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

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

City National Rochdale Funds Annual Report

2	Letter to Our Shareholders
4	Fixed Income and Blended Funds Investment Adviser’s Report
8	Fixed Income and Blended Funds Overview
17	Equity Funds Investment Adviser’s Report
20	Equity Funds Overview
25	Schedule of Investments
118	Statements of Assets and Liabilities
123	Statements of Operations
128	Statements of Changes in Net Assets
134	Financial Highlights
139	Notes to Financial Statements
155	Report of Independent Registered Public Accounting Firm
156	Trustees and Officers
159	Notice to Shareholders
160	Disclosure of Fund Expenses
163	Board Approval of Advisory and Sub-Advisory Agreements

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year 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

City National Rochdale Limited Maturity Fixed Income Fund

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)

(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 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.

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)	AHLFX	-0.15%	0.88%	2.83%	2.61%
Class N(2)	AHALX	-0.49%	0.60%	2.54%	2.38%
Barclays U.S. 1-3 Year Government/Credit Bond Index	n/a	0.62%	1.08%	2.52%	2.91%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index	n/a	0.37%	0.71%	1.62%	2.58%

* 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 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.

(2) 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.

TOP TEN HOLDINGS
% OF PORTFOLIO
FNMA
0.500%, 07/02/15	7.9%
FHLMC REMIC, Ser 2004-2825, Cl VP
5.500%, 06/15/15	4.8%
FHLMC
4.375%, 07/17/15	4.3%
Southern California, Public Power Authority, Ser B, RB, AGM, ETM
6.930%, 05/15/17	3.2%
FNMA
5.000%, 03/15/16	2.9%
FNMA
1.000%, 10/16/17	2.9%
Wachovia
5.750%, 06/15/17	2.8%
America Movil
1.256%, 09/12/16	2.8%
ConocoPhillips Canada Funding I
5.625%, 10/15/16	2.8%
FHLMC
1.000%, 07/30/14	2.7%

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

fund overview (Unaudited)

September 30, 2013

City National Rochdale Government Bond Fund

The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing primarily in 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)

(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)^	CNBIX	-1.26%	0.90%	2.24%	2.61%
Institutional Class(2)^^†	CNIGX	-1.11%	1.04%	2.32%	2.65%
Class N(3)	CGBAX	-1.60%	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.

(1) Commenced operations on January 14, 2000.

(2) Commenced operations on February 1, 2012.

(3) 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.

^^ 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 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

City National Rochdale Corporate Bond Fund

The Fund seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing in a diversified portfolio of fixed income securities, 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

City National Rochdale California Tax Exempt Bond Fund

The Fund seeks to provide current income exempt from federal and California state income tax (as the primary component of a total return strategy) by investing primarily in California municipal bonds 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

City National Rochdale Full Maturity Fixed Income Fund

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

City National Rochdale High Yield Bond Fund

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

City National Rochdale Intermediate Fixed Income Fund

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

City National Rochdale Fixed Income Opportunities Fund

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

City National Rochdale Multi-Asset Fund

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

Equity Funds

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

Equity Funds (continued)

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

City National Rochdale Dividend & Income Fund

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

City National Rochdale U.S. Core Equity Fund

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

City National Rochdale Diversified Equity Fund

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

City National Rochdale Socially Responsible Equity Fund

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

City National Rochdale Emerging Markets Fund

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

City National Rochdale Government Money Market Fund

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

statements of assets and liabilities (000)

September 30, 2013

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund
ASSETS:
Cost of securities (including repurchase agreements)	$	3,642,328		$	1,256,829		$	905,296
Investments in securities, at value	$	3,299,328		$	1,201,829		$	905,296
Repurchase agreements, at value		343,000			55,000			—
Cash		—			—			17,249
Dividend and interest receivable		1,907			246			778
Receivable from Investment Advisor		214			—			55
Prepaid expenses		103			38			31
Total Assets		3,644,552			1,257,113			923,409
LIABILITIES:
Payable for income distributions		10			7			2
Payable for investment securities purchased		—			—			5,000
Investment Advisor fees payable		—			22			—
Administrative fees payable		69			24			17
Accrued expenses		503			183			131
Total Liabilities		582			236			5,150
Net Assets	$	3,643,970		$	1,256,877		$	918,259
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	3,643,971		$	1,256,892		$	918,257
Accumulated net realized gain (loss) on investments		(1	)		(15	)		2
Net Assets	$	3,643,970		$	1,256,877		$	918,259
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	11,207,249		$	—
Total shares outstanding at end of period		—			11,207,253			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	1.00		$	—
Class N Shares:
Net Assets ($Dollars)	$	3,040,395,992		$	424,972,090		$	673,208,135
Total shares outstanding at end of period		3,040,394,577			425,034,605			673,209,658
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00
Class S Shares:
Net Assets ($Dollars)	$	475,150,963		$	207,252,169		$	79,311,606
Total shares outstanding at end of period		475,152,073			207,217,823			79,307,930
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00
Servicing Class Shares^:
Net Assets ($Dollars)	$	128,422,559		$	613,445,362		$	165,739,606
Total shares outstanding at end of period		128,423,863			613,525,283			165,741,353
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

statements of assets and liabilities (000)

September 30, 2013

	City National Rochdale Limited Maturity Fixed Income Fund			City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund		City National Rochdale California Tax Exempt Bond Fund
ASSETS:
Cost of securities (including affiliated investments)	$	44,299		$	171,420		$	134,299	$	65,806
Investments in securities, at value	$	43,786		$	168,199		$	135,254	$	65,715
Affiliated investments, at value		711			4,501			1,704		997
Dividend and income receivable		289			504			1,204		694
Receivable for capital shares sold		4			1,254			405		78
Prepaid expenses		1			6			4		2
Total Assets		44,791			174,464			138,571		67,486
LIABILITIES:
Payable for income distributions		14			32			170		82
Payable for capital shares redeemed		12			514			21		18
Investment Advisor fees payable		18			56			44		13
Shareholder servicing and distribution fees payable		5			24			28		14
Administrative fees payable		1			4			3		2
Accrued expenses		6			26			21		11
Total Liabilities		56			656			287		140
Net Assets	$	44,735		$	173,808		$	138,284	$	67,346
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	46,530		$	174,253		$	134,736	$	66,460
Accumulated net realized gain (loss) on investments		(1,993	)		(1,725	)		889		(20	)
Net unrealized appreciation on investments		198			1,280			2,659		906
Net Assets	$	44,735		$	173,808		$	138,284	$	67,346
Institutional Class Shares:
Net Assets ($Dollars)	$	40,204,564		$	56,350,671		$	—	$	—
Total shares outstanding at end of period		3,603,457			5,380,579			—		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	11.16		$	10.47		$	—	$	—
Class N Shares:
Net Assets ($Dollars)	$	4,530,206		$	2,505,083		$	3,100,103	$	8,196,941
Total shares outstanding at end of period		405,808			238,813			289,443		777,798
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	11.16		$	10.49		$	10.71	$	10.54
Servicing Class Shares:
Net Assets ($Dollars)	$	—		$	114,952,532		$	135,183,559	$	59,149,155
Total shares outstanding at end of period		—			10,980,208			12,637,385		5,628,646
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	10.47		$	10.70	$	10.51

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 119

statements of assets and liabilities (000)

September 30, 2013

	City National Rochdale Full Maturity Fixed Income Fund		City National Rochdale High Yield Bond Fund		City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund
ASSETS:
Cost of securities (including affiliated investments)	$	44,787	$	158,178	$	153,541		$	937,378
Investments in securities, at value	$	44,213	$	156,790	$	150,381		$	932,969
Affiliated investments, at value		852		2,482		3,681			—
Cash		—		—		—			4,843
Cash Placed in Escrow (See Note 2)		—		—		—			5,000
Dividend and income receivable		329		3,551		1,633			11,919
Receivable for capital shares sold		59		500		255			4,347
Receivable for investment securities sold		48		872		—			7,742
Unrealized gain on forward foreign currency contracts		—		—		—			65
Prepaid expenses		—		6		11			31
Total Assets		45,501		164,201		155,961			966,916
LIABILITIES:
Payable for income distributions		66		484		—			—
Payable to custodian		—		500		—			—
Payable for capital shares redeemed		—		130		97			192
Payable for investment securities purchased		453		400		—			40,983
Unrealized loss on forward foreign currency contracts		—		—		—			529
Investment Advisor fees payable		18		75		34			247
Shareholder servicing and distribution fees payable		—		45		60			361
Administrative fees payable		1		4		4			22
Accrued expenses		6		24		26			138
Total Liabilities		544		1,662		221			42,472
Net Assets	$	44,957	$	162,539	$	155,740		$	924,444
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	44,399	$	161,118	$	158,038		$	923,923
Undistributed net investment income		—		—		18			196
Accumulated net realized gain (loss) on investments and foreign currency		280		327		(2,837	)		5,187
Net unrealized appreciation (depreciation) on:
Investments		278		1,094		521			(4,409	)
Translation of other assets and liabilities denominated in foreign currencies		—		—		—			(453	)
Net Assets	$	44,957	$	162,539	$	155,740		$	924,444
Institutional Class Shares:
Net Assets ($Dollars)	$	44,705,200	$	39,219,260	$	—		$	—
Total shares outstanding at end of period		4,290,033		4,563,617		—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.42	$	8.59	$	—		$	—
Class N Shares:
Net Assets ($Dollars)	$	252,294	$	34,370,812	$	155,740,458		$	924,443,579
Total shares outstanding at end of period		24,234		4,000,565		6,015,505			34,456,645
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.41	$	8.59	$	25.89		$	26.83
Servicing Class Shares:
Net Assets ($Dollars)	$	—	$	88,948,877	$	—		$	—
Total shares outstanding at end of period		—		10,352,430		—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—	$	8.59	$	—		$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

statements of assets and liabilities (000)

September 30, 2013

	City National Rochdale Multi-Asset Fund			City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund
ASSETS:
Cost of securities (including affiliated investments)	$	30,666		$	123,300		$	115,973
Investments in securities, at value	$	23,030		$	151,331		$	132,300
Affiliated investments, at value		8,497			4,034			2,495
Cash		22			9			—
Dividend and income receivable		50			318			89
Receivable for investment securities sold		1,661			—			—
Receivable for capital shares sold		18			344			342
Prepaid expenses		1			15			3
Total Assets		33,279			156,051			135,229
LIABILITIES:
Payable for capital shares redeemed		37			110			56
Investment Advisor fees payable		14			41			44
Shareholder servicing and distribution fees payable		11			64			44
Administrative fees payable		1			4			3
Accrued expenses		5			25			18
Total Liabilities		68			244			165
Net Assets	$	33,211		$	155,807		$	135,064
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	34,049		$	133,104		$	114,219
Undistributed (Distributions in excess of) net investment income		—			(6	)		1
Accumulated net realized gain (loss) on investments		(1,699	)		(9,356	)		2,022
Net unrealized appreciation on investments		861			32,065			18,822
Net Assets	$	33,211		$	155,807		$	135,064
Institutional Class Shares:
Net Assets ($Dollars)	$	6,307,020		$	—		$	122
Total shares outstanding at end of period		589,654			—			10
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.70		$	—		$	12.13	^
Class N Shares:
Net Assets ($Dollars)	$	21,965,974		$	155,807,284		$	66,144,930
Total shares outstanding at end of period		2,053,061			4,830,917			5,477,415
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.70		$	32.25		$	12.08
Servicing Class Shares:
Net Assets ($Dollars)	$	4,938,193		$	—		$	68,918,580
Total shares outstanding at end of period		461,054			—			5,702,084
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.71		$	—		$	12.09

Amounts designated as “—” are either $0 or have been rounded to $0.

^ Net assets divided by shares do not calculate to the stated net asset value because net assets amount is shown rounded.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

statements of assets and liabilities (000)

September 30, 2013

	City National Rochdale Diversified Equity Fund			City National Rochdale Socially Responsible Equity Fund		City National Rochdale Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	41,401		$	63,656	$	262,224
Investments in securities, at value	$	49,249		$	77,472	$	265,201
Affiliated investments, at value		567			—		24,852
Foreign currency(1)		—			—		1,782
Dividend and income receivable		43			50		480
Receivable for investment securities sold		173			1,032		231
Receivable for capital shares sold		—			38		2,701
Prepaid expenses		2			4		16
Total Assets		50,034			78,596		295,263
LIABILITIES:
Payable for capital shares redeemed		88			11		35
Payable due to custodian		—			—		67
Payable for investment securities purchased		510			1,773		813
Investment adviser fees payable		26			47		142
Shareholder servicing & distribution fees payable		4			8		115
Administrative fees payable		1			2		7
Accrued expenses		8			11		44
Total Liabilities		637			1,852		1,223
Net Assets	$	49,397		$	76,744	$	294,040
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	54,643		$	50,994	$	266,243
Undistributed net investment income		—			—		1,071
Accumulated net realized gain (loss) on investments and foreign currency		(13,661	)		11,934		(1,106	)
Net unrealized appreciation on:
Investments		8,415			13,816		27,829
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—		3
Net Assets	$	49,397		$	76,744	$	294,040
Institutional Class Shares:
Net Assets ($Dollars)	$	46,411,791		$	45,357,451	$	—
Total shares outstanding at end of period		2,871,147			3,693,425		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	16.16		$	12.28	$	—
Class N Shares:
Net Assets ($Dollars)	$	2,984,984		$	31,386,722	$	294,039,593
Total shares outstanding at end of period		184,096			2,560,388		8,588,593
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	16.21		$	12.26	$	34.24

(1) Cost of foreign currency is $1,777 (000).

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

statements of operations (000)

For the year ended September 30, 2013

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund
INCOME:
Interest Income	$	4,570		$	2,694		$	1,111
Total Investment Income		4,570			2,694			1,111
EXPENSES:
Investment Advisory Fees		8,581			3,082			2,543
Shareholder Servicing Fees — Class N(1)		17,360			2,387			4,382
Shareholder Servicing Fees — Class S(1)		2,874			1,947			558
Shareholder Servicing Fees — Servicing Class		273			1,450			386
Administration Fees		1,325			495			378
Transfer Agent Fees		346			128			97
Trustee Fees		243			91			70
Professional Fees		418			157			106
Printing Fees		167			64			46
Custody Fees		187			75			26
Registration Fees		169			62			47
Insurance and Other Expenses		288			104			78
Total Expenses		32,231			10,042			8,717
Less, Waivers of:
Investment Advisory Fees		(7,131	)		(1,741	)		(2,275	)
Shareholder Servicing Fees — Class N(1)		(17,360	)		(2,355	)		(4,381	)
Shareholder Servicing Fees — Class S(1)		(2,874	)		(1,907	)		(558	)
Shareholder Servicing Fees — Servicing Class		(273	)		(1,442	)		(386	)
Administration Fees		(298	)		(111	)		(85	)
Transfer Agent Fees(2)		(55	)		(20	)		(15	)
Net Expenses		4,240			2,466			1,017
Net Investment Income		330			228			94
Net Realized Gain (Loss) from Securities Transactions		6			(1	)		—
Net Increase in Net Assets Resulting from Operations	$	336		$	227		$	94

(1) Includes class specific distribution expenses.

(2) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 123

statements of operations (000)

For the year ended September 30, 2013

	City National Rochdale Limited Maturity Fixed Income Fund			City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund
INCOME:
Dividend Income	$	—		$	1		$	—		$	—
Interest Income		565			2,567			3,465			1,600
Total Investment Income		565			2,568			3,465			1,600
EXPENSES:
Investment Advisory Fees		245			757			549			171
Shareholder Servicing Fees — Class N(1)		24			14			15			34
Shareholder Servicing Fees — Servicing Class		—			294			336			141
Administration Fees		20			71			55			25
Transfer Agent Fees		28			18			14			7
Trustee Fees		4			13			10			5
Professional Fees		4			21			18			8
Custody Fees		3			10			8			4
Registration Fees		3			9			7			3
Printing Fees		2			9			7			3
Insurance and Other Expenses		5			15			18			6
Total Expenses		338			1,231			1,037			407
Recovery of Investment Advisory Fees Previously Waived(2)		—			23			—			7
Less, Waivers of:
Investment Advisory Fees		—			—			(1	)		(3	)
Shareholder Servicing Fees — Class N		(12	)		—			—			—
Transfer Agent Fees(3)		—			(3	)		(2	)		(1	)
Net Expenses		326			1,251			1,034			410
Net Investment Income		239			1,317			2,431			1,190
Net Realized Gain (Loss) from Securities Transactions		89			(81	)		926			81
Net Change in Unrealized Depreciation on Investments		(425	)		(3,438	)		(2,436	)		(1,430	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(97	)	$	(2,202	)	$	921		$	(159	)

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 124

statements of operations (000)

For the year ended September 30, 2013

	City National Rochdale Full Maturity Fixed			City National Rochdale High			City National Rochdale Intermediate Fixed Income Fund †					City National Rochdale Fixed Income Opportunities Fund †
	Income Fund			Yield Bond Fund			2013			2012		2013			2012
INCOME:
Dividend Income	$	—		$	27		$	486		$	380	$	—		$	—
Dividend Income from Affiliated Investments		—			1			—			—		—			—
Interest Income		1,132			12,625			3,933			4,961		40,201			42,982
Income from Securities Lending		—			—			7			29		—			—
Less: Foreign Taxes Withheld		—			—			—			—		—			(3	)
Total Investment Income		1,132			12,653			4,426			5,370		40,201			42,979
EXPENSES:
Investment Advisory Fees		229			1,080			436			455		2,745			2,902
Shareholder Servicing Fees — Class N(1)		1			230			512			455		2,544			2,206
Shareholder Servicing Fees — Servicing Class		—			203			—			—		—			—
Administration Fees		18			67			78			213		341			754
Transfer Agent Fees		25			17			22			33		115			109
Trustee Fees		3			13			10			7		51			38
Professional Fees		12			21			12			32		116			154
Custody Fees		3			10			19			42		19			210
Registration Fees		2			8			21			28		46			59
Printing Fees		2			9			4			10		24			51
Insurance and Other Expenses		5			15			16			7		83			16
Total Expenses		300			1,673			1,130			1,282		6,084			6,499
Recovery of Investment Advisory Fees Previously Waived(2)		—			9			—			5		—			—
Less, Waiver of:
Investment Advisory Fees		—			(3	)		(16	)		—		(139	)		—
Shareholder Servicing Fees — Class N		(1	)		—			—			—		—			—
Transfer Agent Fees(3)		—			(3	)		—			—		—			—
Net Expenses		299			1,676			1,114			1,287		5,945			6,499
Net Investment Income		833			10,977			3,312			4,083		34,256			36,480
Net Realized Gain (Loss) from:
Securities Transactions		413			857			(354	)		473		5,542			1,021
Foreign Currency Transactions		—			—			—			—		(61	)		(345	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,070	)		(2,333	)		(4,677	)		4,019		(18,357	)		21,698
Foreign Currency Transactions		—			—			—			—		(184	)		(312	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(824	)	$	9,501		$	(1,719	)	$	8,575	$	21,196		$	58,542

† For the nine months ended September 30, 2013 and the year ended December 31, 2012. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 125

statements of operations (000)

For the year ended September 30, 2013

	City National Rochdale			City National Rochdale Dividend & Income Fund †						City National Rochdale U.S. Core
	Multi-Asset Fund			2013			2012			Equity Fund (1)
INCOME:
Dividend Income	$	810		$	3,749		$	5,732		$	1,368
Dividend Income from Affiliated Investments		136			—			—			—
Interest Income		—			52			110			2
Less: Foreign Taxes Withheld		—			(13	)		(40	)		(6	)
Total Investment Income		946			3,788			5,802			1,364
EXPENSES:
Investment Advisory Fees		187			553			828			365
Shareholder Servicing Fees — Class N(2)		119			480			509			227
Shareholder Servicing Fees — Servicing Class		14			—			—			114
Administration Fees		15			70			205			35
Transfer Agent Fees		4			22			64			10
Trustee Fees		3			9			9			6
Professional Fees		4			10			32			16
Custody Fees		3			29			45			6
Printing Fees		2			3			19			6
Registration Fees		2			22			31			1
Insurance and Other Expenses		3			11			4			6
Total Expenses		356			1,209			1,746			792
Recovery of Investment Advisory Fees Previously Waived		—			—			6			—
Less, Waiver of:
Investment Advisory Fees		—			(23	)		—			—
Transfer Agent Fees(3)		(1	)		—			—			—
Net Expenses		355			1,186			1,752			792
Net Investment Income		591			2,602			4,050			572
Net Realized Gain (Loss) from:
Securities Transactions		1,886			4,278			(2,661	)		2,022
Affiliated Investments		91			—			—			—
Distributions of Realized Gains from Investment Company Shares		55			—			116			—
Foreign Currency Transactions		—			8			(6	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,236	)		8,298			7,411			18,822
Affiliated Investments		197			—			—			—
Net Increase in Net Assets Resulting from Operations	$	1,584		$	15,186		$	8,910		$	21,416

† For the nine months ended September 30, 2013 and the year ended December 31, 2012. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Fund’s Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

(1) Commenced operations on December 3, 2012.

(2) Includes class specific distribution expenses.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

statements of operations (000)

For the year ended September 30, 2013

	City National Rochdale Diversified			City National Rochdale Socially Responsible			City National Rochdale Emerging Markets Fund †
	Equity Fund			Equity Fund			2013			2012
INCOME:
Dividend Income	$	861		$	2,153		$	4,807		$	1,942
Interest Income		—			—			—			1
Less: Foreign Taxes Withheld		(11	)		—			(165	)		(130	)
Total Investment Income		850			2,153			4,642			1,813
EXPENSES:
Investment Advisory Fees		347			821			1,587			858
Shareholder Servicing Fees — Class N(1)		18			150			756			343
Administration Fees		18			46			92			198
Transfer Agent Fees		25			42			33			33
Trustee Fees		3			9			7			10
Professional Fees		6			12			37			29
Custody Fees		3			7			53			140
Printing Fees		2			6			9			7
Registration Fees		2			5			28			45
Insurance and Other Expenses		5			10			79			5
Total Expenses		429			1,108			2,681			1,668
Recovery of Investment Advisory Fees Previously Waived(2)		—			—			—			18
Less, Waiver of:
Investment Advisory Fees		(46	)		—			(115	)		—
Shareholder Servicing Fees — Class N		(9	)		(75	)		—			—
Net Expenses		374			1,033			2,566			1,686
Net Investment Income		476			1,120			2,076			127
Net Realized Gain (Loss) from:
Securities Transactions		3,453			22,369			1,280			(2,280	)
Foreign Currency Transactions		—			—			(985	)		(359	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,831			1,198			7,095			20,671
Foreign Currency Transactions		—			—			14			(11	)
Net Increase in Net Assets Resulting from Operations	$	7,760		$	24,687		$	9,480		$	18,148

† For the nine months ended September 30, 2013 and the year ended December 31, 2012. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Fund’s Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 127

statements of changes in net assets (000)

For the years ended September 30,

	City National Rochdale Government Money Market Fund						City National Rochdale Prime Money Market Fund (2)
	2013			2012			2013			2012
OPERATIONS:
Net Investment Income	$	330		$	333		$	228		$	209
Net Realized Gain (Loss) from Security Transactions		6			(2	)		(1	)		(2	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		336			331			227			207
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(1	)		—
Class N		(281	)		(292	)		(65	)		(54	)
Class S		(38	)		(30	)		(26	)		(28	)
Servicing Class^		(11	)		(11	)		(136	)		(127	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class^		—			—			—			—
Total Dividends and Distributions		(330	)		(333	)		(228	)		(209	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			64,765			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			(53,558	)		—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			11,207			—
Class N:
Shares Issued		4,569,767			4,477,708			958,377			788,534
Shares Issued in Lieu of Dividends and Distributions		232			237			43			37
Shares Redeemed		(4,337,676	)		(4,595,995	)		(927,483	)		(844,817	)
Increase (Decrease) in Net Assets from Class N Share Transactions		232,323			(118,050	)		30,937			(56,246	)
Class S:
Shares Issued		1,126,727			903,404			820,945			1,112,831
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(940,498	)		(905,676	)		(869,753	)		(1,121,886	)
Increase (Decrease) in Net Assets from Class S Share Transactions		186,229			(2,272	)		(48,808	)		(9,055	)
Servicing Class^:
Shares Issued		778,145			779,564			2,068,692			3,258,448
Shares Issued in Lieu of Dividends and Distributions		—			—			22			21
Shares Redeemed		(746,175	)		(734,817	)		(1,961,996	)		(3,381,990	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		31,970			44,747			106,718			(123,521	)
Net Increase (Decrease) in Net Assets from Share Transactions		450,522			(75,575	)		100,054			(188,822	)
Total Increase (Decrease) in Net Assets		450,528			(75,577	)		100,053			(188,824	)
NET ASSETS:
Beginning of Year		3,193,442			3,269,019			1,156,824			1,345,648
End of Year	$	3,643,970		$	3,193,442		$	1,256,877		$	1,156,824
Undistributed net investment income	$	—		$	—		$	—		$	—

(1) See Note 9 for shares issued and redeemed.

(2) Institutional Class commenced operations on December 19, 2012.

(3) Institutional Class commenced operations on February 1, 2012.

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund. Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares for the Government Bond Fund and Corporate Bond Fund. This share class name change had no impact on the Fund’s operations or investment policy.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 128

City National Rochdale California Tax Exempt Money Market Fund						City National Rochdale Limited Maturity Fixed Income Fund						City National Rochdale Government Bond Fund (3)						City National Rochdale Corporate Bond Fund
2013			2012			2013			2012			2013			2012			2013			2012
$	94		$	91		$	239		$	365		$	1,317		$	1,505		$	2,431		$	2,788
	—			—			89			330			(81	)		19			926			1,084
	—			—			(425	)		120			(3,438	)		638			(2,436	)		3,119
	94			91			(97	)		815			(2,202	)		2,162			921			6,991
	—			—			(288	)		(348	)		(746	)		(431	)		—			—
	(71	)		(68	)		(19	)		(41	)		(23	)		(32	)		(46	)		(51	)
	(7	)		(8	)		—			—			—			—			—			—
	(16	)		(15	)		—			—			(1,285	)		(1,969	)		(2,423	)		(2,744	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			(2	)		(20	)		(11	)
	—			—			—			—			—			(141	)		(1,056	)		(527	)
	(94	)		(91	)		(307	)		(389	)		(2,054	)		(2,575	)		(3,545	)		(3,333	)
	—			—			1,086			41,212			10,986			59,073			—			—
	—			—			87			206			720			412			—			—
	—			—			(8,747	)		(25,396	)		(9,510	)		(4,191	)		—			—
	—			—			(7,574	)		16,022			2,196			55,294			—			—
	1,060,390			1,072,087			2,071			1,021			306			410			1,782			458
	70			66			19			41			13			19			43			38
	(1,053,783	)		(1,033,785	)		(1,865	)		(3,167	)		(720	)		(392	)		(1,196	)		(514	)
	6,677			38,368			225			(2,105	)		(401	)		37			629			(18	)
	320,188			335,463			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(340,847	)		(313,714	)		—			—			—			—			—			—
	(20,659	)		21,749			—			—			—			—			—			—
	808,580			1,079,873			—			—			36,855			49,341			44,640			60,716
	—			—			—			—			604			1,378			309			1,069
	(780,506	)		(1,112,139	)		—			—			(43,783	)		(101,850	)		(40,992	)		(43,147	)
	28,074			(32,266	)		—			—			(6,324	)		(51,131	)		3,957			18,638
	14,092			27,851			(7,349	)		13,917			(4,529	)		4,200			4,586			18,620
	14,092			27,851			(7,753	)		14,343			(8,785	)		3,787			1,962			22,278
	904,167			876,316			52,488			38,145			182,593			178,806			136,322			114,044
$	918,259		$	904,167		$	44,735		$	52,488		$	173,808		$	182,593		$	138,284		$	136,322
$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 129

statements of changes in net assets (000)

For the years ended September 30,

	City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Full Maturity Fixed Income Fund
	2013			2012			2013			2012
OPERATIONS:
Net Investment Income	$	1,190		$	1,360		$	833		$	1,002
Net Realized Gain (Loss) from:
Security Transactions and Affiliated Investments		81			462			413			1,134
Distributions of Realized Gains from Investment Company Shares		—			—			—			—
Foreign Currency Transactions		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		(1,430	)		781			(2,070	)		211
Net Increase (Decrease) in Net Assets Resulting from Operations		(159	)		2,603			(824	)		2,347
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(911	)		(1,056	)
Class N		(112	)		(105	)		(5	)		(8	)
Servicing Class^		(1,078	)		(1,255	)		—			—
Realized Capital Gains:
Institutional Class		—			—			(999	)		(585	)
Class N		(55	)		(30	)		(6	)		(6	)
Servicing Class^		(474	)		(365	)		—			—
Total Dividends and Distributions		(1,719	)		(1,755	)		(1,921	)		(1,655	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			2,933
Shares Issued in Lieu of Dividends and Distributions		—			—			1,613			1,363
Shares Redeemed		—			—			(775	)		(2,282	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			838			2,014
Class N:
Shares Issued		5,757			3,425			31			94
Shares Issued in Lieu of Dividends and Distributions		106			97			11			14
Shares Redeemed		(3,552	)		(2,064	)		(79	)		(304	)
Redemption Fees		—			—			—			—
Increase (Decrease) in Net Assets from Class N Share Transactions		2,311			1,458			(37	)		(196	)
Servicing Class^:
Shares Issued		26,421			17,636			—			—
Shares Issued in Lieu of Dividends and Distributions		211			703			—			—
Shares Redeemed		(17,652	)		(20,739	)		—			—
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		8,980			(2,400	)		—			—
Net Increase (Decrease) in Net Assets from Share Transactions		11,291			(942	)		801			1,818
Total Increase (Decrease) in Net Assets		9,413			(94	)		(1,944	)		2,510
NET ASSETS:
Beginning of Year/Period		57,933			58,027			46,901			44,391
End of Year/Period	$	67,346		$	57,933		$	44,957		$	46,901
Undistributed net investment income	$	—		$	—		$	—		$	—

† For the nine months ended September 30, 2013 and the years ended December 31, 2012 and December 31, 2011. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

(1) See Note 9 for shares issued and redeemed.

(2) Institutional Class commenced operations on February 2, 2012.

(3) Institutional Class commenced operations on March 22, 2012.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

* On March 29, 2013, the Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio were reorganized into the City National Rochdale Intermediate Fixed Income Fund and City National Rochdale Fixed Income Opportunities Fund, respectively. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 130

City National Rochdale High Yield Bond Fund (2)						City National Rochdale Intermediate Fixed Income Fund †*									City National Rochdale Fixed Income Opportunities Fund †*									City National Rochdale Multi-Asset Fund (3)
2013			2012			2013			2012			2011			2013			2012			2011			2013			2012
$	10,977		$	9,712		$	3,312		$	4,083		$	3,298		$	34,256		$	36,480		$	21,099		$	591		$	864
	857			1,469			(354	)		473			816			5,542			1,021			3,394			1,977			(1,646	)
	—			—			—			—			—			—			—			—			55			39
	—			—			—			—			—			(61	)		(345	)		31			—			—
	(2,333	)		8,146			(4,677	)		4,019			(1,574	)		(18,541	)		21,386			(18,354	)		(1,039	)		4,175
	9,501			19,327			(1,719	)		8,575			2,540			21,196			58,542			6,170			1,584			3,432
	(2,806	)		(1,277	)		—			—			—			—			—			—			(150	)		(193	)
	(2,840	)		(2,482	)		(3,505	)		(4,065	)		(3,317	)		(34,355	)		(35,978	)		(20,482	)		(404	)		(470	)
	(5,350	)		(5,925	)		—			—			—			—			—			—			(113	)		(236	)
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			(52	)		(1,348	)		(5,264	)		—			—
	—			—			—			—			—			—			—			—			—			—
	(10,996	)		(9,684	)		(3,505	)		(4,065	)		(3,317	)		(34,407	)		(37,326	)		(25,746	)		(667	)		(899	)
	6,781			42,923			—			—			—			—			—			—			1,941			15,151
	2,324			1,195			—			—			—			—			—			—			150			193
	(10,577	)		(3,910	)		—			—			—			—			—			—			(8,488	)		(2,777	)
	(1,472	)		40,208			—			—			—			—			—			—			(6,397	)		12,567
	15,763			10,301			56,237			52,862			66,170			337,721			204,737			297,255			2,100			2,415
	1,427			1,589			1,718			3,348			3,006			19,896			34,855			23,868			267			303
	(21,520	)		(4,485	)		(27,350	)		(38,323	)		(36,351	)		(74,057	)		(104,410	)		(61,815	)		(6,000	)		(5,550	)
	—			—			—			5			5			—			13			15			—			—
	(4,330	)		7,405			30,605			17,892			32,830			283,560			135,195			259,323			(3,633	)		(2,832	)
	62,803			71,253			—			—			—			—			—			—			194			4,333
	674			2,062			—			—			—			—			—			—			55			189
	(47,406	)		(71,307	)		—			—			—			—			—			—			(2,692	)		(17,484	)
	16,071			2,008			—			—			—			—			—			—			(2,443	)		(12,962	)
	10,269			49,621			30,605			17,892			32,830			283,560			135,195			259,323			(12,473	)		(3,227	)
	8,774			59,264			25,381			22,402			32,053			270,349			156,411			239,747			(11,556	)		(694	)
	153,765			94,501			130,359			107,957			75,904			654,095			497,684			257,937			44,767			45,461
$	162,539		$	153,765		$	155,740		$	130,359		$	107,957		$	924,444		$	654,095		$	497,684		$	33,211		$	44,767
$	—		$	23		$	18		$	173		$	155		$	196		$	699		$	542		$	—		$	19

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 131

statements of changes in net assets (000)

For the years ended September 30,

	City National Rochdale Dividend & Income Fund †*									City National Rochdale U.S. Core Equity Fund (2)
	2013			2012			2011			2013
OPERATIONS:
Net Investment Income (Loss)	$	2,602		$	4,050		$	2,679		$	572
Net Realized Gain (Loss) from:
Security Transactions		4,278			(2,661	)		(1,399	)		2,022
Distributions of Realized Gains from Investment Company Shares		—			116			—			—
Foreign Currency Transactions		8			(6	)		1			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		8,298			7,411			5,849			18,822
Net Increase in Net Assets Resulting from Operations		15,186			8,910			7,130			21,416
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—			—
Class N		(2,296	)		(4,044	)		(2,681	)		(245	)
Servicing Class		—			—			—			(326	)
Return of Capital:
Class N		(1,135	)		(727	)		(502	)		—
Total Dividends and Distributions		(3,431	)		(4,771	)		(3,183	)		(571	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—			—
Class N:
Shares Issued		65,148			49,255			49,571			61,997
Shares Issued in Lieu of Dividends and Distributions		2,657			4,440			2,938			211
Shares Redeemed		(39,891	)		(48,715	)		(20,226	)		(6,431	)
Redemption Fees		—			7			20			—
Increase (Decrease) in Net Assets from Class N Share Transactions		27,914			4,987			32,303			55,777
Servicing Class:
Shares Issued		—			—			—			70,761
Shares Issued in Lieu of Dividends and Distributions		—			—			—			3
Shares Redeemed		—			—			—			(12,322	)
Increase in Net Assets from Servicing Class Share Transactions		—			—			—			58,442
Net Increase (Decrease) in Net Assets from Share Transactions		27,914			4,987			32,303			114,219
Total Increase (Decrease) in Net Assets		39,669			9,126			36,250			135,064
NET ASSETS:
Beginning of Year/Period		116,138			107,012			70,762			—
End of Year/Period	$	155,807		$	116,138		$	107,012		$	135,064
Undistributed (Distributions in excess of) net investment income/ Accumulated net investment loss	$	(6	)	$	502		$	555		$	1

† For the nine months ended September 30, 2013 and the years/period ended December 31, 2012 and December 31, 2011. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Dividend & Income Fund and Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

(1) See Note 9 for shares issued and redeemed.

(2) Commenced operations on December 3, 2012.

(3) Commenced operations on December 14, 2011.

* On March 29, 2013, the Rochdale Dividend & Income Portfolio and Rochdale Emerging Markets Portfolio were reorganized into the City National Rochdale Dividend & Income Fund and City National Rochdale Emerging Markets Fund, respectively. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 132

City National Rochdale Diversified Equity Fund						City National Rochdale Socially Responsible Equity Fund						City National Rochdale Emerging Markets Fund †*
2013			2012			2013			2012			2013			2012			2011(3)
$	476		$	283		$	1,120		$	1,199		$	2,076		$	127		$	(5	)
	3,453			2,951			22,369			1,279			1,280			(2,280	)		1
	—			—			—			—			—			—			—
	—			—			—			—			(985	)		(359	)		(5	)
	3,831			7,353			1,198			12,623			7,109			20,660			63
	7,760			10,587			24,687			15,101			9,480			18,148			54
	(451	)		(267	)		(887	)		(995	)		—			—			—
	(28	)		(16	)		(247	)		(204	)		—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			(67	)		—
	(479	)		(283	)		(1,134	)		(1,199	)		—			(67	)		—
	3			328			14,934			13,033			—			—			—
	426			234			887			994			—			—			—
	(153	)		(20,515	)		(68,200	)		(8,834	)		—			—			—
	276			(19,953	)		(52,379	)		5,193			—			—			—
	249			39			7,776			23,297			168,575			125,949			5,888
	28			16			246			204			—			63			—
	(1,673	)		(2,041	)		(8,192	)		(2,181	)		(20,853	)		(13,211	)		(8	)
	—			—			—			—			—			22			—
	(1,396	)		(1,986	)		(170	)		21,320			147,722			112,823			5,880
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	(1,120	)		(21,939	)		(52,549	)		26,513			147,722			112,823			5,880
	6,161			(11,635	)		(28,996	)		40,415			157,202			130,904			5,934
	43,236			54,871			105,740			65,325			136,838			5,934			—
$	49,397		$	43,236		$	76,744		$	105,740		$	294,040		$	136,838		$	5,934
$	—		$	—		$	—		$	—		$	1,071		$	(125	)	$	(5	)

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 133

financial highlights

For a Share Outstanding Throughout Each Period For the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)
City National Rochdale Government Money Market Fund
Class N (commenced operations on June 21, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	3,040,396		0.13	%		0.01	%		0.97	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			2,808,068		0.14			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			2,926,120		0.14			0.02			1.11
2010		1.00		0.000	^		(0.000	)^		1.00		0.02			2,598,035		0.19			0.02			1.12
2009		1.00		0.002			(0.002	)		1.00		0.19			2,549,147		0.47			0.21			1.13
Class S (commenced operations on October 6, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	475,151		0.12	%		0.01	%		1.11	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			288,922		0.14			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.01			291,194		0.15			0.01			1.11
2010		1.00		0.000	^		(0.000	)^		1.00		0.01			348,698		0.20			0.01			1.12
2009		1.00		0.001			(0.001	)		1.00		0.12			298,842		0.54			0.13			1.13
Servicing Class (commenced operations on April 3, 2000)^^
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	128,423		0.12	%		0.01	%		0.61	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			96,452		0.14			0.01			0.61
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			51,705		0.14			0.03			0.61
2010		1.00		0.000	^		(0.000	)^		1.00		0.04			81,050		0.17			0.04			0.62
2009		1.00		0.003			(0.003	)		1.00		0.27			123,863		0.36			0.26			0.65
City National Rochdale Prime Money Market Fund
Institutional Class (commenced operations on December 19, 2012)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.02	%	$	11,207		0.18	%		0.02	%		0.35	%
Class N (commenced operations on October 18, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.02	%	$	424,972		0.20	%		0.02	%		0.96	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			394,036		0.24			0.01			1.10
2011		1.00		0.000	^		(0.000	)^		1.00		0.03			450,282		0.25			0.03			1.10
2010		1.00		0.000	^		(0.000	)*^		1.00		0.06			432,235		0.28			0.04			1.10
2009		1.00		0.003			(0.003	)		1.00		0.33			656,769		0.61			0.39			1.15
Class S (commenced operations on October 26, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	207,252		0.21	%		0.01	%		1.09	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			256,060		0.24			0.01			1.10
2011		1.00		0.000	^		0.000	^		1.00		0.02			265,116		0.27			0.01			1.10
2010		1.00		0.000	^		(0.000	)*^		1.00		0.04			352,575		0.30			0.02			1.10
2009		1.00		0.002			(0.002	)		1.00		0.23			372,762		0.73			0.28			1.15
Servicing Class (commenced operations on March 23, 1998)^^
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.02	%	$	613,445		0.19	%		0.02	%		0.59	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			506,728		0.23			0.02			0.60
2011		1.00		0.001			(0.001	)		1.00		0.06			630,250		0.22			0.05			0.60
2010		1.00		0.001			(0.001	)*		1.00		0.09			489,980		0.24			0.08			0.60
2009		1.00		0.005			(0.005	)		1.00		0.46			543,326		0.44			0.46			0.65
City National Rochdale California Tax Exempt Money Market Fund
Class N (commenced operations on June 21, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	673,208		0.11	%		0.01	%		0.97	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			666,532		0.12			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			628,163		0.17			0.02			1.12
2010		1.00		0.000	^		(0.000	)*^		1.00		0.03			638,839		0.20			0.02			1.12
2009		1.00		0.002			(0.002	)		1.00		0.23			704,840		0.41			0.25			1.16
Class S (commenced operations on November 12, 1999)
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	79,312		0.11	%		0.01	%		1.11	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			99,970		0.12			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.01			78,221		0.17			0.01			1.12
2010		1.00		0.000	^		(0.000	)*^		1.00		0.01			48,265		0.22			0.01			1.12
2009		1.00		0.002			(0.002	)		1.00		0.17			74,396		0.54			0.26			1.16
Servicing Class (commenced operations on April 3, 2000)^^
2013	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	165,740		0.10	%		0.01	%		0.61	%
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			137,665		0.12			0.01			0.61
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			169,932		0.16			0.02			0.62
2010		1.00		0.000	^		(0.000	)*^		1.00		0.04			140,238		0.19			0.04			0.63
2009		1.00		0.003			(0.003	)		1.00		0.33			141,579		0.30			0.31			0.65

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.001.

^^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

* Includes a realized capital gain distribution of less than $0.001.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 134

	Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distri-butions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Limited Maturity Fixed Income Fund
Institutional Class (commenced operations on October 22,1988)
2013	$	11.25	$	0.06	$	(0.08	)	$	(0.07	)	$	—		$	11.16		(0.15	)%	$	40,205		0.64	%		0.51	%		0.64	%		32	%
2012		11.15		0.09		0.12			(0.11	)		—			11.25		1.88			48,141		0.68			0.85			0.68			87
2011		11.21		0.16		(0.06	)		(0.16	)		—			11.15		0.92			31,743		0.66			1.46			0.67			50
2010		11.06		0.20		0.16			(0.21	)		—			11.21		3.28			33,279		0.73			1.82			0.71			118
2009		10.49		0.30		0.57			(0.30	)		—			11.06		8.44			37,255		0.75			2.66			0.76			98
Class N (commenced operations on October 22, 2004)
2013	$	11.26	$	0.03	$	(0.08	)	$	(0.05	)	$	—		$	11.16		(0.49	)%	$	4,530		0.89	%		0.26	%		1.14	%		32	%
2012		11.15		0.08		0.11			(0.08	)		—			11.26		1.71			4,347		0.94			0.69			1.19			87
2011		11.22		0.14		(0.08	)		(0.13	)		—			11.15		0.58			6,402		0.91			1.21			1.17			50
2010		11.07		0.16		0.17			(0.18	)		—			11.22		3.04			9,262		0.98			1.48			1.22			118
2009		10.51		0.27		0.57			(0.28	)		—			11.07		8.07			1,471		1.00			2.29			1.24			98
City National Rochdale Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
2013	$	10.73	$	0.11	$	(0.23	)	$	(0.14	)	$	—		$	10.47		(1.11	)%	$	56,351		0.54	%		1.03	%		0.52	%		28	%
2012		10.75		0.05		0.04			(0.11	)		—			10.73		0.01			55,502		0.55			0.96			0.53			55
Class N (commenced operations on April 13, 2000)
2013	$	10.75	$	0.04	$	(0.21	)	$	(0.09	)	$	—		$	10.49		(1.60	)%	$	2,505		1.03	%		0.38	%		1.02	%		28	%
2012		10.77		0.06		0.05			(0.12	)		(0.01	)		10.75		0.01			2,970		1.03			0.56			1.03			55
2011		10.68		0.12		0.15			(0.18	)		—			10.77		2.60			2,940		0.95			1.17			1.03			86
2010		10.60		0.16		0.16			(0.24	)		—			10.68		3.10			3,251		0.95			1.57			1.03			93
2009		10.42		0.32		0.18			(0.32	)		—			10.60		4.91			3,109		0.95			3.04			1.02			85
Servicing Class (commenced operations on January 14, 2000)^
2013	$	10.72	$	0.07	$	(0.20	)	$	(0.12	)	$	—		$	10.47		(1.26	)%	$	114,953		0.79	%		0.62	%		0.77	%		28	%
2012		10.75		0.09		0.03			(0.14	)		(0.01	)		10.72		0.01			124,121		0.77			0.83			0.78			55
2011		10.66		0.15		0.15			(0.21	)		—			10.75		2.86			175,866		0.70			1.40			0.78			86
2010		10.58		0.19		0.16			(0.27	)		—			10.66		3.37			155,376		0.70			1.81			0.78			93
2009		10.40		0.35		0.18			(0.35	)		—			10.58		5.18			71,966		0.70			3.29			0.77			85
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
2013	$	10.91	$	0.16	$	(0.10	)	$	(0.17	)	$	(0.09	)	$	10.71		0.49	%	$	3,100		1.00	%		1.51	%		1.00	%		29	%
2012		10.59		0.22		0.37			(0.22	)		(0.05	)		10.91		0.06			2,535		1.00			2.05			1.00			31
2011		10.89		0.29		(0.30	)		(0.29	)		—			10.59		(0.10	)		2,481		1.00			2.69			1.00			40
2010		10.57		0.33		0.32			(0.33	)		—			10.89		6.23			2,384		0.99			3.05			1.00			28
2009		9.77		0.36		0.81			(0.37	)		—			10.57		12.19			995		0.99			3.59			1.00			30
Servicing Class (commenced operations on January 14, 2000)^
2013	$	10.90	$	0.19	$	(0.11	)	$	(0.19	)	$	(0.09	)	$	10.70		0.75	%	$	135,184		0.75	%		1.77	%		0.75	%		29	%
2012		10.58		0.25		0.37			(0.25	)		(0.05	)		10.90		0.06			133,787		0.75			2.30			0.75			31
2011		10.88		0.32		(0.30	)		(0.32	)		—			10.58		0.15			111,563		0.75			2.94			0.75			40
2010		10.56		0.35		0.32			(0.35	)		—			10.88		6.50			105,571		0.74			3.32			0.75			28
2009		9.76		0.39		0.80			(0.39	)		—			10.56		12.48			88,897		0.74			3.88			0.75			30
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
2013	$	10.86	$	0.18	$	(0.22	)	$	(0.18	)	$	(0.10	)	$	10.54		(0.45	)%	$	8,197		0.87	%		1.64	%		0.86	%		34	%
2012		10.70		0.22		0.23			(0.22	)		(0.07	)		10.86		4.32			6,093		0.83			2.07			0.86			27
2011		10.73		0.26		0.01			(0.26	)		(0.04	)		10.70		2.65			4,563		0.75			2.46			0.87			26
2010		10.60		0.29		0.13			(0.29	)		—			10.73		4.06			3,309		0.75			2.75			0.87			28
2009		10.09		0.30		0.51			(0.30	)		—			10.60		8.15			1,902		0.75			2.92			0.87			50
Servicing Class (commenced operations on January 14, 2000)^
2013	$	10.83	$	0.20	$	(0.22	)	$	(0.20	)	$	(0.10	)	$	10.51		(0.20	)%	$	59,149		0.62	%		1.91	%		0.62	%		34	%
2012		10.67		0.25		0.23			(0.25	)		(0.07	)		10.83		4.59			51,840		0.58			2.34			0.61			27
2011		10.70		0.29		0.01			(0.29	)		(0.04	)		10.67		2.92			53,464		0.50			2.73			0.62			26
2010		10.57		0.32		0.13			(0.32	)		—			10.70		4.34			40,457		0.50			3.03			0.62			28
2009		10.06		0.33		0.51			(0.33	)		—			10.57		8.45			38,581		0.50			3.18			0.61			50

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 135

financial highlights

For a Share Outstanding Throughout Each Period For the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distr-ibutions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Full Maturity Fixed Income Fund
Institutional Class (commenced operations on October 20, 1988)
2013	$	11.06	$	0.19	$	(0.38	)	$	(0.21	)	$	(0.24	)	$	10.42		(1.78	)%	$	44,705		0.65	%		1.82	%		0.65	%		39	%
2012		10.91		0.24		0.30			(0.25	)		(0.14	)		11.06		5.11			46,595		0.68			2.16			0.68			68
2011		10.91		0.29		0.07			(0.30	)		(0.06	)		10.91		3.36			43,894		0.66			2.70			0.67			43
2010		10.46		0.36		0.50			(0.36	)		(0.05	)		10.91		8.48			45,756		0.70			3.40			0.71			63
2009		9.90		0.40		0.56			(0.40	)		—			10.46		9.95			39,495		0.75			3.97			0.75			56
Class N (commenced operations on May 11, 2004)
2013	$	11.05	$	0.17	$	(0.38	)	$	(0.19	)	$	(0.24	)	$	10.41		(2.02	)%	$	252		0.90	%		1.57	%		1.15	%		39	%
2012		10.90		0.21		0.30			(0.22	)		(0.14	)		11.05		4.85			306		0.93			1.94			1.18			68
2011		10.90		0.26		0.07			(0.27	)		(0.06	)		10.90		3.10			497		0.91			2.46			1.17			43
2010		10.46		0.33		0.50			(0.34	)		(0.05	)		10.90		8.12			3,818		0.95			3.08			1.21			63
2009		9.89		0.39		0.56			(0.38	)		—			10.46		9.79			1,086		1.00			3.70			1.26			56
City National Rochdale High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
2013	$	8.64	$	0.60	$	(0.05	)	$	(0.60	)	$	—		$	8.59		6.49	%	$	39,219		0.75	%		6.87	%		0.75	%		56	%
2012		8.39		0.43		0.26			(0.44	)		—			8.64		8.39			40,891		0.85			7.66			0.85			41
Class N (commenced operations on January 14, 2000)
2013	$	8.64	$	0.56	$	(0.05	)	$	(0.56	)	$	—		$	8.59		5.95	%	$	34,371		1.27	%		6.37	%		1.26	%		56	%
2012		7.98		0.62		0.66			(0.62	)		—			8.64		16.56			38,629		1.38			7.43			1.39			41
2011		8.31		0.69		(0.33	)		(0.69	)		—			7.98		4.14			28,672		1.30			8.12			1.40			56
2010		7.56		0.70		0.74			(0.69	)		—			8.31		19.81			24,010		1.30			8.68			1.40			87
2009		7.40		0.60		0.18			(0.62	)		—			7.56		12.61			19,637		1.30			9.43			1.40			59
Servicing Class (commenced operations on January 14, 2000)^
2013	$	8.63	$	0.58	$	(0.04	)	$	(0.58	)	$	—		$	8.59		6.35	%	$	88,949		0.99	%		6.58	%		0.99	%		56	%
2012		7.98		0.65		0.65			(0.65	)		—			8.63		16.77			74,245		1.08			7.76			1.09			41
2011		8.31		0.72		(0.33	)		(0.72	)		—			7.98		4.45			65,829		1.00			8.43			1.10			56
2010		7.56		0.72		0.75			(0.72	)		—			8.31		20.17			33,845		1.00			8.89			1.10			87
2009		7.40		0.62		0.18			(0.64	)		—			7.56		12.94			16,355		1.00			9.75			1.10			59
City National Rochdale Intermediate Fixed Income Fund
Class N (commenced operations on December 31, 1999)
2013*	$	26.76	$	0.60	$	(0.85	)	$	(0.62	)	$	—		$	25.89		(0.96	)%	$	155,740		1.02	%		3.04	%		1.04	%		21	%
2012		25.68		0.95		1.08			(0.95	)		—			26.76		7.99			130,359		1.13			3.59			1.12			26
2011		25.89		0.97		(0.23	)		(0.95	)		—			25.68		2.88			107,957		1.15			3.74			1.15			58
2010		25.11		0.95		0.79			(0.96	)		—			25.89		7.01			75,900		1.15			3.79			1.12			52
2009		24.68		0.95		0.44			(0.96	)		—			25.11		5.77			61,600		1.12			3.99			1.22			70
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
2013*	$	27.20	$	1.28	$	(0.43	)	$	(1.22	)	$	—	^^	$	26.83		3.16	%	$	924,444		1.08	%		6.24	%		1.11	%		52	%
2012		26.16		1.70		1.04			(1.64	)		(0.06	)		27.20		10.70			654,095		1.12			6.29			1.12			41
2011		27.34		1.58		(1.02	)		(1.45	)		(0.29	)		26.16		2.04			497,684		1.16			5.80			1.16			60
2010		26.56		1.79		1.07			(1.79	)		(0.29	)		27.34		11.10			257,900		1.18			6.60			1.18			62
2009		25.00		0.76		1.38			(0.52	)		(0.06	)		26.56		8.60			166,200		1.21			5.82			1.21			22

* For the nine months ended September 30, 2013 and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 136

	Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Redem-ption Fees		Dividends from Net Investment Income			Distri-butions from Realized Capital Gains		Distri-butions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Multi-Asset Fund
Institutional Class (commenced operations on March 22, 2012)
2013	$	10.44	$	0.20	$	0.29		$	—	$	(0.23	)	$	—	$	—		$	10.70		4.79	%	$	6,307		0.59	%		1.85	%		0.59	%		56	%
2012		10.45		0.12		0.03			—		(0.16	)		—		—			10.44		1.45			12,536		0.59			2.17			0.61			89
Class N (commenced operations on October 1, 2007)
2013	$	10.44	$	0.15	$	0.29		$	—	$	(0.18	)	$	—	$	—		$	10.70		4.25	%	$	21,966		1.09	%		1.45	%		1.10	%		56	%
2012		9.88		0.18		0.57			—		(0.19	)		—		—			10.44		7.61			25,001		1.09			1.72			1.10			89
2011		10.36		0.17		(0.48	)		—		(0.17	)		—		—			9.88		(3.11	)		26,377		1.09			1.57			1.10			67
2010		9.86		0.17		0.50			—		(0.17	)		—		—			10.36		6.89			22,019		1.09			1.69			1.10			76
2009		9.69		0.13		0.18			—		(0.14	)		—		—			9.86		3.29			16,837		1.09			1.46			1.10			94
Servicing Class (commenced operations on October 1, 2007)^^
2013	$	10.45	$	0.18	$	0.29		$	—	$	(0.21	)	$	—	$	—		$	10.71		4.51	%	$	4,938		0.84	%		1.70	%		0.84	%		56	%
2012		9.88		0.20		0.57			—		(0.20	)		—		—			10.45		7.89			7,230		0.84			1.99			0.84			89
2011		10.37		0.19		(0.48	)		—		(0.20	)		—		—			9.88		(2.97	)		19,084		0.84			1.76			0.85			67
2010		9.87		0.20		0.50			—		(0.20	)		—		—			10.37		7.15			11,258		0.84			1.96			0.85			76
2009		9.70		0.15		0.18			—		(0.16	)		—		—			9.87		3.54			8,423		0.83			1.71			0.84			94
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
2013*	$	29.07	$	0.62	$	3.37		$	—	$	(0.54	)	$	—	$	(0.27	)	$	32.25		13.74	%	$	155,807		1.16	%		2.55	%		1.19	%		17	%
2012		28.06		0.92		1.17			—		(0.92	)		—		(0.16	)		29.07		7.49			116,138		1.38			3.18			1.37			13
2011		26.73		0.90		1.46			0.01		(0.88	)		—		(0.16	)		28.06		9.02			107,012		1.40			3.27			1.40			21
2010		23.71		0.82		3.24			—		(0.81	)		—		(0.23	)		26.73		17.48			70,800		1.35			3.29			1.35			16
2009		20.87		0.90		2.94			—		(0.87	)		—		(0.13	)		23.71		19.21			59,100		1.47			4.25			1.48			16
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
2013	$	10.00	$	0.14	$	2.08		$	—	$	(0.09	)	$	—	$	—		$	12.13		22.23	%	$	—		0.00	%	(3)	1.57	%		0.00	%	(3)	32	%
Class N (commenced operations on December 3, 2012)
2013	$	10.00	$	0.05	$	2.08		$	—	$	(0.05	)	$	—	$	—		$	12.08		21.33	%		66,145		0.99	%		0.52	%		0.99	%		32	%
Servicing Class (commenced operations on December 3, 2012)
2013	$	10.00	$	0.07	$	2.08		$	—	$	(0.06	)	$	—	$	—		$	12.09		21.60	%		68,919		0.74	%		0.73	%		0.74	%		32	%
City National Rochdale Diversified Equity Fund
Institutional Class (commenced operations on October 20, 1988)
2013	$	13.82	$	0.16	$	2.34		$	—	$	(0.16	)	$	—	$	—		$	16.16		18.18	%	$	46,412		0.79	%		1.05	%		0.89	%		54	%
2012		11.33		0.08		2.49			—		(0.08	)		—		—			13.82		22.75			39,412		0.88			0.60			0.93			72
2011		11.88		0.05		(0.55	)		—		(0.05	)		—		—			11.33		(4.27	)		50,029		0.89			0.37			0.90			112
2010		11.19		0.06		0.69			—		(0.06	)		—		—	^		11.88		6.69			56,809		0.94			0.51			0.95			105
2009		12.19		0.11		(1.00	)		—		(0.10	)		—		(0.01	)		11.19		(7.08	)		50,425		0.98			1.15			0.99			93
Class N (commenced operations on December 30, 2002)
2013	$	13.86	$	0.12	$	2.35		$	—	$	(0.12	)	$	—	$	—		$	16.21		17.89	%	$	2,985		1.04	%		0.83	%		1.39	%		54	%
2012		11.37		0.04		2.50			—		(0.05	)		—		—			13.86		22.35			3,824		1.13			0.34			1.43			72
2011		11.92		0.02		(0.56	)		—		(0.01	)		—		—			11.37		(4.50	)		4,842		1.14			0.11			1.40			112
2010		11.22		0.03		0.70			—		(0.03	)		—		—			11.92		6.50			6,610		1.19			0.26			1.45			105
2009		12.22		0.09		(1.00	)		—		(0.09	)		—		—			11.22		(7.30	)		5,560		1.23			0.91			1.49			93

* For the nine months ended September 30, 2013 and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

^^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) Amount represents less than 0.01%.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 137

financial highlights

For a Share Outstanding Throughout Each Period

For the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Investment Income (Loss)†			Net Realized and Unrealized Gains (Losses) on Securities†			Redem-ption Fees			Dividends from Net Investment Income			Distri-butions from Realized Capital Gains		Distri-butions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Invest-ment Income (Loss) to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Socially Responsible Equity Fund
Institutional Class (commenced operations on January 3, 2005)
2013	$	10.06	$	0.12		$	2.22		$	—		$	(0.12	)	$	—	$	—		$	12.28		23.38	%	$	45,357		0.87	%		1.10	%		0.87	%		42	%
2012		8.38		0.13			1.68			—			(0.13	)		—		—			10.06		21.63			80,109		0.90			1.37			0.90			38
2011		8.81		0.12			(0.43	)		—			(0.12	)		—		—			8.38		(3.67	)		62,193		0.88			1.27			0.89			22
2010		8.20		0.09			0.61			—			(0.09	)		—		—	^		8.81		8.51			59,746		0.95			1.01			0.96			36
2009		9.51		0.12			(1.30	)		—			(0.13	)		—		—			8.20		(12.11	)		52,406		0.97			1.74			0.98			48
Class N (commenced operations on August 12, 2005)
2013	$	10.04	$	0.09		$	2.22		$	—		$	(0.09	)	$	—	$	—		$	12.26		23.12	%	$	31,387		1.13	%		0.81	%		1.38	%		42	%
2012		8.37		0.11			1.67			—			(0.11	)		—		—			10.04		21.28			25,631		1.15			1.13			1.40			38
2011		8.79		0.10			(0.42	)		—			(0.10	)		—		—			8.37		(3.80	)		3,132		1.13			1.05			1.39			22
2010		8.19		0.07			0.60			—			(0.07	)		—		—			8.79		8.15			2,424		1.20			0.81			1.46			36
2009		9.50		0.11			(1.31	)		—			(0.11	)		—		—			8.19		(12.34	)		1,101		1.22			1.49			1.48			48
City National Rochdale Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
2013*	$	32.31	$	0.33		$	1.60		$	—		$	—		$	—	$	—		$	34.24		5.97	%	$	294,040		1.62	%		1.31	%		1.69	%		25	%
2012		25.28		0.04			7.00			0.01			—			—		(0.02	)		32.31		27.87			136,838		1.97			0.15			1.94			69
2011		25.00		(0.02	)(3)		0.30			—	^		—			—		—			25.28		1.12			5,934		2.25			(2.15	)		9.74			6

* For the nine months ended September 30, 2013 and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Fund’s Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end. See Note 1 in Notes to Financial Statements for additional information.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

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

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 138

notes to financial statements

September 30, 2013

1. ORGANIZATION:

City National Rochdale Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company currently offering the following 17 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund, City National Rochdale Prime Money Market Fund, City National Rochdale California Tax Exempt Money Market Fund (collectively, the “Money Market Funds”); City National Rochdale Limited Maturity Fixed Income Fund, City National Rochdale Government Bond Fund, City National Rochdale Corporate Bond Fund, City National Rochdale California Tax Exempt Bond Fund, City National Rochdale Full Maturity Fixed Income Fund, City National Rochdale High Yield Bond Fund, City National Rochdale Intermediate Fixed Income Fund, City National Rochdale Fixed Income Opportunities Fund (collectively, the “Fixed Income Funds”); City National Rochdale Multi-Asset Fund; City National Rochdale Dividend & Income Fund, City National Rochdale U.S. Core Equity Fund, City National Rochdale Diversified Equity Fund, City National Rochdale Socially Responsible Equity Fund (collectively, the “Equity Funds”); and City National Rochdale Emerging Markets Fund.

Prior to September 10, 2013, the name of each of the Funds was as follows:

NAME PRIOR TO SEPTEMBER 10, 2013	CURRENT NAME
CNI Charter Government Money Market Fund	City National Rochdale Government Money Market Fund (“Government Money Market Fund”)
CNI Charter Prime Money Market Fund	City National Rochdale Prime Money Market Fund (“Prime Money Market Fund”)
CNI Charter California Tax Exempt Money Market Fund	City National Rochdale California Tax Exempt Money Market Fund (“California Tax Exempt Money Market Fund”)
CNI Charter Limited Maturity Fixed Income Fund	City National Rochdale Limited Maturity Fixed Income Fund (“Limited Maturity Fixed Income Fund”)
CNI Charter Government Bond Fund	City National Rochdale Government Bond Fund (“Government Bond Fund”)
CNI Charter Corporate Bond Fund	City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”)
CNI Charter California Tax Exempt Bond Fund	City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”)
CNI Charter Full Maturity Fixed Income Fund	City National Rochdale Full Maturity Fixed Income Fund (“Full Maturity Fixed Income Fund”)
CNI Charter High Yield Bond Fund	City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”)
CNI Charter Intermediate Fixed Income Fund	City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”)
CNI Charter Fixed Income Opportunities Fund	City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”)
CNI Charter Multi-Asset Fund	City National Rochdale Multi-Asset Fund (“Multi-Asset Fund”)
CNI Charter Dividend & Income Fund	City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”)
CNI Charter U.S. Core Equity Fund	City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”)
CNI Charter Diversified Equity Fund	City National Rochdale Diversified Equity Fund (“Diversified Equity Fund”)
CNI Charter Socially Responsible Equity Fund	City National Rochdale Socially Responsible Equity Fund (“Socially Responsible Equity Fund”)
CNI Charter Emerging Markets Fund	City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”)

CITY NATIONAL ROCHDALE FUNDS | PAGE 139

notes to financial statements

September 30, 2013

Prior to September 10, 2013, the name of the Trust was CNI Charter Funds.

Effective September 10, 2013, Rochdale Investment Management, LLC, investment manager of the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund, changed its name to City National Rochdale, LLC (“City National Rochdale”). Also effective September 10, 2013, City National Asset Management, Inc.(“CNAM”), a wholly-owned subsidiary of City National Bank and investment manager of all the Funds except the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund, reorganized into City National Rochdale.

On December 11, 2012, the Board of Trustees of the Rochdale Investment Trust, an open-end management investment company registered under the 1940 Act, approved the reorganization of each Portfolio of the Rochdale Investment Trust into a corresponding Fund of the Trust. This included the Rochdale Dividend & Income Portfolio, the Rochdale Intermediate Fixed Income Portfolio, the Rochdale Fixed Income Opportunities Portfolio and the Rochdale Emerging Markets Portfolio. The effective date of the reorganization of each Portfolio (each a “Predecessor Fund” and collectively the “Predecessor Funds”) into a corresponding Fund of the Trust was March 29, 2013. Each Predecessor Fund was the accounting survivor in the reorganization and, as such, the financial statements and financial highlights reflect the financial information of the Predecessor Funds through March 28, 2013.

Effective November 28, 2012, Institutional Class was redesignated Servicing Class for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund. Also effective November 28, 2012, the Prime Money Market Fund opened a new Institutional Class.

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund and the Emerging Markets Fund, which are non-diversified. The Funds’ prospectus provides descriptions of each Fund’s investment objectives, policies and strategies.

2. SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of significant accounting policies followed by the Funds.

Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of 60 days or less may be valued at their amortized cost, which approximates market value. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading

CITY NATIONAL ROCHDALE FUNDS | PAGE 140

market is temporarily closed at a time when under normal conditions it would be open; for international securities, market events occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with GAAP, the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the year ended September 30, 2013, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, refer to the Schedules of Investments.

Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Money Market Funds, which use a straight line basis which is not materially different from the scientific method.

Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank, U.S. Bank, N.A., until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds record TBA securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased.

Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Funds, depending on the nature of the expenditure.

Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.

Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Money Market Funds and Fixed Income Funds except for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Dividend & Income Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund, Multi-

CITY NATIONAL ROCHDALE FUNDS | PAGE 141

notes to financial statements

September 30, 2013

Asset Fund and Equity Funds. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.

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

Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded as an unrealized gain (loss) on forward foreign currency contracts in the Statements of Assets and Liabilities. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed which is included within realized gain (loss) on foreign currency transactions in the Statement of Operations. The Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

Restricted Securities – Include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. A Fund may invest in restricted securities that are consistent with a Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The City National Rochdale Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from certain mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities, and gain from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines), of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sector.

Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a wholly-owned subsidiary of the Fund under the laws of Ireland (the “Subsidiary”).

The principal purpose of investment in the Subsidiary is to allow the Fixed Income Opportunities Fund to gain exposure to life insurance policies within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is a company organized under the laws of Ireland and is overseen by its own board of directors. Although

CITY NATIONAL ROCHDALE FUNDS | PAGE 142

the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the Fund. The Subsidiary is not an investment company registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act.

As of September 30, 2013, the only operation by the Irish Subsidiary was a $5,000,000 commitment to purchase individual life insurance policies.

Redemption Fees – Prior to January 9, 2013, the Predecessor Funds charged a 2% redemption fee on shares redeemed or exchanged within 45 days of purchase. These fees were deducted from the redemption proceeds otherwise payable out of a Predecessor Fund to the shareholder. Each Predecessor Fund retained the fee charged as paid-in capital and such fees became part of the Predecessor Fund’s daily net asset value (“NAV”) calculations. Effective January 9, 2013, the Board of Trustees of the Rochdale Investment Trust approved the elimination of the redemption fee charged by the Predecessor Funds.

Investment in Affiliated Security – The Funds may invest excess cash in the Money Market Funds. The Multi-Asset Fund also invests in other series of the Trust.

3. ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:

Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013 (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee of 0.050% of aggregate average daily net assets of the Trust not exceeding $2.0 billion, 0.040% of aggregate average daily net assets of the Trust exceeding $2.0 billion but not exceeding $4 billion, 0.030% of aggregate average daily net assets of the Trust exceeding $4 billion but not exceeding $6 billion, 0.025% of aggregate average daily net assets of the Trust exceeding $6 billion but not exceeding $8 billion, and 0.020% of aggregate average net assets of the Trust exceeding $8 billion. Each Fund is subject to a minimum annual fee of $1,800,000 for the first twenty portfolios of the Trust and $90,000 for each portfolio thereafter which may be reduced at the sole discretion of the Administrator.

Prior to January 1, 2013, the Administrator was entitled to receive an annual fee of 0.065% of aggregate average daily net assets of the Trust not exceeding $2.5 billion, 0.045% of aggregate average daily net assets of the Trust exceeding $2.5 billion but not exceeding $5 billion, 0.025% of aggregate average daily net assets of the Trust exceeding $5 billion but not exceeding $7.5 billion, and 0.02% of aggregate average daily net assets of the Trust exceeding $7.5 billion. Each Fund was subject to a minimum annual fee of $90,000, which may have been reduced at the sole discretion of the Administrator.

The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution and servicing fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) receives a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Money Market Funds and 0.25% of the Class N Shares of the Fixed Income Funds, Multi-Asset Fund, Equity Funds and the Emerging Markets Fund, which may be used by the Distributor to provide compensation for sales support and distribution-related activities. Prior to January 28, 2013 the Distributor received a distribution fee at the annual rate of 0.50% of the average daily net assets of Class N shares of the money market funds.

Effective March 18, 2013, US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses. Prior to March 18, 2013, SEI Institutional Transfer Agency, a division of SEI Investments Management Corporation, served as transfer agent for the Trust and provided services at an annual rate of $15,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.

Prior to March 18, 2013, UMB Fund Services served as sub-transfer agent for all share classes of the Limited Maturity Fixed Income Fund, Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund, and provided services at an annual rate of $14,000 per share class plus other transaction based fees and out of pocket expenses.

The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Servicing Class (for the Money Market Funds only), Class N, Class S or Servicing Class Shares. In consideration for such services, a shareholder

CITY NATIONAL ROCHDALE FUNDS | PAGE 143

notes to financial statements

September 30, 2013

servicing fee is charged at the annual rate of up to 0.25% of average daily net assets of the relevant class of each Fund. CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the year ended September 30, 2013, CNB and City National Rochdale received $1,500,664 in Shareholder Servicing fees from the Trust.

Certain officers of the Trust are also officers or employees of City National Rochdale or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.

4. INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:

Under the terms of the current investment management agreements, City National Rochdale receives an annual fee equal to a percentage of the average daily net assets of each Fund, as follows:

Fund	Fee
Government Money Market Fund	0.26%
Prime Money Market Fund	0.25
California Tax Exempt Money Market Fund	0.27
Limited Maturity Fixed Income Fund	0.50
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Full Maturity Fixed Income Fund	0.50
High Yield Bond Fund	0.60*
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Multi-Asset Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40
Diversified Equity Fund	0.75**
Socially Responsible Equity Fund	0.75
Emerging Markets Fund	1.00

* Prior to January 28, 2013 this fee was 0.75% of average daily net assets.

** City National Rochdale has contractually agreed to waive a portion of the annual management fee payable to it by the Diversified Equity Fund, thereby reducing the annual management fee from 0.75% of average daily net assets to 0.65% of average daily net assets. This limitation will be in effect until January 28, 2014.

Robert W. Baird & Co., Incorporated and Boyd Watterson Asset Management, LLC act as the investment sub-advisers with respect to the Full Maturity Fixed Income Fund.

Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.

Federated Global Investment Management Corp., Seix Investment Advisors LLC and GML Capital LLP act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

SKBA Capital Management, LLC acts as the investment sub-adviser with respect to the Diversified Equity Fund and Socially Responsible Equity Fund.

Sub-adviser fees are paid by City National Rochdale, except for Guggenheim, which was paid directly from the High Yield Bond Fund. Effective April 1, 2013, Guggenheim is paid by City National Rochdale.

City National Rochdale has agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. With respect to the Limited Maturity Fixed Income Fund, Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund, voluntary limits are in addition to the contractual expense limitations described in the fee table in each Fund’s prospectus. Effective January 28, 2013 (March 29, 2013 for the Predecessor Funds), the voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:

	Government Money Market Fund	Prime Money Market Fund	California Tax Exempt Money Market Fund
Institutional Class	n/a	0.38%	n/a
Class N	0.87%	0.87%	0.78%
Class S	1.07%	1.07%	0.98%
Servicing Class	0.63%	0.63%	0.55%

	Limited Maturity Fixed Income Fund	Government Bond Fund	Corporate Bond Fund	California Tax Exempt Bond Fund
Institutional Class	0.67%	0.53%	n/a	n/a
Class N	0.92%	1.03%	1.01%	0.88%
Servicing Class	n/a	0.78%	0.76%	0.63%

	Full Maturity Fixed Income Fund	High Yield Bond Fund	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	0.67%	0.70%	n/a	n/a
Class N	0.92%	1.20%	1.01%	1.09%
Servicing Class	n/a	0.95%	n/a	n/a

	Multi-Asset Fund	Dividend & Income Fund	U.S. Core Equity Fund	Diversified Equity Fund
Institutional Class	0.99%	n/a	0.55%	0.85%
Class N	1.49%	1.11%	1.05%	1.10%
Servicing Class	1.24%	n/a	0.80%	n/a

CITY NATIONAL ROCHDALE FUNDS | PAGE 144

	Socially Responsible Equity Fund	Emerging Markets Fund
Institutional Class	0.89%	n/a
Class N	1.14%	1.61%
Servicing Class	n/a	n/a

Prior to January 28, 2013, the voluntary expense limitations (expressed as a percentage of average daily net assets) were as follows:

	Government Money Market Fund	Prime Money Market Fund	California Tax Exempt Money Market Fund
Institutional Class	0.63%	0.63%	0.55%
Class N	0.85%	0.85%	0.78%
Class S	1.05%	1.05%	0.98%

	Limited Maturity Fixed Income Fund	Government Bond Fund	Corporate Bond Fund	California Tax Exempt Bond Fund
Institutional Class	1.00%	0.55%	n/a	n/a
Class N	1.25%	1.05%	1.05%	0.85%
Servicing Class	n/a	0.80%	0.80%	0.60%

	Full Maturity Fixed Income Fund	High Yield Bond Fund	Multi-Asset Fund	Diversified Equity Fund
Institutional Class	1.00%	0.85%	1.25%	1.25%
Class N	1.25%	1.40%	1.75%	1.50%
Servicing Class	n/a	1.10%	1.50%	n/a

	Large Cap Value Equity Fund	Large Cap Growth Equity Fund	Socially Responsible Equity Fund
Institutional Class	0.75%	n/a	1.25%
Class N	1.25%	1.30%	1.50%
Servicing Class	1.00%	1.05%	n/a

The contractual limitations for the Limited Maturity Fixed Income Fund, the Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund are as follows:

	Limited Maturity Fixed Income Fund	Full Maturity Fixed Income Fund	Diversified Equity Fund	Socially Responsible Equity Fund
Institutional Class	1.00%	1.00%	1.25%	1.25%
Class N	1.25%	1.25%	1.50%	1.50%

Any fee reductions or expense reimbursements may be repaid by a Fund to City National Rochdale, within three years after occurrence if such repayments can be achieved within a Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of September 30, 2013, fees which were previously waived by City National Rochdale (or CNAM, prior to September 10, 2013) which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Money Market Fund	$	6,470	2014
		6,662	2015
		7,131	2016
Prime Money Market Fund		1,533	2014
		1,222	2015
		1,741	2016
California Tax Exempt Money Market Fund		1,498	2014
		2,066	2015
		2,275	2016
Government Bond Fund		122	2014
		25	2015
		5	2016
California Tax Exempt Bond Fund		56	2014
		17	2015
		3	2016
High Yield Bond Fund		67	2014
		17	2015
		6	2016
Intermediate Fixed Income Fund		16	2016
Fixed Income Opportunities Fund		139	2016
Dividend & Income Fund		23	2016
Emerging Markets Fund		115	2016

City National Rochdale (or CNAM, prior to September 10, 2013), CNB and the Administrator have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Money Market Funds in order to maintain a one-day net income yield (yield floor) of each Fund of not less than 0.01% of the Fund’s average daily net assets. The following table shows waivers, with respect to such yield floor, by class for the year ended September 30, 2013:

CITY NATIONAL ROCHDALE FUNDS | PAGE 145

notes to financial statements

September 30, 2013

	Shareholder Servicing Fee Waiver (000)			Investment Advisory Fee Waiver (000)		Administration Fee Waiver (000)
Government Money Market Fund
Class N	$	13,761	(1)	$	6,045	$	254
Class S		2,644	(1)		844		34
Servicing Class		273			242		10
Prime Money Market Fund
Institutional Class		—			10		—
Class N		1,866	(1)		547		35
Class S		1,752	(1)		356		24
Servicing Class		1,442			828		52
California Tax Exempt Money Market Fund
Class N		3,422	(1)		1,307		64
Class S		506	(1)		132		7
Servicing Class		386			288		14

(1) Includes class specific distribution expenses.

5. INVESTMENT TRANSACTIONS:

The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the year/period ended September 30, 2013, were as follows for the Fixed Income Funds, Multi-Asset Fund, Equity Funds and Emerging Markets Fund:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Limited Maturity Fixed Income Fund	$	3,249	$	11,195		$	15,697	$	7,738
Government Bond Fund		36,784		5,993			69,688		—
Corporate Bond Fund		—		41,288			3,641		33,644
California Tax Exempt Bond Fund		—		27,027			—		20,427
Full Maturity Fixed Income Fund		9,960		7,861			9,440		7,973
High Yield Bond Fund		—		100,448			—		85,242
Intermediate Fixed Income Fund**		8,651		38,120			3,765		24,407
Fixed Income Opportunities Fund**		—		312,521			—		259,268
Multi-Asset Fund		—		19,849	*		—		37,344	*
Dividend & Income Fund**		—		26,679			—		21,435
U.S. Core Equity Fund		—		144,781			—		35,820
Diversified Equity Fund		—		24,555			—		25,429
Socially Responsible Equity Fund		—		43,354			—		93,844
Emerging Markets Fund**		—		168,342			—		48,113

* Includes $15,120 (000) and $16,323 (000) of purchases and sales, respectively, of affiliated registered investment companies.

** For the period December 31, 2012 through September 30, 2013.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

6. FEDERAL TAX INFORMATION:

Each Fund intends to qualify or continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required.

Effective September 30, 2013, the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and the Emerging Markets Fund changed their tax year-ends from December 31 to September 30.

Management has analyzed the Funds’ tax position taken on Federal income tax returns for all open tax years and has concluded that as of September 30, 2013, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss), or paid-in capital, as appropriate, in the period that the differences arise.

CITY NATIONAL ROCHDALE FUNDS | PAGE 146

Accordingly, the following permanent differences, primarily attributable to REIT adjustments, Master Limited Partnership dividend income reclasses, realized gains (losses) on paydowns, expiration of capital loss carryovers, net operating losses, return of capital distributions, investments in defaulted bonds, investments in Passive Foreign Investment Companies and timing of distributions, were reclassified to/from the following accounts as of September 30, 2013:

	Increase (Decrease) Undistributed Net Investments Income (Loss) (000)			Increase (Decrease) Accumulated Net Realized Gain (Loss) (000)			Increase (Decrease) Paid-in Capital (000)
Limited Maturity Fixed Income Fund	$	68		$	68		$	(136	)
California Tax Exempt Bond Fund		—			—			—
Government Bond Fund		737			(737	)		—
Corporate Bond Fund		38			(38	)		—
Full Maturity Fixed Income Fund		83			(83	)		—
High Yield Bond Fund		(4	)		4			—
Intermediate Fixed Income Fund		38			(38	)		—
Fixed Income Opportunities Fund		(404	)		404			—
Multi-Asset Fund		57			(54	)		(3	)
Dividend & Income Fund		321			760			(1,081	)
Diversified Equity Fund		3			(2	)		(1	)
Socially Responsible Equity Fund		14			(14	)		—
Emerging Markets Fund		(880	)		880			—

Amounts designated as “—” are either $0 or have been rounded to $0.

The tax character of dividends and distributions declared during the years ended September 30, 2013 and September 30, 2012 unless otherwise indicated were as follows:

Fund	Tax Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Return of Capital (000)		Total (000)
Government Money Market Fund
2013	$	—	$	330	$	—	$	—	$	330
2012		—		333		—		—		333
Prime Money Market Fund
2013	$	—	$	228	$	—	$	—	$	228
2012		—		209		—		—		209
California Tax Exempt Money Market Fund
2013	$	94	$	—	$	—	$	—	$	94
2012		90		1		—		—		91
Limited Maturity Fixed Income Fund
2013	$	—	$	307	$	—	$	—	$	307
2012		—		389		—		—		389
Government Bond Fund
2013	$	—	$	2,054	$	—	$	—	$	2,054
2012		—		2,432		143		—		2,575
Corporate Bond Fund
2013	$	—	$	2,507	$	1,038	$	—	$	3,545
2012		—		2,795		538		—		3,333
California Tax Exempt Bond Fund
2013	$	1,190	$	150	$	379	$	—	$	1,719
2012		1,360		63		332		—		1,755
Full Maturity Fixed Income Fund
2013	$	—	$	1,227	$	694	$	—	$	1,921
2012		—		1,125		530		—		1,655
High Yield Bond Fund
2013	$	—	$	10,996	$	—	$	—	$	10,996
2012		—		9,684		—		—		9,684
Intermediate Fixed Income Fund†
2013	$	—	$	3,505	$	—	$	—	$	3,505
2012		—		4,065		—		—		4,065
2011		—		3,317		—		—		3,317
Fixed Income Opportunities Fund†
2013	$	—	$	34,355	$	52	$	—	$	34,407
2012		—		35,978		1,348		—		37,326
2011		—		20,952		4,794		—		25,746
Multi-Asset Fund
2013	$	—	$	667	$	—	$	—	$	667
2012		—		899		—		—		899
Dividend & Income Fund†
2013	$	—	$	2,296	$	—	$	1,135	$	3,431
2012		—		4,044		—		727		4,771
2011		—		2,681		—		502		3,183
U.S. Core Equity Fund^
2013	$	—	$	571	$	—	$	—	$	571
Diversified Equity Fund
2013	$	—	$	479	$	—	$	—	$	479
2012		—		283		—		—		283
Socially Responsible Equity Fund
2013	$	—	$	1,134	$	—	$	—	$	1,134
2012		—		1,199		—		—		1,199
Emerging Markets Fund†
2013	$	—	$	—	$	—	$	—	$	—
2012		—		—		—		67		67

† For the years ended December 31, 2012 and December 31, 2011.

^ For the period December 3, 2012 (commencement of operations) through September 30, 2013.

CITY NATIONAL ROCHDALE FUNDS | PAGE 147

notes to financial statements

September 30, 2013

As of September 30, 2013, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforwards (000)			Post-October Losses (000)			Unrealized Appreciation (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	30	$	—	$	(1	)	$	—		$	—		$	(30	)	$	(1	)
Prime Money Market Fund		—		10		—		(14	)		(1	)		—			(10	)		(15	)
California Tax Exempt Money Market Fund		8		—		—		—			—			—			(6	)		2
Limited Maturity Fixed Income Fund		—		22		—		(1,955	)		(38	)		198			(22	)		(1,795	)
Government Bond Fund		—		100		—		(972	)		(753	)		1,280			(100	)		(445	)
Corporate Bond Fund		—		184		916		—			(28	)		2,659			(183	)		3,548
California Tax Exempt Bond Fund		96		—		127		—			(147	)		906			(96	)		886
Full Maturity Fixed Income Fund		—		67		299		—			—			257			(65	)		558
High Yield Bond Fund		—		880		355		—			—			1,037			(851	)		1,421
Intermediate Fixed Income Fund		—		32		—		(2,835	)		—			505			—			(2,298	)
Fixed Income Opportunities Fund		—		—		5,195		—			—			(4,871	)		197			521
Multi-Asset Fund		—		—		—		(1,698	)		—			860			—			(838	)
Dividend & Income Fund		—		—		—		(10,202	)		—			32,905			—			22,703
U.S. Core Equity Fund		—		2,037		—		—			—			18,808			—			20,845
Diversified Equity Fund		—		—		—		(13,399	)		—			8,153			—			(5,246	)
Socially Responsible Equity Fund		—		—		12,244		—			—			13,506			—			25,750
Emerging Markets Fund		—		1,072		—		(838	)		—			27,563			—			27,797

For tax purposes, the losses in the Funds generated prior to the Regulated Investment Company Moderinization Act of 2010 can be carried forward for a maximum of eight years to offset any future net realized capital gains. As of September 30, 2013, the breakdown of capital loss carryforwards was as follows:

Fund	2014 (000)		2015 (000)		2017 (000)		2018 (000)		2019 (000)		Total (000)
Government Money Market Fund	$	—	$	—	$	—	$	—	$	1	$	1
Limited Maturity Fixed Income Fund		132		1,415		81		327		—		1,955
Multi-Asset Fund		—		—		370		1,328		—		1,698
Diversified Equity Fund		—		—		66		13,333		—		13,399

	Expiring December 31,
Fund	2016 (000)		2017 (000)		2018 (000)		Total
Intermediate Fixed Income Fund	$	192	$	2,240	$	—	$	2,432
Dividend & Income Fund		1,513		6,397		1,455		9,365

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2012, through September 30, 2013, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

CITY NATIONAL ROCHDALE FUNDS | PAGE 148

Fund	Short-Term Loss (000)		Long-Term Loss (000)		Total (000)*
Prime Money Market Fund	$	14	$	—	$	14
Government Bond Fund		555		417		972
Intermediate Fixed Income Fund		403		—		403
Dividend & Income Fund		837		—		837
Emerging Markets Fund		838		—		838

* This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2013, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Government Money Market Fund	$	5
Limited Maturity Fixed Income Fund		48
High Yield Bond Fund		504
Multi-Asset Fund		661
Dividend & Income Fund		3,568
Diversified Equity Fund		3,165
Socially Responsible Equity Fund		10,257
Emerging Markets Fund		1,063

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes at September 30, 2013, for each of the Fixed Income Funds, Multi-Asset Fund, Equity Funds and Emerging Markets Fund were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (000)
Limited Maturity Fixed Income Fund	$	44,299	$	329	$	(131	)	$	198
Government Bond Fund		171,420		2,329		(1,049	)		1,280
Corporate Bond Fund		134,299		3,129		(470	)		2,659
California Tax Exempt Bond Fund		65,806		1,386		(480	)		906
Full Maturity Fixed Income Fund		44,808		812		(555	)		257
High Yield Bond Fund		158,235		4,924		(3,887	)		1,037
Intermediate Fixed Income Fund		153,557		3,915		(3,410	)		505
Fixed Income Opportunities Fund		937,387		14,009		(18,427	)		(4,418	)
Multi-Asset Fund		30,667		1,023		(163	)		860
Dividend & Income Fund		122,460		35,464		(2,559	)		32,905
U.S. Core Equity Fund		115,987		20,877		(2,069	)		18,808
Diversified Equity Fund		41,663		9,228		(1,075	)		8,153
Socially Responsible Equity Fund		63,966		14,522		(1,016	)		13,506
Emerging Markets Fund		262,490		40,031		(12,468	)		27,563

At September 30, 2013, the Money Market Funds’ cost of securities for Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

7. LINE OF CREDIT

Rochdale Intermediate Fixed Income Portfolio and Rochdale Dividend & Income Portfolio, the predecessor funds to the Intermediate Fixed Income Fund and Dividend & Income Fund each had an unsecured Loan Agreement (“LOC”) with U.S. Bank, N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Funds’ net assets or an explicit amount on the LOC. Interest is charged to each Fund based on its borrowings at prime rate minus 0.50%. The line of credit was terminated on March 28, 2013.

Borrowing activity under the LOC for the period from January 1, 2013 to March 28, 2013 (date of termination), was as follows:

Fund	Maximum Amount of Line of Credit	Interest Expense	Average Rate	Average Borrowings	Maximum Outstanding
Rochdale Dividend & Income Portfolio	$2,000,000	$718	2.75%	$303,065	$2,000,000

Borrowing activity under the LOC for the year ended December 31, 2012, was as follows:

Fund	Maximum Amount of Line of Credit	Interest Expense	Average Rate	Average Borrowings	Maximum Outstanding
Rochdale Dividend & Income Portfolio	$2,000,000	$156	2.75%	$186,000	$336,000

There was no borrowing activity for the Rochdale Intermediate Fixed Income Portfolio.

Average borrowing activity was calculated using the number of days for amounts outstanding in the Rochdale Dividend & Income Portfolio.

8. LOANS OF PORTFOLIO SECURITIES

Each of the Predecessor Funds may have lent its portfolio securities to banks, brokers and dealers. Lending portfolio securities exposed a Portfolio to risks such as (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, or (iii) delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower agreed to maintain collateral with the Portfolios’ custodian, marked to market daily, in the form

CITY NATIONAL ROCHDALE FUNDS | PAGE 149

notes to financial statements

September 30, 2013

of cash and/or U.S. government obligations, in an amount at least equal to 102% of the market value of the loaned securities. Each Portfolio limited the amount of its loans of portfolio securities to no more than 50% of its total assets. This policy was discontinued as of March 28, 2013.

9. CONCENTRATION OF RISK

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Multi-Asset Fund may invest in exchange-traded notes (“ETNs”) as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Fund will generally invest in ETNs which are linked to commodities indexes. The Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return it was promised.

The High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Multi-Asset Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.

The Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

The Full Maturity Fixed Income Fund, Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining

interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

California Tax Exempt Funds – Specific Risks

The ability of issuers to pay interest on, and repay principal of, California municipal securities may be affected by economic and political developments in the State of California.

Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.

Emerging Markets Fund – Specific Risks

Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting

CITY NATIONAL ROCHDALE FUNDS | PAGE 150

standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

As long as the Emerging Markets Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Emerging Market Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

10. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the year ended September 30, 2013 and the year ended September 30, 2012 were as follows (000):

	Government Money Market Fund						Prime Money Market Fund (1)						California Tax Exempt Money Market Fund
	2013			2012			2013			2012			2013			2012
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			64,765			—			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		—			—			(53,558	)		—			—			—
Net Institutional Class transactions		—			—			11,207			—			—			—
Class N:
Shares issued		4,569,767			4,477,708			958,377			788,534			1,060,390			1,072,087
Shares issued in Lieu of Dividends and Distributions		232			237			43			37			69			66
Shares redeemed		(4,337,676	)		(4,595,995	)		(927,483	)		(844,817	)		(1,053,782	)		(1,033,785	)
Net Class N transactions		232,323			(118,050	)		30,937			(56,246	)		6,677			38,368
Class S:
Shares issued		1,126,727			903,404			820,945			1,112,831			320,188			335,463
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		(940,498	)		(905,676	)		(869,753	)		(1,121,886	)		(340,847	)		(313,714	)
Net Class S transactions		186,229			(2,272	)		(48,808	)		(9,055	)		(20,659	)		21,749
Servicing Class^:
Shares issued		778,145			779,564			2,068,692			3,258,448			808,580			1,079,873
Shares issued in Lieu of Dividends and Distributions		—			—			22			21			—			—
Shares redeemed		(746,175	)		(734,817	)		(1,961,996	)		(3,381,990	)		(780,506	)		(1,112,139	)
Net Servicing Class transactions		31,970			44,747			106,718			(123,521	)		28,074			(32,266	)

(1) Institutional Class commenced operations on December 19, 2012.

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

CITY NATIONAL ROCHDALE FUNDS | PAGE 151

notes to financial statements

September 30, 2013

	Limited Maturity Fixed Income Fund						Government Bond Fund (1)						Corporate Bond Fund						California Tax Exempt Bond Fund
	2013			2012			2013			2012			2013			2012			2013			2012
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		97			3,674			1,036			4,604			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		8			18			68			128			—			—			—			—
Shares redeemed		(780	)		(2,261	)		(896	)		(9,518	)		—			—			—			—
Net Institutional Class transactions		(675	)		1,431			208			(4,786	)		—			—			—			—
Class N:
Shares issued		184			91			29			38			164			42			540			317
Shares issued in Lieu of Dividends and Distributions		2			4			1			2			4			4			10			9
Shares redeemed		(166	)		(283	)		(67	)		(36	)		(111	)		(48	)		(333	)		(191	)
Net Class N transactions		20			(188	)		(37	)		4			57			(2	)		217			135
Servicing Class^^:
Shares issued		—			—			3,473			5,526			4,137			5,654			2,479			1,643
Shares issued in Lieu of Dividends and Distributions		—			—			57			38			28			100			20			66
Shares redeemed		—			—			(4,124	)		(391	)		(3,802	)		(4,022	)		(1,658	)		(1,931	)
Net Servicing Class transactions		—			—			(594	)		5,173			363			1,732			841			(222	)

(1) Institutional Class commenced operations on February 1, 2012.

^^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

	Full Maturity Fixed Income Fund						High Yield Bond Fund (1)						Intermediate Fixed Income Fund †^^									Fixed Income Opportunities Fund †^^
	2013			2012			2013			2012			2013			2012			2011			2013			2012			2011
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		7			270			775			5,055			—			—			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		143			125			266			140			—			—			—			—			—			—
Shares redeemed		(72	)		(207	)		(1,212	)		(461	)		—			—			—			—			—			—
Net Institutional Class transactions		78			188			(171	)		4,734			—			—			—			—			—			—
Class N:
Shares issued		3			9			1,804			1,231			2,111			1,995			10,962			12,348			7,602			2,544
Shares issued in Lieu of Dividends and Distributions		1			1			163			189			66			127			898			736			1,297			116
Shares redeemed		(7	)		(28	)		(2,440	)		(541	)		(1,032	)		(1,454	)		(2,271	)		(2,675	)		(3,875	)		(1,388	)
Net Class N transactions		(3	)		(18	)		(473	)		879			1,145			668			9,589			10,409			5,024			1,272
Servicing Class^:
Shares issued		—			—			7,140			8,522			—			—			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			77			245			—			—			—			—			—			—
Shares redeemed		—			—			(5,463	)		(8,421	)		—			—			—			—			—			—
Net Servicing Class transactions		—			—			1,754			346			—			—			—			—			—			—

(1) Institutional Class commenced operations on February 2, 2012.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ On March 29, 2013, the Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund and the Dividend & Income Fund were reorganized into series of the City National Rochdale Funds. See Note 1 in Notes to Financial Statements for additional information.

† For the nine months ended September 30, 2013 and the years ended December 31, 2012 and December 31, 2011.

CITY NATIONAL ROCHDALE FUNDS | PAGE 152

	Multi-Asset Fund (1)						Dividend & Income Fund †^^									U.S. Core Equity Fund (2)
	2013			2012			2013			2012			2011			2013
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		184			1,451			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		14			19			—			—			—			—
Shares redeemed		(809	)		(269	)		—			—			—			—
Net Institutional Class transactions		(611	)		1,201			—			—			—			—
Class N:
Shares issued		198			235			357			1,706			1,803			6,045
Shares issued in Lieu of Dividends and Distributions		25			29			26			152			107			19
Shares redeemed		(565	)		(540	)		(535	)		(1,677	)		(744	)		(586	)
Net Class N transactions		(342	)		(276	)		(152	)		181			1,166			5,478
Servicing Class^:
Shares issued		18			419			—			—			—			6,805
Shares issued in Lieu of Dividends and Distributions		5			19			—			—			—			—
Shares redeemed		(254	)		(1,678	)		—			—			—			(1,103	)
Net Servicing Class transactions		(231	)		(1,240	)		—			—			—			5,702

(1)     Institutional Class commenced operations on March 22, 2012.

(2) Fund commenced operations on December 3, 2012.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ On March 29, 2013, the Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund and the Dividend & Income Fund were reorganized into series of the City National Rochdale Funds. See Note 1 in Notes to Financial Statements for additional information.

† For the nine months ended September 30, 2013 and the years ended December 31, 2012 and December 31, 2011.

	Diversified Equity Fund						Socially Responsible Equity Fund						Emerging Markets Fund †^
	2013			2012			2013			2012			2013			2012			12/15/11 through 12/31/11
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			26			1,334			1,358			—			—			—
Shares issued in Lieu of Dividends and Distributions		28			18			79			102			—			—			—
Shares redeemed		(10	)		(1,606	)		(5,685	)		(917	)		—			—			—
Net Institutional Class transactions		18			(1,562	)		(4,272	)		543			—			—			—
Class N:
Shares issued		17			3			702			2,382			4,972			4,464			235
Shares issued in Lieu of Dividends and Distributions		2			1			22			21			—			2			—
Shares redeemed		(111	)		(154	)		(717	)		(223	)		(618	)		(466	)		—
Net Class N transactions		(92	)		(150	)		7			2,180			4,354			4,000			235

† For the nine months ended September 30, 2013, year ended December 31, 2012 and period ended December 31, 2011.

^ On March 29, 2013, the Emerging Markets Fund was reorganized into series of the City National Rochdale Funds. See Note 1 in Notes to Financial Statements for additional information.

CITY NATIONAL ROCHDALE FUNDS | PAGE 153

notes to financial statements

September 30, 2013

11. NEW ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance “Balance Sheet — Disclosures about Offsetting Assets and Liabilities.” The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. Management has evaluated the implications of this update and has determined that there will be no impact on the financial statements.

In June 2013, the Financial Accounting Standards Board issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services - Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013.

12. SUBSEQUENT EVENTS

The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2013 and no issues were noted to disclose, except as follows:

On September 17, 2013, the Board of Trustees of the Trust approved the reorganizations listed below:

• Reorganization of the Diversified Equity Fund into the U.S. Core Equity Fund.

• Reorganization of the Full Maturity Fixed Income Fund (together with the Diversified Equity Fund, the “Target Funds”) into the Intermediate Fixed Income Fund (together with the U.S. Core Equity Fund, the “Acquiring Funds”).

The reorganization of each Target Fund is subject to approval by its shareholders. During the fourth quarter of 2013, shareholders of each Target Fund will be sent a combined prospectus/proxy statement that will contain additional information about the relevant reorganization and voting instructions.

If the proposed reorganization of a Target Fund is approved by its shareholders, the Target Fund will transfer its assets to the corresponding Acquiring Fund and the Acquiring Fund will assume the liabilities of the Target Fund. On the closing date of each reorganization, Target Fund shareholders will receive shares of the corresponding Acquiring Fund as follows:

• Diversified Equity Fund shareholders will receive shares of the U.S. Core Equity Fund of the same class and equal in aggregate net asset value to the value of their shares of the Diversified Equity Fund.

• Full Maturity Fixed Income Fund shareholders will receive Institutional Class shares of the Intermediate Fixed Income Fund equal in aggregate net asset value to the value of their shares of the Full Maturity Fixed Income Fund.

If approved by shareholders, each reorganization is expected to be effective late in the fourth quarter of 2013 or early in the first quarter of 2014. In preparation for each reorganization, each Target Fund may deviate from its investment objective and principal investment strategies.

Effective November 15, 2013, shares of the Target Funds are no longer offered to new shareholders, and shareholders of any other series of the Trust are not able to exchange their shares of such series for shares of either Target Fund.

Effective after the close of business on November 15, 2013, SKBA Capital Management, LLC (“SKBA”) no longer serves as sub-adviser for the Diversified Equity Fund. The portion of the Diversified Equity Fund previously managed by SKBA is now managed by City National Rochdale.

Effective after the close of business on November 15, 2013, Baird Advisors (“Baird”) and Boyd Watterson Asset Management, LLC (“Boyd Watterson”) no longer serve as sub-advisers for the Full Maturity Fixed Income Fund. The portions of the Fund previously managed by Baird and Boyd Watterson are now managed by City National Rochdale.

On November 8, 2013, a new Institutional Class of the Intermediate Fixed Income Fund became effective.

In September of 2013, the Fixed Income Opportunities Fund became eligible to invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions (“Policies”). The Fixed Income Opportunities Fund may invest in these Policies directly or through a wholly-owned subsidiary of the Fund organized under the laws of Ireland.

CITY NATIONAL ROCHDALE FUNDS | PAGE 154

report of independent registered public accounting firm

The Shareholders and Board of Trustees

City National Rochdale Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of City National Rochdale Funds (formerly, CNI Charter Funds and collectively, the Funds) comprised of the Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Money Market Fund, Limited Maturity Fixed Income Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Full Maturity Fixed Income Fund, High Yield Bond Fund, Multi-Asset Fund, Diversified Equity Fund, and Socially Responsible Equity Fund, as of September 30, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and financial highlights for each of the years or periods in the five-year period then ended. We have also audited the statement of assets and liabilities, including the schedule of investments of the U.S. Core Equity Fund, as of September 30, 2013, and the related statements of operations and changes in net assets, and financial highlights for the period from December 3, 2012 (commencement of operations) to September 30, 2013. We have also audited the statements of assets and liabilities, including the schedules of investments of the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund, as of September 30, 2013, and the related statements of operations and changes in net assets, and financial highlights for the period from January 1, 2012 to September 30, 2013. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of operations, changes in net assets, and the financial highlights for each of the years or periods presented through December 31, 2012, for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund were audited by other auditors, whose report thereon dated March 1, 2013, expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013, by correspondence with custodians and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds comprising City National Rochdale Funds as of September 30, 2013, the results of their operations, changes in their net assets and the financial highlights for the years or periods referred to in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

November 27, 2013

CITY NATIONAL ROCHDALE FUNDS | PAGE 155

trustees and officers (Unaudited)

September 30, 2013

Information pertaining to the Trustees and Officers of the Trust is set forth below as of September 30, 2013. Trustees who are not deemed to be “interested persons” of the Trust as defined in the Investment Company Act of 1940 are referred to as “Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-889-0799.

Name, Address, and Age	Position with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation for the Past Five Years	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee
INDEPENDENT TRUSTEES
Irwin G. Barnet (3) City National Rochdale Funds 400 North Roxbury Drive Beverly Hills, California 90210 Age: 75	Trustee	Since 1999	Attorney and of counsel, Reed Smith LLP, a law firm (2009-present). Partner, Reed Smith LLP (2003-2008).	23	None
Vernon C. Kozlen City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 70	Trustee	Since 2007	Retired (2007-present). President and Chief Executive Officer, City National Rochdale Funds (2000-2007). Executive Vice President and Director of Asset Management Development, CNB (1996-2007). Director, Reed, Conner & Birdwell LLC (2000-2007), and Convergent Capital Management, LLC (2003-2007).	23	Windermere Jupiter Fund, LLC. CMS/Ironwood Multi-Strategy Fund LLC. CMS/Barlow Long-Short Equity Fund, LLC.(4)
William R. Sweet City National Rochdale Funds 400 North Roxbury Drive Beverly Hills, California 90210 Age: 76	Trustee	Since 1999	Retired (1997-present).	23	None
James Wolford City National Rochdale Funds 400 North Roxbury Drive Beverly Hills, California 90210 Age: 59	Trustee	Since 1999	President, Chief Operating Officer and Chief Financial Officer, Thompson National Properties (March 2011-present). Chief Financial Officer, Pacific Office Properties, a real estate investment trust (April 2010-March 2011). Chief Financial Officer, Bixby Land Company, a real estate company (2004-March 2010).	23	None

CITY NATIONAL ROCHDALE FUNDS | PAGE 156

Name, Address, and Age	Position with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation for the Past Five Years	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee
INDEPENDENT TRUSTEES (Continued)
Daniel A. Hanwacker City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 61	Trustee	Since 2013	CEO and President, Hanwacker Associates, Inc. (asset management consulting and executive search services) (2001 - present).	23	Rochdale Investment Trust (2011- 2013)
Jay C. Nadel City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 54	Trustee	Since 2013	Financial Services Consultant (2005 - present).	23	Lapolla Industries, Inc. (2007 – present); Rochdale Investment Trust (2011-2013)
INTERESTED TRUSTEES
Andrew S. Clare (5) City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 67	Trustee	Since 2013	Attorney and partner, Loeb & Loeb LLP, a law firm (1972-present).	23	None
Jon C. Hunt (6) City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 61	Trustee	Since 2013	Retired (2013 to present). Consultant to Management, Convergent Capital Management, LLC (“CCM”) (July 2012 - 2013). Managing Director and Chief Operating Officer, CCM (1998 - June 2012).	23	Nuveen Commodities Asset Management, member of Independent Committee (February 2012 - present)

(1) The Trustees serve for terms of office as follows:

Name of Trustee	End of Term of Office
William R. Sweet	March 31, 2015
Irwin G. Barnet	December 31, 2015
Vernon C. Kozlen	December 31, 2018*
James Wolford	March 29, 2023
Andrew S. Clare	December 31, 2020*
Daniel A. Hanwacker	March 29, 2023
John C. Hunt	March 29, 2023
Jay C. Nadel	March 29, 2023

* Subject to extension by the Board for up to two years.

(2) “Fund complex” is defined as two or more registered investment companies that hold themselves out to investors as related companies or have a common investment adviser or affiliated investment advisers, and in this case includes the Trust and the following closed-end funds: City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC, City National Rochdale Alternative Total Return Fund and City National Rochdale International Trade Fixed Income Fund.

(3) During 2010, 2011 and 2012, Reed Smith LLP, of which Mr. Barnet is an attorney and of counsel, provided legal services to CNB, the parent company of City National Rochdale. In 2010, 2011 and 2012, the firm billed CNB $391,192, $423,600 and $452,607, respectively, for these services. The other Independent Trustees have determined that Mr. Barnet should continue to be classified as a trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, because Mr. Barnet was not involved with rendering any of these legal services to CNB, and because Mr. Barnet’s interest in the fees billed by his firm to CNB was insignificant.

(4) Convergent Wealth Advisors, LLC, which is under common control with City National Corporation, serves as investment adviser to Windermere Jupiter Fund, LLC, CMS/Ironwood Multi-Strategy Fund, LLC and CMS/Barlow Long-Short Equity Fund, LLC, each of which is a private investment fund.

(5) Mr. Clare is an “interested person” of the Trust, as defined in the 1940 Act, by virtue of the provision of significant legal services by him and his law firm to CNB.

(6) Mr. Hunt is an “interested person” of the Trust, as defined in the 1940 Act, by virtue of his former position with CCM, a wholly-owned subsidiary of CNB and an affiliate of City National Rochdale.

CITY NATIONAL ROCHDALE FUNDS | PAGE 157

trustees and officers (Unaudited) (Continued)

September 30, 2013

Name Address, and Age	Position with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation for the Past Five Years
OFFICERS
Garrett R. D’Alessandro City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 55	Chief Executive Officer	Since 2013	Chief Executive Officer, City National Rochdale (1986- present).
Eric Kleinschmidt SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 45	Controller and Chief Operating Officer	Since 2005	Director of Fund Accounting, SEI Investments (2004-present).
F. Michael Gozzillo City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 48	Vice President and Chief Compliance Officer (“CCO”)	Since 2013	Senior Vice President & Chief Compliance Officer, City National Rochdale (2012-present). CCO, City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC, City National Rochdale Alternative Total Return Fund and City National Rochdale International Trade Fixed Income Fund (2013-present). Director & Compliance Officer, TIAA-CREF (2008-2012). CCO, TIAA-CREF Life Insurance Co. Separate Accounts (2009-2012).
Lisa Whittaker SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 34	Vice President and Secretary	Since 2012	Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011).
William O’Donnell City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 49	Vice President and Assistant Treasurer	Since 2013	Chief Financial Officer, City National Rochdale (2011-present). Financial Consultant (2009-2011). Financial Officer, Compliance Officer and Corporate Secretary, Clay Finlay LLC (1990-2009).
Kurt Hawkesworth City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 42	Vice President	Since 2013	Chief Operating Officer, City National Rochdale (2003-present).
Anthony Sozio City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 42	Vice President	Since 2013	Assistant Vice President of Registered Fund Operations, City National Rochdale (1998-present).
Bernadette Sparling SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 36	Vice President and Assistant Secretary	Since 2010	Attorney, SEI Investments Company (2005-present).
Brent Vasher SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 31	Vice President and Assistant Secretary	Since 2010	Attorney, SEI Investments Company (2008-present). Associate, Law Office of Lloyd Z. Remick (2006-2008).

(1) Each officer serves until removed by the Board or the principal executive officer of the Trust, or until such officer resigns.

CITY NATIONAL ROCHDALE FUNDS | PAGE 158

notice to shareholders (Unaudited)

September 30, 2013

For shareholders that do not have a September 30, 2013 taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2013 taxable year end, please consult your tax advisor as to the pertinence of this notice.

For California income tax purposes, for the fiscal year ended September 30, 2013, each of the California Tax Exempt Bond Fund and California Tax Exempt Money Market Fund is designating 95.33% and 94.35%, respectively, of its distributions paid from net investment income as exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.

For Federal income tax purposes, for the fiscal year ended September 30, 2013 each Fund is designating the following items with regard to distributions paid during the year:

	(A) Long Term Capital Gain Distributions			(B) Return of Capital			(C) Ordinary Income Distributions			(D) Tax Exempt Interest			(E) Total Distributions			(F) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)			(G) Qualifying Dividend Income (2)			(H) U.S. Government Interest (3)			(I) Interest Related Dividends (4)			(J) Qualified Short-Term Capital Gain Dividends (5)
Government Money Market Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		55.47	%		94.87	%		0.00	%
Prime Money Market Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.60	%		94.14	%		0.00	%
California Tax Exempt Money Market Fund		0.00	%		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Limited Maturity Fixed Income Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		4.85	%		91.68	%		0.00	%
Government Bond Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		30.77	%		95.27	%		0.00	%
Corporate Bond Fund		29.02	%		0.00	%		70.98	%		0.00	%		100.00	%		0.00	%		0.00	%		0.22	%		88.22	%		100.00	%
California Tax Exempt Bond Fund		21.93	%		0.00	%		8.72	%		69.35	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%
Full Maturity Fixed Income Fund		35.84	%		0.00	%		64.16	%		0.00	%		100.00	%		0.00	%		0.00	%		11.56	%		93.33	%		100.00	%
High Yield Bond Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		99.71	%		0.00	%
Intermediate Fixed Income Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		6.30	%		6.30	%		2.99	%		83.76	%		0.00	%
Fixed Income Opportunities Fund		0.15	%		0.00	%		99.85	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		92.80	%		0.00	%
Multi-Asset Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		17.37	%		33.61	%		0.00	%		1.40	%		0.00	%
Dividend & Income Fund		0.00	%		33.07	%		66.93	%		0.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
U.S. Core Equity Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		45.04	%		46.84	%		0.00	%		0.00	%		0.00	%
Diversified Equity Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Socially Responsible Equity Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Emerging Markets Fund(6)		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount permitted by law.

(3) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) “Interest Related Dividends” represent qualifying interest that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.

(5) “Short-Term Capital Gain Dividends” represent qualifying short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.

(6) The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended September 30, 2013, the total amount of foreign source income was $1,523,375. The total amount of foreign tax to be paid is $138,336. Your allocable share of foreign tax credit will be reported on Form 1099-DIV.

Items (A), (B), (C), (D) and (E) are based on the percentage of each fund’s total distribution.

Items (F) and (G) are based on the percentage of “Ordinary Income Distributions.”

Item (H) is based on the percentage of gross income of each Fund.

Item (I) is based on the percentage of net investment income distributions.

Item (J) is based on the percentage of short-term capital gain distributions.

CITY NATIONAL ROCHDALE FUNDS | PAGE 159

disclosure of fund expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.

CITY NATIONAL ROCHDALE FUNDS | PAGE 160

	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.10		0.09	%	$	0.45
Class S		1,000.00		1,000.10		0.09	%		0.45
Servicing Class		1,000.00		1,000.10		0.09	%		0.45
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.62		0.09	%	$	0.46
Class S		1,000.00		1,024.62		0.09	%		0.46
Servicing Class		1,000.00		1,024.62		0.09	%		0.46
City National Rochdale Prime Money Market Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,000.10		0.16	%	$	0.80
Class N		1,000.00		1,000.10		0.17	%		0.85
Class S		1,000.00		1,000.10		0.17	%		0.85
Servicing Class		1,000.00		1,000.10		0.16	%		0.80
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,024.27		0.16	%	$	0.81
Class N		1,000.00		1,024.22		0.17	%		0.86
Class S		1,000.00		1,024.22		0.17	%		0.86
Servicing Class		1,000.00		1,024.27		0.16	%		0.81
City National Rochdale California Tax Exempt Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.10		0.09	%	$	0.45
Class S		1,000.00		1,000.10		0.10	%		0.50
Servicing Class		1,000.00		1,000.10		0.09	%		0.45
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.62		0.09	%	$	0.46
Class S		1,000.00		1,024.57		0.10	%		0.51
Servicing Class		1,000.00		1,024.62		0.09	%		0.46
City National Rochdale Limited Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	995.30		0.62	%	$	3.10
Class N		1,000.00		993.10		0.87	%		4.35
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.96		0.62	%	$	3.14
Class N		1,000.00		1,020.71		0.87	%		4.41
City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	986.20		0.53	%	$	0.87
Class N		1,000.00		984.70		1.03	%		5.12
Servicing Class		1,000.00		985.90		0.78	%		3.88
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.41		0.53	%	$	2.69
Class N		1,000.00		1,019.90		1.03	%		5.22
Servicing Class		1,000.00		1,021.16		0.78	%		3.95
City National Rochdale Corporate Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	995.20		1.00	%	$	5.00
Servicing Class		1,000.00		996.50		0.75	%		3.75
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.05		1.00	%	$	5.06
Servicing Class		1,000.00		1,021.31		0.75	%		3.80
City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	990.90		0.88	%	$	4.39
Servicing Class		1,000.00		992.10		0.63	%		3.15
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.66		0.88	%	$	4.46
Servicing Class		1,000.00		1,021.91		0.63	%		3.19
City National Rochdale Full Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	980.80		0.64	%	$	3.18
Class N		1,000.00		979.60		0.88	%		4.37
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.86		0.64	%	$	3.24
Class N		1,000.00		1,020.66		0.88	%		4.46
City National Rochdale High Yield Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	999.60		0.70	%	$	1.13
Class N		1,000.00		997.10		1.20	%		6.01
Servicing Class		1,000.00		999.50		0.95	%		4.76
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.56		0.70	%	$	3.55
Class N		1,000.00		1,019.05		1.20	%		6.07
Servicing Class		1,000.00		1,020.31		0.95	%		4.81

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 161

disclosure of fund expenses (Unaudited) (Continued)

	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Class N	$	1,000.00	$	977.60		1.01	%	$	5.01
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.00		1.01	%	$	5.11
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$	1,000.00	$	1,002.60		1.09	%	$	5.47
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.60		1.09	%	$	5.52
City National Rochdale Multi—Asset Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,011.40		0.60	%	$	0.99
Class N		1,000.00		1,007.80		1.10	%		5.54
Servicing Class		1,000.00		1,009.10		0.85	%		4.28
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.06		0.60	%	$	3.04
Class N		1,000.00		1,019.55		1.10	%		5.57
Servicing Class		1,000.00		1,020.81		0.85	%		4.31
City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,004.20		1.11	%	$	5.58
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.50		1.11	%	$	5.62
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,115.40		—	%	$	—
Class N		1,000.00		1,110.90		1.00	%		5.29
Servicing Class		1,000.00		1,112.50		0.75	%		3.97
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,025.07		—	%	$	—
Class N		1,000.00		1,020.05		1.00	%		5.06
Servicing Class		1,000.00		1,021.31		0.75	%		3.80
City National Rochdale Diversified Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,079.80		0.75	%	$	3.91
Class N		1,000.00		1,078.90		1.00	%		5.21
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.31		0.75	%	$	3.80
Class N		1,000.00		1,020.05		1.00	%		5.06
City National Rochdale Socially Responsible Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,082.50		0.87	%	$	4.54
Class N		1,000.00		1,082.20		1.13	%		5.90
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.71		0.87	%	$	4.41
Class N		1,000.00		1,019.40		1.13	%		5.72
City National Rochdale Emerging Markets Fund
Actual Fund Return
Class N	$	1,000.00	$	1,026.40		1.61	%	$	8.18
Hypothetical 5% Return
Class N	$	1,000.00	$	1,017.00		1.61	%	$	8.14

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 162

board approval of advisory and sub-advisory agreements

(Unaudited)

The Board of Trustees of City National Rochdale Funds (the “Trust”) is comprised of eight Trustees, six of whom are independent of the Trust’s investment adviser and sub-advisers (the “Independent Trustees”). During the six months ended September 30, 2013, the Board and the Independent Trustees approved renewal of the Trust’s advisory agreements and sub-advisory agreements, as described below. During that period, certain related name changes and reorganizations occurred, as follows:

• Prior to September 10, 2013, the name of the Trust was CNI Charter Funds.

• Effective September 10, 2013, Rochdale Investment Management, LLC (“Rochdale”), the investment manager of the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund series of the Trust (collectively, the “Rochdale Funds”) changed its name to City National Rochdale, LLC (“City National Rochdale”).

• Also effective September 10, 2013, City National Asset Management, Inc. (“CNAM”), the investment manager of the Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, High Yield Bond Fund, Multi-Asset Fund, U.S. Core Equity Fund, Limited Maturity Fixed Income Fund, Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund series of the Trust (collectively, the “CNAM Funds” and together with the Rochdale Funds, the “Funds”), reorganized into City National Rochdale.

During the six months ended September 30, 2013, the Board and the Independent Trustees approved renewal of the Trust’s advisory agreement with Rochdale with respect to each Rochdale Fund and the Trust’s advisory agreement with CNAM with respect to each CNAM Fund. They also approved renewal of the following agreements with the sub-advisers to certain of the Funds (collectively the “Sub-Advisers”):

• CNAM’s sub-advisory agreement with Robert W. Baird & Co. Incorporated (“Baird”) with respect to the Full Maturity Fixed Income Fund;

• CNAM’s sub-advisory agreement with Boyd Watterson Asset Management, LLC (“Boyd Watterson”) with respect to the Full Maturity Fixed Income Fund;

• CNAM’s sub-advisory agreement with Guggenheim Partners Investment Management, LLC (“Guggenheim”) with respect to the High Yield Bond Fund;

• CNAM’s sub-advisory agreements with SKBA Capital Management, LLC (“SKBA”) with respect to the Socially Responsible Equity Fund and the Diversified Equity Fund;

• Rochdale’s sub-advisory agreement with Seix Investment Advisors LLC (“Seix”) with respect to the Fixed Income Opportunities Fund;

• Rochdale’s sub-advisory agreement with Federated Investment Management Company (“Federated”) with respect to the Fixed Income Opportunities Fund; and

• Rochdale’s sub-advisory agreement with GML Capital LLP (“GML Capital”) with respect to the Fixed Income Opportunities Fund.

The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” Rochdale and CNAM may be collectively referred to as the “Advisers.”

GENERAL INFORMATION

The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Agreements were considered separately for each Fund, although the Board took into account the common interests of the Funds in its review. As described below, the Board considered the nature, quality and extent of the various investment advisory and administrative services performed by Rochdale, CNAM and each Sub-Adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in private sessions with their independent counsel at which no representatives of Rochdale, CNAM or the Sub-Advisers were present.

The Board reviewed extensive materials regarding investment results of Rochdale, CNAM and each Sub-Adviser, advisory fee and expense comparisons, financial information with respect to each entity, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management and administrative services to the Funds. They also took into account information they received at past meetings of the Board and its committees with respect to these matters.

CITY NATIONAL ROCHDALE FUNDS | PAGE 163

board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

In deciding to approve renewal of the Agreements, the Board and the Independent Trustees did not identify a single factor as controlling and this summary does not describe all of the matters considered. In addition, each Board member did not necessarily attribute the same weight to each matter. However, the Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval.

ROCHDALE INVESTMENT MANAGEMENT, LLC AND CITY NATIONAL ASSET MANAGEMENT, INC.

Nature, Extent and Quality of Services

In reviewing the services provided by each of Rochdale and CNAM, the Board considered a variety of matters, including the background, education and experience of its key portfolio management and operational personnel; its overall financial strength and stability; its resources and efforts to retain, attract and motivate capable personnel to serve the Funds; and the overall general quality and depth of its organization. With respect to each of Rochdale and CNAM, the Board also took into account the experience, capability and integrity of its senior management; its investment philosophy and processes, including sub-adviser oversight processes; its brokerage, trading and soft dollar practices; its disaster recovery and contingency planning; and its commitment and systems in place with regard to compliance with applicable laws and regulations. The Board found all of these matters to be satisfactory.

Investment Performance

The Board assessed the performance of each Fund compared with its respective benchmark index or indexes and the average of all funds in its respective peer group category (each a “universe”) selected by Lipper, Inc. and iMoneyNet, Inc. (for the money market funds only) for the one-, three-, five-, ten- and 15-year and since inception periods ended June 30, 2013, as applicable. The Board also reviewed the performance of the Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, High Yield Bond Fund and Multi-Asset Fund compared with the average performance of all funds in its respective “Bank Channel” universe, which includes only those funds in the Fund’s Lipper universe that are distributed through institutional and retail bank channels. In addition, the Board reviewed the performance of each Fund compared to a select group of comparable funds determined by CNAM or Rochdale, as applicable, to have investment objectives similar to that of the Fund.

The Board’s observations with respect to the annualized total returns of the Funds were as follows:

• The annualized total returns of the Government Money Market Fund (Servicing Class) are the same as or higher than the Lipper Institutional US Government Money Market Objective, iMoneyNet Inc. Government Institutional universe average, and Bank Channel universe averages for the one- and three-year periods ended June 30, 2013. For the five-year period, the Fund outpaced the iMoneyNet universe average and trailed the Lipper universe average (by four basis points) and Bank Channel universe average (by three basis points). For the ten-year and since inception periods ending June 30, 2013, the Fund trailed the Lipper universe average (by 14 and 18 basis points, respectively), iMoneyNet (by four basis points and six basis points, respectively), and the Bank Channel universe average (by 13 and 35 basis points, respectively).

• The Prime Money Market Fund (Institutional Class) underperformed the Lipper Institutional Money Market Objective, iMoneyNet Inc. Prime Institutional universe average, and Bank Channel universe averages for the one-year period (by four basis points or less), three-year period (by three basis points or less), five-year period (by eight basis points or less), ten-year period (by 18 basis points or less), and since inception period (by 24 basis points or less) ending June 30, 2013.

• The California Tax Exempt Money Market Fund (Servicing Class) annualized total return matched the Bank Channel universe average for the one-year period ending June 30, 2013, but underperformed the Lipper CA Tax-Exempt Money Market Funds Objective universe average (by one basis point) and iMoneyNet State Specific Institutional-CA universe average (by six basis points). The Fund’s annualized three-year performance matched the Lipper universe average but underperformed the iMoneyNet universe average (by one basis point) and Bank Channel universe average (by two basis points). For the five- and ten-year and since-inception periods, the Fund’s annualized performance was lower than the Lipper universe average (by four basis points or less), iMoneyNet universe average (by 11 basis points or less), and Bank Channel universe average (by 25 basis points or less).

• For the one-, three-, ten- and 15-year and since inception periods ending June 30, 2013, the Limited Maturity Fixed Income Fund (Institutional Class) underperformed the Barclays 1-3 Year US Government/Credit Index (by 73 basis points or less), the Lipper Short Investment-Grade Debt

CITY NATIONAL ROCHDALE FUNDS | PAGE 164

Funds Classification universe average (by 130 basis points or less) and the Lipper Short/Intermediate Investment Grade Debt Funds Classification universe average (by 193 basis points or less). For the five-year period ending June 30, 2013, the Fund’s annualized total return outperformed the Barclays Index, but trailed the Lipper Short Investment-Grade Debt Funds Classification universe average (by 21 basis points) and the Lipper Short/Intermediate Investment Grade Debt Funds Classification universe average (by 183 basis points). The Board considered CNAM’s observation that the underperformance of the Fund was caused by a combination of factors including the Fund’s longer duration and overweight in agency mortgage backed securities, which performed poorly in the second quarter of 2013.

• The Government Bond Fund (Institutional Class) underperformed the Barclays 1-5 Year Government Bond Index (by 46 basis points) but outperformed the Lipper Short/Intermediate US Government Objective and the Bank Channel universe averages over the one-year period ending June 30, 2013. The Fund’s annualized returns outperformed the Barclays Index and the Lipper and Bank Channel universe averages over the three-year period ending June 30, 2013. For the five-year, ten-year and since-inception periods ending June 30, 2013, the Fund underperformed the Barclays 1-5 Year Government Bond Index (by 52 basis points or less), the Lipper Short/Intermediate US Government Objective universe average (by 66 basis points or less) and the Bank Channel universe average (by 50 basis points or less).

• The Corporate Bond Fund (Servicing Class) outperformed the Lipper Short/Intermediate Investment-Grade Objective universe average and the Barclays US Corp 1-5 A3+, 2% Issuer Constrained Index, but underperformed the Bank Channel universe average (by 58 basis points) over the one-year period ending June 30, 2013. The Fund underperformed the Barclays Index (by 41 basis points or less), the Lipper universe average (by 25 basis points or less) and the Bank Channel universe average (by 107 basis points or less) over the three- and five-year periods ending June 30, 2013. The Fund outperformed the Lipper and Bank Channel universe averages, and underperformed the Barclays Index (by 37 basis points or less) over the annualized ten-year and since inception periods ending June 30, 2013.

• The California Tax Exempt Bond Fund (Servicing Class) underperformed the Lipper CA Short/Intermediate Municipal Debt Objective universe average (by 57 basis points), the Barclays CA Intermediate-Short Municipal Index (by 88 basis points), and the Bank Channel universe average (by 96 basis points) over the one-year period ending June 30, 2013. The Fund outperformed the Lipper universe average but underperformed the Barclays Index (by 72 basis points or less) and the Bank Channel universe average (by ten basis points or less) over the three- and ten-year periods ending June 30, 2013. The Fund outperformed the Lipper and Bank Channel universe averages, and underperformed the Barclays Index (by 68 basis points or less) over the five-year and since inception periods ending June 30, 2013. In considering the Fund’s performance, the Board noted CNAM’s observations that the Fund held a greater number of lower quality bonds (rated A) than the Index, that those lower quality bonds did not perform as well as expected when a sell-off occurred during the second quarter of 2013, and that the limited number of high quality California municipal bond obligations available for purchase affected the Fund’s performance.

• The Full Maturity Fixed Income Fund (Institutional Class) underperformed the Lipper Corporate A-Rated Debt Funds Objective universe average (by 101 basis points) and the Barclays Intermediate US Government/Credit Index (by 85 basis points), and outperformed the Barclays US Aggregate Bond Index over the one-year period ending June 30, 2013. The Fund underperformed the Lipper universe average (by 164 basis points or less), the Barclays Intermediate US Government/Credit Index (by 103 basis points or less) and the Barclays US Aggregate Bond Index (by 133 basis points or less) over the three-, ten-, and 15-year and since inception periods ending June 30, 2013. The Fund outperformed the Barclays Intermediate US Government/Credit Index and underperformed the Lipper universe average (by 117 basis points) and the Barclays US Aggregate Bond Index (by 59 basis points) over the five-year period ending June 30, 2013.

• The annualized returns of the High Yield Bond Fund (Institutional Class) outperformed the Citigroup High-Yield Market Capped Index, the Lipper High Yield Bond Funds Objective universe average, and the Bank Channel universe average over the one-, three- and five-year periods ending June 30, 2013. The Fund outperformed the Lipper universe average and underperformed the Citigroup Index (by 31 basis points) and the Bank Channel universe average (by 21 basis points) over the ten-year period ending June 30, 2013. Since inception, the Fund’s annualized returns matched or outperformed the Citigroup Index and the Lipper and Bank Channel universe averages.

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(Unaudited) (Continued)

• The Intermediate Fixed Income Fund outperformed the Lipper Intermediate Investment-Grade Debt Funds Classification universe average and the Barclays Intermediate US Government/Credit Index over the one- and three-year periods ending June 30, 2013. The Fund underperformed the Lipper universe average (by 120 basis points or less) and the Barclays Index (by 54 basis points or less) over the five- and ten-year and since inception periods.

• The Fixed Income Opportunities Fund underperformed the Lipper High Yield Bond Funds Classification universe average (by 135 basis points), the Barclays US High Yield Index (by 189 basis points), and the Credit Suisse Leveraged Loan Index (by four basis points), and outperformed the Barclays US Aggregate Index over the one-year period ending June 30, 2013. The Fund outperformed the Barclays US Aggregate Index and the Credit Suisse Index, and underperformed the Lipper universe average (by 211 basis points) and the Barclays US High Yield Index (by 323 basis points) over the three-year period ending June 30, 2013. The Fund outperformed the Barclays US Aggregate Index and underperformed the Lipper universe average (by ten basis points), the Barclays US High Yield Index (by 598 basis points), and the Credit Suisse Index (by 98 basis points) on an annualized basis since inception.

• The Multi-Asset Fund (Institutional Class) outperformed the Lipper Absolute Return Funds Classification universe average and the BofA Merrill Lynch 3-Month US Treasury Bill Index, and underperformed the Blended Index (a customized index composed of 60% in the Barclays Capital Intermediate Government/Credit Index and 40% in the MSCI World Index) (by 571 basis points or less) and the Bank Channel universe average (by 334 basis points or less) over the one-, three- and five-year and since inception periods ending June 30, 2013. The Fund outperformed the Barclays U.S. Treasury Inflation Protected Securities Index for the three-year period and underperformed the Index (by 542 basis points or less) for the one- and five-year and since inception periods.

• The Dividend & Income Fund underperformed the Dow Jones Select Dividend Index (by 296 basis points or less), the Lipper Equity Income Funds Classification universe average (by 301 basis points or less), and the S&P 500 Index (by 444 basis points or less) over the one- and three-year periods ending June 30, 2013. The Fund outperformed the Lipper universe average and the S&P 500 Index, and underperformed the Dow Jones Index (by 164 basis points) over the five-year period ending June 30, 2013. The Fund outperformed the Dow Jones Index, the Lipper universe average, and the S&P 500 Index over the ten-year period. The Fund outperformed the S&P 500 Index but underperformed the Dow Jones Index (by 275 basis points) and the Lipper universe average (by 28 basis points) for the since inception period. In addition, the Fund was recognized as a Lipper Leader for the Preservation category overall and for the three-, five- and ten-year periods and remained a Lipper Leader in the Total Return category for the five- and ten-year periods. The Fund also maintained its five-star Morningstar rating for the five- and ten-year periods while maintaining a low Morningstar risk rating for all periods (three-, five- and ten-year, and overall). The Board noted Rochdale’s observations that the Fund diverges from its benchmarks’ performance because it has more of a multi-cap strategy than the benchmarks, and that the Fund’s exposure to REITs, which performed poorly in the bond sell-off in early 2013, contributed to the Fund’s underperformance.

• The U.S. Core Equity Fund (Institutional Class) underperformed the Lipper Large Cap Core Funds Classification universe average (by 192 basis points or less) and the S&P 500 Index (by 299 basis points or less) on a trailing three- and six-month and since inception basis for periods ending June 30, 2013. The Board noted that the Fund had been in operation for less than one year.

• The Diversified Equity Fund (Institutional Class) underperformed the Lipper Multi-Cap Core Funds Classification universe average (by 337 basis points or less) and the S&P 500 Index (by 557 basis points or less) over the one-, three-, five- and ten-year and since inception periods ending June 30, 2013. The Fund outperformed the S&P 500 Index but underperformed the Lipper universe average (by 106 basis points) for the 15-year period ending June 30, 2013.

• The Socially Responsible Equity Fund (Institutional Class) underperformed the MSCI KLD 400 Social Index (by 426 basis points or less), the Lipper Multi-Cap Value Funds Classification universe average (by 286 basis points or less), and the Russell 1000 Value Index (by 464 basis points or less) over the one-, three- and five-year, and since inception periods ending June 30, 2013. The Board noted CNAM’s observations that the Fund differs from most socially responsible funds, which are generally growth oriented, because it is a value-oriented fund, and that the Fund’s underperformance relative to the Lipper Multi-Cap Value

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Funds Classification was due, in part, to the fact that the funds in the Lipper classification do not have any social constraints on their investments.

• The Emerging Markets Fund outperformed the MSCI Emerging Markets Index, the Lipper Emerging Markets Funds Classification universe average, and the MSCI Emerging Markets Asia Index over the one-year and since inception periods ending June 30, 2013.

The Board concluded that the Advisers continued to provide satisfactory management and oversight services to the Funds. They noted that the investment results of the Funds over the long term were generally competitive; that the Advisers had given reasonable explanations for the performance of those Funds that had underperformed relative to their benchmarks; that the results for the Money Market Funds compared to their peer groups were acceptable given the special services and investment focuses of those Funds and the unusual market conditions applicable to the money market fund industry in recent years; and that consideration of returns of market indexes needed to take into account that indexes do not reflect the expenses of operating mutual funds.

Advisory Fees and Fund Expenses

The Board reviewed information regarding the advisory fees (both before and after waivers) charged by Rochdale and CNAM to the Rochdale Funds and CNAM Funds, respectively, and the total expenses (net of fee waivers) of each Fund (as percentages of their respective average annual net assets) compared to those of the funds included in the relevant Lipper universes and peer groups selected by Rochdale or CNAM, as applicable (“Peer Groups”), and concluded that the advisory fees and expenses of the Funds continued to be reasonable.

The Board observed that the investment advisory fees (net of fee waivers) paid by the Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Bond Fund, Fixed Income Opportunities Fund, Multi-Asset Fund, and U.S. Core Equity Fund were below their Peer Group and Lipper universe averages; the net advisory fees paid by the Dividend & Income Fund were below its Lipper universe average; and the net advisory fees paid by the other Funds generally were above the relevant Peer Group and Lipper universe averages, but were within or below the middle 60% range for the relevant Lipper universes (except for the Limited Maturity Fixed Income Fund and Full Maturity Fixed Income Fund). The Board observed that the advisory fee net of waivers for the Limited Maturity Fixed Income Fund was 23 basis points higher than the Peer Group average and 18 basis points higher than the Lipper universe average, and the advisory fee net of waivers for the Full Maturity Fixed Income Fund was 14 basis points higher than the Peer Group and Lipper universe averages. The Board noted that neither Rochdale nor CNAM manages investment portfolios for other registered investment companies, pension funds, or institutional accounts that have similar investment objectives and policies as the Funds. The Board also observed that Rochdale reported that the Rochdale International Trade Fixed Income Fund, a closed-end fund, is managed using the same strategies and sub-adviser, GML Capital, used to manage a portion of the Fixed Income Opportunities Fund, for a fee greater than that charged to the Fixed Income Opportunities Fund.

The Board considered that the total expense ratios of all of the classes of each of the Funds (except for Class N of the Limited Maturity Fixed Income Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Emerging Markets Fund) were below the relevant Peer Group and Lipper universe averages. The Board further noted that the total expense ratios for the California Tax Exempt Money Market Fund (Servicing Class), Government Bond Fund (Institutional Class), Full Maturity Fixed Income (Institutional Class), High Yield Bond (Institutional Class), Multi-Asset Fund (Institutional Class), U.S. Core Equity Fund (Institutional Class), Diversified Equity (Institutional Class), and Socially Responsible Equity Fund (Institutional Class) were in the lowest 20% of the relevant Lipper universes, and the total expense ratios for the Government Money Market Fund (Servicing Class), Prime Money Market Fund (Institutional Class), Limited Maturity Fixed Income Fund (Institutional Class), Corporate Bond Fund (Servicing Class), California Tax Exempt Bond Fund (Servicing Class), Intermediate Fixed Income Fund (Class N), Fixed Income Opportunities Fund (Class N), Dividend & Income Fund (Class N) and Emerging Markets Fund (Class N) were within the middle 60% range for the relevant Lipper universes.

The Board concluded that the advisory fees charged by the Advisers were fair and reasonable, and the total expenses of each Fund continued to be reasonable.

Profitability, Benefits to Advisers and Economies of Scale

The Board considered information prepared by CNAM relating to its costs and profits with respect to the Funds. The Board also considered the benefits received by each of Rochdale and CNAM and their affiliates as a result of their relationship with the Funds, including investment advisory fees paid to them; fees paid to affiliates such as City National Bank, City National

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board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

Securities, Inc. and RIM Securities, LLC for providing certain shareholder servicing and sub-distribution services to the Trust; benefits to City National Bank’s brokerage and wealth management businesses as a result of the availability of the Funds to its customers; research services made available to them by broker-dealers that provide execution services to the Funds; and the intangible benefits of any favorable publicity arising in connection with the Funds’ performance. The Board noted that the Trust’s assets have been relatively stable and the advisers’ representations that no significant economies of scale with respect to the Funds had been realized in the last year. The Board also noted that although there were no advisory fee breakpoints, based on the advisers’ operations significant economies of scale were not likely to be realized until the asset levels of most of the Funds were significantly higher than their current levels.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each of Rochdale and CNAM with respect to each of the Funds it manages pursuant to its advisory agreements with the Trust is fair and reasonable in light of the nature and quality of the services being provided by it to the respective Funds and their shareholders, and that renewal of the agreements was in the best interest of the Funds and their shareholders.

SUB-ADVISERS

Nature, Extent and Quality of Services

In reviewing the services provided by each Sub-Adviser, the Board considered a variety of matters, including the background, education and experience of the Sub-Adviser’s key portfolio management and operational personnel; its overall financial strength and stability; its resources and related efforts to retain, attract and motivate capable personnel to serve the relevant Funds; and the overall general quality and depth of its organization. The Board also reviewed each Sub-Adviser’s investment philosophy and processes as well as its brokerage and trading practices, its disaster recovery and contingency planning, and its commitment and systems in place with regard to compliance with applicable laws and regulations. The Board found all of these matters to be satisfactory.

Investment Performance

The Board’s observations regarding the performance of the Full Maturity Fixed Income Fund, High Yield Bond Fund, Fixed Income Opportunities Fund, Diversified Equity Fund and Socially Responsible Equity Fund are described above. In addition, the Board assessed the performance of each of Baird’s and Boyd Watterson’s portions of the Full Maturity Fixed Income Fund, SKBA’s portion of the Diversified Equity Fund, and each of Federated’s, Seix’s and GML Capital’s portions of the Fixed Income Opportunities Fund, compared with the Sub-Adviser’s respective benchmark for various periods ended June 30, 2013. The Board made the following additional observations in reviewing the annualized total returns of those Sub-Advisers:

• The annualized returns for Baird’s portion of the Full Maturity Fixed Income Fund were above the returns of the Barclays US Aggregate Bond Index for the one-, two-, three- and five-year periods, and were below the returns of the Index for the seven- and ten-year periods ended June 30, 2013.

• The annualized returns for Boyd Watterson’s portion of the Full Maturity Fixed Income Fund were above the returns of the Barclays Intermediate US Government/Credit Index for the one-, three-, five- and seven-year periods and were slightly below the return of the Index for the two-year period ended June 30, 2013.

• The annualized returns for SKBA’s portion of the Diversified Equity Fund were below the returns of the Russell 1000 Value Index for the one-, two-, three- and five-year periods ended June 30, 2013. In considering SKBA’s performance, the Board noted that management of the Trust had indicated that it planned to seek the Board’s approval to reorganize the Diversified Equity Fund into the U.S. Core Equity Fund.

• The annualized returns for Federated’s portion of the Fixed Income Opportunities Fund were below the returns of the Barclays U.S. Corporate High Yield 2% Issuer Capped Index for the one- and three- year periods, and above the return of the Index for the two-year period ended June 30, 2013.

• The annualized returns for Seix’s portion of the Fixed Income Opportunities Fund were below the returns of the Credit Suisse Leveraged Loan Index for the one- and two- year periods, and above the return of the Index for the three-year period, ended June 30, 2013.

• The annualized return for GML Capital’s portion of the Fixed Income Opportunities Fund was above the return of the CEMBI Broad Diversified Index for the one-year period and below the Index return for the two-year period ended June 30, 2013.

CITY NATIONAL ROCHDALE FUNDS | PAGE 168

The Board concluded that each Sub-Adviser continued to provide satisfactory services to the Funds.

Advisory Fees and Fund Expenses

The Board reviewed information regarding the advisory fees charged by each Sub-Adviser and observed that the fees charged by each Sub-Adviser were generally low compared to the fees it charged to its other institutional clients. The Board noted that Guggenheim’s advisory fee with respect to the High Yield Bond Fund was higher than its fees with respect to other mutual funds for which it serves as sub-adviser, but also noted that each of those other funds was significantly larger than the Fund. The Board also observed that Seix’s sub-advisory fee with respect to the Fixed Income Opportunities Fund was higher than the fee it charged to another mutual fund for which it served as sub-adviser using a similar strategy, but noted that the other fund was significantly larger than the Fund and was a part of a larger mutual fund complex for which Seix serves as sub-adviser. Additionally, the Board considered that Seix indicated that the lower sub-advisory fee for the other mutual fund it manages using a similar strategy reflected the economies of scale of the other fund and the group of funds to which it belongs. The Trustees noted that each Adviser pays out of its advisory fees all sub-advisory fees to its respective Sub-Advisers.

Benefits to Sub-Advisers

The Board considered the benefits received by each Sub-Adviser and its affiliates as a result of its relationship with the Funds, including the sub-advisory fees paid to the Sub-Adviser, any research received from broker-dealers providing execution services to the relevant Fund, the intangible benefits of the Sub-Adviser’s association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each Sub-Adviser pursuant to its respective sub-advisory agreement is fair and reasonable in light of the nature and quality of the services being provided by each Sub-Adviser to the respective Funds and their shareholders, and that renewal of each sub-advisory agreement was in the best interest of the Funds and their shareholders.

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For more information on City National Rochdale Funds, including charges and expenses, please call 1-888-889-0799 or go to citynationalrochdalefunds.com for a free prospectus. Read it carefully before you invest or send money.

CNI-AR-001-1200

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer and principal accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1)  The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2)  The audit committee financial experts areWilliam R. Sweet and James R. Wolford. Messrs. Sweet and Wolford are independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP Related to the Trust

KPMG LLP billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

		2013			2012
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$279,300	N/A	N/A	$290,500	N/A	N/A
(b)	Audit-Related Fees	$6,000	N/A	N/A	N/A	N/A	N/A
(c)	Tax Fees	$47,113	N/A	N/A	$62,200	N/A	N/A
(d)	All Other Fees	N/A	N/A	N/A	N/A	N/A	N/A

Notes:

(1)   Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) Not Applicable

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	2013	2012
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A

(f) Not Applicable

(g) The aggregate non-audit fees and services billed by KPMG LLP for the last two fiscal years were $47,113 and $62,200 for 2013 and 2012, respectively.

(h) Not Applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

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

Not applicable.  Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

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

Not applicable to open-end management investment companies.

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

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report.  In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	City National Rochdale Funds
By (Signature and Title)	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President & Chief Executive Officer
Date: December 9, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President & Chief Executive Officer
Date: December 9, 2013
By (Signature and Title)	/s/ Eric Kleinschmidt
	Eric Kleinschmidt,
	Controller and COO
Date: December 9, 2013