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Item 1.
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Reports to Stockholders.
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TABLE OF CONTENTS
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City National Rochdale Funds Annual Report |
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2 |
Letter to Our Shareholders |
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4 |
Fixed Income Funds Investment Adviser’s Report |
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7 |
Fixed Income Funds Overview |
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14 |
Equity Funds Investment Adviser’s Report |
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16 |
Equity Funds Overview |
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19 |
Schedule of Investments/Consolidated Schedule of Investments |
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114 |
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities |
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117 |
Statements of Operations/Consolidated Statement of Operations |
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120 |
Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets |
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124 |
Consolidated Statement of Cash Flows |
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126 |
Financial Highlights/Consolidated Financial Highlights |
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129 |
Notes to Financial Statements/Consolidated Notes to Financial Statements |
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145 |
Report of Independent Registered Public Accounting Firm |
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146 |
Trustees and Officers |
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149 |
Notice to Shareholders |
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150 |
Disclosure of Fund Expenses |
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153 |
Board Approval of Advisory and Sub-Advisory Agreements |
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160 |
Shareholder Voting Proxy Results |
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
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letter to our shareholders (Unaudited) |
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September 30, 2016 |
Dear Shareholders,
This annual report covers the one-year period ended September 30, 2016. Heading towards the end of the calendar year, risk assets have delivered a wide range of performance outcomes, though mostly positive. The U.S. economy remains on a modest, but solid growth path and appears largely insulated from the direct effects of the slowdown in global growth. The impact of the United Kingdom’s vote to leave the European Union (the “E.U.”) (“Brexit”) is likely to have relatively a small direct impact on the U.S. economy. U.S. economic indicators have improved recently, confirming our view that underlying domestic demand remains solid. We believe there is little evidence to support fears of a major global downturn. China continues to face challenges, but we believe its economy is not collapsing and data from other major economies, while slow, have generally been positive. Geopolitical events, Federal Reserve (“Fed”) tightening, the U.S. presidential election, and uncertainty over global growth may result in heightened volatility and depressed yield levels, but we expect solid returns for U.S. stock investors over the next 12 months.
Within fixed income markets, credit quality positioning was of key importance throughout the year, particularly during the most recent quarter. Energy companies were under significant pressure, as $40 - $50 oil (per barrel) dramatically changed profitability projections across the sector. However, these companies seemed to learn to live within this span and defaults in the high yield and low yield space did not spike dramatically (however, the environment is still very challenging, depending on company level leverage). After quickly shaking off a brief bout of volatility spurred by the U.K.’s vote to exit the E.U. at the end of June, corporate credit spreads resumed their tightening trend over the third quarter (“Q3”). As volatility subsided, the flight to safety abated, leading to a slight upward shift in interest rates for U.S. Treasury bonds. Global central banks have maintained their exceptionally easy monetary policies; however, the Bank of Japan has changed its focus to managing the shape of the yield curve from managing short-term interest rates and quantitative easing. Shaking off Brexit-induced volatility, corporate credit spreads tightened in Q3. The fixed-income markets performed exceptionally well in the first half of 2016 as the combination of declining interest rates and tightening credit spreads lifted bond prices and generated returns well in excess of the amount of yield carry that bonds would have otherwise generated.
Fed officials have shifted from a defensive stance in the wake of the Brexit vote, to one of cautious optimism. However, the Fed will likely want to see more data before it is willing to commit to another rate hike. Expectations are growing, however, with the Fed funds futures market now pricing in about a 50-75% chance of a rate hike in December. City National Rochdale’s proprietary Multi-Factor Bond Market Model continues to find opportunistic fixed income relatively attractive. The collapse in energy prices is creating significant stress among energy borrowers, but other industries remain relatively healthy. As long as default rates remain low (a reasonable assumption given our gross domestic product (GDP) forecast), below investment-grade debt looks attractive.
U.S. stocks continued their march higher in the third quarter. Stocks continued to climb over the summer as worries over higher rates, emerging markets, and commodities mostly faded. Investors were still trying to make sense of the Brexit vote as the quarter began, but that quickly fell into the background as the market was generally docile for most of the summer. The quiet was driven by a few factors. First, U.S. economic data was strong enough to not cause worry about a recession, but not so strong that the Fed would be forced to raise rates. Secondly, fears around China and other emerging markets that had been center stage earlier in the year eased. And finally, even though oil prices did bounce around, they remained much higher than the levels seen at the start of the year. Volatility picked up again toward the end of the quarter as the market reassessed the prospect of a rate increase and concerns over the health of Deutsche Bank kept surfacing. As the fourth quarter (“Q4”) gets started those concerns will likely remain in focus.
Fundamentals still supportive of equities include:
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● |
Corporate earnings growth is expected to improve modestly through 2017 as global headwinds of lower energy prices and the stronger dollar slowly fade. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
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● |
Market valuations are in line with long term averages and do not appear excessive, though further multiple expansion is unlikely given larger downside risks. |
Coming into 2016, we expected to face choppy seas amidst a backdrop of shifting global economic currents and uncertain monetary policy developments around the world. Our unwavering focus on risk management and downside protection continues to serve us well, as capital preservation will always be of paramount importance within all of the investment strategies that we manage. As always, 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.
Sincerely,
Garrett R. D’Alessandro
President and Chief Executive Officer
City National Rochdale Funds
Past performance is no guarantee of future results. Certain shareholders may be subject to the Alternative Minimum Tax (AMT). Federal income tax rules apply to any capital gain distributions.
This information must be preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing.
City National Rochdale Funds do not generally accept investments by non-U.S. persons and may not be available in all states.
Bloomberg Barclays U.S. 1-5 Year Government Bond Index is an index of all investment grade bonds with maturities of more than one year and less than 5 years. The index is a market value weighted performance benchmark.
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years.
Bloomberg Barclays High Yield Municipal Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.
Citigroup High Yield Market Capped Index is a US Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the US or Canada. Recognized as a broad measure of the North American high-yield market amongst all Citi’s fixed income indices, it includes cash-pay and deferred-interest securities. All the bonds are publically placed, have a fixed coupon, and are non-convertible. Bonds issued under Rule 144A are included in their unregistered form.
Bloomberg Barclays Intermediate U.S. Government/Credit Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from 1 to 10 years. The comparative market index is not directly investable and is not adjusted to reflect expenses that the SEC requires to be reflected in the fund’s performance.
Credit Suisse Leveraged Loan Index is designed to mirror the investible universe of the $U.S.-denominated leverage loan market.
Bloomberg Barclays Intermediate-Short California Municipal Bond Index measures the performance of California municipal bonds.
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
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investment adviser’s report (Unaudited) |
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September 30, 2016 |
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Fixed Income Funds |
Government Bond Fund – CNBIX
The Servicing Class Shares of the Fund posted a return of -0.20% for Q3, which slightly underperformed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index’s -0.17% return. Calendar year to date, as of September 30, 2016, the Fund is lagging the benchmark’s return of 2.18% by 62 basis points with a return of 1.56%. For the fiscal year ended September 30, 2016, the Servicing Class Shares of the Fund have returned 0.84% and the benchmark has delivered a return of 1.52%.
As of the most recent quarter, the portfolio maintained its short duration positioning relative to the benchmark in anticipation of an eventual rise in interest rates. This proved to be a headwind during the quarter, as longer duration assets outperformed shorter duration positions. Morningstar rankings reflect the low risk approach of the Fund’s management, as the Fund tracks the benchmark very closely. Due to its capital preservation style, consistency since inception, and the high credit quality of its holdings, we believe the Fund is an attractive investment in a conservative space.
Corporate Bond Fund – CNCIX
The Servicing Class Shares of the Fund posted a return of 0.68% for Q3, outperforming the Bloomberg Barclays 1-5 Year A3 or Higher U.S. Corporate Index’s return of 0.23%. Calendar year to date, as of September 30, 2016, the Fund is outperforming its benchmark by 0.06% (3.14% for the Fund versus 3.08% for its benchmark). For the fiscal year ended September 30, 2016, the Servicing Class Shares of the Fund have underperformed its benchmark’s return by 0.16 (2.69% for the Fund versus 2.85% for its benchmark).
As of the most recent quarter, the Fund continued to outpace its benchmark from a yield and total return perspective, driven by an emphasis on investing in lower quality bonds within the investment grade universe. Sector allocation was additive to relative performance as bonds within the Industrial sector outperformed bonds within the Financial sector. Issuer selection within the Financial sector accompanied by slightly underweight duration relative to the benchmark was a performance tailwind.
CALIFORNIA TAX EXEMPT BOND FUND – CNTIX
The Servicing Class Shares of the Fund posted a return of -0.13% for Q3, outperforming the Bloomberg Barclays Intermediate-Short California Municipal Bond Index’s return of -0.19% by 6 basis points. Calendar year to date, as of September 30, 2016, the Fund matched the benchmark’s return of 1.98%. For the fiscal year ended September 30, 2016, the Servicing Class Shares of the Fund returned 2.48%, lagging the benchmark’s return of 2.53% by 5 basis points.
Yield curve positioning during the third quarter was the driver of outperformance. As short-term yields moved higher we added daily and weekly notes to the Fund portfolio. In addition, the Fund maintained its barbell structure enhancing the returns year to date and over the fiscal year. With short-term rates rising and long term rates shifting downward, the flattening of the yield curve provided a boost to the Fund’s performance. The Fund’s underweight to California General Obligation bonds was additive to performance during the last quarter as the Fund’s yield spreads widened. Another underweight compared to the benchmark was pre-refunded bonds, which helped performance throughout the year. The Fund maintained a neutral duration throughout the first three quarters of the fiscal year but was slightly short compared to the benchmark throughout most of the last quarter, which added to the outperformance.
Municipal High Income Bond Fund – CNRMX
The Servicing Class Shares of the Fund posted a return of 0.22% for Q3, underperforming the Bloomberg Barclays High Yield Muni Index’s return of 1.29% by 107 basis points. Calendar year to date, as of September 30, 2016, the Fund lagged the benchmark’s return of 9.37% by 311 basis points with a return of 6.26%. For the fiscal year ended September 30, 2016, the Servicing Class Shares of the Fund returned 8.50%, lagging its benchmark’s return of 11.32% by 282 basis points.
The primary causes for underperformance versus the benchmark both on a quarterly and annual basis were the Fund’s underweights versus the benchmark in Puerto Rico bonds and in Master Settlement Agreement-backed (tobacco) bonds (“MSA-backed bonds”). During the year, the Fund had less than 5% of its assets in Puerto Rico bonds
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
versus the benchmark holding of approximately 24%, and the Fund held less than 2% during Q3. Despite worsening financial distress and a default on July 1 of Puerto Rico’s general obligation bonds, prices generally rose during the year, contributing to the Fund’s underperformance. The team does not believe that a significant holding in Puerto Rico bonds is appropriate, given the continued decline in credit quality on the island. MSA-backed bonds are a significant part of the index as well; the Fund holdings were less than 10% throughout the year and quarter, as part of the Fund’s fundamental policy of remaining diversified across different sectors and individual holdings.
High Yield Bond Fund – CHYIX
The Servicing Class Shares of the Fund posted a return of 5.29% for Q3, lagging the Citigroup High Yield Market Capped Index’s return of 5.39% by 10 basis points. Calendar year to date, as of September 30, 2016, the Fund is behind the benchmark’s return of 15.36% by 223 basis points with a return of 13.13%. For the fiscal year ended September 30, 2016, the Servicing Class Shares of the Fund returned 9.61%, underperforming its benchmark’s return of 12.46% by 285 basis points.
The Fund underperformed its benchmark in nearly all situations because of asset class exposure and risk weights. As of September 30, 2016, the Fund has 83% exposure to high yield bonds and 17% exposure to higher quality assets, such as bank loans (7%), investment grade bonds (5%), and cash (3%). The manager has upgraded the average credit quality of the overall portfolio over the course of the last year, which was intended to help insulate against elevated volatility that has punctuated credit markets over the past few years. The Fund’s approximate 7% allocation to bank loans has also been a constructive hedge against downside risk, as senior secured paper has performed relatively well during periods of market stress. When comparing attribution of returns for only the high yield bonds, the underlying performance has been in line with its benchmark. Therefore, we understand the underperformance and while it is not ideal to lag the benchmark, we are pleased with the absolute level of returns the Fund has produced.
Intermediate Fixed Income Fund – RIMCX
The Class N Shares of the Fund posted a return of 0.51% for Q3, outperforming the Bloomberg Barclays Intermediate U.S. Government/ Credit Index’s return of 0.16%. Calendar year to date, as of September 30, 2016, the Fund is underperforming its benchmark’s return of 4.24% by 17 basis points with a return of 4.07%. For the fiscal year ended September 30, 2016, the Class N Shares of the Fund returned 3.72%, outperforming its benchmark’s return of 3.52% by 20 basis points.
As of the most recent quarter, the Fund continued to outpace its benchmark from a yield and total return perspective, driven by an emphasis on investing in lower quality bonds within the investment grade universe. The significant overweight to corporate credit has been the most meaningful driver of underperformance over the last year. Corporate sector allocation was additive to relative performance as bonds within the Industrial sector outperformed bonds within the Financial sector. Issuer selection within the Financial sector accompanied by slightly underweight duration relative to the benchmark was a performance tailwind.
Fixed Income Opportunities Fund – RIMOX
The Fund posted a return of 3.95% for Q3, outperforming the Credit Suisse Leveraged Loan Index’s return of 3.10% by 85 basis points. Calendar year to date, as of September 30, 2016, the Fund is outperforming its benchmark’s return of 7.44% by 88 basis points with a return of 8.32%. For the fiscal year ended September 30, 2016, the Fund has returned 8.04%, outperforming its benchmark’s return of 5.33% by 271 basis points.
The Fund’s diversified asset class exposures have been instrumental in delivering an attractive yield profile, without assuming an inordinate amount of interest rate risk. With just over 30% of the Fund allocated to a combination of domestic and European bank loans, the strategy has been well positioned to withstand the elevated volatility experienced in credit markets. The Fund’s emerging markets high yield and U.S. high yield bond allocations have been two of the strongest performers during the year. Both of these areas outperformed the more conservative segment of bank loans.
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
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investment adviser’s report (Unaudited) |
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September 30, 2016 |
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Fixed Income Funds (continued) |
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
The Government Bond Fund’s, Corporate Bond Fund’s, California Tax Exempt Bond Fund’s, Municipal High Income Fund’s, High Yield Bond Fund’s, Intermediate Fixed Income Fund’s and Fixed Income Opportunities Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. The Adviser intends to continue these arrangements at least through January 31, 2017, but there can be no assurance that City National Rochdale, LLC will continue to waive fees. Effective January 31, 2016, City National Rochdale, LLC discontinued the voluntary fee waivers for the Municipal High Income Fund and High Yield Bond Fund.
Mutual fund investing involves risk, including loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
The California Tax Exempt Bond Fund invests primarily in California securities and may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations than a fund investing in obligations of a number of states.
The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or both of two major nationally recognized statistical rating organizations (“NRSROs”). The two NRSROs currently utilized for this purpose are Standard & Poor’s (S&P) and Moody’s. When a bond is rated by S&P that rating is utilized. If it is not rated by S&P, the Moody’s rating is utilized. When a security is rated by neither, it is classified as “Not Rated”. For bonds, these credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “AA-” or “AA+” have been included in the “AA” rated category. Long-term ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
|
fund overview (Unaudited) |
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September 30, 2016 |
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City National Rochdale Government Bond Fund |
The Fund seeks to provide current income by investing primarily in securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Government Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays U.S. 1-5 Year Government Bond Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year Return |
|
Servicing Class*^ |
CNBIX |
0.84% |
0.86% |
0.49% |
2.36% |
|
Institutional Class(1)^^† |
CNIGX |
1.09% |
1.15% |
0.74% |
2.49% |
|
Class N |
CGBAX |
0.58% |
0.61% |
0.24% |
2.10% |
|
Bloomberg Barclays U.S. 1-5 Year Government Bond Index |
n/a |
1.52% |
1.41% |
1.11% |
2.97% |
|
* |
The graph is based on only Servicing Class Shares; performance for Institutional Class and Class N Shares would be different due to differences in fee structures. |
|
(1) |
Commenced operations on February 1, 2012. |
|
^ |
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
|
^^ |
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
|
† |
Institutional Class Shares’ performance for the period of October 1, 2006, to February 1, 2012, is that of the Servicing Class Shares. |
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Top Ten Holdings |
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% OF PORTFOLIO |
|
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Tennessee Valley Authority, Ser E |
|
|
6.250%, 12/15/17 |
5.7% |
|
U.S. Treasury Note |
|
|
2.375%, 12/31/20 |
4.5% |
|
U.S. Treasury STRIPS |
|
|
2.234%, 11/15/21 |
3.8% |
|
FNMA |
|
|
2.467%, 10/09/19 |
3.7% |
|
FNMA |
|
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0.875%, 02/08/18 |
3.7% |
|
FNMA |
|
|
3.619%, 12/01/20 |
3.5% |
|
U.S. Treasury Note |
|
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2.000%, 11/30/20 |
3.4% |
|
U.S. Treasury Note |
|
|
2.750%, 02/28/18 |
3.4% |
|
FNMA |
|
|
1.625%, 11/27/18 |
3.4% |
|
FNMA |
|
|
1.500%, 11/30/20 |
3.4% |
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
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fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Corporate Bond Fund |
The Fund seeks to provide current income by investing in a diversified portfolio of fixed income securities, primarily investment grade corporate bonds issued by domestic and international companies denominated in U.S. dollars.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Corporate Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year |
|
Servicing Class*^ |
CNCIX |
2.69% |
1.65% |
2.30% |
3.47% |
|
Class N |
CCBAX |
2.39% |
1.38% |
2.04% |
3.21% |
|
Bloomberg Barclays 1-5 Year U.S. Corporate A3 or Higher, 2% Issuer Constrained Index |
n/a |
2.85% |
2.32% |
2.59% |
3.88% |
|
* |
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
|
^ |
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
|
Top Ten Holdings |
|
|
% OF PORTFOLIO |
|
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB |
|
|
2.107%, 07/01/18 |
3.3% |
|
Total Capital International |
|
|
2.875%, 02/17/22 |
3.3% |
|
Stone Ridge Reinsurance Risk Premium Interval Fund |
2.7% |
|
Lowe’s |
|
|
6.100%, 09/15/17 |
2.4% |
|
Fifth Third Bank |
|
|
2.250%, 06/14/21 |
2.4% |
|
Hewlett Packard Enterprise |
|
|
2.393%, 10/05/16 |
2.4% |
|
Nissan Auto Lease Trust 2015-A, |
|
|
1.400%, 06/15/18 |
2.3% |
|
VW Credit, MTN |
|
|
1.875%, 10/13/16 |
2.3% |
|
Standard Chartered, MTN |
|
|
1.700%, 04/17/18 |
2.3% |
|
Daimler Finance North America |
|
|
2.250%, 7/31/19 |
2.3% |
|
BOND CREDIT QUALITY |
|
|
CREDIT RATINGS(1) |
% OF NET ASSETS |
|
AAA |
4.9% |
|
AA |
10.7% |
|
A |
37.9% |
|
BBB |
40.3% |
|
B |
1.1% |
|
NR |
0.4% |
|
Registered Investment Company |
2.6% |
|
Short-Term Investments and Other Net Assets |
1.4% |
|
(1) |
Credit quality is based on ratings from Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”). Where S&P ratings are not available, credit quality is based on ratings from Moody’s Investor Services, Inc. (“Moody’s”). S&P and Moody’s ratings have been selected for several reasons, including the access to information and materials provided by S&P and Moody’s, as well as the Fund’s consideration of industry practice. The Not Rated category, if applicable, consists of securities that have not been rated by S&P or Moody’s. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund |
The Fund seeks to provide current income exempt from federal and California state income tax by investing primarily in California municipal bonds and notes.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale California Tax Exempt Bond Fund, Servicing Class Shares, versus the Bloomberg Barclays Intermediate-Short California Municipal Bond Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year Return |
|
Servicing Class*^ |
CNTIX |
2.48% |
2.54% |
2.39% |
3.18% |
|
Class N |
CCTEX |
2.20% |
2.26% |
2.12% |
2.92% |
|
Bloomberg Barclays Intermediate-Short California Municipal Bond Index |
n/a |
2.53% |
2.91% |
2.83% |
3.87% |
|
* |
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
|
^ |
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank. |
|
Top Ten Holdings* |
|
|
% OF PORTFOLIO |
|
|
Fairfield County, Redevelopment Agency, TA |
|
|
4.000%, 08/01/17 |
2.8% |
|
Los Angeles, Unified School District, Ser B, GO, AMBAC Callable 07/01/17 @ 100 |
|
|
5.000%, 07/01/19 |
2.1% |
|
University of California, Ser AT, RB Callable 11/15/20 @ 100 |
|
|
1.400%, 05/15/46 |
2.1% |
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB Callable 02/01/17 @ 100 |
|
|
1.790%, 04/01/52 |
2.0% |
|
Irvine Ranch, Water District, Ser A, SAB Callable 10/03/16 @ 100 |
|
|
0.800%, 10/01/41 |
2.0% |
|
Riverside County, Public Safety Communication, Ser A, COP, AMBAC |
|
|
5.000%, 11/01/17 |
1.7% |
|
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB |
|
|
5.000%, 07/01/17 |
1.4% |
|
Golden State Tobacco Securitization, Ser A, RB Callable 06/01/23 @ 100 |
|
|
5.000%, 06/01/30 |
1.4% |
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB |
|
|
5.000%, 04/01/19 |
1.4% |
|
San Diego, Public Facilities Financing Authority Sewer Revenue, RB |
|
|
5.000%, 05/15/25 |
1.3% |
|
* |
Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund |
The Fund seeks to provide a high level of current income that is not subject to federal income tax.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Municipal High Income Fund, Servicing Class Shares, versus the Bloomberg Barclays High Yield Municipal Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||
|
Shares |
Ticker Symbol |
1-Year |
Inception |
|
Servicing Class*(1)^ |
CNRMX |
8.50% |
8.34% |
|
Class N(1) |
CNRNX |
8.34% |
8.07% |
|
Bloomberg Barclays High Yield Municipal Index |
n/a |
11.32% |
9.00% |
|
* |
The graph is based on only Servicing Class Shares; performance for Class N Shares would be different due to differences in fee structures. |
|
(1) |
Commenced operations on December 30, 2013. |
|
^ |
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
|
Top Ten Holdings* |
|
|
% OF PORTFOLIO |
|
|
California Statewide Communities Development Authority, Ser A, RB Callable 06/01/26 @ 100 |
|
|
5.250%, 12/01/56 |
1.3% |
|
Connecticut State, Health & Educational Facility Authority, RB Callable 06/01/26 @ 100 |
|
|
5.000%, 12/01/45 |
1.2% |
|
TSASC, Inc., Ser 1 Callable 10/19/16 @ 100 |
|
|
5.125%, 06/01/42 |
1.1% |
|
New York State, Liberty Development, RB Callable 11/15/24 @ 100 |
|
|
5.000%, 11/15/44 |
1.1% |
|
Massachusetts State, Ser E Callable 04/01/25 @ 100 |
|
|
4.000%, 04/01/42 |
1.1% |
|
Colorado State, Health Facilities Authority, RB Callable 05/15/26 @ 100 |
|
|
4.000%, 11/15/46 |
1.0% |
|
California State, GO Callable 09/01/26 @ 100 |
|
|
5.000%, 09/01/45 |
0.9% |
|
Children's Trust Fund, Ser A, RB Callable 11/03/16 @ 12 |
|
|
7.256%, 05/15/50 |
0.8% |
|
Golden State Tobacco Securitization, Sub-Ser B, RB Callable 06/01/17 @ 17 |
|
|
9.653%, 06/01/47 |
0.8% |
|
Southeastern Ohio, Port Authority, Memorial Health System Project, RB Callable 12/01/22 @ 100 |
|
|
6.000%, 12/01/42 |
0.8% |
|
* |
Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 10
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund |
The Fund seeks to maximize total return by investing primarily in fixed income securities rated below investment grade including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and debt securities that are issued by U.S. and foreign governments.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale High Yield Bond Fund, Servicing Class Shares, versus the Citigroup High Yield Market Capped Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year |
|
Servicing Class*^ |
CHYIX |
9.61% |
4.53% |
7.24% |
6.88% |
|
Institutional Class(1)^^† |
CNIHX |
9.88% |
4.79% |
7.49% |
7.00% |
|
Class N(1) |
CHBAX |
9.44% |
4.31% |
6.98% |
6.59% |
|
Citigroup High Yield Market Capped Index |
n/a |
12.46% |
4.71% |
7.79% |
7.24% |
|
* |
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures. |
|
(1) |
Commenced operations on February 2, 2012. |
|
^ |
The Fund’s Servicing Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
|
^^ |
The Fund’s Institutional Class Shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the Fund’s minimum initial investment requirement, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
|
† |
Institutional Class Shares’ performance for the period from October 1, 2006, to February 2, 2012, is that of the Servicing Class Shares. |
|
Top Ten Holdings* |
|
|
% OF PORTFOLIO |
|
|
Epicor Software |
|
|
9.250%, 05/21/23 |
2.0% |
|
Vector Group |
|
|
7.750%, 02/15/21 |
1.7% |
|
Kennedy-Wilson |
|
|
5.875%, 04/01/24 |
1.6% |
|
Ironshore Holdings US |
|
|
8.500%, 05/15/20 |
1.4% |
|
HRG Group |
|
|
7.875%, 07/15/19 |
1.3% |
|
Sprint Communications |
|
|
9.000%, 11/15/18 |
1.3% |
|
AmeriGas Finance |
|
|
7.000%, 05/20/22 |
1.2% |
|
LBC Tank Terminals Holding Netherlands |
|
|
6.875%, 05/15/23 |
1.2% |
|
T-Mobile USA |
|
|
6.500%, 01/15/26 |
1.2% |
|
Bumble Bee Holdings |
|
|
9.000%, 12/15/17 |
1.2% |
|
* |
Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 11
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund |
The Fund seeks current income and, to the extent consistent with this goal, capital appreciation, by investing primarily in fixed income securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Intermediate Fixed Income Fund, Class N Shares, versus the Bloomberg Barclays Intermediate U.S. Government/Credit Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance.
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year |
|
Class N*(1) |
RIMCX |
3.72% |
2.86% |
3.26% |
3.54% |
|
Institutional Class(2)^ |
CNRIX |
4.20% |
3.33% |
3.55% |
3.68% |
|
Bloomberg Barclays Intermediate U.S. Government/Credit Index |
n/a |
3.52% |
2.80% |
2.45% |
4.17% |
|
* |
The graph is based on only Class N Shares; the performance for Institutional Class Shares would be different due to differences in fee structures. |
|
(1) |
The predecessor to the City National Rochdale Intermediate Fixed Income Fund (the “Predecessor Fund”) commenced operations on December 31, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2006, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
|
(2) |
Commenced operations on December 20, 2013. The performance results for Institutional Class Shares of the Fund for the period of October 1, 2006, to March 28, 2013, reflect the performance of the Predecessor Fund’s shares. The performance results for the Institutional Class Shares of the Fund for the period March 29, 2013, to December 19, 2013, reflect the performance of the Class N Shares. |
|
^ |
The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirement of $1,000,000 and certain tax deferred retirement plans (including 401(k) plans, employer sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
|
Top Ten Holdings |
|
|
% OF PORTFOLIO |
|
|
Svenska Handelsbanken, MTN |
|
|
5.125%, 03/30/20 |
2.5% |
|
Rio Tinto Finance USA |
|
|
3.750%, 06/15/25 |
2.4% |
|
FNMA |
|
|
1.625%, 11/27/18 |
2.3% |
|
Apple |
|
|
2.450%, 08/04/26 |
2.2% |
|
Stone Ridge Reinsurance Risk Premium Interval Fund |
2.2% |
|
U.S. Treasury Inflation Indexed Bonds |
|
|
0.625%, 01/15/26 |
2.1% |
|
Bank of Nova Scotia |
|
|
2.450%, 03/22/21 |
2.1% |
|
Morgan Stanley, MTN |
|
|
3.750%, 02/25/23 |
2.0% |
|
AT&T |
|
|
3.600%, 02/17/23 |
2.0% |
|
HSBC Holdings |
|
|
3.400%, 03/08/21 |
2.0% |
CITY NATIONAL ROCHDALE FUNDS | PAGE 12
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund |
The Fund seeks a high level of current income by investing primarily in fixed income securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Fixed Income Opportunities Fund, Class N Shares, versus the Credit Suisse Leveraged Loan Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High Yield Bond Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. |
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
Inception |
|
Class N(1) |
RIMOX |
8.04% |
4.39% |
5.99% |
6.70% |
|
Credit Suisse Leveraged Loan Index |
n/a |
5.33% |
3.60% |
5.44% |
6.87% |
|
Bloomberg Barclays U.S. Aggregate Bond Index |
n/a |
5.19% |
4.03% |
3.08% |
4.48% |
|
Bloomberg Barclays U.S. Corporate High Yield Bond Index |
n/a |
12.73% |
5.28% |
8.34% |
10.39% |
|
(1) |
The predecessor to the City National Rochdale Fixed Income Opportunities Fund (the “Predecessor Fund”) commenced operations on July 1, 2009. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period July 1, 2009, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
|
Top Ten Holdings* |
|
|
% OF PORTFOLIO |
|
|
EP PetroEcuador via Noble Sovereign Funding I |
|
|
6.487%, 09/24/19 |
1.0% |
|
Mizuho Bank Ltd. |
|
|
0.950%, 12/19/16 |
0.9% |
|
Gotham Funding |
|
|
1.002%, 12/23/16 |
0.9% |
|
Credit Bank of Moscow Via CBOM Finance |
|
|
8.700%, 11/13/18 |
0.8% |
|
Stone Ridge Reinsurance Risk Premium Interval Fund |
0.8% |
|
Dubai World |
|
|
4.750%, 09/30/22 |
0.7% |
|
AXA Equitable Life #0474 |
|
|
Acquired 11/04/13 |
0.7% |
|
VTB Bank Via VTB Capital |
|
|
6.950%, 10/17/22 |
0.7% |
|
Altice Financing |
|
|
7.500%, 05/15/26 |
0.6% |
|
Digicel |
|
|
6.000%, 04/15/21 |
0.5% |
|
* |
Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 13
|
investment adviser’s report (Unaudited) |
|
September 30, 2016 |
|
Equity Funds |
Dividend & Income Fund – RIMHX
The Fund posted a return of -2.11% for Q3, underperforming the blended benchmark’s (Dow Jones U.S. Selected Dividend Index: 60%; BofA ML Core Fixed Rate Preferred Securities Index: 25%; MSCI U.S. REIT Index: 15%) return of 0.74%. Calendar year to date, as of September 30, 2016, the Fund delivered a return of 13.07%, lagging the blended benchmark’s 13.59% return. For the fiscal year ended September 30, 2016, the Class N Shares of the Fund generated a 19.50% return, outperforming the benchmark’s return of 19.00%.
The Fund declined -35 basis points in September, essentially in-line with its benchmark, during a month in which defensive and income stocks turned in a mixed performance against a flat broader market. MLPs and Utilities were up +185 basis points and +54 basis points, respectively, while REITs and Staples were down -183 basis points and -154 basis points, respectively. At the same time, underweight preferreds were down -1.0%. Stock reactions to portfolio events, including a number of capital raisings, a buy-side acquisition, and earnings, were modestly negative during the month.
U.S. Core Equity Fund – CNRUX
The Institutional Class Shares of the Fund posted a return of 4.37% for Q3, outpacing the S&P 500 Index’s return of 3.85% by 52 basis points. Calendar year to date, as of September 30, 2016, the Fund delivered a return of 4.18%, 366 basis points under the S&P 500 Index’s return of 7.84%. For the fiscal year ended September 30, 2016, the Institutional Class Shares of the Fund returned 9.25%, versus 15.43% for the S&P 500 Index.
During the most recent quarter stock selection in Health Care and Information Technology positively contributed to returns while Energy and Retailing detracted from returns. Year to date and trailing 12-month returns have been hurt by:
1. a give back period after strong returns in calendar 2015;
2. a tilt to interest rate sensitive financial stocks as we were expecting the Fed to raise interest rates; and
3. underperformance of high quality, growth stocks, especially in the Industrials and Technology sectors, as the market has preferred stocks with higher dividend yield or a value orientation.
We are maintaining our focus on high quality, visible earnings and growth companies in our “Choppy Seas” investment thesis, in which we seek to address bouts of market volatility.
Emerging Markets Fund – RIMIX
The Fund posted returns of 6.71% for Q3, underperforming the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index returns of 9.03% and 10.51%, respectively. Calendar year to date, as of September 30, 2016, the Fund returned 8.97%, compared with 16.02% and 12.99% for the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index, respectively. For the fiscal year ended September 30, 2016, Class N Shares of the Fund outperformed its benchmarks, with a total return of 17.81%, compared to a 16.78% return for the MSCI Emerging Markets Index (net) and 16.90% for the MSCI Emerging Markets Asia Index (net).
In September, relative to the MSCI Emerging Markets Asia Index, the Fund was hurt on all parameters with selection factors driving approximately 45% of underperformance. Much of the selection underperformance was driven by two of our top three holdings, which posted negative returns for the month compared to market (+1.36%) and sector (+3.9%). Year to date, these two stocks remain among the top performers within the Fund and when compared to the broader emerging markets space. Our relatively higher percentage in Indian Information Technology services has also hurt us, following negative pre-announcements and stock specific reasons. Year to date, currency has been the biggest detractor of relative performance, accounting for 85% of the Fund’s underperformance. Sector allocation was also a detractor while stock selection continued to remain positive. The Fund’s higher level of cash also was a detractor of performance during the month (and year to date). On a country-level, being overweight in China, Philippines, India and underweight in Taiwan and South Korea hurt the Fund, while it was helped by its Malaysia holdings and to a lesser extent, Thailand holdings. From a sector perspective, Information Technology dragged down the performance, due to the underperformance of the Fund’s top three holdings
CITY NATIONAL ROCHDALE FUNDS | PAGE 14
and exposure in Indian Information Technology services. The Fund’s Consumer Discretionary portfolio also hurt the Fund during the month.
This material represents the managers’ assessment of the portfolios and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-888-889-0799.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
The Dividend & Income Fund’s, U.S. Core Equity Fund’s and Emerging Markets Fund’s investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be lower. The Adviser intends to continue these arrangements at least through January 31, 2017 but there can be no assurance that City National Rochdale, LLC will continue to waive fees. Effective January 31, 2016, City National Rochdale, LLC discontinued the voluntary fee waivers for the Dividend & Income Fund, U.S. Core Equity Fund and Emerging Markets Fund.
Mutual fund investing involves risk including lose of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The securities of mid-cap companies may have greater price volatility and less liquidity than the securities of larger capitalized companies. Emerging markets involve heightened risk related to the same factors as well as increased volatility and lower trading volume.
CITY NATIONAL ROCHDALE FUNDS | PAGE 15
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund |
The Fund seeks to provide significant income and, as a secondary focus, long-term capital appreciation, by investing primarily in income-generating securities, principally comprised of dividend-paying equity securities.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Dividend & Income Fund, Class N Shares, versus the S&P 500 Index and the 60/25/15 Hybrid of the following 3 Indexes: Dow Jones U.S. Select Dividend Index, BofA ML Core Fixed Rate Preferred Securities Index and MSCI U.S. REIT Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
|
Past performance is no indication of future performance. |
|
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
|
AVERAGE ANNUAL TOTAL RETURNS |
|||||
|
Shares |
Ticker |
1-Year |
3-Year |
5-Year |
10-Year |
|
Class N(1) |
RIMHX |
19.50% |
10.47% |
12.52% |
7.54% |
|
S&P 500 Index |
n/a |
15.43% |
11.16% |
16.37% |
7.24% |
|
60/25/15 Hybrid of the following 3 Indexes: |
n/a |
19.00% |
12.66% |
14.42% |
6.59% |
|
Dow Jones U.S. Select Dividend Index |
n/a |
22.24% |
12.96% |
16.46% |
7.07% |
|
BofA ML Core Fixed Rate Preferred Securities Index |
n/a |
10.62% |
10.48% |
8.28% |
3.65% |
|
MSCI U.S. REIT Index |
n/a |
19.83% |
14.11% |
15.79% |
6.22% |
|
(1) |
The predecessor to the City National Rochdale Dividend & Income Fund (the “Predecessor Fund”) commenced operations on June 1, 1999. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period October 1, 2006, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
|
Top Ten Holdings |
|
|
% OF PORTFOLIO |
|
|
B&G Foods |
2.6% |
|
Philip Morris International |
2.4% |
|
Lockheed Martin |
2.4% |
|
Dr Pepper Snapple Group |
2.3% |
|
Duke Energy |
2.2% |
|
General Mills |
2.2% |
|
Lamar Advertising, Cl A |
2.2% |
|
Johnson & Johnson |
2.1% |
|
Altria Group |
2.0% |
|
Clorox |
1.9% |
CITY NATIONAL ROCHDALE FUNDS | PAGE 16
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale U.S. Core Equity Fund |
The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of large and middle capitalization corporations domiciled in the United States.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale U.S. Core Equity Fund, Servicing Class Shares, versus the S&P 500 Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
|
Past performance is no indication of future performance. |
|
The Fund’s comparative benchmark does not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index. |
|
AVERAGE ANNUAL TOTAL RETURNS |
||||
|
Shares |
Ticker |
1-Year Return |
3-Year |
Inception to Date |
|
Servicing Class*(1)^ |
CNRVX |
8.97% |
9.63% |
13.11% |
|
Institutional Class(1)^^ |
CNRUX |
9.25% |
10.05% |
13.61% |
|
Class N(1) |
CNRWX |
8.63% |
9.35% |
12.82% |
|
S&P 500 Index |
n/a |
15.43% |
11.16% |
14.31% |
|
* |
The graph is based on only Servicing Class Shares; performance for Institutional and Class N Shares would be different due to differences in fee structures. |
|
(1) |
Commenced operations on December 3, 2012. |
|
^ |
The Fund’s Servicing Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank and certain retirement plan platforms. |
|
^^ |
The Fund’s Institutional Class shares are available only to fiduciary, advisory, agency, custodial and other similar accounts maintained at City National Bank which meet the minimum initial investment requirements, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. |
|
Top Ten Holdings |
|
|
% OF PORTFOLIO |
|
|
Visa, Cl A |
3.3% |
|
Alphabet, Cl A |
3.1% |
|
MasterCard, Cl A |
2.9% |
|
Edwards Lifesciences |
2.9% |
|
PG&E |
2.8% |
|
Honeywell International |
2.8% |
|
CVS Health |
2.7% |
|
Home Depot |
2.5% |
|
UnitedHealth Group |
2.4% |
|
NXP Semiconductors |
2.4% |
CITY NATIONAL ROCHDALE FUNDS | PAGE 17
|
fund overview (Unaudited) |
|
September 30, 2016 |
|
City National Rochdale Emerging Markets Fund |
The Fund seeks to provide long-term capital appreciation by investing primarily in the equity securities of companies that are operating principally in emerging market countries.
Comparison of Change in the Value of a $10,000 Investment in the City National Rochdale Emerging Markets Fund, Class N shares versus the MSCI Emerging Markets Index and the MSCI Emerging Markets Asia Index(1)
|
(1) |
The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund distributions or the redemptions of Fund shares. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Fund. |
Past performance is no indication of future performance.
The Fund’s comparative benchmarks do not include the annual operating expenses incurred by the Fund. Please note that one cannot invest directly in an unmanaged index.
|
AVERAGE ANNUAL TOTAL RETURNS |
||||
|
Shares |
Ticker |
1-Year |
3-Year |
Inception |
|
Class N*(1) |
RIMIX |
17.81% |
7.00% |
11.41% |
|
Class Y(2)† |
CNRYX |
17.92% |
7.04% |
11.43% |
|
MSCI Emerging Markets Index (net) |
n/a |
16.78% |
-0.56% |
2.53% |
|
MSCI Emerging Markets Asia Index (net) |
n/a |
16.90% |
3.48% |
6.03% |
|
* |
The graph is based on only Class N Shares; performance for Class Y Shares would be different due to differences in fee structures. |
|
(1) |
Shares of the predecessor to the City National Rochdale Emerging Markets Fund (the “Predecessor Fund”) commenced operations on December 14, 2011. On March 29, 2013, the Predecessor Fund was reorganized into the Fund. The performance results for the Class N Shares of the Fund for the period December 14, 2011, to March 29, 2013, reflect the performance of the Predecessor Fund’s Shares. |
|
(2) |
Commenced operations on June 1, 2016. |
|
† |
Class Y Shares’ performance for the period from December 14, 2011 to June 1, 2016 is that of the Class N Shares. |
|
Top Ten Holdings* |
|
|
% OF PORTFOLIO |
|
|
Tencent Holdings |
5.5% |
|
Sunny Optical Technology Group |
4.5% |
|
AAC Technologies Holdings |
3.2% |
|
Great Wall Motor, Cl H |
2.2% |
|
Ping An Insurance Group of China, Cl H |
2.0% |
|
Galaxy Entertainment Group |
1.9% |
|
HDFC Bank ADR |
1.8% |
|
GT Capital Holdings |
1.8% |
|
New Oriental Education & Technology Group ADR |
1.8% |
|
China Medical System Holdings |
1.8% |
|
* |
Excludes Cash Equivalents |
CITY NATIONAL ROCHDALE FUNDS | PAGE 18
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Government Money Market Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
U.S. Government Agency Obligations [73.4%] |
||||||||
|
FAMC DN |
||||||||
|
0.562%, 03/23/17(A) |
$ |
40,000 |
$ |
39,892 |
||||
|
FFCB |
||||||||
|
0.547%, 10/08/16(B) |
27,175 |
27,165 |
||||||
|
0.474%, 10/15/16(B) |
50,000 |
49,999 |
||||||
|
0.541%, 10/18/16(B) |
50,000 |
50,000 |
||||||
|
0.617%, 01/29/18(B) |
50,000 |
49,997 |
||||||
|
0.572%, 06/08/18(B) |
50,000 |
49,992 |
||||||
|
FHLB |
||||||||
|
0.613%, 10/01/16(B) |
50,000 |
50,000 |
||||||
|
0.588%, 10/01/16(B) |
50,000 |
50,000 |
||||||
|
0.555%, 10/16/16(B) |
50,000 |
50,000 |
||||||
|
0.631%, 10/19/16(B) |
50,000 |
50,000 |
||||||
|
0.560%, 10/24/16(B) |
50,000 |
50,000 |
||||||
|
0.598%, 11/08/17(B) |
50,000 |
50,000 |
||||||
|
0.537%, 12/01/17(B) |
75,000 |
74,996 |
||||||
|
0.567%, 03/01/18(B) |
50,000 |
50,000 |
||||||
|
0.627%, 03/26/18(B) |
50,000 |
50,000 |
||||||
|
FHLB DN |
||||||||
|
0.370%, 10/05/16(A) |
100,000 |
99,996 |
||||||
|
0.365%, 10/07/16(A) |
107,450 |
107,443 |
||||||
|
0.341%, 10/12/16(A) |
100,000 |
99,990 |
||||||
|
0.380%, 10/14/16(A) |
50,000 |
49,993 |
||||||
|
0.395%, 10/21/16(A) |
150,000 |
149,970 |
||||||
|
0.300%, 10/26/16(A) |
37,184 |
37,176 |
||||||
|
0.350%, 10/27/16(A) |
200,000 |
199,956 |
||||||
|
0.348%, 11/02/16(A) |
51,000 |
50,984 |
||||||
|
0.311%, 11/04/16(A) |
260,500 |
260,424 |
||||||
|
0.322%, 11/09/16(A) |
50,000 |
49,983 |
||||||
|
0.344%, 11/16/16(A) |
100,000 |
99,956 |
||||||
|
0.320%, 11/17/16(A) |
100,000 |
99,958 |
||||||
|
0.255%, 11/18/16(A) |
100,000 |
99,966 |
||||||
|
0.581%, 11/23/16(A) |
141,649 |
141,561 |
||||||
|
0.340%, 11/25/16(A) |
150,000 |
149,922 |
||||||
|
0.341%, 11/30/16(A) |
156,000 |
155,911 |
||||||
|
0.345%, 12/02/16(A) |
113,520 |
113,453 |
||||||
|
0.340%, 12/05/16(A) |
150,000 |
149,908 |
||||||
|
0.350%, 12/07/16(A) |
50,000 |
49,967 |
||||||
|
0.353%, 12/09/16(A) |
93,000 |
92,937 |
||||||
|
0.280%, 12/13/16(A) |
50,000 |
49,972 |
||||||
|
0.380%, 12/14/16(A) |
50,000 |
49,961 |
||||||
|
0.330%, 12/16/16(A) |
|
100,000 |
|
99,930 |
||||
|
0.324%, 12/21/16(A) |
50,000 |
49,964 |
||||||
|
0.293%, 12/28/16(A) |
50,000 |
49,964 |
||||||
|
0.450%, 01/13/17(A) |
100,000 |
99,870 |
||||||
|
0.466%, 01/18/17(A) |
50,000 |
49,930 |
||||||
|
0.481%, 01/27/17(A) |
50,000 |
49,921 |
||||||
|
0.461%, 02/01/17(A) |
50,000 |
49,921 |
||||||
|
0.451%, 02/02/17(A) |
50,000 |
49,923 |
||||||
|
0.451%, 02/03/17(A) |
50,000 |
49,922 |
||||||
|
0.476%, 02/17/17(A) |
65,500 |
65,380 |
||||||
|
0.484%, 02/24/17(A) |
50,000 |
49,902 |
||||||
|
0.481%, 03/01/17(A) |
37,683 |
37,607 |
||||||
|
0.483%, 03/08/17(A) |
50,000 |
49,894 |
||||||
|
0.554%, 03/15/17(A) |
48,403 |
48,280 |
||||||
|
0.501%, 03/22/17(A) |
73,635 |
73,459 |
||||||
|
FHLMC |
||||||||
|
0.875%, 10/14/16 |
50,000 |
50,007 |
||||||
|
FHLMC DN |
||||||||
|
0.441%, 02/06/17(A) |
50,000 |
49,922 |
||||||
|
FNMA |
||||||||
|
0.552%, 10/20/16(B) |
50,000 |
49,998 |
||||||
|
1.375%, 11/15/16 |
35,000 |
35,044 |
||||||
|
0.807%, 12/20/17(B) |
50,000 |
49,991 |
||||||
|
Total U.S. Government Agency Obligations |
||||||||
|
(Cost $4,210,257) |
4,210,257 |
|||||||
|
Municipal Bonds [4.1%] |
||||||||
|
California [1.1%] |
||||||||
|
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.840%, 10/15/16(B) (C) (D) |
14,600 |
14,600 |
||||||
|
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT |
||||||||
|
0.870%, 10/15/16(B) (C) (D) |
6,300 |
6,300 |
||||||
|
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT |
||||||||
|
0.850%, 10/15/16(B) (C) (D) |
8,000 |
8,000 |
||||||
|
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.830%, 10/15/16(B) (C) (D) |
28,450 |
28,450 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 19
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Government Money Market Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT |
||||||||
|
0.870%, 10/06/16(B) (C) (D) |
$ |
9,000 |
$ |
9,000 |
||||
|
Total California |
66,350 |
|||||||
|
New York [2.2%] |
||||||||
|
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC |
||||||||
|
0.860%, 10/03/16(B) (C) |
13,500 |
13,500 |
||||||
|
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT |
||||||||
|
0.880%, 10/03/16(B) (C) |
9,350 |
9,350 |
||||||
|
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.890%, 10/03/16(B) (C) (D) |
18,100 |
18,100 |
||||||
|
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.890%, 10/03/16(B) (C) (D) |
23,800 |
23,800 |
||||||
|
New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.830%, 10/03/16(B) (C) (D) |
15,000 |
15,000 |
||||||
|
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT |
||||||||
|
0.890%, 10/03/16(B) (C) |
25,500 |
25,500 |
||||||
|
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.810%, 10/03/16(B) (C) (D) |
20,000 |
20,000 |
||||||
|
Total New York |
125,250 |
|||||||
|
Texas [0.5%] |
||||||||
|
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT |
||||||||
|
0.880%, 10/15/16(B) (C) (D) |
13,195 |
13,195 |
||||||
|
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT |
||||||||
|
0.910%, 10/15/16(B) (C) (D) |
|
13,190 |
|
13,190 |
||||
|
Total Texas |
26,385 |
|||||||
|
Washington [0.3%] |
||||||||
|
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT |
||||||||
|
0.910%, 10/15/16(B) (C) (D) |
16,295 |
16,295 |
||||||
|
Total Municipal Bonds |
||||||||
|
(Cost $234,280) |
234,280 |
|||||||
|
U.S. Treasury Obligations [1.7%] |
||||||||
|
U.S. Treasury Note |
||||||||
|
0.500%, 01/31/17 |
50,000 |
50,010 |
||||||
|
U.S. Treasury Bill |
||||||||
|
0.387%, 01/26/17(A) |
50,000 |
49,937 |
||||||
|
Total U.S. Treasury Obligations |
||||||||
|
(Cost $99,947) |
99,947 |
|||||||
|
Repurchase Agreements [16.5%] |
||||||||
|
Barclays (E) |
||||||||
|
0.470%, dated 09/30/16, repurchased on 10/03/16, repurchase price $120,001,567 (collateralized by various U.S. Government obligations, par values ranging from $52,000 to $82,900,000, 0.875% - 3.500%, 01/15/18 to 11/15/45; with a total market value $121,462,956) |
120,000 |
120,000 |
||||||
|
Goldman Sachs (E) |
||||||||
|
0.480%, dated 09/30/16, repurchased on 10/03/16, repurchase price $125,001,667 (collateralized by various U.S. Government obligations, par values ranging from $14,800,000 to $44,400,000, 0.000% - 1.500%, 11/25/16 to 09/30/21; with a total market value $127,500,000) |
125,000 |
125,000 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 20
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Government Money Market Fund (concluded) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Wells Fargo (E) |
||||||||
|
0.470%, dated 09/30/16, repurchased on 10/03/16, repurchase price $700,009,139 (collateralized by various U.S. Government obligations, par values ranging from $25,000 to $203,000,000, 2.000% - 7.000%, 03/20/19 to 09/20/46; with a total market value $711,711,645) |
$ |
700,000 |
$ |
700,000 |
||||
|
Total Repurchase Agreements |
||||||||
|
(Cost $945,000) |
945,000 |
|||||||
|
Short-Term Investment [4.3%] |
||||||||
|
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.250%** |
247,808,804 |
247,809 |
||||||
|
Total Short-Term Investment |
||||||||
|
(Cost $247,809) |
247,809 |
|||||||
|
Total Investments [100.0%] |
||||||||
|
(Cost $5,737,293) |
$ |
5,737,293 |
||||||
Percentages are based on Net Assets of $5,735,678 (000).
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
(A) |
Zero coupon security. The rate reported is the effective yield at time of purchase. |
|
(B) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(C) |
Put and Demand Feature — The date reported is the next reset or put date. |
|
(D) |
Securities are held in conjunction with a letter of credit from a major bank or financial institution. |
|
(E) |
Tri-Party Repurchase Agreement. |
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
RB — Revenue Bond
Ser — Series
The following is a list of the inputs used as of September 30, 2016 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 |
$ |
— |
$ |
4,210,257 |
$ |
— |
$ |
4,210,257 |
||||||||
|
Municipal Bonds |
— |
234,280 |
— |
234,280 |
||||||||||||
|
U.S. Treasury Obligations |
— |
99,947 |
— |
99,947 |
||||||||||||
|
Repurchase Agreements |
— |
945,000 |
— |
945,000 |
||||||||||||
|
Short-Term Investment |
247,809 |
— |
— |
247,809 |
||||||||||||
|
Total Investments in Securities |
$ |
247,809 |
$ |
5,489,484 |
$ |
— |
$ |
5,737,293 |
||||||||
For the year ended September 30, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
Amounts designated as “—” are either $0 or have been rounded to $0.
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 21
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Government Bond Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
U.S. Government Agency Obligations [44.9%] |
||||||||
|
FFCB |
||||||||
|
0.722%, 09/20/19(A) |
$ |
4,900 |
$ |
4,899 |
||||
|
0.721%, 07/26/17(A) |
5,000 |
5,012 |
||||||
|
FHLB |
||||||||
|
2.375%, 06/10/22 |
3,000 |
3,158 |
||||||
|
FHLB DN |
||||||||
|
0.466%, 10/26/16(B) |
2,600 |
2,599 |
||||||
|
FNMA |
||||||||
|
5.000%, 02/13/17 |
3,180 |
3,232 |
||||||
|
2.467%, 10/09/19(B) |
5,805 |
5,572 |
||||||
|
1.875%, 02/19/19 |
445 |
455 |
||||||
|
1.750%, 06/20/19 |
4,525 |
4,622 |
||||||
|
1.625%, 11/27/18 |
5,000 |
5,081 |
||||||
|
1.500%, 11/30/20 |
5,000 |
5,067 |
||||||
|
1.250%, 08/17/21 |
5,000 |
4,987 |
||||||
|
0.875%, 02/08/18 |
5,500 |
5,507 |
||||||
|
0.875%, 05/21/18 |
4,500 |
4,504 |
||||||
|
0.552%, 07/20/17(A) |
4,455 |
4,457 |
||||||
|
Tennessee Valley Authority, Ser E |
||||||||
|
6.250%, 12/15/17 |
8,000 |
8,517 |
||||||
|
Total U.S. Government Agency Obligations |
||||||||
|
(Cost $67,026) |
67,669 |
|||||||
|
U.S. Treasury Obligations [39.0%] |
||||||||
|
U.S. Treasury Inflation Indexed Bonds |
||||||||
|
0.125%, 04/15/20 |
2,970 |
3,028 |
||||||
|
U.S. Treasury Notes |
||||||||
|
3.000%, 02/28/17 |
1,415 |
1,430 |
||||||
|
2.750%, 02/28/18 |
5,000 |
5,141 |
||||||
|
2.375%, 12/31/20 |
6,500 |
6,840 |
||||||
|
2.000%, 11/30/20 |
5,000 |
5,183 |
||||||
|
1.875%, 10/31/22 |
2,025 |
2,089 |
||||||
|
1.750%, 10/31/18 |
3,000 |
3,058 |
||||||
|
1.625%, 06/30/20 |
2,800 |
2,861 |
||||||
|
1.500%, 12/31/18 |
4,550 |
4,618 |
||||||
|
1.375%, 06/30/18 |
3,400 |
3,436 |
||||||
|
1.375%, 09/30/18 |
5,000 |
5,056 |
||||||
|
1.375%, 04/30/20 |
|
3,500 |
|
3,545 |
||||
|
1.250%, 12/15/18 |
3,500 |
3,533 |
||||||
|
0.875%, 05/31/18 |
3,175 |
3,182 |
||||||
|
U.S. Treasury STRIPS |
||||||||
|
2.234%, 11/15/21(B) |
6,100 |
5,734 |
||||||
|
Total U.S. Treasury Obligations |
||||||||
|
(Cost $57,947) |
58,734 |
|||||||
|
U.S. Government Mortgage-Backed Obligations [14.4%] |
||||||||
|
FHLMC, Pool G15696 |
||||||||
|
3.000%, 12/01/30 |
2,859 |
3,024 |
||||||
|
FHLMC REMIC, Ser 2011-3874, Cl JA |
||||||||
|
3.000%, 04/15/25 |
1,600 |
1,628 |
||||||
|
FHLMC REMIC, Ser 2011-3877, Cl ND |
||||||||
|
3.000%, 02/15/25 |
517 |
523 |
||||||
|
FNMA, Pool 466656 |
||||||||
|
3.130%, 12/01/17 |
4,045 |
4,104 |
||||||
|
FNMA, Pool AS4877 |
||||||||
|
3.000%, 04/01/30 |
2,599 |
2,729 |
||||||
|
FNMA, Pool FN0004 |
||||||||
|
3.619%, 12/01/20 |
4,865 |
5,237 |
||||||
|
FNMA ARM, Pool 766620 |
||||||||
|
2.784%, 10/01/16(A) |
129 |
135 |
||||||
|
FNMA REMIC, Ser 2010-123, Cl HA |
||||||||
|
2.500%, 03/25/24 |
1,809 |
1,824 |
||||||
|
FNMA REMIC, Ser 2015-93, Cl AD |
||||||||
|
2.000%, 11/25/30 |
2,175 |
2,201 |
||||||
|
GNMA, Pool 329656 |
||||||||
|
8.000%, 08/15/22 |
4 |
4 |
||||||
|
GNMA, Pool 376533 |
||||||||
|
7.500%, 06/15/24 |
1 |
1 |
||||||
|
GNMA, Pool 398660 |
||||||||
|
7.500%, 05/15/26 |
1 |
1 |
||||||
|
GNMA, Pool 497411 |
||||||||
|
6.000%, 01/15/29 |
4 |
4 |
||||||
|
GNMA, Pool 584992 |
||||||||
|
7.500%, 04/15/32 |
26 |
29 |
||||||
|
GNMA ARM, Pool G2 81318 |
||||||||
|
2.125%, 10/01/16(A) |
184 |
193 |
||||||
|
GNMA ARM, Pool G2 81447 |
||||||||
|
1.875%, 10/01/16(A) |
37 |
38 |
||||||
|
Total U.S. Government Mortgage-Backed Obligations |
||||||||
|
(Cost $21,546) |
21,675 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 22
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Government Bond Fund (concluded) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Municipal Bond [0.2%] |
||||||||
|
California [0.2%] |
||||||||
|
Southern California Public Power Authority, Sub-Ser B, AGM, ETM |
||||||||
|
6.930%, 05/15/17 |
$ |
300 |
$ |
311 |
||||
|
Total Municipal Bond |
||||||||
|
(Cost $311) |
311 |
|||||||
|
Short-Term Investments [1.1%] |
||||||||
|
City National Rochdale Government Money Market Fund, Institutional Class, 0.030%** ‡ |
855,309 |
855 |
||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.220%** |
855,308 |
855 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $1,710) |
1,710 |
|||||||
|
Total Investments [99.6%] |
||||||||
|
(Cost $148,540) |
$ |
150,099 |
||||||
Percentages are based on Net Assets of $150,658 (000).
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(A) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(B) |
Zero coupon security. The rate reported is the effective yield at time of purchase. |
AGM — Assured Guarantee Municipal
ARM — Adjustable Rate Mortgage
Cl — Class
DN — Discount Note
ETM — Escrowed to Maturity
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
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
STRIPS — Separate Trading of Registered Interest and Principal of Securities.
The following is a list of the inputs used as of September 30, 2016 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 |
$ |
— |
$ |
67,669 |
$ |
— |
$ |
67,669 |
||||||||
|
U.S. Treasury Obligations |
— |
58,734 |
— |
58,734 |
||||||||||||
|
U.S. Government Mortgage-Backed Obligations |
— |
21,675 |
— |
21,675 |
||||||||||||
|
Municipal Bond |
— |
311 |
— |
311 |
||||||||||||
|
Short-Term Investments |
1,710 |
— |
— |
1,710 |
||||||||||||
|
Total Investments in Securities |
$ |
1,710 |
$ |
148,389 |
$ |
— |
$ |
150,099 |
||||||||
For the year ended September 30, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
Amounts designated as “—” are either $0 or have been rounded to $0.
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 23
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Corporate Bond Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Corporate Bonds [86.0%] |
||||||||
|
Auto-Med and Heavy Duty Trks [0.8%] |
||||||||
|
PACCAR Financial, MTN |
||||||||
|
1.750%, 08/14/18 |
$ |
1,000 |
$ |
1,011 |
||||
|
Automotive [1.9%] |
||||||||
|
American Honda Finance, MTN |
||||||||
|
1.700%, 09/09/21 |
2,500 |
2,483 |
||||||
|
Banks [13.0%] |
||||||||
|
Bank of Nova Scotia |
||||||||
|
2.450%, 03/22/21 |
2,500 |
2,560 |
||||||
|
Barclays Bank, MTN |
||||||||
|
1.253%, 10/10/16(A) |
1,950 |
1,940 |
||||||
|
Capital One |
||||||||
|
2.350%, 08/17/18 |
500 |
506 |
||||||
|
1.850%, 09/13/19 |
1,500 |
1,503 |
||||||
|
Fifth Third Bank |
||||||||
|
2.250%, 06/14/21 |
3,000 |
3,050 |
||||||
|
JPMorgan Chase |
||||||||
|
6.300%, 04/23/19 |
2,000 |
2,228 |
||||||
|
6.000%, 01/15/18 |
405 |
428 |
||||||
|
National Australia Bank, MTN |
||||||||
|
2.750%, 03/09/17 |
480 |
484 |
||||||
|
Nordea Bank, MTN |
||||||||
|
2.375%, 04/04/19(B) |
1,000 |
1,018 |
||||||
|
Standard Chartered, MTN |
||||||||
|
1.700%, 04/17/18(B) |
3,000 |
2,992 |
||||||
|
Total Banks |
16,709 |
|||||||
|
Broadcasting & Cable [1.2%] |
||||||||
|
CBS |
||||||||
|
4.300%, 02/15/21 |
|
1,400 |
|
1,521 |
||||
|
Computer System Design & Services [3.2%] |
||||||||
|
Apple |
||||||||
|
2.850%, 02/23/23 |
1,000 |
1,053 |
||||||
|
Hewlett Packard Enterprise |
||||||||
|
2.393%, 10/05/16(A) (B) |
3,000 |
3,023 |
||||||
|
Total Computer System Design & Services |
4,076 |
|||||||
|
Computers-Memory Devices [0.8%] |
||||||||
|
NetApp |
||||||||
|
2.000%, 12/15/17 |
1,000 |
1,002 |
||||||
|
Diagnostic Equipment [0.5%] |
||||||||
|
Danaher |
||||||||
|
1.650%, 09/15/18 |
700 |
706 |
||||||
|
Diversified Operations [1.6%] |
||||||||
|
Siemens Financial |
||||||||
|
5.750%, 10/17/16(B) |
2,000 |
2,003 |
||||||
|
Drugs [0.8%] |
||||||||
|
AbbVie |
||||||||
|
2.500%, 05/14/20 |
1,000 |
1,020 |
||||||
|
Electric Utilities [2.6%] |
||||||||
|
American Electric Power |
||||||||
|
1.650%, 12/15/17 |
1,000 |
1,002 |
||||||
|
Commonwealth Edison |
||||||||
|
6.950%, 07/15/18 |
1,000 |
1,085 |
||||||
|
Exelon Generation |
||||||||
|
6.200%, 10/01/17 |
1,200 |
1,253 |
||||||
|
Total Electric Utilities |
3,340 |
|||||||
|
Financial Services [12.2%] |
||||||||
|
Daimler Finance North America |
||||||||
|
2.250%, 07/31/19(B) |
2,900 |
2,944 |
||||||
|
Ford Motor Credit |
||||||||
|
2.551%, 10/05/18 |
2,000 |
2,029 |
||||||
|
2.375%, 01/16/18 |
1,000 |
1,008 |
||||||
|
Harley-Davidson Funding |
||||||||
|
6.800%, 06/15/18(B) |
2,500 |
2,715 |
||||||
|
Nissan Motor Acceptance, MTN |
||||||||
|
1.950%, 09/12/17(B) |
1,000 |
1,004 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 24
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Corporate Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Toyota Motor Credit, MTN |
||||||||
|
2.050%, 01/12/17 |
$ |
2,000 |
$ |
2,004 |
||||
|
VW Credit, MTN |
||||||||
|
1.875%, 10/13/16 |
3,000 |
3,000 |
||||||
|
Western Union |
||||||||
|
5.930%, 10/01/16 |
1,000 |
1,000 |
||||||
|
Total Financial Services |
15,704 |
|||||||
|
Food, Beverage & Tobacco [3.3%] |
||||||||
|
Anheuser-Busch InBev Finance |
||||||||
|
2.017%, 11/02/16(A) |
2,000 |
2,053 |
||||||
|
Kraft Heinz Foods |
||||||||
|
2.000%, 07/02/18 |
1,000 |
1,009 |
||||||
|
Molson Coors Brewing |
||||||||
|
1.450%, 07/15/19 |
1,250 |
1,246 |
||||||
|
Total Food, Beverage & Tobacco |
4,308 |
|||||||
|
Food-Confectionery [0.2%] |
||||||||
|
JM Smucker |
||||||||
|
2.500%, 03/15/20 |
250 |
256 |
||||||
|
Insurance [2.7%] |
||||||||
|
Berkshire Hathaway |
||||||||
|
2.100%, 08/14/19 |
2,000 |
2,045 |
||||||
|
Genworth Holdings |
||||||||
|
7.700%, 06/15/20 |
1,400 |
1,389 |
||||||
|
Total Insurance |
3,434 |
|||||||
|
Investment Banker/Broker Dealer [12.5%] |
||||||||
|
Bank of America, MTN |
||||||||
|
6.400%, 08/28/17 |
400 |
417 |
||||||
|
1.516%, 04/01/19(A) |
2,600 |
2,616 |
||||||
|
Citigroup |
||||||||
|
2.255%, 09/01/23(A) |
1,000 |
1,005 |
||||||
|
Credit Suisse Group Funding Guernsey |
||||||||
|
3.450%, 04/16/21(B) |
1,250 |
1,275 |
||||||
|
Deutsche Bank, MTN |
||||||||
|
2.850%, 05/10/19 |
1,450 |
1,419 |
||||||
|
Goldman Sachs Group |
||||||||
|
2.625%, 01/31/19 |
500 |
510 |
||||||
|
HSBC Holdings |
||||||||
|
3.400%, 03/08/21 |
2,500 |
2,586 |
||||||
|
Jefferies Group |
||||||||
|
5.125%, 01/20/23 |
1,300 |
1,385 |
||||||
|
Macquarie Group |
||||||||
|
6.000%, 01/14/20(B) |
2,000 |
2,211 |
||||||
|
Morgan Stanley, MTN |
||||||||
|
5.950%, 12/28/17 |
|
465 |
|
490 |
||||
|
3.750%, 02/25/23 |
2,000 |
2,124 |
||||||
|
Total Investment Banker/Broker Dealer |
16,038 |
|||||||
|
Medical Labs and Testing Srv [1.2%] |
||||||||
|
Laboratory Corp of America Holdings |
||||||||
|
2.625%, 02/01/20 |
1,500 |
1,528 |
||||||
|
Medical-HMO [2.2%] |
||||||||
|
Aetna |
||||||||
|
2.400%, 06/15/21 |
1,250 |
1,264 |
||||||
|
UnitedHealth Group |
||||||||
|
1.625%, 03/15/19 |
1,500 |
1,509 |
||||||
|
Total Medical-HMO |
2,773 |
|||||||
|
Multi-line Insurance [2.1%] |
||||||||
|
MetLife |
||||||||
|
4.750%, 02/08/21 |
2,400 |
2,687 |
||||||
|
Petroleum & Fuel Products [6.3%] |
||||||||
|
Kinder Morgan Energy Partners |
||||||||
|
6.000%, 02/01/17 |
1,000 |
1,015 |
||||||
|
Korea National Oil, MTN |
||||||||
|
2.750%, 01/23/19(B) |
1,500 |
1,537 |
||||||
|
Sunoco Logistics Partners Operations |
||||||||
|
4.650%, 02/15/22 |
1,300 |
1,402 |
||||||
|
Total Capital International |
||||||||
|
2.875%, 02/17/22 |
4,000 |
4,195 |
||||||
|
Total Petroleum & Fuel Products |
8,149 |
|||||||
|
Real Estate Investment Trusts [5.2%] |
||||||||
|
American Tower |
||||||||
|
7.250%, 05/15/19 |
1,200 |
1,346 |
||||||
|
HCP |
||||||||
|
3.150%, 08/01/22 |
1,000 |
1,013 |
||||||
|
Kimco Realty |
||||||||
|
6.875%, 10/01/19 |
1,080 |
1,237 |
||||||
|
Simon Property Group |
||||||||
|
2.500%, 09/01/20 |
2,000 |
2,062 |
||||||
|
Welltower |
||||||||
|
4.700%, 09/15/17 |
1,000 |
1,030 |
||||||
|
Total Real Estate Investment Trusts |
6,688 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 25
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Corporate Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Regional Authority [1.7%] |
||||||||
|
Province of Ontario Canada |
||||||||
|
4.400%, 04/14/20 |
$ |
2,000 |
$ |
2,203 |
||||
|
Retail [4.6%] |
||||||||
|
AutoZone |
||||||||
|
4.000%, 11/15/20 |
1,400 |
1,507 |
||||||
|
Lowe’s |
||||||||
|
6.100%, 09/15/17 |
3,000 |
3,141 |
||||||
|
Walgreens Boots Alliance |
||||||||
|
3.100%, 06/01/23 |
1,200 |
1,238 |
||||||
|
Total Retail |
5,886 |
|||||||
|
Telephones & Telecommunications [3.9%] |
||||||||
|
America Movil |
||||||||
|
5.000%, 03/30/20 |
2,600 |
2,857 |
||||||
|
AT&T |
||||||||
|
3.600%, 02/17/23 |
2,000 |
2,108 |
||||||
|
Total Telephones & Telecommunications |
4,965 |
|||||||
|
Trucking & Leasing [1.5%] |
||||||||
|
Penske Truck Leasing |
||||||||
|
4.875%, 07/11/22(B) |
1,100 |
1,228 |
||||||
|
3.750%, 05/11/17(B) |
750 |
760 |
||||||
|
Total Trucking & Leasing |
1,988 |
|||||||
|
Total Corporate Bonds |
||||||||
|
(Cost $108,584) |
110,478 |
|||||||
|
Municipal Bonds [5.4%] |
||||||||
|
California [1.1%] |
||||||||
|
State of California, GO |
||||||||
|
6.200%, 03/01/19 |
1,300 |
1,444 |
||||||
|
Florida [3.3%] |
||||||||
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB |
||||||||
|
2.107%, 07/01/18 |
4,130 |
4,207 |
||||||
|
New York [1.0%] |
||||||||
|
New York State, Urban Development, RB |
||||||||
|
2.790%, 03/15/21 |
1,205 |
1,249 |
||||||
|
Total Municipal Bonds |
||||||||
|
(Cost $6,797) |
6,900 |
|||||||
| Description | Face Amount (000)/Shares | Value (000) | ||||||
|
Asset-Backed Securities [3.9%] |
||||||||
|
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1 |
||||||||
|
1.550%, 07/15/21 |
$ |
2,000 |
$ |
2,001 |
||||
|
Nissan Auto Lease Trust 2015-A, Ser 2015-A, Cl A3 |
||||||||
|
1.400%, 06/15/18 |
3,000 |
3,005 |
||||||
|
Total Asset-Backed Securities |
||||||||
|
(Cost $4,999) |
5,006 |
|||||||
|
Closed-End Fund [2.6%] |
||||||||
|
Stone Ridge Reinsurance Risk Premium Interval Fund (C) |
318,927 |
3,409 |
||||||
|
Total Closed-End Fund |
||||||||
|
(Cost $3,250) |
3,409 |
|||||||
|
U.S. Government Mortgage-Backed Obligation [0.0%] |
||||||||
|
FNMA REMIC, Ser 2002-56, Cl MC |
||||||||
|
5.500%, 09/25/17 |
3 |
3 |
||||||
|
Total U.S. Government Mortgage-Backed Obligation |
||||||||
|
(Cost $3) |
3 |
|||||||
|
Short-Term Investments [1.4%] |
||||||||
|
City National Rochdale Government Money Market Fund, Institutional Class, 0.030%** ‡ |
807,344 |
808 |
||||||
|
Goldman Sachs Financial Square Funds - Government Fund, 0.2936%** |
1,024,306 |
1,024 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $1,832) |
1,832 |
|||||||
|
Total Investments [99.3%] |
||||||||
|
(Cost $125,465) |
$ |
127,628 |
||||||
Percentages are based on Net Assets of $128,500 (000).
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 26
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Corporate Bond Fund (concluded) |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(A) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(B) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $22,710 (000), representing 17.7% of the net assets of the Fund. |
|
(C) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $3,409 (000) and represented 2.6% of net assets of the Fund. |
Cl — Class
FNMA — Federal National Mortgage Association
GO — General Obligation
MTN — Medium Term Note
RB — Revenue Bond
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Corporate Bonds |
$ |
— |
$ |
110,478 |
$ |
— |
$ |
110,478 |
||||||||
|
Municipal Bonds |
— |
6,900 |
— |
6,900 |
||||||||||||
|
Asset-Backed Securities |
— |
5,006 |
— |
5,006 |
||||||||||||
|
Closed-End Fund |
3,409 |
— |
— |
3,409 |
||||||||||||
|
U.S. Government Mortgage-Backed Obligation |
— |
3 |
— |
3 |
||||||||||||
|
Short-Term Investments |
1,832 |
— |
— |
1,832 |
||||||||||||
|
Total Investments in Securities |
$ |
5,241 |
$ |
122,387 |
$ |
— |
$ |
127,628 |
||||||||
For the year ended September 30, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.
Amounts designated as “—” are either $0 or have been rounded to $0.
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 27
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Municipal Bonds [96.6%] |
||||||||
|
California [95.1%] |
||||||||
|
Bay Area Toll Authority, Ser C, RB |
||||||||
|
Callable 10/01/18 @ 100 |
||||||||
|
1.875%, 04/01/47(A) |
$ |
1,200 |
$ |
1,220 |
||||
|
Bay Area Toll Authority, Ser D, RB |
||||||||
|
Callable 10/01/19 @ 100 |
||||||||
|
1.875%, 04/01/34(A) |
750 |
764 |
||||||
|
Berkeley, Joint Powers Financing Authority, RB, BAM |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
4.000%, 06/01/29 |
530 |
601 |
||||||
|
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA |
||||||||
|
5.000%, 08/01/20 |
500 |
572 |
||||||
|
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA |
||||||||
|
Callable 08/01/23 @ 100 |
||||||||
|
5.000%, 08/01/25 |
500 |
608 |
||||||
|
California State University, Ser A, RB |
||||||||
|
Callable 05/01/26 @ 100 |
||||||||
|
5.000%, 11/01/27 |
240 |
310 |
||||||
|
California State, Department of Water Resources, Ser F-3, RB |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
4.375%, 05/01/18(B) |
200 |
211 |
||||||
|
California State, Educational Facilities Authority, Chapman University, RB |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
5.000%, 04/01/26 |
100 |
126 |
||||||
|
California State, Educational Facilities Authority, Chapman University, RB |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
5.000%, 04/01/27 |
|
100 |
|
125 |
||||
|
California State, GO |
||||||||
|
4.000%, 03/01/18 |
1,000 |
1,044 |
||||||
|
California State, GO |
||||||||
|
4.000%, 02/01/19 |
1,000 |
1,072 |
||||||
|
California State, GO |
||||||||
|
5.000%, 11/01/19 |
1,000 |
1,124 |
||||||
|
California State, GO |
||||||||
|
5.000%, 09/01/20 |
1,000 |
1,154 |
||||||
|
California State, GO |
||||||||
|
5.000%, 12/01/21 |
1,000 |
1,196 |
||||||
|
California State, GO |
||||||||
|
5.250%, 09/01/22 |
1,000 |
1,230 |
||||||
|
California State, GO |
||||||||
|
Callable 11/01/20 @ 100 |
||||||||
|
5.000%, 11/01/22 |
1,025 |
1,192 |
||||||
|
California State, GO |
||||||||
|
4.000%, 09/01/26 |
1,000 |
1,207 |
||||||
|
California State, GO |
||||||||
|
Callable 12/01/23 @ 100 |
||||||||
|
5.000%, 12/01/26 |
1,000 |
1,244 |
||||||
|
California State, GO |
||||||||
|
Callable 11/01/23 @ 100 |
||||||||
|
5.000%, 11/01/27 |
500 |
620 |
||||||
|
California State, GO |
||||||||
|
Callable 06/01/19 @ 100 |
||||||||
|
3.000%, 12/01/32(A) |
1,000 |
1,051 |
||||||
|
California State, GO |
||||||||
|
Callable 04/01/18 @ 100 |
||||||||
|
5.125%, 04/01/33 |
1,050 |
1,116 |
||||||
|
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB |
||||||||
|
Callable 10/03/16 @ 100 |
||||||||
|
0.800%, 09/01/38(A) (C) |
500 |
500 |
||||||
|
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB |
||||||||
|
Callable 03/01/21 @ 100 |
||||||||
|
5.250%, 03/01/22 |
265 |
309 |
||||||
|
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB |
||||||||
|
5.000%, 08/15/17 |
750 |
777 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 28
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB |
||||||||
|
5.000%, 11/15/17 |
$ |
375 |
$ |
392 |
||||
|
California State, Health Facilities Financing Authority, Insured Marshall Medical Center, RB |
||||||||
|
Callable 11/01/24 @ 100 |
||||||||
|
5.000%, 11/01/29 |
250 |
305 |
||||||
|
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB |
||||||||
|
5.000%, 07/01/43(A) |
875 |
911 |
||||||
|
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB |
||||||||
|
5.000%, 07/01/43(A) |
975 |
1,123 |
||||||
|
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB |
||||||||
|
5.500%, 08/15/17 |
500 |
520 |
||||||
|
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB |
||||||||
|
5.500%, 08/15/18 |
125 |
136 |
||||||
|
California State, Kindergarten Project, Ser B-1, GO |
||||||||
|
Callable 10/03/16 @ 100 |
||||||||
|
0.720%, 05/01/34(A) (C) |
1,000 |
1,000 |
||||||
|
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, RB |
||||||||
|
Callable 11/01/16 @ 100 |
||||||||
|
0.770%, 11/01/35(A) |
1,000 |
1,000 |
||||||
|
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB |
||||||||
|
4.000%, 09/01/17 |
500 |
515 |
||||||
|
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB |
||||||||
|
5.000%, 09/01/22 |
1,000 |
1,215 |
||||||
|
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC |
||||||||
|
5.000%, 12/01/19 |
660 |
707 |
||||||
|
California State, Public Works Board, Judicial Council, Ser B, RB |
||||||||
|
5.000%, 10/01/23 |
|
475 |
|
593 |
||||
|
California State, Public Works Board, Ser G, RB |
||||||||
|
Callable 09/01/23 @ 100 |
||||||||
|
5.000%, 09/01/27 |
1,000 |
1,223 |
||||||
|
California State, Public Works Board, Various Capital Projects, Ser G-1, RB |
||||||||
|
Callable 10/01/19 @ 100 |
||||||||
|
5.250%, 10/01/23 |
250 |
281 |
||||||
|
California State, Ser E, GO |
||||||||
|
Callable 06/01/18 @ 100 |
||||||||
|
1.202%, 12/01/29(A) |
1,000 |
999 |
||||||
|
California Statewide, Communities Development Authority, Cottage Health System, RB |
||||||||
|
Callable 11/01/24 @ 100 |
||||||||
|
5.000%, 11/01/25 |
350 |
438 |
||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB |
||||||||
|
5.000%, 04/01/19 |
1,235 |
1,362 |
||||||
|
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB |
||||||||
|
Callable 02/01/17 @ 100 |
||||||||
|
1.790%, 04/01/52(A) |
2,000 |
2,003 |
||||||
|
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB |
||||||||
|
5.000%, 08/15/18 |
220 |
237 |
||||||
|
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM |
||||||||
|
5.000%, 09/01/22 |
1,000 |
1,200 |
||||||
|
Chula Vista, Police Facility Project, COP |
||||||||
|
5.000%, 10/01/21 |
360 |
424 |
||||||
|
El Dorado, Irrigation District, Ser A, RB, AGM |
||||||||
|
4.500%, 03/01/19 |
500 |
543 |
||||||
|
Fairfield County, Redevelopment Agency, TA |
||||||||
|
4.000%, 08/01/17 |
2,630 |
2,699 |
||||||
|
Gilroy, Public Facilities Financing Authority, RB |
||||||||
|
5.000%, 11/01/21 |
940 |
1,113 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 29
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Golden State Tobacco Securitization, Ser A, RB |
||||||||
|
5.000%, 06/01/19 |
$ |
1,000 |
$ |
1,108 |
||||
|
Golden State Tobacco Securitization, Ser A, RB |
||||||||
|
Callable 06/01/23 @ 100 |
||||||||
|
5.000%, 06/01/30 |
1,140 |
1,365 |
||||||
|
Hemet, Unified School District, GO, AGM |
||||||||
|
4.000%, 08/01/24 |
500 |
581 |
||||||
|
Imperial, Irrigation District Electric System Revenue, Ser B-2, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
5.000%, 11/01/28 |
1,000 |
1,286 |
||||||
|
Irvine Ranch, Water District, Ser A, SAB |
||||||||
|
Callable 10/03/16 @ 100 |
||||||||
|
0.800%, 10/01/41(A) (C) |
2,000 |
2,000 |
||||||
|
Irvine, Unified School District, SPL Tax, BAM |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.000%, 09/01/30 |
250 |
305 |
||||||
|
JPM Chase Putters, Ser 2015-ZF0184, RB |
||||||||
|
0.940%, 12/01/22(A) (D) (E) |
1,000 |
1,000 |
||||||
|
Jurupa, Unified School District, GO, AGM |
||||||||
|
5.000%, 08/01/22 |
1,000 |
1,205 |
||||||
|
Long Beach, Harbor Revenue, Ser C, RB |
||||||||
|
4.000%, 11/15/18 |
500 |
533 |
||||||
|
Los Angeles County, Disney Parking Hall Project, COP |
||||||||
|
5.000%, 09/01/22 |
500 |
604 |
||||||
|
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/26 |
500 |
641 |
||||||
|
Los Angeles County, Public Works Financing Authority, Ser D, RB |
||||||||
|
Callable 12/01/25 @ 100 |
||||||||
|
5.000%, 12/01/28 |
600 |
755 |
||||||
|
Los Angeles, Department of Airports, Senior International Governmental, Ser C, RB |
||||||||
|
4.000%, 05/15/17 |
545 |
556 |
||||||
|
Los Angeles, Department of Airports, Ser C, RB |
||||||||
|
5.000%, 05/15/25 |
550 |
698 |
||||||
|
Los Angeles, Department of Water & Power System, Ser A, RB |
||||||||
|
5.000%, 07/01/19 |
|
500 |
|
556 |
||||
|
Los Angeles, Department of Water & Power System, Ser C, RB |
||||||||
|
5.000%, 07/01/23 |
500 |
623 |
||||||
|
Los Angeles, Department of Water & Power, Sub-Ser A-3, RB |
||||||||
|
Callable 11/01/16 @ 100 |
||||||||
|
0.760%, 07/01/35(A) |
500 |
500 |
||||||
|
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB |
||||||||
|
4.000%, 11/01/19 |
575 |
627 |
||||||
|
Los Angeles, Sanitation Districts Financing Authority, Sub-Ser, RB |
||||||||
|
Callable 10/01/25 @ 100 |
||||||||
|
5.000%, 10/01/28 |
500 |
624 |
||||||
|
Los Angeles, Ser A, GO |
||||||||
|
5.000%, 09/01/21 |
270 |
322 |
||||||
|
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
5.000%, 07/01/17(B) |
500 |
515 |
||||||
|
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP |
||||||||
|
5.000%, 10/01/20 |
1,000 |
1,154 |
||||||
|
Los Angeles, Unified School District, Ser A, GO |
||||||||
|
5.000%, 07/01/18 |
350 |
375 |
||||||
|
Los Angeles, Unified School District, Ser A, GO |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/30 |
505 |
630 |
||||||
|
Los Angeles, Unified School District, Ser B, GO, AMBAC |
||||||||
|
Callable 07/01/17 @ 100 |
||||||||
|
5.000%, 07/01/19 |
2,000 |
2,064 |
||||||
|
Merced, Irrigation District, Ser A, RB, AGM |
||||||||
|
5.000%, 10/01/20 |
500 |
574 |
||||||
|
North City, West School Facilities Financing Authority, Sub-Ser A, SPL Tax, AGM |
||||||||
|
5.000%, 09/01/20 |
1,000 |
1,144 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 30
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB, AGC |
||||||||
|
Callable 07/01/18 @ 100 |
||||||||
|
5.000%, 07/01/20 |
$ |
500 |
$ |
534 |
||||
|
Orange County, Redevelopment Agency Successor Agency, TA, AGM |
||||||||
|
5.000%, 09/01/23 |
320 |
394 |
||||||
|
Orange County, Sanitation District, Ser A, COP |
||||||||
|
3.000%, 02/01/17 |
500 |
504 |
||||||
|
Petaluma, Joint Unified High School District, Election of 2014, Ser A, GO |
||||||||
|
4.000%, 08/01/18 |
595 |
629 |
||||||
|
Port of Oakland, Ser B, RB, NATL |
||||||||
|
Callable 11/01/17 @ 100 |
||||||||
|
5.000%, 11/01/23 |
500 |
523 |
||||||
|
Riverside County, Public Safety Communication, Ser A, COP, AMBAC |
||||||||
|
5.000%, 11/01/17 |
1,600 |
1,668 |
||||||
|
Riverside County, Transportation Commission, Ser A, RB |
||||||||
|
Callable 06/01/23 @ 100 |
||||||||
|
5.250%, 06/01/28 |
500 |
625 |
||||||
|
Riverside, Public Financing Authority, Ser A, RB |
||||||||
|
5.000%, 11/01/21 |
1,000 |
1,181 |
||||||
|
Roseville, Finance Authority, RB |
||||||||
|
4.000%, 02/01/18 |
500 |
520 |
||||||
|
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB |
||||||||
|
5.000%, 12/01/20 |
500 |
581 |
||||||
|
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL |
||||||||
|
Callable 10/01/17 @ 100 |
||||||||
|
5.000%, 10/01/21 |
400 |
416 |
||||||
|
Sacramento, Financing Authority, EPA Building Project, Ser A, RB |
||||||||
|
4.000%, 05/01/18 |
850 |
891 |
||||||
|
San Diego, Public Facilities Financing Authority Sewer Revenue, RB |
||||||||
|
5.000%, 05/15/25 |
1,000 |
1,293 |
||||||
|
San Francisco City & County, Airports Commission, Ser B, RB |
||||||||
|
5.000%, 05/01/17 |
495 |
507 |
||||||
|
San Francisco City & County, Open Space Fund, Various Park Projects, RB, NATL |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
3.750%, 07/01/18 |
|
500 |
|
501 |
||||
|
San Francisco City & County, Public Utilities Commission Wastewater Revenue, Ser A, RB |
||||||||
|
Callable 10/01/25 @ 100 |
||||||||
|
5.000%, 10/01/27 |
1,000 |
1,282 |
||||||
|
San Francisco City & County, Public Utilities Commission Water Revenue, Ser A, RB |
||||||||
|
5.000%, 11/01/20 |
250 |
291 |
||||||
|
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA |
||||||||
|
5.000%, 08/01/17 |
540 |
558 |
||||||
|
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.250%, 08/01/18 |
345 |
345 |
||||||
|
San Francisco, Bay Area Rapid Transit District, RB |
||||||||
|
Callable 07/01/26 @ 100 |
||||||||
|
4.000%, 07/01/34 |
1,000 |
1,136 |
||||||
|
San Francisco, State Building Authority, RB |
||||||||
|
4.000%, 12/01/20 |
1,000 |
1,119 |
||||||
|
San Luis Obispo County, Financing Authority, Ser A, RB, BAM |
||||||||
|
Callable 09/01/25 @ 100 |
||||||||
|
5.000%, 09/01/30 |
500 |
617 |
||||||
|
San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM |
||||||||
|
5.250%, 06/01/19 |
755 |
841 |
||||||
|
San Pablo County, Redevelopment Agency, Ser A, TA, AGM |
||||||||
|
5.000%, 06/15/21 |
480 |
561 |
||||||
|
Santa Clara County, Financing Authority, Lease Revenue Capital Project, Ser A, RB |
||||||||
|
5.000%, 02/01/20 |
500 |
566 |
||||||
|
Santa Cruz County, Redevelopment Agency, TA, BAM |
||||||||
|
5.000%, 09/01/19 |
640 |
711 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 31
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Santa Rosa, Wastewater Revenue, Ser A, RB |
||||||||
|
4.000%, 09/01/17 |
$ |
415 |
$ |
427 |
||||
|
Southern California, Metropolitan Water District, Ser G-4, RB |
||||||||
|
Callable 07/01/19 @ 100 |
||||||||
|
3.000%, 07/01/37(A) |
1,000 |
1,048 |
||||||
|
Southern California, Public Power Authority, Linden Wind Energy Project, Ser A, RB |
||||||||
|
Callable 07/01/20 @ 100 |
||||||||
|
5.000%, 07/01/27 |
1,065 |
1,215 |
||||||
|
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB |
||||||||
|
5.000%, 07/01/17 |
1,375 |
1,418 |
||||||
|
Turlock, Irrigation District, Ser A, RB |
||||||||
|
5.000%, 01/01/17 |
575 |
581 |
||||||
|
Turlock, Irrigation District, Sub-Ser, RB |
||||||||
|
5.000%, 01/01/19 |
200 |
218 |
||||||
|
Tustin, Unified School District, SPL Tax, BAM |
||||||||
|
5.000%, 09/01/24 |
500 |
624 |
||||||
|
University of California, Regents Medical Center Pooled Revenue, Ser J, RB |
||||||||
|
Callable 05/15/23 @ 100 |
||||||||
|
5.000%, 05/15/26 |
605 |
743 |
||||||
|
University of California, Revenues Limited Project, Ser E, RB |
||||||||
|
Callable 05/15/20 @ 100 |
||||||||
|
5.000%, 05/15/22 |
500 |
571 |
||||||
|
University of California, Ser AT, RB |
||||||||
|
Callable 11/15/20 @ 100 |
||||||||
|
1.400%, 05/15/46(A) |
2,000 |
2,019 |
||||||
|
University of California, Ser G, RB |
||||||||
|
Callable 05/15/22 @ 100 |
||||||||
|
5.000%, 05/15/26 |
500 |
606 |
||||||
|
Ventura County, Community College District, GO |
||||||||
|
Callable 08/01/21 @ 100 |
||||||||
|
5.000%, 08/01/24 |
385 |
458 |
||||||
| Description | Face Amount (000)/Shares | Value (000) | ||||||
|
Ventura County, Public Financing Authority, Ser A, RB |
$ | $ | ||||||
|
4.000%, 11/01/18 |
|
500 |
|
533 |
||||
|
Ventura County, Public Financing Authority, Ser A, RB |
||||||||
|
5.000%, 11/01/19 |
500 |
563 |
||||||
|
Ventura County, Public Financing Authority, Ser B, RB |
||||||||
|
5.000%, 11/01/18 |
500 |
543 |
||||||
|
Walnut, Energy Center Authority, RB |
||||||||
|
5.000%, 01/01/19 |
300 |
327 |
||||||
|
Total California |
93,345 |
|||||||
|
Connecticut [1.0%] |
||||||||
|
Connecticut State, Ser A, GO |
||||||||
|
Callable 10/19/16 @ 100 |
||||||||
|
2.190%, 03/01/19(A) |
1,000 |
1,000 |
||||||
|
Guam [0.5%] |
||||||||
|
Territory of Guam, Ser A, RB |
||||||||
|
5.000%, 01/01/17 |
500 |
504 |
||||||
|
Total Municipal Bonds |
||||||||
|
(Cost $92,513) |
94,849 |
|||||||
|
Affiliated Registered Investment Company [2.4%] |
||||||||
|
City National Rochdale Municipal High Income Fund, Cl N ‡ |
207,560 |
2,312 |
||||||
|
Total Affiliated Registered Investment Company |
||||||||
|
(Cost $2,250) |
2,312 |
|||||||
|
Short-Term Investment [1.4%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
1,330,599 |
1,331 |
||||||
|
Total Short-Term Investment |
||||||||
|
(Cost $1,331) |
1,331 |
|||||||
|
Total Investments [100.4%] |
||||||||
|
(Cost $96,094) |
$ |
98,492 |
||||||
Percentages are based on Net Assets of $98,138 (000).
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 32
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale California Tax Exempt Bond Fund (concluded) |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(A) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(B) |
Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
|
(C) |
Securities are held in conjunction with a letter of credit from a major bank or financial institution. |
|
(D) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2016. |
|
(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 September 30, 2016, the value of these securities amounted to $1,000 (000), representing 1.0% of the net assets of the Fund. |
AGC — Assured Guaranty Corporation
AGM— Assured Guaranty Municipal
AMBAC — American Municipal Bond Assurance Corporation
BAM — Build America Mutual
Cl — Class
COP— Certificate of Participation
ETM — Escrowed to Maturity
GO — General Obligation
NATL— National Public Finance Guarantee Corporation
RB — Revenue Bond
SAB— Special Assessment Bond
Ser — Series
SPL Tax — Special Tax
TA — Tax Allocation
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Municipal Bonds |
$ |
— |
$ |
94,849 |
$ |
— |
$ |
94,849 |
||||||||
|
Affiliated Registered Investment Company |
2,312 |
— |
— |
2,312 |
||||||||||||
|
Short-Term Investment |
1,331 |
— |
— |
1,331 |
||||||||||||
|
Total Investments in Securities |
$ |
3,643 |
$ |
94,849 |
$ |
— |
$ |
98,492 |
||||||||
For the year ended September 30, 2016, 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. 0
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 33
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Municipal Bonds [97.5%] |
||||||||
|
Alabama [2.6%] |
||||||||
|
Birmingham, Water Works Board, Ser A, RB |
||||||||
|
Callable 01/01/25 @ 100 |
||||||||
|
5.000%, 01/01/42 |
$ |
5,000 |
$ |
5,872 |
||||
|
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 |
4,682 |
||||||
|
Jefferson County, Sewer Revenue, Ser D, RB |
||||||||
|
Callable 10/01/23 @ 105 |
||||||||
|
6.000%, 10/01/42 |
4,000 |
4,848 |
||||||
|
Jefferson County, Sewer Revenue, Ser D, RB |
||||||||
|
Callable 10/01/23 @ 105 |
||||||||
|
6.500%, 10/01/53 |
4,000 |
5,021 |
||||||
|
Lower Alabama Gas District, Ser A, RB |
||||||||
|
5.000%, 09/01/46 |
5,000 |
6,700 |
||||||
|
Total Alabama |
27,123 |
|||||||
|
Alaska [0.6%] |
||||||||
|
Northern Tobacco Securitization, Ser A, RB |
||||||||
|
Callable 10/19/16 @ 100 |
||||||||
|
5.000%, 06/01/46 |
6,000 |
5,872 |
||||||
|
American Samoa [0.5%] |
||||||||
|
American Samoa Economic Development Authority, Ser A, RB |
||||||||
|
Callable 09/01/25 @ 100 |
||||||||
|
6.625%, 09/01/35 |
|
5,000 |
|
5,178 |
||||
|
Arizona [1.1%] |
||||||||
|
Glendale, Industrial Development Authority |
||||||||
|
4.250%, 11/15/26 |
500 |
499 |
||||||
|
Glendale, Industrial Development Authority |
||||||||
|
Callable 11/15/26 @ 100 |
||||||||
|
5.000%, 11/15/36 |
600 |
606 |
||||||
|
Glendale, Industrial Development Authority |
||||||||
|
Callable 11/15/26 @ 100 |
||||||||
|
5.250%, 11/15/46 |
1,000 |
1,018 |
||||||
|
Glendale, Industrial Development Authority |
||||||||
|
Callable 11/15/26 @ 100 |
||||||||
|
5.250%, 11/15/51 |
750 |
758 |
||||||
|
Phoenix, Industrial Development Authority, RB |
||||||||
|
5.750%, 07/01/24(A) |
1,400 |
1,608 |
||||||
|
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/45(A) |
3,300 |
3,457 |
||||||
|
Pima County, Industrial Development Authority, Noah Webster School Project, RB |
||||||||
|
Callable 12/15/23 @ 100 |
||||||||
|
7.000%, 12/15/43 |
1,500 |
1,715 |
||||||
|
Yavapai County, Industrial Development Authority, Ser A, RB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.000%, 09/01/34(A) |
2,015 |
2,102 |
||||||
|
Total Arizona |
11,763 |
|||||||
|
California [12.9%] |
||||||||
|
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB |
||||||||
|
Callable 07/01/19 @ 100 |
||||||||
|
6.750%, 07/01/39 |
6,500 |
7,354 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 34
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
California State, Educational Facilities Authority, Ser T-1 |
||||||||
|
5.000%, 03/15/39 |
$ |
4,500 |
$ |
6,299 |
||||
|
California State, GO |
||||||||
|
Callable 12/01/23 @ 100 |
||||||||
|
5.000%, 12/01/31 |
1,500 |
1,849 |
||||||
|
California State, GO |
||||||||
|
Callable 09/01/26 @ 100 |
||||||||
|
5.000%, 09/01/45 |
8,000 |
9,832 |
||||||
|
California State, Municipal Finance Authority, Ser A, RB |
||||||||
|
Callable 11/01/25 @ 100 |
||||||||
|
5.500%, 11/01/45(A) |
4,000 |
4,411 |
||||||
|
California State, Pollution Control Financing Authority, San Diego Water Project, RB |
||||||||
|
Callable 07/01/17 @ 100 |
||||||||
|
5.000%, 11/21/45(A) |
2,000 |
2,056 |
||||||
|
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 |
6,129 |
||||||
|
California State, Public Works Board, Various Capital Projects, Ser A, RB |
||||||||
|
Callable 04/01/22 @ 100 |
||||||||
|
5.000%, 04/01/37 |
1,000 |
1,163 |
||||||
|
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 |
639 |
||||||
|
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 |
1,118 |
||||||
|
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 |
808 |
||||||
|
California Statewide Communities Development Authority, RB |
||||||||
|
Callable 06/01/25 @ 100 |
||||||||
|
7.000%, 06/01/45 |
3,155 |
2,831 |
||||||
|
California Statewide Communities Development Authority, Ser A, RB |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
5.250%, 12/01/56(A) |
|
11,500 |
|
13,126 |
||||
|
El Camino Hospital District, NATL |
||||||||
|
2.386%, 08/01/28(B) |
9,390 |
7,115 |
||||||
|
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
4.500%, 06/01/27 |
4,655 |
4,730 |
||||||
|
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
5.750%, 06/01/47 |
5,000 |
5,073 |
||||||
|
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
5.125%, 06/01/47 |
7,280 |
7,263 |
||||||
|
Golden State Tobacco Securitization, Sub-Ser B, RB |
||||||||
|
Callable 06/01/17 @ 17 |
||||||||
|
9.653%, 06/01/47(B) |
75,000 |
8,060 |
||||||
|
Inland Empire Tobacco Securitization Authority, RB |
||||||||
|
Callable 06/01/17 @ 29 |
||||||||
|
0.000%, 06/01/36(B) |
25,000 |
6,780 |
||||||
|
Lake Elsinore, Public Financing Authority, SAB |
||||||||
|
Callable 09/01/25 @ 100 |
||||||||
|
5.000%, 09/01/35 |
2,650 |
3,104 |
||||||
|
Los Angeles County, Tobacco Securitization Agency, RB |
||||||||
|
Callable 12/01/18 @ 100 |
||||||||
|
5.700%, 06/01/46 |
3,000 |
3,053 |
||||||
|
M-S-R Energy Authority, Ser C, RB |
||||||||
|
7.000%, 11/01/34 |
2,500 |
3,712 |
||||||
|
Northern California Gas Authority No. 1, Ser B |
||||||||
|
1.287%, 07/01/27(C) |
5,000 |
4,708 |
||||||
|
Palomar Pomerado Health Care District, COP |
||||||||
|
Callable 11/01/20 @ 100 |
||||||||
|
6.000%, 11/01/30 |
3,920 |
4,252 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 35
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
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 |
$ |
1,197 |
||||
|
San Buenaventura, Community Memorial Health System Project, RB |
||||||||
|
Callable 12/01/21 @ 100 |
||||||||
|
7.500%, 12/01/41 |
1,000 |
1,209 |
||||||
|
San Mateo, Community Facilities District, SAB |
||||||||
|
Callable 09/01/22 @ 100 |
||||||||
|
5.500%, 09/01/44 |
1,000 |
1,120 |
||||||
|
San Mateo, Foster City School District, GO |
||||||||
|
Callable 08/01/31 @ 100 |
||||||||
|
6.625%, 08/01/26(D) |
6,000 |
5,467 |
||||||
|
Southern California, Public Power Authority, Ser A |
||||||||
|
1.977%, 11/01/38(C) |
2,500 |
2,278 |
||||||
|
Southern California, Tobacco Securitization Authority, Ser A-1, RB |
||||||||
|
Callable 10/19/16 @ 100 |
||||||||
|
5.000%, 06/01/37 |
3,000 |
3,000 |
||||||
|
Southern California, Tobacco Securitization Authority, Ser A1-SNR, RB |
||||||||
|
Callable 10/19/16 @ 100 |
||||||||
|
5.125%, 06/01/46 |
4,000 |
4,000 |
||||||
|
Total California |
133,736 |
|||||||
|
Colorado [6.7%] |
||||||||
|
Arkansas State River Power Authority, Colorado Improvement Project, RB |
||||||||
|
Callable 10/01/20 @ 100 |
||||||||
|
6.125%, 10/01/40 |
2,500 |
2,795 |
||||||
|
Arkansas State River Power Authority, Colorado Improvement Project, RB |
||||||||
|
Callable 10/01/18 @ 100 |
||||||||
|
6.000%, 10/01/40 |
2,925 |
3,057 |
||||||
|
Castle Oaks Metropolitan District No. 3, GO |
||||||||
|
Callable 12/01/20 @ 103 |
||||||||
|
6.250%, 12/01/44 |
2,860 |
3,125 |
||||||
|
Castle Oaks Metropolitan District No. 3, GO |
||||||||
|
Callable 12/01/20 @ 103 |
||||||||
|
5.500%, 12/01/45 |
2,345 |
2,433 |
||||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
5.125%, 04/01/35(A) |
|
1,515 |
|
1,547 |
||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
5.250%, 04/01/45(A) |
2,655 |
2,711 |
||||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Project, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/36(A) |
915 |
953 |
||||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Project, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.250%, 07/01/46(A) |
1,930 |
2,009 |
||||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.375%, 07/01/44(A) |
1,350 |
1,452 |
||||||
|
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.500%, 07/01/49(A) |
1,600 |
1,718 |
||||||
|
Colorado State, Health Facilities Authority |
||||||||
|
Callable 01/01/24 @ 102 |
||||||||
|
5.000%, 01/01/37 |
1,600 |
1,790 |
||||||
|
Colorado State, Health Facilities Authority, RB |
||||||||
|
Callable 05/15/26 @ 100 |
||||||||
|
4.000%, 11/15/46 |
10,000 |
10,795 |
||||||
|
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT |
||||||||
|
Callable 01/01/23 @ 100 |
||||||||
|
5.750%, 01/01/44 |
2,000 |
2,172 |
||||||
|
Colorado State, Public Energy Authority, RB |
||||||||
|
6.500%, 11/15/38 |
4,000 |
5,829 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 36
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Denver City & County, United Airlines Project, Ser A, RB, AMT |
||||||||
|
Callable 10/01/17 @ 100 |
||||||||
|
5.250%, 10/01/32 |
$ |
1,000 |
$ |
1,030 |
||||
|
Erie Highlands Metropolitan District No. 1, GO |
||||||||
|
Callable 12/01/20 @ 103 |
||||||||
|
5.750%, 12/01/45 |
2,000 |
2,056 |
||||||
|
Flatiron Meadows Metropolitan District, GO |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.125%, 12/01/46 |
2,000 |
2,043 |
||||||
|
Great Western Park Metropolitan District No. 2, Ser A |
||||||||
|
Callable 12/01/21 @ 100 |
||||||||
|
5.000%, 12/01/46 |
1,825 |
1,873 |
||||||
|
Green Gables Metropolitan District No. 1, Ser A, GO |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.300%, 12/01/46 |
1,250 |
1,273 |
||||||
|
Lewis Pointe Metropolitan District, Ser A, GO |
||||||||
|
Callable 12/01/20 @ 100 |
||||||||
|
6.000%, 12/01/44 |
2,590 |
2,634 |
||||||
|
Leyden Rock Metropolitan District No. 10, Ser A |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
4.375%, 12/01/33 |
750 |
741 |
||||||
|
Leyden Rock Metropolitan District No. 10, Ser A |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.000%, 12/01/45 |
1,250 |
1,271 |
||||||
|
Morgan Stanley & Co., Tender Option Bond Trust Receipts, Ser 2016-XM0203, RB |
||||||||
|
Callable 08/01/26 @ 100 |
||||||||
|
9.097%, 08/01/46(A) (C) (E) |
3,335 |
4,272 |
||||||
|
Overlook Metropolitan District, GO |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.500%, 12/01/46 |
1,230 |
1,239 |
||||||
|
Regional Transportation District, Denver Transportation Partners Project, RB |
||||||||
|
Callable 07/15/20 @ 100 |
||||||||
|
6.000%, 01/15/41 |
1,000 |
1,144 |
||||||
|
Sierra Ridge Metropolitan District No. 2, Ser A, GO |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.500%, 12/01/46 |
1,500 |
1,588 |
||||||
|
Southglenn Metropolitan District |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
3.500%, 12/01/26 |
|
1,000 |
|
986 |
||||
|
Southglenn Metropolitan District |
||||||||
|
Callable 12/01/21 @ 103 |
||||||||
|
5.000%, 12/01/46 |
2,100 |
2,181 |
||||||
|
Water Valley Metropolitan District No. 01, GO |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
4.000%, 12/01/33 |
375 |
384 |
||||||
|
Water Valley Metropolitan District No. 01, GO |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
5.000%, 12/01/35 |
100 |
110 |
||||||
|
Water Valley Metropolitan District No. 01, GO |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
5.250%, 12/01/40 |
300 |
335 |
||||||
|
Water Valley Metropolitan District No. 02, GO |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
4.000%, 12/01/33 |
250 |
256 |
||||||
|
Water Valley Metropolitan District No. 02, GO |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
5.250%, 12/01/40 |
575 |
650 |
||||||
|
Wildgrass County, Metropolitan District, GO |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
6.200%, 12/01/16(F) |
1,000 |
1,008 |
||||||
|
Total Colorado |
69,460 |
|||||||
|
Connecticut [1.2%] |
||||||||
|
Connecticut State, Health & Educational Facility Authority, RB |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
5.000%, 12/01/45 |
10,000 |
11,952 |
||||||
|
Delaware [0.7%] |
||||||||
|
Delaware State, Economic Development Authority, Indian River Power Project, RB |
||||||||
|
Callable 10/01/20 @ 100 |
||||||||
|
5.375%, 10/01/45 |
6,500 |
7,102 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 37
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
District of Columbia [0.2%] |
||||||||
|
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB |
||||||||
|
Callable 10/01/28 @ 100 |
||||||||
|
0.000%, 10/01/44(D) |
$ |
2,000 |
$ |
2,444 |
||||
|
Florida [5.7%] |
||||||||
|
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB |
||||||||
|
Callable 11/15/24 @ 100 |
||||||||
|
6.000%, 11/15/34 |
2,500 |
2,834 |
||||||
|
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB |
||||||||
|
Callable 11/15/24 @ 100 |
||||||||
|
6.250%, 11/15/44 |
1,000 |
1,145 |
||||||
|
Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB |
||||||||
|
Callable 11/01/19 @ 100 |
||||||||
|
6.750%, 11/01/39 |
960 |
1,051 |
||||||
|
Capital Trust Agency, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
7.000%, 01/01/19(D) |
815 |
810 |
||||||
|
Capital Trust Agency, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.750%, 01/01/50 |
945 |
914 |
||||||
|
Capital Trust Agency, Silver Creek Street Project, Ser A, RB |
||||||||
|
Callable 01/01/21 @ 103 |
||||||||
|
8.250%, 01/01/44 |
3,390 |
2,865 |
||||||
|
Capital Trust Agency, Silver Creek Street Project, Ser A, RB |
||||||||
|
Callable 01/01/21 @ 103 |
||||||||
|
8.250%, 01/01/49 |
1,000 |
840 |
||||||
|
Florida State, Development Finance, RB |
||||||||
|
Callable 06/15/25 @ 100 |
||||||||
|
6.125%, 06/15/46(A) |
5,000 |
5,287 |
||||||
|
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB |
||||||||
|
Callable 06/15/24 @ 100 |
||||||||
|
6.000%, 06/15/34 |
2,110 |
2,261 |
||||||
|
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB |
||||||||
|
Callable 06/15/22 @ 100 |
||||||||
|
6.125%, 06/15/43 |
|
1,000 |
|
1,078 |
||||
|
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB |
||||||||
|
Callable 06/15/24 @ 100 |
||||||||
|
6.125%, 06/15/44 |
3,000 |
3,120 |
||||||
|
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB |
||||||||
|
Callable 06/01/22 @ 103 |
||||||||
|
7.000%, 06/01/35(A) |
1,350 |
1,463 |
||||||
|
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB |
||||||||
|
Callable 06/01/22 @ 103 |
||||||||
|
7.000%, 06/01/45(A) |
3,000 |
3,236 |
||||||
|
Florida State, Village Community Development District No. 10, SAB |
||||||||
|
Callable 05/01/23 @ 100 |
||||||||
|
6.000%, 05/01/44 |
1,000 |
1,195 |
||||||
|
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB |
||||||||
|
Callable 09/15/24 @ 100 |
||||||||
|
5.250%, 09/15/44 |
4,300 |
4,687 |
||||||
|
Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB |
||||||||
|
Callable 09/15/25 @ 100 |
||||||||
|
5.750%, 09/15/35(A) |
1,605 |
1,671 |
||||||
|
Mid-Bay Bridge Authority, Ser A, RB |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
7.250%, 10/01/21(F) |
5,200 |
6,734 |
||||||
|
Mid-Bay Bridge Authority, Ser A, RB |
||||||||
|
Callable 10/01/25 @ 100 |
||||||||
|
5.000%, 10/01/35 |
5,000 |
5,996 |
||||||
|
Osceola County, Poinciana Parkway Project, Ser A, RB |
||||||||
|
Callable 10/01/24 @ 100 |
||||||||
|
5.375%, 10/01/47 |
5,000 |
5,527 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 38
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB |
||||||||
|
Callable 06/01/22 @ 102 |
||||||||
|
7.250%, 06/01/34 |
$ |
500 |
$ |
607 |
||||
|
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB |
||||||||
|
Callable 06/01/22 @ 102 |
||||||||
|
7.500%, 06/01/49 |
2,000 |
2,448 |
||||||
|
Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB |
||||||||
|
Callable 08/01/20 @ 100 |
||||||||
|
6.000%, 08/01/45 |
3,000 |
3,375 |
||||||
|
Total Florida |
59,144 |
|||||||
|
Georgia [0.8%] |
||||||||
|
Atlanta, Department of Aviation, Ser A, RB |
||||||||
|
Callable 01/01/24 @ 100 |
||||||||
|
5.000%, 01/01/31 |
2,500 |
3,009 |
||||||
|
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB |
||||||||
|
Callable 09/01/20 @ 100 |
||||||||
|
6.125%, 09/01/40 |
1,000 |
1,129 |
||||||
|
Greene County, Development Authority, GLEN-I, LLC Project, Ser A, RB |
||||||||
|
Callable 01/01/25 @ 100 |
||||||||
|
7.250%, 01/01/46(A) |
3,400 |
3,571 |
||||||
|
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB |
||||||||
|
Callable 01/01/24 @ 100 |
||||||||
|
7.250%, 01/01/49 |
810 |
926 |
||||||
|
Total Georgia |
8,635 |
|||||||
|
Guam [0.9%] |
||||||||
|
Territory of Guam, Government Waterworks Authority, RB |
||||||||
|
Callable 07/01/20 @ 100 |
||||||||
|
5.625%, 07/01/40 |
2,000 |
2,199 |
||||||
|
Territory of Guam, Ser A, GO |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
7.000%, 11/15/19(F) |
6,000 |
7,106 |
||||||
|
Total Guam |
9,305 |
|||||||
|
Hawaii [0.3%] |
||||||||
|
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB |
||||||||
|
Callable 11/15/19 @ 100 |
||||||||
|
8.750%, 11/15/29 |
|
2,340 |
|
2,855 |
||||
|
Illinois [8.3%] |
||||||||
|
Bridgeview Village, Ser A, GO |
||||||||
|
Callable 06/01/24 @ 100 |
||||||||
|
5.500%, 12/01/43 |
4,880 |
5,074 |
||||||
|
Chicago, Midway International Airport, Ser B, RB |
||||||||
|
Callable 01/01/24 @ 100 |
||||||||
|
5.000%, 01/01/35 |
3,000 |
3,474 |
||||||
|
Chicago, Midway International Airport, Ser B, RB |
||||||||
|
Callable 01/01/23 @ 100 |
||||||||
|
5.000%, 01/01/35 |
2,000 |
2,283 |
||||||
|
Chicago, O’Hare International Airport, Ser B, RB |
||||||||
|
Callable 01/01/25 @ 100 |
||||||||
|
5.000%, 01/01/33 |
2,500 |
2,967 |
||||||
|
Chicago, Refunding Project, Ser A, GO, AGM |
||||||||
|
Callable 01/01/24 @ 100 |
||||||||
|
5.250%, 01/01/31 |
1,000 |
1,099 |
||||||
|
Chicago, Waterworks Revenue, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
5.000%, 11/01/29 |
1,000 |
1,194 |
||||||
|
Chicago, Waterworks Revenue, Ser A-1, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
5.000%, 11/01/28 |
1,000 |
1,199 |
||||||
|
Chicago, Waterworks Revenue, Ser A-1, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
5.000%, 11/01/30 |
1,025 |
1,222 |
||||||
|
Cook County, Ser A, GO |
||||||||
|
Callable 11/15/26 @ 100 |
||||||||
|
5.000%, 11/15/29 |
1,770 |
2,109 |
||||||
|
Cook County, Ser A, GO |
||||||||
|
Callable 11/15/26 @ 100 |
||||||||
|
5.000%, 11/15/30 |
1,000 |
1,188 |
||||||
|
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB |
||||||||
|
Callable 05/15/20 @ 100 |
||||||||
|
8.000%, 05/15/40 |
4,000 |
4,638 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 39
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB |
||||||||
|
Callable 05/15/20 @ 100 |
||||||||
|
8.000%, 05/15/46 |
$ |
2,825 |
$ |
3,269 |
||||
|
Illinois State, Finance Authority, RB |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
5.000%, 12/01/46 |
5,000 |
5,729 |
||||||
|
Illinois State, Finance Authority, Lutheran Home and Services Project, RB |
||||||||
|
Callable 05/15/22 @ 100 |
||||||||
|
5.625%, 05/15/42 |
5,000 |
5,327 |
||||||
|
Illinois State, Finance Authority, Roosevelt University Project, RB |
||||||||
|
Callable 10/01/19 @ 100 |
||||||||
|
6.250%, 04/01/29 |
1,000 |
1,095 |
||||||
|
Illinois State, Finance Authority, Roosevelt University Project, RB |
||||||||
|
Callable 10/01/19 @ 100 |
||||||||
|
6.500%, 04/01/39 |
3,445 |
3,807 |
||||||
|
Illinois State, Finance Authority, Ser C |
||||||||
|
Callable 02/15/27 @ 100 |
||||||||
|
3.625%, 02/15/32 |
3,500 |
3,370 |
||||||
|
Illinois State, Finance Authority, Ser C |
||||||||
|
Callable 02/15/27 @ 100 |
||||||||
|
3.750%, 02/15/34 |
3,480 |
3,351 |
||||||
|
Illinois State, Finance Authority, Ser C |
||||||||
|
Callable 02/15/27 @ 100 |
||||||||
|
5.000%, 02/15/41 |
3,200 |
3,587 |
||||||
|
Illinois State, Finance Authority, Ser C |
||||||||
|
Callable 02/15/27 @ 100 |
||||||||
|
4.000%, 02/15/41 |
4,500 |
4,465 |
||||||
|
Illinois State, Finance Authority, Ser S, RB |
||||||||
|
Callable 12/01/25 @ 100 |
||||||||
|
4.125%, 12/01/30 |
1,505 |
1,568 |
||||||
|
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.875%, 02/15/38 |
6,750 |
6,758 |
||||||
|
Illinois State, Housing Development Authority, Ser A |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
5.450%, 01/01/46 |
2,500 |
2,475 |
||||||
|
Illinois State, Housing Development Authority, Ser A |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
5.600%, 01/01/56 |
|
2,700 |
|
2,671 |
||||
|
Metropolitan Pier & Exposition Authority, Ser A, NATL |
||||||||
|
0.000%, 06/15/31(B) |
10,000 |
5,645 |
||||||
|
Southern Illinois University, Ser B, RB |
||||||||
|
Callable 10/01/22 @ 100 |
||||||||
|
5.000%, 04/01/26 |
2,105 |
2,228 |
||||||
|
Southwestern Illinois, Development Authority, Collinsville Project, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.350%, 03/01/31 |
75 |
58 |
||||||
|
University of Illinois, Ser B, COP |
||||||||
|
Callable 10/01/26 @ 100 |
||||||||
|
5.000%, 10/01/27 |
1,500 |
1,845 |
||||||
|
Village of Bridgeview, Cook County, Ser A, GO |
||||||||
|
Callable 12/01/25 @ 100 |
||||||||
|
5.750%, 12/01/35 |
2,000 |
2,165 |
||||||
|
Total Illinois |
85,860 |
|||||||
|
Indiana [1.2%] |
||||||||
|
Carmel City, Barrington Carmel Project, Ser A, RB |
||||||||
|
Callable 11/15/22 @ 100 |
||||||||
|
7.000%, 11/15/32 |
1,650 |
1,887 |
||||||
|
Carmel City, Barrington Carmel Project, Ser A, RB |
||||||||
|
Callable 11/15/22 @ 100 |
||||||||
|
7.125%, 11/15/47 |
3,000 |
3,398 |
||||||
|
Indiana State, Finance Authority, Ohio Valley Electric Corporation Project, Ser A, RB |
||||||||
|
Callable 06/01/22 @ 100 |
||||||||
|
5.000%, 06/01/39 |
1,000 |
1,059 |
||||||
|
Indianapolis, Ritter Affordable Assisted Living Project, RB |
||||||||
|
Callable 12/01/22 @ 102 |
||||||||
|
6.900%, 12/01/33 |
4,000 |
4,082 |
||||||
|
Terre Haute, Westminster Village Project, RB |
||||||||
|
Callable 08/01/22 @ 100 |
||||||||
|
6.000%, 08/01/39 |
2,355 |
2,405 |
||||||
|
Total Indiana |
12,831 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 40
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Iowa [0.2%] |
||||||||
|
Iowa State, Finance Authority, Ser B, RB |
||||||||
|
Callable 06/01/25 @ 100 |
||||||||
|
5.000%, 06/01/36 |
$ |
2,000 |
$ |
2,039 |
||||
|
Kansas [0.7%] |
||||||||
|
Arkansas City, Public Building Commission, South Central Regional Medical Center, RB |
||||||||
|
Callable 09/01/19 @ 100 |
||||||||
|
7.000%, 09/01/29 |
2,550 |
2,520 |
||||||
|
Wichita, Ser II-A, RB |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
5.250%, 12/01/36 |
500 |
532 |
||||||
|
Wichita, Ser II-A, RB |
||||||||
|
Callable 12/01/26 @ 100 |
||||||||
|
5.375%, 12/01/46 |
1,500 |
1,600 |
||||||
|
Wyandotte County-Kansas City Unified Government, RB |
||||||||
|
Callable 09/01/25 @ 100 |
||||||||
|
5.750%, 09/01/32 |
2,000 |
2,063 |
||||||
|
Total Kansas |
6,715 |
|||||||
|
Kentucky [1.1%] |
||||||||
|
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 |
1,144 |
||||||
|
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 |
3,393 |
||||||
|
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, Ser A, RB |
||||||||
|
Callable 07/01/23 @ 100 |
||||||||
|
5.750%, 07/01/49 |
5,650 |
6,701 |
||||||
|
Total Kentucky |
11,238 |
|||||||
|
Louisiana [1.3%] |
||||||||
|
Juban Crossing Economic Development District, General Infrastructure Project, Ser C, RB |
||||||||
|
Callable 03/15/25 @ 100 |
||||||||
|
7.000%, 09/15/44(A) |
|
5,665 |
|
6,102 |
||||
|
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Ser S, RB |
||||||||
|
Callable 06/01/25 @ 100 |
||||||||
|
5.625%, 06/01/45 |
2,000 |
2,063 |
||||||
|
Louisiana State, Public Facilities Authority, Pellets Inc. Project, RB, AMT |
||||||||
|
7.000%, 07/01/24(A) (G) |
2,000 |
1,155 |
||||||
|
Louisiana State, Public Facilities Authority, Pellets Inc. Project, RB, AMT |
||||||||
|
Callable 07/01/23 @ 100 |
||||||||
|
10.500%, 07/01/39(G) |
2,000 |
1,155 |
||||||
|
Louisiana State, Public Facilities Authority, Pellets Inc. Project, Ser A, RB, AMT |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
8.375%, 07/01/39(G) |
5,000 |
2,887 |
||||||
|
Total Louisiana |
13,362 |
|||||||
|
Maryland [1.1%] |
||||||||
|
Howard County, Annapolis Junction Town Center Project, TA |
||||||||
|
Callable 02/15/24 @ 100 |
||||||||
|
5.800%, 02/15/34 |
725 |
779 |
||||||
|
Howard County, Annapolis Junction Town Center Project, TA |
||||||||
|
Callable 02/15/24 @ 100 |
||||||||
|
6.100%, 02/15/44 |
1,425 |
1,530 |
||||||
|
Maryland State, Economic Development, RB |
||||||||
|
Callable 09/01/20 @ 100 |
||||||||
|
5.750%, 09/01/25 |
3,000 |
3,060 |
||||||
|
Westminster, Luther Village Millers Grant Inc. Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
6.000%, 07/01/34 |
1,205 |
1,337 |
||||||
|
Westminster, Luther Village Millers Grant Inc. Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
6.125%, 07/01/39 |
750 |
830 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 41
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Westminster, Luther Village Millers Grant Inc. Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
6.250%, 07/01/44 |
$ |
3,780 |
$ |
4,187 |
||||
|
Total Maryland |
11,723 |
|||||||
|
Massachusetts [2.5%] |
||||||||
|
Massachusetts State, Development Finance Agency, RB |
||||||||
|
Callable 07/01/26 @ 100 |
||||||||
|
5.000%, 07/01/41 |
4,710 |
5,654 |
||||||
|
Massachusetts State, Development Finance Agency, RB |
||||||||
|
Callable 07/01/26 @ 100 |
||||||||
|
4.000%, 07/01/41 |
3,165 |
3,467 |
||||||
|
Massachusetts State, Development Finance Agency, Ser A, RB |
||||||||
|
Callable 10/01/26 @ 100 |
||||||||
|
5.000%, 10/01/43 |
5,000 |
5,797 |
||||||
|
Massachusetts State, Ser E |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
4.000%, 04/01/42 |
10,000 |
10,948 |
||||||
|
Total Massachusetts |
25,866 |
|||||||
|
Michigan [2.3%] |
||||||||
|
Kent, Hospital Finance Authority, Metropolitan Hospital Project, Ser A, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
6.000%, 07/01/35 |
4,805 |
4,820 |
||||||
|
Kent, Hospital Finance Authority, Ser A, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
6.250%, 07/01/40 |
1,500 |
1,504 |
||||||
|
Michigan State, Finance Authority |
||||||||
|
Callable 02/01/20 @ 101 |
||||||||
|
5.750%, 02/01/33 |
4,000 |
4,151 |
||||||
|
Michigan State, Finance Authority, RB |
||||||||
|
Callable 11/15/25 @ 100 |
||||||||
|
5.250%, 11/15/35 |
2,340 |
2,601 |
||||||
|
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB |
||||||||
|
Callable 12/01/20 @ 100 |
||||||||
|
6.500%, 12/01/40 |
3,745 |
3,864 |
||||||
|
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.875%, 12/01/30 |
|
2,000 |
|
2,001 |
||||
|
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
5.125%, 06/01/22 |
2,885 |
2,881 |
||||||
|
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB |
||||||||
|
Callable 06/01/18 @ 100 |
||||||||
|
6.875%, 06/01/42 |
2,000 |
2,070 |
||||||
|
Total Michigan |
23,892 |
|||||||
|
Minnesota [0.3%] |
||||||||
|
Dakota County Community Development Agency |
||||||||
|
Callable 08/01/22 @ 100 |
||||||||
|
5.000%, 08/01/46(A) |
2,000 |
2,062 |
||||||
|
Dakota County Community Development Agency |
||||||||
|
Callable 08/01/22 @ 100 |
||||||||
|
5.000%, 08/01/51(A) |
1,250 |
1,278 |
||||||
|
Total Minnesota |
3,340 |
|||||||
|
Missouri [2.8%] |
||||||||
|
Blue Springs, Improvement Adams Farm Project, Ser A, SPL Tax |
||||||||
|
Callable 06/01/24 @ 100 |
||||||||
|
5.250%, 06/01/39 |
3,400 |
3,497 |
||||||
|
Hanley, Eager Road Transportation Development District, Ser A, SAB |
||||||||
|
Callable 03/01/21 @ 100 |
||||||||
|
3.000%, 03/01/26 |
500 |
498 |
||||||
|
Hanley, Eager Road Transportation Development District, Ser A, SAB |
||||||||
|
Callable 03/01/21 @ 100 |
||||||||
|
3.625%, 03/01/33 |
500 |
497 |
||||||
|
Hanley, Eager Road Transportation Development District, Ser A, SAB |
||||||||
|
Callable 03/01/21 @ 100 |
||||||||
|
4.000%, 03/01/42 |
1,000 |
992 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 42
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Kansas City, Industrial Development Authority, Ser A, RB |
||||||||
|
Callable 04/01/26 @ 100 |
||||||||
|
5.000%, 04/01/36(A) |
$ |
1,000 |
$ |
1,013 |
||||
|
Kansas City, Industrial Development Authority, Ser A, RB |
||||||||
|
Callable 04/01/26 @ 100 |
||||||||
|
5.000%, 04/01/46(A) |
1,150 |
1,136 |
||||||
|
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB |
||||||||
|
Callable 05/15/20 @ 100 |
||||||||
|
8.250%, 05/15/45 |
3,000 |
3,369 |
||||||
|
Poplar Bluff, Ser A, SPL Tax |
||||||||
|
Callable 11/01/23 @ 100 |
||||||||
|
5.125%, 11/01/35(A) |
5,000 |
5,139 |
||||||
|
St. Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
7.000%, 08/15/32 |
1,000 |
1,000 |
||||||
|
St. Louis County, Industrial Development Authority |
||||||||
|
Callable 11/15/25 @ 100 |
||||||||
|
4.000%, 11/15/36 |
1,250 |
1,228 |
||||||
|
St. Louis County, Industrial Development Authority |
||||||||
|
Callable 11/15/25 @ 100 |
||||||||
|
5.000%, 11/15/41 |
1,250 |
1,354 |
||||||
|
St. Louis County, Industrial Development Authority |
||||||||
|
Callable 11/15/25 @ 100 |
||||||||
|
5.000%, 11/15/46 |
1,500 |
1,618 |
||||||
|
St. Louis County, Industrial Development Authority, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
5.000%, 09/01/38(A) |
2,000 |
2,066 |
||||||
|
St. Louis County, Industrial Development Authority, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
5.250%, 09/01/45(A) |
3,000 |
3,096 |
||||||
|
St. Louis County, Lambert Airport Project, SAB |
||||||||
|
Pre-Refunded @ 105 |
||||||||
|
9.000%, 11/01/16(F) |
2,500 |
2,640 |
||||||
|
Total Missouri |
29,143 |
|||||||
|
Nebraska [0.7%] |
||||||||
|
Central Plains Energy Project, Project No. 3, RB |
||||||||
|
Callable 09/01/22 @ 100 |
||||||||
|
5.250%, 09/01/37 |
|
1,000 |
|
1,152 |
||||
|
Central Plains Energy Project, Project No. 3, RB |
||||||||
|
Callable 09/01/22 @ 100 |
||||||||
|
5.000%, 09/01/42 |
5,500 |
6,241 |
||||||
|
Total Nebraska |
7,393 |
|||||||
|
Nevada [0.9%] |
||||||||
|
Clark County, Department of Aviation, Sub-Ser A-2, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.000%, 07/01/35 |
3,000 |
3,555 |
||||||
|
Las Vegas, RB |
||||||||
|
Callable 06/15/21 @ 100 |
||||||||
|
4.375%, 06/15/35(A) |
3,500 |
3,493 |
||||||
|
Las Vegas, Special Improvement District No. 812, SAB |
||||||||
|
Callable 12/01/25 @ 100 |
||||||||
|
5.000%, 12/01/35 |
1,000 |
1,057 |
||||||
|
Nevada State, Department of Business & Industry, Ser A, RB |
||||||||
|
Callable 12/15/25 @ 100 |
||||||||
|
5.000%, 12/15/35(A) |
1,595 |
1,688 |
||||||
|
Total Nevada |
9,793 |
|||||||
|
New Jersey [0.9%] |
||||||||
|
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT |
||||||||
|
Callable 08/20/22 @ 101 |
||||||||
|
5.250%, 09/15/29 |
1,000 |
1,116 |
||||||
|
South Jersey Port, Ser S, RB |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
5.000%, 01/01/39 |
750 |
819 |
||||||
|
Tobacco Settlement Financing, Ser 1A, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
5.000%, 06/01/41 |
7,500 |
7,212 |
||||||
|
Total New Jersey |
9,147 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 43
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
New Mexico [0.3%] |
||||||||
|
New Mexico State, Hospital Equipment Loan Council, RB |
||||||||
|
Callable 07/01/22 @ 100 |
||||||||
|
5.500%, 07/01/42 |
$ |
3,110 |
$ |
3,468 |
||||
|
New York [6.5%] |
||||||||
|
JP Morgan Chase, Tender Option Bond Trust Receipts, Ser 2016-XM0195, RB |
||||||||
|
Callable 01/15/26 @ 100 |
||||||||
|
9.100%, 07/15/45(C) (E) |
3,335 |
4,245 |
||||||
|
Metropolitan Transportation Authority, Ser A-1, RB |
||||||||
|
Callable 05/15/25 @ 100 |
||||||||
|
5.000%, 11/15/45 |
5,000 |
5,895 |
||||||
|
Nassau County Tobacco Settlement |
||||||||
|
Callable 11/03/16 @ 100 |
||||||||
|
5.125%, 06/01/46 |
6,000 |
5,896 |
||||||
|
Nassau County, Industrial Development Agency, Ser A, RB |
||||||||
|
Callable 01/01/25 @ 101 |
||||||||
|
6.700%, 01/01/49 |
4,789 |
4,921 |
||||||
|
Nassau County, Industrial Development Agency, Ser C, RB |
||||||||
|
Callable 01/01/18 @ 100 |
||||||||
|
2.000%, 01/01/49 |
1,728 |
251 |
||||||
|
New York State, Convention Center Development |
||||||||
|
3.246%, 11/15/48(B) |
10,000 |
3,474 |
||||||
|
New York State, Liberty Development, RB |
||||||||
|
Callable 11/15/24 @ 100 |
||||||||
|
5.000%, 11/15/44(A) |
10,000 |
11,508 |
||||||
|
New York State, Transportation Development, RB, AMT |
||||||||
|
Callable 08/01/21 @ 100 |
||||||||
|
5.000%, 08/01/26 |
2,500 |
2,770 |
||||||
|
New York State, Transportation Development, RB, AMT |
||||||||
|
Callable 08/01/21 @ 100 |
||||||||
|
5.000%, 08/01/31 |
7,000 |
7,644 |
||||||
|
New York State, Transportation Development, RB, AMT |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.000%, 07/01/41 |
2,000 |
2,267 |
||||||
|
New York State, Transportation Development, RB, AMT |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.000%, 07/01/46 |
2,000 |
2,262 |
||||||
|
New York State, Transportation Development, RB, AMT |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.250%, 01/01/50 |
|
2,000 |
|
2,291 |
||||
|
Niagara, Tobacco Asset Securitization, RB |
||||||||
|
Callable 05/15/24 @ 100 |
||||||||
|
5.250%, 05/15/34 |
1,000 |
1,155 |
||||||
|
Niagara, Tobacco Asset Securitization, RB |
||||||||
|
Callable 05/15/24 @ 100 |
||||||||
|
5.250%, 05/15/40 |
1,000 |
1,147 |
||||||
|
TSASC, Inc., Ser 1 |
||||||||
|
Callable 10/19/16 @ 100 |
||||||||
|
5.125%, 06/01/42 |
12,000 |
11,822 |
||||||
|
Total New York |
67,548 |
|||||||
|
North Carolina [0.1%] |
||||||||
|
North Carolina State, Medical Care Commission, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
5.000%, 09/01/37 |
1,155 |
1,255 |
||||||
|
North Dakota [0.5%] |
||||||||
|
Burleigh County, Education Facilities, University of Mary Project, RB |
||||||||
|
Callable 04/15/26 @ 100 |
||||||||
|
5.200%, 04/15/46 |
3,000 |
2,960 |
||||||
|
Mandan, Park Facilities, Ser A, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
3.250%, 09/01/41 |
2,450 |
2,389 |
||||||
|
Total North Dakota |
5,349 |
|||||||
|
Ohio [2.2%] |
||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ser A-2, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
6.500%, 06/01/47 |
6,000 |
6,118 |
||||||
|
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB |
||||||||
|
Callable 02/15/23 @ 100 |
||||||||
|
5.000%, 02/15/33 |
1,000 |
1,085 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 44
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB |
||||||||
|
Callable 02/15/23 @ 100 |
||||||||
|
5.000%, 02/15/44 |
$ |
1,000 |
$ |
1,073 |
||||
|
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB |
||||||||
|
Callable 02/15/23 @ 100 |
||||||||
|
5.000%, 02/15/48 |
3,000 |
3,212 |
||||||
|
Ohio State, Air Quality Development Authority, Ser E, RB |
||||||||
|
5.625%, 10/01/19 |
3,350 |
3,661 |
||||||
|
Southeastern Ohio, Port Authority, Memorial Health System Project, RB |
||||||||
|
Callable 12/01/22 @ 100 |
||||||||
|
6.000%, 12/01/42 |
7,000 |
7,990 |
||||||
|
Total Ohio |
23,139 |
|||||||
|
Oklahoma [2.1%] |
||||||||
|
Oklahoma County, Finance Authority, Ser A |
||||||||
|
Callable 04/01/22 @ 100 |
||||||||
|
5.125%, 04/01/42 |
4,000 |
4,196 |
||||||
|
Oklahoma State, Development Finance Authority, RB |
||||||||
|
Callable 01/01/22 @ 100 |
||||||||
|
6.000%, 01/01/32 |
2,030 |
2,177 |
||||||
|
Payne County, Economic Development Authority, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
6.625%, 11/01/36 |
2,500 |
2,621 |
||||||
|
Payne County, Economic Development Authority, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
6.875%, 11/01/46 |
7,250 |
7,679 |
||||||
|
Payne County, Economic Development Authority, RB |
||||||||
|
Callable 11/01/26 @ 100 |
||||||||
|
7.000%, 11/01/51 |
5,250 |
5,569 |
||||||
|
Total Oklahoma |
22,242 |
|||||||
|
Oregon [0.2%] |
||||||||
|
Yamhill County, Hospital Authority, Ser S |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/31 |
700 |
788 |
||||||
|
Yamhill County, Hospital Authority, Ser S |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/36 |
|
130 |
|
144 |
||||
|
Yamhill County, Hospital Authority, Ser S |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/46 |
290 |
319 |
||||||
|
Yamhill County, Hospital Authority, Ser S |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/51 |
1,120 |
1,230 |
||||||
|
Total Oregon |
2,481 |
|||||||
|
Pennsylvania [3.7%] |
||||||||
|
Beaver County, Industrial Development Authority, Ser A |
||||||||
|
4.375%, 01/01/35(C) |
3,500 |
3,518 |
||||||
|
Beaver County, Industrial Development Authority, Ser B |
||||||||
|
4.250%, 10/01/47(C) |
1,320 |
1,327 |
||||||
|
Delaware County, Industrial Development Authority, Chester Community Charter School Project, Ser A, RB |
||||||||
|
Callable 08/15/20 @ 100 |
||||||||
|
6.125%, 08/15/40 |
4,730 |
4,742 |
||||||
|
Delaware County, Industrial Development Authority, Covanta Project, Ser A, RB |
||||||||
|
Callable 07/01/20 @ 100 |
||||||||
|
5.000%, 07/01/43 |
2,500 |
2,563 |
||||||
|
Pennsylvania State, Economic Development Financing Authority, Ser A-RE, RB |
||||||||
|
Callable 09/01/25 @ 100 |
||||||||
|
6.400%, 12/01/38 |
3,000 |
3,236 |
||||||
|
Pennsylvania State, Turnpike Commission, Ser A, RB |
||||||||
|
Callable 12/01/24 @ 100 |
||||||||
|
5.000%, 12/01/33 |
1,500 |
1,785 |
||||||
|
Pennsylvania State, Turnpike Commission, Sub-Ser A-1, RB |
||||||||
|
Callable 12/01/25 @ 100 |
||||||||
|
5.000%, 12/01/46 |
5,000 |
5,834 |
||||||
|
Pennsylvania State, Turnpike Commission, Sub-Ser E, RB |
||||||||
|
Callable 12/01/27 @ 100 |
||||||||
|
6.375%, 12/01/17(D) |
2,000 |
2,481 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 45
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Philadelphia, Authority for Industrial Development, RB |
||||||||
|
Callable 12/15/21 @ 100 |
||||||||
|
7.625%, 12/15/41 |
$ |
1,000 |
$ |
1,143 |
||||
|
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB |
||||||||
|
Callable 12/15/21 @ 100 |
||||||||
|
7.150%, 12/15/36 |
2,280 |
2,557 |
||||||
|
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 |
3,317 |
||||||
|
Pottsville, Hospital Authority, RB |
||||||||
|
Callable 07/01/26 @ 100 |
||||||||
|
5.250%, 07/01/33(A) |
2,020 |
2,445 |
||||||
|
Pottsville, Hospital Authority, Schuykill Health System Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
6.500%, 07/01/28 |
3,000 |
3,891 |
||||||
|
Total Pennsylvania |
38,839 |
|||||||
|
South Carolina [0.6%] |
||||||||
|
South Carolina State, Public Service Authority, Ser E, RB |
||||||||
|
Callable 12/01/23 @ 100 |
||||||||
|
5.500%, 12/01/53 |
5,000 |
5,941 |
||||||
|
Tennessee [0.9%] |
||||||||
|
Chattanooga, Health Educational & Housing Facility Board, RB |
||||||||
|
Callable 10/01/25 @ 100 |
||||||||
|
5.000%, 10/01/35 |
1,000 |
1,170 |
||||||
|
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB |
||||||||
|
Callable 07/01/20 @ 100 |
||||||||
|
6.000%, 07/01/38 |
2,000 |
2,252 |
||||||
|
Shelby County, Health Educational & Housing Facilities Board, Ser A |
||||||||
|
Callable 09/01/26 @ 100 |
||||||||
|
5.000%, 09/01/31 |
2,750 |
3,023 |
||||||
|
Shelby County, Health Educational & Housing Facilities Board, Ser A |
||||||||
|
Callable 09/01/26 @ 100 |
||||||||
|
5.000%, 09/01/37 |
|
1,145 |
|
1,232 |
||||
|
Shelby County, Health Educational & Housing Facilities Board, Ser A, RB |
||||||||
|
Callable 09/01/23 @ 100 |
||||||||
|
5.500%, 09/01/47 |
1,000 |
1,078 |
||||||
|
Total Tennessee |
8,755 |
|||||||
|
Texas [9.8%] |
||||||||
|
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB |
||||||||
|
Callable 03/01/24 @ 100 |
||||||||
|
7.000%, 03/01/34 |
400 |
427 |
||||||
|
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB |
||||||||
|
Callable 03/01/24 @ 100 |
||||||||
|
7.125%, 03/01/44 |
2,300 |
2,443 |
||||||
|
Bexar County, Health Facilities Development, Army Retirement Residence Project, RB |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
6.200%, 07/01/20(F) |
3,250 |
3,862 |
||||||
|
Bexar County, Health Facilities Development |
||||||||
|
Callable 07/15/26 @ 100 |
||||||||
|
5.000%, 07/15/41 |
2,000 |
2,266 |
||||||
|
Celina, SAB |
||||||||
|
Callable 03/01/23 @ 103 |
||||||||
|
7.250%, 09/01/45 |
500 |
518 |
||||||
|
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB |
||||||||
|
Callable 09/01/20 @ 103 |
||||||||
|
5.375%, 09/01/28 |
400 |
404 |
||||||
|
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB |
||||||||
|
Callable 09/01/20 @ 103 |
||||||||
|
5.500%, 09/01/32 |
250 |
252 |
||||||
|
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB |
||||||||
|
Callable 09/01/20 @ 103 |
||||||||
|
5.875%, 09/01/40 |
600 |
606 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 46
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Central Texas, Regional Mobility Authority, Sub-Ser |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
4.000%, 01/01/41 |
$ |
1,500 |
$ |
1,609 |
||||
|
Central Texas, Regional Mobility Authority, Sub-Ser, RB |
||||||||
|
Callable 01/01/23 @ 100 |
||||||||
|
5.000%, 01/01/33 |
1,000 |
1,158 |
||||||
|
Central Texas, Regional Mobility Authority, Sub-Ser, RB |
||||||||
|
Callable 01/01/23 @ 100 |
||||||||
|
5.000%, 01/01/42 |
1,000 |
1,129 |
||||||
|
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB |
||||||||
|
Callable 10/01/23 @ 100 |
||||||||
|
5.000%, 04/01/53 |
2,000 |
2,309 |
||||||
|
Hackberry City, Public Improvement District No. 3, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
6.750%, 09/01/28 |
500 |
530 |
||||||
|
Hackberry City, Public Improvement District No. 3, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
7.000%, 09/01/33 |
475 |
510 |
||||||
|
Hackberry City, Public Improvement District No. 3, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
6.625%, 09/01/37 |
450 |
477 |
||||||
|
Hackberry City, Public Improvement District No. 3, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
6.750%, 09/01/44 |
525 |
556 |
||||||
|
Houston, Airport System Revenue, United Airlines Project, RB, AMT |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.000%, 07/01/29 |
3,000 |
3,390 |
||||||
|
Houston, Higher Education Finance, Ser A, RB |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
6.875%, 05/15/21(F) |
5,300 |
6,670 |
||||||
|
JP Morgan Chase, Tender Option Bond Trust Receipts, Ser 2016-XM0196, RB |
||||||||
|
9.981%, 11/15/23(A) (C) (E) |
5,000 |
6,364 |
||||||
|
Leander, Oak Creek Public Improvement District, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
5.750%, 09/01/38 |
|
500 |
|
509 |
||||
|
Leander, Oak Creek Public Improvement District, SAB |
||||||||
|
Callable 09/01/19 @ 103 |
||||||||
|
5.875%, 09/01/44 |
500 |
509 |
||||||
|
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB |
||||||||
|
Callable 09/15/20 @ 103 |
||||||||
|
5.125%, 09/15/28 |
500 |
507 |
||||||
|
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB |
||||||||
|
Callable 09/15/20 @ 103 |
||||||||
|
5.500%, 09/15/40 |
375 |
381 |
||||||
|
McLendon-Chishom, Sonoma Public Improvement District Project, SAB |
||||||||
|
Callable 09/15/20 @ 103 |
||||||||
|
5.375%, 09/15/35 |
400 |
406 |
||||||
|
Mission, Economic Development, RB, AMT |
||||||||
|
Callable 10/01/18 @ 103 |
||||||||
|
5.750%, 10/01/31(A) |
2,000 |
2,132 |
||||||
|
New Hope Cultural Education Facilities Finance |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/36 |
1,020 |
1,153 |
||||||
|
New Hope Cultural Education Facilities Finance |
||||||||
|
Callable 11/15/24 @ 102 |
||||||||
|
5.000%, 11/15/46 |
1,550 |
1,747 |
||||||
|
New Hope Cultural Education Facilities, RB |
||||||||
|
Callable 07/01/24 @ 102 |
||||||||
|
5.000%, 07/01/36 |
2,500 |
2,628 |
||||||
|
New Hope Cultural Education Facilities, RB |
||||||||
|
Callable 07/01/24 @ 102 |
||||||||
|
5.000%, 07/01/46 |
3,150 |
3,286 |
||||||
|
Newark Higher Education Finance, Ser A, RB |
||||||||
|
Callable 08/15/25 @ 100 |
||||||||
|
5.500%, 08/15/35(A) |
900 |
948 |
||||||
|
Newark Higher Education Finance, Ser A, RB |
||||||||
|
Callable 08/15/25 @ 100 |
||||||||
|
5.750%, 08/15/45(A) |
1,700 |
1,769 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 47
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB |
||||||||
|
Callable 09/01/31 @ 100 |
||||||||
|
7.000%, 09/01/23(D) |
$ |
5,000 |
$ |
5,447 |
||||
|
North Texas, Tollway Authority, Ser A, RB |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
5.000%, 01/01/39 |
1,500 |
1,780 |
||||||
|
North Texas, Tollway Authority, Ser A, RB |
||||||||
|
Callable 01/01/26 @ 100 |
||||||||
|
4.000%, 01/01/39 |
2,500 |
2,740 |
||||||
|
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT |
||||||||
|
Callable 07/01/22 @ 100 |
||||||||
|
8.000%, 07/01/38 |
4,950 |
4,313 |
||||||
|
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB |
||||||||
|
Callable 11/15/17 @ 100 |
||||||||
|
5.750%, 11/15/37 |
6,000 |
6,181 |
||||||
|
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB |
||||||||
|
Callable 11/15/25 @ 100 |
||||||||
|
5.500%, 11/15/45 |
4,100 |
4,592 |
||||||
|
Tarrant County, Cultural Education Facilities Finance, RB |
||||||||
|
Callable 05/15/17 @ 100 |
||||||||
|
4.500%, 11/15/21 |
3,500 |
3,555 |
||||||
|
Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB |
||||||||
|
Pre-Refunded @ 100 |
||||||||
|
7.300%, 06/01/19(F) |
595 |
681 |
||||||
|
Texas State, Municipal Gas Acquisition & Supply I, Ser Senior D, RB |
||||||||
|
6.250%, 12/15/26 |
3,575 |
4,528 |
||||||
|
Texas State, Municipal Gas Acquisition & Supply III, RB |
||||||||
|
5.000%, 12/15/32 |
2,500 |
2,833 |
||||||
|
Texas State, Private Activity Bond Surface Transportation, LBJ Infrastructure Project, RB |
||||||||
|
Callable 06/30/20 @ 100 |
||||||||
|
7.000%, 06/30/40 |
|
5,165 |
|
6,143 |
||||
|
Texas State, Private Activity Bond Surface Transportation, NTE Mobility Project, RB |
||||||||
|
Callable 12/31/19 @ 100 |
||||||||
|
6.875%, 12/31/39 |
5,350 |
6,315 |
||||||
|
Texas State, Private Activity Bond Surface Transportation, RB, AMT |
||||||||
|
Callable 12/31/25 @ 100 |
||||||||
|
5.000%, 12/31/55 |
1,500 |
1,705 |
||||||
|
Total Texas |
102,268 |
|||||||
|
Virginia [2.1%] |
||||||||
|
Cherry Hill, Community Development Authority, SAB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.150%, 03/01/35(A) |
1,000 |
1,078 |
||||||
|
Cherry Hill, Community Development Authority, SAB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.400%, 03/01/45(A) |
2,000 |
2,168 |
||||||
|
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 |
4,451 |
||||||
|
Lower Magnolia Green, Community Development Authority, SAB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.000%, 03/01/45(A) |
4,135 |
4,367 |
||||||
|
Tobacco Settlement Financing, Ser B1, RB |
||||||||
|
Callable 06/01/17 @ 100 |
||||||||
|
5.000%, 06/01/47 |
1,560 |
1,524 |
||||||
|
Virginia State, College Building Authority, Marymount University Project, Ser A, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/35(A) |
1,200 |
1,343 |
||||||
|
Virginia State, College Building Authority, Marymount University Project, Ser A, RB |
||||||||
|
Callable 07/01/25 @ 100 |
||||||||
|
5.000%, 07/01/45(A) |
5,110 |
5,622 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 48
|
schedule of investments |
|
September 30, 2016 |
|
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 |
$ |
1,204 |
||||
|
Total Virginia |
21,757 |
|||||||
|
Washington [1.7%] |
||||||||
|
Washington State, Housing Finance Commission |
||||||||
|
Callable 01/01/25 @ 102 |
||||||||
|
5.000%, 01/01/36(A) |
2,125 |
2,416 |
||||||
|
Washington State, Housing Finance Commission |
||||||||
|
Callable 01/01/25 @ 102 |
||||||||
|
5.000%, 01/01/46(A) |
3,250 |
3,670 |
||||||
|
Washington State, Housing Finance Commission |
||||||||
|
Callable 01/01/25 @ 102 |
||||||||
|
5.000%, 01/01/51(A) |
3,400 |
3,813 |
||||||
|
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB |
||||||||
|
Callable 01/01/24 @ 100 |
||||||||
|
7.500%, 01/01/49(A) |
2,000 |
2,366 |
||||||
|
Washington State, Housing Finance Commission, Ser A |
||||||||
|
Callable 07/01/24 @ 102 |
||||||||
|
5.000%, 07/01/36(A) |
750 |
819 |
||||||
|
Washington State, Housing Finance Commission, Ser A |
||||||||
|
Callable 07/01/24 @ 102 |
||||||||
|
5.000%, 07/01/46(A) |
1,700 |
1,840 |
||||||
|
Washington State, Housing Finance Commission, Ser A |
||||||||
|
Callable 07/01/24 @ 102 |
||||||||
|
5.000%, 07/01/51(A) |
2,150 |
2,318 |
||||||
|
Total Washington |
17,242 |
|||||||
|
West Virginia [0.2%] |
||||||||
|
West Virginia State, Economic Development Authority, AMT |
||||||||
|
2.875%, 12/15/26 |
2,000 |
2,001 |
||||||
|
Wisconsin [6.3%] |
||||||||
|
Morgan Stanley & Co., Tender Option Bond Trust Receipts, Ser 2016-XM0202, RB |
||||||||
|
Callable 05/15/26 @ 100 |
||||||||
|
9.976%, 11/15/46(A) (C) (E) |
|
3,335 |
|
4,200 |
||||
|
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, Ser B, RB, AMT |
||||||||
|
Callable 07/01/22 @ 100 |
||||||||
|
5.000%, 07/01/42 |
1,000 |
1,097 |
||||||
|
Public Finance Authority, Coral Academy Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.375%, 07/01/34 |
2,000 |
2,128 |
||||||
|
Public Finance Authority, Coral Academy Project, RB |
||||||||
|
Callable 07/01/24 @ 100 |
||||||||
|
5.625%, 07/01/44 |
3,500 |
3,748 |
||||||
|
Public Finance Authority |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
5.000%, 06/01/36(A) |
1,500 |
1,542 |
||||||
|
Public Finance Authority |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
4.625%, 06/01/36(A) |
4,100 |
4,023 |
||||||
|
Public Finance Authority |
||||||||
|
Callable 06/01/26 @ 100 |
||||||||
|
5.125%, 06/01/48(A) |
3,500 |
3,598 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
5.000%, 09/01/30(A) |
800 |
887 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.250%, 03/01/35(A) |
1,250 |
1,331 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 02/01/26 @ 100 |
||||||||
|
5.000%, 02/01/36(A) |
3,000 |
3,042 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 09/01/24 @ 100 |
||||||||
|
5.000%, 09/01/38(A) |
1,580 |
1,721 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 03/01/25 @ 100 |
||||||||
|
5.500%, 03/01/45(A) |
3,460 |
3,682 |
||||||
|
Public Finance Authority, RB |
||||||||
|
Callable 04/01/25 @ 100 |
||||||||
|
5.875%, 04/01/45 |
3,000 |
3,238 |
||||||
|
Public Finance Authority, Las Ventanas Retirement Community Project, RB |
||||||||
|
Callable 10/01/20 @ 102 |
||||||||
|
7.000%, 10/01/42 |
5,400 |
5,448 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 49
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Public Finance Authority, RB, AMT |
||||||||
|
Callable 08/01/26 @ 100 |
||||||||
|
4.000%, 08/01/35 |
$ |
3,000 |
$ |
3,103 |
||||
|
Public Finance Authority, Ser A, RB |
||||||||
|
Callable 06/15/25 @ 100 |
||||||||
|
5.500%, 06/15/35(A) |
3,000 |
3,092 |
||||||
|
Public Finance Authority, Ser A, RB |
||||||||
|
Callable 06/15/25 @ 100 |
||||||||
|
5.500%, 06/15/45(A) |
4,280 |
4,372 |
||||||
|
Public Finance Authority, Ser C, RB, AMT |
||||||||
|
5.000%, 07/01/22 |
1,500 |
1,665 |
||||||
|
Public Finance Authority, Ser E, RB, AMT |
||||||||
|
Callable 07/01/22 @ 100 |
||||||||
|
5.000%, 07/01/23 |
2,155 |
2,430 |
||||||
|
Wisconsin State, Health & Educational Facilities Authority, RB |
||||||||
|
Callable 10/01/22 @ 102 |
||||||||
|
5.500%, 10/01/49 |
2,500 |
2,683 |
||||||
|
Wisconsin State, Health & Educational Facilities Authority, RB |
||||||||
|
Callable 12/01/22 @ 102 |
||||||||
|
5.250%, 12/01/49 |
6,000 |
6,244 |
||||||
|
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB |
||||||||
|
Callable 09/15/22 @ 100 |
||||||||
|
5.000%, 09/15/37 |
650 |
721 |
||||||
|
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB |
||||||||
|
Callable 09/15/22 @ 100 |
||||||||
|
5.000%, 09/15/45 |
1,000 |
1,104 |
||||||
|
Total Wisconsin |
65,099 |
|||||||
|
Puerto Rico [1.8%] |
||||||||
|
Children’s Trust Fund, Ser A, RB |
||||||||
|
Callable 11/03/16 @ 12 |
||||||||
|
7.256%, 05/15/50(B) |
90,000 |
8,351 |
||||||
|
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB |
||||||||
|
Callable 07/01/18 @ 100 |
||||||||
|
6.000%, 07/01/38 |
6,775 |
5,217 |
||||||
| Face Amount (000)/Shares | Value (000) | |||||||
|
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB |
||||||||
|
Callable 07/01/18 @ 100 |
||||||||
|
6.000%, 07/01/44 |
|
6,430 |
|
4,935 |
||||
|
Total Puerto Rico |
18,503 |
|||||||
|
Total Municipal Bonds |
||||||||
|
(Cost $963,363) |
1,012,798 |
|||||||
|
Short-Term Investments [3.0%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
18,397,376 |
18,397 |
||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.240%** |
12,559,574 |
12,560 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $30,957) |
30,957 |
|||||||
|
Total Investments [100.5%] |
||||||||
|
(Cost $994,320) |
$ |
1,043,755 |
||||||
Percentages are based on Net Assets of $1,039,051 (000).
|
‡ |
Investment in Affiliate. |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $173,353 (000), representing 16.7% of the net assets of the Fund. |
|
(B) |
Zero coupon security. The rate reported is the effective yield at time of purchase. |
|
(C) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(D) |
Step Bond — The rate reported is the rate in effect on September 30, 2016. The coupon on a step bond changes on a specific date. |
|
(E) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2016. |
|
(F) |
Pre-Refunded Security — The maturity date shown is the pre-refunded date. |
|
(G) |
In default on interest payments. Rate shown represents the last coupon rate prior to default. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 50
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund (concluded) |
AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
Cl — Class
COP — Certificate of Participation
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 September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Municipal Bonds |
$ |
— |
$ |
1,012,798 |
$ |
— |
$ |
1,012,798 |
||||||||
|
Short-Term Investments |
30,957 |
— |
— |
30,957 |
||||||||||||
|
Total Investments in Securities |
$ |
30,957 |
$ |
1,012,798 |
$ |
— |
$ |
1,043,755 |
||||||||
For the year ended September 30, 2016, 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 51
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Corporate Bonds [87.5%] |
||||||||
|
Advertising Agencies [1.0%] |
||||||||
|
MDC Partners |
||||||||
|
6.500%, 05/01/24(A) |
$ |
850 |
$ |
786 |
||||
|
Aerospace & Defense [1.5%] |
||||||||
|
LMI Aerospace |
||||||||
|
7.375%, 07/15/19 |
250 |
251 |
||||||
|
StandardAero Aviation Holdings |
||||||||
|
10.000%, 07/15/23(A) |
725 |
778 |
||||||
|
TransDigm |
||||||||
|
6.375%, 06/15/26(A) |
150 |
155 |
||||||
|
Total Aerospace & Defense |
1,184 |
|||||||
|
Air Transportation [0.1%] |
||||||||
|
CEVA Group |
||||||||
|
7.000%, 03/01/21(A) |
100 |
81 |
||||||
|
Airlines [0.1%] |
||||||||
|
Continental Airlines, Ser 2009-2, Cl B |
||||||||
|
9.250%, 05/10/17 |
63 |
66 |
||||||
|
Auto/Trk Prts and Equip-Repl [0.2%] |
||||||||
|
Allison Transmission |
||||||||
|
5.000%, 10/01/24(A) |
150 |
154 |
||||||
|
Automotive [1.1%] |
||||||||
|
Midas Intermediate Holdco II |
||||||||
|
7.875%, 10/01/22(A) |
825 |
840 |
||||||
|
Banks [0.7%] |
||||||||
|
Capital One Financial |
||||||||
|
3.750%, 07/28/26 |
|
250 |
|
251 |
||||
|
Compass Bank |
||||||||
|
3.875%, 04/10/25 |
300 |
293 |
||||||
|
Total Banks |
544 |
|||||||
|
Broadcasting & Cable [7.2%] |
||||||||
|
Anixter |
||||||||
|
5.500%, 03/01/23 |
450 |
471 |
||||||
|
CCO Holdings |
||||||||
|
5.875%, 04/01/24(A) |
400 |
427 |
||||||
|
Comcast |
||||||||
|
3.200%, 07/15/36 |
250 |
244 |
||||||
|
CSC Holdings |
||||||||
|
6.750%, 11/15/21 |
550 |
582 |
||||||
|
5.500%, 04/15/27(A) |
175 |
179 |
||||||
|
5.250%, 06/01/24 |
150 |
142 |
||||||
|
Discovery Communications |
||||||||
|
4.900%, 03/11/26 |
250 |
272 |
||||||
|
DISH DBS |
||||||||
|
7.750%, 07/01/26(A) |
350 |
372 |
||||||
|
5.875%, 07/15/22 |
450 |
462 |
||||||
|
5.875%, 11/15/24 |
500 |
494 |
||||||
|
Midcontinent Communications |
||||||||
|
6.875%, 08/15/23(A) |
300 |
319 |
||||||
|
Numericable Group |
||||||||
|
6.250%, 05/15/24(A) |
500 |
497 |
||||||
|
Numericable-SFR |
||||||||
|
7.375%, 05/01/26(A) |
475 |
486 |
||||||
|
Ziggo Secured Finance BV |
||||||||
|
5.500%, 01/15/27(A) |
150 |
150 |
||||||
|
4.250%, 01/15/27(A) |
450 |
504 |
||||||
|
Total Broadcasting & Cable |
5,601 |
|||||||
|
Building & Construction [2.3%] |
||||||||
|
Novelis |
||||||||
|
6.250%, 08/15/24(A) |
175 |
186 |
||||||
|
5.875%, 09/30/26(A) |
500 |
512 |
||||||
|
Reliance Intermediate Holdings |
||||||||
|
6.500%, 04/01/23(A) |
400 |
420 |
||||||
|
Standard Industries |
||||||||
|
5.500%, 02/15/23(A) |
300 |
313 |
||||||
|
Summit Materials |
||||||||
|
8.500%, 04/15/22(A) |
350 |
381 |
||||||
|
Total Building & Construction |
1,812 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 52
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Building-Heavy Construct [0.1%] |
||||||||
|
SBA Communications |
||||||||
|
4.875%, 09/01/24(A) |
$ |
100 |
$ |
101 |
||||
|
Chemicals [0.9%] |
||||||||
|
GCP Applied Technologies |
||||||||
|
9.500%, 02/01/23(A) |
400 |
457 |
||||||
|
PQ |
||||||||
|
6.750%, 11/15/22(A) |
200 |
212 |
||||||
|
Total Chemicals |
669 |
|||||||
|
Coal Mining [1.0%] |
||||||||
|
CONSOL Energy |
||||||||
|
8.000%, 04/01/23 |
400 |
388 |
||||||
|
5.875%, 04/15/22 |
450 |
414 |
||||||
|
Total Coal Mining |
802 |
|||||||
|
Commercial Serv-Finance [0.7%] |
||||||||
|
WEX |
||||||||
|
4.750%, 02/01/23(A) |
550 |
542 |
||||||
|
Computer Graphics [2.0%] |
||||||||
|
Epicor Software |
||||||||
|
9.250%, 05/01/23 |
1,600 |
1,563 |
||||||
|
Computer System Design & Services [1.6%] |
||||||||
|
NCR |
||||||||
|
6.375%, 12/15/23 |
500 |
529 |
||||||
|
5.875%, 12/15/21 |
650 |
684 |
||||||
|
Total Computer System Design & Services |
1,213 |
|||||||
|
Computers-Memory Devices [0.6%] |
||||||||
|
Brocade Communications Systems |
||||||||
|
4.625%, 01/15/23 |
450 |
445 |
||||||
|
Consumer Products & Services [1.7%] |
||||||||
|
Central Garden & Pet |
||||||||
|
6.125%, 11/15/23 |
550 |
589 |
||||||
|
WMG Acquisition |
||||||||
|
6.750%, 04/15/22(A) |
500 |
529 |
||||||
|
5.000%, 08/01/23(A) |
200 |
203 |
||||||
|
Total Consumer Products & Services |
1,321 |
|||||||
|
Containers & Packaging [1.1%] |
||||||||
|
Ardagh Packaging Finance |
||||||||
|
7.250%, 05/15/24(A) |
|
250 |
|
266 |
||||
|
4.625%, 05/15/23(A) |
200 |
201 |
||||||
|
Coveris Holdings |
||||||||
|
7.875%, 11/01/19(A) |
150 |
154 |
||||||
|
Reynolds Group Issuer |
||||||||
|
6.875%, 02/15/21 |
200 |
208 |
||||||
|
Total Containers & Packaging |
829 |
|||||||
|
Data Processing/Mgmt [0.8%] |
||||||||
|
First Data |
||||||||
|
7.000%, 12/01/23(A) |
200 |
212 |
||||||
|
5.000%, 01/15/24(A) |
400 |
406 |
||||||
|
Total Data Processing/Mgmt |
618 |
|||||||
|
Decision Support Software [0.2%] |
||||||||
|
MSCI |
||||||||
|
4.750%, 08/01/26(A) |
150 |
152 |
||||||
|
Diversified Operations [0.9%] |
||||||||
|
Actuant |
||||||||
|
5.625%, 06/15/22 |
300 |
312 |
||||||
|
Amsted Industries |
||||||||
|
5.375%, 09/15/24(A) |
400 |
398 |
||||||
|
Total Diversified Operations |
710 |
|||||||
|
E-Commerce/Services [0.4%] |
||||||||
|
Match Group |
||||||||
|
6.750%, 12/15/22 |
275 |
293 |
||||||
|
Educational Software [0.7%] |
||||||||
|
Cengage Learning |
||||||||
|
9.500%, 06/15/24(A) |
525 |
534 |
||||||
|
Electric Utilities [2.9%] |
||||||||
|
AES |
||||||||
|
6.000%, 05/15/26 |
350 |
370 |
||||||
|
3.673%, 09/01/16(B) |
114 |
114 |
||||||
|
ContourGlobal Power Holdings |
||||||||
|
5.125%, 06/15/21(A) |
750 |
876 |
||||||
|
Terraform Global Operating |
||||||||
|
13.750%, 08/15/22(A) |
850 |
876 |
||||||
|
Total Electric Utilities |
2,236 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 53
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Energy & Power [0.8%] |
||||||||
|
TerraForm Power Operating |
||||||||
|
6.125%, 06/15/25(A) (C) |
$ |
125 |
$ |
131 |
||||
|
5.875%, 02/01/23(A) (C) |
450 |
463 |
||||||
|
Total Energy & Power |
594 |
|||||||
|
Enterprise Software/Serv [1.6%] |
||||||||
|
Infor US |
||||||||
|
6.500%, 05/15/22 |
900 |
911 |
||||||
|
Open Text |
||||||||
|
5.875%, 06/01/26(A) |
100 |
105 |
||||||
|
Oracle |
||||||||
|
3.850%, 07/15/36 |
200 |
208 |
||||||
|
Total Enterprise Software/Serv |
1,224 |
|||||||
|
Entertainment & Gaming [1.6%] |
||||||||
|
Buffalo Thunder Development Authority |
||||||||
|
11.000%, 12/09/22(A) (D) |
35 |
18 |
||||||
|
9.375%, 11/15/29(A) (D) (E) |
16 |
— |
||||||
|
Cinemark USA |
||||||||
|
4.875%, 06/01/23 |
250 |
251 |
||||||
|
Mashantucket Western Pequot Tribe |
||||||||
|
6.500%, 07/01/36(D) |
88 |
— |
||||||
|
National CineMedia |
||||||||
|
5.750%, 08/15/26(A) |
125 |
130 |
||||||
|
Seminole Hard Rock Entertainment |
||||||||
|
5.875%, 05/15/21(A) |
250 |
253 |
||||||
|
Wynn Las Vegas |
||||||||
|
5.500%, 03/01/25(A) |
575 |
582 |
||||||
|
Total Entertainment & Gaming |
1,234 |
|||||||
|
Financial Services [5.5%] |
||||||||
|
Cabot Financial Luxembourg |
||||||||
|
7.500%, 10/01/23(A) |
150 |
194 |
||||||
|
FBM Finance |
||||||||
|
8.250%, 08/15/21(A) |
200 |
209 |
||||||
|
Icahn Enterprises |
||||||||
|
5.875%, 02/01/22 |
450 |
432 |
||||||
|
Jefferies Finance |
||||||||
|
7.500%, 04/15/21(A) |
400 |
389 |
||||||
|
7.375%, 04/01/20(A) |
895 |
873 |
||||||
|
Jefferies LoanCore |
||||||||
|
6.875%, 06/01/20(A) |
450 |
410 |
||||||
|
Lincoln Finance |
||||||||
|
6.875%, 04/15/21 |
700 |
845 |
||||||
|
NewStar Financial |
||||||||
|
7.250%, 05/01/20 |
|
450 |
|
443 |
||||
|
Oxford Finance |
||||||||
|
7.250%, 01/15/18(A) |
450 |
450 |
||||||
|
Total Financial Services |
4,245 |
|||||||
|
Food, Beverage & Tobacco [3.4%] |
||||||||
|
Bumble Bee Holdco SCA |
||||||||
|
9.625%, 03/15/18(A) (G) |
350 |
347 |
||||||
|
Bumble Bee Holdings |
||||||||
|
9.000%, 12/15/17(A) |
923 |
928 |
||||||
|
TreeHouse Foods |
||||||||
|
6.000%, 02/15/24(A) |
75 |
81 |
||||||
|
Vector Group |
||||||||
|
7.750%, 02/15/21 |
1,250 |
1,318 |
||||||
|
Total Food, Beverage & Tobacco |
2,674 |
|||||||
|
Food-Flour and Grain [0.2%] |
||||||||
|
Post Holdings |
||||||||
|
5.000%, 08/15/26(A) |
150 |
149 |
||||||
|
Food-Wholesale/Distrib [0.8%] |
||||||||
|
KeHE Distributors |
||||||||
|
7.625%, 08/15/21(A) |
450 |
447 |
||||||
|
US Foods |
||||||||
|
5.875%, 06/15/24(A) |
200 |
207 |
||||||
|
Total Food-Wholesale/Distrib |
654 |
|||||||
|
Gas-Distribution [1.2%] |
||||||||
|
LBC Tank Terminals Holding Netherlands |
||||||||
|
6.875%, 05/15/23(A) |
950 |
945 |
||||||
|
Gold Mining [1.4%] |
||||||||
|
Eldorado |
||||||||
|
6.125%, 12/15/20(A) |
800 |
806 |
||||||
|
Yamana |
||||||||
|
4.950%, 07/15/24 |
300 |
310 |
||||||
|
Total Gold Mining |
1,116 |
|||||||
|
Hospital Beds/Equipment [0.6%] |
||||||||
|
Kinetic Concepts |
||||||||
|
7.875%, 02/15/21(A) |
400 |
433 |
||||||
|
Hotels and Motels [0.6%] |
||||||||
|
Interval Acquisition |
||||||||
|
5.625%, 04/15/23 |
200 |
206 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 54
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
TVL Finance |
||||||||
|
8.500%, 05/15/23(A) |
$ |
200 |
$ |
272 |
||||
|
Total Hotels and Motels |
478 |
|||||||
|
Human Resources [0.2%] |
||||||||
|
AMN Healthcare |
||||||||
|
5.125%, 10/01/24(A) |
150 |
152 |
||||||
|
Insurance [2.4%] |
||||||||
|
American Equity Investment Life Holding |
||||||||
|
6.625%, 07/15/21 |
750 |
782 |
||||||
|
Ironshore Holdings US |
||||||||
|
8.500%, 05/15/20(A) |
950 |
1,080 |
||||||
|
Total Insurance |
1,862 |
|||||||
|
Internet Connectiv Svcs [0.8%] |
||||||||
|
Cogent Communications Group |
||||||||
|
5.375%, 03/01/22(A) |
300 |
309 |
||||||
|
Zayo Group |
||||||||
|
6.375%, 05/15/25 |
300 |
318 |
||||||
|
Total Internet Connectiv Svcs |
627 |
|||||||
|
Internet Infrastr Sftwr [0.4%] |
||||||||
|
TIBCO Software |
||||||||
|
11.375%, 12/01/21(A) |
350 |
311 |
||||||
|
Investment Banker/Broker Dealer [1.1%] |
||||||||
|
NFP |
||||||||
|
9.000%, 07/15/21(A) |
850 |
873 |
||||||
|
Medical Information Sys [0.3%] |
||||||||
|
IMS Health |
||||||||
|
3.500%, 10/15/24(A) |
200 |
225 |
||||||
|
Medical Products & Services [1.6%] |
||||||||
|
Acadia Healthcare |
||||||||
|
6.500%, 03/01/24 |
150 |
157 |
||||||
|
Halyard Health |
||||||||
|
6.250%, 10/15/22 |
300 |
307 |
||||||
|
HCA |
||||||||
|
4.500%, 02/15/27 |
200 |
201 |
||||||
|
Tenet Healthcare |
||||||||
|
4.350%, 09/15/16(B) |
600 |
603 |
||||||
|
Total Medical Products & Services |
1,268 |
|||||||
|
Medical-HMO [0.4%] |
||||||||
|
Opal Acquisition |
||||||||
|
8.875%, 12/15/21(A) |
|
395 |
|
324 |
||||
|
Metals & Mining [1.5%] |
||||||||
|
Alcoa Nederland Holding BV |
||||||||
|
6.750%, 09/30/24(A) |
550 |
571 |
||||||
|
Constellium |
||||||||
|
7.875%, 04/01/21(A) |
300 |
320 |
||||||
|
Novelis |
||||||||
|
8.375%, 12/15/17 |
300 |
303 |
||||||
|
Total Metals & Mining |
1,194 |
|||||||
|
Oil-Field Services [0.6%] |
||||||||
|
FTS International |
||||||||
|
8.350%, 09/01/16(A) (B) |
550 |
467 |
||||||
|
Paper & Related Products [0.3%] |
||||||||
|
Cascades |
||||||||
|
5.750%, 07/15/23(A) |
200 |
202 |
||||||
|
Petroleum & Fuel Products [11.1%] |
||||||||
|
Antero Resources |
||||||||
|
5.625%, 06/01/23 |
350 |
357 |
||||||
|
5.125%, 12/01/22 |
350 |
353 |
||||||
|
Antero Resources Finance |
||||||||
|
5.375%, 11/01/21 |
50 |
51 |
||||||
|
Approach Resources |
||||||||
|
7.000%, 06/15/21 |
50 |
40 |
||||||
|
Callon Petroleum |
||||||||
|
6.125%, 10/01/24(A) |
100 |
103 |
||||||
|
Comstock Resources |
||||||||
|
10.000%, 03/15/20 |
875 |
809 |
||||||
|
Crestwood Midstream Partners |
||||||||
|
6.125%, 03/01/22 |
600 |
606 |
||||||
|
DCP Midstream |
||||||||
|
5.350%, 03/15/20(A) |
50 |
51 |
||||||
|
EP Energy |
||||||||
|
9.375%, 05/01/20 |
500 |
354 |
||||||
|
6.375%, 06/15/23 |
400 |
239 |
||||||
|
Gibson Energy |
||||||||
|
6.750%, 07/15/21(A) |
700 |
716 |
||||||
|
Halcon Resources |
||||||||
|
8.625%, 02/01/20(A) |
475 |
477 |
||||||
|
Legacy Reserves |
||||||||
|
8.000%, 12/01/20 |
760 |
410 |
||||||
|
6.625%, 12/01/21 |
600 |
312 |
||||||
|
Milagro Oil & Gas |
||||||||
|
10.500%, 05/15/16(D) (E) |
400 |
141 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 55
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
PDC Energy |
||||||||
|
7.750%, 10/15/22 |
$ |
300 |
$ |
320 |
||||
|
6.125%, 09/15/24(A) |
100 |
103 |
||||||
|
QEP Resources |
||||||||
|
6.875%, 03/01/21 |
50 |
52 |
||||||
|
5.250%, 05/01/23 |
300 |
296 |
||||||
|
Sabine Pass Liquefaction |
||||||||
|
6.250%, 03/15/22 |
50 |
55 |
||||||
|
5.875%, 06/30/26(A) |
250 |
272 |
||||||
|
5.625%, 04/15/23 |
800 |
854 |
||||||
|
5.000%, 03/15/27(A) |
250 |
256 |
||||||
|
SandRidge Energy |
||||||||
|
8.750%, 06/01/20(A) (E) |
775 |
279 |
||||||
|
Unit |
||||||||
|
6.625%, 05/15/21 |
850 |
717 |
||||||
|
Whiting Petroleum |
||||||||
|
5.750%, 03/15/21 |
215 |
201 |
||||||
|
5.000%, 03/15/19 |
200 |
194 |
||||||
|
Total Petroleum & Fuel Products |
8,618 |
|||||||
|
Publishing-Books [0.5%] |
||||||||
|
McGraw-Hill Global Education Holdings |
||||||||
|
7.875%, 05/15/24(A) |
350 |
378 |
||||||
|
Radio [0.5%] |
||||||||
|
Sirius XM Radio |
||||||||
|
5.375%, 07/15/26(A) |
400 |
413 |
||||||
|
Real Estate [1.5%] |
||||||||
|
Kennedy-Wilson |
||||||||
|
5.875%, 04/01/24 |
1,200 |
1,209 |
||||||
|
Real Estate Investment Trusts [1.2%] |
||||||||
|
GEO Group |
||||||||
|
6.000%, 04/15/26 |
350 |
298 |
||||||
|
5.875%, 01/15/22 |
50 |
45 |
||||||
|
Hospitality Properties Trust |
||||||||
|
4.500%, 03/15/25 |
550 |
561 |
||||||
|
Total Real Estate Investment Trusts |
904 |
|||||||
|
Real Estate Oper/Develop [0.3%] |
||||||||
|
Greystar Real Estate Partners |
||||||||
|
8.250%, 12/01/22(A) |
250 |
265 |
||||||
|
Retail [4.9%] |
||||||||
|
AmeriGas Finance |
||||||||
|
7.000%, 05/20/22 |
900 |
952 |
||||||
|
Carrols Restaurant |
||||||||
|
8.000%, 05/01/22 |
|
200 |
|
216 |
||||
|
Ferrellgas |
||||||||
|
6.750%, 01/15/22 |
300 |
267 |
||||||
|
6.750%, 06/15/23 |
600 |
528 |
||||||
|
6.500%, 05/01/21 |
50 |
46 |
||||||
|
Group 1 Automotive |
||||||||
|
5.250%, 12/15/23(A) |
250 |
251 |
||||||
|
L Brands |
||||||||
|
6.875%, 11/01/35 |
100 |
109 |
||||||
|
6.750%, 07/01/36 |
300 |
323 |
||||||
|
Men’s Wearhouse |
||||||||
|
7.000%, 07/01/22 |
170 |
158 |
||||||
|
Nathan’s Famous |
||||||||
|
10.000%, 03/15/20(A) (D) |
350 |
385 |
||||||
|
NPC International |
||||||||
|
10.500%, 01/15/20 |
325 |
340 |
||||||
|
PF Chang’s China Bistro |
||||||||
|
10.250%, 06/30/20(A) |
285 |
268 |
||||||
|
Total Retail |
3,843 |
|||||||
|
Security Brokers & Dealers [0.5%] |
||||||||
|
Citigroup |
||||||||
|
6.300%, 12/29/49(B) |
400 |
411 |
||||||
|
Semi-Conductors [1.4%] |
||||||||
|
Micron Technology |
||||||||
|
7.500%, 09/15/23(A) |
385 |
428 |
||||||
|
5.250%, 08/01/23(A) |
700 |
691 |
||||||
|
Total Semi-Conductors |
1,119 |
|||||||
|
Telecommunication Equip [1.1%] |
||||||||
|
Avaya |
||||||||
|
7.000%, 04/01/19(A) |
850 |
627 |
||||||
|
CommScope Technologies Finance |
||||||||
|
6.000%, 06/15/25(A) |
200 |
213 |
||||||
|
Total Telecommunication Equip |
840 |
|||||||
|
Telephones & Telecommunications [4.5%] |
||||||||
|
Altice US Finance I |
||||||||
|
5.375%, 07/15/23(A) |
350 |
362 |
||||||
|
CenturyLink |
||||||||
|
5.625%, 04/01/25 |
150 |
144 |
||||||
|
Inmarsat Finance |
||||||||
|
4.875%, 05/15/22(A) |
200 |
190 |
||||||
|
Sirius XM Canada Holdings |
||||||||
|
5.625%, 04/23/21(A) |
600 |
455 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 56
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Sprint |
||||||||
|
7.875%, 09/15/23 |
$ |
150 |
$ |
151 |
||||
|
7.625%, 02/15/25 |
50 |
49 |
||||||
|
7.250%, 09/15/21 |
150 |
151 |
||||||
|
Sprint Communications |
||||||||
|
9.000%, 11/15/18(A) |
900 |
993 |
||||||
|
Sprint Nextel |
||||||||
|
7.000%, 03/01/20(A) |
50 |
54 |
||||||
|
T-Mobile USA |
||||||||
|
6.500%, 01/15/26 |
850 |
940 |
||||||
|
Total Telephones & Telecommunications |
3,489 |
|||||||
|
Transportation Services [1.7%] |
||||||||
|
HRG Group |
||||||||
|
7.875%, 07/15/19 |
954 |
1,005 |
||||||
|
Sabre GLBL |
||||||||
|
5.250%, 11/15/23(A) |
300 |
305 |
||||||
|
Total Transportation Services |
1,310 |
|||||||
|
Utility [0.8%] |
||||||||
|
Suburban Propane Partners |
||||||||
|
5.750%, 03/01/25 |
250 |
253 |
||||||
|
5.500%, 06/01/24 |
350 |
355 |
||||||
|
Total Utility |
608 |
|||||||
|
Web Hosting/Design [0.4%] |
||||||||
|
EIG Investors |
||||||||
|
10.875%, 02/01/24(A)(J) |
400 |
332 |
||||||
|
Total Corporate Bonds |
||||||||
|
(Cost $68,876) |
68,086 |
|||||||
|
Loan Participations [7.3%] |
||||||||
|
Automotive [0.7%] |
||||||||
|
Mavis Tire Supply, Term Loan |
||||||||
|
6.250%, 11/02/20(D) |
545 |
538 |
||||||
|
Communications [0.7%] |
||||||||
|
Tibco Software, First Lien Term Loan |
||||||||
|
6.500%, 12/04/20(D) |
542 |
533 |
||||||
|
Computers & Electronics [0.8%] |
||||||||
|
Advanced Computer, Second Lien Term Loan |
||||||||
|
10.500%, 01/31/23 |
400 |
368 |
||||||
|
Landesk Software, First Lien Term Loan |
||||||||
|
5.250%, 09/16/22 |
|
275 |
|
277 |
||||
|
Total Computers & Electronics |
645 |
|||||||
|
Diversified Media [0.3%] |
||||||||
|
Nielsen Finance LLC, Term Loan B-3 |
||||||||
|
2.500%, 10/03/23(H) |
250 |
251 |
||||||
|
Energy [0.6%] |
||||||||
|
Invenergy Thermal, First Lien Term Loan |
||||||||
|
6.500%, 10/07/22 |
447 |
427 |
||||||
|
Information Technology [0.8%] |
||||||||
|
Avaya, First Lien Term Loan B-7 |
||||||||
|
6.250%, 05/29/20 |
191 |
141 |
||||||
|
Micron Technology, Term Loan |
||||||||
|
6.640%, 04/15/22 |
100 |
101 |
||||||
|
Mitel Networks, Term Loan |
||||||||
|
0.000%, 01/14/17(I) |
200 |
— |
||||||
|
Solera, Term Loan B |
||||||||
|
5.750%, 03/03/23 |
399 |
403 |
||||||
|
Total Information Technology |
645 |
|||||||
|
Manufacturing [0.3%] |
||||||||
|
Pelican Products, Term Loan |
||||||||
|
9.250%, 04/09/21 |
250 |
223 |
||||||
|
Metals & Mining [0.0%] |
||||||||
|
Noranda Aluminum, Term Loan |
||||||||
|
5.750%, 02/28/19 |
105 |
11 |
||||||
|
Oil & Gas [0.4%] |
||||||||
|
Cactus Wellhead, First Lien Term Loan |
||||||||
|
7.000%, 07/31/20 |
343 |
264 |
||||||
|
Restaurants [0.6%] |
||||||||
|
Jack’s Family Restaurants, Cov-Lite Term Loan |
||||||||
|
5.750%, 06/24/22(D) |
476 |
474 |
||||||
|
Retail [1.0%] |
||||||||
|
Belk, First Lien Term Loan |
||||||||
|
5.750%, 11/18/22 |
448 |
405 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 57
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Hardware Holdings, Term Loan B |
||||||||
|
6.750%, 03/30/20(D) |
$ |
393 |
$ |
383 |
||||
|
Total Retail |
788 |
|||||||
|
Specialty Apparel Stores [0.7%] |
||||||||
|
Boot Barn, First Lien Term Loan |
||||||||
|
5.500%, 06/24/21(D) |
543 |
532 |
||||||
|
Transportation [0.4%] |
||||||||
|
CEVA Group PLC, First Lien Term Loan |
||||||||
|
6.500%, 03/19/21 |
9 |
8 |
||||||
|
Navistar, Tranche B Term Loan |
||||||||
|
6.500%, 08/17/17 |
298 |
298 |
||||||
|
Total Transportation |
306 |
|||||||
|
Total Loan Participations |
||||||||
|
(Cost $5,876) |
5,637 |
|||||||
|
Common Stock [0.5%] |
||||||||
|
Electronic Equipment & Instruments [0.0%] |
||||||||
|
CUI * (J) |
— |
8 |
||||||
|
Metals & Mining [0.0%] |
||||||||
|
Mirabela Nickel * (J) |
2,465,571 |
— |
||||||
|
Miscellaneous Manufacturing [0.0%] |
||||||||
|
CEVA Group * (J) |
22 |
8 |
||||||
|
Petroleum & Fuel Products [0.5%] |
||||||||
|
Titan Energy * |
11,458 |
338 |
||||||
|
Total Common Stock |
||||||||
|
(Cost $798) |
354 |
|||||||
|
Convertible Bond [0.2%] |
||||||||
|
Metals & Mining [0.2%] |
||||||||
|
Mirabela Nickel |
||||||||
|
9.500%, 06/24/19(A) (D) (J) |
$ |
653 |
|
183 |
||||
|
Total Convertible Bond |
||||||||
|
(Cost $653) |
183 |
|||||||
|
Mortgage-Backed Security [0.1%] |
||||||||
|
SRERS Funding, Ser 2011-RS, Cl A1B1 |
||||||||
|
0.763%, 10/09/16(A) (B) |
89 |
87 |
||||||
|
Total Mortgage-Backed Security |
||||||||
|
(Cost $79) |
87 |
|||||||
|
Preferred Stock [0.0%] |
||||||||
|
Miscellaneous Manufacturing [0.0%] |
||||||||
|
CEVA Group, 7.000% * |
49 |
19 |
||||||
|
Total Preferred Stock |
||||||||
|
(Cost $44) |
19 |
|||||||
|
Special Stock [0.0%] |
||||||||
|
Broadcasting & Cable [0.0%] |
||||||||
|
Adelphia Recovery Trust (D) (J) |
8,500 |
— |
||||||
|
Total Special Stock |
||||||||
|
(Cost $9) |
— |
|||||||
|
Short-Term Investments [2.8%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
1,133,429 |
1,133 |
||||||
|
Goldman Sachs Financial Square Funds - Government Fund, 0.294%** |
1,051,648 |
1,052 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $2,185) |
2,185 |
|||||||
|
Total Investments [98.4%] |
||||||||
|
(Cost $78,520) |
$ |
76,551 |
||||||
Percentages are based on Net Assets of $77,835 (000).
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 58
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (continued) |
|
‡ |
Investment in Affiliate. |
|
* |
Non-income producing security. |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $36,452 (000), representing 46.8% of the net assets of the Fund. |
|
(B) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(C) |
Step Bond — The rate reported is the rate in effect on September 30, 2016. The coupon on a step bond changes on a specific date. |
|
(D) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $3,199 (000) and represented 4.1% of net assets of the Fund. |
|
(E) |
In default on interest payments. Rate shown represents the last coupon rate prior to default. |
|
(F) |
Zero coupon security. The rate reported is the effective yield at time of purchase. |
|
(G) |
Payment in Kind Bond. |
|
(H) |
Unsettled bank loan. |
|
(I) |
Unfunded bank loan. Interest rate not available. |
|
(J) |
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2016 was $531 (000) and represented 0.7% of net assets of the Fund. |
CAD — Canadian Dollar
Cl — Class
EUR — Euro
GBP — British Pound Sterling
LLC — Limited Liability Corporation
PLC — Public Limited Company
Ser — Series
USD — United States Dollar
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 September 30, 2016, is as follows:
|
Counterparty |
Settlement Date |
Currency to Deliver (000) |
Currency to Receive (000) |
Unrealized (000) |
|||||||||||
|
Morgan Stanley |
10/13/16 |
GBP |
219 |
USD |
291 |
$ |
7 |
||||||||
|
Morgan Stanley |
10/13/16 |
CAD |
610 |
USD |
469 |
4 |
|||||||||
|
Morgan Stanley |
10/13/16 |
EUR |
213 |
USD |
240 |
— |
|||||||||
|
JP Morgan |
10/13/16 |
EUR |
2,014 |
USD |
2,260 |
(4 |
) |
||||||||
|
$ |
7 |
||||||||||||||
A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:
|
Counterparty |
Currency to Deliver (000) |
Currency to Receive (000) |
Unrealized (000) |
|||||||||
|
JPMorgan |
$ |
(2,264 |
) |
$ |
2,260 |
$ |
(4 |
) |
||||
|
Morgan Stanley |
(989 |
) |
1,000 |
11 |
||||||||
|
$ |
7 |
|||||||||||
For the year ended September 30, 2016, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3(1) |
Total |
||||||||||||
|
Corporate Bonds |
$ |
— |
$ |
67,754 |
$ |
332 |
$ |
68,086 |
||||||||
|
Loan Participations |
— |
5,637 |
— |
5,637 |
||||||||||||
|
Common Stock |
338 |
— |
16 |
354 |
||||||||||||
|
Convertible Bond |
— |
— |
183 |
183 |
||||||||||||
|
Mortgage-Backed Security |
— |
87 |
— |
87 |
||||||||||||
|
Preferred Stock |
— |
19 |
— |
19 |
||||||||||||
|
Special Stock |
— |
— |
— |
— |
||||||||||||
|
Short-Term Investments |
2,185 |
— |
— |
2,185 |
||||||||||||
|
Total Investments in Securities |
$ |
2,523 |
$ |
73,497 |
$ |
531 |
$ |
76,551 |
||||||||
|
Other Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Forwards contracts* |
||||||||||||||||
|
Unrealized Appreciation |
$ |
— |
$ |
11 |
$ |
— |
$ |
11 |
||||||||
|
Unrealized Depreciation |
— |
(4 |
) |
— |
(4 |
) |
||||||||||
|
Total Other Financial Instruments |
$ |
— |
$ |
7 |
$ |
— |
$ |
7 |
||||||||
|
* |
Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
(1) |
Of the $531 (000) Level 3 securities as of September 30, 2016, 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. |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 59
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale High Yield Bond Fund (concluded) |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2016:
|
Investments in Corporate Bonds |
Investments in Common Stock |
Investments in Convertible Bond |
||||||||||
|
Beginning balance as of October 1, 2015 |
$ |
— |
$ |
152 |
$ |
184 |
||||||
|
Accrued discounts/ premiums |
1 |
— |
— |
|||||||||
|
Realized gain/(loss) |
(153 |
) |
— |
— |
||||||||
|
Change in unrealized appreciation/(depreciation) |
128 |
(144 |
) |
(59 |
) |
|||||||
|
Purchases |
356 |
— |
58 |
|||||||||
|
Sales/paydowns |
— |
— |
— |
|||||||||
|
Transfers into Level 3 |
— |
8 |
— |
|||||||||
|
Transfers out of Level 3 |
— |
— |
— |
|||||||||
|
Ending balance as of September 30, 2016 |
$ |
332 |
$ |
16 |
$ |
183 |
||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
128 |
$ |
(144 |
) |
$ |
(59 |
) |
||||
|
|
Total |
|||
|
Beginning balance as of October 1, 2015 |
$ |
336 |
||
|
Accrued discounts/ premiums |
1 |
|||
|
Realized gain/(loss) |
(153 |
) |
||
|
Change in unrealized appreciation/(depreciation) |
(75 |
) |
||
|
Purchases |
414 |
|||
|
Sales/paydowns |
— |
|||
|
Transfers into Level 3 |
8 |
|||
|
Transfers out of Level 3 |
— |
|||
|
Ending balance as of September 30, 2016 |
$ |
531 |
||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
(75 |
) |
|
For the year ended September 30, 2016, there were transfers between Level 2 and Level 3 assets and liabilities.
The transfers between fair values hierarchy levels 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 60
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Corporate Bonds [73.3%] |
||||||||
|
Consumer Discretionary [3.4%] |
||||||||
|
AutoZone |
||||||||
|
3.700%, 04/15/22 |
$ |
250 |
$ |
267 |
||||
|
2.500%, 04/15/21 |
1,000 |
1,019 |
||||||
|
CBS |
||||||||
|
3.375%, 03/01/22 |
175 |
184 |
||||||
|
Expedia |
||||||||
|
5.950%, 08/15/20 |
250 |
282 |
||||||
|
Gap |
||||||||
|
5.950%, 04/12/21 |
495 |
528 |
||||||
|
Harley-Davidson Financial Services, MTN |
||||||||
|
1.550%, 11/17/17(A) |
3,725 |
3,729 |
||||||
|
Home Depot |
||||||||
|
2.625%, 06/01/22 |
1,000 |
1,038 |
||||||
|
Hyundai Capital America |
||||||||
|
2.600%, 03/19/20(A) |
1,000 |
1,019 |
||||||
|
Time Warner Cable |
||||||||
|
4.125%, 02/15/21 |
165 |
175 |
||||||
|
Toys R Us Property II |
||||||||
|
8.500%, 12/01/17 |
1 |
1 |
||||||
|
Tupperware Brands |
||||||||
|
4.750%, 06/01/21 |
500 |
547 |
||||||
|
Yum! Brands |
||||||||
|
6.250%, 03/15/18 |
|
30 |
|
32 |
||||
|
Total Consumer Discretionary |
8,821 |
|||||||
|
Consumer Staples [2.5%] |
||||||||
|
Avon Products |
||||||||
|
6.500%, 03/01/19 |
250 |
258 |
||||||
|
Bunge Finance |
||||||||
|
8.500%, 06/15/19 |
105 |
123 |
||||||
|
5.900%, 04/01/17 |
100 |
102 |
||||||
|
Campbell Soup |
||||||||
|
8.875%, 05/01/21 |
350 |
449 |
||||||
|
ConAgra Foods |
||||||||
|
4.950%, 08/15/20 |
178 |
193 |
||||||
|
1.900%, 01/25/18 |
200 |
201 |
||||||
|
CVS Health |
||||||||
|
3.500%, 07/20/22 |
2,000 |
2,141 |
||||||
|
Kraft Heinz Foods |
||||||||
|
3.500%, 07/15/22 |
500 |
531 |
||||||
|
Walgreens Boots Alliance |
||||||||
|
3.100%, 06/01/23 |
2,350 |
2,424 |
||||||
|
Total Consumer Staples |
6,422 |
|||||||
|
Energy [1.8%] |
||||||||
|
Boardwalk Pipelines |
||||||||
|
5.500%, 02/01/17 |
221 |
223 |
||||||
|
ConocoPhillips |
||||||||
|
5.750%, 02/01/19 |
290 |
316 |
||||||
|
DCP Midstream |
||||||||
|
9.750%, 03/15/19(A) |
114 |
127 |
||||||
|
Duke Capital |
||||||||
|
6.750%, 07/15/18 |
745 |
791 |
||||||
|
Ecopetrol |
||||||||
|
7.625%, 07/23/19 |
250 |
285 |
||||||
|
Enbridge Energy Partners |
||||||||
|
5.875%, 12/15/16 |
191 |
192 |
||||||
|
Energy Transfer Partners |
||||||||
|
9.700%, 03/15/19 |
330 |
379 |
||||||
|
9.000%, 04/15/19 |
189 |
216 |
||||||
|
6.125%, 02/15/17 |
426 |
432 |
||||||
|
3.600%, 02/01/23 |
200 |
197 |
||||||
|
Enterprise Products Operating |
||||||||
|
6.500%, 01/31/19 |
140 |
155 |
||||||
|
Kinder Morgan Energy Partners |
||||||||
|
5.300%, 09/15/20 |
125 |
135 |
||||||
|
Panhandle Eastern Pipe Line |
||||||||
|
7.000%, 06/15/18 |
396 |
422 |
||||||
|
Puget Energy |
||||||||
|
6.000%, 09/01/21 |
500 |
578 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 61
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Sabine Pass LNG |
||||||||
|
7.500%, 11/30/16 |
$ |
100 |
$ |
101 |
||||
|
Spectra Energy Capital |
||||||||
|
6.200%, 04/15/18 |
135 |
143 |
||||||
|
Total Energy |
4,692 |
|||||||
|
Financials [32.6%] |
||||||||
|
Alleghany |
||||||||
|
5.625%, 09/15/20 |
270 |
299 |
||||||
|
American Express |
||||||||
|
1.401%, 05/22/18(B) |
3,000 |
3,007 |
||||||
|
Axis Specialty Finance |
||||||||
|
5.875%, 06/01/20 |
250 |
278 |
||||||
|
Bank of America |
||||||||
|
5.420%, 03/15/17 |
42 |
43 |
||||||
|
Bank of America, MTN |
||||||||
|
1.516%, 04/01/19(B) |
5,000 |
5,030 |
||||||
|
Bank of Montreal, MTN |
||||||||
|
1.450%, 04/09/18 |
340 |
340 |
||||||
|
Bank of Nova Scotia |
||||||||
|
2.450%, 03/22/21 |
5,330 |
5,459 |
||||||
|
Barclays |
||||||||
|
4.375%, 01/12/26 |
1,500 |
1,553 |
||||||
|
BB&T, MTN |
||||||||
|
1.600%, 08/15/17 |
355 |
356 |
||||||
|
Bear Stearns |
||||||||
|
7.250%, 02/01/18 |
275 |
295 |
||||||
|
5.550%, 01/22/17 |
468 |
474 |
||||||
|
Capital One Financial |
||||||||
|
4.200%, 10/29/25 |
1,000 |
1,043 |
||||||
|
1.500%, 03/22/18 |
475 |
474 |
||||||
|
Chubb INA Holdings |
||||||||
|
5.800%, 03/15/18 |
300 |
319 |
||||||
|
Citigroup |
||||||||
|
4.500%, 01/14/22 |
2,000 |
2,209 |
||||||
|
CNA Financial |
||||||||
|
6.950%, 01/15/18 |
1,076 |
1,144 |
||||||
|
Commonwealth Bank of Australia, MTN |
||||||||
|
5.000%, 10/15/19(A) |
150 |
164 |
||||||
|
Commonwealth Bank of Australia NY, MTN |
||||||||
|
2.550%, 03/15/21 |
5,000 |
5,131 |
||||||
|
Credit Suisse Group Funding Guernsey |
||||||||
|
4.550%, 04/17/26(A) |
2,500 |
2,625 |
||||||
|
Credit Suisse NY, MTN |
||||||||
|
5.300%, 08/13/19 |
150 |
164 |
||||||
|
Deutsche Bank, MTN |
||||||||
|
2.850%, 05/10/19 |
2,985 |
2,921 |
||||||
|
Discover Bank |
||||||||
|
3.100%, 06/04/20 |
|
1,000 |
|
1,029 |
||||
|
ERAC USA Finance |
||||||||
|
3.300%, 10/15/22(A) |
250 |
262 |
||||||
|
Goldman Sachs Group |
||||||||
|
6.250%, 09/01/17 |
550 |
574 |
||||||
|
6.150%, 04/01/18 |
150 |
160 |
||||||
|
Goldman Sachs Group, MTN |
||||||||
|
6.000%, 06/15/20 |
500 |
569 |
||||||
|
HSBC Finance |
||||||||
|
6.676%, 01/15/21 |
83 |
96 |
||||||
|
HSBC Holdings |
||||||||
|
3.400%, 03/08/21 |
5,000 |
5,171 |
||||||
|
ING Bank |
||||||||
|
3.750%, 03/07/17(A) |
200 |
202 |
||||||
|
Jefferies Group |
||||||||
|
5.125%, 01/20/23 |
2,700 |
2,877 |
||||||
|
JPMorgan Chase |
||||||||
|
4.950%, 03/25/20 |
100 |
110 |
||||||
|
4.250%, 10/15/20 |
150 |
162 |
||||||
|
3.125%, 01/23/25 |
4,700 |
4,804 |
||||||
|
Lehman Brothers Holdings, MTN |
||||||||
|
7.000%, 09/28/37(C) |
400 |
30 |
||||||
|
Macquarie Bank, MTN |
||||||||
|
2.600%, 06/24/19(A) |
4,200 |
4,275 |
||||||
|
Marsh & McLennan, MTN |
||||||||
|
2.550%, 10/15/18 |
100 |
102 |
||||||
|
MetLife |
||||||||
|
6.817%, 08/15/18 |
3,500 |
3,844 |
||||||
|
Metropolitan Life Global Funding I |
||||||||
|
3.875%, 04/11/22(A) |
125 |
136 |
||||||
|
Moody’s |
||||||||
|
5.500%, 09/01/20 |
800 |
901 |
||||||
|
Morgan Stanley, MTN |
||||||||
|
3.750%, 02/25/23 |
5,000 |
5,311 |
||||||
|
MUFG Americas Holdings |
||||||||
|
2.250%, 02/10/20 |
2,000 |
2,023 |
||||||
|
NASDAQ OMX Group |
||||||||
|
5.550%, 01/15/20 |
1,249 |
1,379 |
||||||
|
National Bank of Canada, MTN |
||||||||
|
1.450%, 11/07/17 |
750 |
751 |
||||||
|
National Rural Utilities Cooperative Finance |
||||||||
|
10.375%, 11/01/18 |
125 |
148 |
||||||
|
6.550%, 11/01/18 |
300 |
330 |
||||||
|
Navient, MTN |
||||||||
|
5.000%, 06/15/18 |
2 |
2 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 62
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Principal Financial Group |
||||||||
|
8.875%, 05/15/19 |
$ |
130 |
$ |
153 |
||||
|
3.300%, 09/15/22 |
200 |
208 |
||||||
|
Protective Life |
||||||||
|
6.400%, 01/15/18 |
250 |
263 |
||||||
|
Prudential Financial, MTN |
||||||||
|
5.375%, 06/21/20 |
145 |
163 |
||||||
|
Silicon Valley Bank |
||||||||
|
6.050%, 06/01/17 |
355 |
365 |
||||||
|
SunTrust Banks |
||||||||
|
6.000%, 09/11/17 |
254 |
265 |
||||||
|
Svenska Handelsbanken, MTN |
||||||||
|
5.125%, 03/30/20(A) |
5,800 |
6,444 |
||||||
|
TD Ameritrade Holding |
||||||||
|
5.600%, 12/01/19 |
290 |
323 |
||||||
|
Toronto-Dominion Bank, MTN |
||||||||
|
1.338%, 11/05/19(B) |
3,100 |
3,088 |
||||||
|
US Bank |
||||||||
|
2.125%, 10/28/19 |
4,500 |
4,580 |
||||||
|
Volkswagen International Finance |
||||||||
|
2.375%, 03/22/17(A) |
125 |
125 |
||||||
|
Wilmington Trust |
||||||||
|
8.500%, 04/02/18 |
315 |
346 |
||||||
|
Total Financials |
84,899 |
|||||||
|
Health Care [3.3%] |
||||||||
|
AbbVie |
||||||||
|
2.850%, 05/14/23 |
2,500 |
2,538 |
||||||
|
Actavis |
||||||||
|
3.250%, 10/01/22 |
500 |
518 |
||||||
|
Aetna |
||||||||
|
2.400%, 06/15/21 |
2,500 |
2,529 |
||||||
|
Laboratory Corp of America Holdings |
||||||||
|
3.200%, 02/01/22 |
2,530 |
2,635 |
||||||
|
UnitedHealth Group |
||||||||
|
1.625%, 03/15/19 |
250 |
252 |
||||||
|
Total Health Care |
8,472 |
|||||||
|
Industrials [2.8%] |
||||||||
|
Carlisle |
||||||||
|
3.750%, 11/15/22 |
250 |
257 |
||||||
|
Eaton |
||||||||
|
8.875%, 06/15/19 |
125 |
146 |
||||||
|
Embraer Overseas |
||||||||
|
5.696%, 09/16/23(A) |
520 |
548 |
||||||
|
GATX |
||||||||
|
6.000%, 02/15/18 |
170 |
179 |
||||||
|
IDEX |
||||||||
|
4.200%, 12/15/21 |
|
250 |
|
266 |
||||
|
Lennox International |
||||||||
|
4.900%, 05/15/17 |
250 |
255 |
||||||
|
NuStar Logistics |
||||||||
|
4.800%, 09/01/20 |
200 |
200 |
||||||
|
PACCAR Financial, MTN |
||||||||
|
1.750%, 08/14/18 |
4,000 |
4,044 |
||||||
|
Penske Truck Leasing |
||||||||
|
4.875%, 07/11/22(A) |
200 |
223 |
||||||
|
4.250%, 01/17/23(A) |
300 |
317 |
||||||
|
3.375%, 03/15/18(A) |
250 |
256 |
||||||
|
Republic Services |
||||||||
|
3.550%, 06/01/22 |
250 |
269 |
||||||
|
Roper Technologies |
||||||||
|
3.125%, 11/15/22 |
200 |
206 |
||||||
|
1.850%, 11/15/17 |
250 |
251 |
||||||
|
Total Industrials |
7,417 |
|||||||
|
Information Technology [8.9%] |
||||||||
|
Apple |
||||||||
|
2.450%, 08/04/26 |
5,700 |
5,706 |
||||||
|
1.042%, 02/07/20(B) |
1,238 |
1,236 |
||||||
|
Arrow Electronics |
||||||||
|
6.875%, 06/01/18 |
400 |
432 |
||||||
|
Fiserv |
||||||||
|
3.500%, 10/01/22 |
250 |
266 |
||||||
|
2.700%, 06/01/20 |
2,000 |
2,062 |
||||||
|
KLA-Tencor |
||||||||
|
4.650%, 11/01/24 |
2,500 |
2,747 |
||||||
|
Lexmark International |
||||||||
|
5.125%, 03/15/20 |
2,250 |
2,357 |
||||||
|
Nokia |
||||||||
|
5.375%, 05/15/19 |
950 |
1,024 |
||||||
|
Oracle |
||||||||
|
2.500%, 05/15/22 |
5,000 |
5,132 |
||||||
|
Western Union |
||||||||
|
5.253%, 04/01/20 |
2,000 |
2,191 |
||||||
|
Total Information Technology |
23,153 |
|||||||
|
Materials [3.8%] |
||||||||
|
Airgas |
||||||||
|
2.900%, 11/15/22 |
250 |
252 |
||||||
|
Avery Dennison |
||||||||
|
5.375%, 04/15/20 |
405 |
443 |
||||||
|
Glencore Canada |
||||||||
|
5.500%, 06/15/17 |
1,010 |
1,033 |
||||||
|
Glencore Funding |
||||||||
|
2.040%, 01/15/19(A) (B) |
2,000 |
1,985 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 63
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Rio Tinto Finance USA |
||||||||
|
3.750%, 06/15/25 |
$ |
5,780 |
$ |
6,218 |
||||
|
Total Materials |
9,931 |
|||||||
|
REITs [5.6%] |
||||||||
|
American Tower |
||||||||
|
4.000%, 06/01/25 |
1,800 |
1,925 |
||||||
|
Boston Properties |
||||||||
|
5.875%, 10/15/19 |
140 |
156 |
||||||
|
Common Wealth REIT |
||||||||
|
5.875%, 09/15/20 |
105 |
117 |
||||||
|
DDR |
||||||||
|
4.625%, 07/15/22 |
250 |
271 |
||||||
|
Equity One |
||||||||
|
3.750%, 11/15/22 |
250 |
259 |
||||||
|
HCP |
||||||||
|
4.000%, 06/01/25 |
2,770 |
2,844 |
||||||
|
Highwoods Realty |
||||||||
|
3.625%, 01/15/23 |
200 |
205 |
||||||
|
HRPT Properties Trust |
||||||||
|
6.650%, 01/15/18 |
300 |
310 |
||||||
|
Liberty Property, MTN |
||||||||
|
7.500%, 01/15/18 |
177 |
190 |
||||||
|
National Retail Properties |
||||||||
|
6.875%, 10/15/17 |
300 |
316 |
||||||
|
3.800%, 10/15/22 |
350 |
372 |
||||||
|
Prologis |
||||||||
|
3.350%, 02/01/21 |
2,200 |
2,326 |
||||||
|
Realty Income |
||||||||
|
3.250%, 10/15/22 |
200 |
207 |
||||||
|
Senior Housing Properties Trust |
||||||||
|
6.750%, 12/15/21 |
500 |
574 |
||||||
|
Simon Property Group |
||||||||
|
10.350%, 04/01/19 |
3,500 |
4,178 |
||||||
|
Washington Real Estate Investment Trust |
||||||||
|
3.950%, 10/15/22 |
250 |
254 |
||||||
|
Welltower |
||||||||
|
4.950%, 01/15/21 |
155 |
172 |
||||||
|
Total REITs |
14,676 |
|||||||
|
Telecommunication Services [6.2%] |
||||||||
|
America Movil |
||||||||
|
3.125%, 07/16/22 |
4,000 |
4,095 |
||||||
|
AT&T |
||||||||
|
5.600%, 05/15/18 |
310 |
330 |
||||||
|
3.600%, 02/17/23 |
5,000 |
5,271 |
||||||
|
CenturyLink |
||||||||
|
6.450%, 06/15/21 |
355 |
380 |
||||||
|
5.800%, 03/15/22 |
|
250 |
|
256 |
||||
|
COX Communications, MTN |
||||||||
|
6.850%, 01/15/18 |
224 |
236 |
||||||
|
Deutsche Telekom International Finance |
||||||||
|
6.000%, 07/08/19 |
50 |
56 |
||||||
|
Qwest |
||||||||
|
6.500%, 06/01/17 |
100 |
103 |
||||||
|
Telefonica Emisiones SAU |
||||||||
|
6.221%, 07/03/17 |
286 |
296 |
||||||
|
5.462%, 02/16/21 |
115 |
131 |
||||||
|
5.134%, 04/27/20 |
300 |
331 |
||||||
|
Verizon Communications |
||||||||
|
4.600%, 04/01/21 |
4,100 |
4,562 |
||||||
|
Total Telecommunication Services |
16,047 |
|||||||
|
Utilities [2.4%] |
||||||||
|
British Transco Finance |
||||||||
|
6.625%, 06/01/18 |
128 |
139 |
||||||
|
Cleveland Electric Illuminating |
||||||||
|
7.880%, 11/01/17 |
10 |
11 |
||||||
|
5.700%, 04/01/17 |
6 |
6 |
||||||
|
Entergy Mississippi |
||||||||
|
6.640%, 07/01/19 |
540 |
605 |
||||||
|
Entergy Texas |
||||||||
|
7.125%, 02/01/19 |
190 |
213 |
||||||
|
Exelon Generation |
||||||||
|
6.200%, 10/01/17 |
2,125 |
2,219 |
||||||
|
Korea Electric Power |
||||||||
|
6.750%, 08/01/27 |
75 |
96 |
||||||
|
National Fuel Gas |
||||||||
|
4.900%, 12/01/21 |
500 |
540 |
||||||
|
Nisource Capital Markets, MTN |
||||||||
|
7.860%, 03/27/17 |
163 |
167 |
||||||
|
Northern Indiana Public Service, MTN |
||||||||
|
7.590%, 06/12/17 |
440 |
456 |
||||||
|
Pennsylvania Electric |
||||||||
|
6.625%, 04/01/19 |
15 |
16 |
||||||
|
Puget Energy |
||||||||
|
5.625%, 07/15/22 |
250 |
288 |
||||||
|
Puget Sound Energy, MTN |
||||||||
|
6.740%, 06/15/18 |
57 |
62 |
||||||
|
Southwestern Electric Power |
||||||||
|
5.875%, 03/01/18 |
581 |
614 |
||||||
|
3.550%, 02/15/22 |
500 |
534 |
||||||
|
Southwestern Public Service |
||||||||
|
8.750%, 12/01/18 |
250 |
288 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 64
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Xcel Energy |
||||||||
|
5.613%, 04/01/17 |
$ |
10 |
$ |
10 |
||||
|
Total Utilities |
6,264 |
|||||||
|
Total Corporate Bonds |
||||||||
|
(Cost $185,045) |
190,794 |
|||||||
|
U.S. Treasury Obligations [6.0%] |
||||||||
|
U.S. Treasury Inflation Indexed Bonds |
||||||||
|
0.625%, 01/15/26 |
5,383 |
5,590 |
||||||
|
U.S. Treasury Notes |
||||||||
|
2.750%, 02/15/19 |
845 |
883 |
||||||
|
2.625%, 11/15/20 |
425 |
451 |
||||||
|
2.375%, 07/31/17 |
810 |
822 |
||||||
|
2.250%, 11/15/24 |
4,500 |
4,751 |
||||||
|
1.250%, 04/30/19 |
2,375 |
2,400 |
||||||
|
0.875%, 07/31/19 |
815 |
815 |
||||||
|
Total U.S. Treasury Obligations |
||||||||
|
(Cost $15,408) |
15,712 |
|||||||
|
U.S. Government Agency Obligations [6.0%] |
||||||||
|
FHLMC |
||||||||
|
1.750%, 05/30/19 |
3,000 |
3,062 |
||||||
|
1.000%, 09/29/17 |
660 |
662 |
||||||
|
FNMA |
||||||||
|
1.875%, 09/18/18 |
150 |
153 |
||||||
|
1.875%, 12/28/20 |
5,000 |
5,141 |
||||||
|
1.625%, 11/27/18 |
6,000 |
6,097 |
||||||
|
0.875%, 05/21/18 |
350 |
350 |
||||||
|
Total U.S. Government Agency Obligations |
||||||||
|
(Cost $15,189) |
15,465 |
|||||||
|
Preferred Stock [3.1%] |
||||||||
|
Financials [1.0%] |
||||||||
|
BB&T 5.625% |
10,000 |
258 |
||||||
|
Citigroup 5.800% |
10,000 |
259 |
||||||
|
Goldman Sachs Group 5.950% |
25,000 |
647 |
||||||
|
HSBC Holdings 8.000% |
30,000 |
783 |
||||||
|
JPMorgan Chase 5.500% |
20,000 |
517 |
||||||
|
Prudential Financial 5.750% |
10,000 |
264 |
||||||
|
Total Financials |
2,728 |
|||||||
|
Industrials [0.3%] |
||||||||
|
Pitney Bowes 6.700% |
10,000 |
266 |
||||||
|
Shares/Face Amount (000) |
Value (000) |
|||||||
|
Stanley Black & Decker 5.750% |
$ |
20,000 |
$ |
516 |
||||
|
Total Industrials |
782 |
|||||||
|
REITs [1.3%] |
||||||||
|
Digital Realty Trust 6.625% |
10,000 |
258 |
||||||
|
Kimco Realty 5.500% |
10,000 |
257 |
||||||
|
National Retail Properties 6.625% |
20,000 |
514 |
||||||
|
Realty Income 6.625% |
20,000 |
521 |
||||||
|
Senior Housing Properties Trust 5.625% |
52,500 |
1,334 |
||||||
|
Vornado Realty Trust 5.700% |
20,000 |
511 |
||||||
|
Total REITs |
3,395 |
|||||||
|
Telecommunication Services [0.3%] |
||||||||
|
Telephone & Data Systems 5.875% |
30,000 |
757 |
||||||
|
Utilities [0.2%] |
||||||||
|
SCE Trust I 5.625% |
20,000 |
512 |
||||||
|
Total Preferred Stock |
||||||||
|
(Cost $7,904) |
8,174 |
|||||||
|
Asset-Backed Securities [2.7%] |
||||||||
|
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2 |
||||||||
|
6.205%, 05/28/37 |
$ |
70 |
73 |
|||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589) |
||||||||
|
9.250%, 12/31/49(D) (E) (F) |
513 |
135 |
||||||
|
Carmax Auto Owner Trust, Ser 2014-2, Cl A3 |
||||||||
|
0.980%, 01/15/19 |
2,815 |
2,811 |
||||||
|
Cityscape Home Equity Loan Trust Series, Ser 1997-C, Cl A4 |
||||||||
|
7.000%, 07/25/28(C) |
5 |
— |
||||||
|
Conseco Financial, Ser 1997-7, Cl A6 |
||||||||
|
6.760%, 07/15/28 |
7 |
7 |
||||||
|
Ford Credit Floorplan Master Owner Trust A, Ser 2016-3, Cl A1 |
||||||||
|
1.550%, 07/15/21 |
4,000 |
4,001 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 65
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6 |
||||||||
|
4.810%, 07/25/35 |
$ |
4 |
$ |
4 |
||||
|
Total Asset-Backed Securities |
||||||||
|
(Cost $7,414) |
7,031 |
|||||||
|
Closed-End Fund [2.2%] |
||||||||
|
Stone Ridge Reinsurance Risk Premium Interval Fund (E) |
531,545 |
5,682 |
||||||
|
Total Closed-End Fund |
||||||||
|
(Cost $5,417) |
5,682 |
|||||||
|
U.S. Government Mortgage-Backed Obligations [1.7%] |
||||||||
|
FHLMC, Pool 1B2677 |
||||||||
|
2.775%, 01/01/35(B) |
5 |
5 |
||||||
|
FHLMC, Pool 1B2683 |
||||||||
|
2.770%, 01/01/35(B) |
3 |
3 |
||||||
|
FHLMC, Pool 1B2692 |
||||||||
|
2.634%, 12/01/34(B) |
9 |
10 |
||||||
|
FHLMC, Pool A93505 |
||||||||
|
4.500%, 08/01/40 |
30 |
32 |
||||||
|
FHLMC, Pool A93996 |
||||||||
|
4.500%, 09/01/40 |
45 |
50 |
||||||
|
FHLMC, Pool C03490 |
||||||||
|
4.500%, 08/01/40 |
234 |
257 |
||||||
|
FHLMC, Pool C09015 |
||||||||
|
3.000%, 10/01/42 |
193 |
201 |
||||||
|
FHLMC, Pool E01280 |
||||||||
|
5.000%, 12/01/17 |
1 |
1 |
||||||
|
FHLMC, Pool G02940 |
||||||||
|
5.500%, 05/01/37 |
7 |
8 |
||||||
|
FHLMC, Pool G04222 |
||||||||
|
5.500%, 04/01/38 |
13 |
14 |
||||||
|
FHLMC, Pool G04913 |
||||||||
|
5.000%, 03/01/38 |
49 |
55 |
||||||
|
FHLMC, Pool G08003 |
||||||||
|
6.000%, 07/01/34 |
14 |
16 |
||||||
|
FHLMC, Pool G11431 |
||||||||
|
6.000%, 08/01/18 |
— |
— |
||||||
|
FHLMC, Pool G11880 |
||||||||
|
5.000%, 12/01/20 |
8 |
9 |
||||||
|
FHLMC, Pool G18124 |
||||||||
|
6.000%, 06/01/21 |
7 |
7 |
||||||
|
FHLMC, Pool J19197 |
||||||||
|
3.000%, 05/01/27 |
122 |
129 |
||||||
|
FHLMC, Pool Q08998 |
||||||||
|
3.500%, 06/01/42 |
150 |
159 |
||||||
|
FHLMC, Pool Q10378 |
||||||||
|
3.000%, 08/01/42 |
183 |
191 |
||||||
|
FHLMC, Ser 2004-2804, Cl VC, Pool FHR 2804 VC |
||||||||
| Description | Face Amount (000) | Value (000) | ||||||
|
5.000%, 07/15/21 |
$ |
74 |
$ |
76 |
||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K003, Cl A4 |
||||||||
|
5.053%, 01/25/19 |
150 |
161 |
||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K704, Cl A2 |
||||||||
|
2.412%, 08/25/18 |
396 |
404 |
||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K705, Cl A2 |
||||||||
|
2.303%, 09/25/18 |
200 |
204 |
||||||
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K708, Cl A2 |
||||||||
|
2.130%, 01/25/19 |
299 |
304 |
||||||
|
FNMA, Pool 252570 |
||||||||
|
6.500%, 07/01/29 |
4 |
5 |
||||||
|
FNMA, Pool 253183 |
||||||||
|
7.500%, 04/01/30 |
1 |
1 |
||||||
|
FNMA, Pool 253398 |
||||||||
|
8.000%, 08/01/30 |
1 |
1 |
||||||
|
FNMA, Pool 254545 |
||||||||
|
5.000%, 12/01/17 |
3 |
3 |
||||||
|
FNMA, Pool 254685 |
||||||||
|
5.000%, 04/01/18 |
3 |
3 |
||||||
|
FNMA, Pool 254949 |
||||||||
|
5.000%, 11/01/33 |
10 |
11 |
||||||
|
FNMA, Pool 255814 |
||||||||
|
5.500%, 08/01/35 |
17 |
19 |
||||||
|
FNMA, Pool 303168 |
||||||||
|
9.500%, 02/01/25 |
2 |
2 |
||||||
|
FNMA, Pool 725424 |
||||||||
|
5.500%, 04/01/34 |
16 |
18 |
||||||
|
FNMA, Pool 735060 |
||||||||
|
6.000%, 11/01/34 |
10 |
12 |
||||||
|
FNMA, Pool 735228 |
||||||||
|
5.500%, 02/01/35 |
8 |
9 |
||||||
|
FNMA, Pool 735230 |
||||||||
|
5.500%, 02/01/35 |
20 |
23 |
||||||
|
FNMA, Pool 745275 |
||||||||
|
5.000%, 02/01/36 |
80 |
90 |
||||||
|
FNMA, Pool 745418 |
||||||||
|
5.500%, 04/01/36 |
92 |
105 |
||||||
|
FNMA, Pool 827223 |
||||||||
|
2.590%, 04/01/35(B) |
39 |
41 |
||||||
|
FNMA, Pool 844809 |
||||||||
|
5.000%, 11/01/35 |
36 |
40 |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 66
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
FNMA, Pool AD0454 |
||||||||
|
5.000%, 11/01/21 |
$ |
14 |
$ |
14 |
||||
|
FNMA, Pool AD8522 |
||||||||
|
4.000%, 08/01/40 |
33 |
35 |
||||||
|
FNMA, Pool AE0828 |
||||||||
|
3.500%, 02/01/41 |
277 |
293 |
||||||
|
FNMA, Pool AH0621 |
||||||||
|
3.500%, 01/01/41 |
67 |
71 |
||||||
|
FNMA, Pool AJ1407 |
||||||||
|
4.000%, 09/01/41 |
54 |
58 |
||||||
|
FNMA, Pool AJ7689 |
||||||||
|
4.000%, 12/01/41 |
179 |
193 |
||||||
|
FNMA, Pool AK0971 |
||||||||
|
3.000%, 02/01/27 |
113 |
119 |
||||||
|
FNMA, Pool AO2970 |
||||||||
|
3.000%, 05/01/42 |
176 |
183 |
||||||
|
FNMA, Pool AO4137 |
||||||||
|
3.500%, 06/01/42 |
161 |
170 |
||||||
|
FNMA, Pool MA1277 |
||||||||
|
2.500%, 12/01/27 |
110 |
114 |
||||||
|
FNMA REMIC Trust, Ser 2004-W6, Cl 1A6 |
||||||||
|
5.500%, 07/25/34 |
9 |
9 |
||||||
|
GNMA, Pool 780315 |
||||||||
|
9.500%, 12/15/17 |
— |
— |
||||||
|
GNMA, Pool G2 4696 |
||||||||
|
4.500%, 05/20/40 |
104 |
114 |
||||||
|
GNMA, Pool G2 4747 |
||||||||
|
5.000%, 07/20/40 |
40 |
44 |
||||||
|
GNMA, Pool G2 4923 |
||||||||
|
4.500%, 01/20/41 |
60 |
66 |
||||||
|
GNMA, Pool G2 MA0155 |
||||||||
|
4.000%, 06/20/42 |
146 |
156 |
||||||
|
GNMA, Pool G2 MA0392 |
||||||||
|
3.500%, 09/20/42 |
175 |
187 |
||||||
|
Total U.S. Government Mortgage-Backed Obligations |
||||||||
|
(Cost $4,289) |
4,505 |
|||||||
|
Municipal Bond [1.5%] |
||||||||
|
Florida [1.5%] |
||||||||
|
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB |
||||||||
|
2.107%, 07/01/18 |
3,870 |
3,942 |
||||||
|
Total Municipal Bond |
||||||||
|
(Cost $3,870) |
3,942 |
|||||||
|
Foreign Government Bonds [1.4%] |
||||||||
|
Hashemite Kingdom of Jordan Government AID Bond |
||||||||
|
2.578%, 06/30/22 |
|
3,000 |
|
3,187 |
||||
|
Mexico Government International Bond, MTN |
||||||||
|
5.125%, 01/15/20 |
100 |
111 |
||||||
|
Province of Newfoundland and Labrador Canada |
||||||||
|
7.320%, 10/13/23 |
100 |
125 |
||||||
|
Province of Quebec Canada, MTN |
||||||||
|
7.380%, 04/09/26(G) |
100 |
136 |
||||||
|
Total Foreign Government Bonds |
||||||||
|
(Cost $3,347) |
3,559 |
|||||||
|
Commercial Mortgage-Backed Obligations [0.3%] |
||||||||
|
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4 |
||||||||
|
3.147%, 08/15/45 |
125 |
133 |
||||||
|
GS Mortgage Securities II, Ser GCJ9, Cl A3 |
||||||||
|
2.773%, 11/10/45 |
275 |
286 |
||||||
|
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5 |
||||||||
|
2.960%, 04/15/46 |
150 |
156 |
||||||
|
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4 |
||||||||
|
2.858%, 11/15/45 |
275 |
288 |
||||||
|
Total Commercial Mortgage-Backed Obligations |
||||||||
|
(Cost $836) |
863 |
|||||||
|
Residential Mortgage-Backed Securities [0.0%] |
||||||||
|
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1 |
||||||||
|
5.500%, 03/25/19 |
11 |
11 |
||||||
|
RAAC, Ser 2004-SP1, Cl AI4 |
||||||||
|
5.285%, 08/25/27(B) |
1 |
1 |
||||||
|
Residential Accredit Loans, Ser 2004-QS5, Cl A5 |
||||||||
|
4.750%, 04/25/34 |
1 |
1 |
||||||
|
Residential Accredit Loans, Ser 2004-QS6, Cl A1 |
||||||||
|
5.000%, 05/25/19 |
5 |
5 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 67
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (continued) |
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5 |
||||||||
|
5.572%, 06/25/32(B) |
$ |
24 |
$ |
24 |
||||
|
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A |
||||||||
|
5.000%, 07/25/19 |
18 |
18 |
||||||
|
Total Residential Mortgage-Backed Securities |
||||||||
|
(Cost $61) |
60 |
|||||||
|
Short-Term Investments [0.9%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
1,105,885 |
1,106 |
||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.240%** |
1,105,885 |
1,106 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $2,212) |
2,212 |
|||||||
|
Total Investments [99.1%] |
||||||||
|
(Cost $250,992) |
$ |
257,999 |
||||||
Percentages are based on Net Assets of $260,332 (000).
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $22,437 (000), representing 8.6% of the net assets of the Fund. |
|
(B) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(C) |
In default on interest payments. Rate shown represents the last coupon rate prior to default. |
|
(D) |
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2016 was $135 (000) and represented 0.1% of net assets of the Fund. |
|
(E) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $5,817 (000) and represented 2.2% of net assets of the Fund. |
|
(F) |
Security is considered restricted. The total market value of such security as of September 30, 2016 was $135 (000) and represented 0.1% of net assets of the Fund. |
|
(G) |
Step Bond — The rate reported is the rate in effect on September 30, 2016. The coupon on a step bond changes on a specific date. |
Cl — Class
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
MTN — Medium Term Note
NY — New York
RB — Revenue Bond
REIT — Real Estate Investment Trust
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 September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Corporate Bonds |
$ |
— |
$ |
190,794 |
$ |
— |
$ |
190,794 |
||||||||
|
U.S. Treasury Obligations |
— |
15,712 |
— |
15,712 |
||||||||||||
|
U.S. Government Agency Obligations |
— |
15,465 |
— |
15,465 |
||||||||||||
|
Preferred Stock |
8,174 |
— |
— |
8,174 |
||||||||||||
|
Asset-Backed Securities |
— |
6,896 |
135 |
7,031 |
||||||||||||
|
Closed-End Fund |
5,682 |
— |
— |
5,682 |
||||||||||||
|
U.S. Government Mortgage-Backed Obligations |
— |
4,505 |
— |
4,505 |
||||||||||||
|
Municipal Bond |
— |
3,942 |
— |
3,942 |
||||||||||||
|
Foreign Government Bonds |
— |
3,559 |
— |
3,559 |
||||||||||||
|
Commercial Mortgage-Backed Obligations |
— |
863 |
— |
863 |
||||||||||||
|
Residential Mortgage-Backed Securities |
— |
60 |
— |
60 |
||||||||||||
|
Short-Term Investments |
2,212 |
— |
— |
2,212 |
||||||||||||
|
Total Investments in Securities |
$ |
16,068 |
$ |
241,796 |
$ |
135 |
$ |
257,999 |
||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 68
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Intermediate Fixed Income Fund (concluded) |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2016:
|
Investments in Asset-Backed Securities |
||||
|
Beginning balance as of October 1, 2015 |
$ |
560 |
||
|
Accrued discounts/premiums |
— |
|||
|
Realized gain/(loss) |
— |
|||
|
Change in unrealized appreciation/(depreciation) |
(313 |
) |
||
|
Purchases |
— |
|||
|
Sales/paydowns |
(112 |
) |
||
|
Transfers into Level 3 |
— |
|||
|
Transfers out of Level 3 |
— |
|||
|
Ending balance as of September 30, 2016 |
$ |
135 |
||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
(313 |
) |
|
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2016. 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 2016 (000) |
Valuation Techniques |
||
|
BT SPE |
$135 |
Discounted Cash Flow Model based on actual collection level and experienced defaults |
|
|
Unobservable Inputs |
|||
|
Cumulated Collections |
|||
|
Cumulated Defaults |
|||
|
Annualized Default |
|||
|
Cumulated Default |
|||
|
Pace of Collection |
|||
|
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 increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For the year ended September 30, 2016, 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 69
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Corporate Bonds [50.8%] |
||||||||
|
Advertising Sales [0.1%] |
||||||||
|
Clear Channel International BV |
||||||||
|
8.750%, 12/15/20(A) |
$ |
425 |
$ |
455 |
||||
|
Outfront Media Capital |
||||||||
|
5.875%, 03/15/25 |
675 |
709 |
||||||
|
5.625%, 02/15/24 |
600 |
624 |
||||||
|
Total Advertising Sales |
1,788 |
|||||||
|
Aerospace & Defense [0.3%] |
||||||||
|
Accudyne Industries Borrower |
||||||||
|
7.750%, 12/15/20(A) |
900 |
713 |
||||||
|
Guanay Finance |
||||||||
|
6.000%, 12/15/20 |
871 |
889 |
||||||
|
TransDigm |
||||||||
|
7.500%, 07/15/21 |
100 |
106 |
||||||
|
6.500%, 07/15/24 |
875 |
921 |
||||||
|
6.500%, 05/15/25 |
1,325 |
1,380 |
||||||
|
6.375%, 06/15/26(A) |
425 |
439 |
||||||
|
6.000%, 07/15/22 |
950 |
1,002 |
||||||
|
5.500%, 10/15/20 |
350 |
360 |
||||||
|
Total Aerospace & Defense |
5,810 |
|||||||
|
Agricultural [0.0%] |
||||||||
|
Avangardco Investments Public |
||||||||
|
2.500%, 10/29/18 |
770 |
119 |
||||||
|
UkrLandFarming PLC |
||||||||
|
10.875%, 03/26/18 |
2,021 |
551 |
||||||
|
Total Agricultural |
670 |
|||||||
|
Airlines [0.3%] |
||||||||
|
Avianca Holdings |
||||||||
|
8.375%, 05/10/20 |
|
2,300 |
|
2,197 |
||||
|
SriLankan Airlines |
||||||||
|
5.300%, 06/27/19 |
3,400 |
3,396 |
||||||
|
Total Airlines |
5,593 |
|||||||
|
Airport Develop/Maint [0.2%] |
||||||||
|
Aeropuertos Dominicanos Siglo XXI |
||||||||
|
9.750%, 11/13/19 |
2,040 |
2,138 |
||||||
|
Mexico City Airport Trust |
||||||||
|
5.500%, 10/31/46 |
3,000 |
2,943 |
||||||
|
Total Airport Develop/Maint |
5,081 |
|||||||
|
Apparel/Textiles [0.0%] |
||||||||
|
BiSoho SAS |
||||||||
|
5.875%, 05/01/23 |
300 |
357 |
||||||
|
Hanesbrands |
||||||||
|
4.875%, 05/15/26(A) |
275 |
281 |
||||||
|
Total Apparel/Textiles |
638 |
|||||||
|
Applications Software [0.2%] |
||||||||
|
Emdeon |
||||||||
|
11.000%, 12/31/19 |
675 |
710 |
||||||
|
6.000%, 02/15/21(A) |
775 |
818 |
||||||
|
Nuance Communications |
||||||||
|
6.000%, 07/01/24(A) |
1,150 |
1,199 |
||||||
|
5.375%, 08/15/20(A) |
900 |
923 |
||||||
|
PTC |
||||||||
|
6.000%, 05/15/24 |
375 |
400 |
||||||
|
Total Applications Software |
4,050 |
|||||||
|
Auto Rent & Lease [0.3%] |
||||||||
|
Avis Budget Car Rental |
||||||||
|
6.375%, 04/01/24(A) |
1,875 |
1,913 |
||||||
|
5.500%, 04/01/23 |
225 |
227 |
||||||
|
5.250%, 03/15/25(A) |
275 |
264 |
||||||
|
Hertz |
||||||||
|
6.750%, 04/15/19 |
575 |
588 |
||||||
|
6.250%, 10/15/22 |
1,400 |
1,442 |
||||||
|
5.500%, 10/15/24(A) |
975 |
971 |
||||||
|
United Rentals North America |
||||||||
|
6.125%, 06/15/23 |
500 |
524 |
||||||
|
5.750%, 11/15/24 |
175 |
182 |
||||||
|
5.500%, 07/15/25 |
150 |
153 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 70
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
4.625%, 07/15/23 |
$ |
325 |
$ |
333 |
||||
|
Total Auto Rent & Lease |
6,597 |
|||||||
|
Auto/Trk Prts and Equip-Repl [0.1%] |
||||||||
|
Allison Transmission |
||||||||
|
5.000%, 10/01/24(A) |
550 |
564 |
||||||
|
JB Poindexter |
||||||||
|
9.000%, 04/01/22(A) |
1,100 |
1,165 |
||||||
|
Total Auto/Trk Prts and Equip-Repl |
1,729 |
|||||||
|
Autoparts [0.9%] |
||||||||
|
Adient Global Holdings |
||||||||
|
4.875%, 08/15/26(A) |
750 |
751 |
||||||
|
American Axle & Manufacturing |
||||||||
|
6.625%, 10/15/22 |
475 |
502 |
||||||
|
6.250%, 03/15/21 |
275 |
287 |
||||||
|
IHO Verwaltungs GmbH |
||||||||
|
4.750%, 09/15/26(A) (B) |
200 |
200 |
||||||
|
4.500%, 09/15/23(A) (B) |
275 |
278 |
||||||
|
International Automotive Components Group |
||||||||
|
9.125%, 06/01/18(A) |
900 |
881 |
||||||
|
Lear |
||||||||
|
4.750%, 01/15/23 |
875 |
909 |
||||||
|
Metalsa |
||||||||
|
4.900%, 04/24/23 |
2,200 |
2,128 |
||||||
|
MPG Holdco I |
||||||||
|
7.375%, 10/15/22 |
1,150 |
1,176 |
||||||
|
Nemak |
||||||||
|
5.500%, 02/28/23 |
5,000 |
5,095 |
||||||
|
Omega US Sub |
||||||||
|
8.750%, 07/15/23(A) |
750 |
816 |
||||||
|
Schaeffler Finance BV |
||||||||
|
4.750%, 05/15/21(A) |
625 |
647 |
||||||
|
4.750%, 05/15/23(A) |
800 |
828 |
||||||
|
Schaeffler Finance BV, MTN |
||||||||
|
4.250%, 05/15/21(A) |
375 |
384 |
||||||
|
Schaeffler Holding Finance BV |
||||||||
|
6.875%, 08/15/18(A) (B) |
335 |
341 |
||||||
|
6.750%, 11/15/22(A) (B) |
347 |
396 |
||||||
|
Tenneco |
||||||||
|
5.375%, 12/15/24 |
350 |
368 |
||||||
|
5.000%, 07/15/26 |
200 |
202 |
||||||
|
Tupy Overseas |
||||||||
|
6.625%, 07/17/24 |
2,500 |
2,522 |
||||||
|
ZF North America Capital |
||||||||
|
4.750%, 04/29/25(A) |
|
750 |
|
788 |
||||
|
Total Autoparts |
19,499 |
|||||||
|
Banks [5.8%] |
||||||||
|
Access Bank, MTN |
||||||||
|
9.250%, 06/24/21(C) |
2,443 |
2,125 |
||||||
|
Access Finance BV |
||||||||
|
7.250%, 07/25/17 |
275 |
274 |
||||||
|
African Bank, MTN |
||||||||
|
8.125%, 10/19/20 |
2,863 |
2,863 |
||||||
|
Agricola Senior Trust |
||||||||
|
6.750%, 06/18/20 |
1,148 |
1,221 |
||||||
|
AK BARS Bank Via AK BARS Luxembourg |
||||||||
|
8.000%, 08/06/18 |
1,250 |
1,312 |
||||||
|
Akbank, MTN |
||||||||
|
5.125%, 03/31/25 |
2,000 |
1,953 |
||||||
|
Alternatifbank |
||||||||
|
8.750%, 04/16/26(C) |
6,002 |
6,189 |
||||||
|
Banco do Brasil |
||||||||
|
8.500%, 10/29/49(C) |
5,635 |
5,748 |
||||||
|
Bank Nadra via NDR Finance |
||||||||
|
8.250%, 06/22/17(D) (H) |
721 |
4 |
||||||
|
CIT Group |
||||||||
|
5.000%, 08/01/23 |
850 |
900 |
||||||
|
Credit Bank of Moscow Via CBOM Finance |
||||||||
|
8.700%, 11/13/18 |
16,690 |
17,474 |
||||||
|
Eastern and Southern African Trade and Development Bank, MTN |
||||||||
|
6.375%, 12/06/18 |
4,000 |
4,183 |
||||||
|
FBN Finance |
||||||||
|
8.250%, 08/07/20 |
7,334 |
6,161 |
||||||
|
FBN Finance BV |
||||||||
|
8.000%, 07/23/21(C) |
10,893 |
8,306 |
||||||
|
ForteBank JSC |
||||||||
|
11.750%, 12/15/24 |
2,209 |
2,221 |
||||||
|
Grupo Elektra DE |
||||||||
|
7.250%, 08/06/18 |
1,070 |
1,067 |
||||||
|
Industrial Senior Trust |
||||||||
|
5.500%, 11/01/22 |
2,000 |
1,980 |
||||||
|
Kazkommertsbank JSC |
||||||||
|
8.500%, 05/11/18 |
4,080 |
3,978 |
||||||
|
5.500%, 12/21/22 |
10,998 |
7,561 |
||||||
|
Kazkommertsbank JSC, MTN |
||||||||
|
7.500%, 11/29/16 |
2,205 |
2,197 |
||||||
|
6.875%, 02/13/17 |
4,100 |
4,518 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 71
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
National Savings Bank |
||||||||
|
8.875%, 09/18/18 |
$ |
1,800 |
$ |
1,946 |
||||
|
Oschadbank Via SSB #1 |
||||||||
|
9.375%, 03/10/23(E) |
6,000 |
5,782 |
||||||
|
Privatbank CJSC Via UK SPV Credit Finance, MTN |
||||||||
|
10.250%, 01/23/18 |
3,504 |
2,997 |
||||||
|
Renaissance Capital Via Renaissance Consumer Funding |
||||||||
|
13.500%, 06/21/18 |
2,624 |
2,617 |
||||||
|
Russian Standard Bank Via Russian Standard Finance |
||||||||
|
7.561%, 12/01/16(C) |
3,955 |
3,817 |
||||||
|
TC Ziraat Bankasi, MTN |
||||||||
|
4.750%, 04/29/21 |
2,000 |
1,990 |
||||||
|
Tinkoff Credit Systems Via TCS Finance, MTN |
||||||||
|
14.000%, 06/06/18 |
4,000 |
4,456 |
||||||
|
Turkiye Halk Bankasi |
||||||||
|
5.000%, 07/13/21 |
2,000 |
1,952 |
||||||
|
Turkiye Is Bankasi |
||||||||
|
6.000%, 10/24/22 |
707 |
701 |
||||||
|
VTB Bank Via VTB Capital |
||||||||
|
6.950%, 10/17/22 |
13,822 |
14,755 |
||||||
|
VTB Bank via VTB Eurasia |
||||||||
|
9.500%, 12/29/49(C) |
2,000 |
2,136 |
||||||
|
Total Banks |
125,384 |
|||||||
|
Batteries/Battery Sys [0.0%] |
||||||||
|
EnerSys |
||||||||
|
5.000%, 04/30/23(A) |
450 |
449 |
||||||
|
Beauty Products [0.1%] |
||||||||
|
First Quality Finance |
||||||||
|
4.625%, 05/15/21(A) |
2,100 |
2,084 |
||||||
|
Broadcasting & Cable [3.1%] |
||||||||
|
Altice Financing |
||||||||
|
7.500%, 05/15/26 |
12,595 |
13,146 |
||||||
|
Altice Finco, MTN |
||||||||
|
7.625%, 02/15/25 |
2,930 |
2,956 |
||||||
|
Altice US Finance I |
||||||||
|
5.500%, 05/15/26(A) |
575 |
591 |
||||||
|
AMC Networks |
||||||||
|
5.000%, 04/01/24 |
1,150 |
1,157 |
||||||
|
4.750%, 12/15/22 |
325 |
329 |
||||||
|
Anixter |
||||||||
|
5.625%, 05/01/19 |
275 |
292 |
||||||
|
5.500%, 03/01/23 |
1,125 |
1,178 |
||||||
|
5.125%, 10/01/21 |
150 |
156 |
||||||
|
Belden |
||||||||
|
5.500%, 09/01/22(A) |
|
1,050 |
|
1,095 |
||||
|
5.250%, 07/15/24(A) |
1,125 |
1,142 |
||||||
|
Cablevision |
||||||||
|
6.500%, 06/15/21 |
3,500 |
3,649 |
||||||
|
Cablevision Systems |
||||||||
|
5.875%, 09/15/22 |
275 |
250 |
||||||
|
CCO Holdings |
||||||||
|
6.625%, 01/31/22 |
650 |
681 |
||||||
|
5.875%, 04/01/24(A) |
325 |
347 |
||||||
|
5.875%, 05/01/27(A) |
600 |
639 |
||||||
|
5.750%, 09/01/23 |
525 |
556 |
||||||
|
5.750%, 01/15/24 |
425 |
452 |
||||||
|
5.750%, 02/15/26(A) |
300 |
318 |
||||||
|
5.500%, 05/01/26(A) |
875 |
912 |
||||||
|
5.375%, 05/01/25(A) |
250 |
262 |
||||||
|
5.250%, 09/30/22 |
675 |
705 |
||||||
|
5.125%, 02/15/23 |
1,275 |
1,329 |
||||||
|
Cequel Communications Holdings I |
||||||||
|
5.125%, 12/15/21(A) |
1,250 |
1,248 |
||||||
|
Clear Channel Communications |
||||||||
|
9.000%, 03/01/21 |
1,150 |
857 |
||||||
|
Clear Channel Worldwide Holdings |
||||||||
|
6.500%, 11/15/22 |
1,775 |
1,848 |
||||||
|
Columbus International |
||||||||
|
7.375%, 03/30/21 |
6,505 |
6,899 |
||||||
|
CSC Holdings |
||||||||
|
5.500%, 04/15/27(A) |
450 |
460 |
||||||
|
5.250%, 06/01/24 |
250 |
238 |
||||||
|
DISH DBS |
||||||||
|
7.750%, 07/01/26(A) |
200 |
213 |
||||||
|
5.875%, 07/15/22 |
2,425 |
2,492 |
||||||
|
5.875%, 11/15/24 |
400 |
395 |
||||||
|
5.000%, 03/15/23 |
100 |
97 |
||||||
|
Gray Television |
||||||||
|
5.875%, 07/15/26(A) |
875 |
882 |
||||||
|
5.125%, 10/15/24(A) |
450 |
442 |
||||||
|
LIN Television |
||||||||
|
6.375%, 01/15/21 |
175 |
181 |
||||||
|
5.875%, 11/15/22 |
650 |
681 |
||||||
|
Nexstar Broadcasting |
||||||||
|
6.125%, 02/15/22(A) |
875 |
903 |
||||||
|
Nexstar Escrow |
||||||||
|
5.625%, 08/01/24(A) |
950 |
952 |
||||||
|
Numericable Group |
||||||||
|
6.250%, 05/15/24(A) |
575 |
571 |
||||||
|
6.000%, 05/15/22(A) |
600 |
612 |
||||||
|
Numericable-SFR |
||||||||
|
7.375%, 05/01/26 |
1,500 |
1,530 |
||||||
|
7.375%, 05/01/26(A) |
1,725 |
1,763 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 72
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Sinclair Television Group |
||||||||
|
5.875%, 03/15/26(A) |
$ |
550 |
$ |
572 |
||||
|
5.625%, 08/01/24(A) |
1,775 |
1,815 |
||||||
|
5.125%, 02/15/27(A) |
500 |
489 |
||||||
|
Tribune Media |
||||||||
|
5.875%, 07/15/22 |
1,850 |
1,872 |
||||||
|
Unitymedia Hessen GmbH & KG |
||||||||
|
5.500%, 01/15/23(A) |
525 |
545 |
||||||
|
Unitymedia KabelBW GmbH |
||||||||
|
6.125%, 01/15/25(A) |
1,500 |
1,573 |
||||||
|
Virgin Media Finance |
||||||||
|
6.000%, 10/15/24(A) |
200 |
207 |
||||||
|
Virgin Media Secured Finance |
||||||||
|
5.500%, 08/15/26(A) |
400 |
408 |
||||||
|
VTR Finance BV |
||||||||
|
6.875%, 01/15/24 |
2,500 |
2,611 |
||||||
|
Ziggo Bond Finance BV |
||||||||
|
6.000%, 01/15/27(A) |
725 |
721 |
||||||
|
5.875%, 01/15/25(A) |
275 |
275 |
||||||
|
Ziggo Secured Finance BV |
||||||||
|
5.500%, 01/15/27(A) |
1,325 |
1,324 |
||||||
|
Total Broadcasting & Cable |
67,818 |
|||||||
|
Building & Construction [1.8%] |
||||||||
|
Allegion US Holding |
||||||||
|
5.750%, 10/01/21 |
550 |
574 |
||||||
|
Building Materials Corp of America |
||||||||
|
6.000%, 10/15/25(A) |
425 |
455 |
||||||
|
Cemex |
||||||||
|
7.750%, 04/16/26 |
5,550 |
6,172 |
||||||
|
7.250%, 01/15/21 |
1,000 |
1,071 |
||||||
|
Cemex Finance |
||||||||
|
9.375%, 10/12/22 |
3,000 |
3,289 |
||||||
|
China Shanshui Cement Group |
||||||||
|
7.500%, 03/10/20 |
4,550 |
3,616 |
||||||
|
Dry Mix Solutions Investissements SAS |
||||||||
|
3.948%, 06/15/21(C) |
3,000 |
3,370 |
||||||
|
Grupo Cementos de Chihuahua |
||||||||
|
8.125%, 02/08/20 |
2,115 |
2,242 |
||||||
|
Kerneos Corporate SAS |
||||||||
|
4.451%, 03/01/21(C) |
2,000 |
2,236 |
||||||
|
Masonite International |
||||||||
|
5.625%, 03/15/23(A) |
500 |
527 |
||||||
|
NCI Building Systems |
||||||||
|
8.250%, 01/15/23(A) |
1,000 |
1,087 |
||||||
|
Nortek |
||||||||
|
8.500%, 04/15/21 |
2,050 |
2,137 |
||||||
|
Ply Gem Industries |
||||||||
|
6.500%, 02/01/22 |
|
550 |
|
567 |
||||
|
Saderea, MTN |
||||||||
|
12.500%, 11/30/26 |
2,783 |
2,658 |
||||||
|
St. Marys Cement Canada |
||||||||
|
5.750%, 01/28/27 |
5,500 |
5,424 |
||||||
|
USG |
||||||||
|
7.875%, 03/30/20(A) |
250 |
261 |
||||||
|
5.875%, 11/01/21(A) |
650 |
680 |
||||||
|
5.500%, 03/01/25(A) |
400 |
429 |
||||||
|
Wise Metals Intermediate Holdings |
||||||||
|
9.750%, 06/15/19(A) |
553 |
530 |
||||||
|
Yuksel Insaat |
||||||||
|
9.500%, 11/10/15(D) (H) |
5,295 |
1,853 |
||||||
|
Total Building & Construction |
39,178 |
|||||||
|
Building & Construction Supplies [0.1%] |
||||||||
|
Signode Industrial Group Lux |
||||||||
|
6.375%, 05/01/22(A) |
2,050 |
2,076 |
||||||
|
Chemicals [0.6%] |
||||||||
|
Ashland |
||||||||
|
4.750%, 08/15/22 |
950 |
988 |
||||||
|
Eco Services Operations |
||||||||
|
8.500%, 11/01/22(A) |
800 |
832 |
||||||
|
Hexion |
||||||||
|
6.625%, 04/15/20 |
1,050 |
924 |
||||||
|
Hexion US Finance |
||||||||
|
8.875%, 02/01/18 |
1,175 |
1,119 |
||||||
|
Huntsman International |
||||||||
|
5.125%, 11/15/22 |
875 |
910 |
||||||
|
4.875%, 11/15/20 |
900 |
938 |
||||||
|
Ineos Finance |
||||||||
|
4.000%, 05/01/23 |
1,000 |
1,125 |
||||||
|
Platform Specialty |
||||||||
|
6.500%, 02/01/22(A) |
3,025 |
2,942 |
||||||
|
Platform Specialty Products |
||||||||
|
10.375%, 05/01/21(A) |
325 |
350 |
||||||
|
PQ |
||||||||
|
6.750%, 11/15/22(A) |
875 |
927 |
||||||
|
Valvoline |
||||||||
|
5.500%, 07/15/24(A) |
200 |
210 |
||||||
|
Versum Materials |
||||||||
|
5.500%, 09/30/24(A) |
425 |
437 |
||||||
|
WR Grace & -Conn |
||||||||
|
5.625%, 10/01/24(A) |
325 |
353 |
||||||
|
Total Chemicals |
12,055 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 73
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Coal Mining [0.3%] |
||||||||
|
Indo Energy Finance II BV |
||||||||
|
6.375%, 01/24/23 |
$ |
8,430 |
$ |
5,902 |
||||
|
New World Resources |
||||||||
|
8.000%, 04/07/20(H) |
999 |
17 |
||||||
|
Total Coal Mining |
5,919 |
|||||||
|
Coatings/Paint [0.0%] |
||||||||
|
Axalta Coating Systems |
||||||||
|
4.875%, 08/15/24(A) |
350 |
359 |
||||||
|
Commercial Serv-Finance [0.1%] |
||||||||
|
IHS Markit |
||||||||
|
5.000%, 11/01/22(A) |
400 |
423 |
||||||
|
TMF Group Holding BV |
||||||||
|
5.076%, 12/01/18(C) |
1,000 |
1,124 |
||||||
|
Total Commercial Serv-Finance |
1,547 |
|||||||
|
Commercial Services [0.2%] |
||||||||
|
Allegion |
||||||||
|
5.875%, 09/15/23 |
175 |
189 |
||||||
|
Anna Merger Sub |
||||||||
|
7.750%, 10/01/22(A) |
2,700 |
2,221 |
||||||
|
BC Luxco 1 |
||||||||
|
7.375%, 01/29/20 |
1,470 |
1,525 |
||||||
|
Total Commercial Services |
3,935 |
|||||||
|
Computer Graphics [0.1%] |
||||||||
|
Southern Graphics |
||||||||
|
8.375%, 10/15/20(A) |
1,375 |
1,396 |
||||||
|
Computer Software [0.1%] |
||||||||
|
Italics Merger Sub |
||||||||
|
7.125%, 07/15/23(A) |
2,100 |
1,963 |
||||||
|
SS&C Technologies Holdings |
||||||||
|
5.875%, 07/15/23 |
850 |
895 |
||||||
|
Total Computer Software |
2,858 |
|||||||
|
Computer System Design & Services [0.2%] |
||||||||
|
Diamond 1 Finance |
||||||||
|
7.125%, 06/15/24(A) |
1,900 |
2,090 |
||||||
|
5.875%, 06/15/21(A) |
250 |
265 |
||||||
|
NCR |
||||||||
|
6.375%, 12/15/23 |
625 |
661 |
||||||
|
5.875%, 12/15/21 |
400 |
421 |
||||||
|
5.000%, 07/15/22 |
975 |
997 |
||||||
|
4.625%, 02/15/21 |
300 |
303 |
||||||
|
Riverbed Technology |
||||||||
|
8.875%, 03/01/23(A) |
|
525 |
|
561 |
||||
|
Total Computer System Design & Services |
5,298 |
|||||||
|
Consumer Products & Services [0.4%] |
||||||||
|
EMI Music Publishing Group North America Holdings |
||||||||
|
7.625%, 06/15/24(A) |
650 |
703 |
||||||
|
Prestige Brands |
||||||||
|
6.375%, 03/01/24(A) |
1,250 |
1,328 |
||||||
|
5.375%, 12/15/21(A) |
1,275 |
1,320 |
||||||
|
Serta Simmons Holdings |
||||||||
|
8.125%, 10/01/20(A) |
2,675 |
2,796 |
||||||
|
ServiceMaster |
||||||||
|
7.450%, 08/15/27 |
225 |
239 |
||||||
|
7.100%, 03/01/18 |
475 |
490 |
||||||
|
Spectrum Brands |
||||||||
|
6.125%, 12/15/24 |
575 |
623 |
||||||
|
5.750%, 07/15/25 |
800 |
864 |
||||||
|
Tempur Sealy International |
||||||||
|
5.500%, 06/15/26(A) |
375 |
386 |
||||||
|
WMG Acquisition |
||||||||
|
5.000%, 08/01/23(A) |
150 |
152 |
||||||
|
Total Consumer Products & Services |
8,901 |
|||||||
|
Containers & Packaging [1.0%] |
||||||||
|
ARD Finance |
||||||||
|
7.125%, 09/15/23(A) (B) |
950 |
945 |
||||||
|
Ardagh Packaging Finance |
||||||||
|
7.250%, 05/15/24(A) |
2,550 |
2,716 |
||||||
|
6.750%, 01/31/21(A) |
200 |
207 |
||||||
|
6.000%, 06/30/21(A) |
800 |
822 |
||||||
|
4.625%, 05/15/23(A) |
350 |
352 |
||||||
|
Ball |
||||||||
|
5.250%, 07/01/25 |
1,225 |
1,320 |
||||||
|
Berry Plastics |
||||||||
|
6.000%, 10/15/22 |
400 |
422 |
||||||
|
5.500%, 05/15/22 |
2,075 |
2,148 |
||||||
|
5.125%, 07/15/23 |
575 |
584 |
||||||
|
BWAY Holding |
||||||||
|
9.125%, 08/15/21(A) |
2,225 |
2,308 |
||||||
|
Crown Americas |
||||||||
|
4.500%, 01/15/23 |
650 |
674 |
||||||
|
4.250%, 09/30/26(A) |
225 |
225 |
||||||
|
Graphic Packaging International |
||||||||
|
4.875%, 11/15/22 |
350 |
367 |
||||||
|
Owens-Brockway Glass Container |
||||||||
|
6.375%, 08/15/25(A) |
425 |
468 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 74
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
5.875%, 08/15/23(A) |
$ |
375 |
$ |
403 |
||||
|
5.375%, 01/15/25(A) |
950 |
988 |
||||||
|
5.000%, 01/15/22(A) |
125 |
133 |
||||||
|
Pactiv |
||||||||
|
7.950%, 12/15/25 |
200 |
218 |
||||||
|
Reynolds Group Issuer |
||||||||
|
8.250%, 02/15/21 |
2,475 |
2,580 |
||||||
|
7.000%, 07/15/24(A) |
300 |
322 |
||||||
|
5.750%, 10/15/20 |
1,350 |
1,392 |
||||||
|
Sealed Air |
||||||||
|
5.500%, 09/15/25(A) |
800 |
858 |
||||||
|
5.125%, 12/01/24(A) |
850 |
898 |
||||||
|
4.875%, 12/01/22(A) |
475 |
499 |
||||||
|
Total Containers & Packaging |
21,849 |
|||||||
|
Data Processing/Mgmt [0.3%] |
||||||||
|
First Data |
||||||||
|
7.000%, 12/01/23(A) |
1,525 |
1,612 |
||||||
|
5.750%, 01/15/24(A) |
3,050 |
3,134 |
||||||
|
5.375%, 08/15/23(A) |
1,300 |
1,339 |
||||||
|
Total Data Processing/Mgmt |
6,085 |
|||||||
|
Decision Support Software [0.1%] |
||||||||
|
MSCI |
||||||||
|
5.750%, 08/15/25(A) |
525 |
561 |
||||||
|
5.250%, 11/15/24(A) |
275 |
291 |
||||||
|
4.750%, 08/01/26(A) |
275 |
278 |
||||||
|
Total Decision Support Software |
1,130 |
|||||||
|
Dental Supplies and Equip [0.1%] |
||||||||
|
IDH Finance |
||||||||
|
6.500%, 08/15/22(C) |
1,500 |
1,925 |
||||||
|
Diagnostic Equipment [0.2%] |
||||||||
|
Crimson Merger Sub |
||||||||
|
6.625%, 05/15/22(A) |
3,900 |
3,442 |
||||||
|
Dialysis Centers [0.1%] |
||||||||
|
DaVita HealthCare Partners |
||||||||
|
5.750%, 08/15/22 |
775 |
812 |
||||||
|
5.125%, 07/15/24 |
175 |
179 |
||||||
|
5.000%, 05/01/25 |
625 |
627 |
||||||
|
Total Dialysis Centers |
1,618 |
|||||||
|
Diamonds/Precious Stones [0.0%] |
||||||||
|
Petra Diamonds US Treasury |
||||||||
|
8.250%, 05/31/20 |
1,050 |
1,076 |
||||||
|
Disposable Medical Prod [0.1%] |
||||||||
|
Sterigenics-Nordion Holdings |
||||||||
|
6.500%, 05/15/23(A) |
|
2,150 |
|
2,236 |
||||
|
Distribution/Wholesale [0.2%] |
||||||||
|
American Builders & Contractors Supply |
||||||||
|
5.750%, 12/15/23(A) |
200 |
209 |
||||||
|
5.625%, 04/15/21(A) |
900 |
932 |
||||||
|
Beacon Roofing Supply |
||||||||
|
6.375%, 10/01/23 |
450 |
486 |
||||||
|
DH Services Luxembourg Sarl |
||||||||
|
7.750%, 12/15/20(A) |
1,350 |
1,407 |
||||||
|
HD Supply |
||||||||
|
7.500%, 07/15/20 |
475 |
493 |
||||||
|
5.750%, 04/15/24(A) |
950 |
998 |
||||||
|
5.250%, 12/15/21(A) |
450 |
476 |
||||||
|
Performance Food Group |
||||||||
|
5.500%, 06/01/24(A) |
200 |
206 |
||||||
|
Total Distribution/Wholesale |
5,207 |
|||||||
|
Diversified Minerals [0.1%] |
||||||||
|
Teck Resources |
||||||||
|
8.500%, 06/01/24(A) |
850 |
973 |
||||||
|
6.125%, 10/01/35 |
975 |
917 |
||||||
|
6.000%, 08/15/40 |
450 |
415 |
||||||
|
Total Diversified Minerals |
2,305 |
|||||||
|
Drugs [0.4%] |
||||||||
|
Endo |
||||||||
|
6.000%, 07/15/23(A) |
700 |
637 |
||||||
|
Endo Finance |
||||||||
|
6.500%, 02/01/25(A) |
2,025 |
1,790 |
||||||
|
Grifols Worldwide Operations |
||||||||
|
5.250%, 04/01/22 |
1,250 |
1,294 |
||||||
|
Valeant Pharmaceuticals International |
||||||||
|
7.250%, 07/15/22(A) |
600 |
557 |
||||||
|
5.625%, 12/01/21(A) |
700 |
625 |
||||||
|
5.500%, 03/01/23(A) |
100 |
85 |
||||||
|
VPII Escrow |
||||||||
|
7.500%, 07/15/21(A) |
900 |
871 |
||||||
|
VRX Escrow |
||||||||
|
6.125%, 04/15/25(A) |
2,825 |
2,433 |
||||||
|
5.875%, 05/15/23(A) |
1,175 |
1,013 |
||||||
|
Total Drugs |
9,305 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 75
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
E-Commerce/Services [0.1%] |
||||||||
|
Match Group |
||||||||
|
6.750%, 12/15/22 |
$ |
1,525 |
$ |
1,622 |
||||
|
6.375%, 06/01/24 |
450 |
490 |
||||||
|
Total E-Commerce/Services |
2,112 |
|||||||
|
Electric Utilities [0.5%] |
||||||||
|
AES Andres BV |
||||||||
|
7.950%, 05/11/26 |
4,000 |
4,260 |
||||||
|
Calpine |
||||||||
|
5.875%, 01/15/24(A) |
550 |
581 |
||||||
|
5.750%, 01/15/25 |
2,225 |
2,197 |
||||||
|
NRG Energy |
||||||||
|
7.250%, 05/15/26(A) |
325 |
331 |
||||||
|
6.625%, 03/15/23 |
1,175 |
1,187 |
||||||
|
6.625%, 01/15/27(A) |
625 |
612 |
||||||
|
6.250%, 05/01/24 |
1,575 |
1,599 |
||||||
|
Total Electric Utilities |
10,767 |
|||||||
|
Electrical Products [0.1%] |
||||||||
|
WESCO Distribution |
||||||||
|
5.375%, 12/15/21 |
1,650 |
1,687 |
||||||
|
5.375%, 06/15/24(A) |
250 |
251 |
||||||
|
Total Electrical Products |
1,938 |
|||||||
|
Electric-Distribution [0.3%] |
||||||||
|
1MDB Energy |
||||||||
|
5.990%, 05/11/22 |
4,000 |
4,465 |
||||||
|
AES El Salvador Trust II |
||||||||
|
6.750%, 03/28/23 |
2,000 |
1,890 |
||||||
|
Total Electric-Distribution |
6,355 |
|||||||
|
Energy [0.0%] |
||||||||
|
CGG |
||||||||
|
6.875%, 01/15/22 |
375 |
191 |
||||||
|
Energy & Power [0.1%] |
||||||||
|
TerraForm Power Operating |
||||||||
|
6.125%, 06/15/25(A) (E) |
700 |
735 |
||||||
|
5.875%, 02/01/23(A) (E) |
525 |
539 |
||||||
|
Total Energy & Power |
1,274 |
|||||||
|
Engineering/R and D Services [0.0%] |
||||||||
|
Engility |
||||||||
|
8.875%, 09/01/24(A) |
525 |
532 |
||||||
|
Enterprise Software/Serv [0.6%] |
||||||||
|
BCP Singapore VI Cayman Financing |
||||||||
|
8.000%, 04/15/21 |
|
4,200 |
|
4,137 |
||||
|
BMC Software Finance |
||||||||
|
8.125%, 07/15/21(A) |
2,425 |
2,201 |
||||||
|
Ensemble S Merger Sub |
||||||||
|
9.000%, 09/30/23(A) |
1,125 |
1,181 |
||||||
|
Infor Software Parent |
||||||||
|
7.125%, 05/01/21(A) (B) |
1,975 |
1,916 |
||||||
|
Infor US |
||||||||
|
6.500%, 05/15/22 |
3,100 |
3,139 |
||||||
|
JDA Escrow |
||||||||
|
7.375%, 10/15/24(A) |
925 |
950 |
||||||
|
Total Enterprise Software/Serv |
13,524 |
|||||||
|
Entertainment & Gaming [0.9%] |
||||||||
|
Boyd Gaming |
||||||||
|
6.875%, 05/15/23 |
1,225 |
1,326 |
||||||
|
6.375%, 04/01/26(A) |
500 |
536 |
||||||
|
Chester Downs & Marina |
||||||||
|
9.250%, 02/01/20(A) |
1,175 |
1,084 |
||||||
|
Global Liman Isletmeleri |
||||||||
|
8.125%, 11/14/21 |
1,000 |
966 |
||||||
|
MGM Growth Properties Operating Partnership |
||||||||
|
5.625%, 05/01/24(A) |
425 |
461 |
||||||
|
MGM Resorts International |
||||||||
|
7.750%, 03/15/22 |
1,400 |
1,624 |
||||||
|
6.750%, 10/01/20 |
250 |
280 |
||||||
|
6.000%, 03/15/23 |
600 |
651 |
||||||
|
5.250%, 03/31/20 |
350 |
373 |
||||||
|
Mohegan Tribal Gaming Authority |
||||||||
|
9.750%, 09/01/21 |
1,475 |
1,591 |
||||||
|
7.875%, 10/15/24(A) |
975 |
973 |
||||||
|
Penn National Gaming |
||||||||
|
5.875%, 11/01/21 |
1,525 |
1,575 |
||||||
|
Pinnacle Entertainment |
||||||||
|
5.625%, 05/01/24(A) |
1,325 |
1,332 |
||||||
|
Regal Entertainment Group |
||||||||
|
5.750%, 03/15/22 |
500 |
516 |
||||||
|
5.750%, 02/01/25 |
650 |
655 |
||||||
|
Rivers Pittsburgh Borrower |
||||||||
|
6.125%, 08/15/21(A) |
1,025 |
1,058 |
||||||
|
Seminole Hard Rock Entertainment |
||||||||
|
5.875%, 05/15/21(A) |
2,000 |
2,020 |
||||||
|
Seminole Indian Tribe of Florida |
||||||||
|
7.804%, 10/01/20(A) |
470 |
477 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 76
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Station Casinos |
||||||||
|
7.500%, 03/01/21 |
$ |
1,450 |
$ |
1,533 |
||||
|
Total Entertainment & Gaming |
19,031 |
|||||||
|
Export/Import Bank [0.2%] |
||||||||
|
Ukreximbank Via Biz Finance |
||||||||
|
9.625%, 04/27/22 |
4,000 |
3,921 |
||||||
|
Financial Services [1.3%] |
||||||||
|
AerCap Ireland Capital |
||||||||
|
4.500%, 05/15/21 |
800 |
837 |
||||||
|
Ally Financial |
||||||||
|
5.750%, 11/20/25 |
1,975 |
2,066 |
||||||
|
5.125%, 09/30/24 |
450 |
477 |
||||||
|
4.750%, 09/10/18 |
1,150 |
1,190 |
||||||
|
4.625%, 03/30/25 |
1,300 |
1,332 |
||||||
|
4.125%, 03/30/20 |
425 |
432 |
||||||
|
4.125%, 02/13/22 |
400 |
404 |
||||||
|
2.750%, 01/30/17 |
475 |
476 |
||||||
|
Arrow Global Finance |
||||||||
|
4.951%, 11/01/21(C) |
1,000 |
1,145 |
||||||
|
Astana Finance JSC |
||||||||
|
0.000%, 12/22/24(F) (H) |
147 |
— |
||||||
|
Cabot Financial Luxembourg II |
||||||||
|
5.875%, 11/15/21(C) |
1,000 |
1,111 |
||||||
|
Dana Financing Luxembourg Sarl |
||||||||
|
6.500%, 06/01/26(A) |
925 |
969 |
||||||
|
Helios Towers Finance Netherlands BV |
||||||||
|
8.375%, 07/15/19 |
5,000 |
5,150 |
||||||
|
International Lease Finance |
||||||||
|
5.875%, 08/15/22 |
725 |
804 |
||||||
|
4.625%, 04/15/21 |
800 |
838 |
||||||
|
Lock |
||||||||
|
5.500%, 08/15/20(C) |
2,000 |
2,241 |
||||||
|
Navient |
||||||||
|
7.250%, 09/25/23 |
250 |
250 |
||||||
|
6.625%, 07/26/21 |
100 |
101 |
||||||
|
5.875%, 10/25/24 |
1,325 |
1,206 |
||||||
|
Navient, MTN |
||||||||
|
6.125%, 03/25/24 |
575 |
535 |
||||||
|
5.500%, 01/25/23 |
175 |
161 |
||||||
|
Promontoria MCS SAS |
||||||||
|
5.452%, 09/30/21(C) |
100 |
113 |
||||||
|
Quicken Loans |
||||||||
|
5.750%, 05/01/25(A) |
2,450 |
2,432 |
||||||
|
Russian Standard |
||||||||
|
13.000%, 10/27/22(B) |
5,184 |
1,375 |
||||||
|
Unifin Financiera SOFOM ENR |
||||||||
|
7.250%, 09/27/23 |
|
2,000 |
|
1,997 |
||||
|
Total Financial Services |
27,642 |
|||||||
|
Firearms and Ammunition [0.0%] |
||||||||
|
FGI Operating Company |
||||||||
|
7.875%, 05/01/20 |
1,250 |
1,037 |
||||||
|
Food, Beverage & Tobacco [2.4%] |
||||||||
|
ARAMARK |
||||||||
|
5.750%, 03/15/20 |
303 |
311 |
||||||
|
5.125%, 01/15/24 |
300 |
312 |
||||||
|
5.125%, 01/15/24(A) |
775 |
806 |
||||||
|
Boparan Finance |
||||||||
|
5.500%, 07/15/21 |
1,000 |
1,196 |
||||||
|
Boparan Finance, MTN |
||||||||
|
4.375%, 07/15/21 |
1,000 |
1,046 |
||||||
|
BRF GmbH |
||||||||
|
4.350%, 09/29/26 |
3,000 |
2,937 |
||||||
|
ESAL GmbH |
||||||||
|
6.250%, 02/05/23 |
300 |
291 |
||||||
|
Galapagos |
||||||||
|
4.448%, 06/15/21(C) |
3,000 |
3,286 |
||||||
|
Hearthside Group Holdings |
||||||||
|
6.500%, 05/01/22(A) |
1,675 |
1,650 |
||||||
|
JBS Investments GmbH |
||||||||
|
7.750%, 10/28/20 |
1,000 |
1,048 |
||||||
|
7.250%, 04/03/24 |
3,500 |
3,561 |
||||||
|
Marfrig Holding Europe BV |
||||||||
|
6.875%, 06/24/19 |
6,260 |
6,338 |
||||||
|
Marfrig Holdings Europe BV |
||||||||
|
8.000%, 06/08/23 |
10,355 |
10,609 |
||||||
|
Marfrig Overseas |
||||||||
|
9.625%, 11/16/16 |
170 |
170 |
||||||
|
9.500%, 05/04/20 |
5,314 |
5,473 |
||||||
|
MHP |
||||||||
|
8.250%, 04/02/20 |
4,587 |
4,404 |
||||||
|
Minerva Luxembourg |
||||||||
|
8.750%, 12/29/49(C) |
3,700 |
3,728 |
||||||
|
6.500%, 09/20/26 |
2,000 |
1,965 |
||||||
|
Pinnacle Foods Finance |
||||||||
|
5.875%, 01/15/24(A) |
250 |
267 |
||||||
|
4.875%, 05/01/21 |
1,125 |
1,155 |
||||||
|
Smithfield Foods |
||||||||
|
6.625%, 08/15/22 |
850 |
899 |
||||||
|
Sun Merger Sub |
||||||||
|
5.875%, 08/01/21(A) |
600 |
627 |
||||||
|
Total Food, Beverage & Tobacco |
52,079 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 77
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Food-Flour and Grain [0.2%] |
||||||||
|
Post Holdings |
||||||||
|
8.000%, 07/15/25(A) |
$ |
1,500 |
$ |
1,717 |
||||
|
7.750%, 03/15/24(A) |
375 |
420 |
||||||
|
6.000%, 12/15/22(A) |
150 |
158 |
||||||
|
5.000%, 08/15/26(A) |
1,475 |
1,468 |
||||||
|
Total Food-Flour and Grain |
3,763 |
|||||||
|
Food-Wholesale/Distrib [0.0%] |
||||||||
|
US Foods |
||||||||
|
5.875%, 06/15/24(A) |
1,225 |
1,271 |
||||||
|
Gas-Distribution [0.1%] |
||||||||
|
AmeriGas Partners |
||||||||
|
5.875%, 08/20/26 |
1,075 |
1,140 |
||||||
|
5.625%, 05/20/24 |
400 |
424 |
||||||
|
Total Gas-Distribution |
1,564 |
|||||||
|
Health Care [0.1%] |
||||||||
|
Envision Healthcare |
||||||||
|
5.125%, 07/01/22(A) |
1,625 |
1,617 |
||||||
|
Home Decoration Products [0.1%] |
||||||||
|
RSI Home Products |
||||||||
|
6.500%, 03/15/23(A) |
1,750 |
1,846 |
||||||
|
Hotels and Motels [0.3%] |
||||||||
|
Grupo Posadas |
||||||||
|
7.875%, 06/30/22 |
6,705 |
6,975 |
||||||
|
Hilton Domestic Operating |
||||||||
|
4.250%, 09/01/24(A) |
550 |
561 |
||||||
|
Total Hotels and Motels |
7,536 |
|||||||
|
Human Resources [0.1%] |
||||||||
|
Team Health |
||||||||
|
7.250%, 12/15/23(A) |
1,525 |
1,641 |
||||||
|
Industrial [0.0%] |
||||||||
|
Unifrax I |
||||||||
|
7.500%, 02/15/19(A) |
975 |
912 |
||||||
|
Insurance [0.2%] |
||||||||
|
Hockey Merger Sub 2 |
||||||||
|
7.875%, 10/01/21(A) |
2,100 |
2,142 |
||||||
|
Hub Holdings |
||||||||
|
8.125%, 07/15/19(A) (B) |
|
1,650 |
|
1,609 |
||||
|
HUB International |
||||||||
|
9.250%, 02/15/21(A) |
150 |
156 |
||||||
|
Total Insurance |
3,907 |
|||||||
|
Internet Connectiv Svcs [0.1%] |
||||||||
|
Adria Bidco BV |
||||||||
|
7.875%, 11/15/20 |
1,400 |
1,636 |
||||||
|
Internet Security [0.0%] |
||||||||
|
VeriSign |
||||||||
|
5.250%, 04/01/25 |
525 |
551 |
||||||
|
4.625%, 05/01/23 |
400 |
406 |
||||||
|
Total Internet Security |
957 |
|||||||
|
Investment Banker/Broker Dealer [0.0%] |
||||||||
|
BCD Acquisition |
||||||||
|
9.625%, 09/15/23(A) |
800 |
836 |
||||||
|
Investment Companies [0.2%] |
||||||||
|
HT Global IT Solutions Holdings |
||||||||
|
7.000%, 07/14/21 |
2,350 |
2,466 |
||||||
|
Renaissance Credit Via Renaissance Consumer Funding |
||||||||
|
13.500%, 05/22/19 |
1,875 |
1,763 |
||||||
|
Total Investment Companies |
4,229 |
|||||||
|
Mach Tools and Rel Products [0.0%] |
||||||||
|
Milacron |
||||||||
|
7.750%, 02/15/21(A) |
800 |
832 |
||||||
|
Machinery [0.0%] |
||||||||
|
Cloud Crane |
||||||||
|
10.125%, 08/01/24(A) |
575 |
595 |
||||||
|
Machinery-General Indust [0.1%] |
||||||||
|
Gardner Denver |
||||||||
|
6.875%, 08/15/21(A) |
950 |
891 |
||||||
|
Zebra Technologies |
||||||||
|
7.250%, 10/15/22 |
1,800 |
1,951 |
||||||
|
Total Machinery-General Indust |
2,842 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 78
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Manufacturing [0.0%] |
||||||||
|
Cleaver-Brooks |
||||||||
|
8.750%, 12/15/19(A) |
$ |
950 |
$ |
995 |
||||
|
Media - Non-Cable [0.0%] |
||||||||
|
Intelsat Jackson Holdings |
||||||||
|
7.250%, 10/15/20 |
500 |
388 |
||||||
|
Medical Information Sys [0.0%] |
||||||||
|
IMS Health |
||||||||
|
5.000%, 10/15/26(A) |
725 |
754 |
||||||
|
Medical Labs and Testing Srv [0.2%] |
||||||||
|
Synlab Bondco |
||||||||
|
5.000%, 07/01/22(C) |
3,000 |
3,391 |
||||||
|
Medical Products & Services [1.6%] |
||||||||
|
Acadia Healthcare |
||||||||
|
6.500%, 03/01/24 |
1,850 |
1,938 |
||||||
|
CHS |
||||||||
|
6.875%, 02/01/22 |
3,550 |
3,053 |
||||||
|
5.125%, 08/01/21 |
675 |
670 |
||||||
|
HCA |
||||||||
|
7.500%, 02/15/22 |
1,625 |
1,865 |
||||||
|
6.500%, 02/15/20 |
300 |
332 |
||||||
|
5.875%, 05/01/23 |
825 |
879 |
||||||
|
5.875%, 02/15/26 |
250 |
267 |
||||||
|
5.375%, 02/01/25 |
2,250 |
2,323 |
||||||
|
5.250%, 04/15/25 |
2,025 |
2,159 |
||||||
|
5.000%, 03/15/24 |
1,875 |
1,978 |
||||||
|
4.500%, 02/15/27 |
250 |
252 |
||||||
|
HCA Holdings |
||||||||
|
6.250%, 02/15/21 |
550 |
597 |
||||||
|
Hill-Rom Holdings |
||||||||
|
5.750%, 09/01/23(A) |
275 |
294 |
||||||
|
IASIS Healthcare |
||||||||
|
8.375%, 05/15/19 |
1,875 |
1,697 |
||||||
|
Jubilant Pharma |
||||||||
|
4.875%, 10/06/21 |
5,000 |
4,980 |
||||||
|
LifePoint Health |
||||||||
|
5.875%, 12/01/23 |
325 |
337 |
||||||
|
5.375%, 05/01/24(A) |
600 |
600 |
||||||
|
LifePoint Hospitals |
||||||||
|
5.500%, 12/01/21 |
875 |
912 |
||||||
|
Mallinckrodt International Finance |
||||||||
|
5.625%, 10/15/23(A) |
475 |
455 |
||||||
|
5.500%, 04/15/25(A) |
1,500 |
1,425 |
||||||
|
4.875%, 04/15/20(A) |
325 |
331 |
||||||
|
4.750%, 04/15/23 |
975 |
877 |
||||||
|
Teleflex |
||||||||
|
5.250%, 06/15/24 |
|
450 |
|
469 |
||||
|
4.875%, 06/01/26 |
375 |
388 |
||||||
|
Tenet Healthcare |
||||||||
|
8.125%, 04/01/22 |
1,625 |
1,625 |
||||||
|
6.750%, 06/15/23 |
2,050 |
1,907 |
||||||
|
4.500%, 04/01/21 |
700 |
704 |
||||||
|
4.375%, 10/01/21 |
925 |
920 |
||||||
|
Total Medical Products & Services |
34,234 |
|||||||
|
Medical-HMO [0.1%] |
||||||||
|
MPH Acquisition Holdings |
||||||||
|
7.125%, 06/01/24(A) |
1,375 |
1,478 |
||||||
|
Medical-Outptnt/Home Med [0.1%] |
||||||||
|
Amsurg |
||||||||
|
5.625%, 11/30/20 |
300 |
308 |
||||||
|
5.625%, 07/15/22 |
1,075 |
1,099 |
||||||
|
Total Medical-Outptnt/Home Med |
1,407 |
|||||||
|
Medical-Whsle Drug Dist [0.1%] |
||||||||
|
Vizient |
||||||||
|
10.375%, 03/01/24(A) |
1,525 |
1,750 |
||||||
|
Metal-Copper [0.1%] |
||||||||
|
Freeport-McMoRan |
||||||||
|
5.400%, 11/14/34 |
2,300 |
1,909 |
||||||
|
3.875%, 03/15/23 |
1,175 |
1,054 |
||||||
|
Total Metal-Copper |
2,963 |
|||||||
|
Metal-Iron [0.7%] |
||||||||
|
Vale Overseas |
||||||||
|
6.875%, 11/21/36 |
5,161 |
5,042 |
||||||
|
6.875%, 11/10/39 |
10,484 |
10,143 |
||||||
|
Total Metal-Iron |
15,185 |
|||||||
|
Metals & Mining [0.3%] |
||||||||
|
TiZir |
||||||||
|
9.000%, 09/28/17 |
4,100 |
3,403 |
||||||
|
Vedanta Resources |
||||||||
|
8.250%, 06/07/21 |
3,000 |
3,030 |
||||||
|
7.125%, 05/31/23 |
1,000 |
944 |
||||||
|
Total Metals & Mining |
7,377 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 79
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Mining Other [0.2%] |
||||||||
|
Uranium One Investments |
||||||||
|
6.250%, 12/13/18 |
$ |
4,005 |
$ |
4,054 |
||||
|
Miscellaneous Business Services [0.1%] |
||||||||
|
Garda World Security |
||||||||
|
7.250%, 11/15/21(A) |
1,825 |
1,683 |
||||||
|
Miscellaneous Manufacturing [0.2%] |
||||||||
|
Magnesita Finance |
||||||||
|
8.625%, 04/29/49 |
813 |
667 |
||||||
|
Natsionalnaya Kompaniya Kazakhstan Engineering AO |
||||||||
|
4.550%, 12/03/16 |
278 |
274 |
||||||
|
Rio Oil Finance Trust, Ser 2014-1 |
||||||||
|
9.250%, 07/06/24 |
3,134 |
2,789 |
||||||
|
Total Miscellaneous Manufacturing |
3,730 |
|||||||
|
MRI/Medical Diag Imaging [0.1%] |
||||||||
|
Surgical Care Affiliates |
||||||||
|
6.000%, 04/01/23(A) |
1,125 |
1,181 |
||||||
|
Office Automation and Equip [0.1%] |
||||||||
|
CDW |
||||||||
|
6.000%, 08/15/22 |
1,125 |
1,198 |
||||||
|
5.500%, 12/01/24 |
1,125 |
1,201 |
||||||
|
Total Office Automation and Equip |
2,399 |
|||||||
|
Oil-Field Services [0.3%] |
||||||||
|
Borets Finance |
||||||||
|
7.625%, 09/26/18 |
2,620 |
2,594 |
||||||
|
Hiland Partners |
||||||||
|
5.500%, 05/15/22(A) |
375 |
390 |
||||||
|
Sea Trucks Group |
||||||||
|
9.000%, 03/26/18(A) |
4,480 |
1,413 |
||||||
|
Weatherford International |
||||||||
|
8.250%, 06/15/23 |
825 |
815 |
||||||
|
7.000%, 03/15/38 |
775 |
574 |
||||||
|
Western Refining Logistics |
||||||||
|
7.500%, 02/15/23 |
1,125 |
1,153 |
||||||
|
Total Oil-Field Services |
6,939 |
|||||||
|
Paper & Related Products [0.4%] |
||||||||
|
Argos Merger Sub |
||||||||
|
7.125%, 03/15/23(A) |
2,775 |
2,907 |
||||||
|
Clearwater Paper |
||||||||
|
5.375%, 02/01/25(A) |
|
1,450 |
|
1,477 |
||||
|
Eldorado International Finance GmbH |
||||||||
|
8.625%, 06/16/21 |
4,000 |
3,200 |
||||||
|
Total Paper & Related Products |
7,584 |
|||||||
|
Petroleum & Fuel Products [8.3%] |
||||||||
|
Access Midstream Partners |
||||||||
|
4.875%, 05/15/23 |
300 |
304 |
||||||
|
4.875%, 03/15/24 |
825 |
834 |
||||||
|
Antero Midstream Partners |
||||||||
|
5.375%, 09/15/24(A) |
550 |
557 |
||||||
|
Antero Resources |
||||||||
|
5.625%, 06/01/23 |
200 |
204 |
||||||
|
5.125%, 12/01/22 |
350 |
353 |
||||||
|
Antero Resources Finance |
||||||||
|
6.000%, 12/01/20 |
650 |
672 |
||||||
|
5.375%, 11/01/21 |
475 |
480 |
||||||
|
Blue Racer Midstream |
||||||||
|
6.125%, 11/15/22(A) |
300 |
293 |
||||||
|
Callon Petroleum |
||||||||
|
6.125%, 10/01/24(A) |
250 |
259 |
||||||
|
Carrizo Oil & Gas |
||||||||
|
7.500%, 09/15/20 |
775 |
802 |
||||||
|
6.250%, 04/15/23 |
675 |
668 |
||||||
|
Cheniere Corpus Christi Holdings |
||||||||
|
7.000%, 06/30/24(A) |
375 |
405 |
||||||
|
Chesapeake Energy |
||||||||
|
8.000%, 12/15/22(A) |
800 |
811 |
||||||
|
6.875%, 11/15/20 |
225 |
210 |
||||||
|
5.750%, 03/15/23 |
350 |
297 |
||||||
|
5.375%, 06/15/21 |
500 |
435 |
||||||
|
Continental Resources |
||||||||
|
4.500%, 04/15/23 |
1,275 |
1,224 |
||||||
|
Crestwood Midstream Partners |
||||||||
|
6.250%, 04/01/23 |
450 |
456 |
||||||
|
6.125%, 03/01/22 |
450 |
454 |
||||||
|
6.000%, 12/15/20 |
250 |
252 |
||||||
|
CrownRock |
||||||||
|
7.750%, 02/15/23(A) |
225 |
241 |
||||||
|
7.125%, 04/15/21(A) |
150 |
157 |
||||||
|
CVR Refining |
||||||||
|
6.500%, 11/01/22 |
1,250 |
1,131 |
||||||
|
Dana Gas Sukuk |
||||||||
|
9.000%, 10/31/17(A) |
2,120 |
2,025 |
||||||
|
DNO |
||||||||
|
8.750%, 06/18/20(A) |
4,300 |
3,569 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 80
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Energy Transfer Equity |
||||||||
|
5.875%, 01/15/24 |
$ |
2,125 |
$ |
2,205 |
||||
|
5.500%, 06/01/27 |
175 |
174 |
||||||
|
EP Energy |
||||||||
|
9.375%, 05/01/20 |
175 |
124 |
||||||
|
7.750%, 09/01/22 |
150 |
89 |
||||||
|
6.375%, 06/15/23 |
350 |
209 |
||||||
|
EP PetroEcuador via Noble Sovereign Funding I |
||||||||
|
6.487%, 09/24/19(C) |
22,216 |
21,494 |
||||||
|
Genel Energy Finance |
||||||||
|
7.500%, 05/14/19(A) |
4,600 |
3,588 |
||||||
|
Georgian Oil and Gas JSC |
||||||||
|
6.750%, 04/26/21 |
3,500 |
3,675 |
||||||
|
Gulf Keystone Petroleum |
||||||||
|
13.000%, 04/18/17(D) |
4,400 |
5,082 |
||||||
|
Gulfport Energy |
||||||||
|
7.750%, 11/01/20 |
750 |
779 |
||||||
|
6.625%, 05/01/23 |
425 |
436 |
||||||
|
Halcon Resources |
||||||||
|
8.625%, 02/01/20(A) |
600 |
603 |
||||||
|
Holly Energy Partners |
||||||||
|
6.500%, 03/01/20 |
1,050 |
1,083 |
||||||
|
6.000%, 08/01/24(A) |
850 |
880 |
||||||
|
Kinder Morgan |
||||||||
|
5.625%, 11/15/23(A) |
625 |
689 |
||||||
|
Laredo Petroleum |
||||||||
|
7.375%, 05/01/22 |
775 |
801 |
||||||
|
6.250%, 03/15/23 |
200 |
196 |
||||||
|
5.625%, 01/15/22 |
375 |
364 |
||||||
|
Legacy Reserves |
||||||||
|
6.625%, 12/01/21 |
400 |
208 |
||||||
|
Lone Pine Resources Canada |
||||||||
|
0.000%, 02/15/17(H) (J) |
75 |
— |
||||||
|
MPLX |
||||||||
|
4.875%, 12/01/24 |
700 |
724 |
||||||
|
4.875%, 06/01/25 |
875 |
904 |
||||||
|
Newfield Exploration |
||||||||
|
5.375%, 01/01/26 |
425 |
426 |
||||||
|
Northern Oil and Gas |
||||||||
|
8.000%, 06/01/20 |
1,325 |
1,018 |
||||||
|
Northern Tier Energy |
||||||||
|
7.125%, 11/15/20 |
1,075 |
1,099 |
||||||
|
Nostrum Oil & Gas Finance BV |
||||||||
|
6.375%, 02/14/19 |
9,568 |
8,803 |
||||||
|
Oasis Petroleum |
||||||||
|
6.875%, 03/15/22 |
725 |
694 |
||||||
|
6.875%, 01/15/23 |
225 |
215 |
||||||
|
6.500%, 11/01/21 |
850 |
812 |
||||||
|
Odebrecht Drilling Norbe VIII |
||||||||
|
6.350%, 06/30/21 |
905 |
276 |
||||||
|
Pan American Energy |
||||||||
|
7.875%, 05/07/21 |
|
1,000 |
|
1,072 |
||||
|
Parsley Energy |
||||||||
|
6.250%, 06/01/24(A) |
150 |
155 |
||||||
|
PDC Energy |
||||||||
|
7.750%, 10/15/22 |
175 |
187 |
||||||
|
6.125%, 09/15/24(A) |
175 |
181 |
||||||
|
Petrobras Argentina |
||||||||
|
7.375%, 07/21/23 |
1,000 |
1,032 |
||||||
|
Petrobras Global Finance BV |
||||||||
|
8.750%, 05/23/26 |
5,840 |
6,453 |
||||||
|
8.375%, 05/23/21 |
1,000 |
1,092 |
||||||
|
6.875%, 01/20/40 |
8,435 |
7,446 |
||||||
|
6.850%, 06/05/15 |
1,228 |
1,039 |
||||||
|
6.250%, 03/17/24 |
1,512 |
1,470 |
||||||
|
6.125%, 10/06/16 |
2,629 |
2,628 |
||||||
|
5.375%, 01/27/21 |
7,045 |
6,985 |
||||||
|
3.737%, 03/17/20(C) |
726 |
710 |
||||||
|
Petroleos de Venezuela |
||||||||
|
9.750%, 05/17/35 |
10,765 |
5,587 |
||||||
|
8.500%, 11/02/17 |
10,688 |
9,176 |
||||||
|
5.250%, 04/12/17 |
984 |
839 |
||||||
|
5.125%, 10/28/16 |
6,420 |
6,227 |
||||||
|
Puma International Financing |
||||||||
|
6.750%, 02/01/21 |
2,000 |
2,064 |
||||||
|
QEP Resources |
||||||||
|
6.875%, 03/01/21 |
325 |
339 |
||||||
|
5.250%, 05/01/23 |
325 |
320 |
||||||
|
QGOG Atlantic |
||||||||
|
5.250%, 07/30/18 |
2,797 |
2,433 |
||||||
|
QGOG Constellation |
||||||||
|
6.250%, 11/09/19 |
11,575 |
5,209 |
||||||
|
Range Resources |
||||||||
|
5.000%, 03/15/23(A) |
475 |
467 |
||||||
|
4.875%, 05/15/25 |
772 |
741 |
||||||
|
Regency Energy Partners |
||||||||
|
5.875%, 03/01/22 |
225 |
248 |
||||||
|
5.500%, 04/15/23 |
200 |
206 |
||||||
|
5.000%, 10/01/22 |
150 |
158 |
||||||
|
4.500%, 11/01/23 |
350 |
352 |
||||||
|
Rice Energy |
||||||||
|
7.250%, 05/01/23 |
200 |
214 |
||||||
|
6.250%, 05/01/22 |
1,125 |
1,162 |
||||||
|
Rose Rock Midstream |
||||||||
|
5.625%, 07/15/22 |
275 |
253 |
||||||
|
RSP Permian |
||||||||
|
6.625%, 10/01/22 |
625 |
655 |
||||||
|
Sabine Pass Liquefaction |
||||||||
|
6.250%, 03/15/22 |
1,550 |
1,693 |
||||||
|
5.625%, 02/01/21 |
1,100 |
1,162 |
||||||
|
5.625%, 04/15/23 |
175 |
187 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 81
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
5.625%, 03/01/25 |
$ |
300 |
$ |
323 |
||||
|
5.000%, 03/15/27(A) |
550 |
564 |
||||||
|
Seven Energy |
||||||||
|
10.250%, 10/11/21 |
8,960 |
2,688 |
||||||
|
SM Energy |
||||||||
|
6.750%, 09/15/26 |
150 |
151 |
||||||
|
6.500%, 11/15/21 |
100 |
102 |
||||||
|
6.500%, 01/01/23 |
575 |
581 |
||||||
|
6.125%, 11/15/22 |
225 |
225 |
||||||
|
5.625%, 06/01/25 |
550 |
517 |
||||||
|
5.000%, 01/15/24 |
350 |
329 |
||||||
|
Southwestern Energy |
||||||||
|
4.100%, 03/15/22 |
1,075 |
976 |
||||||
|
Summit Midstream Holdings |
||||||||
|
7.500%, 07/01/21 |
325 |
336 |
||||||
|
5.500%, 08/15/22 |
1,600 |
1,524 |
||||||
|
Targa Resources Partners |
||||||||
|
5.375%, 02/01/27(A) |
925 |
931 |
||||||
|
5.250%, 05/01/23 |
350 |
354 |
||||||
|
5.125%, 02/01/25(A) |
475 |
476 |
||||||
|
Tesoro |
||||||||
|
5.375%, 10/01/22 |
375 |
390 |
||||||
|
Tesoro Logistics |
||||||||
|
6.375%, 05/01/24 |
200 |
215 |
||||||
|
6.250%, 10/15/22 |
975 |
1,041 |
||||||
|
6.125%, 10/15/21 |
475 |
496 |
||||||
|
5.875%, 10/01/20 |
875 |
901 |
||||||
|
5.500%, 10/15/19 |
50 |
53 |
||||||
|
5.125%, 04/01/24 |
600 |
618 |
||||||
|
Whiting Petroleum |
||||||||
|
6.250%, 04/01/23 |
1,425 |
1,300 |
||||||
|
5.750%, 03/15/21 |
150 |
140 |
||||||
|
5.000%, 03/15/19 |
375 |
363 |
||||||
|
Williams |
||||||||
|
4.550%, 06/24/24 |
900 |
918 |
||||||
|
WPX Energy |
||||||||
|
8.250%, 08/01/23 |
275 |
296 |
||||||
|
7.500%, 08/01/20 |
75 |
79 |
||||||
|
6.000%, 01/15/22 |
300 |
299 |
||||||
|
5.250%, 09/15/24 |
175 |
165 |
||||||
|
YPF |
||||||||
|
8.500%, 07/28/25 |
2,505 |
2,748 |
||||||
|
YPF, MTN |
||||||||
|
31.354%, 07/07/20(C) |
2,710 |
3,160 |
||||||
|
YPF Sociedad Anonima |
||||||||
|
8.500%, 03/23/21 |
1,810 |
2,020 |
||||||
|
Zhaikmunai LLP |
||||||||
|
7.125%, 11/13/19 |
10,237 |
9,444 |
||||||
|
Total Petroleum & Fuel Products |
179,608 |
|||||||
|
Phys Practice Mgmnt [0.0%] |
||||||||
|
MEDNAX |
||||||||
|
5.250%, 12/01/23(A) |
|
200 |
|
210 |
||||
|
Printing & Publishing [0.3%] |
||||||||
|
Expo Event Transco |
||||||||
|
9.000%, 06/15/21(A) |
1,175 |
1,221 |
||||||
|
Multi-Color |
||||||||
|
6.125%, 12/01/22(A) |
1,550 |
1,628 |
||||||
|
Mustang Merger |
||||||||
|
8.500%, 08/15/21(A) |
850 |
904 |
||||||
|
Nielsen Finance |
||||||||
|
5.000%, 04/15/22(A) |
1,700 |
1,755 |
||||||
|
Total Printing & Publishing |
5,508 |
|||||||
|
Publishing-Books [0.0%] |
||||||||
|
McGraw-Hill Global Education Holdings |
||||||||
|
7.875%, 05/15/24(A) |
575 |
621 |
||||||
|
Publishing-Newspapers [0.1%] |
||||||||
|
Gannett |
||||||||
|
6.375%, 10/15/23 |
1,125 |
1,209 |
||||||
|
5.500%, 09/15/24(A) |
50 |
52 |
||||||
|
4.875%, 09/15/21(A) |
50 |
52 |
||||||
|
Total Publishing-Newspapers |
1,313 |
|||||||
|
Quarrying [0.0%] |
||||||||
|
Compass Minerals International |
||||||||
|
4.875%, 07/15/24(A) |
975 |
921 |
||||||
|
Radio [0.4%] |
||||||||
|
Cumulus Media Holdings |
||||||||
|
7.750%, 05/01/19 |
500 |
202 |
||||||
|
Entercom Radio |
||||||||
|
10.500%, 12/01/19 |
675 |
703 |
||||||
|
Radio One |
||||||||
|
9.250%, 02/15/20(A) |
900 |
839 |
||||||
|
7.375%, 04/15/22(A) |
1,225 |
1,231 |
||||||
|
Sirius XM Holdings |
||||||||
|
4.625%, 05/15/23(A) |
1,250 |
1,250 |
||||||
|
Sirius XM Radio |
||||||||
|
6.000%, 07/15/24(A) |
975 |
1,040 |
||||||
|
5.375%, 04/15/25(A) |
1,150 |
1,187 |
||||||
|
5.375%, 07/15/26(A) |
575 |
594 |
||||||
|
Townsquare Media |
||||||||
|
6.500%, 04/01/23(A) |
1,200 |
1,218 |
||||||
|
Total Radio |
8,264 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 82
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Real Estate Investment Trusts [0.1%] |
||||||||
|
GLP Capital |
||||||||
|
5.375%, 11/01/23 |
$ |
450 |
$ |
485 |
||||
|
5.375%, 04/15/26 |
525 |
564 |
||||||
|
Iron Mountain |
||||||||
|
5.750%, 08/15/24 |
725 |
745 |
||||||
|
Lamar Media |
||||||||
|
5.875%, 02/01/22 |
525 |
547 |
||||||
|
5.750%, 02/01/26 |
100 |
108 |
||||||
|
5.375%, 01/15/24 |
450 |
472 |
||||||
|
RHP Hotel Properties |
||||||||
|
5.000%, 04/15/23 |
150 |
152 |
||||||
|
Total Real Estate Investment Trusts |
3,073 |
|||||||
|
Real Estate Oper/Develop [1.0%] |
||||||||
|
BR Properties |
||||||||
|
9.000%, 10/29/49 |
1,000 |
952 |
||||||
|
IRSA Propiedades |
||||||||
|
8.750%, 03/23/23 |
850 |
952 |
||||||
|
Kaisa Group Holdings |
||||||||
|
6.560%, 12/31/19 |
1,279 |
1,216 |
||||||
|
6.560%, 06/30/20 |
2,272 |
2,160 |
||||||
|
6.560%, 12/31/20 |
2,979 |
2,832 |
||||||
|
6.560%, 06/30/21 |
3,175 |
3,025 |
||||||
|
6.560%, 12/31/21 |
3,425 |
3,280 |
||||||
|
Vingroup JSC |
||||||||
|
11.625%, 05/07/18 |
4,000 |
4,240 |
||||||
|
VLL International, MTN |
||||||||
|
7.375%, 06/18/22 |
2,500 |
2,741 |
||||||
|
Total Real Estate Oper/Develop |
21,398 |
|||||||
|
Research and Development [0.2%] |
||||||||
|
Jaguar Holding II |
||||||||
|
6.375%, 08/01/23(A) |
3,225 |
3,354 |
||||||
|
Retail [1.1%] |
||||||||
|
Albertsons |
||||||||
|
6.625%, 06/15/24(A) |
750 |
780 |
||||||
|
5.750%, 03/15/25(A) |
900 |
898 |
||||||
|
AmeriGas Finance |
||||||||
|
7.000%, 05/20/22 |
675 |
714 |
||||||
|
BKW |
||||||||
|
6.000%, 04/01/22(A) |
2,275 |
2,383 |
||||||
|
Ferrellgas |
||||||||
|
6.750%, 01/15/22 |
1,175 |
1,046 |
||||||
|
6.750%, 06/15/23 |
850 |
748 |
||||||
|
6.500%, 05/01/21 |
675 |
617 |
||||||
|
Grupo Famsa |
||||||||
|
7.250%, 06/01/20 |
2,800 |
2,352 |
||||||
|
Hillman Group |
||||||||
|
6.375%, 07/15/22(A) |
|
1,950 |
|
1,828 |
||||
|
Iceland Bondco |
||||||||
|
4.838%, 07/15/20(C) |
1,000 |
1,212 |
||||||
|
JC Penney |
||||||||
|
5.875%, 07/01/23(A) |
475 |
494 |
||||||
|
KFC Holding |
||||||||
|
5.250%, 06/01/26(A) |
625 |
661 |
||||||
|
5.000%, 06/01/24(A) |
325 |
340 |
||||||
|
Michaels Stores |
||||||||
|
5.875%, 12/15/20(A) |
1,500 |
1,556 |
||||||
|
Neiman Marcus Group |
||||||||
|
8.750%, 10/15/21(A) (B) |
550 |
432 |
||||||
|
New Look Secured Issuer |
||||||||
|
4.500%, 07/01/22(C) |
2,000 |
2,095 |
||||||
|
NPC International |
||||||||
|
10.500%, 01/15/20 |
625 |
653 |
||||||
|
Party City Holdings |
||||||||
|
6.125%, 08/15/23(A) |
1,175 |
1,253 |
||||||
|
Rite Aid |
||||||||
|
6.125%, 04/01/23(A) |
1,050 |
1,133 |
||||||
|
Sally Holdings |
||||||||
|
5.625%, 12/01/25 |
175 |
188 |
||||||
|
Stonegate Pub Financing |
||||||||
|
5.338%, 04/15/19(C) |
1,000 |
1,293 |
||||||
|
Vista Outdoor |
||||||||
|
5.875%, 10/01/23(A) |
525 |
549 |
||||||
|
Yum! Brands |
||||||||
|
3.875%, 11/01/23 |
475 |
468 |
||||||
|
Total Retail |
23,693 |
|||||||
|
Rubber & Plastic [0.0%] |
||||||||
|
Goodyear Tire & Rubber |
||||||||
|
5.125%, 11/15/23 |
400 |
417 |
||||||
|
5.000%, 05/31/26 |
675 |
694 |
||||||
|
Total Rubber & Plastic |
1,111 |
|||||||
|
Rubber/Plastic Products [0.1%] |
||||||||
|
Gates Global |
||||||||
|
6.000%, 07/15/22(A) |
2,100 |
1,995 |
||||||
|
Semi-Conductors [0.3%] |
||||||||
|
Advanced Micro Devices |
||||||||
|
7.000%, 07/01/24 |
349 |
343 |
||||||
|
Entegris |
||||||||
|
6.000%, 04/01/22(A) |
1,300 |
1,345 |
||||||
|
Micron Technology |
||||||||
|
5.500%, 02/01/25 |
375 |
368 |
||||||
|
5.250%, 08/01/23(A) |
575 |
568 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 83
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
5.250%, 01/15/24(A) |
$ |
400 |
$ |
384 |
||||
|
Microsemi |
||||||||
|
9.125%, 04/15/23(A) |
700 |
798 |
||||||
|
Qorvo |
||||||||
|
7.000%, 12/01/25(A) |
875 |
949 |
||||||
|
Sensata Technologies BV |
||||||||
|
5.625%, 11/01/24(A) |
425 |
449 |
||||||
|
5.000%, 10/01/25(A) |
575 |
588 |
||||||
|
Sensata Technologies UK Financing |
||||||||
|
6.250%, 02/15/26(A) |
225 |
243 |
||||||
|
Total Semi-Conductors |
6,035 |
|||||||
|
Sovereign Agency [0.0%] |
||||||||
|
KazAgro National Management Holding JSC, MTN |
||||||||
|
4.625%, 05/24/23 |
500 |
481 |
||||||
|
Steel & Steel Works [0.6%] |
||||||||
|
ArcelorMittal |
||||||||
|
6.125%, 06/01/25 |
1,675 |
1,826 |
||||||
|
Ferrexpo Finance |
||||||||
|
10.375%, 04/07/19 |
2,588 |
2,556 |
||||||
|
Metinvest BV, MTN |
||||||||
|
10.500%, 11/28/17 |
2,259 |
1,808 |
||||||
|
8.750%, 02/14/18 |
5,333 |
4,267 |
||||||
|
Steel Dynamics |
||||||||
|
6.375%, 08/15/22 |
300 |
316 |
||||||
|
5.500%, 10/01/24 |
900 |
943 |
||||||
|
5.250%, 04/15/23 |
125 |
129 |
||||||
|
5.125%, 10/01/21 |
225 |
234 |
||||||
|
Total Steel & Steel Works |
12,079 |
|||||||
|
Sugar [0.2%] |
||||||||
|
Cosan Luxembourg |
||||||||
|
7.000%, 01/20/27 |
4,000 |
4,160 |
||||||
|
Telecommunication Equip [0.1%] |
||||||||
|
CommScope |
||||||||
|
5.500%, 06/15/24(A) |
525 |
551 |
||||||
|
CommScope Technologies Finance |
||||||||
|
6.000%, 06/15/25(A) |
950 |
1,013 |
||||||
|
Total Telecommunication Equip |
1,564 |
|||||||
|
Telephones & Telecommunications [5.4%] |
||||||||
|
Altice |
||||||||
|
7.750%, 05/15/22(A) |
2,100 |
2,242 |
||||||
|
7.625%, 02/15/25(A) |
|
725 |
|
743 |
||||
|
Altice Financing |
||||||||
|
6.625%, 02/15/23(A) |
2,000 |
2,052 |
||||||
|
Altice US Finance I |
||||||||
|
5.375%, 07/15/23(A) |
575 |
595 |
||||||
|
Altice US Finance II |
||||||||
|
7.750%, 07/15/25(A) |
1,000 |
1,080 |
||||||
|
Colombia Telecomunicaciones ESP |
||||||||
|
8.500%, 12/29/49(C) |
1,100 |
957 |
||||||
|
Comcel Trust |
||||||||
|
6.875%, 02/06/24 |
7,885 |
8,107 |
||||||
|
Digicel |
||||||||
|
7.000%, 02/15/20(A) |
325 |
310 |
||||||
|
6.000%, 04/15/21 |
12,405 |
10,959 |
||||||
|
6.000%, 04/15/21(A) |
175 |
155 |
||||||
|
Digicel Group |
||||||||
|
8.250%, 09/30/20 |
15,855 |
13,854 |
||||||
|
8.250%, 09/30/20(A) |
1,375 |
1,195 |
||||||
|
7.125%, 04/01/22 |
12,050 |
9,215 |
||||||
|
eircom Finance DAC |
||||||||
|
4.500%, 05/31/22 |
500 |
568 |
||||||
|
GTH Finance BV |
||||||||
|
7.250%, 04/26/23 |
6,945 |
7,529 |
||||||
|
Intelsat Jackson Holdings |
||||||||
|
8.000%, 02/15/24(A) |
975 |
977 |
||||||
|
7.500%, 04/01/21 |
675 |
510 |
||||||
|
5.500%, 08/01/23 |
1,900 |
1,316 |
||||||
|
Intelsat Luxembourg |
||||||||
|
8.125%, 06/01/23 |
600 |
202 |
||||||
|
7.750%, 06/01/21 |
825 |
276 |
||||||
|
Level 3 Communications |
||||||||
|
5.750%, 12/01/22 |
750 |
784 |
||||||
|
Level 3 Financing |
||||||||
|
5.375%, 01/15/24 |
100 |
104 |
||||||
|
5.375%, 05/01/25 |
1,200 |
1,251 |
||||||
|
5.250%, 03/15/26(A) |
400 |
413 |
||||||
|
Matterhorn Telecom |
||||||||
|
3.750%, 05/01/22(C) |
1,500 |
1,677 |
||||||
|
Mauritius Investments |
||||||||
|
4.755%, 11/11/24 |
1,000 |
967 |
||||||
|
MetroPCS Wireless |
||||||||
|
6.625%, 11/15/20 |
600 |
616 |
||||||
|
Millicom International Cellular |
||||||||
|
6.000%, 03/15/25 |
5,060 |
5,124 |
||||||
|
Neptune Finco |
||||||||
|
10.875%, 10/15/25(A) |
1,575 |
1,843 |
||||||
|
10.125%, 01/15/23(A) |
825 |
951 |
||||||
|
6.625%, 10/15/25(A) |
625 |
678 |
||||||
|
Reliance Communications |
||||||||
|
6.500%, 11/06/20 |
1,000 |
1,027 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 84
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Sable International Finance |
||||||||
|
6.875%, 08/01/22 |
$ |
6,380 |
$ |
6,651 |
||||
|
Sixsigma Networks Mexico |
||||||||
|
8.250%, 11/07/21 |
4,000 |
3,920 |
||||||
|
Sprint |
||||||||
|
7.875%, 09/15/23 |
3,300 |
3,321 |
||||||
|
7.625%, 02/15/25 |
425 |
421 |
||||||
|
7.125%, 06/15/24 |
500 |
487 |
||||||
|
Sprint Capital |
||||||||
|
6.875%, 11/15/28 |
1,800 |
1,690 |
||||||
|
Sprint Nextel |
||||||||
|
7.000%, 03/01/20(A) |
350 |
375 |
||||||
|
6.000%, 11/15/22 |
1,400 |
1,298 |
||||||
|
Syniverse Holdings |
||||||||
|
9.125%, 01/15/19 |
1,025 |
774 |
||||||
|
T-Mobile USA |
||||||||
|
6.836%, 04/28/23 |
1,500 |
1,616 |
||||||
|
6.731%, 04/28/22 |
125 |
131 |
||||||
|
6.633%, 04/28/21 |
125 |
132 |
||||||
|
6.625%, 04/01/23 |
1,450 |
1,557 |
||||||
|
6.500%, 01/15/24 |
875 |
947 |
||||||
|
6.500%, 01/15/26 |
700 |
774 |
||||||
|
6.375%, 03/01/25 |
575 |
625 |
||||||
|
6.125%, 01/15/22 |
275 |
292 |
||||||
|
6.000%, 04/15/24 |
550 |
589 |
||||||
|
Verisure Holding |
||||||||
|
6.000%, 11/01/22 |
500 |
605 |
||||||
|
VimpelCom Holdings BV |
||||||||
|
7.504%, 03/01/22 |
6,988 |
7,827 |
||||||
|
Virgin Media Finance |
||||||||
|
6.375%, 04/15/23(A) |
675 |
709 |
||||||
|
Virgin Media Secured Finance |
||||||||
|
5.250%, 01/15/26(A) |
2,250 |
2,284 |
||||||
|
Vivacom, MTN |
||||||||
|
6.625%, 11/15/18 |
673 |
767 |
||||||
|
Total Telephones & Telecommunications |
116,069 |
|||||||
|
Textile-Home Furnishings [0.0%] |
||||||||
|
Springs Industries |
||||||||
|
6.250%, 06/01/21 |
850 |
880 |
||||||
|
Textile-Products [0.4%] |
||||||||
|
Golden Legacy Pte |
||||||||
|
8.250%, 06/07/21 |
7,335 |
7,789 |
||||||
|
Transactional Software [0.1%] |
||||||||
|
Solera |
||||||||
|
10.500%, 03/01/24(A) |
1,775 |
1,979 |
||||||
|
Transportation Services [1.5%] |
||||||||
|
Air Medical Merger Sub |
||||||||
|
6.375%, 05/15/23(A) |
|
1,525 |
|
1,475 |
||||
|
DME Airport |
||||||||
|
6.000%, 11/26/18 |
3,000 |
3,083 |
||||||
|
DTEK Finance |
||||||||
|
10.375%, 03/28/18 |
5,920 |
4,027 |
||||||
|
7.875%, 04/04/18 |
13,963 |
9,498 |
||||||
|
Dubai Holding Commercial Operations, MTN |
||||||||
|
6.000%, 02/01/17 |
2,850 |
3,735 |
||||||
|
Nielsen Luxembourg SaRL |
||||||||
|
5.500%, 10/01/21(A) |
250 |
261 |
||||||
|
Noble Group |
||||||||
|
6.000%, 06/24/49(C) |
520 |
267 |
||||||
|
Sabre GLBL |
||||||||
|
5.375%, 04/15/23(A) |
900 |
925 |
||||||
|
5.250%, 11/15/23(A) |
125 |
127 |
||||||
|
Silk Bidco |
||||||||
|
7.500%, 02/01/22 |
100 |
117 |
||||||
|
Topaz Marine |
||||||||
|
8.625%, 11/01/18 |
950 |
919 |
||||||
|
Travelex Financing |
||||||||
|
6.494%, 08/01/18(C) |
1,000 |
1,232 |
||||||
|
Ukraine Railways via Shortline |
||||||||
|
9.875%, 09/15/21 |
6,200 |
5,952 |
||||||
|
Total Transportation Services |
31,618 |
|||||||
|
Utility [0.1%] |
||||||||
|
Suburban Propane Partners |
||||||||
|
7.375%, 08/01/21 |
275 |
286 |
||||||
|
5.750%, 03/01/25 |
850 |
861 |
||||||
|
5.500%, 06/01/24 |
1,300 |
1,319 |
||||||
|
Viridian Group |
||||||||
|
7.500%, 03/01/20 |
500 |
591 |
||||||
|
Total Utility |
3,057 |
|||||||
|
Total Corporate Bonds |
||||||||
|
(Cost $1,093,054) |
1,097,549 |
|||||||
|
Loan Participations [27.6%] |
||||||||
|
Aerospace [0.9%] |
||||||||
|
Air Canada, Term Loan |
||||||||
|
3.250%, 09/26/19 |
1,398 |
1,399 |
||||||
|
Air Canada, Term Loan - 2023 |
||||||||
|
2.750%, 09/23/23(G) |
1,175 |
1,176 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 85
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
AM General, Term Loan B - 2013 |
||||||||
|
9.000%, 03/22/18 |
$ |
1,213 |
$ |
1,192 |
||||
|
American Airlines, 2015 Term Loans |
||||||||
|
2.500%, 06/27/20 |
1,225 |
1,226 |
||||||
|
American Airlines, Term Loan B |
||||||||
|
2.750%, 04/29/23 |
545 |
546 |
||||||
|
AWAS, Term Loan |
||||||||
|
3.250%, 06/30/18 |
1,340 |
1,345 |
||||||
|
Computer Sciences Government Services, Term Loan B |
||||||||
|
3.000%, 10/29/22 |
770 |
776 |
||||||
|
Dae Aviation Holdings, Term Loan B |
||||||||
|
4.250%, 06/25/22 |
433 |
435 |
||||||
|
Engility, Term Loan B-1 |
||||||||
|
4.250%, 08/15/20 |
1,285 |
1,297 |
||||||
|
Engility, Term Loan B-2 |
||||||||
|
4.750%, 08/15/23 |
2,169 |
2,189 |
||||||
|
TransDigm, Term Loan D |
||||||||
|
3.000%, 06/04/21 |
1,747 |
1,745 |
||||||
|
TransDigm, Term Loan E |
||||||||
|
3.000%, 05/13/22 |
1,151 |
1,152 |
||||||
|
TransDigm, Term Loan F |
||||||||
|
3.000%, 06/07/23 |
1,760 |
1,759 |
||||||
|
US Airways Group, Term Loan B-1 |
||||||||
|
2.750%, 05/23/19 |
1,120 |
1,120 |
||||||
|
WP CPP Holdings, Second Lien |
||||||||
|
7.750%, 04/21/23 |
67 |
61 |
||||||
|
WP CPP Holdings, Term B-3 Loan |
||||||||
|
3.500%, 12/28/19 |
933 |
913 |
||||||
|
Total Aerospace |
18,331 |
|||||||
|
Automotive [0.2%] |
||||||||
|
Allison Transmission, Term Loan B, 1st Lien |
||||||||
|
2.750%, 09/16/22(G) |
350 |
352 |
||||||
|
Car Trawler, Term Loan |
||||||||
|
4.250%, 04/30/21 |
2,752 |
3,060 |
||||||
|
Oasis Holdings |
||||||||
|
1.638%, 11/19/20(H) |
4,580 |
1,466 |
||||||
|
Total Automotive |
4,878 |
|||||||
|
Broadcasting [0.6%] |
||||||||
|
Cumulus Media, Term Loan B |
||||||||
|
3.250%, 12/23/20 |
488 |
338 |
||||||
|
EIG Investors, Term Loan |
||||||||
|
5.000%, 02/09/23 |
|
589 |
|
548 |
||||
|
Gray Television, Term Loan B |
||||||||
|
3.188%, 06/13/21 |
1,524 |
1,532 |
||||||
|
IHeart Communications, Term Loan E |
||||||||
|
7.500%, 07/30/19 |
2,313 |
1,767 |
||||||
|
Media General, Term Loan B |
||||||||
|
3.000%, 07/31/20 |
546 |
546 |
||||||
|
Mission Broadcasting, Term Loan B |
||||||||
|
3.000%, 09/26/23 |
47 |
47 |
||||||
|
Nexstar Broadcasting, Term Loan B |
||||||||
|
3.000%, 09/26/23(G) |
523 |
526 |
||||||
|
Tribune Media, Term Loan B |
||||||||
|
3.000%, 12/27/20 |
1,642 |
1,653 |
||||||
|
Univision Comm (fka Umbrella), Replacement First-Lien Term Loans |
||||||||
|
3.000%, 03/01/20 |
1,750 |
1,753 |
||||||
|
Univision Comm (fka Umbrella), TL C-3 (2013 Term Loans) |
||||||||
|
3.000%, 03/01/20(C) |
1,308 |
1,310 |
||||||
|
Ziggo Secured Finance B.V. |
||||||||
|
4.000%, 08/31/24(G) |
3,000 |
3,375 |
||||||
|
Total Broadcasting |
13,395 |
|||||||
|
Cable/Wireless Video [1.5%] |
||||||||
|
Charter Comm Operating, LLC, Term Loan E |
||||||||
|
2.250%, 07/01/20 |
1,752 |
1,756 |
||||||
|
Charter Comm Operating, LLC, Term Loan H (2016) |
||||||||
|
2.500%, 08/24/21 |
736 |
739 |
||||||
|
Charter Comm Operating, LLC, Term Loan I (2016) |
||||||||
|
2.750%, 01/24/23 |
1,682 |
1,692 |
||||||
|
CSC Holdings, Term Loan B |
||||||||
|
4.000%, 09/25/22 |
1,117 |
1,118 |
||||||
|
Liberty Cablevision of Puerto Rico, First Lien Term Loan |
||||||||
|
3.500%, 01/07/22 |
2,190 |
2,158 |
||||||
|
Liberty Cablevision of Puerto Rico, Second Lien - 2014 |
||||||||
|
6.750%, 07/07/23 |
215 |
205 |
||||||
|
M7 Group |
||||||||
|
4.250%, 06/17/21 |
977 |
1,103 |
||||||
|
MCC Iowa (Broadband), Term Loan H |
||||||||
|
2.500%, 01/29/21 |
1,264 |
1,270 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 86
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Quebecor Media, Term Loan B |
||||||||
|
2.500%, 08/17/20 |
$ |
2,173 |
$ |
2,164 |
||||
|
Serbia Broadband (Telemach), Term Loan |
||||||||
|
9.000%, 06/19/19 |
3,423 |
3,892 |
||||||
|
Tele Columbus AG, Facility C, 1st Lien |
||||||||
|
6.000%, 01/04/21 |
1,000 |
1,131 |
||||||
|
Tele Columbus AG, Incremental Facility, 1st Lien |
||||||||
|
4.500%, 01/04/21 |
1,000 |
1,128 |
||||||
|
UPC Financing, Term Loan AN |
||||||||
|
3.000%, 08/31/24(G) |
2,315 |
2,322 |
||||||
|
Virgin Media Invst Hlds Ltd, Term Loan F |
||||||||
|
2.750%, 06/07/23 |
2,835 |
2,846 |
||||||
|
WideOpenWest Finance LLC, Term Loan B |
||||||||
|
3.500%, 08/12/23 |
3,390 |
3,374 |
||||||
|
Ziggo B.V., Term Loan B1 |
||||||||
|
2.750%, 01/15/22 |
2,525 |
2,523 |
||||||
|
Ziggo B.V., Term Loan B2 |
||||||||
|
1.750%, 01/15/22 |
1,497 |
1,495 |
||||||
|
Ziggo B.V., Term Loan B3 |
||||||||
|
2.750%, 01/15/22 |
465 |
465 |
||||||
|
Total Cable/Wireless Video |
31,381 |
|||||||
|
Chemicals [1.9%] |
||||||||
|
Albaugh, LLC, Initial Term Loan |
||||||||
|
5.000%, 05/30/21 |
424 |
423 |
||||||
|
Allnex, Term Loan B-1 |
||||||||
|
5.000%, 06/02/23 |
1,500 |
1,705 |
||||||
|
Amplify Snack Brands, Term Loan B |
||||||||
|
5.500%, 08/29/23 |
760 |
752 |
||||||
|
Axalta Coating Systems US Holdings, Term Loan B - 2014 |
||||||||
|
2.750%, 02/01/20 |
746 |
751 |
||||||
|
Chemours LLC, Term Loan B |
||||||||
|
3.000%, 05/07/22 |
1,171 |
1,158 |
||||||
|
Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien |
||||||||
|
4.750%, 09/07/21 |
2,529 |
2,515 |
||||||
|
Constantia Flexibles Cov-Lite, 1st Lien |
||||||||
|
4.750%, 04/30/22 |
827 |
828 |
||||||
|
4.750%, 04/30/22 |
161 |
161 |
||||||
|
Emerald Performance Materials, LLC, First Lien Term Loan |
||||||||
|
3.500%, 07/23/21 |
|
85 |
|
85 |
||||
|
Emerald Performance Materials, LLC, Second Lien |
||||||||
|
6.750%, 07/23/22(G) |
685 |
683 |
||||||
|
Flint Group SA, Term Loan C |
||||||||
|
4.750%, 09/03/21 |
418 |
416 |
||||||
|
GCP Applied Technologies, Term Loan B (2016) |
||||||||
|
3.250%, 02/03/22 |
254 |
256 |
||||||
|
Gemini HDPE LLC, Term Loan B |
||||||||
|
3.750%, 07/24/21 |
1,456 |
1,467 |
||||||
|
Huntsman International LLC, Term Loan |
||||||||
|
3.500%, 03/31/23 |
995 |
1,000 |
||||||
|
Ineos Finance PLC, 2020 Euro Term Loan, 1st Lien |
||||||||
|
4.000%, 12/15/20 |
985 |
1,114 |
||||||
|
Ineos Group Holdings PLC, Dollar Term Loans - 2018 |
||||||||
|
2.750%, 05/04/18 |
689 |
690 |
||||||
|
Ineos Group Holdings PLC, Dollar Term Loans - 2020 |
||||||||
|
2.750%, 12/15/20 |
5,208 |
5,217 |
||||||
|
Ineos Group Holdings PLC, Term Loan - 2022 |
||||||||
|
3.250%, 03/12/22 |
256 |
257 |
||||||
|
Ineos Group Holdings PLC, Tranche 1 Extended Dollar Term Loans |
||||||||
|
2.500%, 12/31/16 |
990 |
988 |
||||||
|
INEOS Styrolution Group GmbH, Term Loan B |
||||||||
|
3.750%, 09/30/21(G) |
1,055 |
1,065 |
||||||
|
Klockner Pentaplast |
||||||||
|
5.000%, 04/22/20 |
1,048 |
1,187 |
||||||
|
5.000%, 04/28/20 |
927 |
1,050 |
||||||
|
Kraton Polymers, Term Loan B |
||||||||
|
5.000%, 01/06/22 |
1,710 |
1,723 |
||||||
|
MacDermid (Platform), Tranche B Term Loan |
||||||||
|
4.500%, 06/07/20 |
553 |
554 |
||||||
|
MacDermid (Platform), Tranche B-3 Loan |
||||||||
|
4.500%, 06/07/20 |
2,050 |
2,058 |
||||||
|
MacDermid European Holdings B.V. (MacDermid Funding LLC), Euro Tranche C-2 Term Loan, |
||||||||
|
5.500%, 06/05/20 |
993 |
1,123 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 87
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Minerals Technologies, Term Loan B-1 - Floating TL |
||||||||
|
3.000%, 05/09/21 |
$ |
2,657 |
$ |
2,670 |
||||
|
Minerals Technologies, Term Loan B-2 - Fixed TL |
||||||||
|
4.750%, 05/09/21(G) |
3,005 |
3,028 |
||||||
|
Olin, Term Loan A |
||||||||
|
2.000%, 06/23/20 |
2,374 |
2,371 |
||||||
|
Perstorp Holding AB, Facility A (Mezzanine), 3rd Lien |
||||||||
|
6.500%, 12/27/17 |
2,316 |
2,354 |
||||||
|
Polyone, Term Loan B-1 |
||||||||
|
2.750%, 11/10/22 |
478 |
482 |
||||||
|
PQ, Term Loan B |
||||||||
|
4.750%, 10/27/22 |
150 |
151 |
||||||
|
SIG Combibloc (Onex Wizard), Term Loan B |
||||||||
|
3.000%, 03/13/22 |
234 |
235 |
||||||
|
Univar, Term Loan B |
||||||||
|
3.250%, 07/01/22 |
241 |
241 |
||||||
|
Total Chemicals |
40,758 |
|||||||
|
Consumer Durables [0.0%] |
||||||||
|
WKI Holdings, Term Loan B |
||||||||
|
5.250%, 06/22/23(G) |
225 |
219 |
||||||
|
Consumer Non-Durables [0.3%] |
||||||||
|
Coty, Term Loan B (Galleria) |
||||||||
|
3.000%, 10/22/22 |
525 |
526 |
||||||
|
Coty, Term Loan B |
||||||||
|
3.000%, 10/22/22 |
50 |
50 |
||||||
|
Eastman Kodak, Exit Term Loan |
||||||||
|
6.250%, 09/03/19 |
271 |
270 |
||||||
|
Horizon Holdings III, 1st Lien |
||||||||
|
4.500%, 10/31/22 |
2,000 |
2,270 |
||||||
|
NBTY, Term Loan B |
||||||||
|
4.000%, 05/09/23 |
374 |
376 |
||||||
|
Party City Holdings, Term Loan B - new |
||||||||
|
3.250%, 08/17/22 |
361 |
362 |
||||||
|
PHS, Lien 1 |
||||||||
|
5.529%, 04/17/20 |
1,197 |
1,552 |
||||||
|
Varsity Brands (Hercules Achievement), Term Loan B |
||||||||
|
4.000%, 12/11/21 |
1,596 |
1,601 |
||||||
|
Total Consumer Non-Durables |
7,007 |
|||||||
|
Diversified Media [1.4%] |
||||||||
|
Affinion Group, Term Loan B |
||||||||
|
5.250%, 04/30/18 |
500 |
485 |
||||||
|
ALM Media, LLC, Term Loan B |
||||||||
|
4.500%, 07/29/20(H) |
|
209 |
|
204 |
||||
|
Bureau Van Dijk |
||||||||
|
5.216%, 09/17/21 |
867 |
1,122 |
||||||
|
Cengage Learning, Term Loan B |
||||||||
|
4.250%, 05/27/23 |
569 |
568 |
||||||
|
Deluxe Entertainment Services Group, Term Loan |
||||||||
|
5.500%, 02/28/20 |
537 |
529 |
||||||
|
Donnelley Financial Solutions, Term Loan B |
||||||||
|
4.000%, 09/26/23(G) |
445 |
446 |
||||||
|
Emerald Expositions Holding, Term Loan B |
||||||||
|
3.750%, 06/17/20 |
234 |
235 |
||||||
|
Harland Clarke Holdings, Cov-Lite Term Loan B-4 |
||||||||
|
5.993%, 08/04/19 |
3,571 |
3,502 |
||||||
|
Harland Clarke Holdings, Term Loan B3 |
||||||||
|
5.500%, 05/22/18 |
5,419 |
5,347 |
||||||
|
Harland Clarke Holdings, Term Loan B-5 |
||||||||
|
6.000%, 12/31/19 |
2,935 |
2,875 |
||||||
|
Learfield Communications, 2014 Replacement Term Loan |
||||||||
|
3.250%, 10/09/20 |
165 |
165 |
||||||
|
Lions Gate Entertainment, Funded Unsecured Bridge Loan |
||||||||
|
0.750%, 05/02/17(G) |
1,244 |
1,244 |
||||||
|
Lions Gate Entertainment, Second Lien |
||||||||
|
5.000%, 03/17/22 |
1,105 |
1,124 |
||||||
|
Lions Gate Entertainment, Unsecured Bridge Loan |
||||||||
|
0.750%, 08/02/17(G) |
4,311 |
4,311 |
||||||
|
Live Nation, Term Loan B |
||||||||
|
2.750%, 08/17/20 |
370 |
371 |
||||||
|
McGraw-Hill Global Education Holdings LLC, Term Loan - 2022 |
||||||||
|
4.000%, 05/02/22 |
833 |
837 |
||||||
|
MediArena Acquisition (Endemol), First Lien Term Loan |
||||||||
|
5.750%, 08/11/21 |
501 |
443 |
||||||
|
Merrill Communications LLC, Term Loan - 2022 |
||||||||
|
5.250%, 06/01/22 |
475 |
442 |
||||||
|
Nielsen Finance LLC, Term Loan B-3 |
||||||||
|
2.500%, 10/03/23(G) |
965 |
969 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 88
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Quad/Graphics, Term Loan B |
||||||||
|
3.250%, 04/28/21 |
$ |
209 |
$ |
209 |
||||
|
Quincy Newspapers, Term Loan B |
||||||||
|
4.500%, 10/19/22 |
382 |
383 |
||||||
|
Rovi Solutions, Term Loan B |
||||||||
|
3.000%, 07/02/21 |
565 |
565 |
||||||
|
UFC Holdings (Buyer), Second Lien |
||||||||
|
7.500%, 08/03/24 |
215 |
218 |
||||||
|
UFC Holdings (Buyer), Term Loan B - 2023 |
||||||||
|
4.000%, 08/03/23 |
510 |
514 |
||||||
|
WME IMG Holdings LLC, Second Lien |
||||||||
|
7.250%, 04/15/22(G) |
1,140 |
1,138 |
||||||
|
WME IMG Holdings LLC, Term Loan B |
||||||||
|
4.250%, 05/06/21 |
2,428 |
2,435 |
||||||
|
Total Diversified Media |
30,681 |
|||||||
|
Energy [1.0%] |
||||||||
|
Alon USA, MLP Term Loan |
||||||||
|
8.000%, 11/26/18 |
543 |
540 |
||||||
|
Azure Midstream Holdings LLC, Term Loan B |
||||||||
|
6.500%, 11/15/18 |
154 |
127 |
||||||
|
Chesapeake Energy, Term Loan |
||||||||
|
7.500%, 08/16/21 |
1,215 |
1,275 |
||||||
|
Chief Exploration & Development LLC, Second Lien |
||||||||
|
6.500%, 05/16/21 |
130 |
121 |
||||||
|
CITGO Petroleum, Term Loan B 2015 |
||||||||
|
8.500%, 05/09/18 |
2,043 |
2,066 |
||||||
|
EMG Utica, Term Loan |
||||||||
|
3.750%, 03/27/20 |
1,819 |
1,780 |
||||||
|
Energy Transfer Equity LP, Term Loan B |
||||||||
|
2.500%, 12/02/19(G) |
6,500 |
6,443 |
||||||
|
Euro Garage Limited, Term Loan |
||||||||
|
6.091%, 01/27/23 |
2,000 |
2,575 |
||||||
|
Frac Tech International, Term Loan B - 2014 |
||||||||
|
4.750%, 04/16/21(H) |
641 |
252 |
||||||
|
Harvey Gulf International Marine, Term Loan A |
||||||||
|
4.250%, 06/18/18(G) |
403 |
309 |
||||||
|
Harvey Gulf International Marine, Term Loan B |
||||||||
|
4.500%, 06/18/20 |
|
305 |
|
191 |
||||
|
KCA Deutag, Term Loan |
||||||||
|
5.250%, 05/16/20 |
259 |
217 |
||||||
|
MEG Energy, Term Loan B - 2013 |
||||||||
|
2.750%, 03/31/20(G) |
324 |
302 |
||||||
|
Motor Fuel |
||||||||
|
6.000%, 08/05/22 |
2,000 |
2,579 |
||||||
|
New World Resources |
||||||||
|
13.000%, 10/07/16(H) |
200 |
— |
||||||
|
Osum Production, Term Loan B |
||||||||
|
5.500%, 07/31/20 |
1,124 |
674 |
||||||
|
Paradigm, Term C Loan |
||||||||
|
3.500%, 07/30/19 |
137 |
107 |
||||||
|
Philadelphia Energy Solutions, Term Loan |
||||||||
|
5.000%, 04/03/18 |
353 |
303 |
||||||
|
Sheridan Production Partners, Term Loan II-A |
||||||||
|
3.500%, 12/16/20(H) |
17 |
12 |
||||||
|
Sheridan Production Partners, Term Loan II-M |
||||||||
|
3.500%, 12/16/20(H) |
6 |
4 |
||||||
|
Sheridan Production Partners, Term Loan II-SIP |
||||||||
|
3.500%, 12/16/20(H) |
124 |
83 |
||||||
|
Stonewall Gas Gathering LLC, Loan |
||||||||
|
7.750%, 01/28/22 |
303 |
308 |
||||||
|
Western Refining, Term Loan B |
||||||||
|
4.250%, 11/25/20 |
351 |
350 |
||||||
|
Western Refining, Term Loan B-2 |
||||||||
|
4.500%, 06/30/23 |
1,042 |
1,040 |
||||||
|
Total Energy |
21,658 |
|||||||
|
Financial [1.4%] |
||||||||
|
Aretec Group, Second Lien |
||||||||
|
4.500%, 05/23/21 |
448 |
347 |
||||||
|
Aruba Investments, 1st Lien |
||||||||
|
4.250%, 02/02/22 |
988 |
1,112 |
||||||
|
Dubai World |
||||||||
|
4.750%, 09/30/22(H) |
18,392 |
15,449 |
||||||
|
2.000%, 09/30/18 |
6,856 |
5,711 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 89
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Grosvenor Capital Management Holdings LLP, Term Loan |
||||||||
|
3.000%, 08/18/23 |
$ |
223 |
$ |
222 |
||||
|
Ineos U.S. Finance LLC, 1st Lien |
||||||||
|
4.250%, 03/11/22 |
987 |
1,117 |
||||||
|
iStar Financial, Term Loan B |
||||||||
|
4.500%, 07/01/20 |
2,070 |
2,089 |
||||||
|
Optimal Payments Ltd. |
||||||||
|
4.000%, 01/22/21 |
2,000 |
2,262 |
||||||
|
Russell Investments, Term Loan B |
||||||||
|
5.750%, 05/15/23(G) |
200 |
198 |
||||||
|
Victory Capital Management, Term Loan B |
||||||||
|
7.500%, 10/31/21 |
316 |
310 |
||||||
|
Vistra Group, Ltd. |
||||||||
|
4.750%, 07/21/22 |
993 |
1,125 |
||||||
|
Walter Investment Management, Term Loan B |
||||||||
|
3.750%, 12/18/20 |
1,140 |
1,041 |
||||||
|
Total Financial |
30,983 |
|||||||
|
Food and Drug [0.3%] |
||||||||
|
Albertsons, LLC, Term Loan B-4 (2016) |
||||||||
|
3.500%, 08/25/21 |
998 |
1,005 |
||||||
|
Albertsons, LLC, Term Loan B-6 |
||||||||
|
3.750%, 06/01/23 |
2,286 |
2,307 |
||||||
|
Rite Aid Corporation, Second Lien - Tranche 1 Term Loans |
||||||||
|
4.750%, 08/21/20 |
1,085 |
1,087 |
||||||
|
Rite Aid, Second Lien - Tranche 2 Term Loans |
||||||||
|
3.875%, 06/21/21 |
440 |
441 |
||||||
|
Solina Group |
||||||||
|
4.750%, 12/16/22 |
2,000 |
2,249 |
||||||
|
Total Food and Drug |
7,089 |
|||||||
|
Food/Tobacco [0.8%] |
||||||||
|
Agrokor |
||||||||
|
10.500%, 06/04/18 |
3,686 |
3,742 |
||||||
|
Burger King (1011778 B.C. / New Red), Term Loan B 2015 |
||||||||
|
2.750%, 12/12/21 |
3,586 |
3,609 |
||||||
|
Chobani, Term Loan B |
||||||||
|
4.250%, 10/07/23(G) |
120 |
120 |
||||||
|
Deoleo, S.A. (Deoleo USA), Initial Term Loan, |
||||||||
|
4.500%, 06/02/21 |
3,000 |
2,909 |
||||||
|
JBS USA LLC, Term Loan |
||||||||
|
3.000%, 10/30/22 |
|
387 |
|
387 |
||||
|
JBS USA LLC, Term Loan B-2 |
||||||||
|
2.750%, 09/18/20 |
286 |
286 |
||||||
|
Keurig, Term Loan |
||||||||
|
5.000%, 02/09/23 |
1,995 |
2,274 |
||||||
|
Landry’s, Term Loan B |
||||||||
|
3.000%, 04/24/18 |
495 |
497 |
||||||
|
Landry’s, Term Loan B (2016) |
||||||||
|
3.250%, 09/21/23(G) |
325 |
326 |
||||||
|
Milk Specialties, Term Loan B |
||||||||
|
5.000%, 08/18/23 |
855 |
858 |
||||||
|
United Biscuits |
||||||||
|
4.837%, 12/10/21 |
1,000 |
1,300 |
||||||
|
YUM! Brand, Term Loan B |
||||||||
|
2.750%, 06/02/23 |
190 |
191 |
||||||
|
Total Food/Tobacco |
16,499 |
|||||||
|
Forest Prod/Containers [0.4%] |
||||||||
|
Ardagh Holdings USA, Incremental Term Loan B |
||||||||
|
3.000%, 12/17/19 |
925 |
929 |
||||||
|
Berry Plastics, Term Loan D |
||||||||
|
2.500%, 02/08/20 |
1,543 |
1,544 |
||||||
|
Berry Plastics, Term Loan H |
||||||||
|
2.750%, 10/13/22 |
584 |
586 |
||||||
|
Caraustar Industries, Term Loan B |
||||||||
|
6.750%, 05/01/19 |
349 |
352 |
||||||
|
CD&R Millennium LLC (Mauser), First Lien Term Loan |
||||||||
|
3.500%, 07/31/21 |
253 |
252 |
||||||
|
CD&R Millennium LLC (Mauser), Second Lien |
||||||||
|
7.750%, 06/27/22 |
150 |
148 |
||||||
|
Oak Tea |
||||||||
|
4.250%, 07/02/21 |
899 |
1,021 |
||||||
|
Owens-Brockway Glass Container, Term Loan B |
||||||||
|
2.750%, 08/14/22 |
207 |
209 |
||||||
|
Printpack Holdings, Term Loan |
||||||||
|
4.000%, 07/22/23 |
440 |
440 |
||||||
|
Reynolds Group Holdings, US Term Loan |
||||||||
|
3.250%, 01/21/23 |
1,931 |
1,937 |
||||||
|
Signode Industrial Group US, Term Loan B |
||||||||
|
2.750%, 05/01/21 |
1,223 |
1,219 |
||||||
|
Total Forest Prod/Containers |
8,637 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 90
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Gaming/Leisure [2.0%] |
||||||||
|
Amaya, First Lien Term Loan |
||||||||
|
4.000%, 07/29/21 |
$ |
1,193 |
$ |
1,192 |
||||
|
Belmond Interfin Ltd., Term Loan |
||||||||
|
3.000%, 03/19/21 |
390 |
387 |
||||||
|
Boyd Gaming, Term B Loan |
||||||||
|
3.000%, 10/31/23 |
450 |
453 |
||||||
|
Boyd Gaming, Term Loan B |
||||||||
|
3.000%, 08/08/20 |
62 |
63 |
||||||
|
Caesars Entertainment, Prop Co Term Loan |
||||||||
|
6.000%, 10/11/20 |
1,380 |
1,376 |
||||||
|
Caesars Entertainment, Term Loan B-6 Extended |
||||||||
|
6.750%, 03/01/18(C) |
2,530 |
2,764 |
||||||
|
Caesars Entertainment, Term Loan B7 |
||||||||
|
9.750%, 03/01/17 |
20 |
20 |
||||||
|
CCM Merger (Motor City), Term Loan B - new |
||||||||
|
3.500%, 08/01/21 |
1,499 |
1,499 |
||||||
|
Cyan Blue Holdco 2 Limited, Initial Term Loan, 1st Lien |
||||||||
|
6.500%, 02/25/22 |
1,000 |
1,302 |
||||||
|
Diamond Resorts, Term Loan B |
||||||||
|
6.000%, 08/17/23 |
2,745 |
2,730 |
||||||
|
ESH Hospitality, Term Loan |
||||||||
|
3.000%, 08/17/23 |
1,500 |
1,510 |
||||||
|
Four Seasons Holdings, Second Lien |
||||||||
|
5.250%, 12/27/20 |
455 |
456 |
||||||
|
Four Seasons Holdings, Term Loan (12/13) |
||||||||
|
2.750%, 06/27/20 |
913 |
918 |
||||||
|
Gala Group Finance Ltd., First Lien |
||||||||
|
5.013%, 05/25/18 |
2,410 |
3,123 |
||||||
|
Global Cash Access, Term Loan B |
||||||||
|
5.250%, 11/25/20 |
379 |
363 |
||||||
|
GLP Capital LP (Gaming & Leisure), Incremental Tranche A-1 |
||||||||
|
1.750%, 04/28/21(G) |
3,115 |
2,982 |
||||||
|
Hilton Worldwide Finance, LLC, Term Loan B-1 |
||||||||
|
2.500%, 10/26/20(C) |
784 |
788 |
||||||
|
Hilton Worldwide Finance, LLC, Term Loan B-2 |
||||||||
|
2.500%, 10/25/23 |
8,017 |
8,061 |
||||||
|
La Quinta Intermediate Holdings, Term Loan B |
||||||||
|
2.750%, 04/14/21 |
|
544 |
|
542 |
||||
|
LTF Merger Sub (Lifetime Fitness), Term Loan |
||||||||
|
3.250%, 06/04/22 |
196 |
196 |
||||||
|
MGM Growth Properties, Term Loan B |
||||||||
|
3.250%, 04/07/23 |
1,169 |
1,179 |
||||||
|
MGM Resorts, Term Loan A |
||||||||
|
2.750%, 04/07/21 |
725 |
720 |
||||||
|
Mohegan Tribal Gaming, Term Loan B |
||||||||
|
4.500%, 06/15/18 |
1,606 |
1,604 |
||||||
|
Mohegan Tribal Gaming, Term Loan B (2016) |
||||||||
|
4.500%, 09/30/23(G) |
905 |
896 |
||||||
|
Nordic Cinema |
||||||||
|
4.000%, 06/10/22 |
2,000 |
2,249 |
||||||
|
Park Resorts Group Limited |
||||||||
|
5.762%, 10/07/22 |
1,000 |
1,301 |
||||||
|
Playa Resorts Holding, Term Loan B |
||||||||
|
3.000%, 08/09/19 |
343 |
343 |
||||||
|
Scientific Games, Term Loan B |
||||||||
|
5.000%, 10/18/20 |
29 |
29 |
||||||
|
5.000%, 10/18/20 |
645 |
647 |
||||||
|
5.000%, 10/18/20 |
34 |
34 |
||||||
|
Station Casinos, Term Loan B |
||||||||
|
3.000%, 05/25/23 |
289 |
291 |
||||||
|
Tipico, Term Loan |
||||||||
|
5.000%, 04/27/22 |
1,500 |
1,698 |
||||||
|
Wynn America, Tranche A Term Loans |
||||||||
|
1.750%, 11/20/20 |
380 |
370 |
||||||
|
Total Gaming/Leisure |
42,086 |
|||||||
|
Healthcare [2.8%] |
||||||||
|
Albany Molecular Research, Term Loan B |
||||||||
|
4.750%, 07/16/21 |
454 |
455 |
||||||
|
Alere, Term Loan A |
||||||||
|
3.000%, 06/11/20 |
341 |
336 |
||||||
|
Alere, Term Loan B |
||||||||
|
3.250%, 06/11/22 |
214 |
213 |
||||||
|
Alpha BidCo SAS, Facility B Loan, 1st Lien |
||||||||
|
5.000%, 01/30/23(G) |
1,000 |
1,135 |
||||||
|
Apollo 5 GmbH, Facility B (Dragenopharm), 1st Lien |
||||||||
|
5.000%, 09/29/20 |
2,000 |
2,193 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 91
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Ardent Legacy Holdings, Term Loan B |
||||||||
|
5.500%, 07/30/21 |
$ |
252 |
$ |
250 |
||||
|
CDRH (Healogics), Term Loan B |
||||||||
|
4.250%, 07/01/21 |
223 |
181 |
||||||
|
Coherent Holding, Term Loan |
||||||||
|
3.500%, 08/01/23(G) |
2,000 |
2,274 |
||||||
|
Community Health Systems, Term Loan A - 2019 |
||||||||
|
2.500%, 01/25/19 |
3,100 |
3,069 |
||||||
|
Community Health Systems, Term Loan F |
||||||||
|
3.250%, 12/27/18 |
2,196 |
2,182 |
||||||
|
Community Health Systems, Term Loan G |
||||||||
|
2.750%, 12/25/19 |
1,677 |
1,645 |
||||||
|
Community Health Systems, Term Loan H |
||||||||
|
3.000%, 01/15/21 |
1,294 |
1,269 |
||||||
|
Concordia Healthcare, Initial Dollar Term Loans |
||||||||
|
4.250%, 10/21/21 |
2,855 |
2,544 |
||||||
|
ConvaTec Healthcare, Term Loan B |
||||||||
|
3.250%, 06/15/20 |
425 |
427 |
||||||
|
Emdeon, Term Loan B-2 |
||||||||
|
2.500%, 11/02/18 |
355 |
356 |
||||||
|
Endo Pharmaceutical, Term Loan B |
||||||||
|
3.000%, 09/26/22 |
1,907 |
1,901 |
||||||
|
Explorer Holdings, Term Loan B |
||||||||
|
5.000%, 04/12/23 |
374 |
377 |
||||||
|
Gesundheits |
||||||||
|
4.750%, 07/25/21 |
1,000 |
1,133 |
||||||
|
Greatbatch, Ltd., Term Loan B |
||||||||
|
4.250%, 10/14/22(G) |
1,240 |
1,222 |
||||||
|
Grifols, Term Loan B |
||||||||
|
3.000%, 02/27/21 |
2,707 |
2,730 |
||||||
|
Halyard Health, Term Loan B |
||||||||
|
3.250%, 10/02/21 |
317 |
317 |
||||||
|
HCA, Term Loan B-6 |
||||||||
|
3.250%, 03/18/23 |
1,881 |
1,901 |
||||||
|
HCA, Term Loan B-7 |
||||||||
|
2.750%, 02/15/24 |
2,720 |
2,744 |
||||||
|
Iasis Healthcare, Term Loan B - 2013 |
||||||||
|
3.250%, 05/03/18 |
3,130 |
3,093 |
||||||
|
IMS Healthcare, Term Loan B - 2021 |
||||||||
|
2.500%, 03/17/21 |
546 |
547 |
||||||
|
Indivior Finance S.Ar.l., Term Loan B |
||||||||
|
6.000%, 12/19/19 |
|
1,735 |
|
1,730 |
||||
|
inVentiv Health, Term B-4 Loan |
||||||||
|
6.250%, 05/15/18 |
475 |
475 |
||||||
|
inVentiv Health, Term Loan B |
||||||||
|
3.750%, 09/29/23(G) |
400 |
401 |
||||||
|
Kindred Healthcare, Term Loan B |
||||||||
|
3.250%, 04/09/21 |
801 |
800 |
||||||
|
Kinetic Concepts, Term Loan F-1 |
||||||||
|
4.000%, 11/04/20 |
255 |
257 |
||||||
|
Lannett Company, Term Loan B |
||||||||
|
5.375%, 11/19/22 |
610 |
602 |
||||||
|
Lannett, Term Loan A |
||||||||
|
4.750%, 11/25/20(G) |
1,620 |
1,583 |
||||||
|
MultiPlan, Term Loan B |
||||||||
|
4.000%, 05/25/23 |
3,808 |
3,854 |
||||||
|
Novacap, Term Loan |
||||||||
|
5.000%, 04/28/23 |
1,000 |
1,133 |
||||||
|
Pharmaceutical Product Development, Term Loan |
||||||||
|
3.250%, 08/06/22 |
259 |
259 |
||||||
|
Prospect Medical Holding, Term Loan B |
||||||||
|
6.000%, 06/20/22 |
279 |
277 |
||||||
|
Quorum Health, Term Loan B |
||||||||
|
5.750%, 04/12/22 |
1,159 |
1,123 |
||||||
|
Royalty Pharma (aka RPI), Term Loan B-4 |
||||||||
|
2.750%, 11/09/20 |
1,265 |
1,269 |
||||||
|
Siemens Audiology, Lien 1 |
||||||||
|
4.250%, 01/17/22 |
988 |
1,122 |
||||||
|
Sunrise Medical, Cov-lite Term Loan |
||||||||
|
5.000%, 07/05/22 |
303 |
340 |
||||||
|
Sunrise Medical, Lien 1 Term Loan B |
||||||||
|
5.000%, 07/05/22 |
2,197 |
2,468 |
||||||
|
Unilabs Diagnostics, Cov-lite, Term Loan B, 1st Lien |
||||||||
|
0.000%, 09/27/21(G) |
2,500 |
2,838 |
||||||
|
Valeant Pharmaceuticals International, Series A-3 Tranche A Term Loan |
||||||||
|
3.750%, 10/20/18(G) |
2,264 |
2,261 |
||||||
|
Valeant Pharmaceuticals International, Series A-4 Tranche A Term Loan |
||||||||
|
3.750%, 04/01/20(G) |
357 |
355 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 92
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Valeant Pharmaceuticals International, Series D-2 Tranche B Term Loan |
||||||||
|
4.250%, 02/13/19 |
$ |
333 |
$ |
334 |
||||
|
Valeant Pharmaceuticals International, Series E Tranche B Term Loan |
||||||||
|
4.500%, 08/05/20 |
2,851 |
2,855 |
||||||
|
Valeant Pharmaceuticals International, Series F-1 Tranche B Term Loan |
||||||||
|
4.750%, 03/13/22(G) |
— |
— |
||||||
|
Total Healthcare |
60,830 |
|||||||
|
Housing [0.5%] |
||||||||
|
ABC Supply, Term Loan B - new |
||||||||
|
2.750%, 10/31/23(G) |
1,260 |
1,263 |
||||||
|
Beazer Homes USA, Term Loan |
||||||||
|
5.500%, 03/10/18 |
1,179 |
1,167 |
||||||
|
Capital Automotive LP, Second Lien |
||||||||
|
5.000%, 04/30/20 |
2,205 |
2,217 |
||||||
|
Capital Automotive LP, Term Loan - 2013 |
||||||||
|
3.000%, 04/05/19 |
1,387 |
1,397 |
||||||
|
DTZ U.S. Borrower, LLC, Second Lien |
||||||||
|
9.250%, 11/04/22 |
220 |
221 |
||||||
|
DTZ US Borrower LLC, Incremental Term Loan |
||||||||
|
3.250%, 11/04/21 |
4,219 |
4,220 |
||||||
|
HD Supply, Term Loan B-2 |
||||||||
|
2.750%, 08/13/23(G) |
160 |
160 |
||||||
|
Quikrete Holdings, First Lien Term Loan |
||||||||
|
3.000%, 09/28/20 |
269 |
271 |
||||||
|
Realogy, Term Loan B |
||||||||
|
3.000%, 07/14/22 |
803 |
812 |
||||||
|
Total Housing |
11,728 |
|||||||
|
Industrials [0.0%] |
||||||||
|
Delachaux |
||||||||
|
5.250%, 09/25/21 |
360 |
454 |
||||||
|
Information Technology [2.5%] |
||||||||
|
Active Network, First Lien Term Loan |
||||||||
|
4.500%, 11/13/20 |
77 |
77 |
||||||
|
Aricent Technologies, Term Loan |
||||||||
|
4.500%, 04/14/21 |
|
123 |
|
111 |
||||
|
Arris Group, Term Loan A |
||||||||
|
1.750%, 06/18/20 |
288 |
274 |
||||||
|
Arris Group, Term Loan B 2015 |
||||||||
|
2.750%, 04/17/20 |
719 |
717 |
||||||
|
Avago Technologies Finance, Term Loan B-3 |
||||||||
|
3.000%, 02/01/23 |
5,825 |
5,891 |
||||||
|
Avast Software B.V. (Sybil), Term Loan B |
||||||||
|
4.000%, 08/03/22(G) |
505 |
507 |
||||||
|
Avaya, Term B-6 Loans |
||||||||
|
5.500%, 03/31/18 |
908 |
687 |
||||||
|
Avaya, Term Loan B-7 |
||||||||
|
5.250%, 04/30/20 |
2,548 |
1,877 |
||||||
|
Blackboard, Term Loan B3 |
||||||||
|
3.750%, 10/04/18 |
1,278 |
1,273 |
||||||
|
Blackboard, Term Loan B-4 |
||||||||
|
5.000%, 06/30/21(G) |
1,070 |
1,062 |
||||||
|
Camelot Finance, Term Loan B |
||||||||
|
3.750%, 09/16/23(G) |
975 |
976 |
||||||
|
Cavium, Term B Loan |
||||||||
|
3.000%, 08/10/22 |
730 |
737 |
||||||
|
CompuCom Systems, Term Loan B |
||||||||
|
3.250%, 05/09/20 |
134 |
95 |
||||||
|
Cypress Semiconductor, Term Loan B |
||||||||
|
5.500%, 07/05/21 |
650 |
657 |
||||||
|
Dell, Term A2 Loan |
||||||||
|
2.250%, 06/02/21(G) |
2,130 |
2,086 |
||||||
|
Dell, Term A3 Loan |
||||||||
|
2.000%, 12/31/18(G) |
2,030 |
2,020 |
||||||
|
Dell, Term Loan B |
||||||||
|
3.250%, 09/07/23 |
4,295 |
4,319 |
||||||
|
Epicor Software, Term Loan B-1 |
||||||||
|
4.000%, 06/01/22 |
710 |
702 |
||||||
|
Imagine Print Solutions, Term Loan B |
||||||||
|
6.000%, 03/16/22 |
334 |
337 |
||||||
|
Infinitas Learning Netherlands, Term Loan |
||||||||
|
5.500%, 01/27/23 |
2,000 |
2,265 |
||||||
|
Inovalon Holdings, Term Loan |
||||||||
|
1.250%, 09/19/19(G) |
1,889 |
1,823 |
||||||
|
Internap Network Services, Term Loan |
||||||||
|
6.000%, 11/26/19 |
426 |
402 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 93
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
ION Trading Technologies S.A.R.L., Tranche B-1 Euro Term Loan, |
||||||||
|
4.500%, 06/10/21 |
$ |
1,640 |
$ |
1,855 |
||||
|
iParadigms Holdings LLC, First Lien Term Loan |
||||||||
|
4.000%, 07/31/21 |
250 |
244 |
||||||
|
IPC, Term B-1 Loans |
||||||||
|
4.500%, 08/06/21 |
276 |
258 |
||||||
|
Leidos (Abacus Innovations), Term Loan B |
||||||||
|
2.750%, 08/16/23 |
570 |
573 |
||||||
|
LGC Science Holdings Limited, Term Loan |
||||||||
|
4.750%, 01/27/23 |
1,285 |
1,462 |
||||||
|
M/A-COM Technology Solutions, Term Loan |
||||||||
|
3.750%, 05/08/21 |
185 |
186 |
||||||
|
NXP BV/NXP Funding LLC, Term Loan F |
||||||||
|
2.500%, 12/07/20 |
877 |
880 |
||||||
|
ON Semiconductor Corporation, Closing Date Term Loan, 1st Lien |
||||||||
|
5.250%, 03/31/23 |
820 |
823 |
||||||
|
On Semiconductor, Term Loan |
||||||||
|
1.750%, 01/02/18 |
297 |
296 |
||||||
|
Presidio, Term Loan - 2022 |
||||||||
|
4.250%, 02/02/22 |
1,413 |
1,411 |
||||||
|
RAET B.V. |
||||||||
|
4.250%, 07/01/21 |
1,500 |
1,679 |
||||||
|
Riverbed Technology, Term Loan B (2016) |
||||||||
|
4.000%, 04/24/22 |
433 |
437 |
||||||
|
Seahawk Holdings, Term Loan B |
||||||||
|
6.000%, 09/27/22(G) |
245 |
243 |
||||||
|
Sirius Computer Solutions (SCS), Term Loan |
||||||||
|
5.000%, 10/14/22 |
371 |
373 |
||||||
|
SolarWinds, Term Loan B - new |
||||||||
|
4.500%, 02/01/23 |
429 |
433 |
||||||
|
Solera, LLC (Solera Finance), Euro Term Loan, 1st Lien |
||||||||
|
5.750%, 03/03/23 |
1,995 |
2,268 |
||||||
|
Solera, Term Loan B |
||||||||
|
4.750%, 02/28/23 |
1,507 |
1,522 |
||||||
|
Southern Graphics, Term Loan - 2013 |
||||||||
|
3.250%, 10/17/19 |
201 |
201 |
||||||
|
SS&C Technologies, Term Loan B-1 (2022) |
||||||||
|
3.250%, 07/06/22 |
1,740 |
1,752 |
||||||
|
SS&C Technologies, Term Loan B-2 (2022) |
||||||||
|
3.250%, 07/06/22 |
|
216 |
|
218 |
||||
|
Technicolor, Term Loan |
||||||||
|
5.500%, 07/11/20 |
3,130 |
3,132 |
||||||
|
TTM Technologies, Term Loan |
||||||||
|
4.250%, 05/07/21 |
1,090 |
1,095 |
||||||
|
Versum Materials, Term Loan B |
||||||||
|
2.500%, 09/21/23(G) |
165 |
166 |
||||||
|
Vertafore (VF Holding), Term Loan |
||||||||
|
3.750%, 06/17/23 |
1,600 |
1,605 |
||||||
|
Webhelp, Term Loan |
||||||||
|
5.500%, 01/27/23 |
1,000 |
1,132 |
||||||
|
Western Digital, Term Loan B (2016) |
||||||||
|
3.750%, 04/29/23 |
870 |
878 |
||||||
|
Total Information Technology |
54,017 |
|||||||
|
Manufacturing [0.6%] |
||||||||
|
Cortes NP Acquisition, Term Loan B |
||||||||
|
5.000%, 09/30/23(G) |
810 |
796 |
||||||
|
Diebold, Term Loan B |
||||||||
|
4.500%, 11/06/23 |
800 |
807 |
||||||
|
Dynacast International LLC, Term Loan B-1 |
||||||||
|
3.500%, 01/30/22 |
414 |
415 |
||||||
|
Gates Global LLC, Term Loan B |
||||||||
|
3.250%, 07/05/21(G) |
698 |
687 |
||||||
|
Keurig Green Mountain, Term Loan A |
||||||||
|
1.750%, 03/03/21(G) |
1,763 |
1,732 |
||||||
|
Keurig Green Mountain, Term Loan B |
||||||||
|
4.500%, 02/09/23 |
5,702 |
5,768 |
||||||
|
LTI Boyd, Second Lien |
||||||||
|
9.250%, 04/17/23 |
335 |
298 |
||||||
|
Manitowoc, Term Loan B |
||||||||
|
4.750%, 02/06/23 |
910 |
920 |
||||||
|
Mirror Bidco (Dematic), Cov-Lite Term Loan |
||||||||
|
3.250%, 12/28/19 |
289 |
289 |
||||||
|
Otter Products, LLC, Term Loan B |
||||||||
|
4.750%, 06/03/20 |
321 |
284 |
||||||
|
Ravago Holdings America, Term Loan B (2016) |
||||||||
|
4.000%, 06/30/23 |
449 |
450 |
||||||
|
Total Manufacturing |
12,446 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 94
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Metals/Minerals [0.7%] |
||||||||
|
Atkore International, Second Lien |
||||||||
|
6.750%, 10/09/21 |
$ |
1,070 |
$ |
1,070 |
||||
|
Atkore International, Term Loan |
||||||||
|
3.500%, 04/09/21 |
1,200 |
1,202 |
||||||
|
Atlas Iron Limited, Term Loan |
||||||||
|
4.330%, 05/06/21(H) |
59 |
26 |
||||||
|
Fairmount Minerals, Ltd., 2016 Extended Term Loan |
||||||||
|
3.500%, 07/15/18(G) |
975 |
922 |
||||||
|
Fairmount Minerals, Ltd., Term Loan B-1 |
||||||||
|
3.500%, 03/15/17 |
99 |
96 |
||||||
|
Fortescue Metals Group (FMG), Cov-Lite Term Loan |
||||||||
|
2.750%, 06/30/19(C) |
7,422 |
7,412 |
||||||
|
Freeport-McMoran C & G, Term Loan A |
||||||||
|
2.750%, 05/31/18 |
1,637 |
1,629 |
||||||
|
Freeport-McMoran C & G, Term Loan A - 2020 |
||||||||
|
2.750%, 02/28/20 |
813 |
784 |
||||||
|
Global Brass and Copper, Term Loan B |
||||||||
|
4.250%, 06/29/23 |
340 |
343 |
||||||
|
Novelis, Incremental Term Loan |
||||||||
|
3.250%, 06/03/22 |
1,695 |
1,703 |
||||||
|
Zekelman Industries (fka JMC Steel), Term Loan B |
||||||||
|
5.000%, 06/07/21 |
529 |
533 |
||||||
|
Total Metals/Minerals |
15,720 |
|||||||
|
Publishing [0.1%] |
||||||||
|
Springer Science and Business Media, Term Loan |
||||||||
|
4.750%, 06/15/20 |
2,000 |
2,241 |
||||||
|
Real Estate [0.1%] |
||||||||
|
Flamingo LUX II, Senior Facility B, 1st Lien |
||||||||
|
4.000%, 07/28/23 |
1,482 |
1,680 |
||||||
|
Retail [1.9%] |
||||||||
|
Abercrombie & Fitch Management, Term Loan B |
||||||||
|
3.750%, 08/07/21 |
1,168 |
1,163 |
||||||
|
AS Adventure |
||||||||
|
5.883%, 04/12/22 |
1,000 |
1,212 |
||||||
|
AS Adventure, Term Loan B |
||||||||
|
5.000%, 04/01/22 |
2,000 |
2,118 |
||||||
|
Ascena Retail Group, Term Loan B |
||||||||
|
4.500%, 07/29/22 |
|
947 |
|
912 |
||||
|
Belk, Term Loan B |
||||||||
|
4.750%, 11/20/22 |
749 |
677 |
||||||
|
CWGS Group, LLC, Term Loan B |
||||||||
|
4.750%, 02/20/20(G) |
1,802 |
1,803 |
||||||
|
Dollar Tree, Term Loan B-2 - Fixed TL |
||||||||
|
4.250%, 06/09/22(G) |
4,175 |
4,217 |
||||||
|
Dollar Tree, Term Loan B-3 |
||||||||
|
2.500%, 07/06/22 |
622 |
625 |
||||||
|
Dunmen Orange |
||||||||
|
5.000%, 12/02/22 |
3,000 |
3,341 |
||||||
|
Harbor Freight Tools USA, Term Loan |
||||||||
|
3.250%, 08/16/23 |
1,330 |
1,336 |
||||||
|
Hudson’s Bay, Term Loan B - 2022 |
||||||||
|
3.750%, 09/30/22 |
6,326 |
6,338 |
||||||
|
J Crew Group, Term Loan B |
||||||||
|
3.000%, 03/05/21 |
969 |
767 |
||||||
|
JC Penney, Term Loan B |
||||||||
|
4.250%, 06/09/23 |
3,433 |
3,444 |
||||||
|
Kate Spade, Term Loan B |
||||||||
|
3.000%, 04/09/21 |
265 |
265 |
||||||
|
Leslie’s Poolmart, Term Loan B |
||||||||
|
4.250%, 08/09/23 |
390 |
392 |
||||||
|
Men’s Wearhouse, Term Loan B |
||||||||
|
3.500%, 06/18/21(G) |
413 |
409 |
||||||
|
Men’s Wearhouse, Term Loan B1 (Fixed) |
||||||||
|
5.000%, 06/18/21 |
790 |
770 |
||||||
|
Pam Group Limited, Facility B |
||||||||
|
5.000%, 07/31/20(G) |
1,000 |
1,293 |
||||||
|
Petsmart (fka Argos Merger), Term Loan B-1 |
||||||||
|
3.250%, 03/10/22 |
1,049 |
1,051 |
||||||
|
Sears Roebuck Acceptance, Term Loan |
||||||||
|
7.500%, 07/20/20 |
975 |
976 |
||||||
|
Sears Roebuck Acceptance, Term Loan B |
||||||||
|
4.500%, 06/30/18 |
2,159 |
2,112 |
||||||
|
Toys R Us Property, Initial Term Loan |
||||||||
|
5.000%, 08/21/19(G) |
3,378 |
3,180 |
||||||
|
Toys R Us-Delaware, FILO CAD Term Loan |
||||||||
|
7.250%, 10/24/19 |
348 |
342 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 95
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Toys R Us-Delaware, FILO US Term Loan |
||||||||
|
7.250%, 10/24/19 |
$ |
432 |
$ |
424 |
||||
|
Toys R Us-Delaware, Term Loan B-2 |
||||||||
|
3.750%, 05/25/18 |
861 |
807 |
||||||
|
Toys R Us-Delaware, Term Loan B-3 |
||||||||
|
3.750%, 05/25/18 |
32 |
30 |
||||||
|
Toys R Us-Delaware, Term Loan B4 |
||||||||
|
8.750%, 04/09/20 |
1,045 |
905 |
||||||
|
Total Retail |
40,909 |
|||||||
|
Service [2.6%] |
||||||||
|
AHT Cooling |
||||||||
|
4.271%, 11/19/20 |
976 |
1,079 |
||||||
|
AI Avocado BV |
||||||||
|
4.250%, 09/17/21 |
1,000 |
1,128 |
||||||
|
4.000%, 10/08/21 |
1,000 |
1,126 |
||||||
|
Asurion, Incremental Term Loan B-2 |
||||||||
|
3.500%, 07/08/20 |
1,224 |
1,224 |
||||||
|
Asurion, Incremental Tranche B-1 |
||||||||
|
3.750%, 05/24/19 |
2,087 |
2,093 |
||||||
|
Asurion, Second Lien |
||||||||
|
7.500%, 03/03/21 |
3,845 |
3,819 |
||||||
|
Asurion, Term Loan B-4 |
||||||||
|
4.000%, 07/31/22 |
2,626 |
2,639 |
||||||
|
Asurion, Term Loans - PIK |
||||||||
|
9.000%, 08/31/21 |
2,225 |
2,206 |
||||||
|
Avantor Performance Materials, 1st Lien |
||||||||
|
6.000%, 06/21/22(G) |
127 |
128 |
||||||
|
Busy Bees Nurseries Ltd., Term Loan |
||||||||
|
4.750%, 04/29/22 |
1,000 |
1,289 |
||||||
|
Callcredit Information Group, 1st Lien |
||||||||
|
5.238%, 02/12/21 |
2,797 |
3,511 |
||||||
|
Coinstar, Term Loan B |
||||||||
|
4.250%, 09/27/23(G) |
365 |
367 |
||||||
|
Dorna Sports, Term Loan |
||||||||
|
4.172%, 04/30/21 |
1,883 |
2,122 |
||||||
|
Environmental Resources, Term Loan |
||||||||
|
8.000%, 05/09/22 |
2,000 |
1,770 |
||||||
|
5.000%, 05/14/21 |
|
2,000 |
|
1,848 |
||||
|
Evertec Group, LLC, Term Loan A |
||||||||
|
2.250%, 04/17/18 |
440 |
434 |
||||||
|
First Data Corporation, 2021 Extended Dollar Term Loan |
||||||||
|
4.000%, 03/24/21 |
4,558 |
4,590 |
||||||
|
First Data, New 2022 Dollar Term Loan |
||||||||
|
3.750%, 06/25/22 |
4,625 |
4,649 |
||||||
|
GFL Environmental, Term Loan B |
||||||||
|
2.750%, 09/27/23(G) |
405 |
404 |
||||||
|
Hotelbeds Group, Term Loan |
||||||||
|
6.250%, 05/31/23 |
1,000 |
1,106 |
||||||
|
iQor US, Term Loan B |
||||||||
|
5.000%, 04/01/21(H) |
1,034 |
889 |
||||||
|
JDA Software Group (RP Crown), Term Loan B |
||||||||
|
3.500%, 09/22/23(G) |
285 |
285 |
||||||
|
Kar Holdings, Term Loan B-3 |
||||||||
|
3.500%, 03/04/23 |
2,985 |
3,022 |
||||||
|
Laureate Education, Ser 2021 Extended Term Loan |
||||||||
|
8.000%, 03/23/21 |
887 |
881 |
||||||
|
LS Deco LLC (Leighton), Term Loan B |
||||||||
|
4.000%, 05/07/22 |
210 |
212 |
||||||
|
Monitronics International, Term Loan B |
||||||||
|
5.500%, 09/30/22(G) |
120 |
119 |
||||||
|
Prime Security Services, Term Loan B-1 |
||||||||
|
3.750%, 04/21/22 |
678 |
684 |
||||||
|
Redtop Acquisitions Limited, Second Lien |
||||||||
|
7.250%, 06/03/21 |
185 |
182 |
||||||
|
Safway Group Holding LLC, Term Loan B |
||||||||
|
4.750%, 08/04/23 |
600 |
604 |
||||||
|
Sedgwick, First Lien Term Loan |
||||||||
|
2.750%, 03/01/21 |
1,471 |
1,459 |
||||||
|
Sedgwick, Second Lien |
||||||||
|
5.750%, 02/28/22 |
760 |
751 |
||||||
|
Sedgwick, Second Lien - Add-On |
||||||||
|
5.750%, 02/28/22 |
135 |
133 |
||||||
|
Spin Holdco (Coinmach), Term Loan B |
||||||||
|
3.250%, 11/14/19 |
47 |
47 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 96
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
St. George’s University Scholastic Services, Term Loan B |
||||||||
|
5.250%, 07/06/22 |
$ |
190 |
$ |
191 |
||||
|
Sutherland Global Services, Initial Cayman Term Loan |
||||||||
|
5.000%, 04/27/21 |
267 |
265 |
||||||
|
Sutherland Global Services, Initial US Term Loan |
||||||||
|
5.000%, 04/27/21 |
1,147 |
1,139 |
||||||
|
TMF Group, Term Loan B, 1st Lien |
||||||||
|
4.000%, 09/29/23(G) |
1,000 |
1,138 |
||||||
|
TransUnion LLC, Term Loan B-2 |
||||||||
|
2.750%, 04/09/21 |
558 |
559 |
||||||
|
Travelport, Term Loan B - 2021 |
||||||||
|
4.000%, 09/02/21 |
2,513 |
2,524 |
||||||
|
US Foods, Term Loan B |
||||||||
|
3.250%, 06/07/23 |
1,416 |
1,427 |
||||||
|
Verisure Holdings, Term Loan |
||||||||
|
3.500%, 10/10/22(G) |
1,000 |
1,137 |
||||||
|
Weight Watchers International, Term Loan B-2 |
||||||||
|
3.250%, 04/01/20 |
906 |
684 |
||||||
|
Total Service |
55,864 |
|||||||
|
Sovereign [0.4%] |
||||||||
|
Arab Republic of Egypt |
||||||||
|
1.884%, 01/04/21(H) |
2,348 |
2,185 |
||||||
|
Republic of Angola |
||||||||
|
7.045%, 12/06/20(H) |
6,563 |
5,939 |
||||||
|
Total Sovereign |
8,124 |
|||||||
|
Telecommunications [1.3%] |
||||||||
|
Alorica, Term Loan B |
||||||||
|
4.750%, 06/22/22 |
150 |
151 |
||||||
|
Altice Financing, Term Loan |
||||||||
|
4.000%, 07/24/23 |
1,985 |
2,248 |
||||||
|
Altice Financing, Term Loan B (Cequel) |
||||||||
|
3.250%, 12/14/22 |
1,113 |
1,120 |
||||||
|
Cable & Wireless Communications PLC (Sable), Term Loan B-1 |
||||||||
|
4.750%, 12/02/22 |
308 |
310 |
||||||
|
Cable & Wireless Communications PLC (Sable), Term Loan B-2 |
||||||||
|
4.750%, 12/02/22 |
252 |
254 |
||||||
|
Communications Sales & Leasing, Term Loan |
||||||||
|
4.000%, 10/24/22 |
|
3,130 |
|
3,144 |
||||
|
Consolidated Communications, Term Loan B |
||||||||
|
3.000%, 10/04/23(G) |
240 |
241 |
||||||
|
Eircom Finco S.a r.l., Facility B4, 1st Lien |
||||||||
|
5.000%, 05/31/22 |
2,680 |
3,021 |
||||||
|
Frontier Communications, Term Loan A |
||||||||
|
3.375%, 10/14/16 |
2,565 |
2,558 |
||||||
|
Level 3 Communications, Term Loan B-3 -2019 |
||||||||
|
3.000%, 08/01/19 |
280 |
281 |
||||||
|
Level 3 Communications, Term Loan B-4 - 2020 |
||||||||
|
3.000%, 01/15/20 |
3,570 |
3,585 |
||||||
|
LTS Buyer LLC (Light Tower), Term Loan |
||||||||
|
3.250%, 04/01/20 |
572 |
572 |
||||||
|
Numericable U.S. LLC, Term Loan B-5 |
||||||||
|
3.813%, 07/27/22 |
1,347 |
1,356 |
||||||
|
Numericable U.S. LLC, Term Loan B-6 |
||||||||
|
4.000%, 01/20/23 |
990 |
996 |
||||||
|
Numericable U.S. LLC, Term Loan B-7 |
||||||||
|
4.250%, 01/31/24 |
2,399 |
2,421 |
||||||
|
Telenet International Finance S.A., Term Loan AA Facility, 1st Lien |
||||||||
|
3.500%, 06/30/23 |
2,000 |
2,255 |
||||||
|
WestCorp, Term Loan B-12 |
||||||||
|
3.000%, 06/13/23 |
304 |
305 |
||||||
|
WestCorp, Term Loan B-14 |
||||||||
|
2.750%, 06/13/21 |
150 |
150 |
||||||
|
Zayo Group LLC, Term Loan B - 2012 |
||||||||
|
2.750%, 05/06/21 |
2,265 |
2,274 |
||||||
|
Total Telecommunications |
27,242 |
|||||||
|
Textile & Apparel Mfg. [0.0%] |
||||||||
|
Vivarte, BOND, 1st Lien |
||||||||
|
4.000%, 10/29/19 |
1,071 |
842 |
||||||
|
Transportation [0.4%] |
||||||||
|
Chrysler Automotive, 2014 Term Loan B |
||||||||
|
2.500%, 12/31/18 |
863 |
864 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 97
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Face Amount (000) |
Value (000) |
||||||
|
Commercial Barge Line, Term Loan B 2022 |
||||||||
|
8.750%, 11/07/20 |
$ |
541 |
$ |
524 |
||||
|
CS Intermedia Holdco 2 LLC, Term Loan |
||||||||
|
3.000%, 04/04/21 |
279 |
280 |
||||||
|
Federal-Mogul, First Lien |
||||||||
|
4.000%, 04/15/18 |
954 |
943 |
||||||
|
Federal-Mogul, Term Loan C |
||||||||
|
3.750%, 04/15/21(G) |
1,522 |
1,468 |
||||||
|
MPG Holdco (Metaldyne), Term Loan B - new |
||||||||
|
2.750%, 10/20/21 |
350 |
351 |
||||||
|
Navios Maritime Midstream Partners LP, Term Loan |
||||||||
|
4.500%, 06/12/20(H) |
143 |
139 |
||||||
|
Navios Maritime Partners LP, Term Loan B |
||||||||
|
4.250%, 06/30/18(H) |
546 |
492 |
||||||
|
Sage Automotive Holdings (Clearlake), Term Loan |
||||||||
|
5.000%, 10/08/20 |
1,598 |
1,582 |
||||||
|
Tower Auto Holdings, Term Loan B - 2020 |
||||||||
|
3.000%, 04/23/20 |
558 |
557 |
||||||
|
Visteon, Term Loan B |
||||||||
|
2.750%, 04/09/21 |
812 |
814 |
||||||
|
Wabash National, Term Loan B |
||||||||
|
3.250%, 03/16/22 |
489 |
489 |
||||||
|
Total Transportation |
8,503 |
|||||||
|
Utility [0.9%] |
||||||||
|
Atlantic Power, Term Loan |
||||||||
|
5.000%, 04/13/23 |
446 |
449 |
||||||
|
Bronco Midstream Funding, LLC, Term Loan B |
||||||||
|
4.000%, 08/15/20 |
2,241 |
2,084 |
||||||
|
Calpine Construction Finance, L.P., Term B-2 Loan, 1st Lien |
||||||||
|
3.250%, 01/31/22 |
1 |
1 |
||||||
|
Calpine, Construction TL B1 (2020) |
||||||||
|
2.250%, 05/03/20 |
130 |
129 |
||||||
|
Calpine, Term Loan B5 |
||||||||
|
2.750%, 05/27/22 |
502 |
503 |
||||||
|
Calpine, Term Loan B-7 |
||||||||
|
3.000%, 05/17/23 |
479 |
480 |
||||||
|
Dynegy, Term Loan B-2 |
||||||||
|
3.000%, 04/23/20 |
344 |
345 |
||||||
|
Dynegy, Term Loan C |
||||||||
|
4.000%, 06/22/23 |
1,285 |
1,294 |
||||||
|
Description |
Face Amount (000)/ |
Value (000) |
||||||
|
Eastern Power, LLC (TPF II), Term Loan B |
||||||||
|
4.000%, 10/02/21 |
$ |
586 |
$ |
591 |
||||
|
EFS Cogen Holdings I LLC, Term Loan B |
||||||||
|
4.250%, 06/22/23 |
587 |
593 |
||||||
|
Empire Generating, LLC, Term Loan B |
||||||||
|
4.250%, 03/14/21 |
1,381 |
1,174 |
||||||
|
Empire Generating, LLC, Term Loan C |
||||||||
|
4.250%, 03/14/21 |
110 |
94 |
||||||
|
Longview Power, Term Loan B |
||||||||
|
6.000%, 04/13/21 |
1,585 |
1,387 |
||||||
|
Morrison Utility, Term Loan B, 1st Lien |
||||||||
|
5.500%, 09/13/23(G) |
1,500 |
1,915 |
||||||
|
MRP Generation Holdings, LLC (TPF), Term Loan B - 2013 |
||||||||
|
3.750%, 12/31/17 |
1,997 |
1,984 |
||||||
|
MRP Generation Holdings, LLC (TPF), Term Loan B (2016) |
||||||||
|
7.000%, 09/29/22(G) |
1,370 |
1,288 |
||||||
|
NRG Energy, Term Loan B |
||||||||
|
2.750%, 06/20/23 |
4,768 |
4,777 |
||||||
|
Power Buyer, LLC, Second Lien |
||||||||
|
7.250%, 11/06/20 |
180 |
179 |
||||||
|
Power Buyer, LLC, Term Loan |
||||||||
|
3.250%, 05/06/20 |
542 |
540 |
||||||
|
Viva Alamo LLC, Term Loan B |
||||||||
|
4.250%, 02/22/21(H) |
272 |
220 |
||||||
|
Total Utility |
20,027 |
|||||||
|
Wireless Communications [0.1%] |
||||||||
|
T-Mobile USA, Term Loan B |
||||||||
|
2.750%, 11/09/22(C) |
1,509 |
1,520 |
||||||
|
Total Loan Participations |
||||||||
|
(Cost $606,338) |
595,749 |
|||||||
|
Life Settlement Contracts [7.1%] (H) (I) (J) |
||||||||
|
American General Life #460L, |
||||||||
|
Acquired 05/30/2014* |
303 |
339 |
||||||
|
American General Life #508L, |
||||||||
|
Acquired 05/30/2014* |
2,595 |
2,350 |
||||||
|
American General Life #542L, |
||||||||
|
Acquired 07/30/2015* |
83 |
147 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 98
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Acquisition Cost (000) |
Value (000) |
||||||
|
American General Life #634L, |
||||||||
|
Acquired 05/30/2014* |
$ |
530 |
$ |
977 |
||||
|
American General Life #906L, |
||||||||
|
Acquired 07/30/2015* |
479 |
2,032 |
||||||
|
American General Life #964L, |
||||||||
|
Acquired 07/30/2015* |
1,459 |
1,409 |
||||||
|
AXA Equitable Life #0474, |
||||||||
|
Acquired 11/04/2013* |
7,290 |
14,962 |
||||||
|
AXA Equitable Life #0932, |
||||||||
|
Acquired 11/04/2013* |
1,014 |
3,028 |
||||||
|
AXA Equitable Life #1616, |
||||||||
|
Acquired 05/30/2014* |
3,254 |
3,851 |
||||||
|
AXA Equitable Life #1898, |
||||||||
|
Acquired 11/04/2013* |
441 |
133 |
||||||
|
AXA Equitable Life #7233, |
||||||||
|
Acquired 11/04/2013* |
395 |
1,492 |
||||||
|
AXA Equitable Life #7578, |
||||||||
|
Acquired 11/04/2013* |
2,104 |
3,304 |
||||||
|
AXA Equitable Life #7857, |
||||||||
|
Acquired 11/04/2013* |
2,297 |
4,471 |
||||||
|
AXA Equitable Life #8538, |
||||||||
|
Acquired 11/04/2013* |
1,333 |
1,045 |
||||||
|
AXA Equitable Life #9345, |
||||||||
|
Acquired 11/04/2013* |
143 |
-288 |
||||||
|
Guardian Insurance #0346, |
||||||||
|
Acquired 11/04/2013* |
646 |
3,211 |
||||||
|
Hartford Life #4700, |
||||||||
|
Acquired 11/24/2015* |
81 |
34 |
||||||
|
Hartford Life #7522, |
||||||||
|
Acquired 11/24/2015* |
805 |
631 |
||||||
|
ING Reliastar #1234, |
||||||||
|
Acquired 12/05/2013* |
1,067 |
3,408 |
||||||
|
ING Reliastar #1649, |
||||||||
|
Acquired 12/05/2013* |
61 |
1,190 |
||||||
|
ING Reliastar #3394, |
||||||||
|
Acquired 05/30/2014* |
3,687 |
2,727 |
||||||
|
ING Reliastar #4842, |
||||||||
|
Acquired 11/20/2013* |
921 |
4,018 |
||||||
|
ING Reliastar #776H, |
||||||||
|
Acquired 05/30/2014* |
1,518 |
2,311 |
||||||
|
John Hancock #0430, |
||||||||
|
Acquired 05/30/2014* |
2,418 |
4,241 |
||||||
|
John Hancock #0801, |
||||||||
|
Acquired 05/30/2014* |
1,564 |
1,939 |
||||||
|
John Hancock #1929, |
||||||||
|
Acquired 05/30/2014* |
3,812 |
4,166 |
||||||
|
John Hancock #2223, |
||||||||
|
Acquired 11/19/2013* |
1,279 |
2,635 |
||||||
|
John Hancock #5072, |
||||||||
|
Acquired 05/30/2014* |
1,409 |
2,369 |
||||||
|
John Hancock #5080, |
||||||||
|
Acquired 11/19/2013* |
|
313 |
|
2,268 |
||||
|
John Hancock #5885, |
||||||||
|
Acquired 05/30/2014* |
894 |
1,087 |
||||||
|
John Hancock #6686, |
||||||||
|
Acquired 05/30/2014* |
3,035 |
2,635 |
||||||
|
John Hancock #6912, |
||||||||
|
Acquired 05/30/2014* |
1,065 |
1,481 |
||||||
|
Lincoln Benefit Life #9330, |
||||||||
|
Acquired 05/30/2014* |
5,482 |
4,116 |
||||||
|
Lincoln National #0019, |
||||||||
|
Acquired 09/18/2015* |
2,460 |
6,633 |
||||||
|
Lincoln National #4654, |
||||||||
|
Acquired 05/30/2014* |
721 |
892 |
||||||
|
Lincoln National #4754, |
||||||||
|
Acquired 09/18/2015* |
1,029 |
3,997 |
||||||
|
Lincoln National #4754, |
||||||||
|
Acquired 09/18/2015* |
610 |
2,940 |
||||||
|
Lincoln National #5658, |
||||||||
|
Acquired 09/18/2015* |
329 |
1,286 |
||||||
|
Lincoln National #7099, |
||||||||
|
Acquired 09/18/2015* |
1,254 |
3,531 |
||||||
|
Lincoln National #8558, |
||||||||
|
Acquired 09/18/2015* |
1,659 |
4,362 |
||||||
|
Mass Mutual #1849, |
||||||||
|
Acquired 11/05/2013* |
2,926 |
4,239 |
||||||
|
Mass Mutual #5167, |
||||||||
|
Acquired 05/30/2014* |
63 |
1,035 |
||||||
|
Mass Mutual #5681, |
||||||||
|
Acquired 11/05/2013* |
288 |
1,629 |
||||||
|
Mass Mutual #5864, |
||||||||
|
Acquired 05/30/2014* |
4,668 |
4,487 |
||||||
|
Mass Mutual #6620, |
||||||||
|
Acquired 11/05/2013* |
222 |
1,821 |
||||||
|
Met Life #8MLU, |
||||||||
|
Acquired 05/30/2014* |
1,413 |
4,596 |
||||||
|
Pacific Life #7850, |
||||||||
|
Acquired 05/30/2014* |
550 |
655 |
||||||
|
Penn Mutual #3106, |
||||||||
|
Acquired 05/30/2014* |
1,294 |
1,395 |
||||||
|
Phoenix Life #5555, |
||||||||
|
Acquired 05/30/2014* |
3,946 |
4,395 |
||||||
|
Phoenix Life #6161, |
||||||||
|
Acquired 05/30/2014* |
3,472 |
5,589 |
||||||
|
Phoenix Life #8499, |
||||||||
|
Acquired 05/30/2014* |
756 |
387 |
||||||
|
Phoenix Life #8509, |
||||||||
|
Acquired 05/30/2014* |
761 |
363 |
||||||
|
Principal Financial #6653, |
||||||||
|
Acquired 10/30/2013* |
306 |
1,641 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 99
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description
|
Acquisition Cost (000)/
Face Amount (000)(1) |
Value (000)
|
|
|||||
|
Prudential #5978,
|
|
|
|
|||||
|
Acquired 10/02/2015*
|
$
|
372
|
$
|
1,120
|
|
|||
|
Security Mutual Life #5380,
|
|
|
|
|
|
|||
|
Acquired 10/30/2013*
|
|
410
|
|
1,383
|
|
|||
|
Transamerica #1708,
|
|
|
|
|
|
|||
|
Acquired 10/28/2013*
|
|
957
|
|
4,318
|
|
|||
|
Transamerica #3426,
|
|
|
|
|
|
|||
|
Acquired 11/12/2013*
|
|
275
|
|
622
|
|
|||
|
Transamerica #8205,
|
|
|
|
|
|
|||
|
Acquired 10/28/2013*
|
|
714
|
|
2,161
|
|
|||
|
Union Central Life #4500,
|
|
|
|
|
|
|||
|
Acquired 10/30/2013*
|
|
790
|
|
3,285
|
|
|||
|
|
|
|
|
|
|
|||
|
Total Life Settlement Contracts
|
|
|||||||
|
(Cost $86,022)
|
|
152,481
|
|
|||||
|
|
|
|
|
|
|
|||
|
Sovereign Debt [3.2%]
|
|
|||||||
|
Argentina Paris Club
|
|
|
|
|
|
|||
|
0.000%, 05/30/21(H)
|
|
7,111
|
|
6,587
|
|
|||
|
Argentine Republic Government International Bond
|
|
|
|
|
|
|||
|
10.250%, 02/06/03(D)
|
EUR
|
12
|
|
9
|
|
|||
|
10.000%, 12/07/04(D)
|
EUR
|
1,244
|
|
1,537
|
|
|||
|
10.000%, 02/22/07(D)
|
EUR
|
25
|
|
25
|
|
|||
|
9.500%, 03/04/04(D)
|
EUR
|
27
|
|
33
|
|
|||
|
9.000%, 01/07/05(D)
|
EUR
|
132
|
|
132
|
|
|||
|
9.000%, 11/19/08(D) (H)
|
EUR
|
15
|
|
19
|
|
|||
|
8.750%, 02/04/03(D)
|
EUR
|
30
|
|
30
|
|
|||
|
8.500%, 02/23/05(D)
|
EUR
|
630
|
|
700
|
|
|||
|
8.500%, 07/30/10(D)
|
EUR
|
34
|
|
34
|
|
|||
|
8.125%, 10/04/04(D)
|
EUR
|
119
|
|
139
|
|
|||
|
8.125%, 04/21/08(D)
|
EUR
|
85
|
|
85
|
|
|||
|
8.000%, 02/25/02(D) (H)
|
EUR
|
2,033
|
|
1,484
|
|
|||
|
8.000%, 02/26/08(D)
|
EUR
|
114
|
|
141
|
|
|||
|
8.000%, 10/30/09(D)
|
EUR
|
366
|
|
452
|
|
|||
|
7.820%, 12/31/33
|
EUR
|
11,697
|
|
14,591
|
|
|||
|
7.625%, 08/11/07(D)
|
EUR
|
13
|
|
13
|
|
|||
|
7.500%, 05/23/02(D) (H)
|
EUR
|
52
|
|
38
|
|
|||
|
7.125%, 06/10/02(D)
|
EUR
|
97
|
|
97
|
|
|||
|
7.000%, 03/18/04(D)
|
EUR
|
141
|
|
158
|
|
|||
|
5.870%, 03/31/23(D)
|
EUR
|
28
|
|
38
|
|
|||
|
0.000%, 07/22/03(D) (H)
|
EUR
|
66
|
|
48
|
|
|||
|
0.000%, 12/22/04(D)
|
EUR
|
29
|
|
29
|
|
|||
|
Bosnia & Herzegovina Government International Bond
|
|
|
|
|
|
|||
|
0.625%, 12/11/17(C)
|
|
1,079
|
|
1,139
|
|
|||
|
City of Cordoba
|
|
|
|
|
|
|||
|
7.875%, 09/29/24
|
|
5,000
|
|
5,000
|
|
|||
|
Description |
Face Amount (000)(1) |
Value (000) |
||||||
|
Egypt Government International Bond |
||||||||
|
5.875%, 06/11/25 |
$ |
4,000 |
$ |
3,801 |
||||
|
Egyptian Paris Club |
||||||||
|
0.102%, 01/01/21(H) (J) |
10 |
10 |
||||||
|
Ghana Government International Bond |
||||||||
|
8.500%, 10/04/17 |
100 |
103 |
||||||
|
7.875%, 08/07/23 |
1,000 |
931 |
||||||
|
Ivory Coast Government International Bond |
||||||||
|
5.750%, 12/31/32 |
3,960 |
3,892 |
||||||
|
Oman Government International Bond |
||||||||
|
4.750%, 06/15/26 |
1,550 |
1,556 |
||||||
|
Pakistan Government International Bond |
||||||||
|
7.250%, 04/15/19 |
2,000 |
2,109 |
||||||
|
6.875%, 06/01/17 |
926 |
942 |
||||||
|
Province of Salta Argentina |
||||||||
|
9.500%, 03/16/22 |
1,842 |
1,970 |
||||||
|
9.125%, 07/07/24 |
2,000 |
2,198 |
||||||
|
Provincia de Buenos Aires |
||||||||
|
9.250%, 04/15/17 |
124 |
126 |
||||||
|
9.125%, 03/16/24 |
1,250 |
1,399 |
||||||
|
3.000%, 11/01/17(E) |
5,200 |
5,527 |
||||||
|
Provincia del Chubut Argentina |
||||||||
|
7.750%, 07/26/26 |
4,000 |
4,110 |
||||||
|
Republic of Belarus |
||||||||
|
8.950%, 01/26/18 |
4,000 |
4,188 |
||||||
|
Tanzania Government International Bond |
||||||||
|
7.250%, 03/09/20(C) |
1,314 |
1,370 |
||||||
|
Ukraine Government International Bond |
||||||||
|
7.750%, 09/01/19 |
1,000 |
987 |
||||||
|
7.750%, 09/01/27 |
2,000 |
1,880 |
||||||
|
3.984%, 05/31/40(C) |
925 |
296 |
||||||
|
Total Sovereign Debt |
||||||||
|
(Cost $70,495) |
69,953 |
|||||||
|
Commercial Paper [1.8%] |
||||||||
|
Gotham Funding (A) |
||||||||
|
1.002%, 12/23/16 |
20,000 |
19,959 |
||||||
|
Mizuho Bank Ltd. |
||||||||
|
0.950%, 12/19/16 |
20,000 |
20,006 |
||||||
|
Total Commercial Paper |
||||||||
|
(Cost $39,956) |
39,965 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 100
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Shares/Face Amount (000) |
Value (000) |
||||||
|
Closed-End Fund [0.8%] |
||||||||
|
Stone Ridge Reinsurance Risk Premium Interval Fund(H) |
1,600,913 |
$ |
17,114 |
|||||
|
Total Closed-End Fund |
||||||||
|
(Cost $16,256) |
17,114 |
|||||||
|
Convertible Bonds [0.6%] |
||||||||
|
Coal Mining [0.0%] |
||||||||
|
New World Resources |
||||||||
|
4.000%, 10/07/20(H) |
$ |
352 |
4 |
|||||
|
Drugs [0.1%] |
||||||||
|
Glenmark Pharmaceuticals |
||||||||
|
2.000%, 06/28/22 |
2,000 |
2,133 |
||||||
|
Investment Companies [0.2%] |
||||||||
|
Aabar Investments PJSC, MTN |
||||||||
|
0.500%, 03/27/20 |
4,000 |
3,572 |
||||||
|
Medical Products & Services [0.0%] |
||||||||
|
Bio City Development BV |
||||||||
|
8.000%, 07/06/18(H) |
1,000 |
250 |
||||||
|
Metal-Iron [0.0%] |
||||||||
|
London Mining Jersey |
||||||||
|
12.000%, 04/30/19(D) (H) |
1,500 |
77 |
||||||
|
Miscellaneous Business Services [0.2%] |
||||||||
|
DP World |
||||||||
|
1.750%, 06/19/24 |
5,200 |
5,205 |
||||||
|
Miscellaneous Manufacturing [0.1%] |
||||||||
|
Dana Gas Sukuk |
||||||||
|
9.000%, 10/31/17 |
2,347 |
2,241 |
||||||
|
Petroleum & Fuel Products [0.0%] |
||||||||
|
Gulf Keystone Petroleum |
||||||||
|
6.250%, 10/18/17(D) |
800 |
144 |
||||||
|
Total Convertible Bonds |
||||||||
|
(Cost $16,086) |
13,626 |
|||||||
|
Description |
Shares/Number of Warrants/ |
Value (000) |
||||||
|
Limited Partnership [0.5%] |
||||||||
|
IT Services [0.5%] |
||||||||
|
Cartesian LP *(H) |
1 |
$ |
10,273 |
|||||
|
Total Limited Partnership |
||||||||
|
(Cost $10,000) |
10,273 |
|||||||
|
Warrants [0.1%] |
||||||||
|
Central Bank of Nigeria, |
||||||||
|
Expires 11/15/20, Strike Price: $ — * (H) |
27,250 |
1,907 |
||||||
|
Gulf Keystone Petro, |
||||||||
|
Expires 04/18/17, Strike Price: $1.699* (H) |
661,000 |
7 |
||||||
|
Total Warrants |
||||||||
|
(Cost $4,783) |
1,914 |
|||||||
|
Asset-Backed Security [0.1%] |
||||||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378) |
||||||||
|
9.250%, 06/06/16(H) (I) (J) |
$ |
5,019 |
1,316 |
|||||
|
Total Asset-Backed Security |
||||||||
|
(Cost $5,019) |
1,316 |
|||||||
|
Common Stock [0.0%] |
||||||||
|
Energy [0.0%] |
||||||||
|
Lone Pine Resource *(H) (J) |
9,355 |
— |
||||||
|
Templar Energy, Cl A* |
105,419 |
712 |
||||||
|
Total Energy |
712 |
|||||||
|
Financial [0.0%] |
||||||||
|
Aretec Group * |
3 |
20 |
||||||
|
Metals & Mining [0.0%] |
||||||||
|
New World Resources, Cl A *(H) |
44,276,198 |
86 |
||||||
|
Oil, Gas & Consumable Fuels [0.0%] |
||||||||
|
Prairie Provident Resources * |
5,186 |
4 |
||||||
|
Services [0.0%] |
||||||||
|
A’Ayan Leasing *(H) |
1,169,438 |
83 |
||||||
|
Astana Finance * |
208,618 |
— |
||||||
|
Total Services |
83 |
|||||||
|
Total Common Stock |
||||||||
|
(Cost $2,511) |
905 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 101
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
|
Description |
Shares/Contracts |
Value (000) |
||||||
|
Short-Term Investments [7.1%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
8,930,039 |
$ |
8,930 |
|||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.240%** |
145,320,279 |
145,321 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $154,251) |
154,251 |
|||||||
|
Total Investments [99.7%] |
||||||||
|
(Cost $2,104,771) |
$ |
2,155,096 |
||||||
|
Purchased Option [0.0%] |
||||||||
|
Atlas Iron, |
||||||||
|
Expires 07/22/17* |
1,962,467 |
$ |
— |
|||||
|
Total Purchased Option |
||||||||
|
(Cost $1) |
$ |
— |
||||||
Percentages are based on Net Assets of $2,162,580 (000).
|
* |
Non-income producing security. |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(1) |
In U.S. dollars unless otherwise indicated. |
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $263,909 (000), representing 12.1% of the net assets of the Fund. |
|
(B) |
Payment in Kind. |
|
(C) |
Floating Rate Security — The rate reported is the rate in effect on September 30, 2016. |
|
(D) |
In default on interest payments. Rate shown represents the last coupon rate prior to default. |
|
(E) |
Step Bond — The rate reported is the rate in effect on September 30, 2016. The coupon on a step bond changes on a specific date. |
|
(F) |
Zero coupon security. The rate reported is the effective yield at time of purchase. |
|
(G) |
Unsettled bank loan. |
|
(H) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $221,018 (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 the securities as of September 30, 2016 was $153,797 (000) and represented 7.1% of net assets of the Fund. |
|
(J) |
Security is considered restricted. The total market value of such securities as of September 30, 2016 was $153,807 (000) and represented 7.1% of net assets of the Fund. |
CHF — Swiss Franc
Cl — Class
EUR — Euro
GBP — British Pound Sterling
LLC — Limited Liability Corporation
LLP — Limited Liability Partnership
LP — Limited Partnership
Ltd. — Limited
MLP — Master Limited Partnership
MTN — Medium Term Note
PIK — Payment-in Kind
PLC — Public Limited Company
Ser — Series
SPE — Special Purpose Entity
USD — United States Dollar
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 September 30, 2016, is as follows:
|
Settlement Date |
Currency to |
Currency to |
Unrealized |
||||||||||||
|
10/21/16-11/7/16 |
EUR |
142,740 |
USD |
160,530 |
$ |
(88 |
) |
||||||||
|
10/21/16-11/7/16 |
GBP |
29,138 |
USD |
37,901 |
106 |
||||||||||
|
1/17/17-6/1/17 |
CHF |
9,249 |
USD |
9.521 |
(128 |
) |
|||||||||
|
$ |
(110 |
) |
|||||||||||||
A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:
|
Counterparty |
Currency to |
Currency to |
Unrealized |
|||||||||
|
U.S. Bank |
$ |
(208,062 |
) |
$ |
207,952 |
$ |
(110 |
) |
||||
For the year ended September 30, 2016, 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 year.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 102
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (continued) |
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments and other financial instruments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3(1) |
Total |
||||||||||||
|
Corporate Bonds |
$ |
— |
$ |
1,097,549 |
$ |
— |
$ |
1,097,549 |
||||||||
|
Loan Participations |
— |
593,564 |
2,185 |
595,749 |
||||||||||||
|
Life Settlement Contracts |
— |
— |
152,481 |
152,481 |
||||||||||||
|
Sovereign Debt |
— |
69,943 |
10 |
69,953 |
||||||||||||
|
Commercial Paper |
— |
39,965 |
— |
39,965 |
||||||||||||
|
Closed-End Fund |
17,114 |
— |
— |
17,114 |
||||||||||||
|
Convertible Bonds |
— |
13,626 |
— |
13,626 |
||||||||||||
|
Limited Partnership |
— |
10,273 |
— |
10,273 |
||||||||||||
|
Warrants |
1,907 |
7 |
— |
1,914 |
||||||||||||
|
Asset-Backed Security |
— |
— |
1,316 |
1,316 |
||||||||||||
|
Common Stock |
107 |
798 |
— |
905 |
||||||||||||
|
Short-Term Investments |
154,251 |
— |
— |
154,251 |
||||||||||||
|
Total Investments in Securities |
$ |
173,379 |
$ |
1,825,725 |
$ |
155,992 |
$ |
2,155,096 |
||||||||
|
Other Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Purchased Option |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
|
Forwards Contracts* |
||||||||||||||||
|
Unrealized Appreciation |
— |
106 |
— |
106 |
||||||||||||
|
Unrealized Depreciation |
— |
(216 |
) |
— |
(216 |
) |
||||||||||
|
Total Other Financial Instruments |
$ |
— |
$ |
(110 |
) |
$ |
— |
$ |
(110 |
) |
||||||
|
* |
Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
(1) |
Of the $155,992 (000) in Level 3 securities as of September 30, 2016, $153,797 (000) or 98.6% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party 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 September 30, 2016:
|
Investments in Loan Participations |
Investments in Life Settlement Contracts |
Investments in Sovereign Debt |
||||||||||
|
Beginning balance as of October 1, 2015 |
$ |
2,528 |
$ |
159,314 |
$ |
105 |
||||||
|
Accrued discounts/ premiums |
102 |
— |
2 |
|||||||||
|
Realized gain/(loss) |
60 |
20,082 |
15 |
|||||||||
|
Change in unrealized appreciation/(depreciation) |
(61 |
) |
2,845 |
(10 |
) |
|||||||
|
Purchases |
— |
1,740 |
— |
|||||||||
|
Sales/paydowns |
(444 |
) |
(31,500 |
) |
(102 |
) |
||||||
|
Transfers into Level 3 |
— |
— |
— |
|||||||||
|
Transfers out of Level 3 |
— |
— |
— |
|||||||||
|
Ending balance as of September 30, 2016 |
$ |
2,185 |
$ |
152,481 |
$ |
10 |
||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
(61 |
) |
$ |
2,845 |
$ |
(10 |
) |
||||
|
Investments in Asset-Backed Securities |
Investments in Common Stock |
Total |
||||||||||
|
Beginning balance as of October 1, 2015 |
$ |
5,469 |
$ |
11 |
$ |
167,427 |
||||||
|
Accrued discounts/ premiums |
— |
— |
104 |
|||||||||
|
Realized gain/(loss) |
— |
— |
20,157 |
|||||||||
|
Change in unrealized appreciation/(depreciation) |
(3,060 |
) |
61 |
(225 |
) |
|||||||
|
Purchases |
— |
— |
1,740 |
|||||||||
|
Sales/paydowns |
(1,093 |
) |
(72 |
) |
(33,211 |
) |
||||||
|
Transfers into Level 3 |
— |
— |
— |
|||||||||
|
Transfers out of Level 3 |
— |
— |
— |
|||||||||
|
Ending balance as of September 30, 2016 |
$ |
1,316 |
$ |
— |
$ |
155,992 |
||||||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
(3,060 |
) |
$ |
— |
$ |
(286 |
) |
||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 103
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Fixed Income Opportunities Fund (concluded) |
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2016. 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 2016 (000) |
Valuation Techniques |
|||
|
BT SPE |
$1,316 |
Discounted Cash Flow Model |
||
|
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 |
9.25 |
% |
||
|
Valuation Techniques |
||||
|
Life Settlement Contracts |
152,481 |
Discounted Cash Flow Model |
||
|
Observable Inputs |
||||
|
Maturity Value |
||||
|
Unobservable Inputs |
Range |
|||
|
Discount Rate |
14 |
% |
||
|
Expected Maturity (months) |
2-112 months |
|||
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 year ended September 30, 2016, 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.
At September 30, 2016, the Fund had the following investments in life settlement contracts:
|
Year |
Number |
Fair |
Face Value |
|||||||||
|
2017 |
8 |
$ |
27,779 |
$ |
32,213 |
|||||||
|
2018 |
6 |
32,599 |
47,000 |
|||||||||
|
2019 |
7 |
19,974 |
37,750 |
|||||||||
|
2020 |
10 |
28,083 |
68,382 |
|||||||||
|
2021 |
9 |
21,764 |
75,000 |
|||||||||
|
Thereafter |
19 |
22,282 |
111,000 |
|||||||||
|
59 |
$ |
152,481 |
$ |
371,345 |
||||||||
For the year ended September 30, 2016, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Consolidated Statement of Operations, as part of the unrealized appreciation (depreciation) on investments, consisted of a net positive change to fair value on life settlement contracts of $141,833, offset by $19,559,209 in premiums paid and continuing costs associated with its investment in the Policies. For the year ended September 30, 2016, the Fund realized gains of $20,081,773 on matured life settlements, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain/loss on securities transactions.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 104
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund |
|
Description |
Shares |
Value (000) |
||||||
|
Common Stock [92.7%] |
||||||||
|
Consumer Discretionary [3.9%] |
||||||||
|
Cedar Fair |
14,000 |
$ |
802 |
|||||
|
Hasbro |
30,400 |
2,412 |
||||||
|
McDonald’s |
37,800 |
4,361 |
||||||
|
Six Flags Entertainment |
32,500 |
1,742 |
||||||
|
Total Consumer Discretionary |
9,317 |
|||||||
|
Consumer Staples [26.0%](A) |
||||||||
|
Altria Group |
73,750 |
4,663 |
||||||
|
B&G Foods |
125,300 |
6,162 |
||||||
|
Campbell Soup |
15,000 |
821 |
||||||
|
Clorox |
36,100 |
4,519 |
||||||
|
Coca-Cola |
24,172 |
1,023 |
||||||
|
ConAgra Foods |
27,800 |
1,310 |
||||||
|
Dr Pepper Snapple Group |
59,100 |
5,396 |
||||||
|
General Mills |
80,580 |
5,147 |
||||||
|
Hershey |
24,400 |
2,333 |
||||||
|
Imperial Brands ADR |
46,304 |
2,383 |
||||||
|
Kellogg |
45,500 |
3,525 |
||||||
|
Kimberly-Clark |
18,200 |
2,296 |
||||||
|
Mondelez International, Cl A |
16,000 |
702 |
||||||
|
PepsiCo |
8,000 |
870 |
||||||
|
Philip Morris International |
59,400 |
5,775 |
||||||
|
Procter & Gamble |
43,949 |
3,944 |
||||||
|
Reynolds American |
36,272 |
1,710 |
||||||
|
Sysco |
38,800 |
1,902 |
||||||
|
Unilever ADR |
22,200 |
|
1,052 |
|||||
|
Universal |
38,592 |
2,247 |
||||||
|
Vector Group |
171,554 |
3,694 |
||||||
|
Total Consumer Staples |
61,474 |
|||||||
|
Energy [7.4%] |
||||||||
|
Buckeye Partners |
12,400 |
888 |
||||||
|
Chevron |
34,683 |
3,570 |
||||||
|
ConocoPhillips |
27,500 |
1,195 |
||||||
|
Enterprise Products Partners |
84,584 |
2,337 |
||||||
|
Exxon Mobil |
25,838 |
2,255 |
||||||
|
NuStar Energy |
11,250 |
558 |
||||||
|
Occidental Petroleum |
25,500 |
1,859 |
||||||
|
ONEOK |
18,500 |
951 |
||||||
|
Plains All American Pipeline |
60,725 |
1,907 |
||||||
|
Sunoco |
10,500 |
305 |
||||||
|
TransCanada |
37,128 |
1,766 |
||||||
|
Total Energy |
17,591 |
|||||||
|
Financials [5.6%] |
||||||||
|
Arthur J Gallagher |
13,200 |
671 |
||||||
|
BB&T |
44,000 |
1,660 |
||||||
|
Cincinnati Financial |
58,250 |
4,393 |
||||||
|
Compass Diversified Holdings |
111,000 |
1,929 |
||||||
|
JPMorgan Chase |
32,000 |
2,131 |
||||||
|
Mercury General |
15,000 |
823 |
||||||
|
NBT Bancorp |
25,935 |
852 |
||||||
|
People’s United Financial |
30,000 |
475 |
||||||
|
US Bancorp |
10,000 |
429 |
||||||
|
Total Financials |
13,363 |
|||||||
|
Health Care [7.2%] |
||||||||
|
Bristol-Myers Squibb |
52,000 |
2,804 |
||||||
|
Eli Lilly |
52,400 |
4,205 |
||||||
|
GlaxoSmithKline ADR |
39,300 |
1,695 |
||||||
|
Johnson & Johnson |
42,800 |
5,056 |
||||||
|
Merck |
28,150 |
1,757 |
||||||
|
Pfizer |
41,944 |
1,421 |
||||||
|
Total Health Care |
16,938 |
|||||||
|
Industrials [4.9%] |
||||||||
|
3M |
1,000 |
176 |
||||||
|
Eaton |
39,700 |
2,609 |
||||||
|
Fly Leasing ADR |
46,877 |
544 |
||||||
|
General Dynamics |
14,500 |
2,250 |
||||||
|
General Electric |
13,743 |
407 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 105
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund (continued) |
|
Description |
Shares |
Value (000) |
||||||
|
Lockheed Martin |
23,617 |
$ |
5,661 |
|||||
|
Total Industrials |
11,647 |
|||||||
|
Information Technology [0.8%] |
||||||||
|
Leidos Holdings |
3,967 |
172 |
||||||
|
Paychex |
20,000 |
1,157 |
||||||
|
Seagate Technology |
15,000 |
578 |
||||||
|
Total Information Technology |
1,907 |
|||||||
|
Materials [2.1%] |
||||||||
|
Dow Chemical |
15,009 |
778 |
||||||
|
EI du Pont de Nemours |
32,700 |
2,190 |
||||||
|
Olin |
38,236 |
784 |
||||||
|
Sonoco Products |
24,000 |
1,268 |
||||||
|
Total Materials |
5,020 |
|||||||
|
REITs [14.0%] |
||||||||
|
Apartment Investment & Management, Cl A |
17,229 |
791 |
||||||
|
Camden Property Trust |
8,914 |
746 |
||||||
|
Care Capital Properties |
9,658 |
275 |
||||||
|
Communications Sales & Leasing |
43,225 |
1,358 |
||||||
|
EPR Properties |
33,200 |
2,614 |
||||||
|
Government Properties Income Trust |
35,000 |
792 |
||||||
|
Gramercy Property Trust |
51,000 |
492 |
||||||
|
HCP |
33,546 |
1,273 |
||||||
|
Healthcare Realty Trust |
17,000 |
579 |
||||||
|
Healthcare Trust of America, Cl A |
35,500 |
1,158 |
||||||
|
Lamar Advertising, Cl A |
78,800 |
5,146 |
||||||
|
Liberty Property Trust |
17,385 |
701 |
||||||
|
Life Storage |
10,036 |
893 |
||||||
|
Mid-America Apartment Communities |
12,000 |
1,128 |
||||||
|
National Health Investors |
20,000 |
1,570 |
||||||
|
National Retail Properties |
48,500 |
2,466 |
||||||
|
National Storage Affiliates Trust |
50,000 |
1,047 |
||||||
|
QTS Realty Trust, Cl A |
8,000 |
423 |
||||||
|
Select Income REIT |
62,000 |
1,668 |
||||||
|
Simon Property Group |
10,000 |
2,070 |
||||||
|
Tanger Factory Outlet Centers |
27,984 |
1,090 |
||||||
|
Ventas |
38,632 |
2,729 |
||||||
|
Welltower |
11,612 |
868 |
||||||
|
Weyerhaeuser |
38,400 |
1,227 |
||||||
|
Total REITs |
33,104 |
|||||||
|
Telecommunication Services [4.8%] |
||||||||
|
AT&T |
94,500 |
|
3,838 |
|||||
|
Consolidated Communications Holdings |
141,400 |
3,569 |
||||||
|
Verizon Communications |
76,267 |
3,964 |
||||||
|
Total Telecommunication Services |
11,371 |
|||||||
|
Utilities [16.0%] |
||||||||
|
American Electric Power |
33,500 |
2,151 |
||||||
|
AmeriGas Partners |
28,200 |
1,287 |
||||||
|
Atmos Energy |
15,000 |
1,117 |
||||||
|
Avangrid |
28,000 |
1,170 |
||||||
|
Avista |
30,000 |
1,254 |
||||||
|
Brookfield Infrastructure Partners |
54,000 |
1,871 |
||||||
|
Dominion Resources |
24,000 |
1,782 |
||||||
|
DTE Energy |
15,000 |
1,405 |
||||||
|
Duke Energy |
66,006 |
5,283 |
||||||
|
Entergy |
13,700 |
1,051 |
||||||
|
Eversource Energy |
37,492 |
2,031 |
||||||
|
FirstEnergy |
38,000 |
1,257 |
||||||
|
NiSource |
20,000 |
482 |
||||||
|
Northwest Natural Gas |
8,396 |
505 |
||||||
|
OGE Energy |
33,600 |
1,062 |
||||||
|
Pattern Energy Group, Cl A |
22,000 |
495 |
||||||
|
Pinnacle West Capital |
28,885 |
2,195 |
||||||
|
Portland General Electric |
12,000 |
511 |
||||||
|
PPL |
20,000 |
691 |
||||||
|
SCANA |
42,400 |
3,068 |
||||||
|
Sempra Energy |
9,000 |
965 |
||||||
|
Suburban Propane Partners |
11,200 |
373 |
||||||
|
United Utilities Group ADR |
17,318 |
452 |
||||||
|
WEC Energy Group |
36,500 |
2,186 |
||||||
|
Westar Energy, Cl A |
30,000 |
1,703 |
||||||
|
Xcel Energy |
40,000 |
1,646 |
||||||
|
Total Utilities |
37,993 |
|||||||
|
Total Common Stock |
||||||||
|
(Cost $159,132) |
219,725 |
|||||||
|
Exchange-Traded Funds [2.2%] |
||||||||
|
iShares US Preferred Stock ETF |
27,300 |
1,078 |
||||||
|
PowerShares Preferred Portfolio |
269,500 |
4,078 |
||||||
|
Total Exchange-Traded Funds |
||||||||
|
(Cost $5,027) |
5,156 |
|||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 106
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund (continued) |
|
Description |
Shares |
Value (000) |
||||||
|
Preferred Stock [1.4%] |
||||||||
|
Financials [0.7%] |
||||||||
|
AmTrust Financial Services, 7.500% |
10,000 |
$ |
272 |
|||||
|
Bank of America, 6.500% |
10,000 |
270 |
||||||
|
Capital One Financial, 6.700% |
10,000 |
281 |
||||||
|
JPMorgan Chase, 6.125% |
10,000 |
271 |
||||||
|
Wells Fargo, 6.000% |
10,000 |
268 |
||||||
|
Wells Fargo Real Estate Investment, 6.375% |
10,000 |
265 |
||||||
|
Total Financials |
1,627 |
|||||||
|
REITs [0.3%] |
||||||||
|
National Retail Properties, 6.625% |
10,000 |
257 |
||||||
|
Public Storage, 5.900% |
10,000 |
254 |
||||||
|
Public Storage, 5.400% |
10,000 |
264 |
||||||
|
Total REITs |
775 |
|||||||
|
Telecommunication Services [0.2%] |
||||||||
|
Qwest, 7.000% |
10,000 |
277 |
||||||
|
Verizon Communications, 5.900% |
10,000 |
279 |
||||||
|
Total Telecommunication Services |
556 |
|||||||
|
Utilities [0.2%] |
||||||||
|
Dominion Resources, 5.250% |
5,000 |
127 |
||||||
|
Southern, 6.250% |
10,000 |
278 |
||||||
|
Total Utilities |
405 |
|||||||
|
Total Preferred Stock |
||||||||
|
(Cost $3,125) |
3,363 |
|||||||
|
Description |
Face Amount (000)/Shares |
Value (000) |
||||||
|
Asset-Backed Security [0.0%] |
||||||||
|
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294) |
||||||||
|
9.250%, 06/06/16(B) (C) |
$ |
257 |
$ |
67 |
||||
|
Total Asset-Backed Security |
||||||||
|
(Cost $256) |
67 |
|||||||
|
Short-Term Investments [2.9%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
3,416,748 |
3,417 |
||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.240%** |
3,439,377 |
3,439 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $6,856) |
6,856 |
|||||||
|
Total Investments [99.2%] |
||||||||
|
(Cost $174,396) |
$ |
235,167 |
||||||
Percentages are based on Net Assets of $236,957 (000).
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
(A) |
The Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes. |
|
(B) |
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of September 30, 2016 was $67 (000) and represented 0.0% of net assets of the Fund. |
|
(C) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $67 (000) and represented 0.0% 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
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 107
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund (concluded) |
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stock |
$ |
219,725 |
$ |
— |
$ |
— |
$ |
219,725 |
||||||||
|
Exchange-Traded Funds |
5,156 |
— |
— |
5,156 |
||||||||||||
|
Preferred Stock |
3,363 |
— |
— |
3,363 |
||||||||||||
|
Asset-Backed Security |
— |
— |
67 |
67 |
||||||||||||
|
Short-Term Investments |
6,856 |
— |
— |
6,856 |
||||||||||||
|
Total Investments in Securities |
$ |
235,100 |
$ |
— |
$ |
67 |
$ |
235,167 |
||||||||
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2016:
|
Investments in Asset-Backed Security |
||||
|
Beginning balance as of October 1, 2015 |
$ |
280 |
||
|
Accrued discounts/premiums |
— |
|||
|
Realized gain/(loss) |
— |
|||
|
Change in unrealized appreciation/(depreciation) |
(156 |
) |
||
|
Purchases |
— |
|||
|
Sales/paydowns |
(57 |
) |
||
|
Transfers into Level 3 |
— |
|||
|
Transfers out of Level 3 |
— |
|||
|
Ending balance as of September 30, 2016 |
$ |
67 |
||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
(156 |
) |
|
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
|
Fair Value at September 30, 2016 (000) |
Valuation Techniques |
||
|
BT SPE |
$67 |
Discounted Cash Flow Model 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 increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For the year ended September 30, 2016, 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 108
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale U.S. Core Equity Fund |
|
Description |
Shares |
Value (000) |
||||||
|
Common Stock [97.4%] |
||||||||
|
Aerospace & Defense [5.7%] |
||||||||
|
Boeing |
29,500 |
$ |
3,886 |
|||||
|
Honeywell International |
53,000 |
6,179 |
||||||
|
Northrop Grumman |
12,000 |
2,568 |
||||||
|
Total Aerospace & Defense |
12,633 |
|||||||
|
Auto Components [1.6%] |
||||||||
|
Magna International |
80,500 |
3,457 |
||||||
|
Beverages [2.3%] |
||||||||
|
PepsiCo |
47,100 |
5,123 |
||||||
|
Biotechnology [1.7%] |
||||||||
|
Celgene * |
35,800 |
3,742 |
||||||
|
Capital Markets [1.5%] |
||||||||
|
BlackRock, Cl A |
9,300 |
3,371 |
||||||
|
Chemicals [1.0%] |
||||||||
|
Ecolab |
18,700 |
2,276 |
||||||
|
Commercial Banks [2.8%] |
||||||||
|
BankUnited |
93,800 |
2,833 |
||||||
|
Wells Fargo |
76,600 |
3,392 |
||||||
|
Total Commercial Banks |
6,225 |
|||||||
|
Commercial Services & Supplies [2.7%] |
||||||||
|
Cintas |
27,000 |
3,040 |
||||||
|
Equifax |
20,800 |
2,799 |
||||||
|
Total Commercial Services & Supplies |
5,839 |
|||||||
|
Computer Software [2.4%] |
||||||||
|
Microsoft |
90,300 |
|
5,201 |
|||||
|
Computers & Peripherals [2.1%] |
||||||||
|
Apple |
40,000 |
4,522 |
||||||
|
Consumer Finance [1.3%] |
||||||||
|
Synchrony Financial |
100,100 |
2,803 |
||||||
|
Diversified Financial Services [4.2%] |
||||||||
|
CME Group, Cl A |
40,600 |
4,243 |
||||||
|
JPMorgan Chase |
76,600 |
5,101 |
||||||
|
Total Diversified Financial Services |
9,344 |
|||||||
|
Electronic Equipment & Instruments [1.3%] |
||||||||
|
Cisco Systems |
87,000 |
2,760 |
||||||
|
Energy Equipment & Services [1.9%] |
||||||||
|
Schlumberger |
53,300 |
4,192 |
||||||
|
Food & Staples Retailing [6.0%] |
||||||||
|
Costco Wholesale |
22,600 |
3,447 |
||||||
|
CVS Health |
66,300 |
5,900 |
||||||
|
Wal-Mart Stores |
54,000 |
3,894 |
||||||
|
Total Food & Staples Retailing |
13,241 |
|||||||
|
Health Care Equipment & Supplies [2.9%] |
||||||||
|
Edwards Lifesciences * |
52,000 |
6,269 |
||||||
|
Health Care Providers & Services [3.8%] |
||||||||
|
HCA Holdings * |
39,300 |
2,972 |
||||||
|
UnitedHealth Group |
38,300 |
5,362 |
||||||
|
Total Health Care Providers & Services |
8,334 |
|||||||
|
Hotels, Restaurants & Leisure [1.3%] |
||||||||
|
Starbucks |
51,100 |
2,767 |
||||||
|
Household Durables [1.7%] |
||||||||
|
PulteGroup |
188,600 |
3,779 |
||||||
|
Household Products [2.1%] |
||||||||
|
Colgate-Palmolive |
61,300 |
4,545 |
||||||
|
Industrial Conglomerates [1.4%] |
||||||||
|
Danaher |
39,300 |
3,081 |
||||||
|
Insurance [2.1%] |
||||||||
|
American International Group |
78,600 |
4,664 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 109
|
schedule of investments |
|
September 30, 2016 |
|
City National Rochdale U.S. Core Equity Fund (concluded) |
|
Description |
Shares |
Value (000) |
||||||
|
Internet Software & Services [6.1%] |
||||||||
|
Alphabet, Cl A * |
8,500 |
$ |
6,834 |
|||||
|
Alphabet, Cl C * |
1,800 |
1,400 |
||||||
|
Facebook, Cl A * |
40,300 |
5,169 |
||||||
|
Total Internet Software & Services |
13,403 |
|||||||
|
IT Services [7.2%] |
||||||||
|
Fiserv * |
24,000 |
2,387 |
||||||
|
MasterCard, Cl A |
61,800 |
6,290 |
||||||
|
Visa, Cl A |
86,400 |
7,145 |
||||||
|
Total IT Services |
15,822 |
|||||||
|
Life Sciences Tools & Services [2.1%] |
||||||||
|
Thermo Fisher Scientific |
29,000 |
4,613 |
||||||
|
Machinery [1.2%] |
||||||||
|
Wabtec |
31,500 |
2,572 |
||||||
|
Media [4.7%] |
||||||||
|
Comcast, Cl A |
76,100 |
5,048 |
||||||
|
Time Warner |
26,500 |
2,110 |
||||||
|
Walt Disney |
33,800 |
3,139 |
||||||
|
Total Media |
10,297 |
|||||||
|
Multi-Utilities [2.8%] |
||||||||
|
PG&E |
102,100 |
6,246 |
||||||
|
Oil, Gas & Consumable Fuels [3.4%] |
||||||||
|
Chevron |
26,500 |
2,727 |
||||||
|
Exxon Mobil |
54,000 |
4,713 |
||||||
|
Total Oil, Gas & Consumable Fuels |
7,440 |
|||||||
|
Pharmaceuticals [4.6%] |
||||||||
|
Eli Lilly |
45,700 |
3,668 |
||||||
|
Johnson & Johnson |
36,300 |
4,288 |
||||||
|
Zoetis, Cl A |
42,000 |
2,185 |
||||||
|
Total Pharmaceuticals |
10,141 |
|||||||
|
Real Estate Investment Trusts [1.6%] |
||||||||
|
Essex Property Trust |
15,700 |
3,496 |
||||||
|
Semiconductors & Semiconductor Equipment [2.4%] |
||||||||
|
NXP Semiconductors * |
52,000 |
|
5,305 |
|||||
|
Software [1.6%] |
||||||||
|
Adobe Systems * |
32,400 |
3,517 |
||||||
|
Specialty Retail [4.2%] |
||||||||
|
Home Depot |
43,200 |
5,559 |
||||||
|
Lowe’s |
51,100 |
3,690 |
||||||
|
Total Specialty Retail |
9,249 |
|||||||
|
Water Utilities [1.7%] |
||||||||
|
American Water Works |
51,100 |
3,824 |
||||||
|
Total Common Stock |
||||||||
|
(Cost $176,241) |
214,093 |
|||||||
|
Short-Term Investments [2.5%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
2,542,228 |
2,542 |
||||||
|
Goldman Sachs Financial Square Funds - Government Fund, 0.294%** |
2,985,471 |
2,985 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $5,528) |
5,527 |
|||||||
|
Total Investments [99.9%] |
||||||||
|
(Cost $181,769) |
$ |
219,620 |
||||||
Percentages are based on Net Assets of $219,834 (000).
|
‡ |
Investment in Affiliate. |
|
* |
Non-income producing security. |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
Cl — Class
As of September 30, 2016, 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 year ended September 30, 2016, 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 110
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Emerging Markets Fund |
|
Description |
Shares |
Value (000) |
||||||
|
Common Stock [87.9%] |
||||||||
|
China [36.1%] |
||||||||
|
AAC Technologies Holdings |
3,059,200 |
$ |
30,744 |
|||||
|
Alibaba Group Holding ADR * |
125,519 |
13,279 |
||||||
|
ANTA Sports Products |
5,250,000 |
14,248 |
||||||
|
Baidu ADR * |
65,400 |
11,907 |
||||||
|
Bloomage BioTechnology |
5,592,500 |
9,431 |
||||||
|
China Medical System Holdings |
9,949,000 |
16,726 |
||||||
|
China Overseas Land & Investment |
2,904,000 |
9,847 |
||||||
|
China Railway Group, Cl H |
13,871,000 |
10,015 |
||||||
|
China State Construction International Holdings |
5,953,091 |
7,828 |
||||||
|
CIMC Enric Holdings |
10,362,000 |
4,489 |
||||||
|
Ctrip.com International ADR * |
256,500 |
11,945 |
||||||
|
Great Wall Motor, Cl H |
21,406,500 |
20,837 |
||||||
|
Minth Group |
4,370,000 |
15,353 |
||||||
|
New Oriental Education & Technology Group ADR * |
366,500 |
16,991 |
||||||
|
Ping An Insurance Group of China, Cl H |
3,750,000 |
19,436 |
||||||
|
Postal Savings Bank of China, Cl H * (A) |
7,500,000 |
4,612 |
||||||
|
Sunac China Holdings |
12,228,000 |
8,797 |
||||||
|
Sunny Optical Technology Group |
8,666,132 |
42,792 |
||||||
|
Tencent Holdings |
1,923,100 |
52,811 |
||||||
|
XTEP International Holdings |
20,708,500 |
9,638 |
||||||
|
Zhejiang Expressway, Cl H |
12,680,000 |
13,372 |
||||||
|
ZTE, Cl H |
9,479,024 |
13,785 |
||||||
|
Total China |
358,883 |
|||||||
|
Hong Kong [8.1%] |
||||||||
|
Galaxy Entertainment Group |
4,888,000 |
18,402 |
||||||
|
Man Wah Holdings |
23,158,400 |
|
14,839 |
|||||
|
MTR |
2,566,029 |
14,126 |
||||||
|
NagaCorp |
25,402,063 |
16,702 |
||||||
|
Skyworth Digital Holdings |
22,533,983 |
16,211 |
||||||
|
Total Hong Kong |
80,280 |
|||||||
|
India [19.5%] |
||||||||
|
Bharat Petroleum (C) |
1,159,840 |
10,672 |
||||||
|
CESC (C) |
1,304,688 |
11,968 |
||||||
|
Crompton Greaves Consumer Electricals *(C) |
4,072,928 |
9,418 |
||||||
|
Dr. Reddy’s Laboratories ADR |
135,300 |
6,281 |
||||||
|
Emami (C) |
523,865 |
9,205 |
||||||
|
HDFC Bank (C) |
360,293 |
7,955 |
||||||
|
HDFC Bank ADR |
239,000 |
17,182 |
||||||
|
Housing Development Finance (C) |
695,772 |
14,562 |
||||||
|
ICICI Bank (C) |
1,670,000 |
6,324 |
||||||
|
ICICI Bank ADR |
1,283,432 |
9,587 |
||||||
|
ICICI Prudential Life Insurance * (A) (C) |
1,006,236 |
4,689 |
||||||
|
Infosys ADR |
453,000 |
7,148 |
||||||
|
ITC (C) |
3,641,234 |
13,199 |
||||||
|
Kotak Mahindra Bank (C) |
1,216,940 |
14,202 |
||||||
|
Mindtree (C) |
845,936 |
6,126 |
||||||
|
Sun Pharmaceutical Industries (C) |
640,355 |
7,143 |
||||||
|
Taro Pharmaceutical Industries * |
69,669 |
7,699 |
||||||
|
Tata Motors, Cl A (C) |
1,482,833 |
7,583 |
||||||
|
Tata Motors ADR |
388,670 |
15,539 |
||||||
|
Tech Mahindra (C) |
1,157,336 |
7,298 |
||||||
|
Total India |
193,780 |
|||||||
|
Indonesia [5.8%] |
||||||||
|
Bank Mandiri Persero |
11,554,300 |
9,915 |
||||||
|
Cikarang Listrindo * (A) |
24,368,900 |
2,782 |
||||||
|
Ciputra Development |
72,060,759 |
8,779 |
||||||
|
Jasa Marga Persero |
20,664,800 |
7,284 |
||||||
|
Lippo Karawaci |
87,737,461 |
6,656 |
||||||
|
Mitra Adiperkasa * |
20,305,600 |
7,157 |
||||||
|
MNC Kapital Indonesia *(B)(D) |
89,800,000 |
8,360 |
||||||
|
Surya Citra Media |
33,593,500 |
7,207 |
||||||
|
Total Indonesia |
58,140 |
|||||||
|
Malaysia [4.2%] |
||||||||
|
Berjaya Auto |
13,183,600 |
7,269 |
||||||
|
Inari Amertron |
14,869,388 |
11,937 |
||||||
|
My EG Services |
19,814,600 |
10,924 |
||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 111
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Emerging Markets Fund (continued) |
|
Description |
Shares |
Value (000) |
||||||
|
Nirvana Asia (A) (B) |
28,874,000 |
$ |
11,168 |
|||||
|
Total Malaysia |
41,298 |
|||||||
|
Philippines [7.5%] |
||||||||
|
GT Capital Holdings |
572,760 |
17,007 |
||||||
|
JG Summit Holdings |
4,000,000 |
6,145 |
||||||
|
Jollibee Foods |
1,430,480 |
7,286 |
||||||
|
Megaworld |
125,763,826 |
12,240 |
||||||
|
Metropolitan Bank & Trust |
3,788,094 |
6,663 |
||||||
|
Security Bank |
2,503,930 |
12,475 |
||||||
|
SM Prime Holdings |
21,710,875 |
12,603 |
||||||
|
Total Philippines |
74,419 |
|||||||
|
South Korea [0.9%] |
||||||||
|
Hotel Shilla |
171,700 |
9,432 |
||||||
|
Thailand [4.7%] |
||||||||
|
KCE Electronics - Foreign |
5,070,400 |
15,511 |
||||||
|
Land & Houses NVDR |
32,171,284 |
8,310 |
||||||
|
Minor International - Foreign |
10,050,305 |
11,312 |
||||||
|
Minor International NVDR |
1,096,700 |
1,235 |
||||||
|
Siam Cement - Foreign |
686,600 |
10,264 |
||||||
|
Total Thailand |
46,632 |
|||||||
|
United States [1.1%] |
||||||||
|
Cognizant Technology Solutions, Cl A * |
224,000 |
10,687 |
||||||
|
Total Common Stock |
||||||||
|
(Cost $716,171) |
873,551 |
|||||||
|
Participatory Notes [2.6%] |
||||||||
|
Boci Financial# |
775,500 |
2,541 |
||||||
|
Boci Financial - Credit Suisse# |
452,500 |
1,482 |
||||||
|
Boci Financial - UBS# |
2,020,490 |
6,602 |
||||||
|
Hangzhou Hikvision Digital Technology-UBS, Expires 05/30/17 |
3,305,170 |
12,127 |
||||||
|
Hangzhou Hikvision Digital Technology - Credit Suisse# |
414,513 |
1,521 |
||||||
|
Description |
Shares/Number of Warrants |
Value (000) |
||||||
|
Hangzhou Hikvision Digital-A-Credit Suisse, |
||||||||
|
Expires 09/27/21 |
330,000 |
$ |
1,211 |
|||||
|
Total Participatory Notes |
||||||||
|
(Cost $24,155) |
25,484 |
|||||||
|
Warrants [0.1%] |
||||||||
|
Inari Amertron, |
||||||||
|
Expires 02/17/20, Strike Price 1.60(MYR)* |
1,117,403 |
476 |
||||||
|
Minor International, |
||||||||
|
Expires 12/31/29, Strike Price 40(THB)* |
355,427 |
52 |
||||||
|
Total Warrants |
||||||||
|
(Cost $—) |
528 |
|||||||
|
Short-Term Investments [5.5%] |
||||||||
|
City National Rochdale Government Money Market Fund, Cl I, 0.030%** ‡ |
24,145,290 |
24,145 |
||||||
|
SEI Daily Income Trust Government Fund, Cl A, 0.240%** |
30,896,699 |
30,897 |
||||||
|
Total Short-Term Investments |
||||||||
|
(Cost $55,042) |
55,042 |
|||||||
|
Total Investments [96.1%] |
||||||||
|
(Cost $795,368) |
$ |
954,605 |
||||||
Percentages are based on Net Assets of $993,264 (000).
|
* |
Non-income producing security. |
|
** |
The rate reported is the 7-day effective yield as of September 30, 2016. |
|
‡ |
Investment in Affiliate. |
|
# |
Expiration date not available. |
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $23,251 (000), representing 2.3% of the 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 security as of September 30, 2016 was $19,528 (000) and represented 2.0% of net assets of the Fund. |
|
(C) |
Securities held through a Mauritius Subsidiary (See Note 2). |
|
(D) |
Security is considered illiquid. The total market value of the securities as of September 30, 2016 was $8,360 (000) and represented 0.8% of net assets of the Fund. |
ADR — American Depositary Receipt
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 112
|
consolidated schedule of investments |
|
September 30, 2016 |
|
City National Rochdale Emerging Markets Fund (concluded) |
Cl — Class
NVDR — Non Voting Depositary Receipt
The following is a list of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at value (000):
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stock |
$ |
854,023 |
$ |
11,168 |
$ |
8,360 |
$ |
873,551 |
||||||||
|
Participatory Notes |
— |
25,484 |
— |
25,484 |
||||||||||||
|
Warrants |
528 |
— |
— |
528 |
||||||||||||
|
Short-Term Investments |
55,042 |
— |
— |
55,042 |
||||||||||||
|
Total Investments in Securities |
$ |
909,593 |
$ |
36,652 |
$ |
8,360 |
$ |
954,605 |
||||||||
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of September 30, 2016:
|
Investments in Common Stock |
||||
|
Beginning balance as of October 1, 2015 |
$ |
— |
||
|
Accrued discounts/premiums |
— |
|||
|
Realized gain/(loss) |
— |
|||
|
Change in unrealized appreciation/(depreciation) |
— |
|||
|
Purchases |
— |
|||
|
Sales/paydowns |
— |
|||
|
Transfers into Level 3 |
8,360 |
|||
|
Transfers out of Level 3 |
— |
|||
|
Ending balance as of September 30, 2016 |
$ |
8,360 |
||
|
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |
$ |
— |
||
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments that are not valued via one or more broker quotes as of September 30, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
|
Fair Value at September 30, 2016 (000) |
Valuation Techniques |
||
|
Common Stock |
$8,360 |
Discounted from the Last Traded Price |
|
|
Observable Inputs |
|||
|
N/A |
|||
|
Unobservable Inputs |
Discount Range |
||
|
Discount Rate |
25% |
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For the year ended September 30, 2016, there have been transfers between Level 1 and Level 2 assets and liabilities. For the year ended September 30, 2016, there have been transfers between Level 2 and Level 3 assets and liabilities. The transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 113
|
statements of assets and liabilities (000) |
|
September 30, 2016 |
|
City National Rochdale Government Money Market Fund |
City National Rochdale Government Bond Fund |
City National Rochdale Corporate Bond Fund |
City National Rochdale California Tax Exempt Bond Fund |
|||||||||||||
|
ASSETS: |
||||||||||||||||
|
Cost of securities (including affiliated investments and repurchase agreements) |
$ |
5,737,293 |
$ |
148,540 |
$ |
125,465 |
$ |
96,094 |
||||||||
|
Investments in securities, at value |
$ |
4,792,293 |
$ |
149,244 |
$ |
126,820 |
$ |
94,849 |
||||||||
|
Affiliated investments, at value |
— |
855 |
808 |
3,643 |
||||||||||||
|
Repurchase agreements, at value |
945,000 |
— |
— |
— |
||||||||||||
|
Dividend and interest receivable |
803 |
575 |
926 |
974 |
||||||||||||
|
Foreign tax reclaim receivable |
— |
— |
5 |
— |
||||||||||||
|
Receivable for capital shares sold |
— |
128 |
331 |
— |
||||||||||||
|
Prepaid expenses |
79 |
3 |
3 |
2 |
||||||||||||
|
Total Assets |
5,738,175 |
150,805 |
128,893 |
99,468 |
||||||||||||
|
LIABILITIES: |
||||||||||||||||
|
Payable for income distributions |
54 |
23 |
144 |
91 |
||||||||||||
|
Payable for capital shares redeemed |
— |
22 |
151 |
20 |
||||||||||||
|
Payable for investment securities purchased |
— |
— |
— |
1,139 |
||||||||||||
|
Investment advisory fees payable |
1,983 |
47 |
33 |
12 |
||||||||||||
|
Shareholder servicing and distribution fees payable |
— |
17 |
27 |
32 |
||||||||||||
|
Administrative fees payable |
86 |
13 |
13 |
12 |
||||||||||||
|
Accrued expenses |
374 |
25 |
25 |
24 |
||||||||||||
|
Total Liabilities |
2,497 |
147 |
393 |
1,330 |
||||||||||||
|
Net Assets |
$ |
5,735,678 |
$ |
150,658 |
$ |
128,500 |
$ |
98,138 |
||||||||
|
Net Assets: |
||||||||||||||||
|
Paid-in Capital (unlimited authorization — $0.01 par value) |
$ |
5,735,678 |
$ |
149,004 |
$ |
127,663 |
$ |
95,147 |
||||||||
|
Undistributed (Distributions in excess of) net investment income |
— |
— |
1 |
5 |
||||||||||||
|
Accumulated net realized gain (loss) on investments |
— |
95 |
(1,327 |
) |
588 |
|||||||||||
|
Net unrealized appreciation on investments |
— |
1,559 |
2,163 |
2,398 |
||||||||||||
|
Net Assets |
$ |
5,735,678 |
$ |
150,658 |
$ |
128,500 |
$ |
98,138 |
||||||||
|
Institutional Class Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
— |
$ |
66,021,240 |
$ |
— |
$ |
— |
||||||||
|
Total shares outstanding at end of period |
— |
6,224,492 |
— |
— |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
— |
$ |
10.61 |
$ |
— |
$ |
— |
||||||||
|
Class N Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
3,870,786,500 |
$ |
1,452,711 |
$ |
3,782,866 |
$ |
7,443,497 |
||||||||
|
Total shares outstanding at end of period |
3,870,784,354 |
136,767 |
359,468 |
687,629 |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
1.00 |
$ |
10.62 |
$ |
10.52 |
$ |
10.82 |
||||||||
|
Class S Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
882,925,039 |
$ |
— |
$ |
— |
$ |
— |
||||||||
|
Total shares outstanding at end of period |
882,925,907 |
— |
— |
— |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
1.00 |
$ |
— |
$ |
— |
$ |
— |
||||||||
|
Servicing Class Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
981,966,834 |
$ |
83,183,812 |
$ |
124,717,051 |
$ |
90,694,288 |
||||||||
|
Total shares outstanding at end of period |
981,968,181 |
7,845,713 |
11,871,313 |
8,405,966 |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
1.00 |
$ |
10.60 |
$ |
10.51 |
$ |
10.79 |
||||||||
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 assets and liabilities (000)/ |
|
September 30, 2016 |
|
City National Rochdale Municipal High Income Fund |
City National Rochdale High Yield Bond Fund |
City National Rochdale Intermediate Fixed Income Fund |
City National Rochdale Fixed Income Opportunities Fund |
|||||||||||||
|
ASSETS: |
||||||||||||||||
|
Cost of securities (including affiliated investments) |
$ |
994,320 |
$ |
78,520 |
$ |
250,992 |
$ |
2,104,771 |
||||||||
|
Investments in securities, at value |
$ |
1,025,358 |
$ |
75,418 |
$ |
256,893 |
$ |
2,146,166 |
||||||||
|
Affiliated investments, at value |
18,397 |
1,133 |
1,106 |
8,930 |
||||||||||||
|
Cash |
— |
63 |
— |
1,978 |
||||||||||||
|
Foreign Currency |
— |
— |
— |
10,159 |
(1) |
|||||||||||
|
Dividend and interest receivable |
13,703 |
1,432 |
1,964 |
28,115 |
||||||||||||
|
Foreign tax reclaim receivable |
— |
2 |
— |
222 |
||||||||||||
|
Receivable for capital shares sold |
2,634 |
76 |
634 |
4,766 |
||||||||||||
|
Receivable for investment securities sold |
8,241 |
874 |
— |
57,447 |
||||||||||||
|
Unrealized gain on forward foreign currency contracts |
— |
11 |
— |
106 |
||||||||||||
|
Purchased Option, at value |
— |
— |
— |
— |
(2) |
|||||||||||
|
Prepaid expenses |
17 |
1 |
5 |
37 |
||||||||||||
|
Total Assets |
1,068,350 |
79,010 |
260,602 |
2,257,926 |
||||||||||||
|
LIABILITIES: |
||||||||||||||||
|
Payable for investment securities purchased |
26,257 |
695 |
— |
92,647 |
||||||||||||
|
Payable for income distributions |
1,893 |
123 |
— |
— |
||||||||||||
|
Payable for capital shares redeemed |
284 |
264 |
27 |
318 |
||||||||||||
|
Unrealized loss on forward foreign currency contracts |
— |
4 |
— |
216 |
||||||||||||
|
Investment advisory fees payable |
417 |
38 |
86 |
832 |
||||||||||||
|
Shareholder servicing and distribution fees payable |
324 |
11 |
52 |
879 |
||||||||||||
|
Administrative fees payable |
24 |
12 |
14 |
39 |
||||||||||||
|
Accrued expenses |
100 |
28 |
91 |
415 |
||||||||||||
|
Total Liabilities |
29,299 |
1,175 |
270 |
95,346 |
||||||||||||
|
Net Assets |
$ |
1,039,051 |
$ |
77,835 |
$ |
260,332 |
$ |
2,162,580 |
||||||||
|
NET ASSETS: |
||||||||||||||||
|
Paid-in Capital (unlimited authorization — $0.01 par value) |
$ |
995,795 |
$ |
85,445 |
$ |
256,551 |
$ |
2,247,843 |
||||||||
|
Undistributed (Distributions in excess of) net investment income |
1,095 |
(67 |
) |
52 |
(39,650 |
) |
||||||||||
|
Accumulated net realized (loss) on investments and foreign currency |
(7,274 |
) |
(5,581 |
) |
(3,278 |
) |
(43,899 |
) |
||||||||
|
Net unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments |
49,435 |
(1,969 |
) |
7,007 |
(1,636 |
) |
||||||||||
|
Purchased options contracts |
— |
— |
— |
(1 |
) |
|||||||||||
|
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies |
— |
7 |
— |
(77 |
) |
|||||||||||
|
Net Assets |
$ |
1,039,051 |
$ |
77,835 |
$ |
260,332 |
$ |
2,162,580 |
||||||||
|
Institutional Class Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
— |
$ |
40,701,400 |
$ |
7,249,000 |
$ |
— |
||||||||
|
Total shares outstanding at end of period |
— |
5,215,400 |
272,888 |
— |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
— |
$ |
7.80 |
$ |
26.56 |
$ |
— |
||||||||
|
Class N Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
595,220,583 |
$ |
18,512,531 |
$ |
253,082,722 |
$ |
2,162,579,579 |
||||||||
|
Total shares outstanding at end of period |
53,435,853 |
2,372,408 |
9,529,181 |
85,276,390 |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
11.14 |
$ |
7.80 |
$ |
26.56 |
$ |
25.36 |
||||||||
|
Servicing Class Shares: |
||||||||||||||||
|
Net Assets ($Dollars) |
$ |
443,830,023 |
$ |
18,621,308 |
$ |
— |
$ |
— |
||||||||
|
Total shares outstanding at end of period |
39,827,063 |
2,387,376 |
— |
— |
||||||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
11.14 |
$ |
7.80 |
$ |
— |
$ |
— |
||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
|
(1) |
Cost of Foreign Currency $10,159 (000). |
|
(2) |
Cost of Purchased Option $1 (000). |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 115
|
statements of assets and liabilities (000)/ |
|
September 30, 2016 |
|
City National Rochdale Dividend & Income Fund |
City National Rochdale U.S. Core Equity Fund |
City National Rochdale Emerging Markets Fund |
||||||||||
|
ASSETS: |
||||||||||||
|
Cost of securities (including affiliated investments) |
$ |
174,396 |
$ |
181,769 |
$ |
795,368 |
||||||
|
Investments in securities, at value |
$ |
231,750 |
$ |
217,078 |
$ |
930,460 |
||||||
|
Affiliated investments, at value |
3,417 |
2,542 |
24,145 |
|||||||||
|
Foreign Currency(1) |
— |
— |
36,641 |
|||||||||
|
Dividend and interest receivable |
556 |
135 |
838 |
|||||||||
|
Foreign tax reclaim receivable |
10 |
2 |
11 |
|||||||||
|
Receivable for capital shares sold |
733 |
361 |
3,130 |
|||||||||
|
Receivable for investment securities sold |
1,673 |
— |
— |
|||||||||
|
Prepaid expenses |
4 |
4 |
16 |
|||||||||
|
Total Assets |
238,143 |
220,122 |
995,241 |
|||||||||
|
LIABILITIES: |
||||||||||||
|
Payable for investment securities purchased |
595 |
— |
563 |
|||||||||
|
Payable for capital shares redeemed |
355 |
110 |
124 |
|||||||||
|
Investment advisory fees payable |
96 |
71 |
815 |
|||||||||
|
Shareholder servicing and distribution fees payable |
96 |
65 |
290 |
|||||||||
|
Administrative fees payable |
14 |
14 |
24 |
|||||||||
|
Accrued expenses |
30 |
28 |
161 |
|||||||||
|
Total Liabilities |
1,186 |
288 |
1,977 |
|||||||||
|
Net Assets |
$ |
236,957 |
$ |
219,834 |
$ |
993,264 |
||||||
|
NET ASSETS: |
||||||||||||
|
Paid-in Capital (unlimited authorization — $0.01 par value) |
$ |
173,489 |
$ |
173,642 |
$ |
858,359 |
||||||
|
Undistributed (Distributions in excess of) net investment income |
(12 |
) |
34 |
419 |
||||||||
|
Accumulated net realized gain (loss) on investments and foreign currency |
2,709 |
8,307 |
(24,920 |
) |
||||||||
|
Net unrealized appreciation on: |
||||||||||||
|
Investments |
60,771 |
37,851 |
159,237 |
|||||||||
|
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies |
— |
— |
169 |
|||||||||
|
Net Assets |
$ |
236,957 |
$ |
219,834 |
$ |
993,264 |
||||||
|
Institutional Class Shares: |
||||||||||||
|
Net Assets ($Dollars) |
$ |
— |
$ |
14,103 |
$ |
— |
||||||
|
Total shares outstanding at end of period |
— |
1,007 |
— |
|||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
— |
$ |
14.00 |
$ |
— |
||||||
|
Class N Shares: |
||||||||||||
|
Net Assets ($Dollars) |
$ |
236,957,148 |
$ |
108,806,772 |
$ |
112,388,530 |
||||||
|
Total shares outstanding at end of period |
5,972,357 |
7,848,939 |
2,697,359 |
|||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
39.68 |
$ |
13.86 |
$ |
41.67 |
||||||
|
Servicing Class Shares: |
||||||||||||
|
Net Assets ($Dollars) |
$ |
— |
$ |
111,012,906 |
$ |
— |
||||||
|
Total shares outstanding at end of period |
— |
7,997,745 |
— |
|||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
— |
$ |
13.88 |
$ |
— |
||||||
|
Class Y Shares: |
||||||||||||
|
Net Assets ($Dollars) |
$ |
— |
$ |
— |
$ |
880,875,571 |
||||||
|
Total shares outstanding at end of period |
— |
— |
21,119,492 |
|||||||||
|
Net asset value, offering and redemption price per share |
||||||||||||
|
(net assets ÷ shares outstanding) |
$ |
— |
$ |
— |
$ |
41.71 |
||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
|
(1) |
Cost of foreign currency $36,472 (000). |
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 116
|
statements of operations (000) |
|
For the year ended September 30, 2016 |
|
City National Rochdale Government Money Market Fund |
City National Rochdale Government Bond Fund |
City National Rochdale Corporate Bond Fund |
City National Rochdale California Tax Exempt Bond Fund |
|||||||||||||
|
INVESTMENT INCOME: |
||||||||||||||||
|
Dividend Income from Affiliated Investments |
$ |
— |
$ |
— |
$ |
— |
$ |
59 |
||||||||
|
Interest Income |
13,846 |
2,051 |
3,271 |
1,913 |
||||||||||||
|
Total Investment Income |
13,846 |
2,051 |
3,271 |
1,972 |
||||||||||||
|
EXPENSES: |
||||||||||||||||
|
Investment Advisory Fees |
11,106 |
645 |
521 |
263 |
||||||||||||
|
Shareholder Servicing Fees — Class N(1) |
17,122 |
8 |
20 |
53 |
||||||||||||
|
Shareholder Servicing Fees — Class S(1) |
5,495 |
— |
— |
— |
||||||||||||
|
Shareholder Servicing Fees — Servicing Class |
1,065 |
217 |
315 |
217 |
||||||||||||
|
Administration Fees |
806 |
145 |
142 |
136 |
||||||||||||
|
Transfer Agent Fees |
384 |
13 |
12 |
9 |
||||||||||||
|
Trustee Fees |
149 |
27 |
26 |
25 |
||||||||||||
|
Professional Fees |
224 |
14 |
13 |
12 |
||||||||||||
|
Custody Fees |
160 |
6 |
11 |
4 |
||||||||||||
|
Registration Fees |
200 |
7 |
7 |
5 |
||||||||||||
|
Printing Fees |
135 |
4 |
4 |
3 |
||||||||||||
|
Insurance and Other Expenses |
217 |
12 |
38 |
20 |
||||||||||||
|
Total Expenses |
37,063 |
1,098 |
1,109 |
747 |
||||||||||||
|
Less, Waivers and/or Reimbursements of: |
||||||||||||||||
|
Investment Advisory Fees |
(345 |
) |
(79 |
) |
(109 |
) |
(105 |
) |
||||||||
|
Shareholder Servicing Fees — Class N(1) |
(17,122 |
) |
— |
— |
— |
|||||||||||
|
Shareholder Servicing Fees — Class S(1) |
(5,495 |
) |
— |
— |
— |
|||||||||||
|
Shareholder Servicing Fees — Servicing Class |
(1,065 |
) |
— |
— |
— |
|||||||||||
|
Administration Fees |
(86 |
) |
— |
— |
— |
|||||||||||
|
Net Expenses |
12,950 |
1,019 |
1,000 |
642 |
||||||||||||
|
Net Investment Income |
896 |
1,032 |
2,271 |
1,330 |
||||||||||||
|
Net Realized Gain (Loss) from Securities Transactions |
— |
255 |
(1,132 |
) |
591 |
|||||||||||
|
Net Change in Unrealized Appreciation on: |
||||||||||||||||
|
Investments |
— |
111 |
2,206 |
372 |
||||||||||||
|
Affiliated Investments |
— |
— |
— |
62 |
||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
896 |
$ |
1,398 |
$ |
3,345 |
$ |
2,355 |
||||||||
|
(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 117
|
statements of operations (000)/ |
|
For the year ended September 30, 2016 |
|
City National Rochdale Municipal High Income Fund |
City National Rochdale High Yield Bond Fund |
City National Rochdale Intermediate Fixed Income Fund |
City National Rochdale Fixed Income Opportunities Fund |
|||||||||||||
|
INVESTMENT INCOME: |
||||||||||||||||
|
Dividend Income |
$ |
— |
$ |
3 |
$ |
469 |
$ |
1,840 |
||||||||
|
Dividend Income from Affiliated Investments |
6 |
— |
— |
— |
||||||||||||
|
Interest Income |
40,378 |
5,532 |
7,395 |
112,360 |
||||||||||||
|
Total Investment Income |
40,384 |
5,535 |
7,864 |
114,200 |
||||||||||||
|
EXPENSES: |
||||||||||||||||
|
Investment Advisory Fees |
3,910 |
470 |
1,082 |
9,146 |
||||||||||||
|
Shareholder Servicing Fees — Class N(1) |
2,323 |
79 |
1,296 |
9,146 |
||||||||||||
|
Shareholder Servicing Fees — Servicing Class |
942 |
54 |
— |
— |
||||||||||||
|
Administration Fees |
256 |
133 |
164 |
489 |
||||||||||||
|
Transfer Agent Fees |
77 |
7 |
24 |
166 |
||||||||||||
|
Trustee Fees |
47 |
25 |
31 |
104 |
||||||||||||
|
Professional Fees |
52 |
11 |
19 |
151 |
||||||||||||
|
Custody Fees |
33 |
11 |
11 |
496 |
||||||||||||
|
Registration Fees |
41 |
5 |
13 |
85 |
||||||||||||
|
Printing Fees |
26 |
2 |
7 |
54 |
||||||||||||
|
Insurance and Other Expenses |
102 |
33 |
38 |
246 |
||||||||||||
|
Total Expenses |
7,809 |
830 |
2,685 |
20,083 |
||||||||||||
|
Recovery of Investment Advisory Fees Previously Waived(2) |
— |
— |
— |
48 |
||||||||||||
|
Less, Waivers of: |
||||||||||||||||
|
Investment Advisory Fees |
— |
(49 |
) |
(8 |
) |
— |
||||||||||
|
Net Expenses |
7,809 |
781 |
2,677 |
20,131 |
||||||||||||
|
Net Investment Income |
32,575 |
4,754 |
5,187 |
94,069 |
||||||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||||||
|
Securities Transactions |
(7,929 |
) |
(5,252 |
) |
(771 |
) |
(42,394 |
) |
||||||||
|
Futures Contracts |
426 |
— |
— |
— |
||||||||||||
|
Forward Foreign Currency Contracts |
— |
92 |
— |
8,728 |
||||||||||||
|
Foreign Currency Transactions |
— |
(11 |
) |
— |
(3,199 |
) |
||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||
|
Investments |
41,496 |
7,095 |
5,455 |
96,057 |
||||||||||||
|
Purchased Options Contracts |
— |
— |
— |
(1 |
) |
|||||||||||
|
Futures Contracts |
58 |
— |
— |
— |
||||||||||||
|
Forward Foreign Currency Contracts |
— |
(1 |
) |
— |
(569 |
) |
||||||||||
|
Foreign Currency Translations |
— |
2 |
— |
91 |
||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
66,626 |
$ |
6,679 |
$ |
9,871 |
$ |
152,782 |
||||||||
|
(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 118
|
statements of operations (000)/ |
|
For the year ended September 30, 2016 |
|
City National Rochdale Dividend & Income Fund |
City National Rochdale U.S. Core Equity Fund |
City National Rochdale Emerging Markets Fund |
||||||||||
|
INVESTMENT INCOME: |
||||||||||||
|
Dividend Income |
$ |
7,574 |
$ |
3,455 |
$ |
15,935 |
||||||
|
Dividend Income from Affiliated Investments |
1 |
1 |
6 |
|||||||||
|
Interest Income |
27 |
2 |
— |
|||||||||
|
Less: Foreign Taxes Withheld |
(7 |
) |
(11 |
) |
(787 |
) |
||||||
|
Total Investment Income |
7,595 |
3,447 |
15,154 |
|||||||||
|
EXPENSES: |
||||||||||||
|
Investment Advisory Fees |
1,055 |
864 |
8,369 |
|||||||||
|
Shareholder Servicing Fees — Class N(1) |
1,055 |
529 |
3,306 |
|||||||||
|
Shareholder Servicing Fees — Servicing Class |
— |
272 |
— |
|||||||||
|
Shareholder Servicing Fees — Class Y |
— |
— |
439 |
|||||||||
|
Administration Fees |
155 |
155 |
255 |
|||||||||
|
Transfer Agent Fees |
19 |
20 |
78 |
|||||||||
|
Trustee Fees |
29 |
29 |
47 |
|||||||||
|
Professional Fees |
18 |
18 |
109 |
|||||||||
|
Custody Fees |
8 |
9 |
330 |
|||||||||
|
Registration Fees |
10 |
11 |
38 |
|||||||||
|
Printing Fees |
6 |
6 |
26 |
|||||||||
|
Interest Expense |
1 |
— |
— |
|||||||||
|
Insurance and Other Expenses |
12 |
12 |
155 |
|||||||||
|
Total Expenses |
2,368 |
1,925 |
13,152 |
|||||||||
|
Less, Waiver of: |
||||||||||||
|
Investment Advisory Fees |
(18 |
) |
— |
(47 |
) |
|||||||
|
Net Expenses |
2,350 |
1,925 |
13,105 |
|||||||||
|
Net Investment Income |
5,245 |
1,522 |
2,049 |
|||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||
|
Securities Transactions |
824 |
8,913 |
(15,955 |
) |
||||||||
|
Foreign Currency Transactions |
— |
— |
(1,573 |
) |
||||||||
|
Net Change in Unrealized Appreciation on: |
||||||||||||
|
Investments |
30,072 |
7,967 |
149,893 |
|||||||||
|
Foreign Currency Translations |
— |
— |
766 |
|||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
36,141 |
$ |
18,402 |
$ |
135,180 |
||||||
|
(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 119
|
statements of changes in net assets (000) |
|
For years ended September 30, |
|
City National Rochdale Government Money Market Fund |
City National Rochdale Government Bond Fund |
|||||||||||||||
|
|
2016 |
2015 |
2016 |
2015 |
||||||||||||
|
OPERATIONS: |
||||||||||||||||
|
Net Investment Income |
$ |
896 |
$ |
397 |
$ |
1,032 |
$ |
693 |
||||||||
|
Net Realized Gain (Loss) from Security Transactions |
— |
— |
255 |
124 |
||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments |
— |
— |
111 |
1,373 |
||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
896 |
397 |
1,398 |
2,190 |
||||||||||||
|
DIVIDENDS AND DISTRIBUTIONS FROM: |
||||||||||||||||
|
Net Investment Income: |
||||||||||||||||
|
Institutional Class |
— |
— |
(553 |
) |
(352 |
) |
||||||||||
|
Class N |
(649 |
) |
(301 |
) |
(6 |
) |
(2 |
) |
||||||||
|
Class S |
(154 |
) |
(70 |
) |
— |
— |
||||||||||
|
Servicing Class |
(94 |
) |
(26 |
) |
(556 |
) |
(354 |
) |
||||||||
|
Realized Capital Gains: |
||||||||||||||||
|
Institutional Class |
— |
— |
— |
— |
||||||||||||
|
Class N |
— |
— |
— |
— |
||||||||||||
|
Servicing Class |
— |
— |
— |
— |
||||||||||||
|
Total Dividends and Distributions |
(897 |
) |
(397 |
) |
(1,115 |
) |
(708 |
) |
||||||||
|
CAPITAL SHARE TRANSACTIONS:(1) |
||||||||||||||||
|
Institutional Class: |
||||||||||||||||
|
Shares Issued |
— |
— |
15,023 |
10,393 |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
— |
— |
553 |
347 |
||||||||||||
|
Shares Redeemed |
— |
— |
(7,967 |
) |
(9,674 |
) |
||||||||||
|
Increase in Net Assets from Institutional Class Share Transactions |
— |
— |
7,609 |
1,066 |
||||||||||||
|
Class N: |
||||||||||||||||
|
Shares Issued |
5,798,518 |
3,753,981 |
245 |
310 |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
550 |
252 |
3 |
1 |
||||||||||||
|
Shares Redeemed |
(4,887,064 |
) |
(3,969,801 |
) |
(690 |
) |
(461 |
) |
||||||||
|
Increase (Decrease) in Net Assets from Class N Share Transactions |
912,004 |
(215,568 |
) |
(442 |
) |
(150 |
) |
|||||||||
|
Class S: |
||||||||||||||||
|
Shares Issued |
2,017,973 |
1,307,608 |
— |
— |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
— |
— |
— |
— |
||||||||||||
|
Shares Redeemed |
(1,803,230 |
) |
(1,345,358 |
) |
— |
— |
||||||||||
|
Increase (Decrease) in Net Assets from Class S Share Transactions |
214,743 |
(37,750 |
) |
— |
— |
|||||||||||
|
Servicing Class: |
||||||||||||||||
|
Shares Issued |
2,473,708 |
1,454,606 |
20,079 |
19,490 |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
3 |
— |
272 |
176 |
||||||||||||
|
Shares Redeemed |
(1,800,335 |
) |
(1,357,973 |
) |
(27,963 |
) |
(43,478 |
) |
||||||||
|
Increase (Decrease) in Net Assets from Servicing Class Share Transactions |
673,376 |
96,633 |
(7,612 |
) |
(23,812 |
) |
||||||||||
|
Net Increase (Decrease) in Net Assets from Share Transactions |
1,800,123 |
(156,685 |
) |
(445 |
) |
(22,896 |
) |
|||||||||
|
Total Increase (Decrease) in Net Assets |
1,800,122 |
(156,685 |
) |
(162 |
) |
(21,414 |
) |
|||||||||
|
NET ASSETS: |
||||||||||||||||
|
Beginning of Year |
3,935,556 |
4,092,241 |
150,820 |
172,234 |
||||||||||||
|
End of Year |
$ |
5,735,678 |
$ |
3,935,556 |
$ |
150,658 |
$ |
150,820 |
||||||||
|
Undistributed (Distributions in excess of) net investment income |
$ |
— |
$ |
1 |
$ |
— |
$ |
4 |
||||||||
|
(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 120
|
statements of changes in net assets (000) |
|
For years ended September 30, |
|
City National Rochdale Corporate Bond Fund |
City National Rochdale California Tax Exempt Bond Fund |
City National Rochdale Municipal High Income Fund |
||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||
|
$ |
2,271 |
$ |
2,364 |
$ |
1,330 |
$ |
1,216 |
$ |
32,575 |
$ |
22,889 |
|||||||||||
|
(1,132 |
) |
115 |
591 |
129 |
(7,503 |
) |
162 |
|||||||||||||||
|
2,206 |
(1,927 |
) |
434 |
6 |
41,554 |
(4,980 |
) |
|||||||||||||||
|
3,345 |
552 |
2,355 |
1,351 |
66,626 |
18,071 |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
(59 |
) |
(63 |
) |
(121 |
) |
(126 |
) |
(17,013 |
) |
(11,345 |
) |
|||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
(2,212 |
) |
(2,301 |
) |
(1,207 |
) |
(1,090 |
) |
(14,761 |
) |
(11,151 |
) |
|||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
(10 |
) |
(35 |
) |
(4 |
) |
(52 |
) |
(88 |
) |
(36 |
) |
|||||||||||
|
(300 |
) |
(1,106 |
) |
(32 |
) |
(355 |
) |
(73 |
) |
(38 |
) |
|||||||||||
|
(2,581 |
) |
(3,505 |
) |
(1,364 |
) |
(1,623 |
) |
(31,935 |
) |
(22,570 |
) |
|||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
1,049 |
1,983 |
7,217 |
4,360 |
251,922 |
214,782 |
|||||||||||||||||
|
47 |
62 |
60 |
111 |
10,334 |
7,366 |
|||||||||||||||||
|
(1,738 |
) |
(1,546 |
) |
(11,347 |
) |
(4,001 |
) |
(68,453 |
) |
(38,116 |
) |
|||||||||||
|
(642 |
) |
499 |
(4,070 |
) |
470 |
193,803 |
184,032 |
|||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
— |
— |
— |
— |
— |
— |
|||||||||||||||||
|
28,449 |
26,686 |
26,329 |
33,934 |
141,729 |
134,840 |
|||||||||||||||||
|
192 |
260 |
108 |
115 |
1,137 |
563 |
|||||||||||||||||
|
(36,068 |
) |
(35,461 |
) |
(23,113 |
) |
(18,007 |
) |
(31,971 |
) |
(37,325 |
) |
|||||||||||
|
(7,427 |
) |
(8,515 |
) |
3,324 |
16,042 |
110,895 |
98,078 |
|||||||||||||||
|
(8,069 |
) |
(8,016 |
) |
(746 |
) |
16,512 |
304,698 |
282,110 |
||||||||||||||
|
(7,305 |
) |
(10,969 |
) |
245 |
16,240 |
339,389 |
277,611 |
|||||||||||||||
|
135,805 |
146,774 |
97,893 |
81,653 |
699,662 |
422,051 |
|||||||||||||||||
|
$ |
128,500 |
$ |
135,805 |
$ |
98,138 |
$ |
97,893 |
$ |
1,039,051 |
$ |
699,662 |
|||||||||||
|
$ |
1 |
$ |
1 |
$ |
5 |
$ |
3 |
$ |
1,095 |
$ |
523 |
|||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 121
|
statements of changes in net assets/ |
|
For years ended September 30, |
|
City National Rochdale High Yield Bond Fund |
City National Rochdale Intermediate Fixed Income Fund |
|||||||||||||||
|
|
2016 |
2015 |
2016 |
2015 |
||||||||||||
|
OPERATIONS: |
||||||||||||||||
|
Net Investment Income |
$ |
4,754 |
$ |
5,695 |
$ |
5,187 |
$ |
4,433 |
||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||||||
|
Security Transactions |
(5,252 |
) |
(271 |
) |
(771 |
) |
792 |
|||||||||
|
Foreign Currency Transactions |
81 |
72 |
— |
— |
||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||
|
Investments, Affiliated Investments and Purchased Options Contracts |
7,095 |
(9,010 |
) |
5,455 |
(2,189 |
) |
||||||||||
|
Foreign Currency Translations |
1 |
6 |
— |
— |
||||||||||||
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
6,679 |
(3,508 |
) |
9,871 |
3,036 |
|||||||||||
|
DIVIDENDS AND DISTRIBUTIONS FROM: |
||||||||||||||||
|
Net Investment Income: |
||||||||||||||||
|
Institutional Class |
(2,453 |
) |
(2,379 |
) |
(229 |
) |
(244 |
) |
||||||||
|
Class N |
(1,193 |
) |
(1,278 |
) |
(4,999 |
) |
(4,288 |
) |
||||||||
|
Servicing Class |
(1,362 |
) |
(2,049 |
) |
— |
— |
||||||||||
|
Class Y |
— |
— |
— |
— |
||||||||||||
|
Realized Capital Gains: |
||||||||||||||||
|
Institutional Class |
— |
(1,868 |
) |
— |
— |
|||||||||||
|
Class N |
— |
(1,142 |
) |
— |
— |
|||||||||||
|
Servicing Class |
— |
(1,982 |
) |
— |
— |
|||||||||||
|
Class Y |
— |
— |
— |
— |
||||||||||||
|
Return of Capital: |
||||||||||||||||
|
Class N |
— |
— |
— |
— |
||||||||||||
|
Total Dividends and Distributions |
(5,008 |
) |
(10,698 |
) |
(5,228 |
) |
(4,532 |
) |
||||||||
|
CAPITAL SHARE TRANSACTIONS:(1) |
||||||||||||||||
|
Institutional Class: |
||||||||||||||||
|
Shares Issued |
5,639 |
5,782 |
4,239 |
6,668 |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
2,367 |
4,041 |
177 |
232 |
||||||||||||
|
Shares Redeemed |
(6,783 |
) |
(6,571 |
) |
(12,885 |
) |
(39 |
) |
||||||||
|
Increase (Decrease) in Net Assets from Institutional Class Share Transactions |
1,223 |
3,252 |
(8,469 |
) |
6,861 |
|||||||||||
|
Class N: |
||||||||||||||||
|
Shares Issued |
6,488 |
5,469 |
62,311 |
95,123 |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
600 |
1,309 |
4,709 |
3,268 |
||||||||||||
|
Shares Redeemed |
(10,001 |
) |
(8,540 |
) |
(73,449 |
) |
(46,217 |
) |
||||||||
|
Increase (Decrease) in Net Assets from Class N Share Transactions |
(2,913 |
) |
(1,762 |
) |
(6,429 |
) |
52,174 |
|||||||||
|
Servicing Class: |
||||||||||||||||
|
Shares Issued |
15,267 |
9,056 |
— |
— |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
363 |
742 |
— |
— |
||||||||||||
|
Shares Redeemed |
(24,287 |
) |
(21,350 |
) |
— |
— |
||||||||||
|
Increase (Decrease) in Net Assets from Servicing Class Share Transactions |
(8,657 |
) |
(11,552 |
) |
— |
— |
||||||||||
|
Class Y: |
||||||||||||||||
|
Shares Issued |
— |
— |
— |
— |
||||||||||||
|
Shares Issued in Lieu of Dividends and Distributions |
— |
— |
— |
— |
||||||||||||
|
Shares Redeemed |
— |
— |
— |
— |
||||||||||||
|
Increase in Net Assets from Class Y Share Transactions |
— |
— |
— |
— |
||||||||||||
|
Net Increase (Decrease) in Net Assets from Share Transactions |
(10,347 |
) |
(10,062 |
) |
(14,898 |
) |
59,035 |
|||||||||
|
Total Increase (Decrease) in Net Assets |
(8,676 |
) |
(24,268 |
) |
(10,255 |
) |
57,539 |
|||||||||
|
NET ASSETS: |
||||||||||||||||
|
Beginning of Year |
86,511 |
110,779 |
270,587 |
213,048 |
||||||||||||
|
End of Year |
$ |
77,835 |
$ |
86,511 |
$ |
260,332 |
$ |
270,587 |
||||||||
|
Undistributed (distribution in excess of) net investment income |
$ |
(67 |
) |
$ |
54 |
$ |
52 |
$ |
67 |
|||||||
|
(1) |
See Note 8 for shares issued and redeemed. |
|
(2) |
Class Y commenced operations on June 1, 2016. |
|
(3) |
Includes transfers from Class N to Class Y of $692,420 (000). |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 122
|
statements of changes in net assets/ |
|
For years ended September 30, |
|
City National Rochdale Fixed Income Opportunities Fund |
City National Rochdale Dividend & Income Fund |
City National Rochdale U.S. Core Equity Fund |
City National Rochdale Emerging Markets Fund (2) |
|||||||||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||||||||
|
$ |
94,069 |
$ |
76,871 |
$ |
5,245 |
$ |
5,012 |
$ |
1,522 |
$ |
947 |
$ |
2,049 |
$ |
1,498 |
|||||||||||||||
|
(42,394 |
) |
(7,681 |
) |
824 |
5,580 |
8,913 |
1,411 |
(15,955 |
) |
(7,454 |
) |
|||||||||||||||||||
|
5,529 |
8,290 |
— |
— |
— |
— |
(1,573 |
) |
(1,325 |
) |
|||||||||||||||||||||
|
96,056 |
(90,387 |
) |
30,072 |
(10,600 |
) |
7,967 |
242 |
149,893 |
(71,965 |
) |
||||||||||||||||||||
|
(478 |
) |
(1,795 |
) |
— |
— |
— |
— |
766 |
(270 |
) |
||||||||||||||||||||
|
152,782 |
(14,702 |
) |
36,141 |
(8 |
) |
18,402 |
2,600 |
135,180 |
(79,516 |
) |
||||||||||||||||||||
|
— |
— |
— |
— |
— |
(53 |
) |
— |
— |
||||||||||||||||||||||
|
(131,462 |
) |
(93,437 |
) |
(5,466 |
) |
(5,817 |
) |
(636 |
) |
(278 |
) |
(228 |
) |
(2,025 |
) |
|||||||||||||||
|
— |
— |
— |
— |
(923 |
) |
(542 |
) |
— |
— |
|||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
— |
(621 |
) |
— |
— |
||||||||||||||||||||||
|
— |
(6,421 |
) |
(164 |
) |
— |
(710 |
) |
(9,079 |
) |
— |
— |
|||||||||||||||||||
|
— |
— |
— |
— |
(739 |
) |
(10,078 |
) |
— |
— |
|||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
|
— |
— |
(823 |
) |
— |
— |
— |
— |
— |
||||||||||||||||||||||
|
(131,462 |
) |
(99,858 |
) |
(6,453 |
) |
(5,817 |
) |
(3,008 |
) |
(20,651 |
) |
(228 |
) |
(2,025 |
) |
|||||||||||||||
|
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
— |
674 |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
(7,205 |
) |
(8 |
) |
— |
— |
|||||||||||||||||||||
|
— |
— |
— |
— |
(7,205 |
) |
666 |
— |
— |
||||||||||||||||||||||
|
813,637 |
664,124 |
73,266 |
66,145 |
16,276 |
19,775 |
360,912 |
357,980 |
|||||||||||||||||||||||
|
97,392 |
62,724 |
4,329 |
3,602 |
1,151 |
8,212 |
162 |
1,003 |
|||||||||||||||||||||||
|
(411,723 |
) |
(361,831 |
) |
(58,011 |
) |
(49,154 |
) |
(18,823 |
) |
(14,129 |
) |
(1,043,367 |
)(3) |
(175,750 |
) |
|||||||||||||||
|
499,306 |
365,017 |
19,584 |
20,593 |
(1,396 |
) |
13,858 |
(682,293 |
) |
183,233 |
|||||||||||||||||||||
|
— |
— |
— |
— |
23,794 |
35,806 |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
41 |
64 |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
(24,637 |
) |
(25,710 |
) |
— |
— |
|||||||||||||||||||||
|
— |
— |
— |
— |
(802 |
) |
10,160 |
— |
— |
||||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
874,121 |
(3) |
— |
||||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
(17,698 |
) |
— |
||||||||||||||||||||||
|
— |
— |
— |
— |
— |
— |
856,423 |
— |
|||||||||||||||||||||||
|
499,306 |
365,017 |
19,584 |
20,593 |
(9,403 |
) |
24,684 |
174,130 |
183,233 |
||||||||||||||||||||||
|
520,626 |
250,457 |
49,272 |
14,768 |
5,991 |
6,633 |
309,082 |
101,692 |
|||||||||||||||||||||||
|
1,641,954 |
1,391,497 |
187,685 |
172,917 |
213,843 |
207,210 |
684,182 |
582,490 |
|||||||||||||||||||||||
|
$ |
2,162,580 |
$ |
1,641,954 |
$ |
236,957 |
$ |
187,685 |
$ |
219,834 |
$ |
213,843 |
$ |
993,264 |
$ |
684,182 |
|||||||||||||||
|
$ |
(39,650 |
) |
$ |
(3,287 |
) |
$ |
(12 |
) |
$ |
(5 |
) |
$ |
34 |
$ |
88 |
$ |
419 |
$ |
171 |
|||||||||||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 123
|
consolidated statement of cash flows (000) |
|
For the year ended September 30, 2016 |
|
City National |
||||
|
Cash Flows from Operating Activities: |
||||
|
Net increase in net assets from operations |
$ |
152,782 |
||
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
||||
|
Purchase of investment securities |
(3,724,785 |
) |
||
|
Proceeds from disposition of investment securities |
3,264,665 |
|||
|
Amortization (accretion of market discount) |
(11,513 |
) |
||
|
Premium payments |
(19,559 |
) |
||
|
Net realized loss on investments |
42,394 |
|||
|
Net change in unrealized appreciation on investments |
(96,057 |
) |
||
|
Changes in assets: |
||||
|
Dividend and interest receivable |
(6,003 |
) |
||
|
Foreign tax reclaim receivable |
(141 |
) |
||
|
Receivable for investment securities sold |
(28,696 |
) |
||
|
Unrealized gain on forward foreign currency contracts |
356 |
|||
|
Prepaid expenses |
13 |
|||
|
Changes in liabilities: |
||||
|
Payable for investment securities purchased |
67,133 |
|||
|
Unrealized loss on forward foreign currency contracts |
213 |
|||
|
Investment advisory fees payable |
159 |
|||
|
Shareholder servicing and distribution fees payable |
195 |
|||
|
Administrative fees payable |
8 |
|||
|
Accrued expenses |
(291 |
) |
||
|
Net cash used in operating activities |
(359,127 |
) |
||
|
Cash Flows from Financing Activities: |
||||
|
Proceeds from shares issued |
811,385 |
|||
|
Cost of shares redeemed |
(411,933 |
) |
||
|
Distributions |
(34,070 |
) |
||
|
Net cash provided by financing activities |
365,382 |
|||
|
Net change in cash |
6,255 |
|||
|
Cash at beginning of year |
5,882 |
|||
|
Cash at end of year |
$ |
12,137 |
||
|
NON-CASH FINANCING ACTIVITIES: |
||||
|
Reinvestments of dividends and distributions |
$ |
97,392 |
||
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 124
This page intentionally left blank.
CITY NATIONAL ROCHDALE FUNDS | PAGE 125
|
financial highlights |
|
For a Share Outstanding Throughout Each Period |
| Net Asset Value Beginning of Period | Net Investment Income† |
Net Realized and Unrealized Gains (Losses) on Securities† |
Dividends from Net Investment Income | Net Asset Value End of Period | Distri-butions from Realized Capital Gains |
Total Return‡ |
Net Assets End of Period (000) |
Ratio of |
Ratio of Net Investment Income to Average Net Assets(1)(2) |
Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||||||||||||
|
City National Rochdale Government Money Market Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on June 21, 1999) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
1.00 |
$ |
0.000 |
* |
$ |
— |
$ |
(0.000 |
)* |
$ |
— |
$ |
1.00 |
0.02 |
% |
$ |
3,870,786 |
0.30 |
% |
0.02 |
% |
0.86 |
% |
— |
% |
||||||||||||||||||||||
|
2015 |
1.00 |
0.000 |
* |
— |
(0.000 |
)* |
— |
1.00 |
0.01 |
2,958,782 |
0.10 |
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 |
— |
||||||||||||||||||||||||||||||||||
|
Class S (commenced operations on October 6, 1999) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
1.00 |
$ |
0.000 |
* |
$ |
— |
$ |
(0.000 |
)* |
$ |
— |
$ |
1.00 |
0.02 |
% |
$ |
882,925 |
0.31 |
% |
0.02 |
% |
1.06 |
% |
— |
% |
||||||||||||||||||||||
|
2015 |
1.00 |
0.000 |
* |
— |
(0.000 |
)* |
— |
1.00 |
0.01 |
668,183 |
0.10 |
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 |
— |
||||||||||||||||||||||||||||||||||
|
Servicing Class (commenced operations on April 3, 2000)^^ |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
1.00 |
$ |
0.000 |
* |
$ |
— |
$ |
(0.000 |
)* |
$ |
— |
$ |
1.00 |
0.02 |
% |
$ |
981,967 |
0.31 |
% |
0.02 |
% |
0.56 |
% |
— |
% |
||||||||||||||||||||||
|
2015 |
1.00 |
0.000 |
* |
— |
(0.000 |
)* |
— |
1.00 |
0.01 |
308,591 |
0.10 |
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 |
— |
||||||||||||||||||||||||||||||||||
|
City National Rochdale Government Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Institutional Class (commenced operations on February 1, 2012) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.59 |
$ |
0.09 |
$ |
0.02 |
$ |
(0.09 |
) |
$ |
— |
$ |
10.61 |
1.09 |
% |
$ |
66,021 |
0.53 |
% |
0.84 |
% |
0.58 |
% |
37 |
% |
|||||||||||||||||||||||
|
2015 |
10.49 |
0.06 |
0.10 |
(0.06 |
) |
— |
10.59 |
1.55 |
58,301 |
0.53 |
0.59 |
0.57 |
37 |
|||||||||||||||||||||||||||||||||||
|
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) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.60 |
$ |
0.03 |
$ |
0.03 |
$ |
(0.04 |
) |
$ |
— |
$ |
10.62 |
0.58 |
% |
$ |
1,453 |
1.03 |
% |
0.33 |
% |
1.08 |
% |
37 |
% |
|||||||||||||||||||||||
|
2015 |
10.51 |
0.01 |
0.09 |
(0.01 |
) |
— |
10.60 |
0.95 |
1,895 |
1.03 |
0.08 |
1.07 |
37 |
|||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
Servicing Class (commenced operations on January 14, 2000)^ |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.58 |
$ |
0.06 |
$ |
0.03 |
$ |
(0.07 |
) |
$ |
— |
$ |
10.60 |
0.84 |
% |
$ |
83,184 |
0.78 |
% |
0.59 |
% |
0.83 |
% |
37 |
% |
|||||||||||||||||||||||
|
2015 |
10.49 |
0.04 |
0.09 |
(0.04 |
) |
— |
10.58 |
1.21 |
90,624 |
0.78 |
0.33 |
0.82 |
37 |
|||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
City National Rochdale Corporate Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on April 13, 2000) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.45 |
$ |
0.16 |
$ |
0.08 |
$ |
(0.15 |
) |
$ |
(0.02 |
) |
$ |
10.52 |
2.39 |
% |
$ |
3,783 |
1.01 |
% |
1.52 |
% |
1.09 |
% |
30 |
% |
||||||||||||||||||||||
|
2015 |
10.67 |
0.15 |
(0.14 |
) |
(0.15 |
) |
(0.08 |
) |
10.45 |
0.14 |
4,411 |
1.01 |
1.42 |
1.07 |
32 |
|||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
Servicing Class (commenced operations on January 14, 2000)^ |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.44 |
$ |
0.18 |
$ |
0.09 |
$ |
(0.18 |
) |
$ |
(0.02 |
) |
$ |
10.51 |
2.69 |
% |
$ |
124,717 |
0.76 |
% |
1.75 |
% |
0.84 |
% |
30 |
% |
||||||||||||||||||||||
|
2015 |
10.66 |
0.18 |
(0.14 |
) |
(0.18 |
) |
(0.08 |
) |
10.44 |
0.39 |
131,394 |
0.76 |
1.67 |
0.82 |
32 |
|||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
* |
Amount represents less than $0.001. |
|
† |
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. |
|
^^ |
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. |
|
(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 126
|
|
|
|
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 |
Ratio of Net Investment Income to Average Net Assets(1)(2) |
Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||||||||
|
City National Rochdale California Tax Exempt Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on April 13, 2000) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.71 |
$ |
0.12 |
$ |
0.11 |
$ |
(0.12 |
) |
$ |
—^^ |
$ |
10.82 |
2.20 |
% |
$ |
7,444 |
0.88 |
% |
1.14 |
% |
0.99 |
% |
25 |
% |
|||||||||||||||||||||||
|
2015 |
10.74 |
0.12 |
0.02 |
(0.12 |
) |
(0.05 |
) |
10.71 |
1.30 |
11,386 |
0.88 |
1.10 |
1.00 |
10 |
||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
Servicing Class (commenced operations on January 14, 2000)^ |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.68 |
$ |
0.15 |
$ |
0.11 |
$ |
(0.15 |
) |
$ |
—^^ |
$ |
10.79 |
2.48 |
% |
$ |
90,694 |
0.63 |
% |
1.39 |
% |
0.74 |
% |
25 |
% |
|||||||||||||||||||||||
|
2015 |
10.71 |
0.14 |
0.03 |
(0.15 |
) |
(0.05 |
) |
10.68 |
1.56 |
86,507 |
0.63 |
1.36 |
0.75 |
10 |
||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
City National Rochdale Municipal High Income Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on December 30, 2013) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.67 |
$ |
0.41 |
$ |
0.46 |
$ |
(0.40 |
) |
$ |
—^^ |
$ |
11.14 |
8.34 |
% |
$ |
595,221 |
1.04 |
% |
3.76 |
% |
1.04 |
% |
28 |
% |
|||||||||||||||||||||||
|
2015 |
10.71 |
0.41 |
(0.04 |
) |
(0.41 |
) |
— |
10.67 |
3.55 |
382,461 |
1.04 |
3.85 |
1.03 |
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) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
10.68 |
$ |
0.44 |
$ |
0.45 |
$ |
(0.43 |
) |
$ |
—^^ |
$ |
11.14 |
8.50 |
% |
$ |
443,830 |
0.79 |
% |
4.01 |
% |
0.79 |
% |
28 |
% |
|||||||||||||||||||||||
|
2015 |
10.72 |
0.44 |
(0.04 |
) |
(0.44 |
) |
— |
10.68 |
3.81 |
317,201 |
0.79 |
4.10 |
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) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
7.58 |
$ |
0.47 |
$ |
0.24 |
$ |
(0.49 |
) |
$ |
— |
$ |
7.80 |
9.88 |
% |
$ |
40,701 |
0.83 |
% |
6.39 |
% |
0.89 |
% |
69 |
% |
|||||||||||||||||||||||
|
2015 |
8.76 |
0.49 |
(0.77 |
) |
(0.49 |
) |
(0.41 |
) |
7.58 |
(3.47 |
) |
38,274 |
0.70 |
5.94 |
0.83 |
77 |
||||||||||||||||||||||||||||||||
|
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) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
7.58 |
$ |
0.45 |
$ |
0.23 |
$ |
(0.46 |
) |
$ |
— |
$ |
7.80 |
9.44 |
% |
$ |
18,513 |
1.23 |
% |
6.02 |
% |
1.30 |
% |
69 |
% |
|||||||||||||||||||||||
|
2015 |
8.76 |
0.44 |
(0.76 |
) |
(0.45 |
) |
(0.41 |
) |
7.58 |
(3.94 |
) |
21,063 |
1.20 |
5.43 |
1.33 |
77 |
||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||
|
Servicing Class (commenced operations on January 14, 2000)^ |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
7.58 |
$ |
0.46 |
$ |
0.23 |
$ |
(0.47 |
) |
$ |
— |
$ |
7.80 |
9.61 |
% |
$ |
18,621 |
1.07 |
% |
6.16 |
% |
1.14 |
% |
69 |
% |
|||||||||||||||||||||||
|
2015 |
8.76 |
0.47 |
(0.77 |
) |
(0.47 |
) |
(0.41 |
) |
7.58 |
(3.71 |
) |
27,174 |
0.95 |
5.67 |
1.08 |
77 |
||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||
|
City National Rochdale Intermediate Fixed Income Fund |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Institutional Class (commenced operations on December 20, 2013) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
26.12 |
$ |
0.63 |
$ |
0.45 |
$ |
(0.64 |
) |
$ |
— |
$ |
26.56 |
4.20 |
% |
$ |
7,249 |
0.51 |
% |
2.38 |
% |
0.51 |
% |
25 |
% |
|||||||||||||||||||||||
|
2015 |
26.23 |
0.60 |
(0.11 |
) |
(0.60 |
) |
— |
26.12 |
1.87 |
15,574 |
0.51 |
2.29 |
0.53 |
21 |
||||||||||||||||||||||||||||||||||
|
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) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
26.11 |
$ |
0.50 |
$ |
0.46 |
$ |
(0.51 |
) |
$ |
— |
$ |
26.56 |
3.72 |
% |
$ |
253,083 |
1.01 |
% |
1.90 |
% |
1.01 |
% |
25 |
% |
|||||||||||||||||||||||
|
2015 |
26.23 |
0.47 |
(0.12 |
) |
(0.47 |
) |
— |
26.11 |
1.34 |
255,013 |
1.01 |
1.79 |
1.03 |
21 |
||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||
|
* |
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 (thr “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Intermediate Fixed Income Fund. 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. |
|
† |
Per share calculations are based on Average Shares outstanding throughout the period. |
|
‡ |
Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
|
^ |
Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy. |
|
^^ |
Amount represents less than $0.01 per share. |
|
(1) |
Annualized for periods less than one year. |
|
(2) |
Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio. |
Amounts designated as “—” are either $0 or have been rounded to $0.
See accompanying notes to financial statements.
CITY NATIONAL ROCHDALE FUNDS | PAGE 127
|
financial highlights/consolidated financial highlights |
|
For a Share Outstanding Throughout Each Period |
|
Net Asset Value Beginning of Period |
Net Investment Income† |
Net Realized and Unrealized Gains (Losses) on Securities† |
Redemption Fees |
Dividends from Net Investment Income |
Distri-butions from Realized Capital Gains |
Distri-butions from Return of Capital |
Net Asset Value End of Period |
Total Return‡ |
Net Assets End of Period (000) |
Ratio of Expenses to Average Net Assets |
Ratio of Net Investment Income to Average Net Assets(1)(2) |
Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||||||||||||||||||||
|
City National Rochdale Fixed Income Opportunities Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on July 1, 2009) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
25.22 |
$ |
1.28 |
$ |
0.65 |
$ |
— |
$ |
(1.79 |
) |
$ |
— |
$ |
— |
$ |
25.36 |
8.04 |
% |
$ |
2,162,580 |
1.10 |
%(5) |
5.15 |
% |
1.10 |
%(5) |
124 |
% |
|||||||||||||||||||||||||||||
|
2015 |
27.19 |
1.34 |
(1.59 |
) |
— |
(1.60 |
) |
(0.12 |
) |
— |
25.22 |
(0.88 |
) |
1,641,954 |
1.10 |
(4) |
5.08 |
1.12 |
(4) |
73 |
||||||||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||||||||
|
City National Rochdale Dividend & Income Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on June 1, 1999) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
34.22 |
$ |
0.94 |
$ |
5.67 |
$ |
— |
$ |
(0.97 |
) |
$ |
(0.03 |
) |
$ |
(0.15 |
) |
$ |
39.68 |
19.50 |
% |
$ |
236,957 |
1.11 |
% |
2.49 |
% |
1.12 |
% |
5 |
% |
|||||||||||||||||||||||||||
|
2015 |
35.08 |
0.94 |
(0.72 |
) |
— |
(1.08 |
) |
— |
— |
34.22 |
0.53 |
187,685 |
1.11 |
2.60 |
1.13 |
13 |
||||||||||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||||||||||
|
City National Rochdale U.S. Core Equity Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Institutional Class (commenced operations on December 3, 2012) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
13.04 |
$ |
0.13 |
$ |
1.07 |
$ |
— |
$ |
(0.15 |
) |
$ |
(0.09 |
) |
$ |
— |
$ |
14.00 |
9.25 |
% |
$ |
14 |
0.52 |
% |
0.93 |
% |
0.52 |
% |
31 |
% |
||||||||||||||||||||||||||||
|
2015 |
14.21 |
0.11 |
0.13 |
— |
(0.10 |
) |
(1.31 |
) |
— |
13.04 |
1.79 |
6,870 |
0.52 |
0.79 |
0.52 |
32 |
||||||||||||||||||||||||||||||||||||||||||
|
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^ |
1.57 |
0.00^ |
32 |
|||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on December 3, 2012) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
12.92 |
$ |
0.08 |
$ |
1.03 |
$ |
— |
$ |
(0.08 |
) |
$ |
(0.09 |
) |
$ |
— |
$ |
13.86 |
8.63 |
% |
$ |
108,807 |
1.02 |
% |
0.58 |
% |
1.02 |
% |
31 |
% |
||||||||||||||||||||||||||||
|
2015 |
14.09 |
0.04 |
0.14 |
— |
(0.04 |
) |
(1.31 |
) |
— |
12.92 |
1.31 |
102,753 |
1.02 |
0.29 |
1.02 |
32 |
||||||||||||||||||||||||||||||||||||||||||
|
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) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
12.93 |
$ |
0.11 |
$ |
1.04 |
$ |
— |
$ |
(0.11 |
) |
$ |
(0.09 |
) |
$ |
— |
$ |
13.88 |
8.97 |
% |
$ |
111,013 |
0.77 |
% |
0.83 |
% |
0.77 |
% |
31 |
% |
||||||||||||||||||||||||||||
|
2015 |
14.11 |
0.07 |
0.13 |
— |
(0.07 |
) |
(1.31 |
) |
— |
12.93 |
1.48 |
104,220 |
0.77 |
0.54 |
0.77 |
32 |
||||||||||||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||||||||||
|
City National Rochdale Emerging Markets Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Class N (commenced operations on December 14, 2011) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
35.38 |
$ |
0.04 |
$ |
6.26 |
$ |
— |
$ |
(0.01 |
) |
$ |
— |
$ |
— |
$ |
41.67 |
17.81 |
% |
$ |
112,388 |
1.61 |
% |
0.11 |
% |
1.62 |
% |
15 |
%†† |
|||||||||||||||||||||||||||||
|
2015 |
38.90 |
0.09 |
(3.48 |
) |
— |
(0.13 |
) |
— |
— |
35.38 |
(8.74 |
) |
684,182 |
1.61 |
0.21 |
1.65 |
34 |
|||||||||||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||||||||||
|
Class Y (commenced operations on June 1, 2016) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2016 |
$ |
38.33 |
$ |
0.10 |
$ |
3.28 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
41.71 |
8.82 |
% |
$ |
880,876 |
1.37 |
% |
0.74 |
% |
1.37 |
% |
15 |
% |
||||||||||||||||||||||||||||||
|
* |
For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Fixed Income Opportunities Portfolio, Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio, and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Funds’City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Funds’ City National Rochdale Dividend & Income Fund, and City National Rochdale Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end. |
|
† |
Per share calculations are based on Average Shares outstanding throughout the period. |
|
†† |
Portfolio turnover rate is presented at Fund Level. |
|
‡ |
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) |
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively. |
|
(4) |
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.11%, respectively. |
|
(5) |
The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively. |
|
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/ |
|
September 30, 2016 |
|
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 11 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market 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 Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).
On June 1, 2016, a new Class Y of the Emerging Markets Fund opened.
On August 31, 2016, the Prime Money Market Fund closed.
On September 29, 2016, 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.
|
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
CITY NATIONAL ROCHDALE FUNDS | PAGE 129
|
notes to financial statements/ |
|
September 30, 2016 |
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 |
|
● |
Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the year ended September 30, 2016, 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 Government Money Market Fund, 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 BNY Mellon 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.
CITY NATIONAL ROCHDALE FUNDS | PAGE 130
|
|
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 Government Money Market Fund and Fixed Income Funds except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income 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 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 Swaps 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 131
|
notes to financial statements/ |
|
September 30, 2016 |
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 and liabilities net of the related collateral posted for the benefit of the High Yield Bond Fund and the Fixed Income Opportunities Fund at September 30, 2016 (000):
|
Derivative Type |
Derivative |
Derivative Available for Offset |
Collateral Received |
Net Amount |
||||||||||||
|
High Yield Bond Fund |
||||||||||||||||
|
Forward Foreign Currency Contracts |
$ |
11 |
$ |
(4 |
) |
$ |
— |
$ |
7 |
|||||||
|
Fixed Income Opportunities Fund |
||||||||||||||||
|
Forward Foreign Currency Contracts |
106 |
(106 |
) |
— |
— |
|||||||||||
|
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 |
$ | (4 | ) | $ | 4 | $ |
— |
$ |
— |
|||||||
|
Fixed Income Opportunities Fund |
||||||||||||||||
|
Forward Foreign Currency Contracts |
(216 | ) | 106 |
— |
(110 | ) | ||||||||||
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open futures contracts as of September 30, 2016, if applicable.
Options Contracts — A Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund will pay a premium which is included on the Fund’s Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the unrealized gain or loss.
The net realized gain or loss on options contracts is reflected in the Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations. Realized and changes in unrealized gains and losses on options contracts during the period as disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for a Fund.
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.
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 Government Money Market Fund) 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 132
|
|
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 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, Consolidated Statement of Changes in Net Assets and Consolidated Statement of Cash Flows.
The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at September 30, 2016, were $179,469,228, which represented 8.3% 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 Government Money Market Fund.
|
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
CITY NATIONAL ROCHDALE FUNDS | PAGE 133
|
notes to financial statements/ |
|
September 30, 2016 |
the Agreement, the Administrator is entitled to receive an annual fee based on the average daily net assets of the Trust and subject to a minimum annual fee.
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”) may receive 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 Government Money Market Fund and 0.25% of the Class N Shares of the Fixed Income Funds 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, Servicing Class or Class Y 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 year ended September 30, 2016, CNB and City National Rochdale received $11,409,400 in shareholder servicing fees from the Trust.
Certain officers of the Trust are also officers or employees of City National Rochdale, City National Bank 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% |
|
Government Bond Fund |
0.43 |
|
Corporate Bond Fund |
0.40 |
|
California Tax Exempt Bond Fund |
0.27 |
|
Municipal High Income Fund |
0.50† |
|
High Yield Bond Fund |
0.60 |
|
Intermediate Fixed Income Fund |
0.40 |
|
Fixed Income Opportunities Fund |
0.50 |
|
Dividend & Income Fund |
0.50 |
|
U.S. Core Equity Fund |
0.40 |
|
Emerging Markets Fund |
1.00 |
|
† |
On July 1, 2016, the advisory fee changed from 45 basis points to 50 basis points. |
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 Company, GML Capital LLP and Seix Investment Advisors LLC act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.
Sub-adviser fees are paid by City National Rochdale.
CITY NATIONAL ROCHDALE FUNDS | PAGE 134
|
|
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’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:
|
|
Government Money Market Fund |
Government Bond Fund |
Corporate Bond Fund |
|
Institutional Class |
n/a |
0.53% |
n/a |
|
Class N |
0.93% |
1.03% |
1.01% |
|
Class S |
1.13% |
n/a |
n/a |
|
Servicing Class |
0.63% |
0.78% |
0.76% |
|
|
California Tax Exempt Bond Fund |
Intermediate Fixed Income Fund |
Fixed Income Opportunities Fund |
|
Institutional Class |
n/a |
0.51% |
n/a |
|
Class N |
0.88% |
1.01% |
1.09% |
|
Servicing Class |
0.63% |
n/a |
n/a |
Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the Municipal High Income Fund, High Yield Bond Fund, Dividend & Income Fund, U.S. Core Equity Fund, and Emerging Markets Fund.
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 September 30, 2016, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:
|
Fund |
Potential Amount of Recovery (000) |
Expiration |
|||||
|
Government Money Market Fund |
$ |
9,264 |
2017 |
||||
|
8,586 |
2018 |
||||||
|
345 |
2019 |
||||||
|
Government Bond Fund |
67 |
2017 |
|||||
|
74 |
2018 |
||||||
|
79 |
2019 |
||||||
|
Corporate Bond Fund |
83 |
2017 |
|||||
|
89 |
2018 |
||||||
|
109 |
2019 |
||||||
|
California Tax Exempt Bond Fund |
99 |
2017 |
|||||
|
109 |
2018 |
||||||
|
105 |
2019 |
||||||
|
High Yield Bond Fund |
101 |
2017 |
|||||
|
128 |
2018 |
||||||
|
49 |
2019 |
||||||
|
Intermediate Fixed Income Fund |
59 |
2017 |
|||||
|
43 |
2018 |
||||||
|
8 |
2019 |
||||||
|
Fixed Income Opportunities Fund |
257 |
2017 |
|||||
|
248 |
2018 |
||||||
|
Dividend & Income Fund |
90 |
2017 |
|||||
|
44 |
2018 |
||||||
|
18 |
2019 |
||||||
|
Emerging Markets Fund |
145 |
2017 |
|||||
|
291 |
2018 |
||||||
|
47 |
2019 |
||||||
City National Rochdale, CNB, and the Administrator have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Government Money Market Fund in order to maintain a one-day net income yield (yield floor) of not less than 0.01% of the Fund’s average daily net assets. The following table shows waivers, with respect to such yield floor, by class for the year ended September 30, 2016:
|
|
Shareholder Servicing Fee Waiver |
Investment Advisory Fee Waiver (000) |
Administration Fee Waiver (000) |
|||||||||
|
Government Money Market Fund |
||||||||||||
|
Class N |
$ |
15,254 |
(1) |
$ |
308 |
$ |
64 |
|||||
|
Class S |
5,056 |
(1) |
41 |
14 |
||||||||
|
Servicing Class |
1,065 |
(4 |
) |
8 |
||||||||
|
(1) |
Includes class specific distribution expenses. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 135
|
notes to financial statements/ |
|
September 30, 2016 |
|
5. |
INVESTMENT TRANSACTIONS: |
The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the year ended September 30, 2016, were as follows for the Fixed Income Funds and Equity Funds:
|
Purchases |
Sales and Maturities |
|||||||||||||||
|
Fund |
U.S. Gov’t (000) |
Other |
U.S. Gov’t (000) |
Other |
||||||||||||
|
Government Bond Fund |
$ |
41,693 |
$ |
8,452 |
$ |
46,717 |
$ |
12,257 |
||||||||
|
Corporate Bond Fund |
— |
35,331 |
25 |
48,600 |
||||||||||||
|
California Tax Exempt Bond Fund |
— |
21,251 |
— |
22,492 |
||||||||||||
|
Municipal High Income Fund |
— |
517,051 |
— |
208,829 |
||||||||||||
|
High Yield Bond Fund |
— |
44,980 |
† |
— |
52,555 |
† |
||||||||||
|
Intermediate Fixed Income Fund |
10,503 |
50,478 |
9,834 |
61,924 |
||||||||||||
|
Fixed Income Opportunities Fund |
29,482 |
1,613,537 |
‡ |
12,742 |
1,275,414 |
‡ |
||||||||||
|
Dividend & Income Fund |
— |
22,533 |
— |
10,599 |
||||||||||||
|
U.S. Core Equity Fund |
— |
65,166 |
— |
75,713 |
||||||||||||
|
Emerging Markets Fund |
— |
262,780 |
— |
114,860 |
||||||||||||
|
† |
Includes 17a-7 related party transactions of $1,013 (000) and $3,182 (000), respectively. |
|
‡ |
Includes 17a-7 related party transactions of $15,754 (000) and $2,305 (000), respectively. |
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 California Tax Exempt Bond Fund for the year ended September 30, 2016 (000):
|
|
Municipal High Income Fund |
|||
|
Beginning balance as of October 1, 2015 |
$ |
— |
||
|
Purchases at Cost |
2,250 |
|||
|
Proceeds from Sales |
— |
|||
|
Realized Gain (Loss) |
— |
|||
|
Unrealized Gain |
62 |
|||
|
Ending balance as of September 30, 2016 |
$ |
2,312 |
||
|
Dividend Income |
59 |
|||
The Funds may also invest in the affiliated Government Money Market Fund to manage excess cash or to serve as margin or collateral for derivative positions.
The following is a summary of the transactions with affiliates for the year ended September 30, 2016:
|
|
Purchases |
Proceeds from Sales (000) |
Value 9/30/2016 (000) |
Dividend Income |
||||||||||||
|
Government Money Market Fund |
||||||||||||||||
|
Government Bond Fund |
$ |
31,212 |
$ |
(30,556 |
) |
$ |
855 |
$ |
— |
|||||||
|
Corporate Bond Fund |
2,725 |
(1,917 |
) |
808 |
— |
|||||||||||
|
California Tax Exempt Bond Fund |
5,310 |
(3,979 |
) |
1,331 |
— |
|||||||||||
|
Municipal High Income Fund |
172,358 |
(187,069 |
) |
18,397 |
6 |
|||||||||||
|
High Yield Bond Fund |
3,386 |
(2,253 |
) |
1,133 |
— |
|||||||||||
|
Intermediate Fixed Income Fund |
44,213 |
(45,138 |
) |
1,106 |
— |
|||||||||||
|
Fixed Income Opportunities Fund |
21,239 |
(12,368 |
) |
8,930 |
— |
|||||||||||
|
Dividend & Income Fund |
23,009 |
(20,047 |
) |
3,417 |
1 |
|||||||||||
|
U.S. Core Equity Fund |
3,009 |
(467 |
) |
2,542 |
— |
|||||||||||
|
Emerging Markets Fund |
118,660 |
(114,702 |
) |
24,145 |
6 |
|||||||||||
|
Prime Money Market Fund |
||||||||||||||||
|
Corporate Bond Fund |
21,538 |
(23,681 |
) |
— |
— |
|||||||||||
|
High Yield Bond Fund |
20,097 |
(20,337 |
) |
— |
— |
|||||||||||
|
U.S. Core Equity Fund |
23,817 |
(25,372 |
) |
— |
1 |
|||||||||||
|
California Tax Exempt Money Market Fund |
||||||||||||||||
|
California Tax Exempt Bond Fund |
38,753 |
(40,489 |
) |
— |
— |
|||||||||||
|
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.
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, 2016, 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.
CITY NATIONAL ROCHDALE FUNDS | PAGE 136
|
|
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 foreign currency transactions, REIT adjustments, investments in partnerships, realized gains (losses) on paydowns, net operating losses, distributions in excess of net investment income, default bonds, reclassification of short-term capital gains received from affiliated funds and timing of distributions, were reclassified to/from the following accounts as of September 30, 2016:
|
|
Increase (Decrease) Undistributed Net Investments Income (Loss) (000) |
Increase (Decrease) Accumulated Net Realized Gain (Loss) (000) |
Increase (Decrease) Paid- in Capital |
|||||||||
|
Government Bond Fund |
$ |
79 |
$ |
(79 |
) |
$ |
— |
|||||
|
Municipal High Income Fund |
(229 |
) |
229 |
— |
||||||||
|
High Yield Bond Fund |
133 |
(133 |
) |
— |
||||||||
|
Intermediate Fixed Income Fund |
26 |
(26 |
) |
— |
||||||||
|
Fixed Income Opportunities Fund |
1,030 |
(1,030 |
) |
— |
||||||||
|
Dividend & Income Fund |
214 |
(209 |
) |
(5 |
) |
|||||||
|
U.S. Core Equity Fund |
(17 |
) |
17 |
— |
||||||||
|
Emerging Markets Fund |
(1,573 |
) |
1,573 |
— |
||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
The tax character of dividends and distributions declared during the years ended September 30, 2016 and September 30, 2015 unless otherwise indicated were as follows:
|
Fund |
Tax Exempt Income (000) |
Ordinary Income (000) |
Long-Term Capital Gain (000) |
Return of Capital (000) |
Total |
|||||||||||||||
|
Government Money Market Fund |
||||||||||||||||||||
|
2016 |
$ |
— |
$ |
897 |
$ |
— |
$ |
— |
$ |
897 |
||||||||||
|
2015 |
— |
397 |
— |
— |
397 |
|||||||||||||||
|
Government Bond Fund |
||||||||||||||||||||
|
2016 |
— |
1,115 |
— |
— |
1,115 |
|||||||||||||||
|
2015 |
— |
708 |
— |
— |
708 |
|||||||||||||||
|
Corporate Bond Fund |
||||||||||||||||||||
|
2016 |
— |
2,271 |
310 |
— |
2,581 |
|||||||||||||||
|
2015 |
— |
2,423 |
1,082 |
— |
3,505 |
|||||||||||||||
|
California Tax Exempt Bond Fund |
||||||||||||||||||||
|
2016 |
1,328 |
— |
36 |
— |
1,364 |
|||||||||||||||
|
2015 |
1,216 |
121 |
286 |
— |
1,623 |
|||||||||||||||
|
Municipal High Income Fund |
||||||||||||||||||||
|
2016 |
31,625 |
261 |
49 |
— |
31,935 |
|||||||||||||||
|
2015 |
22,487 |
83 |
— |
— |
22,570 |
|||||||||||||||
|
High Yield Bond Fund |
||||||||||||||||||||
|
2016 |
— |
5,008 |
— |
— |
5,008 |
|||||||||||||||
|
2015 |
— |
6,630 |
4,068 |
— |
10,698 |
|||||||||||||||
|
Intermediate Fixed Income Fund |
||||||||||||||||||||
|
2016 |
— |
5,228 |
— |
— |
5,228 |
|||||||||||||||
|
2015 |
— |
4,532 |
— |
— |
4,532 |
|||||||||||||||
|
Fixed Income Opportunities Fund |
||||||||||||||||||||
|
2016 |
— |
131,462 |
— |
— |
131,462 |
|||||||||||||||
|
2015 |
— |
97,143 |
2,715 |
— |
99,858 |
|||||||||||||||
|
Dividend & Income Fund |
||||||||||||||||||||
|
2016 |
— |
5,018 |
612 |
823 |
6,453 |
|||||||||||||||
|
2015 |
— |
4,363 |
1,454 |
— |
5,817 |
|||||||||||||||
|
U.S. Core Equity Fund |
||||||||||||||||||||
|
2016 |
— |
1,581 |
1,427 |
— |
3,008 |
|||||||||||||||
|
2015 |
— |
2,073 |
18,578 |
— |
20,651 |
|||||||||||||||
|
Emerging Markets Fund |
||||||||||||||||||||
|
2016 |
— |
228 |
— |
— |
228 |
|||||||||||||||
|
2015 |
— |
2,025 |
— |
— |
2,025 |
|||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 137
|
notes to financial statements/ |
|
September 30, 2016 |
As of September 30, 2016, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:
|
Fund |
Undistributed Tax-Exempt Income |
Undistributed Ordinary Income |
Undistributed Long-Term Capital Gain |
Capital Loss |
Post-October Losses |
Unrealized Appreciation |
Other Temporary Differences |
Total Distributable Earnings (Accumulated Losses) |
||||||||||||||||||||||||
|
Government Money Market Fund |
$ |
— |
$ |
141 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
(141 |
) |
$ |
— |
|||||||||||||||
|
Government Bond Fund |
— |
90 |
95 |
— |
— |
1,559 |
(90 |
) |
1,654 |
|||||||||||||||||||||||
|
Corporate Bond Fund |
— |
162 |
— |
— |
(1,327 |
) |
2,163 |
(161 |
) |
837 |
||||||||||||||||||||||
|
California Tax Exempt Bond Fund |
110 |
151 |
437 |
— |
— |
2,398 |
(105 |
) |
2,991 |
|||||||||||||||||||||||
|
Municipal High Income Fund |
2,923 |
— |
— |
(7,275 |
) |
— |
50,611 |
(3,003 |
) |
43,256 |
||||||||||||||||||||||
|
High Yield Bond Fund |
— |
368 |
— |
(378 |
) |
(5,202 |
) |
(1,962 |
) |
(436 |
) |
(7,610 |
) |
|||||||||||||||||||
|
Intermediate Fixed Income Fund |
— |
60 |
— |
(2,117 |
) |
(1,160 |
) |
7,007 |
(9 |
) |
3,781 |
|||||||||||||||||||||
|
Fixed Income Opportunities Fund |
— |
2,739 |
— |
(26,744 |
) |
(55,335 |
) |
(5,870 |
) |
(53 |
) |
(85,263 |
) |
|||||||||||||||||||
|
Dividend & Income Fund |
— |
— |
— |
— |
— |
63,480 |
(12 |
) |
63,468 |
|||||||||||||||||||||||
|
U.S. Core Equity Fund |
— |
34 |
8,329 |
— |
— |
37,829 |
— |
46,192 |
||||||||||||||||||||||||
|
Emerging Markets Fund |
— |
2,464 |
— |
(6,801 |
) |
(18,000 |
) |
157,242 |
— |
134,905 |
||||||||||||||||||||||
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, 2016, the breakdown of capital loss carryforwards was as follows:
|
Expiring December 31, |
||||
|
Fund |
2018 |
|
||
|
Intermediate Fixed Income Fund |
$ |
(2,117 |
) |
|
Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2015, through September 30, 2016, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
CITY NATIONAL ROCHDALE FUNDS | PAGE 138
|
|
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:
|
Fund |
Short-Term Loss |
Long-Term Loss |
Total |
|||||||||
|
Municipal High Income Fund |
$ |
(188 |
) |
$ |
(7,087 |
) |
$ |
(7,275 |
) |
|||
|
High Yield Bond Fund |
(150 |
) |
(228 |
) |
(378 |
) |
||||||
|
Fixed Income Opportunities Fund |
(16,945 |
) |
(9,799 |
) |
(26,744 |
) |
||||||
|
Emerging Markets Fund |
(6,801 |
) |
— |
(6,801 |
) |
|||||||
|
* |
This table should be used in conjunction with the capital loss carryforwards table. |
During the year ended September 30, 2016, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
|
Fund |
Amount |
|||
|
Government Bond Fund |
$ |
81 |
||
|
Intermediate Fixed Income Fund |
364 |
|||
|
Emerging Markets Fund |
1,162 |
|||
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 September 30, 2016, for each of the Fixed Income Funds and Equity Funds were as follows:
|
Fund |
Federal Tax Cost |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
Government Bond Fund |
$ |
148,540 |
$ |
1,617 |
$ |
(58 |
) |
1,559 |
||||||||
|
Corporate Bond Fund |
125,465 |
2,409 |
(246 |
) |
2,163 |
|||||||||||
|
California Tax Exempt Bond Fund |
96,094 |
2,498 |
(100 |
) |
2,398 |
|||||||||||
|
Municipal High Income Fund |
993,146 |
59,659 |
(9,050 |
) |
50,609 |
|||||||||||
|
High Yield Bond Fund |
78,520 |
2,153 |
(4,122 |
) |
(1,969 |
) |
||||||||||
|
Intermediate Fixed Income Fund |
250,992 |
7,862 |
(855 |
) |
7,007 |
|||||||||||
|
Fixed Income Opportunities Fund |
2,109,076 |
123,015 |
(76,995 |
) |
46,020 |
|||||||||||
|
Dividend & Income Fund |
171,687 |
65,696 |
(2,216 |
) |
63,480 |
|||||||||||
|
U.S. Core Equity Fund |
181,791 |
39,511 |
(1,682 |
) |
37,829 |
|||||||||||
|
Emerging Markets Fund |
797,531 |
195,935 |
(38,861 |
) |
157,074 |
|||||||||||
At September 30, 2016, the Government Money Market Fund’s 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 Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund, the Dividend & Income Fund and the Emerging Markets 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 139
|
notes to financial statements/ |
|
September 30, 2016 |
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 and Fixed Income Opportunities 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 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
CITY NATIONAL ROCHDALE FUNDS | PAGE 140
|
|
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 United States 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.
A more complete description of risks is included in the Funds’ prospectus and statement of additional information.
|
8. |
CAPITAL SHARES ISSUED AND REDEEMED: |
Capital share activity for the year ended September 30, 2016, and the year ended September 30, 2015, were as follows (000):
|
Government Money Market Fund |
Government Bond Fund |
Corporate Bond Fund |
||||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||||
|
CAPITAL SHARES ISSUED AND REDEEMED: |
||||||||||||||||||||||||
|
Institutional Class: |
||||||||||||||||||||||||
|
Shares issued |
— |
— |
1,418 |
985 |
— |
— |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
— |
— |
52 |
33 |
— |
— |
||||||||||||||||||
|
Shares redeemed |
— |
— |
(753 |
) |
(917 |
) |
— |
— |
||||||||||||||||
|
Net Institutional Class transactions |
— |
— |
717 |
101 |
— |
— |
||||||||||||||||||
|
Class N: |
||||||||||||||||||||||||
|
Shares issued |
5,798,519 |
3,753,980 |
23 |
29 |
100 |
187 |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
550 |
252 |
— |
— |
4 |
6 |
||||||||||||||||||
|
Shares redeemed |
(4,887,064 |
) |
(3,969,801 |
) |
(65 |
) |
(43 |
) |
(167 |
) |
(146 |
) |
||||||||||||
|
Net Class N transactions |
912,005 |
(215,569 |
) |
(42 |
) |
(14 |
) |
(63 |
) |
47 |
||||||||||||||
|
Class S: |
||||||||||||||||||||||||
|
Shares issued |
2,017,973 |
1,307,608 |
— |
— |
— |
— |
||||||||||||||||||
|
Shares redeemed |
(1,803,230 |
) |
(1,345,358 |
) |
— |
— |
— |
— |
||||||||||||||||
|
Net Class S transactions |
214,743 |
(37,750 |
) |
— |
— |
— |
— |
|||||||||||||||||
|
Servicing Class: |
||||||||||||||||||||||||
|
Shares issued |
2,473,708 |
1,454,606 |
1,899 |
1,849 |
2,733 |
2,527 |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
3 |
— |
26 |
17 |
18 |
25 |
||||||||||||||||||
|
Shares redeemed |
(1,800,335 |
) |
(1,357,973 |
) |
(2,642 |
) |
(4,123 |
) |
(3,466 |
) |
(3,358 |
) |
||||||||||||
|
Net Servicing Class transactions |
673,376 |
96,633 |
(717 |
) |
(2,257 |
) |
(715 |
) |
(806 |
) |
||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 141
|
notes to financial statements/ |
|
September 30, 2016 |
|
California Tax Exempt Bond Fund |
Municipal High Income Fund |
|||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
|||||||||||||
|
CAPITAL SHARES ISSUED AND REDEEMED: |
||||||||||||||||
|
Institutional Class: |
||||||||||||||||
|
Shares issued |
— |
— |
— |
— |
||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
— |
— |
— |
— |
||||||||||||
|
Shares redeemed |
— |
— |
— |
— |
||||||||||||
|
Net Institutional Class transactions |
— |
— |
— |
— |
||||||||||||
|
Class N: |
||||||||||||||||
|
Shares issued |
668 |
407 |
22,941 |
19,914 |
||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
6 |
10 |
943 |
685 |
||||||||||||
|
Shares redeemed |
(1,049 |
) |
(374 |
) |
(6,281 |
) |
(3,548 |
) |
||||||||
|
Net Class N transactions |
(375 |
) |
43 |
17,603 |
17,051 |
|||||||||||
|
Servicing Class: |
||||||||||||||||
|
Shares issued |
2,445 |
3,179 |
12,941 |
12,508 |
||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
10 |
11 |
103 |
52 |
||||||||||||
|
Shares redeemed |
(2,150 |
) |
(1,687 |
) |
(2,923 |
) |
(3,463 |
) |
||||||||
|
Net Servicing Class transactions |
305 |
1,503 |
10,121 |
9,097 |
||||||||||||
|
High Yield Bond Fund |
Intermediate Fixed Income Fund |
Fixed Income Opportunities Fund |
||||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||||
|
CAPITAL SHARES ISSUED AND REDEEMED: |
||||||||||||||||||||||||
|
Institutional Class: |
||||||||||||||||||||||||
|
Shares issued |
759 |
707 |
161 |
254 |
— |
— |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
319 |
501 |
7 |
9 |
— |
— |
||||||||||||||||||
|
Shares redeemed |
(910 |
) |
(800 |
) |
(491 |
) |
(2 |
) |
— |
— |
||||||||||||||
|
Net Institutional Class transactions |
168 |
408 |
(323 |
) |
261 |
— |
— |
|||||||||||||||||
|
Class N: |
||||||||||||||||||||||||
|
Shares issued |
880 |
668 |
2,371 |
3,610 |
32,737 |
25,240 |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
81 |
163 |
180 |
124 |
3,950 |
2,433 |
||||||||||||||||||
|
Shares redeemed |
(1,368 |
) |
(1,040 |
) |
(2,787 |
) |
(1,755 |
) |
(16,515 |
) |
(13,754 |
) |
||||||||||||
|
Net Class N transactions |
(407 |
) |
(209 |
) |
(236 |
) |
1,979 |
20,172 |
13,919 |
|||||||||||||||
|
Servicing Class: |
||||||||||||||||||||||||
|
Shares issued |
2,051 |
1,101 |
— |
— |
— |
— |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
49 |
92 |
— |
— |
— |
— |
||||||||||||||||||
|
Shares redeemed |
(3,298 |
) |
(2,629 |
) |
— |
— |
— |
— |
||||||||||||||||
|
Net Servicing Class transactions |
(1,198 |
) |
(1,436 |
) |
— |
— |
— |
— |
||||||||||||||||
CITY NATIONAL ROCHDALE FUNDS | PAGE 142
|
|
|
Dividend & Income Fund |
U.S. Core Equity Fund |
Emerging Markets Fund (1) |
||||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||||
|
CAPITAL SHARES ISSUED AND REDEEMED: |
||||||||||||||||||||||||
|
Institutional Class: |
||||||||||||||||||||||||
|
Shares issued |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
— |
— |
— |
52 |
— |
— |
||||||||||||||||||
|
Shares redeemed |
— |
— |
(526 |
) |
(1 |
) |
— |
— |
||||||||||||||||
|
Net Institutional Class transactions |
— |
— |
(526 |
) |
51 |
— |
— |
|||||||||||||||||
|
Class N: |
||||||||||||||||||||||||
|
Shares issued |
1,906 |
1,823 |
1,225 |
1,450 |
9,641 |
8,896 |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
114 |
100 |
85 |
640 |
4 |
25 |
||||||||||||||||||
|
Shares redeemed |
(1,532 |
) |
(1,369 |
) |
(1,416 |
) |
(1,032 |
) |
(26,285 |
)(2) |
(4,558 |
) |
||||||||||||
|
Net Class N transactions |
488 |
554 |
(106 |
) |
1,058 |
(16,640 |
) |
4,363 |
||||||||||||||||
|
Servicing Class: |
||||||||||||||||||||||||
|
Shares issued |
— |
— |
1,778 |
2,617 |
— |
— |
||||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
— |
— |
3 |
4 |
— |
— |
||||||||||||||||||
|
Shares redeemed |
— |
— |
(1,841 |
) |
(1,882 |
) |
— |
— |
||||||||||||||||
|
Net Servicing Class transactions |
— |
— |
(60 |
) |
739 |
— |
— |
|||||||||||||||||
|
Class Y: |
||||||||||||||||||||||||
|
Shares issued |
— |
— |
— |
— |
21,547 |
(2) |
— |
|||||||||||||||||
|
Shares issued in Lieu of Dividends and Distributions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Shares redeemed |
— |
— |
— |
— |
(428 |
) |
— |
|||||||||||||||||
|
Net Class Y transactions |
— |
— |
— |
— |
21,119 |
— |
||||||||||||||||||
|
(1) |
Class Y commenced operations on June 1, 2016. |
|
(2) |
Includes transfers of 17,188 (000) shares from Class N into 17,183 (000) shares of Class Y. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 143
|
notes to financial statements/ |
|
September 30, 2016 |
|
9. |
LINE OF CREDIT |
The Funds, except for the Government Money Market Fund, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.
Borrowing activity under the LOC for the year ended September 30, 2016, was as follows:
|
Fund |
Maximum Amount of Line of Credit (000) |
Interest Expense (000) |
Average Rate |
Average Borrowings (000) |
Maximum Amount Outstanding (000) |
|||||||||||||||
|
Dividend & Income Fund |
$ |
50,000 |
$ |
1 |
3.00 |
% |
$ |
395 |
$ |
944 |
||||||||||
Average borrowing activity was calculated using the number of days for amounts outstanding in the Dividend & Income Fund.
|
10. |
SUBSEQUENT EVENTS |
The City National Rochdale California Tax Exempt Money Market Fund was liquidated on October 3, 2016.
The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2016, and no issues were noted to disclose.
CITY NATIONAL ROCHDALE FUNDS | PAGE 144
|
report of independent registered public accounting firm |
To the Shareholders and Board of Trustees
of City National Rochdale Funds
We have audited the accompanying statements of assets and liabilities of the Government Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund (consolidated), Dividend & Income Fund, U.S. Core Equity Fund, and Emerging Markets Fund (consolidated) (the “Funds”), each a series of shares of beneficial interest in City National Rochdale Funds, including the schedules of investments, as of September 30, 2016, and the related statements of operations and cash flows (for Fixed Income Opportunities Fund only) for the year then ended and the statements of changes in net assets and financial highlights for each of the years in the two-year period then ended (consolidated for Fixed Income Opportunities Fund and Emerging Markets Fund). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights (consolidated for Fixed Income Opportunities and Emerging Markets Fund) for each of the years or periods presented through September 30, 2014 for each of the Funds were audited by other auditors, whose reports dated November 28, 2014 and March 31, 2013 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other counterparties, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights (consolidated where noted) referred to above present fairly, in all material respects, the financial position of each of the Funds comprising the City National Rochdale Funds as of September 30, 2016, and the results of their operations and cash flows (Fixed Income Opportunities Fund only) for the year then ended, and the changes in their net assets and their financial highlights for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.
|
|
Philadelphia, Pennsylvania
November 28, 2016
CITY NATIONAL ROCHDALE FUNDS | PAGE 145
|
trustees and officers (Unaudited) |
|
September 30, 2016 |
The Trustees and officers of the Trust, their principal occupations during the past five years, and their affiliations, if any, with City National Rochdale, the investment manager to the Funds, are set forth below. The persons listed below may have held other positions with their employers named below during the relevant periods. Certain officers of the Trust also serve as officers to one or more other mutual funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor. Andrew S. Clare (the “Interested Trustee”) is an “interested person” of the Trust, as defined in the 1940 Act. Each Trustee other than Mr. Clare may be referred to in this SAI as an “Independent Trustee” and collectively as the “Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-889-0799.
|
Name, |
Position with the |
Term of Office(1) and Length of Time Served |
Principal Occupation |
Number of Portfolios in Fund Complex(2) Overseen by Trustee |
Other Directorships Held by Trustee For the Past Five Years |
|
INDEPENDENT TRUSTEES |
|||||
|
Daniel A. Hanwacker City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 64 |
Trustee |
Since 2013 |
CEO and President, Hanwacker Associates, Inc. (asset management consulting and executive search services) (2001-present). Managing Director - Asset Management, Putnam Lovell Securities (2000-2001). Co-Founding Partner, Constellation Financial Management, Co., LLC (1995-2000). |
16 |
Rochdale Investment Trust (2011- 2013) |
|
Jon C. Hunt City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 64 |
Trustee |
Since 2013 |
Retired (March 2013-present). Consultant to Management, Convergent Capital Management, LLC (“CCM”) (July 2012-March 2013). Managing Director and Chief Operating Officer, CCM (1998-June 2012). |
16 |
Nuveen Commodities Asset Management, member of Independent Committee (February 2012 - present); Advisor’s Inner Circle Fund III (February 2014 – present); Winton Series Trust and Winton Diversified Opportunities Fund, Lead Independent Trustee (January 2015 - present) |
|
Vernon C. Kozlen City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 73 |
Trustee
Chairman |
Since 2007
Since 2016 |
Retired (2007-present). President and Chief Executive Officer, City National Rochdale Funds (2000-2007). Executive Vice President and Director of Asset Management Development, CNB (1996-2007). Director, Reed, Conner & Birdwell LLC (2000-2007), and Convergent Capital Management, LLC (2003-2007). Chairman of the Board, City National Asset Management, Inc. (2001-2005). Chairman of the Board, City National Securities, Inc. (1999-2005). Director, City National Asset Management, Inc. (2001-2006), and City National Securities, Inc. (1999-2006). |
16 |
Windermere Jupiter Fund, LLC, CMS/Ironwood Multi-Strategy Fund LLC, CMS/Barlow Long-Short Equity Fund, LLC (3) |
CITY NATIONAL ROCHDALE FUNDS | PAGE 146
|
Name, |
Position with the |
Term of Office(1) and Length of Time Served |
Principal Occupation |
Number of Portfolios in Fund Complex(2) Overseen by Trustee |
Other Directorships Held by Trustee For the Past Five Years |
|
INDEPENDENT TRUSTEES (Continued) |
|||||
|
Jay C. Nadel City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 57 |
Trustee |
Since 2013 |
Financial Services Consultant (2005-present). Executive Vice President, Bank of New York Broker-Dealer and Member of the Operating Committee (2002-2004). Weiss, Peck & Greer, Partner, Managing Director and Chair of the Operations Committee (1986-2001). |
16 |
Lapolla Industries, Inc. (2007 – present); Rochdale Investment Trust (2011-2013) |
|
James R. Wolford City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 62 |
Trustee |
Since 1999 |
Chief Executive Officer of Corinthian Development Company (December 2013-present). President, Chief Operating Officer and Chief Financial Officer, Thompson National Properties (March 2011-December 2013). Chief Financial Officer, Pacific Office Properties, a real estate investment trust (April 2010-March 2011). Chief Financial Officer, Bixby Land Company, a real estate company (2004-March 2010). Regional Financial Officer, AIMCO, a real estate investment trust (2004). Chief Financial Officer, DBM Group, a direct mail marketing company (2001-2004). Senior Vice President and Chief Operating Officer, Forecast Commercial Real Estate Service, Inc. (2000-2001). Senior Vice President and Chief Financial Officer, Bixby Ranch Company (1985-2000). |
16 |
None |
|
INTERESTED TRUSTEE |
|||||
|
Andrew S. Clare (4) City National Rochdale Funds 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 70 |
Trustee |
Since 2013 |
Attorney and partner, Loeb & Loeb LLP, a law firm (1972-present). |
16 |
None |
|
(1) |
The Trustees serve for terms of office as follows: |
|
Name of Trustee |
End of Term of Office |
|
Vernon C. Kozlen |
December 31, 2018* |
|
James Wolford |
March 29, 2023 |
|
Andrew S. Clare |
December 31, 2020* |
|
Daniel A. Hanwacker |
March 29, 2023 |
|
Jon C. Hunt |
March 29, 2023 |
|
Jay C. Nadel |
March 29, 2023 |
|
* |
Subject to extension by the Board for up to two years. |
|
(2) |
“Fund complex” is defined as two or more registered investment companies that hold themselves out to investors as related companies or have a common investment adviser or affiliated investment advisers and in this case includes the following registered closed-end funds: City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC and City National Rochdale International Trade Fixed Income Fund. |
|
(3) |
Convergent Wealth Advisors, LLC, which is under common control with CNB, serves as investment adviser to Windermere Jupiter Fund, LLC, CMS/Ironwood Multi-Strategy Fund, LLC and CMS/Barlow Long-Short Equity Fund, LLC, each of which is a private investment fund. |
|
(4) |
Mr. Clare is an “interested person” of the Trust, as defined in the 1940 Act, by virtue of the provision of significant legal services by him and his law firm to CNB. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 147
|
trustees and officers (Unaudited) (Continued) |
|
September 30, 2016 |
|
Name |
Position |
Term of Office(1) and Length of Time Served |
Principal Occupation |
|
OFFICERS |
|||
|
Garrett R. D’Alessandro City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 59 |
President and Chief Executive Officer |
Since 2013 |
Chief Executive Officer, City National Rochdale (1986-present); Chief Investment Officer, City National Rochdale (April 2016-present). |
|
Eric Kleinschmidt SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 48 |
Treasurer |
Since 2005 |
Director of Fund Accounting, SEI Investments Company (2004-present). Manager of Fund Accounting, SEI Investments (1999-2004). |
|
F. Michael Gozzillo City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 51 |
Vice President; Chief Compliance Officer (“CCO”); Anti-Money Laundering Officer & Identity Theft Program Officer |
Since 2013 |
Senior Vice President & Chief Compliance Officer, City National Rochdale (2012-present). CCO, Symphonic Financial Advisers LLC (2013 to Present). CCO, City National Rochdale High Yield Alternative Strategies Master Fund LLC, City National Rochdale High Yield Alternative Strategies Fund LLC, City National Rochdale High Yield Alternative Strategies Fund TEI LLC, City National Rochdale Structured Claims Fixed Income Fund LLC and City National Rochdale International Trade Fixed Income Fund (2013-present). Director & Compliance Officer, TIAA-CREF (2008-2012). CCO, TIAA-CREF Life Insurance Co. Separate Accounts (2009-2012). |
|
Lisa Whittaker SEI Investments One Freedom Valley Drive Oaks, Pennsylvania 19456 Age: 37 |
Vice President and Assistant Secretary |
Since 2012 |
Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011). |
|
Greg Francoeur City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 45 |
Vice President and Assistant Treasurer |
Since 2015 |
Senior Vice President, Segment Finance Manager, Wealth Management Segment, City National Bank (2009 -Present), Chief Financial Officer (Convergent Capital Management, (2003-2009). |
|
Mitchell Cepler City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 33 |
Vice President and Assistant Treasurer |
Since 2015 |
Group Finance Manager, City National Rochdale (2011-present). Manager, Financial Planning and Analysis, ESP Technologies Corporation (2008-2011). |
|
Kurt Hawkesworth City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 45 |
Vice President and Secretary |
Since 2013 |
Chief Operating Officer, City National Rochdale (2003-present). |
|
Anthony Sozio City National Rochdale, LLC 400 N. Roxbury Drive Beverly Hills, California 90210 Age: 45 |
Vice President and Assistant Secretary |
Since 2013 |
Assistant Vice President of Registered Fund Operations, City National Rochdale (1998-present). |
|
(1) |
Each officer serves until removed by the Board or the principal executive officer of the Trust, or until such officer resigns. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 148
|
notice to shareholders (Unaudited) |
|
September 30, 2016 |
For shareholders that do not have a September 30, 2016, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2016, taxable year end, please consult your tax advisor as to the pertinence of this notice.
For California income tax purposes, for the fiscal year ended September 30, 2016, each of the California Tax Exempt Bond Fund and Municipal High Income Fund is designating 98.14% and 11.05%, respectively, of its distributions paid from net investment income as exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.
For Federal income tax purposes, for the fiscal year ended September 30, 2016, each Fund is designating the following items with regard to distributions paid during the year:
|
|
(A) Capital Gain Distributions |
(B) Capital |
(C) Income Distributions |
(D) Interest |
(E) Distributions |
(F) for Corporate Dividends Rec. Deduction (1) |
(G) Qualifying Dividend Income (2) |
(H) Government Interest (3) |
(I) Related Dividends (4) |
(J) Short-Term Capital Gain Dividends (5) |
|
Government Money Market Fund |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
0.00% |
86.16% |
100.00% |
0.00% |
|
Prime Money Market Fund(7) |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
0.00% |
0.00% |
100.00% |
100.00% |
|
California Tax Exempt Money Market Fund(8) |
2.65% |
0.00% |
26.02% |
71.33% |
100.00% |
0.00% |
0.00% |
0.00% |
0.00% |
100.00% |
|
Government Bond Fund |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
0.00% |
51.98% |
97.70% |
0.00% |
|
Corporate Bond Fund |
11.94% |
0.00% |
88.06% |
0.00% |
100.00% |
0.00% |
0.00% |
0.00% |
88.51% |
0.00% |
|
California Tax Exempt Bond Fund |
2.64% |
0.00% |
0.00% |
97.36% |
100.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
Municipal High Income Fund |
0.05% |
0.00% |
0.76% |
99.19% |
100.00% |
0.00% |
0.00% |
0.00% |
0.00% |
100.00% |
|
High Yield Bond Fund |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
0.00% |
0.00% |
98.07% |
0.00% |
|
Intermediate Fixed Income Fund |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
11.25% |
11.51% |
3.90% |
88.09% |
0.00% |
|
Fixed Income Opportunities Fund |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
20.52% |
20.55% |
0.00% |
68.26% |
0.00% |
|
Multi-Asset Fund(9) |
0.00% |
10.80% |
89.20% |
0.00% |
100.00% |
57.47% |
65.49% |
0.00% |
0.00% |
0.00% |
|
Dividend & Income Fund |
9.48% |
12.76% |
77.76% |
0.00% |
100.00% |
100.00% |
100.00% |
0.00% |
1.21% |
100.00% |
|
U.S. Core Equity Fund |
47.43% |
0.00% |
52.57% |
0.00% |
100.00% |
100.00% |
100.00% |
0.00% |
0.00% |
0.00% |
|
Emerging Markets Fund (6) |
0.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
100.00% |
0.00% |
0.00% |
0.00% |
|
(1) |
“Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction. |
|
(2) |
“Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount permitted by law. |
|
(3) |
“U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
|
(4) |
“Interest Related Dividends” represent qualifying interest that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004. |
|
(5) |
“Short-Term Capital Gain Dividends” represent qualifying short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004. |
|
(6) |
The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended September 30, 2016, the total amount of foreign source income was $15,897,822. The total amount of foreign tax to be paid is $380,518. Your allocable share of foreign tax credit will be reported on Form 1099-DIV. |
|
(7) |
On August 31, 2016, the Prime Money Market Fund closed. The information shown is as of August 31, 2016. |
|
(8) |
On October 3, 2016, the California Tax Exempt Money Market Fund was liquidated. The information shown is as of September 30, 2016. |
|
(9) |
On September 29, 2016, the Multi-Asset Fund closed. The information shown is as of September 29, 2016. |
Items (A), (B), (C), (D) and (E) are based on the percentage of each fund’s total distribution.
Items (F) and (G) are based on the percentage of “Ordinary Income Distributions.”
Item (H) is based on the percentage of gross income of each Fund.
Item (I) is based on the percentage of net investment income distributions.
Item (J) is based on the percentage of short-term capital gain distributions.
CITY NATIONAL ROCHDALE FUNDS | PAGE 149
|
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 (April 1, 2016, to September 30, 2016).
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 150
|
Beginning Account Value 4/01/2016 |
Ending Account Value 9/30/2016 |
Annualized Expense Ratios |
Expense Paid During Period* |
|||||||||||||
|
City National Rochdale Government Money Market Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,000.10 |
0.36 |
% |
$ |
1.80 |
||||||||
|
Class S |
1,000.00 |
1,000.10 |
0.36 |
% |
1.80 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,000.10 |
0.37 |
% |
1.85 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,023.20 |
0.36 |
% |
$ |
1.82 |
||||||||
|
Class S |
1,000.00 |
1,023.20 |
0.36 |
% |
1.82 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,023.15 |
0.37 |
% |
1.87 |
|||||||||||
|
City National Rochdale Government Bond Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,004.80 |
0.53 |
% |
$ |
2.66 |
||||||||
|
Class N |
1,000.00 |
1,002.30 |
1.03 |
% |
5.16 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,003.60 |
0.78 |
% |
3.91 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,022.35 |
0.53 |
% |
$ |
2.68 |
||||||||
|
Class N |
1,000.00 |
1,019.85 |
1.03 |
% |
5.20 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,021.10 |
0.78 |
% |
3.94 |
|||||||||||
|
City National Rochdale Corporate Bond Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,016.90 |
1.01 |
% |
$ |
5.09 |
||||||||
|
Servicing Class |
1,000.00 |
1,019.60 |
0.76 |
% |
3.84 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,019.95 |
1.01 |
% |
$ |
5.10 |
||||||||
|
Servicing Class |
1,000.00 |
1,021.20 |
0.76 |
% |
3.84 |
|||||||||||
|
City National Rochdale California Tax Exempt Bond Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,009.00 |
0.88 |
% |
$ |
4.42 |
||||||||
|
Servicing Class |
1,000.00 |
1,010.60 |
0.63 |
% |
3.17 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,020.60 |
0.88 |
% |
$ |
4.45 |
||||||||
|
Servicing Class |
1,000.00 |
1,021.85 |
0.63 |
% |
3.18 |
|||||||||||
|
City National Rochdale Municipal High Income Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,043.20 |
1.05 |
% |
$ |
5.36 |
||||||||
|
Servicing Class |
1,000.00 |
1,043.60 |
0.80 |
% |
4.09 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,019.75 |
1.05 |
% |
$ |
5.30 |
||||||||
|
Servicing Class |
1,000.00 |
1,021.00 |
0.80 |
% |
4.04 |
|||||||||||
|
City National Rochdale High Yield Bond Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,118.60 |
0.90 |
% |
$ |
4.77 |
||||||||
|
Class N |
1,000.00 |
1,116.90 |
1.20 |
% |
6.35 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,117.20 |
1.14 |
% |
6.03 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,020.50 |
0.90 |
% |
$ |
4.55 |
||||||||
|
Class N |
1,000.00 |
1,019.00 |
1.20 |
% |
6.06 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,019.30 |
1.14 |
% |
5.76 |
|||||||||||
|
City National Rochdale Intermediate Fixed Income Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,025.10 |
0.51 |
% |
$ |
2.58 |
||||||||
|
Class N |
1,000.00 |
1,022.80 |
1.01 |
% |
5.11 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,022.45 |
0.51 |
% |
$ |
2.58 |
||||||||
|
Class N |
1,000.00 |
1,019.95 |
1.01 |
% |
5.10 |
|||||||||||
|
City National Rochdale Fixed Income Opportunities Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,078.80 |
1.09 |
% |
$ |
5.66 |
||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,019.55 |
1.09 |
% |
$ |
5.50 |
||||||||
|
* |
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
CITY NATIONAL ROCHDALE FUNDS | PAGE 151
|
disclosure of fund expenses (Unaudited) (Continued) |
|
Beginning Account Value 4/01/2016 |
Ending Account Value 9/30/2016 |
Annualized Expense Ratios |
Expense Paid During Period* |
|||||||||||||
|
City National Rochdale Dividend & Income Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,062.10 |
1.11 |
% |
$ |
5.72 |
||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,019.45 |
1.11 |
% |
$ |
5.60 |
||||||||
|
City National Rochdale U.S. Core Equity Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,048.50 |
0.51 |
% |
$ |
2.63 |
||||||||
|
Class N |
1,000.00 |
1,045.50 |
1.02 |
% |
5.22 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,046.80 |
0.77 |
% |
3.94 |
|||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Institutional Class |
$ |
1,000.00 |
$ |
1,022.45 |
0.51 |
% |
$ |
2.58 |
||||||||
|
Class N |
1,000.00 |
1,019.85 |
1.02 |
% |
5.15 |
|||||||||||
|
Servicing Class |
1,000.00 |
1,021.15 |
0.77 |
% |
3.89 |
|||||||||||
|
City National Rochdale Emerging Markets Fund |
||||||||||||||||
|
Actual Fund Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,105.60 |
1.61 |
% |
$ |
8.48 |
||||||||
|
Class Y |
1,000.00 |
1,088.20 |
1.37 |
% |
4.77 |
** |
||||||||||
|
Hypothetical 5% Return |
||||||||||||||||
|
Class N |
$ |
1,000.00 |
$ |
1,016.95 |
1.61 |
% |
$ |
8.12 |
||||||||
|
Class Y |
1,000.00 |
1,018.10 |
1.37 |
% |
6.91 |
|||||||||||
|
* |
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
|
** |
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 122/366 (to reflect the period since inception to period end). |
CITY NATIONAL ROCHDALE FUNDS | PAGE 152
|
board approval of advisory and sub-advisory agreements |
|
(Unaudited) |
The Board of Trustees of City National Rochdale Funds (the “Trust”) is comprised of six Trustees, five of whom are Independent Trustees (i.e., not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended). During the six months ended September 30, 2016, the Board and the Independent Trustees approved the following advisory and sub-advisory agreements:
|
● |
The advisory agreement between City National Rochdale, LLC (the “Adviser”) and the Trust, on behalf of the City National Rochdale Government Money Market Fund (“Government Money Market Fund”), City National Rochdale Prime Money Market Fund (“Prime Money Market Fund”), City National Rochdale California Tax Exempt Money Market Fund (“California Tax Exempt Money Market 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”), City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”), 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”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”); |
|
● |
The sub-advisory agreement between the Adviser and Guggenheim Partners Investment Management, LLC (“Guggenheim”), with respect to the High Yield Bond Fund; |
|
● |
The sub-advisory agreement between the Adviser and Seix Investment Advisors LLC (“Seix”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The sub-advisory agreement between the Adviser and Federated Investment Management Company (“Federated”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The sub-advisory agreement between the Adviser and GML Capital LLP (“GML”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The sub-advisory agreement between the Adviser and Alcentra Limited (“Alcentra”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The sub-advisory agreement between the Adviser and Ashmore Investment Management Limited (“Ashmore”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The sub-advisory agreement between the Adviser and AllFinancial Partners II, LLC (“AllFinancial”), with respect to the Fixed Income Opportunities Fund; |
|
● |
The advisory agreement between the Adviser and Rochdale Emerging Markets (Mauritius) (the “Mauritius Subsidiary”), a wholly-owned subsidiary of the Emerging Markets Fund; and |
|
● |
The advisory agreement between the Adviser and City National Rochdale Fixed Income Opportunities (Ireland) Limited (the “Irish Subsidiary”), a wholly-owned subsidiary of the Fixed Income Opportunities Fund. |
The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” Guggenheim, Seix, Federated, GML, Alcentra, Ashmore, and AllFinancial are collectively referred to below as the “Sub-Advisers,” and the Mauritius Subsidiary and the Irish Subsidiary are collectively referred to below as the “Subsidiaries.”
General Information
The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Agreements were considered separately for each Fund and Subsidiary, although the Board took into account the common interests of the Funds and the Subsidiaries in its review. As described below, the Board considered the nature, quality and extent of the various investment advisory and administrative services performed by the Adviser and each Sub-Adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in private sessions with their independent counsel at which no representatives of the Adviser or the Sub-Advisers were present.
The Board reviewed extensive materials regarding investment results of the Adviser and each Sub-Adviser with respect to the Funds (or portions of the Funds) and the Subsidiaries they manage, advisory fee and expense comparisons, financial information with respect to each firm, descriptions of various
CITY NATIONAL ROCHDALE FUNDS | PAGE 153
|
board approval of advisory and sub-advisory agreements |
|
(Unaudited) (Continued) |
functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management and administrative services to the Funds and the Subsidiaries. The Board also took into account information they received at past meetings of the Board and its committees with respect to these matters.
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.
CITY NATIONAL ROCHDALE, LLC
Nature, Extent and Quality of Services
In reviewing the services provided by the Adviser to the Funds and the Subsidiaries, the Board considered a variety of matters, including the overall quality and depth of the Adviser’s organization, its overall financial strength and stability, its commitment to compliance with applicable laws and regulations and the systems in place to ensure compliance with those requirements, its portfolio trading and soft dollar practices, and its disaster recovery and contingency planning practices. The Board also considered the experience, capability and integrity of the Adviser’s senior management, the background, education and experience of the Adviser’s personnel, and its efforts to retain, attract and motivate capable personnel to serve the Funds and the Subsidiaries. The Board found all of these matters to be satisfactory.
The Board assessed the performance of each Fund compared with the returns of its respective benchmark index or indexes and the averages of the funds included in its respective peer group category selected by Lipper, Inc. (each, a “Lipper Universe”), and for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund (together the “Money Market Funds”), iMoneyNet, Inc. indexes. They reviewed these matters for the one-, three-, five-, and ten-year and since inception periods ended June 30, 2016, as applicable. In addition, the Board reviewed the performance of each Fund compared to the performance of a select group of comparable funds determined by the Adviser to have investment objectives similar to that of the Fund. With respect to the performance results of the Funds, the Trustees noted that the meeting materials indicated as follows:
|
● |
The Government Money Market Fund (Servicing Class) slightly underperformed the average returns of the funds in the Lipper Institutional U.S. Government Money Market Objective group (by 0.18% or less) and iMoneyNet, Inc. Government Institutional group (by 0.06% or less) for the one-, three-, five- and ten-year and since inception periods. The Board noted that while the Fund was not able to participate in the Federal Reserve’s reverse repurchase facility due to size constraints, if flows into the Fund from the liquidating Prime Money Market Fund and California Tax Exempt Money Market Fund continued, the Fund might be able to participate in the facility in the future. The Board also considered the continued yield pressure due to regulatory and structural changes within short-term markets. |
|
● |
The Prime Money Market Fund (Institutional Class) slightly underperformed the average returns of the funds in the Lipper Institutional Money Market Objective group (by 0.22% or less) and the iMoneyNet, Inc. Prime Institutional group (by 0.19% or less) for the one-, three-, five- and ten-year and since inception periods. The Board noted that it had recently approved a plan of liquidation for the Fund, which was expected to be fully liquidated on or about August 31, 2016. |
|
● |
The California Tax Exempt Money Market Fund (Servicing Class) slightly underperformed the average returns of the funds in the Lipper CA Tax-Exempt Money Market Funds Objective group (by 0.04% or less) and the iMoneyNet State Specific Institutional-CA group (by 0.08% or less) for the one-, three-, five- and ten-year and since inception periods. The Board noted that it had recently approved a plan of liquidation for the Fund, which was expected to be fully liquidated on or about October 3, 2016. |
|
● |
The Government Bond Fund (Institutional Class) outperformed the average returns of the funds in the Lipper Short/Intermediate U.S. Government Objective group for the one- and five-year periods ending June 30, 2016, but trailed the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (by 0.50% or less). For the three- and ten-year and since inception periods ending June 30, 2016, the Fund underperformed the Bloomberg Barclays Index (by 0.49% or less) and the Lipper Universe average returns (by 0.33% or less). The Board considered the Adviser’s explanation that the underperformance was primarily due to greater allocations to mortgage-backed securities by the Fund’s peers |
CITY NATIONAL ROCHDALE FUNDS | PAGE 154
|
|
and index, which had performed well in the weak housing market. The Board also considered the anticipated positive impact of rising interest rates on the Fund’s investments. |
|
● |
The Corporate Bond Fund (Servicing Class) outperformed the average return of the funds in the Lipper Short/Intermediate Investment-Grade Objective group, but underperformed the Bloomberg Barclays U.S. Corp 1-5 A3+, 2% Issuer Constrained Index (by 0.45%), for the ten-year period. The Fund underperformed the Bloomberg Barclays Index (by 1.43% or less) and the Lipper Universe averages (by 0.53% or less) for the one-, three- and five-year and since inception periods. The Board noted the Adviser’s explanation that the Fund’s near-term underperformance was primarily attributable to the Fund’s conservative duration positioning and the lingering negative impact of the selloff in commodity related credits in the fourth quarter of 2015 and the first quarter of 2016. |
|
● |
The California Tax Exempt Bond Fund (Servicing Class) outperformed the average returns of the funds in the Lipper CA Short/Intermediate Municipal Debt Objective group but underperformed the Bloomberg Barclays CA Intermediate-Short Municipal Index (by 0.69% or less) for the one-, three-, five- and ten-year and since inception periods. The Board considered the Adviser’s explanation that although the Fund was outperforming its peers, it was underperforming its index primarily due to a heavy California general obligation bond overweight in the index since the financial crisis. |
|
● |
The Municipal High Income Fund (Servicing Class) underperformed the average returns of the funds in the Lipper High Yield Municipal Classification group (by 0.75% or less) and the Bloomberg Barclays High Yield Municipal Index (by 2.28% or less) for the one-year and since inception periods. The Board noted the positive recent performance of the Adviser’s new high yield muni portfolio management team. The Board then noted that additional expenses had been taken on by the Adviser when it took over the day-to-day portfolio management of the Fund. The Board also noted that the Fund has been operating for a relatively short period, and that performance over longer periods would be more meaningful. |
|
● |
The High Yield Bond Fund (Institutional Class) outperformed the average returns of the funds in the Lipper High Yield Bond Funds Objective group but underperformed the Citigroup High-Yield Market Capped Index (by 0.24% or less) for the three-, five- and ten-year and since inception periods. For the one-year period, the Fund underperformed the Citigroup Index (by 1.69%) and the Lipper Universe average (by 0.68%). The Board noted that the Fund has consistently outperformed its Lipper Universe averages during prior periods. |
|
● |
The Intermediate Fixed Income Fund (Institutional Class) outperformed the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, but underperformed the average returns of the funds in the Lipper Core Bond Funds Classification group (by 0.57% or less), for the three- and five-year periods. The Fund underperformed the Lipper Universe averages (by 0.93% or less) and the Bloomberg Barclays Index (by 0.60% or less) for the one- and ten-year and since inception periods. The Board considered the Adviser’s view that the Fund’s near-term underperformance was primarily attributable to the Fund’s conservative duration positioning as well as its overweight position in the financial sector. |
|
● |
The Fixed Income Opportunities Fund (Class N) outperformed the average returns of the funds in the Lipper High Yield Bond Funds Classification group and the Credit Suisse Leveraged Loan Index, but underperformed the Bloomberg Barclays U.S. Corporate High Yield Index (by 0.61% or less) and the Bloomberg Barclays U.S. Aggregate Bond Index (by 4.76% or less), for the one- and three-year periods. The Fund outperformed the Credit Suisse Index and the Bloomberg Barclays U.S. Aggregate Bond Index but underperformed the Lipper Universe average return (by 0.24%) and the Bloomberg Barclays U.S. Corporate High Yield Index (by 1.51%) for the five-year period. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, but underperformed the Lipper Universe average return (by 2.28%), the Credit Suisse Index (by 0.90%) and the Bloomberg Barclays U.S. Corporate High Yield Index (by 3.59%) for the period since inception. The Board noted that the Fund is a blended fund with several sleeves managed by different sub-advisers according to various investment mandates, that it was therefore difficult to compare the Fund to a broad-based securities index, and that many of the secondary benchmarks were benchmarks applicable only to certain sleeves of the Fund. |
|
● |
The Multi-Asset Fund (Servicing Class) outperformed the average returns of the funds in the Lipper Absolute Returns Funds Classification group and the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, but underperformed the Blended Index (a customized index composed of 60% Bloomberg Barclays Capital Intermediate Government/ |
CITY NATIONAL ROCHDALE FUNDS | PAGE 155
|
board approval of advisory and sub-advisory agreements |
|
(Unaudited) (Continued) |
Credit Index and 40% MSCI World Index) (by 2.77% or less), for the three- year and since inception periods. The Fund outperformed the BofA Merrill Lynch Index, but underperformed the Lipper Universe average return (by 0.43%) and the Blended Index (by 3.70%) for the five-year period. The Fund underperformed the Lipper Universe average return (by 0.49%), the BofA Merrill Lynch Index (by 1.75%) and the Blended Index (by 3.27%) for the one-year period. The Board noted that it had approved a plan of liquidation for the Fund, and that the liquidation was expected to occur on or about September 29, 2016.
|
● |
The Dividend & Income Fund (Class N) outperformed the average returns of the funds in the Lipper Equity Income Funds Classification group, the S&P 500 Index and the Blended Index (a customized index composed of 60% Dow Jones U.S. Select Dividend Index, 25% Bank of America ML Core Fixed Rate Preferred Securities Index and 15% MSCI U.S. REIT Index) for the one- and ten-year periods. The Fund outperformed the Lipper Universe average return and the S&P 500 Index return, but underperformed the Blended Index (by 2.60%) for the period since inception. The Fund outperformed the Lipper Universe average returns but underperformed the S&P 500 Index (by 0.76% or less) and the Blended Index (by 1.65% or less) over the three- and five-year periods. The Board considered that the Fund had been ranked in the five-star category by Morningstar, Inc. for the three-, five- and ten-year periods as of June 30, 2016. |
|
● |
The U.S. Core Equity Fund (Institutional Class) outperformed the average returns of the funds in the Lipper Large Cap Growth Funds Classification group but underperformed the S&P 500 Index (by 0.92% or less) for the three-year and since inception periods. The Fund underperformed the Lipper Universe average return (by 0.05%) and the S&P 500 Index (by 5.72%) for the one-year period. The Board considered the Adviser’s explanation that the Fund’s near-term underperformance was attributable to poor stock selection in the information technology and industrial sectors, as well as the fact that the Fund was positioned to capitalize on a rise in interest rates which had not yet occurred. |
|
● |
The Emerging Markets Fund (Class N) outperformed the MSCI Emerging Markets Index, the average returns of the funds in the Lipper Emerging Markets Funds Classification group and the MSCI Emerging Markets Asia Index for the one- and three-year and since inception periods. The Board considered the Fund’s outperformance and the Fund’s continued inflows. |
The Board concluded that the Adviser continues to provide high quality management and oversight services to the Funds, the Mauritius Subsidiary, and the Irish Subsidiary. The Board noted that the investment results of the Funds over the long term were generally competitive; that the Adviser had given reasonable explanations for the performance of those Funds that had underperformed relative to their benchmarks; that the results for the Money Market Funds compared to their peer groups were acceptable given the special services and investment focuses of those Funds and the unusual market conditions applicable to the money market fund industry in recent years; that there were planned liquidations of the Prime Money Market Fund, California Tax-Exempt Money Market Fund and Multi-Asset Fund; and that consideration of returns of market indexes needed to take into account that indexes do not reflect the expenses of operating mutual funds.
Advisory Fees and Fund Expenses
The Board then reviewed information regarding the advisory fees (both before and after waivers) charged by the Adviser to each Fund, and the total expenses (net of fee waivers) for the last fiscal year of the Institutional Class, Servicing Class, and Class N shares of each Fund (as percentages of their respective average annual net assets), as applicable (“Total Expense Ratios”) compared to those of the funds included in its respective Lipper Universe and peer group identified by the Adviser (each, a “Peer Group”), as applicable.
The Board observed that the meeting materials indicated as follows with respect to the Funds’ investment advisory fees (net of fee waivers):
|
● |
The net advisory fees paid by the Government Money Market Fund, Prime Money Market Fund, Corporate Bond Fund, Municipal High Income Fund, High Yield Bond Fund, and Intermediate Fixed Income Fund were above their Lipper Universe averages and Peer Group averages. |
|
● |
The net advisory fees paid by the Government Bond Fund, California Tax Exempt Bond Fund, Fixed Income Opportunities Fund, Multi-Asset Fund, Dividend & Income Fund, and U.S. Core Equity Fund were below their Peer Group and Lipper Universe averages. |
|
● |
The net advisory fee paid by the Emerging Markets Fund was below its Peer Group average but above its Lipper Universe average. |
CITY NATIONAL ROCHDALE FUNDS | PAGE 156
|
● |
The net advisory fee paid by the California Tax Exempt Money Market Fund was below its Lipper Universe average but above its Peer Group average. |
The Board noted that the Adviser does not manage investment portfolios for other registered investment companies, pension funds, or institutional accounts that have similar investment objectives and policies as the Funds, so it did not have a basis to compare the Funds’ advisory fees with advisory fees charged by the Adviser to other such clients. The Board also observed that the Adviser reported that it manages the City National Rochdale International Trade Fixed Income Fund – a closed-end fund that is currently in liquidation but was previously managed by GML using the same strategies as those used to manage a portion of the Fixed Income Opportunities Fund – for a fee greater than that charged to the Fixed Income Opportunities Fund.
The Board observed that the meeting materials indicated as follows with respect to the total expenses of each Fund (net of fee waivers):
|
● |
The Total Expense Ratios of the Servicing Class of the Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, High Yield Bond Fund and U.S. Core Equity Fund, the Institutional Class of the Government Bond Fund, High Yield Bond Fund and U.S. Core Equity Fund, and Class N of the Dividend & Income Fund and U.S. Core Equity Fund were below both the relevant Peer Group and Lipper Universe averages. |
|
● |
The Total Expense Ratios of the Servicing Class of the Municipal High Income Fund and Multi-Asset Fund, and the Institutional Class of the Intermediate Fixed Income Fund, were below their respective Lipper Universe averages but above their respective Peer Group averages. |
|
● |
The Total Expense Ratios of Class N of the Multi-Asset Fund and Emerging Markets Fund were below their respective Peer Group averages but above their respective Lipper Universe averages. |
|
● |
The Total Expense Ratios of the Servicing Class of the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund; Institutional Class of the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund; and Class N of the Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Money Market Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund and Fixed Income Opportunities Fund were above their respective Peer Group and Lipper Universe averages. However, the Total Expense Ratios of the Government Bond Fund (Institutional Class), Corporate Bond Fund (Servicing Class), California Tax Exempt Bond Fund (Servicing Class), Municipal High Income Fund (Servicing Class), High Yield Bond Fund (Institutional Class), Intermediate Fixed Income Fund (Institutional Class) and Fixed Income Opportunities Fund (Class N) were in the middle 60% of funds in their Lipper Universes. |
The Board concluded that the advisory fees charged by the Adviser were fair and reasonable, and the total expenses of each Fund continued to be reasonable. The Board noted that the Money Market Funds offered unique features which created substantial demands on the Adviser’s portfolio management staff. The Board also noted that the Adviser had waived significant amounts of its advisory fees to support the Money Market Funds’ yields.
Profitability, Benefits to the Adviser and Economies of Scale
The Board next considered information prepared by the Adviser relating to its costs and profits with respect to the Funds, as well as the benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds (other than investment advisory fees paid to the Adviser), including fees paid to City National Bank (“CNB”), City National Securities, Inc., the Adviser and RIM Securities, LLC for providing certain shareholder servicing, distribution and sub-distribution services to the Trust, benefits to CNB’s brokerage and wealth management business as a result of the availability of the Funds to its customers, and any research received from broker-dealers that execute transactions on behalf of the Funds. The Board also considered that the asset levels of most of the Funds were relatively small and were currently not likely to lead to significant economies of scale.
Conclusion
The Board and the Independent Trustees concluded that, based on the various factors they had reviewed, the compensation payable to the Adviser under the advisory agreements is fair and reasonable in light of the nature and quality of the services it provides to the Funds, the Mauritius Subsidiary, and the Irish Subsidiary, and that renewal of the advisory agreements would be in the best interests of each Fund, the Mauritius Subsidiary, and the Irish Subsidiary and their respective shareholders.
CITY NATIONAL ROCHDALE FUNDS | PAGE 157
|
board approval of advisory and sub-advisory agreements |
|
(Unaudited) (Continued) |
SUB-ADVISERS
Nature, Extent and Quality of Services
In reviewing the services provided by each Sub-Adviser, the Board considered a variety of matters, including the overall quality and depth of each Sub-Adviser’s organization and the Sub-Adviser’s overall financial strength and stability. The Board also considered, among other things, the investment operations and staff of each Sub-Adviser, its commitment to compliance with applicable laws and regulations and the Trust’s compliance policies and procedures, its portfolio trading and soft dollar practices and its disaster recovery and contingency planning practices. In addition, the Board considered the background, education and experience of each Sub-Adviser’s key portfolio management and operational personnel, and each Sub-Adviser’s efforts to retain, attract and motivate capable personnel to serve the relevant Fund. The Board found all of these matters to be satisfactory.
Investment Performance
The Board reviewed information provided in the meeting materials setting forth the performance of the Fund or portion of the Fund managed by each Sub-Adviser compared with applicable benchmarks for various periods ended June 30, 2016. The Board noted that since Guggenheim sub-advises the entire High Yield Bond Fund, the performance of Guggenheim had already been reviewed as a part of the review of the performance of the High Yield Bond Fund generally. The Board made the following additional observations in reviewing the performance of the following Sub-Advisers of the Fixed Income Opportunities Fund:
|
● |
The annualized returns for the portion of the Fund managed by Federated were above the returns of the Bloomberg Barclays U.S. Corporate High Yield Index for the one- and three-year periods ending June 30, 2016. |
|
● |
The annualized returns for the portion of the Fund managed by Seix were above the return of the Credit Suisse Institutional Leveraged Loan Index for the one-year period, but slightly below the return of the Credit Suisse Index (by 0.02%) for the three-year period, ending June 30, 2016. |
|
● |
The return for the portion of the Fund managed by Alcentra was above the return of the Credit Suisse Institutional Western Europe Leveraged Loan Index for the one-year period ending June 30, 2016. |
|
● |
The annualized returns for the portion of the Fund managed by GML were slightly below the returns of the JP Morgan CEMBI Broad High Yield Index (by 0.09% or less) for the one- and three-year periods ending June 30, 2016. The Board noted GML’s explanation that its portion of the Fund slightly underperformed its benchmark over the one-year period due to exposures in the commodity sector and select financial credits in Africa. |
|
● |
The return for the portion of the Fund managed by Ashmore was below the return of the JP Morgan CEMBI Broad High Yield Index (by 8.17%) for the one-year period ending June 30, 2016. The Board noted Ashmore’s view that in its first six months of serving as a sub-adviser to the Fund, its performance suffered due to allocations to Russian and Ukrainian credits, as well as to Chinese property companies, but that the performance of its portfolio has since rebounded sharply. |
With respect to AllFinancial, the Board considered that AllFinancial operates in an asset class (life settlement policies) for which indices and peer comparisons are not available, and noted that AllFinancial continues to meet the Adviser’s expectations regarding its ability to oversee and manage those assets, including through a few recent maturity events.
The Board considered the investment results of the Funds to be generally competitive, and determined that each of Guggenheim, Seix, Federated, GML, Alcentra, Ashmore and AllFinancial continued to provide high quality sub-advisory services to the applicable Funds.
Sub-Advisory Fees and Fund Expenses
The Board reviewed information included in the meeting materials regarding the sub-advisory fees charged by each Sub-Adviser and observed that the fees were generally equal to or lower than the fees it charged to its other advisory or sub-advisory clients, as applicable, to manage comparable funds. The Trustees noted that the Adviser pays all sub-advisory fees out of its advisory fees. The Board observed that Seix’s sub-advisory fee with respect to the Fixed Income Opportunities Fund was higher than the fee it charged to another mutual fund for which it served as sub-adviser using a similar strategy, but noted that the other fund was significantly larger than the Fund (with assets over $4.3 billion as of May 31, 2016) and was a part of a larger mutual fund complex for which Seix serves as sub-adviser. Additionally, the Board considered Seix’s indication that the lower sub-advisory fee for the other mutual fund it manages using a similar strategy reflected the economies of scale of the other fund and the group of funds of which it is a part.
CITY NATIONAL ROCHDALE FUNDS | PAGE 158
Benefits to Sub-Advisers and Economies of Scale
The Board also evaluated the financial information prepared by each Sub-Adviser. The Board considered that none of the Sub-Advisers or their affiliates receive benefits (other than sub-advisory fees) as a result of their relationship with the Funds, except the intangible benefits of their association with the Funds generally, any favorable publicity arising in connection with the Funds’ performance, and any research received from broker-dealers that execute transactions on behalf of the Funds. The Board also considered that the asset levels of most of the Funds were relatively small and were currently not likely to lead to significant economies of scale.
Conclusion
Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to each Sub-Adviser pursuant to its respective sub-advisory agreement is fair and reasonable in light of the nature and quality of the services being provided by each Sub-Adviser to the respective Fund and its shareholders, and it would be in the best interests of each of the Funds and their respective shareholders to renew the sub-advisory agreements with each of Guggenheim, Seix, Federated, GML, Alcentra, Ashmore and AllFinancial.
CITY NATIONAL ROCHDALE FUNDS | PAGE 159
|
shareholder voting proxy results (Unaudited) |
On June 15, 2016, a Special Meeting of Shareholders of the City National Rochdale Municipal High Income Fund (the “Fund”) was held to consider and act upon a proposal to approve an amended investment management agreement for the Fund. Shares were voted as follows:
|
|
Number of Shares Voted |
% of Shares Voted |
% of Total Outstanding Shares |
|
For |
70,842,949.236 |
100.000% |
94.014% |
|
Against |
331.000 |
0.000% |
0.000% |
|
Abstain |
0.000 |
0.000% |
0.000% |
CITY NATIONAL ROCHDALE FUNDS | PAGE 160
|
Item 2.
|
Code of Ethics.
|
|
Item 3.
|
Audit Committee Financial Expert.
|
|
Item 4.
|
Principal Accountant Fees and Services.
|
|
2016
|
2015
|
||||||
|
All fees and services
to the Trust that were
pre-approved
|
All fees and services
to service affiliates
that were
pre-approved
|
All other fees and
services to service
affiliates that did not
require pre-approval
|
All fees and services
to the Trust that were
pre-approved
|
All fees and services
to service affiliates
that were
pre-approved
|
All other fees and
services to service
affiliates that did not
require pre-approval
|
||
|
(a)
|
Audit Fees(1)
|
$214,000
|
N/A
|
N/A
|
$280,000
|
N/A
|
N/A
|
|
(b)
|
Audit-Related Fees
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
(c)
|
Tax Fees
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
(d)
|
All Other Fees
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
| (1) |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.
|
|
(e)(1)
|
Not Applicable
|
| (e)(2) |
Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
|
|
2016
|
2015
|
|
|
Audit-Related Fees
|
N/A
|
N/A
|
|
Tax Fees
|
N/A
|
N/A
|
|
All Other Fees
|
N/A
|
N/A
|
|
(f)
|
Not Applicable
|
| (g) |
The aggregate non-audit fees and services billed by BBD LLP for the last two fiscal years were $0 and $0 for 2016 and 2015, respectively.
|
|
(h)
|
Not Applicable
|
|
Item 5.
|
Audit Committee of Listed Registrants.
|
|
Item 6.
|
Schedule of Investments
|
|
Item 7.
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
|
Item 8.
|
Portfolio Managers of Closed-End Management Investment Companies
|
|
Item 9.
|
Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
|
|
Item 10.
|
Submission of Matters to a Vote of Security Holders.
|
|
Item 11.
|
Controls and Procedures.
|
|
Items 12.
|
Exhibits.
|
|
(Registrant)
|
City National Rochdale Funds
|
|
|
By (Signature and Title)
|
/s/ Garrett R. D’Alessandro
|
|
|
Garrett R. D’Alessandro,
|
||
|
President & Chief Executive Officer
|
||
|
Date: December 9, 2016
|
|
By (Signature and Title)
|
/s/ Garrett R. D’Alessandro
|
|
|
Garrett R. D’Alessandro,
|
||
|
President & Chief Executive Officer
|
||
|
Date: December 9, 2016
|
||
|
By (Signature and Title)
|
/s/ Eric Kleinschmidt
|
|
|
Eric Kleinschmidt,
|
||
|
Treasurer
|
||
|
Date: December 9, 2016
|