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TABLE OF CONTENTS | Page |
Financial Statements | |
Statement of Net Assets | 2 |
Statement of Operations | 3 |
Statement of Changes in Members' Capital | 4 |
Statement of Cash Flows | 5 |
Notes to Financial Statements | 6-12 |
Financial Highlights | 13 |
Investment Breakdown | 14 |
Additional Information |
STATEMENT OF NET ASSETS
|
|||||
March 31, 2015 (Unaudited)
|
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ASSETS:
|
|||||
Investments in Securities: 101.6%
|
|||||
Promissory Note: 99.3%
|
|||||
Crescit Eundo Finance I, LLC Note, 8.10%, Series 2009-A,
|
$ | 30,646,611 | |||
February 15, 2040;(1)(2) at fair value (cost $29,437,500)
|
|||||
Short-Term Investments: 2.3%
|
|||||
First American Government Obligations Fund, 0.01%(3) (cost $708,887)
|
708,887 | ||||
Total Investments in Securities (cost $30,146,387)(4)
|
31,355,498 | ||||
Interest receivable
|
105,977 | ||||
Prepaid expenses
|
2,661 | ||||
Total assets
|
31,464,136 | ||||
LIABILITIES:
|
|||||
Distribution payable
|
346,730 | ||||
Payable to member
|
185,000 | ||||
Payable to Adviser
|
12,946 | ||||
Accrued expenses and other liabilities
|
48,617 | ||||
Total liabilities
|
593,293 | ||||
NET ASSETS
|
$ | 30,870,843 | |||
ANALYSIS OF NET ASSETS
|
|||||
Paid in Capital
|
29,661,732 | ||||
Unrealized Appreciation
|
1,209,111 | ||||
TOTAL MEMBERS' CAPITAL
|
$ | 30,870,843 | |||
Capital Units outstanding
|
|||||
(Unlimited number of Units authorized, no par value)
|
39,004 | ||||
Net asset value price per Unit (net assets/Units outstanding)
|
$ | 791.48 | |||
(1)
|
Illiquid restricted security.
|
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(2)
|
Fair valued by Valuation Committee as delegated by the Fund's Board of Managers.
|
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(3)
|
7-day yield.
|
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(4)
|
Tax cost of investments is the same.
|
||||
The accompanying notes are an integral part of these financial statements.
|
City National Rochdale Structured Claims Fixed Income Fund, LLC
|
||||
STATEMENT OF OPERATIONS
|
||||
For the Six Months Ended March 31, 2015 (Unaudited)
|
||||
INVESTMENT INCOME:
|
||||
Interest income
|
$ | 1,214,025 | ||
EXPENSES:
|
||||
Advisory fees
|
39,512 | |||
Affiliated service fees
|
39,512 | |||
Fund accounting and fund administration fees
|
39,262 | |||
Legal fees
|
17,550 | |||
Audit and tax fees
|
12,306 | |||
Board of managers fees
|
2,588 | |||
Custody fees
|
1,500 | |||
Insurance expense
|
1,044 | |||
Other
|
1,038 | |||
Total expenses
|
154,312 | |||
Net investment income
|
1,059,713 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||
Net change to fair value of promissory note
|
(207,072 | ) | ||
Net Increase in Members' Capital Resulting from Operations
|
$ | 852,641 | ||
The accompanying notes are an integral part of these financial statements.
|
City National Rochdale Structured Claims Fixed Income Fund, LLC
|
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STATEMENT OF CHANGES IN MEMBERS' CAPITAL
|
||||||||
For the Six Months Ended March 31, 2015 (Unaudited)
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
March 31, 2015
|
September 30, 2014
|
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FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 1,059,713 | $ | 2,230,128 | ||||
Net change in fair value of promissory note
|
(207,072 | ) | (174,638 | ) | ||||
Net Increase in Members' Capital Resulting From Operations
|
852,641 | 2,055,490 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(1,020,612 | ) | (2,190,349 | ) | ||||
From return of capital
|
(1,225,410 | ) | (3,019,959 | ) | ||||
Total Distributions to Members
|
(2,246,022 | ) | (5,210,308 | ) | ||||
Net Decrease in Members' Capital
|
(1,393,381 | ) | (3,154,818 | ) | ||||
MEMBERS' CAPITAL
|
||||||||
Beginning of year
|
32,264,224 | 35,419,042 | ||||||
End of year
|
$ | 30,870,843 | $ | 32,264,224 | ||||
The accompanying notes are an integral part of these financial statements.
|
City National Rochdale Structured Claims Fixed Income Fund, LLC
|
||||
STATEMENT OF CASH FLOWS
|
||||
For the Six Months Ended March 31, 2015 (Unaudited)
|
||||
CASH FLOW FROM OPERATING ACTIVITIES
|
||||
Net increase in members' capital resulting from operations
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$ | 852,641 | ||
Adjustments to reconcile net increase in members' capital
|
||||
resulting from operations to net cash from operating activities
|
||||
Net change in fair value of promissory note
|
207,072 | |||
Principal repayment of note receivable
|
1,225,410 | |||
Purchases of money market investments
|
(2,687,557 | ) | ||
Redemptions of money market investments
|
2,593,566 | |||
Change in operating assets and liabilities
|
||||
Payable to member
|
35,000 | |||
Interest receivable
|
4,412 | |||
Accrued expenses and other liabilities
|
3,395 | |||
Prepaid expenses
|
(1,197 | ) | ||
Payable to Adviser
|
(576 | ) | ||
Net cash from operating activities
|
2,232,166 | |||
CASH FLOWS FROM FINANCING ACTIVITIES
|
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Distributions
|
(2,232,166 | ) | ||
Net cash used in financing activities
|
(2,232,166 | ) | ||
Net change in cash and cash equivalents
|
- | |||
CASH AND CASH EQUIVALENTS
|
||||
Beginning of period
|
- | |||
End of period
|
$ | - | ||
The accompanying notes are an integral part of these financial statements.
|
1.
|
Organization
|
2.
|
Significant Accounting Policies
|
Description
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
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Significant Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
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Total
|
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Note
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$ | - | $ | - | $ | 30,646,611 | $ | 30,646,611 | |||||||||
Money Market Fund
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708,887 | - | - | 708,887 | |||||||||||||
$ | 708,887 | $ | - | $ | 30,646,611 | $ | 31,355,498 | ||||||||||
Investment
in Note
|
||||||
Balance, September 30, 2014:
|
$ | 32,079,093 | ||||
Realized gain/(loss)
|
– | |||||
Change in unrealized fair value
|
(207,072 | ) | ||||
Purchases
|
– | |||||
Principal paydown
|
(1,225,410 | ) | ||||
Balance, March 31, 2015
|
$ | 30,646,611 |
Description
|
Fair Value at
March 31, 2015
|
Valuation
Technique
|
Unobservable
Input
|
Value
|
||||||
Promissory
Note
|
$30,646,611
|
Discounted
Cash Flow
|
Discount
Rate
|
7.60%
|
3.
|
Investment Management
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4.
|
Expense Reimbursement
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5.
|
Shareholder Servicing Arrangement
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6.
|
Distribution to Members
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7.
|
Investment Transactions
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Six Months Ended
March 31, 2015 |
Year Ended
September 30, 2014 |
Year Ended
September 30, 2013 |
Year Ended
September 30, 2012 |
Year Ended
September 30, 2011 |
Period from
February 24, 2010 *
through |
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Net Asset Value, beginning of period
|
$ | 827.20 | $ | 908.08 | $ | 945.63 | $ | 969.09 | $ | 1,027.43 | $ | 993.10 | ||||||||||||||
Income from investment operations:
|
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Net investment income
|
27.17 | 57.18 | 62.98 | 64.64 | 66.86 | 41.00 | ||||||||||||||||||||
Net unrealized gain/(loss) on promissory note
|
(5.30 | ) | (4.47 | ) | (7.29 | ) | 11.05 | (10.51 | ) | 47.55 | ||||||||||||||||
Total from investment operations
|
21.87 | 52.71 | 55.69 | 75.69 | 56.35 | 88.55 | ||||||||||||||||||||
Less Distributions:
|
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From net investment income
|
(26.17 | ) | (56.16 | ) | (59.86 | ) | (61.38 | ) | (64.57 | ) | (41.00 | ) | ||||||||||||||
From return on capital
|
(31.42 | ) | (77.43 | ) | (33.38 | ) | (37.77 | ) | (50.12 | ) | (13.22 | ) | ||||||||||||||
Total distributions
|
(57.59 | ) | (133.59 | ) | (93.24 | ) | (99.15 | ) | (114.69 | ) | (54.22 | ) | ||||||||||||||
Net asset value, end of period
|
$ | 791.48 | $ | 827.20 | $ | 908.08 | $ | 945.63 | $ | 969.09 | $ | 1,027.43 | ||||||||||||||
TOTAL RETURN - NET
|
2.73 | % | (1) | 6.23 | % | 6.20 | % | 8.22 | % | 5.75 | % | 9.09 | % | (3) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
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Members' Capital, end of period ($000's)
|
$ | 30,871 | $ | 32,264 | $ | 35,419 | $ | 36,883 | $ | 37,798 | $ | 40,074 | ||||||||||||||
Portfolio Turnover
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.72 | % | (1) | |||||||||||||
Ratio of Net Investment Income to Average Net Assets:
|
6.73 | % | (2) | 6.60 | % | 6.81 | % | 6.75 | % | 6.67 | % | 4.06 | % | (2) | ||||||||||||
Ratio of Gross Expenses to Average Net Assets
|
0.98 | % | (2) | 1.11 | % | 0.90 | % | 0.99 | % | 1.02 | % | 0.70 | % | (2) | ||||||||||||
Ratio of Net Expenses to Average Net Assets:
|
0.98 | % | (2) | 1.11 | % | 0.90 | % | 0.99 | % | 1.12 | % | 0.70 | % | (2) | ||||||||||||
* Commencement of operations.
|
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(1)
|
Not Annualized.
|
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(2)
|
Annualized.
|
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(3)
|
Represents total return on a net asset value basis using the initial offering price of $1,000 adjusted for offering cost of $6.90.
|
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Total return is calculated for all Members taken as a whole.
|
||||||||||||||
The expense ratios are calculated for all Members taken as a whole.
|
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The accompanying notes are an integral part of these financial statements.
|
City National Rochdale Structured Claims Fixed Income Fund, LLC
|
(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 Structured Claims Fixed Income 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;
|
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: June 8, 2015
|
/s/ Garrett R. D’Alessandro
Garrett R. D’Alessandro
President
|
1.
|
I have reviewed this report on Form N-CSR of City National Rochdale Structured Claims Fixed Income 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;
|
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: June 8, 2015
|
/s/ Greg Francoeur
Greg Francoeur
Treasurer
|
/s/ Garrett R. D’Alessandro
Garrett R. D’Alessandro
President, City National Rochdale Structured
Claims Fixed Income Fund LLC
|
/s/ Greg Francoeur
Greg Francoeur
Treasurer, City National Rochdale Structured
Claims Fixed Income Fund LLC
|
Dated: June 8, 2015
|
Dated: June 8, 2015
|
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