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)