UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07923

City National Rochdale Funds

 (Exact name of registrant as specified in charter)

________

400 North Roxbury Drive

Beverly Hills, California 90210

 (Address of principal executive offices) (Zip code)

William J. Souza, Esq.

400 North Roxbury Drive

Beverly Hills, California 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, 2015

Date of reporting period: March 31, 2015

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

	City National Rochdale Funds Semi-Annual Report
2	Letter to Our Shareholders
5	Schedule of Investments/Consolidated Schedule of Investments
108	Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
112	Statements of Operations/Consolidated Statement of Operations
116	Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets
122	Consolidated Statement of Cash Flows
124	Financial Highlights/Consolidated Financial Highlights
129	Notes to Financial Statements/Consolidated Notes to Financial Statements
146	Disclosure of Fund Expenses
149	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 Commission’s website at www.sec.gov.

CITY NATIONAL ROCHDALE FUNDS | PAGE 1

letter to our shareholders

March 31, 2015 (Unaudited)

Dear Shareholders,

This semi-annual report covers the six-month period ended March 31, 2015. Calendar year 2014 was in many ways a tale of two halves, as the relatively serene market backdrop during the first half of the year (excluding January) fast evolved into a much more capricious environment for investors. Risk assets across a broad range of geographies and asset classes were sharply impacted by the swift downturn in Oil prices, which experienced a 44% decline over the six-month period ending March 31st. Aside from the Energy story, interest rate compression and the rapid strengthening of the US Dollar have dominated financial headlines as of late. European Quantitative Easing (QE) efforts appear poised for a lengthy pursuit, targeting a €1 trillion balance sheet expansion at a pace of €60 billion in government bond purchases per month. Launched in early March, the European Central Bank’s objective to lower borrowing costs and spur inflation across the Eurozone will inevitably be accompanied by bouts of volatility as global markets react.

From a performance standpoint, 2015 places most equity indices squarely in the black though the end of Q1. Domestic large cap stocks have been outpaced by their foreign counterparts, with developed economies generally outperforming emerging markets. Japanese equities have been among the strongest performers in 2015, as the impact of monetary stimulus, improving corporate profit margins, and relatively attractive valuations have garnered investor support. Within fixed income markets, falling interest rates over the last six months have provided a lift to most domestic bond prices, with the exception of the lowest rated high yield credits which struggled to overcome selling pressure across the Energy sector towards the latter half of 2014. Bond yields outside the United States have been mixed, as geopolitical concerns and macroeconomic uncertainty have driven sovereign spreads wider in some countries (i.e., Russia, Brazil); while other countries continue to maintain the illusion of relative safety (i.e., Germany, Japan). Market reactions to political developments and policy implementation around the world continue to remind investors of the ever-present interconnectivity of global financial markets in today’s day and age.

Though our optimism surrounding most risk assets has generally been well rewarded by the market over the last six months, our positioning has and will likely increasingly lean more towards a cautious orientation in an effort to protect clients from potential downside going forward. After over six bull market years, our conservative nature and mindfulness of expanding asset class valuations around the world leads us to take some chips off the table.

Below is a summary of the asset classes in which the City National Rochdale Funds are invested for the six months ended March 31, 2015.

MONEY MARKET FUNDS

With short term interest rates continuing to hover near zero, we remain committed to helping our clients preserve positive returns by waiving a substantial portion of our fees. The three City National Rochdale money market funds all delivered either flat or positive absolute performance for the six-month period ending with the close of the first quarter. Expectations for a possible interest rate hike in late 2015 have increased as the Federal Reserve seeks to balance the potential ramifications from strengthening labor market conditions, inflation projections, and a general improvement in U.S. growth prospects, with the risk of constraining broader economic recovery trends. As an upward adjustment in interest rates becomes more of a near term possibility, money market investors will be positioned to eventually capture more meaningful income distributions.

BOND FUNDS

At this time last year, the City National Rochdale Municipal High Income Fund had three months of live performance and just over $175 million in total fund assets. The Fund has grown nicely since then, finishing Q1 with roughly $572 million in total assets. Performance for this Fund over the six-month period ending March 31st has been solid, outpacing its benchmark as well as all other CNR fixed income strategies.

CITY NATIONAL ROCHDALE FUNDS | PAGE 2

The City National Rochdale Fixed Income Opportunities Fund, which happens to be the largest fund in the CNR fund family at just over $1.5 billion in total assets, continues to attract interest from investors seeking higher levels of income with lower sensitivity to potential interest rate volatility.

U.S. core fixed income markets, as measured by the Barclays U.S. Aggregate Index, posted a 3.4% return over the six-month period ending in Q1, outperforming most other domestic fixed income categories. High quality segments outpaced bonds with lower credit ratings, as the sell-off across the Energy sector in late 2014 disproportionately impacted the high yield market. The recent volatility within corporate credit markets has provided opportunities to both take advantage of mispriced bonds as well as enhance the overall credit quality across many of our fixed income strategies. By maintaining a general bias towards shorter duration portfolios, we are also positioned to defend against an eventual rise in interest rates.

Fixed income strategies continue to play an important role within broadly diversified investment portfolios at City National Rochdale. After a 30-year bull market in bonds, it’s as important as ever to ensure that clients have access to diversified sources of risk premia in an effort to both protect capital and maximize upside potential.

MULTI-ASSET FUND

The City National Rochdale Multi-Asset Fund, which seeks to deliver positive absolute performance in excess of inflation irrespective of the market environment, posted a 2.7% return during the six-month period ending in Q1. By maintaining the flexibility to invest across a wide range of asset classes and geographies, the strategy is well equipped to respond to changing market dynamics and pursue attractive opportunities. Recent enhancements to our investment process and risk management framework should bode well for the strategy’s return prospects going forward.

EQUITY FUNDS

Most of the equity strategies available across the City National Rochdale fund family delivered respectable absolute and relative performance over the six-month period ending March 31st. Companies at the lower end of the market capitalization spectrum outperformed their larger cap peers, as some investors sought to avoid the currency translation headwinds anticipated to weigh more heavily on the income statements of larger organizations. Our Asia-centric Emerging Markets Fund continued to outperform its benchmark by targeting high quality companies growing at a faster rate than the market. The U.S. Core Equity fund outpaced the S&P 500 Index by over 150 basis points during Q1 of 2015, driven largely by strong stock selection within the Information Technology sector. Diversified sources of cash flow within the Dividend & Income Fund have allowed our clients to capture attractive yields while preserving the upside optionality that exists within equity markets.

As always, investment teams for all City National Rochdale strategies will continue to seek out compelling opportunities to deliver high levels of risk-adjusted performance with a distinct focus on downside protection. 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. We remain deeply committed to ensuring that we maintain your confidence and respect as stewards of your capital.

Sincerely,

Bruce SimonChief Investment OfficerCity National Rochdale, LLC

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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 3

letter to our shareholders

March 31, 2015 (Unaudited) (Continued)

Investing involves risk, including the loss of principal.

Past performance is no guarantee of future results.

Fund expenses have been waived during the period on which the performance is based. Without waivers, performance would be lower.

This material represents the manager’s assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

City National Rochdale Funds do not generally accept investments by non-U.S. persons and may not be available in all states.

S&P 500 Index is a broad-based market-weighted average of U.S. blue-chip companies.

CITY NATIONAL ROCHDALE FUNDS | PAGE 4

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Government Money Market Fund

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [77.9%]
FAMC, MTN
0.140%, 05/08/15	$	50,000	$	49,999
0.195%, 09/09/15		30,000		29,995
FAMC DN (B)
0.080%, 06/03/15		50,000		49,993
0.150%, 08/25/15		50,000		49,970
FFCB
0.186%, 04/07/15(A)		80,000		80,028
0.142%, 04/11/15(A)		58,000		57,992
0.135%, 04/16/15(A)		50,000		49,993
0.268%, 04/19/15(A)		50,000		50,059
0.193%, 04/23/15(A)		26,500		26,501
0.130%, 06/17/15		88,405		88,399
FHLB
0.110%, 04/07/15		36,700		36,700
0.140%, 04/10/15(A)		95,000		95,003
0.140%, 04/15/15(A)		20,000		20,000
0.135%, 04/16/15(A)		50,000		50,000
0.070%, 04/22/15		28,525		28,524
0.154%, 04/25/15(A)		65,000		65,009
0.070%, 04/29/15		184,000		183,996
0.170%, 07/22/15		50,000		49,998
0.125%, 08/07/15		5,650		5,648
0.200%, 08/19/15		40,900		40,904
0.210%, 08/28/15		50,000		50,005
0.200%, 09/10/15		32,790		32,791
0.200%, 09/17/15		45,000		45,001
0.200%, 09/25/15		40,000		39,999
0.170%, 10/16/15		50,000		49,994
0.190%, 11/17/15		50,000		49,988
0.270%, 02/05/16		37,700		37,683
FHLB DN (B)
0.061%, 04/10/15		147,000		146,998
0.065%, 04/15/15		75,000		74,998
0.070%, 04/17/15		37,200		37,199
0.063%, 04/22/15		171,202		171,196
0.070%, 04/24/15		75,000		74,997
0.070%, 05/01/15		31,501		31,499
0.122%, 05/06/15		67,178		67,170
0.060%, 05/08/15		100,000		99,994
0.073%, 05/13/15		250,000		249,979

Description	Face Amount (000)		Value (000)
0.075%, 05/26/15	$	61,000	$	60,993
0.075%, 06/03/15		13,100		13,098
0.072%, 06/05/15		90,000		89,988
0.095%, 06/15/15		100,000		99,980
0.080%, 06/24/15		50,000		49,991
0.150%, 09/08/15		65,000		64,957
FHLMC (A)
0.165%, 04/16/15		50,000		50,005
0.155%, 04/16/15		50,000		50,003
0.163%, 04/26/15		50,000		50,005
FHLMC DN (B)
0.120%, 09/02/15		100,000		99,949
FNMA
4.375%, 10/15/15		14,000		14,315
0.500%, 03/30/16		35,203		35,254
Total U.S. Government Agency Obligations
(Cost $3,046,740)				3,046,740
Municipal Bonds [6.7%]
California [1.7%]
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
0.030%, 04/02/15(A) (C)		15,000		15,000
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT
0.030%, 04/02/15(A) (C)		6,300		6,300
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
0.030%, 04/02/15(A) (C)		8,000		8,000
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
0.030%, 04/02/15(A) (C)		28,450		28,450
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
0.030%, 04/02/15(A) (C)		9,000		9,000
Total California				66,750

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 5

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Government Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Florida [0.2%]
Duval County, Housing Finance Authority, Camri Green Apartments Project, RB, FNMA, AMT
0.040%, 04/02/15(A) (C)	$	6,500	$	6,500
New York [3.7%]
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC
0.020%, 04/02/15(A) (C)		13,500		13,500
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT
0.020%, 04/02/15(A) (C)		9,350		9,350
New York State, Housing Finance Agency, 345 East 94th Street Project, Ser A, RB, FHLMC, AMT
0.030%, 04/01/15(A) (C)		13,300		13,300
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.030%, 04/01/15(A) (C)		18,100		18,100
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.030%, 04/01/15(A) (C)		23,800		23,800
New York State, Housing Finance Agency, 750 6th Avenue Project, Ser A, RB, FNMA, AMT
0.030%, 04/01/15(A) (C)		7,500		7,500
New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT
0.020%, 04/01/15(A) (C)		15,000		15,000
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
0.030%, 04/01/15(A) (C)		25,500		25,500
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
0.030%, 04/01/15(A) (C)		20,000		20,000
Total New York				146,050

Description	Face Amount (000)		Value (000)
Texas [0.7%]
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
0.040%, 04/01/15(A) (C)	$	13,395	$	13,395
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
0.040%, 04/02/15(A) (C)		13,390		13,390
Total Texas				26,785
Washington [0.4%]
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
0.040%, 04/02/15(A) (C)		16,295		16,295
Total Municipal Bonds
(Cost $262,380)				262,380
U.S. Treasury Obligations (A) [4.1%]
U.S. Treasury Note
0.104%, 04/07/15		130,000		130,007
0.080%, 04/07/15		30,000		29,997
Total U.S. Treasury Obligations
(Cost $160,004)				160,004
Repurchase Agreements (D) [10.2%]
Bank of America
0.090, dated 03/31/15, repurchased on 04/01/15, repurchased price $295,000,738 (collateralized by various U.S. Treasury Notes, par values ranging from $21,100,000 to $80,100,000, 0.125% - 3.500%, 01/15/16 to 02/15/39; with a total market value $300,900,071)		295,000		295,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 6

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Government Money Market Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Barclays
0.100, dated 03/31/15, repurchased on 04/01/15, repurchased price $30,000,083 (collateralized by various U.S. Treasury Notes, par values ranging from $100 to $22,900,000, 0.000% - 2.125%, 06/04/15 to 08/31/19; with a total market value $30,600,017)	$	30,000	$	30,000
Goldman Sachs
0.060, dated 03/31/15, repurchased on 04/01/15, repurchased price $75,000,125 (collateralized by various U.S. Treasury Notes, par values ranging from $43,300,000 to $55,400,000, 0.000% - 2.000%, 11/15/21 to 05/15/36; with a total market value $76,500,000)		75,000		75,000
Total Repurchase Agreements
(Cost $400,000)				400,000
Short-Term Investment [1.1%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.040%**		43,627,269		43,627
Total Short-Term Investment
(Cost $43,627)				43,627
Total Investments [100.0%]
(Cost $3,912,751)			$	3,912,751

Percentages are based on Net Assets of $3,913,038 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

(C) Put and Demand Feature — The date reported is the next reset or put date.

(D) Tri-Party Repurchase Agreement.

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 list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	3,046,740	$	—	$	3,046,740
Municipal Bonds		—		262,380		—		262,380
U.S. Treasury Obligations		—		160,004		—		160,004
Repurchase Agreements		—		400,000		—		400,000
Short-Term Investment		43,627		—		—		43,627
Total Investments in Securities	$	43,627	$	3,869,124	$	—	$	3,912,751

For the period ended March 31, 2015, 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 7

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Prime Money Market Fund

Description	Face Amount (000)		Value (000)
Commercial Paper [63.3%]
Banks [34.6%]
Australia and New Zealand Banking Group (A)
0.190%, 04/23/15	$	35,000	$	34,996
Bank of Nova Scotia (A)
0.260%, 07/27/15		20,000		19,983
Bank of Tokyo-Mitsubishi UFJ NY
0.100%, 04/06/15		30,000		29,999
Commonwealth Bank of Australia (A)
0.250%, 07/06/15		10,000		9,993
Credit Suisse NY
0.180%, 05/01/15		20,000		19,997
0.220%, 05/19/15		10,000		9,997
HSBC USA
0.270%, 07/02/15		10,000		9,993
National Australia Bank (A)
0.230%, 08/04/15		20,000		19,984
Natixis NY
0.240%, 05/04/15		20,000		19,996
Nordea Bank (A)
0.210%, 04/08/15		10,000		10,000
Societe Generale North America
0.190%, 05/01/15		20,000		19,997
Standard Chartered Bank (A)
0.240%, 04/06/15		10,000		10,000
Sumitomo Corp of Americas
0.200%, 05/11/15		20,000		19,995
0.240%, 06/05/15		10,000		9,996
Sumitomo Mitsui Banking (A)
0.240%, 04/02/15		10,000		10,000
0.240%, 05/19/15		20,000		19,994
Toronto-Dominion Holdings USA (A)
0.250%, 09/01/15		30,000		29,968

Description	Face Amount (000)		Value (000)
Westpac Banking (A)
0.260%, 06/19/15	$	35,000	$	34,980
Total Banks				339,868
Energy [2.5%]
ConocoPhillips (A)
0.160%, 04/06/15		24,238		24,237
Financial Services [22.1%]
AllianceBernstein (A)
0.100%, 04/01/15		29,000		29,000
Allianz Finance (A)
0.310%, 05/04/15		8,200		8,198
Caisse Centrale Desjardins (A)
0.340%, 08/27/15		15,000		14,979
Collateralized Commercial Paper
0.330%, 08/03/15		15,000		14,983
0.350%, 09/08/15		15,000		14,977
Fortis Funding (A)
0.110%, 04/01/15		30,000		30,000
General Electric Capital
0.200%, 04/28/15		20,000		19,997
0.380%, 11/10/15		10,000		9,976
John Deere Canada ULC (A)
0.100%, 04/16/15		10,000		10,000
Liberty Street Funding (A)
0.130%, 04/13/15		10,000		9,999
MetLife Short Term Funding (A)
0.120%, 04/01/15		20,000		20,000
0.110%, 04/13/15		10,000		10,000
Mizuho Funding (A)
0.250%, 04/06/15		25,000		24,999
Total Financial Services				217,108
Health Care [3.0%]
UnitedHealth Group (A)
0.270%, 05/11/15		30,000		29,991
Schools [1.1%]
University of California
0.180%, 04/20/15		11,116		11,115
Total Commercial Paper
(Cost $622,319)				622,319

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Prime Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Certificates of Deposit [15.8%]
Banco Del Estado De Chile
0.270%, 07/08/15	$	35,000	$	35,000
Bank of America
0.230%, 07/07/15		30,000		30,000
Bank of Montreal
0.280%, 09/23/15		30,000		30,000
Korea Development Bank NY
0.220%, 06/03/15		30,000		30,000
Norinchukin Bank
0.260%, 04/02/15		10,000		10,000
0.230%, 04/27/15		20,000		20,000
Total Certificates of Deposit
(Cost $155,000)				155,000
Municipal Bonds [4.7%]
California [1.5%]
Southern California, Metropolitan Water District, Ser B-3, RB
0.010%, 04/01/15(B) (C)		15,000		15,000
Texas [3.2%]
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
0.010%, 04/01/15(B) (C)		16,700		16,700
Lower Neches Valley, Industrial Development Authority, Exxon-Mobil Project, RB
0.010%, 04/01/15(B) (C)		14,102		14,102
Total Texas				30,802
Total Municipal Bonds
(Cost $45,802)				45,802
U.S. Government Agency Obligation (B) [1.5%]
FFCB
0.186%, 04/07/15		15,000		15,005
Total U.S. Government Agency Obligation
(Cost $15,005)				15,005
U.S. Treasury Obligation [1.0%]
U.S. Treasury Note
2.125%, 05/31/15		10,000		10,033
Total U.S. Treasury Obligation
(Cost $10,033)				10,033

Description	Face Amount (000)/Shares		Value (000)
Repurchase Agreements (D) [9.7%]
Bank of America
0.090, dated 03/31/15, repurchased on 04/01/15, repurchased price $45,000,113 (collateralized by a U.S. Treasury Note, par value $98,300,000, 0.000%, 02/15/44; with a total market value $45,900,033)	$	45,000	$	45,000
Goldman Sachs
0.060, dated 03/31/15, repurchased on 04/01/15, repurchased price $50,000,181 (collateralized by a U.S. Government Agency Obligations, par value $49,061,000, 0.000%-5.375%, 04/24/15-12/01/26; with a total market value $50,957,000)		50,000		50,000
Total Repurchase Agreements
(Cost $95,000)				95,000
Short-Term Investment [4.0%]
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		39,717,436		39,718
Total Short-Term Investment
(Cost $39,718)				39,718
Total Investments [100.0%]
(Cost $982,877)			$	982,877

Percentages are based on Net Assets of $982,842 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $411,301 (000), representing 41.8% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(C) Put and Demand Feature — The date reported is the next reset date or put date.

(D) Tri-Party Repurchase Agreement.

Cl — Class

FFCB — Federal Farm Credit Bank

NY — New York

RB — Revenue Bond

Ser — Series

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 9

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Prime Money Market Fund (concluded)

The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000).

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	622,319	$	—	$	622,319
Certificates of Deposit		—		155,000		—		155,000
Municipal Bonds		—		45,802		—		45,802
U.S. Government Agency Obligation		—		15,005		—		15,005
U.S. Treasury Obligation		—		10,033		—		10,033
Repurchase Agreements		—		95,000		—		95,000
Short-Term Investment		39,718		—		—		39,718
Total Investments in Securities	$	39,718	$	943,159	$	—	$	982,877

For the period ended March 31, 2015, 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 10

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [86.3%]
Arizona [0.9%]
Maricopa County, Industrial Development Authority, Ser A, RB, FNMA, AMT
0.040%, 04/02/15(A) (B)	$	7,815	$	7,815
Scottsdale Municipal Property, RB
Pre-Refunded @ 100
4.500%, 07/01/15(C)		200		202
Total Arizona				8,017
California [80.4%]
ABAG Finance Authority for Nonprofit, Ser C, RB
0.010%, 04/01/15(A) (B) (D)		850		850
ABAG, Finance Authority for Nonprofit, RB
Pre-Refunded @ 102
5.750%, 07/01/15(C)		1,015		1,049
Alameda County Joint Powers Authority, Ser 2927Z, RB, AGM
0.030%, 04/01/15(B) (E)		3,490		3,490
Bay Area Toll Authority, RB
0.010%, 04/02/15(A) (B) (D)		4,975		4,975
Bay Area Toll Authority, Ser A-2, RB
0.010%, 04/02/15(A) (B) (D)		6,000		6,000
Bay Area Toll Authority, Ser C-2, RB
0.010%, 04/02/15(A) (B) (D)		4,000		4,000

Description	Face Amount (000)		Value (000)
Big Bear Lake California, Southwest Gas Corporation Project, Ser A, RB, AMT
0.020%, 04/01/15(A) (B) (D)	$	11,000	$	11,000
California Educational Facilities Authority, Ser L-5, RB
0.010%, 04/01/15(A) (B)		100		100
California Educational Facilities Authority, Ser L-6, RB
0.010%, 04/01/15(A) (B)		200		200
California Educational Facilities Authority, Ser L-7, RB
0.010%, 04/01/15(A) (B)		1,000		1,000
California State University, Ser A, RB
0.040%, 05/06/15		11,035		11,035
California State University, Ser A, RB, AMBAC
Pre-Refunded @ 100
5.000%, 05/01/15(C)		625		627
California State University, Ser C, RB, NATL
Pre-Refunded @ 100
5.000%, 11/01/15(C)		145		149
California State University, Ser C, RB, NATL
Pre-Refunded @ 100
5.000%, 11/01/15(C)		345		355
California State University, Ser C, RB, NATL
Pre-Refunded @ 100
5.000%, 11/01/15(C)		220		226
California State, Department of Water Resources, RB, AGM
Pre-Refunded @ 100
5.000%, 06/01/15(C)		100		101
California State, Department of Water Resources, RB, AGM
Pre-Refunded @ 100
5.000%, 06/01/15(C)		780		786
California State, Department of Water Resources, RB, AGM
Pre-Refunded @ 100
5.000%, 06/01/15(C)		1,960		1,976
California State, Educational Facilities Authority, Stanford University Project, Ser L-4, RB
0.010%, 04/01/15(A) (B)		975		975
California State, GO
Pre-Refunded @ 100
5.000%, 06/01/15(C)		135		136

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 11

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
California State, GO, AGM
Pre-Refunded @ 100
4.375%, 06/01/15(C)	$	145	$	146
California State, RAN
1.500%, 06/22/15		25,000		25,078
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser A, RB
0.010%, 04/02/15(A) (B) (D)		2,100		2,100
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB
0.010%, 04/01/15(A) (B) (D)		2,080		2,080
California State, Health Facilities Financing Authority, Catholic Healthcare Project, Ser C, RB, NATL
0.070%, 04/01/15(A) (B) (D)		2,100		2,100
California State, Health Facilities Financing Authority, RB
0.020%, 04/01/15(A) (B)		10,000		10,000
California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser C, RB
0.010%, 04/01/15(A) (B)		6,245		6,245
California State, Health Facilities Financing Authority, Scripps Health Project, Ser C, RB
0.010%, 04/01/15(A) (B) (D)		1,050		1,050
California State, Health Facilities Financing Authority, Ser H, RB
0.020%, 04/01/15(A) (B) (D)		800		800
California State, Health Facilities Financing Authority, Ser H, RB
0.020%, 04/01/15(A) (B) (D)		6,400		6,400
California State, Health Facilities Financing Authority, Ser K, RB
0.010%, 04/01/15(A) (B) (D)		5,000		5,000
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
0.010%, 04/01/15(A) (B) (D)		10,300		10,300

Description	Face Amount (000)		Value (000)
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser B-2, RB
0.100%, 06/03/15(B)	$	18,550	$	18,550
California State, Infrastructure & Economic Development Bank, RB
0.040%, 04/02/15(A) (B) (D)		6,245		6,245
California State, Infrastructure & Economic Development Bank, Ser A, RB
0.010%, 04/01/15(A) (B) (D)		3,350		3,350
California State, Kindergarten Project, GO
0.020%, 04/02/15(A) (B) (D)		200		200
California State, Kindergarten Project, GO
0.010%, 04/02/15(A) (B) (D)		500		500
California State, Kindergarten Project, Ser A-1, GO
0.010%, 04/01/15(A) (B) (D)		10,300		10,300
California State, Kindergarten Project, Ser A-2, GO
0.010%, 04/01/15(A) (B) (D)		6,100		6,100
California State, Kindergarten Project, Ser A-3, GO
0.010%, 04/01/15(A) (B) (D)		7,000		7,000
California State, Kindergarten Project, Ser A5, GO
0.010%, 04/01/15(A) (B) (D)		5,550		5,550
California State, Kindergarten Project, Ser B-1, GO
0.010%, 04/01/15(A) (B) (D)		12,200		12,200
California State, Kindergarten Project, Ser B-2, GO
0.010%, 04/01/15(A) (B) (D)		5,800		5,800
California State, Kindergarten Project, Ser B-3, GO
0.010%, 04/01/15(A) (B) (D)		6,850		6,850
California State, Kindergarten Project, Ser B-5, GO
0.010%, 04/02/15(A) (B) (D)		500		500
California State, Public Works Board, Ser A, RB, NATL, ETM
5.000%, 06/01/15		205		207
California State, Public Works Board, Ser C, RB
Pre-Refunded @ 100
5.000%, 04/01/15(C)		3,000		3,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 12

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Public Works Board, Ser C, RB, NATL, ETM
5.000%, 09/01/15	$	2,000	$	2,040
California State, Public Works Board, Ser F, RB, ETM
4.000%, 10/01/15		100		102
California State, Public Works Board, Ser L, RB, NATL
Pre-Refunded @ 100
5.250%, 11/01/15(C)		1,000		1,030
California State, Public Works Board, Various University of California Projects, Ser D, RB
Pre-Refunded @ 100
5.000%, 05/01/15(C)		5,800		5,823
California State, Public Works Board, Various University of California Projects, Ser D, RB
Pre-Refunded @ 100
5.000%, 05/01/15(C)		800		803
California State, Public Works Board, Various University of California Projects, Ser D, RB
Pre-Refunded @ 100
5.000%, 05/01/15(C)		500		502
California State, Public Works Board, Various University of California Projects, Ser D, RB
Pre-Refunded @ 100
5.000%, 05/01/15(C)		3,775		3,790
California State, Ser 2813, GO
0.080%, 04/02/15(A) (B) (E)		8,000		8,000
California State, Ser A-2, GO
0.010%, 04/01/15(A) (B) (D)		2,550		2,550
California State, Ser B, Sub-Ser B-4, GO
0.020%, 04/01/15(A) (B) (D)		1,000		1,000
California State, Ser B-4, GO
0.010%, 04/01/15(A) (B) (D)		1,800		1,800
California State, Ser B-5, RB
0.010%, 04/01/15(A) (B) (D)		21,000		21,000
California State, Ser B-7, GO
0.010%, 04/01/15(A) (B) (D)		4,510		4,510
California State, Sub-Ser A-1, GO
0.010%, 04/01/15(A) (B) (D)		11,250		11,250
California State, Sub-Ser A-2, GO
0.010%, 04/01/15(A) (B) (D)		1,500		1,500
California State, Sub-Ser B-1, GO
0.010%, 04/01/15(A) (B) (D)		21,000		21,000

Description	Face Amount (000)		Value (000)
California Statewide, Communities Development Authority, RB
Pre-Refunded @ 100
5.500%, 05/15/15(C)	$	150	$	151
California Statewide, Communities Development Authority, John Muir Health Project, Ser A, RB
0.010%, 04/01/15(A) (B) (D)		1,000		1,000
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser B, RB
0.010%, 04/01/15(A) (B)		3,700		3,700
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser D, RB
0.010%, 04/01/15(A) (B)		13,000		13,000
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser PERMANENTE-C-1, RB
0.010%, 04/01/15(A) (B)		1,600		1,600
California Statewide, Communities Development Authority, RB, AMT
0.080%, 04/01/15(A) (B) (D)		300		300
California Statewide, Communities Development Authority, Ser A, RB, AMT
0.080%, 04/01/15(A) (B) (D)		670		670
California Statewide, Communities Development Authority, Ser S, RB, AMT
0.040%, 04/01/15(A) (B) (D)		1,500		1,500
Cerritos, Community College District, GO, AMBAC
Pre-Refunded @ 100
5.000%, 08/01/15(C)		250		254
Chino Valley, Unified School District, Election of 2002, Ser C, GO, NATL
Pre-Refunded @ 100
5.250%, 08/01/15(C)		125		127
Contra Costa Water District, Ser B, RB
5.000%, 10/01/15		1,300		1,331
Contra Costa Water District, Ser N, RB, NATL
Pre-Refunded @ 102
5.000%, 04/01/15(C)		100		102

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 13

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
East Bay, Municipal Utility District Water System Revenue, Ser A-2, RB
0.010%, 04/01/15(A) (B)	$	100	$	100
East Bay, Municipal Utility District, Ser A-3, RB
0.010%, 04/01/15(A) (B)		150		150
East Bay, Regional Park District, Election of 2008, Ser A, GO
1.000%, 09/01/15		1,275		1,280
Eastern Municipal Water District, Ser A, RB
0.030%, 04/02/15(A) (B)		7,500		7,500
Eastern Municipal Water District, Ser C, COP
0.020%, 04/01/15(A) (B)		8,475		8,475
Elsinore Valley, Municipal Water District, Ser A, COP
0.030%, 04/01/15(A) (B) (D)		3,140		3,140
Elsinore Valley, Municipal Water District, Ser B, COP
0.030%, 04/01/15(A) (B) (D)		9,200		9,200
Foothill-De Anza, Community College District, Election of 1999, Ser C, GO, NATL
Pre-Refunded @ 100
5.000%, 08/01/15(C)		100		102
Fremont, Unified School District, Election of 2002, Ser B, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/15(C)		500		508
Grossmont-Cuyamaca, Community College District, Election of 2002, Ser B, GO, FGIC
Pre-Refunded @ 100
5.000%, 08/01/15(C)		105		107
Irvine Ranch, Water District, SAB
0.010%, 04/02/15(A) (B) (D)		4,000		4,000
Irvine Ranch, Water District, Ser A, SAB
0.010%, 04/01/15(A) (B) (D)		8,365		8,365
Irvine Ranch, Water District, Ser B, SAB
0.020%, 04/01/15(A) (B) (D)		6,060		6,060
Irvine, Unified School District, SPL Tax
0.010%, 04/01/15(A) (B) (D)		5,220		5,220
Irvine, Unified School District, SPL Tax
0.010%, 04/01/15(A) (B) (D)		675		675

Description	Face Amount (000)		Value (000)
Irvine, Unified School District, SPL Tax
0.010%, 04/01/15(A) (B) (D)	$	5,250	$	5,250
JPMorgan Chase Putters, Ser 3801Z, GO
0.050%, 04/02/15(B) (E)		4,850		4,850
JPMorgan Chase Putters, Ser 4476Z, GO
0.030%, 04/02/15(B) (E)		7,500		7,500
JPMorgan Chase Putters, Ser 4490Z, RB
0.030%, 04/02/15(B) (E)		1,410		1,410
JPMorgan Chase Putters, Ser 4491Z, RB
0.030%, 04/02/15(B) (E)		500		500
JPMorgan Chase Putters, Ser 4495Z, GO
0.030%, 04/02/15(B) (E)		3,050		3,050
JPMorgan Chase Putters, Ser 4497Z, RB
0.030%, 04/02/15(B) (E)		6,750		6,750
JPMorgan Chase Putters, Ser 4498Z, RB
0.030%, 04/02/15(B) (E)		3,000		3,000
JPMorgan Chase Putters, Ser 4499Z, RB
0.030%, 04/02/15(B) (E)		1,625		1,625
JPMorgan Chase Putters, Ser 4512Z, RB
0.030%, 04/02/15(B) (E)		4,605		4,605
JPMorgan Chase Putters, Ser 4513Z, RB
0.030%, 04/02/15(B) (E)		1,385		1,385
JPMorgan Chase Putters, Ser 4515Z, RB
0.030%, 04/02/15(B) (E)		1,835		1,835
Kern, Community College District, GO, AGM
Pre-Refunded @ 100
5.000%, 11/01/15(C)		400		411
Livermore, COP
0.010%, 04/02/15(A) (B) (D)		3,235		3,235
Livermore, COP
0.010%, 04/02/15(A) (B) (D)		3,000		3,000
Los Angeles Community College District, Ser F, GO
5.000%, 08/01/15		3,500		3,558
Los Angeles County Schools, Ser A-1, TRAN
1.500%, 06/01/15		3,000		3,007
Los Angeles County, GO
1.500%, 06/30/15		5,400		5,418

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 14

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Los Angeles County, Metropolitan Transportation Authority, RB, AMBAC
Pre-Refunded @ 100
4.500%, 07/01/15(C)	$	105	$	106
Los Angeles, Department of Water & Power, Power Systems Project, Sub-Ser A-2, RB, AGM
Pre-Refunded @ 100
5.000%, 07/01/15(C)		1,150		1,164
Los Angeles, Department of Water & Power, Ser A, RB
5.000%, 07/01/15		3,490		3,533
Los Angeles, Department of Water & Power, Ser A, RB
3.000%, 07/01/15		1,000		1,007
Los Angeles, Department of Water & Power, Sub-Ser A-1, RB
0.010%, 04/02/15(A) (B)		10,000		10,000
Los Angeles, Department of Water & Power, Sub-Ser A-1, RB, AGM
5.000%, 07/01/15		200		202
Los Angeles, Department of Water & Power, Sub-Ser A-1, RB, AGM
Pre-Refunded @ 100
5.000%, 07/01/15(C)		405		410
Los Angeles, Department of Water & Power, Sub-Ser A-2, RB, AGM
Pre-Refunded @ 100
5.000%, 07/01/15(C)		100		101
Los Angeles, Department of Water & Power, Sub-Ser A-2, RB, AGM
Pre-Refunded @ 100
4.750%, 07/01/15(C)		300		303
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
0.020%, 04/02/15(A) (B)		20,350		20,350
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
0.010%, 04/02/15(A) (B)		10,600		10,600
Los Angeles, Department of Water & Power, Sub-Ser B-2, RB
0.010%, 04/01/15(A) (B)		2,900		2,900

Description	Face Amount (000)		Value (000)
Los Angeles, Department of Water & Power, Sub-Ser B-4, RB
0.020%, 04/02/15(A) (B)	$	2,400	$	2,400
Los Angeles, Unified School District, Ser E, GO, AMBAC
Pre-Refunded @ 100
5.000%, 07/01/15(C)		1,125		1,139
Los Angeles, Unified School District, Ser E, GO, AMBAC
Pre-Refunded @ 100
5.000%, 07/01/15(C)		500		506
Los Angeles, Varous Loans to Lender Program, Ser A, RB, AMT
0.060%, 04/01/15(A) (B) (D)		2,359		2,359
Los Angeles, Wastewater System Revenue, Ser A, RB, NATL
Pre-Refunded @ 100
4.750%, 06/01/15(C)		1,880		1,894
Los Angeles, Wastewater System Revenue, Ser A, RB, NATL
Pre-Refunded @ 100
5.000%, 06/01/15(C)		460		464
Los Angeles, Wastewater System Revenue, Ser A, RB, NATL
Pre-Refunded @ 100
5.000%, 06/01/15(C)		1,750		1,764
Los Angeles, Water & Power Resource Authority, Sub-Ser B-2, RB
0.010%, 04/02/15(A) (B)		100		100
Los Angeles, Water & Power Resource Authority, Sub-Ser B-3, RB
0.010%, 04/01/15(A) (B)		680		680
Los Gatos-Saratoga Joint High School District, Election of 2014, Ser A, GO
2.000%, 08/01/15		1,540		1,550
Los Gatos-Saratoga Joint High School District, GO
2.000%, 06/01/15		925		928
Los Gatos-Saratoga Joint High School District, GO
1.500%, 06/30/15		2,000		2,007
Los Gatos-Saratoga Joint High School District, GO
2.000%, 12/01/15		4,740		4,798
Metropolitan Water District of Southern California, Ser A-1, RB
0.040%, 04/02/15(A) (B)		15,000		15,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 15

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Metropolitan Water District of Southern California, Ser A-2, RB
0.070%, 04/02/15(A) (B)	$	7,500	$	7,500
Metropolitan Water District of Southern California, Ser A-3, RB
0.040%, 04/02/15(A) (B)		11,000		11,000
Metropolitan Water District of Southern California, Ser C, RB
4.000%, 10/01/15		125		127
Metropolitan Water District of Southern California, Ser D, RB
0.010%, 04/02/15(A) (B)		600		600
Modesto, Water Revenue, Ser A, COP
0.020%, 04/02/15(A) (B) (D)		200		200
Monterey Peninsula, Water Management District, COP
0.030%, 04/02/15(A) (B) (D)		6,167		6,167
Mount San Antonio, Community College District, GO, ETM
0.302%, 05/01/15(F)		4,520		4,519
Napa Valley, Unified School District, Election of 2002, GO, NATL
Pre-Refunded @ 100
4.400%, 08/01/15(C)		100		101
Ohlone Community College District, Ser B, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/15(C)		2,000		2,033
Orange County, Apartment Development Authority, Riverbend Apartments Project, Ser B, RB
0.020%, 04/02/15(A) (B)		10,000		10,000
Orange County, SAB
0.020%, 04/01/15(A) (B) (D)		4,000		4,000
Orange County, Sanitation District, Ser A, RB
5.000%, 08/01/15		500		508
Orange County, Water District Authority, Ser A, COP
0.020%, 04/01/15(A) (B) (D)		20,350		20,350
Pajaro Valley, Unified School District, GO, AGM
Pre-Refunded @ 100
5.250%, 08/01/15(C)		100		102

Description	Face Amount (000)		Value (000)
Pajaro Valley, Unified School District, GO, AGM
Pre-Refunded @ 100
5.250%, 08/01/15(C)	$	100	$	102
Palm Springs, Unified School District, Election of 2004, Ser B, GO, AGM
Pre-Refunded @ 100
4.750%, 08/01/15(C)		100		102
Palm Springs, Unified School District, Election of 2004, Ser B, GO, AGM
Pre-Refunded @ 100
4.750%, 08/01/15(C)		150		152
Palo Alto, Unified School District, GO
5.000%, 08/01/19		175		178
Palo Alto, Unified School District, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/15(C)		100		102
Palomar Community College District, GO
2.000%, 05/01/15		1,575		1,577
Pasadena, Unified School District, GO, AGM
Pre-Refunded @ 102
5.000%, 11/01/15(C)		300		314
Riverside County, RAN
1.500%, 06/30/15		10,000		10,034
Sacramento City, Unified School District, GO, NATL
Pre-Refunded @ 100
5.000%, 07/01/15(C)		190		192
Sacramento County, Sanitation Districts Financing Authority, RB, NATL
Pre-Refunded @ 100
4.750%, 12/01/15(C)		250		257
Sacramento Municipal Utility District, Sub-Ser L, RB
0.010%, 04/02/15(A) (B) (D)		2,345		2,345
San Bernardino, Community College District, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/15(C)		350		356
San Bernardino, Community College District, GO, AGM
Pre-Refunded @ 100
4.000%, 08/01/15(C)		200		203

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 16

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
San Bernardino, Community College District, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/15(C)	$	125	$	127
San Diego County, Regional Transportation Commission, Ser A, RB
5.000%, 04/01/16		1,000		1,048
San Diego County, Regional Transportation Commission, Ser B, RB
0.020%, 04/02/15(A) (B)		280		280
San Diego County, Regional Transportation Commission, Ser D, RB
0.010%, 04/02/15(A) (B)		12,540		12,540
San Diego County, Water Authority Financing, Ser A, COP, AGM
Pre-Refunded @ 100
5.000%, 05/01/15(C)		100		100
San Diego County, Water Authority Financing, Ser A, COP, AGM
Pre-Refunded @ 100
5.000%, 05/01/15(C)		1,125		1,130
San Diego County, Water Authority, Ser A, COP, AGM
Pre-Refunded @ 100
5.000%, 05/01/15(C)		2,710		2,721
San Diego, Community College District, Election of 2002, GO, AGM
Pre-Refunded @ 100
5.000%, 05/01/15(C)		6,585		6,611
San Diego, Unified School District, Election of 1998, Ser G, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/15(C)		160		162
San Diego, Unified School District, Election of 1998, Ser G, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/15(C)		300		304
San Francisco City & County, Airports Comm-San Francisco International Airport, Ser 36B-RMKT, RB
0.010%, 04/01/15(A) (B) (D)		2,900		2,900

Description	Face Amount (000)		Value (000)
San Francisco City & County, Airports Comm-San Francisco International Airport, Ser 37C, RB
0.010%, 04/01/15(A) (B) (D)	$	15,900	$	15,900
San Francisco City & County, Laguna Hond Hospital, Ser R3, GO
Pre-Refunded @ 100
5.000%, 06/15/15(C)		200		202
San Francisco City & County, Public Utilities Commission Water Revenue, Ser B, RB, XLCA
5.000%, 11/01/15		500		514
San Gorgonio Memorial Health Care District, Election of 2006, Ser C, GO, ETM
6.500%, 08/01/15		100		102
San Jose Evergreen Community College District, Ser A, GO, NATL
Pre-Refunded @ 100
5.000%, 09/01/15(C)		165		168
San Juan, Unified School District, Election of 2002, GO, NATL
Pre-Refunded @ 100
5.000%, 08/01/15(C)		200		203
San Mateo, Joint Powers Financing Authority, Public Safety Project, Ser A, RB
0.020%, 04/02/15(A) (B) (D)		100		100
Santa Clara Valley, Transportation Authority, Ser A, RB
0.010%, 04/02/15(A) (B)		15,000		15,000
Santa Clara Valley, Transportation Authority, Ser C, RB
0.020%, 04/02/15(A) (B)		540		540
Santa Clara Valley, Transportation Authority, Ser D, RB
0.020%, 04/02/15(A) (B)		10,000		10,000
Santa Maria Joint, Unified High School District, Ser A, GO, AGM
Pre-Refunded @ 102
5.375%, 08/01/15(C)		150		156

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 17

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Simi Valley, Unified School District, Election of 2004, Ser B, GO, FGIC
Pre-Refunded @ 100
5.000%, 08/01/15(C)	$	200	$	203
Southern California, Public Power Authority, RB
4.000%, 07/01/15		150		151
Southern California, Public Power Authority, Magnolia Power Project, Ser A-1, RB
0.010%, 04/01/15(A) (B) (D)		11,045		11,045
State of California, Department of Water Resources, RB, AGM
Pre-Refunded @ 100
5.000%, 06/01/15(C)		1,975		1,991
State of California, Department of Water Resources, Ser AJ, RB
5.000%, 12/01/15		1,150		1,186
University of California, Regents Medical Center, Ser B-1, RB
0.020%, 04/01/15(A) (B)		3,925		3,925
University of California, Ser Z-1, RB
0.080%, 04/02/15(A) (B)		20,000		20,000
Vacaville, Unified School District, GO, NATL
Pre-Refunded @ 100
5.000%, 08/01/15(C)		125		127
Ventura County, TRAN
1.500%, 07/01/15		5,000		5,017
Ventura County, Public Financing Authority, Ser 2008-3380X, RB
0.060%, 04/02/15(A) (B) (E)		5,630		5,630
Ventura County, Public Financing Authority, Ser 2008-3381X, RB
0.060%, 04/02/15(A) (B) (E)		3,685		3,685
West Covina, Public Financing Authority, Golf Course Project, Ser B, RB
0.010%, 04/01/15(A) (B) (D)		800		800
West Covina, Public Financing Authority, Ser A, RB
0.010%, 04/01/15(A) (B) (D)		300		300
Total California				726,641

Description	Face Amount (000)		Value (000)
Colorado [0.8%]
Colorado State, Housing & Finance Authority, Multi-Family Project, RB
0.040%, 04/01/15(A) (B)	$	4,200	$	4,200
Colorado State, Housing & Finance Authority, Ser B-3, RB
0.140%, 04/01/15(A) (B)		2,645		2,645
Total Colorado				6,845
Indiana [0.0%]
Portage Township, Multi-School Building, RB, NATL
Pre-Refunded @ 100
5.250%, 07/15/15(C)		100		101
Iowa [0.1%]
Iowa State, Finance Authority, Ser C, RB, GNMA/FNMA, AMT
0.050%, 04/02/15(A) (B)		1,300		1,300
Massachusetts [0.0%]
Massachusetts Bay, Transportation Authority, Ser A, RB
Pre-Refunded @ 100
5.000%, 07/01/15(C)		150		152
New York [1.1%]
JPMorgan Chase Putters, Ser 4479, RB
0.030%, 04/02/15(B) (E)		6,665		6,665
JPMorgan Chase Putters, Ser 4485, RB
0.030%, 04/02/15(B) (E)		3,145		3,145
Total New York				9,810
Utah [1.3%]
Utah Housing, Ser A-1, RB, AMT
0.050%, 04/01/15(A) (B)		3,820		3,820
Utah Housing, Ser B, RB, AMT
0.050%, 04/01/15(A) (B)		3,390		3,390
Utah Housing, Ser G-2, RB, AMT
0.060%, 04/01/15(A) (B)		4,550		4,550
Total Utah				11,760

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 18

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (concluded)

Description	Face Amount (000)		Value (000)
Washington [0.7%]
Washington State, Housing Finance Commission, Eagles Lending Apartments Project, Ser A, RB, FNMA, AMT
0.040%, 04/02/15(A) (B)	$	6,065	$	6,065
Wyoming [1.0%]
Wyoming Community Development Authority, Ser 11, RB, AMT
0.050%, 04/02/15(A) (B)		6,000		6,000
Wyoming Community Development Authority, Ser 6, RB, AMT
0.050%, 04/02/15(A) (B)		3,000		3,000
Total Wyoming				9,000
Total Municipal Bonds
(Cost $779,691)				779,691
Commercial Paper [11.0%]
California [11.0%]
California State, Ser A-3
0.040%, 05/05/15		5,285		5,285
California State, Ser B-2
0.140%, 04/07/15		17,000		17,000
California State, Educational Facilities Authority
0.130%, 07/08/15		25,000		25,000
San Diego, Water Authority
0.040%, 05/05/15		15,000		15,000
San Diego, Water Authority, Ser 5
0.070%, 04/06/15		8,100		8,100
San Diego, Water Authority, Ser 8
0.070%, 04/06/15		4,000		4,000
San Francisco City & County, Ser 2
0.040%, 05/05/15		12,254		12,254
University of California, Ser B
0.140%, 06/10/15		12,500		12,497
Total California				99,136
Total Commercial Paper
(Cost $99,136)				99,136

Description	Face Amount (000)		Value (000)
Repurchase Agreement [1.4%]
Bank of America
0.090, dated 03/31/15, repurchased on 04/01/15, repurchased price $13,000,033 (collateralized by various U.S. Treasury Notes, par values ranging from $4,677,566 to $9,932,231, 0.000%, 05/15/18 to 08/15/26; with a total market value $13,260,000)	$	13,000	$	13,000
Total Repurchase Agreement
(Cost $13,000)				13,000
Total Investments [98.7%]
(Cost $891,827)			$	891,827

Percentages are based on Net Assets of $903,818 (000).

(A) Put and Demand Feature — The date reported is the next reset or put date.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(C) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(D) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(E) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $67,125 (000), representing 7.4% of the net assets of the Fund.

(F) Zero coupon security. The rate reported is the effective yield at time of purchase.

ABAG — Association of Bay Area Governments

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

AMT — Alternative Minimum Tax (subject to)

COP — Certificate of Participation

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

RAN — Revenue Anticipation Note

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TRAN — Tax and Revenue Anticipation Note

XLCA — XL Capital Assurance

As of March 31, 2015, all of the Fund’s investments are Level 2 in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2015, 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 19

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [52.3%]
Automotive [3.0%]
Harley-Davidson Financial Services, MTN
1.550%, 11/17/17(A)	$	275	$	277
Volkswagen Group of America Finance
1.600%, 11/20/17(A)		500		504
Total Automotive				781
Banks [25.6%]
Australia & New Zealand Banking Group NY, MTN
1.500%, 01/16/18		500		501
Bank of America, MTN
6.400%, 08/28/17		800		886
Barclays Bank, MTN
1.135%, 01/10/15(B)		545		532
Citigroup
1.957%, 05/15/18(B)		805		831
Credit Suisse NY, MTN
1.750%, 01/29/18		500		502
Goldman Sachs Group
6.150%, 04/01/18		730		821
JPMorgan Chase
6.300%, 04/23/19		500		581
Korea Development Bank
3.250%, 03/09/16		575		586
Morgan Stanley, MTN
5.950%, 12/28/17		745		826
Wachovia
5.750%, 06/15/17		500		550
Wells Fargo
2.125%, 04/22/19		40		40
Total Banks				6,656

Description	Face Amount (000)		Value (000)
Diversified Operations [2.9%]
Glencore Funding
1.700%, 05/27/16(A)	$	250	$	251
MUFG Americas Holdings
0.826%, 02/09/18(B)		500		501
Total Diversified Operations				752
Financial Services [6.8%]
Daimler Finance North America
1.450%, 08/01/16(A)		500		504
Export-Import Bank of Korea
4.125%, 09/09/15		500		507
Ford Motor Credit
0.899%, 03/27/17		250		250
General Electric Capital, MTN
2.950%, 05/09/16		500		513
Total Financial Services				1,774
Food-Confectionery [1.0%]
JM Smucker
2.500%, 03/15/20(A)		250		253
Metal-Copper [0.9%]
Freeport-McMoRan
2.300%, 11/14/17		250		249
Oil, Gas & Consumable Fuels [2.5%]
ConocoPhillips Canada Funding I
5.625%, 10/15/16		600		643
Petroleum & Fuel Products [1.6%]
Occidental Petroleum
1.750%, 02/15/17		400		405
Telephones & Telecommunications [8.0%]
America Movil
1.268%, 03/12/15(B)		1,000		1,004
AT&T
2.400%, 08/15/16		800		814
Verizon Communications
1.801%, 03/15/15(B)		250		254
Total Telephones & Telecommunications				2,072
Total Corporate Bonds
(Cost $13,546)				13,585

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 20

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [22.5%]
Farmer Mac Guaranteed Notes Trust 2007-1
5.125%, 04/19/17(A)	$	1,000	$	1,085
FFCB
0.290%, 01/21/16		830		830
0.227%, 01/17/15(B)		395		395
FNMA
5.000%, 03/15/16		980		1,023
1.375%, 11/15/16		800		811
1.000%, 09/27/17		900		903
0.500%, 03/30/16		800		802
Total U.S. Government Agency Obligations
(Cost $5,840)				5,849
U.S. Treasury Obligations [7.5%]
U.S. Treasury Notes
3.125%, 10/31/16		425		443
1.000%, 08/31/16		650		655
0.875%, 01/31/17		830		836
Total U.S. Treasury Obligations
(Cost $1,929)				1,934
Asset-Backed Securities [6.8%]
CarMax Auto Owner Trust, Ser 2014-4, Cl A2A
0.670%, 02/15/18		910		909
Honda Auto Receivables Owner Trust, Ser 2014-4, Cl A2
0.580%, 01/17/17		500		500
Hyundai Auto Receivables Trust, Ser 2015-A, Cl A3
1.050%, 04/15/19		360		360
Total Asset-Backed Securities
(Cost $1,770)				1,769
Municipal Bonds [5.3%]
California [3.0%]
Southern California Public Power Authority, Sub-Ser B, AGM, ETM
6.930%, 05/15/17		595		667
University of California, Ser A
2.253%, 05/15/20		100		102
Total California				769

Description	Face Amount (000)		Value (000)
Florida [2.3%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18	$	595	$	601
Total Municipal Bonds
(Cost $1,346)				1,370
U.S. Government Mortgage-Backed Obligations [3.5%]
FHLMC, Pool G12806
5.500%, 09/01/22		44		48
FHLMC, Pool G18247
5.000%, 04/01/23		26		29
FHLMC, Pool G18251
5.000%, 05/01/23		42		46
FHLMC, Pool G18321
4.500%, 08/01/24		22		24
FHLMC, Pool J04241
5.500%, 01/01/22		23		25
FHLMC, Pool J04459
5.000%, 03/01/22		25		27
FHLMC, Pool J04508
5.000%, 03/01/22		14		14
FHLMC, Pool J07575
5.000%, 04/01/23		20		21
FHLMC REMIC, Ser 2011-3877, Cl ND,
3.000%, 02/15/25		334		342
FNMA, Pool 837196
5.500%, 02/01/21		42		44
FNMA, Pool 933915
4.500%, 06/01/23		26		28
FNMA, Pool 961783
4.500%, 02/01/23		39		42
FNMA, Ser 2010-39, Cl PD,
3.000%, 06/25/38		210		213
Total U.S. Government Mortgage-Backed Obligations
(Cost $865)				903

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 21

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [1.6%]
City National Rochdale Government Money Market Fund, Institutional Class 0.010%**‡		209,440	$	210
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		209,440		210
Total Short-Term Investments
(Cost $420)				420
Total Investments [99.5%]
(Cost $25,716)			$	25,830

Percentages are based on Net Assets of $25,962 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $2,874 (000), representing 11.1% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

AGM — Assured Guarantee Municipal

Cl — Class

ETM — Escrowed to Maturity

FFCB — Federal Farm Credit Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

NY — New York

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	13,585	$	—	$	13,585
U.S. Government Agency Obligations		—		5,849		—		5,849
U.S. Treasury Obligations		—		1,934		—		1,934
Asset-Backed Securities		—		1,769		—		1,769
Municipal Bonds		—		1,370		—		1,370
U.S. Government Mortgage-Backed Obligations		—		903		—		903
Short-Term Investments		420		—		—		420
Total Investments in Securities	$	420	$	25,410	$	—	$	25,830

For the period ended March 31, 2015, 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 22

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Government Bond Fund

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [65.7%]
FFCB
0.290%, 01/21/16	$	5,250	$	5,250
0.256%, 01/26/15(A)		10,000		10,012
FHLB
1.150%, 07/25/18		1,520		1,516
1.000%, 06/09/17		6,675		6,715
FHLMC, MTN
1.500%, 01/30/20		5,000		4,994
1.250%, 05/12/17		2,350		2,378
1.000%, 06/29/17		4,000		4,022
1.000%, 09/29/17		4,130		4,143
FNMA
5.000%, 03/15/16		5,475		5,716
5.000%, 02/13/17		5,200		5,626
4.875%, 12/15/16		5,000		5,363
2.430%, 10/09/19(B)		5,805		5,334
2.375%, 04/11/16		5,000		5,101
1.875%, 02/19/19		445		455
1.625%, 11/27/18		5,000		5,079
1.625%, 01/21/20		5,000		5,035
1.000%, 10/16/17		7,000		6,966
0.875%, 02/08/18		5,500		5,496
0.875%, 05/21/18		4,500		4,489
0.625%, 08/26/16		4,805		4,818
0.195%, 01/15/15(A)		5,000		5,003
Tennessee Valley Authority, Ser E
6.250%, 12/15/17		8,000		9,130
Total U.S. Government Agency Obligations
(Cost $111,897)				112,641
U.S. Treasury Obligations [31.5%]
U.S. Treasury Bonds
2.195%, 11/15/21(B)		6,100		5,439
U.S. Treasury Notes
3.250%, 05/31/16		5,000		5,169
3.250%, 03/31/17		5,000		5,266
3.000%, 02/28/17		2,415		2,528
2.875%, 03/31/18		5,000		5,292
2.750%, 02/28/18		5,000		5,270

Description	Face Amount (000)/Shares		Value (000)
2.375%, 07/31/17	$	5,000	$	5,198
2.125%, 01/31/21		5,000		5,159
2.000%, 11/30/20		5,000		5,130
1.375%, 09/30/18		5,000		5,053
0.875%, 02/28/17		4,500		4,529
Total U.S. Treasury Obligations
(Cost $53,452)				54,033
U.S. Government Mortgage-Backed Obligations [1.4%]
FHLMC REMIC, Ser 2011-3877, Cl ND,
3.000%, 02/15/25		1,326		1,361
FNMA ARM, Pool 766620
2.261%, 01/01/15(A)		171		183
FNMA REMIC, Ser 2011-144, Cl CE,
1.250%, 06/25/35		461		463
GNMA, Pool 329656
8.000%, 08/15/22		5		5
GNMA, Pool 376533
7.500%, 06/15/24		1		1
GNMA, Pool 398660
7.500%, 05/15/26		2		2
GNMA, Pool 497411
6.000%, 01/15/29		4		5
GNMA, Pool 571376
7.000%, 12/15/16		1		1
GNMA, Pool 584992
7.500%, 04/15/32		27		30
GNMA ARM, Pool G2 81318
1.625%, 01/01/15(A)		244		252
GNMA ARM, Pool G2 81447
1.625%, 01/01/15(A)		52		54
Total U.S. Government Mortgage-Backed Obligations
(Cost $2,295)				2,357
Short-Term Investments [1.0%]
City National Rochdale Government Money Market Fund, Institutional Class 0.010%** ‡		851,755		852
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		851,755		852
Total Short-Term Investments
(Cost $1,704)				1,704
Total Investments [99.6%]
(Cost $169,348)			$	170,735

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 23

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Government Bond Fund (concluded)

Percentages are based on Net Assets of $171,413 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

ARM — Adjustable Rate Mortgage

Cl — Class

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 March 31, 2015 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	$	—	$	112,641	$	—	$	112,641
U.S. Treasury Obligations		—		54,033		—		54,033
U.S. Government Mortgage-Backed Obligations		—		2,357		—		2,357
Short-Term Investments		1,704		—		—		1,704
Total Investments in Securities	$	1,704	$	169,031	$	—	$	170,735

For the period ended March 31, 2015, 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 24

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Corporate Bond Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [91.0%]
Banks [14.4%]
Bank of America, MTN
6.400%, 08/28/17	$	400	$	443
Barclays Bank, MTN
1.135%, 01/10/14(A)		1,950		1,903
Capital One Financial
5.500%, 06/01/15		1,400		1,411
Citigroup
5.500%, 02/15/17		1,250		1,341
Countrywide Financial
6.250%, 05/15/16		1,200		1,262
Fifth Third Bank
1.150%, 11/18/16		3,060		3,064
HSBC Finance
5.250%, 04/15/15		1,250		1,252
JPMorgan Chase
6.300%, 04/23/19		2,000		2,323
6.000%, 01/15/18		405		453
Morgan Stanley, MTN
5.950%, 12/28/17		465		516
National Australia Bank, MTN
2.750%, 03/09/17		480		496
Nordea Bank
2.375%, 04/04/19(B)		1,500		1,528
UBS, MTN
5.875%, 12/20/17		2,000		2,220

Description	Face Amount (000)		Value (000)
Wells Fargo Bank
5.750%, 05/16/16	$	2,400	$	2,533
Total Banks				20,745
Broadcasting & Cable [2.6%]
CBS
4.300%, 02/15/21		1,400		1,512
Time Warner Cable
5.000%, 02/01/20		2,000		2,232
Total Broadcasting & Cable				3,744
Computers-Memory Devices [0.7%]
NetApp
2.000%, 12/15/17		1,000		1,003
Diversified Metals & Mining [1.8%]
Rio Tinto
2.250%, 09/20/16		2,500		2,549
Diversified Minerals [3.3%]
BHP Billiton
5.250%, 12/15/15		2,377		2,455
Teck Resources
3.150%, 01/15/17		1,250		1,265
2.500%, 02/01/18		1,000		997
Total Diversified Minerals				4,717
Diversified Operations [2.5%]
Glencore Funding
1.700%, 05/27/16(B)		1,500		1,506
Siemens Finc
5.750%, 10/17/16(B)		2,000		2,151
Total Diversified Operations				3,657
Drugs [2.2%]
AbbVie
1.200%, 11/06/15		1,000		1,001
Wyeth
5.500%, 02/15/16		2,000		2,085
Total Drugs				3,086
Electric Utilities [3.2%]
American Electric Power
1.650%, 12/15/17		1,000		1,006
Commonwealth Edison
6.950%, 07/15/18		1,000		1,156

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 25

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Exelon
4.900%, 06/15/15	$	1,138	$	1,147
Exelon Generation
6.200%, 10/01/17		1,200		1,329
Total Electric Utilities				4,638
Financial Services [17.4%]
American Honda Finance
1.600%, 02/16/18(B)		1,900		1,916
Caisse Centrale Desjardins du Quebec
2.650%, 09/16/15(B)		3,000		3,028
Daimler Finance North America
2.250%, 07/31/19(B)		2,900		2,933
Ford Motor Credit
8.000%, 12/15/16		1,000		1,108
2.375%, 01/16/18		1,000		1,017
General Electric Capital, MTN
5.300%, 02/11/21		2,500		2,888
2.950%, 05/09/16		50		51
Harley Davidson Funding
6.800%, 06/15/18(B)		2,500		2,897
Harley-Davidson Financial Services, MTN
3.875%, 03/15/16(B)		1,000		1,028
Nissan Motor Acceptance, MTN
1.950%, 09/12/17(B)		2,000		2,032
Toyota Motor Credit, MTN
2.050%, 01/12/17		2,000		2,042
VW Credit, MTN
1.875%, 10/13/16		3,000		3,041
Western Union
5.930%, 10/01/16		1,000		1,066
Total Financial Services				25,047
Food, Beverage & Tobacco [1.0%]
Dr Pepper Snapple Group
6.820%, 05/01/18		1,300		1,499
Food-Confectionery [0.2%]
JM Smucker
2.500%, 03/15/20(B)		250		253
Home Decoration Products [0.7%]
Newell Rubbermaid
2.875%, 12/01/19		1,000		1,019

Description	Face Amount (000)		Value (000)
Insurance [5.3%]
Aflac
8.500%, 05/15/19	$	1,100	$	1,389
Berkshire Hathaway
2.100%, 08/14/19		2,000		2,046
Genworth Financial
7.700%, 06/15/20		1,400		1,488
Metropolitan Life Global Funding I, MTN
1.875%, 06/22/18(B)		2,700		2,724
Total Insurance				7,647
Investment Banker/Broker Dealer [7.6%]
Deutsche Bank
1.400%, 02/13/17		2,500		2,502
Goldman Sachs Group
5.625%, 01/15/17		1,700		1,823
2.625%, 01/31/19		500		511
Jefferies Group
8.500%, 07/15/19		1,370		1,639
Macquarie Group
6.000%, 01/14/20(B)		2,000		2,286
Morgan Stanley, MTN
6.250%, 08/28/17		2,000		2,209
Total Investment Banker/Broker Dealer				10,970
Medical Labs and Testing Srv [1.1%]
Laboratory Corp of America Holdings
2.625%, 02/01/20		1,500		1,510
Medical Products & Services [1.8%]
Genentech
4.750%, 07/15/15		2,500		2,529
Medical-HMO [1.0%]
UnitedHealth Group
1.625%, 03/15/19		1,500		1,503
Petroleum & Fuel Products [8.2%]
BP Capital Markets
1.375%, 05/10/18		2,800		2,788
Kinder Morgan Energy Partners
6.000%, 02/01/17		1,000		1,075
Plains Exploration & Production
6.125%, 06/15/19		1,300		1,374

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 26

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Sunoco Logistics Partners Operations
4.650%, 02/15/22	$	1,300	$	1,379
Total Capital International
2.875%, 02/17/22		4,000		4,097
Transocean
6.500%, 11/15/20		1,250		1,048
Total Petroleum & Fuel Products				11,761
Real Estate Investment Trusts [4.8%]
American Tower
7.250%, 05/15/19		1,200		1,410
HCP
5.625%, 05/01/17		1,000		1,085
Health Care REIT
4.700%, 09/15/17		1,000		1,074
Kimco Realty
6.875%, 10/01/19		1,080		1,285
Simon Property Group
6.100%, 05/01/16		2,000		2,090
Total Real Estate Investment Trusts				6,944
Regional Authority [1.6%]
Province of Ontario Canada
4.400%, 04/14/20		2,000		2,261
Retail [4.1%]
AutoZone
4.000%, 11/15/20		1,400		1,510
CVS Health
2.250%, 08/12/19		1,000		1,015
Lowe’s
6.100%, 09/15/17		3,000		3,365
Total Retail				5,890
Telephones & Telecommunications [4.6%]
America Movil
5.000%, 03/30/20		2,600		2,946
AT&T
2.950%, 05/15/16		2,600		2,657
Telefonica Emisiones SAU
6.421%, 06/20/16		1,000		1,063
Total Telephones & Telecommunications				6,666

Description	Face Amount (000)		Value (000)
Trucking & Leasing [0.9%]
Penske Truck Leasing
3.750%, 05/11/17(B)	$	750	$	782
3.125%, 05/11/15(B)		500		501
Total Trucking & Leasing				1,283
Total Corporate Bonds
(Cost $129,143)				130,921
Municipal Bonds [4.1%]
California [1.2%]
California State, GO
5.700%, 11/01/21		185		219
State of California
6.200%, 03/01/19		1,300		1,501
Total California				1,720
Florida [2.9%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		4,130		4,173
Total Municipal Bonds
(Cost $5,814)				5,893
Unaffiliated Registered Investment Company [1.9%]
Ivy High Income Fund		343,249		2,777
Total Unaffiliated Registered Investment Company
(Cost $3,000)				2,777
Sovereign Debt [1.8%]
Petroleum & Fuel Products [1.8%]
Korea National Oil
2.875%, 11/09/15(B)		1,000		1,011
2.750%, 01/23/19(B)		1,500		1,538
Total Petroleum & Fuel Products				2,549
Total Sovereign Debt
(Cost $2,518)				2,549

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 27

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Corporate Bond Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
U.S. Government Mortgage-Backed Obligation [0.1%]
FNMA REMIC, Ser 2002-56, Cl MC
5.500%, 09/25/17	$	46	$	47
Total U.S. Government Mortgage-Backed Obligation
(Cost $46)				47
Short-Term Investments [0.3%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡		231,769		232
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		231,769		232
Total Short-Term Investments
(Cost $464)				464
Total Investments [99.2%]
(Cost $140,985)			$	142,651

Percentages are based on Net Assets of $143,820 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(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 March 31, 2015, the value of these securities amounted to $28,114 (000), representing 19.5% of the net assets of the Fund.

Cl — Class

FNMA — Federal National Mortgage Association

GO — General Obligation

MTN — Medium Term Note

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	130,921	$	—	$	130,921
Municipal Bonds		—		5,893		—		5,893
Unaffiliated Registered Investment Company		2,777		—		—		2,777
Sovereign Debt		—		2,549		—		2,549
U.S. Government Mortgage-Backed Obligation		—		47		—		47
Short-Term Investments		464		—		—		464
Total Investments in Securities	$	3,241	$	139,410	$	—	$	142,651

For the period ended March 31, 2015, 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

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [95.8%]
California [93.1%]
Bay Area Toll Authority, Ser C, RB
Callable 10/01/18 @ 100
1.875%, 04/01/47(A)	$	1,200	$	1,224
Bay Area Toll Authority, Ser D, RB
Callable 10/01/19 @ 100
1.875%, 04/01/34(A)		750		761
Beverly Hills, Community Facilities District, Ser 2002-A, SPL Tax
4.000%, 09/01/22		250		278
Brea, Redevelopment Agency, Redevelopment Project AB, TA
5.000%, 08/01/20		500		589
California State, Department of Water Resources, Ser F-3, RB
Callable 05/01/18 @ 100
4.375%, 05/01/20		200		221
California State, Economic Recovery Authority, Ser A, GO
Pre-Refunded @ 100
5.000%, 07/01/20(B)		1,000		1,163
California State, GO
Callable 04/17/15 @ 100
5.000%, 03/01/16		1,485		1,487
California State, GO
4.000%, 02/01/18		1,000		1,087
California State, GO
4.000%, 03/01/18		1,000		1,089

Description	Face Amount (000)		Value (000)
California State, GO
3.000%, 03/01/18	$	1,000	$	1,060
California State, GO
4.000%, 02/01/19		1,000		1,107
California State, GO
5.000%, 11/01/19		1,000		1,166
California State, GO
5.000%, 09/01/20		1,000		1,184
California State, GO
5.000%, 09/01/21		1,200		1,444
California State, GO
5.000%, 12/01/21		1,000		1,207
California State, GO
5.250%, 09/01/22		1,000		1,233
California State, GO
Callable 11/01/20 @ 100
5.000%, 11/01/22		1,025		1,226
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/26		1,000		1,212
California State, GO
Callable 11/01/23 @ 100
5.000%, 11/01/27		500		600
California State, GO
Callable 06/01/19 @ 100
3.000%, 12/01/32(A)		1,000		1,068
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
Callable 03/01/21 @ 100
5.250%, 03/01/22		265		317
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
5.000%, 08/15/17		750		828
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
5.000%, 11/15/17		375		414
California State, Health Facilities Financing Authority, Memorial Health Services Corp, Ser A, RB
5.000%, 10/01/15		450		460
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB
5.000%, 07/01/15(A)		875		968

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 29

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
5.000%, 07/01/43(A)	$	975	$	1,154
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/17		500		556
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/18		125		144
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
4.000%, 09/01/17		500		539
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
5.000%, 09/01/22		1,000		1,213
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
5.000%, 12/01/19		755		835
California State, Public Works Board, Judicial Council, Ser B, RB
5.000%, 10/01/23		475		585
California State, Public Works Board, State Prisons, Ser C, RB
5.000%, 10/01/16		1,000		1,068
California State, Public Works Board, Various Capital Projects, Ser A, RB
4.000%, 04/01/17		500		533
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
Callable 10/01/19 @ 100
5.250%, 10/01/23		250		291
California State, Ser E, GO
Callable 06/01/18 @ 100
0.953%, 04/02/15(A)		1,000		1,011
California Statewide, Communities Development Authority, RB
Callable 11/01/24 @ 100
5.000%, 11/01/25		350		425

Description	Face Amount (000)		Value (000)
California Statewide, Communities Development Authority, RB
1.375%, 04/01/28(A)	$	500	$	500
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
5.000%, 04/01/19		1,200		1,378
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
Callable 02/01/17 @ 100
0.970%, 04/02/15(A)		2,000		2,003
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
5.000%, 08/15/18		200		226
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
4.500%, 09/01/16		350		370
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
5.000%, 09/01/22		1,000		1,190
Chula Vista, Police Facility Project, COP
5.000%, 10/01/21		360		431
El Dorado, Irrigation District, Ser A, RB, AGM
4.500%, 03/01/19		500		562
Encinitas, Unified School District, GO, NATL
0.793%, 08/01/17(C)		500		490
Fairfield County, Redevelopment Agency, TA
4.000%, 08/01/17		2,630		2,826
Gilroy, Public Facilities Fincancing Authority, RB
5.000%, 11/01/21		940		1,072
Golden State Tobacco Securitization, Ser A, RB
5.000%, 06/01/19		1,000		1,151
Golden State Tobacco Securitization, Ser A, RB
Callable 06/01/23 @ 100
5.000%, 06/01/30		1,075		1,232
Hemet, Unified School District, GO, AGM
4.000%, 08/01/24		500		572

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 30

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Jurupa, Unified School District, GO, AGM
5.000%, 08/01/22	$	1,000	$	1,210
Long Beach California, Harbor Revenue, Ser C, RB
4.000%, 11/15/18		500		554
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB
5.000%, 07/01/21		520		628
Los Angeles, Department of Airports, Ser C, RB
4.000%, 05/15/17		545		585
Los Angeles, Department of Airports, Ser C, RB
5.000%, 05/15/25		550		684
Los Angeles, Department of Water & Power, Power Systems Revenue, Ser A, RB
5.000%, 07/01/19		500		580
Los Angeles, Department of Water & Power, Ser C, RB
5.000%, 07/01/23		500		621
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
4.000%, 11/01/19		575		641
Los Angeles, Municipal Improvement Authority, Real Property, Ser E, RB
5.000%, 09/01/15		275		280
Los Angeles, Municipal Improvement Authority, Ser C, RB
4.000%, 09/01/16		500		524
Los Angeles, Ser A, GO
5.000%, 09/01/21		240		292
Los Angeles, Ser B, GO
Callable 09/01/21 @ 100
5.000%, 09/01/22		530		644
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/17(B)		500		548
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
5.000%, 10/01/20		1,000		1,182
Los Angeles, Unified School District, Ser A, GO
5.000%, 07/01/18		350		395

Description	Face Amount (000)		Value (000)
Los Angeles, Unified School District, Ser B, GO, AMBAC
Callable 07/01/17 @ 100
5.000%, 07/01/19	$	2,000	$	2,194
Merced, Irrigation District, Ser A, RB, AGM
5.000%, 10/01/20		500		590
Modesto, Irrigation District, Ser A, RB
5.000%, 07/01/17		1,000		1,096
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB
Callable 07/01/18 @ 100
5.000%, 07/01/20		500		565
Oakland-Alameda County, Coliseum Authority, Ser A, RB
5.000%, 02/01/20		820		952
Orange County, Public Financing Authority, RB, NATL
5.000%, 07/01/17		1,050		1,147
Orange County, Sanitation District, Ser A, COP
3.000%, 02/01/17		500		521
Orange Redevelopment Agency Successor Agency, TA, AGM
5.000%, 09/01/23		320		385
Petaluma, Joint Unified High School District, Election of 2014, Ser A, GO
4.000%, 08/01/18		595		653
Port of Oakland, Ser B, RB, NATL
Callable 11/01/17 @ 100
5.000%, 11/01/23		500		553
Port of Oakland, Ser C, RB, NATL
5.000%, 11/01/15		450		462
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
5.000%, 11/01/17		1,600		1,754
Riverside, Public Financing Authority, Ser A, RB
5.000%, 11/01/21		1,000		1,165
Roseville, Finance Authority, RB
4.000%, 02/01/18		500		542
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB
5.000%, 12/01/20		500		600

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 31

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Sacramento, Area Flood Control Agency, SAB, BAM
Callable 10/01/24 @ 100
5.000%, 10/01/30	$	250	$	292
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL
Callable 10/01/17 @ 100
5.000%, 10/01/21		400		441
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
4.000%, 05/01/18		850		926
Sacramento, Unified School District, Election of 2002, GO, NATL
Pre-Refunded @ 100
5.000%, 07/01/15(B)		300		304
San Francisco City & County, Airports Commission, Ser B, RB
5.000%, 05/01/17		495		541
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
Callable 04/01/19 @ 100
5.000%, 04/01/22		735		838
San Francisco City & County, Public Utilities Commission Water Revenue, Ser A, RB
5.000%, 11/01/20		250		298
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
5.000%, 08/01/17		540		587
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL
Callable 05/04/15 @ 100
5.250%, 08/01/18		600		601
San Francisco, City & Open Space Fund, Various Park Projects, RB, NATL
Callable 05/04/15 @ 100
3.750%, 07/01/18		500		501
San Marcos, Public Facilities Authority, Ser A, SPL Tax
5.000%, 09/01/19		330		379
San Mateo County, Joint Powers Financing Authority, Maple Street Project, RB
3.000%, 06/15/17		1,000		1,052

Description	Face Amount (000)		Value (000)
San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM
5.250%, 06/01/19	$	755	$	882
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
5.000%, 06/15/21		480		568
Santa Clara County, Financing Authority, Lease Revenue Capital Project, RB
5.000%, 02/01/20		500		583
Santa Cruz County, Redevelopment Agency, TA, BAM
5.000%, 09/01/19		640		738
Santa Rosa, Wastewater Revenue, Ser A, RB
4.000%, 09/01/17		415		447
Semitropic Improvement District, Ser A, RB, AGM
5.000%, 12/01/25		500		617
Southern California, Metropolitan Water District, Ser G-4, RB
Callable 07/01/19 @ 100
3.000%, 07/01/37(A)		1,000		1,074
Southern California, Public Power Authority, Ser A, RB
Callable 07/01/20 @ 100
5.000%, 07/01/27		1,065		1,244
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
5.000%, 07/01/17		1,375		1,512
Turlock, Irrigation District, RB
5.000%, 01/01/19		200		228
Turlock, Irrigation District, Ser A, RB
5.000%, 01/01/17		575		618
University of California, Regents Medical Center Pooled Revenue, Ser J, RB
Callable 05/15/23 @ 100
5.000%, 05/15/26		500		605
University of California, Revenues Limited Project, Ser E, RB
Callable 05/15/20 @ 100
5.000%, 05/15/22		500		587

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 32

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Ventura County, Public Financing Authority, Ser 2008-3381X, RB
Callable 11/01/22 @ 100
0.060%, 04/02/15(A) (D)	$	2,000	$	2,000
Ventura County, Public Financing Authority, Ser A, RB
4.000%, 11/01/18		500		553
Ventura County, Public Financing Authority, Ser B, RB
5.000%, 11/01/18		500		569
Walnut, Energy Center Authority, RB
5.000%, 01/01/19		300		344
Total California				88,226
Connecticut [2.1%]
Connecticut State, Ser A, GO
Callable 04/17/15 @ 100
1.370%, 04/02/15(A)		1,000		1,001
Connecticut State, Ser D, GO
0.900%, 04/02/15(A)		1,000		1,013
Total Connecticut				2,014
Guam [0.6%]
Territory of Guam, Ser A, RB
5.000%, 01/01/17		500		535
Total Municipal Bonds
(Cost $88,745)				90,775
Short-Term Investment [5.1%]
City National Rochdale California Tax Exempt Money Market Fund, Institutional Class, 0.010%**‡		4,867,761		4,868
Total Short-Term Investment
(Cost $4,868)				4,868
Total Investments [100.9%]
(Cost $93,613)			$	95,643

Percentages are based on Net Assets of $94,810 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(B) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(C) Zero coupon security. The rate reported is the effective yield at time of purchase.

(D) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $2,000 (000), representing 2.1% of the net assets of the Fund.

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

BAM — Build America Mutual

COP — Certificate of Participation

EPA — Environmental Protection Agency

ETM — Escrowed to Maturity

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	90,775	$	—	$	90,775
Short-Term Investment		4,868		—		—		4,868
Total Investments in Securities	$	4,868	$	90,775	$	—	$	95,643

For the period ended March 31, 2015, 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 33

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [89.8%]
Alabama [3.0%]
Birmingham Water Works Board, Ser A, RB
Callable 01/01/25 @ 100
5.000%, 01/01/42	$	5,000	$	5,661
Cullman County, Health Care Authority, Cullman Regional Medical Center Project, Ser A, RB
Callable 02/01/19 @ 100
7.000%, 02/01/36		4,315		4,701
Jefferson County, Sewer Revenue, Sub-Ser D, RB
Callable 10/01/23 @ 105
6.000%, 10/01/42		4,000		4,480
Jefferson County, Sewer Revenue, Sub-Ser D, RB
Callable 10/01/23 @ 105
6.500%, 10/01/53		2,000		2,325
Total Alabama				17,167
Alaska [0.8%]
Northern Tobacco Securitization, Ser A, RB
Callable 04/17/15 @ 100
5.000%, 06/01/46		6,000		4,685

Description	Face Amount (000)		Value (000)
Arizona [0.5%]
Pima County, Industrial Development Authority, Noah Webster School Project, RB
Callable 12/15/23 @ 100
7.000%, 12/15/43	$	1,500	$	1,574
Pima County, Industrial Development Authority, Noah Webster School Project, Ser A, RB
Callable 05/04/15 @ 100
6.125%, 12/15/34		1,000		969
Total Arizona				2,543
California [11.4%]
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB
Callable 07/01/19 @ 100
6.750%, 07/01/39		6,500		7,428
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/31		1,500		1,758
California State, Pollution Control Financing Authority, San Diego Water Project, RB
Callable 07/01/17 @ 100
5.000%, 11/21/45(A)		2,000		2,083
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
Callable 09/01/24 @ 100
5.000%, 09/01/31		5,000		5,850
California State, Public Works Board, Various Capital Projects, Ser A, RB
Callable 04/01/22 @ 100
5.000%, 04/01/37		1,000		1,117
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.625%, 10/01/34		575		590
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.875%, 10/01/44		1,000		1,027

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 34

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
6.000%, 10/01/49	$	720	$	738
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A, RB
Callable 06/01/15 @ 100
5.000%, 06/01/45		1,000		1,008
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
4.500%, 06/01/27		4,655		4,511
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.750%, 06/01/47		5,000		4,215
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.125%, 06/01/47		7,280		5,603
Golden State Tobacco Securitization, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/35		5,000		5,714
Inland Empire Tobacco Securitization Authority, Ser A, RB
Callable 06/01/17 @ 100
4.625%, 06/01/21		5,000		4,938
Lake Elsinore, Public Financing Authority, SAB
Callable 09/01/25 @ 100
5.000%, 09/01/35		2,650		2,936
M-S-R Energy Authority, Ser C, RB
7.000%, 11/01/34		2,500		3,528
Palomar Pomerado Health Care District, COP
Callable 11/01/20 @ 100
6.000%, 11/01/30		3,920		4,183

Description	Face Amount (000)		Value (000)
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.000%, 12/01/26	$	1,000	$	1,225
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.500%, 12/01/41		1,000		1,238
San Mateo, Community Facilities District, SAB
Callable 09/01/22 @ 100
5.500%, 09/01/44		1,000		1,121
Southern California, Tobacco Securitization Authority, Ser A-1, RB
Callable 04/17/15 @ 100
5.000%, 06/01/37		3,000		2,556
Southern California, Tobacco Securitization Authority, Ser A1-SNR, RB
Callable 04/17/15 @ 100
5.125%, 06/01/46		3,000		2,483
Total California				65,850
Colorado [4.2%]
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/20 @ 100
6.125%, 10/01/40		2,500		2,885
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/18 @ 100
6.000%, 10/01/40		2,965		3,242
Colorado State, Educational & Cultural Facilities Authority, RB
Callable 04/01/25 @ 100
5.125%, 04/01/35		1,515		1,495
Colorado State, Educational & Cultural Facilities Authority, RB
Callable 04/01/25 @ 100
5.250%, 04/01/45		2,655		2,616
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/44(A)		1,350		1,409

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 35

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.500%, 07/01/49(A)	$	1,600	$	1,669
Colorado State, High Performance Transportation Enterprise, US 36 & I-25 Managed Lanes Project, RB, AMT
Callable 01/01/23 @ 100
5.750%, 01/01/44		2,000		2,156
Colorado State, Public Energy Authority, RB
6.500%, 11/15/38		4,000		5,503
Denver City & County, United Airlines Project, Ser A, RB, AMT
Callable 10/01/17 @ 100
5.250%, 10/01/32		1,000		1,052
Regional Transportation District, Denver Transportaion Partners Project, RB
Callable 07/15/20 @ 100
6.000%, 01/15/41		1,000		1,146
Wildgrass County, Metropolitan District, GO
Pre-Refunded @ 100
6.200%, 12/01/34(B)		1,000		1,080
Total Colorado				24,253
Delaware [1.2%]
Delaware State, Economic Development Authority, Indian River Power Project, RB
Callable 10/01/20 @ 100
5.375%, 10/01/45		6,500		7,149
District of Columbia [0.4%]
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB
Callable 10/01/28 @ 100
6.500%, 10/01/44(C)		2,000		2,159

Description	Face Amount (000)		Value (000)
Florida [7.2%]
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.000%, 11/15/34	$	2,500	$	2,729
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.250%, 11/15/44		1,000		1,103
Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB
Callable 11/01/19 @ 100
6.750%, 11/01/39		745		825
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/44		3,390		3,651
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/49		1,000		1,073
Florida State, Development Finance Corp., Renaissance Charter School Project, Ser A, RB
Callable 06/15/22 @ 100
6.125%, 06/15/43		1,000		995
Florida State, Development Finance, RB
Callable 06/01/22 @ 103
7.000%, 06/01/35(A)		1,350		1,394
Florida State, Development Finance, RB
Callable 06/01/22 @ 103
7.000%, 06/01/45(A)		2,500		2,569
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.000%, 06/15/34		2,110		2,123
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.125%, 06/15/44		3,000		3,013

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 36

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Florida State, Village Community Development District No. 10, SAB
Callable 05/01/23 @ 100
6.000%, 05/01/44	$	1,000	$	1,170
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB
Callable 09/15/24 @ 100
5.250%, 09/15/44		2,500		2,619
Mid-Bay Bridge Authority, Ser A, RB
Callable 10/01/21 @ 100
7.250%, 10/01/34		5,200		6,399
Osceola County, Poinciana Parkway Project, Ser A, RB
Callable 10/01/24 @ 100
5.375%, 10/01/47		5,000		5,460
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.250%, 06/01/34		500		570
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.500%, 06/01/49		2,000		2,289
Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB
Callable 08/01/20 @ 100
6.000%, 08/01/45		3,000		3,396
Total Florida				41,378
Georgia [0.9%]
Atlanta, Department of Aviation, Ser A, RB
Callable 01/01/24 @ 100
5.000%, 01/01/31		2,500		2,903
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB
Callable 09/01/20 @ 100
6.125%, 09/01/40		1,000		1,103

Description	Face Amount (000)		Value (000)
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
Callable 01/01/24 @ 100
7.250%, 01/01/49	$	810	$	926
Total Georgia				4,932
Guam [1.4%]
Territory of Guam, Government Waterworks Authority, RB
Callable 07/01/20 @ 100
5.625%, 07/01/40		2,000		2,244
Territory of Guam, Ser A, GO
Callable 11/15/19 @ 100
7.000%, 11/15/39		5,000		5,864
Total Guam				8,108
Hawaii [0.5%]
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
Callable 11/15/19 @ 100
8.750%, 11/15/29		2,450		3,064
Illinois [5.2%]
Bridgeview Village, Ser A, GO
Callable 06/01/24 @ 100
5.500%, 12/01/43		4,880		5,197
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/24 @ 100
5.000%, 01/01/35		3,000		3,372
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/23 @ 100
5.000%, 01/01/35		2,000		2,223
Chicago, Refunding Project, Ser A, GO, AGM
Callable 01/01/24 @ 100
5.250%, 01/01/31		1,000		1,109
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/40		4,000		4,502
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/46		1,825		2,036

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 37

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Illinois State, Finance Authority, Lutheran Home and Services Project, RB
Callable 05/15/22 @ 100
5.625%, 05/15/42	$	5,000	$	5,264
Illinois State, Finance Authority, Roosevelt Universitiy Project, RB
Callable 10/01/19 @ 100
6.250%, 04/01/29		1,000		1,127
Illinois State, Finance Authority, Roosevelt Universitiy Project, RB
Callable 10/01/19 @ 100
6.500%, 04/01/39		3,445		3,891
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB
Callable 02/15/16 @ 100
5.875%, 02/15/38		1,000		1,006
Southwestern Illinois, Development Authority, Collinsville Project, RB
Callable 03/01/16 @ 100
5.350%, 03/01/31		450		354
Total Illinois				30,081
Indiana [2.0%]
Carmel, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.000%, 11/15/32		1,650		1,845
Carmel, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.125%, 11/15/47		2,000		2,222
Indiana State, Finance Authority, Ohio Valley Electric Corporation Project, Ser A, RB
Callable 06/01/22 @ 100
5.000%, 06/01/39		1,000		1,069
Indianapolis, Ritter Affordable Assisted Living Project, RB
Callable 12/01/22 @ 102
6.900%, 12/01/33		4,000		4,137
Terre Haute, Westminster Village Project, RB
Callable 08/01/22 @ 100
6.000%, 08/01/39		2,355		2,371
Total Indiana				11,644

Description	Face Amount (000)		Value (000)
Kansas [0.5%]
Arkansas City, Public Building Commission, South Central Regional Medical Center, RB
Callable 09/01/19 @ 100
7.000%, 09/01/29	$	2,550	$	2,810
Kentucky [1.9%]
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.375%, 06/01/40		1,000		1,155
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.500%, 03/01/45		2,960		3,414
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, RB
Callable 07/01/23 @ 100
5.750%, 07/01/49		5,650		6,510
Total Kentucky				11,079
Louisiana [2.1%]
Juban Crossing Economic Development District, General Infrastructure Project, Ser C, RB
Callable 03/15/25 @ 100
7.000%, 09/15/44(A)		5,665		5,765
Louisiana State, Public Facilities Authority, Pellets Inc. Project, RB, AMT
Callable 07/01/23 @ 100
10.500%, 07/01/39		1,000		1,095
Louisiana State, Public Facilities Authority, Pellets Inc. Project, Ser A, RB, AMT
Callable 07/01/24 @ 100
8.375%, 07/01/39		5,000		5,156
Total Louisiana				12,016

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 38

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Maryland [1.5%]
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
5.800%, 02/15/34	$	725	$	771
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
6.100%, 02/15/44		1,425		1,514
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.000%, 07/01/34		1,205		1,296
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.125%, 07/01/39		750		799
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.250%, 07/01/44		3,780		4,051
Total Maryland				8,431
Massachusetts [0.9%]
Massachusetts Port Authority, Ser B, RB, AMBAC, AMT
0.155%, 01/01/31(D)		6,000		5,078
Michigan [2.7%]
Kent, Hospital Finance Authority, Metropolitan Hospital Project, Ser A, RB
Callable 07/01/15 @ 100
6.000%, 07/01/35		4,805		4,857
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB
Callable 12/01/20 @ 100
6.500%, 12/01/40		3,745		3,826
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
Callable 12/01/15 @ 100
5.875%, 12/01/30		2,000		2,004
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB
Callable 06/01/17 @ 100
5.125%, 06/01/22		2,990		2,691

Description	Face Amount (000)		Value (000)
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
Callable 06/01/18 @ 100
6.875%, 06/01/42	$	2,000	$	1,984
Total Michigan				15,362
Missouri [1.2%]
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/20 @ 100
8.250%, 05/15/45		3,000		3,460
Saint Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
Callable 05/04/15 @ 100
7.000%, 08/15/32		1,000		1,000
Saint Louis County, Lambert Airport Project, SAB
Callable 11/01/16 @ 105
9.000%, 11/01/31		2,500		2,671
Total Missouri				7,131
Nebraska [1.2%]
Central Plains Energy Project, Project #3, RB
Callable 09/01/22 @ 100
5.250%, 09/01/37		1,000		1,116
Central Plains Energy Project, Project #3, RB
Callable 09/01/22 @ 100
5.000%, 09/01/42		5,500		5,974
Total Nebraska				7,090
Nevada [0.6%]
Clark County, Department of Aviation, Sub-Ser A-2, RB
Callable 07/01/24 @ 100
5.000%, 07/01/35		3,000		3,396
New Jersey [2.1%]
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
Callable 08/20/22 @ 101
5.250%, 09/15/29		1,000		1,097

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 39

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
New Jersey State, Economic Development Authority, School Facilities Construction, Ser UU, RB
Callable 06/15/24 @ 100
5.000%, 06/15/40	$	5,000	$	5,314
Tobacco Settlement Financing, Ser 1A, RB
Callable 06/01/17 @ 100
5.000%, 06/01/41		7,500		5,740
Total New Jersey				12,151
New York [4.8%]
Metropolitan Transportation Authority, Sub-Ser A-1, RB
Callable 05/15/25 @ 100
5.000%, 11/15/45		5,000		5,693
Nassau County, Industrial Development Agency, Ser A, RB
Callable 01/01/25 @ 101
6.700%, 01/01/49		4,789		4,839
Nassau County, Industrial Development Agency, Ser C, RB
Callable 01/01/18 @ 100
2.000%, 01/01/49		1,728		138
New York City, Industrial Development Agency, American Airlines JFK International Airport Project, RB, AMT
Callable 08/01/16 @ 101
7.750%, 08/01/31(D)		4,000		4,364
New York Liberty Development, RB
Callable 11/15/24 @ 100
5.000%, 11/15/44(A)		10,000		10,514
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/34		1,000		1,136
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/40		1,000		1,127
Total New York				27,811

Description	Face Amount (000)		Value (000)
North Carolina [0.3%]
North Carolina State, Medical Care Commission, RB
Callable 09/01/24 @ 100
5.000%, 09/01/37	$	1,655	$	1,672
Ohio [3.5%]
Muskingum County, Genesis Healthcare System Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/33		1,000		1,059
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/44		1,000		1,037
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/48		3,000		3,094
Ohio State, Air Quality Development Authority, Pollution Control Firstenergy Project, Ser B, RB
3.625%, 12/01/33(D)		1,000		1,043
Ohio State, Air Quality Development Authority, Pollution Control Firstenergy Project, Ser S, RB
3.625%, 10/01/33(D)		1,000		1,042
Ohio State, Air Quality Development Authority, Ser E, RB
5.625%, 10/01/19		3,350		3,794
Ohio State, Water Development Authority, Pollution Control Firstenergy Project, Ser S, RB
3.625%, 10/01/33(D)		1,500		1,562
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
Callable 12/01/22 @ 100
6.000%, 12/01/42		7,000		7,655
Total Ohio				20,286

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 40

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Pennsylvania [3.1%]
Beaver County, Industrial Development Authority, Ser B, RB
3.500%, 12/01/35(D)	$	5,000	$	5,184
Delaware County, Industrial Development Authority, Chester Community Charter School Project, Ser A, RB
Callable 08/15/20 @ 100
6.125%, 08/15/40		4,000		4,148
Pennsylvania Turnpike Commission, Ser A, RB
Callable 12/01/24 @ 100
5.000%, 12/01/33		1,500		1,723
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB
Callable 12/15/21 @ 100
7.150%, 12/15/36		165		184
Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health Systems Project, Ser A, RB
Callable 07/01/22 @ 100
5.625%, 07/01/42		3,000		3,206
Pottsville, Hospital Authority, Schuykill Health System Project, RB
Callable 07/01/24 @ 100
6.500%, 07/01/28		3,000		3,297
Total Pennsylvania				17,742
Rhode Island [0.9%]
Tobacco Settlement Financing, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/35		2,500		2,731
Tobacco Settlement Financing, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/40		2,250		2,427
Total Rhode Island				5,158
South Carolina [1.0%]
South Carolina State, Public Service Authority, Ser E, RB
Callable 12/01/23 @ 100
5.500%, 12/01/53		5,000		5,745

Description	Face Amount (000)		Value (000)
Tennessee [0.4%]
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
Callable 07/01/20 @ 100
6.000%, 07/01/38	$	2,000	$	2,287
Texas [10.2%]
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.000%, 03/01/34		400		422
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.125%, 03/01/44		2,300		2,454
Bexar County, Health Facilities Development Corp., Army Retirement Residence Project, RB
Callable 07/01/20 @ 100
6.200%, 07/01/45		3,250		3,583
Celina, SAB
5.375%, 09/01/28		400		396
Celina, SAB
5.500%, 09/01/32		250		247
Celina, SAB
5.875%, 09/01/40		600		592
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/33		1,000		1,093
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/42		1,000		1,077
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
Callable 10/01/23 @ 100
5.000%, 04/01/53		2,000		2,213
Hackberry, Public Improvement District #3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/28		500		513
Hackberry, Public Improvement District #3, SAB
Callable 09/01/19 @ 103
7.000%, 09/01/33		475		487

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 41

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Hackberry, Public Improvement District #3, SAB
Callable 09/01/19 @ 103
6.625%, 09/01/37	$	450	$	461
Hackberry, Public Improvement District #3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/44		525		538
Houston, Airport System Revenue, United Airlines Project, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/29		3,000		3,227
Houston, Higher Education Finance, Ser A, RB
Callable 05/15/21 @ 100
6.875%, 05/15/41		5,000		6,132
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.750%, 09/01/38		500		503
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.875%, 09/01/44		500		503
Lubbock, Health Facilities Development, First Mortgage - Carillon Project, Ser A, RB
Callable 07/01/16 @ 101
6.500%, 07/01/26		430		442
Lubbock, Health Facilities Development, First Mortgage - Carillon Project, Ser A, RB
Callable 07/01/16 @ 101
6.625%, 07/01/36		255		261
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB
Callable 09/01/31 @ 100
7.000%, 09/01/43(C)		5,000		4,599
Red River, Health Facilities Development, MRC Crossings Project, Ser B, RB
Callable 05/15/15 @ 100
5.000%, 11/15/19		1,075		1,078
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
8.000%, 07/01/38		5,000		5,652

Description	Face Amount (000)		Value (000)
Tarrant County, Cultural Education Facilities Finance Corp., Buckingham Senior Living Community Project, RB
Callable 11/15/17 @ 100
5.750%, 11/15/37	$	6,000	$	6,161
Tarrant County, Cultural Education Facilities Finance Corp., Trinity Basin Preparatory Project, Ser A, RB
Pre-Refunded @ 100
7.300%, 06/01/29(B)		605		743
Texas State, Municipal Gas Acquisition & Supply I, Ser D, RB
6.250%, 12/15/26		3,575		4,418
Texas State, Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Project, RB
Callable 06/30/20 @ 100
7.000%, 06/30/40		3,500		4,250
Texas State, Private Activity Bond Surface Transportation Corp., NTE Mobility Project, RB
Callable 12/31/19 @ 100
6.875%, 12/31/39		5,350		6,412
Total Texas				58,457
Virginia [1.8%]
James City County, Economic Development Authority, United Methodist Home Project, Ser A, RB
Callable 06/01/23 @ 100
6.000%, 06/01/43		4,690		4,461
Virginia College Building Authority, Marymount University Project, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/35		1,200		1,275
Virginia College Building Authority, Marymount University Project, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/45		3,110		3,294

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 42

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
Callable 07/01/22 @ 100
6.000%, 01/01/37	$	1,000	$	1,162
Total Virginia				10,192
Washington [0.7%]
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 04/22/15 @ 100
5.375%, 01/01/20(A)		2,000		2,001
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/24 @ 100
7.500%, 01/01/49(A)		2,000		2,192
Total Washington				4,193
Wisconsin [5.3%]
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/42		1,000		1,066
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/34		2,000		2,085
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.625%, 07/01/44		3,500		3,676
Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/30(A)		800		822
Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(A)		1,580		1,589
Public Finance Authority, Las Ventanas Retirement Community Project, RB
Callable 10/01/20 @ 102
7.000%, 10/01/42		5,400		5,446

Description	Face Amount (000)		Value (000)
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/35	$	3,000	$	3,007
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/45		4,280		4,218
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 10/01/22 @ 102
5.500%, 10/01/49		2,500		2,548
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 12/01/22 @ 102
5.250%, 12/01/49		6,000		6,139
Total Wisconsin				30,596
Puerto Rico [4.4%]
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/24		2,590		1,956
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/42		840		557
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB
Callable 07/01/18 @ 100
6.000%, 07/01/38		4,000		2,770
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB
Callable 07/01/18 @ 100
6.000%, 07/01/44		3,000		2,040
Puerto Rico Commonwealth, Ser A, GO
Callable 07/01/20 @ 100
8.000%, 07/01/35		10,000		8,200
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/23 @ 100
7.000%, 07/01/33		1,440		842

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 43

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Municipal High Income Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/23 @ 100
7.000%, 07/01/40	$	1,000	$	585
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/22 @ 100
5.000%, 07/01/42		1,310		766
Puerto Rico, Electric Power Authority, Ser WW, RB
Callable 07/01/18 @ 100
5.500%, 07/01/38		1,060		620
Puerto Rico, Electric Power Authority, Ser XX, RB
Callable 07/01/20 @ 100
5.750%, 07/01/36		940		550
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 02/01/20 @ 100
5.375%, 08/01/39		5,000		2,988
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 08/01/19 @ 100
6.000%, 08/01/42		3,500		2,188
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 08/01/19 @ 100
6.500%, 08/01/44		1,250		800
Puerto Rico, Sales Tax Financing, Sub-Ser C, RB
Callable 08/01/20 @ 100
5.250%, 08/01/41		1,000		593
Total Puerto Rico				25,455
Total Municipal Bonds
(Cost $497,657)				517,151
Short-Term Investments [12.5%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%**‡		38,476,491		38,476
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		33,540,566		33,541
Total Short-Term Investments
(Cost $72,017)				72,017
Total Investments [102.3%]
(Cost $569,674)			$	589,168

Percentages are based on Net Assets of $576,072 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $32,007 (000), representing 5.6% of the net assets of the Fund.

(B) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2015. The coupon on a step bond changes on a specific date.

(D) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

AMT — Alternative Minimum Tax (subject to)

Cl — Class

COP — Certificate of Participation

GO — General Obligation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	517,151	$	—	$	517,151
Short-Term Investments		72,017		—		—		72,017
Total Investments in Securities	$	72,017	$	517,151	$	—	$	589,168

For the period ended March 31, 2015, 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 44

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [86.9%]
Advertising Agencies [1.5%]
MDC Partners
6.750%, 04/01/20(A)	$	1,450	$	1,528
Aerospace & Defense [0.5%]
LMI Aerospace
7.375%, 07/15/19(A)		350		353
Moog
5.250%, 12/01/22(A)		150		155
Total Aerospace & Defense				508
Air Transportation [1.1%]
CEVA Group
7.000%, 03/01/21(A)		1,100		1,067
Airlines [0.1%]
Continental Airlines, Ser 2009-2, Cl B
9.250%, 05/10/17		98		108
Automotive [0.7%]
Midas Intermediate Holdco II
7.875%, 10/01/22(A)		675		663
Broadcasting & Cable [1.8%]
CSC Holdings
5.250%, 06/01/24(A)		200		204

Description	Face Amount (000)		Value (000)
DISH DBS
5.875%, 07/15/22	$	600	$	610
5.875%, 11/15/24		100		100
Unitymedia Hessen GmbH & KG
5.000%, 01/15/25(A)		650		656
Unitymedia KabelBW GmbH
6.125%, 01/15/25(A)		200		212
Total Broadcasting & Cable				1,782
Building & Construction [0.8%]
Dycom Investments
7.125%, 01/15/21		300		314
Reliance Intermediate Holdings
6.500%, 04/01/23(A)		500		514
Total Building & Construction				828
Business Services [0.7%]
FTI Consulting
6.000%, 11/15/22		700		736
Coal Mining [1.1%]
CONSOL Energy
8.000%, 04/01/23(A)		700		686
5.875%, 04/15/22		450		407
Total Coal Mining				1,093
Commercial Serv-Finance [0.5%]
WEX
4.750%, 02/01/23(A)		550		546
Computer Graphics [0.4%]
Epicor Software
8.625%, 05/01/19		400		418
Computer System Design & Services [1.5%]
Brocade Communications Systems
4.625%, 01/15/23		450		449
NCR
6.375%, 12/15/23		400		426
5.875%, 12/15/21		600		626
Total Computer System Design & Services				1,501
Consumer Products & Services [3.5%]
Central Garden and Pet
8.250%, 03/01/18		1,955		2,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 45

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount(1) (000)		Value (000)
WMG Acquisition
6.750%, 04/15/22(A)	$	550	$	521
6.000%, 01/15/21(A)		993		1,013
Total Consumer Products & Services				3,534
Containers & Packaging [0.9%]
Novelis
8.750%, 12/15/20		850		911
Data Processing/Mgmt [0.5%]
First Data
8.750%, 01/15/22(A) (B)		460		495
Distribution/Wholesale [0.3%]
VWR Funding
4.625%, 04/15/22(A)	EUR 300			318
Diversified Operations [0.8%]
Amsted Industries
5.375%, 09/15/24(A)		150		150
5.000%, 03/15/22(A)		650		654
Total Diversified Operations				804
Drugs [1.3%]
Valeant Pharmaceuticals International
5.500%, 03/01/23(A)		250		252
VRX Escrow
5.375%, 03/15/20(A)		1,000		1,009
Total Drugs				1,261
E-Commerce/Services [0.9%]
IAC
4.750%, 12/15/22		900		893
Electric Utilities [1.2%]
AES
7.375%, 07/01/21		750		833
3.234%, 06/01/19(C)		350		348
Total Electric Utilities				1,181
Energy & Power [1.6%]
ContourGlobal Power Holdings
7.125%, 06/01/19(A)		1,250		1,275

Description	Face Amount (000)		Value (000)
TerraForm Power Operating
5.875%, 02/01/23(A)	$	350	$	363
Total Energy & Power				1,638
Engines-Internal Combust [0.9%]
Briggs & Stratton
6.875%, 12/15/20		800		877
Enterprise Software/Serv [2.1%]
Eagle Midco
9.000%, 06/15/18(A)		950		968
Infor US
6.500%, 05/15/22(A)		700		718
Open Text
5.625%, 01/15/23(A)		400		415
Total Enterprise Software/Serv				2,101
Entertainment & Gaming [1.5%]
Buffalo Thunder Development Authority
11.000%, 12/09/22(A) (H)		35		30
0.000%, 11/15/29(A) (E) (H)		16		—
Inn of the Mountain Gods Resort & Casino
9.250%, 11/30/20(A) (D) (H)		99		92
Mashantucket Western Pequot Tribe
6.500%, 07/01/36 (H)		80		—
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		200		201
Speedway Motorsports
5.125%, 02/01/23(A)		50		51
Wynn Las Vegas
5.500%, 03/01/25(A)		1,100		1,114
Total Entertainment & Gaming				1,488
Financial Services [5.3%]
Credit Acceptance
6.125%, 02/15/21		1,400		1,340
Icahn Enterprises
5.875%, 02/01/22		1,150		1,185
Jefferies Finance
7.500%, 04/15/21(A)		1,000		965
7.375%, 04/01/20(A)		495		480
Jefferies LoanCore
6.875%, 06/01/20(A)		450		417

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 46

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Oxford Finance
7.250%, 01/15/18(A)	$	950	$	979
Total Financial Services				5,366
Food, Beverage & Tobacco [3.1%]
Bumble Bee Holdings
9.000%, 12/15/17(A)		923		969
Darling Ingredients
5.375%, 01/15/22		300		302
Le-Nature’s
9.000%, 06/15/13(A) (E) (G) (H)		150		—
Vector Group
7.750%, 02/15/21		1,750		1,862
Total Food, Beverage & Tobacco				3,133
Food-Wholesale/Distrib [1.5%]
American Seafoods Group
10.750%, 05/15/16(A) (H)		350		328
KeHE Distributors
7.625%, 08/15/21(A)		1,100		1,167
Total Food-Wholesale/Distrib				1,495
Gas-Distribution [1.2%]
LBC Tank Terminals Holding Netherlands
6.875%, 05/15/23(A)		1,200		1,227
Gold Mining [0.8%]
Eldorado
6.125%, 12/15/20(A)		800		778
Hazardous Waste Disposal [0.3%]
Clean Harbors
5.125%, 06/01/21		300		305
Industrial [1.3%]
Penske Truck Leasing Lp
3.375%, 02/01/22(A)		250		249
Unifrax I
7.500%, 02/15/19(A)		1,025		1,030
Total Industrial				1,279
Insurance [2.7%]
American Equity Investment Life Holding
6.625%, 07/15/21		1,050		1,126

Description	Face Amount (000)		Value (000)
Fidelity & Guaranty Life Holdings
6.375%, 04/01/21(A)	$	425	$	446
Ironshore Holdings US
8.500%, 05/15/20(A)		950		1,154
Total Insurance				2,726
Internet Connectiv Svcs [0.3%]
Cogent Communications Group
5.375%, 03/01/22(A)		300		299
Internet Security [0.2%]
VeriSign
5.250%, 04/01/25(A)		150		153
Investment Banks [1.7%]
Bank of America
6.250%, 09/29/49(C)		500		509
Citigroup
6.300%, 12/29/49(C)		400		409
Royal Bank of Scotland Group
1.197%, 03/01/17(C)		800		803
Total Investment Banks				1,721
Machinery [0.4%]
Tempel Steel
12.000%, 08/15/16(A)		500		424
Medical Products & Services [1.7%]
Halyard Health
6.250%, 10/15/22(A)		400		419
Physio-Control International
9.875%, 01/15/19(A)		1,200		1,275
Total Medical Products & Services				1,694
Metal-Copper [1.2%]
KGHM International
7.750%, 06/15/19(A)		1,200		1,236
Metals & Mining [0.5%]
Kaiser Aluminum
8.250%, 06/01/20		500		545
Miscellaneous Business Services [2.0%]
ADT
6.250%, 10/15/21		400		426
3.500%, 07/15/22		200		182

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 47

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Sitel
11.000%, 08/01/17(A)	$	1,375	$	1,423
Total Miscellaneous Business Services				2,031
Motion Pictures and Services [0.1%]
DreamWorks Animation SKG
6.875%, 08/15/20(A)		150		146
Office Automation and Equip [0.4%]
Xerox
2.750%, 09/01/20		450		449
Oil-Field Services [1.1%]
Exterran Holdings
7.250%, 12/01/18		550		555
FTS International
6.250%, 05/01/22(A)		700		514
Total Oil-Field Services				1,069
Oil-US Royalty Trusts [0.2%]
IronGate Energy Services
11.000%, 07/01/18(A) (H)		275		182
Paper & Related Products [2.1%]
Argos Merger Sub
7.125%, 03/15/23(A)		300		311
Opal Acquisition
8.875%, 12/15/21(A)		1,800		1,831
Total Paper & Related Products				2,142
Petrochemicals [1.0%]
TPC Group
8.750%, 12/15/20(A)		1,045		956
Petroleum & Fuel Products [10.6%]
Antero Resources
5.625%, 06/01/23(A)		350		346
5.125%, 12/01/22		350		336
Atlas Energy Holdings Operating
9.250%, 08/15/21		875		604
7.750%, 01/15/21		975		663
BreitBurn Energy Partners
7.875%, 04/15/22		1,400		1,008
Comstock Resources
10.000%, 03/15/20(A)		750		726
Crestwood Midstream Partners
6.125%, 03/01/22		550		554

Description	Face Amount (000)		Value (000)
Endeavor Energy Resources
7.000%, 08/15/21(A)	$	250	$	241
Legacy Reserves
8.000%, 12/01/20		760		623
6.625%, 12/01/21		750		592
Milagro Oil & Gas
10.500%, 05/15/16(E) (H)		400		232
Precision Drilling
6.625%, 11/15/20		475		448
QEP Resources
5.250%, 05/01/23		300		294
Regency Energy Partners
8.375%, 06/01/19(A)		455		477
Sabine Pass Liquefaction
5.750%, 05/15/24		1,000		1,005
5.625%, 04/15/23		200		199
5.625%, 03/01/25(A)		300		297
SandRidge Energy
8.125%, 10/15/22		1,000		614
Ultra Petroleum
5.750%, 12/15/18(A)		700		632
Unit
6.625%, 05/15/21		850		799
Total Petroleum & Fuel Products				10,690
Phys Therapy/Rehab Cntrs [0.3%]
HealthSouth
5.125%, 03/15/23		250		254
Printing & Publishing [0.0%]
Expo Event Transco
9.000%, 06/15/21(A)		10		10
Property/Casualty Ins [0.8%]
Lancashire Holdings
5.700%, 10/01/22(A)		480		526
QBE Capital Funding III
7.250%, 05/24/41(A) (C)		250		278
Total Property/Casualty Ins				804
Publishing-Books [1.3%]
McGraw-Hill Global Education Holdings
9.750%, 04/01/21		1,150		1,271
Radio [1.3%]
Sirius XM Radio
5.375%, 04/15/25(A)		1,350		1,357

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 48

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Real Estate [0.8%]
Kennedy-Wilson
5.875%, 04/01/24	$	800	$	802
Real Estate Investment Trusts [0.6%]
Hospitality Properties Trust
4.500%, 03/15/25		550		563
Real Estate Oper/Develop [0.2%]
Greystar Real Estate Partners
8.250%, 12/01/22(A)		200		209
Retail [7.6%]
AmeriGas Finance
7.000%, 05/20/22		1,510		1,619
Brunswick
4.625%, 05/15/21(A)		550		554
Checkers Drive-In Restaurants
11.000%, 12/01/17(A)		650		707
Ferrellgas
6.750%, 01/15/22		300		305
6.500%, 05/01/21		50		51
GRD Holdings III
10.750%, 06/01/19(A)		1,320		1,435
Guitar Center
6.500%, 04/15/19(A)		50		44
Men’s Wearhouse
7.000%, 07/01/22(A)		250		263
Nathan’s Famous
10.000%, 03/15/20(A)		150		158
Petco Animal Supplies
9.250%, 12/01/18(A)		300		315
PF Chang’s China Bistro
10.250%, 06/30/20(A)		285		295
QVC
4.450%, 02/15/25		450		453
Rite Aid
6.125%, 04/01/23(A)		700		717
Suburban Propane Partners
5.750%, 03/01/25		250		255
5.500%, 06/01/24		450		461
Total Retail				7,632
Semi-Conductors [1.2%]
Micron Technology
5.250%, 08/01/23(A)		1,150		1,170

Description	Face Amount(1) (000)		Value (000)
Telecommunication Equip [1.1%]
Alcatel-Lucent USA
8.875%, 01/01/20(A)	$	150	$	164
Avaya
7.000%, 04/01/19(A)		1,000		992
Total Telecommunication Equip				1,156
Telephones & Telecommunications [2.8%]
CenturyLink
5.625%, 04/01/25(A)		350		352
Sirius XM Canada Holdings
5.625%, 04/23/21(A)		600		477
Sprint
7.625%, 02/15/25		350		348
Sprint Nextel
7.000%, 03/01/20(A)		500		551
UPCB Finance V
7.250%, 11/15/21(A)		500		538
Virgin Media Secured Finance
5.250%, 01/15/26(A)		500		510
Total Telephones & Telecommunications				2,776
Transportation Services [3.0%]
Harbinger Group
7.875%, 07/15/19		554		583
7.750%, 01/15/22		1,083		1,078
Marquette Transportation
10.875%, 01/15/17		1,110		1,145
Moto Finance
6.375%, 09/01/20(A)	GBP 150			225
Total Transportation Services				3,031
Total Corporate Bonds
(Cost $89,179)				87,360
Loan Participations [6.9%]
Automotive [1.4%]
American Tire Distributors, Cov-Lite, First Lien Term Loan
0.000%, 09/24/21 (F)		695		697
American Tire Distributors, First Lien Term Loan
5.750%, 06/01/18		695		695
Total Automotive				1,392

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 49

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Communications [1.3%]
Balboa Merger Sub, First Lien Term Loan B
6.500%, 11/25/20	$	350	$	350
Sky Bet, Cov-Lite, First Lien Term Loan
0.000%, 02/09/22 (F)		650		960
Total Communications				1,310
Computer & Electronics [0.9%]
Evergreen Skills, First Lien Term Loan
5.750%, 04/28/21		172		170
Evergreen Skillsoft, Term Loan
5.750%, 04/28/21		270		266
Flexera Software, Term Loan
4.500%, 04/02/20		461		460
Total Computer & Electronics				896
Energy [0.1%]
Magnum Hunter Resources Corporation, Term Loan (Second Lien )
8.500%, 10/17/19		129		127
Food and Drug [0.0%]
Rite Aid Corporation, Unfunded Bridge, First Lien Term Loan
0.000%, 02/10/16 (I) (H)		150		—
Information Technology [0.4%]
Advanced Computer Services, First Lien Term Loan
0.000%, 01/28/22 (F)		400		395
Manufacturing [0.2%]
Pelican Products, Term Loan
9.250%, 04/09/21		250		248
Metals & Mining [0.4%]
Noranda Aluminum, Term Loan
5.750%, 02/24/19		398		370
Oil & Gas [0.6%]
Cactus Wellhead, First Lien Term Loan
7.000%, 07/31/20		349		213
Expro Holding, Term Loan
5.750%, 09/02/21		299		254

Description	Face Amount (000)/Shares		Value (000)
Frac Tech International, Term Loan B
5.750%, 04/16/21	$	175	$	135
Total Oil & Gas				602
Professional & Business Services [0.2%]
Intertrust Group, Second Lien Term Loan
8.000%, 04/15/22		200		199
Retail [0.7%]
Hardware Holdings, Term Loan
8.000%, 03/30/20 (G) (H)		398		386
Neiman Marcus (fka Mariposa), New Term Loan
4.250%, 10/25/20		347		345
Total Retail				731
Telecommunications [0.5%]
Avaya Inc., Term B3 Extended
4.672%, 10/26/17		496		487
Transportation [0.2%]
CEVA Group, First Lien Term Loan
6.500%, 03/19/21		199		186
Total Loan Participations
(Cost $7,135)				6,943
Preferred Stock [1.0%]
Insurance [1.0%]
Aspen Insurance Holdings (C)		40,000		1,027
Miscellaneous Manufacturing [0.0%]
CEVA Group *		49		41
Total Preferred Stock
(Cost $1,044)				1,068
Common Stock [0.7%]
Electronic Equipment & Instruments [0.0%]
CUI * (G) (H)		—		8
Metals & Mining [0.3%]
Mirabela Nickel *		2,465,571		263

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 50

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Shares/Face Amount (000)/ Number of Warrants		Value (000)
Miscellaneous Manufacturing [0.0%]
CEVA Group * (G)		22	$	19
Printing & Publishing [0.4%]
Houghton Mifflin Harcourt *		16,866		396
Total Common Stock
(Cost $853)				686
Convertible Bond [0.6%]
Metals & Mining [0.6%]
Mirabela Nickel
9.500%, 06/24/19(A) (G) (H)	$	568		568
Total Convertible Bond
(Cost $569)				568
Asset-Backed Security [0.4%]
Airlines [0.4%]
United Airlines 2013-1 Class B Pass Through Trust
5.375%, 08/15/21		382		399
Total Asset-Backed Security
(Cost $382)				399
Mortgage-Backed Security [0.3%]
SRERS Funding, Ser 2011-RS, Cl A1B1
0.417%, 10/09/14(A) (C)		330		314
Total Mortgage-Backed Security
(Cost $291)				314
Warrant [0.0%]
Alion Science and Technology,
Expires 03/15/17*(H)		380		—
Total Warrant
(Cost $—)				—
Special Stock [0.0%]
Broadcasting & Cable [0.0%]
Adelphia Recovery Trust*(G) (H)		8,500		—
Total Special Stock
(Cost $9)				—

Description	Shares		Value (000)
Short-Term Investments [0.5%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡		471,399	$	471
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		9,487		10
Total Short-Term Investments
(Cost $481)				481
Total Investments [97.3%]
(Cost $99,943)			$	97,819

Percentages are based on Net Assets of $100,524 (000).

(1) In U.S. Dollars unless otherwise indicated.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $53,029 (000), representing 52.8% of the net assets of the Fund.

(B) Payment in Kind.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(D) Step Bond — The rate reported is the rate in effect on March 31, 2015. The coupon on a step bond changes on a specific date.

(E) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(F) Unsettled bank loan.

(G) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2015 was $981 (000) and represented 1.0% of net assets of the Fund.

(H) Security is considered illiquid. The total market value of such securities as of March 31, 2015 was $1,826 (000) and represented 1.8% of net assets of the Fund.

(I) Unfunded bank loan.

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP— British Pound Sterling

Ser — Series

USD — United States Dollar

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 51

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale High Yield Bond Fund (concluded)

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

A list of the open forward foreign currency contracts held by the Fund at March 31, 2015, is as follows:

Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Appreciation (000)
4/7/2015	AUD	210	USD	163	$	3
4/7/2015	CAD	300	USD	481		7
4/7/2015	EUR	300	USD	323		1
4/7/2015	GBP	770	USD	1,145		3
					$	14

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2015, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Appreciation (000)
US Bank	$	(2,098	)	$	2,112	$	14

For the period ended March 31, 2015, 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 March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	87,360	$	—	$	87,360
Loan Participations		—		6,557		386		6,943
Preferred Stock		1,027		41		—		1,068
Common Stock		659		—		27		686
Convertible Bond		—		—		568		568
Asset-Backed Security		—		399		—		399
Mortgage-Backed Security		—		314		—		314
Warrant		—		—		—		—
Special Stock		—		—		—		—
Short-Term Investments		481		—		—		481
Total Investments in Securities	$	2,167	$	94,671	$	981	$	97,819

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	14	$	—	$	14
Total Other Financial Instruments	$	—	$	14	$	—	$	14

* Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.

(1) Of the $981 (000) in Level 3 securities as of March 31, 2015, all are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs is required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2015:

	Investments in Corporate Bonds (000)			Investments in Convertible Bonds (000)		Investments in Loan Participations (000)
Beginning balance as of October 1, 2014	$	5		$	542	$	—
Accrued discounts/ premiums		—			—		—
Realized gain/(loss)		—			—		—
Change in unrealized appreciation/(depreciation)		—			—		—
Purchases		—			26		—
Sales/paydowns		(5	)		—		—
Transfers into Level 3		—			—		386
Transfers out of Level 3		—			—		—
Ending balance as of March 31, 2015	$	—		$	568	$	386
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—		$	—	$	—

	Investments in Common Stock (000)			Total (000)
Beginning balance as of October 1, 2014	$	13		$	560
Accrued discounts/ premiums		—			—
Realized gain/(loss)		—			—
Change in unrealized appreciation/(depreciation)		(5	)		(5	)
Purchases		—			26
Sales/paydowns		—			(5	)
Transfers into Level 3		19			405
Transfers out of Level 3		—			—
Ending balance as of March 31, 2015	$	27		$	981
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(5	)	$	(5	)

For the period ended March 31, 2015, there have been transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015, there have been transfers between Level 2 and Level 3 assets and liabilities. 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 52

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [71.9%]
Consumer Discretionary [4.2%]
AutoZone
3.700%, 04/15/22	$	250	$	260
Best Buy
3.750%, 03/15/16		300		307
CBS
3.375%, 03/01/22		175		178
Comcast
3.125%, 07/15/22		200		207
Expedia
5.950%, 08/15/20		250		282
Gap
5.950%, 04/12/21		495		568
Harley-Davidson Financial Services, MTN
1.550%, 11/17/17(A)		3,725		3,749
Hyundai Capital America
2.600%, 03/19/20(A)		1,000		1,011
Johnson Controls
5.500%, 01/15/16		100		104
Newell Rubbermaid
2.875%, 12/01/19		2,000		2,038
Scripps Networks Interactive
2.700%, 12/15/16		1,000		1,030

Description	Face Amount (000)		Value (000)
Time Warner Cable
4.125%, 02/15/21	$	165	$	177
Toys R Us Property II
8.500%, 12/01/17		1		1
Tupperware Brands
4.750%, 06/01/21		500		541
Viacom
6.250%, 04/30/16		125		132
Yum! Brands
6.250%, 03/15/18		30		34
Total Consumer Discretionary				10,619
Consumer Staples [2.5%]
Avon Products
6.500%, 03/01/19		250		249
Bunge Finance
8.500%, 06/15/19		105		129
5.900%, 04/01/17		100		108
5.100%, 07/15/15		500		506
Campbell Soup
8.875%, 05/01/21		350		461
ConAgra Foods
4.950%, 08/15/20		410		452
1.900%, 01/25/18		200		200
Dr Pepper Snapple Group
2.900%, 01/15/16		2,200		2,235
JM Smucker
3.000%, 03/15/22(A)		500		507
Lorillard Tobacco
8.125%, 06/23/19		500		612
Reynolds American
6.750%, 06/15/17		100		111
WM Wrigley Jr
4.650%, 07/15/15		750		759
Total Consumer Staples				6,329
Energy [4.2%]
Boardwalk Pipelines
5.875%, 11/15/16		146		153
5.750%, 09/15/19		175		190
5.500%, 02/01/17		221		231
5.200%, 06/01/18		84		87
BP Capital Markets
3.200%, 03/11/16		100		102
3.125%, 10/01/15		145		147
Buckeye Partners
6.050%, 01/15/18		155		168
ConocoPhillips
5.750%, 02/01/19		290		333

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 53

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
DCP Midstream
9.750%, 03/15/19(A)	$	114	$	127
DCP Midstream Operating
3.250%, 10/01/15		120		121
Ecopetrol
7.625%, 07/23/19		250		294
Enbridge Energy Partners
5.875%, 12/15/16		191		205
Energy Transfer Partners
9.700%, 03/15/19		330		415
9.000%, 04/15/19		189		234
6.125%, 02/15/17		426		460
3.600%, 02/01/23		200		198
Enterprise Products Operating
6.500%, 01/31/19		140		162
3.700%, 06/01/15		125		126
EOG Resources
5.625%, 06/01/19		290		333
FMC Technologies
3.450%, 10/01/22		200		197
Husky Energy
3.950%, 04/15/22		150		152
Kinder Morgan Energy Partners
5.950%, 02/15/18		75		83
5.300%, 09/15/20		125		138
Marathon Oil
6.000%, 10/01/17		150		167
National Oilwell Varco
6.125%, 08/15/15		100		100
ONEOK Partners
2.000%, 10/01/17		155		155
Panhandle Eastern Pipe Line
7.000%, 06/15/18		396		450
Petrofac
3.400%, 10/10/18(A)		125		123
Plains All American Pipeline
5.875%, 08/15/16		205		217
Plains Exploration & Production
6.125%, 06/15/19		1,309		1,384
PPL Energy Supply
6.200%, 05/15/16		105		109
Puget Energy
6.000%, 09/01/21		500		590
Rowan
4.875%, 06/01/22		200		192
Sabine Pass LNG
7.500%, 11/30/16		100		106
Spectra Energy Capital
6.750%, 07/15/18		745		841
6.200%, 04/15/18		135		150

Description	Face Amount (000)		Value (000)
Total Capital International
1.500%, 02/17/17	$	100	$	101
Transocean
7.375%, 04/15/18		494		480
6.000%, 03/15/18		500		471
Williams Partners
3.350%, 08/15/22		200		193
Total Energy				10,485
Financials [30.2%]
ACE INA Holdings
5.800%, 03/15/18		300		338
Alleghany
5.625%, 09/15/20		270		302
American Express
0.852%, 05/22/18(B)		3,000		3,002
American Express Credit, MTN
2.800%, 09/19/16		175		180
American International Group
6.400%, 12/15/20		49		60
Aon
3.500%, 09/30/15		200		203
Associates Corp of North America
6.950%, 11/01/18		150		175
Axis Specialty Finance
5.875%, 06/01/20		250		287
Bank of America
10.200%, 07/15/15		350		359
5.700%, 05/02/17		950		1,023
5.420%, 03/15/17		42		45
Bank of America, MTN
5.650%, 05/01/18		145		161
Bank of Montreal, MTN
1.450%, 04/09/18		340		340
Barclays Bank
5.125%, 01/08/20		100		114
BB&T, MTN
1.600%, 08/15/17		355		357
Bear Stearns
7.250%, 02/01/18		275		317
5.550%, 01/22/17		468		501
Capital One Financial
5.500%, 06/01/15		2,000		2,016
1.500%, 03/22/18		475		472
Citigroup
6.125%, 05/15/18		140		158
4.500%, 01/14/22		2,000		2,208
CNA Financial
6.950%, 01/15/18		1,076		1,215

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 54

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Commonwealth Bank of Australia, MTN
5.000%, 10/15/19(A)	$	150	$	169
Countrywide Financial, MTN
6.000%, 08/26/20(C)		313		313
Credit Suisse NY, MTN
5.300%, 08/13/19		150		169
Daimler Finance North America
1.875%, 01/11/18(A)		4,200		4,248
Dresdner Bank NY
7.250%, 09/15/15		1,150		1,178
ERAC USA Finance
3.300%, 10/15/22(A)		250		254
Ford Motor Credit
4.250%, 02/03/17		2,000		2,100
1.700%, 05/09/16		1,000		1,005
Goldman Sachs Group
6.250%, 09/01/17		550		610
6.150%, 04/01/18		150		169
5.625%, 01/15/17		700		751
5.350%, 01/15/16		250		259
Goldman Sachs Group, MTN
6.000%, 06/15/20		500		584
HSBC Finance
6.676%, 01/15/21		83		98
ING Bank
3.750%, 03/07/17(A)		200		209
Janus Capital Group
6.700%, 06/15/17		600		659
Jefferies Group
8.500%, 07/15/19		1,000		1,196
5.500%, 03/15/16		1,000		1,034
JPMorgan Chase
4.950%, 03/25/20		100		112
4.250%, 10/15/20		150		164
3.125%, 01/23/25		4,700		4,714
JPMorgan Chase, MTN
5.300%, 05/15/18		150		150
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(D)		400		57
Macquarie Bank, MTN
2.600%, 06/24/19(A)		4,200		4,260
Marsh & McLennan, MTN
2.550%, 10/15/18		100		103
MetLife
6.817%, 08/15/18		3,500		4,079
Metropolitan Life Global Funding I
3.875%, 04/11/22(A)		125		134

Description	Face Amount (000)		Value (000)
Moody’s
5.500%, 09/01/20	$	800	$	913
Morgan Stanley, MTN
5.625%, 09/23/19		2,000		2,276
MUFG Americas Holdings
2.250%, 02/10/20		2,000		2,004
NASDAQ OMX Group
5.550%, 01/15/20		1,249		1,403
National Bank of Canada, MTN
1.450%, 11/07/17		750		747
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		125		162
6.550%, 11/01/18		300		349
Navient, MTN
5.000%, 06/15/18		2		2
Penske Truck Leasing
3.750%, 05/11/17(A)		3,000		3,129
Principal Financial Group
8.875%, 05/15/19		130		164
3.300%, 09/15/22		200		204
Protective Life
6.400%, 01/15/18		250		280
Prudential Financial, MTN
5.375%, 06/21/20		145		167
Royal Bank of Canada, MTN
0.724%, 09/09/16(B)		125		125
Silicon Valley Bank
6.050%, 06/01/17		355		382
Simon Property Group
10.350%, 04/01/19		3,500		4,537
SunTrust Banks
6.000%, 09/11/17		254		281
Svenska Handelsbanken, MTN
5.125%, 03/30/20(A)		5,800		6,647
TD Ameritrade Holding
5.600%, 12/01/19		290		336
Toronto-Dominion Bank, MTN
0.815%, 11/05/19(B)		3,100		3,119
Toyota Motor Credit, MTN
2.000%, 09/15/16		100		102
UBS, MTN
7.375%, 06/15/17		388		434
US Bank
2.125%, 10/28/19		4,500		4,558
Volkswagen International Finance
2.375%, 03/22/17(A)		125		128
Wells Fargo Bank
5.750%, 05/16/16		100		106

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 55

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Wilmington Trust
8.500%, 04/02/18	$	315	$	370
Total Financials				75,536
Health Care [2.2%]
Actavis
3.250%, 10/01/22		500		499
Boston Scientific
6.400%, 06/15/16		145		154
Laboratory Corp of America Holdings
3.200%, 02/01/22		2,500		2,531
Teva Pharmaceutical Finance BV
2.950%, 12/18/22		1,808		1,805
UnitedHealth Group
4.700%, 02/15/21		200		228
1.625%, 03/15/19		250		250
Total Health Care				5,467
Industrials [4.1%]
Carlisle
3.750%, 11/15/22		250		257
CNH America
7.250%, 01/15/16		388		402
Eaton
8.875%, 06/15/19		125		155
Embraer Overseas
5.696%, 09/16/23(A)		520		556
GATX
6.000%, 02/15/18		170		187
General Electric Capital, MTN
6.000%, 08/07/19		410		479
5.625%, 09/15/17		300		332
5.300%, 02/11/21		3,500		4,043
4.375%, 09/16/20		150		166
IDEX
4.200%, 12/15/21		250		266
Joy Global
6.000%, 11/15/16		500		536
Lennox International
4.900%, 05/15/17		250		261
NuStar Logistics
8.150%, 04/15/18		250		280
4.800%, 09/01/20		200		196
Owens Corning
6.500%, 12/01/16		36		39

Description	Face Amount (000)		Value (000)
Penske Truck Leasing
4.875%, 07/11/22(A)	$	200	$	216
4.250%, 01/17/23(A)		300		312
3.375%, 03/15/18(A)		250		260
2.500%, 03/15/16(A)		500		507
Republic Services
3.550%, 06/01/22		250		262
Roper Industries
3.125%, 11/15/22		200		199
1.850%, 11/15/17		250		252
Xylem
3.550%, 09/20/16		200		206
Total Industrials				10,369
Information Technology [6.0%]
Apple
0.512%, 02/07/20(B)		7,238		7,245
Arrow Electronics
6.875%, 06/01/18		400		451
Avnet
6.625%, 09/15/16		128		137
Fiserv
3.500%, 10/01/22		250		258
KLA-Tencor
4.125%, 11/01/21		1,000		1,053
Lexmark International
5.125%, 03/15/20		2,250		2,413
Nokia
5.375%, 05/15/19		950		1,021
Texas Instruments
1.650%, 08/03/19		295		293
Western Union
5.253%, 04/01/20		2,000		2,222
Total Information Technology				15,093
Materials [6.1%]
Airgas
2.900%, 11/15/22		250		248
AngloGold Ashanti Holdings
5.375%, 04/15/20		1,317		1,302
ArcelorMittal
9.850%, 06/01/19		200		245
6.125%, 06/01/18		800		859
Avery Dennison
5.375%, 04/15/20		405		445
Cabot
5.000%, 10/01/16		300		317

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 56

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Glencore Canada
6.000%, 10/15/15	$	1,192	$	1,222
5.500%, 06/15/17		1,010		1,081
Glencore Funding
1.700%, 05/27/16(A)		1,500		1,506
1.613%, 01/15/19(A) (B)		2,000		2,001
International Paper
7.950%, 06/15/18		130		154
Kinross
5.125%, 09/01/21		303		290
Rio Tinto Finance USA
6.500%, 07/15/18		100		115
3.500%, 03/22/22		4,000		4,133
Southern Copper
6.375%, 07/27/15		380		386
Vale Overseas
5.625%, 09/15/19		505		536
Worthington Industries
6.500%, 04/15/20		250		286
Total Materials				15,126
REITs [4.3%]
American Tower
3.400%, 02/15/19		2,100		2,169
BioMed Realty
3.850%, 04/15/16		500		512
Boston Properties
5.875%, 10/15/19		140		162
CommonWealth
6.650%, 01/15/18		300		328
5.875%, 09/15/20		105		117
DDR
4.625%, 07/15/22		250		269
Equity One
3.750%, 11/15/22		250		254
HCP
6.000%, 01/30/17		350		378
2.625%, 02/01/20		175		175
HCP, MTN
6.300%, 09/15/16		462		495
Health Care
5.875%, 05/15/15		268		270
4.950%, 01/15/21		155		172
Healthcare Realty Trust
6.500%, 01/17/17		250		272
Highwoods Realty
3.625%, 01/15/23		200		204

Description	Face Amount (000)		Value (000)
Liberty Property, MTN
7.500%, 01/15/18	$	177	$	201
National Retail Properties
6.875%, 10/15/17		300		336
3.800%, 10/15/22		350		363
Prologis
6.875%, 03/15/20		101		120
3.350%, 02/01/21		2,200		2,284
Realty Income
5.950%, 09/15/16		129		138
3.250%, 10/15/22		200		201
Senior Housing Properties Trust
6.750%, 12/15/21		500		582
4.300%, 01/15/16		500		507
Washington Real Estate Investment Trust
3.950%, 10/15/22		250		253
Total REITs				10,762
Shipping & Transportation [0.1%]
Federal Express 1998 Pass-Through Trust
7.020%, 01/15/16		197		202
Telecommunication Services [4.9%]
America Movil
3.125%, 07/16/22		4,000		4,068
AT&T
5.600%, 05/15/18		310		344
CenturyLink
6.450%, 06/15/21		355		383
5.800%, 03/15/22		250		260
COX Communications
7.250%, 11/15/15		231		240
COX Communications, MTN
6.850%, 01/15/18		224		252
Deutsche Telekom International Finance BV
6.000%, 07/08/19		50		58
Qwest
6.500%, 06/01/17		100		109
Telefonica Emisiones SAU
6.421%, 06/20/16		275		292
6.221%, 07/03/17		286		316
5.462%, 02/16/21		115		132
5.134%, 04/27/20		300		339
3.992%, 02/16/16		500		513
3.729%, 04/27/15		400		401

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 57

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Verizon Communications
4.600%, 04/01/21	$	4,100	$	4,554
Total Telecommunication Services				12,261
Utilities [3.1%]
AmeriGas Partners
6.500%, 05/20/21		477		499
Arizona Public Service
6.250%, 08/01/16		44		47
British Transco Finance
6.625%, 06/01/18		128		148
Cleveland Electric Illuminating
7.880%, 11/01/17		10		12
5.700%, 04/01/17		6		6
Entergy Mississippi
6.640%, 07/01/19		540		638
Entergy Texas
7.125%, 02/01/19		190		226
Exelon Generation
6.200%, 10/01/17		2,125		2,354
Jersey Central Power & Light
5.625%, 05/01/16		265		277
KeySpan
8.000%, 11/15/30		50		71
Korea Electric Power
6.750%, 08/01/27		75		97
National Fuel Gas
4.900%, 12/01/21		500		550
Nisource Capital Markets, MTN
7.860%, 03/27/17		163		179
Northern Indiana Public Service, MTN
7.590%, 06/12/17		440		485
ONEOK
4.250%, 02/01/22		294		279
Pennsylvania Electric
6.625%, 04/01/19		15		17
PPL Energy Supply
5.700%, 10/15/15		75		76
Puget Energy
5.625%, 07/15/22		250		291
Puget Sound Energy, MTN
6.740%, 06/15/18		57		65
Southwestern Electric Power
5.875%, 03/01/18		581		648
3.550%, 02/15/22		500		528
Southwestern Public Service
8.750%, 12/01/18		250		311

Description	Face Amount (000)/Shares		Value (000)
Xcel Energy
5.613%, 04/01/17	$	10	$	11
Total Utilities				7,815
Total Corporate Bonds
(Cost $175,478)				180,064
U.S. Government Agency Obligations [7.7%]
FHLB
0.875%, 05/24/17		2,000		2,009
FHLMC
1.750%, 05/30/19		3,000		3,045
1.000%, 09/29/17		660		662
FNMA
5.000%, 03/15/16		5,700		5,951
1.875%, 09/18/18		150		154
1.625%, 11/27/18		6,000		6,095
1.375%, 11/15/16		460		467
1.125%, 04/27/17		470		474
0.875%, 05/21/18		350		349
Total U.S. Government Agency Obligations
(Cost $19,009)				19,206
Preferred Stock [3.2%]
Financials [1.1%]
BB&T		10,000		253
Citigroup		10,000		254
Goldman Sachs Group		25,000		635
HSBC Holdings		30,000		787
JPMorgan Chase		20,000		496
Prudential Financial		10,000		259
Total Financials				2,684
Industrials [0.3%]
Pitney Bowes		10,000		267
Stanley Black & Decker		20,000		514
Total Industrials				781
REITs [1.3%]
Digital Realty Trust		10,000		259
Kimco Realty		10,000		243
National Retail Properties		20,000		525
Realty Income		20,000		528
Senior Housing Properties Trust		52,500		1,307

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 58

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares/Face Amount (000)		Value (000)
Vornado Realty Trust		20,000	$	498
Total REITs				3,360
Telecommunication Services [0.3%]
Telephone & Data Systems		30,000		723
Utilities [0.2%]
SCE Trust I		20,000		508
Total Preferred Stock
(Cost $7,904)				8,056

Municipal Bonds [3.2%]
California [1.6%]
California State, Department of Water Resources, Ser L, RB
Callable 05/01/20 @ 100
5.000%, 05/01/21	$	3,460	4,078
Florida [1.6%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		3,870	3,910
Total Municipal Bonds
(Cost $7,866)			7,988
Asset-Backed Securities [2.5%]
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/37		101	107
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589)
9.250%, 06/06/16(E) (F) (G)		751	709
Carmax Auto Owner Trust, Ser 2014-2, Cl A3
0.980%, 01/15/19		5,350	5,355
Cityscape Home Equity Loan Trust Series, Ser 1997-C, Cl A4
7.000%, 07/25/28(D) (E) (F)		5	—
Conseco Financial, Ser 1997-7, Cl A6
6.760%, 07/15/28		21	22
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28		—	—

Description	Face Amount (000)		Value (000)
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
4.810%, 07/25/35	$	21	$	21
Total Asset-Backed Securities
(Cost $6,249)				6,214
U.S. Government Mortgage-Backed Obligations [2.4%]
FHLMC, Pool 1B2677
2.421%, 01/01/35(B)		6		7
FHLMC, Pool 1B2683
2.431%, 01/01/35(B)		4		4
FHLMC, Pool 1B2692
2.361%, 12/01/34(B)		12		12
FHLMC, Pool A93505
4.500%, 08/01/40		46		50
FHLMC, Pool A93996
4.500%, 09/01/40		68		75
FHLMC, Pool C03490
4.500%, 08/01/40		356		389
FHLMC, Pool C09015
3.000%, 10/01/42		231		236
FHLMC, Pool C20300
6.500%, 01/01/29		4		4
FHLMC, Pool E01280
5.000%, 12/01/17		3		3
FHLMC, Pool G02940
5.500%, 05/01/37		13		14
FHLMC, Pool G04222
5.500%, 04/01/38		21		23
FHLMC, Pool G04913
5.000%, 03/01/38		79		87
FHLMC, Pool G08003
6.000%, 07/01/34		20		23
FHLMC, Pool G11431
6.000%, 08/01/18		2		2
FHLMC, Pool G11880
5.000%, 12/01/20		15		16
FHLMC, Pool G18124
6.000%, 06/01/21		11		12
FHLMC, Pool J19197
3.000%, 05/01/27		166		174
FHLMC, Pool Q08998
3.500%, 06/01/42		196		206
FHLMC, Pool Q10378
3.000%, 08/01/42		222		227
FHLMC, Ser 2004-2804, Cl VC, Pool FHR 2804 VC
5.000%, 07/15/21		94		99

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 59

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
FHLMC Multifamily Structured Pass Through Certificates, Ser K003, Cl A4
5.053%, 01/25/19	$	150	$	168
FHLMC Multifamily Structured Pass Through Certificates, Ser K704, Cl A2
2.412%, 08/25/18		400		414
FHLMC Multifamily Structured Pass Through Certificates, Ser K705, Cl A2
2.303%, 09/25/18		200		206
FHLMC Multifamily Structured Pass Through Certificates, Ser K708, Cl A2
2.130%, 01/25/19		300		307
FNMA, Pool 252570
6.500%, 07/01/29		6		7
FNMA, Pool 253183
7.500%, 04/01/30		1		1
FNMA, Pool 253398
8.000%, 08/01/30		2		2
FNMA, Pool 254545
5.000%, 12/01/17		9		10
FNMA, Pool 254685
5.000%, 04/01/18		9		9
FNMA, Pool 254949
5.000%, 11/01/33		15		16
FNMA, Pool 255814
5.500%, 08/01/35		26		30
FNMA, Pool 303168
9.500%, 02/01/25		2		2
FNMA, Pool 725424
5.500%, 04/01/34		23		26
FNMA, Pool 735060
6.000%, 11/01/34		14		16
FNMA, Pool 735228
5.500%, 02/01/35		12		14
FNMA, Pool 735230
5.500%, 02/01/35		30		34
FNMA, Pool 745275
5.000%, 02/01/36		123		136
FNMA, Pool 745418
5.500%, 04/01/36		140		157
FNMA, Pool 827223
1.968%, 04/01/35(B)		67		71
FNMA, Pool 844809
5.000%, 11/01/35		59		66
FNMA, Pool AD0454
5.000%, 11/01/21		30		32
FNMA, Pool AD8522
4.000%, 08/01/40		49		53

Description	Face Amount (000)		Value (000)
FNMA, Pool AE0828
3.500%, 02/01/41	$	362	$	381
FNMA, Pool AH0621
3.500%, 01/01/41		89		94
FNMA, Pool AJ1407
4.000%, 09/01/41		79		85
FNMA, Pool AJ7689
4.000%, 12/01/41		256		274
FNMA, Pool AK0971
3.000%, 02/01/27		154		162
FNMA, Pool AO2970
3.000%, 05/01/42		211		217
FNMA, Pool AO4137
3.500%, 06/01/42		213		224
FNMA, Pool MA1277
2.500%, 12/01/27		146		151
FNMA REMIC Trust, Ser 2004-W6, Cl 1A6
5.500%, 07/25/34		67		68
GNMA, Pool 780315
9.500%, 12/15/17		2		2
GNMA, Pool G2 4696
4.500%, 05/20/40		167		183
GNMA, Pool G2 4747
5.000%, 07/20/40		63		71
GNMA, Pool G2 4923
4.500%, 01/20/41		91		99
GNMA, Pool G2 MA0155
4.000%, 06/20/42		221		238
GNMA, Pool G2 MA0392
3.500%, 09/20/42		240		253
Total U.S. Government Mortgage-Backed Obligations
(Cost $5,709)				5,942
Commercial Mortgage-Backed Obligations [0.9%]
Bear Stearns Commercial Mortgage Securities Trust, Ser PWR9, Cl A4A
4.871%, 09/11/42		144		145
CD 2005-CD1 Commercial Mortgage Trust, Ser CD1, Cl A4
5.226%, 07/15/44(B)		181		181
Commercial Mortgage Trust, Ser 2005-C6, Cl A5A
5.116%, 06/10/44(B)		121		121
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
3.147%, 08/15/45		125		131

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 60

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Credit Suisse First Boston Mortgage Securities, Ser C5, Cl A4
5.100%, 08/15/38(B)	$	144	$	144
GS Mortgage Securities II, Ser GCJ9, Cl A3
2.773%, 11/10/45		275		281
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2005-CB12, Cl A4
4.895%, 09/12/37		239		239
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
2.960%, 04/15/46		150		154
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
2.858%, 11/15/45		275		282
NCUA Guaranteed Notes Trust, Ser 2010-C1, Cl A2
2.900%, 10/29/20		225		231
NCUA Guaranteed Notes Trust, Ser 2010-R1, Cl 2A
1.840%, 10/07/20		18		19
Wachovia Bank Commercial Mortgage Trust Series, Ser C22, Cl A4
5.271%, 12/15/44(B)		221		224
Total Commercial Mortgage-Backed Obligations
(Cost $2,178)				2,152
Certificate of Deposit [0.1%]
Swiss Bank
7.375%, 07/15/15		175		178
Total Certificate of Deposit
(Cost $176)				178
Foreign Government Bonds [0.1%]
Mexico Government International Bond, MTN
5.125%, 01/15/20		100		112
Province of Newfoundland and Labrador Canada
7.320%, 10/13/23		100		135

Description	Face Amount (000)		Value (000)
Province of Quebec Canada, MTN
7.380%, 04/09/26(C)	$	100	$	139
Total Foreign Government Bonds
(Cost $359)				386
Residential Mortgage-Backed Securities [0.0%]
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
5.500%, 03/25/19		23		23
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 08/25/27(B)		3		3
Residential Accredit Loans, Ser 2004-QS5, Cl A5
4.750%, 04/25/34		7		7
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19		12		12
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(B)		29		29
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A
5.000%, 07/25/19		36		36
Total Residential Mortgage-Backed Securities
(Cost $109)				110
U.S. Treasury Obligations [5.2%]
U.S. Treasury Note
2.750%, 02/15/19		845		896
2.625%, 11/15/20		425		450
2.375%, 07/31/17		1,010		1,050
2.250%, 11/15/24		4,500		4,626
2.000%, 02/15/25		2,300		2,315
1.750%, 10/31/18		610		624
1.250%, 04/30/19		2,375		2,378
0.875%, 07/31/19		815		802
Total U.S. Treasury Obligations
(Cost $13,039)				13,141

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 61

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares		Value (000)
Short-Term Investments [1.8%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%**‡		2,868,901	$	2,869
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		1,558,396		1,558
Total Short-Term Investments
(Cost $4,427)				4,427
Total Investments [99.0%]
(Cost $242,503)			$	247,864

Percentages are based on Net Assets of $250,350 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $30,053 (000), representing 12.0% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2015. The coupon on a step bond changes on a specific date.

(D) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(E) Security is considered illiquid. The total market value of such security as of March 31, 2015 was $709 (000) and represented 0.3% of net assets of the Fund.

(F) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2015 was $709 (000) and represented 0.3% of net assets of the Fund.

(G) Security is considered restricted. The total market value of such security as of March 31, 2015 was $709 (000) and represented 0.3% of net assets of the Fund.

Cl — Class

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

NCUA — National Credit Union Administration

NY — New York

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SPE — Special Purpose Entity

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

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	180,064	$	—	$	180,064
U.S. Government Agency Obligations		—		19,206		—		19,206
Preferred Stock		5,506		2,550		—		8,056
Municipal Bonds		—		7,988		—		7,988
Asset-Backed Securities		—		5,505		709		6,214
U.S. Government Mortgage-Backed Obligations		—		5,942		—		5,942
Commercial Mortgage-Backed Obligations		—		2,152		—		2,152
Certificate of Deposit		—		178		—		178
Foreign Government Bonds		—		386		—		386
Residential Mortgage-Backed Securities		—		110		—		110
U.S. Treasury Obligations		—		13,141		—		13,141
Short-Term Investments		4,427		—		—		4,427
Total Investments in Securities	$	9,933	$	237,222	$	709	$	247,864

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2015:

	Investments in Asset-Backed Securities
Beginning balance as of October 1, 2014	$	807
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		8
Purchases		—
Sales/paydowns		(106	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2015	$	709
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	8

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 62

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (concluded)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2015. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value atMarch 31, 2015 (000)	Valuation Techniques
BT SPE	$709	FMV Decision based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	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.

For the period ended March 31, 2015, 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 63

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [47.8%]
Advertising Sales [0.2%]
Lamar Media
5.875%, 02/01/22	$	525	$	553
5.375%, 01/15/24		475		495
5.000%, 05/01/23		450		460
Outfront Media Capital
5.875%, 03/15/25		550		582
5.625%, 02/15/24		275		288
5.625%, 02/15/24(A)		325		340
5.250%, 02/15/22		125		131
Total Advertising Sales				2,849
Aerospace & Defense [0.2%]
Accudyne Industries Borrower
7.750%, 12/15/20(A)		975		870
KLX
5.875%, 12/01/22(A)		600		598
TransDigm
7.500%, 07/15/21		100		107
6.500%, 07/15/24		725		729
6.000%, 07/15/22		950		950
5.500%, 10/15/20		350		346
Total Aerospace & Defense				3,600
Agricultural [0.1%]
Avangardco Investments Public
10.000%, 10/29/15		1,250		462
Mriya Agro Holding
9.450%, 04/19/18(B)		1,195		120

Description	Face Amount (000)		Value (000)
UKRLANDFARMING
10.875%, 03/26/18	$	2,760	$	994
Total Agricultural				1,576
Airlines [0.2%]
Avianca Holdings
8.375%, 05/10/20		2,000		2,000
SriLankan Airlines
5.300%, 06/27/19		1,500		1,468
Total Airlines				3,468
Airport Develop/Maint [0.1%]
Aeropuertos Dominicanos Siglo XXI
9.750%, 11/13/19(C)		1,340		1,290
Applications Software [0.1%]
Emdeon
11.000%, 12/31/19		525		573
Nuance Communications
5.375%, 08/15/20(A)		900		909
Total Applications Software				1,482
Auto Rent & Lease [0.3%]
Hertz
6.750%, 04/15/19		825		852
6.250%, 10/15/22		1,025		1,058
United Rentals North America
8.375%, 09/15/20		675		726
6.125%, 06/15/23		575		609
5.750%, 11/15/24		175		181
5.500%, 07/15/25		975		993
4.625%, 07/15/23		325		329
Total Auto Rent & Lease				4,748
Auto/Trk Prts and Equip-Repl [0.2%]
Allison Transmission
7.125%, 05/15/19(A)		650		677
JB Poindexter
9.000%, 04/01/22(A)		725		787
UCI International
8.625%, 02/15/19		1,275		1,154
Total Auto/Trk Prts and Equip-Repl				2,618

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 64

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Automotive [0.3%]
Automotores Gildemeister
8.250%, 05/24/21	$	2,109	$	844
6.750%, 01/15/23		665		241
General Motors
4.000%, 04/01/25		700		711
Hyva Global BV
8.625%, 03/24/16		1,425		1,311
MPM Global Pte
6.750%, 09/19/19		2,500		2,463
Total Automotive				5,570
Autoparts [0.7%]
Affinia Group
7.750%, 05/01/21		1,325		1,371
American Axle & Manufacturing
7.750%, 11/15/19		600		683
6.250%, 03/15/21		275		289
International Automotive Components Group
9.125%, 06/01/18(A)		850		864
Lear
5.250%, 01/15/25		200		204
4.750%, 01/15/23		1,075		1,080
MPG Holdco I
7.375%, 10/15/22(A)		1,100		1,176
Schaeffler Finance BV
4.750%, 05/15/21(A)		625		631
4.750%, 05/15/23(A)		800		808
Schaeffler Finance BV, MTN
4.250%, 05/15/21(A)		375		373
Schaeffler Holding Finance BV
6.875%, 08/15/18(A) (D)		850		887
6.750%, 11/15/22(A)		575		621
Stackpole International Intermediate
7.750%, 10/15/21(A)		950		941
Tenneco
5.375%, 12/15/24		450		468
Tupy Overseas
6.625%, 07/17/24		500		480
Total Autoparts				10,876
Banks [3.8%]
Access Bank, MTN
9.250%, 06/24/21(E)		2,275		1,832
Agromercantil Senior Trust
6.250%, 04/10/19		1,000		1,019

Description	Face Amount (000)		Value (000)
Akbank, MTN
5.125%, 03/31/25	$	2,000	$	1,967
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/21		960		940
7.500%, 09/26/19		2,280		2,113
Banco BMG
8.000%, 04/15/18		1,000		985
Bank of Georgia JSC, MTN
7.750%, 07/05/17		2,200		2,256
CIT Group
5.250%, 03/15/18		875		906
5.000%, 05/15/17		625		643
5.000%, 08/01/23		1,175		1,204
Commercial Bank Privatbank JSC Via Standard Bank
5.799%, 02/09/16(C) (E)		370		78
Credit Bank of Moscow Via CBOM Finance
7.700%, 02/01/18		1,350		1,286
Diamond Bank
8.750%, 05/21/19		940		752
Eastern and Southern African Trade and Development Bank, MTN
6.375%, 12/06/18		3,200		3,207
FBN Finance
8.250%, 08/07/20		2,790		2,205
FBN Finance BV
8.000%, 07/23/21(E)		5,743		4,473
Finansbank
6.250%, 04/30/19		2,000		2,032
Halyk Savings Bank of Kazakhstan JSC
7.250%, 05/03/17		2,000		2,010
7.250%, 01/28/21		1,425		1,384
ICBC Standard Bank, MTN
8.125%, 12/02/19		1,000		1,125
International Bank of Azerbaijan Via Rubrika Finance, MTN
7.750%, 09/26/18		2,000		1,920
7.200%, 10/31/16		500		496
Kaspi Bank JSC
9.875%, 10/28/16		1,605		1,565
Kazkommertsbank
8.500%, 05/11/18		1,780		1,633
Kazkommertsbank JSC
6.765%, 07/27/16(C) (E)		4,000		3,617
5.500%, 12/21/22		596		405

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 65

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Kazkommertsbank JSC, MTN
8.000%, 11/03/15	$	1,940	$	1,936
7.500%, 11/29/16		2,205		2,180
6.875%, 02/13/17		2,270		2,392
NDR Finance
8.000%, 06/22/17(E) (J)		721		58
Oschadbank Via SSB #1
8.875%, 03/20/18		350		140
8.250%, 03/10/16		505		210
Privatbank CJSC Via UK SPV Credit Finance, MTN
9.375%, 09/23/15		300		132
Renaissance Capital Via Renaissance Consumer Funding
13.500%, 06/21/18		1,624		1,250
Russian Standard Bank Via Russian Standard Finance
9.250%, 07/11/17		1,625		1,590
Russian Standard Bank Via Russian Standard Finance, MTN
10.750%, 04/10/18(C)		1,380		734
Sberbank of Russia Via SB Capital
5.125%, 10/29/22		1,000		800
Tinkoff Credit Systems Via TCS Finance, MTN
14.000%, 06/06/18		1,075		946
Trade & Development Bank of Mongolia, MTN
8.500%, 09/20/15		1,105		1,090
Turkiye Is Bankasi
6.000%, 10/24/22		1,210		1,198
Turkiye Vakiflar Bankasi Tao
6.000%, 11/01/22(A)		1,000		976
VTB Bank via VTB Eurasia
9.500%, 12/06/49(E)		50		40
Total Banks				57,725
Beauty Products [0.1%]
First Quality Finance
4.625%, 05/15/21(A)		950		895
Broadcasting & Cable [2.0%]
AMC Networks
7.750%, 07/15/21		600		651
4.750%, 12/15/22		325		323
Anixter
5.625%, 05/01/19		600		645
5.125%, 10/01/21		300		308

Description	Face Amount (000)		Value (000)
Belden
5.500%, 09/01/22(A)	$	1,050	$	1,076
5.250%, 07/15/24(A)		375		378
CCO Holdings
7.375%, 06/01/20		300		321
6.625%, 01/31/22		650		695
5.750%, 09/01/23		525		549
5.750%, 01/15/24		250		260
5.250%, 03/15/21		675		691
5.125%, 02/15/23		500		505
CCOH Safari
5.750%, 12/01/24		325		335
5.500%, 12/01/22		550		562
Cequel Communications Holdings I
6.375%, 09/15/20(A)		850		896
5.125%, 12/15/21(A)		750		749
Clear Channel Communications
9.000%, 03/01/21		1,150		1,101
Clear Channel Worldwide Holdings
6.500%, 11/15/22		2,000		2,105
Columbus International
7.375%, 03/30/21		2,740		2,880
Crown Media Holdings
10.500%, 07/15/19		975		1,043
DISH DBS
5.875%, 07/15/22		2,425		2,464
5.000%, 03/15/23		100		97
General Cable
5.750%, 10/01/22		275		256
Gray Television
7.500%, 10/01/20		1,000		1,053
LIN Television
6.375%, 01/15/21		175		181
5.875%, 11/15/22(A)		650		663
Nexstar Broadcasting
6.125%, 02/15/22(A)		875		897
Numericable Group
6.250%, 05/15/24(A)		575		582
6.000%, 05/15/22(A)		800		810
Sinclair Television Group
5.625%, 08/01/24(A)		1,775		1,806
Unitymedia Hessen GmbH & KG
5.500%, 01/15/23(A)		525		549
Unitymedia KabelBW GmbH
6.125%, 01/15/25(A)		1,125		1,190
VTR Finance BV
6.875%, 01/15/24		3,165		3,284

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 66

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Ziggo Bond Finance BV
5.875%, 01/15/25(A)	$	275	$	288
Total Broadcasting & Cable				30,193
Building & Construction [2.1%]
Allegion US Holding
5.750%, 10/01/21		550		575
Cemex
7.250%, 01/15/21		565		606
6.500%, 12/10/19		1,955		2,073
5.875%, 03/25/19		770		795
5.700%, 01/11/25		560		552
CEMEX Espana
9.875%, 04/30/19		1,250		1,391
Cemex Finance
9.375%, 10/12/22		3,760		4,268
China Shanshui Cement Group
10.500%, 04/27/17		545		572
7.500%, 03/10/20		1,500		1,492
CPG Merger Sub
8.000%, 10/01/21(A)		925		936
Dry Mix Solutions Investissements SAS
4.277%, 06/15/21(E)		3,000		3,202
Elementia
5.500%, 01/15/25		300		299
Grupo Cementos de Chihuahua
8.125%, 02/08/20		1,580		1,683
Interline Brands
10.000%, 11/15/18(D)		1,054		1,106
Masco
4.450%, 04/01/25		325		336
Masonite International
8.250%, 04/15/21(A)		925		986
5.625%, 03/15/23(A)		475		487
NCI Building Systems
8.250%, 01/15/23(A)		575		608
Nortek
8.500%, 04/15/21		1,600		1,712
OAS Investments GmbH
8.250%, 10/19/19		2,000		295
Roofing Supply Group
10.000%, 06/01/20(A)		500		489
Saderea, MTN
12.500%, 11/30/26		2,000		1,813
USG
7.875%, 03/30/20(A)		250		270
5.875%, 11/01/21(A)		650		691
5.500%, 03/01/25(A)		400		408

Description	Face Amount (000)		Value (000)
West China Cement
6.500%, 09/11/19	$	2,000	$	1,977
Wise Metals Intermediate Holdings
9.750%, 06/15/19(A)		550		595
Yuksel Insaat
9.500%, 11/10/15		1,465		806
Total Building & Construction				31,023
Building & Construction Supplies [0.2%]
GTL Trade Finance
5.893%, 04/29/24		1,000		961
Signode Industrial Group Lux
6.375%, 05/01/22(A)		1,575		1,565
Total Building & Construction Supplies				2,526
Building-Heavy Construct [0.6%]
Empresas ICA
8.900%, 02/04/21		2,834		2,458
8.875%, 05/29/24		3,400		2,710
Odebrecht Offshore Drilling Finance
6.750%, 10/02/22		1,228		954
6.625%, 10/01/23		949		726
Pratama Agung Pte
6.250%, 02/24/20		2,500		2,447
Total Building-Heavy Construct				9,295
Business Services [0.1%]
CoreLogic
7.250%, 06/01/21		775		825
Chemicals [0.6%]
Ashland
4.750%, 08/15/22		950		964
Axiall
4.875%, 05/15/23		100		99
Celanese US Holdings
4.625%, 11/15/22		375		378
Eagle Spinco
4.625%, 02/15/21		175		173
Eco Services Operations
8.500%, 11/01/22(A)		475		480
Fufeng Group
7.625%, 04/13/16		1,500		1,523
Hexion US Finance
8.875%, 02/01/18		1,625		1,434

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 67

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Huntsman International
5.125%, 11/15/22(A)	$	300	$	301
4.875%, 11/15/20		650		650
Novacap International SAS, MTN
5.052%, 05/01/19(E)		1,000		1,081
Platform Specialty
6.500%, 02/01/22		1,250		1,306
WR Grace & -Conn
5.625%, 10/01/24(A)		225		240
5.125%, 10/01/21(A)		225		233
Total Chemicals				8,862
Coal Mining [0.8%]
Berau Capital Resources
12.500%, 07/08/15		587		411
Berau Coal Energy
7.250%, 03/13/17		4,335		2,839
Indo Energy Finance II BV
6.375%, 01/24/23		2,895		1,911
Mongolian Mining, MTN
8.875%, 03/29/17		9,813		6,918
New World Resources
8.000%, 04/07/20		850		540
Total Coal Mining				12,619
Coatings/Paint [0.1%]
US Coatings Acquisition
7.375%, 05/01/21(A)		1,300		1,398
Commercial Serv-Finance [0.4%]
Igloo Holdings
8.250%, 12/15/17(A) (D)		975		980
Interactive Data
5.875%, 04/15/19(A)		1,350		1,362
TMF Group Holding BV
5.415%, 12/01/18(E)		1,000		1,087
TransUnion Holding
9.625%, 06/15/18(D)		1,200		1,212
8.125%, 06/15/18		475		487
Total Commercial Serv-Finance				5,128
Commercial Services [0.3%]
Anna Merger Sub
7.750%, 10/01/22(A)		2,050		2,119
BC Luxco 1
7.375%, 01/29/20		2,470		2,439

Description	Face Amount (000)		Value (000)
Iron Mountain
5.750%, 08/15/24	$	550	$	557
Total Commercial Services				5,115
Computer Aided Design [0.2%]
Rolta Americas
8.875%, 07/24/19		1,600		1,532
8.875%, 07/24/19(A)		2,130		2,039
Total Computer Aided Design				3,571
Computer Graphics [0.2%]
Epicor Software
8.625%, 05/01/19		1,325		1,385
Southern Graphics
8.375%, 10/15/20(A)		1,375		1,392
Total Computer Graphics				2,777
Computer System Design & Services [0.3%]
Compiler Finance Sub
7.000%, 05/01/21(A) (J)		900		691
IHS
5.000%, 11/01/22(A)		225		226
NCR
6.375%, 12/15/23		525		559
5.875%, 12/15/21		400		417
5.000%, 07/15/22		800		808
4.625%, 02/15/21		250		250
SunGard Data Systems
6.625%, 11/01/19		1,600		1,648
Total Computer System Design & Services				4,599
Consumer Products & Services [0.5%]
Prestige Brands
8.125%, 02/01/20		475		509
5.375%, 12/15/21(A)		825		835
Serta Simmons Holdings
8.125%, 10/01/20(A)		1,950		2,052
ServiceMaster
7.450%, 08/15/27		225		228
7.100%, 03/01/18		475		499
7.000%, 08/15/20		1,610		1,711
Spectrum Brands
6.750%, 03/15/20		925		976
6.125%, 12/15/24(A)		575		614
Total Consumer Products & Services				7,424

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 68

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Containers & Packaging [0.9%]
Ardagh Packaging Finance
9.125%, 10/15/20(A)	$	2,200	$	2,353
6.750%, 01/31/21(A)		200		202
Ball
4.000%, 11/15/23		825		804
Berry Plastics
5.500%, 05/15/22		1,575		1,618
Beverage Packaging Holdings Luxembourg II
6.000%, 06/15/17(A)		325		326
5.625%, 12/15/16(A)		300		301
BWAY Holding
9.125%, 08/15/21(A)		1,175		1,222
Crown Americas
4.500%, 01/15/23		1,025		1,034
Graphic Packaging International
4.875%, 11/15/22		350		363
4.750%, 04/15/21		200		208
Owens-Brockway Glass Container
5.375%, 01/15/25(A)		300		309
5.000%, 01/15/22(A)		125		127
Pactiv
7.950%, 12/15/25		200		204
Reynolds Group Issuer
9.875%, 08/15/19		515		551
8.250%, 02/15/21		1,300		1,391
5.750%, 10/15/20		1,350		1,396
Sealed Air
6.500%, 12/01/20(A)		725		807
5.125%, 12/01/24(A)		725		750
4.875%, 12/01/22(A)		725		740
Total Containers & Packaging				14,706
Data Processing/Mgmt [0.3%]
Audatex North America
6.125%, 11/01/23(A)		175		185
6.000%, 06/15/21(A)		1,175		1,243
First Data
8.750%, 01/15/22(A) (D)		3,225		3,471
8.250%, 01/15/21(A)		150		161
Total Data Processing/Mgmt				5,060
Decision Support Software [0.0%]
MSCI
5.250%, 11/15/24(A)		225		232

Description	Face Amount (000)		Value (000)
Dental Supplies and Equip [0.3%]
IDH Finance
5.562%, 12/01/18(E)	$	3,000	$	4,428
Diagnostic Equipment [0.1%]
Crimson Merger Sub
6.625%, 05/15/22(A)		2,200		1,953
Dialysis Centers [0.1%]
DaVita HealthCare Partners
5.750%, 08/15/22		875		930
5.125%, 07/15/24		175		179
Total Dialysis Centers				1,109
Distribution/Wholesale [0.3%]
American Builders & Contractors Supply
5.625%, 04/15/21(A)		900		911
DH Services Luxembourg Sarl
7.750%, 12/15/20(A)		1,350		1,411
HD Supply
7.500%, 07/15/20		200		214
5.250%, 12/15/21(A)		100		103
VWR Funding
7.250%, 09/15/17		1,875		1,957
Total Distribution/Wholesale				4,596
Diversified Minerals [0.1%]
China Hongqiao Group
7.625%, 06/26/17		1,370		1,350
6.875%, 05/03/18		600		579
Total Diversified Minerals				1,929
Drugs [0.5%]
Endo Finance
6.000%, 02/01/25(A)		1,100		1,133
Grifols Worldwide Operations
5.250%, 04/01/22(A)		900		915
Valeant Pharmaceuticals International
5.625%, 12/01/21(A)		425		431
5.500%, 03/01/23(A)		100		101
VPII Escrow
7.500%, 07/15/21(A)		1,400		1,514

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 69

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
VRX Escrow
6.125%, 04/15/25(A)	$	1,650	$	1,708
5.875%, 05/15/23(A)		1,300		1,332
5.375%, 03/15/20(A)		100		101
Total Drugs				7,235
E-Commerce/Services [0.1%]
IAC
4.750%, 12/15/22		1,250		1,241
Educational Software [0.0%]
Blackboard
7.750%, 11/15/19(A)		675		648
Electric Utilities [0.3%]
Calpine
5.875%, 01/15/24(A)		550		590
5.750%, 01/15/25		950		957
Eskom Holdings SOC
7.125%, 02/11/25		1,000		1,007
NRG Energy
6.625%, 03/15/23		400		414
6.250%, 05/01/24		500		504
Star Energy Geothermal Wayang Windu
6.125%, 03/27/20		270		275
Total Electric Utilities				3,747
Electrical Products [0.1%]
WESCO Distribution
5.375%, 12/15/21		1,275		1,297
Electronic Parts Distrib [0.1%]
Rexel
6.125%, 12/15/19(A)		1,275		1,336
Energy [0.3%]
CGG
6.875%, 01/15/22		525		417
6.500%, 06/01/21		200		160
ContourGlobal Power Holdings
7.125%, 06/01/19		3,150		3,213
Viridian Group
7.500%, 03/01/20		500		550
Total Energy				4,340

Description	Face Amount (000)		Value (000)
Energy & Power [0.0%]
TerraForm Power Operating
5.875%, 02/01/23(A)	$	425	$	441
Enterprise Software/Serv [0.5%]
BMC Software Finance
8.125%, 07/15/21(A)		875		801
Boxer Parent
9.000%, 10/15/19(A) (D)		1,200		990
Eagle Midco
9.000%, 06/15/18(A)		750		764
Infor Software Parent
7.125%, 05/01/21(A)		1,700		1,684
Infor US
9.375%, 04/01/19		1,225		1,313
6.500%, 05/15/22(A)		1,850		1,896
Open Text
5.625%, 01/15/23(A)		650		674
Total Enterprise Software/Serv				8,122
Entertainment & Gaming [1.0%]
Affinity Gaming
9.000%, 05/15/18		375		366
Ameristar Casinos
7.500%, 04/15/21		600		633
Chester Downs & Marina
9.250%, 02/01/20(A)		450		342
Churchill Downs
5.375%, 12/15/21		300		304
Cinemark USA
7.375%, 06/15/21		200		214
5.125%, 12/15/22		300		304
GLP Capital
5.375%, 11/01/23		500		517
4.875%, 11/01/20		600		615
MGM Resorts International
7.750%, 03/15/22		1,400		1,577
6.750%, 10/01/20		250		268
6.000%, 03/15/23		375		385
5.250%, 03/31/20		350		355
Mohegan Tribal Gaming Authority
9.750%, 09/01/21		750		795
Penn National Gaming
5.875%, 11/01/21		1,525		1,514
Pinnacle Entertainment
7.750%, 04/01/22		525		584
6.375%, 08/01/21		400		424

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 70

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Regal Entertainment Group
5.750%, 03/15/22	$	500	$	511
5.750%, 02/01/25		375		375
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		1,525		1,531
Seminole Indian Tribe of Florida
7.804%, 10/01/20(A)		555		602
Station Casinos
7.500%, 03/01/21		1,125		1,198
Total Entertainment & Gaming				13,414
Entertainment Software [0.0%]
Activision Blizzard
6.125%, 09/15/23(A)		400		436
E-Services/Consulting [0.1%]
TES Finance
6.750%, 07/15/20		1,000		1,435
Financial Services [0.9%]
AerCap Ireland Capital
4.500%, 05/15/21(A)		800		827
Ally Financial
5.125%, 09/30/24		450		464
4.750%, 09/10/18		1,150		1,183
4.625%, 03/30/25		1,300		1,281
4.125%, 03/30/20		425		422
4.125%, 02/13/22		400		390
2.750%, 01/30/17		1,150		1,146
Arrow Global Finance
5.290%, 11/01/21(E)		1,000		1,083
Astana Finance BV
9.000%, 11/16/11(B) (J)		3,000		450
Astana Finance BV, MTN
7.875%, 06/08/10(B) (J)		250		40
Credito Real
7.500%, 03/13/19		2,500		2,563
General Motors Financial
4.375%, 09/25/21		250		265
4.000%, 01/15/25		150		153
International Lease Finance
5.875%, 08/15/22		1,025		1,138
4.625%, 04/15/21		1,225		1,268
Lock
5.548%, 08/15/20(E)		2,000		2,175
Total Financial Services				14,848

Description	Face Amount (000)		Value (000)
Firearms and Ammunition [0.1%]
FGI Operating Company
7.875%, 05/01/20	$	925	$	789
Food, Beverage & Tobacco [2.2%]
Ajecorp BV
6.500%, 05/14/22		1,000		600
ARAMARK
5.750%, 03/15/20		1,800		1,881
B&G Foods
4.625%, 06/01/21		425		424
Boparan Finance
5.500%, 07/15/21		1,000		1,319
Boparan Finance, MTN
4.375%, 07/15/21		1,000		988
CEDC Finance International
9.000%, 04/30/15(C)		2,005		1,855
CFG Investment SAC
9.750%, 07/30/19		820		725
Dean Foods
6.500%, 03/15/23(A)		950		955
Galapagos
4.832%, 06/15/21(E)		3,000		3,185
Hearthside Group Holdings
6.500%, 05/01/22(A)		1,400		1,390
HJ Heinz
4.875%, 02/15/25(A)		1,450		1,571
4.250%, 10/15/20		1,175		1,206
JBS Investments GmbH
7.750%, 10/28/20		700		740
Marfrig Holding Europe BV
8.375%, 05/09/18		2,580		2,438
6.875%, 06/24/19		1,230		1,045
Marfrig Overseas
9.500%, 05/04/20		4,469		4,223
MHP
10.250%, 04/29/15		1,665		1,565
8.250%, 04/02/20		3,850		2,518
Minerva Luxembourg
8.750%, 12/29/49(E)		2,000		1,900
7.750%, 01/31/23		265		261
Pinnacle Foods Finance
4.875%, 05/01/21		1,675		1,688
Shearer’s Foods
9.000%, 11/01/19(A)		325		354
Smithfield Foods
6.625%, 08/15/22		1,175		1,257
Sun Merger Sub
5.875%, 08/01/21(A)		600		629
Total Food, Beverage & Tobacco				34,717

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 71

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Food-Canned [0.0%]
TreeHouse Foods
4.875%, 03/15/22	$	100	$	102
Food-Wholesale/Distrib [0.1%]
US Foods
8.500%, 06/30/19		1,875		1,969
Gaming [0.1%]
Rivers Pittsburgh Borrower
9.500%, 06/15/19(A)		809		851
Gold Mining [0.1%]
Banro
10.000%, 03/01/17(J)		500		250
Polyus International
5.625%, 04/29/20		1,200		1,097
Total Gold Mining				1,347
Health Care [0.1%]
Envision Healthcare
5.125%, 07/01/22(A)		950		971
Omnicare Inc
5.000%, 12/01/24		125		131
Total Health Care				1,102
Home Decoration Products [0.1%]
RSI Home Products
6.500%, 03/15/23(A)		750		761
Hotels and Motels [0.1%]
Hilton Worldwide Finance
5.625%, 10/15/21		700		737
Industrial [0.1%]
Unifrax I
7.500%, 02/15/19(A)		900		905
Insurance [0.2%]
Hockey Merger Sub 2
7.875%, 10/01/21(A)		1,250		1,281
Hub Holdings
8.125%, 07/15/19(A) (D)		1,050		1,042
Total Insurance				2,323
Internet Connectiv Svcs [0.1%]
Adria Bidco BV
7.875%, 11/15/20		1,000		1,153

Description	Face Amount (000)		Value (000)
Internet Security [0.0%]
VeriSign
5.250%, 04/01/25(A)	$	525	$	536
Investment Banker/Broker Dealer [0.1%]
First Investment Finance BV
11.625%, 03/29/16(C) (J)		200		140
Intercorp Peru
5.875%, 02/12/25		2,000		1,985
Neuberger Berman Group
5.875%, 03/15/22(A)		400		427
Total Investment Banker/Broker Dealer				2,552
Mach Tools and Rel Products [0.1%]
Mcron Finance Sub
8.375%, 05/15/19(A)		461		492
Milacron
7.750%, 02/15/21(A)		350		362
Total Mach Tools and Rel Products				854
Machinery-General Indust [0.2%]
Gardner Denver
6.875%, 08/15/21(A)		1,000		900
Waterjet Holdings
7.625%, 02/01/20(A)		225		237
Zebra Technologies
7.250%, 10/15/22(A)		825		889
Total Machinery-General Indust				2,026
Manufacturing [0.0%]
Cleaver-Brooks
8.750%, 12/15/19(A)		675		688
Media - Non-Cable [0.1%]
Intelsat Jackson Holdings
6.625%, 12/15/22		1,275		1,230
Medical Products & Services [1.4%]
Biomet
6.500%, 08/01/20		1,150		1,219
Care UK Health & Social Care
5.560%, 07/15/19(E)		1,000		1,402
CHS
6.875%, 02/01/22		1,750		1,870
5.125%, 08/01/21		450		463
DJO Finance
7.750%, 04/15/18		1,150		1,167

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 72

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
HCA
7.500%, 02/15/22	$	1,625	$	1,895
6.500%, 02/15/20		450		507
5.875%, 05/01/23		825		891
5.375%, 02/01/25		375		393
5.250%, 04/15/25		725		783
5.000%, 03/15/24		1,875		1,987
HCA Holdings
7.750%, 05/15/21		575		612
6.250%, 02/15/21		550		595
IASIS Healthcare
8.375%, 05/15/19		1,200		1,248
LifePoint Hospitals
5.500%, 12/01/21		1,025		1,074
Teleflex
5.250%, 06/15/24(A)		175		179
Tenet Healthcare
8.125%, 04/01/22		1,275		1,406
4.500%, 04/01/21		850		833
4.375%, 10/01/21		925		904
United Surgical Partners International
9.000%, 04/01/20		1,050		1,128
Total Medical Products & Services				20,556
Medical-HMO [0.1%]
MPH Acquisition Holdings
6.625%, 04/01/22(A)		1,700		1,762
Medical-Outptnt/Home Med [0.1%]
Amsurg
5.625%, 11/30/20		300		306
5.625%, 07/15/22		1,075		1,099
Total Medical-Outptnt/Home Med				1,405
Metal-Copper [0.2%]
First Quantum Minerals
7.250%, 10/15/19		3,800		3,610
Metal-Iron [0.2%]
Ferrexpo Finance
10.375%, 04/07/19(A) (J)		1,302		1,035
7.875%, 04/07/16		579		463
Metalloinvest Finance
5.625%, 04/17/20		1,805		1,619
Total Metal-Iron				3,117

Description	Face Amount (000)		Value (000)
Metals & Mining [0.5%]
Consolidated Minerals
8.000%, 05/15/20	$	2,000	$	1,410
TiZir
9.000%, 09/28/17		4,000		3,440
Vedanta Resources
9.500%, 07/18/18		306		309
8.250%, 06/07/21		1,265		1,148
7.125%, 05/31/23		1,240		1,026
Total Metals & Mining				7,333
Mining Other [0.1%]
Uranium One Investments
6.250%, 12/13/18		2,150		1,699
Miscellaneous Business Services [0.1%]
Garda World Security
7.250%, 11/15/21(A)		1,300		1,277
Miscellaneous Manufacturing [0.6%]
Dana Gas Sukuk
9.000%, 10/31/17		2,000		1,583
Jasper Explorer
13.500%, 05/27/16(A) (J)		5,500		275
MAF Global Securities
7.125%, 10/29/49(E)		3,500		3,732
Rio Oil Finance Trust Series 2014-1
6.250%, 07/06/24		1,500		1,360
Sistema via Sistema International Funding
6.950%, 05/17/19		475		428
TMK OAO Via TMK Capital
7.750%, 01/27/18		1,765		1,571
6.750%, 04/03/20		1,100		849
Total Miscellaneous Manufacturing				9,798
MRI/Medical Diag Imaging [0.0%]
Surgical Care Affiliates
6.000%, 04/01/23(A)		625		631
Multi-line Insurance [0.0%]
Onex York Acquisition
8.500%, 10/01/22(A)		650		614

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 73

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Office Automation and Equip [0.1%]
CDW
6.000%, 08/15/22	$	1,125	$	1,208
5.500%, 12/01/24		550		576
Total Office Automation and Equip				1,784
Oil-Field Services [0.7%]
FTS International
6.250%, 05/01/22(A)		725		533
Hiland Partners
5.500%, 05/15/22(A)		375		384
Oro Negro Drilling Pte
7.500%, 01/24/19(A)		2,049		1,475
Schahin II Finance SPV
5.875%, 09/25/22		1,737		1,050
Sea Trucks Group
9.000%, 03/26/18(A)		9,095		5,639
Western Refining Logistics
7.500%, 02/15/23(A)		725		740
Total Oil-Field Services				9,821
Paper & Related Products [0.4%]
Argos Merger Sub
7.125%, 03/15/23(A)		1,625		1,684
Bio Pappel
10.000%, 08/27/13(C)		2,575		2,551
Clearwater Paper
5.375%, 02/01/25(A)		1,300		1,326
Total Paper & Related Products				5,561
Petrochemicals [0.1%]
Braskem Finance
7.000%, 05/07/20		1,500		1,497
Petroleum & Fuel Products [6.3%]
Access Midstream Partners
4.875%, 03/15/24		825		829
Afren
6.625%, 12/09/20		2,000		900
Antero Resources
5.625%, 06/01/23(A)		200		198
5.125%, 12/01/22		350		336
Antero Resources Finance
6.000%, 12/01/20		650		650
5.375%, 11/01/21		475		461
Approach Resources
7.000%, 06/15/21		900		805

Description	Face Amount (000)		Value (000)
Blue Racer Midstream
6.125%, 11/15/22(A)	$	450	$	462
BreitBurn Energy Partners
7.875%, 04/15/22		525		378
California Resources
6.000%, 11/15/24(A)		975		856
5.500%, 09/15/21(A)		175		155
Carrizo Oil & Gas
7.500%, 09/15/20		775		796
Chaparral Energy
9.875%, 10/01/20		275		203
7.625%, 11/15/22		425		285
Chesapeake Energy
6.875%, 11/15/20		525		549
5.750%, 03/15/23		650		634
5.375%, 06/15/21		500		485
China Oil & Gas Group
5.250%, 04/25/18		2,675		2,648
Crestwood Midstream Partners
6.250%, 04/01/23(A)		425		429
6.125%, 03/01/22		250		252
6.000%, 12/15/20		425		427
CrownRock
7.750%, 02/15/23(A)		225		228
CVR Refining
6.500%, 11/01/22		350		350
Energy Transfer Equity
5.875%, 01/15/24		2,300		2,426
Energy XXI Gulf Coast
7.500%, 12/15/21		700		252
6.875%, 03/15/24(A)		175		60
EP Energy
9.375%, 05/01/20		575		602
7.750%, 09/01/22		150		153
EP PetroEcuador via Noble Sovereign Funding I
5.897%, 09/24/19(E)		947		817
Genel Energy Finance
7.500%, 05/14/19(A)		3,200		2,832
GeoPark Latin America Agencia en Chile
7.500%, 02/11/20		1,000		770
Georgian Oil and Gas
6.875%, 05/16/17		2,200		2,212
Gulf Keystone Petroleum
13.000%, 04/18/17(J)		4,200		2,793
Gulfport Energy
7.750%, 11/01/20		650		666
Holly Energy Partners
6.500%, 03/01/20		900		886

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 74

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
InterOil Exploration and Production
6.000%, 01/22/20(J)	$	2,323	$	952
KazMunayGas National JSC
7.000%, 05/05/20		2,000		2,031
Kinder Morgan
5.625%, 11/15/23(A)		1,200		1,320
Kuwait Energy
9.500%, 08/04/19		1,350		1,168
Laredo Petroleum
7.375%, 05/01/22		100		103
6.250%, 03/15/23		200		199
5.625%, 01/15/22		300		291
Legacy Reserves
6.625%, 12/01/21		950		750
Linn Energy
7.750%, 02/01/21		250		199
6.500%, 05/15/19		275		231
6.500%, 09/15/21		275		217
6.250%, 11/01/19		425		336
Lone Pine Resources Canada
0.000%, 02/15/17(J)		75		—
MarkWest Energy Partners
6.250%, 06/15/22		601		628
4.875%, 12/01/24		700		716
Metro Exploration Holding
11.250%, 02/15/15(C) (J)		4,050		567
MIE Holdings
7.500%, 04/25/19		2,450		1,461
MIE Holdings, MTN
6.875%, 02/06/18		2,385		1,516
Northern Oil and Gas
8.000%, 06/01/20		1,150		1,021
Nostrum Oil & Gas Finance BV
6.375%, 02/14/19		4,195		3,613
Oasis Petroleum
6.875%, 03/15/22		150		146
6.500%, 11/01/21		850		812
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21		1,118		964
Pacific Rubiales Energy
7.250%, 12/12/21		2,770		1,841
5.625%, 01/19/25		5,066		2,980
5.375%, 01/26/19		970		640
5.125%, 03/28/23		1,610		940
Petrobras Global Finance BV
6.875%, 01/20/40		3,600		3,271
6.250%, 03/17/24		4,985		4,700

Description	Face Amount (000)		Value (000)
Petroleos de Venezuela
9.750%, 05/17/35	$	3,906	$	1,486
8.500%, 11/02/17		3,863		2,549
5.125%, 10/28/16		1,614		956
5.000%, 10/28/15		1,101		1,035
Puma International Financing
6.750%, 02/01/21		3,845		3,893
QGOG Atlantic
5.250%, 07/30/18		690		598
QGOG Constellation
6.250%, 11/09/19		1,305		741
Range Resources
5.000%, 03/15/23		475		473
Regency Energy Partners
5.875%, 03/01/22		400		434
5.500%, 04/15/23		200		206
5.000%, 10/01/22		150		156
4.500%, 11/01/23		350		352
Rice Energy
7.250%, 05/01/23(A)		200		200
6.250%, 05/01/22		675		658
Rose Rock Midstream
5.625%, 07/15/22		1,300		1,281
Rosneft Oil via Rosneft International Finance
4.199%, 03/06/22		200		157
RSP Permian
6.625%, 10/01/22(A)		175		176
Sabine Pass Liquefaction
6.250%, 03/15/22		525		543
5.625%, 02/01/21		1,225		1,233
5.625%, 04/15/23		175		175
5.625%, 03/01/25(A)		625		618
SandRidge Energy
8.125%, 10/15/22		975		598
7.500%, 03/15/21		75		47
Santa Maria Offshore
8.875%, 07/03/18(A)		2,000		1,750
Seven Energy, MTN
10.250%, 10/11/21		2,600		1,957
SM Energy
5.000%, 01/15/24		200		188
State Oil of the Azerbaijan Republic
6.950%, 03/18/30		1,300		1,292
Summit Midstream Holdings
7.500%, 07/01/21		200		208
5.500%, 08/15/22		425		403

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 75

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Targa Resources Partners
5.250%, 05/01/23	$	825	$	829
5.000%, 01/15/18(A)		275		283
Tesoro
5.125%, 04/01/24		600		612
Tesoro Logistics
6.250%, 10/15/22(A)		125		129
6.125%, 10/15/21		225		232
5.875%, 10/01/20		924		947
5.500%, 10/15/19(A)		50		52
Tullow Oil
6.250%, 04/15/22		755		647
6.000%, 11/01/20		735		643
W&T Offshore
8.500%, 06/15/19		725		439
Whiting Petroleum
6.250%, 04/01/23(A)		650		647
Yingde Gases Investment
8.125%, 04/22/18		1,335		1,171
Zhaikmunai LLP
7.125%, 11/13/19		3,095		2,654
Total Petroleum & Fuel Products				95,046
Pharmacy Services [0.0%]
Catamaran
4.750%, 03/15/21		175		194
Omnicare
4.750%, 12/01/22		150		155
Total Pharmacy Services				349
Printing & Publishing [0.4%]
Expo Event Transco
9.000%, 06/15/21(A)		1,175		1,201
Multi-Color
6.125%, 12/01/22(A)		900		936
Mustang Merger
8.500%, 08/15/21(A)		850		861
Nielsen Finance
5.000%, 04/15/22(A)		1,075		1,082
4.500%, 10/01/20		1,475		1,501
Time
5.750%, 04/15/22(A)		700		684
Total Printing & Publishing				6,265

Description	Face Amount (000)		Value (000)
Publishing-Newspapers [0.1%]
Gannett
6.375%, 10/15/23	$	925	$	1,004
5.500%, 09/15/24(A)		50		52
5.125%, 10/15/19		175		183
4.875%, 09/15/21(A)		50		51
Total Publishing-Newspapers				1,290
Radio [0.5%]
Cumulus Media Holdings
7.750%, 05/01/19		1,050		1,029
Entercom Radio
10.500%, 12/01/19		600		651
Radio One
9.250%, 02/15/20(A)		900		859
Sirius XM Holdings
4.625%, 05/15/23(A)		1,425		1,372
Sirius XM Radio
6.000%, 07/15/24(A)		975		1,024
5.375%, 04/15/25(A)		650		653
Townsquare Media
6.500%, 04/01/23(A)		750		752
Townsquare Radio
9.000%, 04/01/19(A)		975		1,039
Total Radio				7,379
Real Estate Oper/Develop [1.8%]
Agile Property Holdings
9.875%, 03/20/17		650		645
8.875%, 04/28/17		730		716
Alpha Star Holding
4.970%, 04/09/19		2,500		2,212
Central China Real Estate
8.000%, 01/28/20		780		750
Central China Real Estate, MTN
6.500%, 06/04/18		950		902
China SCE Property Holdings
11.500%, 11/14/17		2,520		2,432
CIFI Holdings Group
12.250%, 04/15/18		1,037		1,114
Jababeka International BV
7.500%, 09/24/19		2,000		2,002
Kaisa Group Holdings
10.250%, 01/08/20		1,575		898
9.000%, 06/06/19		700		399
8.875%, 03/19/18		3,220		1,835

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 76

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
KWG Property Holding
13.250%, 03/22/17	$	600	$	641
8.975%, 01/14/19		1,400		1,358
Pakuwon Prima Pte
7.125%, 07/02/19		2,000		1,995
Sunac China Holdings
9.375%, 04/05/18		2,140		2,118
Times Property Holdings
12.625%, 03/21/19		1,370		1,392
Trillion Chance
8.500%, 01/10/19		1,270		1,153
Vingroup JSC
11.625%, 05/07/18		1,365		1,440
Yuzhou Properties
8.750%, 10/04/18		680		646
8.625%, 01/24/19		1,950		1,848
Total Real Estate Oper/Develop				26,496
Research and Development [0.2%]
Jaguar Holding I
9.375%, 10/15/17(A) (D)		1,625		1,661
Jaguar Holding II
9.500%, 12/01/19(A)		650		699
Total Research and Development				2,360
Resorts/Theme Parks [0.2%]
Cedar Fair
5.250%, 03/15/21		1,300		1,342
Six Flags Entertainment
5.250%, 01/15/21(A)		1,325		1,362
Total Resorts/Theme Parks				2,704
Retail [2.0%]
Academy
9.250%, 08/01/19(A)		1,050		1,113
BKW
6.000%, 04/01/22(A)		1,950		2,018
Edcon Holdings Pty
13.375%, 06/30/19		2,720		644
Edcon Pty
9.500%, 03/01/18		3,890		3,171
Family Tree Escrow
5.750%, 03/01/23(A)		425		447
5.250%, 03/01/20(A)		125		131
Ferrellgas
6.750%, 01/15/22		725		737
6.500%, 05/01/21		675		682

Description	Face Amount (000)		Value (000)
Grupo Famsa
7.250%, 06/01/20	$	2,500	$	2,287
Hillman Group
6.375%, 07/15/22(A)		1,225		1,225
Jo-Ann Stores
8.125%, 03/15/19(A)		1,000		1,002
Jo-Ann Stores Holdings
9.750%, 10/15/19(A) (D)		600		582
L Brands
5.625%, 10/15/23		700		777
Limited Brands
5.625%, 02/15/22		350		385
Michaels FinCo Holdings
7.500%, 08/01/18(A) (D)		304		310
Michaels Stores
5.875%, 12/15/20(A)		1,275		1,310
Neiman Marcus Group
8.750%, 10/15/21(A)		900		954
8.000%, 10/15/21(A)		275		291
New Academy Finance
8.000%, 06/15/18(A) (D)		1,175		1,175
NPC International
10.500%, 01/15/20		1,075		1,129
Party City Holdings
8.875%, 08/01/20		900		970
PC Nextco Holdings
8.750%, 08/15/19		1,275		1,297
Petco Animal Supplies
9.250%, 12/01/18(A)		1,200		1,260
Petco Holdings
8.500%, 10/15/17(A) (D)		600		617
Rite Aid
6.125%, 04/01/23(A)		1,050		1,076
Sally Holdings
6.875%, 11/15/19		725		767
Stonegate Pub Financing
5.310%, 04/15/19(E)		1,000		1,480
Stretford 79
4.810%, 07/15/20(E)		1,000		1,203
Total Retail				29,040
Rubber/Plastic Products [0.1%]
Gates Global
6.000%, 07/15/22(A)		1,125		1,062
Semicon Compo-Intg Circu [0.0%]
NXP BV
5.750%, 03/15/23(A)		200		212

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 77

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Semi-Conductors [0.3%]
Advanced Micro Devices
7.500%, 08/15/22	$	325	$	311
7.000%, 07/01/24		850		733
Entegris
6.000%, 04/01/22(A)		1,025		1,069
Freescale Semiconductor
6.000%, 01/15/22(A)		450		490
Magnachip Semiconductor
6.625%, 07/15/21		750		525
Micron Technology
5.250%, 08/01/23(A)		575		585
Sensata Technologies BV
5.625%, 11/01/24(A)		300		319
5.000%, 10/01/25(A)		500		507
Total Semi-Conductors				4,539
Special Purpose Banks [0.1%]
Development Bank of Kazakhstan JSC
4.125%, 12/10/22		1,000		852
Vnesheconombank Via VEB Finance
6.902%, 07/09/20		510		467
6.025%, 07/05/22		200		169
5.942%, 11/21/23		700		570
4.224%, 11/21/18		200		176
Total Special Purpose Banks				2,234
Steel & Steel Works [0.2%]
Gerdau Trade
4.750%, 04/15/23		250		233
Metinvest BV
8.750%, 02/14/18		3,519		1,440
Metinvest BV, MTN
10.500%, 11/28/17		1,560		702
Steel Dynamics
5.500%, 10/01/24(A)		375		380
5.250%, 04/15/23		125		127
5.125%, 10/01/21(A)		225		226
Total Steel & Steel Works				3,108
Sugar [0.1%]
Cosan Luxembourg
5.000%, 03/14/23		1,000		888

Description	Face Amount (000)		Value (000)
Technology [0.1%]
Sophia
9.750%, 01/15/19(A)	$	1,050	$	1,126
Sophia Holding Finance
9.625%, 12/01/18(A)		500		505
Truven Health Analytics
10.625%, 06/01/20		775		814
Total Technology				2,445
Telecommunication Equip [0.1%]
CommScope
5.500%, 06/15/24(A)		525		525
CommScope Holding
6.625%, 06/01/20(A) (D)		1,350		1,384
Total Telecommunication Equip				1,909
Telephones & Telecommunications [4.1%]
Altice
7.750%, 05/15/22(A)		1,100		1,119
7.625%, 02/15/25(A)		500		502
Altice Financing
6.625%, 02/15/23		200		205
6.625%, 02/15/23(A)		275		283
Banglalink Digital Communications
8.625%, 05/06/19		4,430		4,541
Bite Finance International BV, MTN
7.548%, 02/15/18(E)		1,810		1,897
Colombia Telecomunicaciones ESP
8.500%, 12/29/49(E)		2,000		2,003
5.375%, 09/27/22		2,090		2,129
Comcel Trust
6.875%, 02/06/24		2,495		2,658
Digicel
7.000%, 02/15/20(A)		325		331
6.750%, 03/01/23		1,500		1,442
6.000%, 04/15/21(A)		175		166
6.000%, 04/15/21		3,985		3,785
Digicel Group
8.250%, 09/30/20		8,135		8,188
8.250%, 09/30/20(A)		1,375		1,377
7.125%, 04/01/22		2,080		1,903
Intelsat Jackson Holdings
5.500%, 08/01/23		1,000		944
Intelsat Luxembourg
8.125%, 06/01/23		600		552
7.750%, 06/01/21		825		761

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 78

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Level 3 Communications
5.750%, 12/01/22	$	350	$	359
Level 3 Financing
8.125%, 07/01/19		500		526
7.000%, 06/01/20		500		540
MetroPCS Wireless
6.625%, 11/15/20		600		627
Millicom International Cellular
6.625%, 10/15/21		1,650		1,743
6.000%, 03/15/25(A) (J)		1,100		1,098
4.750%, 05/22/20		690		676
Sixsigma Networks Mexico
8.250%, 11/07/21		2,000		2,091
Sprint
7.875%, 09/15/23		1,725		1,759
Sprint Capital
6.875%, 11/15/28		1,500		1,376
Sprint Nextel
7.000%, 03/01/20(A)		600		661
6.000%, 11/15/22		1,100		1,045
Syniverse Holdings
9.125%, 01/15/19(J)		1,550		1,527
T-Mobile USA
6.836%, 04/28/23		925		974
6.731%, 04/28/22		125		132
6.633%, 04/28/21		125		131
6.625%, 04/01/23		1,450		1,517
6.500%, 01/15/24		575		601
6.125%, 01/15/22		275		284
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/21		2,170		2,135
VimpelCom Holdings BV
7.504%, 03/01/22		2,630		2,495
Virgin Media Finance
6.375%, 04/15/23(A)		675		719
Virgin Media Secured Finance
5.250%, 01/15/26(A)		1,350		1,377
Vivacom, MTN
6.625%, 11/15/18		2,073		2,302
Total Telephones & Telecommunications				61,481
Textile-Apparel [0.1%]
Texhong Textile Group
6.500%, 01/18/19		1,000		990
Textile-Home Furnishings [0.0%]
Springs Industries
6.250%, 06/01/21		650		642

Description	Face Amount (000)		Value (000)
Textile-Products [0.2%]
Golden Legacy PTE
9.000%, 04/24/19	$	3,010	$	3,025
Transactional Software [0.0%]
ACI Worldwide
6.375%, 08/15/20(A)		125		131
Transportation Services [1.4%]
Brunswick Rail Finance
6.500%, 11/01/17		1,685		725
DTEK Finance
7.875%, 04/04/18		3,991		1,397
DTEK Finance BV
9.500%, 04/28/15		945		616
Dubai Holding Commercial Operations, MTN
6.000%, 02/01/17		5,200		7,832
Equiniti Newco 2
6.314%, 12/15/18(E)		1,000		1,380
Far East Capital
8.750%, 05/02/20		1,190		427
8.000%, 05/02/18		1,880		677
Favor Sea
11.750%, 02/04/19		1,265		1,193
Georgian Railway JSC
7.750%, 07/11/22		1,000		1,071
Grupo KUO De
6.250%, 12/04/22		972		993
Kazakhstan Temir Zholy Finance BV
6.375%, 10/06/20		480		476
NCL
5.250%, 11/15/19(A)		425		436
Nielsen Luxembourg SaRL
5.500%, 10/01/21(A)		250		258
Travelex Financing
6.565%, 08/01/18(E)		1,000		1,483
Ukraine Railways via Shortline
9.500%, 05/21/18		1,131		419
Yasar Holdings
8.875%, 05/06/20		2,010		2,075
Total Transportation Services				21,458
Transport-Equip and Leasng [0.1%]
Jurassic Holdings III
6.875%, 02/15/21(A)		1,050		914

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 79

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Utility [0.1%]
Greenko Dutch BV
8.000%, 08/01/19	$	265	$	244
Suburban Propane Partners
7.375%, 08/01/21		275		296
5.500%, 06/01/24		1,125		1,153
Total Utility				1,693
Web Portals/ISP [0.2%]
Pacnet
9.000%, 12/12/18		2,500		2,806
X-Ray Equipment [0.0%]
Hologic
6.250%, 08/01/20		600		622
Total Corporate Bonds
(Cost $777,221)				720,800
Loan Participations [29.2%]
Aerospace [1.0%]
Air Canada, Term Loan B
5.500%, 09/26/19		2,677		2,705
AM General Corporation, Term Loan B - 2013
10.250%, 03/22/18		348		330
American Airlines Inc, Exit Term Loan
3.750%, 06/27/19		2,310		2,307
BE Aerospace Inc, Term Loan B
4.000%, 11/19/21		524		527
Dae Aviation Holdings, Second Lien Term Loan
7.750%, 08/05/19		1,370		1,372
Dae Aviation Holdings, Term Loan B1 - 2014
5.000%, 11/02/18		357		357
Dae Aviation Holdings, Term Loan B2 - 2014
5.000%, 11/02/18		162		162
LM U.S. (Landmark Aviation), Canadian Term Loan
4.750%, 10/25/19		14		14
LM U.S. (Landmark Aviation), Second Lien
8.250%, 10/26/20(F)		785		777
LM U.S. (Landmark Aviation), US Term Loan
4.750%, 10/25/19		344		344
Tasc Inc, Second Lien
12.000%, 05/23/21		360		379

Description	Face Amount (000)		Value (000)
Tasc Inc, Term Loan
6.500%, 05/23/20	$	714	$	722
TransDigm Inc., Term Loan C
3.750%, 02/28/20		1,230		1,227
TransDigm Inc., Term Loan D
3.750%, 06/04/21		1,703		1,698
US Airways Group Inc, Term Loan B-1
3.500%, 05/23/19		1,144		1,139
WP CPP Holdings, Second Lien
8.750%, 04/30/21		45		45
WP CPP Holdings, Term Loan
4.750%, 12/28/19		170		171
Wyle Services Corporation, Term Loan B
5.000%, 05/21/21		222		222
Total Aerospace				14,498
Automotive [0.4%]
Car Trawler, Term Loan
4.251%, 04/30/21		3,000		3,214
Metaldyne Performance Cov-Lite Term Loan
4.251%, 10/20/21		521		523
Oasis Holdings
3.500%, 11/19/20		4,580		2,519
Total Automotive				6,256
Broadcasting [1.1%]
Clear Channel Communication, Term Loan D Extended
6.922%, 01/30/19		7,283		6,916
Clear Channel Communication, Term Loan E
7.670%, 07/30/19		2,027		1,950
Cumulus Media, Term Loan B
4.250%, 12/23/20		1,651		1,619
Gray Television, Inc., Term Loan B
3.750%, 06/13/21		1,589		1,588
Hubbard Broadcasting, Term Loan B
4.500%, 04/28/17		230		229
Media General Inc, Term Loan B
4.250%, 07/31/20		614		617
Radio One, Term Loan
7.500%, 03/31/16		429		426

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 80

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Sinclair Broadcasting Group, Term Loan B - 2011
3.000%, 10/28/16	$	152	$	151
Univision Comm (fka Umbrella), Replacement First-Lien Term Loans
4.000%, 03/01/20		2,254		2,249
Univision Comm (fka Umbrella), TL C-3 (2013 Inc. Term Loans)
4.000%, 03/01/20		1,329		1,326
Total Broadcasting				17,071
Building Materials [0.1%]
Cemex
0.000%, 02/14/17		1,469		1,460
Cable/Wireless Video [1.9%]
Altice Financing, Term Loan B
5.500%, 07/02/19		3,617		3,667
Altice Financing, Term Loan B 2022
5.250%, 01/28/22		230		232
Cablevision Systems Corp, Term Loan B - 2013
2.672%, 04/17/20		1,116		1,110
Cequel Communications, LLC, Term Loan B 2012
3.500%, 02/10/19		1,128		1,128
Charter Comm Operating, LLC, Term Loan A1
2.160%, 04/22/18		445		441
Charter Comm Operating, LLC, Term Loan E
3.000%, 04/10/20		2,680		2,669
Charter Comm Operating, LLC, Term Loan G
4.250%, 09/12/21		230		232
Intelsat Jackson Holdings, Term Loan B2
3.750%, 06/30/19		1,948		1,940
Liberty Cablevision of Puerto Rico, First Lien Term Loan
4.500%, 12/24/21		355		353
Liberty Cablevision of Puerto Rico, Second Lien - 2014
7.750%, 06/26/23		215		215
Liberty Cablevision of Puerto Rico, Term Loan B-1
0.000%, 01/07/22(G)		335		330

Description	Face Amount (000)		Value (000)
MCC Iowa (Broadband), Term Loan G
4.000%, 01/20/20	$	254	$	253
MCC Iowa (Broadband), Term Loan H
3.250%, 01/22/21		1,283		1,270
MCC Iowa (Broadband), Term Loan J
3.750%, 06/18/21		79		79
Primacom, Term Loan A
5.000%, 02/28/17(I)		2,539		2,730
Quebecor Media, Term Loan B
3.250%, 08/17/20		1,583		1,560
UPC Financing, Term Loan AH
3.250%, 06/10/21		860		854
Virgin Media Invst Hlds Ltd, Term Loan B
3.500%, 02/15/20		2,697		2,692
Ziggo B.V., Term Loan B1
3.250%, 01/15/22		2,589		2,571
Ziggo B.V., Term Loan B2
3.250%, 01/15/22		1,668		1,657
Ziggo B.V., Term Loan B3
3.500%, 01/15/22		2,743		2,725
Total Cable/Wireless Video				28,708
Chemicals [1.0%]
Aruba Investments Cov-Lite Term Loan
0.000%, 01/28/22		1,000		1,085
Axalta Coating Systems US Holdings, Term Loan B - 2014
3.750%, 02/01/20		319		317
Constantia Flexibles Cov-Lite, 1st Lien
0.000%, 02/25/22(G)		163		163
0.000%, 04/29/22(G)		837		836
Flint Group SA, Term Loan B-2
0.000%, 09/03/21		2,568		2,557
Flint Group SA, Term Loan C
0.000%, 09/03/21		425		423
Gemini HDPE LLC, Term Loan B
4.750%, 07/24/21		577		576
Huntsman International LLC, Term Loan C
2.460%, 06/30/16		13		13
Ineos Group Holdings PLC, Dollar Term Loans - 2018
3.750%, 04/27/18		3,246		3,222

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 81

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Ineos Group Holdings PLC, Term Loan - 2022
4.250%, 03/11/22(G)	$	270	$	270
MacDermid Holdings, LLC, Tranche B Term Loan
4.000%, 06/05/20		344		345
Minerals Technologies Inc., Term Loan B
4.000%, 05/07/21		1,431		1,436
Nexeo Solutions, Term Loan B
5.000%, 09/08/17		369		358
Perstorp Holding AB, Facility A (Mezzanine)
14.000%, 12/27/17		2,152		2,106
Polymer Group inc, Term Loan B
5.250%, 12/19/19		643		645
Styrolution, Term Loan B-1
6.500%, 11/07/19		1,117		1,117
Total Chemicals				15,469
Communications [0.1%]
Sky Bet, Cov-Lite, First Lien Term Loan
0.000%, 02/09/22		1,000		1,478
Consumer Non-Durables [0.2%]
Eastman Kodak Company, Exit Term Loan
7.250%, 09/03/19		334		332
Kate Spade & Company, Term Loan B
4.000%, 04/09/21		269		268
Libbey Glass Inc., Term Loan B
3.750%, 04/09/21		248		247
Party City Holdings Inc., 2014 Replacement Term Loans
4.000%, 07/27/19		225		224
4.000%, 07/27/19		194		193
4.000%, 07/27/19		29		29
4.000%, 07/27/19		41		41
4.000%, 07/27/19		29		29
Revlon Consumer Products, Replacement Term Loan
3.250%, 11/20/17		246		245
Varsity Brands (Hercules Achievement), Term Loan B
6.000%, 12/10/21		1,052		1,062
WNA Holdings, Inc, Term Loan - USD Borrower
4.500%, 06/07/20		71		71

Description	Face Amount (000)		Value (000)
WNA Holdings, Inc, TL (PolarPak) - CAD Borrower
5.500%, 06/07/20	$	137	$	137
Total Consumer Non-Durables				2,878
Diversified Media [1.6%]
Affinion Group Inc., Term Loan B
6.750%, 10/08/16		316		299
ALM Media, LLC, Term Loan B
5.500%, 07/29/20		217		212
Block Communication, Term Loan B
5.750%, 10/29/21		179		179
Bureau Van Dijk
5.216%, 09/17/21		1,000		1,488
Deluxe Entertainment Services Group, Term Loan
6.500%, 02/28/20		573		555
Emerald Expositions Holding, Inc., Term Loan B
4.750%, 06/17/20		292		293
Harland Clarke Holdings, Cov-Lite Term Loan B-4
6.000%, 08/04/19		3,715		3,726
Harland Clarke Holdings, Term Loan B3
7.000%, 05/22/18		4,894		4,922
Harland Clarke Holdings, Tranche B-2 TL
5.510%, 06/30/17		167		167
Learfield Communications, 2014 Replacement Term Loan
4.500%, 10/09/20		168		168
Lions Gate Entertainment, Second Lien
5.000%, 03/11/22		740		741
Live Nation, Term Loan B
3.500%, 08/17/20		522		521
McGraw-Hill, Cov-Lite Term Loan
5.750%, 03/22/19		262		263
MediArena Acquisition (Endemol), First Lien Term Loan
6.750%, 08/11/21		264		261
Merrill Corp, Term Loan
5.750%, 03/08/18		385		386
Regal Cinemas, Term Loan
3.750%, 03/25/22(G)		470		471

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 82

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Rovi Solutions Corporation, Term Loan B
3.750%, 07/02/21	$	412	$	410
Tribune Company, Term Loan B - 2013
4.000%, 12/27/20		3,758		3,759
Village Roadshow Limited, Ultimates Facility Tranche A-2
4.750%, 11/21/17		705		705
Warner Music Group Corp., Term Loan - 2013
3.750%, 07/01/20		1,024		999
WME IMG Holdings LLC, Second Lien
8.250%, 05/06/22		360		343
WME IMG Holdings LLC, Term Loan B
5.250%, 05/06/21		3,295		3,263
Total Diversified Media				24,131
Energy [1.6%]
Alon USA Inc, MLP Term Loan
9.250%, 11/26/18		551		546
Aventine Renewable Energy Holdings
0.000%, (J)		4		52
Azure Midstream Holdings LLC, Term Loan B
7.500%, 11/15/18		256		242
BlackBrush Oil & Gas, L.P., Second Lien
8.750%, 07/21/21		365		293
Chief Exploration & Development LLC, Second Lien
7.500%, 05/16/21		570		525
CITGO Petroleum Corp., Term Loan B
4.500%, 07/23/21		358		354
CITGO Petroleum Corp., Term Loan B 2015
9.500%, 05/09/18		1,526		1,517
Drillships Financing Holding Inc., Term Loan B1
6.000%, 03/31/21		2,126		1,617
EMG Utica, Term Loan
4.750%, 03/27/20		740		689
Energy Transfer Equity LP, Loans
4.000%, 12/02/19		580		578

Description	Face Amount (000)		Value (000)
Energy Transfer Equity LP, Term Loan B
3.250%, 12/02/19	$	4,555	$	4,478
EP Energy (aka Everest Acquisition), Term Loan B-3
3.500%, 05/24/18		644		619
Frac Tech International, Term Loan B - 2014
5.750%, 04/16/21		641		495
Glenn Pool Oil, Term Loan
4.500%, 05/02/16		428		426
Harvey Gulf Int’l Marine, Term Loan B
5.500%, 06/18/20(J)		1,321		903
KCA Deutag, Term Loan
6.250%, 05/15/20		263		220
MEG Energy Corp, Term Loan B - 2013
3.750%, 03/31/20		351		336
New World Resources
5.575%, 10/07/16(J)		300		323
Obsidian Natural Gas Trust
7.000%, 11/02/15		334		336
Osum Production Corp., Term Loan B
6.500%, 07/31/20(J)		1,731		1,350
Pacific Drilling, Term Loan B
4.500%, 05/18/18		568		470
Paradigm, Term C Loan
4.750%, 07/24/19		183		164
Petroleum Geo-Services, Term Loan B
3.250%, 03/19/21		468		399
Philadelphia Energy Solutions, Term Loan
6.250%, 04/04/18		358		342
Seadrill Operating LP, Term Loan B
4.000%, 02/21/21		1,375		1,089
Sheridan Production Partners, Term Loan II-A
4.250%, 12/16/20		37		32
Sheridan Production Partners, Term Loan II-M
4.250%, 12/16/20		14		12
Sheridan Production Partners, Term Loan II-SIP
4.250%, 12/16/20		267		231
Southcross Holdings Borrower LP, Term Loan B
6.000%, 07/29/21		179		169

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 83

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Stonewall Gas Gathering LLC, Loan
8.750%, 01/28/22	$	370	$	371
Templar Energy LLC, Second Lien - 2014
8.500%, 11/25/20		4,345		2,935
Vantage Drilling Co (Offshore), Term Loan
5.000%, 10/25/17(J)		547		340
Vantage Drilling Co (Offshore), Term Loan B (2013)
5.750%, 03/28/19(J)		494		281
Veresen Midstream LP, Term Loan
0.000%, 02/25/22(G)		235		235
Western Refining, Term Loan B
4.250%, 11/12/20		487		483
Total Energy				23,452
Financial [1.9%]
Alliant Holdings Inc., Term Loan
5.000%, 12/07/19		290		291
American Capital Holdings, Inc., Term Loan B - 2017
3.500%, 08/22/17		381		380
Clipper Acquisitions (aka TCW), Initial Term Loan
3.000%, 02/06/20		221		218
Compass Investors Inc. (USI), Term Loan
4.250%, 12/27/19		347		347
Delos, Term Loan B
3.500%, 03/06/21		370		370
Dubai World
3.760%, 09/30/22(J)		12,455		10,172
0.000%, 09/30/18		7,835		6,268
1.000%, 09/30/15(J)		2,268		2,234
Foncia Groupe, Term Loan D
0.000%, 06/01/18(G)		2,000		2,156
0.000%, 03/24/21(G)		1,000		1,079
Grosvenor Capital Mngt Hlgs LLP, Cov-Lite Term Loan
3.750%, 01/04/21		243		240
Hub International Holdings, Initial Term Loan
4.250%, 10/02/20		349		346
Hyperion Insurance Group Ltd, Term Loan B
0.000%, 03/26/22(G)		245		246

Description	Face Amount (000)		Value (000)
Ineos U.S. Finance LLC, 1st Lien
0.000%, 03/11/22(G)	$	1,000	$	1,074
Ion Trading Technologies, Term Loan
4.500%, 06/04/21		1,800		1,945
iStar Financial Inc., Term Loan A-2 - 2012
7.000%, 03/19/17		130		133
RCS Capital Corporation, Term Loan
6.500%, 04/29/19		510		505
Starwood Property Trust, Inc., Term Loan
3.500%, 04/17/20		447		443
Victory Capital Management, Term Loan B
7.000%, 10/31/21		278		276
Total Financial				28,723
Food and Drug [0.4%]
Albertsons, LLC, Term Loan B-2
5.375%, 03/21/19		1,591		1,602
Albertsons, LLC, Term Loan B-3
4.000%, 08/09/19		320		322
Albertsons, LLC, Term Loan B-4
5.500%, 08/25/21		125		126
New Albertsons’s, Inc., Term Loan
4.750%, 06/27/21		547		549
Rite Aid Corporation, Second Lien - Tranche 1 Term Loans
5.750%, 07/07/20		1,085		1,096
Rite Aid Corporation, Second Lien - Tranche 2 Term Loans
4.875%, 06/21/21		440		440
Stater Bros. Markets, Term Loan B
4.750%, 05/12/21		280		279
Supervalu Inc., Term Loan B - 2013
4.500%, 03/21/19		863		865
Total Food and Drug				5,279

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 84

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Food/Tobacco [0.8%]
Burger King (1011778 B.C. / New Red), Term Loan B
4.500%, 12/12/21	$	1,512	$	1,526
Deoleo, Term Loan
4.500%, 06/02/21		3,000		3,072
HJ Heinz, Term Loan B1
3.250%, 06/07/19		1,931		1,932
HJ Heinz, Term Loan B2
3.500%, 06/05/20		1,546		1,548
JBS USA LLC, Term Loan B-2
3.750%, 09/18/20		291		290
Landry’s Inc., Term Loan B
4.000%, 04/19/18		902		903
Post Holdings Inc, Term Loan B
3.750%, 06/02/21		948		949
United Biscuits
5.234%, 12/10/21		1,000		1,496
Total Food/Tobacco				11,716
Forest Prod/Containers [0.6%]
Anchor Glass Container Corporation, Term Loan B
4.250%, 05/14/21		310		310
Ardagh Holdings USA Inc., Incremental Term Loan B
4.000%, 12/17/19		990		992
Berry Plastics Corp., Term Loan D
3.500%, 02/08/20		2,847		2,839
Caraustar Industries, Inc., Term Loan
7.500%, 05/01/19		141		140
CD&R Millennium LLC (Mauser), Second Lien
8.250%, 07/31/22		150		146
NewPage Corporation, Term Loan B
9.500%, 02/11/21		490		468
Oak Tea Inc.
3.500%, 07/02/21		2,000		2,159
Reynolds Group Holdings, Term Loan B - 2013
4.000%, 12/01/18		1,856		1,863
SIG Combibloc (Onex Wizard), Term Loan B
0.000%, 02/03/22(G)		330		333
Total Forest Prod/Containers				9,250

Description	Face Amount (000)		Value (000)
Gaming/Leisure [1.9%]
Amaya, First Lien Term Loan
5.000%, 08/01/21	$	512	$	507
Belmond Interfin Ltd., Term Loan
4.000%, 03/19/21		396		394
Boyd Gaming Corp, Term Loan B
4.000%, 08/14/20		191		191
Caesars Entertainment Op Co Inc, Prop Co Term Loan
7.000%, 10/11/20		1,402		1,325
Caesars Entertainment Op Co Inc, Term Loan B-4
10.500%, 01/28/15		116		108
Caesars Entertainment Op Co Inc, Term Loan B-6 Extended
6.985%, 01/28/18		4,192		3,845
Caesars Entertainment Op Co Inc, Term Loan B7
9.750%, 03/01/17		751		684
CCM Merger (Motor City), Term Loan B - new
4.500%, 08/06/21		1,732		1,737
Clubcorp Club Operations, Term Loan B - 2013
4.500%, 07/24/20		1,070		1,075
Diamond Resorts Corp, Cov-Lite Term Loan
5.500%, 05/09/21		1,398		1,403
Four Seasons Holdings Inc., Second Lien
6.250%, 12/27/20		150		151
Four Seasons Holdings Inc., Term Loan (12/13)
3.500%, 06/27/20		928		926
Global Cash Access, Term Loan B
6.250%, 11/25/20		403		400
Great Wolf Resorts, Term Loan
5.750%, 08/06/20		405		406
Hilton Worldwide Finance, LLC., Term Loan B-1
3.500%, 10/26/20		7,275		7,282
La Quinta Intermediate Holdings, Term Loan B
4.000%, 04/14/21		574		575
Mohegan Tribal Gaming, Term Loan B
5.500%, 11/19/19		222		220
NCL Corp Ltd, Term Loan B
4.000%, 11/05/21		175		176

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 85

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Parques, Term Loan
5.000%, 03/26/19	$	3,000	$	3,239
Playa Resorts Holding, Term Loan B
4.000%, 08/09/19		187		187
RHP Hotel Properties, LP, Term Loan B
3.750%, 01/15/21		749		752
Scientific Games Inc., Term Loan B
4.250%, 10/18/20		149		150
4.250%, 10/18/20		895		897
4.250%, 10/18/20		1,523		1,527
Shingle Springs Tribal, Term Loan B
6.250%, 08/29/19		135		135
Total Gaming/Leisure				28,292
Healthcare [2.8%]
Aenova
0.000%, 09/29/20(G)		1,000		1,079
5.000%, 07/10/20		1,000		1,077
Allscripts Healthcare Solutions Inc, Term Loan A1
2.920%, 06/28/18		450		449
Amdipharm Mercury Ltd.
5.250%, 11/07/19		2,000		2,974
Capella Healthcare, Inc., Term Loan
5.250%, 12/16/21		294		296
Carestream Health Holdings, Inc., Term Loan
5.000%, 06/05/19		1,209		1,212
Catalent Pharma, Term Loan
4.250%, 05/07/21		993		1,074
CDRH (Healogics), Term Loan B
5.250%, 07/01/21		358		358
Community Health Systems, Inc., 2021 Term D Loan
4.250%, 01/27/21		422		424
Community Health Systems, Inc., Term Loan A - 2019
2.671%, 01/25/19		3,700		3,643
Community Health Systems, Inc., Term Loan F
3.425%, 01/25/18		2,500		2,499
ConvaTec Healthcare, Term Loan B
4.000%, 12/30/16		430		430

Description	Face Amount (000)		Value (000)
DPX Holdings B.V., Term Loan B
4.250%, 03/11/21	$	1,777	$	1,767
Envision Acquisition Company, LLC , First Lien Term Loan
5.750%, 11/04/20		167		168
Gesundheits
4.750%, 07/25/21		1,000		1,079
Grifols, Inc, Term Loan B
3.178%, 02/27/21		2,166		2,163
Halyard Health, Inc., Term Loan B
4.000%, 10/01/21		364		367
Hologic Inc., Term Loan B - Refi
3.250%, 08/01/19		236		236
Iasis Healthcare Corporation, Term Loan B - 2013
4.500%, 05/03/18		261		262
IMS Healthcare, Term Loan B - 2021
3.500%, 03/17/21		171		170
Indivior Finance S.Ã r.l., Term Loan B
7.000%, 12/19/19		395		373
inVentiv Health, Inc., Term B-4 Loan
7.750%, 05/15/18		475		476
Kindred Healthcare Inc., Term Loan B
4.250%, 04/09/21		464		466
Kinetic Concepts, Term Loan E-1
4.500%, 05/04/18		259		260
LGC Science Holdings, Term Loan
4.001%, 03/12/21		3,000		3,218
MultiPlan Inc, Term Loan
3.750%, 03/31/21		989		986
P2 Lower Acq. (Progressive), Term Loan
5.500%, 10/22/20		1,507		1,504
Par Pharmaceuticals, Term B-2 Loan
4.000%, 09/30/19		975		973
Par Pharmaceuticals, Term B-3 Loan
4.250%, 09/30/19		234		234
PharMedium Healthcare Corporation, First Lien Term Loan
4.250%, 01/28/21		117		116

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 86

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Regional Care (aka RCHP, Inc.), First Lien Term Loan
6.000%, 04/23/19	$	1,206	$	1,207
Regional Care (aka RCHP, Inc.), Second Lien
0.000%, 10/23/19(G)		95		96
Royalty Pharma (aka RPI), Term Loan B-4
3.500%, 11/09/20		299		301
Salix Pharmaceuticals, Ltd., Term Loan
4.250%, 01/02/20		1,108		1,108
Siemens Audiology Solutions
0.000%, 12/10/21		1,000		1,089
Valeant Pharmaceuticals International, Series C-2 TLB
3.500%, 12/11/19		756		756
Valeant Pharmaceuticals International, Series D-2 TLB
3.750%, 02/13/19		309		309
Valeant Pharmaceuticals International, Series E Tranche B Term Loan
3.500%, 06/26/20		3,706		3,706
Valeant Pharmaceuticals International, Series F-1 Tranche B Term Loan
0.000%, 03/11/22(G)		1,631		1,638
Valeant Pharmaceuticals International, Series F-2 Tranche B Term Loan - DD
0.000%, 03/11/22(G)		1,249		1,254
Total Healthcare				41,797
Housing [0.1%]
ABC Supply Company, Term Loan B
3.500%, 04/16/20		824		822
Continental Building Products LLC, First Lien Term Loan
4.000%, 08/28/20		296		294
DTZ US Borrower LLC, Term Loan
5.500%, 11/04/21		329		331
QUIKRETE Holdings, Inc., First Lien Term Loan
4.000%, 09/28/20		269		270
Realogy Corporation, New Term Loan B
3.750%, 03/05/20		314		313
Total Housing				2,030

Description	Face Amount (000)		Value (000)
Industrials [0.2%]
AHT Cooling Systems, First Lien
0.000%, 11/01/20	$	1,000	$	1,081
Delachaux
0.000%, 09/25/21		500		746
Interpipe Ukraine
4.273%, 03/06/16(J)		3,624		1,087
Total Industrials				2,914
Information Technology [1.9%]
Aricent Technologies, Term Loan
5.500%, 04/14/21		427		428
Arris Group, Inc., Term Loan B
3.250%, 04/17/20		574		573
Avago Technologies Finance, Term Loan B
3.750%, 05/06/21		2,452		2,456
Avaya Inc., Term B3 Extended
4.672%, 10/26/17		1,624		1,597
Avaya Inc., Term B-6 Loans
6.500%, 03/31/18		1,374		1,369
Blackboard Inc, Term Loan B3
4.750%, 10/04/18		883		882
CDW LLC, Term Loan
3.250%, 04/29/20		1,184		1,172
CompuCom Systems, Inc., Term Loan B
4.250%, 05/07/20		138		129
Dell Inc, Term Loan B
4.500%, 04/29/20		3,348		3,369
Dell Inc, Term Loan C
3.750%, 10/29/18		650		651
Fidji Luxembourg (BC3) S.Ã r.l., Term Loan
6.250%, 12/24/20		231		231
Freescale Semiconductor, Tranche B4 Term Loan
4.250%, 02/28/20		2,996		3,001
Infor (US) , Term Loan B-3
3.750%, 06/03/20		187		185
Infor (US), Term Loan B-5
3.750%, 06/03/20		885		877
Internap Network Services, Term Loan
6.000%, 11/26/19		311		311
iParadigms Holdings LLC, First Lien Term Loan
5.000%, 07/23/21		254		253

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 87

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
IPC Corp., Term Loan
6.500%, 07/06/21	$	280	$	281
Microsemi Corporation, Term Loan B-1
3.250%, 02/19/20		160		160
Nuance Communications, Term Loan
2.920%, 08/07/19		187		184
On Semiconductor Corp, Term Loan
1.980%, 01/02/18(J)		488		471
Presidio, Inc., Term Loan
6.250%, 02/02/22		500		498
Riverbed Technology, Inc., Term Loan B
0.000%, 02/25/22(G)		680		686
Sophia LP, Term Loan B-1
4.000%, 07/19/18		476		475
Southern Graphics Inc., Term Loan - 2013
4.250%, 10/17/19		204		203
Technicolor, Term Loan
5.500%, 07/11/20		3,850		3,867
The Active Network, Inc., First Lien Term Loan
5.500%, 11/13/20		109		108
Vertafore, Inc., Term Loan - 2013
4.250%, 10/03/19		275		275
ViaWest Inc - Shaw, Term Loan B
0.000%, 03/25/22(G)		270		271
Zebra Technologies Corp, Term Loan B
4.750%, 09/30/21		3,504		3,541
Total Information Technology				28,504
Manufacturing [0.4%]
Alliance Laundry, Term Loan - 2013
4.250%, 12/07/18		659		660
Boomerang Tube, Term Loan B
11.000%, 10/11/17(J)		213		117
Brand Energy & Infrastructure, Term Loan B
4.750%, 11/26/20		1,983		1,924
Doosan Infracore, Term Loan B
4.500%, 05/28/21		353		356
Generac Power Systems Inc, Term Loan B
3.250%, 06/22/18		188		188

Description	Face Amount (000)		Value (000)
Mirror Bidco Corp. (Dematic), Cov-Lite Term Loan
4.250%, 12/28/19	$	293	$	292
Otter Products, LLC, Term Loan B
5.750%, 06/03/20		239		237
Signode Industrial Group US Inc., Term Loan B
3.750%, 05/01/21		1,407		1,397
Utex Industries, First Lien Term Loan
5.000%, 05/14/21		1,320		1,186
Total Manufacturing				6,357
Media [0.1%]
Tyrol Acquisition 2 SAS, Facility A-2
3.001%, 01/29/16		2,000		2,154
Metals/Minerals [0.6%]
Atkore International, Inc., Term Loan
4.500%, 04/09/21		357		354
Atlas Iron Limited, Term Loan
8.750%, 12/10/17(J)		117		70
Dynacast International LLC, Term Loan
5.250%, 01/28/22		365		368
Fortescue Metals Group (FMG), Cov-Lite Term Loan
3.750%, 06/30/19		7,983		7,214
Murray Energy, Term Loan
5.250%, 12/05/19		490		480
Peabody Energy Corp, Term Loan B
4.250%, 09/24/20		517		464
Total Metals/Minerals				8,950
Retail [1.5%]
Abercrombie & Fitch Management Co., Term Loan B
4.750%, 07/30/21		998		976
Capital Automotive LP, Second Lien
6.000%, 04/30/20		1,530		1,553
Capital Automotive LP, Term Loan - 2013
4.000%, 04/10/19		1,675		1,680

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 88

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
CWGS Group, LLC, Term Loan
5.750%, 02/20/20	$	964	$	971
Dollar Tree Inc, Term Loan B
4.250%, 02/06/22(G)		3,090		3,121
HMK Intermediate Hldg (Sleepys), Term Loan
5.000%, 03/30/19		334		331
Hudson’s Bay Company, Term Loan B
4.750%, 11/04/20		171		171
J Crew Group Inc, Term Loan B
4.000%, 03/05/21		813		753
JC Penney, Term Loan B
6.000%, 05/21/18		2,724		2,716
Jo-Ann Stores, Inc., Initial Loans
4.000%, 03/16/18		601		596
Lands™ End, Inc., Term Loan B
4.250%, 04/04/21		327		311
Michaels Stores, Term Loan B
3.750%, 01/28/20		354		354
Neiman Marcus (fka Mariposa), New Term Loan
4.250%, 10/25/20		2,453		2,443
Petco Animal Supplies Inc, Term Loan B - 2013
4.000%, 11/24/17		371		371
Petsmart (fka Argos Merger), Term Loan B
5.000%, 03/11/22		1,260		1,269
Sears Roebuck Acceptance Corp., Term Loan B
5.500%, 06/30/18		2,191		2,156
Toys R Us Property Company, Initial Term Loan
6.000%, 08/21/19		1,390		1,312
Toys R Us-Delaware, Inc., FILO CAD Term Loan
8.250%, 10/09/19		125		124
Toys R Us-Delaware, Inc., FILO US Term Loan
8.250%, 10/09/19		155		153
Toys R Us-Delaware, Inc., Term Loan B-3
5.250%, 05/25/18		34		26
Toys R Us-Delaware, Inc., Term Loan B4
9.750%, 04/09/20		1,335		1,239
Total Retail				22,626

Description	Face Amount (000)		Value (000)
Service [2.6%]
4L Technologies Inc., Term Loan B
5.500%, 05/08/20	$	65	$	63
Advanced Disposal Services, Term Loan B-2
3.750%, 10/09/19		1,123		1,109
AI Avocado BV
4.251%, 10/08/21		1,000		1,084
Asurion Corporation, Incremental Term Loan B-2
4.250%, 07/08/20		1,258		1,254
Asurion Corporation, Incremental Tranche B-1
5.000%, 05/24/19		3,669		3,677
Asurion Corporation, Second Lien
8.500%, 03/03/21		1,800		1,806
Asurion Corporation, Term Loan B3
3.750%, 03/03/17		150		150
Callcredit Information Group, 1st Lien
5.183%, 02/12/21		3,000		4,391
Digital River, Inc., Term Loan
7.500%, 02/13/21		305		301
DigitalGlobe Inc., Term Loan B
3.750%, 01/31/20		444		445
Dorna Sports, Term Loan
4.172%, 04/30/21		2,000		2,165
Environmental Resources, Term Loan
5.000%, 05/09/22		2,000		1,920
8.000%, 05/07/21		2,000		1,960
Evertec Group, LLC, Term Loan A
2.700%, 04/17/18		548		539
Evertec Group, LLC, Term Loan B
3.500%, 04/17/20		92		90
First Data Corporation, 2018 New Dollar Term Loan
3.672%, 03/23/18		4,425		4,421
First Data Corporation, 2018B Second New Term Loan
3.672%, 09/24/18		805		804
First Data Corporation, 2021 Extended Dollar Term Loan
4.168%, 03/24/21		1,745		1,749
Interactive Data Corporation, Term Loan B - 2014
4.750%, 05/02/21		1,464		1,470

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 89

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
iQor US Inc., Term Loan B
6.000%, 04/01/21	$	1,050	$	995
Nets Holdings, Term Loan
4.250%, 05/04/21		3,000		3,237
PODS LLC, Term Loan B
5.250%, 01/28/22		185		186
PrePaid Legal Services, Inc., Term Loan B
6.250%, 07/01/19		137		137
Redtop Acquisitions Limited, First Lien Term Loan
4.500%, 12/03/20		309		308
Redtop Acquisitions Limited, Second Lien
8.250%, 06/03/21		188		189
Securitas Direct, Term Loan
10.493%, 08/30/19		3,000		3,352
Sedgwick, Inc., First Lien Term Loan
3.750%, 03/01/21		1,494		1,475
Sedgwick, Inc., Second Lien
6.750%, 02/28/22		260		253
Spin Holdco (Coinmach), Term Loan B
4.250%, 11/14/19		109		108
STG-Fairway Acq. - First Advantage, Term Loan B
6.250%, 02/28/19		284		282
Total Service				39,920
Sovereign [0.9%]
Arab Republic of Egypt
4.479%, 01/04/21(F) (J)		3,000		2,695
Republic of Angola
6.600%, 12/06/20		7,000		6,991
Tanzania Term Loan
6.130%, 03/03/20		4,000		3,995
Total Sovereign				13,681
Telecommunications [1.7%]
Cable & Wireless Communications PLC (Sable), Term Loan
5.500%, 11/25/16		683		683
Cable & Wireless Communications PLC (Sable), Term Loan Unsecured
6.500%, 11/25/16		1,060		1,063

Description	Face Amount (000)		Value (000)
Cincinnati Bell Inc., Term Loan B - 2013
4.000%, 09/10/20	$	263	$	263
4.000%, 09/10/20		263		263
4.000%, 09/10/20		913		911
Datapipe, Term Loan B
5.250%, 03/15/19		108		105
Eircom Finco, Term Loan
4.582%, 09/30/19		3,002		3,176
Frontier Communications, Term Loan A
3.050%, 10/14/16		3,298		3,249
Integra Telecom, Term B Loan
5.250%, 02/22/19		406		405
Level 3 Communications, Term Loan B - 2020
4.000%, 01/15/20		3,665		3,671
Level 3 Communications, Term Loan B-3 -2019
4.000%, 08/01/19		735		736
LTS Buyer LLC (Light Tower), Term Loan
4.000%, 04/13/20		804		800
Numericable U.S. LLC, Term Loan B-1
4.500%, 05/21/20		3,670		3,677
Numericable U.S. LLC, Term Loan B-2
4.500%, 05/21/20		3,175		3,181
Telx Group, Term Loan B (2014)
4.500%, 04/09/20		566		562
WestCorp, Term Loan B-10
3.250%, 06/30/18		439		438
Zayo Group LLC, Term Loan B - 2012
4.000%, 07/02/19		3,046		3,049
Total Telecommunications				26,232
Textile & Apparel Mfg. [0.1%]
Vivarte
0.000%, 10/29/19(G)		1,000		1,016
Transportation [0.5%]
Allison Transmission Inc, Term Loan B3 (2013)
3.500%, 08/23/19		1,639		1,638
Chrysler Automotive, 2014 Term Loan B
3.250%, 12/31/18		1,485		1,483

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 90

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Chrysler Group
4.250%, 05/24/17	$	877	$	877
Commercial Barge Line Company, Term Loan B
7.500%, 09/22/19		1		1
7.500%, 09/22/19		293		293
CS Intermedia Holdco 2 LLC, Term Loan
4.000%, 04/04/21		283		282
FleetPride, Term Loan B
5.250%, 11/15/19		210		208
Key Safety Systems, Inc, First Lien Term Loan
4.750%, 07/25/21		184		185
Navios Maritime Partners LP, Term Loan B
5.250%, 06/27/18		332		332
Schaeffler Finance BV, Term Loan E
4.250%, 05/15/20		1,170		1,177
Tower Auto Holdings, Term Loan B - 2020
4.000%, 04/23/20		209		208
Travelport, Term Loan B
6.000%, 09/02/21		379		382
U.S. Shipping Corp, Term Loan B
5.500%, 04/11/18		200		198
Visteon Corporation, Term Loan B
3.500%, 04/09/21		531		530
Wabash National Corporation, Term Loan B
0.000%, 03/16/22(G)		325		326
Total Transportation				8,120
Utility [0.8%]
Bronco Midstream Funding, LLC, Term Loan B
5.000%, 08/15/20		1,081		1,043
Calpine, Construction TL B1 (2020)
3.000%, 05/03/20		147		145
Calpine, Construction TL B2 (2022)
3.250%, 01/31/22		1,085		1,075
Calpine, Term Loan B3
4.000%, 09/27/19		1,557		1,559
Calpine, Term Loan B4
4.000%, 10/31/20		832		833

Description	Face Amount (000)		Value (000)
EFS Cogen Holdings I LLC, Term Loan
3.750%, 12/17/20	$	434	$	435
Empire Generating Co, LLC, Term Loan B
5.250%, 03/12/21		1,559		1,558
Empire Generating Co, LLC, Term Loan C
5.250%, 03/12/21		110		110
ExGen Renewables I, LLC, Term Loan
5.250%, 02/06/21		375		377
Green Energy Partners / Stonewall LLC, Term Loan B-1
6.500%, 11/12/21		205		206
La Frontera Generation LLC, Term Loan B
4.500%, 09/30/20		1,484		1,486
Panda Temple Power II, LLC, Term Loan
7.250%, 04/03/19		150		146
Power Buyer, LLC, Delay Draw
4.250%, 05/06/20		65		65
Power Buyer, LLC, Second Lien
8.250%, 11/06/20		180		175
Power Buyer, LLC, Term Loan
4.250%, 05/06/20		522		516
Terra-Gen Finance Company, LLC, Term Loan B
5.250%, 11/26/21		325		326
Texas Competitive Electric, Extended Term Loan
4.662%, 10/10/17(B)		1,440		864
TPF Generation Holdings, Term Loan B - 2013
4.750%, 12/31/17		915		858
Viva Alamo LLC, Term Loan B
5.250%, 02/22/21		461		456
Total Utility				12,233
Wireless Communications [0.4%]
Aircell Business Aviation Services LLC (GOGO), Term Loan - B-2
7.500%, 03/21/18		228		218
Aircell Business Aviation Services LLC (GOGO), Term Loan B
11.250%, 06/21/17		1,954		1,993

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 91

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount/Acquisition Cost (000)		Value (000)
Crown Castle Int’l, Extended Increm Tranche B2
3.000%, 01/31/21	$	1,835	$	1,830
nTelos, Term Loan B
5.750%, 11/09/19		928		793
Syniverse Technologies, Inc., Old Term Loan B
4.000%, 04/23/19		665		626
Syniverse Technologies, Inc., Tranche B Term Loan
4.000%, 04/23/19		652		612
Total Wireless Communications				6,072
Total Loan Participations
(Cost $460,439)				441,267
Life Settlement Contracts(H) (I) (J) [9.8%]
American General Life #460L,
Acquired 05/30/2014*		303		367
American General Life #508L,
Acquired 05/30/2014*		2,595		2,184
American General Life #634L,
Acquired 05/30/2014*		530		651
AXA Equitable Life #0474,
Acquired 11/04/2013*		7,290		11,096
AXA Equitable Life #0932,
Acquired 11/04/2013*		1,014		3,870
AXA Equitable Life #1600,
Acquired 05/30/2014*		1,436		1,616
AXA Equitable Life #1616,
Acquired 05/30/2014*		3,254		3,447
AXA Equitable Life #1898,
Acquired 11/04/2013*		441		307
AXA Equitable Life #4496,
Acquired 11/04/2013*		115		692
AXA Equitable Life #7233,
Acquired 11/04/2013*		395		1,184
AXA Equitable Life #7578,
Acquired 11/04/2013*		2,104		2,245
AXA Equitable Life #7857,
Acquired 11/04/2013*		2,297		4,465
AXA Equitable Life #8538,
Acquired 11/04/2013*		1,333		2,424
AXA Equitable Life #9345,
Acquired 11/04/2013*		143		332
Guardian Insurance #0346,
Acquired 11/04/2013*		646		2,702
ING #3394,
Acquired 05/30/2014*		3,687		3,903

Description	Acquisition Cost (000)		Value (000)
ING Reliastar #1234,
Acquired 12/05/2013*	$	1,067	$	3,145
ING Reliastar #1649,
Acquired 12/05/2013*		61		1,207
ING Reliastar #4842,
Acquired 11/20/2013*		921		3,650
ING Reliastar #776H,
Acquired 05/30/2014*		1,518		1,612
John Hancock #0430,
Acquired 05/30/2014*		2,418		3,083
John Hancock #0801,
Acquired 05/30/2014*		1,564		1,905
John Hancock #1929,
Acquired 05/30/2014*		3,813		4,601
John Hancock #2223,
Acquired 11/19/2013*		1,279		2,646
John Hancock #5072,
Acquired 05/30/2014*		1,409		1,542
John Hancock #5080,
Acquired 11/19/2013*		313		1,629
John Hancock #5885,
Acquired 05/30/2014*		894		893
John Hancock #6686,
Acquired 05/30/2014*		3,035		2,425
John Hancock #6912,
Acquired 05/30/2014*		1,065		1,146
Lincoln Benefit Life #9330,
Acquired 05/30/2014*		5,482		3,822
Lincoln National #4654,
Acquired 05/30/2014*		721		601
Lincoln National #9239,
Acquired 05/30/2014*		2,181		2,447
Mass Mutual #1849,
Acquired 11/05/2013*		2,926		3,664
Mass Mutual #5167,
Acquired 05/30/2014*		63		671
Mass Mutual #5681,
Acquired 11/05/2013*		288		1,309
Mass Mutual #5864,
Acquired 05/30/2014*		4,668		4,255
Mass Mutual #6620,
Acquired 11/05/2013*		222		1,390
Met Life #8MLU,
Acquired 05/30/2014*		1,413		3,904
NY Life & Annuity #4757,
Acquired 05/30/2014*		3,159		3,807
NY Life Insurance #5673,
Acquired 05/30/2014*		3,334		4,102
Pacific Life #7850,
Acquired 05/30/2014*		550		554

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 92

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Acquisition Cost/Face Amount (000)		Value (000)
Penn Mutual #3106,
Acquired 05/30/2014*	$	1,294	$	1,308
Phoenix Life #5555,
Acquired 05/30/2014*		3,946		4,777
Phoenix Life #6161,
Acquired 05/30/2014*		3,472		5,047
Phoenix Life #8499,
Acquired 05/30/2014*		756		455
Phoenix Life #8509,
Acquired 05/30/2014*		761		455
Principal Financial #6653,
Acquired 10/30/2013*		306		709
Security Mutual Life #5380,
Acquired 10/30/2013*		410		982
Transamerica #0152,
Acquired 10/28/2013*		2,916		7,002
Transamerica #1708,
Acquired 10/28/2013*		957		3,130
Transamerica #2275,
Acquired 10/28/2013*		6,242		16,696
Transamerica #3426,
Acquired 11/12/2013*		275		624
Transamerica #8205,
Acquired 10/28/2013*		714		1,157
Union Central Life #4500,
Acquired 10/30/2013*		790		3,568
Total Life Settlement Contracts
(Cost $94,786)				147,405
Sovereign Debt [1.2%]
Bosnia & Herzegovina Government International Bond
0.938%, 12/11/17(E)		1,927		1,819
City of Buenos Aires Argentina, MTN
8.950%, 02/19/21		200		207
Ecuador Government International Bond
10.500%, 03/24/20		1,000		1,001
Egyptian Paris Club
2.779%, 01/01/21(J)		161		145
Federal Democratic Republic of Ethiopia
6.625%, 12/11/24		2,500		2,428
Mozambique EMATUM Finance 2020 BV
6.305%, 09/11/20		3,000		2,881

Description	Face Amount (000)/Shares		Value (000)
Pakistan Government International Bond
6.875%, 06/01/17	$	2,000	$	2,045
Republic of Armenia
6.000%, 09/30/20		501		488
Republic of Belarus
8.950%, 01/26/18		920		836
8.750%, 08/03/15		1,500		1,468
Republic of Iraq
5.800%, 01/15/28		1,000		835
Senegal Government International Bond
8.750%, 05/13/21		500		558
6.250%, 07/30/24		1,500		1,462
Sri Lanka Government International Bond
6.000%, 01/14/19		1,500		1,538
Venezuela Government International Bond
8.250%, 10/13/24		1,500		517
7.650%, 04/21/25		1,500		506
Total Sovereign Debt
(Cost $18,796)				18,734
Closed-End Fund [1.0%]
Stone Ridge Reinsurance Risk Premium Interval Fund**(J)		1,476,378		15,103
Total Closed-End Fund
(Cost $15,000)				15,103
Asset-Backed Securities [0.9%]
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
9.250%, 06/06/16(H) (I) (J)		7,344		6,935
Sealane Trade Finance, Ser 2011-1X, Cl A
2.258%, 02/12/16(E) (J)		121		106
Start CLO, Ser 2011-7A, Cl A
15.264%, 06/09/16(A) (E)		7,000		6,986
Total Asset-Backed Securities
(Cost $14,531)				14,027

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 93

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/ Number of Warrants		Value (000)
Convertible Bonds [0.6%]
Coal Mining [0.0%]
Enercoal Resources Pte
9.250%, 08/05/18	$	200	$	38
New World Resources
4.000%, 10/07/20		326		88
Total Coal Mining				126
Food, Beverage & Tobacco [0.0%]
CEDC Finance International
10.000%, 04/30/18		1,523		913
Medical Products & Services [0.1%]
Bio City Development B.V
8.000%, 07/06/18(J)		1,000		650
Metal-Iron [0.0%]
London Mining Jersey
12.000%, 02/15/16(J)		1,500		77
Miscellaneous Business Services [0.3%]
DP World
1.750%, 06/19/24		3,800		4,085
Petroleum & Fuel Products [0.2%]
Lukoil International Finance BV
2.625%, 06/16/15		3,000		2,970
Total Convertible Bonds
(Cost $11,129)				8,821
Warrants [0.3%]
Central Bank of Nigeria,
Expires 11/15/20*		34,250		5,001
Gulf Keystone Petro,
Expires 04/18/17(J)*		661,000		165
Total Warrants
(Cost $6,033)				5,166

Description	Shares		Value (000)
Common Stock [0.1%]
Energy [0.0%]
Lone Pine Resource(J)*		9,355	$	—
Lone Pine Resource A(I) (J)*		9,355		9
Total Energy				9
Metals & Mining [0.1%]
New World Resources, Cl A *		44,276,198		562
Petropavlovsk		5,828,677		495
Total Metals & Mining				1,057
Petroleum & Fuel Products [0.0%]
InterOil Exploration and Production(J)*		5,032,258		181
Services [0.0%]
A’Ayan Leasing(I) (J)*		1,113,750		155
Total Common Stock
(Cost $2,194)				1,402
Short-Term Investments [8.0%]
City National Rochdale Government Money Market Fund, Institutional Class 0.010%**		7,263		7
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		120,234,382		120,234
Total Short-Term Investments
(Cost $120,241)				120,241
Total Investments [98.9%]
(Cost $1,520,370)			$	1,492,966

Percentages are based on Net Assets of $1,509,508 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 94

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $177,575 (000), representing 11.8% of the net assets of the Fund.

(B) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2015. The coupon on a step bond changes on a specific date.

(D) Payment in Kind.

(E) Floating Rate Security — The rate reported is the rate in effect on March 31, 2015.

(F) Rate shown is the effective yield at time of purchase.

(G) Unsettled bank loan.

(H) Security is considered restricted. The total market value of such security as of March 31, 2015 was $154,340 (000) and represented 10.2% of net assets of the Fund.

(I) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2015 was $157,234 (000) and represented 10.4% of net assets of the Fund.

(J) Security is considered illiquid. The total market value of such securities as of March 31, 2015 was $200,902 (000) and represented 13.3% of net assets of the Fund.

CHF — Swiss Franc

Cl — Class

EUR — Euro

GBP — British Pound Sterling

LLC — Limited Liability Corporation

LP — Limited Partnership

MTN — Medium Term Note

NOK — Norwegian Krone

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Ser — Series

SPE — Special Purpose Entity

USD — United School District

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

A list of the open forward foreign currency contracts held by the Fund at March 31, 2015, is as follows:

Maturity Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Appreciation (Depreciation) (000)
4/17/15	USD	1,956	EUR	1,834	$	17
4/17/15-5/29/15	EUR	69,394	USD	75,465		798
4/17/15-5/29/15	GBP	24,877	USD	36,917		27
4/30/15	NOK	26,729	USD	4,410		1,095
4/30/15	USD	3,461	NOK	26,729		(147	)
7/13/15	CHF	2,299	USD	2,265		(111	)
					$	1,679

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2015, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Appreciation (000)
US Bank	$	(122,665	)	$	124,344	$	1,679

For the period ended March 31, 2015, 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 March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	720,800	$	—	$	720,800
Loan Participations		—		435,842		5,425		441,267
Life Settlement Contracts		—		—		147,405		147,405
Sovereign Debt		—		18,589		145		18,734
Closed-End Fund		15,103		—		—		15,103
Asset-Backed Securities		—		7,092		6,935		14,027
Convertible Bonds		—		8,821		—		8,821
Warrants		5,001		165		—		5,166
Common Stock		831		562		9		1,402
Short-Term Investments		120,241		—		—		120,241
Total Investments in Securities	$	141,176	$	1,191,871	$	159,919	$	1,492,966

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	1,937		$	—	$	1,937
Unrealized Depreciation		—		(258	)		—		(258	)
Total Other Financial Instruments	$	—	$	1,679		$	—	$	1,679

* Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 95

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (concluded)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2015:

	Investments in Loan Participations			Investments in Life Settlement Contracts		Investments in Sovereign Debt
Beginning balance as of October 1, 2014	$	6,000		$	130,798	$	179
Accrued discounts/ premiums		—			—		2
Realized gain/(loss)		—			—		—
Change in unrealized appreciation/(depreciation)		(355	)		16,607		11
Purchases		—			—		—
Sales/paydowns		(220	)		—		(47	)
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Ending balance as of March 31, 2015	$	5,425		$	147,405	$	145
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(355	)	$	16,607	$	11

	Investments in Asset-Backed Securities			Investments in Corporate Bonds
Beginning balance as of October 1, 2014	$	7,886		$	165
Accrued discounts/ premiums		—			—
Realized gain/(loss)		78			—
Change in unrealized appreciation/(depreciation)		—			—
Purchases		—			—
Sales/paydowns		(1,029	)		(165	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Ending balance as of March 31, 2015	$	6,935		$	—
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—		$	—

	Investments in Common Stock			Total
Beginning balance as of October 1, 2014	$	18		$	145,046
Accrued discounts/ premiums		—			2
Realized gain/(loss)		—			78
Change in unrealized appreciation/(depreciation)		(9	)		16,254
Purchases		—			—
Sales/paydowns		—			(1,461	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Ending balance as of March 31, 2015	$	9		$	159,919
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(9	)	$	16,254

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2015. 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 March 31, 2015 (000)	Valuation Techniques
BT SPE	$6,935	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Accumulated Collections
		Accumulated Defaults
		Annualized Default Rate
		Accumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	9.25%
		Valuation Techniques
Life Settlement Contracts	$147,405	Discounted Cash Flow Model
		Observable Inputs
		Maturity Value
		Unobservable Inputs	Range
		Discount Rate	13%
		Expected Maturity (months)	33-128

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 projected collection rates in isolation, would result in a higher fair value measurement, while increases in expected discount rates, projected default rates, and maturities of life settlement contracts, in isolation would result in a lower fair value measurement.

For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015, there were no transfers between Level 2 and Level 3 assets and liabilities. 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 96

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Multi-Asset Fund

Description	Shares		Value (000)
Exchange Traded Funds [48.0%]
iShares 7-10 Year Treasury Bond ETF		32,745	$	3,549
iShares MSCI World ETF		12,400		911
iShares Russell 3000 Index Fund		10,280		1,273
iShares S&P MidCap 400 Index Fund		7,075		1,075
Powershares DB Gold		5,600		219
SPDR S&P 500		3,148		650
SPDR S&P Dividend		13,237		1,035
SPDR S&P Telecom ETF		6,265		366
Technology Select Sector SPDR		7,625		316
Utilities Select Sector SPDR Fund		19,440		864
Vanguard REIT		10,280		864
Total Exchange Traded Funds
(Cost $10,269)				11,122
Unaffiliated Registered Investment Companies [24.7%]
Ashmore Emerging Markets Corporate Debt Fund		73,482		612
DoubleLine Total Return Bond Fund		50,612		559
Ivy High Income Fund		145,239		1,175
Oppenheimer Senior Floating Rate Fund		150,612		1,223
Vanguard Short-Term Bond Index Fund		82,715		873
Voya Global Real Estate Fund		39,879		842
WisdomTree Europe Hedged Equity Fund		6,835		452
Total Registered Investment Companies
(Cost $5,650)				5,736
Affiliated Registered Investment Companies [22.5%]
City National Rochdale Corporate Bond Fund, Servicing Class		130,479		1,379
City National Rochdale Emerging Markets Fund		28,193		1,168

Description	Shares		Value (000)
City National Rochdale Government Bond Fund, Institutional Class		95,670	$	1,011
City National Rochdale High Yield Bond Fund, Institutional Class		73,357		597
City National Rochdale Limited Maturity Fixed Income Fund, Institutional Class		95,108		1,063
Total Affiliated Registered Investment Companies
(Cost $5,286)				5,218
Short-Term Investments [0.6%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡		72,459		73
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		72,459		73
Total Short-Term Investments
(Cost $146)				146
Total Investments [95.8%]
(Cost $21,351)			$	22,222

Percentages are based on Net Assets of $23,193 (000).

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

Cl — Class

ETF — Exchange Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

As of March 31, 2015, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2015, 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 97

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [95.6%]
Consumer Discretionary [2.3%]
Hasbro		20,000	$	1,265
McDonald’s		33,800		3,293
Total Consumer Discretionary				4,558
Consumer Staples [24.8%]
Altria Group		64,250		3,214
B&G Foods		102,900		3,028
Campbell Soup		15,000		698
Clorox		32,100		3,544
Coca-Cola		28,000		1,135
ConAgra Foods		27,800		1,016
Dr Pepper Snapple Group		52,900		4,152
General Mills		66,680		3,774
Hershey		24,400		2,462
Imperial Tobacco Group ADR		23,152		2,037
Kellogg		40,500		2,671
Kimberly-Clark		18,200		1,949
Lorillard		25,590		1,672
PepsiCo		8,000		765
Philip Morris International		52,600		3,962
Procter & Gamble		39,149		3,208
Reynolds American		10,692		737
Sysco		31,600		1,192
Unilever ADR		22,200		926
Universal		38,592		1,820

Description	Shares		Value (000)
Vector Group		139,279	$	3,060
Wal-Mart Stores		29,200		2,402
Total Consumer Staples				49,424
Energy [10.3%]
Buckeye Partners		12,400		936
Chevron		30,683		3,221
ConocoPhillips		27,500		1,712
Enbridge Energy Partners		15,000		540
Energy Transfer Partners		3,700		206
Enterprise Products Partners		72,584		2,390
Exxon Mobil		25,838		2,196
Kinder Morgan		33,500		1,409
NuStar Energy		11,250		683
Occidental Petroleum		25,500		1,862
ONEOK		18,500		892
ONEOK Partners		2,400		98
Plains All American Pipeline		60,725		2,962
Spectra Energy		4,753		172
TransCanada		25,928		1,108
Total Energy				20,387
Financials [7.5%]
Arthur J Gallagher		13,200		617
BB&T		44,000		1,715
Cincinnati Financial		51,700		2,755
Compass Diversified Holdings		52,000		889
FirstMerit		19,571		373
JPMorgan Chase		32,000		1,939
Lamar Advertising, Cl A		70,000		4,149
Mercury General		15,000		866
NBT Bancorp		25,935		650
People’s United Financial		30,000		456
US Bancorp		10,000		437
Total Financials				14,846
Health Care [7.7%]
Bristol-Myers Squibb		52,000		3,354
Eli Lilly		48,400		3,516
GlaxoSmithKline ADR		32,000		1,477
Johnson & Johnson		38,200		3,843
Merck		28,150		1,618
Pfizer		41,944		1,459
Total Health Care				15,267

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 98

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Industrials [4.9%]
3M		1,000	$	165
Eaton		39,700		2,697
General Dynamics		14,500		1,968
General Electric		37,400		928
Lockheed Martin		19,200		3,897
Total Industrials				9,655
Information Technology [0.9%]
Paychex		20,000		992
Seagate Technology		15,000		781
Total Information Technology				1,773
Materials [2.6%]
Dow Chemical		19,000		912
EI du Pont de Nemours		32,700		2,337
Olin		28,000		897
Sonoco Products		24,000		1,091
Total Materials				5,237
REITs [12.7%]
Apartment Investment & Management, Cl A		17,229		678
Camden Property Trust		8,914		697
EPR Properties		33,200		1,993
Government Properties Income Trust		35,000		800
Health Care Property Investors		33,546		1,450
Health Care REIT		11,612		898
Healthcare Realty Trust		17,000		472
Healthcare Trust of America, Cl A		20,000		557
Home Properties		35,000		2,425
Liberty Property Trust		17,385		621
Mid-America Apartment Communities		12,000		927
National Health Investors		20,000		1,420
National Retail Properties		48,500		1,987
Plum Creek Timber		24,000		1,043
Public Storage		10,000		263
QTS Realty Trust, Cl A		8,000		291
Ramco-Gershenson Properties Trust		4,000		75
Select Income REIT		62,000		1,549
Senior Housing Properties Trust		13,000		289
Simon Property Group		10,000		1,956
Sovran Self Storage		10,036		943
Tanger Factory Outlet Centers		27,984		984

Description	Shares		Value (000)
Ventas		38,632	$	2,821
Weyerhaeuser		6,552		217
Total REITs				25,356
Shipping & Transportation [0.6%]
Fly Leasing ADR		87,370		1,272
Telecommunication Services [4.8%]
AT&T		84,500		2,759
Consolidated Communications Holdings		125,400		2,558
Verizon Communications		68,067		3,310
Windstream Holdings		136,128		1,008
Total Telecommunication Services				9,635
Utilities [16.5%]
AGL Resources		19,000		943
American Electric Power		33,500		1,884
AmeriGas Partners		28,200		1,346
Atmos Energy		15,000		830
Avista		30,000		1,026
Brookfield Infrastructure Partners, Cl Miscellaneous		36,000		1,640
Dominion Resources		24,000		1,701
DTE Energy		15,000		1,210
Duke Energy		59,006		4,531
Entergy		13,700		1,062
Eversource Energy		37,492		1,894
Ferrellgas Partners		7,300		178
FirstEnergy		38,000		1,332
NiSource		20,000		883
Northwest Natural Gas		8,396		403
OGE Energy		33,600		1,062
Pinnacle West Capital		28,885		1,841
Portland General Electric		12,000		445
PPL		20,000		673
SCANA		38,000		2,090
Sempra Energy		9,000		981
Suburban Propane Partners		11,200		481
UIL Holdings		14,000		720
United Utilities Group ADR		17,318		478
Wisconsin Energy		36,500		1,807
Xcel Energy		40,000		1,392
Total Utilities				32,833
Total Common Stock
(Cost $147,757)				190,243

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 99

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares/Face Amount (000)		Value (000)
Unaffiliated Registered Investment Company [2.0%]
PowerShares Preferred Portfolio		269,500	$	4,018
Total Unaffiliated Registered Investment Company
(Cost $3,943)				4,018
Preferred Stock [1.4%]
Financials [0.6%]
Bank of America		10,000		256
Capital One Financial		10,000		267
JPMorgan Chase		10,000		254
Wells Fargo		10,000		258
Wells Fargo Real Estate Investment		10,000		260
Total Financials				1,295
REITs [0.5%]
Equity Commonwealth		10,000		261
First Potomac Realty Trust		10,000		257
National Retail Properties		10,000		263
Public Storage		10,000		257
Total REITs				1,038
Telecommunication Services [0.3%]
Qwest		10,000		263
Verizon Communications		10,000		270
Total Telecommunication Services				533
Total Preferred Stock
(Cost $2,732)				2,866
Exchange Traded Fund [0.4%]
iShares US Preferred Stock ETF		19,500		782
Total Exchange Traded Fund
(Cost $782)				782
Asset-Backed Security [0.2%]
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
9.250%, 06/06/16(A) (B)	$	376		355
Total Asset-Backed Security
(Cost $376)				355
Total Investments [99.6%]
(Cost $155,590)			$	198,264

Percentages are based on Net Assets of $199,007 (000).

(A) Security is considered illiquid. The total market value of such security as of March 31, 2015 was $355 (000) and represented 0.2% of net assets of the Fund.

(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 securities as of March 31, 2015 was $355 (000) and represented 0.2% of net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPE — Special Purpose Entity

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	190,243	$	—	$	—	$	190,243
Unaffiliated Registered Investment Company		4,018		—		—		4,018
Preferred Stock		2,866		—		—		2,866
Exchange Traded Fund		782		—		—		782
Asset-Backed Security		—		—		355		355
Total Investments in Securities	$	197,909	$	—	$	355	$	198,264

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2015:

	Investments in Asset-Backed Security
Beginning balance as of October 1, 2014	$	403
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		4
Purchases		—
Sales/paydowns		(52	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2015	$	355
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	4

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 100

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Dividend & Income Fund (concluded)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2015. 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 March 31, 2015 (000)	Valuation Technique
BT SPE	$355	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Accumulated Collections
		Accumulated Defaults
		Annualized Default Rate
		Accumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	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.

For the period ended March 31, 2015, the transfers into Level 1 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 101

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [98.5%]
Aerospace & Defense [5.6%]
Boeing		20,200	$	3,032
Hexcel *		69,300		3,563
Textron		127,000		5,630
Total Aerospace & Defense				12,225
Auto Components [1.4%]
Magna International		55,800		2,994
Biotechnology [8.3%]
Biogen Idec *		10,800		4,560
Celgene *		65,900		7,597
Gilead Sciences *		61,100		5,996
Total Biotechnology				18,153
Capital Markets [5.9%]
Affiliated Managers Group *		14,400		3,093
Charles Schwab		207,400		6,313
State Street		48,700		3,581
Total Capital Markets				12,987
Chemicals [0.9%]
Eastman Chemical		28,300		1,960
Commercial Banks [1.4%]
Wells Fargo		58,200		3,166
Communications Equipment [1.2%]
Qualcomm		38,900		2,697

Description	Shares		Value (000)
Computers & Peripherals [3.8%]
Apple		67,000	$	8,337
Construction & Engineering [1.0%]
Quanta Services *		76,500		2,182
Diversified Financial Services [1.7%]
JPMorgan Chase		61,300		3,714
Diversified Telecommunication Services [1.4%]
Verizon Communications		65,000		3,161
Energy Equipment & Services [1.6%]
Schlumberger		41,900		3,496
Food & Staples Retailing [4.8%]
Costco Wholesale		24,400		3,696
CVS Health		67,300		6,946
Total Food & Staples Retailing				10,642
Food Products [3.0%]
Tyson Foods, Cl A		101,000		3,868
WhiteWave Foods, Cl A *		62,300		2,763
Total Food Products				6,631
Health Care Equipment & Supplies [3.5%]
Edwards Lifesciences *		32,600		4,644
Intuitive Surgical *		5,900		2,980
Total Health Care Equipment & Supplies				7,624
Health Care Providers & Services [1.4%]
HCA Holdings *		39,500		2,972
Hotels, Restaurants & Leisure [1.4%]
Starbucks		33,500		3,173
Household Durables [1.9%]
PulteGroup		191,800		4,264
Insurance [3.8%]
American International Group		79,500		4,356
Prudential Financial		50,800		4,079
Total Insurance				8,435

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 102

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale U.S. Core Equity Fund (concluded)

Description	Shares		Value (000)
Internet Software & Services [4.9%]
Facebook, Cl A *		51,100	$	4,201
Google, Cl A *		11,800		6,519
Total Internet Software & Services				10,720
IT Services [5.2%]
MasterCard, Cl A		64,200		5,546
Visa, Cl A		88,000		5,756
Total IT Services				11,302
Leisure Equipment & Products [1.5%]
Polaris Industries		23,700		3,344
Life Sciences Tools & Services [1.9%]
Thermo Fisher Scientific		30,300		4,070
Machinery [2.0%]
Wabtec		46,500		4,418
Media [6.2%]
Comcast, Cl A		105,000		5,929
Lions Gate Entertainment		86,400		2,931
Walt Disney		45,000		4,720
Total Media				13,580
Multi-Utilities [2.5%]
PG&E		103,000		5,466
Oil, Gas & Consumable Fuels [4.1%]
Cabot Oil & Gas		78,900		2,330
Exxon Mobil		55,200		4,692
Occidental Petroleum		26,600		1,942
Total Oil, Gas & Consumable Fuels				8,964
Pharmaceuticals [1.5%]
Eli Lilly		46,500		3,378
Real Estate Investment Trusts [1.6%]
Host Hotels & Resorts		178,400		3,600
Road & Rail [2.4%]
Union Pacific		48,000		5,199

Description	Shares		Value (000)
Semiconductors & Semiconductor Equipment [3.8%]
Applied Materials		142,900	$	3,224
NXP Semiconductor *		52,000		5,219
Total Semiconductors & Semiconductor Equipment				8,443
Software [1.6%]
Adobe Systems *		46,000		3,401
Specialty Retail [4.0%]
Home Depot		43,900		4,988
Lowe’s		51,100		3,801
Total Specialty Retail				8,789
Water Utilities [1.3%]
American Water Works		52,800		2,863
Total Common Stock
(Cost $176,588)				216,350
Short-Term Investments [5.7%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡		6,235,978		6,236
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		6,235,978		6,236
Total Short-Term Investments
(Cost $12,472)				12,472
Total Investments [104.2%]
(Cost $189,060)			$	228,822

Percentages are based on Net Assets of $219,678 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

Cl — Class

As of March 31, 2015, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2015, 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 103

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Socially Responsible Equity Fund

Description	Shares		Value (000)
Common Stock [96.0%]
Automotive [5.9%]
Ford Motor		420,000	$	6,779
Johnson Controls		109,700		5,533
PACCAR		53,200		3,359
Total Automotive				15,671
Banks [2.4%]
Bank of America		418,700		6,444
Biotechnology [1.5%]
Gilead Sciences *		39,200		3,847
Building & Construction [2.1%]
USG *		212,000		5,660
Chemicals [1.9%]
EI du Pont de Nemours		70,500		5,039
Commercial Banks [2.8%]
BB&T		192,300		7,498
Commercial Services & Supplies [2.4%]
Republic Services, Cl A		156,400		6,344
Communication & Media [2.2%]
Starz *		169,000		5,816
Communications Equipment [1.3%]
Qualcomm		51,000		3,536

Description	Shares		Value (000)
Computer Software [4.2%]
Microsoft		132,200	$	5,374
Oracle		130,100		5,614
Total Computer Software				10,988
Drugs [2.0%]
AbbVie		89,300		5,227
Electronic Equipment & Instruments [6.4%]
Cisco Systems		187,800		5,170
Corning		243,300		5,518
TE Connectivity		89,000		6,374
Total Electronic Equipment & Instruments				17,062
Energy Equipment & Services [1.0%]
National Oilwell Varco		56,300		2,814
Financial Services [1.0%]
American Express		32,200		2,515
Food, Beverage & Tobacco [2.3%]
PepsiCo		62,500		5,976
Health Care Products & Services [6.2%]
Cardinal Health		31,600		2,853
DaVita HealthCare Partners *		86,700		7,047
Express Scripts Holding *		75,500		6,551
Total Health Care Products & Services				16,451
Household Furniture & Fixtures [2.3%]
Stanley Black & Decker		65,100		6,208
Household Products [2.6%]
Procter & Gamble		85,200		6,982
Independent Power Producers & Energy Trader [1.5%]
Calpine *		170,900		3,908
Industrial Products & Services [4.5%]
Eaton		115,800		7,867
Tyco International		92,675		3,991
Total Industrial Products & Services				11,858
Information Technology [2.0%]
IBM		33,400		5,361

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 104

schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Socially Responsible Equity Fund (concluded)

Description	Shares		Value (000)
Insurance [14.8%]
American International Group		141,600	$	7,758
Berkshire Hathaway, Cl B *		33,600		4,849
FNF Group		136,600		5,022
Genworth Financial, Cl A *		508,700		3,719
HCC Insurance Holdings		85,600		4,851
MetLife		122,500		6,192
Symetra Financial		288,100		6,759
Total Insurance				39,150
Medical Products & Services [4.5%]
Baxter International		118,200		8,097
Becton Dickinson		25,800		3,704
Total Medical Products & Services				11,801
Petroleum & Fuel Products [5.2%]
ConocoPhillips		73,000		4,545
Devon Energy		42,000		2,533
Phillips 66		26,400		2,075
Spectra Energy		125,700		4,547
Total Petroleum & Fuel Products				13,700
Real Estate Investment Trusts [1.4%]
Weyerhaeuser		110,400		3,660
Real Estate Management & Development [3.4%]
Brookfield Asset Management, Cl A		92,900		4,980
Kennedy-Wilson Holdings		151,900		3,971
Total Real Estate Management & Development				8,951
Retail [2.9%]
AutoNation *		60,000		3,860
Target		48,000		3,939
Total Retail				7,799
Semi-Conductors [1.8%]
Broadcom, Cl A		111,200		4,814
Telephone & Telecommunications [3.5%]
Verizon Communications		188,000		9,142
Total Common Stock
(Cost $239,183)				254,222

Description	Shares		Value (000)
Short-Term Investment [4.7%]
AIM STIT-Government TaxAdvantage Portfolio, 0.020%**		12,301,267	$	12,301
Total Short-Term Investment
(Cost $12,301)				12,301
Total Investments [100.7%]
(Cost $251,484)			$	266,523

Percentages are based on Net Assets of $264,718 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2015.

Cl — Class

As of March 31, 2015, all of the Fund’s investments are Level 1in accordance with authoritative guidance on fair value measurements and disclosure under U.S GAAP.

For the period ended March 31, 2015, 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 105

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Emerging Markets Fund

Description	Shares		Value (000)
Common Stock [90.7%]
China [32.9%]
AAC Technologies Holdings		1,585,200	$	9,784
Agricultural Bank of China, Cl H		12,754,000		6,317
Alibaba Group Holding ADR *		125,519		10,448
ANTA Sports Products		6,033,000		11,035
Baidu ADR *		60,500		12,608
China Pioneer Pharma Holdings		14,755,000		9,440
China Railway Group, Cl H		10,796,000		11,057
China State Construction International Holdings		5,155,091		7,181
CIMC Enric Holdings		7,014,000		6,840
Dongfeng Motor Group, Cl H		4,027,388		6,462
Fufeng Group		15,762,000		9,556
Great Wall Motor, Cl H		3,990,500		28,207
Man Wah Holdings		9,403,200		9,036
New Oriental Education & Technology Group ADR *		244,000		5,410
Ping An Insurance Group of China, Cl H		1,322,500		15,899
Shanghai Fosun Pharmaceutical Group, Cl H (B)		2,092,500		6,977
Sunac China Holdings		11,898,000		10,329
Sunny Optical Technology Group		8,747,132		15,909
Tencent Holdings		1,380,200		26,206
XTEP International Holdings		3,639,652		1,131
Zhejiang Expressway, Cl H		5,586,000		7,407
ZTE, Cl H		4,345,187		9,965
Total China				237,204
Hong Kong [6.2%]
CPMC Holdings		7,728,937		4,067

Description	Shares		Value (000)
Galaxy Entertainment Group *		1,904,000	$	8,670
MTR		1,510,000		7,187
NagaCorp		19,980,063		13,298
Sands China		394,689		1,634
Skyworth Digital Holdings		12,276,814		9,660
Total Hong Kong				44,516
India [23.1%] [A]
Amtek Auto		3,034,666		7,044
Bharat Petroleum		995,193		12,894
CESC		150,000		1,447
Coal India		1,416,958		8,217
Crompton Greaves		2,321,888		6,159
Dr. Reddy’s Laboratories ADR		152,200		8,690
Emami		681,022		10,895
HDFC Bank		353,793		6,733
HDFC Bank ADR		239,000		14,075
ICICI Bank ADR		1,026,492		10,634
ITC		1,675,823		8,726
Kotak Mahindra Bank		463,470		9,726
Mindtree		406,968		8,478
Shriram City Union Finance		271,500		8,526
Sobha		729,724		4,688
State Bank of India		701,700		3,001
Sun Pharmaceutical Industries		539,878		8,833
Taro Pharmaceutical Industries *		62,169		8,768
Tata Motors, Cl A		1,001,070		5,303
Tata Motors ADR		111,800		5,038
Tech Mahindra		852,336		8,576
Total India				166,451
Indonesia [9.0%]
Bank Mandiri Persero		10,427,400		9,949
Blue Bird *		7,218,600		5,493
Ciputra Development		58,351,400		6,582
Kalbe Farma		41,503,100		5,920
Lippo Karawaci		87,737,461		9,059
Mitra Adiperkasa		18,996,500		7,628
MNC Kapital Indonesia		89,000,000		11,878
Surya Citra Media		33,593,500		8,723
Total Indonesia				65,232
Malaysia [3.3%]
Berjaya Sports Toto		1,661,055		1,507
Genting Malaysia		2,972,956		3,396
Inari Amertron		8,045,311		7,190
Magnum		2,239,127		1,626

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 106

consolidated schedule of investments

March 31, 2015 (Unaudited)

City National Rochdale Emerging Markets Fund (concluded)

Description	Shares/Number of Warrants		Value (000)
My EG Services		8,737,800	$	6,583
Nirvana Asia * (C)		12,326,000		3,720
Total Malaysia				24,022
Philippines [9.2%]
GT Capital Holdings		454,850		13,615
Jollibee Foods		2,012,040		9,903
Megaworld		124,813,526		15,162
Metropolitan Bank & Trust		3,941,893		8,603
Security Bank		2,015,720		7,756
SM Prime Holdings		25,310,875		11,313
Total Philippines				66,352
Singapore [1.0%]
Raffles Medical Group		2,593,770		7,428
Thailand [5.3%]
Krung Thai Bank - Foreign		10,441,450		7,316
Land & Houses		22,703,884		6,802
LPN Development		2,200,000		1,136
LPN Development NVDR		6,174,501		3,188
Minor International - Foreign		8,002,550		8,608
PTT Exploration & Production - Foreign		1,052,912		3,527
Siam Cement - Foreign		470,600		7,376
Total Thailand				37,953
United States [0.7%]
Cognizant Technology Solutions, Cl A *		85,500		5,334
Total Common Stock
(Cost $524,352)				654,492
Participatory Notes [1.9%]
China [1.9%]
Boci Financial *		3,138,651		12,586
SAIC Motor *		299,987		1,203
Total Participatory Notes
(Cost $11,110)				13,789
Warrant [0.0%]
Minor International,
Expires 12/31/29*		400,127	$	—
Total Warrant
(Cost $—)				—

Description	Shares		Value (000)
Short-Term Investments [5.4%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%**‡		21,610,142	$	21,610
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		17,250,801		17,251
Total Short-Term Investments
(Cost $38,861)				38,861
Total Investments [98.0%]
(Cost $574,323)			$	707,142

Percentages are based on Net Assets of $721,291 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2015.

‡ Investment in Affiliate.

(A) Securities held through a Mauritius Subsidiary.

(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 March 31, 2015 was $6,977 (000) and represented 0.9% of net assets of the Fund.

(C) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2015, the value of these securities amounted to $3,720 (000), representing 0.5% of the net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

NVDR — Non Voting Depository Receipt

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

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	647,515	$	—	$	6,977	$	654,492
Participatory Notes		—		13,789		—		13,789
Warrant		—		—		—		—
Short-Term Investments		38,861		—		—		38,861
Total Investments in Securities	$	686,376	$	13,789	$	6,977	$	707,142

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets.

For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015, there have been no transfers between Level 2 and Level 3 assets and liabilities. 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 107

statements of assets and liabilities (000)

March 31, 2015 (Unaudited)

	City National Rochdale Government Money Market Fund		City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund		City National Rochdale Limited Maturity Fixed Income Fund
ASSETS:
Cost of securities (including affiliated investments and repurchase agreements)	$	3,912,751	$	982,877		$	891,827	$	25,716
Investments in securities, at value	$	3,512,751	$	887,877		$	878,827	$	25,620
Affiliated investments, at value		—		—			—		210
Repurchase agreements, at value		400,000		95,000			13,000		—
Cash		—		—			8,958		—
Dividend and interest receivable		573		127			1,573		165
Receivable for investment securities sold		—		—			5,000		—
Investment advisory fees receivable		—		—			24		—
Receivable for capital shares sold		—		—			—		9
Prepaid expenses		153		40			35		1
Total Assets		3,913,477		983,044			907,417		26,005
LIABILITIES:
Payable for income distributions		12		5			3		12
Payable for capital shares redeemed		—		—			—		1
Payable for investment securities purchased		—		—			3,514		—
Investment advisory fees payable		121		89			—		1
Shareholder servicing and distribution fees payable		—		—			—		5
Administrative fees payable		49		17			6		9
Accrued expenses		257		91			76		15
Total Liabilities		439		202			3,599		43
Net Assets	$	3,913,038	$	982,842		$	903,818	$	25,962
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	3,913,037	$	982,853		$	903,782	$	27,630
Distributions in excess of net investment income		—		—			—		(2	)
Accumulated net realized gain (loss) on investments		1		(11	)		36		(1,780	)
Net unrealized appreciation on investments		—		—			—		114
Net Assets	$	3,913,038	$	982,842		$	903,818	$	25,962
Institutional Class Shares:
Net Assets ($Dollars)	$	—	$	66,297,592		$	—	$	21,530,555
Total shares outstanding at end of period		—		66,297,507			—		1,926,023
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—	$	1.00		$	—	$	11.18
Class N Shares:
Net Assets ($Dollars)	$	2,930,891,835	$	315,112,088		$	608,892,712	$	4,430,991
Total shares outstanding at end of period		2,930,888,419		315,173,314			608,869,813		396,134
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	1.00		$	1.00	$	11.19
Class S Shares:
Net Assets ($Dollars)	$	763,850,941	$	236,743,136		$	62,194,855	$	—
Total shares outstanding at end of period		763,851,487		236,708,074			62,188,045		—
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)	$	218,295,499	$	364,688,861		$	232,730,402	$	—
Total shares outstanding at end of period		218,296,880		364,767,172			232,726,146		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	1.00		$	1.00	$	—

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 108

statements of assets and liabilities (000)

March 31, 2015 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund		City National Rochdale California Tax Exempt Bond Fund		City National Rochdale Municipal High Income Fund
ASSETS:
Cost of securities (including affiliated investments)	$	169,348		$	140,985	$	93,613	$	569,674
Investments in securities, at value	$	169,883		$	142,419	$	90,775	$	550,692
Affiliated investments, at value		852			232		4,868		38,476
Dividend and income receivable		637			1,393		889		8,511
Cash		—			14		—		—
Receivable for capital shares sold		249			198		147		4,584
Deferred offering costs		—			—		—		—
Prepaid expenses		7			6		3		17
Total Assets	$	171,628		$	144,262	$	96,682	$	602,280
LIABILITIES:
Payable for income distributions		54			213		86		1,199
Payable for capital shares redeemed		43			123		91		324
Payable for investment securities purchased		—			—		1,624		24,120
Due to custodian		1			—		—		—
Investment advisory fees payable		55			41		13		212
Shareholder servicing and distribution fees payable		24			32		28		284
Administrative fees payable		11			11		10		16
Accrued expenses		27			22		20		53
Total Liabilities		215			442		1,872		26,208
Net Assets	$	171,413		$	143,820	$	94,810	$	576,072
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	170,176		$	141,959	$	92,740	$	556,351
Undistributed net investment income		4			6		4		130
Accumulated net realized gain (loss) on investments		(154	)		189		36		97
Net unrealized appreciation on investments		1,387			1,666		2,030		19,494
Net Assets	$	171,413		$	143,820	$	94,810	$	576,072
Institutional Class Shares:
Net Assets ($Dollars)	$	59,727,746		$	—	$	—	$	—
Total shares outstanding at end of period		5,648,124			—		—		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.57		$	—	$	—	$	—
Class N Shares:
Net Assets ($Dollars)	$	1,849,450		$	4,436,071	$	11,837,868	$	301,101,154
Total shares outstanding at end of period		174,627			419,038		1,104,206		27,694,429
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.59		$	10.59	$	10.72	$	10.87
Servicing Class Shares:
Net Assets ($Dollars)	$	109,835,500		$	139,383,501	$	82,972,284	$	274,970,727
Total shares outstanding at end of period		10,390,204			13,182,200		7,761,344		25,280,473
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.57		$	10.57	$	10.69	$	10.88

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 109

statements of assets and liabilities/ consolidated statement of assets and liabilities (000)

March 31, 2015 (Unaudited)

	City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
ASSETS:
Cost of securities (including affiliated investments)	$	99,943		$	242,503		$	1,520,370		$	21,351
Investments in securities, at value	$	97,348		$	244,995		$	1,372,732		$	16,931
Affiliated investments, at value		471			2,869			120,234			5,291
Cash		18			—			17,074			27
Foreign Currency(1)		1			—			1,851			—
Dividend and income receivable		1,694			2,104			18,083			15
Receivable for capital shares sold		1,579			670			7,660			900
Receivable for investment securities sold		2,406			—			9,396			1,611
Unrealized gain on forward foreign currency contracts		14			—			2,098			—
Prepaid expenses		4			9			55			1
Total Assets		103,535			250,647			1,549,183			24,776
LIABILITIES:
Payable for income distributions		208			—			—			—
Payable for capital shares redeemed		18			57			1,720			—
Payable for investment securities purchased		2,670			—			35,539			1,548
Unrealized loss on forward foreign currency contracts		—			—			419			—
Investment advisory fees payable		40			81			599			4
Shareholder servicing and distribution fees payable		32			101			625			9
Administrative fees payable		10			12			29			9
Accrued expenses		33			46			744			13
Total Liabilities		3,011			297			39,675			1,583
Net Assets	$	100,524		$	250,350		$	1,509,508		$	23,193
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)		103,228			247,697		$	1,564,539			22,614
Undistributed (Distributions in excess of) net investment income		(34	)		80			(924	)		(23	)
Accumulated net realized (loss) on investments and foreign currency		(560	)		(2,788	)		(7,472	)		(269	)
Net unrealized appreciation (depreciation) on:
Investments		(2,124	)		5,361			(48,466	)		871
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies		14			—			1,831			—
Net Assets	$	100,524		$	250,350		$	1,509,508		$	23,193
Institutional Class Shares:
Net Assets ($Dollars)	$	40,203,863		$	9,977,508		$	—		$	—
Total shares outstanding at end of period		4,936,208			376,845			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.14		$	26.48		$	—		$	—
Class N Shares:
Net Assets ($Dollars)	$	22,688,003		$	240,372,315		$	1,509,507,606		$	18,323,055
Total shares outstanding at end of period		2,786,638			9,080,422			58,121,240			1,632,763
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.14		$	26.47		$	25.97		$	11.22
Servicing Class Shares:
Net Assets ($Dollars)	$	37,632,322		$	—		$	—		$	4,870,095
Total shares outstanding at end of period		4,622,065			—			—			433,601
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	8.14		$	—		$	—		$	11.23

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

(1) Cost of foreign currency $1 (000) and $1,851 (000), respectively.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 110

statements of assets and liabilities/ consolidated statement of assets and liabilities (000)

March 31, 2015 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund		City National Rochdale Socially Responsible Fund			City National Rochdale Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	155,590		$	189,060	$	251,484		$	574,323
Investments in securities, at value	$	198,264		$	222,586	$	266,523		$	685,532
Affiliated investments, at value		—			6,236		—			21,610
Cash		—			—		13			6
Foreign Currency(1)		—			—		—			18,555
Dividend and income receivable		420			182		230			405
Receivable for investment securities sold		1,182			—		3,666			4,958
Receivable for capital shares sold		335			337		257			3,922
Prepaid expenses		7			9		9			23
Total Assets		200,208			229,350		270,698			735,011
LIABILITIES:
Payable for capital shares redeemed		233			250		103			684
Payable for investment securities purchased		281			9,207		5,664			12,107
Due to custodian		485			—		—			—
Investment advisory fees payable		81			76		168			572
Shareholder servicing and distribution fees payable		85			96		9			295
Administrative fees payable		11			12		12			18
Accrued expenses		25			31		24			44
Total Liabilities		1,201			9,672		5,980			13,720
Net Assets	$	199,007		$	219,678	$	264,718		$	721,291
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	154,892		$	178,638	$	250,207		$	599,225
Undistributed (Distributions in excess of) net investment income		(172	)		83		99			(2,589	)
Accumulated net realized gain (loss) on investments and foreign currency		1,613			1,195		(627	)		(8,099	)
Net unrealized appreciation (depreciation) on:
Investments		42,674			39,762		15,039			132,819
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—		—			(65	)
Net Assets	$	199,007		$	219,678	$	264,718		$	721,291
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	7,169,307	$	238,259,669		$	—
Total shares outstanding at end of period		—			524,947		21,177,287			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.66	$	11.25		$	—
Class N Shares:
Net Assets ($Dollars)	$	199,007,160		$	104,561,768	$	26,458,482		$	721,290,548
Total shares outstanding at end of period		5,483,607			7,728,158		2,357,103			17,415,548
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	36.29		$	13.53	$	11.23		$	41.42
Servicing Class Shares:
Net Assets ($Dollars)	$	—		$	107,947,247	$	—		$	—
Total shares outstanding at end of period		—			7,968,300		—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.55	$	—		$	—

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

(1) Cost of foreign currency $18,614 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 111

statements of operations (000)

For the six months ended March 31, 2015 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund			City National Rochdale Limited Maturity Fixed Income Fund
INCOME:
Interest Income	$	2,000		$	916		$	252		$	172
Total Investment Income		2,000			916			252			172
EXPENSES:
Investment Advisory Fees		5,288			1,339			1,231			68
Shareholder Servicing Fees — Class N(1)		8,462			993			1,741			13
Shareholder Servicing Fees — Class S(1)		2,746			875			294			—
Shareholder Servicing Fees — Servicing Class		323			515			250			—
Administration Fees		387			140			127			54
Transfer Agent Fees		174			44			37			1
Trustee Fees		87			31			28			11
Professional Fees		198			55			48			8
Custody Fees		77			23			15			1
Registration Fees		111			31			23			1
Printing Fees		83			21			18			1
Insurance and Other Expenses		112			35			33			3
Total Expenses		18,048			4,102			3,845			161
Less, Waivers and/or Reimbursements of:
Investment Advisory Fees		(4,634	)		(826	)		(1,262	)		(58	)
Shareholder Servicing Fees — Class N(1)		(8,462	)		(993	)		(1,741	)		(6	)
Shareholder Servicing Fees — Class S(1)		(2,746	)		(875	)		(294	)		—
Shareholder Servicing Fees — Servicing Class		(323	)		(515	)		(250	)		—
Administration Fees		(87	)		(31	)		(91	)		—
Net Expenses		1,796			862			207			97
Net Investment Income		204			54			45			75
Net Realized Gain from Securities Transactions		—			—			36			48
Net Change in Unrealized Depreciation on Investments		—			—			—			(19	)
Net Increase in Net Assets Resulting from Operations	$	204		$	54		$	81		$	104

(1) Includes class specific distribution expenses.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 112

statements of operations (000)

For the six months ended March 31, 2015 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund			City National Rochdale Municipal High Income Fund
INCOME:
Dividend Income	$	—		$	—		$	—		$	3
Dividend Income from Affiliated Investments		—			—			—			2
Interest Income		890			1,780			878			11,913
Total Investment Income		890			1,780			878			11,918
EXPENSES:
Investment Advisory Fees		366			287			119			1,103
Shareholder Servicing Fees — Class N(1)		5			11			28			606
Shareholder Servicing Fees — Servicing Class		138			174			96			310
Administration Fees		66			63			59			92
Transfer Agent Fees		10			9			5			29
Trustee Fees		14			14			13			20
Professional Fees		15			14			12			30
Custody Fees		4			6			1			7
Registration Fees		4			4			2			8
Printing Fees		3			3			2			10
Offering Costs		—			—			—			7
Insurance and Other Expenses		6			13			8			13
Total Expenses		631			598			345			2,235
Less, Waivers of:
Investment Advisory Fees		(38	)		(46	)		(54	)		—
Net Expenses		593			552			291			2,235
Net Investment Income		297			1,228			587			9,683
Net Realized Gain from Securities Transactions		34			189			129			98
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,312			(218	)		72			6,633
Net Increase in Net Assets Resulting from Operations	$	1,643		$	1,199		$	788		$	16,414

(1) Includes class specific distribution expenses.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 113

statements of operations/ consolidated statement of operations (000)

For the six months ended March 31, 2015 (Unaudited)

	City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
INCOME:
Dividend Income	$	35		$	228		$	—		$	229
Dividend Income from Affiliated Investments		—			—			—			82
Interest Income		3,359			3,044			42,944			—
Less: Foreign Taxes Withheld		—			—			(65	)		—
Total Investment Income		3,394			3,272			42,879			311
EXPENSES:
Investment Advisory Fees		307			458			3,488			61
Shareholder Servicing Fees — Class N(1)		60			551			3,488			46
Shareholder Servicing Fees — Servicing Class		48			—			—			8
Administration Fees		60			70			204			54
Transfer Agent Fees		6			13			83			1
Trustee Fees		13			16			47			11
Professional Fees		12			17			120			9
Custody Fees		6			5			213			1
Registration Fees		4			6			52			1
Printing Fees		2			5			28			1
Insurance and Other Expenses		17			23			74			1
Total Expenses		535			1,164			7,797			194
Recovery of Investment Advisory Fees Previously Waived(2)		—			—			—			—
Less, Waiver of:
Investment Advisory Fees		(68	)		(28	)		(91	)		(19	)
Net Expenses		467			1,136			7,706			175
Net Investment Income		2,927			2,136			35,173			136
Net Realized Gain (Loss) from:
Securities Transactions		(606	)		382			(20,649	)		136
Affiliated Investments		—			—			—			39
Distributions of Realized Gains from Investment Company Shares		—			—			—			19
Forward Foreign Currency Contracts		—			—			17,601			—
Foreign Currency Transactions		65			—			(4,133	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,070	)		1,620			(41,160	)		269
Affiliated Investments		—			—			—			16
Forward Foreign Currency Contracts		14			—			(368	)		—
Foreign Currency Transactions		—			—			3			—
Net Increase (Decrease) in Net Assets Resulting from Operations	$	330		$	4,138		$	(13,533	)	$	615

(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 114

statements of operations/ consolidated statement of operations (000)

For the six months ended March 31, 2015 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund			City National Rochdale Socially Responsible Fund			City National Rochdale Emerging Markets Fund
INCOME:
Dividend Income	$	3,274		$	1,470		$	2,781		$	2,570
Dividend Income from Affiliated Investments		—			—			—			1
Interest Income		473			—			—			—
Less: Foreign Taxes Withheld		(3	)		(5	)		—			(53	)
Total Investment Income		3,744			1,465			2,781			2,518
EXPENSES:
Investment Advisory Fees		472			431			935			3,171
Shareholder Servicing Fees — Class N(1)		472			252			67			1,585
Shareholder Servicing Fees — Servicing Class		—			134			—			—
Administration Fees		67			69			72			104
Transfer Agent Fees		11			12			15			37
Trustee Fees		15			15			15			22
Professional Fees		16			16			20			36
Custody Fees		5			5			2			179
Registration Fees		4			6			14			22
Printing Fees		4			4			5			12
Insurance and Other Expenses		5			6			3			33
Total Expenses		1,071			950			1,148			5,201
Less, Waiver of:
Investment Advisory Fees		(22	)		—			(3	)		(96	)
Shareholder Servicing Fees — Class N		—			—			(33	)		—
Net Expenses		1,049			950			1,112			5,105
Net Investment Income (Loss)		2,695			515			1,669			(2,587	)
Net Realized Gain (Loss) from:
Securities Transactions		4,380			1,766			312			(5,990	)
Foreign Currency Transactions		—			—			—			(598	)
Net Change in Unrealized Appreciation on:
Investments		1,375			10,120			1,392			51,510
Foreign Currency Transactions		—			—			—			262
Net Increase in Net Assets Resulting from Operations	$	8,450		$	12,401		$	3,373		$	42,597

(1) Includes class specific distribution expenses.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 115

statements of changes in net assets (000)

For the six months ended March 31, 2015 (Unaudited) and the year ended September 30, 2014

	City National Rochdale Government Money Market Fund						City National Rochdale Prime Money Market Fund
	2015			2014			2015			2014
OPERATIONS:
Net Investment Income	$	204		$	378		$	54		$	120
Net Realized Gain (Loss) from Security Transactions		—			2			—			4
Net Change in Unrealized Appreciation (Depreciation) on Investments		—			—			—			—
Net Increase in Net Assets Resulting from Operations		204			380			54			124
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(3	)		(4	)
Class N		(154	)		(300	)		(18	)		(36	)
Class S		(37	)		(61	)		(12	)		(23	)
Servicing Class		(13	)		(17	)		(21	)		(57	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class		—			—			—			—
Total Dividends and Distributions		(204	)		(378	)		(54	)		(120	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			57,672			177,330
Shares Issued in Lieu of Dividends and Distributions		—			—			2			—
Shares Redeemed		—			—			(45,351	)		(134,563	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			12,323			42,767
Class N:
Shares Issued		1,996,940			4,544,028			389,867			712,240
Shares Issued in Lieu of Dividends and Distributions		129			249			12			24
Shares Redeemed		(2,240,529	)		(4,410,324	)		(408,230	)		(803,775	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(243,460	)		133,953			(18,351	)		(91,511	)
Class S:
Shares Issued		526,561			1,522,771			496,724			869,219
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(468,642	)		(1,291,990	)		(458,218	)		(878,235	)
Increase (Decrease) in Net Assets from Class S Share Transactions		57,919			230,781			38,506			(9,016	)
Servicing Class:
Shares Issued		842,014			1,008,445			551,540			1,057,487
Shares Issued in Lieu of Dividends and Distributions		—			—			5			9
Shares Redeemed		(835,676	)		(924,910	)		(650,489	)		(1,207,309	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		6,338			83,535			(98,944	)		(149,813	)
Net Increase (Decrease) in Net Assets from Share Transactions		(179,203	)		448,269			(66,466	)		(207,573	)
Total Increase (Decrease) in Net Assets		(179,203	)		448,271			(66,466	)		(207,569	)
NET ASSETS:
Beginning of Year/Period		4,092,241			3,643,970			1,049,308			1,256,877
End of Year/Period	$	3,913,038		$	4,092,241		$	982,842		$	1,049,308
Undistributed (Distributions in excess of) net investment income	$	—		$	—		$	—		$	—

(1) See Note 8 for shares issued and redeemed.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 116

City National Rochdale California Tax Exempt Money Market Fund						City National Rochdale Limited Maturity Fixed Income Fund						City National Rochdale Government Bond Fund						City National Rochdale Corporate Bond Fund
2015			2014			2015			2014			2015			2014			2015			2014
$	45		$	96		$	75		$	199		$	297		$	738		$	1,228		$	2,226
	36			(2	)		48			123			34			1,551			189			1,186
	—			—			(19	)		(65	)		1,312			(1,205	)		(218	)		(775	)
	81			94			104			257			1,643			1,084			1,199			2,637
	—			—			(67	)		(184	)		(148	)		(402	)		—			—
	(31	)		(69	)		(9	)		(20	)		(1	)		(2	)		(32	)		(44	)
	(4	)		(7	)		—			—			—			—			—			—
	(10	)		(20	)		—			—			(146	)		(346	)		(1,191	)		(2,181	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			(35	)		(20	)
	—			—			—			—			—			—			(1,106	)		(914	)
	(45	)		(96	)		(76	)		(204	)		(295	)		(750	)		(2,364	)		(3,159	)
	—			—			568			744			5,809			9,605			—			—
	—			—			33			77			144			338			—			—
	—			—			(2,130	)		(18,040	)		(3,398	)		(9,682	)		—			—
	—			—			(1,529	)		(17,219	)		2,555			261			—			—
	353,057			988,104			1,359			1,191			130			385			1,360			1,625
	31			67			9			20			—			1			41			47
	(367,782	)		(1,037,816	)		(1,560	)		(1,125	)		(323	)		(871	)		(936	)		(750	)
	(14,694	)		(49,645	)		(192	)		86			(193	)		(485	)		465			922
	198,165			372,122			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(217,385	)		(370,022	)		—			—			—			—			—			—
	(19,220	)		2,100			—			—			—			—			—			—
	429,758			698,593			—			—			11,867			28,483			17,128			43,257
	—			—			—			—			71			193			198			241
	(398,404	)		(662,963	)		—			—			(16,469	)		(30,360	)		(19,580	)		(35,408	)
	31,354			35,630			—			—			(4,531	)		(1,684	)		(2,254	)		8,090
	(2,560	)		(11,915	)		(1,721	)		(17,133	)		(2,169	)		(1,908	)		(1,789	)		9,012
	(2,524	)		(11,917	)		(1,693	)		(17,080	)		(821	)		(1,574	)		(2,954	)		8,490
	906,342			918,259			27,655			44,735			172,234			173,808			146,774			138,284
$	903,818		$	906,342		$	25,962		$	27,655		$	171,413		$	172,234		$	143,820		$	146,774
$	—		$	—		$	(2	)	$	(1	)	$	4		$	2		$	6		$	1

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 117

statements of changes in net assets/ consolidated statement of changes in net assets (000)

For the six months ended March 31, 2015 (Unaudited) and the year ended September 30, 2014

	City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Municipal High Income Fund
	2015			2014			2015			2014
OPERATIONS:
Net Investment Income	$	587		$	1,008		$	9,683		$	7,598
Net Realized Gain (Loss) from:
Security Transactions and Affiliated Investments		129			461			98			74
Distributions of Realized Gains from Investment Company Shares		—			—			—			—
Foreign Currency Transactions		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments and Affiliated Investments		72			1,052			6,633			12,861
Foreign Currency Transactions		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		788			2,521			16,414			20,533
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—			—
Class N		(61	)		(115	)		(4,634	)		(3,407	)
Servicing Class		(522	)		(893	)		(5,049	)		(4,062	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		(52	)		(17	)		(36	)		—
Servicing Class		(355	)		(110	)		(38	)		—
Total Dividends and Distributions		(990	)		(1,135	)		(9,757	)		(7,469	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			—
Shares Issued from Merger(3)		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—			—
Class N:
Shares Issued		2,591			4,384			107,432			212,375
Shares Issued from Merger(3)		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		71			75			3,113			2,227
Shares Redeemed		(1,754	)		(1,893	)		(13,848	)		(19,319	)
Increase (Decrease) in Net Assets from Class N Share Transactions		908			2,566			96,697			195,283
Servicing Class:
Shares Issued		20,064			26,391			70,260			220,241
Shares Issued in Lieu of Dividends and Distributions		79			97			231			74
Shares Redeemed		(7,692	)		(16,133	)		(19,824	)		(6,611	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		12,451			10,355			50,667			213,704
Net Increase (Decrease) in Net Assets from Share Transactions		13,359			12,921			147,364			408,987
Total Increase (Decrease) in Net Assets		13,157			14,307			154,021			422,051
NET ASSETS:
Beginning of Year/Period		81,653			67,346			422,051			—
End of Year/Period	$	94,810		$	81,653		$	576,072		$	422,051
Undistributed (distribution in excess of) net investment income	$	4		$	—		$	130		$	130

(1) See Note 8 for shares issued and redeemed.

(2) Institutional Class ceased operations on January 31, 2014.

(3) See Note 9.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

City National Rochdale High Yield Bond Fund						City National Rochdale Intermediate Fixed Income Fund						City National Rochdale Fixed Income Opportunities Fund						City National Rochdale Multi-Asset Fund (2)
2015			2014			2015			2014			2015			2014			2015			2014
$	2,927		$	7,711		$	2,136		$	4,535		$	35,173		$	56,680		$	136		$	199
	(606	)		5,028			382			(123	)		(20,649	)		4,871			175			1,226
	—			—			—			—			—			—			19			38
	65			—			—			—			13,468			5,476			—			—
	(2,070	)		(1,148	)		1,620			2,982			(41,525	)		(2,897	)		285			(275	)
	14			—			—			—			—			2,649			—			—
	330			11,591			4,138			7,394			(13,533	)		66,779			615			1,188
	(1,193	)		(2,421	)		(99	)		(611	)		—			—			—			(28	)
	(663	)		(1,899	)		(2,020	)		(3,973	)		(43,054	)		(54,067	)		(109	)		(149	)
	(1,111	)		(3,386	)		—			—			—			—			(50	)		(57	)
	(1,868	)		(90	)		—			—			—			—			—			—
	(1,142	)		(83	)		—			—			(6,421	)		(5,256	)		—			—
	(1,982	)		(208	)		—			—			—			—			—			—
	(7,959	)		(8,087	)		(2,119	)		(4,584	)		(49,475	)		(59,323	)		(159	)		(234	)
	3,444			7,321			1,023			1,175			—			—			—			783
	—			—			—			44,899			—			—			—			—
	2,921			2,362			99			648			—			—			—			27
	(4,016	)		(9,031	)		(14	)		(38,696	)		—			—			—			(7,291	)
	2,349			652			1,108			8,026			—			—			—			(6,481	)
	2,671			4,360			50,484			98,095			331,049			629,065			1,007			650
	—			—			—			—			—			58,518			—			—
	1,002			1,220			1,404			2,343			29,276			32,489			78			105
	(5,405	)		(14,526	)		(17,713	)		(53,966	)		(179,306	)		(260,475	)		(1,865	)		(4,588	)
	(1,732	)		(8,946	)		34,175			46,472			181,019			459,597			(780	)		(3,833	)
	7,141			26,803			—			—			—			—			2,008			1,149
	543			557			—			—			—			—			36			33
	(10,927	)		(74,330	)		—			—			—			—			(3,332	)		(228	)
	(3,243	)		(46,970	)		—			—			—			—			(1,288	)		954
	(2,626	)		(55,264	)		35,283			54,498			181,019			459,597			(2,068	)		(9,360	)
	(10,255	)		(51,760	)		37,302			57,308			118,011			467,053			(1,612	)		(8,406	)
	110,779			162,539			213,048			155,740			1,391,497			924,444			24,805			33,211
$	100,524		$	110,779		$	250,350		$	213,048		$	1,509,508		$	1,391,497		$	23,193		$	24,805
$	(34	)	$	6		$	80		$	63		$	(924	)	$	(8,772	)	$	(23	)	$	—

See accompanying notes to financial statements.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 119

statements of changes in net assets/ consolidated statement of changes in net assets (000)

For the six months ended March 31, 2015 (Unaudited) and the year ended September 30, 2014

	City National Rochdale Dividend & Income Fund
	2015			2014
OPERATIONS:
Net Investment Income (Loss)	$	2,695		$	4,785
Net Realized Gain (Loss) from:
Security Transactions		4,380			5,858
Distributions of Realized Gains from Investment Company Shares		—			—
Foreign Currency Transactions		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,375			9,234
Foreign Currency Transactions		—			—
Net Increase in Net Assets Resulting from Operations		8,450			19,877
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—
Class N		(2,863	)		(5,449	)
Servicing Class		—			—
Realized Capital Gains:
Institutional Class		—			—
Class N		—			—
Servicing Class		—			—
Return of Capital:
Class N		—			—
Total Dividends and Distributions		(2,863	)		(5,449	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—
Shares Issued from Merger(2)		—			—
Shares Issued in Lieu of Dividends and Distributions		—			—
Shares Redeemed		—			—
Increase in Net Assets from Institutional Class Share Transactions		—			—
Class N:
Shares Issued		43,799			68,568
Shares Issued from Merger(2)		—			—
Shares Issued in Lieu of Dividends and Distributions		1,726			3,535
Shares Redeemed		(25,022	)		(69,421	)
Increase (Decrease) in Net Assets from Class N Share Transactions		20,503			2,682
Servicing Class:
Shares Issued		—			—
Shares Issued in Lieu of Dividends and Distributions		—			—
Shares Redeemed		—			—
Increase in Net Assets from Servicing Class Share Transactions		—			—
Net Increase in Net Assets from Share Transactions		20,503			2,682
Total Increase in Net Assets		26,090			17,110
NET ASSETS:
Beginning of Year/Period		172,917			155,807
End of Year/Period	$	199,007		$	172,917
Undistributed (Distributions in excess of) net investment income	$	(172	)	$	(4	)

(1) See Note 8 for shares issued and redeemed.

(2) See Note 9.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

City National Rochdale U.S. Core Equity Fund						City National Rochdale Socially Responsible Equity Fund						City National Rochdale Emerging Markets Fund
2015			2014			2015			2014			2015			2014
$	515		$	468		$	1,669		$	1,396		$	(2,587	)	$	2,603
	1,766			19,801			312			6,101			(5,990	)		(405	)
	—			—			—			—			—			—
	—			—			—			—			(598	)		(579	)
	10,120			10,820			1,392			(169	)		51,510			53,480
	—			—			—			—			262			(330	)
	12,401			31,089			3,373			7,328			42,597			54,769
	(26	)		(82	)		(1,438	)		(939	)		—			—
	(140	)		(82	)		(132	)		(461	)		(2,025	)		(1,072	)
	(266	)		(306	)		—			—			—			—
	(621	)		—			(5,652	)		(7,405	)		—			—
	(9,079	)		(1,261	)		(672	)		(5,241	)		—			—
	(10,078	)		(1,354	)		—			—			—			—
	—			—			—			—			—			—
	(20,210	)		(3,085	)		(7,894	)		(14,046	)		(2,025	)		(1,072	)
	—			1,318			80,887			131,401			—			—
	—			50,817			—			—			—			—
	647			81			7,059			8,341			—			—
	(8	)		(47,918	)		(18,454	)		(7,405	)		—			—
	639			4,298			69,492			132,337			—			—
	10,325			27,776			2,610			11,122			155,927			295,842
	—			2,752			—			—			—			—
	8,078			1,216			796			5,563			1,003			530
	(7,665	)		(13,106	)		(3,252	)		(19,455	)		(58,701	)		(61,619	)
	10,738			18,638			154			(2,770	)		98,229			234,753
	23,643			38,171			—			—			—			—
	61			11			—			—			—			—
	(14,804	)		(16,976	)		—			—			—			—
	8,900			21,206			—			—			—			—
	20,277			44,142			69,646			129,567			98,229			234,753
	12,468			72,146			65,125			122,849			138,801			288,450
	207,210			135,064			199,593			76,744			582,490			294,040
$	219,678		$	207,210		$	264,718		$	199,593		$	721,291		$	582,490
$	83		$	—		$	99		$	—		$	(2,589	)	$	2,023

See accompanying notes to financial statements.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

consolidated statement of cash flows (000)

For the six months ended March 31, 2015 (Unaudited)

	City National Rochdale Fixed Income Opportunities Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Decrease in Net Assets from Operations	$	(13,533	)
Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to Net Cash Used in Operating Activities:
Purchase of Investment Securities		(956,315	)
Proceeds from Disposition of Investment Securities		805,115
Amortization (Accretion of Market Discount)		(1,219	)
Premium Payments		(9,485	)
Net Realized Loss on Investments		7,234
Net Change in Unrealized Depreciation on Investments		41,526
Changes in assets:
Foreign currency		(775	)
Receivable for investment securities sold		4,122
Dividends and interest receivable		(208	)
Unrealized gain on forward foreign currency contracts		34
Prepaid expenses		(33	)
Changes in liabilities:
Payable for investment securities purchased		(2,837	)
Unrealized gain on forward foreign currency contracts		334
Investment advisory fees payable		135
Shareholder servicing and distribution fees payable		50
Administrative fees payable		2
Accrued expense payable		246
Net Cash Used in Operating Activities		(125,607	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Shares Issued		358,361
Cost of Shares Redeemed		(177,947	)
Distributions		(49,475	)
Net Cash Provided by Financing Activities		130,939
Net Change in Cash		5,332
Cash at beginning of period		11,742
Cash at end of period	$	17,074

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

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CITY NATIONAL ROCHDALE FUNDS | PAGE 123

financial highlights

For a Share Outstanding Throughout Each PeriodFor the six months ended March 31, 2015 (Unaudited) and 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)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	2,930,892		0.09	%		0.01	%		0.87	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			3,174,351		0.08			0.01			0.88
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
Class S (commenced operations on October 6, 1999)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	763,851		0.09	%		0.01	%		1.07	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			705,932		0.08			0.01			1.08
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
Servicing Class (commenced operations on April 3, 2000)^^
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	218,295		0.09	%		0.01	%		0.57	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			211,958		0.08			0.01			0.58
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
City National Rochdale Prime Money Market Fund
Institutional Class (commenced operations on December 19, 2012)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	66,298		0.16	%		0.01	%		0.32	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			53,975		0.15			0.01			0.33
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)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	315,112		0.16	%		0.01	%		0.87	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			333,463		0.15			0.01			0.88
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
Class S (commenced operations on October 26, 1999)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	236,743		0.16	%		0.01	%		1.07	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			198,237		0.15			0.01			1.08
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
Servicing Class (commenced operations on March 23, 1998)^^
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	364,689		0.16	%		0.01	%		0.57	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			463,633		0.15			0.01			0.58
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
City National Rochdale California Tax Exempt Money Market Fund
Class N (commenced operations on June 21, 1999)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	608,893		0.05	%		0.01	%		0.89	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			623,561		0.05			0.01			0.90
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
Class S (commenced operations on November 12, 1999)
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	62,195		0.05	%		0.01	%		1.09	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			81,412		0.05			0.01			1.10
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
Servicing Class (commenced operations on April 3, 2000)^^
2015**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	232,730		0.04	%		0.01	%		0.59	%
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			201,369		0.05			0.01			0.60
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

** For the six months ended March 31, 2015.

† 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 124

	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)
2015**	$	11.17	$	0.03	$	0.01		$	(0.03	)	$	—		$	11.18		0.39	%	$	21,531		0.67	%		0.60	%		1.10	%		26	%
2014		11.16		0.07		0.01			(0.07	)		—			11.17		0.75			23,035		0.67			0.64			0.95			49
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
Class N (commenced operations on October 22, 2004)
2015**	$	11.17	$	0.02	$	0.02		$	(0.02	)	$	—		$	11.19		0.36	%	$	4,431		0.92	%		0.35	%		1.59	%		26	%
2014		11.16		0.05		0.01			(0.05	)		—			11.17		0.50			4,620		0.92			0.40			1.47			49
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
City National Rochdale Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
2015**	$	10.49	$	0.03	$	0.08		$	(0.03	)	$	—		$	10.57		1.02	%	$	59,728		0.53	%		0.52	%		0.57	%		6	%
2014		10.47		0.06		0.02			(0.06	)		—			10.49		0.80			56,722		0.53			0.59			0.57			59
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)
2015**	$	10.51	$	0.00	$	0.08		$ —			$	—		$	10.59		0.77	%	$	1,849		1.03	%		0.02	%		1.07	%		6	%
2014		10.49		0.01		0.02			(0.01	)		—			10.51		0.29			2,027		1.03			0.10			1.07			59
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
Servicing Class (commenced operations on January 14, 2000)^
2015**	$	10.49	$	0.01	$	0.21		$	(0.14	)	$	—		$	10.57		0.90	%	$	109,836		0.78	%		0.27	%		0.82	%		6	%
2014		10.47		0.04		0.02			(0.04	)		—			10.49		0.54			113,485		0.78			0.34			0.82			59
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
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
2015**	$	10.67	$	0.08	$	—		$	(0.08	)	$	(0.08	)	$	10.59		0.78	%	$	4,436		1.01	%		1.46	%		1.07	%		10	%
2014		10.71		0.14		0.03			(0.14	)		(0.07	)		10.67		1.64			4,008		1.01			1.32			1.07			37
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
Servicing Class (commenced operations on January 14, 2000)^
2015**	$	10.66	$	0.09	$	(0.01	)	$	(0.09	)	$	(0.08	)	$	10.57		0.81	%	$	139,384		0.76	%		1.72	%		0.83	%		10	%
2014		10.70		0.17		0.03			(0.17	)		(0.07	)		10.66		1.89			142,766		0.76			1.57			0.82			37
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
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
2015**	$	10.74	$	0.06	$	0.03		$	(0.06	)	$	(0.05	)	$	10.72		0.83	%	$	11,838		0.88	%		1.12	%		1.00	%		4	%
2014		10.54		0.13		0.22			(0.13	)		(0.02	)		10.74		3.31			10,955		0.88			1.17			1.02			36
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
Servicing Class (commenced operations on January 14, 2000)^
2015**	$	10.71	$	0.07	$	0.03		$	(0.07	)	$	(0.05	)	$	10.69		0.96	%	$	82,972		0.63	%		1.37	%		0.75	%		4	%
2014		10.51		0.15		0.22			(0.15	)		(0.02	)		10.71		3.58			70,698		0.63			1.43			0.77			36
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

** For the six months ended March 31, 2015.

† 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 125

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each PeriodFor the six months ended March 31, 2015 (Unaudited) and 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			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 Municipal High Income Fund
Class N (commenced operations on December 30, 2013)
2015**	$	10.71	$	0.21	$	0.16		$	(0.21	)	$	—		$	10.87		3.46	%	$	301,101		1.04	%		3.82	%		1.04	%		2	%
2014		10.00		0.32		0.71			(0.32	)		—			10.71		10.38			201,200		1.08			4.02			1.08			1
Servicing Class (commenced operations on December 30, 2013)
2015**	$	10.72	$	0.22	$	0.16		$	(0.22	)	$	—		$	10.88		3.59	%	$	274,971		0.79	%		4.08	%		0.79	%		2	%
2014		10.00		0.34		0.72			(0.34	)		—			10.72		10.68			220,851		0.83			4.27			0.84			1
City National Rochdale High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
2015**	$	8.76	$	0.25	$	(0.21	)	$	(0.25	)	$	(0.41	)	$	8.14		0.63	%	$	40,204		0.70	%		5.94	%		0.83	%		40	%
2014		8.59		0.53		0.19			(0.53	)		(0.02	)		8.76		8.49			40,639		0.70			5.98			0.78			59
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)
2015**	$	8.76	$	0.23	$	(0.21	)	$	(0.23	)	$	(0.41	)	$	8.14		0.39	%	$	22,688		1.20	%		5.42	%		1.33	%		40	%
2014		8.59		0.49		0.18			(0.48	)		(0.02	)		8.76		7.95			26,166		1.20			5.49			1.28			59
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
Servicing Class (commenced operations on January 14, 2000)^
2015**	$	8.76	$	0.24	$	(0.21	)	$	(0.24	)	$	(0.41	)	$	8.14		0.51	%	$	37,632		0.95	%		5.67	%		1.08	%		40	%
2014		8.59		0.51		0.19			(0.51	)		(0.02	)		8.76		8.22			43,974		0.95			5.83			1.02			59
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
City National Rochdale Intermediate Fixed Income Fund
Institutional Class (commenced operations on December 20, 2013)
2015**	$	26.23	$	0.31	$	0.24		$	(0.30	)	$	—		$	26.48		2.09	%	$	9,978		0.51	%		2.34	%		0.54	%		9	%
2014		25.89		0.53		0.33			(0.52	)		—			26.23		3.35			8,784		0.51			2.57			0.52			28
Class N (commenced operations on December 31, 1999)
2015**	$	26.23	$	0.24	$	0.23		$	(0.23	)	$	—		$	26.47		1.81	%	$	240,372		1.01	%		1.84	%		1.03	%		9	%
2014		25.89		0.57		0.34			(0.57	)		—			26.23		3.54			204,264		1.01			2.17			1.04			28
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
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
2015**	$	27.19	$	0.66	$	(1.86	)	$	(0.02	)	$	—		$	25.97		(1.02	)%	$	1,509,508		1.10	%		5.04	%		1.12	%		42	%
2014		26.83		1.28		0.38			(1.17	)		(0.13	)		27.19		6.20			1,391,497		1.11	(3)		4.65			1.12	(3)		82
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

** For the six months ended March 31, 2015.

* 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 Funds’ 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 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.

(3) The expense ratio includes acquired fund fee expenses from the investment in Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively.

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

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

	Net Asset Value Beginning of Period		Net Invest-ment 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			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
Class N (commenced operations on October 1, 2007)
2015**	$	11.01	$	0.06	$	0.22		$	—	$	(0.07	)	$	—		$	—		$	11.22		2.52	%	$	18,323		1.49	%		1.23	%		1.65	%		40	%
2014		10.70		0.07		0.32			—		(0.08	)		—			—			11.01		3.67			18,760		1.49			0.63			1.53			75
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
Servicing Class (commenced operations on October 1, 2007)^^
2015**	$	11.02	$	0.07	$	0.22		$	—	$	(0.08	)	$	—		$	—		$	11.23		2.65	%	$	4,870		1.24	%		1.48	%		1.39	%		40	%
2014		10.71		0.10		0.32			—		(0.11	)		—			—			11.02		3.94			6,045		1.24			0.87			1.29			75
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
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
2015**	$	35.08	$	0.52	$	1.23		$	—	$	(0.54	)	$	—		$	—		$	36.29		4.98	%	$	199,007		1.11	%		2.85	%		1.13	%		9	%
2014		32.25		0.95		2.96			—		(1.08	)		—			—			35.08		12.20			172,917		1.09			2.74			1.14			16
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
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
2015**	$	14.21	$	0.06	$	0.75		$	—	$	(0.05	)	$	(1.31	)	$	—		$	13.66		6.23	%	$	7,169		0.53	%		0.84	%		0.53	%		18	%
2014		12.13		0.08		2.30			—		(0.08	)		(0.22	)		—			14.21		19.86			6,759		0.53			0.59			0.53			60
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)
2015**	$	14.09	$	0.02	$	0.75		$	—	$	(0.02	)	$	(1.31	)	$	—		$	13.53		5.96	%	$	104,562		1.03	%		0.34	%		1.03	%		18	%
2014		12.08		0.01		2.23			—		(0.01	)		(0.22	)		—			14.09		18.80			97,205		1.03			0.09			1.04			60
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)
2015**	$	14.11	$	0.04	$	0.74		$	—	$	(0.03	)	$	(1.31	)	$	—		$	13.55		6.07	%	$	107,947		0.78	%		0.59	%		0.78	%		18	%
2014		12.09		0.05		2.24			—		(0.05	)		(0.22	)		—			14.11		19.15			103,246		0.78			0.34			0.79			60
2013		10.00		0.07		2.08			—		(0.06	)		—			—			12.09		21.60			68,919		0.74			0.73			0.74			32

** For the six months ended March 31, 2015.

* 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 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 127

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each PeriodFor the six months ended March 31, 2015 (Unaudited) and the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Invest-ment Income (Loss)†			Net Realized and Unrealized Gains (Losses) on Securities†			Redem-ption Fees			Dividends from Net Invest-ment 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 (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)
2015**	$	11.45	$	0.08		$	0.08		$	—		$	(0.07	)	$	(0.29	)	$	—		$	11.25		1.42	%	$	238,260		0.87	%		1.36	%		0.87	%		15	%
2014		12.28		0.19			1.18			—			(0.18	)		(2.02	)		—			11.45		12.46			172,830		0.89			1.62			0.96			34
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
Class N (commenced operations on August 12, 2005)
2015**	$	11.42	$	0.06		$	0.10		$	—		$	(0.06	)	$	(0.29	)	$	—		$	11.23		1.39	%	$	26,458		1.11	%		1.14	%		1.37	%		15	%
2014		12.26		0.18			1.15			—			(0.15	)		(2.02	)		—			11.42		12.11			26,763		1.14			1.55			1.46			34
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
City National Rochdale Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
2015**	$	38.90	$	(0.16	)	$	2.81		$	—		$	(0.13	)	$	—		$	—		$	41.42		6.83	%	$	721,291		1.61	%		(0.82	)%		1.64	%		18	%
2014		34.24		0.22			4.55			—			(0.11	)		—			—			38.90		13.96			582,490		1.61			0.58			1.64			42
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 six months ended March 31, 2015.

* 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 Funds’ 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 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 128

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

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 16 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”), City National Rochdale Prime Money Market Fund (“Prime Money Market Fund”), and City National Rochdale California Tax Exempt Money Market Fund (“California Money Market Fund”) (collectively, the “Money Market Funds”); City National Rochdale Limited Maturity Fixed Income Fund (“Limited Maturity Fixed Income Fund”), City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), and City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) (collectively, the “Fixed Income Funds”); City National Rochdale Multi-Asset Fund (“Multi-Asset Fund”); City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), City National Rochdale Socially Responsible Equity Fund (“Socially Responsible Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).

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, therefore, the statements of changes in net assets and financial highlights of each corresponding Fund reflect the financial information of the corresponding Predecessor Fund through March 28, 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. City National Rochdale, LLC acts as the investment adviser to the Funds.

On September 17, 2013, the Board of Trustees of the Trust approved the reorganizations of the City National Rochdale Full Maturity Fixed Income Fund into the Intermediate Fixed Income Fund and the City National Rochdale Diversified Equity Fund into the U.S. Core Equity Fund. The reorganizations were effective as of the close of business on December 20, 2013, and March 21, 2014, respectively.

On May 30, 2014, the Board of Trustees of the Trust approved the reorganization of City National Rochdale Alternative Total Return Fund LLC, an affiliate of City National Rochdale, into the Fixed Income Opportunities Fund. The reorganization was effective as of the close of business on May 30, 2014.

The Municipal High Income Fund commenced operations on December 30, 2013.

On December 20, 2013, a new Institutional Class of the Intermediate Fixed Income Fund opened.

On January 31, 2014, the Institutional Class of the Multi-Asset Fund closed.

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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 129

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES:

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

Use of Estimates – The Funds are investment companies that conform with accounting principles generally accepted in the United States of America (“GAAP”). Therefore the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported 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 sixty days or less may be valued at their amortized cost, if the Funds’ Fair Value Committee concludes it approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.

Securities for which market prices are not “readily available” are valued in accordance with 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 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.

Investments in life settlement policies (“Policies”) are valued using the fair value method of accounting. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the fair value method, the Fixed Income Opportunities Fund recognizes the initial investment in its Policies at the transaction price. In subsequent periods, the Fund re-measures the investment in its Policies at fair value daily and recognizes changes in fair value in earnings, less Policy premiums paid and continuing costs, plus proceeds from Policy maturities in the period in which the changes occur. Due to the inherent uncertainty of this method of valuation, the estimated values may differ significantly from the value that would have been used had a ready market value for the investment existed, and the difference could be material. Life settlement contracts are included in Level 3 of the fair value hierarchy.

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

CITY NATIONAL ROCHDALE FUNDS | PAGE 130

• 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 period ended March 31, 2015, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, refer to the Schedules of Investments/Consolidated Schedule 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, (iii) equally among the Funds, or (iv) a combination of the above, depending on the nature of the expenditure.

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

Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the 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-Asset Fund and Equity Funds except for the Emerging Markets Fund. 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/Consolidated Statements of Assets and Liabilities. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and

CITY NATIONAL ROCHDALE FUNDS | PAGE 131

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

the value at the time it was closed, which is included within realized gain (loss) on foreign currency transactions in the Statements of Operations/Consolidated Statement of

Operations. A Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the High Yield Bond Fund and the Fixed Income Opportunities Fund have entered into master netting arrangements, established within the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allows the High Yield Bond Fund and the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the High Yield Bond Fund and the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the High Yield Bond Fund and the Fixed Income Opportunities Fund.

For financial reporting purposes, the High Yield Bond Fund and the Fixed Income Opportunities Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is reported separately on the Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is noted in the Schedule of Investments/Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the High Yield Bond Fund and the Fixed Income Opportunities Fund from its counterparties are not fully collateralized, contractually or otherwise, the High Yield Bond Fund and the Fixed Income Opportunities Fund bear the risk of loss from counterparty nonperformance.

The following tables present, by derivative type, the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s OTC derivative assets net of the related collateral posted for the benefit of the High Yield Bond Fund and the Fixed Income Opportunities Fund at March 31, 2015 (000):

Derivative Type	Derivative Assets Subject to a Netting Agreement or Similar Arrangement		Derivative Available for Offset			Collateral Received		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	14	$	—		$	—	$	14
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		1,937		(258	)		—		1,679

The following tables present, by derivative type, the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s OTC derivative liabilities net of the related collateral posted for the benefit of the High Yield Bond Fund’s and the Fixed Income Opportunities Fund at March 31, 2015 (000):

Derivative Type	Derivative Liabilities Subject to a Netting Agreement or Similar Arrangement		Derivative Available for Offset			Collateral Pledged		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	—	$	—		$	—	$	—
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		258		(258	)		—		—

Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale.

CITY NATIONAL ROCHDALE FUNDS | PAGE 132

A Fund may invest in restricted securities that are consistent with the 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% (5% in the case of the Money Market Funds) 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 sectors.

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 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.

Information regarding the Fixed Income Opportunities Fund and the Subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets.

The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at March 31, 2015, were $160,215,917, which represented 10.6% of the net assets of the Fixed Income Opportunities Fund.

Investments in Mauritius Subsidiary – To the extent that the Emerging Markets Fund seeks to invest in the securities of Indian companies, it currently intends to do so by investing in shares of a wholly-owned collective investment vehicle (the “Mauritius Subsidiary”) registered with and regulated by the Mauritius Financial Services Commission that is also managed by City National Rochdale. The Mauritius Subsidiary was formed to allow the Fund’s investments in Indian companies to benefit from a favorable tax treaty between Mauritius and India. In order to do so, the Mauritius Subsidiary will seek to maintain residency in Mauritius.

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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 133

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

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

Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee 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. The Trust is subject to a minimum annual fee of $1,800,000 for the first 20 portfolios of the Trust and $90,000 for each portfolio thereafter which may be 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 and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities.

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.

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 Class N, Class S or Servicing Class Shares, as applicable. In consideration for such services, a shareholder 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 period ended March 31, 2015, CNB and City National Rochdale received $4,634,448 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
Municipal High Income Fund	0.45
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
Socially Responsible Equity Fund	0.75
Emerging Markets Fund	1.00

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

Alcentra LTD, All Financial Partners II LLC, Ashmore Investment Management Limited, Federated Investment Management Corp., GML Capital LLP and Seix Investment Advisors LLC 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 Socially Responsible Equity Fund.

Waddell & Reed Investment Management Company acts as the investment sub-adviser with respect to the Municipal High Income Fund.

Sub-adviser fees are paid by City National Rochdale.

City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’

CITY NATIONAL ROCHDALE FUNDS | PAGE 134

respective average daily net assets. With respect to the Limited Maturity Fixed Income 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. 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	0.93%	0.93%	0.85%
Class S	1.13%	1.13%	1.05%
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%

	Municipal High  Income Fund	High Yield Bond Fund	Intermediate  Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	n/a	0.70%	0.51%	n/a
Class N	1.15%	1.20%	1.01%	1.09%
Servicing Class	0.90%	0.95%	n/a	n/a

	Multi-Asset Fund	Dividend & Income Fund	U.S. Core Equity Fund	Socially Responsible Equity Fund
Institutional Class	n/a	n/a	0.55%	0.89%
Class N	1.49%	1.11%	1.05%	1.14%
Servicing Class	1.24%	n/a	0.80%	n/a

	Emerging Markets Fund
Class N	1.61%

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

	Limited Maturity Fixed Income Fund	Socially Responsible Equity Fund
Institutional Class	1.00%	1.25%
Class N	1.25%	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 the Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2015, 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	$6,662	2015
	7,131	2016
	9,264	2017
	4,634	2018
Prime Money Market Fund	1,222	2015
	1,741	2016
	2,095	2017
	826	2018
California Tax Exempt Money Market Fund	2,066	2015
	2,275	2016
	2,592	2017
	1,262	2018
Limited Maturity Fixed Income Fund	95	2017
	58	2018
Government Bond Fund	25	2015
	5	2016
	67	2017
	38	2018
Corporate Bond Fund	83	2017
	46	2018
California Tax Exempt Bond Fund	17	2015
	3	2016
	99	2017
	54	2018
Municipal High Income Fund	13	2017
High Yield Bond Fund	17	2015
	6	2016
	101	2017
	68	2018
Intermediate Fixed Income Fund	16	2016
	59	2017
	28	2018
Fixed Income Opportunities Fund	42	2016
	263	2017
	91	2018
Multi-Asset Fund	11	2017
	19	2018
Dividend & Income Fund	23	2016
	90	2017
	22	2018
U.S. Core Equity	9	2017
Socially Responsible Fund	61	2017
	3	2018
Emerging Markets Fund	115	2016
	145	2017
	96	2018

CITY NATIONAL ROCHDALE FUNDS | PAGE 135

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

City National Rochdale, CNB, the Administrator, the transfer agent and the Funds’ legal counsel 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 period ended March 31, 2015:

	Shareholder Servicing Fee Waiver (000)			Investment Advisory Fee Waiver (000)		Administration Fee Waiver (000)
Government Money Market Fund
Class N	$	7,539	(1)	$	3,507	$	66
Class S		2,526	(1)		833		16
Servicing Class		323			294		5
Prime Money Market Fund
Institutional Class	$	—		$	50	$	2
Class N		884	(1)		279		11
Class S		805	(1)		180		6
Servicing Class		515			317		12
California Tax Exempt Money Market Fund
Class N	$	1,520	(1)	$	746	$	63
Class S		266	(1)		92		8
Servicing Class		250			236		20

⁽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 period ended March 31, 2015, were as follows for the Fixed Income Funds, Multi-Asset Fund and Equity Funds:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Limited Maturity Fixed Income Fund		834		4,980			1,901		6,077
Government Bond Fund		10,163		—			5,599		3,076
Corporate Bond Fund		—		14,632			22		13,761
California Tax Exempt Bond Fund		—		15,721			—		3,174
Municipal High Income Fund		—		159,311			—		6,546
High Yield Bond Fund		—		40,874			—		35,828
Intermediate Fixed Income Fund		6,892		41,912			453		19,159
Fixed Income Opportunities Fund		—		362,077			—		403,761
Multi-Asset Fund		—		9,416	*		—		12,055	*
Dividend & Income Fund		—		38,640			—		17,102
U.S. Core Equity		—		40,130			—		37,676
Socially Responsible Equity Fund		—		105,188			—		35,852
Emerging Markets Fund		—		194,992			—		105,683

* Includes $237 (000) and $964 (000) of purchases and sales, respectively, of affiliated registered investment companies.

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.

The following is a summary of the transactions with affiliates for the Multi-Asset Fund for the period ended March 31, 2015:

	Corporate Bond Fund, Servicing Class (000)			Government Bond Fund, Institutional Class (000)			High Yield Bond Fund, Institutional Class (000)
Beginning balance as of October 1, 2014	$	1,588		$	1,145		$	745
Purchases at Cost		82			55			36
Proceeds from Sales		(278	)		(197	)		(132	)
Realized Gain (Loss)		(4	)		(2	)		(10	)
Unrealized Gain (Loss)		(9	)		10			(42	)
Ending balance as of March 31, 2015	$	1,379		$	1,011		$	597

	Limited Maturity Fixed Income Fund, Institutional Class (000)			Emerging Markets Fund, Institutional Class (000)
Beginning balance as of October 1, 2014	$	1,213		$	736
Purchases at Cost		64			516
Proceeds from Sales		(214	)		(143	)
Realized Gain (Loss)		(1	)		2
Unrealized Gain (Loss)		1			57
Ending balance as of March 31, 2015	$	1,063		$	1,168

The Funds may also invest in the affiliated CNR Money Market Funds to manage excess cash or to serve as margin or collateral for derivative positions.

CITY NATIONAL ROCHDALE FUNDS | PAGE 136

The following is a summary of the transactions with affiliates for the period ended March 31, 2015:

California Tax Exempt Money Market Fund	Purchasesat Cost (000)		Proceeds from Sales (000)			Value 3/31/2015 (000)		DividendIncome (000)
California Tax Exempt Bond Fund	$	18,423	$	(16,434	)	$	4,868	$	—
Government Money Market Fund
Limited Maturity Fixed Income Fund		2,186		(2,064	)		210		—
Government Bond Fund		7,212		(8,731	)		852		—
Municipal High Income Fund		61,492		(53,713	)		38,476		2
Intermediate Fixed Income Fund		23,855		(25,162	)		2,869		—
Fixed Income Opportunities Fund		13		(6	)		7		—
Dividend & Income Fund		15,409		(16,003	)		—		—
Emerging Markets Fund		48,242		(46,421	)		21,610		1
Prime Money Market Fund
Corporate Bond Fund		8,059		(10,049	)		232		—
High Yield Bond Fund		19,732		(20,117	)		471		—
Multi-Asset Fund		2,259		(2,431	)		73		—
U.S. Core Equity Fund		17,783		(14,011	)		6,236		—

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, 2014, 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.

Accordingly, the following permanent differences, primarily attributable to REIT adjustments, MLP dividend income reclasses, realized gains (losses) on paydowns, expiration of capital loss carryovers, net operating losses, return of capital distributions, distributions in excess of net investment income, 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, 2014:

	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	$	4		$	42		$	(46	)
Government Bond Fund		14			(14	)		—
High Yield Bond Fund		1			(1	)		—
Intermediate Fixed Income Fund		94			(94	)		—
Fixed Income Opportunities Fund		4,148			(4,148	)		—
Multi-Asset Fund		35			(28	)		(7	)
Dividend & Income Fund		666			731			(1,397	)
U.S. Core Equity Fund		1			(1	)		—
Socially Responsible Equity Fund		4			(4	)		—
Emerging Markets Fund		(579	)		579			—

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

CITY NATIONAL ROCHDALE FUNDS | PAGE 137

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

The tax character of dividends and distributions declared during the years ended September 30, 2014 and September 30, 2013 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
2014		$	—	$	378	$	—	$	—	$	378
2013			—		330		—		—		330
Prime Money Market Fund
2014			—		120		—		—		120
2013			—		228		—		—		228
California Tax Exempt Money Market Fund
2014			96		—		—		—		96
2013			94		—		—		—		94
Limited Maturity Fixed Income Fund
2014			—		204		—		—		204
2013			—		307		—		—		307
Government Bond Fund
2014			—		750		—		—		750
2013			—		2,054		—		—		2,054
Corporate Bond Fund
2014			—		2,225		934		—		3,159
2013			—		2,507		1,038		—		3,545
California Tax Exempt Bond Fund
2014			1,008		—		127		—		1,135
2013			1,190		150		379		—		1,719
Municipal High Income Fund
2014^^			7,464		5		—		—		7,469
High Yield Bond Fund
2014			—		7,732		355		—		8,087
2013			—		10,996		—		—		10,996
Intermediate Fixed Income Fund
2014		$	—	$	4,584	$	—	$	—	$	4,584
2013			—		3,505		—		—		3,505
	2012†		—		4,065		—		—		4,065
Fixed Income Opportunities Fund
	2014		—		54,067		5,256		—		59,323
	2013		—		34,355		52		—		34,407
	2012†		—		35,978		1,348		—		37,326
Multi-Asset Fund
	2014		—		234		—		—		234
	2013		—		667		—		—		667
Dividend & Income Fund
	2014		—		5,449		—		—		5,449
	2013		—		2,296		—		1,135		3,431
	2012†		—		4,044		—		727		4,771
U.S. Core Equity Fund
	2014		—		3,085		—		—		3,085
2013^			—		571		—		—		571
Socially Responsible Equity Fund
	2014		—		1,409		12,637		—		14,046
	2013		—		1,134		—		—		1,134
Emerging Markets Fund
	2014		—		1,072		—		—		1,072
	2013		—		—		—		—		—
	2012†		—		—		—		67		67

† For the year ended December 31, 2012.

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

^^ For the period December 30, 2013 (commencement of operations) through September 30, 2014.

CITY NATIONAL ROCHDALE FUNDS | PAGE 138

As of September 30, 2014, 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	$	—	$	36	$	—	$	—		$	—		$	—		$	(35	)	$	1
Prime Money Market Fund		—		9		—		(12	)		—			—			(8	)		(11	)
California Tax Exempt Money Market Fund		8		—		—		(2	)		—			—			(6	)		—
Limited Maturity Fixed Income Fund		—		14		—		(1,823	)		(5	)		133			(15	)		(1,696	)
Government Bond Fund		—		48		—		(188	)		—			75			(46	)		(111	)
Corporate Bond Fund		—		253		1,082		—			—			1,884			(193	)		3,026
California Tax Exempt Bond Fund		81		28		286		—			—			1,958			(81	)		2,272
Municipal High Income Fund		1,315		73		—		—			—			12,991			(1,315	)		13,064
High Yield Bond Fund		—		1,389		4,068		—			—			(73	)		(459	)		4,925
Intermediate Fixed Income Fund		—		71		—		(2,821	)		(349	)		3,740			(7	)		634
Fixed Income Opportunities Fund		—		12,889		2,715		—			—			(5,608	)		(2,019	)		7,977
Multi-Asset Fund		—		—		—		(461	)		—			584			—			123
Dividend & Income Fund		—		—		—		(4,541	)		—			43,074			(5	)		38,528
U.S. Core Equity Fund		—		1,199		18,029		—			—			29,621			—			48,849
Socially Responsible Equity Fund		—		—		5,481		—			—			13,551			—			19,032
Emerging Markets Fund		—		2,023		—		(1,305	)		—			80,776			—			81,494

For tax purposes, the losses in the Funds generated prior to the Regulated Investment Company Modernization 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, 2014, the breakdown of capital loss carryforwards was as follows:

	Expiring September 30,
Fund		2015 (000)		2017 (000)		2018 (000)		2019 (000)	Total (000)
Limited Maturity Fixed Income Fund	$	1,415	$	81	$	327	$	—		1,823
Multi-Asset Fund		—		461		—		—		461

	Expiring December 31,
Fund		2016 (000)		2017 (000)		2018 (000)	Total (000)
Intermediate Fixed Income Fund	$	192	$	2,240	$	—	$	2,432
Dividend & Income Fund		—		3,086		1,455		4,541

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2013, through September 30, 2014, 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 139

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

Fund	Short-Term Loss (000)		Long-Term Loss (000)		Total (000)*
Prime Money Market Fund	$	12	$	—	$	12
California Tax Exempt Money Market Fund		2		—		2
Government Bond Fund		188		—		188
Intermediate Fixed Income Fund		308		81		389
Emerging Markets Fund		1,305		—		1,305

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

During the year ended September 30, 2014, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Government Money Market Fund	$	1
Prime Money Market Fund		2
Limited Maturity Fixed Income Fund		86
Government Bond Fund		784
Intermediate Fixed Income Fund		126
Multi-Asset Fund		1,237
Dividend & Income Fund		5,582

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes as of March 31, 2015, for each of the Fixed Income Funds, Multi-Asset Fund and Equity Funds were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (Depreciation) (000)
Limited Maturity Fixed Income Fund	$	25,716	$	133	$	(19	)	$	114
Government Bond Fund		169,348		1,450		(63	)		1,387
Corporate Bond Fund		140,985		2,490		(824	)		1,666
California Tax Exempt Bond Fund		93,613		2,090		(60	)		2,030
Municipal High Income Fund		569,674		25,254		(5,760	)		19,494
High Yield Bond Fund		99,943		1,747		(3,871	)		(2,124	)
Intermediate Fixed Income Fund		242,503		6,138		(777	)		5,361
Fixed Income Opportunities Fund		1,520,370		70,175		(97,579	)		(27,404	)
Multi-Asset Fund		21,351		1,136		(265	)		871
Dividend & Income Fund		155,590		45,393		(2,719	)		42,674
U.S. Core Equity Fund		189,060		43,180		(3,418	)		39,762
Socially Responsible Equity Fund		251,484		23,102		(8,063	)		15,039
Emerging Markets Fund		574,323		145,232		(12,413	)		132,819

At March 31, 2015, the Money Market Funds’ cost of securities for Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

7. 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 Municipal High Income Fund, 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 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

CITY NATIONAL ROCHDALE FUNDS | PAGE 140

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

The Intermediate Fixed Income Fund and 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 Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance policies (“Policies”). A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.

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.

The Funds invest in Certificates of Participation in a municipal obligation, which are subject to annual appropriation risk.

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 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.

CITY NATIONAL ROCHDALE FUNDS | PAGE 141

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

8. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the six months ended March 31, 2015 and the year ended September 30, 2014 were as follows (000):

	Government Money Market Fund						Prime Money Market Fund (1)						California Tax Exempt Money Market Fund
	2015			2014			2015			2014			2015			2014
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			57,672			177,330			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			2			—			—			—
Shares redeemed		—			—			(45,350	)		(134,563	)		—			—
Net Institutional Class transactions		—			—			12,324			42,767			—			—
Class N:
Shares issued		1,996,940			4,544,028			389,867			712,240			353,057			988,104
Shares issued in Lieu of Dividends and Distributions		129			249			12			24			31			67
Shares redeemed		(2,240,529	)		(4,410,324	)		(408,230	)		(803,775	)		(367,782	)		(1,037,816	)
Net Class N transactions		(243,460	)		133,953			(18,351	)		(91,511	)		(14,694	)		(49,645	)
Class S:
Shares issued		526,561			1,522,771			496,724			869,219			198,165			372,122
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		(468,643	)		(1,291,990	)		(458,218	)		(878,235	)		(217,385	)		(370,022	)
Net Class S transactions		57,918			230,781			38,506			(9,016	)		(19,220	)		2,100
Servicing Class:
Shares issued		842,014			1,008,445			551,539			1,057,487			429,758			698,593
Shares issued in Lieu of Dividends and Distributions		—			—			5			9			—			—
Shares redeemed		(835,676	)		(924,910	)		(650,489	)		(1,207,309	)		(398,403	)		(662,963	)
Net Servicing Class transactions		6,338			83,535			(98,945	)		(149,813	)		31,355			35,630

	Limited Maturity Fixed  Income Fund						Government Bond Fund						Corporate Bond Fund						California Tax Exempt Bond Fund
	2015			2014			2015			2014			2015			2014			2015			2014
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		51			67			550			915			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		3			7			14			32			—			—			—			—
Shares redeemed		(191	)		(1,614	)		(322	)		(922	)		—			—			—			—
Net Institutional Class transactions		(137	)		(1,540	)		242			25			—			—			—			—
Class N:
Shares issued		121			106			12			37			128			152			241			413
Shares issued in Lieu of Dividends and Distributions		1			2			—			—			4			4			7			7
Shares redeemed		(139	)		(101	)		(30	)		(83	)		(88	)		(70	)		(164	)		(178	)
Net Class N transactions		(17	)		7			(18	)		(46	)		44			86			84			242
Servicing Class:
Shares issued		—			—			1,126			2,715			1,617			4,041			1,874			2,482
Shares issued in Lieu of Dividends and Distributions		—			—			7			18			19			23			7			9
Shares redeemed		—			—			(1,563	)		(2,893	)		(1,846	)		(3,309	)		(718	)		(1,522	)
Net Servicing Class transactions		—			—			(430	)		(160	)		(210	)		755			1,163			969

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

CITY NATIONAL ROCHDALE FUNDS | PAGE 142

	Municipal High Income Fund						High Yield Bond Fund						Intermediate Fixed Income Fund (1)						Fixed Income Opportunities Fund
	2015			2014			2015			2014			2015			2014			2015			2014
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			418			831			39			45			—			—
Shares issued from Merger(3)		—			—			—			—			—			1,734			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			361			267			4			25			—			—
Shares redeemed		—			—			(482	)		(1,023	)		(1	)		(1,469	)		—			—
Net Institutional Class transactions		—			—			297			75			42			335			—			—
Class N:
Shares issued		9,903			20,399			326			494			1,912			3,739			12,619			22,889
Shares issued from Merger(3)		—			—			—			—			—			—			—			2,105
Shares issued in Lieu of Dividends and Distributions		287			211			124			138			53			89			1,133			1,185
Shares redeemed		(1,278	)		(1,828	)		(651	)		(1,645	)		(671	)		(2,058	)		(6,817	)		(9,450	)
Net Class N transactions		8,912			18,782			(201	)		(1,013	)		1,294			1,770			6,935			16,729
Servicing Class:
Shares issued		6,478			21,234			863			3,068			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		21			7			67			63			—			—			—			—
Shares redeemed		(1,827	)		(633	)		(1,329	)		(8,462	)		—			—			—			—
Net Servicing Class transactions		4,672			20,608			(399	)		(5,331	)		—			—			—			—

	Multi-Asset Fund (2)						Dividend & Income Fund						U.S. Core Equity Fund
	2015			2014			2015			2014			2015			2014
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			71			—			—			—			100
Shares issued from Merger(3)		—			—			—			—			—			3,795
Shares issued in Lieu of Dividends and Distributions		—			3			—			—			50			6
Shares redeemed		—			(664	)		—			—			(1	)		(3,425	)
Net Institutional Class transactions		—			(590	)		—			—			49			476
Class N:
Shares issued		90			59			1,194			2,007			756			2,093
Shares issued from Merger(3)		—			—			—			—			—			207
Shares issued in Lieu of Dividends and Distributions		7			10			47			102			631			97
Shares redeemed		(168	)		(418	)		(687	)		(2,010	)		(556	)		(977	)
Net Class N transactions		(71	)		(349	)		554			99			831			1,420
Servicing Class:
Shares issued		180			105			—			—			1,729			2,881
Shares issued in Lieu of Dividends and Distributions		3			3			—			—			4			1
Shares redeemed		(297	)		(21	)		—			—			(1,084	)		(1,265	)
Net Servicing Class transactions		(114	)		87			—			—			649			1,617

(1) Institutional Class commenced operations on December 20, 2013.

(2) Institutional Class ceased operations on January 31, 2014.

(3) See Note 9 in Notes to Financial Statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 143

notes to financial statements/ consolidated notes to financial statements

March 31, 2015 (Unaudited)

	Socially Responsible Equity Fund						Emerging Markets Fund
	2015			2014			2015			2014
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		7,073			11,271			—			—
Shares issued in Lieu of Dividends and Distributions		638			768			—			—
Shares redeemed		(1,631	)		(635	)		—			—
Net Institutional Class transactions		6,080			11,404			—			—
Class N:
Shares issued		230			968			3,884			8,011
Shares issued in Lieu of Dividends and Distributions		72			514			26			15
Shares redeemed		(288	)		(1,699	)		(1,468	)		(1,641	)
Net Class N transactions		14			(217	)		2,442			6,385

9.FUND REORGANIZATIONS

Intermediate Fixed Income Fund:

On December 20, 2013, the assets of the Full Maturity Fixed Income Fund were reorganized into the Intermediate Fixed Income Fund. In this reorganization, 4,352,128 shares of the Full Maturity Fixed Income Fund were exchanged for 1,734,179 shares of the Intermediate Fixed Income Fund in a tax-free exchange.

The value of the Full Maturity Fixed Income Fund on December 20, 2013 was $44,899,004. Upon the business combination of such Funds on December 20, 2013, the value of the Full Maturity Fixed Income Fund, which included accumulated realized losses of $124,817 and unrealized loss of $238,709, combined with the value of the Intermediate Fixed Income Fund was $209,405,691.

Assuming the reorganization had been completed on October 1, 2013, the beginning of the fiscal year end, the Intermediate Fixed Income Fund’s pro-forma net investment income, net gain/(loss) on investments and net increase in net assets from operations, for the year ended September 30, 2014, would have been $4,836,013, $2,902,040 and $7,738,053, respectively. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Full Maturity Fixed Income Fund that have been included in the Intermediate Fixed Income Fund’s Statement of Operations since December 20, 2013. Because the Intermediate Fixed Income Fund and Full Maturity Fixed Income Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

U.S. Core Equity Fund:

On March 21, 2014, the assets of the Diversified Equity Fund were reorganized into the U.S. Core Equity Fund. In this reorganization, 3,019,691 shares of the Diversified Equity Fund were exchanged for 207,167 Class N shares and 3,794,815 Institutional Class shares of the U.S. Core Equity Fund in a taxable exchange.

The value of the Diversified Equity Fund on March 21, 2014 was $53,568,331. Upon the business combination of such Funds on March 21, 2014, the value of the Diversified Equity Fund, which included accumulated realized losses of $451,745 and distributions in excess of net investment income of $210, combined with the value of the U.S. Core Equity Fund was $223,593,114.

Assuming the reorganization had been completed on October 1, 2013, the beginning of the fiscal year end, the U.S. Core Equity Fund’s pro-forma net investment income, net gain/(loss) on investments and net increase in net assets from operations for the year ended September 30, 2014, would have been $1,073,823, $35,415,034 and $36,488,858, respectively. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Diversified Equity Fund that have been included in the U.S. Core Equity Fund’s Statement of Operations since March 21, 2014. Because the U.S. Core Equity Fund and Diversified Equity Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis

CITY NATIONAL ROCHDALE FUNDS | PAGE 144

Fixed Income Opportunities Fund:

On May 30, 2014, the assets of City National Rochdale Alternative Total Return Fund LLC were reorganized into the Fixed Income Opportunities Fund. In this reorganization, the total net assets of City National Rochdale Alternative Total Return Fund LLC were exchanged for 2,104,921 shares of the Fixed Income Opportunities Fund in a taxable exchange.

The value of City National Rochdale Alternative Total Return Fund LLC on May 30, 2014 was $58,518,275. Upon the business combination of such Funds on May 30, 2014, the value of City National Rochdale Alternative Total Return Fund LLC, which included realized gains of $49,195,270 and distributions in excess of net investment income of $28,972,614, combined with the value of the Fixed Income Opportunities Fund was $1,349,061,955.

Assuming the reorganization had been completed on October 1, 2013, the beginning of the fiscal year end, the Fixed Income Opportunities Fund’s pro-forma net investment income, net gain/(loss) on investments and net increase in net assets from operations for the year ended September 30, 2014, would have been $57,319,270, $8,564,090 and $65,883,360, respectively. The only investments acquired as part of the reorganization were life settlement contracts. Since the date of reorganization there were no realized gains with respect to the merged assets and the net change in unrealized loss amounted to $2,969,202. Because the Fixed Income Opportunities Fund and City National Rochdale Alternative Total Return Fund LLC sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

The Intermediate Fixed Income Fund and 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.

10.REGULATORY MATTERS

On July 23, 2014, the Securities and Exchange Commission voted to amend the rules under the Investment Company Act of 1940, as amended, which currently govern the operations of the Money Market Funds (the “MMFs”). The most significant change resulting from these amendments is a requirement that certain types of money market funds transact fund shares based on a market-based NAV. Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to ten business days in any 90-day period. The amendments have staggered compliance dates. The majority of these amendments will impact the MMFs beginning on October 14, 2016.

11.NEW ACCOUNTING PRONOUNCEMENT

In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU No. 2015-07”). ASU No. 2015-07 removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, however, early adoption is permitted. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Management is currently assessing the potential impact that this guidance will have on the consolidated financial statements.

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 March 31, 2015 and no issues were noted to disclose.

CITY NATIONAL ROCHDALE FUNDS | PAGE 145

disclosure of fund expenses (Unaudited)

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

Operating expenses such as these are deducted from 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 146

	Beginning Account Value 10/01/2014		Ending Account Value 03/31/2015		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.00		0.09	%	$	0.45
Class S		1,000.00		1,000.00		0.09	%		0.45
Servicing Class		1,000.00		1,000.00		0.09	%		0.45
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.48		0.09	%	$	0.45
Class S		1,000.00		1,024.48		0.09	%		0.45
Servicing Class		1,000.00		1,024.48		0.09	%		0.45
City National Rochdale Prime Money Market Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,000.00		0.16	%	$	0.80
Class N		1000.00		1,000.00		0.16	%		0.80
Class S		1,000.00		1,000.00		0.16	%		0.80
Servicing Class		1,000.00		1,000.00		0.16	%		0.80
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,024.13		0.16	%	$	0.81
Class N		1000.00		1024.13		0.16	%		0.81
Class S		1,000.00		1,024.13		0.16	%		0.81
Servicing Class		1,000.00		1,024.13		0.16	%		0.81
City National Rochdale California Tax Exempt Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.00		0.05	%	$	0.25
Class S		1,000.00		1,000.00		0.05	%		0.25
Servicing Class		1,000.00		1,000.00		0.04	%		0.20
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.68		0.05	%	$	0.25
Class S		1,000.00		1,024.68		0.05	%		0.25
Servicing Class		1,000.00		1,024.73		0.04	%		0.20
City National Rochdale Limited Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,003.90		0.67	%	$	3.35
Class N		1,000.00		1,003.60		0.92	%		4.60
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.59		0.67	%	$	3.38
Class N		1,000.00		1,020.34		0.92	%		4.63
City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,010.20		0.53	%	$	0.88
Class N		1,000.00		1,007.70		1.03	%		5.16
Servicing Class		1,000.00		1,009.00		0.78	%		3.91
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.29		0.53	%	$	2.67
Class N		1,000.00		1,019.80		1.03	%		5.19
Servicing Class		1,000.00		1,021.04		0.78	%		3.93
City National Rochdale Corporate Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,007.80		1.01	%	$	5.06
Servicing Class		1,000.00		1,008.10		0.76	%		3.80
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.90		1.01	%	$	5.09
Servicing Class		1,000.00		1,021.14		0.76	%		3.83
City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,008.30		0.88	%	$	4.41
Servicing Class		1,000.00		1,009.60		0.63	%		3.16
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.54		0.88	%	$	4.43
Servicing Class		1,000.00		1,021.79		0.63	%		3.18
City National Rochdale Municipal High Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,034.60		1.04	%	$	5.28
Servicing Class		1,000.00		1,035.90		0.79	%		4.01
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.75		1.04	%	$	5.24
Servicing Class		1,000.00		1,020.99		0.79	%		3.98
City National Rochdale High Yield Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,006.30		0.70	%	$	1.14
Class N		1,000.00		1,003.90		1.20	%		6.00
Servicing Class		1,000.00		1,005.10		0.95	%		4.75
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.44		0.70	%	$	3.53
Class N		1,000.00		1,018.95		1.20	%		6.04
Servicing Class		1,000.00		1,020.19		0.95	%		4.78

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 147

disclosure of fund expenses (Unaudited)

	Beginning Account Value 10/01/2014		Ending Account Value 03/31/2015		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,020.90		0.51	%	$	0.83
Class N		1,000.00		1,018.10		1.01	%		5.08
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.39		0.51	%	$	2.57
Class N		1,000.00		1,019.90		1.01	%		5.09
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$	1,000.00	$	989.80		1.10	%	$	5.46
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.45		1.10	%	$	5.54
City National Rochdale Multi-Asset Fund
Actual Fund Return
Class N	$	1,000.00	$	1,025.20		1.49	%	$	7.52
Servicing Class		1,000.00		1,026.50		1.24	%		6.26
Hypothetical 5% Return
Class N	$	1,000.00	$	1,017.50		1.49	%	$	7.49
Servicing Class		1,000.00		1,018.75		1.24	%		6.24
City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,049.80		1.11	%	$	5.67
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.40		1.11	%	$	5.59
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,062.30		0.53	%	$	0.90
Class N		1,000.00		1,059.60		1.03	%		5.29
Servicing Class		1,000.00		1,060.70		0.78	%		4.01
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.29		0.53	%	$	2.67
Class N		1,000.00		1,019.80		1.03	%		5.19
Servicing Class		1,000.00		1,021.04		0.78	%		3.93
City National Rochdale Socially Responsible Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,014.20		0.87	%	$	4.37
Class N		1,000.00		1,013.90		1.11	%		5.57
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.59		0.87	%	$	4.38
Class N		1,000.00		1,019.40		1.11	%		5.59
City National Rochdale Emerging Markets Fund
Actual Fund Return
Class N	$	1,000.00	$	1,068.30		1.61	%	$	8.30
Hypothetical 5% Return
Class N	$	1,000.00	$	1,016.90		1.61	%	$	8.10

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 148

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”). On May 14, 2014, the Board and the Independent Trustees approved the following sub-advisory agreements:

• A sub-advisory agreement between City National Rochdale, LLC (the “Adviser”) and Ashmore Investment Management Limited (“Ashmore”) with respect to the City National Rochdale Fixed Income Opportunities Fund (the “Fixed Income Opportunities Fund” or the “Fund”); and

• A sub-advisory agreement between the Adviser and AllFinancial Partners II, LLC (“AllFinancial”) with respect to the Fund.

The sub-advisory agreements listed above are collectively referred to below as the “Agreements,” and Ashmore and AllFinancial are collectively referred to below as the “Sub-Advisers.”

General Information

The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the 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. As described below, the Board considered the nature, quality and extent of the various investment advisory services proposed to be performed by each Sub-Adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in a private session with their independent counsel at which no representatives of the Adviser or the Sub-Advisers were present.

The Board reviewed extensive materials regarding investment results of each Sub-Adviser, advisory fee information, financial information with respect to each Sub-Adviser, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel who would be providing investment management services to the Funds. In addition, the Investment Committee of the Board of Trustees met with and reviewed presentations by representatives of Ashmore and AllFinancial.

In deciding to approve 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.

Ashmore Investment Management Limited

Nature, Extent and Quality of Services

In reviewing the services to be provided by Ashmore to the Fund, the Board considered a variety of matters, including the background, education and experience of Ashmore’s key portfolio management and operational personnel; its overall financial strength and stability; its resources and ability to attract, motivate and retain capable personnel to serve the Fund; and the overall general quality and depth of its organization. The Board also reviewed Ashmore’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 considered the composite performance of accounts managed by Ashmore using the same investment strategies Ashmore would use to manage its portion of the Fund. The Board observed that the annualized returns of the composite, which commenced August 2007, were higher than the returns of the JP Morgan Corporate Emerging Market Bond Index (CEMBI) Non-Investment Grade for the one-, three- and five-year and since inception periods ending December 31, 2013.

Sub-Advisory Fees, Benefits to Sub-Adviser and Economies of Scale

The Board reviewed the fees charged by Ashmore to two commingled funds that Ashmore manages using the same investment strategies it would use to manage its portion of the Fund, and noted that the asset-based fees charged by Ashmore to the commingled funds were greater than the management fees it would be charging with respect to the Fund, and that one of the commingled funds also paid a significant performance-based fee. The Board also considered the potential benefits to be received by Ashmore as a result of its relationship with the Fund generally, including sub-advisory fees paid to Ashmore and the intangible benefits of its association with the Fund and any favorable publicity arising in connection with the Fund’s performance. The Board considered that although neither the Fund’s advisory agreement nor the proposed Ashmore Agreement included fee breakpoints, the Adviser would retain no advisory fees with respect to the portion of the Fund to be managed by Ashmore

CITY NATIONAL ROCHDALE FUNDS | PAGE 149

board approval of advisory and sub-advisory agreements

(Unaudited)

and significant economies of scale were not likely to be realized by Ashmore at the Fund asset levels anticipated during the next several years of the Fund’s operations.

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 terms of the proposed sub-advisory agreement, including the fees to be received by Ashmore, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Ashmore to the Fund and its shareholders, and approved the sub-advisory agreement.

AllFinancial Partners II, LLC

Nature, Extent and Quality of Services

In reviewing the services to be provided by AllFinancial to the Fund, the Board considered a variety of matters, including the background, education and experience of AllFinancial’s key portfolio management and operational personnel; its overall financial strength and stability; its resources and ability to attract, motivate and retain capable personnel to serve the Fund; and the overall general quality and depth of its organization. The Board also reviewed information regarding AllFinancial’s advisory business and the advisory services it would be providing to the Fund with respect to the Fund’s investments in life insurance policies. The Board noted that AllFinancial would be recommending new life insurance policies to the Adviser for investment by the Fund, but that the Adviser would continue to make investment decisions with respect to the Fund’s investments in life insurance policies based on AllFinancial’s recommendations. The Board also reviewed information regarding AllFinancial’s commitment and systems in place with regard to compliance with applicable laws and regulations.

The Board considered the performance of the City National Rochdale Alternative Return Fund (the “Alternative Total Return Fund”), which commenced January 4, 2011, was expected to reorganize into the Fixed Income Opportunities Fund at the end of May 2014, and for which AllFinancial’s principal had provided investment recommendations. The Board noted that the Alternative Total Return Fund had outperformed the Barclay’s Intermediate Aggregate Bond Index plus 500 basis points for the one-year and since inception periods ending March 31, 2014, although the Alternative Total Return Fund had underperformed the S&P 500 Index by 13.39% and 0.71% for the same periods, respectively.

Sub-Advisory Fees, Benefits to Sub-Adviser and Economies of Scale

The Trustees considered that the Fixed Income Opportunities Fund would be AllFinancial’s only client and that therefore they did not have a basis for comparing the proposed fees to be paid to AllFinancial with respect to the portion of the Fund invested in life insurance policies with advisory fees charged by AllFinancial to other clients. The Board also considered the potential benefits to be received by AllFinancial as a result of its relationship with the Fund generally, including sub-advisory fees paid to AllFinancial and the intangible benefits of its association with the Fund and any favorable publicity arising in connection with the Fund’s performance. The Board considered that although neither the Fund’s advisory agreement with the Adviser nor the AllFinancial Agreement included fee breakpoints, the Adviser would not be retaining any portion of its advisory fee with respect to the Fund’s investment in life insurance policies and significant economies of scale were not likely to be realized by AllFinancial at the Fund asset levels anticipated during the next several years of the Fund’s operations.

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 terms of the proposed sub-advisory agreement, including the fees to be received by AllFinancial, were fair and reasonable in light of the nature and quality of the services proposed to be provided by AllFinancial to the Fund and its shareholders, and approved the sub-advisory agreement.

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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.

CNR-SA-004-0700

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

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 to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

None.

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(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 and Chief Executive Officer
Date:	June 8, 2015

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 and Chief Executive Officer
Date:	June 8, 2015
By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt,
	Treasurer
Date:	June 8, 2015

* Print the name and title of each signing officer under his or her signature.