inputs
|
|||||
|
Accumulated Collections
|
|||||
|
Accumulated Defaults
|
|||||
|
Annualized Default Rate
|
|||||
|
Accumulated Default Rate
|
|||||
|
Pace of Collection Pace of Defaults
|
|||||
|
Interest Rates
|
|||||
|
Unobservable Inputs on Underlying Collateral
|
Range
|
||||
|
Projected Default Rates
|
5%-12%
|
||||
|
Projected Collection Rates
|
90%-100%
|
||||
|
Expected Discount Rates
|
7%-9.25%
|
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement. Increases in expected discount rates and projected collection rates in isolation would result in a higher fair value measurement while increases in projected default rates in isolation would result in a lower fair value measurement.
For the period ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Corporate Bonds [51.4%]
|
||||||||
|
Advertising Sales [0.1%]
|
||||||||
|
Lamar Media
|
||||||||
|
5.875%, 02/01/22
|
$ | 200 | $ | 200 | ||||
|
5.000%, 05/01/23
|
450 | 417 | ||||||
|
Total Advertising Sales
|
617 | |||||||
|
Aerospace & Defense [0.3%]
|
||||||||
|
BE Aerospace
|
||||||||
|
5.250%, 04/01/22
|
950 | 943 | ||||||
|
Silver II Borrower
|
||||||||
|
7.750%, 12/15/20(A)
|
925 | 950 | ||||||
|
TransDigm
|
||||||||
|
7.750%, 12/15/18
|
1,125 | 1,198 | ||||||
|
Total Aerospace & Defense
|
3,091 | |||||||
|
Air Transportation [0.1%]
|
||||||||
|
PHI
|
||||||||
|
8.625%, 10/15/18
|
600 | 632 | ||||||
|
Applications Software [0.2%]
|
||||||||
|
Emdeon
|
||||||||
|
11.000%, 12/31/19
|
1,075 | 1,224 | ||||||
|
Nuance Communications
|
||||||||
|
5.375%, 08/15/20(A)
|
800 | 756 | ||||||
|
Total Applications Software
|
1,980 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Auto Rent & Lease [0.2%]
|
||||||||
|
Hertz
|
||||||||
|
6.750%, 04/15/19
|
$ | 825 | $ | 872 | ||||
|
United Rentals North America
|
||||||||
|
8.375%, 09/15/20
|
675 | 748 | ||||||
|
7.625%, 04/15/22
|
300 | 326 | ||||||
|
Total Auto Rent & Lease
|
1,946 | |||||||
|
Auto/Trk Prts and Equip-Repl [0.3%]
|
||||||||
|
Allison Transmission
|
||||||||
|
7.125%, 05/15/19(A)
|
650 | 691 | ||||||
|
Exide Technologies
|
||||||||
|
8.625%, 02/01/18(B)
|
550 | 399 | ||||||
|
IDQ Holdings
|
||||||||
|
11.500%, 04/01/17(A)
|
450 | 485 | ||||||
|
UCI International
|
||||||||
|
8.625%, 02/15/19
|
1,325 | 1,351 | ||||||
|
Total Auto/Trk Prts and Equip-Repl
|
2,926 | |||||||
|
Automotive [0.3%]
|
||||||||
|
Chrysler Group
|
||||||||
|
8.250%, 06/15/21
|
675 | 756 | ||||||
|
Jaguar Land Rover Automotive
|
||||||||
|
8.125%, 05/15/21(A)
|
625 | 695 | ||||||
|
TID Global Sukuk I
|
||||||||
|
0.902%, 12/20/49(D) (J)
|
3,500 | 700 | ||||||
|
Total Automotive
|
2,151 | |||||||
|
Autoparts [0.7%]
|
||||||||
|
Affinia Group
|
||||||||
|
7.750%, 05/01/21(A)
|
525 | 538 | ||||||
|
American Axle & Manufacturing
|
||||||||
|
7.750%, 11/15/19
|
1,225 | 1,366 | ||||||
|
6.625%, 10/15/22
|
100 | 103 | ||||||
|
6.250%, 03/15/21
|
275 | 283 | ||||||
|
International Automotive Components Group
|
||||||||
|
9.125%, 06/01/18(A)
|
625 | 644 | ||||||
|
Lear
|
||||||||
|
4.750%, 01/15/23(A)
|
300 | 278 | ||||||
|
Pittsburgh Glass Works
|
||||||||
|
8.500%, 04/15/16(A)
|
500 | 514 | ||||||
|
Schaeffler Finance BV
|
||||||||
|
8.500%, 02/15/19(A)
|
1,150 | 1,282 | ||||||
|
4.750%, 05/15/21(A)
|
325 | 315 | ||||||
|
Schaeffler Holding Finance BV
|
||||||||
|
6.875%, 08/15/18(A) (F)
|
350 | 367 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Tenneco
|
||||||||
|
6.875%, 12/15/20
|
$ | 275 | $ | 298 | ||||
|
Titan International
|
||||||||
|
6.875%, 10/01/20(A)
|
325 | 328 | ||||||
|
Tomkins
|
||||||||
|
9.000%, 10/01/18
|
461 | 503 | ||||||
|
Total Autoparts
|
6,819 | |||||||
|
Banks [6.4%]
|
||||||||
|
Alfa Bank Via Alfa Bond Issuance
|
||||||||
|
7.875%, 09/25/17
|
806 | 887 | ||||||
|
Alliance Bank JSC
|
||||||||
|
18.314%, 03/25/20
|
||||||||
|
(C) (D) (J)
|
8,534 | 2,475 | ||||||
|
9.638%, 03/25/20
|
||||||||
|
(A) (C) (D) (J)
|
1,838 | 533 | ||||||
|
Banco BMG
|
||||||||
|
8.000%, 04/15/18
|
1,000 | 980 | ||||||
|
Banco de Reservas de la Republica Dominicana
|
||||||||
|
7.000%, 02/01/23
|
500 | 475 | ||||||
|
Bank of Georgia JSC, MTN
|
||||||||
|
7.750%, 07/05/17
|
2,600 | 2,685 | ||||||
|
Bank of Moscow Via Kuznetski Capital
|
||||||||
|
1.118%, 05/10/17 (E)
|
3,033 | 3,120 | ||||||
|
CIT Group
|
||||||||
|
6.625%, 04/01/18(A)
|
325 | 357 | ||||||
|
5.375%, 05/15/20
|
225 | 233 | ||||||
|
5.250%, 03/15/18
|
1,050 | 1,100 | ||||||
|
5.000%, 08/01/23
|
125 | 121 | ||||||
|
4.750%, 02/15/15(A)
|
225 | 233 | ||||||
|
4.250%, 08/15/17
|
175 | 178 | ||||||
|
CorpGroup Banking
|
||||||||
|
6.750%, 03/15/23
|
2,000 | 1,695 | ||||||
|
Credit Europe Bank
|
||||||||
|
7.989%, 01/24/23(C)
|
3,900 | 3,768 | ||||||
|
Developmental Bank of Mongolia, MTN
|
||||||||
|
5.750%, 03/21/17
|
2,500 | 2,350 | ||||||
|
Eastern and Southern African Trade and Development Bank
|
||||||||
|
6.875%, 01/09/16
|
1,500 | 1,545 | ||||||
|
EXIM of Ukraine CJSC Via Credit Suisse First Boston International
|
||||||||
|
5.793%, 02/09/16(C) (E)
|
4,378 | 3,415 | ||||||
|
First Ukrainian International Bank CJSC Via Standard Bank
|
||||||||
|
11.000%, 12/31/14
|
2,165 | 2,013 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Halyk Savings Bank of Kazakhstan JSC
|
||||||||
|
7.250%, 05/03/17
|
$ | 4,000 | $ | 4,180 | ||||
|
Home Credit & Finance Bank OOO Via Eurasia Capital
|
||||||||
|
9.375%, 04/24/20(C)
|
1,500 | 1,538 | ||||||
|
Kazkommertsbank JSC
|
||||||||
|
6.765%, 07/27/16(C) (E)
|
1,000 | 880 | ||||||
|
NDR Finance
|
||||||||
|
8.000%, 06/22/17(C)
|
721 | 592 | ||||||
|
Nomos Bank Via Nomos Capital
|
||||||||
|
10.000%, 04/26/19
|
1,000 | 1,044 | ||||||
|
Oschadbank Via SSB #1
|
||||||||
|
8.250%, 03/10/16
|
2,200 | 1,837 | ||||||
|
Promsvyazbank Via PSB Finance, MTN
|
||||||||
|
10.200%, 11/06/19
|
1,500 | 1,601 | ||||||
|
Renaissance Capital Via Renaissance Consumer Funding
|
||||||||
|
13.500%, 06/21/18
|
5,000 | 5,325 | ||||||
|
Russian Agricultural Bank Via RSHB Capital
|
||||||||
|
6.000%, 06/03/21(C)
|
2,000 | 1,980 | ||||||
|
Russian Standard Bank Via Russian Standard Finance, MTN
|
||||||||
|
10.750%, 04/10/18
|
3,000 | 3,116 | ||||||
|
Sberbank of Russia Via SB Capital
|
||||||||
|
5.125%, 10/29/22
|
1,000 | 943 | ||||||
|
Tinkoff Credit Systems Via TCS Finance, MTN
|
||||||||
|
14.000%, 06/06/18
|
3,350 | 3,744 | ||||||
|
Turkiye Is Bankasi
|
||||||||
|
6.000%, 10/24/22
|
200 | 182 | ||||||
|
Turkiye Vakiflar Bankasi Tao
|
||||||||
|
6.000%, 11/01/22(A)
|
2,500 | 2,231 | ||||||
|
5.750%, 04/24/17
|
500 | 509 | ||||||
|
Ukreximbank Via Biz Finance
|
||||||||
|
8.375%, 04/27/15
|
1,000 | 885 | ||||||
|
Yapi ve Kredi Bankasi
|
||||||||
|
5.500%, 12/06/22
|
500 | 428 | ||||||
|
Total Banks
|
59,178 | |||||||
|
Beauty Products [0.1%]
|
||||||||
|
First Quality Finance
|
||||||||
|
4.625%, 05/15/21(A)
|
600 | 544 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Broadcasting & Cable [1.6%]
|
||||||||
|
Aerospace Satellite Holding BV
|
||||||||
|
12.750%, 11/16/15
|
$ | 3,000 | $ | 3,173 | ||||
|
AMC Networks
|
||||||||
|
7.750%, 07/15/21
|
600 | 668 | ||||||
|
4.750%, 12/15/22
|
200 | 187 | ||||||
|
Anixter
|
||||||||
|
5.625%, 05/01/19
|
600 | 618 | ||||||
|
Belden
|
||||||||
|
5.500%, 09/01/22(A)
|
800 | 772 | ||||||
|
CCO Holdings
|
||||||||
|
8.125%, 04/30/20
|
50 | 54 | ||||||
|
7.375%, 06/01/20
|
450 | 486 | ||||||
|
6.625%, 01/31/22
|
650 | 660 | ||||||
|
5.750%, 09/01/23(A)
|
525 | 497 | ||||||
|
5.750%, 01/15/24
|
175 | 165 | ||||||
|
5.125%, 02/15/23
|
225 | 207 | ||||||
|
Cequel Communications Holdings I
|
||||||||
|
6.375%, 09/15/20(A)
|
350 | 357 | ||||||
|
Clear Channel Communications
|
||||||||
|
9.000%, 03/01/21
|
1,625 | 1,572 | ||||||
|
Clear Channel Worldwide Holdings
|
||||||||
|
7.625%, 03/15/20
|
1,475 | 1,521 | ||||||
|
Crown Media Holdings
|
||||||||
|
10.500%, 07/15/19
|
1,100 | 1,229 | ||||||
|
DISH DBS
|
||||||||
|
5.875%, 07/15/22
|
1,675 | 1,650 | ||||||
|
General Cable
|
||||||||
|
5.750%, 10/01/22(A)
|
700 | 670 | ||||||
|
Total Broadcasting & Cable
|
14,486 | |||||||
|
Building & Construction [1.4%]
|
||||||||
|
Allegion
|
||||||||
|
5.750%, 10/01/21(A)
|
275 | 275 | ||||||
|
Building Materials Corp of America
|
||||||||
|
7.500%, 03/15/20(A)
|
100 | 108 | ||||||
|
6.750%, 05/01/21(A)
|
575 | 618 | ||||||
|
Cemex
|
||||||||
|
4.900%, 10/15/18(C)
|
1,750 | 1,758 | ||||||
|
Cemex Finance
|
||||||||
|
9.625%, 12/14/17
|
2,000 | 2,853 | ||||||
|
9.500%, 12/14/16
|
822 | 869 | ||||||
|
CPG Merger Sub
|
||||||||
|
8.000%, 10/01/21(A)
|
275 | 279 | ||||||
|
Dynacast International
|
||||||||
|
9.250%, 07/15/19
|
800 | 876 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Grupo Cementos de Chihuahua
|
||||||||
|
8.125%, 02/08/20
|
$ | 700 | $ | 725 | ||||
|
Interline Brands
|
||||||||
|
10.000%, 11/15/18(F)
|
1,075 | 1,174 | ||||||
|
Masonite International
|
||||||||
|
8.250%, 04/15/21(A)
|
550 | 604 | ||||||
|
MasTec
|
||||||||
|
4.875%, 03/15/23
|
250 | 234 | ||||||
|
Nortek
|
||||||||
|
8.500%, 04/15/21
|
1,350 | 1,468 | ||||||
|
Ply Gem Industries
|
||||||||
|
9.375%, 04/15/17
|
105 | 111 | ||||||
|
8.250%, 02/15/18
|
715 | 765 | ||||||
|
Reliance Intermediate Holdings
|
||||||||
|
9.500%, 12/15/19(A)
|
300 | 326 | ||||||
|
Roofing Supply Group
|
||||||||
|
10.000%, 06/01/20(A)
|
775 | 864 | ||||||
|
Total Building & Construction
|
13,907 | |||||||
|
Business Services [0.1%]
|
||||||||
|
CoreLogic
|
||||||||
|
7.250%, 06/01/21
|
775 | 825 | ||||||
|
Capacitors [0.1%]
|
||||||||
|
Kemet
|
||||||||
|
10.500%, 05/01/18
|
1,000 | 890 | ||||||
|
Chemicals [1.0%]
|
||||||||
|
Ashland
|
||||||||
|
4.750%, 08/15/22
|
125 | 117 | ||||||
|
Axiall
|
||||||||
|
4.875%, 05/15/23(A)
|
100 | 95 | ||||||
|
Eagle Spinco
|
||||||||
|
4.625%, 02/15/21(A)
|
175 | 168 | ||||||
|
EuroChem Mineral & Chemical via EuroChem GI
|
||||||||
|
5.125%, 12/12/17(A)
|
1,000 | 995 | ||||||
|
Fufeng Group
|
||||||||
|
7.625%, 04/13/16
|
2,000 | 2,017 | ||||||
|
Hexion US Finance
|
||||||||
|
9.000%, 11/15/20
|
675 | 660 | ||||||
|
8.875%, 02/01/18
|
725 | 750 | ||||||
|
Huntsman International
|
||||||||
|
8.625%, 03/15/20
|
150 | 165 | ||||||
|
8.625%, 03/15/21
|
425 | 472 | ||||||
|
Momentive Performance Materials
|
||||||||
|
10.000%, 10/15/20
|
350 | 365 | ||||||
|
OMNOVA Solutions
|
||||||||
|
7.875%, 11/01/18
|
925 | 974 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Rentech Nitrogen Partners
|
||||||||
|
6.500%, 04/15/21(A)
|
$ | 275 | $ | 269 | ||||
|
Yingde Gases Investment
|
||||||||
|
8.125%, 04/22/18
|
2,300 | 2,289 | ||||||
|
Total Chemicals
|
9,336 | |||||||
|
Circuit Boards [0.1%]
|
||||||||
|
Viasystems
|
||||||||
|
7.875%, 05/01/19(A)
|
550 | 584 | ||||||
|
Coal Mining [0.4%]
|
||||||||
|
Indo Integrated Energy II BV
|
||||||||
|
9.750%, 11/05/16
|
3,000 | 3,143 | ||||||
|
Coatings/Paint [0.1%]
|
||||||||
|
US Coatings Acquisition
|
||||||||
|
7.375%, 05/01/21(A)
|
1,050 | 1,097 | ||||||
|
Commercial Serv-Finance [0.5%]
|
||||||||
|
Igloo Holdings
|
||||||||
|
8.250%, 12/15/17(A) (F)
|
1,000 | 1,014 | ||||||
|
Interactive Data
|
||||||||
|
10.250%, 08/01/18
|
625 | 692 | ||||||
|
Lender Processing Services
|
||||||||
|
5.750%, 04/15/23
|
850 | 872 | ||||||
|
TransUnion Holding
|
||||||||
|
9.625%, 06/15/18
|
1,200 | 1,299 | ||||||
|
8.125%, 06/15/18
|
475 | 504 | ||||||
|
Total Commercial Serv-Finance
|
4,381 | |||||||
|
Commercial Services [0.7%]
|
||||||||
|
BC Luxco 1
|
||||||||
|
7.375%, 01/29/20
|
5,000 | 4,750 | ||||||
|
ServiceMaster
|
||||||||
|
7.450%, 08/15/27
|
150 | 120 | ||||||
|
7.100%, 03/01/18
|
475 | 457 | ||||||
|
7.000%, 08/15/20
|
1,425 | 1,347 | ||||||
|
Total Commercial Services
|
6,674 | |||||||
|
Communication & Media [0.1%]
|
||||||||
|
Truven Health Analytics
|
||||||||
|
10.625%, 06/01/20
|
775 | 845 | ||||||
|
Communications Software [0.1%]
|
||||||||
|
Aspect Software
|
||||||||
|
10.625%, 05/15/17
|
425 | 424 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Computer Graphics [0.2%]
|
||||||||
|
Epicor Software
|
||||||||
|
8.625%, 05/01/19
|
$ | 1,825 | $ | 1,948 | ||||
|
Computer System Design & Services [0.1%]
|
||||||||
|
NCR
|
||||||||
|
5.000%, 07/15/22
|
475 | 442 | ||||||
|
4.625%, 02/15/21
|
250 | 234 | ||||||
|
SunGard Data Systems
|
||||||||
|
7.625%, 11/15/20
|
575 | 615 | ||||||
|
7.375%, 11/15/18
|
50 | 53 | ||||||
|
6.625%, 11/01/19
|
275 | 280 | ||||||
|
Total Computer System Design & Services
|
1,624 | |||||||
|
Computers-Memory Devices [0.1%]
|
||||||||
|
Seagate HDD Cayman
|
||||||||
|
7.000%, 11/01/21
|
300 | 333 | ||||||
|
6.875%, 05/01/20
|
150 | 164 | ||||||
|
4.750%, 06/01/23(A)
|
725 | 698 | ||||||
|
Total Computers-Memory Devices
|
1,195 | |||||||
|
Consumer Products & Services [0.9%]
|
||||||||
|
Libbey Glass
|
||||||||
|
6.875%, 05/15/20
|
1,080 | 1,150 | ||||||
|
Norcraft
|
||||||||
|
10.500%, 12/15/15
|
725 | 749 | ||||||
|
Prestige Brands
|
||||||||
|
8.125%, 02/01/20
|
300 | 330 | ||||||
|
Reynolds Group Issuer
|
||||||||
|
9.875%, 08/15/19
|
1,950 | 2,116 | ||||||
|
8.250%, 02/15/21
|
2,100 | 2,116 | ||||||
|
5.750%, 10/15/20
|
350 | 351 | ||||||
|
Spectrum Brands
|
||||||||
|
6.750%, 03/15/20
|
1,000 | 1,063 | ||||||
|
Total Consumer Products & Services
|
7,875 | |||||||
|
Containers & Packaging [0.7%]
|
||||||||
|
Ardagh Packaging Finance
|
||||||||
|
9.125%, 10/15/20(A)
|
1,825 | 1,933 | ||||||
|
Ball
|
||||||||
|
5.000%, 03/15/22
|
450 | 437 | ||||||
|
4.000%, 11/15/23
|
825 | 740 | ||||||
|
Berry Plastics
|
||||||||
|
9.500%, 05/15/18
|
300 | 325 | ||||||
|
BOE Merger
|
||||||||
|
9.500%, 11/01/17(A) (F)
|
825 | 858 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
BWAY Holding
|
||||||||
|
10.000%, 06/15/18
|
$ | 425 | $ | 463 | ||||
|
Crown Americas
|
||||||||
|
4.500%, 01/15/23(A)
|
200 | 183 | ||||||
|
Greif
|
||||||||
|
7.750%, 08/01/19
|
400 | 452 | ||||||
|
Pactiv
|
||||||||
|
7.950%, 12/15/25
|
200 | 182 | ||||||
|
Sealed Air
|
||||||||
|
8.375%, 09/15/21(A)
|
875 | 991 | ||||||
|
Total Containers & Packaging
|
6,564 | |||||||
|
Data Processing/Mgmt [0.4%]
|
||||||||
|
Audatex North America
|
||||||||
|
6.000%, 06/15/21(A)
|
575 | 586 | ||||||
|
First Data
|
||||||||
|
8.750%, 01/15/22(A) (F)
|
2,725 | 2,841 | ||||||
|
Total Data Processing/Mgmt
|
3,427 | |||||||
|
Dialysis Centers [0.1%]
|
||||||||
|
DaVita HealthCare Partners
|
||||||||
|
5.750%, 08/15/22
|
475 | 470 | ||||||
|
Distribution/Wholesale [0.2%]
|
||||||||
|
American Builders & Contractors Supply
|
||||||||
|
5.625%, 04/15/21(A)
|
100 | 98 | ||||||
|
Dematic
|
||||||||
|
7.750%, 12/15/20(A)
|
575 | 598 | ||||||
|
VWR Funding
|
||||||||
|
7.250%, 09/15/17
|
1,300 | 1,371 | ||||||
|
Total Distribution/Wholesale
|
2,067 | |||||||
|
Diversified Operations [0.1%]
|
||||||||
|
JB Poindexter
|
||||||||
|
9.000%, 04/01/22(A)
|
550 | 577 | ||||||
|
Drugs [0.2%]
|
||||||||
|
Grifols
|
||||||||
|
8.250%, 02/01/18
|
500 | 537 | ||||||
|
VPII Escrow
|
||||||||
|
7.500%, 07/15/21(A)
|
1,425 | 1,535 | ||||||
|
6.750%, 08/15/18(A)
|
100 | 107 | ||||||
|
Total Drugs
|
2,179 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
E-Commerce/Services [0.0%]
|
||||||||
|
IAC
|
||||||||
|
4.750%, 12/15/22
|
$ | 400 | $ | 368 | ||||
|
Educational Software [0.2%]
|
||||||||
|
SSI Investments II
|
||||||||
|
11.125%, 06/01/18
|
1,450 | 1,595 | ||||||
|
Electric Utilities [0.6%]
|
||||||||
|
Dynegy
|
||||||||
|
5.875%, 06/01/23(A)
|
150 | 137 | ||||||
|
Energy Future Intermediate Holding
|
||||||||
|
12.250%, 03/01/22(A)
|
300 | 337 | ||||||
|
10.000%, 12/01/20
|
550 | 580 | ||||||
|
6.875%, 08/15/17(A)
|
175 | 178 | ||||||
|
Hrvatska Elektroprivreda
|
||||||||
|
6.000%, 11/09/17
|
2,300 | 2,358 | ||||||
|
NRG Energy
|
||||||||
|
8.250%, 09/01/20
|
575 | 631 | ||||||
|
7.875%, 05/15/21
|
875 | 936 | ||||||
|
7.625%, 01/15/18
|
150 | 166 | ||||||
|
Star Energy Geothermal Wayang Windu
|
||||||||
|
6.125%, 03/27/20
|
200 | 189 | ||||||
|
Total Electric Utilities
|
5,512 | |||||||
|
Electronic Parts Distrib [0.1%]
|
||||||||
|
Rexel
|
||||||||
|
6.125%, 12/15/19(A)
|
1,275 | 1,304 | ||||||
|
Enterprise Software/Serv [0.6%]
|
||||||||
|
BMC Software Finance
|
||||||||
|
8.125%, 07/15/21(A)
|
1,025 | 1,063 | ||||||
|
Eagle Midco
|
||||||||
|
9.000%, 06/15/18(A)
|
750 | 754 | ||||||
|
Infor US
|
||||||||
|
11.500%, 07/15/18
|
550 | 635 | ||||||
|
9.375%, 04/01/19
|
1,225 | 1,369 | ||||||
|
Sophia
|
||||||||
|
9.750%, 01/15/19(A)
|
1,275 | 1,383 | ||||||
|
Total Enterprise Software/Serv
|
5,204 | |||||||
|
Entertainment & Gaming [1.0%]
|
||||||||
|
Affinity Gaming
|
||||||||
|
9.000%, 05/15/18
|
950 | 1,026 | ||||||
|
Ameristar Casinos
|
||||||||
|
7.500%, 04/15/21
|
725 | 788 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Chester Downs & Marina
|
||||||||
|
9.250%, 02/01/20(A)
|
$ | 550 | $ | 554 | ||||
|
Cinemark USA
|
||||||||
|
7.375%, 06/15/21
|
375 | 405 | ||||||
|
5.125%, 12/15/22
|
175 | 164 | ||||||
|
MGM Resorts International
|
||||||||
|
8.625%, 02/01/19
|
700 | 805 | ||||||
|
7.750%, 03/15/22
|
775 | 840 | ||||||
|
6.750%, 10/01/20
|
250 | 263 | ||||||
|
Mohegan Tribal Gaming Authority
|
||||||||
|
9.750%, 09/01/21(A)
|
725 | 758 | ||||||
|
Pinnacle Entertainment
|
||||||||
|
7.750%, 04/01/22
|
100 | 105 | ||||||
|
PNK Finance
|
||||||||
|
6.375%, 08/01/21(A)
|
250 | 255 | ||||||
|
Regal Cinemas
|
||||||||
|
8.625%, 07/15/19
|
475 | 515 | ||||||
|
Seminole Hard Rock Entertainment
|
||||||||
|
5.875%, 05/15/21(A)
|
575 | 552 | ||||||
|
Seminole Indian Tribe of Florida
|
||||||||
|
7.804%, 10/01/20(A)
|
715 | 762 | ||||||
|
7.750%, 10/01/17(A)
|
225 | 239 | ||||||
|
Station Casinos
|
||||||||
|
7.500%, 03/01/21
|
700 | 740 | ||||||
|
Total Entertainment & Gaming
|
8,771 | |||||||
|
Entertainment Software [0.0%]
|
||||||||
|
Activision Blizzard
|
||||||||
|
6.125%, 09/15/23(A)
|
250 | 252 | ||||||
|
5.625%, 09/15/21(A)
|
150 | 150 | ||||||
|
Total Entertainment Software
|
402 | |||||||
|
Export/Import Bank [0.3%]
|
||||||||
|
Sinek Capital Via Edel Capital SA
|
||||||||
|
7.700%, 08/03/15
|
3,030 | 3,212 | ||||||
|
Financial Services [0.5%]
|
||||||||
|
Astana Finance BV
|
||||||||
|
9.000%, 11/16/11(D)
|
3,000 | 120 | ||||||
|
Astana Finance BV, MTN
|
||||||||
|
7.875%, 06/08/10(D)
|
250 | 13 | ||||||
|
General Motors Financial
|
||||||||
|
4.250%, 05/15/23(A)
|
100 | 91 | ||||||
|
International Lease Finance
|
||||||||
|
8.750%, 03/15/17
|
1,475 | 1,693 | ||||||
|
5.875%, 08/15/22
|
775 | 763 | ||||||
|
4.625%, 04/15/21
|
300 | 278 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Metalloinvest Finance
|
||||||||
|
6.500%, 07/21/16
|
$ | 1,000 | $ | 1,054 | ||||
|
Total Financial Services
|
4,012 | |||||||
|
Firearms and Ammunition [0.1%]
|
||||||||
|
FGI Operating
|
||||||||
|
7.875%, 05/01/20(A)
|
1,025 | 1,066 | ||||||
|
Food, Beverage & Tobacco [2.8%]
|
||||||||
|
ARAMARK
|
||||||||
|
5.750%, 03/15/20(A)
|
1,125 | 1,136 | ||||||
|
Avangardco Investments Public
|
||||||||
|
10.000%, 10/29/15
|
1,000 | 985 | ||||||
|
B&G Foods
|
||||||||
|
4.625%, 06/01/21
|
475 | 454 | ||||||
|
Bertin
|
||||||||
|
10.250%, 10/05/16
|
3,365 | 3,647 | ||||||
|
Constellation Brands
|
||||||||
|
6.000%, 05/01/22
|
975 | 1,038 | ||||||
|
Del Monte
|
||||||||
|
7.625%, 02/15/19
|
1,600 | 1,660 | ||||||
|
Hawk Acquisition Sub
|
||||||||
|
4.250%, 10/15/20(A)
|
1,775 | 1,693 | ||||||
|
JBS
|
||||||||
|
10.500%, 08/04/16
|
500 | 544 | ||||||
|
Marfrig Holding Europe BV
|
||||||||
|
11.250%, 09/20/21
|
3,000 | 2,921 | ||||||
|
MHP
|
||||||||
|
10.250%, 04/29/15
|
152 | 150 | ||||||
|
8.250%, 04/02/20
|
4,500 | 3,578 | ||||||
|
Michael Foods Group
|
||||||||
|
9.750%, 07/15/18
|
850 | 930 | ||||||
|
Michael Foods Holding
|
||||||||
|
8.500%, 07/15/18(A) (F)
|
1,350 | 1,401 | ||||||
|
Minerva Luxembourg
|
||||||||
|
7.750%, 01/31/23
|
4,300 | 4,053 | ||||||
|
Pinnacle Foods Finance
|
||||||||
|
4.875%, 05/01/21(A)
|
1,225 | 1,139 | ||||||
|
Smithfield Foods
|
||||||||
|
7.750%, 07/01/17
|
875 | 995 | ||||||
|
Sun Merger Sub
|
||||||||
|
5.875%, 08/01/21(A)
|
75 | 76 | ||||||
|
5.250%, 08/01/18(A)
|
75 | 77 | ||||||
|
Total Food, Beverage & Tobacco
|
26,477 | |||||||
|
Food-Wholesale/Distrib [0.2%]
|
||||||||
|
US Foods
|
||||||||
|
8.500%, 06/30/19
|
2,025 | 2,134 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Footwear and Related Apparel [0.0%]
|
||||||||
|
Wolverine World Wide
|
||||||||
|
6.125%, 10/15/20
|
$ | 275 | $ | 285 | ||||
|
Gold Mining [0.2%]
|
||||||||
|
Banro
|
||||||||
|
10.000%, 03/01/17(A)
|
3,000 | 2,078 | ||||||
|
Home Decoration Products [0.0%]
|
||||||||
|
RSI Home Products
|
||||||||
|
6.875%, 03/01/18(A)
|
375 | 387 | ||||||
|
Hotels and Motels [0.0%]
|
||||||||
|
Choice Hotels International
|
||||||||
|
5.750%, 07/01/22
|
200 | 207 | ||||||
|
Hilton Worldwide Finance
|
||||||||
|
5.625%, 10/15/21(A)
|
225 | 226 | ||||||
|
Total Hotels and Motels
|
433 | |||||||
|
Internet Security [0.0%]
|
||||||||
|
VeriSign
|
||||||||
|
4.625%, 05/01/23(A)
|
225 | 212 | ||||||
|
Investment Banker/Broker Dealer [0.2%]
|
||||||||
|
Neuberger Berman Group
|
||||||||
|
5.875%, 03/15/22(A)
|
400 | 402 | ||||||
|
5.625%, 03/15/20(A)
|
500 | 511 | ||||||
|
Nuveen Investments
|
||||||||
|
9.500%, 10/15/20(A)
|
1,350 | 1,320 | ||||||
|
Total Investment Banker/Broker Dealer
|
2,233 | |||||||
|
Mach Tools and Rel Products [0.1%]
|
||||||||
|
Mcron Finance Sub
|
||||||||
|
8.375%, 05/15/19(A)
|
575 | 628 | ||||||
|
Milacron
|
||||||||
|
7.750%, 02/15/21(A)
|
175 | 181 | ||||||
|
Total Mach Tools and Rel Products
|
809 | |||||||
|
Machinery-General Indust [0.1%]
|
||||||||
|
Gardner Denver
|
||||||||
|
6.875%, 08/15/21(A)
|
425 | 420 | ||||||
|
Manufacturing [0.1%]
|
||||||||
|
Cleaver-Brooks
|
||||||||
|
8.750%, 12/15/19(A)
|
500 | 540 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Marine Services [0.1%]
|
||||||||
|
Oceanografia
|
||||||||
|
11.250%, 07/15/15
|
$ | 1,002 | $ | 882 | ||||
|
Medical Information Sys [0.1%]
|
||||||||
|
Healthcare Technology Intermediate
|
||||||||
|
7.375%, 09/01/18(A) (F)
|
925 | 945 | ||||||
|
MModal
|
||||||||
|
10.750%, 08/15/20(A)
|
475 | 380 | ||||||
|
Total Medical Information Sys
|
1,325 | |||||||
|
Medical Products & Services [1.5%]
|
||||||||
|
Biomet
|
||||||||
|
6.500%, 08/01/20
|
1,300 | 1,342 | ||||||
|
6.500%, 10/01/20
|
925 | 938 | ||||||
|
DJO Finance
|
||||||||
|
9.875%, 04/15/18
|
350 | 371 | ||||||
|
7.750%, 04/15/18
|
1,225 | 1,213 | ||||||
|
HCA
|
||||||||
|
7.500%, 02/15/22
|
1,025 | 1,125 | ||||||
|
5.875%, 03/15/22
|
400 | 411 | ||||||
|
5.875%, 05/01/23
|
825 | 811 | ||||||
|
HCA Holdings
|
||||||||
|
7.750%, 05/15/21
|
1,850 | 1,968 | ||||||
|
IASIS Healthcare
|
||||||||
|
8.375%, 05/15/19
|
1,125 | 1,167 | ||||||
|
Omnicare
|
||||||||
|
7.750%, 06/01/20
|
450 | 493 | ||||||
|
Tenet Healthcare
|
||||||||
|
8.125%, 04/01/22(A)
|
525 | 548 | ||||||
|
4.500%, 04/01/21
|
500 | 469 | ||||||
|
4.375%, 10/01/21(A)
|
525 | 484 | ||||||
|
United Surgical Partners International
|
||||||||
|
9.000%, 04/01/20
|
1,050 | 1,152 | ||||||
|
Universal Hospital Services
|
||||||||
|
7.625%, 08/15/20
|
950 | 981 | ||||||
|
Vanguard Health Holding II
|
||||||||
|
8.000%, 02/01/18
|
425 | 448 | ||||||
|
Total Medical Products & Services
|
13,921 | |||||||
|
Medical-HMO [0.3%]
|
||||||||
|
Envision Healthcare
|
||||||||
|
8.125%, 06/01/19
|
950 | 1,026 | ||||||
|
MultiPlan
|
||||||||
|
9.875%, 09/01/18(A)
|
1,850 | 2,044 | ||||||
|
Total Medical-HMO
|
3,070 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Metal-Copper [1.4%]
|
||||||||
|
Carmen Copper
|
||||||||
|
6.500%, 03/21/17
|
$ | 1,000 | $ | 987 | ||||
|
First Quantum Minerals
|
||||||||
|
7.250%, 10/15/19(A)
|
6,500 | 5,990 | ||||||
|
FQM Akubra
|
||||||||
|
8.750%, 06/01/20
|
3,000 | 3,210 | ||||||
|
Sterlite Industries India
|
||||||||
|
4.000%, 10/30/14(F)
|
3,000 | 2,938 | ||||||
|
Total Metal-Copper
|
13,125 | |||||||
|
Metal-Iron [0.5%]
|
||||||||
|
Ferrexpo Finance
|
||||||||
|
7.875%, 04/07/16
|
2,000 | 1,810 | ||||||
|
Metalloinvest Finance
|
||||||||
|
5.625%, 04/17/20
|
2,500 | 2,416 | ||||||
|
Total Metal-Iron
|
4,226 | |||||||
|
Metals & Mining [0.7%]
|
||||||||
|
Century Aluminum
|
||||||||
|
7.500%, 06/01/21(A)
|
650 | 601 | ||||||
|
Consolidated Minerals
|
||||||||
|
8.875%, 05/01/16(A)
|
1,000 | 1,012 | ||||||
|
TiZir
|
||||||||
|
9.000%, 09/28/17
|
4,400 | 4,554 | ||||||
|
Total Metals & Mining
|
6,167 | |||||||
|
Miscellaneous Business Services [0.4%]
|
||||||||
|
Cie Generale de Geophysique - Veritas
|
||||||||
|
9.500%, 05/15/16
|
47 | 49 | ||||||
|
6.500%, 06/01/21
|
1,150 | 1,173 | ||||||
|
Garda World Security
|
||||||||
|
9.750%, 03/15/17(A)
|
1,275 | 1,352 | ||||||
|
Total Miscellaneous Business Services
|
2,574 | |||||||
|
Miscellaneous Manufacturing [0.3%]
|
||||||||
|
Compiler Finance Sub
|
||||||||
|
7.000%, 05/01/21(A)
|
350 | 345 | ||||||
|
MPH Intermediate Holding 2
|
||||||||
|
8.375%, 08/01/18(A) (F)
|
750 | 768 | ||||||
|
Mueller Water Products
|
||||||||
|
8.750%, 09/01/20
|
259 | 285 | ||||||
|
7.375%, 06/01/17
|
950 | 974 | ||||||
|
Rivers Pittsburgh Borrower
|
||||||||
|
9.500%, 06/15/19(A)
|
808 | 880 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Stroika Finance Via Emerging Markets Structured Products
|
||||||||
|
4.000%, 03/25/14(D)
|
$ | 254,767 | $ | 393 | ||||
|
Total Miscellaneous Manufacturing
|
3,645 | |||||||
|
Office Automation and Equip [0.1%]
|
||||||||
|
CDW
|
||||||||
|
12.535%, 10/12/17
|
180 | 187 | ||||||
|
8.500%, 04/01/19
|
900 | 995 | ||||||
|
Total Office Automation and Equip
|
1,182 | |||||||
|
Oil-Field Services [1.0%]
|
||||||||
|
Basic Energy Services
|
||||||||
|
7.750%, 02/15/19
|
800 | 808 | ||||||
|
Polarcus
|
||||||||
|
8.000%, 06/07/18(A)
|
1,000 | 958 | ||||||
|
Sea Trucks Group
|
||||||||
|
9.000%, 03/26/18(A)
|
6,800 | 6,239 | ||||||
|
SESI
|
||||||||
|
7.125%, 12/15/21
|
700 | 765 | ||||||
|
6.375%, 05/01/19
|
150 | 158 | ||||||
|
Total Oil-Field Services
|
8,928 | |||||||
|
Paper & Related Products [0.4%]
|
||||||||
|
Bio Pappel
|
||||||||
|
10.000%, 08/27/13(E)
|
2,930 | 2,923 | ||||||
|
Unifrax I
|
||||||||
|
7.500%, 02/15/19(A)
|
450 | 450 | ||||||
|
Total Paper & Related Products
|
3,373 | |||||||
|
Petroleum & Fuel Products [9.2%]
|
||||||||
|
Access Midstream Partners
|
||||||||
|
4.875%, 05/15/23
|
925 | 869 | ||||||
|
Afren
|
||||||||
|
11.500%, 02/01/16
|
4,000 | 4,590 | ||||||
|
Antero Resources Finance
|
||||||||
|
6.000%, 12/01/20
|
1,200 | 1,212 | ||||||
|
Approach Resources
|
||||||||
|
7.000%, 06/15/21
|
575 | 575 | ||||||
|
Athlon Holdings
|
||||||||
|
7.375%, 04/15/21(A)
|
400 | 408 | ||||||
|
ATP Oil & Gas
|
||||||||
|
11.875%, 05/01/15(B)
|
650 | 4 | ||||||
|
BassDrill Alpha
|
||||||||
|
7.500%, 07/05/18(A)
|
1,000 | 970 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
BassDrill Beta
|
||||||||
|
8.500%, 04/24/18(A)
|
$ | 3,000 | $ | 3,015 | ||||
|
Carrizo Oil & Gas
|
||||||||
|
7.500%, 09/15/20
|
275 | 291 | ||||||
|
Chaparral Energy
|
||||||||
|
9.875%, 10/01/20
|
500 | 562 | ||||||
|
7.625%, 11/15/22
|
350 | 355 | ||||||
|
Chesapeake Energy
|
||||||||
|
6.875%, 11/15/20
|
225 | 243 | ||||||
|
5.750%, 03/15/23
|
700 | 702 | ||||||
|
5.375%, 06/15/21
|
500 | 499 | ||||||
|
Chesapeake Oilfield Operating
|
||||||||
|
6.625%, 11/15/19
|
875 | 890 | ||||||
|
China Oil & Gas Group
|
||||||||
|
5.250%, 04/25/18
|
4,000 | 3,807 | ||||||
|
Continental Resources
|
||||||||
|
4.500%, 04/15/23
|
350 | 343 | ||||||
|
DNO International
|
||||||||
|
7.778%, 04/11/16(C)
|
4,800 | 4,992 | ||||||
|
Drill Rigs Holdings
|
||||||||
|
6.500%, 10/01/17(A)
|
375 | 387 | ||||||
|
El Paso
|
||||||||
|
7.250%, 06/01/18
|
400 | 449 | ||||||
|
6.500%, 09/15/20
|
675 | 707 | ||||||
|
Energy Transfer Equity
|
||||||||
|
7.500%, 10/15/20
|
825 | 883 | ||||||
|
Energy XXI Gulf Coast
|
||||||||
|
7.500%, 12/15/21(A)
|
1,300 | 1,284 | ||||||
|
EP Energy
|
||||||||
|
9.375%, 05/01/20
|
350 | 394 | ||||||
|
EPE Holdings
|
||||||||
|
8.125%, 12/15/17(A) (F)
|
469 | 490 | ||||||
|
Forest Oil
|
||||||||
|
7.250%, 06/15/19
|
1,175 | 1,172 | ||||||
|
GeoPark Latin America Agencia en Chile
|
||||||||
|
7.500%, 02/11/20(A)
|
4,000 | 3,991 | ||||||
|
Georgian Oil and Gas
|
||||||||
|
6.875%, 05/16/17
|
4,000 | 4,130 | ||||||
|
Holly Energy Partners
|
||||||||
|
8.250%, 03/15/18
|
150 | 159 | ||||||
|
6.500%, 03/01/20
|
900 | 927 | ||||||
|
Inergy Midstream
|
||||||||
|
6.000%, 12/15/20(A)
|
425 | 422 | ||||||
|
InterOil Exploration and Production
|
||||||||
|
15.000%, 03/14/16
|
16,500 | 2,785 | ||||||
|
Kodiak Oil & Gas
|
||||||||
|
5.500%, 01/15/21(A)
|
200 | 196 | ||||||
|
5.500%, 02/01/22(A)
|
175 | 171 | ||||||
|
KrisEnergy Holding
|
||||||||
|
10.500%, 07/21/16
|
3,000 | 3,165 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Linn Energy
|
||||||||
|
8.625%, 04/15/20
|
$ | 900 | $ | 930 | ||||
|
6.750%, 11/01/19(A)
|
350 | 330 | ||||||
|
Lone Pine Resources Canada
|
||||||||
|
0.643%, 02/15/17(B) (D)
|
475 | 275 | ||||||
|
MarkWest Energy Partners
|
||||||||
|
6.250%, 06/15/22
|
601 | 633 | ||||||
|
MIE Holdings
|
||||||||
|
9.750%, 05/12/16
|
1,000 | 1,025 | ||||||
|
MIE Holdings, MTN
|
||||||||
|
6.875%, 02/06/18
|
3,700 | 3,339 | ||||||
|
National JSC Naftogaz of Ukraine
|
||||||||
|
9.500%, 09/30/14
|
2,000 | 1,860 | ||||||
|
Newfield Exploration
|
||||||||
|
5.625%, 07/01/24
|
875 | 847 | ||||||
|
Northern Oil and Gas
|
||||||||
|
8.000%, 06/01/20
|
750 | 752 | ||||||
|
Oasis Petroleum
|
||||||||
|
6.875%, 03/15/22(A)
|
150 | 158 | ||||||
|
6.500%, 11/01/21
|
850 | 897 | ||||||
|
Panoro Energy
|
||||||||
|
12.000%, 11/15/18(A)
|
4,485 | 4,754 | ||||||
|
Petroleos de Venezuela
|
||||||||
|
5.000%, 10/28/15
|
3,000 | 2,633 | ||||||
|
4.900%, 10/28/14
|
1,000 | 941 | ||||||
|
Plains Exploration & Production
|
||||||||
|
6.750%, 02/01/22
|
350 | 375 | ||||||
|
QGOG Atlantic
|
||||||||
|
5.250%, 07/30/18
|
1,506 | 1,541 | ||||||
|
Range Resources
|
||||||||
|
5.000%, 03/15/23
|
250 | 240 | ||||||
|
Regency Energy Partners
|
||||||||
|
5.500%, 04/15/23
|
200 | 192 | ||||||
|
4.500%, 11/01/23(A)
|
350 | 317 | ||||||
|
Sabine Pass Liquefaction
|
||||||||
|
5.625%, 02/01/21(A)
|
650 | 636 | ||||||
|
5.625%, 04/15/23(A)
|
175 | 168 | ||||||
|
SandRidge Energy
|
||||||||
|
8.125%, 10/15/22
|
800 | 808 | ||||||
|
7.500%, 03/15/21
|
325 | 328 | ||||||
|
7.500%, 02/15/23
|
75 | 74 | ||||||
|
Santa Maria Offshore
|
||||||||
|
8.875%, 07/03/18(A)
|
3,400 | 3,545 | ||||||
|
Sibur Securities
|
||||||||
|
3.914%, 01/31/18
|
3,000 | 2,850 | ||||||
|
SM Energy
|
||||||||
|
5.000%, 01/15/24(A)
|
200 | 184 | ||||||
|
Tesoro Logistics
|
||||||||
|
6.125%, 10/15/21
|
225 | 226 | ||||||
|
5.875%, 10/01/20
|
225 | 224 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Tethys Oil
|
||||||||
|
9.500%, 09/07/15
|
$ | 20,000 | $ | 3,260 | ||||
|
W&T Offshore
|
||||||||
|
8.500%, 06/15/19
|
875 | 927 | ||||||
|
Zhaikmunai LLP
|
||||||||
|
10.500%, 10/19/15
|
4,000 | 4,210 | ||||||
|
Total Petroleum & Fuel Products
|
85,518 | |||||||
|
Printing & Publishing [0.3%]
|
||||||||
|
Expo Event Transco
|
||||||||
|
9.000%, 06/15/21(A)
|
725 | 721 | ||||||
|
Mustang Merger
|
||||||||
|
8.500%, 08/15/21(A)
|
300 | 297 | ||||||
|
Nielsen Finance
|
||||||||
|
4.500%, 10/01/20
|
325 | 313 | ||||||
|
Southern Graphics
|
||||||||
|
8.375%, 10/15/20(A)
|
1,050 | 1,087 | ||||||
|
Visant
|
||||||||
|
10.000%, 10/01/17
|
950 | 884 | ||||||
|
Total Printing & Publishing
|
3,302 | |||||||
|
Publishing-Newspapers [0.1%]
|
||||||||
|
Gannett
|
||||||||
|
6.375%, 10/15/23(A)
|
600 | 595 | ||||||
|
5.125%, 10/15/19(A)
|
175 | 174 | ||||||
|
Total Publishing-Newspapers
|
769 | |||||||
|
Quarrying [0.0%]
|
||||||||
|
Compass Minerals International
|
||||||||
|
8.000%, 06/01/19
|
250 | 268 | ||||||
|
Radio [0.4%]
|
||||||||
|
Cumulus Media Holdings
|
||||||||
|
7.750%, 05/01/19
|
750 | 778 | ||||||
|
Entercom Radio
|
||||||||
|
10.500%, 12/01/19
|
600 | 681 | ||||||
|
Sirius XM Radio
|
||||||||
|
5.250%, 08/15/22(A)
|
575 | 555 | ||||||
|
4.625%, 05/15/23(A)
|
625 | 571 | ||||||
|
4.250%, 05/15/20(A)
|
350 | 327 | ||||||
|
Townsquare Radio
|
||||||||
|
9.000%, 04/01/19(A)
|
850 | 903 | ||||||
|
Total Radio
|
3,815 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Real Estate Oper/Develop [0.0%]
|
||||||||
|
Renhe Commercial Holdings
|
||||||||
|
13.000%, 03/10/16
|
$ | 500 | $ | 305 | ||||
|
Research and Development [0.2%]
|
||||||||
|
Jaguar Holding I
|
||||||||
|
9.375%, 10/15/17(A) (F)
|
650 | 687 | ||||||
|
Jaguar Holding II
|
||||||||
|
9.500%, 12/01/19(A)
|
650 | 731 | ||||||
|
Total Research and Development
|
1,418 | |||||||
|
Resorts/Theme Parks [0.2%]
|
||||||||
|
Cedar Fair
|
||||||||
|
5.250%, 03/15/21(A)
|
725 | 692 | ||||||
|
Six Flags Entertainment
|
||||||||
|
5.250%, 01/15/21(A)
|
850 | 810 | ||||||
|
Total Resorts/Theme Parks
|
1,502 | |||||||
|
Retail [2.2%]
|
||||||||
|
Academy
|
||||||||
|
9.250%, 08/01/19(A)
|
1,050 | 1,171 | ||||||
|
Claire's Stores
|
||||||||
|
6.125%, 03/15/20(A)
|
350 | 346 | ||||||
|
DineEquity
|
||||||||
|
9.500%, 10/30/18
|
725 | 807 | ||||||
|
Grupo Famsa
|
||||||||
|
7.250%, 06/01/20(A)
|
3,200 | 3,142 | ||||||
|
Gymboree
|
||||||||
|
9.125%, 12/01/18
|
375 | 367 | ||||||
|
Hillman Group
|
||||||||
|
10.875%, 06/01/18
|
975 | 1,053 | ||||||
|
Jo-Ann Stores
|
||||||||
|
8.125%, 03/15/19(A)
|
950 | 969 | ||||||
|
Jo-Ann Stores Holdings
|
||||||||
|
9.750%, 10/15/19(A) (F)
|
900 | 925 | ||||||
|
Limited Brands
|
||||||||
|
5.625%, 02/15/22
|
350 | 359 | ||||||
|
Michaels FinCo Holdings
|
||||||||
|
7.500%, 08/01/18(A) (F)
|
875 | 886 | ||||||
|
Michaels Stores
|
||||||||
|
7.750%, 11/01/18
|
800 | 860 | ||||||
|
New Academy Finance
|
||||||||
|
8.000%, 06/15/18(A) (F)
|
800 | 820 | ||||||
|
NPC International
|
||||||||
|
10.500%, 01/15/20
|
1,175 | 1,339 | ||||||
|
Party City Holdings
|
||||||||
|
8.875%, 08/01/20(A)
|
425 | 457 | ||||||
|
PC Nextco Holdings
|
||||||||
|
8.750%, 08/15/19(A) (F)
|
975 | 975 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Petco Animal Supplies
|
||||||||
|
9.250%, 12/01/18(A)
|
$ | 425 | $ | 456 | ||||
|
Petco Holdings
|
||||||||
|
8.500%, 10/15/17(A) (F)
|
1,300 | 1,320 | ||||||
|
PVH
|
||||||||
|
4.500%, 12/15/22
|
200 | 189 | ||||||
|
Sally Holdings
|
||||||||
|
6.875%, 11/15/19
|
1,075 | 1,177 | ||||||
|
5.750%, 06/01/22
|
175 | 175 | ||||||
|
Serta Simmons Holdings
|
||||||||
|
8.125%, 10/01/20(A)
|
1,125 | 1,184 | ||||||
|
Shearer's Foods
|
||||||||
|
9.000%, 11/01/19(A)
|
475 | 496 | ||||||
|
Suburban Propane Partners
|
||||||||
|
7.500%, 10/01/18
|
464 | 496 | ||||||
|
Total Retail
|
19,969 | |||||||
|
Rubber & Plastic [0.5%]
|
||||||||
|
Gajah Tunggal
|
||||||||
|
7.750%, 02/06/18
|
5,000 | 4,825 | ||||||
|
Security Brokers & Dealers [0.4%]
|
||||||||
|
Ally Financial
|
||||||||
|
8.300%, 02/12/15
|
275 | 296 | ||||||
|
8.000%, 03/15/20
|
325 | 374 | ||||||
|
7.500%, 09/15/20
|
850 | 955 | ||||||
|
6.250%, 12/01/17
|
650 | 695 | ||||||
|
5.500%, 02/15/17
|
1,075 | 1,128 | ||||||
|
4.750%, 09/10/18
|
500 | 498 | ||||||
|
Total Security Brokers & Dealers
|
3,946 | |||||||
|
Security Services [0.1%]
|
||||||||
|
Monitronics International
|
||||||||
|
9.125%, 04/01/20
|
550 | 576 | ||||||
|
Semicon Compo-Intg Circu [0.1%]
|
||||||||
|
NXP BV
|
||||||||
|
5.750%, 02/15/21(A)
|
200 | 203 | ||||||
|
5.750%, 03/15/23(A)
|
200 | 198 | ||||||
|
3.750%, 06/01/18(A)
|
300 | 293 | ||||||
|
Total Semicon Compo-Intg Circu
|
694 | |||||||
|
Semi-Conductors [0.2%]
|
||||||||
|
Advanced Micro Devices
|
||||||||
|
7.750%, 08/01/20
|
325 | 318 | ||||||
|
7.500%, 08/15/22
|
225 | 215 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Flextronics International
|
||||||||
|
5.000%, 02/15/23
|
$ | 300 | $ | 285 | ||||
|
4.625%, 02/15/20
|
250 | 243 | ||||||
|
Freescale Semiconductor
|
||||||||
|
9.250%, 04/15/18(A)
|
675 | 731 | ||||||
|
Magnachip Semiconductor
|
||||||||
|
6.625%, 07/15/21(A)
|
400 | 395 | ||||||
|
Total Semi-Conductors
|
2,187 | |||||||
|
Steel & Steel Works [0.1%]
|
||||||||
|
Evraz Group
|
||||||||
|
7.400%, 04/24/17
|
500 | 511 | ||||||
|
Steel Dynamics
|
||||||||
|
5.250%, 04/15/23(A)
|
75 | 71 | ||||||
|
Total Steel & Steel Works
|
582 | |||||||
|
Telecommunication Equip [0.2%]
|
||||||||
|
CommScope
|
||||||||
|
8.250%, 01/15/19(A)
|
1,125 | 1,229 | ||||||
|
CommScope Holding
|
||||||||
|
6.625%, 06/01/20(A) (F)
|
750 | 747 | ||||||
|
Total Telecommunication Equip
|
1,976 | |||||||
|
Telephones & Telecommunications [3.0%]
|
||||||||
|
Altice Financing
|
||||||||
|
8.000%, 12/15/19
|
4,190 | 6,009 | ||||||
|
Digicel
|
||||||||
|
8.250%, 09/01/17(A)
|
1,125 | 1,166 | ||||||
|
7.000%, 02/15/20(A)
|
450 | 448 | ||||||
|
Digicel Group
|
||||||||
|
10.500%, 04/15/18(A)
|
600 | 648 | ||||||
|
8.250%, 09/30/20(A)
|
400 | 414 | ||||||
|
Intelsat Jackson Holdings
|
||||||||
|
8.500%, 11/01/19
|
475 | 516 | ||||||
|
7.250%, 04/01/19
|
350 | 374 | ||||||
|
7.250%, 10/15/20
|
900 | 961 | ||||||
|
6.625%, 12/15/22(A)
|
175 | 174 | ||||||
|
Intelsat Luxembourg
|
||||||||
|
8.125%, 06/01/23(A)
|
600 | 633 | ||||||
|
7.750%, 06/01/21(A)
|
450 | 466 | ||||||
|
Level 3 Communications
|
||||||||
|
8.875%, 06/01/19
|
400 | 428 | ||||||
|
Level 3 Financing
|
||||||||
|
8.125%, 07/01/19
|
1,150 | 1,230 | ||||||
|
Lynx II
|
||||||||
|
6.375%, 04/15/23(A)
|
200 | 199 | ||||||
|
MetroPCS Wireless
|
||||||||
|
6.625%, 11/15/20
|
600 | 622 | ||||||
|
6.625%, 04/01/23(A)
|
675 | 677 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Sprint
|
||||||||
|
7.875%, 09/15/23(A)
|
$ | 750 | $ | 765 | ||||
|
Sprint Capital
|
||||||||
|
6.875%, 11/15/28
|
2,375 | 2,120 | ||||||
|
Sprint Nextel
|
||||||||
|
7.000%, 03/01/20(A)
|
600 | 645 | ||||||
|
6.000%, 11/15/22
|
1,400 | 1,288 | ||||||
|
Syniverse Holdings
|
||||||||
|
9.125%, 01/15/19
|
1,200 | 1,293 | ||||||
|
Telemovil Finance
|
||||||||
|
8.000%, 10/01/17
|
3,004 | 3,131 | ||||||
|
VimpelCom Holdings BV
|
||||||||
|
7.504%, 03/01/22
|
1,000 | 1,054 | ||||||
|
6.255%, 03/01/17
|
1,100 | 1,158 | ||||||
|
5.200%, 02/13/19
|
200 | 198 | ||||||
|
Total Telephones & Telecommunications
|
26,617 | |||||||
|
Textile-Home Furnishings [0.0%]
|
||||||||
|
SIWF Merger Sub
|
||||||||
|
6.250%, 06/01/21(A)
|
225 | 221 | ||||||
|
Tools-Hand Held [0.1%]
|
||||||||
|
BC Mountain
|
||||||||
|
7.000%, 02/01/21(A)
|
550 | 546 | ||||||
|
Transactional Software [0.0%]
|
||||||||
|
ACI Worldwide
|
||||||||
|
6.375%, 08/15/20(A)
|
125 | 127 | ||||||
|
Transportation Services [2.1%]
|
||||||||
|
Azerbaijan Railways Via Aquarius Investments
|
||||||||
|
8.250%, 02/18/16
|
2,550 | 2,680 | ||||||
|
Dubai Holding Commercial Operations, MTN
|
||||||||
|
6.000%, 02/01/17
|
5,200 | 8,482 | ||||||
|
Grupo Senda Autotransporte
|
||||||||
|
10.500%, 10/03/15
|
3,633 | 3,697 | ||||||
|
Far East Capital
|
||||||||
|
8.000%, 05/02/18
|
3,000 | 2,610 | ||||||
|
Nielsen Luxembourg SaRL
|
||||||||
|
5.500%, 10/01/21(A)
|
250 | 251 | ||||||
|
Royal Caribbean Cruises
|
||||||||
|
5.250%, 11/15/22
|
300 | 291 | ||||||
|
Ukraine Railways via Shortline
|
||||||||
|
9.500%, 05/21/18
|
3,000 | 2,400 | ||||||
|
Total Transportation Services
|
20,411 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Utilities [0.0%]
|
||||||||
|
DTEK Finance BV
|
||||||||
|
9.500%, 04/28/15
|
$ | 322 | $ | 316 | ||||
|
Waste Disposal [0.1%]
|
||||||||
|
ADS Waste Holdings
|
||||||||
|
8.250%, 10/01/20(A)
|
475 | 501 | ||||||
|
X-Ray Equipment [0.1%]
|
||||||||
|
Hologic
|
||||||||
|
6.250%, 08/01/20
|
600 | 625 | ||||||
|
Total Corporate Bonds (Cost $479,157)
|
475,290 | |||||||
|
Loan Participations (C) [27.1%]
|
||||||||
|
Aerospace [0.8%]
|
||||||||
|
Air Canada
|
||||||||
|
5.500%, 09/20/19(G)
|
795 | 793 | ||||||
|
AM General
|
||||||||
|
10.250%, 03/20/18
|
512 | 469 | ||||||
|
AMR
|
||||||||
|
4.750%, 06/21/19
|
2,020 | 2,003 | ||||||
|
AWAS Aviation
|
||||||||
|
3.500%, 06/26/18
|
152 | 152 | ||||||
|
DAE Aviation
|
||||||||
|
6.250%, 10/19/18
|
368 | 369 | ||||||
|
Delta Air Lines
|
||||||||
|
4.000%, 10/18/18
|
557 | 557 | ||||||
|
Macquarie Infrastructure
|
||||||||
|
3.250%, 05/16/20
|
155 | 154 | ||||||
|
Silver II Acquisition
|
||||||||
|
4.000%, 12/13/19
|
248 | 246 | ||||||
|
Six3 Systems
|
||||||||
|
7.000%, 09/20/19
|
228 | 232 | ||||||
|
Standard Aero
|
||||||||
|
6.250%, 10/19/18
|
167 | 167 | ||||||
|
Transdigm
|
||||||||
|
3.750%, 02/28/20
|
746 | 743 | ||||||
|
US Airways
|
||||||||
|
4.250%, 05/21/19
|
650 | 645 | ||||||
|
Wesco Distribution
|
||||||||
|
4.500%, 12/04/19
|
171 | 171 | ||||||
|
WP CPP Holdings
|
||||||||
|
4.750%, 12/21/19
|
278 | 279 | ||||||
|
Total Aerospace
|
6,980 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Broadcasting [1.0%]
|
||||||||
|
Clear Channel Communications
|
||||||||
|
6.932%, 01/30/19(G)
|
$ | 4,669 | $ | 4,355 | ||||
|
Cumulus Media Holdings
|
||||||||
|
4.500%, 09/17/18(G)
|
643 | 647 | ||||||
|
Granite Broadcasting
|
||||||||
|
6.750%, 05/23/18
|
209 | 209 | ||||||
|
Gray Television
|
||||||||
|
4.750%, 10/11/19
|
516 | 518 | ||||||
|
Hubbard Radio
|
||||||||
|
4.500%, 04/28/17
|
270 | 270 | ||||||
|
LIN Television
|
||||||||
|
4.000%, 12/15/18
|
148 | 149 | ||||||
|
Nine Entertainment
|
||||||||
|
3.500%, 01/31/20(G)
|
434 | 431 | ||||||
|
Radio One
|
||||||||
|
7.500%, 03/23/16
|
435 | 445 | ||||||
|
Sinclair Television Group
|
||||||||
|
3.000%, 10/28/16(G)
|
344 | 343 | ||||||
|
Univision Communications
|
||||||||
|
4.500%, 03/01/20
|
2,027 | 2,008 | ||||||
|
Total Broadcasting
|
9,375 | |||||||
|
Cable/Wireless Video [1.9%]
|
||||||||
|
Acquisitions Cogeco Cable II
|
||||||||
|
3.250%, 09/20/19
|
129 | 127 | ||||||
|
Altice
|
||||||||
|
5.500%, 07/03/19
|
1,045 | 1,025 | ||||||
|
Cequel Communications
|
||||||||
|
4.000%, 02/10/19
|
1,059 | 1,056 | ||||||
|
Charter Communications
|
||||||||
|
2.190%, 04/22/18
|
2,162 | 2,152 | ||||||
|
Charter Communications Operating
|
||||||||
|
3.000%, 04/10/20
|
2,968 | 2,932 | ||||||
|
CSC Holdings
|
||||||||
|
2.182%, 04/16/18
|
2,650 | 2,620 | ||||||
|
Kabel Deutschland
|
||||||||
|
3.250%, 02/01/19
|
995 | 994 | ||||||
|
Liberty Cablevision
|
||||||||
|
10.000%, 06/19/18
|
848 | 849 | ||||||
|
MediaCom Broadband
|
||||||||
|
4.000%, 01/20/20
|
257 | 257 | ||||||
|
Mediacom Communications
|
||||||||
|
3.250%, 01/22/21
|
1,303 | 1,287 | ||||||
|
Quebecor Media
|
||||||||
|
3.250%, 07/31/20
|
955 | 946 | ||||||
|
UPC Financing Partnership
|
||||||||
|
3.250%, 06/10/21
|
860 | 855 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Virgin Media Investment
|
||||||||
|
3.500%, 02/15/20
|
$ | 2,340 | $ | 2,325 | ||||
|
WideOpenWest Finance
|
||||||||
|
4.750%, 03/26/19
|
234 | 235 | ||||||
|
Total Cable/Wireless Video
|
17,660 | |||||||
|
Chemicals [0.5%]
|
||||||||
|
DuPont Performance Coatings
|
||||||||
|
4.750%, 01/18/20
|
338 | 339 | ||||||
|
Eagle Spinco
|
||||||||
|
3.500%, 01/27/17
|
109 | 109 | ||||||
|
Huntsman International
|
||||||||
|
2.729%, 04/19/17
|
563 | 562 | ||||||
|
Ineos Holdings
|
||||||||
|
4.000%, 04/27/18
|
2,186 | 2,160 | ||||||
|
MacDermid
|
||||||||
|
4.000%, 06/05/20
|
219 | 218 | ||||||
|
Oxea
|
||||||||
|
0.000%, 12/06/19(G)
|
150 | 149 | ||||||
|
PQ
|
||||||||
|
4.500%, 02/09/18
|
164 | 165 | ||||||
|
Taminco Global
|
||||||||
|
4.250%, 02/15/19
|
163 | 163 | ||||||
|
Tata Chemicals
|
||||||||
|
3.750%, 08/07/20
|
115 | 114 | ||||||
|
Tronox
|
||||||||
|
4.250%, 02/03/18
|
449 | 451 | ||||||
|
Univar
|
||||||||
|
5.000%, 06/30/17
|
102 | 98 | ||||||
|
Total Chemicals
|
4,528 | |||||||
|
Consumer Durables [0.1%]
|
||||||||
|
Serta Simmons Holdings
|
||||||||
|
5.000%, 09/19/19(G)
|
729 | 730 | ||||||
|
Total Safety US
|
||||||||
|
5.750%, 03/11/20
|
109 | 110 | ||||||
|
Waddington North America
|
||||||||
|
4.500%, 05/21/20
|
219 | 219 | ||||||
|
Wolverine World Wide
|
||||||||
|
5.250%, 07/31/19
|
61 | 61 | ||||||
|
Total Consumer Durables
|
1,120 | |||||||
|
Consumer Non-Durables [0.3%]
|
||||||||
|
Eastman Kodak
|
||||||||
|
7.250%, 07/31/19
|
339 | 336 | ||||||
|
Huish Detergents
|
||||||||
|
5.500%, 03/21/20
|
249 | 242 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Jarden
|
||||||||
|
0.000%, 09/30/20(G)
|
$ | 340 | $ | 339 | ||||
|
PVH
|
||||||||
|
3.250%, 02/13/20
|
662 | 660 | ||||||
|
Revlon
|
||||||||
|
0.000%, 08/19/19(G)
|
790 | 789 | ||||||
|
Spectrum Brands
|
||||||||
|
3.000%, 08/13/17
|
570 | 569 | ||||||
|
Total Consumer Non-Durables
|
2,935 | |||||||
|
Diversified Media [2.0%]
|
||||||||
|
Activision
|
||||||||
|
0.000%, 07/26/14(G)
|
2,790 | 2,788 | ||||||
|
Affinion Group Holdings
|
||||||||
|
6.500%, 10/08/16
|
920 | 892 | ||||||
|
Alliance Data
|
||||||||
|
2.190%, 07/10/18
|
1,009 | 1,004 | ||||||
|
Cinemark USA
|
||||||||
|
3.190%, 12/18/19
|
233 | 234 | ||||||
|
Encompass Digital Media
|
||||||||
|
6.750%, 08/10/17
|
169 | 169 | ||||||
|
Formula One
|
||||||||
|
4.500%, 04/30/19
|
113 | 113 | ||||||
|
Getty Images
|
||||||||
|
4.750%, 10/03/19
|
139 | 124 | ||||||
|
Harland Clarke Holdings
|
||||||||
|
7.000%, 04/26/18
|
4,432 | 4,377 | ||||||
|
Hoyts Group Holdings
|
||||||||
|
4.000%, 05/22/20
|
125 | 124 | ||||||
|
IMG Worldwide
|
||||||||
|
5.500%, 06/16/16
|
985 | 984 | ||||||
|
Instant Web
|
||||||||
|
3.558%, 08/07/14
|
715 | 572 | ||||||
|
Kasima
|
||||||||
|
3.250%, 05/17/21
|
415 | 411 | ||||||
|
Lions Gate
|
||||||||
|
5.000%, 07/19/20
|
150 | 149 | ||||||
|
Live Nation
|
||||||||
|
3.500%, 08/14/20
|
530 | 527 | ||||||
|
Media General
|
||||||||
|
0.000%, 07/30/20(K)
|
245 | 245 | ||||||
|
Merrill
|
||||||||
|
7.250%, 03/08/18
|
443 | 444 | ||||||
|
MTL Publishing
|
||||||||
|
4.250%, 03/05/18
|
337 | 336 | ||||||
|
Nielsen Business Media
|
||||||||
|
5.500%, 06/12/20
|
209 | 210 | ||||||
|
Nielsen Finance
|
||||||||
|
2.935%, 05/02/16
|
527 | 527 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Tribune
|
||||||||
|
4.000%, 12/31/19
|
$ | 1,305 | $ | 1,304 | ||||
|
TWCC Holding
|
||||||||
|
3.500%, 02/13/17
|
214 | 214 | ||||||
|
Van Wagner
|
||||||||
|
8.250%, 08/03/18
|
246 | 250 | ||||||
|
Village Roadshow Films
|
||||||||
|
4.750%, 11/16/17
|
1,600 | 1,616 | ||||||
|
Warner Music Group
|
||||||||
|
3.750%, 07/01/20
|
1,040 | 1,034 | ||||||
|
Total Diversified Media
|
18,648 | |||||||
|
Energy [2.3%]
|
||||||||
|
Alon USA
|
||||||||
|
9.250%, 11/13/18
|
389 | 401 | ||||||
|
Atlas Energy
|
||||||||
|
6.500%, 07/31/19
|
500 | 505 | ||||||
|
Aventine Renewable Energy Holdings
|
||||||||
|
12.500%, 12/01/15(D)
|
409 | 241 | ||||||
|
Bashneft
|
||||||||
|
1.734%, 08/16/14
|
2,292 | 2,275 | ||||||
|
Bronco Midstream
|
||||||||
|
5.000%, 08/15/20
|
790 | 792 | ||||||
|
Chesapeake Energy
|
||||||||
|
5.750%, 12/01/17
|
2,400 | 2,440 | ||||||
|
CITGO Petroleum
|
||||||||
|
8.000%, 06/24/15
|
341 | 343 | ||||||
|
EMG Utica
|
||||||||
|
4.750%, 03/26/20
|
890 | 892 | ||||||
|
Energy Transfer Partners
|
||||||||
|
3.750%, 03/23/17(G)
|
368 | 370 | ||||||
|
EP Energy
|
||||||||
|
3.500%, 05/24/18
|
687 | 684 | ||||||
|
Fieldwood
|
||||||||
|
0.000%, 09/28/18(G)
|
340 | 339 | ||||||
|
Glencore International
|
||||||||
|
2.084%, 12/07/13
|
1,250 | 1,242 | ||||||
|
Glenn Pool Oil & Gas
|
||||||||
|
4.500%, 05/02/16
|
1,019 | 1,019 | ||||||
|
HGIM
|
||||||||
|
5.500%, 06/12/20
|
735 | 735 | ||||||
|
Interpipe Ukraine
|
||||||||
|
4.637%, 03/06/14(D)
|
3,625 | 3,153 | ||||||
|
MEG Energy
|
||||||||
|
3.750%, 03/31/20
|
1,426 | 1,428 | ||||||
|
Obsidian Natural Gas Trust
|
||||||||
|
7.000%, 11/02/15
|
1,111 | 1,111 | ||||||
|
Ocean Rig
|
||||||||
|
6.000%, 02/02/21
|
530 | 535 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Pacific Drilling
|
||||||||
|
4.500%, 05/18/18
|
$ | 354 | $ | 355 | ||||
|
Philadelphia Energy Solutions
|
||||||||
|
6.250%, 04/03/18
|
364 | 318 | ||||||
|
Ruby Western Pipeline
|
||||||||
|
3.500%, 03/27/20
|
332 | 331 | ||||||
|
Samson Investment Company
|
||||||||
|
6.000%, 09/19/18
|
250 | 250 | ||||||
|
Sonangol Finance
|
||||||||
|
1.186%, 10/15/14
|
1,613 | 1,589 | ||||||
|
Total Energy
|
21,348 | |||||||
|
Financial [1.4%]
|
||||||||
|
Alliant Holdings
|
||||||||
|
5.000%, 12/07/19
|
298 | 297 | ||||||
|
American Capital
|
||||||||
|
5.500%, 08/15/17
|
109 | 109 | ||||||
|
Compass Minerals International
|
||||||||
|
5.000%, 12/14/19
|
352 | 353 | ||||||
|
Duff & Phelps
|
||||||||
|
4.500%, 03/14/20
|
115 | 115 | ||||||
|
Flying Fortress
|
||||||||
|
3.500%, 06/30/17
|
300 | 299 | ||||||
|
Guggenheim Partners
|
||||||||
|
4.250%, 07/22/22
|
115 | 115 | ||||||
|
Hub International
|
||||||||
|
0.000%, 09/17/20(G)
|
475 | 475 | ||||||
|
iStar Financial
|
||||||||
|
4.500%, 10/11/17
|
2,718 | 2,724 | ||||||
|
JSC BTA Bank
|
||||||||
|
4.728%, 09/30/13
|
5,967 | 5,191 | ||||||
|
LPL Holdings
|
||||||||
|
3.250%, 03/29/19
|
129 | 128 | ||||||
|
MIP Delaware
|
||||||||
|
4.000%, 07/12/18
|
122 | 122 | ||||||
|
Nuveen Investments
|
||||||||
|
4.182%, 05/13/17
|
240 | 237 | ||||||
|
Sedgwick CMS Holdings
|
||||||||
|
4.250%, 06/10/18
|
354 | 354 | ||||||
|
Springleaf Financial
|
||||||||
|
4.750%, 09/25/19(G)
|
1,897 | 1,896 | ||||||
|
Starwood Property Trust
|
||||||||
|
3.500%, 04/17/20
|
95 | 94 | ||||||
|
TCW
|
||||||||
|
4.000%, 12/20/19
|
223 | 224 | ||||||
|
Total Financial
|
12,733 | |||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Food and Drug [0.3%]
|
||||||||
|
Albertson's
|
||||||||
|
4.750%, 05/21/19
|
$ | 882 | $ | 879 | ||||
|
Dunkin' Brands
|
||||||||
|
3.750%, 02/14/20
|
909 | 906 | ||||||
|
SuperValu
|
||||||||
|
5.000%, 03/21/19
|
278 | 277 | ||||||
|
Weight Watchers International
|
||||||||
|
3.750%, 04/02/20
|
338 | 331 | ||||||
|
Total Food and Drug
|
2,393 | |||||||
|
Food/Tobacco [1.0%]
|
||||||||
|
Blue Buffalo
|
||||||||
|
4.750%, 08/07/19
|
282 | 284 | ||||||
|
Burger King
|
||||||||
|
3.750%, 09/26/19
|
124 | 124 | ||||||
|
Constellation Brands
|
||||||||
|
2.750%, 05/01/20
|
898 | 892 | ||||||
|
CTI Foods
|
||||||||
|
4.500%, 06/12/20
|
235 | 232 | ||||||
|
Del Monte
|
||||||||
|
4.000%, 03/08/18
|
165 | 164 | ||||||
|
HJ Heinz
|
||||||||
|
3.500%, 06/07/20
|
5,312 | 5,314 | ||||||
|
JBS
|
||||||||
|
3.750%, 09/11/20
|
295 | 291 | ||||||
|
Landry's Restaurants
|
||||||||
|
4.750%, 04/19/18
|
268 | 270 | ||||||
|
OSI Restaurant Partners
|
||||||||
|
3.500%, 10/23/19
|
102 | 102 | ||||||
|
Performance Food Group
|
||||||||
|
6.250%, 11/07/19
|
90 | 88 | ||||||
|
Pinnacle Foods
|
||||||||
|
0.000%, 04/29/20
|
210 | 208 | ||||||
|
Pinnacle Foods Group
|
||||||||
|
3.250%, 04/29/20(G)
|
585 | 579 | ||||||
|
Spotless
|
||||||||
|
0.00%, 09/24/18(G)
|
205 | 205 | ||||||
|
Wendy's/Arby's Group
|
||||||||
|
3.250%, 05/15/19(G)
|
177 | 176 | ||||||
|
Total Food/Tobacco
|
8,929 | |||||||
|
Forest Prod/Containers [0.5%]
|
||||||||
|
Berry Plastics
|
||||||||
|
3.500%, 02/08/20
|
3,219 | 3,181 | ||||||
|
BWAY Holding
|
||||||||
|
5.500%, 08/07/17
|
159 | 159 | ||||||
|
Caraustar Industries
|
||||||||
|
7.500%, 04/26/19
|
147 | 149 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Consolidated Container
|
||||||||
|
5.000%, 07/03/19
|
$ | 158 | $ | 159 | ||||
|
Pact Group Pty
|
||||||||
|
3.750%, 05/22/20
|
165 | 162 | ||||||
|
Reynolds Group Issuer
|
||||||||
|
4.750%, 09/28/18
|
361 | 361 | ||||||
|
Total Forest Prod/Containers
|
4,171 | |||||||
|
Gaming/Leisure [1.8%]
|
||||||||
|
Bally Technologies
|
||||||||
|
0.000%, 08/21/20(G)
|
310 | 310 | ||||||
|
Bombardier Recreational Products
|
||||||||
|
4.000%, 01/23/19
|
136 | 135 | ||||||
|
Boyd Gaming
|
||||||||
|
4.000%, 08/12/20
|
205 | 204 | ||||||
|
Cedar Fair
|
||||||||
|
3.250%, 03/06/20
|
229 | 229 | ||||||
|
ClubCorp
|
||||||||
|
4.250%, 07/23/20
|
105 | 105 | ||||||
|
Four Seasons Holdings
|
||||||||
|
4.250%, 06/24/20
|
595 | 601 | ||||||
|
Great Wolf Resorts
|
||||||||
|
4.500%, 07/31/20
|
244 | 243 | ||||||
|
Harrah's Entertainment
|
||||||||
|
5.434%, 01/28/18(G)
|
2,392 | 2,164 | ||||||
|
Hilton Hotels
|
||||||||
|
0.000%, 09/23/20(G)
|
4,965 | 4,956 | ||||||
|
Las Vegas Sands
|
||||||||
|
2.690%, 11/23/16
|
1,241 | 1,239 | ||||||
|
MGM Resorts International
|
||||||||
|
3.500%, 12/20/19(G)
|
1,162 | 1,157 | ||||||
|
Oceania Cruises
|
||||||||
|
6.750%, 06/26/20
|
550 | 553 | ||||||
|
Penn National Gaming
|
||||||||
|
3.750%, 06/14/18
|
106 | 106 | ||||||
|
Pinnacle Entertainment
|
||||||||
|
3.750%, 08/05/20
|
344 | 344 | ||||||
|
Playa Funding
|
||||||||
|
4.750%, 08/06/19
|
190 | 191 | ||||||
|
Regent Seven Seas Cruises
|
||||||||
|
4.750%, 12/21/18
|
150 | 151 | ||||||
|
Scientific Games
|
||||||||
|
0.000%, 05/22/20(G)
|
2,570 | 2,547 | ||||||
|
SeaWorld Parks & Entertainment
|
||||||||
|
3.000%, 05/30/20
|
640 | 632 | ||||||
|
Seminole Indian Tribe of Florida
|
||||||||
|
3.000%, 04/11/20
|
497 | 495 | ||||||
|
Shingle Springs
|
||||||||
|
6.250%, 08/02/19
|
160 | 159 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Yonkers Racing
|
||||||||
|
4.250%, 08/16/19
|
$ | 215 | $ | 213 | ||||
|
Zuffa
|
||||||||
|
4.500%, 02/25/20
|
149 | 149 | ||||||
|
Total Gaming/Leisure
|
16,883 | |||||||
|
Healthcare [2.0%]
|
||||||||
|
Allscripts Healthcare
|
||||||||
|
2.436%, 06/28/18
|
494 | 487 | ||||||
|
Aptails Pharma
|
||||||||
|
5.500%, 02/10/17
|
573 | 572 | ||||||
|
Ardent Health Services
|
||||||||
|
6.750%, 07/02/18
|
318 | 318 | ||||||
|
Biomet
|
||||||||
|
3.679%, 07/25/17(G)
|
304 | 305 | ||||||
|
Bright Horizons Family Solutions
|
||||||||
|
4.000%, 01/24/20
|
104 | 104 | ||||||
|
Carestream Health
|
||||||||
|
5.000%, 06/05/19
|
504 | 505 | ||||||
|
Community Health
|
||||||||
|
0.000%, 07/30/14(G)
|
4,315 | 4,315 | ||||||
|
Community Health Systems
|
||||||||
|
3.776%, 01/25/17
|
587 | 586 | ||||||
|
ConvaTec
|
||||||||
|
5.000%, 12/30/16
|
419 | 420 | ||||||
|
Davita HealthCare Partners
|
||||||||
|
4.000%, 08/21/19
|
298 | 298 | ||||||
|
Drumm
|
||||||||
|
5.000%, 05/04/18
|
638 | 610 | ||||||
|
Envision
|
||||||||
|
0.000%, 09/23/20(G)
|
170 | 169 | ||||||
|
Fresenius
|
||||||||
|
2.250%, 08/07/19(G)
|
735 | 733 | ||||||
|
HCA
|
||||||||
|
2.932%, 05/01/18
|
1,605 | 1,601 | ||||||
|
Hologic
|
||||||||
|
3.750%, 08/01/19
|
419 | 419 | ||||||
|
IASIS Healthcare
|
||||||||
|
4.500%, 05/03/18
|
501 | 501 | ||||||
|
IMS Health
|
||||||||
|
3.750%, 08/26/17
|
173 | 173 | ||||||
|
Inc. Research
|
||||||||
|
6.000%, 07/12/18
|
562 | 564 | ||||||
|
Lifepoint Hospitals
|
||||||||
|
3.690%, 07/31/17
|
169 | 169 | ||||||
|
Par Pharmaceutical
|
||||||||
|
4.250%, 09/18/19
|
485 | 483 | ||||||
|
RegionalCare Hospital Partners
|
||||||||
|
7.000%, 11/04/18
|
353 | 351 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
RPI Finance
|
||||||||
|
3.500%, 05/09/18(G)
|
$ | 1,317 | $ | 1,321 | ||||
|
Sage Products
|
||||||||
|
4.250%, 12/13/19
|
115 | 115 | ||||||
|
Select Medical
|
||||||||
|
5.500%, 02/19/16
|
109 | 109 | ||||||
|
U.S. Renal Care
|
||||||||
|
5.250%, 07/03/19
|
160 | 162 | ||||||
|
Universal Health Services
|
||||||||
|
2.434%, 11/15/16
|
390 | 391 | ||||||
|
Valeant Pharmaceuticals
|
||||||||
|
0.000%, 06/26/20(G)
|
1,803 | 1,808 | ||||||
|
Vanguard Health Systems
|
||||||||
|
3.750%, 01/29/16(G)
|
422 | 421 | ||||||
|
Warner Chilcott
|
||||||||
|
4.250%, 03/14/18
|
553 | 552 | ||||||
|
Total Healthcare
|
18,562 | |||||||
|
Housing [0.8%]
|
||||||||
|
Allegion
|
||||||||
|
0.000%, 12/25/20(G)
|
180 | 180 | ||||||
|
American Builders & Contractors Supply, Term Loan B
|
||||||||
|
3.500%, 04/16/20
|
1,060 | 1,051 | ||||||
|
Capital Automotive
|
||||||||
|
6.000%, 04/30/20(G)
|
2,060 | 2,065 | ||||||
|
CB Richard Ellis
|
||||||||
|
2.937%, 03/26/21(G)
|
975 | 974 | ||||||
|
Continental Building
|
||||||||
|
4.500%, 08/14/20
|
370 | 369 | ||||||
|
CPG International
|
||||||||
|
0.000%, 09/30/20(G)
|
225 | 224 | ||||||
|
Crown Castle International
|
||||||||
|
3.250%, 01/31/19
|
1,894 | 1,870 | ||||||
|
Quikrete
|
||||||||
|
0.000%, 09/18/20(G)
|
285 | 285 | ||||||
|
Realogy
|
||||||||
|
4.500%, 10/10/16
|
331 | 333 | ||||||
|
Total Housing
|
7,351 | |||||||
|
Information Technology [1.9%]
|
||||||||
|
Alcatel Lucent
|
||||||||
|
5.750%, 01/29/19
|
1,243 | 1,251 | ||||||
|
Allflex Holdings
|
||||||||
|
0.000%, 06/05/20
|
195 | 195 | ||||||
|
Avaya
|
||||||||
|
4.773%, 10/26/17
|
654 | 598 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Blackboard
|
||||||||
|
6.250%, 10/04/18
|
$ | 257 | $ | 258 | ||||
|
BMC Software
|
||||||||
|
5.000%, 08/07/20
|
950 | 950 | ||||||
|
CDW
|
||||||||
|
3.500%, 04/29/20
|
1,086 | 1,067 | ||||||
|
Ceridian
|
||||||||
|
4.429%, 05/09/17(G)
|
240 | 240 | ||||||
|
CompuCom Systems
|
||||||||
|
4.250%, 05/07/20
|
145 | 142 | ||||||
|
DataPipe
|
||||||||
|
5.750%, 03/07/19
|
109 | 110 | ||||||
|
Dell
|
||||||||
|
0.000%, 09/23/20(G)
|
1,000 | 982 | ||||||
|
First Advantage
|
||||||||
|
6.250%, 02/28/19
|
289 | 288 | ||||||
|
First Data
|
||||||||
|
4.180%, 03/24/17(G)
|
3,160 | 3,126 | ||||||
|
Freescale Semiconductor
|
||||||||
|
5.000%, 02/13/20
|
2,509 | 2,515 | ||||||
|
Genesys Telecomm
|
||||||||
|
4.000%, 01/31/20
|
192 | 191 | ||||||
|
Infor US
|
||||||||
|
3.750%, 05/22/20
|
192 | 190 | ||||||
|
Interactive Data
|
||||||||
|
3.750%, 02/11/18
|
612 | 608 | ||||||
|
ION Trading Technologies
|
||||||||
|
4.500%, 05/22/20
|
145 | 144 | ||||||
|
Lawson Software
|
||||||||
|
5.250%, 04/05/18
|
414 | 416 | ||||||
|
MEI Conlux
|
||||||||
|
5.000%, 08/02/20
|
265 | 265 | ||||||
|
Microsemi
|
||||||||
|
3.750%, 02/17/18
|
354 | 353 | ||||||
|
Nuance Communications
|
||||||||
|
2.940%, 08/02/19
|
190 | 188 | ||||||
|
ON Semiconductor
|
||||||||
|
2.024%, 01/02/18
|
609 | 600 | ||||||
|
Peak 10
|
||||||||
|
7.250%, 10/25/18
|
268 | 269 | ||||||
|
Presidio
|
||||||||
|
5.750%, 03/31/17
|
307 | 306 | ||||||
|
Riverbed Technology
|
||||||||
|
4.000%, 12/13/19
|
233 | 234 | ||||||
|
Sophos
|
||||||||
|
6.500%, 05/10/19
|
128 | 128 | ||||||
|
SS&C Technologies
|
||||||||
|
3.500%, 06/07/19
|
152 | 152 | ||||||
|
SunGard Data Systems
|
||||||||
|
4.000%, 03/08/20(G)
|
996 | 998 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
SurveyMonkey.com
|
||||||||
|
5.500%, 02/05/19
|
$ | 204 | $ | 205 | ||||
|
Syniverse Holdings
|
||||||||
|
4.000%, 04/23/19
|
587 | 584 | ||||||
|
Syniverse Holdings
|
||||||||
|
5.000%, 04/23/19
|
475 | 473 | ||||||
|
Telx Group
|
||||||||
|
6.250%, 09/22/17
|
215 | 215 | ||||||
|
Triple Point
|
||||||||
|
5.250%, 07/10/20
|
145 | 141 | ||||||
|
Total Information Technology
|
18,382 | |||||||
|
Manufacturing [0.4%]
|
||||||||
|
Alliance Laundry Systems
|
||||||||
|
4.500%, 12/07/18
|
479 | 479 | ||||||
|
Allison Transmission
|
||||||||
|
3.190%, 08/07/17
|
485 | 485 | ||||||
|
Boomerang Tube
|
||||||||
|
11.000%, 10/02/17
|
228 | 221 | ||||||
|
Frac Tech International
|
||||||||
|
8.500%, 05/06/16
|
1,301 | 1,275 | ||||||
|
Gardner Denver
|
||||||||
|
4.250%, 07/30/20(G)
|
140 | 139 | ||||||
|
General Power Systems
|
||||||||
|
3.500%, 06/22/18
|
335 | 333 | ||||||
|
Milacron
|
||||||||
|
4.250%, 03/21/20
|
119 | 119 | ||||||
|
Minimax
|
||||||||
|
4.500%, 08/07/20(G)
|
135 | 135 | ||||||
|
Nacco Materials Handling
|
||||||||
|
5.000%, 11/08/18
|
160 | 160 | ||||||
|
Sensata Technologies
|
||||||||
|
3.750%, 05/10/18
|
176 | 176 | ||||||
|
Tomkins
|
||||||||
|
5.000%, 11/05/18
|
134 | 134 | ||||||
|
Tower International
|
||||||||
|
5.750%, 04/23/20
|
224 | 224 | ||||||
|
Total Manufacturing
|
3,880 | |||||||
|
Media/Telecom [0.5%]
|
||||||||
|
Frontier Communications
|
||||||||
|
3.065%, 10/15/16
|
4,714 | 4,691 | ||||||
|
Metals/Minerals [1.1%]
|
||||||||
|
Atlas Iron Limited
|
||||||||
|
8.750%, 12/07/17
|
154 | 152 | ||||||
|
Fairmount Minerals
|
||||||||
|
5.000%, 09/03/19
|
95 | 95 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Foresight Energy
|
||||||||
|
5.500%, 08/21/20
|
$ | 265 | $ | 263 | ||||
|
Fortescue Metals
|
||||||||
|
5.250%, 10/12/17
|
3,752 | 3,761 | ||||||
|
Freeport-McMoRan Copper & Gold
|
||||||||
|
1.690%, 02/12/18(G)
|
3,110 | 3,093 | ||||||
|
Ma San
|
||||||||
|
9.952%, 07/03/14
|
1,000 | 995 | ||||||
|
Novelis
|
||||||||
|
3.750%, 03/10/17
|
1,275 | 1,274 | ||||||
|
Oxbow Carbon
|
||||||||
|
4.250%, 07/18/19
|
138 | 138 | ||||||
|
Peabody Energy
|
||||||||
|
0.000%, 09/24/20(G)
|
525 | 519 | ||||||
|
Walter Energy
|
||||||||
|
6.750%, 04/02/18
|
420 | 402 | ||||||
|
Total Metals/Minerals
|
10,692 | |||||||
|
Retail [1.0%]
|
||||||||
|
Academy Sports Limited
|
||||||||
|
4.500%, 08/03/18
|
183 | 184 | ||||||
|
Amscan Holdings
|
||||||||
|
4.250%, 07/23/19
|
691 | 688 | ||||||
|
Collective Brands Finance
|
||||||||
|
7.250%, 10/09/19
|
138 | 137 | ||||||
|
Evergreen Acquisition
|
||||||||
|
5.000%, 07/09/19
|
198 | 199 | ||||||
|
HMK Intermediate
|
||||||||
|
5.750%, 04/01/19
|
345 | 346 | ||||||
|
Hudsons Bay
|
||||||||
|
0.000%, 08/15/14(G)
|
2,080 | 2,080 | ||||||
|
JC Penney
|
||||||||
|
6.000%, 05/21/18
|
998 | 966 | ||||||
|
Keystone Automotive
|
||||||||
|
7.000%, 08/08/19
|
185 | 186 | ||||||
|
Michaels Stores
|
||||||||
|
3.750%, 01/28/20
|
359 | 359 | ||||||
|
Ollie's Bargain Outlet
|
||||||||
|
5.250%, 09/27/19
|
139 | 139 | ||||||
|
Petco Animal Supplies
|
||||||||
|
4.000%, 11/24/17
|
377 | 376 | ||||||
|
Rite Aid
|
||||||||
|
4.000%, 02/07/20
|
1,198 | 1,204 | ||||||
|
Sears Holdings
|
||||||||
|
0.000%, 06/30/18(G)
|
1,215 | 1,205 | ||||||
|
Toys R Us
|
||||||||
|
6.000%, 08/21/19
|
825 | 810 | ||||||
|
Toys-R-Us
|
||||||||
|
6.000%, 09/01/16
|
387 | 371 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
True Religion Apparel
|
||||||||
|
5.875%, 07/30/19
|
$ | 285 | $ | 268 | ||||
|
Total Retail
|
9,518 | |||||||
|
Service [1.6%]
|
||||||||
|
A'Ayan Leasing
|
||||||||
|
3.349%, 04/13/20(D)
|
3,000 | 1,020 | ||||||
|
Acosta
|
||||||||
|
5.000%, 03/02/18
|
335 | 334 | ||||||
|
Advanced Disposal Services
|
||||||||
|
4.250%, 10/05/19
|
734 | 734 | ||||||
|
Aluma Systems
|
||||||||
|
6.250%, 10/16/18
|
74 | 74 | ||||||
|
ARAMARK
|
||||||||
|
3.748%, 07/26/16
|
790 | 790 | ||||||
|
Asurion
|
||||||||
|
4.500%, 05/24/19
|
3,346 | 3,281 | ||||||
|
Avis Budget Car Rental
|
||||||||
|
3.000%, 03/15/19
|
336 | 335 | ||||||
|
Brand Energy & Infrastructure Bank Loan
|
||||||||
|
6.250%, 10/16/18
|
308 | 309 | ||||||
|
Dematic
|
||||||||
|
5.250%, 12/18/19
|
298 | 299 | ||||||
|
Digital Globe
|
||||||||
|
3.750%, 01/31/20
|
542 | 542 | ||||||
|
Evertec
|
||||||||
|
3.500%, 04/11/20
|
224 | 216 | ||||||
|
Evertec Group
|
||||||||
|
2.768%, 04/17/18
|
593 | 585 | ||||||
|
Harbor Freight Tools
|
||||||||
|
4.750%, 07/25/19
|
160 | 161 | ||||||
|
Hertz
|
||||||||
|
3.750%, 03/12/18
|
930 | 931 | ||||||
|
ISS
|
||||||||
|
3.750%, 04/30/18
|
239 | 239 | ||||||
|
McGraw-Hill Global Education
|
||||||||
|
9.000%, 03/18/19
|
199 | 201 | ||||||
|
Moneygram
|
||||||||
|
4.250%, 03/26/20
|
139 | 139 | ||||||
|
PowerTeam Services
|
||||||||
|
4.250%, 05/06/20(K)
|
225 | 223 | ||||||
|
Pre Paid Legal Services
|
||||||||
|
6.250%, 06/07/19
|
314 | 312 | ||||||
|
Progressive Waste Solutions
|
||||||||
|
3.500%, 10/22/19
|
199 | 198 | ||||||
|
Sabre
|
||||||||
|
4.500%, 02/19/19(G)
|
100 | 99 | ||||||
|
Sabre Holdings
|
||||||||
|
4.000%, 02/15/18
|
257 | 257 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Southern Graphic Systems
|
||||||||
|
5.000%, 10/11/19
|
$ | 218 | $ | 218 | ||||
|
Springer
|
||||||||
|
5.000%, 07/24/20
|
275 | 273 | ||||||
|
StoneRiver Holdings
|
||||||||
|
4.500%, 11/29/19
|
190 | 188 | ||||||
|
US Infrastructure
|
||||||||
|
4.750%, 07/24/20
|
190 | 189 | ||||||
|
Vantage Drilling
|
||||||||
|
6.250%, 10/17/17
|
1,326 | 1,333 | ||||||
|
Vantiv
|
||||||||
|
1.934%, 05/15/18
|
588 | 586 | ||||||
|
Vertafore
|
||||||||
|
4.250%, 11/30/19
|
282 | 282 | ||||||
|
Total Service
|
14,348 | |||||||
|
Telecommunications [2.3%]
|
||||||||
|
Arris Group
|
||||||||
|
3.500%, 04/17/20
|
756 | 749 | ||||||
|
Bulgaria Telecom
|
||||||||
|
5.500%, 01/15/20
|
4,949 | 6,360 | ||||||
|
Consolidated Communications
|
||||||||
|
5.250%, 12/31/18
|
223 | 224 | ||||||
|
Integra Telecom
|
||||||||
|
9.750%, 02/21/20
|
633 | 639 | ||||||
|
Intelsat Jackson Holdings
|
||||||||
|
4.250%, 04/02/18
|
2,576 | 2,577 | ||||||
|
Level 3 Communications
|
||||||||
|
4.000%, 01/15/20
|
6,505 | 6,493 | ||||||
|
Light Tower Fiber
|
||||||||
|
4.500%, 04/13/20
|
599 | 601 | ||||||
|
TASC
|
||||||||
|
4.500%, 12/18/15
|
499 | 489 | ||||||
|
Windstream
|
||||||||
|
3.500%, 01/10/20
|
411 | 410 | ||||||
|
Zayo Group
|
||||||||
|
4.500%, 07/02/19
|
1,838 | 1,836 | ||||||
|
Total Telecommunications
|
20,378 | |||||||
|
Transportation [0.9%]
|
||||||||
|
Affinia Group
|
||||||||
|
4.750%, 04/25/20
|
115 | 115 | ||||||
|
American Commercial Lines
|
||||||||
|
7.500%, 09/20/19
|
299 | 290 | ||||||
|
American Petroleum Tankers
|
||||||||
|
4.750%, 09/28/19
|
514 | 515 | ||||||
|
Azeria Railways
|
||||||||
|
4.182%, 12/17/14
|
3,843 | 3,772 | ||||||
|
Chrysler Group
|
||||||||
|
4.250%, 05/24/17(G)
|
1,272 | 1,280 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Fleetpride
|
||||||||
|
5.250%, 11/15/19
|
$ | 213 | $ | 205 | ||||
|
Key Safety Systems
|
||||||||
|
4.750%, 05/18/18
|
149 | 150 | ||||||
|
Navios Maritime Partners
|
||||||||
|
5.250%, 06/19/18
|
354 | 358 | ||||||
|
Remy International
|
||||||||
|
4.250%, 02/28/20
|
437 | 437 | ||||||
|
Schaeffler AG
|
||||||||
|
4.250%, 01/20/17
|
600 | 602 | ||||||
|
Tomkins
|
||||||||
|
3.750%, 09/29/16
|
425 | 425 | ||||||
|
Wabash
|
||||||||
|
4.500%, 05/08/19
|
189 | 189 | ||||||
|
Total Transportation
|
8,338 | |||||||
|
Utility [0.6%]
|
||||||||
|
AES
|
||||||||
|
3.750%, 06/01/18(G)
|
421 | 423 | ||||||
|
Astoria Generating
|
||||||||
|
8.500%, 10/26/17
|
188 | 192 | ||||||
|
Calpine
|
||||||||
|
4.000%, 04/01/18
|
2,623 | 2,619 | ||||||
|
Calpine Construction
|
||||||||
|
3.000%, 04/24/20
|
150 | 146 | ||||||
|
Dynegy
|
||||||||
|
4.000%, 04/23/20
|
155 | 154 | ||||||
|
InterGen NV
|
||||||||
|
5.500%, 06/05/20
|
150 | 149 | ||||||
|
La Frontera Generation
|
||||||||
|
4.500%, 09/30/20
|
239 | 239 | ||||||
|
NGPL Pipeco
|
||||||||
|
6.750%, 09/15/17
|
111 | 99 | ||||||
|
NRG Energy
|
||||||||
|
2.750%, 07/01/18
|
956 | 950 | ||||||
|
Texas Competitive
|
||||||||
|
4.685%, 10/10/17(G)
|
480 | 323 | ||||||
|
TPF
|
||||||||
|
6.500%, 08/16/19
|
185 | 185 | ||||||
|
TPF Generation Holdings
|
||||||||
|
4.750%, 11/06/17
|
175 | 174 | ||||||
|
Total Utility
|
5,653 | |||||||
|
Wireless Communications [0.1%]
|
||||||||
|
Cellular South
|
||||||||
|
3.250%, 05/22/20
|
85 | 84 | ||||||
|
Cincinnati Bell
|
||||||||
|
4.000%, 08/20/20
|
790 | 785 | ||||||
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Leap Wireless
|
||||||||
|
4.750%, 03/01/20
|
$ | 344 | $ | 344 | ||||
|
Total Wireless Communications
|
1,213 | |||||||
|
Total Loan Participations (Cost $250,570)
|
250,709 | |||||||
|
Asset-Backed Securities [2.0%]
|
||||||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $13,916,998)
|
||||||||
|
9.250%, 06/06/16(D) (H) (I)
|
12,017 | 11,319 | ||||||
|
Start CLO, Ser 2011-7A, Cl A
|
||||||||
|
15.258%, 06/09/16(A) (C)
|
3,500 | 3,659 | ||||||
|
Start VI CLO, Ser 2010-6A, Cl A
|
||||||||
|
16.284%, 04/01/15(A) (C)
|
500 | 510 | ||||||
|
Start VI CLO, Ser 2010-6X, Cl A
|
||||||||
|
16.274%, 04/01/15(C)
|
500 | 510 | ||||||
|
Yapi Kredi Diversified Payment Rights Finance, Ser 2010-1, Cl A
|
||||||||
|
0.898%, 11/21/14(C)
|
2,353 | 2,303 | ||||||
|
Total Asset-Backed Securities (Cost $18,902)
|
18,301 | |||||||
|
Convertible Bonds [1.5%]
|
||||||||
|
Diversified Minerals [0.3%]
|
||||||||
|
African Minerals
|
||||||||
|
8.500%, 02/10/17(F)
|
2,600 | 2,574 | ||||||
|
Medical Products & Services [0.1%]
|
||||||||
|
Bio City Development BV
|
||||||||
|
8.000%, 07/06/18(D) (F)
|
1,000 | 850 | ||||||
|
Metal-Iron [0.1%]
|
||||||||
|
London Mining Jersey
|
||||||||
|
8.000%, 02/15/16(F)
|
1,500 | 1,417 | ||||||
|
Miscellaneous Manufacturing [0.6%]
|
||||||||
|
Dana Gas Sukuk
|
||||||||
|
7.000%, 10/31/17(F)
|
2,522 | 2,482 | ||||||
|
TMK Bonds
|
||||||||
|
5.250%, 02/11/15(F)
|
2,500 | 2,514 | ||||||
|
Total Miscellaneous Manufacturing
|
4,996 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 94
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
Description
|
Face Amount (000)
|
Value (000)
|
||||||
|
Petroleum & Fuel Products [0.4%]
|
||||||||
|
Alliance Oil
|
||||||||
|
7.250%, 07/16/14(F)
|
$ | 4,000 | $ | 4,096 | ||||
|
Total Convertible Bonds (Cost $14,046)
|
13,933 | |||||||
|
Sovereign Debt [1.3%]
|
||||||||
|
Bosnia & Herzegovina
|
||||||||
|
1.063%, 12/11/17(C)
|
2,168 | 2,464 | ||||||
|
1.063%, 12/11/21(C)
|
1,268 | 1,384 | ||||||
|
Deutsche Bank (Angola), MTN
|
||||||||
|
5.319%, 06/21/16(C) (D)
|
1,300 | 1,741 | ||||||
|
Egyptian Paris Club
|
||||||||
|
2.755%, 01/01/21(D) (J)
|
297 | 234 | ||||||
|
Ghana Government
|
||||||||
|
14.250%, 07/25/16(D)
|
1,489 | 597 | ||||||
|
Mozambique EMATUM Finance 2020 BV
|
||||||||
|
6.305%, 09/11/20
|
3,000 | 2,730 | ||||||
|
Republic of Serbia
|
||||||||
|
5.250%, 11/21/17
|
2,000 | 1,985 | ||||||
|
United Republic of Tanzania
|
||||||||
|
6.392%, 03/09/20(C)
|
1,000 | 1,032 | ||||||
|
Total Sovereign Debt (Cost $12,213)
|
12,167 | |||||||
|
Mortgage-Backed Securities [0.3%]
|
||||||||
|
Russian Mortgage Backed Security, Ser 2006-1, Cl M15
|
||||||||
|
1.182%, 05/15/34
|
1,546 | 1,491 | ||||||
|
Sea Lane, Ser 2011-1X, Cl A
|
||||||||
|
14.265%, 02/12/16(C)
|
1,000 | 1,038 | ||||||
|
Total Mortgage-Backed Securities (Cost $2,474)
|
2,529 | |||||||
|
Sovereign Loan [0.2%]
|
||||||||
|
Kenya Ministry of Finance
|
||||||||
|
5.459%, 05/15/14
|
2,000 | 1,990 | ||||||
|
Total Sovereign Loan (Cost $1,986)
|
1,990 | |||||||
|
Description
|
Number of Warrants/Shares
|
Value (000)
|
||||||
|
Warrants [0.2%]
|
||||||||
|
Central Bank of Nigeria,
|
||||||||
|
Expires 11/15/20**
|
9,250 | $ | 1,619 | |||||
|
Total Warrants (Cost $1,666)
|
1,619 | |||||||
|
Common Stock [0.0%]
|
||||||||
|
Energy [0.0%]
|
||||||||
|
Aventine Renewable Energy Holdings **
|
3,836 | 67 | ||||||
|
Total Common Stock (Cost $0)
|
67 | |||||||
|
Short-Term Investment [16.9%]
|
||||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
156,364,044 | 156,364 | ||||||
|
Total Short-Term Investment (Cost $156,364)
|
156,364 | |||||||
|
Total Investments [100.9%] (Cost $937,378)
|
$ | 932,969 | ||||||
Percentages are based on Net Assets of $924,444 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
**
|
Non-income producing security.
|
|
(A)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2013, the value of these securities amounted to $133,236 (000), representing 14.3% of the net assets of the Fund.
|
|
(B)
|
In default on interest payments. Rate shown represents the last coupon rate prior to default.
|
|
(C)
|
Floating Rate Security — The rate reported is the rate in effect on September 30, 2013.
|
|
(D)
|
Security considered illiquid. The total value of such securities as of September 30, 2013 was $23,617 (000) and represented 2.6% of Net Assets of the Fund.
|
|
(E)
|
Step Bond — The rate reported is the rate in effect on September 30, 2013. The coupon on a step bond changes on a specific date.
|
|
(F)
|
Payment in Kind.
|
|
(G)
|
Unsettled bank loan.
|
|
(H)
|
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security at September 30, 2013 was $11,319 (000) and represented 1.2% of Net Assets of the Fund.
|
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (continued)
|
(I)
|
Security is considered restricted. The total market value of such security as of September 30, 2013 was $11,319 (000) and represented 1.2% of Net Assets of the Fund.
|
|
(J)
|
Rate shown is the effective yield at time of purchase.
|
|
(K)
|
Unfunded bank loan.
|
Cl — Class
CLO — Collateralized Loan Obligation
EUR — Euro
GBP — British Pound Sterling
HMO — Health Maintenance Organization
MTN — Medium Term Note
MXP — Mexican Peso
NOK — Norwegian Krone
SEK — Swedish Krone
Ser — Series
SPE — Special Purpose Entity
USD — United States Dollar
A list of the open forward foreign currency contracts held by the Fund at September 30, 2013, is as follows:
|
Settlement Date
|
Currency to Deliver (000)
|
Currency to Receive (000)
|
Unrealized Appreciation (Depreciation) (000)
|
|||||||||||
|
10/31/13
|
EUR
|
15,797 |
USD
|
21,341 | $ | (31 | ) | |||||||
|
10/31/13
|
GBP
|
5,435 |
USD
|
8,761 | (303 | ) | ||||||||
|
3/6/14
|
MXP
|
23,000 |
USD
|
1,735 | (1 | ) | ||||||||
|
3/6/14
|
USD
|
1,841 |
MXP
|
23,000 | (106 | ) | ||||||||
|
4/30/14
|
NOK
|
17,750 |
USD
|
2,993 | 65 | |||||||||
|
5/2/14
|
SEK
|
22,000 |
USD
|
3,318 | (88 | ) | ||||||||
| $ | (464 | ) | ||||||||||||
A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2013, is as follows:
|
Counterparty
|
Currency
to Deliver
(000)
|
Currency to Receive
(000)
|
Unrealized Depreciation
(000)
|
|||||||||
|
US Bank
|
$ | (40,080 | ) | $ | 39,883 | $ | (464 | ) | ||||
For the period ended September 30, 2013, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments and other financial instruments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$ | — | $ | 475,290 | $ | — | $ | 475,290 | ||||||||
|
Loan Participations
|
— | 249,714 | 995 | 250,709 | ||||||||||||
|
Asset-Backed Securities
|
— | — | 18,301 | 18,301 | ||||||||||||
|
Convertible Bonds
|
— | 13,933 | — | 13,933 | ||||||||||||
|
Sovereign Debt
|
— | 11,933 | 234 | 12,167 | ||||||||||||
|
Mortgage-Backed Securities
|
— | 1,491 | 1,038 | 2,529 | ||||||||||||
|
Sovereign Loan
|
— | 1,990 | — | 1,990 | ||||||||||||
|
Warrants
|
1,619 | — | — | 1,619 | ||||||||||||
|
Common Stock
|
— | 67 | — | 67 | ||||||||||||
|
Short-Term Investment
|
156,364 | — | — | 156,364 | ||||||||||||
|
Total Investments in Securities
|
$ | 157,983 | $ | 754,418 | $ | 20,568 | $ | 932,969 | ||||||||
|
|
||||||||||||||||
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Forwards Contracts*
|
||||||||||||||||
|
Unrealized Appreciation
|
$ | — | $ | 65 | $ | — | $ | 65 | ||||||||
|
Unrealized Depreciation
|
— | (529 | ) | — | (529 | ) | ||||||||||
|
Total Other Financial Instruments
|
$ | — | $ | (464 | ) | $ | — | $ | (464 | ) | ||||||
|
*
|
Forwards contracts are valued at the unrealized depreciation on the instrument.
|
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2013:
|
Investments in Loan Participations
|
Investments in Asset-Backed Securities
|
Investments in Sovereign Debt
|
Investments in Mortgage-Backed Securities
|
|||||||||||||
|
Beginning balance as of January 1, 2013
|
$ | — | $ | 17,034 | $ | — | $ | — | ||||||||
|
Accrued discounts/premiums
|
— | — | — | — | ||||||||||||
|
Realized gain/(loss)
|
— | — | — | — | ||||||||||||
|
Change in unrealized appreciation/(depreciation)
|
— | (142 | ) | — | — | |||||||||||
|
Purchases
|
— | — | — | — | ||||||||||||
|
Sales/Paydowns
|
— | (5,573 | ) | — | — | |||||||||||
|
Transfers into Level 3
|
995 | 6,982 | 234 | 1,038 | ||||||||||||
|
Transfers out of Level 3
|
— | — | — | — | ||||||||||||
|
Ending balance as of September 30, 2013
|
$ | 995 | $ | 18,301 | $ | 234 | $ | 1,038 | ||||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
|
$ | — | $ | (142 | ) | $ | — | $ | — | |||||||
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2013.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 96
schedule of investments
September 30, 2013
City National Rochdale Fixed Income Opportunities Fund (concluded)
|
Fair Value at September 30, 2013 (000)
|
Valuation Techniques
|
||||
|
BT SPE
|
$11,319
|
Discounted Cash Flow Model
|
|||
|
Observable Inputs
|
|||||
|
Accumulated Collections
|
|||||
|
Accumulated Defaults
|
|||||
|
Annualized Default Rate
|
|||||
|
Accumulated Default Rate
|
|||||
|
Pace of Collection Pace of Defaults
|
|||||
|
Interest Rates
|
|||||
|
Unobservable Inputs on Underlying Collateral
|
Range
|
||||
|
Projected Default Rates
|
5%-12%
|
||||
|
Projected Collection Rates
|
90%-100%
|
||||
|
Expected Discount Rates
|
7%-9.25%
|
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement. Increases in expected discount rates and projected collection rates in isolation would result in a higher fair value measurement while increases in projected default rates in isolation would result in a lower fair value measurement.
For the period ended September 30, 2013, the transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
schedule of investments
September 30, 2013
City National Rochdale Multi-Asset Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Exchange Traded Funds [35.3%]
|
||||||||
|
Financial Select Sector SPDR
|
34,463 | $ | 686 | |||||
|
Industrial Select Sector SPDR
|
15,496 | 719 | ||||||
|
iShares S&P MidCap 400 Index Fund
|
11,110 | 1,379 | ||||||
|
SPDR S&P 500
|
15,713 | 2,641 | ||||||
|
SPDR S&P Dividend
|
21,042 | 1,451 | ||||||
|
Technology Select Sector SPDR
|
10,722 | 343 | ||||||
|
Vanguard FTSE Europe ETF
|
29,365 | 1,601 | ||||||
|
Vanguard REIT
|
7,145 | 473 | ||||||
|
Vanguard Small Cap Value
|
14,810 | 1,518 | ||||||
|
Wisdomtree Emerging Markets Equity Income Fund
|
17,617 | 911 | ||||||
|
Total Exchange Traded Funds (Cost $10,855)
|
11,722 | |||||||
|
Unaffiliated Registered Investment Companies [26.7%]
|
||||||||
|
DoubleLine Total Return Bond Fund
|
81,784 | 900 | ||||||
|
Eaton Vance Floating Rate Advantage Fund
|
186,380 | 2,074 | ||||||
|
ING Global Real Estate Fund
|
63,404 | 1,166 | ||||||
|
Ivy High Income Fund
|
178,568 | 1,543 | ||||||
|
Vanguard Short-Term Bond Index Fund
|
303,239 | 3,193 | ||||||
|
Total Unaffiliated Registered Investment Companies (Cost $8,847)
|
8,876 | |||||||
|
Affiliated Registered Investment Companies † [18.3%]
|
||||||||
|
City National Rochdale Corporate Bond Fund, Servicing Class
|
207,343 | 2,219 | ||||||
|
City National Rochdale Government Bond Fund, Institutional Class
|
151,874 | 1,590 | ||||||
|
City National Rochdale High Yield Bond Fund, Institutional Class
|
66,420 | 570 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
City National Rochdale Limited Maturity Fixed Income Fund, Institutional Class
|
151,136 | $ | 1,686 | |||||
|
Total Affiliated Registered Investment Companies (Cost $6,100)
|
6,065 | |||||||
|
Short-Term Investments [14.6%]
|
||||||||
|
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%*†
|
2,431,887 | 2,432 | ||||||
|
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
|
2,431,579 | 2,432 | ||||||
|
Total Short-Term Investments (Cost $4,864)
|
4,864 | |||||||
|
Total Investments [94.9%] (Cost $30,666)
|
$ | 31,527 | ||||||
Percentages are based on Net Assets of $33,211 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
Cl — Class
ETF — Exchange Traded Fund
FTSE — Financial Times and Stock Exchange
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
SPDR — Standard & Poor’s Depositary Receipts
As of September 30, 2013, all of the Fund’s investments are Level 1.
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
schedule of investments
September 30, 2013
City National Rochdale Dividend & Income Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Common Stock [93.2%]‡
|
||||||||
|
Consumer Discretionary [5.1%]
|
||||||||
|
Mattel
|
87,500 | $ | 3,663 | |||||
|
McDonald's
|
29,300 | 2,819 | ||||||
|
Regal Entertainment Group, Cl A
|
74,300 | 1,410 | ||||||
|
Total Consumer Discretionary
|
7,892 | |||||||
|
Consumer Staples [25.3%]
|
||||||||
|
Altria Group
|
14,250 | 489 | ||||||
|
B&G Foods
|
64,500 | 2,228 | ||||||
|
Campbell Soup
|
15,000 | 611 | ||||||
|
Clorox
|
27,100 | 2,215 | ||||||
|
Coca-Cola
|
18,000 | 682 | ||||||
|
ConAgra Foods
|
27,800 | 843 | ||||||
|
Dr Pepper Snapple Group
|
44,900 | 2,012 | ||||||
|
General Mills
|
60,600 | 2,904 | ||||||
|
Hershey
|
17,000 | 1,573 | ||||||
|
Imperial Tobacco Group ADR
|
23,152 | 1,716 | ||||||
|
JM Smucker
|
2,600 | 273 | ||||||
|
Kellogg
|
40,500 | 2,379 | ||||||
|
Kimberly-Clark
|
17,500 | 1,649 | ||||||
|
Kraft Foods Group
|
13,194 | 692 | ||||||
|
Lancaster Colony
|
5,000 | 391 | ||||||
|
Lorillard
|
73,990 | 3,313 | ||||||
|
PepsiCo
|
8,000 | 636 | ||||||
|
Philip Morris International
|
48,600 | 4,208 | ||||||
|
Procter & Gamble
|
35,469 | 2,681 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Reynolds American
|
10,692 | $ | 522 | |||||
|
Sysco
|
61,600 | 1,961 | ||||||
|
Unilever ADR
|
22,200 | 857 | ||||||
|
Vector Group
|
125,647 | 2,023 | ||||||
|
Wal-Mart Stores
|
35,200 | 2,603 | ||||||
|
Total Consumer Staples
|
39,461 | |||||||
|
Energy [12.9%]
|
||||||||
|
Buckeye Partners
|
4,400 | 288 | ||||||
|
Chevron
|
30,683 | 3,728 | ||||||
|
ConocoPhillips
|
24,500 | 1,703 | ||||||
|
Crestwood Midstream Partners
|
25,300 | 629 | ||||||
|
Dorchester Minerals
|
9,000 | 215 | ||||||
|
Enbridge Energy Partners
|
15,000 | 457 | ||||||
|
Energy Transfer Partners
|
3,700 | 193 | ||||||
|
Enterprise Products Partners
|
31,792 | 1,940 | ||||||
|
Equities
|
13,752 | 1,220 | ||||||
|
Exxon Mobil
|
23,438 | 2,017 | ||||||
|
Kinder Morgan Energy Partners
|
5,700 | 455 | ||||||
|
NuStar Energy
|
11,250 | 451 | ||||||
|
Occidental Petroleum
|
25,500 | 2,385 | ||||||
|
ONEOK
|
18,500 | 986 | ||||||
|
ONEOK Partners
|
2,400 | 127 | ||||||
|
Penn West Petroleum
|
24,806 | 276 | ||||||
|
Plains All American Pipeline
|
44,600 | 2,349 | ||||||
|
Spectra Energy
|
4,753 | 163 | ||||||
|
TransCanada (A)
|
13,928 | 612 | ||||||
|
Total Energy
|
20,194 | |||||||
|
Financials [5.4%]
|
||||||||
|
Arthur J Gallagher
|
13,200 | 576 | ||||||
|
BB&T
|
15,000 | 506 | ||||||
|
Cincinnati Financial
|
46,700 | 2,202 | ||||||
|
FirstMerit
|
28,571 | 620 | ||||||
|
JPMorgan Chase
|
12,000 | 620 | ||||||
|
Mercury General
|
11,000 | 532 | ||||||
|
NBT Bancorp
|
25,935 | 596 | ||||||
|
People's United Financial
|
30,000 | 432 | ||||||
|
Prospect Capital
|
88,000 | 984 | ||||||
|
Select Income REIT
|
20,000 | 516 | ||||||
|
Travelers
|
6,067 | 514 | ||||||
|
US Bancorp
|
10,000 | 366 | ||||||
|
Total Financials
|
8,464 | |||||||
|
Health Care [7.9%]
|
||||||||
|
Bristol-Myers Squibb
|
62,000 | 2,869 | ||||||
|
Eli Lilly
|
43,600 | 2,195 | ||||||
|
GlaxoSmithKline ADR
|
32,000 | 1,606 | ||||||
|
Johnson & Johnson
|
34,700 | 3,008 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 99
schedule of investments
September 30, 2013
City National Rochdale Dividend & Income Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Merck
|
20,150 | $ | 959 | |||||
|
Pfizer
|
41,944 | 1,204 | ||||||
|
Zoetis, Cl A
|
13,219 | 411 | ||||||
|
Total Health Care
|
12,252 | |||||||
|
Industrials [3.2%]
|
||||||||
|
3M
|
5,400 | 645 | ||||||
|
Eaton (A)
|
36,200 | 2,492 | ||||||
|
General Dynamics
|
6,000 | 525 | ||||||
|
General Electric
|
47,000 | 1,123 | ||||||
|
Honeywell International
|
1,872 | 155 | ||||||
|
Total Industrials
|
4,940 | |||||||
|
Information Technology [3.6%]
|
||||||||
|
IBM
|
4,500 | 833 | ||||||
|
Intel
|
69,000 | 1,581 | ||||||
|
Microsoft
|
83,000 | 2,765 | ||||||
|
Paychex
|
10,000 | 407 | ||||||
|
Total Information Technology
|
5,586 | |||||||
|
Materials [3.9%]
|
||||||||
|
Dow Chemical
|
13,000 | 499 | ||||||
|
EI du Pont de Nemours
|
47,900 | 2,805 | ||||||
|
Nucor
|
15,000 | 735 | ||||||
|
Olin
|
32,000 | 738 | ||||||
|
Sonoco Products
|
24,000 | 935 | ||||||
|
Southern Copper
|
12,128 | 331 | ||||||
|
Total Materials
|
6,043 | |||||||
|
REITs [9.0%]
|
||||||||
|
Apartment Investment & Management, Cl A
|
17,229 | 481 | ||||||
|
Camden Property Trust
|
8,914 | 548 | ||||||
|
EPR Properties
|
18,200 | 887 | ||||||
|
Health Care Property Investors
|
33,546 | 1,374 | ||||||
|
Health Care REIT
|
11,612 | 724 | ||||||
|
Healthcare Realty Trust
|
17,000 | 393 | ||||||
|
Liberty Property Trust
|
17,385 | 619 | ||||||
|
Mack-Cali Realty
|
35,000 | 768 | ||||||
|
National Health Investors
|
20,000 | 1,138 | ||||||
|
National Retail Properties
|
36,500 | 1,161 | ||||||
|
Plum Creek Timber
|
24,000 | 1,124 | ||||||
|
Public Storage
|
10,000 | 252 | ||||||
|
Senior Housing Properties Trust
|
13,000 | 303 | ||||||
|
Sovran Self Storage
|
10,036 | 759 | ||||||
|
Tanger Factory Outlet Centers
|
27,984 | 914 | ||||||
|
Ventas
|
38,632 | 2,376 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Weyerhaeuser
|
9,170 | $ | 263 | |||||
|
Total REITs
|
14,084 | |||||||
|
Shipping & Transportation [0.5%]
|
||||||||
|
Fly Leasing ADR
|
57,370 | 796 | ||||||
|
Telecommunication Services [5.5%]
|
||||||||
|
AT&T
|
78,500 | 2,655 | ||||||
|
Consolidated Communications Holdings
|
90,900 | 1,567 | ||||||
|
Deutsche Telekom ADR
|
49,300 | 719 | ||||||
|
Verizon Communications
|
54,067 | 2,523 | ||||||
|
Windstream Holdings
|
136,128 | 1,089 | ||||||
|
Total Telecommunication Services
|
8,553 | |||||||
|
Utilities [10.9%]
|
||||||||
|
AmeriGas Partners
|
28,200 | 1,215 | ||||||
|
Atmos Energy
|
15,000 | 639 | ||||||
|
Brookfield Infrastructure Partners
|
20,000 | 760 | ||||||
|
Cleco
|
4,536 | 203 | ||||||
|
DTE Energy
|
10,000 | 660 | ||||||
|
Duke Energy
|
27,326 | 1,825 | ||||||
|
Entergy
|
13,700 | 866 | ||||||
|
Ferrellgas Partners
|
7,300 | 163 | ||||||
|
FirstEnergy
|
20,000 | 729 | ||||||
|
Hawaiian Electric Industries
|
24,010 | 603 | ||||||
|
National Fuel Gas
|
13,286 | 914 | ||||||
|
NiSource
|
20,000 | 618 | ||||||
|
Northeast Utilities
|
34,092 | 1,406 | ||||||
|
Northwest Natural Gas
|
8,396 | 352 | ||||||
|
OGE Energy
|
33,600 | 1,213 | ||||||
|
Pinnacle West Capital
|
25,885 | 1,417 | ||||||
|
Portland General Electric
|
12,000 | 339 | ||||||
|
PPL
|
20,000 | 607 | ||||||
|
Suburban Propane Partners
|
11,200 | 524 | ||||||
|
UIL Holdings
|
11,000 | 409 | ||||||
|
United Utilities Group ADR
|
19,318 | 434 | ||||||
|
Wisconsin Energy
|
27,500 | 1,110 | ||||||
|
Total Utilities
|
17,006 | |||||||
|
Total Common Stock (Cost $113,105)
|
145,271 | |||||||
|
Preferred Stock [0.9%]
|
||||||||
|
REITs [0.6%]
|
||||||||
|
CommonWealth
|
10,000 | 229 | ||||||
|
First Potomac Realty Trust
|
10,000 | 254 | ||||||
|
National Retail Properties
|
10,000 | 229 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
schedule of investments
September 30, 2013
City National Rochdale Dividend & Income Fund (concluded)
|
Description
|
Shares/Face Amount (000)
|
Value (000)
|
||||||
|
Public Storage
|
10,000 | $ | 228 | |||||
|
Total REITs
|
940 | |||||||
|
Telecommunication Services [0.3%]
|
||||||||
|
Qwest
|
20,000 | 494 | ||||||
|
Total Preferred Stock (Cost $1,500)
|
1,434 | |||||||
|
Asset-Backed Security [0.4%]
|
||||||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $1,611,982)
|
||||||||
|
9.250%, 06/06/16(B) (C) (D)
|
$ | 614 | 579 | |||||
|
Total Asset-Backed Security (Cost $614)
|
579 | |||||||
|
Short-Term Investments [5.2%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%*†
|
4,034,207 | 4,034 | ||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
|
4,046,656 | 4,047 | ||||||
|
Total Short-Term Investments (Cost $8,081)
|
8,081 | |||||||
|
Total Investments [99.7%] (Cost $123,300)
|
$ | 155,365 | ||||||
Percentages are based on Net Assets of $155,807 (000).
|
*
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
‡
|
Note the Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes.
|
|
†
|
Investment in Affiliate.
|
|
(A)
|
Foreign Security.
|
|
(B)
|
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2013 was $579 (000) and represented 0.4% of net assets of the Fund.
|
|
(C)
|
Security is considered illiquid. The total market value of such securities as of September 30, 2013 was $579 (000) and represented 0.4% of net assets of the Fund.
|
|
(D)
|
Security is considered restricted. The total market value of such security as of September 30, 2013 was $579 (000) and represented 0.4% of net assets of the Fund.
|
ADR — American Depositary Receipt
Cl — Class
REIT — Real Estate Investment Trust
SPE — Special Purpose Entity
The following is a list of the inputs used as of September 30, 2013 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Common Stock
|
$ | 145,271 | $ | — | $ | — | $ | 145,271 | ||||||||
|
Preferred Stock
|
951 | 483 | — | 1,434 | ||||||||||||
|
Asset-Backed Security
|
— | — | 579 | 579 | ||||||||||||
|
Short-Term Investments
|
8,081 | — | — | 8,081 | ||||||||||||
|
Total Investments in Securities
|
$ | 154,303 | $ | 483 | $ | 579 | $ | 155,365 | ||||||||
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2013:
|
Investments in Asset-Backed Security (000)
|
||||
|
Beginning balance as of January 1, 2013
|
$ | 871 | ||
|
Accrued discounts/premiums
|
— | |||
|
Realized gain/(loss)
|
— | |||
|
Change in unrealized appreciation/(depreciation)
|
(7 | ) | ||
|
Purchases
|
— | |||
|
Sales/Paydowns
|
(285 | ) | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Ending balance as of September 30, 2013
|
$ | 579 | ||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
|
$ | (7 | ) | |
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
|
Fair Value at September 30, 2013 (000)
|
Valuation Techniques
|
||||
|
BT SPE
|
$579
|
Discounted Cash Flow Model
|
|||
|
Observable Inputs
|
|||||
|
Accumulated Collections
|
|||||
|
Accumulated Defaults
|
|||||
|
Annualized Default Rate
|
|||||
|
Accumulated Default Rate
|
|||||
|
Pace of Collection Pace of Defaults
|
|||||
|
Interest Rates
|
|||||
|
Unobservable Inputs on Underlying Collateral
|
Range
|
||||
|
Projected Default Rates
|
5%-12%
|
||||
|
Projected Collection Rates
|
90%-100%
|
||||
|
Expected Discount Rates
|
7%-9.25%
|
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement. Increase in expected discount rates and projected collection rates in isolation would result in a higher fair value measurement while increases in projected default rates in isolation would result in a lower fair value measurement.
For the period ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 101
schedule of investments
September 30, 2013
City National Rochdale U.S. Core Equity Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Common Stock [96.1%]
|
||||||||
|
Aerospace & Defense [3.6%]
|
||||||||
|
Hexcel *
|
36,430 | $ | 1,413 | |||||
|
Textron
|
48,925 | 1,351 | ||||||
|
United Technologies
|
19,670 | 2,121 | ||||||
|
Total Aerospace & Defense
|
4,885 | |||||||
|
Auto Components [1.4%]
|
||||||||
|
Magna International
|
22,695 | 1,874 | ||||||
|
Biotechnology [5.3%]
|
||||||||
|
Celgene *
|
26,655 | 4,103 | ||||||
|
Gilead Sciences *
|
49,655 | 3,120 | ||||||
|
Total Biotechnology
|
7,223 | |||||||
|
Capital Markets [3.0%]
|
||||||||
|
Affiliated Managers Group *
|
8,010 | 1,463 | ||||||
|
State Street
|
38,935 | 2,560 | ||||||
|
Total Capital Markets
|
4,023 | |||||||
|
Commercial Banks [3.3%]
|
||||||||
|
M&T Bank
|
16,345 | 1,829 | ||||||
|
Wells Fargo
|
63,605 | 2,628 | ||||||
|
Total Commercial Banks
|
4,457 | |||||||
|
Communications Equipment [4.8%]
|
||||||||
|
Ciena *
|
56,525 | 1,412 | ||||||
|
Cisco Systems
|
74,220 | 1,738 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Qualcomm
|
49,865 | $ | 3,359 | |||||
|
Total Communications Equipment
|
6,509 | |||||||
|
Computers & Peripherals [5.2%]
|
||||||||
|
Apple
|
10,720 | 5,111 | ||||||
|
EMC
|
75,360 | 1,926 | ||||||
|
Total Computers & Peripherals
|
7,037 | |||||||
|
Construction & Engineering [3.0%]
|
||||||||
|
Chicago Bridge & Iron
|
33,730 | 2,286 | ||||||
|
Quanta Services *
|
62,150 | 1,710 | ||||||
|
Total Construction & Engineering
|
3,996 | |||||||
|
Consumer Finance [1.9%]
|
||||||||
|
American Express
|
33,630 | 2,540 | ||||||
|
Diversified Financial Services [4.2%]
|
||||||||
|
Citigroup
|
49,245 | 2,389 | ||||||
|
JPMorgan Chase
|
63,605 | 3,288 | ||||||
|
Total Diversified Financial Services
|
5,677 | |||||||
|
Diversified Telecommunication Services [1.3%]
|
||||||||
|
Verizon Communications
|
36,745 | 1,715 | ||||||
|
Energy Equipment & Services [5.5%]
|
||||||||
|
Cameron International *
|
28,625 | 1,671 | ||||||
|
National Oilwell Varco
|
36,745 | 2,870 | ||||||
|
Schlumberger
|
33,210 | 2,934 | ||||||
|
Total Energy Equipment & Services
|
7,475 | |||||||
|
Food & Staples Retailing [4.9%]
|
||||||||
|
Casey's General Stores
|
25,815 | 1,897 | ||||||
|
Costco Wholesale
|
19,465 | 2,241 | ||||||
|
CVS
|
44,240 | 2,511 | ||||||
|
Total Food & Staples Retailing
|
6,649 | |||||||
|
Food Products [2.2%]
|
||||||||
|
ConAgra Foods
|
35,705 | 1,083 | ||||||
|
WhiteWave Foods, Cl A
|
95,703 | 1,911 | ||||||
|
Total Food Products
|
2,994 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 102
schedule of investments
September 30, 2013
City National Rochdale U.S. Core Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Health Care Equipment & Supplies [2.5%]
|
||||||||
|
Covidien
|
26,755 | $ | 1,630 | |||||
|
Intuitive Surgical *
|
4,515 | 1,699 | ||||||
|
Total Health Care Equipment & Supplies
|
3,329 | |||||||
|
Health Care Providers & Services [1.6%]
|
||||||||
|
UnitedHealth Group
|
29,880 | 2,140 | ||||||
|
Hotels, Restaurants & Leisure [1.5%]
|
||||||||
|
Starbucks
|
26,755 | 2,059 | ||||||
|
Household Durables [1.1%]
|
||||||||
|
PulteGroup
|
91,915 | 1,517 | ||||||
|
Insurance [4.8%]
|
||||||||
|
ACE
|
16,345 | 1,529 | ||||||
|
Prudential Financial
|
40,910 | 3,190 | ||||||
|
Travelers
|
20,920 | 1,774 | ||||||
|
Total Insurance
|
6,493 | |||||||
|
Internet Software & Services [5.7%]
|
||||||||
|
eBay *
|
21,960 | 1,225 | ||||||
|
Facebook, Cl A *
|
66,100 | 3,321 | ||||||
|
Google, Cl A *
|
3,535 | 3,097 | ||||||
|
Total Internet Software & Services
|
7,643 | |||||||
|
IT Services [4.0%]
|
||||||||
|
Accenture, Cl A
|
15,505 | 1,142 | ||||||
|
Mastercard, Cl A
|
3,225 | 2,170 | ||||||
|
Visa, Cl A
|
10,830 | 2,069 | ||||||
|
Total IT Services
|
5,381 | |||||||
|
Leisure Equipment & Products [1.8%]
|
||||||||
|
Polaris Industries
|
18,635 | 2,407 | ||||||
|
Life Sciences Tools & Services [1.7%]
|
||||||||
|
Thermo Fisher Scientific
|
24,775 | 2,283 | ||||||
|
Machinery [3.4%]
|
||||||||
|
Cummins
|
17,280 | 2,296 | ||||||
|
Wabtec
|
37,475 | 2,356 | ||||||
|
Total Machinery
|
4,652 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Media [3.3%]
|
||||||||
|
Comcast, Cl A
|
51,420 | $ | 2,322 | |||||
|
DIRECTV *
|
36,015 | 2,152 | ||||||
|
Total Media
|
4,474 | |||||||
|
Oil, Gas & Consumable Fuels [4.6%]
|
||||||||
|
Continental Resources *
|
21,860 | 2,345 | ||||||
|
Exxon Mobil
|
22,595 | 1,944 | ||||||
|
Occidental Petroleum
|
21,240 | 1,987 | ||||||
|
Total Oil, Gas & Consumable Fuels
|
6,276 | |||||||
|
Paper & Forest Products [1.2%]
|
||||||||
|
International Paper
|
35,075 | 1,571 | ||||||
|
Pharmaceuticals [2.8%]
|
||||||||
|
Allergan
|
20,920 | 1,892 | ||||||
|
Mylan *
|
49,345 | 1,884 | ||||||
|
Total Pharmaceuticals
|
3,776 | |||||||
|
Professional Services [1.0%]
|
||||||||
|
Verisk Analytics, Cl A *
|
20,610 | 1,339 | ||||||
|
Real Estate Management & Development [0.7%]
|
||||||||
|
Jones Lang LaSalle
|
11,140 | 972 | ||||||
|
Road & Rail [2.5%]
|
||||||||
|
Hertz Global Holdings *
|
78,800 | 1,746 | ||||||
|
Union Pacific
|
10,830 | 1,682 | ||||||
|
Total Road & Rail
|
3,428 | |||||||
|
Specialty Retail [1.0%]
|
||||||||
|
Home Depot
|
16,865 | 1,279 | ||||||
|
Water Utilities [1.3%]
|
||||||||
|
American Water Works
|
41,960 | 1,732 | ||||||
|
Total Common Stock (Cost $110,983)
|
129,805 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
schedule of investments
September 30, 2013
City National Rochdale U.S. Core Equity Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [3.7%]
|
||||||||
|
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**†
|
2,495,068 | $ | 2,495 | |||||
|
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**
|
2,495,068 | 2,495 | ||||||
|
Total Short-Term Investments (Cost $4,990)
|
4,990 | |||||||
|
Total Investments [99.8%] (Cost $115,973)
|
$ | 134,795 | ||||||
Percentages are based on Net Assets of $135,064 (000).
|
*
|
Non-income producing security.
|
|
**
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
Cl — Class
As of September 30, 2013, all of the Fund’s investments are Level 1.
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Common Stock [98.5%]
|
||||||||
|
Aerospace & Defense [2.0%]
|
||||||||
|
Boeing
|
1,811 | $ | 213 | |||||
|
General Dynamics
|
281 | 25 | ||||||
|
Honeywell International
|
1,314 | 109 | ||||||
|
L-3 Communications Holdings, Cl 3
|
76 | 7 | ||||||
|
Lockheed Martin
|
440 | 56 | ||||||
|
Northrop Grumman
|
194 | 18 | ||||||
|
Precision Castparts
|
267 | 61 | ||||||
|
Raytheon
|
5,271 | 406 | ||||||
|
Rockwell Collins
|
226 | 15 | ||||||
|
United Technologies
|
713 | 77 | ||||||
|
Total Aerospace & Defense
|
987 | |||||||
|
Airlines [0.1%]
|
||||||||
|
Delta Air Lines
|
1,298 | 30 | ||||||
|
Southwest Airlines
|
1,839 | 27 | ||||||
|
Total Airlines
|
57 | |||||||
|
Apparel/Textiles [1.0%]
|
||||||||
|
Coach
|
5,227 | 285 | ||||||
|
Fossil *
|
130 | 15 | ||||||
|
Nike, Cl B
|
1,383 | 100 | ||||||
|
PVH
|
208 | 25 | ||||||
|
Ralph Lauren, Cl A
|
156 | 26 | ||||||
|
VF
|
226 | 45 | ||||||
|
Total Apparel/Textiles
|
496 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Auto Components [0.2%]
|
||||||||
|
BorgWarner
|
296 | $ | 30 | |||||
|
Delphi Automotive
|
726 | 42 | ||||||
|
Goodyear Tire & Rubber
|
211 | 5 | ||||||
|
Total Auto Components
|
77 | |||||||
|
Automotive [4.3%]
|
||||||||
|
AutoZone *
|
91 | 38 | ||||||
|
Ford Motor
|
37,646 | 635 | ||||||
|
General Motors *
|
1,165 | 42 | ||||||
|
Harley-Davidson
|
421 | 27 | ||||||
|
Johnson Controls
|
14,881 | 618 | ||||||
|
Paccar
|
13,411 | 747 | ||||||
|
Total Automotive
|
2,107 | |||||||
|
Banks [4.4%]
|
||||||||
|
Bank of America
|
63,767 | 880 | ||||||
|
Bank of New York Mellon
|
1,983 | 60 | ||||||
|
CIT Group *
|
11,500 | 561 | ||||||
|
Citigroup
|
2,544 | 123 | ||||||
|
Comerica
|
299 | 12 | ||||||
|
Fifth Third Bancorp
|
746 | 13 | ||||||
|
Huntington Bancshares
|
2,134 | 18 | ||||||
|
KeyCorp
|
1,566 | 18 | ||||||
|
Leucadia National
|
266 | 7 | ||||||
|
M&T Bank
|
257 | 29 | ||||||
|
Moody's
|
502 | 35 | ||||||
|
PNC Financial Services Group
|
446 | 32 | ||||||
|
State Street
|
376 | 25 | ||||||
|
SunTrust Banks
|
451 | 15 | ||||||
|
US Bancorp
|
4,724 | 173 | ||||||
|
Wells Fargo
|
4,074 | 168 | ||||||
|
Zions Bancorporation
|
473 | 13 | ||||||
|
Total Banks
|
2,182 | |||||||
|
Beauty Products [0.8%]
|
||||||||
|
Estee Lauder, Cl A
|
487 | 34 | ||||||
|
Procter & Gamble
|
4,657 | 352 | ||||||
|
Total Beauty Products
|
386 | |||||||
|
Biomedical Research & Products [0.3%]
|
||||||||
|
Celgene *
|
1,070 | 165 | ||||||
|
Biotechnology [1.6%]
|
||||||||
|
Alexion Pharmaceuticals *
|
507 | 59 | ||||||
|
Amgen
|
1,946 | 218 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Biogen Idec *
|
608 | $ | 146 | |||||
|
Gilead Sciences *
|
3,982 | 250 | ||||||
|
Regeneron Pharmaceuticals *
|
200 | 63 | ||||||
|
Vertex Pharmaceuticals *
|
600 | 45 | ||||||
|
Total Biotechnology
|
781 | |||||||
|
Broadcasting & Cable [2.7%]
|
||||||||
|
Cisco Systems
|
41,260 | 966 | ||||||
|
F5 Networks *
|
196 | 17 | ||||||
|
Harris
|
193 | 11 | ||||||
|
JDS Uniphase *
|
604 | 9 | ||||||
|
Motorola Solutions
|
198 | 12 | ||||||
|
Qualcomm
|
4,452 | 300 | ||||||
|
Total Broadcasting & Cable
|
1,315 | |||||||
|
Building & Construction [1.0%]
|
||||||||
|
DR Horton
|
729 | 14 | ||||||
|
Masco
|
918 | 19 | ||||||
|
Owens Corning *
|
12,600 | 479 | ||||||
|
Total Building & Construction
|
512 | |||||||
|
Business Services [3.2%]
|
||||||||
|
Accenture, Cl A
|
1,268 | 93 | ||||||
|
Automatic Data Processing
|
886 | 64 | ||||||
|
Cognizant Technology Solutions, Cl A *
|
781 | 64 | ||||||
|
Computer Sciences
|
285 | 15 | ||||||
|
eBay *
|
3,021 | 169 | ||||||
|
Fidelity National Information Services
|
603 | 28 | ||||||
|
Fiserv *
|
335 | 34 | ||||||
|
Mastercard, Cl A
|
267 | 180 | ||||||
|
Omnicom Group
|
459 | 29 | ||||||
|
Paychex
|
596 | 24 | ||||||
|
Total System Services
|
281 | 8 | ||||||
|
Visa, Cl A
|
1,326 | 253 | ||||||
|
Xerox
|
62,493 | 643 | ||||||
|
Total Business Services
|
1,604 | |||||||
|
Chemicals [2.1%]
|
||||||||
|
Air Products & Chemicals
|
177 | 19 | ||||||
|
Airgas
|
121 | 13 | ||||||
|
CF Industries Holdings
|
148 | 31 | ||||||
|
Dow Chemical
|
1,022 | 39 | ||||||
|
Eastman Chemical
|
396 | 31 | ||||||
|
Ecolab
|
707 | 70 | ||||||
|
EI du Pont de Nemours
|
1,576 | 92 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
FMC *
|
352 | $ | 25 | |||||
|
International Flavors & Fragrances
|
153 | 13 | ||||||
|
LyondellBasell Industries, Cl A
|
5,478 | 401 | ||||||
|
Monsanto
|
1,385 | 145 | ||||||
|
Mosaic
|
886 | 38 | ||||||
|
PPG Industries
|
371 | 62 | ||||||
|
Praxair
|
541 | 65 | ||||||
|
Sigma-Aldrich
|
224 | 19 | ||||||
|
Total Chemicals
|
1,063 | |||||||
|
Commercial Banks [1.3%]
|
||||||||
|
BB&T
|
17,790 | 600 | ||||||
|
Regions Financial
|
2,332 | 22 | ||||||
|
Total Commercial Banks
|
622 | |||||||
|
Communication & Media [3.3%]
|
||||||||
|
Cablevision Systems, Cl A
|
181 | 3 | ||||||
|
CBS, Cl B
|
1,466 | 81 | ||||||
|
Comcast, Cl A
|
6,791 | 307 | ||||||
|
DIRECTV *
|
1,321 | 79 | ||||||
|
Discovery Communications, Cl A *
|
592 | 50 | ||||||
|
Interpublic Group
|
672 | 12 | ||||||
|
McGraw-Hill
|
545 | 36 | ||||||
|
News *
|
821 | 13 | ||||||
|
Scripps Networks Interactive, Cl A
|
283 | 22 | ||||||
|
Starz *
|
19,700 | 554 | ||||||
|
Time Warner
|
2,370 | 156 | ||||||
|
Time Warner Cable, Cl A
|
738 | 82 | ||||||
|
Twenty-First Century Fox
|
5,148 | 172 | ||||||
|
Viacom, Cl B
|
796 | 67 | ||||||
|
Washington Post, Cl B
|
4 | 2 | ||||||
|
Total Communication & Media
|
1,636 | |||||||
|
Computer & Electronics Retail [0.0%]
|
||||||||
|
GameStop, Cl A
|
101 | 5 | ||||||
|
Computer Software [2.7%]
|
||||||||
|
Adobe Systems *
|
1,202 | 63 | ||||||
|
CA
|
277 | 8 | ||||||
|
Microsoft
|
28,275 | 942 | ||||||
|
Oracle
|
9,231 | 306 | ||||||
|
Symantec
|
1,328 | 33 | ||||||
|
Total Computer Software
|
1,352 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Computer System Design & Services [3.3%]
|
||||||||
|
Apple
|
2,354 | $ | 1,122 | |||||
|
Dell
|
1,238 | 17 | ||||||
|
Hewlett-Packard
|
1,617 | 34 | ||||||
|
IBM
|
1,813 | 336 | ||||||
|
NetApp
|
660 | 28 | ||||||
|
SanDisk
|
205 | 12 | ||||||
|
Seagate Technology
|
799 | 35 | ||||||
|
Teradata *
|
413 | 23 | ||||||
|
Western Digital
|
181 | 12 | ||||||
|
Total Computer System Design & Services
|
1,619 | |||||||
|
Computers & Peripherals [0.3%]
|
||||||||
|
EMC
|
5,371 | 137 | ||||||
|
Construction & Engineering [0.1%]
|
||||||||
|
Jacobs Engineering Group *
|
111 | 7 | ||||||
|
Quanta Services *
|
551 | 15 | ||||||
|
Total Construction & Engineering
|
22 | |||||||
|
Construction Materials [0.0%]
|
||||||||
|
Vulcan Materials
|
264 | 14 | ||||||
|
Consumer Products & Services [0.5%]
|
||||||||
|
Clorox
|
238 | 19 | ||||||
|
Colgate-Palmolive
|
1,698 | 101 | ||||||
|
Hasbro
|
97 | 5 | ||||||
|
Kimberly-Clark
|
711 | 67 | ||||||
|
Mattel
|
889 | 37 | ||||||
|
Total Consumer Products & Services
|
229 | |||||||
|
Containers & Packaging [0.1%]
|
||||||||
|
Avery Dennison
|
83 | 4 | ||||||
|
Ball
|
379 | 17 | ||||||
|
Bemis
|
162 | 7 | ||||||
|
Owens-Illinois *
|
141 | 4 | ||||||
|
Total Containers & Packaging
|
32 | |||||||
|
Distributors [0.0%]
|
||||||||
|
Genuine Parts
|
130 | 11 | ||||||
|
Diversified Consumer Services [0.0%]
|
||||||||
|
H&R Block
|
438 | 12 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Diversified Manufacturing [0.9%]
|
||||||||
|
3M
|
1,201 | $ | 143 | |||||
|
Danaher
|
1,129 | 78 | ||||||
|
General Electric
|
8,626 | 206 | ||||||
|
Parker Hannifin
|
128 | 14 | ||||||
|
Textron
|
239 | 7 | ||||||
|
Total Diversified Manufacturing
|
448 | |||||||
|
Diversified Metals & Mining [0.1%]
|
||||||||
|
Alcoa
|
910 | 7 | ||||||
|
Allegheny Technologies
|
91 | 3 | ||||||
|
Cliffs Natural Resources
|
131 | 3 | ||||||
|
Freeport-McMoRan Copper & Gold, Cl B
|
882 | 29 | ||||||
|
Newmont Mining
|
419 | 12 | ||||||
|
United States Steel
|
125 | 2 | ||||||
|
Total Diversified Metals & Mining
|
56 | |||||||
|
Drugs [5.1%]
|
||||||||
|
Abbott Laboratories
|
3,014 | 100 | ||||||
|
AbbVie
|
16,879 | 755 | ||||||
|
Actavis *
|
349 | 50 | ||||||
|
Allergan
|
577 | 52 | ||||||
|
AmerisourceBergen, Cl A
|
194 | 12 | ||||||
|
Bristol-Myers Squibb
|
2,996 | 139 | ||||||
|
Eli Lilly
|
2,548 | 128 | ||||||
|
Forest Laboratories *
|
199 | 9 | ||||||
|
Johnson & Johnson
|
4,970 | 431 | ||||||
|
Merck
|
7,584 | 361 | ||||||
|
Mylan *
|
981 | 37 | ||||||
|
Perrigo
|
243 | 30 | ||||||
|
Pfizer
|
12,426 | 357 | ||||||
|
Zoetis, Cl A
|
1,276 | 40 | ||||||
|
Total Drugs
|
2,501 | |||||||
|
Electrical Equipment [0.2%]
|
||||||||
|
Emerson Electric
|
1,174 | 76 | ||||||
|
Electrical Services [1.7%]
|
||||||||
|
Ameren
|
205 | 7 | ||||||
|
American Electric Power
|
409 | 18 | ||||||
|
AMETEK
|
635 | 29 | ||||||
|
CenterPoint Energy
|
361 | 9 | ||||||
|
CMS Energy
|
224 | 6 | ||||||
|
Consolidated Edison
|
245 | 13 | ||||||
|
DTE Energy
|
147 | 10 | ||||||
|
Duke Energy
|
595 | 40 | ||||||
|
Eaton
|
803 | 55 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 107
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Exelon
|
722 | $ | 21 | |||||
|
First Solar *
|
58 | 2 | ||||||
|
FirstEnergy
|
348 | 13 | ||||||
|
Integrys Energy Group
|
67 | 4 | ||||||
|
NextEra Energy
|
358 | 29 | ||||||
|
NiSource
|
263 | 8 | ||||||
|
Northeast Utilities
|
10,264 | 423 | ||||||
|
Pepco Holdings
|
209 | 4 | ||||||
|
Pinnacle West Capital
|
92 | 5 | ||||||
|
PPL
|
532 | 16 | ||||||
|
Public Service Enterprise Group
|
427 | 14 | ||||||
|
Rockwell Automation
|
275 | 30 | ||||||
|
Roper Industries
|
256 | 34 | ||||||
|
SCANA
|
119 | 5 | ||||||
|
Southern
|
733 | 30 | ||||||
|
TECO Energy
|
171 | 3 | ||||||
|
Wisconsin Energy
|
192 | 8 | ||||||
|
Xcel Energy
|
417 | 11 | ||||||
|
Total Electrical Services
|
847 | |||||||
|
Electronic Equipment & Instruments [1.8%]
|
||||||||
|
Amphenol, Cl A
|
413 | 32 | ||||||
|
Arrow Electronics *
|
16,800 | 815 | ||||||
|
FLIR Systems
|
122 | 4 | ||||||
|
Jabil Circuit
|
154 | 3 | ||||||
|
Molex
|
241 | 9 | ||||||
|
TE Connectivity
|
671 | 35 | ||||||
|
Total Electronic Equipment & Instruments
|
898 | |||||||
|
Energy [0.2%]
|
||||||||
|
Dominion Resources
|
484 | 30 | ||||||
|
Edison International
|
274 | 13 | ||||||
|
Entergy
|
149 | 9 | ||||||
|
PG&E
|
375 | 15 | ||||||
|
Sempra Energy
|
393 | 34 | ||||||
|
Total Energy
|
101 | |||||||
|
Engineering Services [0.0%]
|
||||||||
|
Fluor
|
139 | 10 | ||||||
|
Entertainment [0.6%]
|
||||||||
|
Carnival
|
345 | 11 | ||||||
|
Chipotle Mexican Grill, Cl A *
|
63 | 27 | ||||||
|
Darden Restaurants
|
110 | 5 | ||||||
|
International Game Technology
|
221 | 4 | ||||||
|
Marriott International, Cl A
|
417 | 18 | ||||||
|
Starbucks
|
1,950 | 150 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Starwood Hotels & Resorts Worldwide
|
370 | $ | 25 | |||||
|
Wyndham Worldwide
|
343 | 21 | ||||||
|
Wynn Resorts
|
211 | 33 | ||||||
|
Total Entertainment
|
294 | |||||||
|
Financial Services [2.6%]
|
||||||||
|
American Express
|
6,786 | 512 | ||||||
|
Capital One Financial
|
8,196 | 563 | ||||||
|
Charles Schwab
|
1,002 | 21 | ||||||
|
CME Group, Cl A
|
263 | 19 | ||||||
|
Discover Financial Services
|
1,244 | 63 | ||||||
|
Hudson City Bancorp
|
402 | 4 | ||||||
|
IntercontinentalExchange *
|
141 | 26 | ||||||
|
Nasdaq Stock Market
|
98 | 3 | ||||||
|
NYSE Euronext
|
206 | 9 | ||||||
|
People's United Financial
|
271 | 4 | ||||||
|
SLM
|
1,124 | 28 | ||||||
|
Western Union
|
463 | 9 | ||||||
|
Total Financial Services
|
1,261 | |||||||
|
Food, Beverage & Tobacco [2.9%]
|
||||||||
|
Beam
|
136 | 9 | ||||||
|
Brown-Forman, Cl B
|
421 | 29 | ||||||
|
Coca-Cola
|
9,775 | 370 | ||||||
|
Coca-Cola Enterprises
|
470 | 19 | ||||||
|
ConAgra Foods
|
356 | 11 | ||||||
|
Constellation Brands, Cl A *
|
430 | 25 | ||||||
|
Dr Pepper Snapple Group
|
527 | 24 | ||||||
|
General Mills
|
1,045 | 50 | ||||||
|
Kellogg Company
|
453 | 26 | ||||||
|
Molson Coors Brewing, Cl B
|
133 | 7 | ||||||
|
Monster Beverage *
|
348 | 18 | ||||||
|
PepsiCo
|
10,790 | 858 | ||||||
|
Safeway
|
205 | 6 | ||||||
|
Total Food, Beverage & Tobacco
|
1,452 | |||||||
|
Gas/Natural Gas [0.0%]
|
||||||||
|
AGL Resources
|
100 | 5 | ||||||
|
ONEOK
|
174 | 9 | ||||||
|
Total Gas/Natural Gas
|
14 | |||||||
|
Health Care Technology [0.1%]
|
||||||||
|
Cerner *
|
766 | 40 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 108
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Healthcare Products & Services [2.3%]
|
||||||||
|
Agilent Technologies
|
852 | $ | 44 | |||||
|
Cardinal Health
|
285 | 15 | ||||||
|
Humana
|
133 | 12 | ||||||
|
Life Technologies *
|
448 | 33 | ||||||
|
McKesson
|
5,952 | 764 | ||||||
|
Medtronic
|
1,696 | 90 | ||||||
|
PerkinElmer
|
288 | 11 | ||||||
|
Thermo Fisher Scientific
|
732 | 67 | ||||||
|
UnitedHealth Group
|
860 | 62 | ||||||
|
Waters *
|
161 | 17 | ||||||
|
Total Healthcare Products & Services
|
1,115 | |||||||
|
Household Furniture & Fixtures [0.2%]
|
||||||||
|
Garmin
|
104 | 5 | ||||||
|
Harman International Industries
|
58 | 4 | ||||||
|
Lennar, Cl A
|
430 | 15 | ||||||
|
Newell Rubbermaid
|
742 | 20 | ||||||
|
PulteGroup
|
899 | 15 | ||||||
|
Stanley Black & Decker
|
136 | 12 | ||||||
|
Whirlpool
|
68 | 10 | ||||||
|
Total Household Furniture & Fixtures
|
81 | |||||||
|
Independent Power Producers & Energy Trader [0.0%]
|
||||||||
|
AES
|
517 | 7 | ||||||
|
NRG Energy
|
272 | 8 | ||||||
|
Total Independent Power Producers & Energy Trader
|
15 | |||||||
|
Industrial [0.1%]
|
||||||||
|
Dun & Bradstreet
|
67 | 7 | ||||||
|
Equifax
|
310 | 19 | ||||||
|
Nielsen Holdings
|
309 | 11 | ||||||
|
Robert Half International
|
266 | 10 | ||||||
|
Total Industrial
|
47 | |||||||
|
Insurance [8.3%]
|
||||||||
|
ACE
|
286 | 27 | ||||||
|
Aetna
|
316 | 20 | ||||||
|
Aflac
|
393 | 24 | ||||||
|
Allstate
|
389 | 20 | ||||||
|
American International Group
|
18,255 | 888 | ||||||
|
Aon
|
592 | 44 | ||||||
|
Assurant
|
63 | 3 | ||||||
|
Berkshire Hathaway, Cl B *
|
7,638 | 867 | ||||||
|
Chubb
|
216 | 19 | ||||||
|
Cigna
|
239 | 18 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Cincinnati Financial
|
126 | $ | 6 | |||||
|
DaVita *
|
455 | 26 | ||||||
|
Express Scripts Holding *
|
1,449 | 90 | ||||||
|
Genworth Financial, Cl A *
|
44,923 | 575 | ||||||
|
Hartford Financial Services Group
|
390 | 12 | ||||||
|
HCC Insurance Holdings
|
10,300 | 451 | ||||||
|
Lincoln National
|
223 | 9 | ||||||
|
Loews
|
258 | 12 | ||||||
|
Marsh & McLennan
|
954 | 41 | ||||||
|
MetLife
|
17,638 | 828 | ||||||
|
Principal Financial Group
|
232 | 10 | ||||||
|
Progressive
|
466 | 13 | ||||||
|
Prudential Financial
|
765 | 60 | ||||||
|
Tenet Healthcare *
|
85 | 4 | ||||||
|
Torchmark
|
77 | 6 | ||||||
|
Travelers
|
315 | 27 | ||||||
|
Unum Group
|
224 | 7 | ||||||
|
XL Group, Cl A
|
240 | 7 | ||||||
|
Total Insurance
|
4,114 | |||||||
|
Internet & Catalog Retail [0.4%]
|
||||||||
|
Expedia
|
215 | 11 | ||||||
|
Netflix *
|
148 | 46 | ||||||
|
priceline.com *
|
132 | 133 | ||||||
|
TripAdvisor
|
288 | 22 | ||||||
|
Total Internet & Catalog Retail
|
212 | |||||||
|
Investment Banker/Broker Dealer [1.0%]
|
||||||||
|
Ameriprise Financial
|
509 | 46 | ||||||
|
BlackRock, Cl A
|
236 | 64 | ||||||
|
E*Trade Financial *
|
244 | 4 | ||||||
|
Franklin Resources
|
1,045 | 53 | ||||||
|
Goldman Sachs Group
|
353 | 56 | ||||||
|
Invesco
|
873 | 28 | ||||||
|
JPMorgan Chase
|
3,178 | 164 | ||||||
|
Legg Mason
|
92 | 3 | ||||||
|
Morgan Stanley
|
1,183 | 32 | ||||||
|
Northern Trust
|
191 | 11 | ||||||
|
T Rowe Price Group
|
667 | 48 | ||||||
|
Total Investment Banker/Broker Dealer
|
509 | |||||||
|
Machinery [1.4%]
|
||||||||
|
Caterpillar
|
535 | 45 | ||||||
|
Cummins
|
448 | 59 | ||||||
|
Deere
|
782 | 64 | ||||||
|
Dover
|
310 | 28 | ||||||
|
Flowserve
|
272 | 17 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 109
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Illinois Tool Works
|
1,071 | $ | 82 | |||||
|
Ingersoll-Rand
|
504 | 33 | ||||||
|
Joy Global
|
91 | 5 | ||||||
|
Pall
|
198 | 15 | ||||||
|
Pentair
|
346 | 22 | ||||||
|
Snap-on
|
149 | 15 | ||||||
|
Titan International
|
19,300 | 282 | ||||||
|
Xylem
|
306 | 8 | ||||||
|
Total Machinery
|
675 | |||||||
|
Medical Products & Services [5.7%]
|
||||||||
|
Bard (C.R.)
|
153 | 18 | ||||||
|
Baxter International
|
7,809 | 513 | ||||||
|
Becton Dickinson
|
332 | 33 | ||||||
|
Boston Scientific *
|
2,130 | 25 | ||||||
|
CareFusion *
|
180 | 7 | ||||||
|
Covidien
|
11,040 | 673 | ||||||
|
DENTSPLY International
|
273 | 12 | ||||||
|
Edwards Lifesciences *
|
290 | 20 | ||||||
|
Hospira *
|
6,139 | 241 | ||||||
|
Intuitive Surgical *
|
103 | 39 | ||||||
|
Laboratory Corp of America Holdings *
|
6,976 | 691 | ||||||
|
Patterson
|
11,070 | 445 | ||||||
|
Quest Diagnostics
|
128 | 8 | ||||||
|
St. Jude Medical
|
241 | 13 | ||||||
|
Stryker
|
527 | 35 | ||||||
|
Varian Medical Systems *
|
215 | 16 | ||||||
|
WellPoint
|
254 | 21 | ||||||
|
Zimmer Holdings
|
355 | 29 | ||||||
|
Total Medical Products & Services
|
2,839 | |||||||
|
Miscellaneous Manufacturing [0.0%]
|
||||||||
|
Leggett & Platt
|
370 | 11 | ||||||
|
Multi-Media [0.4%]
|
||||||||
|
Walt Disney
|
3,438 | 222 | ||||||
|
Office Furniture & Fixtures [0.4%]
|
||||||||
|
Autodesk *
|
442 | 18 | ||||||
|
Citrix Systems *
|
341 | 24 | ||||||
|
Electronic Arts *
|
261 | 7 | ||||||
|
Intuit
|
769 | 51 | ||||||
|
Red Hat *
|
469 | 22 | ||||||
|
Salesforce.com *
|
1,409 | 73 | ||||||
|
Total Office Furniture & Fixtures
|
195 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Paper & Related Products [0.8%]
|
||||||||
|
International Paper
|
377 | $ | 17 | |||||
|
MeadWestvaco
|
150 | 5 | ||||||
|
Sealed Air
|
13,122 | 357 | ||||||
|
Total Paper & Related Products
|
379 | |||||||
|
Personal Products [0.8%]
|
||||||||
|
Avon Products
|
363 | 7 | ||||||
|
Elizabeth Arden *
|
10,100 | 373 | ||||||
|
Total Personal Products
|
380 | |||||||
|
Petroleum & Fuel Products [9.8%]
|
||||||||
|
Anadarko Petroleum
|
875 | 81 | ||||||
|
Apache
|
341 | 29 | ||||||
|
Baker Hughes
|
374 | 18 | ||||||
|
Cabot Oil & Gas
|
793 | 30 | ||||||
|
Cameron International *
|
403 | 24 | ||||||
|
Chesapeake Energy
|
427 | 11 | ||||||
|
Chevron
|
1,630 | 198 | ||||||
|
ConocoPhillips
|
4,336 | 302 | ||||||
|
Consol Energy
|
190 | 6 | ||||||
|
Denbury Resources *
|
20,768 | 382 | ||||||
|
Devon Energy
|
322 | 19 | ||||||
|
Diamond Offshore Drilling
|
57 | 4 | ||||||
|
Ensco, Cl A
|
196 | 11 | ||||||
|
EOG Resources
|
711 | 120 | ||||||
|
EQT
|
248 | 22 | ||||||
|
Exxon Mobil
|
7,860 | 676 | ||||||
|
FMC Technologies *
|
386 | 21 | ||||||
|
Halliburton
|
1,350 | 65 | ||||||
|
Helmerich & Payne
|
89 | 6 | ||||||
|
Hess
|
243 | 19 | ||||||
|
Kinder Morgan
|
569 | 20 | ||||||
|
Marathon Oil
|
598 | 21 | ||||||
|
Marathon Petroleum
|
515 | 33 | ||||||
|
Murphy Oil
|
149 | 9 | ||||||
|
Nabors Industries
|
221 | 4 | ||||||
|
National Oilwell Varco
|
362 | 28 | ||||||
|
Newfield Exploration *
|
115 | 3 | ||||||
|
Noble
|
6,111 | 231 | ||||||
|
Noble Energy
|
929 | 62 | ||||||
|
Occidental Petroleum
|
681 | 64 | ||||||
|
Peabody Energy
|
225 | 4 | ||||||
|
Phillips 66
|
4,467 | 258 | ||||||
|
Pioneer Natural Resources
|
360 | 68 | ||||||
|
QEP Resources
|
150 | 4 | ||||||
|
Range Resources
|
304 | 23 | ||||||
|
Rowan, Cl A *
|
104 | 4 | ||||||
|
Schlumberger
|
2,535 | 224 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 110
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Southwestern Energy *
|
18,917 | $ | 688 | |||||
|
Spectra Energy
|
563 | 19 | ||||||
|
Tesoro
|
351 | 16 | ||||||
|
Transocean
|
6,900 | 307 | ||||||
|
Valero Energy
|
7,160 | 245 | ||||||
|
Whiting Petroleum *
|
7,000 | 419 | ||||||
|
Williams
|
1,164 | 42 | ||||||
|
WPX Energy
|
167 | 3 | ||||||
|
Total Petroleum & Fuel Products
|
4,843 | |||||||
|
Printing & Publishing [1.0%]
|
||||||||
|
ADT
|
375 | 15 | ||||||
|
Cintas
|
266 | 14 | ||||||
|
Gannett
|
377 | 10 | ||||||
|
Iron Mountain
|
293 | 8 | ||||||
|
Pitney Bowes
|
172 | 3 | ||||||
|
Republic Services, Cl A
|
229 | 8 | ||||||
|
Stericycle *
|
220 | 25 | ||||||
|
Tyco International
|
12,542 | 439 | ||||||
|
Total Printing & Publishing
|
522 | |||||||
|
Railroads [0.1%]
|
||||||||
|
CSX
|
858 | 22 | ||||||
|
Kansas City Southern
|
210 | 23 | ||||||
|
Total Railroads
|
45 | |||||||
|
Real Estate Investment Trust [1.1%]
|
||||||||
|
American Tower, Cl A
|
1,025 | 76 | ||||||
|
Apartment Investment & Management, Cl A
|
259 | 7 | ||||||
|
AvalonBay Communities
|
212 | 27 | ||||||
|
Boston Properties
|
273 | 29 | ||||||
|
Equity Residential
|
590 | 32 | ||||||
|
HCP
|
829 | 34 | ||||||
|
Health Care
|
744 | 46 | ||||||
|
Host Hotels & Resorts
|
630 | 11 | ||||||
|
Kimco Realty
|
721 | 15 | ||||||
|
Macerich
|
226 | 13 | ||||||
|
Plum Creek Timber
|
289 | 14 | ||||||
|
ProLogis
|
419 | 16 | ||||||
|
Public Storage
|
258 | 41 | ||||||
|
Simon Property Group
|
604 | 90 | ||||||
|
Ventas
|
591 | 36 | ||||||
|
Vornado Realty Trust
|
298 | 25 | ||||||
|
Weyerhaeuser
|
1,132 | 32 | ||||||
|
Total Real Estate Investment Trust
|
544 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Real Estate Management & Development [1.3%]
|
||||||||
|
Brookfield Asset Management, Cl A
|
16,900 | $ | 632 | |||||
|
CBRE Group, Cl A *
|
521 | 12 | ||||||
|
Total Real Estate Management & Development
|
644 | |||||||
|
Retail [3.3%]
|
||||||||
|
Abercrombie & Fitch, Cl A
|
64 | 2 | ||||||
|
AutoNation *
|
104 | 5 | ||||||
|
Bed Bath & Beyond *
|
376 | 29 | ||||||
|
Best Buy
|
226 | 8 | ||||||
|
CarMax *
|
434 | 21 | ||||||
|
Costco Wholesale
|
698 | 80 | ||||||
|
CVS
|
1,036 | 59 | ||||||
|
Dollar General *
|
601 | 34 | ||||||
|
Dollar Tree *
|
578 | 33 | ||||||
|
Family Dollar Stores
|
250 | 18 | ||||||
|
Gap
|
709 | 29 | ||||||
|
Home Depot
|
3,696 | 280 | ||||||
|
JC Penney *
|
157 | 1 | ||||||
|
Kohl's
|
174 | 9 | ||||||
|
Kroger
|
439 | 18 | ||||||
|
L Brands
|
632 | 39 | ||||||
|
Lowe's
|
2,725 | 130 | ||||||
|
Macy's
|
316 | 14 | ||||||
|
McDonald's
|
1,763 | 170 | ||||||
|
Nordstrom
|
375 | 21 | ||||||
|
O'Reilly Automotive *
|
279 | 36 | ||||||
|
PetSmart
|
270 | 21 | ||||||
|
Ross Stores
|
562 | 41 | ||||||
|
Sherwin-Williams
|
226 | 41 | ||||||
|
Staples
|
562 | 8 | ||||||
|
SYSCO
|
497 | 16 | ||||||
|
Target
|
531 | 34 | ||||||
|
Tiffany
|
186 | 14 | ||||||
|
TJX
|
1,854 | 105 | ||||||
|
Urban Outfitters *
|
280 | 10 | ||||||
|
Walgreen
|
725 | 39 | ||||||
|
Wal-Mart Stores
|
1,373 | 101 | ||||||
|
Whole Foods Market
|
976 | 57 | ||||||
|
Yum! Brands
|
884 | 63 | ||||||
|
Total Retail
|
1,586 | |||||||
|
Semi-Conductors [1.4%]
|
||||||||
|
Altera
|
570 | 21 | ||||||
|
Analog Devices
|
624 | 29 | ||||||
|
Applied Materials
|
3,194 | 56 | ||||||
|
Broadcom, Cl A
|
1,416 | 37 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (continued)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Intel
|
12,930 | $ | 296 | |||||
|
KLA-Tencor
|
430 | 26 | ||||||
|
Lam Research *
|
309 | 16 | ||||||
|
Linear Technology
|
471 | 19 | ||||||
|
LSI
|
1,408 | 11 | ||||||
|
Microchip Technology
|
385 | 15 | ||||||
|
Micron Technology *
|
1,636 | 29 | ||||||
|
NVIDIA
|
485 | 8 | ||||||
|
Teradyne *
|
496 | 8 | ||||||
|
Texas Instruments
|
2,102 | 85 | ||||||
|
Xilinx
|
510 | 24 | ||||||
|
Total Semi-Conductors
|
680 | |||||||
|
Steel & Steel Works [0.1%]
|
||||||||
|
Nucor
|
536 | 26 | ||||||
|
Telephones & Telecommunications [3.7%]
|
||||||||
|
AT&T
|
10,477 | 354 | ||||||
|
CenturyLink
|
505 | 16 | ||||||
|
Corning
|
35,529 | 518 | ||||||
|
Crown Castle International *
|
763 | 56 | ||||||
|
Frontier Communications
|
851 | 3 | ||||||
|
Verizon Communications
|
9,757 | 455 | ||||||
|
Vodafone Group ADR
|
12,100 | 426 | ||||||
|
Windstream Holdings
|
501 | 4 | ||||||
|
Total Telephones & Telecommunications
|
1,832 | |||||||
|
Trading Companies & Distributors [0.1%]
|
||||||||
|
Fastenal
|
706 | 36 | ||||||
|
WW Grainger
|
120 | 31 | ||||||
|
Total Trading Companies & Distributors
|
67 | |||||||
|
Transportation Services [0.8%]
|
||||||||
|
CH Robinson Worldwide
|
276 | 17 | ||||||
|
Expeditors International of Washington
|
344 | 15 | ||||||
|
FedEx
|
252 | 29 | ||||||
|
Norfolk Southern
|
263 | 20 | ||||||
|
Union Pacific
|
1,197 | 186 | ||||||
|
United Parcel Service, Cl B
|
1,252 | 114 | ||||||
|
Total Transportation Services
|
381 | |||||||
|
Trucking [0.0%]
|
||||||||
|
Ryder System
|
44 | 3 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Waste Management Services [0.0%]
|
||||||||
|
Waste Management
|
368 | $ | 15 | |||||
|
Web Portals/ISP [2.1%]
|
||||||||
|
Akamai Technologies *
|
458 | 24 | ||||||
|
Amazon.com *
|
950 | 297 | ||||||
|
Google, Cl A *
|
718 | 629 | ||||||
|
Juniper Networks *
|
421 | 8 | ||||||
|
VeriSign *
|
347 | 18 | ||||||
|
Yahoo! *
|
2,448 | 81 | ||||||
|
Total Web Portals/ISP
|
1,057 | |||||||
|
Wholesale [0.4%]
|
||||||||
|
Archer-Daniels-Midland
|
558 | 20 | ||||||
|
Campbell Soup
|
311 | 13 | ||||||
|
Hershey
|
387 | 36 | ||||||
|
Hormel Foods
|
114 | 5 | ||||||
|
JM Smucker
|
183 | 19 | ||||||
|
Kraft Foods Group
|
496 | 26 | ||||||
|
McCormick
|
341 | 22 | ||||||
|
Mead Johnson Nutrition, Cl A
|
356 | 26 | ||||||
|
Mondelez International, Cl A
|
1,517 | 48 | ||||||
|
Tyson Foods, Cl A
|
232 | 7 | ||||||
|
Total Wholesale
|
222 | |||||||
|
Total Common Stock (Cost $40,267)
|
48,682 | |||||||
|
Short-Term Investments [2.3%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%** †
|
567,564 | 567 | ||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
|
567,564 | 567 | ||||||
|
Total Short-Term Investments (Cost $1,134)
|
1,134 | |||||||
|
Total Investments [100.8%] (Cost $41,401)
|
49,816 | |||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
schedule of investments
September 30, 2013
City National Rochdale Diversified Equity Fund (concluded)
Percentages are based on Net Assets of $49,397 (000).
|
*
|
Non-income producing security.
|
|
**
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
ADR — American Depositary Receipt
Cl — Class
As of September 30, 2013, all of the Fund’s investments are Level 1.
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
schedule of investments
September 30, 2013
City National Rochdale Socially Responsible Equity Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Common Stock [97.1%]
|
||||||||
|
Apparel/Textiles [0.9%]
|
||||||||
|
Coach
|
13,500 | $ | 736 | |||||
|
Automotive [5.2%]
|
||||||||
|
Ford Motor
|
88,200 | 1,488 | ||||||
|
Johnson Controls
|
24,700 | 1,025 | ||||||
|
Paccar
|
27,000 | 1,503 | ||||||
|
Total Automotive
|
4,016 | |||||||
|
Banks [4.7%]
|
||||||||
|
Bank of America
|
130,200 | 1,797 | ||||||
|
CIT Group *
|
37,600 | 1,834 | ||||||
|
Total Banks
|
3,631 | |||||||
|
Broadcasting & Cable [2.3%]
|
||||||||
|
Cisco Systems
|
75,800 | 1,775 | ||||||
|
Building & Construction [1.8%]
|
||||||||
|
Owens Corning *
|
36,200 | 1,375 | ||||||
|
Business Services [2.5%]
|
||||||||
|
Xerox
|
185,400 | 1,908 | ||||||
|
Chemicals [1.9%]
|
||||||||
|
EI du Pont de Nemours
|
25,100 | 1,470 | ||||||
|
Commercial Banks [2.3%]
|
||||||||
|
BB&T
|
53,200 | 1,795 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Communication & Media [2.4%]
|
||||||||
|
Starz *
|
65,600 | $ | 1,845 | |||||
|
Computer Software [2.3%]
|
||||||||
|
Microsoft
|
52,700 | 1,756 | ||||||
|
Drugs [2.5%]
|
||||||||
|
AbbVie
|
42,300 | 1,892 | ||||||
|
Electrical Equipment [2.1%]
|
||||||||
|
Emerson Electric
|
13,000 | 841 | ||||||
|
Tyco International
|
21,075 | 737 | ||||||
|
Total Electrical Equipment
|
1,578 | |||||||
|
Electrical Services [4.3%]
|
||||||||
|
Eaton
|
27,200 | 1,873 | ||||||
|
Northeast Utilities
|
35,300 | 1,456 | ||||||
|
Total Electrical Services
|
3,329 | |||||||
|
Electronic Equipment & Instruments [3.1%]
|
||||||||
|
Arrow Electronics *
|
48,900 | 2,373 | ||||||
|
Financial Services [2.8%]
|
||||||||
|
American Express
|
14,400 | 1,088 | ||||||
|
CME Group, Cl A
|
14,500 | 1,071 | ||||||
|
Total Financial Services
|
2,159 | |||||||
|
Food, Beverage & Tobacco [2.6%]
|
||||||||
|
PepsiCo
|
25,200 | 2,004 | ||||||
|
Healthcare Products & Services [3.0%]
|
||||||||
|
Cardinal Health
|
15,500 | 809 | ||||||
|
McKesson
|
11,700 | 1,501 | ||||||
|
Total Healthcare Products & Services
|
2,310 | |||||||
|
Household Furniture & Fixtures [1.0%]
|
||||||||
|
Stanley Black & Decker
|
8,200 | 743 | ||||||
|
Insurance [11.3%]
|
||||||||
|
American International Group
|
48,000 | 2,334 | ||||||
|
Berkshire Hathaway, Cl B *
|
12,900 | 1,464 | ||||||
|
Chubb
|
16,900 | 1,509 | ||||||
|
Genworth Financial, Cl A *
|
151,100 | 1,933 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 114
schedule of investments
September 30, 2013
City National Rochdale Socially Responsible Equity Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
HCC Insurance Holdings
|
32,800 | $ | 1,437 | |||||
|
Total Insurance
|
8,677 | |||||||
|
Machinery [1.3%]
|
||||||||
|
Titan International
|
66,000 | 966 | ||||||
|
Medical Products & Services [10.1%]
|
||||||||
|
Baxter International
|
26,800 | 1,760 | ||||||
|
Becton Dickinson
|
10,500 | 1,050 | ||||||
|
Covidien
|
25,500 | 1,554 | ||||||
|
Laboratory Corp of America Holdings *
|
19,000 | 1,884 | ||||||
|
Patterson
|
38,600 | 1,552 | ||||||
|
Total Medical Products & Services
|
7,800 | |||||||
|
Paper & Related Products [1.4%]
|
||||||||
|
Sealed Air
|
39,300 | 1,068 | ||||||
|
Personal Products [1.5%]
|
||||||||
|
Elizabeth Arden *
|
31,100 | 1,148 | ||||||
|
Petroleum & Fuel Products [11.0%]
|
||||||||
|
ConocoPhillips
|
29,200 | 2,030 | ||||||
|
Denbury Resources *
|
84,500 | 1,556 | ||||||
|
Phillips 66
|
12,700 | 734 | ||||||
|
Southwestern Energy *
|
57,700 | 2,099 | ||||||
|
Spectra Energy
|
31,100 | 1,064 | ||||||
|
Whiting Petroleum *
|
15,300 | 916 | ||||||
|
Total Petroleum & Fuel Products
|
8,399 | |||||||
|
Property & Casualty Insurance [1.5%]
|
||||||||
|
Fidelity National Financial, Cl A
|
42,000 | 1,117 | ||||||
|
REITs [3.2%]
|
||||||||
|
Redwood Trust
|
66,400 | 1,307 | ||||||
|
Weyerhaeuser
|
39,000 | 1,117 | ||||||
|
Total REITs
|
2,424 | |||||||
|
Real Estate Management & Development [2.5%]
|
||||||||
|
Brookfield Asset Management, Cl A
|
51,000 | 1,907 | ||||||
|
Semi-Conductors [0.9%]
|
||||||||
|
Intel
|
31,600 | 724 | ||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Telephones & Telecommunications [3.7%]
|
||||||||
|
Corning
|
100,400 | $ | 1,465 | |||||
|
Vodafone Group ADR
|
38,800 | 1,365 | ||||||
|
Total Telephones & Telecommunications
|
2,830 | |||||||
|
Transportation Services [1.0%]
|
||||||||
|
United Parcel Service, Cl B
|
8,300 | 758 | ||||||
|
Total Common Stock (Cost $60,697)
|
74,513 | |||||||
|
Short-Term Investment [3.8%]
|
||||||||
|
AIM STIT-Government TaxAdvantage Portfolio, 0.020%**
|
2,959,473 | 2,959 | ||||||
|
Total Short-Term Investment (Cost $2,959)
|
2,959 | |||||||
|
Total Investments [100.9%] (Cost $63,656)
|
$ | 77,472 | ||||||
Percentages are based on Net Assets of $76,744 (000).
|
*
|
Non-income producing security.
|
|
**
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
ADR — American Depositary Receipt
Cl — Class
REIT — Real Estate Investment Trust
As of September 30, 2013, all of the Fund’s investments are Level 1.
For the year ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
schedule of investments
September 30, 2013
City National Rochdale Emerging Markets Fund
|
Description
|
Shares
|
Value (000)
|
||||||
|
Common Stock [85.8%]
|
||||||||
|
China [30.1%]
|
||||||||
|
AAC Technologies Holdings
|
1,013,700 | $ | 4,607 | |||||
|
Bank of China, Cl H
|
4,181,000 | 1,908 | ||||||
|
China Medical System Holdings
|
2,421,300 | 2,070 | ||||||
|
China Mobile
|
236,000 | 2,637 | ||||||
|
China State Construction International Holdings
|
1,362,000 | 2,191 | ||||||
|
CIMC Enric Holdings
|
3,402,000 | 4,562 | ||||||
|
Dongyue Group
|
3,719,000 | 1,808 | ||||||
|
Fufeng Group
|
551,000 | 205 | ||||||
|
Goodbaby International Holdings
|
11,429,000 | 5,747 | ||||||
|
Great Wall Motor, Cl H
|
2,035,000 | 11,033 | ||||||
|
Man Wah Holdings
|
2,004,000 | 3,137 | ||||||
|
Ping An Insurance Group of China, Cl H
|
740,000 | 5,500 | ||||||
|
Prince Frog International Holdings
|
6,044,000 | 4,224 | ||||||
|
Shanghai Fosun Pharmaceutical Group, Cl H
|
768,000 | 1,337 | ||||||
|
Shanghai Pharmaceuticals Holding, Cl H
|
1,120,400 | 2,152 | ||||||
|
Sunac China Holdings
|
5,483,000 | 3,556 | ||||||
|
Sunny Optical Technology Group
|
3,752,000 | 3,914 | ||||||
|
TCL Multimedia Technology Holdings
|
3,312,000 | 1,575 | ||||||
|
Tencent Holdings
|
207,700 | 10,894 | ||||||
|
Tingyi Cayman Islands Holding
|
1,116,000 | 2,957 | ||||||
|
XTEP International Holdings
|
11,794,500 | 5,551 | ||||||
|
Zhejiang Expressway, Cl H
|
4,594,000 | 4,229 | ||||||
|
ZTE, Cl H *
|
1,281,700 | 2,651 | ||||||
|
Total China
|
88,445 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Hong Kong [17.9%]
|
||||||||
|
Bosideng International Holdings
|
21,970,000 | $ | 5,297 | |||||
|
Chaowei Power Holdings
|
2,989,000 | 1,222 | ||||||
|
Chow Sang Sang Holdings International
|
883,000 | 2,562 | ||||||
|
CPMC Holdings
|
3,187,000 | 2,371 | ||||||
|
Freetech Road Recycling Technology Holdings *
|
383,000 | 142 | ||||||
|
Galaxy Entertainment Group *
|
1,877,000 | 13,165 | ||||||
|
Magic Holdings International
|
11,192,000 | 8,716 | ||||||
|
NagaCorp
|
11,886,600 | 10,023 | ||||||
|
SJM Holdings
|
1,531,000 | 4,303 | ||||||
|
Skyworth Digital Holdings
|
7,147,589 | 3,410 | ||||||
|
Yuzhou Properties
|
6,403,200 | 1,445 | ||||||
|
Total Hong Kong
|
52,656 | |||||||
|
India [18.0%]
|
||||||||
|
Bajaj Auto (A)
|
90,400 | 2,870 | ||||||
|
Bank of Baroda (A)
|
155,992 | 1,230 | ||||||
|
Bharti Airtel (A)
|
642,912 | 3,272 | ||||||
|
Cairn India (A)
|
275,800 | 1,405 | ||||||
|
Coal India (A)
|
516,700 | 2,430 | ||||||
|
Cognizant Technology Solutions, Cl A *
|
33,000 | 2,710 | ||||||
|
Dr. Reddy's Laboratories ADR
|
118,100 | 4,463 | ||||||
|
Emami (A)*
|
106,770 | 827 | ||||||
|
HCL Technologies (A)
|
148,402 | 2,577 | ||||||
|
HDFC Bank (A)
|
48,160 | 456 | ||||||
|
HDFC Bank ADR
|
51,800 | 1,594 | ||||||
|
ICICI Bank (A)
|
120,638 | 1,703 | ||||||
|
ICICI Bank ADR
|
128,700 | 3,923 | ||||||
|
ITC (A)
|
547,705 | 2,978 | ||||||
|
Kotak Mahindra Bank (A)*
|
92,392 | 1,001 | ||||||
|
KPIT Technologies (A)*
|
566,314 | 1,181 | ||||||
|
Persistent Systems (A)
|
106,223 | 1,075 | ||||||
|
Puravankara Projects (A)
|
619,357 | 717 | ||||||
|
Shree Cement (A)
|
21,535 | 1,418 | ||||||
|
Sobha Developers (A)*
|
480,372 | 2,157 | ||||||
|
Sun Pharmaceutical Industries (A)
|
222,160 | 2,105 | ||||||
|
Tata Global Beverages (A)
|
1,149,406 | 2,641 | ||||||
|
Tata Motors, Cl A (A)
|
462,899 | 1,210 | ||||||
|
Tata Motors ADR
|
105,500 | 2,809 | ||||||
|
Tech Mahindra (A)*
|
152,101 | 3,245 | ||||||
|
United Spirits (A)*
|
24,877 | 1,007 | ||||||
|
Total India
|
53,004 | |||||||
|
Indonesia [4.8%]
|
||||||||
|
Bank Mandiri
|
1,968,000 | 1,351 | ||||||
|
Ciputra Development
|
15,652,000 | 1,324 | ||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
schedule of investments
September 30, 2013
City National Rochdale Emerging Markets Fund (concluded)
|
Description
|
Shares
|
Value (000)
|
||||||
|
Global Mediacom
|
5,786,000 | $ | 964 | |||||
|
Lippo Karawaci *
|
21,406,000 | 2,015 | ||||||
|
Media Nusantara Citra
|
17,539,500 | 4,090 | ||||||
|
PT ACE Hardware Indonesia Tbk
|
1,000,000 | 60 | ||||||
|
Ramayana Lestari Sentosa
|
16,554,500 | 1,730 | ||||||
|
Surya Citra Media
|
5,751,000 | 1,266 | ||||||
|
United Tractors
|
900,500 | 1,268 | ||||||
|
Total Indonesia
|
14,068 | |||||||
|
Malaysia [5.3%]
|
||||||||
|
British American Tobacco Malaysia
|
43,000 | 847 | ||||||
|
Genting Malaysia
|
2,062,000 | 2,670 | ||||||
|
Magnum
|
3,733,300 | 3,745 | ||||||
|
Malayan Banking
|
1,803,217 | 5,444 | ||||||
|
Sime Darby
|
1,030,200 | 3,002 | ||||||
|
Total Malaysia
|
15,708 | |||||||
|
Philippines [3.9%]
|
||||||||
|
Bloomberry Resorts *
|
2,045,500 | 471 | ||||||
|
GT Capital Holdings
|
145,850 | 2,546 | ||||||
|
Megaworld
|
24,430,000 | 1,829 | ||||||
|
Metro Pacific Investments
|
11,719,400 | 1,211 | ||||||
|
Metropolitan Bank & Trust
|
886,782 | 1,690 | ||||||
|
SM Prime Holdings
|
7,476,775 | 2,751 | ||||||
|
Vista Land & Lifescapes
|
7,191,400 | 881 | ||||||
|
Total Philippines
|
11,379 | |||||||
|
South Korea [0.7%]
|
||||||||
|
Samsung Electronics
|
1,724 | 2,193 | ||||||
|
Thailand [5.1%]
|
||||||||
|
Bank of Ayudhya
|
1,557,200 | 1,879 | ||||||
|
Charoen Pokphand Foods
|
1,827,900 | 1,403 | ||||||
|
Krung Thai Bank
|
5,468,250 | 3,357 | ||||||
|
L.P.N. Development
|
2,200,000 | 1,442 | ||||||
|
L.P.N. Development NVDR
|
342,400 | 224 | ||||||
|
Minor International - Foreign
|
3,034,100 | 2,347 | ||||||
|
PTT Exploration & Production
|
460,812 | 2,409 | ||||||
|
Siam Cement - Foreign
|
145,000 | 1,993 | ||||||
|
Total Thailand
|
15,054 | |||||||
|
Total Common Stock (Cost $224,678)
|
252,507 | |||||||
|
Description
|
Shares
|
Value (000)
|
||||||
|
Short-Term Investments [12.8%]
|
||||||||
|
City National Rochdale Government Money Market Fund, 0.010%**†
|
24,851,814 | $ | 24,852 | |||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
|
12,693,713 | 12,694 | ||||||
|
Total Short-Term Investments (Cost $37,546)
|
37,546 | |||||||
|
Total Investments [98.6%] (Cost $262,224)
|
$ | 290,053 | ||||||
Percentages are based on Net Assets of $294,040 (000).
|
*
|
Non-income producing security.
|
|
**
|
The rate reported is the 7-day effective yield as of September 30, 2013.
|
|
†
|
Investment in Affiliate.
|
ADR — American Depositary Receipt
Cl — Class
NVDR — Non-Voting Depositary Receipt
|
(A)
|
Securities held through a Mauritius Subsidiary.
|
As of September 30, 2013, all of the Fund’s investments are Level 1.
For the period ended September 30, 2013, there have been no transfers between any of the fair value hierarchy levels. Transfers between levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 117