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TABLE OF CONTENTS | ||
City National Rochdale High Yield Alternative Strategies Fund LLC
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Page
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Financial Statements
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Statement of Assets, Liabilities and Members' Capital
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2
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Statement of Operations
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3
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Statements of Changes in Members' Capital
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4
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Statement of Cash Flows
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5
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Notes to Financial Statements
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6 - 12
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Financial Highlights
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13
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City National Rochdale High Yield Alternative Strategies Master Fund LLC
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Page | |
Financial Statements
|
||
Statement of Assets, Liabilities and Members' Capital
|
2
|
|
Statement of Operations
|
3
|
|
Statements of Changes in Members' Capital
|
4
|
|
Statement of Cash Flows
|
5
|
|
Schedule of Investments
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6 - 7
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Strategy Allocation Breakdown
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8
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Notes to Financial Statements
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9 - 18
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Financial Highlights
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19
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Approval of Investment Management Agreement
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||
Additional Information
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City National Rochdale High Yield Alternative Strategies Fund LLC
|
||||
Statement of Assets, Liabilities and Members' Capital
|
||||
September 30, 2014 (Unaudited)
|
||||
ASSETS
|
||||
Investment in City National Rochdale High Yield
|
||||
Alternative Strategies Master Fund LLC
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$ | 17,142,686 | ||
Prepaid expenses
|
1,772 | |||
Total Assets
|
17,144,458 | |||
LIABILITIES AND MEMBERS' CAPITAL
|
||||
Liabilities
|
||||
Incentive fee payable
|
24,705 | |||
Professional fees payable
|
21,354 | |||
Investor servicing fee payable
|
10,660 | |||
Due to Adviser
|
2,047 | |||
Accrued expenses and other liabilities
|
263 | |||
Total Liabilities
|
59,029 | |||
Total Members' Capital
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$ | 17,085,429 | ||
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City National Rochdale High Yield Alternative Strategies Fund LLC
|
||||
Statement of Operations
|
||||
Six Months Ended September 30, 2014 (Unaudited)
|
||||
NET INVESTMENT LOSS ALLOCATED FROM CITY NATIONAL ROCHDALE
|
||||
HIGH YIELD ALTERNATIVE STRATEGIES MASTER FUND LLC
|
||||
Interest income
|
$ | 40 | ||
Expenses
|
(153,602 | ) | ||
Net Investment Loss Allocated
|
(153,562 | ) | ||
FUND EXPENSES
|
||||
Investor servicing fees (see Note 4)
|
20,942 | |||
Professional fees
|
13,574 | |||
Incentive fees
|
11,396 | |||
Insurance expense
|
1,129 | |||
Registration fees
|
769 | |||
Custody fees
|
600 | |||
Total Fund Expenses
|
48,410 | |||
Less expenses waived and reimbursed (see Note 3)
|
(2,325 | ) | ||
Net Fund Expenses
|
46,085 | |||
Net Investment Loss
|
(199,647 | ) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||
ALLOCATED FROM CITY NATIONAL ROCHDALE HIGH YIELD ALTERNATIVE STRATEGIES
|
||||
MASTER FUND LLC
|
||||
Net realized gain on investments
|
262,376 | |||
Net change in unrealized appreciation/depreciation on investments
|
354,892 | |||
Net Realized and Unrealized Gain on Investments
|
617,268 | |||
Net Increase in Members' Capital Resulting from Operations
|
$ | 417,621 | ||
City National Rochdale High Yield Alternative Strategies Fund LLC
|
||||||||
Statements of Changes in Members' Capital
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
September 30, 2014
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March 31, 2014
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment loss
|
$ | (199,647 | ) | $ | (282,401 | ) | ||
Net realized gain on investments
|
262,376 | 197,422 | ||||||
Net change in unrealized appreciation/depreciation on investments
|
354,892 | 756,563 | ||||||
Net Increase in Members' Capital Resulting From Operations
|
417,621 | 671,584 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
- | (67,581 | ) | |||||
INCREASE (DECREASE) FROM TRANSACTIONS IN MEMBERS' CAPITAL
|
||||||||
Proceeds from sales of members' interests, net (see Note 2)
|
699,595 | 6,524,135 | ||||||
Total Increase in Members' Capital
|
1,117,216 | 7,128,138 | ||||||
MEMBERS' CAPITAL
|
||||||||
Beginning of year
|
15,968,213 | 8,840,075 | ||||||
End of year
|
$ | 17,085,429 | $ | 15,968,213 | ||||
City National Rochdale High Yield Alternative Strategies Fund LLC
|
||||
Statement of Cash Flows
|
||||
Six Months Ended September 30, 2014
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||
Net increase in members' capital resulting from operations
|
$ | 417,621 | ||
Adjustments to reconcile net increase in members' capital resulting
|
||||
from operations to net cash used in operating activities:
|
||||
Net change in unrealized appreciation/depreciation on investments
|
(354,892 | ) | ||
Net realized gain on investments
|
(262,376 | ) | ||
Purchases of investments in Master Fund, net
|
(699,595 | ) | ||
Net investment loss allocated from Master Fund
|
153,562 | |||
Expenses paid by the Master Fund
|
21,896 | |||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses
|
613 | |||
Receivable from Adviser
|
18,524 | |||
Contributions received in advance
|
(106,954 | ) | ||
Distribution payable
|
- | |||
Incentive fee payable
|
11,396 | |||
Professional fees payable
|
(4,373 | ) | ||
Investor servicing fee payable
|
1,269 | |||
Accrued expenses and other liabilities
|
(3,240 | ) | ||
Net Cash used in Operating Activities
|
(806,549 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||
Proceeds from sales of members' interests, net
|
699,595 | |||
Distributions
|
- | |||
Net Cash from Financing Activities
|
699,595 | |||
Net Change in Cash and Cash Equivalents
|
(106,954 | ) | ||
CASH AND CASH EQUIVALENTS
|
||||
Beginning of year
|
106,954 | |||
End of year
|
$ | - | ||
1.
|
Organization
|
1.
|
Organization (continued)
|
2.
|
Significant Accounting Policies
|
2.
|
Significant Accounting Policies (continued)
|
2.
|
Significant Accounting Policies (continued)
|
2.
|
Significant Accounting Policies (continued)
|
3.
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Commitments and Other Related Party Transactions
|
3.
|
Commitments and Other Related Party Transactions (continued)
|
Amount
|
Expiration
|
||
$ | 21,099 |
March 31, 2015
|
|
51,220 |
March 31, 2016
|
||
111,311 |
March 31, 2017
|
||
2,325 |
March 31, 2018
|
||
$ | 185,955 |
4.
|
Investor Servicing Fees
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5.
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Concentration, Liquidity and Off-Balance Sheet Risks
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5.
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Concentration, Liquidity and Off-Balance Sheet Risks (continued)
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6.
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Investment Transactions
|
City National Rochdale High Yield Alternative Strategies Fund LLC
|
||||||||||||||||||||
Financial Highlights
|
||||||||||||||||||||
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||
September 30, 2014
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March 31, 2014
|
March 31, 2013
|
March 31, 2012
|
March 31, 2011
|
||||||||||||||||
TOTAL RETURN
|
||||||||||||||||||||
Total Return before incentive fee
|
2.47 | % | 4.56 | % | (0.86 | %) | (4.56 | %) | 6.76 | % | ||||||||||
Incentive fee
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0.06 | % | (0.10 | %) | 0.01 | % | 0.04 | % | (0.09 | %) | ||||||||||
Total Return after incentive fee
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2.53 | % | 4.46 | % | (0.85 | %) | (4.52 | %) | 6.67 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net Assets, end of period ($000's)
|
$ | 17,085 | $ | 15,968 | $ | 8,840 | $ | 19,217 | $ | 20,945 | ||||||||||
Portfolio Turnover
|
8.62 | % | 23.29 | % | 7.98 | % | 13.27 | % | 20.32 | % | ||||||||||
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS
|
||||||||||||||||||||
Net investment loss, before waivers and reimbursements
|
(2.38 | %) | (3.36 | %) | (2.55 | %) | (2.31 | %) | (2.47 | %) | ||||||||||
Net investment loss, after waivers and reimbursements
|
(2.35 | %) | (2.41 | %) | (2.24 | %) | (2.21 | %) | (2.33 | %) | ||||||||||
RATIO OF EXPENSES TO AVERAGE NET ASSETS, BEFORE
|
||||||||||||||||||||
INCENTIVE FEE
|
||||||||||||||||||||
Operating expenses, before waivers and reimbursements
|
2.27 | % | 3.20 | % | 2.56 | % | 2.35 | % | 2.39 | % | ||||||||||
Operating expenses, after waivers and reimbursements
|
2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||||
RATIO OF EXPENSES TO AVERAGE NET ASSETS, NET OF WAIVERS
|
||||||||||||||||||||
AND REIMBURSEMENTS AFTER INCENTIVE FEE
|
||||||||||||||||||||
Operating expenses, after waivers and reimbursements
|
2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||||
Incentive fee
|
0.06 | % | (0.10 | %) | (0.01 | %) | (0.04 | %) | 0.09 | % | ||||||||||
Total Operating expenses, after waivers/reimbursements
|
2.31 | % | 2.15 | % | 2.24 | % | 2.21 | % | 2.34 | % | ||||||||||
or recoupment, after incentive fee
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TABLE OF CONTENTS | ||
Page | ||
Financial Statements | ||
Statement of Assets, Liabilities and Members' Capital | 2 | |
Statement of Operations | 3 | |
Statements of Changes in Members' Capital | 4 | |
Statement of Cash Flows | 5 | |
Schedule of Investments | 6 - 7 | |
Strategy Allocation Breakdown | 8 | |
Notes to Financial Statements | 9 - 18 | |
Financial Highlights | 19 | |
Approval of Investment Management Agreement | ||
Additional Information |
City National Rochdale High Yield Alternative Strategies Master Fund LLC
|
||||
Statement of Assets, Liabilities and Members' Capital
|
||||
September 30, 2014 (Unaudited)
|
||||
ASSETS
|
||||
Investments, at fair value (cost $31,851,302)
|
$ | 36,365,359 | ||
Investments made in advance
|
1,000,000 | |||
Receivable for fund investments sold
|
2,708 | |||
Interest receivable
|
5 | |||
Total Assets
|
37,368,072 | |||
LIABILITIES AND MEMBERS' CAPITAL
|
||||
Liabilities
|
||||
Management fees payable
|
38,380 | |||
Members' capital balances payable
|
378,638 | |||
Professional fees payable
|
42,973 | |||
Contributions received in advance
|
25,000 | |||
Accrued expenses and other liabilities
|
31,757 | |||
Total Liabilities
|
516,748 | |||
Total Members' Capital
|
$ | 36,851,324 | ||
The accompanying notes are an integral part of these financial statements
|
Statement of Operations
|
||||
Six Months Ended September 30, 2014 (Unaudited)
|
||||
INVESTMENT INCOME
|
||||
Interest income
|
$ | 85 | ||
Investment Income
|
85 | |||
EXPENSES
|
||||
Management fees (see Note 4)
|
225,333 | |||
Administration fees
|
51,742 | |||
Professional fees
|
43,854 | |||
Directors' fees
|
3,831 | |||
Custody fees
|
3,229 | |||
Other expenses
|
2,009 | |||
Total Expenses
|
329,998 | |||
Net Investment Loss
|
(329,913 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
ON INVESTMENTS
|
||||
Net realized gain on investments
|
490,658 | |||
Net change in unrealized appreciation/depreciation on investments
|
834,609 | |||
Net Realized and Unrealized Gain on Investments
|
1,325,267 | |||
Net Increase in Members' Capital Resulting from Operations
|
$ | 995,354 | ||
The accompanying notes are an integral part of these financial statements
|
Statements of Changes in Members' Capital
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
September 30, 2014
|
March 31, 2014
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment loss
|
$ | (329,913 | ) | $ | (630,647 | ) | ||
Net realized gain (loss) on investments
|
490,658 | 538,923 | ||||||
Net change in unrealized appreciation/depreciation on investments
|
834,609 | 1,791,755 | ||||||
Net Increase in Members' Capital Resulting From Operations
|
995,354 | 1,700,031 | ||||||
INCREASE (DECREASE) FROM TRANSACTIONS IN MEMBERS' CAPITAL
|
||||||||
Proceeds from sales of members' interests (see Note 2)
|
1,154,943 | 8,031,329 | ||||||
Total Increase in Members' Capital
|
2,150,297 | 9,731,360 | ||||||
MEMBERS' CAPITAL
|
||||||||
Beginning of year
|
34,701,027 | 24,969,667 | ||||||
End of year
|
$ | 36,851,324 | $ | 34,701,027 | ||||
The accompanying notes are an integral part of these financial statements
|
Statement of Cash Flows
|
||||
Six Months Ended September 30, 2014 (Unaudited)
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||
Net increase in members' capital resulting from operations
|
$ | 995,354 | ||
Adjustments to reconcile net increase in members' capital
|
||||
resulting from operations to net cash from operating activities:
|
||||
Purchases of investments
|
(7,746,454 | ) | ||
Sales of investments
|
2,867,944 | |||
Purchases of money market fund
|
(12,544,325 | ) | ||
Sales of money market fund
|
17,441,607 | |||
Net change in unrealized appreciation/depreciation on investments
|
(834,609 | ) | ||
Net realized gain on investments
|
(490,658 | ) | ||
Change in Operating Assets and Liabilities:
|
||||
Receivable for fund investments sold
|
14,546 | |||
Investments made in advance
|
(1,000,000 | ) | ||
Interest receivable
|
20 | |||
Prepaid expenses
|
30 | |||
Management fees payable
|
(33,300 | ) | ||
Contributions received in advance
|
(175,000 | ) | ||
Members' capital balances payable
|
378,638 | |||
Professional fees payable
|
(10,713 | ) | ||
Accrued expenses and other liabilities
|
(18,023 | ) | ||
Net Cash used in Operating Acivities
|
(1,154,943 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||
Proceeds from sales of members' interests
|
1,154,943 | |||
Net Cash used in Financing Activities
|
1,154,943 | |||
Net Change in Cash and Cash Equivalents
|
- | |||
CASH AND CASH EQUIVALENTS
|
||||
Beginning of year
|
- | |||
End of year
|
- | |||
The accompanying notes are an integral part of these financial statements
|
City National Rochdale High Yield Alternative Strategies Fund LLC (the "Fund") invests substantially all of its investable assets in City National Rochdale High Yield
|
||||||
Alternative Strategies Master Fund LLC (the "Master Fund"), a registered investment company with the same investment objective as the Fund.
|
||||||
As of September 30, 2014 the Fund owned 46.52% of the Master Fund. The schedule of investments of the Master Fund is as follows:
|
SCHEDULE OF INVESTMENTS, September 30, 2014 (Unaudited)
|
||||||||||||||||||||
Redemptions
|
||||||||||||||||||||
Percentage of
|
Notice Period
|
|||||||||||||||||||
Members' Capital
|
Cost
|
Fair Value
|
Frequency
|
# of Days
|
||||||||||||||||
Long-Term Investment Funds: 1
|
||||||||||||||||||||
High Yield/Credit:
|
||||||||||||||||||||
Canyon Value Realization Fund, LP - Series L
|
16.9 | % | $ | 5,000,000 | $ | 6,226,710 |
Annually
|
100 | ||||||||||||
GoldenTree Partners LP
|
17.1 | 4,847,125 | 6,302,803 |
Quarterly
|
90 | |||||||||||||||
34.0 | 9,847,125 | 12,529,513 | ||||||||||||||||||
Structured Credit - CLO:
|
||||||||||||||||||||
Alcentra Structured Credit Opportunity Fund I
|
2.8 | 1,000,000 | 1,022,353 |
Quarterly
|
90 | |||||||||||||||
Alcentra Structured Credit Opportunity Fund II
|
9.5 | 3,412,416 | 3,520,340 |
Quarterly
|
90 | |||||||||||||||
Great Lakes III, LP
|
27.0 | 9,518,204 | 9,941,342 |
Quarterly
|
90 | |||||||||||||||
39.3 | 13,930,620 | 14,484,035 | ||||||||||||||||||
Structured Credit - Mortgages:
|
||||||||||||||||||||
Midway Market Neutral Fund LLC
|
14.1 | 4,500,000 | 5,193,945 |
Monthly
|
90 | |||||||||||||||
Premium Point Mortgage Credit Fund, LP
|
7.6 | 2,516,722 | 2,807,823 |
Quarterly
|
90 | |||||||||||||||
21.7 | 7,016,722 | 8,001,768 | ||||||||||||||||||
Liquidating Positions:
|
||||||||||||||||||||
Bennelong Asia Pacific Multi Strategy Equity Fund, LP - Class S 2
|
0.2 | 152,637 | 72,808 | ** | ** | |||||||||||||||
Brencourt SP Fund, LP 2
|
0.5 | 106,864 | 186,195 | ** | ** | |||||||||||||||
CamCap Resources, LP 2
|
0.0 | 17,257 | 7,938 | ** | ** | |||||||||||||||
Caxton Global Investments (USA) LLC 2
|
0.1 | 12,541 | 21,713 | ** | ** | |||||||||||||||
GoldenTree Partners LP 2
|
2.1 | 355,541 | 771,032 | ** | ** | |||||||||||||||
Keswick Onshore Trust 2
|
0.0 | 17,574 | 11,095 | ** | ** | |||||||||||||||
King Street Capital LP 2
|
0.1 | 10,908 | 25,487 | ** | ** | |||||||||||||||
Polygon Recovery Fund, LP
|
0.3 | 243,490 | 120,177 | * | * | |||||||||||||||
Stark Select Asset Fund LLC 2
|
0.2 | 63,540 | 57,115 | ** | ** | |||||||||||||||
3.5 | 980,352 | 1,273,560 | ||||||||||||||||||
Total Long-Term Investment Funds:
|
98.5 | 31,774,819 | 36,288,876 | |||||||||||||||||
Short-Term Investment:
|
||||||||||||||||||||
Money Market Fund:
|
||||||||||||||||||||
First American Government Obligations Fund, 0.01% 3
|
0.2 | 76,483 | 76,483 | |||||||||||||||||
Total Investments
|
98.7 | % | $ | 31,851,302 | $ | 36,365,359 |
1 All investments are non-income producing.
|
||||||||||
2 Remaining value represents side pocket interests.
|
||||||||||
3 7-Day Yield.
|
||||||||||
* Redemption restrictions exist for Hedge Funds whereby the Hedge Fund Managers may suspend redemption either in their sole discretion or other factors. Such
|
||||||||||
factors include the magnitude of redemptions requested, portfolio valuation issues or market conditions. Redemptions are currently suspended for the Polygon Recovery Fund, LP,
|
||||||||||
a portfolio comprised of an exchange listed but thinly traded security and several private equity holdings.
|
||||||||||
** Special Investments have been established for Bennelong Asia Pacific Multi Strategy Equity Fund, LP - Class S, Brencourt SP Fund, LP, CamCap Resources, LP, Caxton Global Investments
|
||||||||||
(USA) LLC LP, GoldenTree Partners LP, Keswick Onshore Trust, King Street Capital LP, and Stark Select Asset Fund LLC. These investments are long-term and illiquid.
|
City National Rochdale High Yield Alternative Strategies Master Fund LLC
|
||||||||||
SCHEDULE OF INVESTMENTS, September 30, 2014 (Unaudited), Continued
|
||||||||||
High Yield / Credit. The credit strategy involves investing in the securities of companies that are non-investment grade, high yield and or distressed. Often, a corporate event results in the
|
||||||||||
re-pricing of these securities, which may lead to profits. A non-investment grade bond generally has a Standard & Poor's rating of lower than BBB- or a Moody's rating lower than Baa3.
|
||||||||||
In the event of a corporate event such as bankruptcy or default, bonds that rank higher in the capital structure of the issuers, such as first lien bank loan or a senior secured bond
|
||||||||||
have priority over other bonds deemed junior in ranking in the capital structure. The distressed and high-yield sub-strategy involves investing in the securities (bank loans
|
||||||||||
and bonds) of companies experiencing financial or operational difficulties or otherwise having below investment grade credit ratings. These securities may trade at substantial
|
||||||||||
discounts to par value, because, in part, certain classes of investors who cannot hold non-investment grade, high yield or distressed bonds are forced to sell at discounted prices.
|
||||||||||
Profits are made based on two kinds of mispricings: (1) fundamental or intrinsic value, and (2) relative value between comparable securities. Hedge Fund Managers may also take
|
||||||||||
long/short positions throughout the capital structure of leveraged companies to implement a negative or positive credit view in the marketplace with the intention to offer better
|
||||||||||
risk adjusted returns than being outright long or short the market.
|
||||||||||
Structured Credit. Structured credit strategy invests in stressed/distressed non-corporate fixed income asset classes in non-traditional markets such as residential real estate, commercial
|
||||||||||
real estate and asset backed lending that have become distressed and/or undergoing structural changes, with anticipated improvement in the fundamental value of the underlying asset.
|
||||||||||
Economic downturns and fundamental uncertainties can cause forced selling of securitized assets associated with such markets. In general, profits are made by identifying and investing
|
||||||||||
in securities priced significantly below their intrinsic values where the strategy can maximize long-term capital appreciation from earning interest income and cash flows from current
|
||||||||||
amortizing principal payments, cash flows from liquidations and from the fundamental appreciation of the underlying assets. Investing in structured credit requires deep fundamental
|
||||||||||
analysis of the underlying assets and the behavior of the borrowers. Managers may invest in structured credit securities at deep discounts to fair value. Profits are realized
|
||||||||||
as these securities converge to or above fair value with fundamental improvements in underlying borrowers, assets or improved technical behavior. Typically, structured credit managers
|
||||||||||
will take positions in both agency and non-agency RMBS, CMBS, CLO, and other consumer and commercial loan ABS. At times, the strategy may also entail positions in other
|
||||||||||
income generating assets such as life settlements and annuities, trade finance, legal settlements, whole loans, etc.
|
||||||||||
City National Rochdale High Yield Alternative Strategies Master Fund LLC
|
||||||||
Schedule of Investments, Continued
|
||||||||
September 30, 2014 (Unaudited)
|
||||||||
Strategy Allocation Breakdown
|
||||||||
(as a % of total investments)
|
1.
|
Organization
|
2.
|
Significant Accounting Policies
|
2.
|
Significant Accounting Policies (continued)
|
3.
|
Investments
|
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Alternative Investments:
|
||||||||||||||||
High Yield/Credit
|
$ | - | $ | - | $ | 12,529,513 | $ | 12,529,513 | ||||||||
Structured Credit - CLO
|
- | - | 14,484,035 | 14,484,035 | ||||||||||||
Structured Credit - Mortgages
|
- | - | 8,001,768 | 8,001,768 | ||||||||||||
Liquidating Positions
|
- | - | 1,273,560 | 1,273,560 | ||||||||||||
Total Alternative Investments
|
- | - | 36,288,876 | 36,288,876 | ||||||||||||
Short-Term Investment
|
76,483 | - | - | 76,483 | ||||||||||||
Total Investments
|
$ | 76,483 | $ | - | $ | 36,288,876 | $ | 36,365,359 |
Alternative Investments
|
||||
Balance, March 31, 2014
|
$ | 30,085,099 | ||
Total Realized Gains/(Losses)
|
490,658 | |||
Change in Unrealized Gains/Losses
|
834,609 | |||
Purchases
|
7,746,454 | |||
Sales
|
(2,867,944 | ) | ||
Balance, September 30, 2014
|
$ | 36,288,876 |
City National
Rochdale High Yield Alternative Strategies
Fund LLC
|
City National
Rochdale High Yield Alternative Strategies
Fund TEI LLC
|
Expiration
|
|||||
$ | 21,099 | $ | - |
March 31, 2015
|
|||
51,220 | 28,139 |
March 31, 2016
|
|||||
111,311 | 139,734 |
March 31, 2017
|
|||||
2,325 | 3,570 |
March 31, 2018
|
|||||
$ | 185,955 | $ | 171,443 |
5.
|
Investment Risks and Uncertainties
|
6.
|
Concentration, Liquidity and Off-Balance Sheet Risk
|
6.
|
Concentration, Liquidity and Off-Balance Sheet Risk (continued)
|
7.
|
Investment Transactions
|
Financial Highlights
|
||||||||||||||||||||||||||
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||||
September 30, 2014
|
March 31, 2014
|
March 31, 2013
|
March 31, 2012
|
March 31, 2011
|
March 31, 2010
|
|||||||||||||||||||||
TOTAL RETURN - NET
|
3.25 | % | 1 | 5.01 | % | (0.58 | %) | (4.08 | %) | 7.32 | % | 9.16 | % | |||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||||
Net Assets, end of period ($000's)
|
$ | 36,851 | $ | 34,701 | $ | 24,970 | $ | 55,669 | $ | 58,990 | $ | 57,616 | ||||||||||||||
Portfolio Turnover
|
8.62 | % | 23.29 | % | 7.98 | % | 13.27 | % | 20.32 | % | 20.91 | % | ||||||||||||||
Ratio of Net Investment
|
||||||||||||||||||||||||||
Loss to Average Net Assets
|
(1.83 | %) | 2 | (2.14 | %) | (1.79 | %) | (1.66 | %) | (1.67 | %) | (1.83 | %) | |||||||||||||
Ratio of Expenses to
|
||||||||||||||||||||||||||
Average Net Assets
|
1.83 | % | 2 | 2.14 | % | 1.79 | % | 1.67 | % | 1.68 | % | 1.69 | % |
1
|
Not Annualized.
|
|||||||||||||
2
|
Annualized.
|
|||||||||||||
Total return is calculated for all Members taken as a whole and an individual Member's return may vary from these Master Fund returns based on the timing of capital transactions.
|
||||||||||||||
Total returns do not include the effect of any sales load.
|
||||||||||||||
The ratios of expenses to average net assets do not include expenses of the Hedge Funds in which the Master Fund invests.
|
||||||||||||||
The expense ratios are calculated for all Members taken as a whole. The computation of such ratios based on the amount of expenses assessed to an individual Member's capital may vary from these ratios based on the timing of capital transactions.
|
||||||||||||||
The ratios above do not include the proportionate share of income or loss from their investments in other funds.
|
||||||||||||||
*****
|
||||||||||||||
The accompanying notes are an integral part of these financial statements
|
(a)
|
The registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the registrant’s service provider.
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
1.
|
I have reviewed this report on Form N-CSR of City National Rochdale High Yield Alternative Strategies Fund LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 3, 2014
|
/s/ Garrett R. D'Alessandro
|
|
Garrett R. D’Alessandro
President
|
1.
|
I have reviewed this report on Form N-CSR of City National Rochdale High Yield Alternative Strategies Fund LLC ;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 4, 2014
|
/s/ William O'Donnell
William O’Donnell
Treasurer
|
/s/ Garrett R. D'Alessandro
Garrett R. D’AlessandroPresident, City National Rochdale High Yield Alternative Strategies Fund LLC
|
/s/ William O'Donnell
William O’Donnell
Treasurer, City National Rochdale High Yield Alternative Strategies Fund LLC
|
Dated: December 3, 2014
|
Dated: December 4, 2014
|
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