N-Q 1 fp0011363_nq.htm fp0011363_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________

FORM N-Q
________

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07923

City National Rochdale Funds
(Exact name of registrant as specified in charter)
________

400 North Roxbury Drive
Beverly Hills, CA 90210
(Address of principal executive offices) (Zip code)

William J. Souza, Esq.
400 North Roxbury Drive
Beverly Hills, CA 90210
 (Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-889-0799

Date of fiscal year end: September 30, 2014

Date of reporting period: June 30, 2014
 
 
 
 
 
Item 1. Schedule of Investments
 
Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Government Money Market Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
U.S. Government Agency Obligations [71.9%]
  
FAMC, MTN
            
0.105%, 07/03/14(A)
   $ 50,000     $ 49,996  
0.200%, 03/06/15
     50,000       50,018  
FAMC DN (B)
                
0.065%, 07/02/14
     25,000       25,000  
0.100%, 07/25/14
     25,000       24,998  
0.080%, 10/02/14
     25,000       24,995  
0.120%, 11/25/14
     35,000       34,983  
0.120%, 01/14/15
     11,498       11,490  
FFCB (A)
                
0.181%, 07/13/14
     12,300       12,306  
0.173%, 07/23/14
     26,500       26,513  
FFCB DN (B)
                
0.140%, 08/08/14(B)
     10,000       9,999  
0.090%, 09/03/14(B)
     25,000       24,996  
FHLB
                
0.101%, 07/08/14(A)
     40,000       40,000  
0.106%, 07/09/14(A)
     40,000       40,000  
0.119%, 07/10/14(A)
     50,000       50,003  
0.120%, 07/14/14
     50,000       50,000  
0.102%, 07/14/14(A)
     15,000       15,000  
0.132%, 07/15/14(A)
     50,000       50,003  
0.100%, 07/15/14
     50,000       50,000  
0.112%, 07/16/14(A)
     50,000       50,003  
0.105%, 07/19/14(A)
     50,000       50,001  
0.125%, 07/25/14
     87,455       87,458  
0.092%, 07/25/14(A)
     50,000       49,998  
0.125%, 09/03/14
     25,000       24,998  
0.080%, 10/16/14
     40,000       39,999  
0.080%, 10/27/14
     50,000       50,000  
0.130%, 10/30/14
     50,000       49,998  
0.080%, 10/30/14
     70,000       69,998  
0.070%, 11/20/14
     40,000       39,997  
0.250%, 01/16/15
     25,000       25,015  
0.090%, 01/16/15
     40,000       39,994  
0.100%, 02/19/15
     29,275       29,273  
0.090%, 02/19/15
     50,000       49,993  
0.250%, 02/20/15
     14,435       14,444  
0.090%, 02/23/15
     50,000       49,993  
FHLB DN (B)
                
0.060%, 07/02/14
     87,600       87,600  
0.072%, 07/09/14
     242,890       242,886  
0.062%, 07/16/14
     47,618       47,617  
0.063%, 07/23/14
     130,900       130,895  
0.015%, 07/28/14
     150,000       149,998  
0.135%, 08/15/14
     25,000       24,996  
0.060%, 08/28/14
     25,000       24,998  
0.090%, 09/05/14
     69,799       69,788  
0.950%, 09/12/14
     97,294       97,275  
0.080%, 09/19/14
     100,000       99,982  
0.075%, 10/03/14
     20,000       19,996  
0.080%, 10/08/14
     35,000       34,992  
0.070%, 10/10/14
     60,000       59,988  

Description
Face Amount (000)
    
Value (000)
  
           
FHLMC
            
0.132%, 07/16/14(A)
   $ 50,000     $ 50,008  
0.142%, 07/26/14
     50,000       50,019  
1.000%, 08/20/14
     13,903       13,919  
0.320%, 12/03/14
     47,004       47,037  
FHLMC DN
                
0.110%, 07/07/14(B)
     50,000       49,999  
FNMA
                
0.350%, 07/01/14(A)
     17,720       17,726  
0.132%, 07/11/14(A)
     9,000       9,001  
1.150%, 11/18/14
     10,000       10,039  
2.625%, 11/20/14
     41,749       42,158  
   
Total U.S. Government Agency Obligations
  
(Cost $2,692,379)
       2,692,379  
   
Municipal Bonds [9.5%]
  
California [1.8%]
          
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     15,000       15,000  
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     6,300       6,300  
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     8,000       8,000  
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     28,450       28,450  
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     9,000       9,000  
   
Total California
       66,750  
   
Florida [0.2%]
          
Duval County, Housing Finance Authority, Camri Green Apartments Project, RB, FNMA, AMT
                
0.080%, 07/03/14(A) (D)
     6,600       6,600  
   
Iowa [0.2%]
          
Iowa State, Finance Authority, Various Mortgage, Ser D, RB, GNMA/FNMA, AMT
                
0.070%, 07/03/14(A) (D)
     6,900       6,900  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Government Money Market Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
New York [6.1%]
        
New York City, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC
            
0.050%, 07/03/14(A) (D)
   $ 13,500     $ 13,500  
New York City, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT
                
0.060%, 07/03/14(A) (D)
     9,350       9,350  
New York State, Housing Finance Agency, 11th Avenue Project, Ser A, RB, FNMA, AMT
                
0.040%, 07/02/14(A) (D)
     29,000       29,000  
New York State, Housing Finance Agency, 345 East 94th Street Project, Ser A, RB, FHLMC, AMT
                
0.070%, 07/02/14(A) (D)
     13,300       13,300  
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
                
0.040%, 07/02/14(A) (D)
     23,800       23,800  
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
                
0.040%, 07/02/14(A) (D)
     18,100       18,100  
New York State, Housing Finance Agency, 750 6th Avenue Project, Ser A, RB, FNMA, AMT
                
0.040%, 07/02/14(A) (D)
     7,500       7,500  
New York State, Housing Finance Agency, RB
                
0.040%, 07/02/14(A) (D) (E)
     72,950       72,950  
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
                
0.040%, 07/02/14(A) (D)
     25,500       25,500  
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
                
0.070%, 07/02/14(A) (D)
     20,000       20,000  
   
Total New York
       233,000  
   
Texas [0.8%]
          
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
                
0.090%, 07/02/14(A) (D)
     13,495       13,495  

Description
Face Amount (000)
    
Value (000)
  
           
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
            
0.090%, 07/03/14(A) (D)
   $ 13,610     $ 13,610  
   
Total Texas
       27,105  
   
Washington [0.4%]
          
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
                
0.090%, 07/03/14(A) (D)
     16,295       16,295  
   
Total Municipal Bonds
  
(Cost $356,650)
       356,650  
   
U.S. Treasury Obligations [4.3%]
  
U.S. Treasury Notes
                
0.109%, 07/01/14(A)
     80,000       80,010  
0.070%, 07/01/14(A)
     30,000       29,994  
0.625%, 07/15/14
     50,000       50,010  
   
Total U.S. Treasury Obligations
  
(Cost $160,014)
       160,014  
   
Repurchase Agreements (C) [14.1%]
  
Bank of America
                
0.060%, dated 06/30/14, repurchased on 07/01/14, repurchase price $81,000,135 (collateralized by various U.S. Government obligations, par values ranging from $22,200,000 to $37,800,000, 0.000%, 07/01/14 to 01/15/30; with a total market value $82,600,000)
     81,000       81,000  
Barclays
                
0.060%, dated 06/30/14, repurchased on 07/01/14, repurchase price $70,000,117 (collateralized by various U.S. U.S. Treasury Notes, par values ranging from $3,089 to $49,800,000, 0.250% - 0.880%, 08/31/14 to 01/31/17; with a total market value $71,395,259)
     70,000       70,000  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
 
Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Government Money Market Fund
 
Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Deutsche Bank
            
0.100%, dated 06/30/14, repurchased on 07/01/14, repurchase price $125,000,347 (collateralized by various U.S. Government obligations, par values ranging from $1,447,207 to $37,400,000, 0.000% - 5.250%, 11/19/15 to 08/08/33; with a total market value $127,571,890)
   $ 125,000     $ 125,000  
Deutsche Bank
                
0.050%, dated 06/30/14, repurchased on 07/01/14, repurchase price $125,000,174 (collateralized by a U.S. Treasury Note, par value $131,000,000, 3.125%, 02/15/43; with a total market value $128,000,000)
     125,000       125,000  
Goldman Sachs
                
0.090%, dated 06/30/14, repurchased on 07/01/14, repurchase price $125,000,313 (collateralized by various U.S. Government obligations, par values ranging from $4,720,000 to $53,300,000, 3.750% - 6.000%, 10/15/15 to 04/18/36; with a total market value $127,503,826)
     125,000       125,000  
   
Total Repurchase Agreements
  
(Cost $526,000)
       526,000  
   
Short-Term Investment [0.2%]
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio 0.040%*
     8,380,729       8,381  
   
Total Short-Term Investment
  
(Cost $8,381)
       8,381  
   
Total Investments [100.0%]
  
(Cost $3,743,424) †
     $ 3,743,424  

Percentages are based on Net Assets of $3,743,737 (000).
 
†
For Federal tax purposes, Fund's aggregate tax cost is equal to book cost.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
(A)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(B)
Zero coupon security. The rate reported is the effective yield at time of purchase.
(C)
Tri-Party Repurchase Agreement.
(D)
Put and Demand Feature — The date reported is the next reset or put date.
(E)
Securities are held in conjunction with a letter of credit from a major bank or financial institution.

ABAG — Association of Bay Area Governments
AMT — Alternative Minimum Tax (subject to)
DN — Discount Note
FAMC — Federal Agriculture Mortgage Corporation
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series

The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ 000):

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
U.S. Government Agency Obligations
   $ —     $ 2,692,379     $ —     $ 2,692,379  
Municipal Bonds
     —       356,650       —       356,650  
U.S. Treasury Obligations
     —       160,014       —       160,014  
Repurchase Agreements
     —       526,000       —       526,000  
Short-Term Investment
     8,381       —       —       8,381  
Total Investments in Securities
   $ 8,381     $ 3,735,043     $ —     $ 3,743,424  
 
For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Prime Money Market Fund

Description
Face Amount (000)
    
Value (000)
  
           
Commercial Paper [44.5%]
  
Banks [21.2%]
        
ANZ New Zealand International (A)
            
0.180%, 09/29/14
   $ 15,000     $ 14,993  
Australia and New Zealand Banking Group (A)
                
0.200%, 07/08/14
     20,000       19,999  
Bank of Tokyo-Mitsubishi UFJ NY
                
0.170%, 07/07/14
     15,629       15,629  
Barclays Bank (A)
                
0.300%, 11/24/14
     15,000       14,982  
BNP Paribas Finance
                
0.190%, 07/02/14
     20,000       20,000  
0.100%, 07/14/14
     15,000       14,999  
BPCE (A)
                
0.100%, 07/02/14
     20,000       20,000  
Credit Suisse NY
                
0.260%, 09/09/14
     10,000       9,995  
Deutsche Bank Financial
                
0.300%, 08/25/14
     10,000       9,995  
HSBC USA
                
0.230%, 08/13/14
     5,305       5,304  
0.230%, 08/25/14
     5,000       4,998  
Korea Development Bank NY
                
0.200%, 08/14/14
     15,000       14,996  
Natixis US Finance
                
0.330%, 07/01/14
     15,000       15,000  
Societe Generale North America
                
0.290%, 10/03/14
     10,000       9,992  
Standard Chartered Bank (A)
                
0.250%, 09/04/14
     10,000       9,996  
Westpac Securities NZ (A)
                
0.200%, 09/26/14
     25,000       24,988  
   
Total Banks
       225,866  
   
Financial Services [15.3%]
          
AllianceBernstein (A)
                
0.240%, 07/08/14
     18,000       17,999  
Caisse Centrale Desjardins (A)
                
0.130%, 07/31/14
     20,000       19,998  
0.110%, 07/07/14
     15,000       15,000  
Collateralized Commercial Paper LLC
                
0.250%, 10/27/14
     15,000       14,988  
General Electric Capital
                
0.200%, 01/07/15
     15,000       14,984  
0.190%, 10/29/14
     20,000       19,987  
MetLife Short Term Funding (A)
                
0.100%, 07/18/14
     25,000       24,999  
Mizuho Funding (A)
                
0.190%, 09/10/14
     10,000       9,996  

Description
Face Amount (000)
    
Value (000)
  
           
Toyota Motor Credit
            
0.210%, 11/24/14
   $ 25,000     $ 24,979  
   
Total Financial Services
       162,930  
   
Import/Export [3.3%]
          
Sumitomo Corp of America
                
0.200%, 09/02/14
     25,000       24,991  
0.170%, 07/02/14
     10,000       10,000  
   
Total Import/Export
       34,991  
   
Medical-HMO [3.3%]
          
UnitedHealth Group (A)
                
0.160%, 07/01/14
     35,000       35,000  
   
Schools [1.4%]
          
University of California
                
0.150%, 07/07/14
     15,000       15,000  
   
Total Commercial Paper
  
(Cost $473,787)
       473,787  
   
Certificates of Deposit [33.8%]
  
Banco Del Estado De Chile
                
0.260%, 07/08/14
     15,000       15,000  
0.210%, 08/11/14
     15,000       15,000  
Bank of America
                
0.230%, 07/07/14
     25,000       25,000  
0.250%, 09/08/14
     10,000       10,000  
Bank of Montreal IL
                
0.150%, 07/22/14
     10,000       10,000  
0.210%, 09/08/14
     25,000       25,000  
Bank of Nova Scotia
                
0.180%, 12/01/14
     35,000       35,000  
Bank of Tokyo-Mitsubishi UFJ NY
                
0.220%, 08/22/14
     15,000       15,000  
Citibank
                
0.220%, 12/24/14
     35,000       35,000  
Korea Development Bank NY
                
0.200%, 08/21/14
     15,000       15,000  
Mizuho Bank
                
0.200%, 07/10/14
     15,000       15,000  
0.200%, 10/14/14
     10,000       10,000  
Natixis NY
                
0.110%, 07/01/14
     20,000       20,000  
Norinchukin Bank
                
0.200%, 08/11/14
     15,000       15,000  
0.200%, 09/16/14
     20,000       20,000  
Skandinaviska Enskilda Banken NY
                
0.250%, 08/25/14
     15,000       15,000  
Sumitomo Mitsui Banking
                
0.210%, 07/01/14
     20,000       20,000  
0.210%, 07/16/14
     10,000       10,000  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Prime Money Market Fund
Description
Face Amount (000)
    
Value (000)
  
           
Toronto Dominion Bank
            
0.135%, 09/29/14
   $ 35,000     $ 35,000  
   
Total Certificates of Deposit
  
(Cost $360,000)
       360,000  
   
Municipal Bonds [15.1%]
  
California [8.1%]
          
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
                
0.040%, 07/01/14(B) (C) (D)
     29,000       29,000  
California State, Pollution Control Financing Authority, Pacific Gas & Electric Project, Ser C, RB
                
0.010%, 07/01/14(B) (C) (D)
     5,000       5,000  
Los Angeles, Department of Water & Power, Ser B-3, RB
                
0.010%, 07/01/14(C) (D)
     13,000       13,000  
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
                
0.050%, 07/03/14(C) (D)
     25,000       25,000  
Southern California, Metropolitan Water District, Ser B-3, RB
                
0.010%, 07/01/14(C) (D)
     15,000       15,000  
   
Total California
       87,000  
   
North Carolina [1.5%]
          
Charlotte, Water and Sewer System, Ser B, RB
                
0.040%, 07/03/14(C) (D)
     15,900       15,900  
   
Ohio [1.6%]
          
Ohio State, Higher Educational Facility Commission, Cleveland Clinic Project, Ser B-4, RB
                
0.010%, 07/01/14(C) (D)
     17,485       17,485  
   
Texas [3.9%]
          
Lower Neches Valley Authority Industrial Development, Exxon-Mobil Project, RB
                
0.010%, 07/01/14(C) (D)
     24,102       24,102  
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
                
0.010%, 07/01/14(C) (D)
     16,700       16,700  
   
Total Texas
       40,802  
   
Total Municipal Bonds
  
(Cost $161,187)
       161,187  

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Repurchase Agreements (E) [3.1%]
  
Bank of America
            
0.060%, dated 06/30/14, repurchased on 07/01/14, repurchase price 20,000,033 (collateralized by various U.S. Government obligations, par values ranging from $35,000 to $3,521,000, 0.000%-8.875%, 07/18/17 to 01/15/48; with a total market value of $20,400,161)
   $ 20,000     $ 20,000  
Barclays
                
0.060%, dated 06/30/14, repurchased on 07/01/14, repurchase price 13,000,022 (collateralized by a U.S. Treasury Note, par value $13,800,000, 1.750%, 05/15/22; with a total market value of $13,300,000)
     13,000       13,000  
   
Total Repurchase Agreements
  
(Cost $33,000)
       33,000  
   
U.S. Treasury Obligation [2.8%]
  
U.S. Treasury Note
                
4.250%, 08/15/14
     30,000       30,154  
   
Total U.S. Treasury Obligation
  
(Cost $30,154)
       30,154  
   
Short-Term Investment [0.7%]
  
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
     6,994,570       6,995  
   
Total Short-Term Investment
  
(Cost $6,995)
       6,995  
   
Total Investments [100.0%]
  
(Cost $1,065,123) †
     $ 1,065,123  
 
Percentages are based on Net Assets of $1,065,545 (000).
 
† For Federal tax purposes, Fund’s aggregate tax cost is equal to book cost.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
(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 June 30, 2014, the value of these securities amounted to $227,950 (000), representing 21.4% of the net assets of the Fund.
(B)
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
(C)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(D)
Put and Demand Feature — The date reported is the next reset or put date.
(E)
Tri-Party Repurchase Agreement.
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
 
Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Prime Money Market Fund
 
Cl — Class
IL — Illinois
LLC — Limited Liability Corporation
NY — New York
NZ — New Zealand
RB — Revenue Bond
Ser — Series

The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ 000):
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Commercial Paper
   $ —     $ 473,787     $ —     $ 473,787  
Certificates of Deposit
     —       360,000       —       360,000  
Municipal Bonds
     —       161,187       —       161,187  
Repurchase Agreements
     —       33,000       —       33,000  
U.S. Treasury Obligation
     —       30,154       —       30,154  
Short-Term Investment
     6,995       —       —       6,995  
Total Investments in Securities
   $ 6,995     $ 1,058,128     $ —     $ 1,065,123  
 
For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description
Face Amount (000)
    
Value (000)
  
           
Municipal Bonds [82.3%]
  
California [73.5%]
        
Bay Area Infrastructure Financing
            
5.000%, 08/01/17
   $ 1,210     $ 1,215  
Bay Area Toll Authority, Ser A-2, RB
                
0.030%, 07/03/14(A) (B) (C)
     1,700       1,700  
Bay Area Toll Authority, Ser C-1, RB
                
0.050%, 07/03/14(A) (B) (C)
     18,095       18,095  
Bay Area Toll Authority, Ser C-2, RB
                
0.050%, 07/03/14(A) (B) (C)
     4,190       4,190  
California State, Economic Recovery Project, Ser C-4, GO
                
0.020%, 07/01/14(A) (B) (C)
     2,890       2,890  
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser A, RB
                
0.050%, 07/03/14(A) (B) (C)
     2,600       2,600  
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB
                
0.010%, 07/01/14(A) (B) (C)
     4,380       4,380  
California State, Health Facilities Financing Authority, Health Facility Catholic Project, Ser B, RB
                
0.030%, 07/02/14(A) (B) (C)
     2,450       2,450  
California State, Health Facilities Financing Authority, Health Facility Catholic Project, Ser I, RB
                
0.030%, 07/02/14(A) (B) (C)
     3,900       3,900  
California State, Health Facilities Financing Authority, Kaiser Permanente, Ser C, RB
                
0.050%, 07/02/14(A) (C)
     10,000       10,000  
California State, Health Facilities Financing Authority, Scripps Health Project, Ser C, RB
                
0.060%, 07/02/14(A) (B) (C)
     8,650       8,650  
California State, Health Facilities Financing Authority, Ser B-2 (C)
                
0.120%, 12/03/14
     18,550       18,550  
California State, Infrastructure & Economic Development Bank, Independent System Operator, Ser A, RB
                
Pre-Refunded @ 100
                
5.250%, 02/01/15(D)
     1,255       1,292  

Description
Face Amount (000)
    
Value (000)
  
           
California State, Infrastructure & Economic Development Bank, Los Angeles Museum Project, Ser B, RB
            
0.010%, 07/01/14(A) (B) (C)
   $ 7,700     $ 7,700  
California State, Kindergarten Project, Ser B-3, GO
                
0.020%, 07/01/14(A) (B) (C)
     1,350       1,350  
California State, Kindergarten Project, Ser A-1, GO
                
0.010%, 07/01/14(A) (B) (C)
     6,610       6,610  
California State, Kindergarten Project, Ser A-2, GO
                
0.010%, 07/01/14(A) (B) (C)
     6,740       6,740  
California State, Kindergarten Project, Ser A-3, GO
                
0.010%, 07/01/14(A) (B) (C)
     7,180       7,180  
California State, Kindergarten Project, Ser A-8, GO
                
0.050%, 07/03/14(A) (B) (C)
     15,400       15,400  
California State, Kindergarten Project, Ser B-1, GO
                
0.010%, 07/01/14(A) (B) (C)
     2,900       2,900  
California State, Kindergarten Project, Ser B-2, GO
                
0.020%, 07/01/14(A) (B) (C)
     5,000       5,000  
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, RB
                
0.010%, 07/01/14(A) (C)
     16,100       16,100  
California State, Public Works Board, University of California Research Project, Ser L, RB, NATL-RE, ETM
                
5.250%, 11/01/14
     1,000       1,017  
California State, Public Works Board, Various University of California Projects, Ser D, RB
                
Pre-Refunded @ 100
                
5.000%, 05/01/15(D)
     5,800       6,034  
California State, Ser B, GO
                
0.010%, 07/01/14(A) (B) (C)
     9,500       9,500  
California State, Ser B-4, GO
                
0.060%, 07/02/14(A) (B) (C)
     3,600       3,600  
California State, Sub-Ser A-1, GO
                
0.050%, 07/02/14(A) (B) (C)
     11,500       11,500  
California State, Sub-Ser A-2, GO
                
0.050%, 07/02/14(A) (B) (C)
     1,500       1,500  
California Statewide, Communities Development Authority, Kaiser Permanente Project, Ser D, RB
                
0.030%, 07/02/14(A) (C)
     25,000       25,000  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description
Face Amount (000)
    
Value (000)
  
           
California Statewide, Communities Development Authority, Masters College Project, Ser A, RB
            
0.070%, 07/03/14(A) (B) (C)
   $ 3,000     $ 3,000  
East Bay, Municipal Utility District, Ser A-3, RB
                
0.040%, 07/02/14(A) (C)
     5,200       5,200  
East Bay, Municipal Utility District, Sub-Ser C, RB
                
0.060%, 07/02/14(A) (C)
     6,700       6,700  
Eastern Municipal Water District, Ser A, RB
                
0.070%, 07/03/14(A) (C)
     7,500       7,500  
Eastern Municipal Water District, Ser C, COP
                
0.060%, 07/02/14(A) (C)
     18,475       18,475  
Eastern Municipal Water District, Ser D, COP
                
0.060%, 07/02/14(A) (C)
     13,200       13,200  
Elsinore Valley, Municipal Water District, Ser A, COP
                
0.060%, 07/02/14(A) (B) (C)
     3,240       3,240  
Elsinore Valley, Municipal Water District, Ser B, COP
                
0.060%, 07/02/14(A) (B) (C)
     9,300       9,300  
Huntington Beach, Unified High School District, Election 2004, GO, AGM
                
Pre-Refunded @ 100
                
5.000%, 08/01/14(D)
     2,400       2,410  
Irvine Ranch, Water District, SAB
                
0.060%, 07/03/14(A) (B) (C)
     4,600       4,600  
Irvine Ranch, Water District, Ser A, SAB
                
0.010%, 07/01/14(A) (B) (C)
     4,000       4,000  
Irvine Ranch, Water District, Ser B, SAB
                
0.010%, 07/01/14(A) (B) (C)
     11,755       11,755  
Los Angeles County, GO
                
1.500%, 06/30/15
     5,400       5,474  
Los Angeles County, Metropolitan Transportation Authority, Ser A1, RB
                
0.060%, 07/03/14(A) (C)
     36,180       36,180  
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
                
0.050%, 07/03/14(A) (C)
     10,000       10,000  
Los Angeles, Department of Water & Power, Sub-Ser B-1, RB
                
0.050%, 07/03/14(A) (C)
     7,350       7,350  
Los Angeles, Department of Water & Power, Sub-Ser B-2, RB
                
0.010%, 07/01/14(A) (C)
     27,100       27,100  
 
Description
Face Amount (000)
    
Value (000)
  
           
Los Angeles, Department of Water & Power, Sub-Ser B-4, RB
            
0.050%, 07/03/14(A) (C)
   $ 4,225     $ 4,225  
Los Angeles, Department of Water & Power, Sub-Ser B-6, RB
                
0.020%, 07/01/14(A) (C)
     19,800       19,800  
Metropolitan Water District of Southern California, Ser A-1, RB
                
0.080%, 07/03/14(C)
     10,000       10,000  
Metropolitan Water District of Southern California, Ser A-1, RB
                
0.040%, 07/03/14(A) (C)
     1,520       1,520  
Metropolitan Water District of Southern California, Ser A-2, RB
                
0.070%, 07/03/14(A) (C)
     11,000       11,000  
Metropolitan Water District of Southern California, Ser A-3, RB
                
0.080%, 07/03/14(C)
     11,000       11,000  
Metropolitan Water District of Southern California, Ser D, RB
                
0.040%, 07/03/14(A) (C)
     5,100       5,100  
Mount San Antonio, Community College District, GO, ETM
                
0.297%, 05/01/15(E)
     4,165       4,155  
Orange County, Apartment Development Authority, Riverbend Apartments Project, Ser B, RB
                
0.060%, 07/03/14(A) (C)
     10,000       10,000  
Orange County, Water District Authority, Ser A, COP
                
0.060%, 07/02/14(A) (B) (C)
     25,350       25,350  
Riverside County, RAN
                
1.500%, 06/30/15
     10,000       10,138  
Riverside County, Public Facilities Authority, Ser C, COP
                
0.060%, 07/02/14(A) (B) (C)
     3,200       3,200  
Riverside County, Water Authority, Ser A, RB
                
0.080%, 07/03/14(A) (C)
     17,000       17,000  
Sacramento County, Sanitation District Financing Authority, Ser A, RB
                
5.000%, 12/01/14(A)
     1,000       1,020  
San Diego County, Regional Transportation Commission, Ser B, RB
                
0.040%, 07/03/14(A) (C)
     4,180       4,180  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description
Face Amount (000)
    
Value (000)
  
           
San Diego County, Regional Transportation Commission, Ser D, RB
            
0.050%, 07/03/14(A) (C)
   $ 12,540     $ 12,540  
San Diego, Community College District, Election 2002, GO, AGM
                
Pre-Refunded @ 100
                
5.000%, 05/01/15(D)
     1,765       1,837  
San Francisco City & County, Airports Commission, Ser 37C, RB
                
0.060%, 07/02/14(A) (B) (C)
     15,900       15,900  
San Francisco City & County, Finance Authority, Moscone Center Project, Ser 2008-1, RB
                
0.060%, 07/03/14(A) (B) (C)
     2,730       2,730  
San Francisco, Bay Area Rapid Transit District, Election 2004, Ser C, GO
                
2.000%, 08/01/14
     4,455       4,462  
San Mateo, Unified High School District, GO, ETM
                
0.190%, 02/15/15(E)
     1,000       999  
Santa Clara County, Financing Authority, VMC Facility Replacement Project, Ser B, RB
                
0.060%, 07/02/14(A) (C)
     21,820       21,820  
Santa Clara Valley, Transportation Authority, Ser C, RB
                
0.040%, 07/03/14(A) (C)
     995       995  
0.030%, 07/03/14(A) (C)
     24,300       24,300  
Santa Clara Valley, Transportation Authority, Ser D, RB
                
0.040%, 07/03/14(A) (C)
     14,000       14,000  
Southern California, Public Power Authority, Magnolia Power Project, Ser A-1, RB
                
0.040%, 07/02/14(A) (B) (C)
     22,300       22,300  
Southern California, Public Power Authority, Southern Transmission Project, Ser A, RB, AGM
                
0.060%, 07/02/14(A) (C)
     25,000       25,000  
University of California, Regents Medical Center, Ser B-1, RB
                
0.010%, 07/01/14(A) (C)
     6,855       6,855  
University of California, Ser AL-2, RB
                
0.040%, 07/03/14(A) (C)
     5,000       5,000  

Description
Face Amount (000)
    
Value (000)
  
           
Ventura County, TRAN
            
1.500%, 07/01/15
   $ 5,000     $ 5,068  
   
Total California
       684,021  
   
New York [4.3%]
          
New York City, Municipal Water Finance Authority, Ser A-5, RB
                
0.030%, 07/01/14(A) (C)
     16,000       16,000  
New York City, Municipal Water Finance Authority, Ser DD-1, RB
                
0.010%, 07/01/14(A) (C)
     5,010       5,010  
New York City, Ser A-5, GO
                
0.020%, 07/01/14(A) (B) (C)
     18,960       18,960  
   
Total New York
       39,970  
   
Texas [4.5%]
          
Lower Neches Valley, Industrial Development Authority, Exxon Mobil Project, RB
                
0.010%, 07/01/14(A) (C)
     41,920       41,920  
   
Total Municipal Bonds
  
(Cost $765,911)
       765,911  
   
Commercial Paper [15.9%]
  
California [15.9%]
          
California State
                
0.080%, 08/28/14
     10,000       10,000  
California State, Ser A-6
                
0.070%, 08/05/14
     5,000       5,000  
California State, Department of Water Resources
                
0.090%, 07/02/14
     2,876       2,876  
0.080%, 07/03/14
     2,838       2,838  
0.080%, 09/03/14
     5,576       5,576  
0.080%, 09/09/14
     5,000       5,000  
California State, Educational Facilities Authority
                
0.130%, 10/16/14
     25,000       25,000  
0.080%, 07/01/14
     8,121       8,121  
Sacramento, Municipal Utility District
                
0.080%, 08/05/14
     10,500       10,500  
0.070%, 07/03/14
     20,000       20,000  
San Diego County, Water Authority
                
0.090%, 09/09/14
     5,000       5,000  
0.080%, 08/06/14
     4,000       4,000  
0.050%, 07/01/14
     10,000       10,000  
San Francisco City & County
                
0.080%, 07/02/14
     15,245       15,245  
San Francisco City & County, Airport Commission
                
0.070%, 07/09/14
     5,000       5,000  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description
Face Amount (000)
    
Value (000)
  
           
Santa Clara Valley, Water District
            
0.060%, 08/29/14
   $ 13,865     $ 13,865  
   
Total California
       148,021  
   
Total Commercial Paper
  
(Cost $148,021)
       148,021  
   
Total Investments [98.2%]
  
(Cost $913,932)†
     $ 913,932  
 
Percentages are based on Net Assets of $930,598 (000).

†
For Federal tax purposes, Fund’s aggregate tax cost is equal to book cost.
(A)
Put and Demand Feature — The date reported is the next reset or put date.
(B)
Securities are held in conjunction with a letter of credit from a major bank or financial institution.
(C)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(D)
Pre-Refunded Security — The maturity date shown is the pre-refunded date.
(E)
Zero coupon security. The rate reported is the effective yield at time of purchase.

AGM — Assured Guarantee Municipal
COP — Certificate of Participation
ETM — Escrowed to Maturity
GO — General Obligation
NATL-RE — National Public Finance Guarantee Corporation
RAN — Revenue Anticipation Note
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
TRAN — Tax and Revenue Anticipation Note

As of June 30, 2014, all of the Fund’s investments are Level 2 in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 

Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Corporate Bonds [48.9%]
  
Banks [24.0%]
        
Bank of America, MTN
            
6.400%, 08/28/17
   $ 940     $ 1,074  
Barclays Bank, MTN
                
2.268%, 07/10/14(A)
     545       558  
Citigroup
                
1.924%, 05/15/18(A)
     805       836  
Deutsche Bank
                
3.250%, 01/11/16
     900       934  
Goldman Sachs Group
                
5.125%, 01/15/15
     900       921  
Korea Development Bank
                
3.250%, 03/09/16
     575       597  
Morgan Stanley
                
5.375%, 10/15/15
     900       953  
Wachovia
                
5.750%, 06/15/17
     900       1,018  
   
Total Banks
       6,891  
   
Diversified Operations [3.5%]
          
Glencore Funding
                
1.700%, 05/27/16(B)
     1,000       1,009  
   
Financial Services [3.4%]
          
General Electric Capital, MTN
                
2.950%, 05/09/16
     950       991  
   
Oil, Gas & Consumable Fuels [3.5%]
          
ConocoPhillips Canada Funding I
                
5.625%, 10/15/16
     900       997  
   
Petroleum & Fuel Products [3.3%]
          
Occidental Petroleum
                
1.750%, 02/15/17
     940       958  
   
Retail [3.2%]
          
Costco Wholesale
                
0.650%, 12/07/15
     900       903  
   
Telephones & Telecommunications [8.0%]
          
America Movil
                
1.230%, 09/12/14(A)
     1,000       1,012  
AT&T
                
2.400%, 08/15/16
     1,000       1,030  
Verizon Communications
                
1.761%, 09/17/14(A)
     250       257  
   
Total Telephones & Telecommunications
       2,299  
   
Total Corporate Bonds
  
(Cost $13,872)
       14,048  
   
U.S. Government Agency Obligations [26.2%]
  
Farmer Mac Guaranteed Notes Trust 2007-1
                
5.125%, 04/19/17(B)
     1,000       1,113  

Description
Face Amount (000)
    
Value (000)
  
           
FFCB
            
0.204%, 04/17/17
   $ 590     $ 590  
FHLB
                
0.500%, 11/20/15
     580       581  
FHLMC
                
4.375%, 07/17/15
     800       835  
FNMA
                
5.000%, 03/15/16
     1,175       1,267  
0.500%, 07/02/15
     1,000       1,003  
0.500%, 03/30/16
     1,200       1,202  
0.172%, 07/16/14(A)
     940       941  
   
Total U.S. Government Agency Obligations
  
(Cost $7,523)
       7,532  
   
U.S. Treasury Obligations [7.5%]
  
U.S. Treasury Notes
                
4.250%, 08/15/15
     560       586  
3.125%, 10/31/16
     625       662  
1.000%, 08/31/16
     900       909  
   
Total U.S. Treasury Obligations
  
(Cost $2,140)
       2,157  
   
Municipal Bonds [5.6%]
  
California [2.4%]
          
Southern California Public Power Authority, Sub-Ser B, AGM, ETM
                
6.930%, 05/15/17
     595       684  
   
Florida [3.2%]
          
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
                
2.107%, 07/01/18
     930       932  
   
Total Municipal Bonds
  
(Cost $1,602)
       1,616  
   
U.S. Government Mortgage-Backed Obligations [4.3%]
  
FHLMC, Pool G12806
                
5.500%, 09/01/22
     55       60  
FHLMC, Pool G18247
                
5.000%, 04/01/23
     33       36  
FHLMC, Pool G18251
                
5.000%, 05/01/23
     52       57  
FHLMC, Pool G18321
                
4.500%, 08/01/24
     27       29  
FHLMC, Pool J04241
                
5.500%, 01/01/22
     26       28  
FHLMC, Pool J04459
                
5.000%, 03/01/22
     28       30  
FHLMC, Pool J04508
                
5.000%, 03/01/22
     30       32  
FHLMC, Pool J07575
                
5.000%, 04/01/23
     25       27  
FHLMC REMIC, Ser 2011-3877, Cl ND
                
3.000%, 02/15/25
     443       461  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Limited Maturity Fixed Income Fund
 
Description
Face Amount (000)/Shares
    
Value (000)
  
           
FNMA, Pool 837196
            
5.500%, 02/01/21
   $ 56     $ 61  
FNMA, Pool 933915
                
4.500%, 06/01/23
     34       36  
FNMA, Pool 961783
                
4.500%, 02/01/23
     50       54  
FNMA, Ser 2010-39, Cl PD
                
3.000%, 06/25/38
     325       331  
   
Total U.S. Government Mortgage-Backed Obligations
  
(Cost $1,184)
       1,242  
   
Sovereign Debt [3.4%]
  
Regional Authority [3.4%]
          
Province of Ontario, Canada
                
1.600%, 09/21/16
     950       968  
   
Total Sovereign Debt
  
(Cost $961)
       968  
   
Asset-Backed Security [2.1%]
  
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
                
0.530%, 03/15/16
     612       612  
   
Total Asset-Backed Security
  
(Cost $612)
       612  
   
Short-Term Investments [1.5%]
  
City National Rochdale Government Money Market Fund, 0.010%*‡
     219,549       220  
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
     219,549       220  
   
Total Short-Term Investments
  
(Cost $440)
       440  
   
Total Investments [99.5%]
  
(Cost $28,334)†
     $ 28,615  
 
Percentages are based on Net Assets of $28,766 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $28,334 (000), and the unrealized appreciation and depreciation were $287 (000) and $6 (000), respectively.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.
(A)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(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 June 30, 2014, the value of these securities amounted to $2,122 ($ Thousands), representing 7.4% of the net assets of the Fund.
 
AGM — Assured Guarantee Municipal
Cl — Class
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
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 June 30, 2014 in valuing the Fund’s investments carried at value ($ Thousands): 

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
   $ —     $ 14,048     $ —     $ 14,048  
U.S. Government Agency Obligations
     —       7,532       —       7,532  
U.S. Treasury Obligations
     —       2,157       —       2,157  
Municipal Bonds
     —       1,616       —       1,616  
U.S. Government Mortgage-Backed Obligations
     —       1,242       —       1,242  
Sovereign Debt
             968       —       968  
Asset-Backed Security
     —       612       —       612  
Short-Term Investments
     440       —       —       440  
Total Investments in Securities
   $ 440     $ 28,175     $ —     $ 28,615  

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Government Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
U.S. Government Agency Obligations [68.8%]
  
Egypt Government AID Bond
            
4.450%, 09/15/15
   $ 8,000     $ 8,393  
FFCB
                
0.228%, 07/26/14(A)
     10,000       9,995  
FHLB
                
1.150%, 07/25/18
     1,520       1,488  
1.000%, 06/09/17
     6,675       6,695  
0.500%, 11/20/15
     4,930       4,941  
FHLMC
                
1.250%, 05/12/17
     2,350       2,374  
1.000%, 06/29/17
     4,000       4,009  
1.000%, 09/29/17
     4,325       4,316  
FNMA
                
5.000%, 03/15/16
     5,475       5,902  
5.000%, 02/13/17
     5,395       5,984  
4.875%, 12/15/16
     5,000       5,517  
2.430%, 10/09/19(B)
     6,000       5,272  
2.375%, 04/11/16
     5,000       5,182  
1.875%, 02/19/19
     445       451  
1.625%, 11/27/18
     5,000       5,027  
1.000%, 10/16/17
     7,000       6,950  
0.875%, 05/21/18
     4,500       4,424  
0.625%, 08/26/16
     5,000       5,003  
0.172%, 07/15/14(A)
     10,000       10,005  
Israel Government AID Bond
                
3.815%, 05/15/20(B)
     10,528       9,216  
Tennessee Valley Authority, Ser E
                
6.250%, 12/15/17
     8,000       9,343  
   
Total U.S. Government Agency Obligations
  
(Cost $119,252)
       120,487  
   
U.S. Treasury Obligations [28.2%]
  
U.S. Treasury Bond
                
2.625%, 02/29/16
     5,000       5,192  
U.S. Treasury Notes
                
3.250%, 05/31/16
     5,000       5,271  
3.250%, 03/31/17
     5,000       5,337  
3.000%, 02/28/17
     2,415       2,559  
2.875%, 03/31/18
     5,000       5,309  
2.750%, 02/28/18
     5,000       5,286  
2.375%, 07/31/17
     5,000       5,220  
1.375%, 11/30/15
     5,500       5,589  
1.375%, 09/30/18
     5,000       4,994  
0.875%, 02/28/17
     4,500       4,517  
   
Total U.S. Treasury Obligations
  
(Cost $49,227)
       49,274  
   
U.S. Government Mortgage-Backed Obligations [1.8%]
  
FHLMC REMIC, Ser 2011-3877, Cl ND
                
3.000%, 02/15/25
     1,759       1,831  
FNMA ARM, Pool 766620
                
2.267%, 07/01/14(A)
     210       226  
 
Description
Face Amount (000)/Shares
    
Value (000)
  
           
FNMA REMIC, Ser 2011-144, Cl CE
            
1.250%, 06/25/35
   $ 700     $ 702  
GNMA, Pool 329656
                
8.000%, 08/15/22
     5       5  
GNMA, Pool 376533
                
7.500%, 06/15/24
     2       2  
GNMA, Pool 398660
                
7.500%, 05/15/26
     2       2  
GNMA, Pool 497411
                
6.000%, 01/15/29
     5       5  
GNMA, Pool 571376
                
7.000%, 12/15/16
     3       3  
GNMA, Pool 584992
                
7.500%, 04/15/32
     28       31  
GNMA ARM, Pool G2 81318
                
1.625%, 07/01/14(A)
     281       292  
GNMA ARM, Pool G2 81447
                
1.625%, 07/01/14(A)
     57       59  
   
Total U.S. Government Mortgage-Backed Obligations
  
(Cost $3,050)
       3,158  
   
Short-Term Investments [1.8%]
  
City National Rochdale Government Money Market Fund, 0.010%*‡
     1,596,463       1,596  
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
     1,596,463       1,596  
   
Total Short-Term Investments
  
(Cost $3,192)
       3,192  
   
Total Investments [100.6%]
  
(Cost $174,721)†
     $ 176,111  
 
Percentages are based on Net Assets of $175,127 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $174,721 (000), and the unrealized appreciation and depreciation were $1,591 (000) and $201 (000), respectively.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.
(A)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(B)
Zero coupon security. The rate reported is the effective yield at time of purchase.

AID — Agency for International Development
ARM — Adjustable Rate Mortgage
Cl — Class
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

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Government Bond Fund
 
The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
U.S. Government Agency Obligations
   $ —     $ 120,487     $ —     $ 120,487  
U.S. Treasury Obligations
     —       49,274       —       49,274  
U.S. Government Mortgage-Backed Obligations
     —       3,158       —       3,158  
Short-Term Investments
     3,192       —       —       3,192  
Total Investments in Securities
   $ 3,192     $ 172,919     $ —     $ 176,111  

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Corporate Bond Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Corporate Bonds [90.4%]
  
Banks [12.5%]
        
Bank of America, MTN
            
6.400%, 08/28/17
   $ 400     $ 457  
Barclays Bank, MTN
                
2.268%, 07/10/14(A)
     1,950       1,999  
Citigroup
                
5.850%, 08/02/16
     980       1,075  
5.500%, 02/15/17
     250       275  
Countrywide Financial
                
6.250%, 05/15/16
     1,200       1,309  
Fifth Third Bank
                
1.150%, 11/18/16
     3,060       3,070  
HSBC Finance
                
5.250%, 04/15/15
     1,250       1,296  
JPMorgan Chase
                
6.300%, 04/23/19
     2,000       2,365  
6.000%, 01/15/18
     405       464  
National Australia Bank, MTN
                
2.750%, 03/09/17
     480       500  
Nordea Bank
                
2.250%, 03/20/15(B)
     500       507  
UBS, MTN
                
5.875%, 12/20/17
     2,000       2,284  
Wells Fargo Bank
                
5.750%, 05/16/16
     2,400       2,617  
   
Total Banks
       18,218  
   
Broadcasting & Cable [1.5%]
          
Time Warner Cable
                
5.000%, 02/01/20
     2,000       2,241  
   
Chemicals [1.0%]
          
Dow Chemical
                
4.250%, 11/15/20
     1,300       1,413  
   
Coatings/Paint [1.0%]
          
Sherwin-Williams
                
3.125%, 12/15/14
     1,450       1,468  
   
Computers-Memory Devices [0.7%]
          
NetApp
                
2.000%, 12/15/17
     1,000       1,015  
   
Diversified Metals & Mining [1.7%]
          
Rio Tinto
                
2.250%, 09/20/16
     2,500       2,577  
   
Diversified Minerals [3.3%]
          
BHP Billiton
                
5.250%, 12/15/15
     2,377       2,542  
Teck Resources
                
3.150%, 01/15/17
     1,250       1,303  
2.500%, 02/01/18
     1,000       1,018  
   
Total Diversified Minerals
       4,863  
   
Diversified Operations [2.5%]
          
Glencore Funding
                
1.700%, 05/27/16(B)
     1,500       1,514  

Description
Face Amount (000)
    
Value (000)
  
           
Siemens Financing
            
5.750%, 10/17/16(B)
   $ 2,000     $ 2,217  
   
Total Diversified Operations
       3,731  
   
Drugs [2.7%]
          
AbbVie
                
1.200%, 11/06/15
     1,000       1,007  
GlaxoSmithKline Capital
                
5.650%, 05/15/18
     405       464  
Wyeth
                
5.500%, 02/15/16
     2,000       2,159  
5.450%, 04/01/17
     330       368  
   
Total Drugs
       3,998  
   
Electric Utilities [3.2%]
          
American Electric Power
                
1.650%, 12/15/17
     1,000       1,005  
Commonwealth Edison
                
6.950%, 07/15/18
     1,000       1,183  
Exelon
                
4.900%, 06/15/15
     1,138       1,183  
Exelon Generation
                
6.200%, 10/01/17
     1,200       1,367  
   
Total Electric Utilities
       4,738  
   
Financial Services [15.2%]
          
American Honda Finance
                
1.600%, 02/16/18(B)
     1,000       1,003  
Caisse Centrale Desjardins du Quebec
                
2.650%, 09/16/15(B)
     3,000       3,076  
Daimler Finance North America
                
2.300%, 01/09/15
     1,350       1,362  
1.875%, 09/15/14(B)
     1,000       1,003  
Ford Motor Credit
                
8.000%, 12/15/16
     1,000       1,162  
2.375%, 01/16/18
     1,000       1,022  
General Electric Capital
                
5.300%, 02/11/21
     2,500       2,843  
General Electric Capital, MTN
                
2.950%, 05/09/16
     50       52  
Harley-Davidson Financial Services, MTN
                
3.875%, 03/15/16(B)
     1,000       1,049  
Nissan Motor Acceptance, MTN
                
1.950%, 09/12/17(B)
     2,000       2,025  
PACCAR Financial, MTN
                
0.800%, 02/08/16
     1,500       1,507  
Toyota Motor Credit, MTN
                
2.050%, 01/12/17
     2,000       2,054  
VW Credit, MTN
                
1.875%, 10/13/16
     3,000       3,062  
Western Union
                
5.930%, 10/01/16
     1,000       1,098  
   
Total Financial Services
       22,318  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Corporate Bond Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Food, Beverage & Tobacco [2.6%]
        
Anheuser-Busch InBev Worldwide
            
5.375%, 01/15/20
   $ 2,420     $ 2,794  
Dr Pepper Snapple Group
                
2.900%, 01/15/16
     1,000       1,034  
   
Total Food, Beverage & Tobacco
       3,828  
   
Home Decoration Products [0.3%]
          
Newell Rubbermaid
                
2.000%, 06/15/15
     500       506  
   
Insurance [4.0%]
          
Aflac
                
8.500%, 05/15/19
     1,100       1,418  
Genworth Financial
                
7.700%, 06/15/20
     1,400       1,726  
Metropolitan Life Global Funding I, MTN
                
1.875%, 06/22/18(B)
     2,700       2,692  
   
Total Insurance
       5,836  
   
Investment Banker/Broker Dealer [8.0%]
          
Deutsche Bank
                
1.400%, 02/13/17
     2,500       2,513  
Goldman Sachs Group
                
5.625%, 01/15/17
     1,700       1,871  
2.625%, 01/31/19
     500       507  
Jefferies Group
                
8.500%, 07/15/19
     1,370       1,712  
Macquarie Group
                
6.000%, 01/14/20(B)
     2,000       2,266  
Morgan Stanley, MTN
                
6.250%, 08/28/17
     2,000       2,279  
5.950%, 12/28/17
     465       529  
   
Total Investment Banker/Broker Dealer
       11,677  
   
Machinery [0.1%]
          
Caterpillar Financial Services, MTN
                
1.625%, 06/01/17
     215       218  
   
Medical Products & Services [1.8%]
          
Genentech
                
4.750%, 07/15/15
     2,500       2,613  
   
Medical-HMO [0.9%]
          
UnitedHealth Group
                
4.875%, 03/15/15
     1,205       1,244  
   
Metal-Copper [0.7%]
          
Freeport-McMoRan Copper & Gold
                
1.400%, 02/13/15
     1,000       1,004  
   
Petroleum & Fuel Products [8.7%]
          
BP Capital Markets
                
1.375%, 05/10/18
     2,800       2,774  
Kinder Morgan Energy Partners
                
6.000%, 02/01/17
     1,000       1,115  

Description
Face Amount (000)
    
Value (000)
  
           
Shell International Finance
            
3.250%, 09/22/15
   $ 2,500     $ 2,587  
Sunoco Logistics Partners Operations
                
4.650%, 02/15/22
     1,300       1,400  
Total Capital International
                
1.550%, 06/28/17
     425       431  
1.500%, 02/17/17
     2,980       3,028  
Transocean
                
6.500%, 11/15/20
     1,250       1,446  
   
Total Petroleum & Fuel Products
       12,781  
   
Real Estate Investment Trusts [4.9%]
          
American Tower
                
7.250%, 05/15/19
     1,200       1,452  
HCP
                
5.625%, 05/01/17
     1,000       1,116  
Health Care REIT
                
4.700%, 09/15/17
     1,000       1,094  
Kimco Realty
                
6.875%, 10/01/19
     1,080       1,299  
Simon Property Group
                
6.100%, 05/01/16
     2,000       2,170  
   
Total Real Estate Investment Trusts
       7,131  
   
Regional Authority [1.0%]
          
Province of Ontario Canada
                
1.600%, 09/21/16
     1,360       1,386  
   
Retail [3.8%]
          
Lowe's
                
6.100%, 09/15/17
     3,000       3,439  
Wal-Mart Stores
                
2.875%, 04/01/15
     2,000       2,040  
   
Total Retail
       5,479  
   
Telephones & Telecommunications [7.4%]
          
America Movil
                
1.230%, 09/12/14(A)
     2,750       2,783  
AT&T
                
5.100%, 09/15/14
     2,000       2,017  
2.950%, 05/15/16
     2,600       2,702  
Motorola Solutions
                
6.000%, 11/15/17
     1,000       1,135  
Telefonica Emisiones SAU
                
6.421%, 06/20/16
     1,000       1,101  
Verizon Communications
                
2.550%, 06/17/19
     1,000       1,015  
   
Total Telephones & Telecommunications
       10,753  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Corporate Bond Fund
 
Description
Face Amount (000)/Shares
    
Value (000)
  
           
Trucking & Leasing [0.9%]
        
Penske Truck Leasing
            
3.750%, 05/11/17(B)
   $ 750     $ 797  
3.125%, 05/11/15(B)
     500       511  
   
Total Trucking & Leasing
       1,308  
   
Total Corporate Bonds
  
(Cost $129,307)
       132,344  
   
Municipal Bonds [3.0%]
  
California [0.2%]
          
California State, GO
                
5.700%, 11/01/21
     185       222  
   
Florida [2.8%]
          
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
                
2.107%, 07/01/18
     4,130       4,136  
   
Total Municipal Bonds
  
(Cost $4,316)
       4,358  
   
Unaffiliated Registered Investment Company [2.0%]
  
Ivy High Income Fund
     343,249       3,007  
   
Total Unaffiliated Registered Investment Company
  
(Cost $3,000)
       3,007  
   
Sovereign Debt [0.7%]
  
Petroleum & Fuel Products [0.7%]
          
Korea National Oil
                
2.875%, 11/09/15(B)
     1,000       1,024  
   
Total Sovereign Debt
  
(Cost $1,000)
       1,024  
   
Asset-Backed Security [0.6%]
  
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
                
0.530%, 03/15/16
     918       919  
   
Total Asset-Backed Security
  
(Cost $918)
       919  
   
U.S. Government Mortgage-Backed Obligation [0.1%]
  
FNMA REMIC, Ser 2002-56, Cl MC
                
5.500%, 09/25/17
     79       83  
   
Total U.S. Government Mortgage-Backed Obligation
  
(Cost $79)
       83  
   
Short-Term Investments [2.9%]
  
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%*‡
     2,089,554       2,090  

Description
Shares
    
Value (000)
  
           
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
     2,089,554     $ 2,090  
   
Total Short-Term Investments
  
(Cost $4,180)
       4,180  
   
Total Investments [99.7%]
  
(Cost $142,800)†
     $ 145,915  
 
Percentages are based on Net Assets of $146,401 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $142,800 (000), and the unrealized appreciation and depreciation were $3,136 (000) and $21 (000), respectively.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.
(A)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(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 June 30, 2014, the value of these securities amounted to $19,684 ($ Thousands), representing 13.4% of the net assets of the Fund.

Cl — Class
FNMA — Federal National Mortgage Association
GO — General Obligation
MTN — Medium Term Note
RB — Revenue Bond
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series

The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
   $ —     $ 132,344     $ —     $ 132,344  
Municipal Bonds
     —       4,358       —       4,358  
Unaffiliated Registered Investment Company
     3,007       —       —       3,007  
Sovereign Debt
     —       1,024       —       1,024  
Asset-Backed Security
     —       919       —       919  
U.S. Government Mortgage-Backed Obligation
     —       83       —       83  
Short-Term Investments
     4,180       —       —       4,180  
Total Investments in Securities
   $ 7,187     $ 138,728     $ —     $ 145,915  
   
For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale California Tax Exempt Bond Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Municipal Bonds [95.5%]
  
California [89.3%]
        
Beverly Hills, Community Facilities District, Ser 2002-A
            
4.000%, 09/01/22
   $ 250     $ 271  
Brea, Redevelopment Agency, Redevelopment Project AB, TA
                
5.000%, 08/01/20
     500       591  
California State, Department of Water Resources, Ser F-3, RB
                
Callable 05/01/18 @ 100
                
4.375%, 05/01/20
     200       225  
California State, Economic Recovery Authority, Ser A, GO
                
Callable 07/01/19 @ 100
                
5.000%, 07/01/20
     1,000       1,180  
California State, Economic Recovery Authority, Ser A, GO, NATL-RE
                
Callable 08/01/14 @ 100
                
5.000%, 07/01/15
     965       969  
California State, GO
                
Callable 03/01/15 @ 100
                
5.000%, 03/01/16
     1,500       1,548  
California State, GO
                
Callable 11/01/20 @ 100
                
5.000%, 11/01/22
     1,025       1,204  
California State, GO
                
4.000%, 02/01/18
     1,000       1,110  
4.000%, 02/01/19
     1,000       1,125  
5.000%, 11/01/19
     1,000       1,184  
5.000%, 09/01/20
     1,000       1,197  
5.000%, 09/01/21
     1,200       1,444  
5.000%, 12/01/21
     1,000       1,206  
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
                
5.000%, 07/01/18
     500       575  
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
                
Callable 03/01/21 @ 100
                
5.250%, 03/01/22
     265       311  
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
                
5.000%, 08/15/17
     750       848  
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
                
5.000%, 11/15/17
     375       426  

Description
Face Amount (000)
    
Value (000)
  
           
California State, Health Facilities Financing Authority, Memorial Health Services Corp, Ser A, RB
            
5.000%, 10/01/15
   $ 450     $ 477  
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB
                
5.000%, 07/01/43 (A)
     175       199  
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
                
5.000%, 07/01/43 (A)
     500       593  
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
                
5.500%, 08/15/17
     500       575  
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
                
5.500%, 08/15/18
     125       147  
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
                
4.000%, 09/01/17
     500       550  
5.000%, 09/01/22
     1,000       1,197  
California State, Public Works Board, Department of Corrections-Administration Project, Ser A, RB, AMBAC
                
Callable 08/01/14 @ 100
                
5.250%, 03/01/18
     155       156  
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
                
5.000%, 12/01/19
     850       945  
California State, Public Works Board, Judicial Council, Ser B, RB
                
5.000%, 10/01/23
     475       570  
California State, Public Works Board, State Prisons, Ser C, RB
                
5.000%, 10/01/16
     1,000       1,101  
California State, Public Works Board, Various Capital Projects, Ser A, RB
                
4.000%, 04/01/17
     500       545  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale California Tax Exempt Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
            
Callable 10/01/19 @ 100
            
5.250%, 10/01/23
   $ 250     $ 291  
California State, Ser E, GO
                
Callable 06/01/18 @ 100
                
0.936%, 12/01/29 (A)
     1,000       1,011  
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
                
5.000%, 04/01/19
     850       996  
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
                
Callable 02/01/17 @ 100
                
1.010%, 04/01/52 (A)
     2,000       2,002  
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
                
3.900%, 08/01/31(A)
     625       625  
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
                
5.000%, 08/15/18
     200       232  
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
                
4.500%, 09/01/16
     350       375  
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
                
5.000%, 09/01/22
     1,000       1,146  
Chula Vista, Police Facility Project, COP
                
5.000%, 10/01/21
     360       430  
El Dorado, Irrigation District, Ser A, RB, AGM
                
4.500%, 03/01/19
     500       568  
Fairfield County, Redevelopment Agency, TA
                
4.000%, 08/01/17
     2,630       2,879  
Gilroy, Public Facilities Fincancing Authority, RB
                
5.000%, 11/01/21
     940       1,069  
Jefferson, Unified High School District, Ser A, GO, NATL-RE
                
5.000%, 08/01/14
     200       201  
Jurupa, Unified School District, GO, AGM
                
5.000%, 08/01/22
     1,000       1,167  

Description
Face Amount (000)
    
Value (000)
  
           
Long Beach California, Harbor Revenue, Ser C, RB
            
4.000%, 11/15/18
   $ 500     $ 566  
Los Angeles County, Metropolitan Transportation Authority, Proposition C, Ser A, RB, NATL-RE
                
Pre-Refunded @ 100
                
5.000%, 07/01/16(B)
     200       200  
Los Angeles, Department of Airports, Ser C, RB
                
4.000%, 05/15/17
     545       598  
Los Angeles, Department of Water & Power, Power Systems Revenue, Ser A, RB
                
5.000%, 07/01/19
     500       593  
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
                
4.000%, 11/01/19
     575       637  
Los Angeles, Municipal Improvement Authority, Real Property, Ser E, RB
                
5.000%, 09/01/15
     275       290  
Los Angeles, Municipal Improvement Authority, Ser C, RB
                
4.000%, 09/01/16
     500       535  
Los Angeles, Ser A, GO
                
5.000%, 09/01/21
     240       291  
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
                
Pre-Refunded @ 100
                
5.000%, 07/01/17(B)
     500       566  
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
                
5.000%, 10/01/20
     1,000       1,179  
Los Angeles, Unified School District, Headquarters Building Project, Ser B, COP
                
Callable 10/01/22 @ 100
                
5.000%, 10/01/25
     1,000       1,149  
Los Angeles, Unified School District, Ser A, GO
                
5.000%, 07/01/18
     350       405  
Los Angeles, Unified School District, Ser A-1, GO, NATL-RE
                
Callable 07/28/14 @ 100
                
5.000%, 07/01/17
     165       166  
Los Angeles, Unified School District, Ser B, GO, AMBAC
                
Callable 07/01/17 @ 100
                
5.000%, 07/01/19
     2,000       2,252  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale California Tax Exempt Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
Modesto, Irrigation District, Ser A, RB
            
5.000%, 07/01/17
   $ 1,000     $ 1,127  
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB
                
Callable 07/01/18 @ 100
                
5.000%, 07/01/20
     500       576  
Oakland-Alameda County, Coliseum Authority, Ser A, RB
                
5.000%, 02/01/20
     795       918  
Orange County, Public Financing Authority, RB, NATL-RE
                
5.000%, 07/01/17
     1,050       1,181  
Orange County, Sanitation District, Ser A, COP
                
3.000%, 02/01/17
     500       532  
Port of Oakland, Ser B, RB, NATL-RE
                
Callable 11/01/17 @ 100
                
5.000%, 11/01/23
     500       544  
Port of Oakland, Ser C, RB, NATL-RE
                
5.000%, 11/01/15
     450       477  
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
                
5.000%, 11/01/17
     1,600       1,783  
Riverside, Public Financing Authority, Ser A, RB
                
5.000%, 11/01/21
     1,000       1,160  
Roseville, Finance Authority, RB
                
4.000%, 02/01/18
     500       552  
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB
                
5.000%, 12/01/20
     500       600  
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL-RE
                
Callable 10/01/17 @ 100
                
5.000%, 10/01/21
     400       444  
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
                
4.000%, 05/01/18
     850       929  
Sacramento, Unified School District, Election of 2002, GO, NATL-RE
                
Pre-Refunded @ 100
                
5.000%, 07/01/15(B)
     300       315  

Description
Face Amount (000)
    
Value (000)
  
           
San Francisco City & County, Airports Commission, Ser B, RB
            
5.000%, 05/01/17
   $ 495     $ 556  
San Francisco City & County, Finance, RB, NATL
                
Callable 08/01/14 @ 100
                
3.750%, 07/01/18
     500       501  
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
                
Callable 04/01/19 @ 100
                
5.000%, 04/01/22
     735       846  
San Francisco City & County, Public Utilities Commission Water Revenue, Sub-Ser A, RB
                
5.000%, 11/01/20
     250       299  
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
                
5.000%, 08/01/17
     540       573  
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL-RE
                
Callable 08/01/14 @ 100
                
5.250%, 08/01/18
     600       601  
San Mateo County, Joint Powers Financing Authority, Maple Street Project, RB
                
3.000%, 06/15/17
     1,000       1,073  
San Mateo County, Transportation Authority, Ser A, RB, NATL-RE
                
5.250%, 06/01/19
     755       885  
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
                
5.000%, 06/15/21
     480       564  
Santa Clara County, Financing Authority, Lease Revenue Capital Project, RB
                
5.000%, 02/01/20
     500       591  
Santa Cruz County, Redevelopment Agency, TA
                
5.000%, 09/01/19
     640       731  
Santa Margarita, Dana Point Authority, Improvement Districts 3-3A-4-4A, Ser A, RB, AMBAC
                
Callable 08/01/14 @ 100
                
5.000%, 08/01/15
     290       291  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale California Tax Exempt Bond Fund

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Santa Rosa, Wastewater Revenue, Ser A, RB
            
4.000%, 09/01/17
   $ 415     $ 458  
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
                
5.000%, 07/01/17
     1,200       1,357  
Turlock, Irrigation District, Ser A, RB
                
5.000%, 01/01/17
     575       635  
University of California, Revenues Limited Project, Ser E, RB
                
Callable 05/15/20 @ 100
                
5.000%, 05/15/22
     500       582  
Ventura County, Public Financing Authority, Ser A, RB
                
4.000%, 11/01/18
     500       564  
Ventura County, Public Financing Authority, Ser B, RB
                
5.000%, 11/01/18
     500       585  
   
Total California
       67,718  
   
Connecticut [2.7%]
          
Connecticut State, Ser A, GO
                
Callable 03/01/15 @ 100
                
1.410%, 03/01/19 (A)
     1,000       1,009  
Connecticut State, Ser D, GO
                
0.940%, 08/15/19 (A)
     1,000       1,019  
   
Total Connecticut
       2,028  
   
Illinois [0.9%]
          
Illinois State, GO
                
4.000%, 07/01/18
     600       651  
   
New York [2.6%]
          
New York City, Sub-Ser A-7, GO
                
Callable 08/01/14 @ 100
                
0.040%, 08/01/21 (A) (C)
     2,000       2,000  
   
Total Municipal Bonds
  
(Cost $70,714)
       72,397  
   
Short-Term Investment [4.3%]
  
City National Rochdale Tax Exempt Money Market Fund, Institutional Class, 0.010%*‡
     3,253,181       3,253  
   
Total Short-Term Investment
  
(Cost $3,253)
       3,253  
   
Total Investments [99.8%]
  
(Cost $73,967) †
     $ 75,650  

Percentages are based on Net Assets of $75,799 (000).
 
†
At June 30, 2014, the tax basis cost of the Fund's investments was $73,967 (000), and the unrealized appreciation and depreciation were $1,767 (000) and $84 (000), respectively.
*
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.
(A)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(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.

AGM — Assured Guarantee Municipal
AMBAC — American Municipal Bond Assurance Company
COP — Certificate of Participation
EPA — Environmental Protection Agency
GO — General Obligation
NATL-RE — National Public Finance Guarantee Corporation
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
TA — Tax Allocation

The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ 000):

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Bonds
   $ —     $ 72,397     $ —     $ 72,397  
Short-Term Investment
     3,253       —       —       3,253  
Total Investments in Securities
   $ 3,253     $ 72,397     $ —     $ 75,650  

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund

Description
Face Amount (000)
    
Value (000)
  
           
Municipal Bonds [85.1%]
  
Alabama [2.7%]
        
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     $ 4,669  
Jefferson County, Sewer Revenue, Sub-Ser D, RB
                
Callable 10/01/23 @ 105
                
6.000%, 10/01/42
     4,000       4,374  
   
Total Alabama
       9,043  
   
Alaska [1.4%]
          
Northern Tobacco Securitization, Ser A, RB
                
Callable 07/17/14 @ 100
                
5.000%, 06/01/46
     6,000       4,581  
   
Arizona [1.8%]
          
La Paz County, Industrial Development Authority, Imperial Regional Detention Facility Project, RB
                
Callable 10/01/21 @ 102
                
7.800%, 10/01/39
     2,250       2,389  
6.750%, 10/01/23
     2,000       2,073  
Pima County, Industrial Development Authority, Noah Webster School Project, RB
                
Callable 12/15/23 @ 100
                
7.000%, 12/15/43
     1,500       1,560  
   
Total Arizona
       6,022  
   
California [8.1%]
          
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB
                
Callable 07/01/19 @ 100
                
6.750%, 07/01/39
     1,000       1,115  
California State, GO
                
Callable 12/01/23 @ 100
                
5.000%, 12/01/31
     1,500       1,714  
California State, Pollution Control Financing Authority, San Diego Water Project, RB
                
Callable 07/01/17 @ 100
                
5.000%, 11/21/45 (A)
     2,000       2,033  
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
                
Callable 09/01/24 @ 100
                
5.000%, 09/01/31
     5,000       5,687  

Description
Face Amount (000)
    
Value (000)
  
           
California State, Public Works Board, Various Capital Projects, Ser A, RB
            
Callable 04/01/22 @ 100
            
5.000%, 04/01/37
   $ 1,000     $ 1,087  
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A, RB, AGC-ICC
                
Callable 06/01/15 @ 100
                
5.000%, 06/01/45
     1,000       1,021  
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
                
Callable 06/01/17 @ 100
                
5.125%, 06/01/47
     4,500       3,273  
Golden State Tobacco Securitization, Ser A-1, RB
                
Callable 06/01/17 @ 100
                
5.750%, 06/01/47
     2,000       1,585  
M-S-R Energy Authority, Ser C, RB
                
7.000%, 11/01/34
     2,500       3,388  
San Buenaventura, Community Memorial Health System Project, RB
                
Callable 12/01/21 @ 100
                
7.500%, 12/01/41
     1,000       1,152  
7.000%, 12/01/26
     1,000       1,159  
San Mateo, Community Facilities District, SAB
                
Callable 09/01/22 @ 100
                
5.500%, 09/01/44
     1,000       1,060  
Southern California, Tobacco Securitization Authority, Ser A-1, RB
                
Callable 07/17/14 @ 100
                
5.000%, 06/01/37
     3,000       2,446  
   
Total California
       26,720  
   
Colorado [3.9%]
          
Arkansas River, Power Authority, Colorado Improvement Project, RB
                
Callable 10/01/20 @ 100
                
6.125%, 10/01/40
     2,500       2,672  
Colorado State, High Performance Transportation Enterprise, US 36 & I-25 Managed Lanes Project, RB, AMT
                
Callable 01/01/23 @ 100
                
5.750%, 01/01/44
     2,000       2,059  
Colorado State, Public Energy Authority, RB
                
6.500%, 11/15/38
     4,000       5,248  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund

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     $ 1,017  
Regional Transportation District, Denver Transportation Partners Project, RB
                
Callable 07/15/20 @ 100
                
6.000%, 01/15/41
     1,000       1,106  
Wildgrass County, Metropolitan District, GO
                
Callable 12/01/16 @ 100
                
6.200%, 12/01/34
     1,000       1,006  
   
Total Colorado
       13,108  
   
Delaware [0.6%]
          
Delaware State, Economic Development Authority, Indian River Power Project, RB
                
Callable 10/01/20 @ 100
                
5.375%, 10/01/45
     2,000       2,091  
   
Florida [4.9%]
          
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
                
Callable 11/15/24 @ 100
                
6.000%, 11/15/34
     1,500       1,585  
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
                
Callable 01/01/21 @ 103
                
8.250%, 01/01/44
     1,890       1,907  
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
                
Callable 01/01/21 @ 103
                
8.250%, 01/01/49
     1,000       1,006  
Florida State, Development Finance Corp., Renaissance Charter School Project, Ser A, RB
                
Callable 06/15/22 @ 100
                
6.125%, 06/15/43
     1,000       968  
Florida State, Village Community Development District No. 10, SAB
                
Callable 05/01/23 @ 100
                
6.000%, 05/01/44
     1,000       1,055  
Mid-Bay Bridge Authority, Ser A, RB
                
Callable 10/01/21 @ 100
                
7.250%, 10/01/34
     1,000       1,207  

Description
Face Amount (000)
    
Value (000)
  
           
Osceola County, Poinciana Parkway Project, Ser A, RB
            
Callable 10/01/24 @ 100
            
5.375%, 10/01/47
   $ 5,000     $ 5,120  
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
                
Callable 06/01/22 @ 102
                
7.250%, 06/01/34
     500       555  
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
                
Callable 06/01/22 @ 102
                
7.500%, 06/01/49
     2,000       2,233  
   
Total Florida
       15,636  
   
Georgia [1.5%]
          
Atlanta, Department of Aviation, RB
                
Callable 01/01/24 @ 100
                
5.000%, 01/01/31
     2,500       2,827  
DeKalb County, Hospital Authority, DeKalb Medical Center Project, RB
                
Callable 09/01/20 @ 100
                
6.125%, 09/01/40
     1,000       1,052  
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
                
Callable 01/01/24 @ 100
                
7.250%, 01/01/49
     810       843  
   
Total Georgia
       4,722  
   
Guam [1.0%]
          
Territory of Guam, Government Waterworks Authority, RB
                
Callable 07/01/20 @ 100
                
5.625%, 07/01/40
     2,000       2,129  
Territory of Guam, Ser A, GO
                
Callable 11/15/19 @ 100
                
7.000%, 11/15/39
     1,000       1,081  
   
Total Guam
       3,210  
   
Hawaii [0.9%]
          
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
                
Callable 11/15/19 @ 100
                
8.750%, 11/15/29
     2,450       2,850  
   
Illinois [8.9%]
          
Bridgeview Village, Ser A, GO
                
Callable 06/01/24 @ 100
                
5.500%, 12/01/43
     4,880       5,096  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Chicago, Midway International Airport, Ser B, RB
            
Callable 01/01/23 @ 100
            
5.000%, 01/01/35
   $ 2,000     $ 2,150  
Chicago, Midway International Airport, Ser B, RB
                
Callable 01/01/24 @ 100
                
5.000%, 01/01/35
     3,000       3,247  
Chicago, Refunding Project, Ser A, GO, AGM
                
Callable 01/01/24 @ 100
                
5.250%, 01/01/31
     1,000       1,086  
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
                
Callable 05/15/20 @ 100
                
8.000%, 05/15/40
     4,000       4,027  
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
                
Callable 05/15/20 @ 100
                
8.000%, 05/15/46
     1,825       1,825  
Illinois State, Finance Authority, Lutheran Home and Services Project, RB
                
Callable 05/15/22 @ 100
                
5.625%, 05/15/42
     5,000       5,065  
Illinois State, Finance Authority, Roosevelt University Project, RB
                
Callable 10/01/19 @ 100
                
6.500%, 04/01/39
     3,445       3,645  
6.250%, 04/01/29
     1,000       1,050  
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB
                
Callable 02/15/16 @ 100
                
5.875%, 02/15/38
     1,000       1,003  
Southwestern Illinois, Development Authority, Collinsville Project, RB
                
Callable 03/01/16 @ 100
                
5.350%, 03/01/31
     1,000       773  
   
Total Illinois
       28,967  
   
Indiana [3.4%]
          
Carmel, Barrington Carmel Project, Ser A, RB
                
Callable 11/15/22 @ 100
                
7.125%, 11/15/47
     2,000       2,120  
7.000%, 11/15/32
     1,650       1,755  
Indiana State, Finance Authority, Ohio Valley Electric Corporation Project, Ser A, RB
                
Callable 06/01/22 @ 100
                
5.000%, 06/01/39
     1,000       1,016  

Description
Face Amount (000)
    
Value (000)
  
           
Indianapolis, Ritter Affordable Assisted Living Project, RB
            
Callable 12/01/22 @ 102
            
6.900%, 12/01/33
   $ 4,000     $ 4,057  
Terre Haute, Westminster Village Project, RB
                
Callable 08/01/22 @ 100
                
6.000%, 08/01/39
     2,355       2,252  
   
Total Indiana
       11,200  
   
Kentucky [3.0%]
          
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       3,315  
6.375%, 06/01/40
     1,000       1,118  
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, RB
                
Callable 07/01/23 @ 100
                
5.750%, 07/01/49
     5,000       5,587  
   
Total Kentucky
       10,020  
   
Louisiana [0.3%]
          
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
                
Callable 07/01/23 @ 100
                
10.500%, 07/01/39
     1,000       1,041  
   
Maryland [0.7%]
          
Howard County, Annapolis Junction Town Center Project, TA
                
Callable 02/15/24 @ 100
                
6.100%, 02/15/44
     1,425       1,468  
5.800%, 02/15/34
     725       747  
   
Total Maryland
       2,215  
   
Michigan [5.2%]
          
Flint, Hospital Building Authority, Hurley Medical Center Project, Ser A, RB
                
5.000%, 07/01/23
     1,580       1,503  
Kent, Hospital Finance Authority, Metropolitan Hospital Project, Ser A, RB
                
Callable 07/01/15 @ 100
                
6.000%, 07/01/35
     4,805       4,990  
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB
                
Callable 12/01/20 @ 100
                
6.500%, 12/01/40
     3,745       3,756  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
            
Callable 12/01/15 @ 100
            
5.875%, 12/01/30
   $ 2,000     $ 1,982  
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB
                
Callable 06/01/17 @ 100
                
5.125%, 06/01/22
     2,990       2,644  
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
                
Callable 06/01/18 @ 100
                
6.875%, 06/01/42
     2,000       1,908  
   
Total Michigan
       16,783  
   
Missouri [2.2%]
          
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
                
Callable 05/15/20 @ 100
                
8.250%, 05/15/45
     3,000       3,441  
Saint Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
                
Callable 08/01/14 @ 101
                
7.000%, 08/15/32
     1,000       1,000  
Saint Louis County, Lambert Airport Project, SAB
                
Callable 11/01/16 @ 105
                
9.000%, 11/01/31
     2,500       2,639  
   
Total Missouri
       7,080  
   
Nebraska [1.3%]
          
Central Plains Energy Project, Project #3, RB
                
Callable 09/01/22 @ 100
                
5.250%, 09/01/37
     1,000       1,068  
5.000%, 09/01/42
     3,000       3,120  
   
Total Nebraska
       4,188  
   
Nevada [1.0%]
          
Clark County, Department of Aviation, Sub-Ser A-2, RB
                
Callable 07/01/24 @ 100
                
5.000%, 07/01/35
     3,000       3,268  

Description
Face Amount (000)
    
Value (000)
  
           
New Jersey [1.4%]
        
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
            
Callable 08/20/22 @ 101
            
5.250%, 09/15/29
   $ 1,000     $ 1,045  
Tobacco Settlement Financing, Ser 1A, RB
                
Callable 06/01/17 @ 100
                
5.000%, 06/01/41
     5,000       3,709  
   
Total New Jersey
       4,754  
   
New York [1.4%]
          
New York City, Industrial Development Agency, American Airlines JFK International Airport Project, RB, AMT
                
Callable 08/01/16 @ 101
                
7.750%, 08/01/31
     4,000       4,438  
   
Ohio [2.4%]
          
Muskingum County, Genesis Healthcare System Project, RB
                
Callable 02/15/23 @ 100
                
5.000%, 02/15/33
     1,000       983  
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
                
Callable 02/15/23 @ 100
                
5.000%, 02/15/44
     1,000       960  
5.000%, 02/15/48
     3,000       2,864  
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
                
Callable 12/01/22 @ 100
                
6.000%, 12/01/42
     3,000       3,031  
   
Total Ohio
       7,838  
   
Pennsylvania [3.4%]
          
Delaware County, Industrial Development Authority, Chester Community Charter School Project, Ser A, RB
                
Callable 08/15/20 @ 100
                
6.125%, 08/15/40
     4,000       3,681  
Pennsylvania Turnpike Commission, Ser A, RB
                
Callable 12/01/24 @ 100
                
5.000%, 12/01/33
     1,500       1,675  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund

Description
Face Amount (000)
    
Value (000)
  
           
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     $ 3,036  
Pottsville, Hospital Authority, Schuylkill Health System Project, RB
                
Callable 07/01/24 @ 100
                
6.500%, 07/01/28
     3,000       3,068  
   
Total Pennsylvania
       11,460  
   
South Carolina [1.7%]
          
South Carolina State, Public Service Authority, Ser E, RB
                
Callable 12/01/23 @ 100
                
5.500%, 12/01/53
     5,000       5,497  
   
Tennessee [0.7%]
          
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
                
Callable 07/01/20 @ 100
                
6.000%, 07/01/38
     2,000       2,236  
   
Texas [11.1%]
          
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
                
Callable 03/01/24 @ 100
                
7.125%, 03/01/44
     2,300       2,360  
7.000%, 03/01/34
     400       410  
Central Texas, Regional Mobility Authority, RB
                
Callable 01/01/23 @ 100
                
5.000%, 01/01/33
     1,000       1,035  
Central Texas, Regional Mobility Authority, Sub-Ser, RB
                
Callable 01/01/23 @ 100
                
5.000%, 01/01/42
     1,000       1,028  
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
                
Callable 10/01/23 @ 100
                
5.000%, 04/01/53
     2,000       2,145  
Houston, Airport System Revenue, United Airlines Project, RB, AMT
                
Callable 07/01/24 @ 100
                
5.000%, 07/01/29
     3,000       3,040  
Red River, Health Facilities Development, MRC Crossings Project, Ser B, RB
                
Callable 05/15/15 @ 100
                
5.000%, 11/15/19
     1,075       1,077  

Description
Face Amount (000)
    
Value (000)
  
           
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT
            
Callable 07/01/22 @ 100
            
8.000%, 07/01/38
   $ 5,000     $ 5,435  
Tarrant County, Cultural Education Facilities Finance Corp., Buckingham Senior Living Community Project, RB
                
Callable 11/15/17 @ 100
                
5.750%, 11/15/37
     6,000       6,087  
Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB
                
Callable 06/01/19 @ 100
                
7.300%, 06/01/29
     605       653  
Texas State, Municipal Gas Acquisition & Supply I, Ser D, RB
                
6.250%, 12/15/26
     2,000       2,429  
Texas State, Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Project, RB
                
Callable 06/30/20 @ 100
                
7.000%, 06/30/40
     3,500       4,153  
Texas State, Private Activity Bond Surface Transportation Corp., NTE Mobility Project, RB
                
Callable 12/31/19 @ 100
                
6.875%, 12/31/39
     5,350       6,269  
   
Total Texas
       36,121  
   
Virginia [1.6%]
          
James City County, Economic Development Authority, United Methodist Home Project, Ser A, RB
                
Callable 07/01/17 @ 100
                
6.000%, 06/01/43
     4,690       4,259  
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
                
Callable 07/01/22 @ 100
                
6.000%, 01/01/37
     1,000       1,102  
   
Total Virginia
       5,361  
   
Washington [1.3%]
          
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
                
Callable 01/01/15 @ 100
                
5.375%, 01/01/20 (A)
     2,000       2,007  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund

Description
Face Amount (000)
    
Value (000)
  
           
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
            
Callable 01/01/24 @ 100
            
7.500%, 01/01/49 (A)
   $ 2,000     $ 2,161  
   
Total Washington
       4,168  
   
Wisconsin [2.7%]
          
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, RB, AMT
                
Callable 07/01/22 @ 100
                
5.000%, 07/01/42
     1,000       1,005  
Public Finance Authority, Coral Academy Project, RB
                
Callable 07/01/24 @ 100
                
5.625%, 07/01/44
     1,500       1,507  
5.375%, 07/01/34
     1,000       1,005  
Public Finance Authority, Las Ventanas Retirement Community Project, RB
                
Callable 10/01/20 @ 102
                
7.000%, 10/01/42
     5,400       5,269  
   
Total Wisconsin
       8,786  
   
Puerto Rico [4.6%]
          
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
                
Callable 07/01/22 @ 100
                
5.250%, 07/01/24
     2,590       1,825  
5.250%, 07/01/42
     840       541  
Puerto Rico Commonwealth, Ser A, GO
                
Callable 07/01/20 @ 100
                
8.000%, 07/01/35
     6,000       5,281  
Puerto Rico, Electric Power Authority, Ser A, RB
                
Callable 07/01/23 @ 100
                
7.000%, 07/01/33
     1,440       680  
7.000%, 07/01/40
     1,000       470  
Puerto Rico, Electric Power Authority, Ser A, RB
                
Callable 07/01/22 @ 100
                
5.000%, 07/01/42
     1,310       563  
Puerto Rico, Electric Power Authority, Ser WW, RB
                
Callable 07/01/18 @ 100
                
5.500%, 07/01/38
     1,060       466  
Puerto Rico, Electric Power Authority, Ser XX, RB
                
Callable 07/01/20 @ 100
                
5.750%, 07/01/36
     940       413  

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
            
Callable 08/01/19 @ 100
            
6.500%, 08/01/44
   $ 1,250     $ 1,086  
6.000%, 08/01/42
     3,500       2,885  
Puerto Rico, Sales Tax Financing, Sub-Ser C, RB
                
Callable 08/01/20 @ 100
                
5.250%, 08/01/41
     1,000       755  
   
Total Puerto Rico
       14,965  
   
Total Municipal Bonds
  
(Cost $270,870)
       278,369  
   
Short-Term Investments [12.3%]
  
City National Rochdale Government Money Market Fund, 0.010%*††
     22,475,237       22,475  
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
     17,539,312       17,539  
   
Total Short-Term Investments
  
(Cost $40,015)
       40,014  
   
Total Investments [97.4%]
  
(Cost $310,885) †
     $ 318,383  
 
Percentages are based on Net Assets of $327,012 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $310,885 (000), and the unrealized appreciation and depreciation were $9,781 (000) and $2,283 (000), respectively.

*
The rate reported is the 7-day effective yield as of June 30, 2014.
††
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 June 30, 2014, the value of these securities amounted to $6,201 (000), representing 1.9% of the net assets of the Fund.

AGM — Assured Guarantee Municipal
AMT — Alternative Minimum Tax (subject to)
Cl — Class
GO — General Obligation
RB — Revenue Bond
SAB — Special Assessment Board
Ser — Series
TA — Tax Allocation

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Municipal High Income Fund
 
Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Bonds
   $ —     $ 278,369     $ —     $ 278,369  
Short-Term Investments
     40,014       —       —       40,014  
Total Investments in Securities
   $ 40,014     $ 278,369     $ —     $ 318,383  

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
Corporate Bonds [88.4%]
  
Advertising Agencies [2.0%]
        
MDC Partners
            
6.750%, 04/01/20(A)
   $ 2,300     $ 2,426  
   
Aerospace & Defense [0.2%]
          
LMI Aerospace
                
7.375%, 07/15/19(A)
     250       256  
   
Air Transportation [0.3%]
          
CEVA Group
                
7.000%, 03/01/21(A)
     300       308  
   
Airlines [0.1%]
          
Continental Airlines, Ser 2009-2, Cl B
                
9.250%, 05/10/17
     110       124  
   
Banks [0.6%]
          
Banco do Brasil
                
9.000%, 12/31/49(A) (B)
     750       740  
   
Broadcasting & Cable [1.5%]
          
CSC Holdings
                
6.750%, 11/15/21
     300       330  
5.250%, 06/01/24(A)
     200       197  
DCP
                
10.750%, 08/15/15(A)
     500       504  
Unitymedia Hessen GmbH & KG
                
5.500%, 01/15/23(A)
     725       750  
   
Total Broadcasting & Cable
       1,781  
   
Building & Construction [0.7%]
          
CPG Merger Sub
                
8.000%, 10/01/21(A)
     500       526  
Dycom Investments
                
7.125%, 01/15/21
     300       323  
   
Total Building & Construction
       849  
   
Business Services [1.0%]
          
FTI Consulting
                
6.750%, 10/01/20
     400       427  
6.000%, 11/15/22
     700       720  
   
Total Business Services
       1,147  
   
Chemicals [0.2%]
          
Nexeo Solutions
                
8.375%, 03/01/18
     250       253  
   
Coal Mining [0.2%]
          
CONSOL Energy
                
5.875%, 04/15/22(A)
     200       210  
   
Commercial Services [0.6%]
          
Ceridian
                
8.125%, 11/15/17(A)
     200       202  
Live Nation Entertainment
                
5.375%, 06/15/22(A)
     450       456  
   
Total Commercial Services
       658  

Description
Face Amount (000)
    
Value (000)
  
           
Computer Graphics [0.4%]
        
Epicor Software
            
8.625%, 05/01/19
   $ 400     $ 431  
   
Computer System Design & Services [1.6%]
          
Brocade Communications Systems
                
4.625%, 01/15/23
     1,000       965  
NCR
                
5.875%, 12/15/21(A)
     600       633  
NCR Escrow
                
6.375%, 12/15/23(A)
     300       325  
   
Total Computer System Design & Services
       1,923  
   
Consumer Products & Services [3.3%]
          
Central Garden and Pet
                
8.250%, 03/01/18
     2,200       2,283  
Spectrum Brands
                
6.625%, 11/15/22
     65       70  
6.375%, 11/15/20
     130       140  
WMG Acquisition
                
6.750%, 04/15/22(A)
     500       500  
6.000%, 01/15/21(A)
     893       922  
   
Total Consumer Products & Services
       3,915  
   
Data Processing/Mgmt [2.7%]
          
Audatex North America
                
6.000%, 06/15/21(A)
     1,700       1,815  
First Data
                
8.750%, 01/15/22(A) (C)
     1,310       1,446  
   
Total Data Processing/Mgmt
       3,261  
   
Dialysis Centers [0.1%]
          
DaVita HealthCare Partners
                
5.125%, 07/15/24
     155       156  
   
Distribution/Wholesale [0.0%]
          
Global Partners
                
6.250%, 07/15/22(A)
     60       60  
   
Diversified Operations [0.5%]
          
Amsted Industries
                
5.000%, 03/15/22(A)
     650       650  
   
Drugs [0.2%]
          
Grifols Worldwide Operations
                
5.250%, 04/01/22(A)
     200       208  
   
E-Commerce/Services [0.7%]
          
IAC
                
4.750%, 12/15/22
     900       885  
   
Educational Services [0.1%]
          
Laureate Education
                
9.250%, 09/01/19(A)
     155       160  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Electric Utilities [1.1%]
        
AES
            
7.375%, 07/01/21
   $ 850     $ 994  
3.229%, 06/01/19(B)
     350       353  
   
Total Electric Utilities
       1,347  
   
Energy & Power [0.5%]
          
ContourGlobal Power Holdings
                
7.125%, 06/01/19(A)
     650       649  
   
Engines-Internal Combust [0.5%]
          
Briggs & Stratton
                
6.875%, 12/15/20
     500       559  
   
Enterprise Software/Serv [0.8%]
          
Eagle Midco
                
9.000%, 06/15/18(A)
     950       981  
   
Entertainment & Gaming [0.4%]
          
Buffalo Thunder Development Authority
                
9.375%, 12/15/14(A) (D) (F)
     75       30  
Choctaw Resort Development Enterprise
                
7.250%, 11/15/19(A)
     175       173  
Inn of the Mountain Gods Resort & Casino
                
9.250%, 11/30/20(A) (E)
     99       99  
Mashantucket Western Pequot Tribe
                
6.500%, 07/01/36 (F)
     77       11  
Seminole Hard Rock Entertainment
                
5.875%, 05/15/21(A)
     100       100  
Tunica-Biloxi Gaming Authority
                
9.000%, 11/15/15(A)
     125       72  
   
Total Entertainment & Gaming
       485  
   
Financial Services [4.4%]
          
Credit Acceptance
                
6.125%, 02/15/21(A)
     1,400       1,463  
Icahn Enterprises
                
6.000%, 08/01/20
     1,250       1,339  
5.875%, 02/01/22
     800       838  
4.875%, 03/15/19
     200       206  
Jefferies Finance
                
7.375%, 04/01/20(A)
     395       415  
Jefferies LoanCore
                
6.875%, 06/01/20(A)
     450       454  
Nationstar Mortgage
                
6.500%, 07/01/21
     400       401  
Oxford Finance
                
7.250%, 01/15/18(A)
     150       158  
   
Total Financial Services
       5,274  
   
Food, Beverage & Tobacco [2.8%]
          
B&G Foods
                
4.625%, 06/01/21
     600       601  

Description
Face Amount (000)
    
Value (000)
  
           
Darling International
            
5.375%, 01/15/22(A)
   $ 300     $ 311  
JBS USA
                
5.875%, 07/15/24(A)
     600       599  
Le-Nature's
                
9.000%, 06/15/13(A) (D) (F)
     150       —  
Vector Group
                
7.750%, 02/15/21
     1,750       1,864  
   
Total Food, Beverage & Tobacco
       3,375  
   
Food-Wholesale/Distrib [1.0%]
          
KeHE Distributors
                
7.625%, 08/15/21(A)
     1,100       1,199  
   
Gas-Distribution [2.3%]
          
LBC Tank Terminals Holding Netherlands
                
6.875%, 05/15/23(A)
     1,200       1,266  
NGL Energy Partners
                
6.875%, 10/15/21(A)
     1,100       1,171  
5.125%, 07/15/19(A)
     250       251  
   
Total Gas-Distribution
       2,688  
   
Gold Mining [0.6%]
          
Eldorado
                
6.125%, 12/15/20(A)
     750       757  
   
Hazardous Waste Disposal [0.3%]
          
Clean Harbors
                
5.125%, 06/01/21
     300       306  
   
Industrial [0.9%]
          
Unifrax I
                
7.500%, 02/15/19(A)
     1,025       1,071  
   
Insurance [2.3%]
          
American Equity Investment Life Holding
                
6.625%, 07/15/21
     1,100       1,196  
Fidelity & Guaranty Life Holdings
                
6.375%, 04/01/21(A)
     425       456  
Ironshore Holdings US
                
8.500%, 05/15/20(A)
     950       1,129  
   
Total Insurance
       2,781  
   
Internet Infrastr Equip [0.7%]
          
CyrusOne
                
6.375%, 11/15/22
     725       781  
   
Machinery [1.2%]
          
CNH Industrial Capital
                
3.375%, 07/15/19(A)
     900       893  
Tempel Steel
                
12.000%, 08/15/16(A)
     500       495  
   
Total Machinery
       1,388  
   
Medical Products & Services [0.2%]
          
HCA
                
5.000%, 03/15/24
     250       254  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
Metal-Copper [0.9%]
        
KGHM International
            
7.750%, 06/15/19(A)
   $ 1,000     $ 1,074  
   
Metals & Mining [1.1%]
          
Kaiser Aluminum
                
8.250%, 06/01/20
     500       562  
Mirabela Nickel
                
9.500%, 05/20/19
     266       266  
8.750%, 04/15/18(A) (D) (F)
     1,020       235  
3.500%, 07/05/14(A)
     208       208  
   
Total Metals & Mining
       1,271  
   
Miscellaneous Business Services [1.8%]
          
ADT
                
6.250%, 10/15/21
     400       424  
4.125%, 04/15/19
     400       402  
MCBC Holdings
                
6.817%, 04/15/14(A) (D) (F)
     50       5  
Sitel
                
11.000%, 08/01/17(A)
     1,275       1,358  
   
Total Miscellaneous Business Services
       2,189  
   
Miscellaneous Manufacturing [0.1%]
          
AGY Holding
                
11.000%, 11/15/14 (F)
     100       99  
   
Motion Pictures and Services [0.7%]
          
DreamWorks Animation SKG
                
6.875%, 08/15/20(A)
     750       808  
   
Multi-line Insurance [0.6%]
          
Voya Financial
                
5.650%, 05/15/14(B)
     750       763  
   
Oil-Field Services [1.1%]
          
FTS International
                
6.250%, 05/01/22(A)
     450       460  
Hiland Partners
                
7.250%, 10/01/20(A)
     725       790  
   
Total Oil-Field Services
       1,250  
   
Oil-US Royalty Trusts [0.2%]
          
IronGate Energy Services
                
11.000%, 07/01/18(A)
     225       233  
   
Paper & Related Products [1.8%]
          
Cascades
                
5.500%, 07/15/22(A)
     250       249  
Opal Acquisition
                
8.875%, 12/15/21(A)
     1,800       1,895  
   
Total Paper & Related Products
       2,144  
   
Petrochemicals [1.8%]
          
TPC Group
                
8.750%, 12/15/20(A)
     2,000       2,215  
   
Petroleum & Fuel Products [21.5%]
          
Access Midstream Partners
                
6.125%, 07/15/22
     100       110  

Description
Face Amount (000)
    
Value (000)
  
           
Antero Resources
            
5.125%, 12/01/22(A)
   $ 250     $ 257  
Atlas Energy Holdings Operating
                
9.250%, 08/15/21
     1,000       1,080  
7.750%, 01/15/21(A)
     300       310  
7.750%, 01/15/21
     550       569  
Atlas Pipeline Partners
                
5.875%, 08/01/23
     876       891  
4.750%, 11/15/21
     400       392  
Bill Barrett
                
7.625%, 10/01/19
     1,600       1,724  
BreitBurn Energy Partners
                
7.875%, 04/15/22
     2,300       2,490  
Carrizo Oil & Gas
                
7.500%, 09/15/20
     300       329  
Crestwood Midstream Partners
                
6.125%, 03/01/22(A)
     950       1,000  
Denbury Resources
                
5.500%, 05/01/22
     700       716  
Eagle Rock Energy Partners
                
8.375%, 06/01/19
     675       729  
Endeavor Energy Resources
                
7.000%, 08/15/21(A)
     2,100       2,242  
Gibson Energy
                
6.750%, 07/15/21(A)
     1,575       1,705  
Jones Energy Holdings
                
6.750%, 04/01/22(A)
     500       528  
Legacy Reserves
                
8.000%, 12/01/20
     760       817  
6.625%, 12/01/21
     600       609  
6.625%, 12/01/21(A)
     150       152  
Memorial Production Partners
                
7.625%, 05/01/21
     95       99  
Midstates Petroleum
                
9.250%, 06/01/21
     400       439  
Milagro Oil & Gas
                
10.500%, 05/15/16(D) (F)
     400       312  
Pacific Drilling
                
5.375%, 06/01/20(A)
     750       735  
Precision Drilling
                
6.625%, 11/15/20
     575       615  
5.250%, 11/15/24(A)
     400       402  
QEP Resources
                
5.250%, 05/01/23
     500       511  
Rosetta Resources
                
5.875%, 06/01/22
     500       523  
Sabine Pass Liquefaction
                
5.750%, 05/15/24(A)
     1,000       1,043  
5.625%, 04/15/23(A)
     200       209  
SandRidge Energy
                
8.125%, 10/15/22
     1,000       1,101  
7.500%, 03/15/21
     650       704  
Summit Midstream Holdings
                
7.500%, 07/01/21
     550       600  
Ultra Petroleum
                
5.750%, 12/15/18(A)
     700       735  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
Unit
            
6.625%, 05/15/21
   $ 1,000     $ 1,068  
   
Total Petroleum & Fuel Products
       25,746  
   
Printing & Publishing [0.5%]
          
Expo Event Transco
                
9.000%, 06/15/21(A)
     55       57  
Nielsen Finance
                
5.000%, 04/15/22(A)
     650       655  
   
Total Printing & Publishing
       712  
   
Property/Casualty Ins [0.7%]
          
Lancashire Holdings
                
5.700%, 10/01/22(A)
     480       534  
QBE Capital Funding III
                
7.250%, 05/24/41(A) (B)
     250       269  
   
Total Property/Casualty Ins
       803  
   
Radio [0.9%]
          
Sirius XM Radio
                
6.000%, 07/15/24(A)
     1,000       1,040  
   
Real Estate [0.3%]
          
Kennedy-Wilson
                
5.875%, 04/01/24
     300       305  
   
Resorts/Theme Parks [0.5%]
          
Cedar Fair
                
5.375%, 06/01/24(A)
     600       607  
   
Retail [6.9%]
          
AmeriGas Finance
                
7.000%, 05/20/22
     1,510       1,672  
Brunswick
                
4.625%, 05/15/21(A)
     550       549  
Checkers Drive-In Restaurants
                
11.000%, 12/01/17(A)
     650       726  
CST Brands
                
5.000%, 05/01/23
     400       400  
GRD Holdings III
                
10.750%, 06/01/19(A)
     2,170       2,430  
Guitar Center
                
6.500%, 04/15/19(A)
     1,200       1,188  
Men's Wearhouse
                
7.000%, 07/01/22(A)
     100       103  
PF Chang's China Bistro
                
10.250%, 06/30/20(A)
     285       291  
Sally Holdings
                
5.500%, 11/01/23
     400       412  
Suburban Propane Partners
                
5.500%, 06/01/24
     450       456  
   
Total Retail
       8,227  
   
Security Brokers & Dealers [1.8%]
          
Bank of America
                
5.200%, 06/01/14(B)
     1,000       957  
Citigroup
                
6.300%, 12/29/49(B)
     400       408  

Description
Face Amount (000)
    
Value (000)
  
           
Royal Bank of Scotland Group
            
1.174%, 06/30/14(B)
   $ 800     $ 804  
   
Total Security Brokers & Dealers
       2,169  
   
Semi-Conductors [0.1%]
          
Advanced Micro Devices
                
7.000%, 07/01/24(A)
     85       87  
   
Telecommunication Equip [1.8%]
          
Alcatel-Lucent USA
                
8.875%, 01/01/20(A)
     500       566  
6.750%, 11/15/20(A)
     300       319  
Avaya
                
7.000%, 04/01/19(A)
     850       850  
CommScope
                
5.500%, 06/15/24(A)
     400       407  
   
Total Telecommunication Equip
       2,142  
   
Telephones & Telecommunications [1.9%]
          
Inmarsat Finance
                
4.875%, 05/15/22(A)
     300       303  
Level 3 Financing
                
6.125%, 01/15/21(A)
     400       428  
SBA Telecommunications
                
5.750%, 07/15/20
     300       318  
UPCB Finance V
                
7.250%, 11/15/21(A)
     500       550  
Virgin Media Finance
                
6.375%, 04/15/23(A)
     700       760  
   
Total Telephones & Telecommunications
       2,359  
   
Textile-Home Furnishings [0.2%]
          
Empire Today
                
11.375%, 02/01/17(A)
     180       185  
   
Transportation Services [4.2%]
          
Harbinger Group
                
7.875%, 07/15/19
     404       442  
7.750%, 01/15/22
     1,633       1,672  
Marquette Transportation
                
10.875%, 01/15/17
     1,110       1,176  
Pegasus Solutions
                
10.500%, 04/15/15(A) (F)
     100       93  
Travelport
                
13.875%, 03/01/16(A) (C)
     177       182  
11.875%, 09/01/16
     90       92  
8.852%, 06/03/14(A) (B)
     1,325       1,334  
   
Total Transportation Services
       4,991  
   
Total Corporate Bonds
  
(Cost $102,547)
       105,715  
   
Loan Participations [8.5%]
  
Acosta, First Lien Term Loan
4.250%, 03/02/18
     106       107  
Acosta, Term Loan 
4.250%, 03/02/18
     392       394  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund

Description
Face Amount (000)
    
Value (000)
  
           
AlliedBarton, Delayed Term Loan 
4.250%,02/12/21 (I)
   $ 194     $ —  
AlliedBarton, First Lien Term Loan 
4.250%, 02/12/21
     545       542  
American Energy Partners, Term Loan 
0.000%, 06/10/15 (F) (I)
     1,100       —  
American Tire Distributors, First Lien Term Loan 
5.750%, 06/01/18
     624       627  
American Tire Distributors, Term Loan
0.000%, 06/01/18 (I)
     76       —  
Amsurg, Bridge Term Loan
0.000%, 05/29/15 (F) (I)
     450       —  
Asurion, Incremental Tranche B-1 
5.000%, 05/24/19
     499       502  
Atkore International, First Lien Term Loan 
4.500%, 04/09/21
     650       650  
Avaya, Term B3 Extended
4.727%, 10/26/17
     500       489  
CEVA Group, First Lien Term Loan 
6.500%, 03/19/21
     200       196  
Entergis, First Lien Term Loan
3.500%, 04/30/21
     100       99  
Evergreen Skills, First Lien Term Loan 
4.500%, 04/28/21
     629       629  
Evergreen Skillsoft, Term Loan
4.500%, 04/28/21
     271       270  
Flexera Software, Term Loan
4.500%, 04/02/20
     500       499  
Frac Tech International, Term Loan B - 2014 
5.750%, 04/16/21
     189       191  
Global Aviation, Term Loan(D) (F) 
10.000%, 07/13/17
     22       —  
   3.000%, 02/13/18
     223       —  
Go Daddy Operating, Term Loan 
4.750%, 05/13/21
     500       497  
Hillman, Bridge Loan 
0.000%, 05/27/15 (F) (I)
     200       —  
Hoffmaster Group, Term Loan
5.250%, 05/09/20
     300       300  
Interline Brands, Commitment Term Loan 
4.000%, 03/17/21
     57       57  
Interline Brands, Term Loan
4.000%, 03/17/21
     342       341  
Intertrust Group, Second Lien Term Loan 
8.000%, 04/15/22 (J)
     200       201  

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Neiman Marcus Group, First Lien Term Loan 
4.250%, 10/25/20
   $ 349     $ 348  
Pelican Products, Term Loan
9.250%, 04/09/21
     250       252  
Post Food, Bridge Loan
                
0.000%, 04/17/22 (I)
     300       —  
Rexam, First Lien Term Loan
4.250%., 05/03/21
     1,000       1,001  
Tectum Holdings, Term Loan
5.250%, 09/12/18 (F)
     1,250       1,247  
Travelport, Second Lien Term Loan 
9.500%, 01/31/16
     300       308  
Wall Street Systems, First Lien Term Loan 
4.500%, 04/30/21
     400       400  
   
Total Loan Participations
  
(Cost $10,298)
       10,147  
   
Preferred Stock [0.9%]
  
Insurance [0.8%]
          
Aspen Insurance Holdings (B)
     40,000       996  
   
Miscellaneous Manufacturing [0.1%]
          
CEVA Group *
     49       55  
   
Total Preferred Stock
  
(Cost $1,044)
       1,051  
   
Asset-Backed Security [0.4%]
  
Airlines [0.4%]
          
United Airlines 2013-1 Class B Pass Through Trust
                
5.375%, 08/15/21
     400       416  
   
Total Asset-Backed Security
  
(Cost $400)
       416  
   
Common Stock [0.3%]
  
Miscellaneous Manufacturing [0.0%]
          
CEVA Group *
     22       25  
   
Printing & Publishing [0.3%]
          
Houghton Mifflin Harcourt *
     16,866       323  
   
Total Common Stock
  
(Cost $379)
       348  
   
Mortgage-Backed Security [0.3%]
  
SRERS Funding, Ser 2011-RS, Cl A1B1
                
0.425%, 04/09/14(A) (B)
     355       334  
   
Total Mortgage-Backed Security
  
(Cost $312)
       334  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund
 
Description
Number of Warrants/ Shares
    
Value (000)
  
Warrants* [0.0%]
  
Alion Science and Technology, Expires 03/15/17,
                
Expires 03/15/17 (F)
     380     $ —  
CUI Acquisition,
                
Expires 09/20/20 (F) (G) (H)
     2,756       28  
Global Aviation (F)
     35,583       —  
   
Total Warrants
  
(Cost $250)
       28  
   
Special Stock [0.0%]
  
Broadcasting & Cable [0.0%]
          
Adelphia Recovery Trust * (F) (G)
     8,500       —  
   
Total Special Stock
  
(Cost $9)
       —  
   
Short-Term Investments [2.1%]
  
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡
     1,279,539       1,280  
                 
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**
     1,279,539       1,280  
   
Total Short-Term Investments
  
(Cost $2,559)
       2,560  
   
Total Investments [100.9%]
  
(Cost $117,798) †
     $ 120,599  
 
Percentages are based on Net Assets of $119,524 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $117,798 (000), and the unrealized appreciation and depreciation were $4,614 (000) and $1,813 (000), respectively.
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
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 June 30, 2014, the value of these securities amounted to $61,181 (000), representing 51.2% of the net assets of the Fund.
(B)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(C)
Payment in Kind
(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 June 30, 2014. The coupon on a step bond changes on a specific date.
(F)
Security is considered illiquid. The total market value of such securities as of June 30, 2014 was $2,060 (000) and represented 1.7% of the net assets of the Fund.
(G)
Security is fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of June 30, 2014 was $28 (000) and represented 0.0% of net assets of the Fund.
(H)
This warrant is a result of the restructuring of Cleveland Unlimited, has an exercise price of $0.0001 per share of common stock and does not have an expiration date.
(I)
Unfunded bank loan.
(J)
Unsettled bank loan.

Cl — Class
Ser — Series

The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value (000): 

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
   $ —     $ 105,241     $ 474     $ 105,715  
Loan Participations
     —       10,147       —       10,147  
Preferred Stock
     —       1,051       —       1,051  
Asset-Backed Security
     —       416       —       416  
Common Stock
     —       348       —       348  
Mortgage-Backed Security
     —       334       —       334  
Warrants
     —       —       28       28  
Special Stock
     —       —       —       —  
Short-Term Investments
     2,560       —       —       2,560  
Total Investments in Securities
   $ 2,560     $ 117,537     $ 502     $ 120,599  

(1) Of the $502 (000) in Level 3 securities as of June 30, 2014, $28 (000) or 0.00% 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 are required for those Level 3 securities that are not valued by third party vendors or broker quotes.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale High Yield Bond Fund
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of June 30, 2014:

   
Investments in Corporate Bonds
    
Investments in Mortgage-Backed Securities
    
Investments in Preferred Stock
  
Beginning balance as of October 1, 2013
   $ —     $ 334     $ 40  
Accrued discounts/ premiums
     —       1       —  
Realized gain/(loss)
     —       4       —  
Change in unrealized appreciation/(depreciation)
     —       20       15  
Purchases
     474       5       —  
Sales/paydaowns
     —       (30 )     —  
Transfers into Level 3
             —       —  
Transfers out of Level 3
     —       (334 )     (55 )
Ending balance as of  June 30, 2014
   $ 474     $ —     $ —  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ —     $ 20     $ 15  

   
Investments in
Common Stock
    
Investments in
Warrants
    
Total
  
Beginning balance as of October 1, 2013
   $ 19     $ 28     $ 421  
Accrued discounts/ premiums
     —       —       1  
Realized gain/(loss)
     —       —       4  
Change in unrealized appreciation/(depreciation)
     6       —       41  
Purchases
     —       —       479  
Sales/paydaowns
     —       —       (30 )
Transfers into Level 3
     —       —       —  
Transfers out of Level 3
     (25 )     —       (414 )
Ending balance as of        June 30, 2014
   $ —     $ 28     $ 502  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ 6     $ —     $ 41  
 
For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  For the period ended June 30, 2014, there have been transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
Corporate Bonds [65.0%]
  
Consumer Discretionary [2.1%]
        
AutoZone
            
3.700%, 04/15/22
   $ 250     $ 257  
Best Buy
                
3.750%, 03/15/16
     300       309  
CBS
                
3.375%, 03/01/22
     175       175  
Comcast
                
3.125%, 07/15/22
     200       203  
Expedia
                
5.950%, 08/15/20
     250       283  
Gap
                
5.950%, 04/12/21
     495       573  
Scripps Networks Interactive
                
2.700%, 12/15/16
     1,000       1,041  
Time Warner Cable
                
4.125%, 02/15/21
     165       178  
Toys R Us
                
7.375%, 10/15/18
     500       375  
Toys R Us Property II
                
8.500%, 12/01/17
     21       22  
Tupperware Brands
                
4.750%, 06/01/21
     500       540  
Viacom
                
6.250%, 04/30/16
     125       137  
WPP Finance UK
                
8.000%, 09/15/14
     749       760  
Yum! Brands
                
6.250%, 03/15/18
     30       34  
   
Total Consumer Discretionary
       4,887  
   
Consumer Staples [2.0%]
          
Avon Products
                
6.500%, 03/01/19
     250       280  
Bunge Finance
                
8.500%, 06/15/19
     105       132  
5.900%, 04/01/17
     100       111  
5.100%, 07/15/15
     500       521  
Campbell Soup
                
8.875%, 05/01/21
     350       469  
ConAgra Foods
                
4.950%, 08/15/20
     410       454  
1.900%, 01/25/18
     200       201  
CVS Caremark
                
2.750%, 12/01/22
     500       483  
Lorillard Tobacco
                
8.125%, 06/23/19
     500       623  
PepsiAmericas
                
4.875%, 01/15/15
     250       256  
PepsiCo
                
3.125%, 11/01/20
     260       271  
Reynolds American
                
6.750%, 06/15/17
     100       115  
WM Wrigley Jr
                
4.650%, 07/15/15
     750       781  
   
Total Consumer Staples
       4,697  

Description
Face Amount (000)
    
Value (000)
  
           
Energy [5.7%]
        
Boardwalk Pipelines
            
5.875%, 11/15/16
   $ 146     $ 160  
5.750%, 09/15/19
     175       193  
5.500%, 02/01/17
     221       241  
5.200%, 06/01/18
     84       90  
BP Capital Markets
                
3.200%, 03/11/16
     100       104  
3.125%, 10/01/15
     145       150  
Buckeye Partners
                
6.050%, 01/15/18
     155       175  
ConocoPhillips
                
5.750%, 02/01/19
     290       338  
DCP Midstream
                
9.750%, 03/15/19(A)
     114       147  
DCP Midstream Operating
                
3.250%, 10/01/15
     120       123  
Ecopetrol
                
7.625%, 07/23/19
     250       305  
Enbridge Energy Partners
                
5.875%, 12/15/16
     191       211  
5.350%, 12/15/14
     20       20  
Energy Transfer Partners
                
9.700%, 03/15/19
     330       433  
9.000%, 04/15/19
     189       242  
6.125%, 02/15/17
     426       475  
3.600%, 02/01/23
     200       198  
Enterprise Products Operating
                
6.500%, 01/31/19
     140       166  
3.700%, 06/01/15
     125       129  
EOG Resources
                
5.625%, 06/01/19
     290       337  
FMC Technologies
                
3.450%, 10/01/22
     200       198  
Husky Energy
                
3.950%, 04/15/22
     150       159  
Kinder Morgan Energy Partners
                
5.950%, 02/15/18
     75       86  
5.625%, 02/15/15
     284       293  
5.300%, 09/15/20
     125       140  
Marathon Oil
                
6.000%, 10/01/17
     150       171  
National Oilwell Varco
                
6.125%, 08/15/15
     100       100  
ONEOK Partners
                
2.000%, 10/01/17
     155       157  
Panhandle Eastern Pipe Line
                
7.000%, 06/15/18
     396       460  
Petrobras International Finance
                
5.875%, 03/01/18
     160       174  
5.750%, 01/20/20
     250       267  
3.875%, 01/27/16
     100       103  
2.875%, 02/06/15
     500       505  
Petrofac
                
3.400%, 10/10/18(A)
     125       130  
Plains All American Pipeline
                
5.875%, 08/15/16
     205       222  
Plains Exploration & Production
                
6.125%, 06/15/19
     2,000       2,210  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
PPL Energy Supply
            
6.200%, 05/15/16
   $ 105     $ 113  
Puget Energy
                
6.000%, 09/01/21
     500       589  
Rowan
                
4.875%, 06/01/22
     200       214  
Sabine Pass LNG
                
7.500%, 11/30/16
     100       111  
Spectra Energy Capital
                
6.750%, 07/15/18
     745       855  
6.200%, 04/15/18
     135       155  
Total Capital International
                
1.500%, 02/17/17
     100       102  
Transocean
                
7.375%, 04/15/18
     494       571  
6.000%, 03/15/18
     500       565  
Williams Partners
                
3.350%, 08/15/22
     200       198  
   
Total Energy
       13,085  
   
Financials [23.4%]
          
ACE INA Holdings
                
5.800%, 03/15/18
     300       343  
Alleghany
                
5.625%, 09/15/20
     270       307  
American Express
                
0.818%, 08/22/14(B)
     3,000       3,022  
American Express Credit, MTN
                
2.800%, 09/19/16
     175       182  
American International Group
                
6.400%, 12/15/20
     125       151  
Aon
                
3.500%, 09/30/15
     200       207  
Associates Corp of North America
                
6.950%, 11/01/18
     150       179  
Axis Specialty Finance
                
5.875%, 06/01/20
     250       287  
Bank of America
                
10.200%, 07/15/15
     350       383  
5.700%, 05/02/17
     950       1,054  
5.420%, 03/15/17
     42       46  
Bank of America, MTN
                
5.650%, 05/01/18
     145       164  
Bank of Montreal, MTN
                
1.450%, 04/09/18
     340       337  
Bank of New York Mellon, MTN
                
3.100%, 01/15/15
     175       178  
Barclays Bank
                
5.125%, 01/08/20
     100       113  
BB&T, MTN
                
1.600%, 08/15/17
     355       358  
Bear Stearns
                
7.250%, 02/01/18
     275       327  
5.550%, 01/22/17
     468       516  
Berkshire Hathaway
                
3.000%, 02/11/23
     250       250  
1.550%, 02/09/18
     300       301  

Description
Face Amount (000)
    
Value (000)
  
           
Berkshire Hathaway Finance
            
1.600%, 05/15/17
   $ 440     $ 447  
BlackRock
                
3.500%, 12/10/14
     170       173  
Capital One Financial
                
1.500%, 03/22/18
     475       471  
Citigroup
                
6.125%, 05/15/18
     140       161  
5.000%, 09/15/14
     503       507  
4.500%, 01/14/22
     2,000       2,174  
CNA Financial
                
6.950%, 01/15/18
     1,076       1,243  
Commonwealth Bank of Australia, MTN
                
5.000%, 10/15/19(A)
     150       169  
Countrywide Financial, MTN
                
6.000%, 08/26/20(C)
     313       312  
Credit Suisse NY, MTN
                
5.300%, 08/13/19
     150       172  
Dresdner Bank NY
                
7.250%, 09/15/15
     1,150       1,220  
ERAC USA Finance
                
3.300%, 10/15/22(A)
     250       247  
Ford Motor Credit
                
4.250%, 02/03/17
     2,000       2,148  
1.700%, 05/09/16
     1,000       1,013  
Goldman Sachs Group
                
6.250%, 09/01/17
     550       627  
6.150%, 04/01/18
     150       172  
5.625%, 01/15/17
     700       770  
5.350%, 01/15/16
     250       267  
Goldman Sachs Group, MTN
                
6.000%, 06/15/20
     500       583  
HSBC Finance
                
6.676%, 01/15/21
     83       99  
ING Bank
                
3.750%, 03/07/17(A)
     200       213  
Janus Capital Group
                
6.700%, 06/15/17
     600       679  
Jefferies Group
                
8.500%, 07/15/19
     1,000       1,250  
5.500%, 03/15/16
     1,000       1,067  
JPMorgan Chase
                
4.250%, 10/15/20
     150       163  
3.375%, 05/01/23
     2,500       2,454  
JPMorgan Chase, MTN
                
5.300%, 05/15/18
     150       149  
Lehman Brothers Holdings, MTN
                
7.000%, 09/28/37(D)
     400       79  
Marsh & McLennan, MTN
                
2.550%, 10/15/18
     100       102  
MetLife
                
6.817%, 08/15/18
     3,500       4,184  
5.000%, 06/15/15
     175       183  
Metropolitan Life Global Funding I
                
3.875%, 04/11/22(A)
     125       132  
Moody's
                
5.500%, 09/01/20
     800       910  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
Morgan Stanley, MTN
            
5.625%, 09/23/19
   $ 2,000     $ 2,300  
NASDAQ OMX Group
                
5.550%, 01/15/20
     1,249       1,386  
National Bank of Canada, MTN
                
1.450%, 11/07/17
     750       748  
National Rural Utilities Cooperative Finance
                
10.375%, 11/01/18
     125       168  
6.550%, 11/01/18
     300       356  
Navient, MTN
                
5.050%, 11/14/14
     500       507  
5.000%, 06/15/18
     802       802  
Penske Truck Leasing
                
3.750%, 05/11/17(A)
     3,000       3,188  
Principal Financial Group
                
8.875%, 05/15/19
     130       168  
3.300%, 09/15/22
     200       199  
Protective Life
                
6.400%, 01/15/18
     250       283  
Prudential Financial, MTN
                
6.200%, 01/15/15
     160       165  
5.375%, 06/21/20
     145       166  
Royal Bank of Canada, MTN
                
0.695%, 09/11/14(B)
     125       126  
Silicon Valley Bank
                
6.050%, 06/01/17
     355       391  
Simon Property Group
                
6.100%, 05/01/16
     600       651  
SunTrust Banks
                
6.000%, 09/11/17
     254       288  
Svenska Handelsbanken, MTN
                
5.125%, 03/30/20(A)
     5,800       6,627  
TD Ameritrade Holding
                
5.600%, 12/01/19
     290       338  
Toyota Motor Credit, MTN
                
2.000%, 09/15/16
     100       103  
UBS, MTN
                
7.375%, 06/15/17
     388       443  
US Bancorp, MTN
                
1.650%, 05/15/17
     345       350  
Volkswagen International Finance
                
2.375%, 03/22/17(A)
     125       129  
Wells Fargo Bank
                
5.750%, 05/16/16
     100       109  
Westpac Banking, MTN
                
1.600%, 01/12/18
     250       250  
Wilmington Trust
                
8.500%, 04/02/18
     315       384  
   
Total Financials
       53,870  
   
Healthcare [0.6%]
          
Actavis
                
3.250%, 10/01/22
     500       491  
Boston Scientific
                
6.400%, 06/15/16
     145       160  
Express Scripts Holding
                
3.500%, 11/15/16
     150       159  

Description
Face Amount (000)
    
Value (000)
  
           
UnitedHealth Group
            
4.700%, 02/15/21
   $ 200     $ 223  
1.625%, 03/15/19
     250       246  
   
Total Healthcare
       1,279  
   
Industrials [5.1%]
          
Canadian National Railway
                
2.250%, 11/15/22
     650       614  
Carlisle
                
3.750%, 11/15/22
     250       249  
CNH America
                
7.250%, 01/15/16
     388       417  
Eaton
                
8.875%, 06/15/19
     125       155  
Embraer Overseas
                
5.696%, 09/16/23
     520       562  
GATX
                
6.000%, 02/15/18
     170       192  
General Electric Capital
                
5.300%, 02/11/21
     3,500       3,980  
General Electric Capital, MTN
                
6.000%, 08/07/19
     410       486  
5.625%, 09/15/17
     300       340  
4.375%, 09/16/20
     150       165  
IDEX
                
4.200%, 12/15/21
     250       259  
Johnson Controls
                
5.500%, 01/15/16
     100       107  
Joy Global
                
6.000%, 11/15/16
     500       554  
Lennox International
                
4.900%, 05/15/17
     250       264  
NuStar Logistics
                
8.150%, 04/15/18
     250       287  
4.800%, 09/01/20
     200       203  
Owens Corning
                
6.500%, 12/01/16
     620       692  
Penske Truck Leasing (A)
                
4.875%, 07/11/22
     200       219  
4.250%, 01/17/23
     300       311  
3.375%, 03/15/18
     250       262  
2.500%, 03/15/16
     500       514  
Republic Services
                
3.550%, 06/01/22
     250       258  
Roper Industries
                
3.125%, 11/15/22
     200       196  
1.850%, 11/15/17
     250       252  
Xylem
                
3.550%, 09/20/16
     200       211  
   
Total Industrials
       11,749  
   
Information Technology [3.2%]
          
Arrow Electronics
                
6.875%, 06/01/18
     400       463  
Avnet
                
6.625%, 09/15/16
     128       142  
Fidelity National Information Services
                
7.875%, 07/15/20
     140       148  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
Fiserv
            
3.500%, 10/01/22
   $ 250     $ 252  
Hewlett-Packard
                
4.650%, 12/09/21
     150       164  
KLA-Tencor
                
6.900%, 05/01/18
     200       235  
Lexmark International
                
5.125%, 03/15/20
     2,250       2,397  
Nokia
                
5.375%, 05/15/19
     950       1,023  
Texas Instruments
                
1.650%, 08/03/19
     295       290  
Western Union
                
5.253%, 04/01/20
     2,000       2,206  
   
Total Information Technology
       7,320  
   
Materials [7.7%]
          
Airgas
                
2.900%, 11/15/22
     250       242  
Alcoa
                
6.750%, 07/15/18
     700       804  
6.150%, 08/15/20
     200       226  
5.720%, 02/23/19
     385       428  
AngloGold Ashanti Holdings
                
5.375%, 04/15/20
     1,317       1,337  
ArcelorMittal
                
10.350%, 06/01/19
     200       256  
9.500%, 02/15/15
     400       419  
6.125%, 06/01/18
     800       878  
Avery Dennison
                
5.375%, 04/15/20
     405       428  
Cabot
                
5.000%, 10/01/16
     300       324  
Glencore Canada
                
6.000%, 10/15/15
     1,192       1,266  
5.500%, 06/15/17
     1,010       1,112  
Glencore Funding
                
4.125%, 05/30/23(A)
     150       151  
1.700%, 05/27/16(A)
     1,500       1,514  
1.586%, 07/15/14
     2,000       2,010  
International Paper
                
7.950%, 06/15/18
     130       159  
Kinross
                
5.125%, 09/01/21
     303       314  
Rio Tinto Finance USA
                
6.500%, 07/15/18
     100       118  
3.500%, 03/22/22
     4,000       4,104  
RPM International
                
6.125%, 10/15/19
     150       173  
3.450%, 11/15/22
     250       243  
Southern Copper
                
6.375%, 07/27/15
     380       400  
Vale Canada
                
5.700%, 10/15/15
     100       106  
Vale Overseas
                
5.625%, 09/15/19
     505       568  
Worthington Industries
                
6.500%, 04/15/20
     250       285  
   
Total Materials
       17,865  

Description
Face Amount (000)
    
Value (000)
  
           
REITs [6.5%]
        
American Tower
            
3.400%, 02/15/19
   $ 2,100     $ 2,197  
BioMed Realty
                
3.850%, 04/15/16
     500       523  
Boston Properties
                
5.875%, 10/15/19
     140       163  
CommonWealth REIT
                
6.650%, 01/15/18
     300       327  
5.875%, 09/15/20
     105       114  
DDR
                
4.625%, 07/15/22
     250       267  
Equity One
                
3.750%, 11/15/22
     250       248  
HCP
                
6.000%, 03/01/15
     215       223  
6.000%, 01/30/17
     350       392  
2.625%, 02/01/20
     175       175  
HCP, MTN
                
6.300%, 09/15/16
     462       514  
Health Care REIT
                
5.875%, 05/15/15
     268       280  
4.950%, 01/15/21
     155       172  
Healthcare Realty Trust
                
6.500%, 01/17/17
     250       281  
Highwoods Realty
                
3.625%, 01/15/23
     200       198  
Liberty Property, MTN
                
7.500%, 01/15/18
     177       207  
National Retail Properties
                
6.875%, 10/15/17
     300       349  
3.800%, 10/15/22
     350       357  
Post Apartment Homes
                
3.375%, 12/01/22
     200       195  
Prologis
                
6.875%, 03/15/20
     101       121  
3.350%, 02/01/21
     2,200       2,232  
Realty Income
                
5.950%, 09/15/16
     129       142  
3.250%, 10/15/22
     200       196  
Senior Housing Properties Trust
                
6.750%, 12/15/21
     500       584  
4.300%, 01/15/16
     500       518  
Simon Property Group
                
5.750%, 12/01/15
     408       433  
2.200%, 02/01/19
     2,800       2,827  
2.150%, 09/15/17
     350       360  
Tanger Properties
                
6.150%, 11/15/15
     115       123  
Washington Real Estate Investment Trust
                
3.950%, 10/15/22
     250       251  
   
Total REITs
       14,969  
   
Shipping & Transportation [0.3%]
          
Federal Express 1998 Pass-Through Trust
                
7.020%, 01/15/16
     382       399  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 4
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
Union Pacific
            
4.875%, 01/15/15
   $ 400     $ 410  
   
Total Shipping & Transportation
       809  
   
Telecommunication Services [4.4%]
          
America Movil
                
5.750%, 01/15/15
     186       191  
1.230%, 09/12/14(B)
     3,000       3,036  
AT&T
                
5.600%, 05/15/18
     310       353  
CenturyLink
                
6.450%, 06/15/21
     355       385  
5.800%, 03/15/22
     250       260  
COX Communications
                
7.250%, 11/15/15
     231       251  
COX Communications, MTN
                
6.850%, 01/15/18
     224       255  
Deutsche Telekom International Finance BV
                
6.000%, 07/08/19
     50       59  
Qwest
                
6.500%, 06/01/17
     100       114  
Telefonica Emisiones SAU
                
6.421%, 06/20/16
     275       303  
6.221%, 07/03/17
     286       324  
5.462%, 02/16/21
     115       130  
5.134%, 04/27/20
     300       335  
4.949%, 01/15/15
     764       781  
3.992%, 02/16/16
     500       523  
3.729%, 04/27/15
     400       410  
Verizon Communications
                
8.750%, 11/01/18
     2,000       2,539  
   
Total Telecommunication Services
       10,249  
   
Utilities [4.0%]
          
AmeriGas Partners
                
6.500%, 05/20/21
     477       512  
Arizona Public Service
                
6.250%, 08/01/16
     44       49  
British Transco Finance
                
6.625%, 06/01/18
     128       149  
Cleveland Electric Illuminating
                
7.880%, 11/01/17
     10       12  
5.700%, 04/01/17
     6       7  
Commonwealth Edison
                
4.700%, 04/15/15
     250       259  
Duke Energy Progress
                
5.150%, 04/01/15
     80       83  
Entergy Mississippi
                
6.640%, 07/01/19
     540       622  
Entergy Texas
                
7.125%, 02/01/19
     190       230  
Exelon Generation
                
6.200%, 10/01/17
     2,125       2,421  
5.200%, 10/01/19
     150       169  
4.250%, 06/15/22
     100       104  
Jersey Central Power & Light
                
5.625%, 05/01/16
     265       286  
KeySpan
                
8.000%, 11/15/30
     50       69  

Description
Face Amount (000)
    
Value (000)
  
           
Korea Electric Power
            
6.750%, 08/01/27
   $ 75     $ 91  
National Fuel Gas
                
4.900%, 12/01/21
     500       545  
National Grid
                
6.300%, 08/01/16
     270       299  
Nisource Capital Markets, MTN
                
7.860%, 03/27/17
     163       184  
Nisource Finance
                
5.400%, 07/15/14
     266       267  
Northern Indiana Public Service, MTN
                
7.590%, 06/12/17
     440       499  
ONEOK
                
4.250%, 02/01/22
     294       294  
Pennsylvania Electric
                
6.625%, 04/01/19
     15       17  
PPL Energy Supply
                
5.700%, 10/15/15
     75       79  
Puget Energy
                
5.625%, 07/15/22
     250       290  
Puget Sound Energy, MTN
                
6.740%, 06/15/18
     57       66  
Southwestern Electric Power
                
5.875%, 03/01/18
     581       661  
3.550%, 02/15/22
     500       513  
Southwestern Public Service
                
8.750%, 12/01/18
     250       319  
Trans-Allegheny Interstate Line
                
4.000%, 01/15/15(A)
     100       102  
Xcel Energy
                
5.613%, 04/01/17
     10       11  
   
Total Utilities
       9,209  
   
Total Corporate Bonds
  
(Cost $144,748)
       149,988  
   
U.S. Government Agency Obligations [9.2%]
  
FHLB
                
3.100%, 07/09/26
     538       514  
0.875%, 05/24/17
     2,000       2,000  
FHLMC
                
1.750%, 05/30/19
     3,000       3,011  
1.000%, 09/29/17
     660       659  
FNMA
                
5.000%, 03/15/16
     5,700       6,145  
2.375%, 07/28/15
     820       839  
1.875%, 09/18/18
     150       153  
1.625%, 11/27/18
     6,000       6,032  
1.375%, 11/15/16
     460       467  
1.125%, 04/27/17
     470       472  
0.875%, 05/21/18
     350       344  
0.625%, 10/30/14
     570       571  
   
Total U.S. Government Agency Obligations
  
(Cost $21,150)
       21,207  
   
Commercial Paper [5.2%]
  
Chevron (A)
                
0.060%, 07/10/14
     6,000       6,000  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 5
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
Tennessee Valley Authority
            
0.045%, 07/03/14
   $ 6,000     $ 6,000  
   
Total Commercial Paper
  
(Cost $12,000)
       12,000  
   
Municipal Bonds [3.5%]
  
California [1.8%]
          
California State, Department of Water Resources, Ser L, RB
                
Callable 05/01/20 @ 100
                
5.000%, 05/01/21
     3,460       4,108  
   
Florida [1.7%]
          
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
                
2.107%, 07/01/18
     3,870       3,877  
   
Total Municipal Bonds
  
(Cost $7,927)
       7,985  
   
Commercial Mortgage-Backed Obligations [3.4%]
  
Bear Stearns Commercial Mortgage Securities Trust, Ser PWR9, Cl A4A
                
4.871%, 09/11/42
     170       176  
Carmax Auto Owner Trust, Ser 2014-2, Cl A3
                
0.980%, 01/15/19
     5,350       5,360  
CD 2005-CD1 Commercial Mortgage Trust, Ser CD1, Cl A4
                
5.228%, 07/01/14(B)
     192       200  
Commercial Mortgage Trust, Ser 2005-C6, Cl A5A
                
5.116%, 06/10/44(B)
     265       274  
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
                
3.147%, 07/01/14
     125       126  
Credit Suisse First Boston Mortgage Securities, Ser C5, Cl A4
                
5.100%, 08/15/38(B)
     270       278  
GS Mortgage Securities II, Ser GCJ9, Cl A3
                
2.773%, 11/10/45
     275       269  
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2005-CB12, Cl A4
                
4.895%, 09/12/37
     275       283  
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
                
1.967%, 07/01/14
     150       148  
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
                
2.858%, 11/15/45
     275       271  
NCUA Guaranteed Notes Trust, Ser 2010-C1, Cl A2
                
2.900%, 10/29/20
     225       234  

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
NCUA Guaranteed Notes Trust, Ser 2010-R1, Cl 2A
            
1.840%, 10/07/20
   $ 37     $ 37  
Wachovia Bank Commercial Mortgage Trust Series, Ser C22, Cl A4
                
5.457%, 07/01/14(B)
     250       262  
   
Total Commercial Mortgage-Backed Obligations
  
(Cost $7,944)
       7,918  
   
Preferred Stock [3.3%]
  
Financials [1.1%]
          
BB&T
     10,000       237  
Citigroup
     10,000       244  
Goldman Sachs Group
     25,000       614  
HSBC Holdings
     30,000       812  
JPMorgan Chase
     20,000       458  
Prudential Financial
     10,000       249  
   
Total Financials
       2,614  
   
Industrials [0.3%]
          
Pitney Bowes
     10,000       260  
Stanley Black & Decker
     20,000       487  
   
Total Industrials
       747  
   
REITs [1.4%]
          
Digital Realty Trust
     10,000       245  
Kimco Realty
     10,000       229  
National Retail Properties
     20,000       505  
Realty Income
     20,000       523  
Senior Housing Properties Trust
     52,500       1,208  
Vornado Realty Trust
     20,000       470  
   
Total REITs
       3,180  
   
Telecommunication Services [0.3%]
          
Telephone & Data Systems
     30,000       679  
   
Utilities [0.2%]
          
SCE Trust I
     20,000       474  
   
Total Preferred Stock
  
(Cost $7,904)
       7,694  
   
U.S. Government Mortgage-Backed Obligations [3.0%]
  
FHLMC, Pool 1B2677
                
2.525%, 07/01/14(B)
     8       8  
FHLMC, Pool 1B2683
                
2.522%, 07/01/14(B)
     5       6  
FHLMC, Pool 1B2692
                
2.375%, 07/01/14(B)
     12       13  
FHLMC, Pool A93505
                
4.500%, 08/01/40
     55       60  
FHLMC, Pool A93996
                
4.500%, 09/01/40
     80       87  
FHLMC, Pool C03490
                
4.500%, 08/01/40
     416       450  
FHLMC, Pool C09015
                
3.000%, 10/01/42
     247       244  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 6
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
FHLMC, Pool C20300
            
6.500%, 01/01/29
   $ 4     $ 5  
FHLMC, Pool E01280
                
5.000%, 12/01/17
     5       5  
FHLMC, Pool G02940
                
5.500%, 05/01/37
     18       20  
FHLMC, Pool G04222
                
5.500%, 04/01/38
     27       30  
FHLMC, Pool G04913
                
5.000%, 03/01/38
     98       108  
FHLMC, Pool G08003
                
6.000%, 07/01/34
     24       27  
FHLMC, Pool G11431
                
6.000%, 07/01/14
     3       3  
FHLMC, Pool G11880
                
5.000%, 12/01/20
     18       20  
FHLMC, Pool G18124
                
6.000%, 07/01/14
     13       15  
FHLMC, Pool J19197
                
3.000%, 05/01/27
     186       193  
FHLMC, Pool Q08998
                
3.500%, 06/01/42
     213       219  
FHLMC, Pool Q10378
                
3.000%, 08/01/42
     237       234  
FHLMC, Ser 2004-2804, Cl VC
                
5.000%, 07/15/21
     103       111  
FHLMC Multifamily Structured Pass Through Certificates, Ser K003, Cl A4
                
5.053%, 01/25/19
     150       170  
FHLMC Multifamily Structured Pass Through Certificates, Ser K704, Cl A2
                
2.412%, 08/25/18
     400       412  
FHLMC Multifamily Structured Pass Through Certificates, Ser K705, Cl A2
                
2.303%, 09/25/18
     200       205  
FHLMC Multifamily Structured Pass Through Certificates, Ser K708, Cl A2
                
2.130%, 01/25/19
     300       305  
FNMA, Pool 252570
                
6.500%, 07/01/29
     7       8  
FNMA, Pool 253183
                
7.500%, 04/01/30
     1       1  
FNMA, Pool 253398
                
8.000%, 08/01/30
     2       2  
FNMA, Pool 254545
                
5.000%, 12/01/17
     14       15  
FNMA, Pool 254685
                
5.000%, 04/01/18
     13       13  
FNMA, Pool 254949
                
5.000%, 11/01/33
     18       20  
FNMA, Pool 255814
                
5.500%, 08/01/35
     33       37  
FNMA, Pool 303168
                
9.500%, 02/01/25
     3       3  

Description
Face Amount (000)
    
Value (000)
  
           
FNMA, Pool 725424
            
5.500%, 04/01/34
   $ 28     $ 31  
FNMA, Pool 735060
                
6.000%, 11/01/34
     17       20  
FNMA, Pool 735228
                
5.500%, 02/01/35
     15       17  
FNMA, Pool 735230
                
5.500%, 02/01/35
     37       41  
FNMA, Pool 745275
                
5.000%, 02/01/36
     149       166  
FNMA, Pool 745418
                
5.500%, 04/01/36
     174       195  
FNMA, Pool 827223
                
1.967%, 07/01/14(B)
     72       75  
FNMA, Pool 844809
                
5.000%, 11/01/35
     74       82  
FNMA, Pool AD0454
                
5.000%, 11/01/21
     41       44  
FNMA, Pool AD8522
                
4.000%, 08/01/40
     56       59  
FNMA, Pool AE0828
                
3.500%, 02/01/41
     400       412  
FNMA, Pool AE0949
                
4.000%, 02/01/41
     408       433  
FNMA, Pool AH0621
                
3.500%, 01/01/41
     99       102  
FNMA, Pool AJ1407
                
4.000%, 09/01/41
     90       95  
FNMA, Pool AJ7689
                
4.000%, 12/01/41
     287       306  
FNMA, Pool AK0971
                
3.000%, 02/01/27
     174       181  
FNMA, Pool AO2970
                
3.000%, 05/01/42
     224       222  
FNMA, Pool AO4137
                
3.500%, 06/01/42
     232       239  
FNMA, Pool MA1277
                
2.500%, 12/01/27
     162       165  
FNMA REMIC Trust, Ser 2004-W6, Cl 1A6
                
5.500%, 07/25/34
     97       101  
GNMA, Pool 780315
                
9.500%, 12/15/17
     3       3  
GNMA, Pool G2 4696
                
4.500%, 05/20/40
     198       217  
GNMA, Pool G2 4747
                
5.000%, 07/20/40
     75       83  
GNMA, Pool G2 4923
                
4.500%, 01/20/41
     107       117  
GNMA, Pool G2 MA0155
                
4.000%, 06/20/42
     262       281  
GNMA, Pool G2 MA0392
                
3.500%, 09/20/42
     270       282  
   
Total U.S. Government Mortgage-Backed Obligations
  
(Cost $6,841)
       7,018  
   
U.S. Treasury Obligations [3.0%]
  
U.S. Treasury Bond
                
6.250%, 08/15/23
     550       726  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 7
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

Description
Face Amount (000)
    
Value (000)
  
           
U.S. Treasury Notes
            
2.750%, 02/15/19
   $ 845     $ 892  
2.625%, 11/15/20
     425       441  
2.375%, 07/31/17
     1,010       1,054  
1.750%, 10/31/18
     610       619  
1.250%, 04/30/19
     2,375       2,339  
0.875%, 07/31/19
     815       784  
   
Total U.S. Treasury Obligations
  
(Cost $6,902)
       6,855  
   
Asset-Backed Securities [1.4%]
  
American Express Credit Account Master Trust, Ser 2009-2, Cl A
                
1.401%, 07/15/14(B)
     575       576  
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
                
6.205%, 05/28/37
     115       122  
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589) (E) (F) (G)
                
9.250%, 06/06/16
     915       861  
Cityscape Home Equity Loan Trust Series, Ser 1997-C, Cl A4 (D) (E)
                
7.000%, 07/25/28
     5       —  
Conseco Financial, Ser 1997-7, Cl A6
                
6.760%, 07/15/28
     29       30  
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9
                
7.090%, 04/15/28
     —       —  
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
                
4.810%, 07/25/35
     28       29  
Hyundai Auto Receivables Trust, Ser 2013-B, Cl A2
                
0.530%, 03/15/16
     1,530       1,531  
RAAC, Ser 2004-SP1, Cl AI4
                
5.285%, 07/01/14(B)
     7       7  
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
                
5.572%, 06/25/32(B)
     33       33  
   
Total Asset-Backed Securities
  
(Cost $3,247)
       3,189  
   
Foreign Government Bonds [0.2%]
  
Mexico Government International Bond, MTN
                
5.125%, 01/15/20
     100       113  
Province of Newfoundland and Labrador Canada
                
7.320%, 10/13/23
     100       132  

Description
Face Amount (000)/ Shares
    
Value (000)
  
           
Province of Quebec Canada, MTN
            
7.380%, 04/09/26(C)
   $ 100     $ 135  
   
Total Foreign Government Bonds
  
(Cost $362)
       380  
   
Certificate of Deposit [0.1%]
  
Swiss Bank
                
7.375%, 07/15/15
     175       186  
   
Total Certificate of Deposit
  
(Cost $179)
       186  
   
Residential Mortgage-Backed Securities [0.0%]
  
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
                
5.500%, 03/25/19
     32       32  
Residential Accredit Loans, Ser 2004-QS5, Cl A5
                
4.750%, 04/25/34
     9       9  
Residential Accredit Loans, Ser 2004-QS6, Cl A1
                
5.000%, 05/25/19
     16       16  
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A
                
5.000%, 07/25/19
     48       50  
   
Total Residential Mortgage-Backed Securities
  
(Cost $104)
       107  
   
Short-Term Investments [1.5%]
  
City National Rochdale Government Money Market Fund, 0.010%*††
     3,342,573       3,343  
SEI Daily Income Trust Government Fund, Cl A, 0.020%*
     77,742       78  
   
Total Short-Term Investments
  
(Cost $3,421)
       3,421  
   
Total Investments [98.8%]
  
(Cost $222,729) †
     $ 227,948  

Percentages are based on Net Assets of $230,632 (000).
 
†
At June 30, 2014, the tax basis cost of the Fund's investments was $222,729 (000), and the unrealized appreciation and depreciation were $6,355 (000) and $1,136 (000), respectively.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 8
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Intermediate Fixed Income Portfolio

*
The rate reported is the 7-day effective yield as of June 30, 2014.
††
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 June 30, 2014, the value of these securities amounted to $20,055 (000), representing 8.7% of the net assets of the Fund.
(B)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
(C)
Step Bond — The rate reported is the rate in effect on June 30, 2014. The coupon on a step bond changes on a specific date.
(D)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
(E)
Security is considered illiquid. The total market value of such securities as of June 30, 2014 was $861 (000) and represented 0.4% of the net assets of
the Fund.
(F)
Security is fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2014 was $861 (000) and represented 0.4% of the net assets of the Fund.
(G)
Security is considered restricted. The total market value of such securities as of March 31, 2014 was $861 (000) and represented 0. 4% of the net assets of the Fund.

Cl — Class
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
MTN — Medium Term Note
NCUA — National Credit Union Administration
RB — Revenue Bond
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
SPE — Special Purpose Entity
 
The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ Thousands): 

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
   $ —     $ 149,988     $ —     $ 149,988  
U.S. Government Agency Obligations
     —       21,207       —       21,207  
Commercial Paper
     —       12,000       —       12,000  
Municipal Bonds
     —       7,985       —       7,985  
Commercial Mortgage-Backed Obligations
     —       7,918       —       7,918  
Preferred Stock
     4,770       2,924       —       7,694  
U.S. Government Mortgage-Backed Obligations
     —       7,018       —       7,018  
U.S. Treasury Obligations
     —       6,855       —       6,855  
Asset-Backed Securities
     —       2,328       861       3,189  
Foreign Government Bonds
     —       380       —       380  
Certificate of Deposit
     —       186       —       186  
Residential Mortgage-Backed Securities
     —       107       —       107  
Short-Term Investments
     3,421       —       —       3,421  
Total Investments in Securities
   $ 8,191     $ 218,896     $ 861     $ 227,948  
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of June 30, 2014:

   
Investments in Asset-Backed Securities
  
Beginning balance as of October 1, 2013
   $ 1,158  
Accrued discounts/premiums
     —  
Realized gain/(loss)
     —  
Change in unrealized appreciation/(depreciation)
     18  
Purchases
     —  
Sales/paydowns
     (315 )
Transfers into Level 3
     —  
Transfers out of Level 3
     —  
Ending balance as of June 30, 2014
   $ 861  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ 18  
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2014. 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
June 30, 2014
(000)
Valuation Techniques
    
BT SPE
$861
Discounted Cash Flow Model
    
         
   
Observable Inputs
    
   
Cumulated Collections
    
   
Cumulated Defaults
    
   
Annualized Default Rate
    
   
Cumulated Default Rate
    
   
Pace of Collection Pace of Defaults
  
   
Interest Rates
    
         
   
Unobservable Inputs
Range
  
   
Projected Default Rates
5%-12%
  
   
Projected Collection Rates
90%-100%
  
   
Expected Discount Rates
7%-9.25%
  
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  For the period ended June 30, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 9
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description
Face Amount (000)
    
Value (000)
  
           
Corporate Bonds [49.5%]
  
Advertising Sales [0.1%]
        
CBS Outdoor Americas Capital
            
5.625%, 02/15/24(A)
   $ 275     $ 284  
5.250%, 02/15/22(A)
     125       128  
Lamar Media
                
5.875%, 02/01/22
     525       562  
5.375%, 01/15/24(A)
     475       492  
5.000%, 05/01/23
     450       453  
   
Total Advertising Sales
       1,919  
   
Aerospace & Defense [0.4%]
          
Accudyne Industries Borrower
                
7.750%, 12/15/20(A)
     1,425       1,525  
BE Aerospace
                
5.250%, 04/01/22
     800       871  
Guanay Finance
                
6.000%, 12/15/20
     1,450       1,527  
TransDigm
                
7.500%, 07/15/21
     100       111  
6.500%, 07/15/24(A)
     575       598  
6.000%, 07/15/22(A)
     950       976  
   
Total Aerospace & Defense
       5,608  
   
Agricultural [0.2%]
          
Avangardco Investments Public
                
10.000%, 10/29/15
     350       332  
Mriya Agro Holding
                
9.450%, 04/19/18
     675       533  
UKRLANDFARMING
                
10.875%, 03/26/18
     1,550       1,388  
   
Total Agricultural
       2,253  
   
Airlines [0.5%]
          
Avianca Holdings
                
8.375%, 05/10/20
     2,000       2,131  
Emirates Airline
                
4.500%, 02/06/25
     3,500       3,430  
SriLankan Airlines
                
5.300%, 06/27/19
     1,000       1,006  
   
Total Airlines
       6,567  
   
Applications Software [0.1%]
          
Nuance Communications
                
5.375%, 08/15/20(A)
     900       932  
   
Auto Rent & Lease [0.3%]
          
Hertz
                
6.750%, 04/15/19
     825       874  
6.250%, 10/15/22
     1,025       1,085  
United Rentals North America
                
8.375%, 09/15/20
     675       741  
7.625%, 04/15/22
     300       337  
6.125%, 06/15/23
     575       617  
5.750%, 11/15/24
     175       182  
   
Total Auto Rent & Lease
       3,836  
   
Auto/Trk Prts and Equip-Repl [0.2%]
          
Allison Transmission
                
7.125%, 05/15/19(A)
     650       696  

Description
Face Amount (000)
    
Value (000)
  
           
Exide Technologies
            
8.625%, 02/01/18(B)
   $ 375     $ 225  
JB Poindexter
                
9.000%, 04/01/22(A)
     550       612  
UCI International
                
8.625%, 02/15/19
     1,575       1,496  
   
Total Auto/Trk Prts and Equip-Repl
       3,029  
   
Automotive [0.2%]
          
Automotores Gildemeister
                
8.250%, 05/24/21
     400       271  
6.750%, 01/15/23
     200       130  
Hyva Global BV
                
8.625%, 03/24/16
     600       621  
Jaguar Land Rover Automotive
                
8.125%, 05/15/21(A)
     625       703  
5.625%, 02/01/23(A)
     325       345  
   
Total Automotive
       2,070  
   
Autoparts [0.6%]
          
Affinia Group
                
7.750%, 05/01/21
     1,325       1,394  
American Axle & Manufacturing
                
7.750%, 11/15/19
     600       691  
6.625%, 10/15/22
     300       328  
6.250%, 03/15/21
     275       296  
5.125%, 02/15/19
     500       525  
International Automotive Components Group
                
9.125%, 06/01/18(A)
     625       664  
Lear
                
4.750%, 01/15/23
     1,075       1,070  
Schaeffler Finance BV
                
4.750%, 05/15/21(A)
     625       644  
Schaeffler Finance BV, MTN
                
4.250%, 05/15/21(A)
     375       375  
Schaeffler Holding Finance BV
                
6.875%, 08/15/18(A)(E)
     850       896  
Stackpole International Intermediate
                
7.750%, 10/15/21(A)
     1,150       1,202  
Tomkins
                
9.000%, 10/01/18
     461       491  
   
Total Autoparts
       8,576  
   
Banks [3.7%]
          
Access Bank, MTN
                
9.250%, 06/24/21(A) (C)
     500       513  
Agromercantil Senior Trust
                
6.250%, 04/10/19
     200       209  
Alfa Bank Via Alfa Bond Issuance
                
7.500%, 09/26/19
     1,550       1,598  
Alliance Bank JSC
                
22.288%, 03/25/20(I)(J)
     7,034       1,125  
9.989%, 03/25/20(A)(I)(J)
     1,838       294  
Banco BMG
                
8.000%, 04/15/18
     1,000       1,060  
 
 
CITY NATIONAL ROCHDALE FUNDS | 1
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Bank of Georgia JSC, MTN
            
7.750%, 07/05/17
   $ 2,200     $ 2,354  
CIT Group
                
5.375%, 05/15/20
     225       242  
5.250%, 03/15/18
     1,050       1,127  
5.000%, 08/01/23
     1,175       1,203  
4.250%, 08/15/17
     175       183  
Credit Bank of Moscow Via CBOM Finance
                
7.700%, 02/01/18
     1,050       1,063  
Deutsche Bank, MTN
                
5.312%, 06/21/16(C)
     867       1,181  
Diamond Bank
                
8.750%, 05/21/19
     9,000       8,888  
Eastern and Southern African Trade and Development Bank
                
6.375%, 12/06/18
     4,500       4,742  
Finansbank
                
6.250%, 04/30/19
     2,000       2,070  
Halyk Savings Bank of Kazakhstan JSC
                
7.250%, 05/03/17
     2,000       2,158  
International Bank of Azerbaijan Via Rubrika Finance
                
7.200%, 10/31/16
     500       513  
International Bank of Azerbaijan Via Rubrika Finance, MTN
                
7.750%, 09/26/18
     2,000       2,100  
Kaspi Bank JSC
                
9.875%, 10/28/16
     3,000       3,120  
Kazkommertsbank
                
8.500%, 05/11/18
     1,400       1,393  
Kazkommertsbank JSC
                
6.765%, 07/27/16(C) (D)
     4,000       3,695  
NDR Finance
                
8.000%, 06/22/17(C)(I)
      721       433  
Promsvyazbank Via PSB Finance
                
8.500%, 04/25/17
     500       526  
Promsvyazbank Via PSB Finance, MTN
                
10.200%, 11/06/19
     900       931  
Renaissance Capital Via Renaissance Consumer Funding
                
13.500%, 06/21/18
     2,124       2,007  
Russian Standard Bank Via Russian Standard Finance
                
9.250%, 07/11/17
     1,025       1,051  
Russian Standard Bank Via Russian Standard Finance, MTN
                
10.750%, 04/10/18
     800       784  
Zenith Bank, MTN
                
6.250%, 04/22/19
     4,000       3,980  
   
Total Banks
       50,543  

Description
Face Amount (000)
    
Value (000)
  
           
Beauty Products [0.1%]
        
First Quality Finance
            
4.625%, 05/15/21(A)
   $ 950     $ 898  
   
Broadcasting & Cable [1.6%]
          
AMC Networks
                
7.750%, 07/15/21
     600       671  
4.750%, 12/15/22
     325       325  
Anixter
                
5.625%, 05/01/19
     600       644  
Belden
                
5.250%, 07/15/24(A)
     125       126  
CCO Holdings
                
8.125%, 04/30/20
     50       54  
7.375%, 06/01/20
     300       327  
6.625%, 01/31/22
     650       699  
5.750%, 09/01/23
     525       544  
5.750%, 01/15/24
     250       256  
5.250%, 03/15/21
     675       692  
Cequel Communications Holdings I
                
6.375%, 09/15/20(A)
     850       903  
5.125%, 12/15/21(A)
     400       398  
Clear Channel Communications
                
9.000%, 03/01/21
     1,800       1,926  
Clear Channel Worldwide Holdings
                
7.625%, 03/15/20
     600       646  
6.500%, 11/15/22
     2,000       2,155  
Columbus International
                
7.375%, 03/30/21
     1,900       2,047  
Crown Media Holdings
                
10.500%, 07/15/19
     1,100       1,239  
DISH DBS
                
5.875%, 07/15/22
     2,425       2,631  
5.000%, 03/15/23
     100       102  
Gray Television
                
7.500%, 10/01/20
     1,000       1,078  
Numericable Group
                
6.250%, 05/15/24(A)
     475       496  
6.000%, 05/15/22(A)
     675       702  
Polish Television Holding BV
                
11.000%, 01/15/21(E)
     1,000       1,662  
Unitymedia Hessen GmbH & KG
                
5.500%, 01/15/23(A)
     525       543  
VTR Finance BV
                
6.875%, 01/15/24
     900       966  
   
Total Broadcasting & Cable
       21,832  
   
Building & Construction [1.6%]
          
Agile Property Holdings
                
9.875%, 03/20/17
     400       430  
Allegion US Holding
                
5.750%, 10/01/21(A)
     550       579  
Building Materials Corp of America
                
7.500%, 03/15/20(A)
     100       106  
6.750%, 05/01/21(A)
     575       620  
 
CITY NATIONAL ROCHDALE FUNDS | 2
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Cemex
            
7.250%, 01/15/21
   $ 600     $ 661  
6.500%, 12/10/19
     600       638  
5.875%, 03/25/19
     600       627  
CEMEX Espana
                
9.875%, 04/30/19
     600       688  
Cemex Finance
                
9.375%, 10/12/22
     1,450       1,706  
CPG Merger Sub
                
8.000%, 10/01/21(A)
     825       868  
Dry Mix Solutions Investissements SAS
                
4.505%, 06/15/21(C)
     3,000       4,098  
Grupo Cementos de Chihuahua
                
8.125%, 02/08/20
     700       763  
Interline Brands
                
10.000%, 11/15/18(E)
     1,350       1,445  
Masonite International
                
8.250%, 04/15/21(A)
     925       1,008  
MasTec
                
4.875%, 03/15/23
     250       246  
Nortek
                
8.500%, 04/15/21
     1,700       1,879  
OAS Finance
                
8.875%, 04/25/18(C)
     2,000       1,990  
Ply Gem Industries
                
6.500%, 02/01/22(A)
     900       871  
Reliance Intermediate Holdings
                
9.500%, 12/15/19(A)
     300       324  
Roofing Supply Group
                
10.000%, 06/01/20(A)
     775       825  
USG
                
7.875%, 03/30/20(A)
     250       277  
5.875%, 11/01/21(A)
     650       689  
Wise Metals Intermediate Holdings
                
9.750%, 06/15/19(A)
     550       561  
   
Total Building & Construction
       21,899  
   
Building & Construction Supplies [0.2%]
          
Signode Industrial Group Lux
                
6.375%, 05/01/22(A)
     1,575       1,594  
West China Cement
                
7.500%, 01/25/16
     1,025       1,056  
   
Total Building & Construction Supplies
       2,650  
   
Building-Heavy Construct [0.3%]
          
Empresas ICA
                
8.900%, 02/04/21
     950       1,005  
8.875%, 05/29/24(A)
     1,000       1,030  
Odebrecht Offshore Drilling Finance
                
6.750%, 10/01/22
     1,928       2,064  
   
Total Building-Heavy Construct
       4,099  
   
Business Services [0.1%]
          
CoreLogic
                
7.250%, 06/01/21
     775       838  

Description
Face Amount (000)
    
Value (000)
  
           
Chemicals [0.9%]
        
Ashland
            
4.750%, 08/15/22
   $ 950     $ 955  
Axiall
                
4.875%, 05/15/23(A)
     100       99  
Celanese US Holdings
                
4.625%, 11/15/22
     375       377  
Eagle Spinco
                
4.625%, 02/15/21(A)
     175       174  
Fufeng Group
                
7.625%, 04/13/16
     6,000       6,165  
Hexion US Finance
                
8.875%, 02/01/18
     1,625       1,690  
Huntsman International
                
8.625%, 03/15/20
     150       162  
4.875%, 11/15/20
     650       673  
Novacap International SAS, MTN
                
5.338%, 05/01/19(C)
     1,000       1,383  
   
Total Chemicals
       11,678  
   
Coal Mining [0.2%]
          
Berau Coal Energy
                
7.250%, 03/13/17
     1,400       1,358  
Indo Energy Finance BV
                
7.000%, 05/07/18
     400       398  
Indo Energy Finance II BV
                
6.375%, 01/24/23
     700       584  
   
Total Coal Mining
       2,340  
   
Coatings/Paint [0.1%]
          
US Coatings Acquisition
                
7.375%, 05/01/21(A)
     1,300       1,417  
   
Commercial Serv-Finance [0.2%]
          
Igloo Holdings
                
8.250%, 12/15/17(A) (E)
     800       816  
Interactive Data
                
5.875%, 04/15/19(A)
     750       757  
TransUnion Holding
                
9.625%, 06/15/18
     1,200       1,264  
8.125%, 06/15/18
     475       496  
   
Total Commercial Serv-Finance
       3,333  
   
Commercial Services [0.3%]
          
BC Luxco 1
                
7.375%, 01/29/20
     3,620       3,729  
Iron Mountain
                
5.750%, 08/15/24
     550       566  
   
Total Commercial Services
       4,295  
   
Computer Graphics [0.2%]
          
Epicor Software
                
8.625%, 05/01/19
     1,325       1,426  
Southern Graphics
                
8.375%, 10/15/20(A)
     1,375       1,458  
   
Total Computer Graphics
       2,884  
 
CITY NATIONAL ROCHDALE FUNDS | 3
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Computer System Design & Services [0.3%]
        
Compiler Finance Sub
            
7.000%, 05/01/21(A)
   $ 900     $ 914  
NCR
                
5.875%, 12/15/21(A)
     400       422  
5.000%, 07/15/22
     800       810  
4.625%, 02/15/21
     250       252  
NCR Escrow
                
6.375%, 12/15/23(A)
     525       570  
SunGard Data Systems
                
7.375%, 11/15/18
     25       26  
6.625%, 11/01/19
     650       684  
   
Total Computer System Design & Services
       3,678  
   
Computers-Memory Devices [0.1%]
          
Seagate HDD Cayman
                
4.750%, 06/01/23(A)
     1,225       1,234  
4.750%, 01/01/25(A)
     250       248  
   
Total Computers-Memory Devices
       1,482  
   
Consumer Products & Services [0.6%]
          
Prestige Brands
                
8.125%, 02/01/20
     475       530  
5.375%, 12/15/21(A)
     525       535  
Serta Simmons Holdings
                
8.125%, 10/01/20(A)
     1,575       1,709  
ServiceMaster
                
7.450%, 08/15/27
     225       240  
7.100%, 03/01/18
     475       501  
7.000%, 08/15/20
     2,250       2,393  
Spectrum Brands
                
6.750%, 03/15/20
     1,000       1,072  
Turkiye Sise ve Cam Fabrikalari
                
4.250%, 05/09/20
     600       579  
   
Total Consumer Products & Services
       7,559  
   
Containers & Packaging [1.1%]
          
Ardagh Packaging Finance
                
9.125%, 10/15/20(A)
     2,200       2,435  
6.750%, 01/31/21(A)
     200       206  
Ball
                
4.000%, 11/15/23
     825       786  
Berry Plastics
                
5.500%, 05/15/22
     1,425       1,433  
Beverage Packaging Holdings Luxembourg II
                
6.000%, 06/15/17(A)
     325       333  
5.625%, 12/15/16(A)
     300       308  
BOE Merger
                
9.500%, 11/01/17(A) (E)
     825       869  
BWAY Holding
                
10.000%, 06/15/18
     425       448  
Crown Americas
                
4.500%, 01/15/23
     1,025       998  
Graphic Packaging International
                
4.750%, 04/15/21
     200       204  
Greif
                
7.750%, 08/01/19
     725       834  

Description
Face Amount (000)
    
Value (000)
  
           
Pactiv
            
7.950%, 12/15/25
   $ 200     $ 214  
Reynolds Group Issuer
                
9.875%, 08/15/19
     1,950       2,160  
8.250%, 02/15/21
     1,425       1,550  
5.750%, 10/15/20
     1,350       1,424  
Sealed Air
                
6.500%, 12/01/20(A)
     725       816  
   
Total Containers & Packaging
       15,018  
   
Data Processing/Mgmt [0.5%]
          
Audatex North America
                
6.125%, 11/01/23(A)
     175       187  
6.000%, 06/15/21(A)
     1,175       1,254  
First Data
                
8.750%, 01/15/22(A) (E)
     4,225       4,663  
   
Total Data Processing/Mgmt
       6,104  
   
Dental Supplies and Equip [0.4%]
          
IDH Finance
                
5.531%, 12/01/18(C)
     3,000       5,201  
   
Diagnostic Equipment [0.1%]
          
Crimson Merger Sub
                
6.625%, 05/15/22(A)
     2,000       1,985  
   
Dialysis Centers [0.1%]
          
DaVita HealthCare Partners
                
5.750%, 08/15/22
     875       935  
5.125%, 07/15/24
     175       176  
   
Total Dialysis Centers
       1,111  
   
Distribution/Wholesale [0.3%]
          
American Builders & Contractors Supply
                
5.625%, 04/15/21(A)
     675       699  
DH Services Luxembourg Sarl
                
7.750%, 12/15/20(A)
     1,350       1,448  
Global Partners
                
6.250%, 07/15/22(A)
     125       125  
VWR Funding
                
7.250%, 09/15/17
     1,875       1,983  
   
Total Distribution/Wholesale
       4,255  
   
Diversified Operations [0.0%]
          
Fosun International
                
7.500%, 05/12/16
     600       621  
   
Drugs [0.2%]
          
Grifols Worldwide Operations
                
5.250%, 04/01/22(A)
     550       571  
Valeant Pharmaceuticals International
                
5.625%, 12/01/21(A)
     425       437  
VPII Escrow
                
7.500%, 07/15/21(A)
     1,625       1,800  
   
Total Drugs
       2,808  
 
CITY NATIONAL ROCHDALE FUNDS | 4
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
E-Commerce/Services [0.0%]
        
IAC
            
4.750%, 12/15/22
   $ 1,250     $ 1,230  
   
Educational Software [0.1%]
          
Blackboard
                
7.750%, 11/15/19(A)
     600       627  
   
Electric Utilities [0.3%]
          
Calpine
                
6.000%, 01/15/22(A)
     150       162  
5.875%, 01/15/24(A)
     550       579  
NRG Energy
                
8.250%, 09/01/20
     575       628  
7.875%, 05/15/21
     875       970  
6.625%, 03/15/23
     400       433  
6.250%, 05/01/24(A)
     500       523  
Star Energy Geothermal Wayang Windu
                
6.125%, 03/27/20
     1,000       1,021  
   
Total Electric Utilities
       4,316  
   
Electronic Parts Distrib [0.1%]
          
Rexel
                
6.125%, 12/15/19(A)
     1,275       1,348  
   
Energy & Power [0.3%]
          
ContourGlobal Power Holdings
                
7.125%, 06/01/19
     4,000       3,992  
   
Enterprise Software/Serv [0.4%]
          
BMC Software Finance
                
8.125%, 07/15/21(A)
     875       900  
Boxer Parent
                
9.000%, 10/15/19(A)(E)
     1,200       1,170  
Eagle Midco
                
9.000%, 06/15/18(A)
     750       775  
Infor Software Parent
                
7.125%, 05/01/21(A)(E)
     1,700       1,738  
Infor US
                
9.375%, 04/01/19
     1,225       1,364  
   
Total Enterprise Software/Serv
       5,947  
   
Entertainment & Gaming [1.1%]
          
Affinity Gaming
                
9.000%, 05/15/18
     775       818  
Ameristar Casinos
                
7.500%, 04/15/21
     725       781  
Chester Downs & Marina
                
9.250%, 02/01/20(A)
     775       759  
Churchill Downs
                
5.375%, 12/15/21(A)
     300       308  
Cinemark USA
                
7.375%, 06/15/21
     375       413  
5.125%, 12/15/22
     300       307  
GLP Capital
                
5.375%, 11/01/23(A)
     500       519  
4.875%, 11/01/20(A)
     600       618  

Description
Face Amount (000)
    
Value (000)
  
           
MGM Resorts International
            
8.625%, 02/01/19
   $ 400     $ 477  
7.750%, 03/15/22
     1,625       1,905  
6.750%, 10/01/20
     250       279  
5.250%, 03/31/20
     350       364  
Mohegan Tribal Gaming Authority
                
9.750%, 09/01/21
     1,150       1,277  
Penn National Gaming
                
5.875%, 11/01/21(A)
     1,275       1,205  
Pinnacle Entertainment
                
7.750%, 04/01/22
     600       653  
6.375%, 08/01/21
     400       422  
Regal Entertainment Group
                
5.750%, 03/15/22
     500       519  
Seminole Hard Rock Entertainment
                
5.875%, 05/15/21(A)
     1,525       1,529  
Seminole Indian Tribe of Florida
                
7.804%, 10/01/20(A)
     640       710  
Station Casinos
                
7.500%, 03/01/21
     1,125       1,229  
   
Total Entertainment & Gaming
       15,092  
   
Entertainment Software [0.1%]
          
Activision Blizzard
                
6.125%, 09/15/23(A)
     625       687  
5.625%, 09/15/21(A)
     150       162  
   
Total Entertainment Software
       849  
   
Financial Services [1.1%]
          
AerCap Ireland Capital
                
4.500%, 05/15/21(A)
     800       814  
Ally Financial
                
8.300%, 02/12/15
     275       286  
6.250%, 12/01/17
     375       419  
5.500%, 02/15/17
     1,050       1,138  
4.750%, 09/10/18
     1,150       1,220  
2.750%, 01/30/17
     600       607  
Astana Finance BV
                
9.000%, 11/16/11(B)(I)
     3,000       382  
Astana Finance BV, MTN
                
7.875%, 06/08/10(B)(I)
     250       44  
Credito Real
                
7.500%, 03/13/19
     4,500       4,838  
FBN Finance
                
8.250%, 08/07/20
     1,650       1,712  
IIG Funding
                
6.750%, 07/10/14 (B)(I)
     1,500       120  
International Lease Finance
                
5.875%, 08/15/22
     1,025       1,120  
4.625%, 04/15/21
     1,775       1,833  
   
Total Financial Services
       14,533  
   
Firearms and Ammunition [0.1%]
          
FGI Operating Company
                
7.875%, 05/01/20
     925       985  
 
CITY NATIONAL ROCHDALE FUNDS | 5
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
Description
Face Amount (000)
    
Value (000)
  
           
Food, Beverage & Tobacco [2.3%]
        
Ajecorp BV
            
6.500%, 05/14/22
   $ 1,100     $ 1,012  
ARAMARK
                
5.750%, 03/15/20
     1,350       1,428  
Avangardco Investments Public
                
10.000%, 10/29/15
     500       475  
B&G Foods
                
4.625%, 06/01/21
     425       426  
Boparan Finance
                
5.500%, 07/15/21
     1,000       1,683  
Boparan Finance, MTN
                
4.375%, 07/15/21
     1,000       1,363  
Constellation Brands
                
6.000%, 05/01/22
     475       533  
Darling International
                
5.375%, 01/15/22(A)
     550       571  
Del Monte
                
7.625%, 02/15/19
     1,106       1,153  
Galapagos
                
5.064%, 06/15/21(C)
     3,000       4,129  
Hearthside Group Holdings
                
6.500%, 05/01/22(A)
     1,050       1,047  
HJ Heinz
                
4.250%, 10/15/20
     1,775       1,786  
Marfrig Holding Europe BV
                
8.375%, 05/09/18
     2,300       2,446  
6.875%, 06/24/19
     1,500       1,515  
Marfrig Overseas
                
9.500%, 05/04/20
     900       968  
MHP
                
10.250%, 04/29/15
     300       305  
8.250%, 04/02/20
     1,800       1,647  
Minerva Luxembourg
                
7.750%, 01/31/23
     4,300       4,601  
Pinnacle Foods Finance
                
4.875%, 05/01/21
     1,675       1,713  
Shearer's Foods
                
9.000%, 11/01/19(A)
     625       684  
Smithfield Foods
                
6.625%, 08/15/22
     1,275       1,396  
Sun Merger Sub
                
5.875%, 08/01/21(A)
     600       635  
5.250%, 08/01/18(A)
     75       78  
   
Total Food, Beverage & Tobacco
       31,594  
   
Food-Canned [0.0%]
          
TreeHouse Foods
                
4.875%, 03/15/22
     100       103  
   
Food-Wholesale/Distrib [0.1%]
          
US Foods
                
8.500%, 06/30/19
     1,700       1,820  
   
Footwear and Related Apparel [0.0%]
          
Wolverine World Wide
                
6.125%, 10/15/20
     275       296  
   
Forestry [0.3%]
          
Masisa
                
9.500%, 05/05/19
     4,000       4,280  

Description
Face Amount (000)
    
Value (000)
  
           
Gaming [0.1%]
        
Rivers Pittsburgh Borrower
            
9.500%, 06/15/19(A)
   $ 809     $ 882  
   
Gold Mining [0.2%]
          
Banro
                
10.000%, 03/01/17
     2,500       1,975  
10.000%, 03/01/17(A)
     500       395  
   
Total Gold Mining
       2,370  
   
Health Care [0.0%]
          
Envision Healthcare
                
5.125%, 07/01/22(A)
     600       605  
   
Home Decoration Products [0.1%]
          
RSI Home Products
                
6.875%, 03/01/18(A)
     700       745  
   
Hotels and Motels [0.1%]
          
Choice Hotels International
                
5.750%, 07/01/22
     675       724  
Hilton Worldwide Finance
                
5.625%, 10/15/21(A)
     700       744  
   
Total Hotels and Motels
       1,468  
   
Industrial [0.4%]
          
Belden
                
5.500%, 09/01/22(A)
     1,050       1,087  
General Cable
                
6.500%, 10/01/22(A)
     700       712  
Hillman Group
                
10.875%, 06/01/18
     1,050       1,114  
Unifrax I
                
7.500%, 02/15/19(A)
     900       941  
WESCO Distribution
                
5.375%, 12/15/21(A)
     875       895  
   
Total Industrial
       4,749  
   
Internet Connectiv Svcs [0.3%]
          
Adria Bidco BV
                
7.875%, 11/15/20
     3,000       4,437  
   
Internet Security [0.0%]
          
VeriSign
                
4.625%, 05/01/23
     575       568  
   
Investment Banker/Broker Dealer [0.2%]
          
First Investment Finance BV
                
14.500%, 08/05/15(D)
     1,200       1,315  
Neuberger Berman Group
                
5.875%, 03/15/22(A)
     400       427  
5.625%, 03/15/20(A)
     500       529  
Nuveen Investments
                
9.500%, 10/15/20(A)
     700       829  
   
Total Investment Banker/Broker Dealer
       3,100  
   
Mach Tools and Rel Products [0.1%]
          
Mcron Finance Sub
                
8.375%, 05/15/19(A)
     461       505  
 
CITY NATIONAL ROCHDALE FUNDS | 6
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Milacron
            
7.750%, 02/15/21(A)
   $ 350     $ 383  
   
Total Mach Tools and Rel Products
       888  
   
Machinery-General Indust [0.1%]
          
Gardner Denver
                
6.875%, 08/15/21(A)
     1,125       1,181  
Waterjet Holdings
                
7.625%, 02/01/20(A)
     225       239  
   
Total Machinery-General Indust
       1,420  
   
Manufacturing [0.1%]
          
Cleaver-Brooks
                
8.750%, 12/15/19(A)
     675       755  
   
Media - Non-Cable [0.2%]
          
Intelsat Jackson Holdings
                
8.500%, 11/01/19
     475       505  
7.250%, 04/01/19
     350       372  
6.625%, 12/15/22
     1,275       1,331  
   
Total Media - Non-Cable
       2,208  
   
Medical Products & Services [1.5%]
          
Biomet
                
6.500%, 08/01/20
     1,300       1,401  
CHS
                
6.875%, 02/01/22(A)
     1,450       1,537  
5.125%, 08/01/21(A)
     450       461  
DJO Finance
                
7.750%, 04/15/18
     1,225       1,286  
HCA
                
7.500%, 02/15/22
     1,625       1,875  
6.500%, 02/15/20
     450       506  
5.875%, 03/15/22
     800       867  
5.875%, 05/01/23
     825       863  
5.000%, 03/15/24
     1,325       1,344  
HCA Holdings
                
7.750%, 05/15/21
     1,325       1,453  
IASIS Healthcare
                
8.375%, 05/15/19
     1,275       1,359  
LifePoint Hospitals
                
5.500%, 12/01/21(A)
     1,025       1,074  
Omnicare
                
7.750%, 06/01/20
     450       485  
Teleflex
                
5.250%, 06/15/24(A)
     175       177  
Tenet Healthcare
                
8.125%, 04/01/22
     1,525       1,765  
4.500%, 04/01/21
     850       855  
4.375%, 10/01/21
     925       919  
United Surgical Partners International
                
9.000%, 04/01/20
     1,050       1,159  
Universal Hospital Services
                
7.625%, 08/15/20
     900       943  
   
Total Medical Products & Services
       20,329  
   
Medical-HMO [0.1%]
          
MPH Acquisition Holdings
                
6.625%, 04/01/22(A)
     1,625       1,702  

Description
Face Amount (000)
    
Value (000)
  
           
Metal-Copper [0.8%]
        
Carmen Copper
            
6.500%, 03/21/17
   $ 1,000     $ 966  
First Quantum Minerals
                
7.250%, 10/15/19
     4,000       4,193  
6.750%, 02/15/20(A)
     1,725       1,777  
Sterlite Industries India
                
4.000%, 10/30/14
     4,000       4,000  
   
Total Metal-Copper
       10,936  
   
Metal-Iron [0.2%]
          
Ferrexpo Finance
                
7.875%, 04/07/16
     1,675       1,608  
Metalloinvest Finance
                
5.625%, 04/17/20
     1,200       1,165  
   
Total Metal-Iron
       2,773  
   
Metals & Mining [1.1%]
          
Consolidated Minerals
                
8.000%, 05/15/20
     4,000       3,920  
TiZir
                
9.000%, 09/28/17
     4,000       4,090  
Vedanta Resources
                
9.500%, 07/18/18
     2,900       3,342  
8.250%, 06/07/21
     900       1,008  
7.125%, 05/31/23
     800       844  
6.000%, 01/31/19
     1,300       1,350  
Wise Metals Group
                
8.750%, 12/15/18(A)
     900       977  
   
Total Metals & Mining
       15,531  
   
Mining Other [0.2%]
          
Uranium One Investments
                
6.250%, 12/13/18
     2,150       2,107  
   
Miscellaneous Business Services [0.2%]
          
CGG
                
6.875%, 01/15/22(A)
     850       842  
6.500%, 06/01/21
     1,150       1,141  
Garda World Security
                
7.250%, 11/15/21(A)
     925       972  
   
Total Miscellaneous Business Services
       2,955  
   
Miscellaneous Manufacturing [0.8%]
          
China Liansu Group
                
7.875%, 05/13/16
     3,983       4,157  
Jasper Explorer
                
13.500%, 05/27/16(A)(I)
     2,000       1,780  
MAF Global Securities
                
7.125%, 10/29/49(C)
     3,200       3,432  
Mueller Water Products
                
8.750%, 09/01/20
     259       288  
7.375%, 06/01/17
     950       965  
TMK OAO Via TMK Capital
                
7.750%, 01/27/18
     200       207  
6.750%, 04/03/20
     500       488  
   
Total Miscellaneous Manufacturing
       11,317  
 
CITY NATIONAL ROCHDALE FUNDS | 7
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Oil-Field Services [1.4%]
        
Anton Oilfield Services Group
            
7.500%, 11/06/18
   $ 3,000     $ 3,195  
Basic Energy Services
                
7.750%, 10/15/22
     100       112  
FTS International
                
6.250%, 05/01/22(A)
     1,050       1,074  
Hiland Partners
                
5.500%, 05/15/22(A)
     150       152  
Norshore Atlantic BV
                
12.000%, 12/21/18(A)
     3,000       3,142  
Oro Negro Drilling Pte
                
7.500%, 01/24/19(A)
     4,000       4,070  
Polarcus
                
8.000%, 06/07/18(A)
     1,000       985  
Sea Trucks Group
                
9.000%, 03/26/18(A)
     6,800       6,613  
   
Total Oil-Field Services
       19,343  
   
Paper & Related Products [0.2%]
          
Bio Pappel
                
10.000%, 08/27/13(D)
     2,325       2,348  
Sappi Papier Holding GmbH
                
6.625%, 04/15/21
     400       422  
   
Total Paper & Related Products
       2,770  
   
Petroleum & Fuel Products [7.6%]
          
Access Midstream Partners
                
4.875%, 05/15/23
     375       395  
4.875%, 03/15/24
     825       871  
Afren
                
6.625%, 12/09/20
     4,000       4,130  
Antero Resources
                
5.125%, 12/01/22(A)
     275       283  
Antero Resources Finance
                
6.000%, 12/01/20
     775       831  
5.375%, 11/01/21
     475       493  
Approach Resources
                
7.000%, 06/15/21
     1,200       1,251  
Athlon Holdings
                
7.375%, 04/15/21(A)
     1,100       1,199  
6.000%, 05/01/22(A)
     175       181  
Atlas Pipeline Partners
                
4.750%, 11/15/21
     175       171  
BassDrill Beta
                
8.500%, 04/24/18(A)
     4,000       4,120  
BreitBurn Energy Partners
                
7.875%, 04/15/22
     1,025       1,110  
Carrizo Oil & Gas
                
7.500%, 09/15/20
     275       302  
Chaparral Energy
                
9.875%, 10/01/20
     500       564  
7.625%, 11/15/22
     1,000       1,080  
Chesapeake Energy
                
6.875%, 11/15/20
     850       986  
5.750%, 03/15/23
     700       778  
5.375%, 06/15/21
     500       532  
Crestwood Midstream Partners
                
6.125%, 03/01/22(A)
     250       263  
6.000%, 12/15/20
     425       446  

Description
Face Amount (000)
    
Value (000)
  
           
CVR Refining
            
6.500%, 11/01/22
   $ 200     $ 211  
Dana Gas Sukuk
                
9.000%, 10/31/17
     2,000       1,910  
DNO International
                
7.742%, 04/11/16(C)
     4,800       4,962  
Drill Rigs Holdings
                
6.500%, 10/01/17(A)
     575       588  
El Paso
                
7.250%, 06/01/18
     400       455  
6.500%, 09/15/20
     675       748  
Energy Transfer Equity
                
5.875%, 01/15/24
     1,200       1,254  
5.875%, 01/15/24(A)
     1,100       1,149  
Energy XXI Gulf Coast
                
7.500%, 12/15/21
     1,725       1,846  
6.875%, 03/15/24(A)
     175       178  
Genel Energy Finance
                
7.500%, 05/14/19
     4,800       4,774  
GeoPark Latin America Agencia en Chile
                
7.500%, 02/11/20
     3,000       3,248  
Georgian Oil and Gas
                
6.875%, 05/16/17
     4,000       4,223  
Gulf Keystone Petroleum
                
13.000%, 04/18/17
     3,800       3,620  
Hellenic Petroleum Finance
                
5.250%, 07/04/19
     2,000       2,724  
Holly Energy Partners
                
6.500%, 03/01/20
     900       970  
InterOil Exploration and Production
                
15.000%, 03/14/16
     24,000       3,893  
Kinder Morgan
                
5.625%, 11/15/23(A)
     1,200       1,233  
Kodiak Oil & Gas
                
5.500%, 01/15/21
     375       391  
5.500%, 02/01/22
     350       363  
Legacy Reserves
                
6.625%, 12/01/21(A)
     725       736  
Linn Energy
                
8.625%, 04/15/20
     650       702  
7.750%, 02/01/21
     550       593  
7.250%, 11/01/19(A)
     425       445  
Lone Pine Resources Canada
                
0.000%, 02/15/17(I)
     75       —  
MarkWest Energy Partners
                
6.250%, 06/15/22
     601       657  
Metro Exploration Holding
                
10.000%, 08/15/14(D)
     4,050       4,060  
MIE Holdings, MTN
                
6.875%, 02/06/18
     3,700       3,793  
Northern Oil and Gas
                
8.000%, 06/01/20
     1,275       1,361  
Nostrum Oil & Gas Finance BV
                
6.375%, 02/14/19
     3,500       3,666  
Oasis Petroleum
                
6.875%, 03/15/22(A)
     150       163  
6.500%, 11/01/21
     850       914  
 
CITY NATIONAL ROCHDALE FUNDS | 8
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Pacific Rubiales Energy
            
7.250%, 12/12/21
   $ 1,575     $ 1,748  
5.375%, 01/26/19
     300       313  
Petroleos de Venezuela
                
5.250%, 04/12/17
     3,000       2,533  
4.900%, 10/28/14
     1,000       998  
Puma International Financing
                
6.750%, 02/01/21
     4,000       4,120  
QGOG Constellation
                
6.250%, 11/09/19
     2,000       2,025  
Range Resources
                
5.000%, 03/15/23
     700       745  
Regency Energy Partners
                
5.875%, 03/01/22
     400       435  
5.500%, 04/15/23
     200       209  
4.500%, 11/01/23
     350       347  
Rose Rock Midstream
                
5.625%, 07/15/22(A)
     325       329  
Sabine Pass Liquefaction
                
6.250%, 03/15/22(A)
     525       571  
5.625%, 02/01/21
     1,075       1,137  
5.625%, 04/15/23
     175       182  
SandRidge Energy
                
8.125%, 10/15/22
     1,125       1,239  
7.500%, 03/15/21
     325       352  
7.500%, 02/15/23
     350       380  
Santa Maria Offshore
                
8.875%, 07/03/18(A)
     3,800       4,047  
Sibur Securities
                
3.914%, 01/31/18
     500       481  
SM Energy
                
5.000%, 01/15/24(A)
     200       199  
Tesoro
                
5.125%, 04/01/24
     600       607  
Tesoro Logistics
                
6.125%, 10/15/21
     225       240  
5.875%, 10/01/20(A)
     475       501  
5.875%, 10/01/20
     700       739  
Tullow Oil
                
6.000%, 11/01/20
     600       626  
W&T Offshore
                
8.500%, 06/15/19
     725       783  
Yingde Gases Investment
                
8.125%, 04/22/18
     400       423  
Zhaikmunai LLP
                
7.125%, 11/13/19
     1,300       1,414  
   
Total Petroleum & Fuel Products
       103,539  
   
Pharmacy Services [0.0%]
          
Catamaran
                
4.750%, 03/15/21
     175       177  
   
Printing & Publishing [0.3%]
          
Expo Event Transco
                
9.000%, 06/15/21(A)
     1,225       1,277  
Mustang Merger
                
8.500%, 08/15/21(A)
     850       926  
Nielsen Finance
                
5.000%, 04/15/22(A)
     275       277  
4.500%, 10/01/20
     1,475       1,486  

Description
Face Amount (000)
    
Value (000)
  
           
Time
            
5.750%, 04/15/22(A)
   $ 600     $ 606  
Visant
                
10.000%, 10/01/17
     100       93  
   
Total Printing & Publishing
       4,665  
   
Publishing-Newspapers [0.1%]
          
Gannett
                
6.375%, 10/15/23(A)
     925       988  
5.125%, 10/15/19(A)
     175       181  
   
Total Publishing-Newspapers
       1,169  
   
Radio [0.5%]
          
Cumulus Media Holdings
                
7.750%, 05/01/19
     1,050       1,107  
Entercom Radio
                
10.500%, 12/01/19
     600       687  
Radio One
                
9.250%, 02/15/20(A)
     900       974  
Sirius XM Holdings
                
4.625%, 05/15/23(A)
     1,425       1,365  
4.250%, 05/15/20(A)
     350       345  
Sirius XM Radio
                
6.000%, 07/15/24(A)
     975       1,014  
Townsquare Radio
                
9.000%, 04/01/19(A)
     1,100       1,218  
   
Total Radio
       6,710  
   
Real Estate [0.1%]
          
DIP Sukuk
                
4.291%, 02/20/19
     1,250       1,248  
   
Real Estate Oper/Develop [1.5%]
          
Alpha Star Holding
                
4.970%, 04/09/19
     4,000       3,840  
Central China Real Estate, MTN
                
6.500%, 06/04/18
     700       668  
China SCE Property Holdings
                
11.500%, 11/14/17
     1,300       1,368  
CIFI Holdings Group
                
12.250%, 04/15/18
     1,600       1,760  
Country Garden Holdings
                
7.500%, 01/10/23
     1,050       1,012  
Evergrande Real Estate Group
                
13.000%, 01/27/15
     300       312  
Kaisa Group Holdings
                
10.250%, 01/08/20
     650       684  
8.875%, 03/19/18
     400       411  
KWG Property Holding
                
13.250%, 03/22/17
     200       230  
8.975%, 01/14/19
     600       612  
Pakuwon Prima Pte
                
7.125%, 07/02/19
     2,000       2,019  
Shimao Property Holdings
                
6.625%, 01/14/20
     600       591  
Sukuk Funding No. 3
                
4.348%, 12/03/18
     1,000       1,040  
 
CITY NATIONAL ROCHDALE FUNDS | 9
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Sunac China Holdings
            
12.500%, 10/16/17
   $ 400     $ 440  
9.375%, 04/05/18
     1,350       1,370  
Times Property Holdings
                
12.625%, 03/21/19
     1,000       1,030  
Trillion Chance
                
8.500%, 01/10/19
     700       704  
Yanlord Land Group
                
10.625%, 03/29/18
     475       518  
Yuzhou Properties
                
11.750%, 10/25/17
     400       440  
8.625%, 01/24/19
     1,050       1,024  
   
Total Real Estate Oper/Develop
       20,073  
   
Research and Development [0.1%]
          
Jaguar Holding I
                
9.375%, 10/15/17(A) (E)
     1,025       1,061  
Jaguar Holding II
                
9.500%, 12/01/19(A)
     650       710  
   
Total Research and Development
       1,771  
   
Resorts/Theme Parks [0.2%]
          
Cedar Fair
                
5.250%, 03/15/21
     1,300       1,339  
Six Flags Entertainment
                
5.250%, 01/15/21(A)
     1,325       1,358  
   
Total Resorts/Theme Parks
       2,697  
   
Retail [2.3%]
          
Academy
                
9.250%, 08/01/19(A)
     1,050       1,126  
Claire's Stores
                
6.125%, 03/15/20(A)
     675       636  
DineEquity
                
9.500%, 10/30/18
     1,400       1,500  
Edcon Holdings Pty
                
13.375%, 06/30/19
     1,200       1,561  
Edcon Pty
                
9.500%, 03/01/18
     950       1,315  
Ferrellgas
                
6.750%, 01/15/22(A)
     175       183  
Grupo Famsa
                
7.250%, 06/01/20
     2,500       2,550  
7.250%, 06/01/20(A)
     700       714  
6.125%, 01/28/15
     2,000       2,019  
Gymboree
                
9.125%, 12/01/18
     375       250  
Hillman Group
                
6.375%, 07/15/22(A)
     600       600  
Jo-Ann Stores
                
8.125%, 03/15/19(A)
     1,200       1,230  
Jo-Ann Stores Holdings
                
9.750%, 10/15/19(A) (E)
     600       614  
L Brands
                
5.625%, 10/15/23
     700       760  
Limited Brands
                
5.625%, 02/15/22
     350       379  
Michaels FinCo Holdings
                
7.500%, 08/01/18(A)(E)
     1,350       1,379  

Description
Face Amount (000)
    
Value (000)
  
           
Michaels Stores
            
7.750%, 11/01/18
   $ 800     $ 846  
5.875%, 12/15/20(A)
     725       741  
Neiman Marcus Group
                
8.750%, 10/15/21(A)(E)
     900       981  
8.000%, 10/15/21(A)
     275       296  
New Academy Finance
                
8.000%, 06/15/18(A) (E)
     1,175       1,200  
NPC International
                
10.500%, 01/15/20
     1,075       1,212  
Party City Holdings
                
8.875%, 08/01/20
     900       997  
PC Nextco Holdings
                
8.750%, 08/15/19(A)(E)
     1,275       1,302  
Petco Animal Supplies
                
9.250%, 12/01/18(A)
     1,200       1,289  
Petco Holdings
                
8.500%, 10/15/17(A) (E)
     600       615  
PVH
                
4.500%, 12/15/22
     925       911  
Sally Holdings
                
6.875%, 11/15/19
     1,075       1,164  
5.750%, 06/01/22
     175       186  
Stonegate Pub Financing
                
5.275%, 04/15/19(C)
     1,000       1,738  
Suburban Propane Partners
                
5.500%, 06/01/24
     1,125       1,139  
   
Total Retail
       31,433  
   
Rubber & Plastic [0.2%]
          
Gajah Tunggal
                
7.750%, 02/06/18
     2,000       2,040  
   
Rubber/Plastic Products [0.0%]
          
Gates Global
                
6.000%, 07/15/22(A)
     550       550  
   
Semicon Compo-Intg Circu [0.1%]
          
NXP BV
                
5.750%, 02/15/21(A)
     200       210  
5.750%, 03/15/23(A)
     200       210  
3.750%, 06/01/18(A)
     300       301  
   
Total Semicon Compo-Intg Circu
       721  
   
Semi-Conductors [0.4%]
          
Advanced Micro Devices
                
7.500%, 08/15/22
     475       512  
7.000%, 07/01/24(A)
     450       460  
Entegris
                
6.000%, 04/01/22(A)
     925       953  
Flextronics International
                
5.000%, 02/15/23
     300       310  
4.625%, 02/15/20
     250       257  
Freescale Semiconductor
                
6.000%, 01/15/22(A)
     1,550       1,651  
Magnachip Semiconductor
                
6.625%, 07/15/21
     1,000       987  
   
Total Semi-Conductors
       5,130  
 
CITY NATIONAL ROCHDALE FUNDS | 10
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Steel & Steel Works [0.2%]
        
Metinvest BV
            
10.250%, 05/20/15
   $ 825     $ 794  
8.750%, 02/14/18
     1,200       1,044  
Severstal OAO Via Steel Capital
                
5.900%, 10/17/22
     300       293  
Steel Dynamics
                
5.250%, 04/15/23
     125       129  
   
Total Steel & Steel Works
       2,260  
   
Technology [0.2%]
          
Sophia
                
9.750%, 01/15/19(A)
     1,050       1,155  
Sophia Holding Finance
                
9.625%, 12/01/18(A)(E)
     350       364  
Truven Health Analytics
                
10.625%, 06/01/20
     775       850  
   
Total Technology
       2,369  
   
Telecommunication Equip [0.1%]
          
CommScope
                
5.500%, 06/15/24(A)
     525       534  
CommScope Holding
                
6.625%, 06/01/20(A) (E)
     1,350       1,441  
   
Total Telecommunication Equip
       1,975  
   
Telephones & Telecommunications [2.7%]
          
Altice, MTN
                
7.750%, 05/15/22(A)
     1,100       1,174  
Banglalink Digital Communications
                
8.625%, 05/06/19
     4,000       4,240  
Colombia Telecomunicaciones ESP
                
5.375%, 09/27/22
     600       599  
Comcel Trust
                
6.875%, 02/06/24
     950       1,026  
Digicel
                
8.250%, 09/01/17
     575       592  
7.000%, 02/15/20
     1,300       1,372  
7.000%, 02/15/20(A)
     450       475  
6.000%, 04/15/21
     1,000       1,033  
6.000%, 04/15/21(A)
     400       413  
Digicel Group
                
8.250%, 09/30/20
     1,700       1,862  
8.250%, 09/30/20(A)
     1,375       1,499  
7.125%, 04/01/22
     2,050       2,137  
Inmarsat Finance
                
4.875%, 05/15/22(A)
     725       732  
Intelsat Jackson Holdings
                
5.500%, 08/01/23
     350       348  
Intelsat Luxembourg
                
8.125%, 06/01/23
     600       649  
7.750%, 06/01/21
     925       979  
Level 3 Financing
                
8.125%, 07/01/19
     900       982  
7.000%, 06/01/20
     650       710  

Description
Face Amount (000)
    
Value (000)
  
           
MetroPCS Wireless
            
6.625%, 11/15/20
   $ 600     $ 640  
Millicom International Cellular
                
6.625%, 10/15/21
     1,000       1,075  
Sprint
                
7.875%, 09/15/23(A)
     1,725       1,919  
Sprint Capital
                
6.875%, 11/15/28
     1,500       1,515  
Sprint Nextel
                
7.000%, 03/01/20(A)
     600       690  
6.000%, 11/15/22
     1,100       1,122  
Syniverse Holdings
                
9.125%, 01/15/19
     1,600       1,714  
Telefonica Celular del Paraguay
                
6.750%, 12/13/22
     600       647  
T-Mobile USA
                
6.836%, 04/28/23
     925       1,007  
6.731%, 04/28/22
     125       135  
6.633%, 04/28/21
     125       135  
6.625%, 04/01/23
     675       732  
6.500%, 01/15/24
     575       615  
6.125%, 01/15/22
     1,050       1,114  
Vimpel Communications Via VIP Finance Ireland
                
7.748%, 02/02/21
     800       874  
VimpelCom Holdings BV
                
7.504%, 03/01/22
     800       863  
5.950%, 02/13/23
     800       789  
Virgin Media Finance
                
6.375%, 04/15/23(A)
     675       732  
   
Total Telephones & Telecommunications
       37,140  
   
Textile-Apparel [0.3%]
          
Texhong Textile Group
                
7.625%, 01/19/16
     1,500       1,538  
6.500%, 01/18/19
     2,670       2,623  
   
Total Textile-Apparel
       4,161  
   
Textile-Home Furnishings [0.1%]
          
Springs Industries
                
6.250%, 06/01/21
     625       638  
   
Textile-Products [0.4%]
          
Golden Legacy PTE
                
9.000%, 04/24/19
     5,000       5,250  
   
Transactional Software [0.0%]
          
ACI Worldwide
                
6.375%, 08/15/20(A)
     125       132  
   
Transportation Services [1.2%]
          
Azerbaijan Railways Via Aquarius Investments
                
8.250%, 02/18/16
     2,080       2,148  
Brunswick Rail Finance
                
6.500%, 11/01/17
     800       804  
DTEK Finance
                
7.875%, 04/04/18
     1,600       1,324  
DTEK Finance BV
                
9.500%, 04/28/15
     575       542  
 
CITY NATIONAL ROCHDALE FUNDS | 11
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Dubai Holding Commercial Operations, MTN
            
6.000%, 02/01/17
   $ 4,950     $ 8,779  
Nielsen Luxembourg SaRL
                
5.500%, 10/01/21(A)
     250       258  
Royal Caribbean Cruises
                
5.250%, 11/15/22
     300       315  
Ukraine Railways via Shortline
                
9.500%, 05/21/18
     1,881       1,622  
   
Total Transportation Services
       15,792  
   
Transport-Equip and Leasng [0.0%]
          
Jurassic Holdings III
                
6.875%, 02/15/21(A)
     450       459  
   
Utility [0.0%]
          
Suburban Propane Partners
                
7.375%, 08/01/21
     275       299  
   
Web Portals/ISP [0.3%]
          
Pacnet
                
9.000%, 12/12/18
     4,000       4,340  
   
X-Ray Equipment [0.1%]
          
Hologic
                
6.250%, 08/01/20
     600       633  
   
Total Corporate Bonds
  
(Cost $656,022)
       671,659  
   
Loan Participations [31.2%]
  
Aerospace [0.9%]
          
Air Canada, Term Loan B
                
5.500%, 09/26/19
     1,450       1,479  
AM General Corporation, Term Loan B - 2013
                
10.250%, 03/22/18
     486       447  
American Airlines, Exit Term Loan
                
3.750%, 06/27/19
     2,510       2,512  
Atlantic Aviation FBO, Term Loan B
                
3.250%, 06/01/20
     154       153  
Dae Aviation Holdings, Second Lien Term Loan
                
7.750%, 08/05/19
     1,325       1,345  
Dae Aviation Holdings, Term Loan B1 - 2014
                
5.000%, 11/02/18
     364       367  
Dae Aviation Holdings, Term Loan B2 - 2014
                
5.000%, 11/02/18
     165       166  
Delta Air Lines, Term Loan B1 - 2014
                
3.500%, 10/18/18
     284       283  
LM U.S. (Landmark Aviation), Second Lien
                
0.000%, 10/26/20(H)
     785       789  
LM U.S. (Landmark Aviation), Term Loan B
                
0.000%, 10/25/19(H)
     360       360  

Description
Face Amount (000)
    
Value (000)
  
           
Tasc Inc, Second Lien
            
12.000%, 05/23/21
   $ 360     $ 355  
Tasc Inc, Term Loan
                
6.500%, 05/23/20
     825       808  
TransDigm Group, Term Loan C
                
3.750%, 02/28/20
     1,243       1,238  
TransDigm Inc., Term Loan D
                
3.750%, 05/21/21
     1,365       1,358  
US Airways Group Inc, Term Loan B-1
                
3.500%, 05/23/19
     644       643  
WP CPP Holdings, Second Lien
                
8.750%, 04/30/21
     45       45  
WP CPP Holdings, Term Loan
                
4.750%, 12/28/19
     172       172  
Wyle Services Corporation, Term Loan B
                
5.000%, 05/21/21
     235       235  
   
Total Aerospace
       12,755  
   
Automotive [0.5%]
          
Car Trawler, Term Loan
                
0.000%, 04/30/21
     3,000       4,108  
Oasis Holdings
                
3.500%, 11/19/20
     4,580       3,023  
   
Total Automotive
       7,131  
   
Broadcasting [1.3%]
          
Clear Channel Communication, Term Loan B
                
3.800%, 01/29/16
     3,864       3,836  
Clear Channel Communication, Term Loan C
                
3.800%, 01/29/16
     166       163  
Clear Channel Communication, Term Loan D Extended
                
6.900%, 01/30/19
     4,938       4,911  
Clear Channel Communication, Term Loan E
                
7.650%, 07/30/19
     2,000       2,003  
Cumulus Media, Term Loan B
                
4.250%, 12/23/20
     1,994       1,999  
Granite Broadcasting, Term Loan B
                
6.750%, 05/23/18
     78       78  
Hubbard Broadcasting, Term Loan B
                
4.500%, 04/28/17
     255       255  
Lin Television, Term Loan B
                
4.000%, 12/21/18
     148       148  
Media General, Delayed Draw Term Loa B
                
4.250%, 07/31/20
     227       228  
Radio One, Term Loan
                
7.500%, 03/31/16
     433       441  
Sinclair Broadcasting Group, Term Loan B - 2011
                
3.000%, 10/28/16
     153       151  
 
CITY NATIONAL ROCHDALE FUNDS | 12
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Univision Comm (fka Umbrella), Term Loan C-4
            
4.000%, 03/01/20
   $ 2,157     $ 2,154  
Univision Communications, TL C-3 (2013 Inc. Term Loans)
                
4.000%, 03/01/20
     1,340       1,339  
Van Wagner, Term Loan B
                
6.250%, 08/03/18
     244       246  
   
Total Broadcasting
       17,952  
   
Building Materials [0.2%]
          
Cemex
                
0.000%, 02/14/17(H)
     3,040       3,027  
   
Cable/Wireless Video [2.0%]
          
Altice Financing, Term Loan B
                
5.500%, 07/02/19
     3,654       3,735  
Atlantic Broadband, Term Loan B - 2013
                
3.250%, 09/20/19
     368       367  
Cablevision Systems, Term Loan A
                
2.150%, 04/17/18
     455       452  
Cablevision Systems, Term Loan B - 2013
                
2.650%, 04/17/20
     1,481       1,464  
Cequel Communications, Term Loan B 2012
                
3.500%, 02/10/19
     1,166       1,166  
Charter Comm Operating, Term Loan A1
                
2.150%, 04/22/18
     470       468  
Charter Comm Operating, Term Loan E
                
3.000%, 04/10/20
     2,708       2,664  
Liberty Cablevision of Puerto Rico, First Lien Term Loan
                
0.000%, 12/24/21(H)
     355       355  
Liberty Cablevision of Puerto Rico, Second Lien - 2014
                
0.000%, 06/26/23
     215       215  
Liberty Cablevision of Puerto Rico, Second Lien TL
                
10.000%, 06/09/18
     525       525  
Liberty Cablevision of Puerto Rico, Term Loan B
                
6.000%, 06/09/17
     321       323  
MCC Iowa (Broadband), Term Loan G
                
4.000%, 01/20/20
     256       256  
MCC Iowa (Broadband), Term Loan H
                
3.250%, 01/22/21
     1,296       1,283  
MCC Iowa (Broadband), Term Loan J
                
0.000%, 06/18/21(H)
     80       80  
Primacom, Term Loan A
                
5.444%, 02/28/17(F)
     2,539       3,477  
Quebecor Media, Term Loan B
                
3.250%, 08/17/20
     1,595       1,571  

Description
Face Amount (000)
    
Value (000)
  
           
UPC Financing, Term Loan AH
            
3.250%, 06/10/21
   $ 860     $ 853  
Virgin Media Invst Holdings, Term Loan B
                
3.500%, 02/15/20
     2,475       2,466  
WideOpenWest Finance, Term Loan B - 2019
                
4.750%, 04/01/19
     233       233  
Ziggo B.V., Term Loan B1
                
3.250%, 01/15/22
     2,034       2,009  
Ziggo B.V., Term Loan B2
                
3.250%, 01/15/22
     1,311       1,294  
Ziggo B.V., Term Loan B3
                
0.000%, 01/15/22(H)
     2,156       2,129  
   
Total Cable/Wireless Video
       27,385  
   
Chemicals [0.7%]
          
Axalta Coating Systems US Holdings Inc., Term Loan B - 2014
                
4.000%, 02/01/20
     337       337  
Flint, Term Loan
                
0.000%, 05/03/21(H)
     3,000       3,006  
Huntsman International, 2013-2 Add TL (7yr)
                
0.000%, 10/15/20(H)
     480       480  
Huntsman International, Term Loan C
                
2.446%, 06/30/16
     14       14  
Ineos Group Holdings, Dollar Term Loans - 2018
                
3.750%, 04/27/18
     2,175       2,169  
Kronos Worldwide, Inc., Term Loan B
                
4.750%, 02/18/20
     160       161  
MacDermid Holdings, Term Loan
                
4.000%, 06/05/20
     348       348  
Minerals Technologies Inc., Term Loan B
                
4.000%, 05/07/21
     500       502  
Nexeo Solutions, Term Loan B
                
5.000%, 09/08/17
     373       373  
Oxbow Carbon & Minerals, Term Loan B
                
4.250%, 07/19/19
     135       135  
OXEA, Term Loan
                
4.250%, 12/06/19
     149       149  
Polymer Group inc, Delay Draw
                
0.000%, 12/19/19(H)
     96       96  
Polymer Group, Term Loan B
                
5.250%, 12/19/19
     553       559  
PQ Corporation, Term Loans
                
4.000%, 08/07/17
     156       156  
PQ, New 2013 Term Loan
                
4.500%, 02/09/19
     7       7  
Taminco Global, Term B-3 Loan
                
3.250%, 02/15/19
     162       160  
 
CITY NATIONAL ROCHDALE FUNDS | 13
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Tata Chemicals North America, Term Loan B
            
3.750%, 08/07/20
   $ 114     $ 114  
Tronox, Term Loan B
                
4.000%, 02/03/18
     290       290  
   
Total Chemicals
       9,056  
   
Consumer Durables [0.1%]
          
Serta Simmons Holdings, Term Loan B
                
4.250%, 09/19/19
     558       559  
Total Safety US, Term Loan B
                
5.750%, 03/13/20
     109       107  
WNA Holdings, Term Loan - CAD Borrower
                
4.500%, 06/07/20
     137       138  
WNA Holdings, Term Loan - USD Borrower
                
4.500%, 06/07/20
     75       75  
   
Total Consumer Durables
       879  
   
Consumer Non-Durables [0.1%]
          
Eastman Kodak Company, Exit Term Loan
                
7.250%, 09/03/19
     337       342  
Kate Spade & Company, Term Loan B
                
4.000%, 04/09/21
     270       270  
Libbey Glass Inc., Term Loan B
                
3.750%, 04/09/21
     250       250  
Revlon Consumer Products, Replacement Term Loan
                
3.250%, 11/20/17
     250       250  
Revlon Consumer Products, Term Loan
                
4.000%, 10/08/19
     788       788  
Sun Products, Term Loan B
                
5.500%, 03/23/20
     153       149  
   
Total Consumer Non-Durables
       2,049  
   
Diversified Media [1.6%]
          
Affinion Group Inc., Second Lien
                
8.500%, 10/12/18
     180       180  
Affinion Group, Term Loan
                
6.750%, 10/08/16
     430       432  
Alliance Data Systems, Term Loan
                
1.910%, 07/10/18
     787       784  
Emerald Expositions Holding, Term Loan B
                
5.500%, 06/17/20
     181       182  
EMI Music Publishing Limited, Term B Loan
                
3.750%, 03/05/18
     321       320  
Getty Images, Term Loan
                
4.750%, 10/03/19
     732       706  

Description
Face Amount (000)
    
Value (000)
  
           
Harland Clarke Holdings, Cov-Lite Term Loan B-4
            
6.000%, 08/04/19
   $ 1,988     $ 2,021  
Harland Clarke Holdings, Term Loan B3
                
7.000%, 05/22/18
     5,022       5,101  
Harland Clarke Holdings, Tranche B-2 TL
                
5.484%, 06/30/17
     189       189  
Learfield Communications, 2014 Replacement Term Loan
                
5.000%, 10/09/20
     170       171  
PrePaid Legal Services, Term Loan B
                
6.250%, 07/01/19
     277       280  
Quad/Graphics, Term Loan B
                
4.250%, 04/28/21
     430       428  
Southern Graphics, Term Loan - 2013
                
4.250%, 10/17/19
     212       212  
Tribune Company, Term Loan B - 2013
                
4.000%, 12/27/20
     4,065       4,071  
Village Roadshow, Ultimates Facility Tranche A-2
                
4.750%, 11/21/17
     1,432       1,446  
Warner Music Group, Term Loan - 2013
                
3.750%, 07/01/20
     1,035       1,017  
WME IMG Holdings LLC, Second Lien
                
8.250%, 05/06/22
     360       366  
WME IMG Holdings LLC, Term Loan B
                
5.250%, 05/06/21
     3,320       3,340  
   
Total Diversified Media
       21,246  
   
Energy [2.1%]
          
Alon USA, MLP Term Loan
                
9.250%, 11/26/18
     502       520  
Atlas Energy , Term Loan B
                
6.500%, 07/31/19
     567       575  
Azure Midstream Holdings, Term Loan B
                
6.500%, 11/15/18
     331       333  
Bashneft
                
1.706%, 08/16/14
     417       413  
Bronco Midstream Funding, Term Loan B
                
5.000%, 08/15/20
     747       752  
Chief Exploration & Development LLC, Second Lien
                
7.500%, 05/16/21
     570       581  
CITGO Petroleum, Term Loan B
                
8.000%, 06/24/15
     309       311  
Drillships Financing Holding, Term Loan B1
                
6.000%, 03/31/21
     2,227       2,262  
 
CITY NATIONAL ROCHDALE FUNDS | 14
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
EMG Utica, Term Loan
            
4.750%, 03/27/20
   $ 820     $ 821  
Endeavour Intl Corp, Term Loan A
                
0.000%, 11/30/17(H)
     46       46  
Endeavour Intl Corp, Term Loan B
                
0.000%, 11/30/17
     33       33  
Energy Transfer Equity, Term Loan B
                
3.250%, 12/02/19
     5,035       4,980  
EP Energy (aka Everest Acquisition), Term Loan B-2
                
4.500%, 04/26/19
     203       204  
EP Energy (aka Everest Acquisition), Term Loan B-3
                
3.500%, 05/24/18
     734       731  
Fieldwood Energy LLC, Second Lien
                
8.125%, 09/30/20
     85       88  
Fieldwood Energy, Term Loan
                
3.875%, 09/28/18
     498       499  
Frac Tech International, Term Loan B - 2014
                
5.750%, 04/16/21
     695       703  
Glenn Pool Oil, Term Loan
                
4.500%, 05/02/16
     717       720  
Harvey Gulf International Marine, Term Loan B
                
5.500%, 06/18/20
     1,334       1,325  
KCA Deutag, Term Loan
                
6.250%, 05/13/20
     215       214  
MEG Energy, Term Loan B - 2013
                
3.750%, 03/31/20
     1,159       1,160  
Obsidian Natural Gas Trust
                
7.000%, 11/02/15
     715       721  
Pacific Drilling, Term Loan B
                
4.500%, 05/18/18
     351       352  
Petroleum Geo-Services, Term Loan B
                
3.250%, 03/19/21
     805       795  
Philadelphia Energy Solutions, Term Loan
                
6.250%, 04/04/18
     362       334  
Samson Investment Company, Cov-Lite Term Loan
                
5.000%, 09/25/18
     315       315  
Seadrill Operating LP, Term Loan B
                
4.000%, 02/21/21
     1,388       1,378  
Sheridan Production Partners, Term Loan I-A
                
4.250%, 10/01/19
     20       20  
Sheridan Production Partners, Term Loan II-A
                
4.250%, 12/16/20
     59       59  
Sheridan Production Partners, Term Loan II-M
                
4.250%, 12/16/20
     22       22  

Description
Face Amount (000)
    
Value (000)
  
           
Sheridan Production Partners, Term Loan II-SIP
            
4.250%, 12/16/20
   $ 427     $ 427  
Sheridan Production Partners, Term Loan I-M
                
4.250%, 10/01/19
     12       12  
Sheridan Production Partners, Term Loan I-SIP
                
4.250%, 10/01/19
     151       151  
Sonangol Finance
                
1.155%, 07/31/14
     323       318  
Teine Energy Ltd., Second Lien
                
7.500%, 05/17/19
     1,500       1,515  
Templar Energy, Second Lien
                
8.000%, 11/25/20
     3,660       3,623  
Vantage Drilling Co (Offshore), Term Loan
                
5.000%, 10/25/17
     677       674  
Vantage Drilling Co (Offshore), Term Loan B (2013)
                
5.750%, 03/28/19
     499       495  
Western Refining, Term Loan B
                
4.250%, 11/12/20
     723       726  
   
Total Energy
       29,208  
   
Financial [1.6%]
          
Alliant Holdings, Term Loan
                
4.250%, 12/07/19
     293       293  
American Capital Holdings, Inc., Term Loan B - 2017
                
3.500%, 08/22/17
     385       385  
AWAS Aviation, Term Loan B
                
3.500%, 06/26/18
     —       —  
Clipper Acquisitions (aka TCW), Term Loan
                
3.000%, 12/20/19
     222       220  
Compass Investors Inc. (USI), Term Loan
                
4.250%, 12/27/19
     351       351  
Duff & Phelps, Term Loan
                
4.500%, 04/23/20
     114       114  
Flying Fortress, Term Loan
                
3.500%, 06/30/17
     300       299  
Grosvenor Capital Management Holdings, Cov-Lite Term Loan
                
3.750%, 01/04/21
     249       248  
Hub International Holdings, Term Loan B
                
4.250%, 10/02/20
     353       353  
International Lease Finance, Term Loan
                
3.500%, 03/06/21
     370       370  
Ion Trading Technologies, Term Loan
                
0.000%, 06/04/21(H)
     3,000       4,120  
iStar Financial, Term Loan A-2 - 2012
                
7.000%, 03/19/17
     146       150  
 
CITY NATIONAL ROCHDALE FUNDS | 15
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
JSC BTA Bank
            
4.728%, 09/30/13 (B)
   $ 5,967     $ 5,549  
Mondrian Investment Partners, Term Loan B
                
4.000%, 07/12/18
     98       98  
Nuveen Investments Inc., Second Lien
                
6.500%, 02/28/19
     430       434  
Nuveen Investments, Term Loan
                
4.151%, 05/13/17
     710       711  
RCS Capital Corporation, Term Loan
                
6.500%, 04/29/19
     530       541  
Saga, Term Loan
                
0.000%, 04/17/20(H)
     3,000       5,118  
SAM Finance (Santander), Cov-Lite Term Loan
                
4.250%, 12/17/20
     584       585  
Sedgwick, Inc. , First Lien Term Loan
                
3.750%, 03/01/21
     685       674  
Sedgwick, Inc. , Second Lien
                
6.750%, 02/28/22
     260       259  
Starwood Property Trust, Term Loan
                
3.500%, 04/17/20
     452       449  
Virtu Financial, Term Loan
                
5.750%, 11/08/19
     145       144  
   
Total Financial
       21,465  
   
Food and Drug [0.4%]
          
Albertsons, Term Loan B-1
                
4.750%, 03/21/19
     217       218  
Albertsons, Term Loan B-2
                
4.750%, 03/21/19
     877       881  
Dunkin' Brands, Term B3
                
3.250%, 02/14/20
     903       894  
New Albertsons's, Inc., Term Loan
                
0.000%, 06/25/21(H)
     550       551  
Rite Aid Corporation, Tranche 7 Term Loan
                
3.500%, 02/21/20
     331       331  
Rite Aid, Second Lien -  Tranche 1 Term Loans
                
5.750%, 07/07/20
     1,085       1,108  
Rite Aid, Second Lien -  Tranche 2 Term Loans
                
4.880%, 06/21/21
     440       445  
Stater Bros. Markets, Term Loan B
                
0.000%, 05/12/21
     285       286  
Supervalu, Term Loan B - 2013
                
4.500%, 03/21/19
     774       773  
   
Total Food and Drug
       5,487  

Description
Face Amount (000)
    
Value (000)
  
           
Food/Tobacco [0.9%]
        
Arby's Restaurant (ARG IH), Term Loan
            
5.000%, 11/15/20
   $ 299     $ 301  
Blue Buffalo, Term Loan B3
                
4.000%, 08/08/19
     281       281  
CEC Entertainment, Inc., Term Loan B
                
4.250%, 02/12/21
     320       318  
Deoleo, Term Loan
                
0.000%, 06/02/21
     3,000       4,074  
HJ Heinz, Term Loan B1
                
3.250%, 06/07/19
     3,126       3,130  
HJ Heinz, Term Loan B2
                
3.500%, 06/05/20
     2,342       2,358  
JBS USA, Term Loan B-2
                
3.750%, 09/18/20
     294       292  
Landry's, Term Loan B
                
4.000%, 04/19/18
     257       257  
Pinnacle Foods Group, Incremental Term Loan H
                
3.250%, 04/29/20
     209       208  
Pinnacle Foods Group, Term Loan G
                
3.250%, 04/29/20
     1,079       1,073  
Post Holdings Inc, Term Loan B
                
3.750%, 06/02/21
     290       292  
   
Total Food/Tobacco
       12,584  
   
Forest Prod/Containers [0.6%]
          
Anchor Glass Container Corporation, Term Loan B
                
0.000%, 05/14/21(H)
     330       330  
Ardagh Holdings USA Inc., Incremental Term Loan B
                
4.000%, 12/17/19
     1,000       1,001  
Ardagh Holdings USA, Term Loan B
                
4.250%, 12/17/19
     339       340  
Berry Plastics, Cov-Lite Term Loan E
                
3.750%, 01/06/21
     1,560       1,554  
Berry Plastics, Term Loan D
                
3.500%, 02/08/20
     3,158       3,130  
Caraustar Industries, Term Loan
                
7.500%, 05/01/19
     142       144  
CD&R Millennium LLC (Mauser), Second Lien
                
0.000%, 06/27/22(H)
     150       149  
NewPage Corporation, Term Loan B
                
9.500%, 02/11/21
     500       500  
Reynolds Group Holdings, Term Loan B - 2013
                
4.000%, 12/01/18
     360       361  
   
Total Forest Prod/Containers
       7,509  
 
CITY NATIONAL ROCHDALE FUNDS | 16
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Gaming/Leisure [2.3%]
        
Activision Blizzard Inc., Term Loan B
            
3.250%, 10/12/20
   $ 1,041     $ 1,042  
Bally Technologies, Term Loan B
                
4.250%, 11/25/20
     142       143  
Belmond Interfin Ltd., Term Loan
                
4.000%, 03/19/21
     400       401  
Boyd Gaming, Term Loan B
                
4.000%, 08/14/20
     198       199  
Caesars Entertainment Op Co Inc, Term Loan B7
                
9.750%, 03/01/17
     755       744  
Caesars Entertainment Op Co, Prop Co Term Loan
                
7.000%, 10/11/20
     1,536       1,544  
Caesars Entertainment Op Co, Term Loan B-4
                
9.500%, 01/28/15
     189       190  
Caesars Entertainment Op Co, Term Loan B-6 Extended
                
5.402%, 01/28/18
     5,387       5,024  
Cinemark USA, Term Loan
                
3.160%, 12/18/19
     157       158  
Clubcorp Club Operations, Term Loan B - 2013
                
4.000%, 07/24/20
     285       285  
Diamond Resorts Corp, Cov-Lite Term Loan
                
5.500%, 05/09/21
     1,405       1,414  
Fitness International LLC, Term Loan B
                
0.000%, 06/24/20(H)
     195       194  
Four Seasons Holdings Inc., Term Loan (12/13)
                
3.500%, 06/27/20
     943       941  
Four Seasons Holdings, Second Lien
                
6.250%, 12/27/20
     150       152  
Golden Nugget, Delay Draw
                
5.500%, 11/21/19
     67       69  
Golden Nugget, Term Loan B
                
5.500%, 11/21/19
     157       160  
Great Wolf Resorts, Term Loan
                
4.250%, 08/06/20
     243       244  
Hilton Worldwide Finance, Term Loan B-1
                
3.500%, 10/26/20
     5,759       5,747  
Hoyts Group Holdings, Term Loan
                
4.000%, 05/29/20
     124       124  
Kasima, Term Loan B
                
3.250%, 05/17/21
     915       911  
La Quinta Intermediate Holdings, Term Loan B
                
4.000%, 04/14/21
     660       660  

Description
Face Amount (000)
    
Value (000)
  
           
Lions Gate Entertainment, Second Lien
            
5.000%, 07/19/20
   $ 300     $ 304  
Marina District Finance (Borgata), Cov-Lite Term Loan B
                
6.750%, 08/15/18
     574       580  
MGM Resorts, Term Loan B
                
3.500%, 12/20/19
     507       505  
Mohegan Tribal Gaming, Term Loan B
                
5.500%, 11/19/19
     224       228  
Parques, Term Loan
                
0.000%, 03/26/19
     3,000       4,102  
Pinnacle Entertainment, Term Loan B-2
                
3.750%, 08/13/20
     295       295  
Playa Resorts Holding, Term Loan B
                
4.000%, 08/09/19
     189       190  
RHP Hotel Properties, LP, Term Loan B
                
0.000%, 01/05/21(H)
     755       759  
Scientific Games, Term Loan B
                
4.250%, 10/18/20
     2,941       2,907  
SeaWorld Parks & Entertainmnt, Term Loan B-2
                
3.000%, 05/30/20
     517       509  
Shingle Springs Tribal, Term Loan B
                
6.250%, 08/29/19
     158       162  
   
Total Gaming/Leisure
       30,887  
   
Healthcare [2.2%]
          
Accellent Inc., First Lien Term Loan
                
4.500%, 03/12/21
     320       319  
Allscripts Healthcare Solutions, Term Loan A1
                
2.900%, 06/28/18
     481       480  
Biomet, Term Loan B-2
                
3.652%, 07/25/17
     —       —  
Carestream Health Holdings, Term Loan
                
5.000%, 06/05/19
     491       491  
Catalent Pharma, Term Loan
                
4.500%, 05/07/21
     1,000       1,377  
Community Health Systems, Extended Term Loan
                
3.478%, 01/25/17
     160       160  
Community Health Systems, Inc., 2021 Term D Loan
                
4.250%, 01/27/21
     426       428  
Community Health Systems, Inc., Term Loan A - 2019
                
2.900%, 01/25/19
     4,000       3,985  
ConvaTec Healthcare, Term Loan B
                
4.000%, 12/30/16
     339       339  
 
CITY NATIONAL ROCHDALE FUNDS | 17
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
DaVita Inc, Term Loan B
            
0.000%, 06/18/21(H)
   $ 375     $ 377  
Endo Pharmaceutical, Term Loan B - 2013
                
3.250%, 03/01/21
     205       204  
Envision Acquisition Company, First Lien Term Loan
                
5.750%, 11/04/20
     169       170  
Grifols, Inc, Term Loan B
                
3.150%, 02/27/21
     2,525       2,521  
Healogics, Term Loan
                
0.000%, 07/01/2021 
     360       356  
Hologic, Term Loan B - Refi
                
3.250%, 08/01/19
     324       324  
Iasis Healthcare, Term Loan B - 2013
                
4.500%, 05/03/18
     264       265  
IMS Healthcare, Term Loan B - 2021
                
3.500%, 03/17/21
     173       172  
INC Research, Term Loan
                
4.250%, 07/12/18
     552       551  
LGC Science Holdings, Term Loan
                
0.000%, 03/12/21
     3,000       4,132  
Millennium Laboratories, LLC, Term Loan B
                
5.250%, 04/16/21
     625       631  
MultiPlan Inc, Term Loan
                
4.000%, 03/31/21
     623       620  
P2 Lower Acq. (Progressive), Term Loan
                
5.500%, 10/22/20
     1,682       1,684  
Par Pharmaceuticals, Term B-2 Loan
                
4.000%, 09/30/19
     981       980  
Patheon Inc, Term Loan B
                
4.250%, 03/11/21
     550       545  
Regional Care (aka RCHP, Inc.), First Lien Term Loan
                
6.000%, 04/23/19
     1,215       1,210  
Rexam Healthcare, Term Loan
                
0.000%, 05/03/21
     3,000       4,110  
Salix Pharmaceuticals, Term Loan
                
4.250%, 01/02/20
     469       472  
Valeant Pharmaceuticals International, Series C-2 TLB
                
3.750%, 12/11/19
     128       128  
Valeant Pharmaceuticals International, Series D-2 TLB
                
3.750%, 02/13/19
     357       357  
Valeant Pharmaceuticals International, Series E Tranche B Term Loan
                
3.750%, 06/26/20
     2,952       2,949  
   
Total Healthcare
       30,337  

Description
Face Amount (000)
    
Value (000)
  
           
Housing [0.4%]
        
ABC Supply Company, Term Loan B
            
3.500%, 04/16/20
   $ 1,104     $ 1,100  
Capital Automotive, Second Lien
                
6.000%, 04/30/20
     825       841  
Capital Automotive, Term Loan - 2013
                
4.000%, 04/10/19
     1,711       1,714  
Continental Building Products, First Lien Term Loan
                
4.750%, 08/28/20
     527       527  
CPG International, Term Loan B
                
4.750%, 09/30/20
     224       224  
QUIKRETE Holdings, First Lien Term Loan
                
4.000%, 09/28/20
     284       284  
Realogy Corporation, New Term Loan B
                
3.750%, 03/05/20
     317       317  
   
Total Housing
       5,007  
   
Industrials [0.2%]
          
Interpipe Ukraine
                
4.273%, 03/06/15(I)
     3,624       2,573  
   
Information Technology [2.5%]
          
Alcatel Lucent USA, US Term Loan (TLC)
                
4.500%, 01/29/19
     3,227       3,227  
Aricent Technologies, Term Loan
                
5.500%, 04/14/21
     430       435  
Arris Group, Term Loan B
                
3.500%, 04/17/20
     574       572  
Avago Technologies Finance, Term Loan B
                
3.750%, 05/06/21
     1,835       1,840  
Avaya Inc., Term B-6 Loans
                
6.500%, 03/31/18
     1,390       1,390  
Avaya, Term B3 Extended
                
4.727%, 10/26/17
     1,175       1,149  
Blackboard, Term Loan B3
                
4.750%, 10/04/18
     219       221  
CDW, Term Loan
                
3.250%, 04/29/20
     1,578       1,560  
CompuCom Systems, Term Loan B
                
4.250%, 05/07/20
     138       137  
Datapipe, Term Loan B
                
5.250%, 03/15/19
     109       109  
Dealertrack Technologies, Inc., Term Loan B
                
3.500%, 02/28/21
     160       160  
Dell, Term Loan B
                
4.500%, 04/29/20
     3,742       3,759  
Deluxe Entertainment Services Group, Term Loan
                
6.500%, 02/28/20
     610       608  
 
CITY NATIONAL ROCHDALE FUNDS | 18
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Fidji Luxembourg (BC3) S.à r.l., Term Loan
            
6.250%, 12/24/20
   $ 285     $ 287  
First Advantage, Term Loan B
                
6.250%, 02/28/19
     287       286  
Freescale Semiconductor, Term B-5
                
5.000%, 01/15/21
     234       235  
Freescale Semiconductor, Tranche B4 Term Loan
                
4.250%, 02/28/20
     4,078       4,074  
Genesys Telecom, Term Loan B 2013
                
4.000%, 01/31/20
     191       190  
Infor (US) , Term Loan B-5
                
3.750%, 06/03/20
     912       905  
Infor (US), Term Loan B-3
                
3.750%, 06/03/20
     192       190  
Internap Network Services, Term Loan
                
6.000%, 11/26/19
     314       315  
iQor US Inc., Term Loan B
                
6.000%, 04/01/21
     1,055       1,011  
M/A-COM Technology Solutions , Term Loan
                
4.500%, 05/07/21
     180       181  
Merrill, Term Loan
                
5.750%, 03/08/18
     416       423  
Microsemi Corporation, Term Loan B-1
                
3.250%, 02/19/20
     295       294  
Nuance Communications, Term Loan
                
2.900%, 08/07/19
     189       187  
Oberthur Technologies, Term Loan B
                
5.750%, 10/18/19
     289       291  
Omnitracs, Term Loan
                
4.750%, 11/25/20
     299       301  
On Semiconductor, Term Loan
                
1.984%, 01/02/18
     548       535  
Open Text, Term Loan
                
3.250%, 01/16/21
     444       443  
Presidio, Inc., Term Loan - 2014
                
5.000%, 03/31/17
     306       307  
Redtop Acquisitions, First Lien Term Loan
                
4.500%, 12/03/20
     311       313  
Redtop Acquisitions, Second Lien
                
8.250%, 06/03/21
     190       195  
Rovi Solutions Corporation, Term Loan B
                
0.000%, 07/02/21(H)
     415       413  
Rovi Solutions Corporation, Tranche B-3 Loan
                
3.500%, 03/28/19
     362       360  
Sophia LP, Term Loan B-1
                
4.000%, 07/19/18
     499       498  

Description
Face Amount (000)
    
Value (000)
  
           
Spansion, Term Loan B
            
3.750%, 12/19/19
   $ 269     $ 269  
SunGard Data Systems, Term Loan E
                
4.000%, 03/08/20
     873       874  
Technicolor, Term Loan
                
0.000%, 07/11/20(H)
     4,000       4,043  
The Active Network, First Lien Term Loan
                
5.500%, 11/13/20
     110       109  
Triple Point Group Holdings, Term Loan B
                
5.250%, 07/10/20
     204       181  
Verint Systems, Inc, Cov-Lite Term Loan
                
3.500%, 09/06/19
     109       109  
Vertafore, Term Loan - 2013
                
4.250%, 10/03/19
     275       276  
WestCorp, Term Loan B-10
                
3.250%, 06/30/18
     500       497  
   
Total Information Technology
       33,759  
   
Manufacturing [0.3%]
          
Accudyne Industries (Hamilton), 2013 Specified Refinancing Term Loan
                
4.000%, 12/13/19
     1       1  
Alliance Laundry, Term Loan - 2013
                
4.250%, 12/07/18
     683       687  
Doosan Infracore, Term Loan B
                
0.000%, 05/14/21
     505       509  
Gates Global LLC, Term Loan B
                
0.000%, 06/11/21(H)
     635       633  
Generac Power Systems, Term Loan B
                
3.500%, 06/22/18
     211       209  
Grede Holdings LLC, Term Loan B
                
0.000%, 05/21/21
     370       371  
Mirror Bidco Corp. (Dematic), Cov-Lite Term Loan
                
4.250%, 12/28/19
     296       296  
Otter Products, LLC, Term Loan B
                
5.750%, 05/29/20
     155       153  
Signode Industrial Group US Inc., Term Loan B
                
4.000%, 05/01/21
     395       394  
Southwire Company, Term Loan B
                
3.250%, 02/10/21
     345       344  
Utex Industries, First Lien Term Loan
                
5.000%, 05/14/21
     290       293  
   
Total Manufacturing
       3,890  
 
CITY NATIONAL ROCHDALE FUNDS | 19
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Metals/Minerals [0.8%]
        
Arch Coal, Term Loan B
            
6.250%, 05/16/18
   $ 812     $ 797  
Atkore International, First Lien Term Loan
                
4.500%, 04/09/21
     360       360  
Atlas Iron Limited, Term Loan
                
8.750%, 12/10/17
     118       118  
Boomerang Tube, Term Loan B
                
11.000%, 10/11/17
     222       200  
Fortescue Metals Group (FMG), Cov-Lite Term Loan
                
3.750%, 06/30/19
     6,030       6,032  
Freeport-McMoran C & G, Term Loan A
                
1.650%, 05/31/18
     450       446  
Murray Energy, Term Loan
                
5.250%, 12/05/19
     495       501  
Novelis, Term Loan - 2013
                
3.750%, 03/10/17
     1,269       1,269  
Peabody Energy, Term Loan B
                
4.250%, 09/24/20
     522       526  
TMS International, Term Loan B
                
4.500%, 10/16/20
     110       110  
Walter Energy, Term Loan B
                
7.250%, 04/02/18
     420       405  
   
Total Metals/Minerals
       10,764  
   
Retail [1.4%]
          
Academy Sports, Term Loan - 2012
                
4.500%, 08/03/18
     182       183  
CWGS Group, Term Loan
                
5.750%, 02/20/20
     273       275  
HMK Intermediate Holdings (Sleepys), Term Loan
                
5.000%, 03/30/19
     343       342  
Hudson's Bay Company, Term Loan B
                
4.750%, 11/04/20
     486       492  
J. Crew Group, Term Loan B
                
4.000%, 03/05/21
     1,155       1,139  
JC Penney, Term Loan B
                
6.000%, 05/21/18
     3,501       3,539  
Jo-Ann Stores, Initial Loans
                
4.000%, 03/16/18
     627       622  
Lands’ End, Inc., Term Loan B
                
4.250%, 04/04/21
     1,045       1,043  
Michaels Stores, Term Loan B
                
3.750%, 01/28/20
     356       355  
Neiman Marcus Group, First Lien Term Loan
                
4.250%, 10/25/20
     3,593       3,583  
Ollie's Bargain Outlet, Term Loan B
                
6.000%, 09/28/19
     136       136  
Party City Holdings Inc., 2014 Replacement Term Loans
                
4.000%, 07/27/19
     46       46  

Description
Face Amount (000)
    
Value (000)
  
           
Party City Holdings, 2013 Replacement Term Loans
            
4.000%, 07/23/19
   $ 477     $ 474  
Petco Animal Supplies, Term Loan B - 2013
                
4.000%, 11/24/17
     375       376  
Savers, New Term Loan
                
5.000%, 07/09/19
     197       196  
Sears Roebuck Acceptance, Term Loan B
                
5.500%, 06/30/18
     2,635       2,662  
The Men's Wearhouse, INC., Term Loan B
                
4.500%, 04/15/21
     715       718  
Toys R Us Property Company, Initial Term Loan
                
6.000%, 08/21/19
     1,400       1,345  
Toys R Us-Delaware, Term Loan
                
6.000%, 09/01/16
     970       870  
Toys R Us-Delaware, Term Loan B-3
                
5.250%, 05/25/18
     140       113  
   
Total Retail
       18,509  
   
Service [3.3%]
          
4L Technologies Inc. , Term Loan B
                
5.500%, 05/08/20
     320       319  
A'Ayan Leasing
                
3.750%, 05/26/16(I)
     3,517       1,758  
Advanced Disposal Services, Term Loan B-2
                
3.750%, 10/09/19
     1,229       1,223  
Asurion Corporation, Second Lien
                
8.500%, 03/03/21
     1,800       1,866  
Asurion Corporation, Term Loan B3
                
3.750%, 03/03/17
     150       150  
Asurion, Incremental Term Loan B-2
                
4.250%, 07/08/20
     1,270       1,269  
Asurion, Incremental Tranche B-1
                
5.000%, 05/24/19
     3,735       3,756  
Brand Energy & Infrastructure, Term Loan B
                
4.750%, 11/26/20
     2,288       2,297  
Callcredit Information Group, 1st Lien
                
5.086%, 02/12/21
     3,000       5,150  
Ceridian Corporation, Term B Loan
                
4.401%, 08/14/15
     208       208  
DigitalGlobe, Term Loan B
                
3.750%, 01/31/20
     540       540  
Dorna Sports, Term Loan
                
4.690%, 04/30/21
     2,000       2,753  
 
CITY NATIONAL ROCHDALE FUNDS | 20
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Environmental Resources, Term Loan
            
0.000%, 05/07/21(H)
   $ 5,000     $ 4,968  
Evertec Group, Term Loan A
                
2.750%, 04/17/18
     578       569  
Evertec Group, Term Loan B
                
3.500%, 04/17/20
     193       190  
First Data Corporation, 2021 Extended Dollar Term Loan
                
4.154%, 03/24/21
     1,745       1,747  
First Data, 2018 Dollar TL (Extended)
                
4.154%, 03/24/18
     4,095       4,100  
First Data, 2018B New Term Loan
                
4.154%, 09/24/18
     805       805  
Live Nation, Term Loan B
                
3.500%, 08/17/20
     527       526  
McGraw-Hill, Cov-Lite Term Loan
                
5.750%, 03/22/19
     264       269  
Nets Holdings, Term Loan
                
0.000%, 05/04/21(H)
     3,000       4,114  
Power Buyer, Delay Draw
                
4.250%, 05/06/20
     66       64  
Power Buyer, Second Lien
                
8.250%, 11/06/20
     180       175  
Power Buyer, Term Loan
                
4.250%, 05/06/20
     527       515  
Sabre, Term Loan B-2
                
4.500%, 02/19/19
     100       100  
Sabre, Term Loan C
                
4.000%, 02/19/18
     34       34  
Securitas Direct, Term Loan
                
10.762%, 08/30/19
     3,000       4,298  
Servicemaster Company, LLC, Term Loan B
                
0.000%, 06/25/21(H)
     75       75  
Spin Holdco (Coinmach), Term Loan B
                
4.250%, 11/14/19
     110       110  
Springer Science Business Media, Term Loan B2
                
5.000%, 08/14/20
     274       274  
Tervita Corp, Term Loan
                
6.250%, 05/14/18
     199       200  
USIC Holdings, Term Loan
                
4.000%, 07/10/20
     189       187  
   
Total Service
       44,609  
   
Sovereign [0.5%]
          
Arab Republic of Egypt, Term Loan
                
4.842%, 01/04/21(I)(J)
     3,403       2,951  
Tanzania, Term Loan
                
6.130%, 03/03/20
     4,000       3,980  
   

Description
Face Amount (000)
    
Value (000)
  
           
Total Sovereign
     $ 6,931  
Telecommunications [2.6%]
          
Cincinnati Bell, Term Loan B - 2013
              
4.000%, 09/10/20
   $ 1,926       1,924  
Consolidated Communications, Term Loan
                
4.250%, 12/23/20
     374       376  
Eircom Finco, Term Loan
                
4.790%, 09/30/19
     3,002       4,023  
Frontier Communications, Term Loan A
                
3.025%, 10/14/16
     4,429       4,373  
Integra Telecom, Second Lien
                
9.750%, 02/21/20
     165       168  
Integra Telecom, Term B Loan
                
5.250%, 02/22/19
     410       412  
Intelsat Jackson Holdings, Term Loan B2
                
3.750%, 06/30/19
     2,488       2,491  
Level 3 Communications, Term Loan B - 2020
                
4.000%, 01/15/20
     4,020       4,021  
Level 3 Communications, Term Loan B-3 -2019
                
4.000%, 08/01/19
     1,145       1,146  
LTS Buyer (Light Tower), Second Lien
                
8.000%, 04/12/21
     51       51  
LTS Buyer (Light Tower), Term Loan
                
4.000%, 04/13/20
     1,014       1,010  
Numericable U.S. LLC, Term Loan B-1
                
4.500%, 04/23/20
     4,708       4,735  
Numericable U.S. LLC, Term Loan B-2
                
4.500%, 04/23/20
     1,477       1,486  
Telenet Communications, Term Loan
                
3.769%, 06/30/23
     3,000       4,103  
Telx Group, Term Loan B (2014)
                
4.500%, 04/09/20
     570       570  
Windstream, Term Loan B4
                
3.500%, 01/10/20
     316       316  
Zayo Group, Term Loan B - 2012
                
4.000%, 07/02/19
     3,785       3,788  
   
Total Telecommunications
       34,993  
   
Transportation [0.6%]
          
Affinia Group, Term Loan B-2
                
4.750%, 04/25/20
     101       102  
Allison Transmission, Term Loan B3 (2013)
                
3.750%, 08/23/19
     1,307       1,310  
Chrysler Automotive, 2014 Term Loan B
                
3.250%, 12/31/18
     1,500       1,495  
 
CITY NATIONAL ROCHDALE FUNDS | 21
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Chrysler Group
            
4.250%, 05/24/17
   $ 1,266     $ 1,270  
Commercial Barge Line Company, Term Loan B
                
7.500%, 09/22/19
     297       298  
CS Intermedia Holdco 2 LLC, Term Loan
                
4.000%, 04/04/21
     285       284  
FleetPride, Term Loan B
                
5.250%, 11/15/19
     212       211  
Key Safety Systems, Term Loan B
                
4.750%, 05/10/18
     149       149  
Navios Maritime Partners, Term Loan B
                
5.250%, 06/27/18
     352       356  
Navistar, Tranche B Term Loan
                
5.750%, 08/17/17
     300       306  
Remy International, Term Loan - 2013
                
4.250%, 03/05/20
     435       434  
Schaeffler Finance BV, Term Loan E
                
3.750%, 05/12/20
     1,170       1,174  
Tomkins (Pinafore), Term B-2 Loan
                
3.750%, 09/29/16
     164       164  
Tower Auto Holdings, Term Loan B - 2020
                
4.000%, 04/23/20
     223       222  
Visteon Corporation, Term Loan B
                
0.000%, 04/09/21(H)
     535       531  
Wabash National, Term Loan
                
4.500%, 05/08/19
     159       159  
   
Total Transportation
       8,465  
   
Utility [0.8%]
          
Astoria Generating Co Acquisitions, Term Loan
                
8.500%, 10/26/17
     280       288  
Calpine, Construction TL B1 (2020)
                
3.000%, 05/03/20
     149       146  
Calpine, Construction TL B2 (2022)
                
3.250%, 01/31/22
     1,096       1,085  
Calpine, Term Loan
                
4.000%, 04/01/18
     490       492  
Calpine, Term Loan B2
                
4.000%, 04/01/18
     83       83  
Calpine, Term Loan B3
                
4.000%, 09/27/19
     1,573       1,576  
Calpine, Term Loan B4
                
4.000%, 10/31/20
     1,152       1,155  
Dynegy, Term Loan B-2
                
4.000%, 04/23/20
     193       193  
EFS Cogen Holdings I, Term Loan
                
3.750%, 12/17/20
     514       515  

Description
Face Amount (000)
    
Value (000)
  
           
Empire Generating Co, LLC, Term Loan B
            
5.250%, 03/12/21
   $ 1,575     $ 1,589  
Empire Generating Co, LLC, Term Loan C
                
5.250%, 03/12/21
     110       111  
ExGen Renewables I, LLC, Term Loan
                
5.250%, 02/06/21
     397       402  
La Frontera Generation, Term Loan B
                
4.500%, 09/30/20
     1,156       1,159  
NRG Energy, Term Loan
                
2.750%, 07/01/18
     1       1  
Texas Competitive Electric, Delay Draw
                
0.000%, 05/13/16(H)
     233       234  
Texas Competitive Electric, DIP Term Loan
                
3.750%, 05/05/16
     302       303  
TPF Generation Holdings, Term Loan B - 2013
                
4.750%, 12/31/17
     924       895  
TPF II, First Lien Term Loan
                
6.500%, 08/21/19
     184       186  
Viva Alamo LLC, Term Loan B
                
4.750%, 02/22/21
     239       242  
   
Total Utility
       10,655  
   
Wireless Communications [0.3%]
          
Cellular South, Term Loan B
                
3.250%, 05/23/20
     84       84  
Crown Castle International, Incremental Term Loan B
                
3.000%, 01/31/21
     1,315       1,314  
nTelos, Term Loan B
                
5.750%, 11/09/19
     937       937  
SBA Senior Finance, Tranche B-1 Term Loan
                
3.250%, 03/24/21
     650       645  
Syniverse Technologies, Old Term Loan B
                
4.000%, 04/23/19
     775       774  
Syniverse Technologies, Tranche B Term Loan
                
4.000%, 04/23/19
     887       885  
   
Total Wireless Communications
       4,639  
   
Total Loan Participations
  
(Cost $421,838)
       423,751  
   
Life Settlement Contracts [8.6%] (F)(G)(I)
  
American General Life #460L,
                
Acquired 05/30/2014*
     303       317  
American General Life #508L,
                
Acquired 05/30/2014*
     2,595       2,654  
American General Life #634L,
                
Acquired 05/30/2014*
     530       642  
AXA Equitable Life #0474,
                
Acquired 11/04/2013*
     7,290       9,411  
 
CITY NATIONAL ROCHDALE FUNDS | 22
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
AXA Equitable Life #0932,
            
Acquired 11/04/2013*
   $ 1,014     $ 2,910  
AXA Equitable Life #1600,
                
Acquired 05/30/2014*
     1,436       1,504  
AXA Equitable Life #1616,
                
Acquired 05/30/2014*
     3,254       3,314  
AXA Equitable Life #1898,
                
Acquired 11/04/2013*
     441       235  
AXA Equitable Life #4496,
                
Acquired 11/04/2013*
     115       542  
AXA Equitable Life #7233,
                
Acquired 11/04/2013*
     395       887  
AXA Equitable Life #7578,
                
Acquired 11/04/2013*
     2,104       1,257  
AXA Equitable Life #7857,
                
Acquired 11/04/2013*
     2,297       2,372  
AXA Equitable Life #8538,
                
Acquired 11/04/2013*
     1,333       1,669  
AXA Equitable Life #9345,
                
Acquired 11/04/2013*
     143       —  
Guardian Insurance #0346,
                
Acquired 11/04/2013*
     646       1,850  
ING #3394,
                
Acquired 05/30/2014*
     3,687       3,756  
ING Reliastar #1234,
                
Acquired 12/05/2013*
     1,067       2,124  
ING Reliastar #1649,
                
Acquired 12/05/2013*
     61       1,023  
ING Reliastar #4842,
                
Acquired 11/20/2013*
     921       1,874  
ING Reliastar #776H,
                
Acquired 05/30/2014*
     1,518       1,550  
John Hancock #0430,
                
Acquired 05/30/2014*
     2,418       2,469  
John Hancock #0801,
                
Acquired 05/30/2014*
     1,564       1,634  
John Hancock #1929,
                
Acquired 05/30/2014*
     3,813       3,865  
John Hancock #2223,
                
Acquired 11/19/2013*
     1,279       2,108  
John Hancock #5072,
                
Acquired 05/30/2014*
     1,409       1,444  
John Hancock #5080,
                
Acquired 11/19/2013*
     313       1,534  
John Hancock #5885,
                
Acquired 05/30/2014*
     894       924  
John Hancock #6686,
                
Acquired 05/30/2014*
     3,035       3,147  
John Hancock #6912,
                
Acquired 05/30/2014*
     1,065       1,125  
Lincoln Benefit Life #9330,
                
Acquired 05/30/2014*
     5,482       5,702  
Lincoln National #4654,
                
Acquired 05/30/2014*
     721       731  
Lincoln National #9239,
                
Acquired 05/30/2014*
     2,181       2,219  
Mass Mutual #1849,
                
Acquired 11/05/2013*
     2,926       3,270  
Mass Mutual #5167,
                
Acquired 05/30/2014*
     63       189  

Description
Face Amount (000)
    
Value (000)
  
           
Mass Mutual #5681,
            
Acquired 11/05/2013*
   $ 288     $ 1,462  
Mass Mutual #5864,
                
Acquired 05/30/2014*
     4,668       4,890  
Mass Mutual #6620,
                
Acquired 11/05/2013*
     222       1,125  
Met Life #8MLU,
                
Acquired 05/30/2014*
     1,413       2,250  
NY Life & Annuity #4757,
                
Acquired 05/30/2014*
     3,159       3,294  
NY Life Insurance #5673,
                
Acquired 05/30/2014*
     3,334       3,392  
Pacific Life #7850,
                
Acquired 05/30/2014*
     550       580  
Penn Mutual #3106,
                
Acquired 05/30/2014*
     1,294       1,324  
Phoenix Life #5555,
                
Acquired 05/30/2014*
     3,946       4,112  
Phoenix Life #6161,
                
Acquired 05/30/2014*
     3,472       3,540  
Phoenix Life #8499,
                
Acquired 05/30/2014*
     756       813  
Phoenix Life #8509,
                
Acquired 05/30/2014*
     761       818  
Principal Financial #6653,
                
Acquired 10/30/2013*
     306       1,078  
Security Mutual Life #5380,
                
Acquired 10/30/2013*
     410       603  
Transamerica #0152,
                
Acquired 10/28/2013*
     2,916       4,031  
Transamerica #1708,
                
Acquired 10/28/2013*
     957       2,679  
Transamerica #2275,
                
Acquired 10/28/2013*
     6,252       5,678  
Transamerica #3426,
                
Acquired 11/12/2013*
     275       521  
Transamerica #8205,
                
Acquired 10/28/2013*
     714       1,286  
Union Central Life #4500,
                
Acquired 10/30/2013*
     790       3,179  
   
Total Life Settlement Contracts
  
(Cost $94,796)
       116,907  
   
Sovereign Debt [1.6%]
  
Bosnia & Herzegovina Government International Bond
                
1.095%, 12/11/17(C)
     2,111       2,500  
Egyptian Paris Club
                
2.779%, 01/01/21(I)(J)
     253       220  
Ghana Government Bond
                
14.250%, 07/25/16(I)
     1,489       374  
Islamic Republic of Pakistan
                
7.125%, 03/31/16
     4,220       4,347  
Kenya Government International Bond
                
5.875%, 06/24/19
     2,000       2,040  
Mozambique EMATUM Finance 2020 BV
                
6.305%, 09/11/20
     4,000       4,040  
 
CITY NATIONAL ROCHDALE FUNDS | 23
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
Description
Face Amount (000)
    
Value (000)
  
           
Republic of Angola
            
6.597%, 12/06/20
   $ 7,000     $ 6,965  
United Republic of Tanzania
                
6.332%, 03/09/20(C)
     1,000       1,065  
   
Total Sovereign Debt
  
(Cost $21,815)
       21,551  
   
Convertible Bonds [1.3%]
  
Diversified Minerals [0.3%]
          
African Minerals
                
8.500%, 02/10/17
     4,000       3,480  
   
Medical Products & Services [0.1%]
          
Bio City Development B.V
                
8.000%, 07/06/18(B)(I)
     1,000       850  
   
Metal-Iron [0.1%]
          
London Mining Jersey
                
12.000%, 02/15/16
     1,500       1,245  
   
Miscellaneous Manufacturing [0.1%]
          
TMK Bonds
                
5.250%, 02/11/15
     2,000       2,010  
   
Total Miscellaneous Manufacturing
       2,010  
   
Petroleum & Fuel Products [0.7%]
          
Essar Energy Investment
                
4.250%, 02/01/16
     10,000       9,965  
   
Total Convertible Bonds
  
(Cost $18,416)
       17,550  
   
Asset-Backed Securities [1.0%]
  
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
                
9.250%, 06/06/16 (F)(I)
     8,942       8,423  
Start CLO, Ser 2011-7A, Cl A
                
15.235%, 06/09/16(A) (C)
     3,500       3,688  
Yapi Kredi Diversified Payment Rights Finance, Ser 2010-1, Cl A
                
0.869%, 11/21/14(C)
     941       935  
   
Total Asset-Backed Securities
  
(Cost $13,394)
       13,046  
   
Sovereign Loan [0.5%]
  
Kenya Ministry of Finance
                
4.975%, 08/15/14
     7,000       6,965  
   
Total Sovereign Loan
  
(Cost $6,998)
       6,965  
 
Description
Number of Warrants/
Face Amount (000)/Shares
    
Value (000)
  
Warrants [0.4%]
  
Central Bank of Nigeria,
                
Expires 11/15/20*
     38,250     $ 5,737  
Gulf Keystone Petro,
                
Expires 04/18/17*
     608,000       213  
   
Total Warrants
  
(Cost $6,790)
       5,950  
   
Mortgage-Backed Securities [0.2%]
  
Russian Mortgage Backed Security
            
1.151%, 05/15/34(I)
   $ 1,065       1,028  
Sealane Trade Finance, Ser 2011-1X, Cl A
                
14.234%, 02/12/16(C)
     1,000       1,054  
   
Total Mortgage-Backed Securities
  
(Cost $2,017)
       2,082  
   
Common Stock [0.0%]
  
Energy [0.0%]
          
Aventine Renewable Energy Holdings *(I)
     3,836       24  
Lone Pine Resource *(I)
     9,355       —  
Lone Pine Resource A * (F)(I)
     9,355       23  
   
Total Energy
       47  
   
Services [0.0%]
          
A'Ayan Leasing * (F)(I)
     1,113,750       174  
   
Total Common Stock
  
(Cost $477)
       221  
   
Short-Term Investment [4.3%]
  
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
     58,717,267       58,717  
   
Total Short-Term Investment
  
(Cost $58,717)
       58,717  
   
Total Investments [98.6%]
  
(Cost $1,301,280)
     $ 1,338,399  
 
Percentages are based on Net Assets of $1,357,770 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $1,301,280 (000), and the unrealized appreciation and depreciation were $50,128 (000) and $13,009 (000), respectively.
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of June 30, 2014.
(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 June 30, 2014, the value of these securities amounted to $168,826 (000), representing 12.4% of the net assets of the Fund.
(B)
In default on interest payments. Rate shown represents the last coupon rate prior to default.
(C)
Floating Rate Security — The rate reported is the rate in effect on June 30, 2014.
 
CITY NATIONAL ROCHDALE FUNDS | 24
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
(D)
Step Bond — The rate reported is the rate in effect on June 30, 2014. The coupon on a step bond changes on a specific date.
(E)
Is Payment in Kind.
(F)
Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of June 30, 2014 was $129,004 (000) and represented 9.5% of Net Assets of the Fund.
(G)
Security is considered restricted. The total market value of such securities as of June 30, 2014 was $116,907 (000) and represented 8.6% of Net Assets of the Fund.
(H)
Unsettled bank loan.
(I)
Security is considered illiquid. The total market value of such securities as of June 30, 2014 was $139,109 (000) and represented 10.2% of Net Assets of the Fund.
(J)
Rate shown is the effective yield at time of purchase.

CHF — Swiss Franc
Cl — Class
CLO — Collateralized Loan Obligation
EUR — Euro
GBP — British Pound Sterling
HMO — Health Maintenance Organization
LLC — Limited Liability Corporation
LLP — Limited Liability Partnership
MLP — Master Limited Partnership
MTN — Medium Term Note
NOK — Norwegian Krone
PLC — Public Limited Company
PIK — Payment-in Kind
Ser — Series
SPE — Special Purpose Entity
USD — United States Dollar
Amounts designated as "—" are either $0 or have been rounded to $0.
 
 
For the period ended June 30, 2014, 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 June 30, 2014 in valuing the Fund’s investments carried at value (000):

Investments in Securities
  
Level 1
    
Level 2
    
Level 3(1)
    
Total
  
Corporate Bonds
   $ —     $ 669,439     $ 2,220     $ 671,659  
Loan Participations
     —       420,800       2,951       423,751  
Life Settlement Contracts
     —       —       116,907       116,907  
Sovereign Debt
     —       21,332       219       21,551  
Convertible Bonds
     —       17,550       —       17,550  
Asset-Backed Securities
     —       —       13,046       13,046  
Sovereign Loan
     —       6,965       —       6,965  
Warrants
     5,737       213       —       5,950  
Mortgage-Backed Securities
     —       1,028       1,054       2,082  
Common Stock
     —       198       23       221  
Short-Term Investment
     58,717       —       —       58,717  
Total Investments in Securities
   $ 64,454     $ 1,137,525     $ 136,420     $ 1,338,399  
 
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Forwards Contracts*
                        
Unrealized Appreciation
   $ —     $ 99     $ —     $ 99  
Unrealized Depreciation
     —       (792 )     —       (792 )
Total Other Financial Instruments
   $ —     $ (693 )   $ —     $ (693 )

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

(1) Of the $136,420 (000) in Level 3 securities as of June 30, 2014, $125,330 (000) or 91.9% 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.
 
 
CITY NATIONAL ROCHDALE FUNDS | 25
 
 
Consolidated Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund
 
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of June 30, 2014:

   
Investments in Loan Participations
    
Investments in Life Settlement Contracts
    
Investments in Sovereign Debt
  
Beginning balance as of October 1, 2013
   $ 995     $ —     $ 234  
Accrued discounts/ premiums
     (5 )     —       5  
Realized gain/(loss)
     2       —       9  
Change in unrealized appreciation/(depreciation)
     (1 )     22,111       15  
Purchases
     —       94,796       —  
Sales/paydowns
     (991 )     —       (44 )
Transfers into Level 3
     2,951       —       —  
Transfers out of Level 3
     —       —       —  
Ending balance as of June 30, 2014
   $ 2,951     $ 116,907     $ 219  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ (1 )    $ 22,111     $ 15  

   
Investments in Asset-Backed Securities
    
Investments in Mortgage-Backed Securities
    
Investments in Corporate Bonds
  
Beginning balance as of October 1, 2013
   $ 18,301     $ 1,038     $ —  
Accrued discounts/ premiums
     (102 )     —       —  
Realized gain/(loss)
     (1 )     —       —  
Change in unrealized appreciation/(depreciation)
     285       16       —  
Purchases
     —       —       2,220  
Sales/paydowns
     (5,437 )     —       —  
Transfers into Level 3
     —       —       —  
Transfers out of Level 3
     —       —       —  
Ending balance as of June 30, 2014
   $ 13,046     $ 1,054     $ 2,220  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ 285     $ 16     $ —  

   
Investments in Common Stock
    
Total
  
Beginning balance as of October 1, 2013
   $ —     $ 20,568  
Accrued discounts/ premiums
     —       (102 )
Realized gain/(loss)
     —       10  
Change in unrealized appreciation/(depreciation)
     —       22,426  
Purchases
     23       97,039  
Sales/paydowns
     —       (6,472 )
Transfers into Level 3
     —       2,951  
Transfers out of Level 3
     —       —  
Ending balance as of June 30, 2014
   $ 23     $ 136,420  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ —     $ 22,426  

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2014. 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
June 30, 2014
(000)
  
Valuation Techniques
      
BT SPE
$8,423
  
Discounted Cash Flow Model
     
             
     
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%
  
             
Life Settlement Contracts
116,907
  
Discounted Cash Flow Model
      
             
     
Observable Inputs
      
     
N/A
     
             
     
Unobservable Inputs
  
Range
  
     
Discount Rate
  
13%
  
     
Expected Maturity (months)
  
33-128
  

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.  For the period ended June 30, 2014, there were transfers between Level 2 and Level 3 assets and liabilities.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | 26
 

Schedule of Investments
June 30, 2014 (Unaudited)
 
City National Rochdale Multi-Asset Fund

Description
Shares
    
Value (000)
  
           
Exchange Traded Funds [55.8%]
  
Energy Select Sector SPDR Fund
     5,165     $ 517  
Industrial Select Sector SPDR
     16,146       873  
iShares 7-10 Year Treasury Bond ETF
     36,110       3,740  
iShares Russell 3000 Index Fund
     11,850       1,395  
iShares S&P MidCap 400 Index Fund
     8,055       1,153  
SPDR S&P 500
     9,408       1,841  
SPDR S&P Dividend
     15,262       1,169  
Technology Select Sector SPDR
     14,165       543  
Vanguard FTSE Europe ETF
     25,370       1,521  
Vanguard REIT
     5,185       388  
Vanguard Small Cap Value
     10,370       1,215  
   
Total Exchange Traded Funds
  
(Cost $13,125)
       14,355  
   
Unaffiliated Registered Investment Companies [27.2%]
  
Eaton Vance Floating Rate Advantage Fund
     68,817       767  
Ivy High Income Fund
     167,420       1,467  
Market Vectors Emerging High Yield Bond ETF
     28,700       758  
Oppenheimer Senior Floating Rate Fund
     90,256       758  
Vanguard Short-Term Bond Index Fund
     219,954       2,316  
Voya Global Real Estate Fund
     45,997       937  
   
Total Registered Investment Companies
  
(Cost $6,851)
       7,003  
   
Affiliated Registered Investment Companies [15.5%]
  
City National Rochdale Corporate Bond Fund, Servicing Class
     150,395       1,613  
City National Rochdale Government Bond Fund, Institutional Class
     110,263       1,159  
City National Rochdale Limited Maturity Fixed Income Fund, Institutional Class
     109,642       1,228  
   
Total Affiliated Registered Investment Companies
  
(Cost $4,042)
       4,000  
   
Short-Term Investments [1.4%]
  
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%‡*
     183,990       184  

Description
Shares
    
Value (000)
  
           
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*
     183,682     $ 184  
   
Total Short-Term Investments
  
(Cost $368)
       368  
   
Total Investments [99.9%]
  
(Cost $24,386)
     $ 25,726  
 
Percentages are based on Net Assets of $25,755 (000).
 
†
At June 30, 2014, the tax basis cost of the Fund's investments was $24,386 (000), and the unrealized appreciation and depreciation were $1,435 (000) and $95 (000), respectively.

*
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.

Cl — Class
ETF — Exchange Traded Fund
FTSE — Financial Times Stock Exchange
REIT — Real Estate Investment Trust
S&P — Standard & Poor's
SPDR — Standard & Poor's Depositary Receipts

As of June 30, 2014, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Dividend and Income Portfolio
 
Description
Shares
    
Value (000)
  
           
Common Stock [98.1%]‡
  
Consumer Discretionary [6.4%]
        
Lamar Advertising, Cl A
     60,000     $ 3,180  
Mattel
     95,500       3,722  
McDonald's
     33,800       3,405  
Regal Entertainment Group, Cl A
     82,300       1,736  
   
Total Consumer Discretionary
       12,043  
   
Consumer Staples [25.7%]
          
Altria Group
     14,250       598  
B&G Foods
     70,900       2,318  
Campbell Soup
     15,000       687  
Clorox
     32,100       2,934  
Coca-Cola
     18,000       762  
ConAgra Foods
     27,800       825  
Dr Pepper Snapple Group
     52,900       3,099  
General Mills
     66,680       3,503  
Hershey
     14,400       1,402  
Imperial Tobacco Group ADR
     23,152       2,084  
Kellogg
     40,500       2,661  
Kimberly-Clark
     18,200       2,024  
Kraft Foods Group
     13,194       791  
Lorillard
     83,590       5,096  
PepsiCo
     8,000       715  
Philip Morris International
     52,600       4,435  
Procter & Gamble
     39,149       3,077  
Reynolds American
     10,692       645  
Sysco
     61,600       2,307  
Unilever ADR
     22,200       1,006  
Universal
     38,592       2,136  
Vector Group
     132,647       2,743  
Wal-Mart Stores
     35,200       2,643  
   
Total Consumer Staples
       48,491  
   
Energy [12.7%]
          
Buckeye Partners
     4,400       365  
Chevron
     30,683       4,006  
ConocoPhillips
     27,500       2,358  
Crestwood Midstream Partners
     60,071       1,326  
Enbridge Energy Partners
     15,000       554  
Energy Transfer Partners
     3,700       214  
Enterprise Products Partners
     36,292       2,841  
Exxon Mobil
     25,838       2,601  
Kinder Morgan Energy Partners
     5,700       469  
NuStar Energy
     11,250       698  
Occidental Petroleum
     25,500       2,617  
ONEOK
     18,500       1,259  
ONEOK Partners
     2,400       141  
Plains All American Pipeline
     60,725       3,646  
Spectra Energy
     4,753       202  
TransCanada
     13,928       665  
   
Total Energy
       23,962  
   
Financials [5.5%]
          
Arthur J Gallagher
     13,200       615  
BB&T
     33,000       1,301  
Cincinnati Financial
     51,700       2,484  
Compass Diversified Holdings
     32,000       581  

Description
Shares
    
Value (000)
  
           
FirstMerit
     28,571     $ 565  
JPMorgan Chase
     12,000       691  
Mercury General
     15,000       705  
NBT Bancorp
     25,935       623  
People's United Financial
     30,000       455  
Prospect Capital
     120,000       1,275  
Travelers
     6,067       571  
US Bancorp
     10,000       433  
   
Total Financials
       10,299  
   
Health Care [7.7%]
          
Bristol-Myers Squibb
     62,000       3,008  
Eli Lilly
     48,400       3,009  
GlaxoSmithKline ADR
     32,000       1,711  
Johnson & Johnson
     38,200       3,997  
Merck
     28,150       1,628  
Pfizer
     41,944       1,245  
   
Total Health Care
       14,598  
   
Industrials [4.3%]
          
3M
     5,400       774  
Eaton (A)
     39,700       3,064  
General Dynamics
     14,500       1,690  
General Electric
     57,400       1,508  
Honeywell International
     1,872       174  
Lockheed Martin
     6,000       964  
   
Total Industrials
       8,174  
   
Information Technology [2.2%]
          
IBM
     2,000       362  
Intel
     83,000       2,565  
Paychex
     10,000       416  
Seagate Technology
     15,000       852  
   
Total Information Technology
       4,195  
   
Materials [4.3%]
          
Dow Chemical
     19,000       978  
EI du Pont de Nemours
     52,700       3,449  
Nucor
     15,000       739  
Olin
     57,000       1,534  
Sonoco Products
     24,000       1,054  
Southern Copper
     12,128       368  
   
Total Materials
       8,122  
   
REITs [9.7%]
          
Apartment Investment & Management, Cl A
     17,229       556  
Camden Property Trust
     8,914       634  
EPR Properties
     18,200       1,017  
Government Properties Income Trust
     35,000       889  
Health Care Property Investors
     33,546       1,388  
Health Care REIT
     11,612       728  
Healthcare Realty Trust
     17,000       432  
Liberty Property Trust
     17,385       659  
Mack-Cali Realty
     35,000       752  
Mid-America Apartment Communities
     12,000       877  
National Health Investors
     20,000       1,251  

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Dividend and Income Portfolio
 
Description
Shares
    
Value (000)
  
           
National Retail Properties
     36,500     $ 1,357  
Plum Creek Timber
     24,000       1,082  
Public Storage
     10,000       260  
QTS Realty Trust, Cl A
     8,000       229  
Ramco-Gershenson Properties Trust
     4,000       67  
Select Income REIT
     50,000       1,482  
Senior Housing Properties Trust
     13,000       316  
Sovran Self Storage
     10,036       775  
Tanger Factory Outlet Centers
     27,984       979  
Ventas
     38,632       2,476  
Weyerhaeuser
     9,170       304  
   
Total REITs
       18,510  
   
Shipping & Transportation [0.7%]
          
Fly Leasing ADR
     87,370       1,266  
   
Telecommunication Services [5.2%]
          
AT&T
     84,500       2,988  
Consolidated Communications Holdings
     125,400       2,789  
Verizon Communications
     54,067       2,645  
Windstream Holdings
     136,128       1,356  
   
Total Telecommunication Services
       9,778  
   
Utilities [13.7%]
          
AGL Resources
     8,000       440  
American Electric Power
     25,000       1,394  
AmeriGas Partners
     28,200       1,280  
Atmos Energy
     15,000       801  
Brookfield Infrastructure Partners
     20,000       835  
Cleco
     4,536       267  
Dominion Resources
     15,000       1,073  
DTE Energy
     10,000       778  
Duke Energy
     31,006       2,300  
Entergy
     13,700       1,125  
Ferrellgas Partners
     7,300       200  
FirstEnergy
     38,000       1,319  
Hawaiian Electric Industries
     24,010       608  
National Fuel Gas
     13,286       1,040  
NiSource
     20,000       787  
Northeast Utilities
     37,492       1,772  
Northwest Natural Gas
     8,396       396  
OGE Energy
     33,600       1,313  
ONE Gas
     4,625       175  
Pinnacle West Capital
     28,885       1,671  
Portland General Electric
     12,000       416  
PPL
     20,000       711  
SCANA
     33,000       1,776  
Suburban Propane Partners
     11,200       515  
UIL Holdings
     11,000       426  
United Utilities Group ADR
     19,318       583  
Wisconsin Energy
     27,500       1,290  
Xcel Energy
     20,000       645  
   
Total Utilities
       25,936  
   
Total Common Stock
  
(Cost $136,865)
       185,374  
   

Description
Face Amount (000)/Shares
    
Value (000)
  
           
Preferred Stock [0.8%]
  
REITs [0.5%]
        
CommonWealth
     10,000     $ 258  
First Potomac Realty Trust
     10,000       259  
National Retail Properties
     10,000       252  
Public Storage
     10,000       244  
   
Total REITs
       1,013  
   
Telecommunication Services [0.3%]
          
Qwest
     10,000       264  
Verizon Communications
     10,000       258  
   
Total Telecommunication Services
       522  
   
Total Preferred Stock
  
(Cost $1,482)
       1,535  
   
Asset-Backed Security [0.2%]
  
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
                
9.250%, 06/06/16 (B)(C)
   $ 457       431  
   
Total Asset-Backed Security
  
(Cost $457)
       431  
   
Short-Term Investments [2.5%]
  
City National Rochdale Government Money Market Fund, 0.010%@**
     2,318,694       2,319  
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
     2,340,100       2,340  
   
Total Short-Term Investments
  
(Cost $4,659)
       4,659  
   
Total Investments [101.6%]
  
(Cost $143,463)†
     $ 191,999  
 
Percentages are based on Net Assets of $188,886 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $143,463 (000), and the unrealized appreciation and depreciation were $49,862 (000) and $1,326 (000), respectively.
‡
Note the Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes.
@
Investment in Affiliate.
**
The rate reported is the 7-day effective yield as of June 30, 2014.
(A)
Foreign Security.
(B)
Security is considered illiquid. The total market value of such security as of June 30, 2014 was 431 (000) and represented 0.2% of net assets of the Fund.
(C)
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 June 30, 2014 was $431 (000) and represented 0.2% of net assets of the Fund.
 
ADR — American Depositary Receipt
Cl — Class
REIT — Real Estate Investment Trust
SPE — Special Purpose Entity

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale Dividend and Income Portfolio
 
The following is a list of the inputs used as of June 30, 2014 in valuing the Fund’s investments carried at value ($ Thousands): 

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stock
   $ 185,374     $ —     $ —     $ 185,374  
Preferred Stock
     1,535       —       —       1,535  
Asset-Backed Security
     —       —       431       431  
Short-Term Investments
     4,659       —       —       4,659  
Total Investments in Securities
   $ 191,568     $ —     $ 431     $ 191,999  

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of June 30, 2014:

   
Investments in Asset-Backed Security
(000)
  
Beginning balance as of October 1, 2013
   $ 579  
Accrued discounts/premiums
     —  
Realized gain/(loss)
     —  
Change in unrealized appreciation/(depreciation)
     9  
Purchases
     —  
Sales/paydowns
     (157 )
Transfers into Level 3
     —  
Transfers out of Level 3
     —  
Ending balance as of June 30, 2014
   $ 431  
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date
   $ 9  
 
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2014. 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
June 30, 2014
(000)
  
Valuation Techniques
    
BT SPE
$431
  
Discounted Cash Flow Model
    
           
     
Observable Inputs
    
     
Cumulated Collections
    
     
Cumulated Defaults
    
     
Annualized Default Rate
    
     
Cumulated Default Rate
    
     
Pace of Collection Pace of Defaults
    
     
Interest Rates
    
           
     
Unobservable Inputs
  
Range
     
Projected Default Rates
  
5%-12%
     
Projected Collection Rates
  
90%-100%
     
Expected Discount Rates
  
7%-9.25%
 
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended June 30, 2014, the transfers into Level 1 were due to changes in the availability of observable inputs to determine fair value.  Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 3
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale U.S. Core Equity

Description
Shares
    
Value (000)
  
           
Common Stock [98.6%]
  
Aerospace & Defense [4.0%]
        
Hexcel *
     82,000     $ 3,354  
Textron
     72,000       2,757  
United Technologies
     28,800       3,325  
   
Total Aerospace & Defense
       9,436  
   
Auto Components [1.5%]
          
Magna International
     33,300       3,588  
   
Biotechnology [7.0%]
          
Biogen Idec *
     12,650       3,989  
Celgene *
     78,200       6,716  
Gilead Sciences *
     72,700       6,027  
   
Total Biotechnology
       16,732  
   
Capital Markets [3.1%]
          
Affiliated Managers Group *
     17,300       3,553  
State Street
     57,100       3,841  
   
Total Capital Markets
       7,394  
   
Chemicals [2.4%]
          
Eastman Chemical
     33,100       2,891  
LyondellBasell Industries, Cl A
     29,000       2,832  
   
Total Chemicals
       5,723  
   
Commercial Banks [3.2%]
          
CIT Group
     59,800       2,736  
Wells Fargo
     93,200       4,899  
   
Total Commercial Banks
       7,635  
   
Communications Equipment [2.8%]
          
Ciena *
     139,400       3,019  
Qualcomm
     46,300       3,667  
   
Total Communications Equipment
       6,686  
   
Computers & Peripherals [4.3%]
          
Apple
     110,200       10,241  
   
Construction & Engineering [1.3%]
          
Quanta Services *
     91,000       3,147  
   
Consumer Finance [2.5%]
          
American Express
     61,300       5,816  
   
Diversified Financial Services [4.7%]
          
Citigroup
     123,500       5,817  
JPMorgan Chase
     93,200       5,370  
   
Total Diversified Financial Services
       11,187  
   
Diversified Telecommunication Services [1.6%]
          
Verizon Communications
     77,700       3,802  
   
Energy Equipment & Services [5.8%]
          
Halliburton
     51,100       3,629  
National Oilwell Varco
     53,900       4,439  

Description
Shares
    
Value (000)
  
           
Schlumberger
     48,700     $ 5,744  
   
Total Energy Equipment & Services
       13,812  
   
Food & Staples Retailing [3.9%]
          
Costco Wholesale
     28,600       3,293  
CVS
     80,000       6,030  
   
Total Food & Staples Retailing
       9,323  
   
Food Products [2.8%]
          
Tyson Foods, Cl A
     55,400       2,080  
WhiteWave Foods, Cl A *
     140,200       4,538  
   
Total Food Products
       6,618  
   
Health Care Equipment & Supplies [2.5%]
          
Edwards Lifesciences *
     38,100       3,271  
Intuitive Surgical *
     6,650       2,738  
   
Total Health Care Equipment & Supplies
       6,009  
   
Hotels, Restaurants & Leisure [1.3%]
          
Starbucks
     39,200       3,033  
   
Household Durables [1.8%]
          
PulteGroup
     215,900       4,352  
   
Insurance [3.3%]
          
ACE
     24,000       2,489  
Prudential Financial
     60,000       5,326  
   
Total Insurance
       7,815  
   
Internet Software & Services [5.1%]
          
Facebook, Cl A *
     60,800       4,091  
Google, Cl C *
     13,970       8,105  
   
Total Internet Software & Services
       12,196  
   
IT Services [3.8%]
          
MasterCard, Cl A
     76,300       5,606  
Visa, Cl A
     15,900       3,350  
   
Total IT Services
       8,956  
   
Leisure Equipment & Products [1.5%]
          
Polaris Industries
     27,400       3,569  
   
Life Sciences Tools & Services [1.8%]
          
Thermo Fisher Scientific
     36,300       4,283  
   
Machinery [3.5%]
          
Cummins
     25,300       3,904  
Wabtec
     54,900       4,534  
   
Total Machinery
       8,438  
   
Media [4.9%]
          
Comcast, Cl A
     75,300       4,042  
Lions Gate Entertainment
     101,700       2,907  
Walt Disney
     54,000       4,630  
   
Total Media
       11,579  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (Unaudited)

City National Rochdale U.S. Core Equity
 
Description
Shares
    
Value (000)
  
           
Oil, Gas & Consumable Fuels [6.2%]
        
Cabot Oil & Gas
     94,000     $ 3,209  
Continental Resources *
     32,100       5,073  
Exxon Mobil
     33,200       3,343  
Occidental Petroleum
     31,200       3,202  
   
Total Oil, Gas & Consumable Fuels
       14,827  
   
Paper & Forest Products [1.1%]
          
International Paper
     51,400       2,594  
   
Pharmaceuticals [1.6%]
          
Mylan *
     72,200       3,723  
   
Professional Services [0.8%]
          
Verisk Analytics, Cl A *
     30,300       1,818  
   
Road & Rail [1.9%]
          
Union Pacific
     46,100       4,598  
   
Semiconductors & Semiconductor Equipment [1.3%]
          
NXP Semiconductor *
     47,150       3,121  
   
Software [1.0%]
          
Adobe Systems *
     32,700       2,366  
   
Specialty Retail [3.0%]
          
Home Depot
     51,500       4,170  
Lowe's
     61,500       2,951  
   
Total Specialty Retail
       7,121  
   
Water Utilities [1.3%]
          
American Water Works
     61,400       3,036  
   
Total Common Stock
  
(Cost $195,545)
       234,574  
   
Total Investments [98.6%]
  
(Cost $195,545)†
     $ 234,574  
 
Percentages are based on Net Assets of $237,940 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $195,545 (000), and the unrealized appreciation and depreciation were $40,207 (000) and $1,178 (000), respectively.

*
Non-income producing security.

Cl — Class

As of June 30, 2014, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended June 30, 2014, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Socially Responsible Equity Fund
 
Description
Shares
    
Value (000)
  
           
Common Stock [96.2%]
  
Automotive [5.2%]
        
Ford Motor
     130,200     $ 2,245  
Johnson Controls
     27,800       1,388  
PACCAR
     20,000       1,257  
   
Total Automotive
       4,890  
   
Banks [4.2%]
          
Bank of America
     139,400       2,143  
CIT Group
     38,600       1,766  
   
Total Banks
       3,909  
   
Broadcasting & Cable [1.9%]
          
Cisco Systems
     71,900       1,787  
   
Building & Construction [2.5%]
          
Owens Corning
     59,500       2,301  
   
Business Services [1.7%]
          
Xerox
     128,300       1,596  
   
Chemicals [1.8%]
          
EI du Pont de Nemours
     25,600       1,675  
   
Commercial Banks [2.4%]
          
BB&T
     56,400       2,224  
   
Communication & Media [2.4%]
          
Starz *
     75,600       2,252  
   
Computer Software [2.3%]
          
Microsoft
     51,400       2,143  
   
Drugs [2.4%]
          
AbbVie
     39,900       2,252  
   
Electric Services [5.8%]
          
Eaton
     34,400       2,655  
Northeast Utilities
     38,200       1,806  
Portland General Electric
     26,300       912  
   
Total Electric Services
       5,373  
   
Electronic Equipment & Instruments [1.4%]
          
Arrow Electronics *
     20,400       1,232  
   
Energy Equipment & Services [2.0%]
          
National Oilwell Varco
     22,200       1,828  
   
Financial Services [1.4%]
          
American Express
     13,700       1,299  
   
Food, Beverage & Tobacco [2.9%]
          
PepsiCo
     29,900       2,671  
   
Health Care Products & Services [0.9%]
          
Cardinal Health
     12,700       871  

Description
Shares
    
Value (000)
  
           
Household Furniture & Fixtures [5.0%]
        
Procter & Gamble
     29,500     $ 2,318  
Stanley Black & Decker
     26,600       2,336  
   
Total Household Furniture & Fixtures
       4,654  
   
Insurance [15.2%]
          
American International Group
     47,400       2,587  
Berkshire Hathaway, Cl B *
     13,800       1,747  
Chubb
     9,300       857  
DaVita HealthCare Partners *
     30,800       2,227  
Genworth Financial, Cl A *
     151,900       2,643  
HCC Insurance Holdings
     36,000       1,762  
Symetra Financial
     102,000       2,319  
   
Total Insurance
       14,142  
   
Machinery [0.8%]
          
Titan International
     45,200       760  
   
Medical Products & Services [8.8%]
          
Baxter International
     35,300       2,552  
Becton Dickinson
     14,800       1,751  
Covidien
     22,900       2,065  
Laboratory Corp of America Holdings *
     17,300       1,772  
   
Total Medical Products & Services
       8,140  
   
Personal Products [0.8%]
          
Elizabeth Arden *
     33,600       720  
   
Petroleum & Fuel Products [10.7%]
          
ConocoPhillips
     20,000       1,715  
Denbury Resources
     104,500       1,929  
Phillips 66
     9,900       796  
Southwestern Energy *
     61,200       2,784  
Spectra Energy
     42,000       1,784  
Whiting Petroleum *
     11,300       907  
   
Total Petroleum & Fuel Products
       9,915  
   
Printing & Publishing [1.5%]
          
Tyco International
     29,875       1,362  
   
Property & Casualty Insurance [1.4%]
          
Fidelity National Financial, Cl A
     38,700       1,268  
   
Real Estate Investment Trusts [3.4%]
          
Redwood Trust
     66,400       1,293  
Weyerhaeuser
     56,500       1,870  
   
Total Real Estate Investment Trusts
       3,163  
   
Real Estate Management & Development [2.9%]
          
Brookfield Asset Management, Cl A
     40,000       1,761  
Kennedy-Wilson Holdings
     33,000       885  
   
Total Real Estate Management & Development
       2,646  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (unaudited)

City National Rochdale Socially Responsible Equity Fund
Description
Shares
    
Value (000)
  
           
Semi-Conductors [1.7%]
        
Broadcom, Cl A
     42,200     $ 1,567  
   
Telephone & Telecommunications [1.9%]
          
Corning
     80,900       1,776  
   
Transportation Services [0.9%]
          
United Parcel Service, Cl B
     8,600       883  
   
Total Common Stock
  
(Cost $69,544)
       89,299  
   
Short-Term Investment [5.0%]
  
AIM STIT-Government TaxAdvantage Portfolio, 0.010%**
     4,634,889       4,635  
   
Total Short-Term Investment
  
(Cost $4,635)
       4,635  
   
Total Investments [101.2%]
  
(Cost $74,179) †
     $ 93,934  
 
Percentages are based on Net Assets of $92,823 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $74,179 (000), and the unrealized appreciation and depreciation were $20,508 (000) and $753 (000), respectively.
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of June 30, 2014.

Cl — Class
REIT — Real Estate Investment Trust

As of June 30, 2014, all of the Fund’s investments are Level 1in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 

Schedule of Investments
June 30, 2014 (unaudited)
 
City National Rochdale Emerging Markets Portfolio

Description
Shares
    
Value (000)
  
           
Common Stock [91.0%]
  
China [29.8%]
        
AAC Technologies Holdings
     1,299,200     $ 8,457  
ANTA Sports Products
     3,116,000       4,953  
Baidu ADR *
     49,900       9,322  
Bank of China, Cl H
     2,935,000       1,314  
China Pioneer Pharma Holdings
     14,211,000       8,618  
China Railway Group, Cl H
     7,137,000       3,490  
China State Construction International Holdings
     4,034,000       7,079  
CIMC Enric Holdings
     4,414,000       5,809  
Coolpad Group
     24,460,000       6,754  
Fufeng Group
     14,712,000       5,524  
Goodbaby International Holdings
     11,561,705       5,698  
Great Wall Motor, Cl H
     3,645,500       13,546  
Industrial & Commercial Bank of China, Cl H
     737,000       466  
Li Ning *
     6,650,000       5,320  
Man Wah Holdings
     3,654,000       5,837  
Ping An Insurance Group of China, Cl H
     758,500       5,872  
Shanghai Fosun Pharmaceutical Group, Cl H
     1,420,000       5,295  
Sunac China Holdings
     10,571,000       5,987  
Sunny Optical Technology Group
     7,802,000       11,033  
Tencent Holdings
     1,179,500       17,988  
Tingyi Cayman Islands Holding
     1,498,000       4,194  
Want Want China Holdings
     2,140,000       3,076  
XTEP International Holdings
     12,005,000       5,065  
Zhejiang Expressway, Cl H
     5,586,000       5,658  
ZTE, Cl H
     2,354,100       4,641  
   
Total China
       160,996  
   
Hong Kong [11.7%]
          
Chaowei Power Holdings
     10,998,000       6,173  
China Gas Holdings
     3,082,000       6,394  
Chow Sang Sang Holdings International
     690,000       1,727  
CPMC Holdings
     5,499,000       4,740  
Freetech Road Recycling Technology Holdings
     12,142,000       3,650  
Galaxy Entertainment Group
     1,804,000       14,431  
Geely Automobile Holdings
     7,235,000       2,548  
NagaCorp
     15,314,600       13,496  
SJM Holdings
     1,771,000       4,438  
Skyworth Digital Holdings
     11,807,088       5,637  
   
Total Hong Kong
       63,234  
   
India [25.8%]
          
Amtek Auto (A)
     1,781,205       7,282  
Bajaj Auto (A)
     8,206       316  
CESC (A)
     683,909       8,037  
Coal India (A)
     312,374       1,999  
Cognizant Technology Solutions, Cl A *
     68,600       3,355  
Crompton Greaves (A)
     1,313,394       4,383  
Dr. Reddy's Laboratories ADR
     152,200       6,568  

Description
Shares
    
Value (000)
  
           
Emami (A)
     599,287     $ 5,060  
HDFC Bank (A)
     353,793       4,930  
HDFC Bank ADR
     103,500       4,846  
Hero MotoCorp (A)
     125,813       5,511  
ICICI Bank (A)
     63,161       1,489  
ICICI Bank ADR
     311,767       15,557  
ITC (A)
     1,026,492       5,548  
Kotak Mahindra Bank (A)
     434,757       6,387  
KPIT Technologies (A)
     928,933       2,663  
McLeod Russel India (A)
     1,041,226       5,496  
Mindtree (A)
     324,968       4,757  
Persistent Systems (A)
     171,540       3,084  
Sobha Developers (A)
     729,724       6,038  
Sun Pharmaceutical Industries (A)
     539,878       6,175  
Tata Global Beverages
     1,996,287       5,734  
Tata Motors, Cl A (A)
     915,068       4,484  
Tata Motors ADR (A)
     111,800       4,367  
Tech Mahindra (A)
     175,827       6,291  
United Spirits (A)
     107,352       4,277  
Vardhman Textiles (A)
     609,557       4,835  
   
Total India
       139,469  
   
Indonesia [6.5%]
          
Bank Mandiri Persero
     3,094,700       2,538  
Bank Pembangunan Daerah Jawa Barat Dan Banten
     53,038,000       3,691  
Ciputra Development
     41,448,700       3,234  
Global Mediacom
     12,833,100       2,300  
Lippo Karawaci
     34,428,600       2,788  
Media Nusantara Citra
     11,803,200       2,748  
Ramayana Lestari Sentosa
     42,595,600       4,222  
Surya Citra Media
     29,078,300       8,794  
United Tractors
     2,441,800       4,758  
   
Total Indonesia
       35,073  
   
Malaysia [3.2%]
          
Berjaya Sports Toto
     3,133,655       3,786  
Magnum
     4,164,600       3,956  
Malayan Banking
     2,226,580       6,817  
My EG Services
     2,870,100       2,717  
   
Total Malaysia
       17,276  
   
Philippines [6.6%]
          
GT Capital Holdings
     377,320       7,520  
Jollibee Foods
     1,554,690       6,269  
Megaworld
     79,442,426       8,190  
Metropolitan Bank & Trust
     2,970,692       5,948  
SM Prime Holdings
     20,256,375       7,360  
   
Total Philippines
       35,287  
   
Singapore [1.4%]
          
Raffles Medical Group
     2,320,000       7,573  
   
Thailand [6.0%]
          
Charoen Pokphand Foods - Foreign
     5,299,629       4,450  
Krung Thai Bank - Foreign
     8,441,450       5,436  
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 1
 
 
Schedule of Investments
June 30, 2014 (unaudited)
 
City National Rochdale Emerging Markets Portfolio
 
Description
Shares
    
Value (000)
  
           
LPN Development
     2,200,000     $ 1,376  
LPN Development NVDR
     6,174,501       3,862  
Minor International - Foreign
     8,835,150       7,963  
PTT Exploration & Production - Foreign
     780,912       4,030  
Siam Cement - Foreign
     363,500       5,107  
   
Total Thailand
       32,224  
   
Total Common Stock
  
(Cost $411,986)
       491,132  
   
Short-Term Investments [5.1%]
  
City National Rochdale Government Money Market Fund, 0.010%**‡
     17,401,053       17,401  
SEI Daily Income Trust Government Fund, Cl A, 0.020%**
     10,340,018       10,340  
   
Total Short-Term Investments
  
(Cost $27,741)
       27,741  
   
Total Investments [96.1%]
  
(Cost $439,727)†
     $ 518,873  
 
Percentages are based on Net Assets of $539,789 (000).

†
At June 30, 2014, the tax basis cost of the Fund's investments was $439,727 (000), and the unrealized appreciation and depreciation were $88,253 (000) and $9,107 (000), respectively.
*
Non-income producing security.
**
The rate reported is the 7-day effective yield as of June 30, 2014.
‡
Investment in Affiliate.
(A)
Securities held through a Mauritius Subsidiary.

ADR — American Depositary Receipt
Cl — Class
NVDR — Non-Voting Depositary Receipt

As of June 30, 2014, all of the Fund’s investments are Level 1 in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended June 30, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
 
 
CITY NATIONAL ROCHDALE FUNDS | PAGE 2
 
 
Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

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

(Registrant)
City National Rochdale Funds
   
By (Signature and Title)
/s/ Garrett R. D’Alessandro
 
Garrett R. D’Alessandro,
 
President and Chief Executive Officer

Date: August 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)
/s/Garrett R. D’Alessandro
 
Garrett R. D’Alessandro,
 
President and Chief Executive Officer
   
Date: August 28, 2014
  
   
By (Signature and Title)
/s/Eric Kleinschmidt
 
Eric Kleinschmidt,
 
Controller and COO

Date: August 28, 2014