Rochdale Investment Trust

N-CSR 1 d468809dncsr.htm ROCHDALE INVESTMENT TRUST Rochdale Investment Trust

As filed with the Securities and Exchange Commission on March 8, 2013.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08685

Rochdale Investment Trust

(Exact name of Registrant as specified in charter)

570 Lexington Avenue

New York, NY 10022-6837

(Address of principal executive offices) (Zip code)

Garrett R. D’Alessandro

570 Lexington Avenue

New York, NY 10022-6837

(Name and address of agent for service)

800-245-9888

Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2012

Item 1. Reports to Stockholders.

ROCHDALE

INVESTMENT TRUST

Rochdale Dividend & Income Portfolio

Rochdale Intermediate Fixed Income Portfolio

Rochdale Fixed Income Opportunities Portfolio

Rochdale Emerging Markets Portfolio

Annual Report

December 31, 2012

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ROCHDALE INVESTMENT TRUST

Rochdale Funds Annual Report

Table of Contents


Letter to Shareholders			1

Performance Graphs and Total Returns Tables			10

Expense Example			14

Schedules of Investments			16

Rochdale Dividend & Income Portfolio			16

Rochdale Intermediate Fixed Income Portfolio			23

Rochdale Fixed Income Opportunities Portfolio			36

Rochdale Emerging Markets Portfolio			79

Statements of Assets and Liabilities			85

Statements of Operations			87

Statements of Changes in Net Assets			89

Financial Highlights			91

Notes to Financial Statements			95

Report of Independent Registered Public Accounting Firm			107

Trustee and Officer Information			108

Additional Information			110

This report is intended for shareholders of the Portfolios and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Rochdale Investment Trust.

Past performance is not a guarantee of future results. Due to market volatility, Portfolio performance may fluctuate substantially over the short-term and current performance may differ from that shown. Share price and returns will fluctuate, and investors may have a gain or loss when they redeem shares. Statements and other information in this report are dated and are subject to change.

Investment products are not bank deposits or obligations of or guaranteed by City National Bank or any subsidiary or affiliate and are not insured by the FDIC, they involve risk, including the possible loss of principal.

The investment returns discussed are not indications of future results and/or returns. Investment products involve risk including fluctuations in value and the potential loss of principal.

ROCHDALE INVESTMENT TRUST

Rochdale Funds Annual Report

February 2013

Dear Fellow Shareholders:

We would like to share the performance of the Rochdale Funds (collectively referred to hereinafter as the “Funds” or the “Portfolios” and individually referred to as a “Fund” or a “Portfolio” within the respective sections) for the fiscal year ended December 31, 2012.

The year 2012 turned out to be a very good year for financial markets. Despite lingering concerns over U.S. fiscal policy, the pace of global growth, and the crisis in Europe, investors seemed to focus more on the positives rather than the negatives surrounding the outlook and investors were well rewarded. The S&P 500 recorded a 16% total return, high yield bonds were close behind, and investment grade bonds also performed well. Although the outstanding returns seen this past year are unlikely to be repeated in 2013, we nevertheless remain optimistic about financial markets and our Funds.

Our economic outlook going forward continues to be one of slow but self-sustained growth (SSSLOG). An entrenched private sector upturn, led by consumption and housing will be hard to dislodge and we believe should provide sufficient support to maintain expansion. However, the recovery will likely continue to be restrained by fiscal policy actions taken in the U.S., as well economic conditions abroad. Ultimately we expect a tug-of-war between improving private demand and increased public sector restraint, with the result being a pace of growth that is not much better from that over the past year.

What is different in our minds is the reduction of risks that surround the recovery. The main concerns that confronted investors throughout much of 2012, including a Eurozone breakup, the slowdown in China, and the U.S. fiscal cliff all have improved to varying degrees. While the major European economies continue to struggle with burdensome taxes, deep budget cuts and record unemployment, the possibility of a breakup of the European Union seems less likely. In China, recent economic data reflects an improving tone, suggesting a rebound in


Broad Market Index Performance For the Year Ended December 31, 2012
Index	Total Return
S&P 500		16.00%
BARCLAYS INTERMEDIATE GOV’T/CREDIT BOND INDEX		3.89%
NASDAQ COMPOSITE		15.91%
MSCI EMERGING MARKETS INDEX		18.22%
BARCLAYS AGGREGATE BOND		4.21%
Source: FactSet

Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. The most recent month-end performance can be obtained by calling 800-245-9888.

As with all investments there are inherent risks. Applicable risks include, but are not limited to, market risk, unexpected volatility of stock prices, inflation risk, credit risk, and government policy risk. High yield investments carry a greater degree of risk and the utilization of leverage and short sale transactions may increase these risks. Investing in small and medium-size companies may carry additional risks such as limited liquidity and increased volatility. Investing in international markets carries risks such as currency fluctuation, interest rate fluctuation, regulatory risks, economic and political instability.

An investor should consider carefully the Funds’ investment objectives, risks, charges and expenses. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-245-9888, or visiting www.rochdale.com. Please read it carefully before investing. RIM Securities LLC is the affiliated broker dealer for Rochdale Investment Management LLC, 570 Lexington Avenue, New York, NY 10022.

ROCHDALE INVESTMENT TRUST

emerging Asia demand that will be supportive of global growth as the year progresses. And finally, despite the growth undermining effects of higher taxes instituted in the fiscal cliff deal, the U.S. economy continues its modest expansion.

Indeed, the positive developments in the private sector of the economy, where there has been a great deal of restructuring and adjustment in the wake of the financial crisis, point to the internally self-regenerating part of the recovery gaining traction. Home sales indicate the housing sector is finally beginning to contribute to overall economic growth, auto sales are strong, and manufacturing data recently is pointing in a better direction. At the same time, the pressure on households to deleverage is fading and banks have become more willing to lend, particularly to borrowers with lower credit scores. This will help more households buy homes and cars as well as help businesses boost hiring and investment.

None of this means that the economy is about to take off. Unresolved policy decisions over federal spending and debate will continue to weigh on the economy going forward and likely keep markets volatile. But the improving trend does nevertheless, in our opinion, point to a more self-sustaining recovery that should provide investors the backdrop for another good year in risk assets such as global stocks, commodities, real estate, and certain sectors of the fixed income market.

Also supportive of this outlook are the ongoing liquidity measures of the world’s central banks. What makes last year’s market performance all the more surprising is that only 3% of the S&P 500’s 13% price return was due to earnings growth, with the remaining 10% a function of multiple expansion. Much of this is can be attributed to an overflow of liquidity. Monetary policy easing over the past few years has been unprecedented, and recently global in nature, as more and more countries continue to follow the Fed’s lead. As we have learned, massive liquidity is a powerful tool for driving the price of risk-based assets. It was enough to help drive markets higher in 2012 and we believe it will likely continue to provide support for financial markets in 2013.

So, despite the many challenges that will limit the pace of growth in the year ahead, the feedback between steady job creation, improving confidence, low interest rates, and moderate consumer spending indicate to us that the economy is entering a more self-sustaining phase of recovery that should continue to be supportive of risk assets. While the potential for headline risks remain, patient investors who can avoid overreacting to the ebb and flow of the daily economic headlines should continue to be rewarded in the quarters ahead. Although there is no guarantee that investors will not lose money.

Over Rochdale’s 25 years of experience, our fundamental approach has withstood many periods of uncertainty, and shareholders in the Rochdale Funds can continue to rely on our time tested investment process and our team of trained portfolio managers to successfully navigate through the unique economic and financial landscape ahead. As always, we appreciate the trust you have placed in us to manage your assets and help you achieve your financial goals.

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Rochdale Dividend & Income Portfolio

The Dividend & Income Portfolio seeks to provide significant dividend income and, secondarily, moderate long-term capital appreciation, through investment primarily in high dividend common stocks and other high yielding securities of companies that have exhibited stable dividend history, potential for dividend growth, strong financial condition, and reasonable valuation.

For the full year, the Fund was up 7.49% vs. a positive 10.84% return for the Dow Jones Select Dividend Index, and a positive 12.45% return for the Lipper Equity Income Category. The S&P 500 was up 16.00% for the year. The Fund was helped by its REIT and healthcare holdings. Despite midyear concerns over European sovereign debt, and renewed worries about a potential slowdown in U.S. and world economic growth, as well as the U.S. fiscal and tax cliff, the returns for broad equity markets were generally quite positive.

The Fund continued on as a Lipper leader for the Preservation category which has been notable through both positive and negative markets. Additionally, the Fund ended the year as a Lipper leader in the Total Return and Consistent Return categories. Also as of December 31st, the Fund maintained its a five star Morningstar rating for all time periods (3-yr, 5-yr, 10-yr & overall), while maintaining a low Morningstar risk rating for those periods.

Overall the Fund’s return came in squarely within our targeted return expectations of 7-8% when we conducted our forecast at the end of last year. However, the Fund did perform behind the Dow Jones Select Dividend Index by 3.35% and behind the Lipper Equity Income Category by 4.96%. This was primarily due to the Fund’s more defensive stance. While defensive stocks had positive performance for the year, it was generally at a lower pace than stocks with a larger cyclical or growth component. For example, our low weighting in banks (a bit over 1% of the Portfolio) detracted from Fund performance as banks rebounded from a dismal performance in 2011. The KBW Bank Index was down 23.18% in 2011 but had a positive return of 33.03% in 2012. We believe that the low weighting in banks was prudent due to ongoing challenges in the sector as well as not meeting the criteria for attractive and maintainable dividend streams.

Overall, our research process of focusing on stocks with yields above the S&P 500 average and an emphasis on companies that can maintain and grow their dividend has helped drive the Fund’s solid long run performance and relative rankings in Lipper and Morningstar. The Fund paid a dividend of $.27 in each of the four quarters of 2012, for a full-year payout of $1.08, an increase of 3.8% over the quarterly rate paid in 2011. This increase was driven by the growth in the dividends of the companies that the Fund owns.

We believe that the high dividend stock investments will continue to be positively rewarded as the economy and company operating performance metrics continue to improve. We continue to focus strongly on the stability of each company’s dividend and in the potential growth of the dividend over time. We continue to target companies that can grow their dividends and businesses in both improving times and in a slow growth scenario, as well as under an inflationary scenario. Through the year, the bulk of our companies have performed well operationally and within with our expectations and we have optimism that this can continue under the present economic conditions. Finally, as the pressing tax issues that faced dividend stocks are behind us, coupled with the growing ranks of dividend paying companies, we feel that dividend investors have improved confidence in the markets going into 2013 and we have some optimism that the economy and markets can continue to improve over the year.


Dividend & Income Portfolio: Top Ten Holdings as of December 31, 2012
Company	Percent of Net Assets
Mattel, Inc.		2.84%
Philip Morris International Inc.		2.82%
McDonald’s Corp.		2.67%
Kellogg Co.		2.51%
Lorillard, Inc.		2.29%
Wal-Mart Stores, Inc.		2.21%
Ventas, Inc.		2.21%
Johnson & Johnson		2.02%
Hershey Co./The		1.98%
Microsoft Corp.		1.97%

The unsubsidized total annual fund operating expense ratio for the Rochdale Dividend & Income Portfolio, inception date 6/1/1999, is 1.41% based upon the 4/23/2012 Rochdale Investment Trust Prospectus. Returns for the periods ended December 31, 2012 are as follows: Average Annualized Total Return for 1-year, 5-year and 10-year: 7.49%, 4.43% and 9.09%, respectively.

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Rochdale Intermediate Fixed Income Portfolio

The Rochdale Intermediate Fixed Income Portfolio seeks to earn a total return comparable to that of a universe of investment-grade U.S. government, agency, and corporate bonds maturing in ten years or less. Securities selected for investment provide an attractive rate of current income and/or capital appreciation based on the maturity, duration and credit quality of the issuer relative to comparable issuers.

We are pleased to report the Fund outperformed its benchmark by 4.10% (+7.99% total Fund return vs. the Barclays Capital Intermediate U.S. Government/Credit Index total return of +3.89%) over the twelve months ended December 31, 2012.

The market for riskier credits had strong returns in 2012, as aggressive actions by the European Central Bank and the Federal

Reserve over the year boosted the corporate credit market. Over the year, the corporate Baa spread narrowed by 45.4 bps, and the high-yield spread shrunk by 242 bps, while the spread of 10-year Treasury over 2-year Treasury decreased slightly by 13 bps. Primarily because the Fund overweighed in corporate bonds, tighter credit spreads resulted in the Fund outperforming the index in 2012 by 4.10%.

The U.S. economic growth remained moderate in 2012, despite political uncertainties in a presidential election year, the ongoing European credit crisis, and the slowdown in emerging Asia. The Fed announced in December that it will keep the Fed Funds rate at exceptionally low levels at least as long as the unemployment rate remains above 6.5%, projected inflation between one and two years is no more than 0.5% above the 2% long-run goal, and the longer-term inflation expectation continues to be well anchored below the Fed’s 2% long-run goal. In addition to the previously announced $40 billion per month agency mortgage-backed securities purchases, we expect the Fed to continue purchasing longer-term Treasury securities at an initial pace of $45 billion a month.

Given the Fed’s actions, we believe the intermediate term will likely remain more attractive relative to the rest of the yield curve. Going forward, we expect to bring the overall duration down closer to the index. The low yield environment should continue to support our bias to corporate debt. However, positive surprises to economic growth could push interest rates on government securities higher. If that occurs, we may look to add government exposure.

Additionally, while we still see some attractive opportunities in the corporate bond market, we are becoming increasingly selective, given the narrower credit spreads. U.S. companies have been actively taking advantage of low rates to refinance, but M&A activities have returned and companies are increasing dividends or/and share buybacks, indicating that further balance sheet improvements may be limited. In addition, we believe earnings growth will likely decelerate with a slow recovery.


Intermediate Fixed Income Portfolio: Top Ten Holdings as of December 31, 2012
Company	Percent of Net Assets
Federal Home Loan Mortgage Corporation		3.63%
Federal Home Loan Mortgage Corporation		1.54%
Federal Home Loan Bank		1.52%
Morgan Stanley		1.35%
Legal Advances (Notes)		1.34%
AngloGold Ashanti Holdings PLC		1.04%
Xstrata Canada Corp.		1.02%
CNA Financial Corp.		0.99%
Morgan Stanley		0.95%
Senior Housing Properties Trust		0.94%

The unsubsidized total annual fund operating expense ratio for the Rochdale Intermediate Fixed Income Portfolio, inception date 12/31/1999, is 1.15% based upon the 4/23/2012 Rochdale Investment Trust Prospectus. Returns for the periods ended December 31, 2012 are as follows: Average Annualized Total Return for 1-year, 5-year and 10-year: 7.99%, 4.41% and 4.11%, respectively.

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Rochdale Fixed Income Opportunities Portfolio

The Rochdale Fixed Income Opportunities Portfolio seeks to provide a higher level of current income than traditional fixed income funds, along with the potential for some capital appreciation through a focus on high yield bonds, emerging market high yield bonds, senior secured bank loans and legal advances.

For the year ended December 31, 2012, the Portfolio returned 10.70%, versus the benchmark Barclay’s Capital U.S. High Yield Corporate Bond Index return of 15.81% and the benchmark CSFB Leveraged Loan Index return of 4.78%. Since inception, the Fund has consistently met the objective of providing attractive returns with lower volatility and less correlation to the equity markets and other fixed income asset classes.

Financial markets remained in risk-on mode through much of the fourth quarter with higher risk fixed income assets like high yield bonds and bank loans outperforming lower risk fixed income assets. Despite lingering concerns, investors looking forward took comfort from the strengthening U.S. economic data, European policy leaders’ attempts to defuse the Euro debt crisis, and increasing signals of a bottom in emerging Asia. Backed by an unprecedented global central bank easing, solid credit conditions of corporate issues made investors confident in moving lower in credit quality to increase portfolio yield. In particular, low interest rates world-wide have resulted in investors seeking higher returning alternatives pushing them into riskier assets.

The strong relative performance of high yield assets is illustrated by the narrowing of the yield spread between the Credit Suisse High Yield Bond Index and Treasury securities with comparable maturities from 5.92% on September 30, 2012 to 5.54% on December 31, 2012. For the period, the Portfolio was positively impacted by strong security selection in the Healthcare and Media sectors, while our underweight to the strong performing Metals & Mining sector and overweight to the underperforming Technology sector detracted from performance. The Fund’s total return for the period also reflects actual cash flows, transaction costs and other expenses which were not reflected in the total return of the benchmark.

As 2013 begins, we believe the outsized absolute returns of the past 4 years for high yield securities are most likely behind us for this cycle. While corporate credit quality remains solid, the spread between high yield bonds and U.S. Treasuries is approaching its long term median and absolute yields are low by historical standards. Nevertheless, if the U.S. economy continues on the slow steady path, we believe relative returns in the high yield sector will most likely remain attractive. Issuers continue to pay down short maturity debt with the proceeds from long maturity bonds, and with expectations of a slowly growing economy, should have the opportunity to further reinforce balance sheets while not being tempted to over expand.

Our research process remains fundamentally driven, seeking strong relative value risk return opportunities. We continue to complement the Portfolio by adding more emerging market high yield bonds to the Fund which tend to offer better interest rate yields compared to similar U.S. debt and historically comparable or lower default rates. Likewise, the portfolio of legal receivables offer the potential of high yield return, but with the additional benefit of little or no correlation to the economy or financial markets. All together, we believe the unique construction of the Fund will continue to allow us to meet our objective of providing attractive returns with lower volatility and low correlation to the equity markets and other fixed income asset classes.


Fixed Income Opportunities Portfolio: Top Ten Holdings as of December 31, 2012
Company	Percent of Net Assets
Legal Advances (Notes)		2.60%
Dubai Holding Commercial Operations Ltd.		1.25%
Tizir Ltd.		0.66%
Bashneft		0.62%
OSX-3 Leasing BV		0.61%
PT Bumi Resources Tbk		0.61%
HCA, Inc.		0.57%
Start VII CLO Ltd. CLN		0.56%
Yapi Dpr Finance		0.55%
Ex-Im Bk of Ukraine		0.55%

The unsubsidized total annual fund operating expense ratio for the Rochdale Fixed Income Opportunities Portfolio, inception date 7/1/2009, is 1.19% based upon the 4/23/2012 Rochdale Investment Trust Prospectus. Returns for the periods ended December 31, 2012 are as follows: Average Annualized Total Return for 1-year and since inception: 10.70% and 9.25%, respectively.

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Rochdale Emerging Market Portfolio

The Rochdale Emerging Markets Portfolio seeks to generate long term capital appreciation by investing primarily in locally listed Asian emerging market companies with a focus on medium sized companies that are inaccessible to U.S. investors. The Fund gained 27.87% in 2012 versus the MSCI Emerging Markets Asia Index’s return of +20.83% and the MSCI Emerging Markets Index’s return of +18.22%, outperforming 704 basis points and 965 basis points, respectively, against the benchmark indices. The Fund ranked at the ninety-fifth percentile in 2012 performance comparisons among all peers, according to the data provided by Lipper and Morningstar.

The Fund focuses on the consumer sector and on companies catering to domestic demand in Emerging Market Asia. The investment philosophy is based on our belief that Emerging Market Asia’s consumption demand will remain relatively resilient in the

face of slow U.S. growth and continued Eurozone economic uncertainty. Emerging Market Asia’s positive tailwinds on domestic demand are provided by rapid urbanization, positive demography, growth in real disposable incomes and low levels of household sector financial leverage. The Fund exposures to specific export sectors in the region are ones where earnings visibility is underscored by long term sustainable comparative advantages. We believe the Fund’s investment domain is well positioned and opportunistic stock selection should result in attractive returns for investors.

At the country level, China, India, and Indonesia were the main contributors to the Fund’s calendar year outperformance over the Fund’s benchmark. At the sector level, consumer discretionary and financial sectors were key contributors to 2012 outperformance, which underscores our investment thesis articulated since the Fund’s inception. We note that stock selection continues to be the main contributor to outperformance. During the first half of 2012, the Fund was in an AUM accumulation phase, and as a result, the cash holdings detracted from performance. While the Fund booked profits in some names where valuations became stretched, and redeployed cash opportunistically, the stock turnover in 2012 remained minimal, highlighting our conviction of the Fund’s long term investment strategy.

We have dedicated on-the-ground research analysts in China and India who are constantly in touch with analysts, industry experts, and corporate managements. These analysts conduct fundamental research helping in stock selection and towards seeking high quality companies with growing revenues, strong market positions and dependable management teams. The team conducted numerous trips throughout the region during the course of 2012, meeting senior managements of companies, industry experts, independent think tanks and policymakers. These trips are an integral part of the in-depth bottom-up research philosophy, as we ascribe great importance to knowing the management and local market dynamics towards our investment decisions.

Finally, we would remind investors that the Fund may be inherently volatile and that investors should take a long term investment horizon to expect volatility-adjusted attractive returns. MSCI Emerging Markets Asia and MSCI Emerging Markets indices have significantly underperformed the S&P 500 Index thus far in Jan 2013. Part of the underperformance is due to emerging market currency volatility in recent weeks. However, our key markets — China, India, Philippines, and Thailand have all started the year on a strong note amid signs of a bottoming out in economic data. While we remain confident of our portfolio selection in 2013 and emerging Asia prospects in general, our active portfolio management process will require continuous monitoring of macro and micro data and bottom-up research. We believe 2013 will remain a bottom-up stock picker’s market amid a continued U.S. SSSLOG and European economic uncertainties.


Rochdale Emerging Market Portfolio: Top Ten Holdings as of December 31, 2012
Company	Percent of Net Assets
Galaxy Entertainment Group Ltd.		5.15%
Great Wall Motor Co. Ltd.		4.71%
Ping An Insurance (Group) Co. of China Ltd.		3.55%
Xtep International Holdings Ltd.		3.29%
NagaCorp Ltd.		2.83%
Multi-Purpose Holdings Berhad		2.58%
Magic Holdings International Ltd.		2.23%
Krung Thai Bank Public Co. Ltd.		2.22%
Siam Cement Public Co. Ltd./The		2.15%
Tencent Holdings Ltd.		2.07%

The unsubsidized total annual fund operating expense ratio for the Rochdale Emerging Markets Portfolio, inception date 12/15/2011, is 1.98% based upon the 4/23/2012 Rochdale Investment Trust Prospectus. Returns for the periods ended December 31, 2012 are as follows: Average Annualized Total Return for 1-year and since inception: 27.87% and 27.84%, respectively.

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Ranking Disclosure

Lipper, the ranking entity, rated the Fund in the Emerging Markets category for the twelve month period ended 12/31/2012. The category contained 470 funds, and the criteria on which the Fund was ranked was based on total return.

Morningstar, the ranking entity, rated the Fund in the Diversified Emerging Markets category for the twelve month period ended 12/31/2012. The category contained 632 funds, and the criteria on which the Fund was ranked was based on total return.

Thank you for your investment in Rochdale Funds. We take our responsibility as stewards of clients’ wealth seriously, and we appreciate you making the Rochdale Funds a part of your investment portfolio. For more frequent updates, please call us at 1-800-245-9888.

Sincerely,

Carl Acebes

Garrett R. D’Alessandro, CFA, CAIA, AIF^®

David J. Abella, CFA

Fang Zhou, CFA

Anindya Chatterjee

Portfolio Managers

Important Disclosures

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the Rochdale Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to the latest prospectus.

Valuation data was derived from FactSet.

Unsubsidized total annual fund operating expense ratios shown are based on the 4/23/2012 Rochdale Investment Trust Prospectus Report.

Certain information may be based on information received from sources Rochdale Investment Management considers reliable; Rochdale Investment Management does not represent that such information is accurate or complete. Certain statements contained herein may constitute “projections,” “forecasts” and other “forward-looking statements” which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial information. Any opinions, projections, forecasts and forward-looking statements presented herein are valid only as of the date of this document and are subject to change.

An investor cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

The mention of a security should not be considered a recommendation to buy or a solicitation to sell a security.

Rochdale Investment Management LLC will serve as the investment manager for the assets of the Rochdale Funds. As such, Rochdale is solely responsible for all activities involving the promotion, presentation and sale as well as the determination of client suitability and certification that investors meet the standards necessary to invest. This is not the responsibility of any broker or other party who mutually services an investor with this product.

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Index Definitions

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Funds’ performance.

The Standard & Poor’s (S&P) 500 Index represents 500 large U.S. Companies.

The NASDAQ Composite Index is the broadest measure of over-the-counter trading; this weighted index includes all of the approximately 4000 issues that trade on the NASDAQ system.

The Credit Suisse First Boston (CSFB) Leveraged Loan Index is designed to mirror the investible universe of the $U.S.-denominated leverage loan market.

The Credit Suisse High Yield Index consists of all corporate bonds rated below BBB- (or equivalent; including non-rated) by the major ratings agencies.

The MSCI Emerging Markets Asia Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Asian emerging markets.

The MSCI Emerging Markets Index (MSCI EM Index) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI EM Index captures large and mid cap representation across 21 Emerging Market countries.

The Barclays Capital Aggregate Bond Index is comprised of U.S. government, mortgage-backed, asset-backed, and corporate fixed income securities with maturities of one year or more.

The Barclay’s Capital Intermediate Government/Credit Bond Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from 1 to 10 years.

The Barclays Capital U.S. High Yield Corporate Bond Index covers the U.S.-dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market and includes securities with ratings by Moody’s, Fitch and S&P of Ba1/BB+/BB+ or below.

Lipper indices track the total return performance of the 30 largest funds within the respective Lipper category.

The Dow Jones Select Dividend Index measures the performance of 100 leading U.S. dividend-paying companies.

Investing involves risk including the potential loss of principal. There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in any given market environment. No investment strategy, such as asset allocation, can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future results. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.

The asset classes listed involve contrasting risk factors.

Cash-equivalent investments have fluctuated the least and have been relatively stable.

In general, the bond market is volatile as prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

The investor should note that vehicles that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in a portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

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Indexes are unmanaged and investors are not able to invest directly into any index.

International investing involves special risks including greater economic and political instability, as well as currency fluctuation risks, which may be even greater in emerging markets.

The risk of investing in the securities of foreign companies is greater than the risk of investing in domestic companies. Some of these risks include: (1) unfavorable changes in currency exchange rates, (2) economic and political instability, (3) less publicly available information, (4) less strict auditing and financial reporting requirements, (5) less governmental supervision and regulation of securities markets, (6) higher transaction costs, and (7) greater possibility of not being able to sell securities on a timely basis. Purchasing securities in developing or emerging markets entails additional risks to investing in other foreign countries. These include less social, political, and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict a Portfolio’s investment opportunities, including restrictions on investment in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

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LOGO


	Average Annual Total Return Period Ended December 31, 2012
	One Year			Three Years			Five Years			Ten Years
Rochdale Dividend & Income Portfolio		7.49	%		11.25	%		4.43	%		9.09	%
S&P 500 Index		16.00	%		10.87	%		1.66	%		7.10	%
Dow Jones Select Dividend Index		10.84	%		13.81	%		2.49	%		7.42	%
Lipper Equity Income Category Average		12.45	%		10.12	%		1.81	%		7.46	%

The S&P 500 Index measures the performance of 500 of the largest U.S. Companies based on total market capitalization, which represents approximately 75% of the investable U.S. equity market. The S&P 500 is a leading indicator of the U.S. equity markets and is often used as a proxy for U.S. market returns and performance.

The Dow Jones Select Dividend Index measures the performance of 100 leading U.S. dividend-paying companies.

The comparative market indices are not directly investable and are not adjusted to reflect expenses that the SEC requires to be reflected in the Fund’s performance. The returns shown in the table above reflect reinvestment of dividends in additional Fund shares. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Equity Income consists of funds that seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds’ gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. As of December 31, 2012, the category consists of 313, 247, 216 and 111 funds for the one-, three-, five- and ten-year periods, respectively.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Prior to 6/27/03, the Rochdale Dividend & Income Portfolio invested as the Rochdale Alpha Portfolio, with a different investment objective and an aggressive mid- and small-cap strategy.

Had the Advisor not agreed to contractually waive its fees to limit annual operating expenses, the Portfolio’s performance would have been lower.

ROCHDALE INVESTMENT TRUST

LOGO


	Average Annual Total Return Period Ended December 31, 2012
	One Year			Three Years			Five Years			Ten Years
Rochdale Intermediate Fixed Income Portfolio		7.99	%		5.94	%		4.41	%		4.11	%
Barclays Capital Intermediate Government/Credit Bond Index		3.89	%		5.19	%		5.18	%		4.62	%
Lipper Intermediate Investment Grade Category Average		6.87	%		6.97	%		5.91	%		4.97	%

The Barclays Capital Intermediate Government/Credit Bond Index consists of publicly issued, dollar-denominated U.S. Government, agency, or investment grade corporate fixed income securities with maturities from one to ten years, representing securities in the intermediate maturity range of the Barclays Capital Government/Credit Bond Index.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Intermediate Investment Grade consists of funds that invest in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years. As of December 31, 2012, the category consists of 596, 538, 463 and 318 funds for the one-, three-, five- and ten-year periods, respectively.

Had the Advisor not agreed to contractually waive its fees to limit annual operating expenses, the Portfolio’s performance would have been lower.

ROCHDALE INVESTMENT TRUST

LOGO


	Average Annual Total Return Period Ended December 31, 2012
	One Year			Three Years			Since Inception
Rochdale Fixed Income Opportunities Portfolio		10.70	%		7.86	%		9.25	%
CSFB Leveraged Loan Index		4.78	%		3.39	%		6.89	%
Barclays Capital Aggregate Bond Index		4.21	%		6.19	%		6.44	%
Barclays Capital U.S. High Yield Corporate Bond Index		15.81	%		11.86	%		16.22	%
Lipper High Current Yield Category Average		14.67	%		10.48	%		N/A

The Credit Suisse First Boston Leveraged Loan Index is designed to mirror the investible universe of the $U.S.-denominated leverage loan market.

The Barclays Capital Aggregate Bond Index is comprised of U.S. Government, mortgage-backed, asset-backed, and corporate fixed income securities with maturities of one-year or more.

The Barclays Capital U.S. High-Yield Corporate Bond Index covers the U.S.-dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market and includes securities with ratings by Moody’s, Fitch and S&P of Ba1/BB+/BB+ or below.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper High Current Yield Funds consist of funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. As of December 31, 2012, the category consists of 514 and 440 funds for the one- and three-year periods, respectively.

Rochdale Fixed Income Opportunities Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on July 1, 2009 (inception date).

N/A – not available.

ROCHDALE INVESTMENT TRUST

LOGO


	Average Annual Total Return Period Ended December 31, 2012
	One Year			Since Inception
Rochdale Emerging Markets Portfolio		27.87	%		27.84	%
MSCI Emerging Markets Index		18.22	%		18.92	%
MSCI Emerging Markets Asia Index		20.83	%		20.45	%
Lipper Emerging Markets Category Average		18.26	%		N/A

The MSCI Emerging Markets Asia Index (MSCI EM Asia Index) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI EM Asia Index captures large and mid cap representation across 8 Emerging Market countries.

Lipper categories are based on classifications by Lipper Inc., and are not directly investable.

Lipper Emerging Markets Funds consist of funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s GNP per capita or other economic measures. As of December 31, 2012, the category consists of 523 funds for the one-year period.

Rochdale Emerging Markets Portfolio began investing in portfolio securities, pursuant to its investment guidelines, on December 15, 2011 (inception date).

N/A – not available.

Had the Advisor not agreed to contractually waive its fees to limit annual operating expenses, the Portfolio’s performance would have been lower.

ROCHDALE INVESTMENT TRUST

EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Portfolios, you incur two types of costs: (1) transaction costs including redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from 07/01/2012 to 12/31/2012.

Actual Expenses

The information in the tables under the headings “Actual Performance” provides actual account values and actual expenses. You will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Portfolio’s transfer agent. If you request that a redemption be made by a wire transfer, currently a $15.00 fee is charged by the Portfolio’s transfer agent. The example includes, but is not limited to, management, distribution, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses or the indirect costs associated with a Portfolio’s acquisition of investment companies. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your Portfolio, in the row entitled “Expenses Paid during Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the tables under the headings “Hypothetical Performance (5% return before expenses)” provides hypothetical account values and hypothetical expenses based on the Portfolios’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the headings “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Dividend & Income Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/12)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/12)	$	1,019.10	$	1,018.16
Expenses Paid during Period*	$	7.04	$	7.04

Expenses are equal to the Portfolio’s annualized expense ratio of 1.39%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the six-month period).

ROCHDALE INVESTMENT TRUST

EXPENSE EXAMPLE (Unaudited), Continued


Intermediate Fixed Income Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/12)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/12)	$	1,037.40	$	1,019.49
Expenses Paid during Period*	$	5.75	$	5.70

Expenses are equal to the Portfolio’s annualized expense ratio of 1.12%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the six-month period).


Fixed Income Opportunities Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/12)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/12)	$	1,058.80	$	1,019.51
Expenses Paid during Period*	$	5.79	$	5.68

Expenses are equal to the Portfolio’s annualized expense ratio of 1.12%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the six-month period).


Emerging Markets Portfolio	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (07/01/12)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/12)	$	1,198.20	$	1,015.06
Expenses Paid during Period*	$	11.08	$	10.16

Expenses are equal to the Portfolio’s annualized expense ratio of 2.01%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the six-month period).

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012

LOGO


Shares			Value

	COMMON STOCKS: 107.3%
	CONSUMER DISCRETIONARY: 6.3%
	90,000	Mattel, Inc.	$	3,295,800
	35,200	McDonald’s Corp.		3,104,992
	69,300	Regal Entertainment Group - Class A		966,735

				7,367,527

	CONSUMER STAPLES: 32.0%
	14,250	Altria Group, Inc.		447,735
	55,000	B & G Foods, Inc. - Class A		1,557,050
	15,000	Campbell Soup Co.		523,350
	23,400	Clorox Co./The		1,713,348
	18,000	Coca-Cola Co./The		652,500
	27,800	ConAgra Foods, Inc.		820,100
	40,000	Dr Pepper Snapple Group, Inc.		1,767,200
	51,800	General Mills, Inc.		2,093,238
	7,035	H.J. Heinz & Co.		405,779
	31,900	Hershey Co./The		2,303,818
	23,152	Imperial Tobacco Group PLC - ADR ^(a)		1,794,048
	2,600	J.M. Smucker Co./The		224,224
	52,100	Kellogg Co.		2,909,785
	15,500	Kimberly-Clark Corp.		1,308,665
	13,194	Kraft Foods Group, Inc.		599,931
	8,000	Lancaster Colony Corp.		553,520
	22,830	Lorillard, Inc.		2,663,576

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Value

	CONSUMER STAPLES, Continued
	39,582	Mondelez International Inc. - Class A	$	1,008,154
	8,000	PepsiCo, Inc.		547,440
	39,100	Philip Morris International Inc.		3,270,324
	30,169	Procter & Gamble Co./The		2,048,173
	10,692	Reynolds American, Inc.		442,970
	59,600	Sysco Corp.		1,886,936
	22,200	Unilever Plc - ADR ^(a)		859,584
	10,000	Universal Corp.		499,100
	114,664	Vector Group Ltd.		1,705,054
	37,600	Wal-Mart Stores, Inc.		2,565,448

				37,171,050

	ENERGY: 9.7%
	4,400	Buckeye Partners LP		199,804
	12,683	Chevron Corp.		1,371,540
	25,300	Crestwood Midstream Partners LP		544,709
	9,000	Dorchester Minerals LP		182,880
	15,000	Enbridge Energy Partners LP		418,500
	3,700	Energy Transfer Partners LP		158,841
	27,092	Enterprise Products Partners LP		1,356,767
	22,438	Exxon Mobil Corp.		1,942,009
	5,700	Kinder Morgan Energy Partners LP		454,803
	11,250	Nustar Energy LP		477,900
	22,000	Occidental Petroleum Corp.		1,685,420
	2,400	ONEOK Partners, LP		129,576
	24,806	Penn West Energy Trust ^(a)		269,393
	31,600	Plains All American Pipeline LP		1,429,584
	13,928	TransCanada Corp. ^(a)		659,073

				11,280,799

	FINANCIALS: 3.2%
	13,200	Arthur J. Gallagher & Co.		457,380
	39,700	Cincinnati Financial Corp.		1,554,652
	28,571	FirstMerit Corp.		405,423
	25,935	NBT Bancorp, Inc.		525,702
	6,067	Travelers Companies, Inc./The		435,732
	10,000	U.S. Bancorp		319,400

				3,698,289

	HEALTH CARE: 9.8%
	31,500	Abbott Laboratories		2,063,250
	64,500	Bristol-Myers Squibb Co.		2,102,055
	36,900	Eli Lilly & Co.		1,819,908
	30,000	GlaxoSmithKline PLC - ADR ^(a)		1,304,100
	33,500	Johnson & Johnson		2,348,350
	9,150	Merck & Co., Inc.		374,601
	55,300	Pfizer Inc.		1,386,924

				11,399,188

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Value

	INDUSTRIALS: 4.5%
	5,400	3M Co.	$	501,390
	31,000	Eaton Corp. PLC ^(a)		1,680,200
	1,872	Honeywell International, Inc.		118,816
	4,074	Landauer, Inc.		249,370
	29,500	LyondellBasell Industries AF S.C.A. ^(a)		1,684,155
	32,000	Olin Corp.		690,880
	9,170	Weyerhaeuser Co.		255,109

				5,179,920

	INFORMATION TECHNOLOGY & TELECOMMUNICATION SERVICES: 11.0%
	67,000	AT&T, Inc.		2,258,570
	20,000	CenturyTel, Inc.		782,400
	75,900	Consolidated Communications Holdings, Inc.		1,208,328
	49,300	Deutsche Telekom AG - ADR ^(a)		560,146
	65,000	Intel Corp.		1,340,950
	4,500	International Business Machines Corp. (IBM)		861,975
	85,500	Microsoft Corp.		2,285,415
	10,000	Paychex, Inc.		311,400
	46,067	Verizon Communications, Inc.		1,993,319
	136,128	Windstream Corp.		1,127,140

				12,729,643

	MATERIALS: 3.2%
	36,000	Acadian Timber Corp. ^(a)		517,543
	46,200	E. I. du Pont de Nemours & Co.		2,077,614
	15,000	Nucor Corp.		647,700
	12,128	Southern Copper Corp.		459,166

				3,702,023

	REITS: 13.1%
	17,229	Apartment Investment & Management Co. - Class A		466,217
	8,914	Camden Property Trust		608,024
	72,400	CommonWealth REIT		1,146,816
	18,200	EPR Properties		839,202
	37,946	Health Care Property Investors, Inc.		1,714,400
	11,612	Health Care REIT, Inc.		711,699
	17,000	Healthcare Realty Trust, Inc.		408,170
	17,385	Liberty Property Trust		621,861
	35,000	Mack-Cali Realty Corp.		913,850
	20,000	National Health Investors, Inc.		1,130,600
	36,500	National Retail Properties Inc.		1,138,800
	24,000	Plum Creek Timber Co., Inc.		1,064,880
	13,000	Senior Housing Properties Trust		307,320
	10,036	Sovran Self Storage, Inc.		623,236
	27,984	Tanger Factory Outlet Centers, Inc.		957,053
	39,632	Ventas, Inc.		2,564,983

				15,217,111

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Coupon Rate			Value

	SHIPPING & TRANSPORTATION: 0.6%
	55,000	Chorus Aviation, Inc. ^(a)				$	213,431
	42,370	Fly Leasing Ltd. - ADR ^(a)					521,999

							735,430

	UTILITIES: 13.9%
	28,200	Amerigas Partners LP					1,092,468
	15,000	Atmos Energy Corp.					526,800
	20,000	Brookfield Infrastructure Partners LP ^(a)					705,000
	4,536	Cleco Corp.					181,485
	22,526	Duke Energy Corp.					1,437,159
	13,700	Entergy Corp.					873,375
	13,752	EQT Corp.					811,093
	7,300	Ferrellgas Partners LP					123,005
	20,000	FirstEnergy Corp.					835,200
	24,010	Hawaiian Electric Industries, Inc.					603,612
	5,500	ITC Holdings Corp.					423,005
	13,286	National Fuel Gas Co.					673,467
	22,100	National Grid PLC - ADR ^(a)					1,269,424
	20,000	NiSource Inc.					497,800
	31,992	Northeast Utilities					1,250,248
	8,396	Northwest Natural Gas Co.					371,103
	16,800	OGE Energy Corp.					946,008
	4,185	Pinnacle West Capital Corp.					213,351
	12,000	Portland General Electric Co.					328,320
	20,000	PPL Corp.					572,600
	4,753	Spectra Energy Corp.					130,137
	11,200	Suburban Propane Partners LP					435,232
	11,000	UIL Holdings Corp.					393,910
	19,318	United Utilities Group Plc - ADR ^(a)					426,348
	27,500	Wisconsin Energy Corp.					1,013,375

							16,133,525


	TOTAL COMMON STOCKS
	(Cost $100,908,565)						124,614,505


	PREFERRED STOCKS: 1.6%

	INFORMATION TECHNOLOGY & TELECOMMUNICATION SERVICES: 0.5%
	10,000	Qwest Corp., Callable 04/01/2017		7.000	%		264,000
	10,000	Qwest Corp., Callable 06/01/2016		7.375	%		268,100

							532,100

	REITS: 1.1%
	10,000	CommonWealth REIT Series E, Callable 05/15/2016		7.250	%		252,200
	10,000	First Potomac Realty Trust Series A, Callable 01/18/2016		7.750	%		256,700
	10,000	National Retail Properties Inc. Series D, Callable 02/23/2017		6.625	%		265,500
	10,000	Public Storage Series S, Callable 01/12/2017		5.900	%		261,500
	10,000	Public Storage Series Q, Callable 04/14/2016		6.500	%		271,400

							1,307,300


	TOTAL PREFERRED STOCKS
	(Cost $1,750,000)						1,839,400

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued



Principal Amount			Coupon Rate	Maturity Date		Value

	ASSET BACKED SECURITY: 0.7%
	$ 899,472	BT SPE, LLC (Acquired 07/06/2011, Cost $899,472) ^(c)(d)	9.250%		06/06/2016	$	871,004


	TOTAL ASSET BACKED SECURITY
	(Cost $899,472)						871,004


Shares
	SHORT TERM INVESTMENT: 0.4%
	MONEY MARKET INVESTMENT: 0.4%
	448,890	First American Government Obligations Fund, 0.02% ^(b)					448,890


	TOTAL SHORT TERM INVESTMENT
	(Cost $448,890)						448,890


	TOTAL INVESTMENTS
	(Cost $104,006,927), 110.0%						127,773,799
	LIABILITIES IN EXCESS OF OTHER ASSETS, (10.0)%						(11,635,609	)

	TOTAL NET ASSETS, 100.0%					$	116,138,190

(a)

Foreign Security.

(b)

7-Day Yield.

(c)

Illiquid restricted security fair valued by Valuation Committee as delegated by the Rochdale Investment Trust Board of Trustees that represents 0.75% of net assets as of December 31, 2012.

(d)

Private Placement.

ADR

American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Summary of Fair Value Exposure

The Portfolio has adopted fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s investments as of December 31, 2012:


	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	7,367,527	$	—	$	—	$	7,367,527
Consumer Staples		37,171,050		—		—		37,171,050
Energy		11,280,799		—		—		11,280,799
Financials		3,698,289		—		—		3,698,289
Health Care		11,399,188		—		—		11,399,188
Industrials		5,179,920		—		—		5,179,920
Information Technology & Telecommunication Services		12,729,643		—		—		12,729,643
Materials		3,702,023		—		—		3,702,023
REITs		15,217,111		—		—		15,217,111
Shipping & Transportation		735,430		—		—		735,430
Utilities		16,133,525		—		—		16,133,525

Total Common Stocks		124,614,505		—		—		124,614,505

Preferred Stocks
Information Technology & Telecommunication Services		532,100		—		—		532,100
REITs		1,307,300		—		—		1,307,300

Total Preferred Stocks		1,839,400		—		—		1,839,400
Asset Backed Security		—		—		871,004		871,004

Short Term Investment		448,890		—		—		448,890

Total Investments	$	126,902,795	$	—	$	871,004	$	127,773,799

The accompanying notes are an integral part of these financial statements.

ROCHDALE DIVIDEND & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Summary of Fair Value Exposure

There were no transfers into or out of Level 1, Level 2 and Level 3 fair value measurements during the reporting period, as compared to their classification from the most recent annual report.

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.


Description	Investments in Securities
Balance as of December 31, 2011	$	1,565,866
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(28,468	)
Purchases		—
Principal paydown		(666,394	)

Balance as of December 31, 2012	$	871,004

The information used in the above reconciliation represents fiscal year to date activity for any investments identified as using Level 3 inputs at either the beginning or end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in) or ending value (for transfers out) of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period.

Net unrealized losses relating to Level 3 investments still held at December 31, 2012 amounted to $28,468.

The below chart represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements:


Security Description	Fair Value at December 31, 2012	Valuation Techniques	Observable Inputs
BT SPE, LLC	$871,004	Discounted Cash Flow Model	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 accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012

LOGO


Principal Amount			Coupon Rate			Maturity Date		Value

	CORPORATE BONDS: 75.0%
	CONSUMER DISCRETIONARY: 6.3%
$	700,000	American Axle & Manufacturing, Inc., Callable 03/01/2013 ^(a)		7.875	%		03/01/2017	$	724,500
	250,000	Autozone Inc., Callable 01/15/2022		3.700	%		04/15/2022		262,825
	700,000	Avon Products, Inc.		5.625	%		03/01/2014		731,016
	250,000	Avon Products, Inc. ^(a)		6.500	%		03/01/2019		269,708
	300,000	Best Buy Co., Inc. ^(a)		3.750	%		03/15/2016		280,500
	250,000	Best Buy Co., Inc.		7.250	%		07/15/2013		253,125
	224,000	Cox Communications Inc.		6.850	%		01/15/2018		265,896
	231,000	Cox Communications Inc.		7.250	%		11/15/2015		264,610
	250,000	Expedia, Inc.		5.950	%		08/15/2020		278,150
	495,000	Gap, Inc./The, Callable 01/12/2021		5.950	%		04/12/2021		566,297
	250,000	Hasbro Inc.		6.125	%		05/15/2014		267,696
	412,000	Netflix, Inc., Callable 11/15/2013 ^(a)		8.500	%		11/15/2017		437,750
	250,000	Royal Caribbean Cruises ^(b)		6.875	%		12/01/2013		260,938
	1,000,000	Scripps Networks Interactive, Inc.		2.700	%		12/15/2016		1,047,186
	500,000	Toys ‘R’ Us, Inc. ^(a)		7.375	%		10/15/2018		455,000
	21,000	Toys ‘R’ Us Property Company II, LLC, Callable 12/01/2013		8.500	%		12/01/2017		22,260
	500,000	Tupperware Brands Corp., Callable 03/01/2021		4.750	%		06/01/2021		535,024
	400,000	WPP Finance (UK) Corp. ^(b)		5.875	%		06/15/2014		424,106
	749,000	WPP Finance (UK) Corp. ^(b)		8.000	%		09/15/2014		828,274

									8,174,861

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	CONSUMER STAPLES: 4.6%
$	229,000	B & G Foods, Inc., Callable 01/15/2014		7.625	%		01/15/2018	$	246,175
	500,000	Bunge Limited Finance Corp.		5.100	%		07/15/2015		541,314
	257,000	Bunge Limited Finance Corp.		5.875	%		05/15/2013		261,557
	105,000	Bunge Limited Finance Corp.		8.500	%		06/15/2019		135,103
	250,000	Campbell Soup Co.		8.875	%		05/01/2021		362,426
	500,000	CVS Caremark Corp., Callable 09/01/2022 ^(a)		2.750	%		12/01/2022		501,860
	250,000	Kellogg Co.		3.125	%		05/17/2022		261,997
	500,000	Lorillard Tobacco Co.		8.125	%		06/23/2019		638,014
	250,000	PepsiAmericas Inc.		4.875	%		01/15/2015		270,765
	410,000	Ralcorp Holdings, Inc.		4.950	%		08/15/2020		432,694
	100,000	Reynolds American, Inc.		6.750	%		06/15/2017		120,762
	290,000	Reynolds American, Inc.		7.625	%		06/01/2016		346,960
	500,000	Safeway Inc. ^(a)		3.950	%		08/15/2020		500,113
	475,000	Safeway Inc. ^(a)		5.000	%		08/15/2019		511,044
	750,000	WM Wrigley Jr Co.		4.650	%		07/15/2015		800,369

									5,931,153

	ENERGY: 7.8%
	477,000	Amerigas Partners LP, Callable 05/20/2016		6.500	%		05/20/2021		517,545
	84,000	Boardwalk Pipelines LLC		5.200	%		06/01/2018		93,094
	221,000	Boardwalk Pipelines LLC		5.500	%		02/01/2017		244,143
	175,000	Boardwalk Pipelines LLC		5.750	%		09/15/2019		197,812
	146,000	Boardwalk Pipelines LLC		5.875	%		11/15/2016		163,100
	400,000	Buckeye Partners LP		4.625	%		07/15/2013		405,538
	155,000	Buckeye Partners LP		6.050	%		01/15/2018		174,494
	385,000	Chesapeake Energy Corp. ^(a)		9.500	%		02/15/2015		435,050
	189,000	Copano Energy LLC/ Copano Energy Financial Co., Callable 06/01/2013		7.750	%		06/01/2018		199,159
	120,000	DCP Midstream Operating, LP		3.250	%		10/01/2015		123,494
	250,000	Ecopetrol S.A. ^(b)		7.625	%		07/23/2019		323,125
	20,000	Enbridge Energy Partners		5.350	%		12/15/2014		21,602
	191,000	Enbridge Energy Partners		5.875	%		12/15/2016		220,815
	426,000	Energy Transfer Partners LP		6.125	%		02/15/2017		492,980
	189,000	Energy Transfer Partners LP		9.000	%		04/15/2019		249,214
	330,000	Energy Transfer Partners LP		9.700	%		03/15/2019		444,517
	200,000	FMC Technologies, Inc., Callable 07/01/2022		3.450	%		10/01/2022		204,129
	284,000	Kinder Morgan Energy Partners LP		5.625	%		02/15/2015		311,181
	100,000	National Oilwell Varco, Inc., Callable 08/15/2013		6.125	%		08/15/2015		100,995
	200,000	Nustar Logistics LP		4.800	%		09/01/2020		193,195
	250,000	Nustar Logistics LP		8.150	%		04/15/2018		282,577
	570,000	Nustar Pipeline Operations ^(a)		5.875	%		06/01/2013		576,334
	350,000	ONEOK Partners, LP, Callable 11/01/2021		4.250	%		02/01/2022		380,299
	396,000	Panhandle Eastern Pipeline		7.000	%		06/15/2018		482,516
	250,000	Petrobras International Finance Co. ^(b)		5.750	%		01/20/2020		284,589

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENERGY, Continued
$	205,000	Plains All American Pipeline LP		5.875	%		08/15/2016	$	229,108
	200,000	Rowan Companies Inc., Callable 03/01/2022		4.875	%		06/01/2022		217,214
	100,000	Sabine Pass LNG, LP		7.500	%		11/30/2016		110,250
	240,000	Spectra Energy Capital, LLC		5.500	%		03/01/2014		252,459
	745,000	Spectra Energy Capital, LLC		6.750	%		07/15/2018		881,617
	500,000	Transocean Inc. ^(b)		6.000	%		03/15/2018		579,894
	494,000	Transocean Inc. ^(b)		7.375	%		04/15/2018		587,774
	200,000	Williams Partners LP, Callable 05/15/2022		3.350	%		08/15/2022		203,358

									10,183,171

	FINANCIALS: 16.6%
	250,000	American Express Credit Co.		7.300	%		08/20/2013		260,739
	250,000	Axis Specialty Finance		5.875	%		06/01/2020		283,811
	42,000	Bank of America Corp.		5.420	%		03/15/2017		46,005
	250,000	Bank of America Corp.		10.200	%		07/15/2015		295,941
	468,000	Bear Stearns Co. LLC		5.550	%		01/22/2017		527,767
	1,076,000	CNA Financial Corp.		6.950	%		01/15/2018		1,294,578
	313,000	Countrywide Financial Corp., Callable 01/26/2013		6.000	%		08/26/2020		312,666
	1,000,000	Dresdner Bank - New York ^(a)(b)		7.250	%		09/15/2015		1,075,439
	169,000	General Electric Capital Corp., Callable 02/15/2013 ^(a)		5.250	%		02/15/2016		169,423
	189,000	General Electric Capital Corp., Callable 02/15/2013		5.375	%		02/15/2016		188,876
	289,000	General Electric Capital Corp., Callable 01/15/2013		5.450	%		01/15/2016		285,735
	300,000	General Electric Capital Corp.		5.625	%		09/15/2017		353,917
	250,000	Goldman Sachs Group, Inc.		5.350	%		01/15/2016		276,349
	700,000	Goldman Sachs Group, Inc.		5.625	%		01/15/2017		768,024
	500,000	Goldman Sachs Group, Inc.		6.000	%		06/15/2020		594,106
	550,000	Goldman Sachs Group, Inc.		6.250	%		09/01/2017		648,789
	305,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Callable 01/15/2013		7.750	%		01/15/2016		316,056
	440,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Callable 01/15/2014		8.000	%		01/15/2018		472,450
	197,000	International Lease Finance Corp.		5.650	%		06/01/2014		205,002
	250,000	International Lease Finance Corp.		6.100	%		04/15/2014		259,437
	473,000	International Lease Finance Corp.		6.375	%		03/25/2013		477,967
	600,000	Janus Capital Group Inc. ^(a)		6.700	%		06/15/2017		685,750
	733,000	Jefferies Group Inc.		5.875	%		06/08/2014		769,650
	150,000	JPMorgan Chase & Co., Callable 01/15/2013		5.300	%		05/15/2018		147,670
	400,000	Lehman Brothers Holdings, Inc. ^(c)(e)		7.000	%		09/28/2037		93,500
	950,000	Merrill Lynch & Co. Inc.		5.700	%		05/02/2017		1,042,625
	800,000	Moody’s Corp.		5.500	%		09/01/2020		892,095
	250,000	Morgan Stanley		4.200	%		11/20/2014		260,848

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	FINANCIALS, Continued
$	1,704,000	Morgan Stanley ^(a)		4.750	%		04/01/2014	$	1,764,449
	210,000	Morgan Stanley		5.375	%		10/15/2015		228,308
	100,000	Morgan Stanley		5.450	%		01/09/2017		110,658
	1,050,000	Morgan Stanley		6.000	%		05/13/2014		1,111,919
	600,000	Morgan Stanley		6.000	%		04/28/2015		653,525
	190,000	NASDAQ OMX Group, Inc./The		5.550	%		01/15/2020		206,973
	750,000	National Bank of Canada, Callable 10/07/2017 ^(b)		1.450	%		11/07/2017		750,836
	200,000	Principal Financial Group, Inc.		3.300	%		09/15/2022		202,886
	40,000	Progressive Corp.		7.000	%		10/01/2013		41,886
	250,000	Protective Life Corp.		6.400	%		01/15/2018		290,701
	250,000	Salomon Smith Barney Holdings, Inc.		7.300	%		08/01/2013		257,974
	355,000	Silicon Valley Bank		6.050	%		06/01/2017		392,058
	802,000	SLM Corp., Callable 06/15/2013		5.000	%		06/15/2018		805,044
	175,000	UBS AG ^(b)		7.375	%		07/15/2015		191,696
	388,000	UBS AG ^(b)		7.375	%		06/15/2017		450,907
	150,000	Wells Fargo & Co.		1.500	%		01/16/2018		150,246
	250,000	Wells Fargo & Co.		2.100	%		05/08/2017		258,468
	235,000	Wells Fargo & Co.		2.625	%		12/15/2016		248,011
	100,000	Wells Fargo Bank NA		5.750	%		05/16/2016		113,537
	315,000	Wilmington Trust Corp.		8.500	%		04/02/2018		396,488

									21,631,785

	HEALTH CARE: 0.6%
	250,000	Boston Scientific Corp.		4.500	%		01/15/2015		265,736
	500,000	Watson Pharmaceuticals, Inc., Callable 07/01/2022		3.250	%		10/01/2022		510,424

									776,160

	INDUSTRIALS: 5.7%
	405,000	Avery Dennison Corp.		5.375	%		04/15/2020		447,234
	250,000	Carlisle Companies Inc., Callable 08/15/2022		3.750	%		11/15/2022		247,593
	250,000	Caterpillar Inc.		7.000	%		12/15/2013		265,343
	388,000	CNH America LLC ^(a)		7.250	%		01/15/2016		436,500
	125,000	Eaton Corp. ^(b)		8.875	%		06/15/2019		167,199
	465,000	Embraer Overseas Ltd. ^(a)(b)		6.375	%		01/24/2017		523,125
	250,000	ERAC USA Finance LLC (Acquired 10/10/2012, Cost $249,220) ^(g)(h)		3.300	%		10/15/2022		253,112
	250,000	IDEX Corp., Callable 09/15/2021		4.200	%		12/15/2021		261,200
	250,000	Ingersoll - Rand Global Holding Co. ^(b)		9.500	%		04/15/2014		276,677
	500,000	Joy Global Inc.		6.000	%		11/15/2016		573,928
	250,000	Lennox International Inc.		4.900	%		05/15/2017		272,332
	148,000	Manitowoc Co. Inc./The, Callable 02/15/2014 ^(a)		9.500	%		02/15/2018		164,650
	620,000	Owens Corning Inc.		6.500	%		12/01/2016		696,672

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	INDUSTRIALS, Continued
$	500,000	Penske Truck Leasing Co. LP / PTL Finance Corp. (Acquired 09/24/2012, Cost $499,260) ^(g)(h)		2.500	%		03/15/2016	$	501,347
	250,000	Penske Truck Leasing Co. LP / PTL Finance Corp. (Acquired 09/24/2012, Cost $249,570) ^(g)(h)		3.375	%		03/15/2018		252,242
	200,000	Penske Truck Leasing Co. LP / PTL Finance Corp. (Acquired 07/10/2012, Cost $198,752)^(g)(h)		4.875	%		07/11/2022		206,600
	689,000	Pitney Bowes Inc.		4.875	%		08/15/2014		728,372
	250,000	Republic Services, Inc., Callable 03/01/2022		3.550	%		06/01/2022		260,654
	250,000	Roper Industries, Inc.		1.850	%		11/15/2017		249,813
	200,000	Roper Industries, Inc., Callable 08/15/2022		3.125	%		11/15/2022		201,310
	250,000	Worthington Industries		6.500	%		04/15/2020		275,744
	200,000	Xylem Inc.		3.550	%		09/20/2016		213,065

									7,474,712

	INFORMATION TECHNOLOGY: 4.3%
	256,000	Advanced Micro Devices, Inc.		6.000	%		05/01/2015		238,080
	1,000,000	Advanced Micro Devices, Inc., Callable 12/15/2013 ^(a)		8.125	%		12/15/2017		912,500
	400,000	Arrow Electronics Inc.		6.875	%		06/01/2018		468,891
	128,000	Avnet Inc.		6.625	%		09/15/2016		144,770
	130,000	Brocade Communications Systems, Inc., Callable 01/15/2013		6.625	%		01/15/2018		134,225
	225,000	Cardtronics, Inc., Callable 09/01/2014		8.250	%		09/01/2018		249,750
	250,000	Fiserv, Inc., Callable 07/01/2022		3.500	%		10/01/2022		254,534
	920,000	Hewlett-Packard Co.		1.550	%		05/30/2014		917,943
	850,000	Hewlett-Packard Co.		4.750	%		06/02/2014		886,043
	200,000	KLA-Tencor Corp.		6.900	%		05/01/2018		240,248
	258,000	Linear Technology Corp., Callable 05/01/2014		3.000	%		05/01/2027		268,642
	950,000	Nokia OYJ ^(a)(b)		5.375	%		05/15/2019		904,875

									5,620,501

	MATERIALS: 8.4%
	250,000	Airgas, Inc., Callable 08/15/2022		2.900	%		11/15/2022		246,907
	385,000	Alcoa Inc.		5.720	%		02/23/2019		408,952
	200,000	Alcoa Inc.		6.150	%		08/15/2020		218,429
	700,000	Alcoa Inc. ^(a)		6.750	%		07/15/2018		799,691
	1,317,000	AngloGold Ashanti Holdings PLC ^(b)		5.375	%		04/15/2020		1,359,224
	250,000	Arcelormittal ^(a)(b)		5.375	%		06/01/2013		252,510
	800,000	Arcelormittal ^(a)(b)		6.125	%		06/01/2018		810,800
	400,000	Arcelormittal ^(b)		9.500	%		02/15/2015		445,134
	200,000	Arcelormittal ^(a)(b)		10.350	%		06/01/2019		239,874
	300,000	Cabot Corp. ^(a)		5.000	%		10/01/2016		334,996
	500,000	International Paper Co. ^(a)		5.500	%		01/15/2014		520,950
	303,000	Kinross Gold Corp., Callable 06/01/2021 ^(a)(b)		5.125	%		09/01/2021		310,884
	100,000	Rio Tinto Finance USA Ltd. ^(b)		8.950	%		05/01/2014		110,572
	250,000	RPM International Inc., Callable 08/15/2022		3.450	%		11/15/2022		244,939

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	MATERIALS, Continued
$	150,000	RPM International Inc.		6.125	%		10/15/2019	$	175,101
	380,000	Southern Copper Corp. ^(a)		6.375	%		07/27/2015		421,881
	100,000	Vale Inco Ltd. ^(b)		5.700	%		10/15/2015		109,251
	350,000	Vale Overseas Ltd. ^(a)(b)		5.625	%		09/15/2019		397,952
	1,000,000	Vulcan Materials		6.400	%		11/30/2017		1,092,500
	1,010,000	Xstrata Canada Corp. ^(b)		5.500	%		06/15/2017		1,133,854
	1,192,000	Xstrata Canada Corp. ^(b)		6.000	%		10/15/2015		1,324,494

									10,958,895

	REITS: 7.4%
	500,000	BioMed Realty, LP, Callable 03/15/2016		3.850	%		04/15/2016		527,348
	46,000	CommonWealth REIT, Callable 08/15/2014		6.400	%		02/15/2015		49,374
	300,000	CommonWealth REIT, Callable 07/15/2017		6.650	%		01/15/2018		336,238
	250,000	DDR Corp., Callable 04/15/2022		4.625	%		07/15/2022		272,838
	250,000	Equity One, Inc., Callable 08/15/2022		3.750	%		11/15/2022		246,976
	250,000	HCP, Inc.		5.650	%		12/15/2013		261,497
	215,000	HCP, Inc.		6.000	%		03/01/2015		233,806
	350,000	HCP, Inc.		6.000	%		01/30/2017		402,062
	462,000	HCP, Inc.		6.300	%		09/15/2016		533,101
	268,000	Health Care REIT, Inc.		5.875	%		05/15/2015		295,811
	695,000	Healthcare Realty Trust, Inc.		5.125	%		04/01/2014		727,245
	250,000	Healthcare Realty Trust, Inc.		6.500	%		01/17/2017		285,849
	200,000	Highwoods Realty Limited Partnership, Callable 10/15/2022		3.625	%		01/15/2023		195,851
	177,000	Liberty Property LP		7.500	%		01/15/2018		217,298
	350,000	National Retail Properties, Inc., Callable 07/15/2022		3.800	%		10/15/2022		355,410
	300,000	National Retail Properties, Inc.		6.875	%		10/15/2017		361,879
	250,000	Nationwide Health Properties, Inc.		6.250	%		02/01/2013		251,017
	200,000	Post Apartment Homes, L.P., Callable 09/01/2022		3.375	%		12/01/2022		198,972
	179,000	ProLogis, Callable 12/16/2019		6.875	%		03/15/2020		215,929
	558,000	ProLogis		7.375	%		10/30/2019		659,706
	200,000	Realty Income Corp., Callable 07/15/2022		3.250	%		10/15/2022		195,783
	129,000	Realty Income Corp.		5.950	%		09/15/2016		147,747
	500,000	Senior Housing Properties Trust, Callable 10/15/2015		4.300	%		01/15/2016		518,384
	500,000	Senior Housing Properties Trust, Callable 06/15/2021		6.750	%		12/15/2021		576,592
	408,000	Simon Property Group LP, Callable 09/02/2015		5.750	%		12/01/2015		459,589
	600,000	Simon Property Group LP, Callable 02/01/2016		6.100	%		05/01/2016		692,133
	115,000	Tanger Properties LP		6.150	%		11/15/2015		130,465
	250,000	Washington Real Estate Investment Trust, Callable 07/15/2022		3.950	%		10/15/2022		255,456

									9,604,356

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	SHIPPING & TRANSPORTATION: 1.9%
$	650,000	Canadian National Railway Co., Callable 08/15/2022 ^(b)		2.250	%		11/15/2022	$	647,937
	675,290	FedEx Corp.		7.020	%		01/15/2016		736,066
	170,000	GATX Corp.		6.000	%		02/15/2018		189,778
	200,000	GATX Corp.		8.750	%		05/15/2014		220,081
	279,000	Ship Finance International Ltd. ^(b)		8.500	%		12/15/2013		279,349
	400,000	Union Pacific Corp.		4.875	%		01/15/2015		432,547

									2,505,758

	TELECOMMUNICATION SERVICES: 4.5%
	186,000	America Movil, SAB De CV ^(b)		5.750	%		01/15/2015		204,131
	200,000	Comcast Corp.		3.125	%		07/15/2022		208,367
	100,000	Qwest Corp. ^(a)		6.500	%		06/01/2017		116,760
	500,000	Telecom Italia Capital ^(b)		4.950	%		09/30/2014		522,000
	300,000	Telecom Italia Capital ^(b)		5.250	%		11/15/2013		308,250
	700,000	Telecom Italia Capital ^(b)		5.250	%		10/01/2015		744,800
	525,000	Telecom Italia Capital ^(b)		6.175	%		06/18/2014		553,350
	600,000	Telecom Italia Capital ^(b)		6.999	%		06/04/2018		685,800
	100,000	Telecom Italia Capital ^(b)		7.175	%		06/18/2019		116,050
	400,000	Telefonica Emisiones S.A.U. ^(b)		3.729	%		04/27/2015		410,960
	500,000	Telefonica Emisiones S.A.U. ^(b)		3.992	%		02/16/2016		520,250
	335,000	Telefonica Emisiones S.A.U. ^(b)		4.949	%		01/15/2015		350,912
	300,000	Telefonica Emisiones S.A.U. ^(b)		5.134	%		04/27/2020		315,375
	286,000	Telefonica Emisiones S.A.U. ^(a)(b)		6.221	%		07/03/2017		318,175
	200,000	Telefonica Emisiones S.A.U. ^(a)(b)		6.421	%		06/20/2016		221,300
	250,000	Verizon New England Inc.		4.750	%		10/01/2013		257,754

									5,854,234

	UTILITIES: 6.9%
	61,000	AES Gener S.A. ^(b)		7.500	%		03/25/2014		64,722
	310,000	American Water Capital Corp.		6.085	%		10/15/2017		370,515
	44,000	Arizona Public Service Co.		6.250	%		08/01/2016		51,647
	128,000	British Transco Finance, Inc. ^(b)		6.625	%		06/01/2018		158,245
	10,000	Cleveland Electric Illuminating Co./The		5.700	%		04/01/2017		11,295
	10,000	Cleveland Electric Illuminating Co./The		7.880	%		11/01/2017		12,553
	250,000	Commonwealth Edison		4.700	%		04/15/2015		271,710
	263,000	Enersis SA ^(b)		7.375	%		01/15/2014		277,102
	39,000	Entergy Mississippi, Inc.		4.950	%		06/01/2018		39,024
	540,000	Entergy Mississippi, Inc.		6.640	%		07/01/2019		651,809
	250,000	Entergy New Orleans, Inc.		5.250	%		08/01/2013		255,329
	190,000	Entergy Texas, Inc.		7.125	%		02/01/2019		238,698
	265,000	Jersey Central Power & Light		5.625	%		05/01/2016		300,663
	500,000	National Fuel Gas Co., Callable 09/01/2021		4.900	%		12/01/2021		552,074
	270,000	National Grid PLC ^(b)		6.300	%		08/01/2016		313,277
	300,000	National Rural Utilities		6.550	%		11/01/2018		371,631
	163,000	NiSource Capital Markets		7.860	%		03/27/2017		189,918

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	UTILITIES, Continued
$	266,000	NiSource Finance Corp.		5.400	%		07/15/2014	$	283,465
	440,000	Northern Indiana Public Services		7.590	%		06/12/2017		512,135
	236,000	Ohio Edison		5.450	%		05/01/2015		260,672
	217,000	Ohio Edison		6.400	%		07/15/2016		254,554
	500,000	Pacificorp		5.450	%		09/15/2013		516,845
	15,000	Pennsylvania Electric Co.		6.625	%		04/01/2019		17,384
	105,000	PPL Energy Supply, LLC ^(a)		6.200	%		05/15/2016		120,150
	250,000	Puget Energy, Inc., Callable 04/15/2022		5.625	%		07/15/2022		269,270
	500,000	Puget Energy, Inc. ^(a)		6.000	%		09/01/2021		551,385
	22,000	Puget Sound Energy, Inc. Series AMBC		6.740	%		06/15/2018		26,705
	35,000	Puget Sound Energy, Inc. Series MTNA		6.740	%		06/15/2018		42,986
	500,000	Southwestern Electric Power, Callable 11/15/2021		3.550	%		02/15/2022		528,080
	581,000	Southwestern Electric Power		5.875	%		03/01/2018		676,411
	250,000	Southwestern Public Service		8.750	%		12/01/2018		339,199
	480,000	TransAlta Corp. ^(b)		5.750	%		12/15/2013		499,907
	10,000	Xcel Energy Inc.		5.613	%		04/01/2017		11,700

									9,041,060


	TOTAL CORPORATE BONDS
	(Cost $92,940,562)								97,756,646


	ASSET BACKED SECURITY: 1.3%
	1,798,944	BT SPE, LLC (Acquired 07/06/2011, Cost $1,798,944) ^(f)(h)		9.250	%		06/06/2016		1,742,007


	TOTAL ASSET BACKED SECURITY
	(Cost $1,798,944)								1,742,007


	U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.1%
	Federal Home Loan Bank: 2.4%
	110,000	Callable 01/15/2013		3.070	%		10/15/2027		110,098
	2,000,000	Callable 01/04/2013		3.400	%		10/04/2032		1,978,528
	800,000	Callable 01/28/2013		4.200	%		01/28/2020		802,134
	225,000	Callable 08/20/2013		5.500	%		08/20/2018		232,261

									3,123,021


	Federal Home Loan Mortgage Corporation: 6.7%
	1,000,000	Callable 02/27/2013		3.750	%		02/27/2032		994,733
	4,750,000	Callable 02/27/2013		3.800	%		02/27/2032		4,730,079
	2,000,000	Callable 02/27/2013		3.800	%		02/27/2032		2,008,920
	1,000,000	Callable 03/22/2013		3.800	%		03/22/2032		1,004,857
	44,470			5.500	%		05/01/2037		48,040

									8,786,629


	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $11,909,600)								11,909,650

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value


	FOREIGN GOVERNMENT NOTES/BONDS: 0.3%
$	100,000	Province of Newfoundland Canada ^(b)		7.320	%		10/13/2023	$	141,269
	100,000	Province of Quebec Canada ^(b)		7.380	%		04/09/2026		146,038
	150,000	Region of Lombardy Italy ^(b)		5.804	%		10/25/2032		133,496


	TOTAL FOREIGN GOVERNMENT NOTES/BONDS
	(Cost $388,609)								420,803


Shares
	PREFERRED STOCKS: 8.2%
	CONSUMER DISCRETIONARY: 0.4%
	20,000	Stanley Black & Decker, Inc., Callable 07/25/2017 ^(a)		5.750	%				519,000

	FINANCIALS: 2.4%
	10,000	BB&T Corp. Series E, Callable 08/01/2017		5.625	%				254,800
	20,000	Charles Schwab Corp./The, Callable 09/01/2017		6.000	%				523,000
	22,500	Goldman Sachs Group, Inc., Callable 11/10/2017		5.950	%				562,050
	30,000	HSBC Holdings PLC, Callable 12/15/2015 ^(b)		8.000	%				826,800
	20,000	JPMorgan Chase & Co. Series O, Callable 09/01/2017		5.500	%				502,800
	10,000	Prudential Financial, Inc., Callable 12/04/2017		5.750	%				255,000
	10,000	Wells Fargo & Co., Callable 09/15/2017 ^(a)		5.200	%				251,800

									3,176,250

	REITS: 2.6%
	10,000	Digital Realty Trust, Inc. Series F, Callable 04/05/2017 ^(a)		6.625	%				260,900
	10,000	Kimco Realty Corp. Series J, Callable 07/25/2017 ^(a)		5.500	%				248,500
	20,000	National Retail Properties, Inc. Series D, Callable 02/23/2017 ^(a)		6.625	%				531,000
	20,000	Realty Income Corp. Series F, Callable 02/15/2017		6.625	%				530,400
	50,000	Senior Housing Properties Trust, Callable 08/01/2017 ^(a)		5.625	%				1,230,500
	20,000	Vornado Realty Trust Series K, Callable 07/18/2017		5.700	%				510,600

									3,311,900

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Coupon Rate			Maturity Date		Value
	TELECOMMUNICATION SERVICES: 1.6%
	20,000	Qwest Corp., Callable 06/01/2016		7.375	%			$	536,200
	20,000	Qwest Corp., Callable 09/15/2016		7.500	%				539,400
	28,000	Telephone and Data Systems, Inc., Callable 12/01/2017		5.875	%				687,680
	10,000	United States Cellular Corp., Callable 05/15/2016		6.950	%				275,300

									2,038,580

	UTILITIES: 1.2%
	20,000	DTE Energy Co., Callable 12/01/2016 ^(a)		6.500	%				545,800
	10,000	Entergy Louisiana, LLC, Callable 07/01/2017 ^(a)		5.250	%				262,200
	10,000	NextEra Energy Capital Holdings, Inc., Callable 06/15/2017		5.625	%				260,200
	20,000	SCE Trust I, Callable 06/15/2017		5.625	%				516,000

									1,584,200


	TOTAL PREFERRED STOCKS
	(Cost $10,226,064)								10,629,930


Principal Amount

	SHORT TERM INVESTMENTS: 4.8%
	CORPORATE BONDS: 2.0%
$	100,000	American Express Bank, FSB		5.500	%		04/16/2013		101,446
	300,000	Avon Products, Inc.		4.800	%		03/01/2013		301,592
	392,000	Goldman Sachs Group, Inc. ^(a)		5.250	%		04/01/2013		396,581
	500,000	Merrill Lynch & Co. Inc.		5.450	%		02/05/2013		502,171
	1,229,000	Morgan Stanley		5.300	%		03/01/2013		1,235,716
	100,000	Telefonica Emisiones S.A.U. ^(b)		5.855	%		02/04/2013		100,350

									2,637,856

	MONEY MARKET INVESTMENT: 2.8%
	3,635,301	First American Government Obligations Fund, 0.02% ^(d)							3,635,301


	TOTAL SHORT TERM INVESTMENTS
	(Cost $6,270,395)								6,273,157

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Value
	INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 12.7%
	MONEY MARKET INVESTMENT: 12.7%
	16,498,362	Mount Vernon Securities Lending Trust Prime Portfolio, 0.27%^(d)	$	16,498,362

	TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
	(Cost $16,498,362)			16,498,362


	TOTAL INVESTMENTS
	(Cost $140,032,536), 111.4%			145,230,555

	LIABILITIES IN EXCESS OF OTHER ASSETS, (11.4)%			(14,871,190	)

	TOTAL NET ASSETS, 100.0%		$	130,359,365

(a)

This security or portion of this security is out on loan at December 31, 2012.

(b)

U.S. Dollar-denominated foreign security.

(c)

Defaulted security that represents 0.07% of net assets as of December 31, 2012.

(d)

7-Day Yield.

(e)

Non Income Producing.

(f)

Illiquid restricted security fair valued by Valuation Committee as delegated by the Rochdale Investment Trust Board of Trustees that represents 1.34% of net assets as of December 31, 2012.

(g)

Liquid restricted security that represents 0.93% of net assets as of December 31, 2012.

(h)

Private placement.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Summary of Fair Value Exposure

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s investments as of December 31, 2012:


	Level 1		Level 2		Level 3		Total
Preferred Stocks
Consumer Discretionary	$	519,000	$	—	$	—	$	519,000
Financials		3,176,250		—		—		3,176,250
REITs		3,311,900		—		—		3,311,900
Telecommunication Services		2,038,580		—		—		2,038,580
Utilities		1,584,200		—		—		1,584,200

Total Preferred Stocks		10,629,930		—		—		10,629,930
Fixed Income
Corporate Bonds		—		97,756,646		—		97,756,646
Asset Backed Security		—		—		1,742,007		1,742,007
U.S. Government Agency Obligations		—		11,909,650		—		11,909,650
Foreign Government Notes/Bonds		—		420,803		—		420,803

Total Fixed Income		—		110,087,099		1,742,007		111,829,106
Short Term Investments		3,635,301		2,637,856		—		6,273,157

Investments Purchased With Cash Proceeds From Securities Lending
Money Market Investment		16,498,362		—		—		16,498,362

Total Investments	$	30,763,593	$	112,724,955	$	1,742,007	$	145,230,555

The accompanying notes are an integral part of these financial statements.

ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Summary of Fair Value Exposure

There were no transfers into or out of Level 1, Level 2 and Level 3 fair value measurements during the reporting period, as compared to their classification from the most recent annual report.

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.


Description	Investments in Securities
Balance as of December 31, 2011	$	3,381,731
Accrued discounts/premiums		—
Realized gain (loss)		(2,500	)
Change in unrealized appreciation (depreciation)		(56,937	)
Purchases		—
Principal paydown		(1,580,287	)

Balance as of December 31, 2012	$	1,742,007

Net unrealized losses relating to Level 3 investments still held at December 31, 2012 amounted to $56,937.

The below chart represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements:


Security Description	Fair Value at December 31, 2012		Valuation Techniques	Observable Inputs
BT SPE, LLC		$1,742,007	Discounted Cash Flow Model	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 accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012

LOGO


Principal Amount			Coupon Rate			Maturity Date		Value

	CORPORATE BONDS: 66.5%
	AEROSPACE/DEFENSE: 0.5%
$	300,000	Altegrity Inc. (Acquired 09/29/2010 and 02/08/2011, Cost $98,652 and $211,482, respectively), Callable 05/01/2013 ^(c)(e)(f)(g)		11.750	%		05/01/2016	$	222,000
	950,000	B/E Aerospace, Inc., Callable 04/01/2017		5.250	%		04/01/2022		1,007,000
	250,000	Mantech International Corp., Callable 04/15/2014		7.250	%		04/15/2018		265,625
	425,000	Transdigm Inc. (Acquired 10/10/2012, Cost $425,000), Callable 10/15/2015 ^(c)(e)(g)		5.500	%		10/15/2020		442,000
	1,125,000	Transdigm Inc., Callable 12/15/2014		7.750	%		12/15/2018		1,244,531

									3,181,156

	AUTOMOTIVE: 3.2%
	950,000	Affinia Group Inc.		9.000	%		11/30/2014		950,000
	240,000	Affinia Group Inc. (Acquired 11/16/2009 and 12/07/2009, Cost $173,835 and $79,152, respectively), Callable 08/15/2013 ^(c)(e)(g)		10.750	%		08/15/2016		260,100

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	AUTOMOTIVE, Continued
$	650,000	Allison Transmission, Inc. (Acquired 04/27/2011 - 12/01/2011, Aggregate Cost $629,497), Callable 05/15/2015 ^(c)(e)(g)		7.125	%		05/15/2019	$	693,875
	100,000	American Axle & Manufacturing, Inc., Callable 10/15/2017		6.625	%		10/15/2022		101,500
	1,225,000	American Axle & Manufacturing, Inc.		7.750	%		11/15/2019		1,329,125
	925,000	Chrysler Group LLC/CG Co-Issuer Inc., Callable 06/15/2016		8.250	%		06/15/2021		1,017,500
	350,000	Cooper-Standard Automotive, Callable 05/01/2014		8.500	%		05/01/2018		376,250
	1,400,000	Exide Technologies, Callable 02/01/2015		8.625	%		02/01/2018		1,186,500
	300,000	Ford Motor Credit Co. LLC		2.750	%		05/15/2015		306,171
	900,000	Ford Motor Credit Co. LLC		3.875	%		01/15/2015		938,559
	1,425,000	Ford Motor Credit Co. LLC		4.250	%		02/03/2017		1,526,589
	900,000	Ford Motor Credit Co. LLC		5.000	%		05/15/2018		993,092
	350,000	Ford Motor Credit Co. LLC		5.875	%		08/02/2021		407,588
	225,000	Ford Motor Credit Co. LLC		6.625	%		08/15/2017		262,905
	300,000	Ford Motor Credit Co. LLC		8.000	%		06/01/2014		327,116
	700,000	IDQ Holdings Inc. (Acquired 03/20/2012 - 08/23/2012, Aggregate Cost $709,636), Callable 10/01/2014 ^(c)(e)(g)		11.500	%		04/01/2017		754,250
	1,300,000	International Automotive Components Group SL (Acquired 05/26/2011 - 10/16/2012, Aggregate Cost $1,252,902), Callable 06/01/2015 ^(b)(c)(e)(g)		9.125	%		06/01/2018		1,205,750
	1,250,000	Jaguar Land Rover PLC (Acquired 05/12/2011 - 03/27/2012, Aggregate Cost $1,223,874), Callable 05/15/2016 ^(b)(c)(e)(g)		8.125	%		05/15/2021		1,375,000
	975,000	Pittsburgh Glass Works, LLC (Acquired 04/08/2011 - 01/18/2012, Aggregate Cost $968,450), Callable 04/15/2013 ^(c)(e)(g)		8.500	%		04/15/2016		897,000
	400,000	Schaeffler Finance BV (Acquired 02/02/2012 and 02/21/2012, Cost $197,962 and $208,938, respectively) ^(b)(c)(e)(g)		7.750	%		02/15/2017		444,000
	1,150,000	Schaeffler Finance BV (Acquired 02/06/2012 - 04/04/2012, Aggregate Cost, $1,218,350), Callable 02/15/2015 ^(b)(c)(e)(g)		8.500	%		02/15/2019		1,299,500

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	AUTOMOTIVE, Continued
$	550,000	Stoneridge, Inc. (Acquired 09/24/2010 - 06/11/2012, Aggregate Cost $563,643), Callable 10/15/2014 ^(c)(e)(g)		9.500	%		10/15/2017	$	585,750
	275,000	Tenneco Inc., Callable 12/15/2015		6.875	%		12/15/2020		299,406
	50,000	Tenneco Inc., Callable 08/15/2014		7.750	%		08/15/2018		54,250
	873,000	Tomkins LLC / Tomkins Inc., Callable 10/01/2014		9.000	%		10/01/2018		977,760
	850,000	Tower Automotive, Inc. (Acquired 08/13/2010 - 07/18/2012, Aggregate Cost $891,780), Callable 09/01/2014 ^(c)(e)(g)		10.625	%		09/01/2017		930,750
	1,775,000	UCI International, Inc., Callable 02/15/2015		8.625	%		02/15/2019		1,759,468

									21,259,754

	BUILDING MATERIALS: 1.8%
	600,000	Anixter Inc.		5.625	%		05/01/2019		631,500
	575,000	Building Materials Corp. (Acquired 04/26/2011 - 05/01/2012, Aggregate Cost $585,606), Callable 05/01/2016 ^(c)(e)(g)		6.750	%		05/01/2021		635,375
	100,000	Building Materials Corp. (Acquired 03/09/2010, Cost $99,135), Callable 03/15/2015 ^(c)(e)(g)		7.500	%		03/15/2020		110,000
	775,000	Interline Brands, Inc., Callable 11/15/2013		7.500	%		11/15/2018		837,000
	1,075,000	Interline Brands, Inc. (Acquired 07/17/2012 - 12/10/2012, Aggregate Cost $1,098,803), Callable 11/15/2014 ^(c)(e)(g)		10.000	%		11/15/2018		1,166,375
	1,075,000	Masonite International Corp. (Acquired 04/08/2011 - 03/06/2012, Aggregate Cost $1,088,287), Callable 04/15/2015 ^(b)(c)(e)(g)		8.250	%		04/15/2021		1,150,250
	1,100,000	Norcraft Holdings, Callable 12/15/2013		10.500	%		12/15/2015		1,108,250
	350,000	Nortek Inc. (Acquired 10/15/2012, Cost $374,493), Callable 04/15/2016 ^(c)(e)(g)		8.500	%		04/15/2021		387,625
	1,125,000	Nortek Inc., Callable 04/15/2016		8.500	%		04/15/2021		1,248,750
	525,000	Nortek Inc., Callable 12/01/2014		10.000	%		12/01/2018		584,063
	1,275,000	Ply Gem Industries, Inc., Callable 02/15/2014		8.250	%		02/15/2018		1,377,000

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	BUILDING MATERIALS, Continued
$	175,000	Ply Gem Industries, Inc. (Acquired 09/24/2012, Cost $175,000), Callable 10/15/2014 ^(c)(e)(g)		9.375	%		04/15/2017	$	186,375
	1,275,000	Rexel SA (Acquired 03/21/2012 - 05/02/2012, Aggregate Cost $1,283,314), Callable 12/15/2015 ^(b)(c)(e)(g)		6.125	%		12/15/2019		1,338,750
	775,000	Roofing Supply Group LLC/ Roofing Supply Finance Inc. (Acquired 05/24/2012 and 07/19/2012, Cost $625,000 and $161,370, respectively), Callable 06/01/2015 ^(c)(e)(g)		10.000	%		06/01/2020		868,000

									11,629,313

	CHEMICALS: 1.1%
	250,000	Compass Minerals International, Inc., Callable 06/01/2014		8.000	%		06/01/2019		270,000
	1,250,000	Ferro Corp., Callable 08/15/2014		7.875	%		08/15/2018		1,128,125
	725,000	Hexion U.S. Finance Corp./ Hexion Nova Scotia, Callable 02/01/2014		8.875	%		02/01/2018		744,938
	675,000	Hexion U.S. Finance Corp./ Hexion Nova Scotia, Callable 11/15/2015		9.000	%		11/15/2020		615,938
	263,000	Huntsman International LLC		5.500	%		06/30/2016		263,329
	150,000	Huntsman International LLC, Callable 03/15/2015		8.625	%		03/15/2020		169,875
	425,000	Huntsman International LLC, Callable 09/15/2015		8.625	%		03/15/2021		485,563
	625,000	Koppers Inc., Callable 12/01/2014		7.875	%		12/01/2019		687,499
	325,000	Momentive Performance Materials Inc., Callable 01/15/2016		9.000	%		01/15/2021		237,250
	650,000	Momentive Performance Materials Inc. (Acquired 05/17/2012, Cost $650,000), Callable 10/15/2015 ^(c)(e)(g)		10.000	%		10/15/2020		640,250
	1,100,000	OMNOVA Solutions Inc., Callable 11/01/2014		7.875	%		11/01/2018		1,134,374
	707,000	Oxea Finance (Acquired 07/09/2010 - 05/01/2012, Aggregate Cost $727,034), Callable 07/15/2013 ^(b)(c)(e)(g)		9.500	%		07/15/2017		774,165

									7,151,306

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	CONSTRUCTION MACHINERY: 0.4%
$	250,000	RSC Equipment Rental Inc., Callable 02/01/2016		8.250	%		02/01/2021	$	281,875
	100,000	RSC Equipment Rental Inc., Callable 11/15/2014		10.250	%		11/15/2019		116,000
	875,000	United Rentals North America, Callable 09/15/2015		8.375	%		09/15/2020		969,063
	300,000	UR Financing Escrow Corp. (Acquired 02/24/2012, Cost $300,000), Callable 07/15/2015 ^(c)(e)(g)		5.750	%		07/15/2018		323,250
	400,000	UR Financing Escrow Corp. (Acquired 02/24/2012 and 04/26/2012, Cost $300,000 and $105,140, respectively), Callable 05/15/2016 ^(c)(e)(g)		7.375	%		05/15/2020		439,000
	300,000	UR Financing Escrow Corp. (Acquired 02/24/2012, Cost $300,000), Callable 04/15/2017 ^(c)(e)(g)		7.625	%		04/15/2022		335,250

									2,464,438

	CONSUMER PRODUCTS: 2.5%
	3,381,645	Bio Pappel SAB de CV ^(b)		7.000	%^(a)		08/27/2016		3,144,930
	1,025,000	Freedom Group, Inc. (Acquired 04/12/2012 - 04/30/2012, Aggregate Cost $1,046,817), Callable 05/01/2015 ^(c)(e)(g)		7.875	%		05/01/2020		1,055,750
	2,007,000	Grupo Famsa S.A.B de C.V., Callable 07/20/2013 ^(b)		11.000	%		07/20/2015		2,137,455
	950,000	Jarden Corp.		7.500	%		05/01/2017		1,069,938
	1,200,000	Libbey Glass Inc., Callable 05/15/2015		6.875	%		05/15/2020		1,290,000
	300,000	Prestige Brands, Inc., Callable 02/01/2016		8.125	%		02/01/2020		333,750
	675,000	Prestige Brands, Inc., Callable 04/01/2014		8.250	%		04/01/2018		748,406
	250,000	Scotts Miracle-Gro Co./The, Callable 12/15/2015		6.625	%		12/15/2020		274,375
	154,000	Sealy Mattress Co. (Acquired 07/13/2009 and 09/03/2009, Cost $81,571 and $78,327, respectively), Callable 04/15/2013 ^(c)(e)(g)		10.875	%		04/15/2016		163,240

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	CONSUMER PRODUCTS, Continued
$	975,000	Serta Simmons Holdings LLC (Acquired 09/19/2012 - 12/10/2012, Aggregate Cost $978,344), Callable 10/01/2015 ^(c)(e)(g)		8.125	%		10/01/2020	$	975,000
	1,025,000	ServiceMaster Co./The (Acquired 08/16/2012 and 11/07/2012, Cost $600,000 and $429,221, respectively), Callable 08/15/2015 ^(c)(e)(g)		7.000	%		08/15/2020		1,027,562
	475,000	ServiceMaster Co./The		7.100	%		03/01/2018		451,250
	150,000	ServiceMaster Co./The		7.450	%		08/15/2027		121,500
	800,000	ServiceMaster Co./The, Callable 02/15/2015		8.000	%		02/15/2020		834,000
	1,000,000	Spectrum Brands Inc. (Acquired 03/15/2012 and 05/02/2012, Cost $775,000 and $233,418, respectively), Callable 03/15/2015 ^(c)(e)(g)		6.750	%		03/15/2020		1,070,000
	250,000	Spectrum Brands Inc., Callable 06/15/2014		9.500	%		06/15/2018		283,750
	1,175,000	Visant Corp., Callable 10/01/2013		10.000	%		10/01/2017		1,054,563
	275,000	Wolverine World Wide, Inc. (Acquired 09/27/2012, Cost $275,000), Callable 10/15/2016 ^(c)(e)(g)		6.125	%		10/15/2020		288,750

									16,324,219

	DIVERSIFIED MANUFACTURING/OPERATIONS: 1.4%
	500,000	Dubai Holding Commercial Operations Ltd. ^(b)		4.750	%		01/30/2014		646,779
	5,200,000	Dubai Holding Commercial Operations Ltd. ^(b)		6.000	%		02/01/2017		8,181,094
	3,500,000	TID Global Sukuk I Ltd. ^(b)(f)(j)		2.210	%		12/20/2049		700,000

									9,527,873

	ENERGY: 8.2%
	900,000	Alliance Oil Co. Ltd. ^(b)		7.250	%		07/16/2014		918,000
	850,000	Antero Resources Finance Corp. (Acquired 11/14/2012, Cost $850,000), Callable 12/01/2015 ^(c)(e)(g)		6.000	%		12/01/2020		860,625
	650,000	ATP Oil & Gas Corp., Callable 05/01/2013 ^(j)		11.875	%		05/01/2015		71,500
	800,000	Basic Energy Services, Callable 02/15/2015		7.750	%		02/15/2019		796,000
	700,000	Berry Petroleum Co., Callable 03/15/2017		6.375	%		09/15/2022		728,000

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENERGY, Continued
$	75,000	Berry Petroleum Co., Callable 11/01/2015		6.750	%		11/01/2020	$	80,625
	475,000	Chaparral Energy, Inc., Callable 04/15/2017		7.625	%		11/15/2022		498,750
	925,000	Chaparral Energy, Inc., Callable 10/01/2015		9.875	%		10/01/2020		1,052,188
	1,675,000	Chesapeake Energy Corp., Callable 03/15/2013		6.775	%		03/15/2019		1,677,093
	100,000	Chesapeake Energy Corp., Callable 08/15/2013		6.875	%		08/15/2018		105,500
	575,000	Chesapeake Midstream Partners, Callable 01/15/2017		6.125	%		07/15/2022		619,563
	800,000	Chesapeake Oilfield Services Co. (Acquired 10/25/2011 - 07/10/2012, Aggregate Cost $765,291), Callable 11/15/2015 ^(c)(e)(g)		6.625	%		11/15/2019		754,000
	1,150,000	Cie Generale de Geophysique, Callable 06/01/2016 ^(b)		6.500	%		06/01/2021		1,230,500
	200,000	Cie Generale de Geophysique, Callable 05/15/2013 ^(b)		7.750	%		05/15/2017		208,000
	75,000	Cie Generale de Geophysique, Callable 05/15/2013 ^(b)		9.500	%		05/15/2016		80,438
	500,000	Coffeyville Resources (Acquired 03/25/2010 - 01/28/2011, Aggregate Cost $509,982), Callable 04/01/2013 ^(c)(e)(g)		10.875	%		04/01/2017		550,000
	225,000	Comstock Resources, Inc., Callable 04/01/2015		7.750	%		04/01/2019		228,375
	550,000	Comstock Resources, Inc., Callable 06/15/2016		9.500	%		06/15/2020		591,250
	650,000	Concho Resources Inc., Callable 10/01/2017		5.500	%		04/01/2023		680,875
	250,000	Concho Resources Inc., Callable 01/15/2016		7.000	%		01/15/2021		278,750
	800,000	Copano Energy LLC/Copano Energy Finance Co., Callable 04/01/2016		7.125	%		04/01/2021		859,000
	375,000	Denbury Resources Inc., Callable 02/15/2015		8.250	%		02/15/2020		421,875
	75,000	Denbury Resources Inc., Callable 03/01/2013		9.750	%		03/01/2016		79,500
	200,000	Energy XXI Gulf Coast, Inc., Callable 06/15/2015		7.750	%		06/15/2019		218,500
	975,000	Energy XXI Gulf Coast, Inc., Callable 12/15/2014		9.250	%		12/15/2017		1,113,937

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENERGY, Continued
$	225,000	EP Energy LLC, Callable 05/01/2015		6.875	%		05/01/2019	$	244,125
	450,000	EP Energy LLC (Acquired 12/18/2012, Cost $447,750), Callable 12/15/2013 ^(c)(e)(g)		8.125	%		12/15/2017		446,063
	1,150,000	EP Energy LLC, Callable 05/01/2016		9.375	%		05/01/2020		1,296,625
	1,025,000	Forbes Energy Services Ltd., Callable 06/15/2015		9.000	%		06/15/2019		912,250
	1,375,000	Forest Oil Corp., Callable 06/15/2013		7.250	%		06/15/2019		1,381,875
	175,000	Forest Oil Corp. (Acquired 09/12/2012, Cost $175,000), Callable 09/15/2016 ^(c)(e)(g)		7.500	%		09/15/2020		183,750
	1,000,000	Georgian Oil & Gas Corp. ^(b)		6.875	%		05/16/2017		1,035,000
	450,000	Halcon Resources Corp. (Acquired 10/23/2012, Cost $446,612), Callable 11/15/2016 ^(c)(e)(g)		8.875	%		05/15/2021		477,000
	975,000	Halcon Resources Corp. (Acquired 06/29/2012 - 10/19/2012, Aggregated Cost $981,862), Callable 07/15/2016 ^(c)(e)(g)		9.750	%		07/15/2020		1,053,000
	325,000	Linn Energy LLC/Finance Corp., Callable 09/15/2015		7.750	%		02/01/2021		346,125
	900,000	Linn Energy LLC/Finance Corp., Callable 04/15/2015		8.625	%		04/15/2020		981,000
	475,000	Lone Pine Resources Canada Ltd., Callable 02/15/2015 ^(b)		10.375	%		02/15/2017		446,500
	1,000,000	MIE Holdings Corp., Callable 05/12/2014 ^(b)		9.750	%		05/12/2016		1,085,000
	875,000	Newfield Exploration Co.		5.625	%		07/01/2024		945,000
	850,000	Oasis Petroleum, Inc., Callable 11/01/2016		6.500	%		11/01/2021		903,125
	600,000	Oasis Petroleum, Inc., Callable 07/15/2017		6.875	%		01/15/2023		643,500
	375,000	Ocean Rig Norway AS (Acquired 09/13/2012 and 10/15/2012, Cost $223,805 and $150,730, respectively), Callable 10/01/2015 ^(b)(c)(e)(g)		6.500	%		10/01/2017		373,125
	1,002,000	Oceanografia, S.A. de C.V., Callable 02/15/2013 ^(b)		11.250	%		07/15/2015		771,740
	2,000,000	OGX Austria GMBH, Callable 06/01/2015 ^(b)		8.500	%		06/01/2018		1,800,000
	3,850,000	OSX-3 Leasing BV, Callable 06/20/2013 ^(b)		9.250	%		03/20/2015		3,970,312
	1,300,000	Panoro Energy ASA, Callable 11/15/2014 ^(b)(c)		12.000	%		11/15/2018		1,374,750

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENERGY, Continued
$	650,000	Penn Virginia Resource Partners LP (Acquired 05/11/2012 and 06/18/2012, Cost $505,128 and $151,455, respectively), Callable 06/01/2016 ^(c)(e)(g)		8.375	%		06/01/2020	$	700,375
	1,000,000	Petroleos de Venezuela, S.A. ^(b)		4.900	%		10/28/2014		956,000
	3,000,000	Petroleos de Venezuela, S.A. ^(b)		5.000	%		10/28/2015		2,752,500
	875,000	PHI, Inc., Callable 10/15/2014		8.625	%		10/15/2018		936,250
	275,000	Plains Exploration & Production Co., Callable 06/15/2016		6.125	%		06/15/2019		299,750
	350,000	Plains Exploration & Production Co., Callable 02/01/2017		6.750	%		02/01/2022		392,875
	500,000	Rosneft ^(b)		4.199	%		03/06/2022		508,750
	175,000	Sandridge Energy, Inc., Callable 03/15/2016		7.500	%		03/15/2021		187,250
	1,275,000	Sandridge Energy, Inc., Callable 04/15/2017		8.125	%		10/15/2022		1,396,124
	1,100,000	Sea Trucks Group ^(b)		12.000	%^(a)		01/31/2015		1,089,000
	150,000	SESI LLC, Callable 05/01/2015		6.375	%		05/01/2019		160,500
	700,000	SESI LLC, Callable 12/15/2016		7.125	%		12/15/2021		778,750
	3,030,000	Sinek (Edel Capital) ^(b)		7.700	%		08/03/2015		3,196,650
	225,000	Tesoro Logistics LP/Corp. (Acquired 09/07/2012, Cost $225,000), Callable 10/01/2016 ^(c)(e)(g)		5.875	%		10/01/2020		233,438
	20,000,000	Tethys Oil AB, Callable 09/07/2013 ^(b)		9.500	%		09/07/2015		3,183,073
	1,125,000	W&T Offshore, Inc., Callable 06/15/2015		8.500	%		06/15/2019		1,209,375
	350,000	W&T Offshore, Inc. (Acquired 10/17/2012, Cost $370,584), Callable 06/15/2015 ^(c)(e)(g)		8.500	%		06/15/2019		376,250

									53,729,619

	ENTERTAINMENT: 0.5%
	625,000	Cedar Fair LP, Callable 8/01/2014		9.125	%		08/01/2018		703,125
	175,000	Cinemark USA Inc. (Acquired 12/04/2012, Cost $175,000), Callable 12/15/2017 ^(c)(e)(g)		5.125	%		12/15/2022		177,188
	375,000	Cinemark USA Inc., Callable 06/15/2016		7.375	%		06/15/2021		414,375
	500,000	Cinemark USA Inc., Callable 06/15/2014		8.625	%		06/15/2019		553,750
	475,000	Regal Cinemas Corp., Callable 07/15/2014		8.625	%		07/15/2019		524,875
	850,000	Six Flags Entertainment Corp. (Acquired 12/11/2012, Cost $850,000), Callable 01/15/2016 ^(c)(e)(g)		5.250	%		01/15/2021		850,000

									3,223,313

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENVIRONMENTAL: 0.0%
$	325,000	ADS Waste Holdings Inc. (Acquired 09/25/2012, Cost $327,139), Callable 10/01/2016 ^(c)(e)(g)		8.250	%		10/01/2020	$	341,250

	FINANCIAL INSTITUTIONS/SERVICES: 6.8%
	750,000	AKBHC (Tinkoff) ^(b)		10.750	%		09/18/2015		768,750
	1,250,000	AKBHC (Tinkoff) ^(b)		14.000	%		06/06/2018		1,288,863
	475,000	Ally Financial Inc.		4.500	%		02/11/2014		488,656
	1,075,000	Ally Financial Inc.		5.500	%		02/15/2017		1,149,995
	775,000	Ally Financial Inc.		6.250	%		12/01/2017		858,093
	850,000	Ally Financial Inc.		7.500	%		09/15/2020		1,026,375
	575,000	Ally Financial Inc.		8.000	%		03/15/2020		704,375
	1,575,000	Ally Financial Inc.		8.300	%		02/12/2015		1,754,155
	3,000,000	Astana Finance USD ^(b)(f)(j)		9.000	%		11/16/2011		270,000
	1,000,000	Banco BMG ^(b)		8.000	%		04/15/2018		880,000
	901,842	Bank Nadra ^(b)		8.000	%		06/22/2017		514,050
	1,500,000	CB Rencap (Ren Consumer) ^(b)		13.000	%		04/01/2013		1,496,250
	325,000	CIT Group, Inc. (Acquired 03/23/2011 Cost $325,000) ^(c)(e)(g)		6.625	%		04/01/2018		367,250
	175,000	CIT Group, Inc. (NJ)		4.250	%		08/15/2017		180,205
	325,000	CIT Group, Inc. (NJ) (Acquired 02/02/2012, Cost $325,000) ^(c)(e)(g)		4.750	%		02/15/2015		338,000
	575,000	CIT Group, Inc. (NJ)		5.000	%		05/15/2017		609,500
	1,500,000	CIT Group, Inc. (NJ)		5.250	%		03/15/2018		1,605,000
	225,000	CIT Group, Inc. (NJ)		5.375	%		05/15/2020		245,813
	500,000	Development Bank of Mongolia ^(b)		5.750	%		03/21/2017		517,946
	11,000,000	Egidaco Investments Ltd., Callable 06/29/2013 ^(b)		12.750	%		12/29/2013		1,742,233
	2,165,000	First Ukrainian International Bank ^(b)		11.000	%		12/31/2014		2,140,752
	250,000	International Lease Finance Corp.		4.875	%		04/01/2015		258,770
	775,000	International Lease Finance Corp.		5.875	%		08/15/2022		820,889
	725,000	International Lease Finance Corp.		6.250	%		05/15/2019		772,125
	200,000	International Lease Finance Corp.		8.250	%		12/15/2020		238,500
	225,000	International Lease Finance Corp.		8.625	%		09/15/2015		252,844
	1,725,000	International Lease Finance Corp.		8.750	%		03/15/2017		1,992,375
	475,000	International Lease Finance Corp.		8.875	%		09/01/2017		558,163
	2,000,000	JSC Halyk Bank ^(b)		7.750	%		05/13/2013		2,031,000
	500,000	Neuberger Berman Group/Finance (Acquired 03/12/2012 and 03/29/2012, Cost $225,000 and $278,180, respectively), Callable 03/15/2015 ^(c)(e)(g)		5.625	%		03/15/2020		523,750

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	FINANCIAL INSTITUTIONS/SERVICES, Continued
$	400,000	Neuberger Berman Group/Finance (Acquired 03/12/2012 and 05/08/2012, Cost $300,000 and $103,331), Callable 03/15/2017 ^(c)(e)(g)		5.875	%		03/15/2022	$	424,000
	1,000,000	Nomos Bank ^(b)		10.000	%		04/26/2019		1,022,900
	1,350,000	Nuveen Investments Inc. (Acquired 09/12/2012, Cost $1,350,000), Callable 10/15/2016 ^(c)(e)(g)		9.500	%		10/15/2020		1,343,250
	3,000,000	Promsvyazbank OJSC Via PSB Finance SA ^(b)		10.200	%		11/06/2019		3,101,249
	3,000,000	Russian Standard Finance SA ^(b)		10.750	%		04/10/2018		3,134,999
	1,000,000	Sberbank of Russia Via SB Capital SA ^(b)		5.125	%		10/29/2022		1,018,750
	3,000,000	Tamweel ^(b)		4.310	%		01/23/2013		2,984,025
	200,000	Turkiye Is Bankasi A.S. ^(b)		6.000	%		10/24/2022		210,750
	500,000	Turkiye Vakiflar Bankasi T.A.O., Callable 01/15/2014 ^(b)		5.750	%		04/24/2017		541,250
	2,500,000	Turkiye Vakiflar Bankasi T.A.O. (Acquired 12/03/2012, Cost $2,593,793) ^(b)(c)(e)(g)		6.000	%		11/01/2022		2,587,500
	1,000,000	Ukreximbank Via Biz Finance PLC ^(b)		8.375	%		04/27/2015		992,500
	500,000	Yapi ve Kredi Bankasi A.S. ^(b)		5.500	%		12/06/2022		502,500

									44,258,350

	FOOD & BEVERAGE: 3.3%
	675,000	Aramark Corp.		3.813	%^(a)		02/01/2015		672,469
	725,000	Aramark Corp., Callable 02/01/2013		8.500	%		02/01/2015		728,632
	1,100,000	Aramark Corp. (Acquired 04/04/2011 - 05/17/2012, Aggregate Cost $1,110,969), Callable 05/01/2013 ^(c)(e)(g)		8.625	%		05/01/2016		1,126,136
	1,000,000	Avangardo Investments ^(b)		10.000	%		10/29/2015		935,000
	337,000	B & G Foods Inc., Callable 01/15/2014		7.625	%		01/15/2018		362,275
	1,020,000	Ceagro Agricola Ltd. ^(b)		10.750	%		05/16/2016		999,518
	975,000	Constellation Brands, Inc.		6.000	%		05/01/2022		1,116,375
	275,000	Darling International Inc., Callable 12/15/2014		8.500	%		12/15/2018		315,906
	450,000	Dean Foods Co.		7.000	%		06/01/2016		493,875
	1,600,000	Dean Foods Co., Callable 12/15/2014		9.750	%		12/15/2018		1,840,000
	1,925,000	Del Monte Foods Co., Callable 02/15/2014		7.625	%		02/15/2019		2,006,813

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	FOOD & BEVERAGE, Continued
$	1,000,000	Fufeng Group Ltd., Callable 04/13/2014 ^(b)		7.625	%		04/13/2016	$	995,000
	1,000,000	MHPSA Ukraine ^(b)		10.250	%		04/29/2015		1,052,500
	550,000	Michael Foods Inc. (Acquired 12/11/2012, Cost $547,250), Callable 07/15/2014 ^(c)(e)(g)		8.500	%		07/15/2018		561,000
	2,050,000	Michael Foods Inc., Callable 07/15/2014		9.750	%		07/15/2018		2,265,250
	825,000	Pinnacle Foods Finance LLC, Callable 09/01/2013		8.250	%		09/01/2017		878,625
	321,000	Pinnacle Foods Finance LLC, Callable 04/01/2013		9.250	%		04/01/2015		325,815
	475,000	Shearer’s Foods LLC (Acquired 10/24/2012 and 11/30/2012, Cost $428,958 and $51,673, respectively), Callable 11/01/2015 ^(c)(e)(g)		9.000	%		11/01/2019		498,750
	425,000	Smithfield Foods, Inc., Callable 08/15/2017		6.625	%		08/15/2022		469,625
	875,000	Smithfield Foods, Inc.		7.750	%		07/01/2017		1,019,375
	2,600,000	U.S. Foodservice, Inc. (Acquired 05/06/2011 - 12/19/2012, Aggregate Cost $2,608,301), Callable 06/30/2014 ^(c)(e)(g)		8.500	%		06/30/2019		2,652,000

									21,314,939

	GAMING: 1.7%
	950,000	Affinity Gaming LLC/Finance (Acquired 05/04/2012, Cost $950,000), Callable 05/15/2015 ^(c)(e)(g)		9.000	%		05/15/2018		992,750
	852,000	American Casino & Entertainment, Callable 06/15/2013		11.000	%		06/15/2014		875,430
	725,000	Ameristar Casinos, Inc., Callable 04/15/2015		7.500	%		04/15/2021		785,719
	700,000	Caesars Entertainment, Callable 02/15/2016		8.500	%		02/15/2020		694,750
	550,000	Chester Downs & Marina (Acquired 01/27/2012 - 02/01/2012, Aggregate Cost $559,405), Callable 02/01/2016 ^(c)(e)(g)		9.250	%		02/01/2020		540,375
	1,350,000	Harrahs Entertainment Inc., Callable 06/01/2013		11.250	%		06/01/2017		1,446,187
	250,000	MGM Mirage Inc. (Acquired 09/14/2012, Cost $250,000) ^(c)(e)(g)		6.750	%		10/01/2020		255,313
	400,000	MGM Mirage Inc.		7.500	%		06/01/2016		429,000
	775,000	MGM Mirage Inc.		7.750	%		03/15/2022		829,250

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	GAMING, Continued
$	1,000,000	MGM Mirage Inc. (Acquired 01/11/2012, Cost $1,000,000) ^(c)(e)(g)		8.625	%		02/01/2019	$	1,115,000
	350,000	Penn National Gaming Inc., Callable 08/15/2014		8.750	%		08/15/2019		399,000
	875,000	Rivers Pittsburgh LP/Finance (Acquired 05/30/2012 - 07/16/2012, Aggregate Cost $897,696), Callable 06/15/2015 ^(c)(e)(g)		9.500	%		06/15/2019		949,375
	450,000	Seminole Indian Tribe of Florida (Acquired 11/03/2010 - 06/01/2012, Aggregate Cost $469,932), Callable 10/01/2013 ^(c)(e)(g)		7.750	%		10/01/2017		486,563
	715,000	Seminole Indian Tribe of Florida, (Acquired 11/19/2009 and 01/05/2012, Cost $177,048 and $508,192, respectively), Callable 10/01/2018 ^(c)(e)(g)		7.804	%		10/01/2020		734,591
	600,000	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. (Acquired 04/20/2011 - 12/22/2011, Aggregate Cost $611,449), Callable 10/15/2013 ^(c)(e)(g)		8.625	%		04/15/2016		643,500

									11,176,803

	HEALTH CARE: 5.1%
	1,300,000	Biomet Inc. (Acquired 07/25/2012 and 09/18/2012, Cost $750,000 and $576,835, respectively), Callable 08/01/2015 ^(c)(e)(g)		6.500	%		08/01/2020		1,381,250
	925,000	Biomet Inc. (Acquired 09/18/2012, Cost $925,000), Callable 10/01/2015 ^(c)(e)(g)		6.500	%		10/01/2020		919,219
	1,150,000	CDRT Holding Corp. (Acquired 09/24/2012, Cost $1,116,886), Callable 10/01/2013 ^(c)(e)(g)		9.250	%		10/01/2017		1,173,000
	625,000	CRC Health Corp., Callable 02/01/2013 ^(f)		10.750	%		02/01/2016		609,375
	475,000	DaVita Inc., Callable 08/15/2017		5.750	%		08/15/2022		500,531
	1,225,000	DJO Finance LLC, Callable 04/15/2014		7.750	%		04/15/2018		1,179,063
	300,000	DJO Finance LLC (Acquired 03/13/2012 and 05/04/2012, Cost $175,000 and $129,282, respectively), Callable 03/15/2015 ^(c)(e)(g)		8.750	%		03/15/2018		327,750

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	HEALTH CARE, Continued
$	150,000	DJO Finance LLC, Callable 10/15/2013		9.750	%		10/15/2017	$	133,500
	700,000	DJO Finance LLC (Acquired 09/14/2012, Cost $700,000), Callable 04/15/2015 ^(c)(e)(g)		9.875	%		04/15/2018		722,750
	1,775,000	Emergency Medical Services Corp., Callable 06/01/2014		8.125	%		06/01/2019		1,949,172
	1,300,000	Grifols Inc., Callable 02/01/2014		8.250	%		02/01/2018		1,431,625
	250,000	HCA Holdings, Inc.		6.250	%		02/15/2021		256,250
	1,850,000	HCA Holdings, Inc., Callable 11/15/2015		7.750	%		05/15/2021		2,007,250
	400,000	HCA, Inc.		5.875	%		03/15/2022		435,000
	825,000	HCA, Inc.		5.875	%		05/01/2023		853,875
	275,000	HCA, Inc.		6.500	%		02/15/2020		309,375
	3,250,000	HCA, Inc.		7.500	%		02/15/2022		3,721,250
	350,000	HCA, Inc., Callable 08/15/2014		7.875	%		02/15/2020		389,375
	600,000	Hologic, Inc. (Acquired 07/19/2012, Cost $600,000), Callable 08/01/2015 ^(c)(e)(g)		6.250	%		08/01/2020		646,500
	1,575,000	Iasis Healthcare Corp., Callable 05/15/2014		8.375	%		05/15/2019		1,488,375
	1,175,000	Jaguar Holding Co. (Acquired 11/15/2011 - 07/10/2012, Aggregate Cost $1,205,390), Callable 12/01/2014 ^(c)(e)(g)		9.500	%		12/01/2019		1,333,625
	575,000	Jaguar Holding Co. I (Acquired 10/10/2012, Cost $564,248), Callable 10/15/2014 ^(c)(e)(g)		9.375	%		10/15/2017		603,750
	1,850,000	Multiplan, Inc. (Acquired 08/12/2010 - 05/17/2012, Aggregate Cost $1,927,447), Callable 09/01/2014 ^(c)(e)(g)		9.875	%		09/01/2018		2,062,750
	975,000	Omnicare Inc., Callable 06/01/2015		7.750	%		06/01/2020		1,082,250
	825,000	Physiotherapy Associates Holdings Inc. (Acquired 04/18/2012 - 07/24/2012, Aggregate Cost $840,202), Callable 05/01/2015 ^(c)(e)(g)		11.875	%		05/01/2019		734,250
	925,000	PSS World Medical, Inc., Callable 03/01/2017		6.375	%		03/01/2022		1,091,500
	1,050,000	United Surgical Partners, Callable 04/01/2015		9.000	%		04/01/2020		1,165,500
	675,000	Universal Hospital Services, Inc. (Acquired 07/24/2012, Cost $675,000), Callable 08/15/2015 ^(c)(e)(g)		7.625	%		08/15/2020		711,281

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	HEALTH CARE, Continued
$	1,675,000	Vanguard Health Holdings LLC/ Inc., Callable 02/01/2014		8.000	%		02/01/2018	$	1,733,625
	1,750,000	VWR Funding Inc. (Acquired 08/20/2012, Cost $1,750,000), Callable 09/15/2014 ^(c)(e)(g)		7.250	%		09/15/2017		1,837,500
	775,000	Wolverine Healthcare Analytics, Inc. (Acquired 05/24/2012 - 08/17/2012, Aggregate Cost $784,132), Callable 06/01/2016 ^(c)(e)(g)		10.625	%		06/01/2020		825,375

									33,615,891

	INDUSTRIALS: 2.7%
	200,000	American Tire Distributors Inc., Callable 06/01/2013		9.750	%		06/01/2017		212,000
	225,000	Amsted Industries (Acquired 06/26/2012, Cost $239,600), Callable 03/15/2014 ^(c)(e)(g)		8.125	%		03/15/2018		240,750
	800,000	Belden Inc. (Acquired 08/13/2012 and 11/26/2012, Cost $725,000 and $76,886, respectively), Callable 09/01/2017 ^(c)(e)(g)		5.500	%		09/01/2022		822,000
	375,000	Cleaver-Brooks Inc. (Acquired 12/11/2012, Cost $372,604), Callable 12/15/2015 ^(c)(e)(g)		8.750	%		12/15/2019		387,188
	500,000	Dematic SA (Acquired 12/13/2012 and 12/14/2012, Cost $250,000 and $251,248, respectively), Callable 12/15/2015 ^(b)(c)(e)(g)		7.750	%		12/15/2020		500,000
	800,000	Dynacast International LLC, Callable 07/15/2015		9.250	%		07/15/2019		856,000
	500,000	Evraz Group S.A. ^(b)		7.400	%		04/24/2017		527,500
	700,000	General Cable Corp. (Acquired 09/20/2012, Cost $700,000), Callable 10/01/2017 ^(c)(e)(g)		5.750	%		10/01/2022		724,500
	2,000,000	Grupo Kuo, S.A.B. de C.V., Callable 12/04/2017 ^(b)		6.250	%		12/04/2022		2,140,000
	400,000	Hillman Group Inc./The (Acquired 12/18/2012, Cost $425,889), Callable 06/01/2014 ^(c)(e)(g)		10.875	%		05/31/2018		430,000
	850,000	Hillman Group Inc./The, Callable 06/01/2014		10.875	%		06/01/2018		913,750
	2,000,000	Interpipe Ukraine ^(b)		10.250	%		08/02/2017		1,600,000
	825,000	J.B. Poindexter & Co., Inc. (Acquired 03/23/2012 and 05/09/2012, Cost $775,000 and $51,444, respectively), Callable 04/01/2017 ^(c)(e)(g)		9.000	%		04/01/2022		852,844

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	INDUSTRIALS, Continued
$	575,000	Knowledge Learning Center (Acquired 07/21/2009 - 05/24/2011, Aggregate Cost $570,132), Callable 02/01/2013 ^(c)(e)(g)		7.750	%		02/01/2015	$	531,875
	675,000	Maxim Crane Works LP (Acquired 03/31/2010 - 05/02/2012, Aggregate Cost $678,586), Callable 04/15/2013 ^(c)(e)(g)		12.250	%		04/15/2015		691,875
	575,000	Milacron LLC (Acquired 04/20/2012 - 05/22/2012, Aggregate Cost $579,166), Callable 05/15/2015 ^(c)(e)(g)		8.375	%		05/15/2019		589,375
	400,000	MMI International Ltd. (Acquired 02/17/2012 and 07/11/2012, Cost $200,000 and $209,153, respectively), Callable 03/01/2015) ^(b)(c)(e)(g)		8.000	%		03/01/2017		424,000
	950,000	Mueller Water Products Inc., Callable 06/01/2013		7.375	%		06/01/2017		980,875
	292,000	Mueller Water Products Inc., Callable 09/01/2015		8.750	%		09/01/2020		332,880
	1,050,000	RBS Global & Rexnord Corp., Callable 05/01/2014		8.500	%		05/01/2018		1,137,937
	150,000	Silver II Borrower SCA (Acquired 12/05/2012, Cost $150,000), Callable 12/15/2015 ^(b)(c)(e)(g)		7.750	%		12/15/2020		155,250
	275,000	Thermon Industries, Inc., Callable 05/01/2014		9.500	%		05/01/2017		305,250
	2,500,000	TMK Bonds SA ^(b)		5.250	%		02/11/2015		2,552,500

									17,908,349

	LODGING: 0.1%
	200,000	Choice Hotels International, Inc.		5.750	%		07/01/2022		221,500
	675,000	Host Hotels & Resorts, LP, Callable 07/01/2021		6.000	%		10/01/2021		774,563

									996,063

	MATERIALS: 2.3%
	1,000,000	African Minerals Ltd., Callable 02/24/2015 ^(b)		8.500	%		02/10/2017		998,900
	2,000,000	Banro Corp., Callable 03/01/2014 ^(b)		10.000	%		03/01/2017		1,660,000
	500,000	Banro Corp. (Acquired 11/29/2012, Cost $421,147), Callable 03/01/2014 ^(b)(c)(e)(g)		10.000	%		03/01/2017		415,000
	1,000,000	Carmen Copper Corp. ^(b)		6.500	%		03/21/2017		989,835

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	MATERIALS, Continued
$	1,000,000	EuroChem Mineral & Chemical Co. OJSC (Acquired 12/05/2012, Cost $1,000,000) ^(b)(c)(e)(g)		5.125	%		12/12/2017	$	1,007,712
	2,000,000	First Quantum Minerals Ltd., Callable 10/15/2015 ^(b)		7.250	%		10/15/2019		2,020,000
	700,000	London Mining Jersey Plc ^(b)		8.000	%		02/15/2016		655,760
	1,000,000	Metalloinvest Finance Ltd. ^(b)		6.500	%		07/21/2016		1,051,250
	4,300,000	Tizir Ltd. ^(b)		9.000	%		09/28/2017		4,289,249
	2,000,000	Vedanta Resources Jersey II Ltd. ^(b)		4.000	%		03/30/2017		1,987,000

									15,074,706

	MEDIA - CABLE: 0.9%
	350,000	Cequel Communications Holdings I LLC (Acquired 10/11/2012 and 12/13/2012, Cost $100,000 and $257,492, respectively), Callable 09/15/2015 ^(c)(e)(g)		6.375	%		09/15/2020		364,438
	225,000	Charter Communications Holdings II, Callable 02/15/2018		5.125	%		02/15/2023		224,438
	650,000	Charter Communications Holdings II, Callable 01/31/2017		6.625	%		01/31/2022		710,125
	500,000	Charter Communications Holdings II, Callable 01/15/2014		7.000	%		01/15/2019		539,375
	450,000	Charter Communications Holdings II, Callable 12/01/2015		7.375	%		06/01/2020		499,500
	400,000	Charter Communications Holdings II, Callable 04/30/2013		7.875	%		04/30/2018		430,500
	50,000	Charter Communications Holdings II, Callable 04/30/2015		8.125	%		04/30/2020		56,000
	1,775,000	DISH DBS Corp.		5.875	%		07/15/2022		1,908,124
	1,000,000	Virgin Media Finance Plc ^(b)		5.250	%		02/15/2022		1,060,000

									5,792,500

	MEDIA - NON-CABLE: 3.1%
	200,000	AMC Networks Inc., Callable 12/15/2017		4.750	%		12/15/2022		201,000
	675,000	AMC Networks Inc., Callable 07/15/2016		7.750	%		07/15/2021		772,875
	621,000	Clear Channel Communications, Inc. (Acquired 10/25/2012, Cost $560,148), Callable 07/15/2015 ^(c)(e)(g)		9.000	%		12/15/2019		568,215
	1,675,000	Clear Channel Communications, Inc., Callable 03/01/2016		9.000	%		03/01/2021		1,494,937
	300,000	Clear Channel Worldwide (Acquired 11/06/2012, Cost $297,000), Callable 11/15/2017 ^(c)(e)(g)		6.500	%		11/15/2022		308,250

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	MEDIA - NON-CABLE, Continued
$	800,000	Clear Channel Worldwide (Acquired 11/06/2012, Cost $800,000), Callable 11/15/2017 ^(c)(e)(g)		6.500	%		11/15/2022	$	830,000
	1,475,000	Clear Channel Worldwide, Callable 03/15/2015		7.625	%		03/15/2020		1,484,313
	1,550,000	Crown Media Holdings, Inc., Callable 07/15/2015		10.500	%		07/15/2019		1,745,687
	975,000	Cumulus Media, Inc., Callable 05/01/2015		7.750	%		05/01/2019		957,938
	1,000,000	Entercom Radio, LLC, Callable 12/01/2015		10.500	%		12/01/2019		1,100,000
	703,000	Entravision Communications Corp., Callable 08/01/2013		8.750	%		08/01/2017		762,755
	175,000	Intelsat Jackson Holdings (Acquired 09/19/2012, Cost $175,000), Callable 12/15/2017 ^(b)(c)(e)(g)		6.625	%		12/15/2022		180,688
	350,000	Intelsat Jackson Holdings, Callable 04/01/2015 ^(b)		7.250	%		04/01/2019		376,250
	900,000	Intelsat Jackson Holdings (Acquired 04/12/2012, Cost $914,817), Callable 10/15/2015 ^(b)(c)(e)(g)		7.250	%		10/15/2020		976,500
	275,000	Intelsat Jackson Holdings, Callable 04/01/2016 ^(b)		7.500	%		04/01/2021		303,188
	475,000	Intelsat Jackson Holdings, Callable 11/01/2014 ^(b)		8.500	%		11/01/2019		532,000
	450,000	Lamar Media Corp. (Acquired 10/25/2012, Cost $450,000), Callable 05/01/2018 ^(c)(e)(g)		5.000	%		05/01/2023		462,375
	200,000	Lamar Media Corp., Callable 02/01/2017		5.875	%		02/01/2022		217,000
	350,000	Lamar Media Corp., Callable 04/15/2014		7.875	%		04/15/2018		386,750
	1,050,000	Logo Merger Sub Corp. (Acquired 10/05/2012 - 12/12/2012, Aggregate Cost $1,058,680), Callable 10/15/2015 ^(c)(e)(g)		8.375	%		10/15/2020		1,055,250
	275,000	Nexstar Broadcasting Group, Inc., Callable 04/15/2014		8.875	%		04/15/2017		301,813
	325,000	Nielsen Finance LLC (Acquired 09/19/2012 - 10/16/2012, Aggregate Cost $325,460), Callable 10/01/2016 ^(c)(e)(g)		4.500	%		10/01/2020		323,375
	700,000	Nielsen Finance LLC, Callable 10/15/2014		7.750	%		10/15/2018		782,250

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	MEDIA - NON-CABLE, Continued
$	175,000	Sirius XM Radio Inc. (Acquired 12/06/2012 and 12/17/2012, Cost $75,655 and $101,498, respectively), Callable 08/15/2017 ^(c)(e)(g)		5.250	%		08/15/2022	$	176,750
	1,450,000	SSI Investments II/Co. LLC, Callable 06/01/2014		11.125	%		06/01/2018		1,604,063
	950,000	Townsquare Radio LLC/Inc. (Acquired 03/30/2012 and 07/25/2012, Cost $819,500 and $132,447, respectively), Callable 04/01/2015 ^(c)(e)(g)		9.000	%		04/01/2019		1,042,625
	1,300,000	XM Satellite Radio Inc. (Acquired 10/13/2010 - 07/03/2012, Aggregate Cost $1,338,905), Callable 11/01/2014 ^(c)(e)(g)		7.625	%		11/01/2018		1,449,499

									20,396,346

	PACKAGING: 2.1%
	1,625,000	Ardagh Packaging Finance Plc (Acquired 09/30/2010 - 11/30/2012, Aggregate Cost $1,693,097), Callable 10/15/2015 ^(b)(c)(e)(g)		9.125	%		10/15/2020		1,771,250
	200,000	Ardagh Packaging Finance Plc (Acquired 01/19/2012, Cost $193,109), Callable 10/15/2015 ^(b)(c)(e)(g)		9.125	%		10/15/2020		217,000
	450,000	Ball Corp.		5.000	%		03/15/2022		481,500
	300,000	Berry Plastics Corp., Callable 05/15/2014		9.500	%		05/15/2018		330,000
	425,000	Bway Holding Co., Callable 06/15/2014		10.000	%		06/15/2018		471,750
	825,000	Bway Parent Co. Inc. (Acquired 10/24/2012 and 11/20/2012, Cost $675,000 and $147,789, respectively), Callable 06/15/2014 ^(c)(e)(g)		9.500	%		11/01/2017		825,000
	400,000	Greif Inc.		7.750	%		08/01/2019		462,000
	950,000	Packaging Dynamics Corp. (Acquired 01/25/2011 - 07/03/2012, Aggregate Cost $976,609), Callable 02/01/2013 ^(c)(e)(g)		8.750	%		02/01/2016		992,750
	200,000	Pactiv LLC		7.950	%		12/15/2025		164,000
	700,000	Reynolds Group (Acquired 09/14/2012, Cost $700,000), Callable 10/15/2015 ^(c)(e)(g)		5.750	%		10/15/2020		722,750

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	PACKAGING, Continued
$	100,000	Reynolds Group, Callable 10/15/2014		7.125	%		04/15/2019	$	107,500
	2,100,000	Reynolds Group, Callable 02/15/2016		8.250	%		02/15/2021		2,131,500
	375,000	Reynolds Group, Callable 05/15/2014		8.500	%		05/15/2018		384,375
	675,000	Reynolds Group, Callable 10/15/2014		9.000	%		04/15/2019		702,000
	1,950,000	Reynolds Group, Callable 08/15/2015		9.875	%		08/15/2019		2,086,500
	1,875,000	Sealed Air Corp. (Acquired 09/16/2011 - 05/21/2012, Aggregate Cost $2,003,386), Callable 09/15/2016 ^(c)(e)(g)		8.375	%		09/15/2021		2,142,187

									13,992,062

	PAPER: 0.4%
	600,000	Clearwater Paper Corp., Callable 11/01/2014		7.125	%		11/01/2018		654,000
	450,000	Graphic Packaging International Corp., Callable 06/15/2013		9.500	%		06/15/2017		486,000
	775,000	Longview Fibre Paper & Packaging Inc. (Acquired 05/17/2011 - 04/23/2012, Aggregate Cost $777,166), Callable 06/01/2013 ^(c)(e)(g)		8.000	%		06/01/2016		813,749
	300,000	Rock-Tenn Co. (Acquired 02/14/2012, Cost $299,727) ^(c)(e)(g)		4.450	%		03/01/2019		323,663
	100,000	Rock-Tenn Co. (Acquired 02/14/2012, Cost $99,810) ^(c)(e)(g)		4.900	%		03/01/2022		108,069

									2,385,481

	REAL ESTATE: 0.4%
	1,000,000	Bio City Development ^(b)(f)		8.000	%		07/06/2018		998,750
	500,000	Evergrande Real Estate Group Ltd. ^(b)		13.000	%		01/27/2015		542,500
	500,000	Renhe Commercial Holdings Co. Ltd. ^(b)		13.000	%		03/10/2016		365,000
	254,767,000	Stroika Finance Ltd. ^(b)(f)		7.100	%^(a)		06/25/2019		750,492

									2,656,742

	RESTAURANTS: 0.7%
	2,000,000	DineEquity, Inc., Callable 10/30/2014		9.500	%		10/30/2018		2,272,500
	1,175,000	NPC International, Inc., Callable 01/15/2016		10.500	%		01/15/2020		1,363,000

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	RESTAURANTS, Continued
$	1,100,000	Seminole Hard Rock Entertainment, Inc. (Acquired 03/22/2012, Cost $1,090,439) ^(c)(e)(g)		2.808	%^(a)		03/15/2014	$	1,091,750

									4,727,250

	RETAILERS: 2.5%
	400,000	AAH Holdings Corp (Acquired 07/24/2012 and 07/26/2012, Cost $204,000 and $204,939, respectively), Callable 08/01/2015 ^(c)(e)(g)		8.875	%		08/01/2020		429,000
	500,000	Academy Ltd / Academy Finance Corp. (Acquired 12/06/2012 and 12/18/2012, Cost $447,750 and $50,996, respectively), Callable 12/15/2013 ^(c)(e)(g)		8.000	%		06/15/2018		506,250
	1,050,000	Academy Ltd / Academy Finance Corp. (Acquired 07/25/2011 - 06/13/2012, Aggregate Cost $1,061,003), Callable 08/01/2014 ^(c)(e)(g)		9.250	%		08/01/2019		1,165,500
	275,000	Express LLC/Express Finance, Callable 03/01/2014		8.750	%		03/01/2018		297,688
	1,100,000	Gymboree Corp./The, Callable 12/01/2014		9.125	%		12/01/2018		979,000
	350,000	Limited Brands Inc.		5.625	%		02/15/2022		380,625
	350,000	Limited Brands Inc.		8.500	%		06/15/2019		427,000
	1,700,000	Michaels Stores, Inc., Callable 11/01/2014		7.750	%		11/01/2018		1,865,749
	900,000	Needle Holdings Inc. (Acquired 10/09/2012, Cost $888,876), Callable 04/15/2014 ^(c)(e)(g)		9.750	%		10/15/2019		907,875
	1,975,000	Needle Merger Corp. (Acquired 03/03/2011 - 07/18/2012, Aggregate Cost $1,956,969), Callable 03/15/2014 ^(c)(e)(g)		8.125	%		03/15/2019		2,009,563
	350,000	Penske Automotive Group, Inc. (Acquired 08/14/2012, Cost $350,000), Callable 10/01/2017 ^(c)(e)(g)		5.750	%		10/01/2022		360,500
	1,125,000	PETCO Animal Supplies Stores, Inc. (Acquired 11/19/2010 - 06/01/2012, Aggregate Cost $1,172,238), Callable 12/01/2013 ^(c)(e)(g)		9.250	%		12/01/2018		1,248,750

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	RETAILERS, Continued
$	1,300,000	PETCO Holdings Inc. (Acquired 10/04/2012 and 11/29/2012, Cost $1,218,875 and $77,038, respectively), Callable 10/15/2013 ^(c)(e)(g)		8.500	%		10/15/2017	$	1,335,750
	200,000	PVH Corp., Callable 12/15/2017		4.500	%		12/15/2022		202,000
	150,000	QVC Inc. (Acquired 03/17/2010, Cost $150,000), Callable 04/15/2013 ^(c)(e)(g)		7.125	%		04/15/2017		157,303
	200,000	QVC Inc. (Acquired 09/24/2009, Cost $200,381), Callable 10/01/2014 ^(c)(e)(g)		7.500	%		10/01/2019		220,664
	175,000	Sally Holdings LLC, Callable 06/01/2017		5.750	%		06/01/2022		189,875
	1,075,000	Sally Holdings LLC, Callable 11/15/2015		6.875	%		11/15/2019		1,187,875
	1,150,000	Yankee Candle Co., Inc./The, Callable 02/15/2013		9.750	%		02/15/2017		1,197,449
	1,375,000	Yankee Candle Co., Inc./The, Callable 02/15/2013		10.250	%		02/15/2016		1,419,825

									16,488,241

	SERVICES: 0.6%
	1,225,000	Carlson Wagonlit B.V. (Acquired 05/09/2012 - 06/27/2012, Aggregate Cost $1,241,719), Callable 06/15/2015 ^(b)(c)(e)(g)		6.875	%		06/15/2019		1,292,375
	1,275,000	Garda World Security Corp. (Acquired 03/08/2010 - 10/17/2012, Aggregate Cost $1,324,867), Callable 03/15/2014 ^(b)(c)(e)(g)		9.750	%		03/15/2017		1,335,563
	800,000	Monitronics International, Inc., Callable 04/01/2016		9.125	%		04/01/2020		824,000
	300,000	Reliance Intermediate Holdings (Acquired 07/23/2009 and 08/06/2009, Cost $144,502 and $147,750, respectively), Callable 12/15/2014 ^(b)(c)(e)(g)		9.500	%		12/15/2019		340,500

									3,792,438

	SOVEREIGN: 1.1%
	1,190,000	City Of Kyiv ^(b)		9.375	%		07/11/2016		1,094,503
	4,378,000	EXIM of Ukraine CJSC/The Via Credit Suisse First Boston International ^(b)		5.793	%^(a)		02/09/2016		3,589,960

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	SOVEREIGN, Continued
$	2,000,000	Republic of Belarus ^(b)		8.750	%		08/03/2015	$	2,048,800
	200,000	Republic of Croatia ^(b)		6.250	%		04/27/2017		219,300

									6,952,563

	TECHNOLOGY: 6.9%
	750,000	Advanced Micro Devices, Inc., Callable 08/01/2015		7.750	%		08/01/2020		628,125
	725,000	Advanced Micro Devices, Inc., Callable 12/15/2013		8.125	%		12/15/2017		661,563
	775,000	Allen Systems Group, Inc. (Acquired 12/10/2010 - 02/28/2012, Aggregate Cost $731,496), Callable 11/15/2013 ^(c)(e)(f)(g)		10.500	%		11/15/2016		573,500
	1,075,000	Aspect Software Inc., Callable 05/15/2014		10.625	%		05/15/2017		972,875
	1,525,000	Audatex North America Inc. (Acquired 06/10/2011 - 04/10/2012, Aggregate Cost $1,555,171), Callable 06/15/2014 ^(c)(e)(g)		6.750	%		06/15/2018		1,631,749
	1,775,000	CDW LLC / CDW Finance, Callable 04/01/2015		8.500	%		04/01/2019		1,921,437
	452,000	CDW LLC / CDW Finance, Callable 10/15/2012		12.535	%		10/12/2017		483,075
	1,775,000	CommScope, Inc. (Acquired 01/11/2011 - 06/15/2012, Aggregate Cost $1,827,334), Callable 01/15/2015 ^(c)(e)(g)		8.250	%		01/15/2019		1,943,624
	1,825,000	Eagle Parent Inc., Callable 05/01/2015		8.625	%		05/01/2019		1,916,249
	1,075,000	Emdeon, Inc., Callable 12/31/2015		11.000	%		12/31/2019		1,241,625
	400,000	Fidelity National Information Services, Inc., Callable 07/15/2014		7.875	%		07/15/2020		452,500
	1,250,000	First American Corp./The, Callable 06/01/2016		7.250	%		06/01/2021		1,359,375
	250,000	First Data Corp. (Acquired 03/09/2012, Cost $248,750), Callable 06/15/2015 ^(c)(e)(g)		7.375	%		06/15/2019		258,750
	450,000	First Data Corp. (Acquired 07/13/2011 - 08/10/2011, Aggregate Cost $423,623), Callable 01/15/2016 ^(c)(e)(g)		8.250	%		01/15/2021		450,000
	2,725,000	First Data Corp. (Acquired 07/21/2011 - 11/19/2012, Aggregate Cost $2,632,722), Callable 01/15/2016 ^(c)(e)(g)		8.750	%		01/15/2022		2,786,312

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	TECHNOLOGY, Continued
$	675,000	Freescale Semiconductor, Inc. (Acquired 04/07/2010 - 04/11/2011, Aggregate Cost $688,675), Callable 04/15/2014 ^(c)(e)(g)		9.250	%		04/15/2018	$	737,438
	900,000	Freescale Semiconductor, Inc., Callable 08/01/2015		10.750	%		08/01/2020		965,250
	250,000	GXS Worldwide Inc., Callable 06/15/2013		9.750	%		06/15/2015		260,625
	400,000	IAC/InterActiveCorp (Acquired 12/18/2012, Cost $400,000), Callable 12/15/2017 ^(c)(e)(g)		4.750	%		12/15/2022		398,000
	825,000	iGATE Corp., Callable 05/01/2014		9.000	%		05/01/2016		894,094
	850,000	Igloo Holdings Corp. (Acquired 12/13/2012 and 12/14/2012, Cost $643,541 and $199,500), Callable 12/15/2013 ^(c)(e)(g)		8.250	%		12/15/2017		839,375
	1,225,000	Infor (US), Inc., Callable 04/01/2015		9.375	%		04/01/2019		1,375,063
	1,650,000	Infor (US), Inc., Callable 07/15/2015		11.500	%		07/15/2018		1,930,499
	1,125,000	Interactive Data Corp., Callable 08/01/2014		10.250	%		08/01/2018		1,265,625
	950,000	Iron Mountain Inc., Callable 10/01/2015		7.750	%		10/01/2019		1,071,125
	1,325,000	Kemet Corp., Callable 05/01/2014		10.500	%		05/01/2018		1,306,781
	775,000	Legend Acquisition Sub (Acquired 08/14/2012 and 11/19/2012, Cost $666,185 and $98,049, respectively), Callable 08/15/2015 ^(c)(e)(g)		10.750	%		08/15/2020		701,375
	1,325,000	Lender Processing Services, Callable 10/15/2017		5.750	%		04/15/2023		1,374,687
	550,000	Magnachip Semiconductor S.A., Callable 04/15/2014 ^(b)		10.500	%		04/15/2018		616,000
	250,000	NCR Corp. (Acquired 12/04/2012, Cost $250,000), Callable 02/15/2017 ^(c)(e)(g)		4.625	%		02/15/2021		250,000
	475,000	NCR Corp. (Acquired 09/12/2012 - 11/20/2012, Aggregate Cost $478,935), Callable 07/15/2017 ^(c)(e)(g)		5.000	%		07/15/2022		482,719
	800,000	Nuance Communications, Inc. (Acquired 08/09/2012 - 11/20/2012, Aggregate Cost $814,947), Callable 08/15/2016 ^(c)(e)(g)		5.375	%		08/15/2020		836,000

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	TECHNOLOGY, Continued
$	150,000	Seagate HDD Cayman, Callable 05/01/2015 ^(b)		6.875	%		05/01/2020	$	159,563
	1,000,000	Seagate HDD Cayman, Callable 05/01/2016 ^(b)		7.000	%		11/01/2021		1,072,500
	250,000	Seagate HDD Cayman, Callable 12/15/2014 ^(b)		7.750	%		12/15/2018		274,688
	375,000	Seagate Technology HDD Holdings ^(b)		6.800	%		10/01/2016		420,000
	600,000	Serena Software, Inc., Callable 03/15/2013		10.375	%		03/15/2016		615,000
	475,000	Sitel LLC/ Sitel Finance Corp., Callable 04/01/2014		11.500	%		04/01/2018		334,875
	1,575,000	Sophia LP/Financial Inc. (Acquired 01/11/2012 - 10/17/2012, Aggregate Cost $1,638,403), Callable 01/15/2015 ^(c)(e)(g)		9.750	%		01/15/2019		1,697,063
	1,250,000	Spansion LLC, Callable 11/15/2013		7.875	%		11/15/2017		1,275,000
	550,000	Stream Global Services Inc., Callable 10/01/2013		11.250	%		10/01/2014		574,750
	275,000	Sungard Data Systems Inc. (Acquired 10/18/2012, Cost $275,000), Callable 11/01/2015 ^(c)(e)(g)		6.625	%		11/01/2019		281,188
	50,000	Sungard Data Systems Inc., Callable 11/15/2013		7.375	%		11/15/2018		53,563
	575,000	Sungard Data Systems Inc., Callable 11/15/2015		7.625	%		11/15/2020		628,188
	1,675,000	Syniverse Holdings, Inc., Callable 01/15/2015		9.125	%		01/15/2019		1,788,062
	475,000	Trans Union LLC, Callable 06/15/2014		11.375	%		06/15/2018		553,375
	475,000	TransUnion Holding Co. (Acquired 10/23/2012, Cost $472,625), Callable 06/15/2014 ^(c)(e)(g)		8.125	%		06/15/2018		490,438
	1,200,000	TransUnion Holding Co., Callable 06/15/2014		9.625	%		06/15/2018		1,269,000
	850,000	Viasystems, Inc. (Acquired 04/24/2012 - 07/27/2012, Aggregate Cost $848,285), Callable 05/01/2015 ^(c)(e)(g)		7.875	%		05/01/2019		833,000

									44,905,668

	TELECOMMUNICATIONS: 1.0%
	3,000,000	Aerospace Satellite Corp. Holding B.V., Callable 11/16/2013 ^(b)		12.750	%		11/16/2015		3,307,500

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	TELECOMMUNICATIONS, Continued
$	200,000	Telefonica Celular del Paraguay S.A. (Acquired 12/06/2012, Cost $200,000), Callable 12/13/2017 ^(b)(c)(e)(g)		6.750	%		12/13/2022	$	209,500
	1,000,000	VimpelCom Holdings BV ^(b)		7.504	%		03/01/2022		1,146,250
	1,000,000	Wind Acquisition Holding, Callable 07/15/2013 ^(b)		12.250	%		07/15/2017		1,020,000
	675,000	Windstream Corp., Callable 09/01/2014		8.125	%		09/01/2018		737,438

									6,420,688

	TRANSPORTATION: 0.3%
	550,000	Azerbaijan Railways ^(b)		8.250	%		02/18/2016		594,440
	825,000	Hertz Corp., Callable 04/15/2015		6.750	%		04/15/2019		900,281
	175,000	Hertz Corp., Callable 10/15/2014		7.500	%		10/15/2018		193,375

									1,688,096

	UTILITY - ELECTRIC: 1.2%
	1,035,000	Calpine Corp. (Acquired 12/01/2011 - 06/13/2012, Aggregate Cost $1,088,244), Callable 11/01/2015 ^(c)(e)(g)		7.500	%		02/15/2021		1,143,675
	2,000,000	Dtek Finance BV ^(b)		9.500	%		04/28/2015		2,014,900
	175,000	Energy Future Intermediate Holding Co. LLC (Acquired 08/09/2012 and 10/18/2012, Cost $75,000 and $103,266, respectively), Callable 02/15/2015 ^(c)(e)(g)		6.875	%		08/15/2017		186,375
	700,000	Energy Future Intermediate Holding Co. LLC, Callable 12/01/2015		10.000	%		12/01/2020		789,250
	700,000	Energy Future Intermediate Holding Co. LLC (Acquired 02/01/2012 and 08/09/2012, Cost $295,605 and $408,814, respectively), Callable 03/01/2017 ^(c)(e)(g)		11.750	%		03/01/2022		777,000
	200,000	Hrvatska Elektroprivreda ^(b)		6.000	%		11/09/2017		211,000
	150,000	NRG Energy Inc.		7.625	%		01/15/2018		166,500
	800,000	NRG Energy Inc., Callable 05/15/2014		7.625	%		05/15/2019		856,000
	875,000	NRG Energy Inc., Callable 05/15/2016		7.875	%		05/15/2021		971,250
	575,000	NRG Energy Inc., Callable 09/01/2015		8.250	%		09/01/2020		644,000
	100,000	Texas Competitive Electric Holdings Co. LLC (Acquired 04/14/2011, Cost $99,295), Callable 04/01/2016 ^(c)(e)(g)		11.500	%		10/01/2020		78,250

									7,838,200

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	UTILITY - NATURAL GAS: 1.6%
$	925,000	Access Midstream Partners LP / ACMP Finance Corp., Callable 12/15/2017		4.875	%		05/15/2023	$	938,875
	1,050,000	Crosstex Energy/ Crosstex Energy Finance, Callable 02/15/2014		8.875	%		02/15/2018		1,134,000
	675,000	El Paso Corp.		6.500	%		09/15/2020		762,165
	400,000	El Paso Corp.		7.250	%		06/01/2018		462,335
	1,950,000	Energy Transfer Equity LP		7.500	%		10/15/2020		2,252,250
	900,000	Holly Energy Partners LP (Acquired 02/28/2012 - 05/30/2012, Aggregate Cost $900,934), Callable 03/01/2016 ^(c)(e)(g)		6.500	%		03/01/2020		962,999
	150,000	Holly Energy Partners LP, Callable 03/15/2014		8.250	%		03/15/2018		163,125
	425,000	Inergy Midstream LP (Acquired 11/29/2012, Cost $425,000), Callable 12/15/2016 ^(c)(e)(g)		6.000	%		12/15/2020		438,813
	925,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Callable 12/15/2016		6.250	%		06/15/2022		1,008,250
	200,000	Regency Energy Partners LP, Callable 10/15/2017		5.500	%		04/15/2023		213,500
	125,000	Regency Energy Partners LP, Callable 12/01/2014		6.875	%		12/01/2018		136,250
	227,000	Regency Energy Partners LP, Callable 06/01/2013		9.375	%		06/01/2016		243,458
	189,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., Callable 08/01/2016		7.375	%		08/01/2021		205,538
	464,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., Callable 10/01/2014		7.500	%		10/01/2018		499,960
	200,000	Targa Resources Partners (Acquired 01/26/2012, Cost $200,000), Callable 02/01/2017 ^(c)(e)(g)		6.375	%		08/01/2022		218,000
	675,000	Targa Resources Partners, Callable 02/01/2016		6.875	%		02/01/2021		739,125

									10,378,643

	WIRELESS COMMUNICATIONS: 2.1%
	450,000	Digicel Group Ltd. (Acquired 02/07/2012 and 02/23/2012, Cost $200,000 and $251,737, respectively), Callable 02/15/2016 ^(b)(c)(e)(g)		7.000	%		02/15/2020		481,500

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	WIRELESS COMMUNICATIONS, Continued
$	725,000	Digicel Group Ltd. (Acquired 11/23/2009 - 04/25/2012, Aggregate Cost $747,500), Callable 09/01/2013 ^(b)(c)(e)(g)		8.250	%		09/01/2017	$	775,750
	900,000	Digicel Group Ltd. (Acquired 09/05/2012, Cost $900,000), Callable 09/30/2016 ^(b)(c)(e)(g)		8.250	%		09/30/2020		990,000
	600,000	Digicel Group Ltd. (Acquired 11/29/2011 - 06/11/2012, Aggregate Cost $610,089), Callable 04/15/2014 ^(b)(c)(e)(g)		10.500	%		04/15/2018		660,000
	450,000	Digicel Group Ltd. (Acquired 07/09/2009 - 01/05/2010, Aggregate Cost $460,829), Callable 04/01/2013 ^(b)(c)(e)(g)		12.000	%		04/01/2014		489,375
	400,000	Level 3 Communications, Inc. (Acquired 07/18/2012 and 10/17/2012, Cost $100,000 and $320,522, respectively), Callable 06/01/2015 ^(c)(e)(g)		8.875	%		06/01/2019		426,000
	1,150,000	Level 3 Financing, Inc., Callable 07/01/2015		8.125	%		07/01/2019		1,253,500
	475,000	Level 3 Financing, Inc., Callable 01/15/2016		8.625	%		07/15/2020		527,250
	1,175,000	MetroPCS Wireless, Inc., Callable 11/15/2015		6.625	%		11/15/2020		1,248,438
	550,000	MetroPCS Wireless, Inc., Callable 09/01/2014		7.875	%		09/01/2018		595,375
	3,050,000	Sprint Capital Corp.		6.875	%		11/15/2028		3,172,000
	1,400,000	Sprint Capital Corp.		6.900	%		05/01/2019		1,526,000
	600,000	Sprint Nextel Corp. (Acquired 02/27/2012, Cost $600,000) ^(c)(e)(g)		7.000	%		03/01/2020		697,500
	675,000	Sprint Nextel Corp. (Acquired 11/04/2011 and 12/13/2011, Cost $625,000 and $51,441, respectively) ^(c)(e)(g)		9.000	%		11/15/2018		833,625

									13,676,313


	TOTAL CORPORATE BONDS
	(Cost $419,561,044)								435,268,573

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ASSET BACKED SECURITIES: 3.9%
$	17,590,504	BT SPE, LLC (Acquired 07/06/2011, Cost $17,590,504) ^(e)(f)(g)(ⁱ ⁾		9.250	%		06/06/2016	$	17,033,765
	500,000	Start VI CLO Ltd. CLN (Acquired 10/17/2012, Cost $521,219)^(b)(c)(e)(g)		16.360	%^(a)		04/01/2015		519,990
	500,000	Start VI CLO Ltd. CLN ^(b)		16.360	%^(a)		04/01/2015		519,990
	3,500,000	Start VII CLO Ltd. CLN (Acquired 12/06/2011 and 07/25/2012, Cost $3,000,000 and $526,089, respectively) ^(b)(c)(e)(g)		15.311	%^(a)		06/09/2016		3,662,645
	3,764,706	Yapi Dpr Finance ^(b)		0.947	%^(a)		11/21/2014		3,622,099

									25,358,489


	TOTAL ASSET BACKED SECURITIES
	(Cost $25,796,015)								25,358,489


	FOREIGN GOVERNMENT AGENCY ISSUES: 1.3%
	1,489,248	Ghana Government Bond ^(b)		14.250	%		07/25/2016		663,441
	1,000,000	Mongolia International Bond (Acquired 11/28/2012 - 12/04/2012, Aggregate Cost $998,366) ^(b)(c)(e)(g)		4.125	%		01/05/2018		992,713
	1,000,000	Mongolia International Bond ^(b)		5.125	%		12/05/2022		980,000
	2,372,394	Republic of Bosnia & Herzegovina ^(b)		1.063	%^(a)		12/11/2017		2,567,797
	1,342,141	Republic of Bosnia & Herzegovina - Series B ^(b)		1.063	%^(a)		12/11/2021		1,399,540
	500,000	Republic of Serbia (Acquired 11/15/2012, Cost $495,675) ^(b)(c)(e)(g)		5.250	%		11/21/2017		518,750
	1,200,000	Russia-Eurobond ^(b)		3.250	%		04/04/2017		1,275,000

									8,397,241


	TOTAL FOREIGN GOVERNMENT AGENCY ISSUES
	(Cost $8,383,244)								8,397,241


	MORTGAGE BACKED SECURITY: 0.2%
	1,000,000	Sea Lane		14.310	%^(a)		02/12/2016		1,036,810


	TOTAL MORTGAGE BACKED SECURITY
	(Cost $1,000,000)								1,036,810


	LOANS: 21.7% ^(a)
	AEROSPACE: 0.5%
	347,664	AM General Corp.		3.207	%		09/30/2013		337,234
	158,488	AWAS Aviation		4.750	%		06/26/2018		159,545

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	AEROSPACE, Continued
$	538,650	Dae Aviation Holdings, Inc.		6.250	%		10/18/2018	$	544,050
	400,000	Delta Air Lines, Inc.		5.250	%		10/16/2018		402,900
	625,062	Huntington Ingalls Industries		2.750	%		03/23/2016		625,062
	255,000	Silver II Acquisition		5.000	%		12/05/2019		257,231
	230,000	Six3 Systems, Inc.		7.000	%		09/28/2019		228,850
	274,400	Transdigm Inc.		4.000	%		02/14/2017		275,682
	175,000	WESCO Distribution, Inc.		4.500	%		12/04/2019		175,693
	280,000	WP CPP Holdings ^(d)		0.000	%		12/21/2019		280,700

									3,286,947

	BROADCASTING: 0.9%
	101,676	Barrington Broadcasting Group LLC		10.250	%		05/08/2017		102,184
	899,136	Clear Channel Communications, Inc.		3.611	%		07/30/2014		872,467
	1,003,737	Clear Channel Communications, Inc.		3.862	%		01/28/2016		807,507
	1,068,557	Clear Channel Communications, Inc.		3.862	%		01/29/2016		880,726
	1,011,051	Cumulus Media, Inc.		4.500	%		07/22/2018		1,013,270
	225,000	Cumulus Media, Inc.		7.500	%		01/22/2019		231,469
	166,800	Entercom Radio, LLC		5.000	%		11/17/2018		167,791
	515,721	Gray Television, Inc.		4.750	%		10/11/2019		518,840
	270,169	Hubbard Radio, LLC		5.250	%		04/09/2017		272,307
	90,000	Hubbard Radio, LLC		8.750	%		04/09/2018		91,350
	150,000	LIN Television Corp. ^(d)		0.000	%		12/15/2018		150,626
	23,771	Mission Broadcasting, Inc.		4.500	%		11/19/2019		24,009
	56,229	Nexstar Broadcasting Group, Inc.		4.500	%		11/19/2019		56,791
	438,710	Radio One		7.500	%		03/31/2016		443,842
	67,343	Univision Communications, Inc.		2.212	%		09/29/2014		67,217
	205,622	Univision Communications, Inc.		4.462	%		03/29/2017		202,056

									5,902,452

	CABLE/WIRELESS VIDEO: 0.9%
	130,000	Atlantic Broadband Finance, LLC		4.500	%		09/20/2019		131,008
	350,870	Bresnan Communications, LLC		4.500	%		12/14/2017		352,263
	1,066,937	Cequel Communications, LLC		4.000	%		02/10/2019		1,071,183
	1,551,014	Charter Communications Operating, LLC		2.712	%		07/28/2014		1,547,865
	352,337	Charter Communications Operating, LLC		4.000	%		05/05/2019		355,074
	520,000	Kabel Deutschland GMBH		4.250	%		02/01/2019		523,468
	259,350	MCC Iowa		4.000	%		01/15/2020		259,241
	336,375	MCC Iowa		4.500	%		10/23/2017		336,796
	325,050	San Juan Cable, LLC		6.000	%		05/31/2017		326,409
	525,000	San Juan Cable, LLC		10.000	%		06/09/2018		534,623
	85,000	WaveDivision Escrow LLC/WaveDivision Escrow Corp.		5.500	%		08/09/2019		85,795
	282,775	WideOpenWest Finance, LLC		6.250	%		07/12/2018		285,679

									5,809,404

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	CHEMICALS: 0.5%
$	72,266	Ascend Performance Materials Operations LLC		6.750	%		04/04/2018	$	71,811
	714,642	Ashland, Inc.		3.750	%		07/12/2018		721,789
	126,213	Hexion Specialty Chemicals, Inc.		0.140	%		05/05/2013		121,164
	113,013	Huntsman International LLC		2.462	%		06/30/2016		113,061
	229,733	Huntsman International LLC		2.757	%		04/19/2017		229,662
	645,125	Ineos Group Holdings Plc		6.500	%		05/27/2018		651,411
	108,900	Polyone Corp.		5.000	%		11/01/2017		109,419
	405,000	PQ Corp.		5.250	%		05/01/2017		406,968
	441,603	Styron LLC		8.000	%		08/02/2017		429,530
	163,762	Taminco Global		5.250	%		05/31/2019		164,583
	223,529	Univar, Inc.		5.000	%		07/02/2017		222,588

									3,241,986

	CONSUMER DURABLES: 0.1%
	600,000	Serta Simmons Holdings LLC		5.000	%		09/19/2019		600,498
	83,362	Wolverine World Wide, Inc.		4.000	%		07/31/2019		83,885

									684,383

	CONSUMER NON-DURABLES: 0.2%
	382,475	Bausch & Lomb Inc.		5.250	%		05/14/2019		385,214
	495,000	PVH Corp. ^(d)		0.000	%		12/19/2019		497,337
	105,000	Spectrum Brands Inc.		4.500	%		11/06/2019		105,951
	196,357	Warnaco, Inc.		3.750	%		06/30/2018		195,701

									1,184,203

	DIVERSIFIED MEDIA: 1.4%
	836,591	Affinion Group Inc.		6.500	%		04/19/2016		766,086
	235,000	Cinemark USA Inc. ^(d)		0.000	%		12/13/2019		234,756
	338,300	EMI Music Publishing Ltd.		5.500	%		03/05/2018		342,115
	113,390	Formula One		6.000	%		04/23/2017		114,910
	140,000	Getty Images, Inc.		4.750	%		10/31/2019		140,000
	144,915	Harland Clark Holdings		2.712	%		06/30/2014		139,580
	1,439,622	Harland Clark Holdings		5.462	%		06/30/2017		1,329,945
	992,805	IMG World Wide Inc. ^(f)		5.500	%		06/16/2016		995,294
	715,204	Instant Web Inc.		3.587	%		08/07/2014		548,919
	491,250	Kasima, LLC		5.000	%		03/31/2017		491,250
	305,162	Live Nation, Inc.		4.500	%		11/06/2016		308,221
	530,874	Nielsen Finance LLC		3.963	%		05/02/2016		532,775
	1,260,000	Tribune Co. ^(d)		0.000	%		12/17/2019		1,256,850
	250,000	Van Wagner Communications, LLC		8.250	%		08/01/2018		252,293
	985,000	Village Roadshow Films, Ltd.		4.750	%		11/16/2017		989,925
	213,939	Weather Channel, Inc./ The		4.250	%		02/11/2017		215,926
	190,000	WMG Acquisition Corp.		5.250	%		10/25/2018		192,020

									8,850,865

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	ENERGY: 3.9%
$	345,000	Alon USA Inc. ^(d)		0.000	%		11/09/2018	$	346,294
	351,013	Aventine Renewable Energy Holdings, Inc. ^(f)		12.500	%		12/20/2015		259,750
	4,166,667	Bashneft ^(b)		1.760	%		08/16/2014		4,083,332
	1,340,000	Chesapeake Energy Corp.		5.750	%		12/02/2017		1,340,335
	389,030	CITGO Petroleum Corp.		8.000	%		06/24/2015		390,651
	1,885,000	Energy Transfer Equity LP		3.750	%		03/23/2017		1,897,253
	405,000	EP Energy LLC		4.500	%		04/30/2019		405,867
	2,500,000	Glencore International ^(b)		2.110	%		07/12/2013		2,411,250
	1,347,969	Glenn Pool Oil & Gas Trust		4.500	%		06/01/2016		1,347,969
	1,683,687	MEG Energy Corp.		4.000	%		03/16/2018		1,695,992
	1,518,515	Obsidian Natural Gas Trust		7.000	%		11/02/2016		1,533,700
	804,812	Offshore Group Investment Ltd. ^(b)		6.250	%		10/17/2017		801,250
	1,070,000	Plains Exploration & Production Co.		4.000	%		10/15/2019		1,073,349
	4,000,000	PT Bumi Resources Tbk ^(b)		11.213	%		08/30/2013		3,961,999
	1,153,846	Rosneft ^(b)		1.161	%		02/22/2013		1,146,923
	3,064,516	Sonangol Finance ^(b)		1.212	%		10/15/2014		2,943,549

									25,639,463

	FINANCIALS: 2.0%
	300,000	Alliant Insurance Services, Inc. ^(d)		0.000	%		12/07/2019		300,300
	145,000	American Capital Holdings, Inc.		5.500	%		08/15/2016		146,450
	1,558,157	Asurion Corp.		5.500	%		05/20/2018		1,572,570
	89,172	Asurion Corp.		9.000	%		05/20/2019		91,662
	575,652	BNY ConvergEx Group, LLX		5.250	%		12/30/2016		551,998
	265,000	BNY ConvergEx Group, LLX		8.750	%		12/30/2017		249,267
	54,000	CNO Financial Group, Inc. (Conseco)		4.250	%		09/20/2016		54,338
	695,000	Delos Aircraft Inc.		4.750	%		04/04/2016		700,213
	360,496	iStar Financial Inc.		5.250	%		03/19/2016		363,200
	1,808,852	iStar Financial Inc.		5.750	%		10/11/2017		1,820,917
	175,000	iStar Financial Inc.		7.000	%		03/19/2017		183,313
	5,003,471	JSC BTA Bank		4.728	%		09/30/2013		3,552,463
	184,100	Nuveen Investments Inc.		5.813	%		11/13/2014		184,745
	185,900	Nuveen Investments Inc.		5.813	%		05/13/2017		186,597
	420,000	Residential Capital, LLC		5.000	%		11/13/2014		420,655
	65,000	Residential Capital, LLC		6.750	%		11/14/2013		65,447
	1,935,000	Springleaf Finance Funding Co.		5.500	%		05/10/2017		1,922,209
	225,000	TCW Group, Inc./The ^(d)		0.000	%		12/20/2019		225,000
	355,000	USI Holdings Corp. ^(d)		0.000	%		12/27/2019		353,818
	261,149	Virtu Financial LLC		8.250	%		07/07/2016		260,979

									13,206,141

	FOOD & DRUG: 0.2%
	916,355	Dunkin Finance Corp.		4.000	%		11/23/2017		922,769
	160,000	Smart & Final Inc.		5.750	%		11/15/2019		159,800

									1,082,569

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	FOOD & TOBACCO: 0.3%
$	75,000	AdvancePierre Foods, Inc.		5.750	%		06/20/2017	$	75,750
	284,287	Blue Buffalo Co., Ltd.		6.500	%		08/07/2019		285,832
	139,650	Brasa Holdings Inc.		7.500	%		07/18/2019		140,350
	124,688	Burger King Corp.		3.750	%		09/26/2019		125,094
	272,489	Landry’s, Inc.		6.500	%		04/25/2018		275,106
	138,950	Pinnacle Foods Group Inc.		4.750	%		09/29/2018		139,894
	1,282,639	Valinor Public Ltd. ^(f)		10.000	%		12/20/2012		897,848
	259,350	Wendy’s International		4.750	%		04/20/2019		261,869

									2,201,743

	FOREST PRODUCTS/CONTAINERS: 0.1%
	144,498	Berry Plastics Corp.		2.212	%		04/03/2015		143,579
	80,000	Bway Holding Co.		4.500	%		08/31/2017		80,560
	159,600	Consolidated Container Co. LLC		5.000	%		07/03/2019		159,733
	364,087	Reynolds Group		4.750	%		09/21/2018		368,058
	79,000	Sealed Air Corp.		4.000	%		11/14/2018		80,072

									832,002

	GAMING/LEISURE: 0.8%
	166,094	CCM Merger, Inc.		6.000	%		03/01/2017		166,299
	707,944	Cedar Fair-Canada ^(b)		4.000	%		12/15/2017		713,990
	104,733	ClubCorp Club Operations, Inc.		5.000	%		11/14/2016		105,914
	80,000	Harrahs Entertainment Inc. ^(d)		0.000	%		01/28/2015		78,646
	445,000	Harrahs Entertainment Inc.		3.210	%		01/28/2015		437,471
	809,701	Harrahs Entertainment Inc.		3.210	%		02/02/2015		795,999
	348,000	Harrahs Entertainment Inc.		5.460	%		03/01/2018		310,155
	326,760	Las Vegas Sands		1.760	%		05/23/2014		327,048
	248,409	Las Vegas Sands		2.760	%		11/23/2015		248,752
	912,561	Las Vegas Sands		2.760	%		11/23/2016		913,824
	255,000	MGM Resorts International		4.250	%		12/20/2019		257,486
	95,000	Peninsula Gaming, LLC		5.750	%		08/03/2017		96,069
	124,685	Penn National Gaming Inc.		3.750	%		06/21/2018		124,959
	505,515	SeaWorld Parks & Entertainment, Inc.		4.000	%		08/14/2017		508,678
	199,498	Seminole Indian Tribe of Florida		1.811	%		03/05/2014		199,922
	246,875	Seven Seas Cruises		6.250	%		12/16/2018		249,961

									5,535,173

	HEALTH CARE: 2.1%
	108,625	Alkermes, Inc		4.000	%		09/18/2016		109,725
	109,725	Alkermes, Inc		4.500	%		09/18/2019		110,550
	320,000	Ardent Health Services LLC ^(d)		0.000	%		05/19/2018		322,400
	690,845	Ardent Health Services LLC		7.250	%		09/14/2015		691,709
	215,000	AssuraMed Holding, Inc.		5.500	%		10/19/2019		217,017
	577,022	Axcan Intermediate Holdings, Inc.		5.500	%		02/09/2017		579,434
	130,000	Biomet Inc. ^(d)		0.000	%		07/25/2017		130,632
	1,073,176	Carestream Health Holdings, Inc.		5.000	%		02/25/2017		1,068,128
	586,996	Community Health Systems, Inc.		3.811	%		01/25/2017		590,148

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	HEALTH CARE, Continued
$	432,201	ConvaTec Healthcare		5.000	%		12/22/2016	$	436,882
	300,000	DaVita Inc.		4.000	%		09/01/2019		301,593
	642,889	Drumm Investors LLC		5.000	%		04/28/2018		601,527
	1,105,000	HCA, Inc.		3.462	%		05/01/2018		1,107,298
	500,000	HCA, Inc.		3.561	%		03/31/2017		501,170
	478,800	Hologic, Inc.		4.500	%		07/19/2019		484,100
	129,669	IMS Health Inc.		4.500	%		08/26/2017		130,562
	720,875	INC Research, Inc.		7.000	%		07/11/2018		724,479
	488,775	Par Pharmaceutical Companies		5.000	%		09/18/2019		487,859
	255,000	Patheon Inc. ^(d)		0.000	%		12/06/2018		253,725
	355,228	RCHP, Inc.		8.000	%		11/02/2018		355,228
	2,585,299	Royalty Pharma		3.500	%		05/01/2018		2,604,738
	252,781	Royalty Pharma		4.000	%		11/09/2018		255,315
	125,000	Sage Products, Inc.		5.250	%		11/30/2019		125,625
	390,402	Universal Health Services, Inc.		3.750	%		11/15/2016		392,518
	140,000	Valeant Pharmaceuticals International		4.250	%		02/27/2019		140,774
	130,000	Valeant Pharmaceuticals International		4.250	%		09/27/2019		130,623
	182,584	Vanguard Health Systems		5.000	%		01/15/2016		184,258
	109,051	Warner Chilcott		4.250	%		03/15/2018		109,917
	628,142	Warner Chilcott		4.250	%		03/16/2018		633,130

									13,781,064

	HOUSING: 1.1%
	2,528,222	Capital Automotive LP		5.250	%		03/10/2017		2,548,316
	1,127,825	CB Richard Ellis Services, Inc.		3.462	%		03/05/2018		1,127,259
	2,819,080	CB Richard Ellis Services, Inc.		3.710	%		09/04/2019		2,818,487
	648,029	Crown Castle International Corp.		4.000	%		01/25/2019		651,004
	245,636	Realogy Corp.		4.461	%		10/10/2016		246,147
	17,767	Realogy Corp.		4.603	%		10/10/2016		17,804

									7,409,017

	INFORMATION TECHNOLOGY: 1.0%
	36,631	Airvana Network Solutions, Inc.		10.000	%		03/26/2014		36,700
	132,995	Avaya Inc.		3.062	%		12/10/2014		130,053
	34,912	Avaya Inc.		8.000	%		03/31/2018		34,256
	265,000	Blackboard Inc. ^(d)		0.000	%		10/04/2018		267,401
	514,973	CDW LLC/CDW Finance		4.000	%		07/15/2017		512,139
	193,843	Cinedigm Digital Funding I		5.250	%		04/21/2016		193,843
	150,000	CompuCom Systems, Inc.		6.500	%		10/03/2018		150,500
	11,212	First Data Corp.		2.961	%		09/24/2014		11,197
	40,000	First Data Corp.		5.211	%		09/30/2018		39,172
	90,875	Flexera Software, LLC		7.500	%		10/02/2017		91,334
	314,376	Freescale Semiconductor, Inc.		4.464	%		12/01/2016		307,302
	238,200	Genesys Telecommunications, Inc.		6.750	%		01/25/2019		240,141
	613,155	Interactive Data Corp.		4.500	%		02/11/2018		615,576

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	INFORMATION TECHNOLOGY, Continued
$	458,850	Lawson Software, Inc.		5.250	%		04/05/2018	$	462,627
	217,437	Lawson Software, Inc.		5.750	%		10/30/2016		220,766
	218,243	Microsemi Corp.		4.000	%		02/02/2018		219,698
	282,875	Oberthur Technologies		6.252	%		03/30/2019		280,025
	270,000	Peak 10, Inc.		7.250	%		10/23/2018		271,350
	309,225	Presidio, Inc.		5.750	%		03/08/2017		309,225
	380,000	Riverbed Technology, Inc. ^(d)		0.000	%		12/13/2019		383,010
	134,325	Semtech Corp		4.250	%		03/15/2017		135,332
	129,350	Shield Finance (aka Sophos)		6.500	%		05/04/2019		129,188
	182,571	SS&C Technologies, Inc.		5.000	%		05/23/2019		184,916
	505,000	Sungard Data Systems Inc.		4.500	%		01/01/2015		508,788
	492,525	Syniverse Holdings, Inc.		5.000	%		04/20/2019		496,228
	216,957	Telx Group, Inc.		6.250	%		09/22/2017		218,725
	159,200	WestCorp		5.750	%		06/10/2018		161,473

									6,610,965

	MANUFACTURING: 0.4%
	150,000	Alliance Laundry Systems LLC ^(d)		0.000	%		12/10/2018		151,125
	186,671	Allison Transmission, Inc.		2.710	%		08/07/2014		187,429
	313,689	Allison Transmission, Inc.		4.250	%		08/15/2019		315,996
	237,000	Boomerang Tube, LLC		11.000	%		10/08/2017		233,400
	356,210	Frac Tech International		8.500	%		05/06/2016		294,942
	194,512	Genpact International, Inc.		4.250	%		08/17/2019		195,854
	222,923	NACCO Materials Handling Group		5.000	%		11/08/2018		222,923
	508,709	Sensata Technologies B.V. ^(b)		3.750	%		05/12/2018		510,886
	135,000	Tomkins LLC / Tomkins Inc.		5.000	%		11/05/2018		136,098
	178,488	Wabash National Corp.		6.000	%		05/02/2019		180,426

									2,429,079

	METALS/MINERALS: 0.8%
	154,226	Arch Coal, Inc.		5.750	%		05/16/2018		155,603
	155,000	Atlas Iron Ltd. ^(d)		0.000	%		12/07/2017		153,063
	3,257,162	FMG Resources (August 2006) Pty Ltd.		5.250	%		10/31/2017		3,281,649
	1,284,962	Novelis Inc.		4.000	%		03/10/2017		1,295,912
	483,659	Walter Energy Corp.		5.750	%		03/04/2018		485,874

									5,372,101

	RETAIL: 0.4%
	184,538	Academy Ltd / Academy Finance Corp.		4.750	%		08/03/2018		185,496
	181,513	Ascena Retail Group, Inc.		4.750	%		06/08/2018		182,571
	280,000	Collective Brands, Inc.		7.250	%		09/19/2019		283,150
	347,375	HMK Intermediate Holdings, LLC		7.250	%		03/30/2018		348,246
	69,471	J. Crew Group, Inc		4.500	%		02/10/2018		69,636
	105,000	OSI Restaurant Partners, LLC		5.750	%		10/23/2019		105,962
	194,513	Party City Holdings Inc.		5.750	%		07/23/2019		196,492

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	RETAIL, Continued
$	379,949	PETCO Animal Supplies Stores, Inc.		4.500	%		11/24/2017	$	382,461
	94,763	Pilot Travel Centers LLC		4.250	%		08/06/2019		95,198
	199,500	Savers, Inc.		5.000	%		07/09/2019		200,000
	312,726	Toys R Us-Delaware, Inc.		5.250	%		05/25/2018		298,850

									2,348,062

	SERVICES: 0.7%
	334,594	Acosta, Inc.		5.000	%		03/02/2018		337,522
	225,000	Advanced Disposal Services Waste Holdings, Inc.		5.250	%		09/25/2019		227,531
	303,475	Alix Partners, LLP		6.500	%		05/31/2019		306,897
	37,276	Aramark Corp.		0.059	%		01/27/2014		37,183
	462,724	Aramark Corp.		3.462	%		07/29/2016		462,968
	337,950	Avis Budget Car Rental, LLC		4.250	%		03/02/2019		339,983
	120,000	Brand Energy & Infrastructure Services, Inc. ^(d)		0.000	%		10/16/2016		118,830
	105,000	Brand Energy & Infrastructure Services, Inc. ^(d)		0.000	%		10/16/2018		103,714
	65,000	Corporate Executive Board Co./The		5.000	%		08/02/2019		65,285
	300,000	Dematic SA ^(d)		0.000	%		12/18/2019		300,000
	164,588	Harbor Freight Tools USA, Inc.		5.500	%		11/10/2017		166,233
	435,888	Hertz Corp.		3.750	%		03/04/2018		436,931
	220,000	Logo Merger Sub Corp.		5.000	%		10/11/2019		220,000
	200,000	Progressive Waste Solutions Ltd.		3.500	%		10/24/2019		201,250
	374,940	Sedgwick CMS Holdings, Inc.		5.000	%		12/31/2016		375,718
	284,449	Vertafore, Inc.		5.250	%		07/29/2016		286,351
	319,200	Web.com Group, Inc.		5.500	%		10/27/2017		320,602

									4,306,998

	SOVEREIGN: 0.3%
	379,464	Egypt Paris Club ^(b)(d)		0.000	%		12/31/2018		288,392
	2,000,000	Kenya Ministry Of Finance ^(b)		5.459	%		05/15/2014		1,957,000

									2,245,392

	TELECOMMUNICATIONS: 0.6%
	225,000	Consolidated Communications, Inc.		5.250	%		12/31/2018		224,507
	801,900	DigitalGlobe, Inc.		5.750	%		10/07/2018		803,412
	110,000	Fibertech Networks, LLC ^(d)		0.000	%		11/29/2019		110,688
	536,250	Integra Telecom		9.250	%		04/15/2015		536,024
	450,000	Intelsat Jackson Holdings ^(b)		3.210	%		02/01/2014		448,970
	585,000	Intelsat Jackson Holdings ^(b)		4.500	%		04/02/2018		589,510
	590,000	Level 3 Communications, Inc.		4.750	%		08/01/2019		592,460
	145,000	Level 3 Communications, Inc.		5.250	%		08/01/2019		146,224
	75,000	SBA Senior Finance II, LLC		3.750	%		09/20/2019		75,281
	94,525	Windstream Corp.		4.000	%		08/03/2019		95,058
	598,496	Zayo Group, LLC		5.250	%		06/15/2019		605,060

									4,227,194

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount			Coupon Rate			Maturity Date		Value

	TRANSPORTATION: 1.0%
$	3,000,000	A’ayan Leasing ^(f)		3.349	%		04/13/2011	$	600,000
	79,800	August Holding Co.		6.250	%		04/27/2018		80,600
	2,895,000	Azerbaijan Railways ^(b)		4.210	%		12/17/2014		2,787,329
	951,385	Delphi Corp.		3.500	%		03/31/2017		955,352
	215,000	FleetPride		5.500	%		11/16/2019		215,067
	105,000	HHI Holdings LLC		7.000	%		10/03/2018		106,050
	90,000	Navistar International Corp.		7.000	%		08/16/2017		90,225
	428,189	Pinafore, LLC		4.250	%		09/29/2016		430,245
	440,034	Remy International		6.250	%		12/17/2016		442,234
	600,000	Schaeffler Finance BV ^(b)(d)		0.000	%		01/31/2017		606,378

									6,313,480

	UTILITY: 1.0%
	1,047,514	AES Corp.		4.250	%		05/25/2018		1,057,822
	190,000	Astoria Generating Co. Acquisitions, LLC		8.500	%		10/26/2017		190,435
	720,393	Calpine Corp.		4.500	%		03/04/2018		726,590
	83,725	Calpine Corp.		4.500	%		04/01/2018		84,445
	364,087	Calpine Corp.		4.500	%		09/28/2019		367,036
	4,035,784	Interpipe Ukraine ^(b)(f)		5.313	%		03/06/2014		3,006,658
	163,929	NGPL Pipeco LLC		6.750	%		05/16/2017		167,542
	351,804	NRG Energy Inc.		4.000	%		06/10/2018		355,250
	59,241	TPF Generation Holdings, LLC		0.211	%		12/15/2013		59,093
	684,899	TXU Energy Co. LLC		4.810	%		10/10/2017		454,972

									6,469,843

	WIRELESS COMMUNICATIONS: 0.5%
	60,000	Cricket Communications, Inc.		4.750	%		10/03/2019		60,250
	410,048	MetroPCS Wireless, Inc.		4.000	%		03/15/2018		410,434
	184,538	nTelos Inc.		5.750	%		11/07/2019		177,138
	2,619,514	Vodafone Americas Finance ^(f)		6.875	%		08/10/2015		2,671,905

									3,319,727


	TOTAL LOANS
	(Cost $142,845,420)								142,290,253

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Principal Amount / Shares			Coupon Rate			Maturity Date		Value

	WARRANTS: 0.4%
	FINANCIAL SERVICES: 0.4%
$	6,339,000	Alliance Bank JSC ^(b)						$	1,838,310
	1,838,100	Alliance Bank JSC ^(b)(c)							533,049

									2,371,359


	TOTAL WARRANTS
	(Cost $3,315,097)								2,371,359

	COMMON STOCK: 0.0%
	ENERGY: 0.0%
	3,837	Aventine Renewable Energy Holdings, Inc. ^(f)							57,555


	TOTAL COMMON STOCK
	(Cost $0)								57,555


	SHORT TERM INVESTMENTS: 5.2%
	COMMERCIAL PAPER: 1.3%
	250,000	Astana Finance B.V.^(b)(f)(j)		7.875	%		06/08/2010		26,399
	2,500,000	Grupo Famsa S.A.B de C.V. ^(b)(f)		8.500	%		02/15/2013		2,499,275
	3,633,000	Grupo Senda Autotransportes, S.A. de C.V., Callable 10/03/2013 ^(b)		10.500	%		10/03/2015		3,760,154
	2,000,000	Russian CP - Globex Euro ^(b)(f)					06/13/2013		1,964,845

									8,250,673

	CORPORATE BOND: 0.3%
	2,000,000	Argentina Bonar Bonds Series VII ^(b)		7.000	%		09/12/2013		2,020,000

	MONEY MARKET INVESTMENT: 3.6%
	23,585,839	First American Government Obligations Fund, 0.02% ^(h)							23,585,839

	TOTAL SHORT TERM INVESTMENTS
	(Cost $33,788,085)								33,856,512


	TOTAL INVESTMENTS
	(Cost $634,688,905), 99.2%								648,636,792
	OTHER ASSETS IN EXCESS OF LIABILITIES, 0.8%								5,458,231

	TOTAL NET ASSETS, 100.0%							$	654,095,023

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

(a)

Variable Rate.

(b)

Foreign security.

(c)

144A Security.

(d)

Non-income Producing.

(e)

Restricted that represents 21.70% of net assets at December 31, 2012.

(f)

Illiquid that represents 5.22% of net assets at December 31, 2012.

(g)

Private Placement.

(h)

7-Day Yield.

(i)

Security fair valued by Valuation Committee as delegated by the Rochdale Investment Trust Board of Trustees that represents 2.60% of net assets at December 31, 2012.

(j)

Defaulted security that represents 0.15% of net assets at December 31, 2012.

At December 31, 2012, the Portfolio had entered into “position hedge” forward currency exchange contracts that obligated the Portolio to deliver and receive specified amounts of currency in exchange for U.S. dollars at a specified future date. The terms of the open contracts are as follows:


Sale Contract	Currency Amount Sold		Value at Settlement Date		Value at December 31, 2012		Unrealized Appreciation		Unrealized (Depreciation)
Euro		3,783,000	$	5,003,018	$	4,994,761	$	8,257	$	—
GBP		5,349,000		8,624,193		8,688,421		—		(64,228	)
SEK		38,432,389		5,651,216		5,894,327		—		(243,111	)

Total				19,278,427		19,577,509		8,257		(307,339	)

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s investments as of December 31, 2012:


	Level 1		Level 2		Level 3		Total		Other Financial Instruments Level 1*
Corporate Bonds
Aerospace/Defense	$	—	$	3,181,156	$	—	$	3,181,156	$	—
Automotive		—		21,259,754		—		21,259,754		—
Building Materials		—		11,629,313		—		11,629,313		—
Chemicals		—		7,151,306		—		7,151,306		—
Construction Machinery		—		2,464,438		—		2,464,438		—
Consumer Products		—		16,324,219		—		16,324,219		—
Diversified Manufacturing/Operations		—		9,527,873		—		9,527,873		—
Energy		—		53,729,619		—		53,729,619		—
Entertainment		—		3,223,313		—		3,223,313		—
Environmental		—		341,250		—		341,250		—
Financial Institutions/Services		—		44,258,350		—		44,258,350		—
Food & Beverage		—		21,314,939		—		21,314,939		—
Gaming		—		11,176,803		—		11,176,803		—
Health Care		—		33,615,891		—		33,615,891		—
Industrials		—		17,908,349		—		17,908,349		—
Lodging		—		996,063		—		996,063		—
Materials		—		15,074,706		—		15,074,706		—
Media - Cable		—		5,792,500		—		5,792,500		—
Media - Non-Cable		—		20,396,346		—		20,396,346		—
Packaging		—		13,992,062		—		13,992,062		—
Paper		—		2,385,481		—		2,385,481		—

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


	Level 1		Level 2		Level 3		Total		Other Financial Instruments Level 1*
Corporate Bonds, Continued
Real Estate	$	—	$	2,656,742	$	—	$	2,656,742	$	—
Restaurants		—		4,727,250		—		4,727,250		—
Retailers		—		16,488,241		—		16,488,241		—
Services		—		3,792,438		—		3,792,438		—
Sovereign		—		6,952,563		—		6,952,563		—
Technology		—		44,905,668		—		44,905,668		—
Telecommunications		—		6,420,688		—		6,420,688		—
Transportation		—		1,688,096		—		1,688,096		—
Utility - Electric		—		7,838,200		—		7,838,200		—
Utility - Natural Gas		—		10,378,643		—		10,378,643		—
Wireless Communications		—		13,676,313		—		13,676,313		—

Total Corporate Bonds		—		435,268,573		—		435,268,573		—

Asset Backed Securities		—		8,324,724		17,033,765		25,358,489		—


Foreign Government Agency Issues		—		8,397,241		—		8,397,241		—


Mortgage Backed Security		—		1,036,810		—		1,036,810		—


Loans
Aerospace		—		3,286,947		—		3,286,947		—
Broadcasting		—		5,902,452		—		5,902,452		—
Cable/Wireless Video		—		5,809,404		—		5,809,404		—
Chemicals		—		3,241,986		—		3,241,986		—
Consumer Durables		—		684,383		—		684,383		—
Consumer Non-Durables		—		1,184,203		—		1,184,203		—
Diversified Media		—		8,850,865		—		8,850,865		—
Energy		—		25,639,463		—		25,639,463		—
Financials		—		13,206,141		—		13,206,141		—
Food & Drug		—		1,082,569		—		1,082,569		—
Food & Tobacco		—		2,201,743		—		2,201,743		—
Forest Products/Containers		—		832,002		—		832,002		—
Gaming/Leisure		—		5,535,173		—		5,535,173		—
Health Care		—		13,781,064		—		13,781,064		—
Housing		—		7,409,017		—		7,409,017		—
Information Technology		—		6,610,965		—		6,610,965		—
Manufacturing		—		2,429,079		—		2,429,079		—
Metals/Minerals		—		5,372,101		—		5,372,101		—
Retail		—		2,348,062		—		2,348,062		—
Services		—		4,306,998		—		4,306,998		—
Sovereign		—		2,245,392		—		2,245,392		—
Telecommunications		—		4,227,194		—		4,227,194		—
Transportation		—		6,313,480		—		6,313,480		—

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


	Level 1		Level 2		Level 3		Total		Other Financial Instruments Level 1*
Total Loans, Continued
Utility	$	—	$	6,469,843	$	—	$	6,469,843	$	—
Wireless Communications		—		3,319,727		—		3,319,727		—

Total Loans		—		142,290,253		—		142,290,253		—

Warrants		—		2,371,359		—		2,371,359		—

Common Stock		—		57,555		—		57,555		—

Short Term Investments		23,585,839		10,270,673		—		33,856,512		—

Forward Currency Exchange Contracts		—		—		—		—		(299,082	)


Total Investments	$	23,585,839	$	608,017,188	$	17,033,765	$	648,636,792	$	(299,082	)

Other financial instruments are forward currency exchange contracts not reflected in the Schedule of Investments which are valued at the unrealized appreciation (depreciation) on the instrument.

There were no transfers into or out of Level 1 fair value measurement during the reporting period, as compared to their classification from the most recent annual report.

See below for transfers into or out of Level 2 and Level 3.


	Security	Market Value
Transfers into Level 2	Glencore International	$	4,868,750
	Start VII CLO Ltd. CLN		3,000,000
	A’ayan Leasing		870,000
Transfers out of Level 2	None		—

Net transfers into Level 2		$	8,738,750


	Security	Market Value
Transfers into Level 3	None	$	—
Transfers out of Level 3	Glencore International		(4,868,750	)
	Start VII CLO Ltd. CLN		(3,000,000	)
	A’ayan Leasing		(870,000	)

Net transfers out of Level 3		$	(8,738,750	)

Transfers were made out of Level 3 due to these securities being priced by outside brokers.

The accompanying notes are an integral part of these financial statements.

ROCHDALE FIXED INCOME OPPORTUNITIES PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.


Description	Investments in Securities
Balance as of December 31, 2011	$	41,346,575
Accrued discounts/premiums		1,505
Realized gain (loss)		12,745
Change in unrealized appreciation (depreciation)		(555,990	)
Purchases		—
Sales/Principal paydown		(15,032,320	)
Transfers into Level 3**		—
Transfers out of Level 3**		(8,738,750	)

Balance as of December 31, 2012	$	17,033,765

Net unrealized losses relating to Level 3 investments still held at December 31, 2012 amounted to $556,739.

The below chart represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements:


	Fair Value at December 31, 2012	Valuation Techniques	Observable Inputs
BT SPE, LLC	$17,033,765	Discounted Cash Flow Model	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 accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012

LOGO


Shares			Value

	COMMON STOCKS: 90.6%
	CHINA: 11.9%
	5,200	Baidu, Inc. - ADR ^(a)	$	521,508
	4,300,000	Bank of China Ltd.		1,919,531
	600,000	Chaowei Power Holdings Ltd.		310,418
	1,000,000	China Construction Bank Corp.		802,493
	1,875,300	China Medical System Holdings Ltd.		1,451,686
	400,000	China National Building Material Co. Ltd.		585,226
	130,000	China Shenhua Energy Co. Ltd.		569,421
	23,000	Ctrip.com International, Ltd. - ADR ^(a)		524,170
	700,000	Dongfang Electric Corp. Ltd.		1,412,490
	1,950,000	Dongyue Group Ltd.		1,290,633
	306,000	Harbin Electric Co. Ltd.		262,934
	49,935	New Oriental Education & Technology Group Inc. - ADR		970,237
	1,856,000	Sunac China Holdings Ltd.		1,436,746
	1,950,000	Zhejiang Expressway Co., Ltd.		1,534,670
	1,576,100	ZTE Corp.		2,655,691

				16,247,854

The accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Value

	HONG KONG: 30.7%
	302,000	AAC Technologies Holdings Inc.	$	1,055,910
	8,560,000	Bosideng International Holdings Ltd.		2,540,109
	884,000	China Unicom (Hong Kong) Ltd.		1,416,526
	742,000	Chow Sang Sang Holdings International Ltd.		1,721,251
	289,000	CNOOC Ltd.		625,663
	1,798,000	Galaxy Entertainment Group Ltd. ^(a)		7,040,428
	2,044,500	Great Wall Motor Co. Ltd.		6,449,360
	750,000	Huabao International Holdings Ltd.		371,572
	6,667,000	Magic Holdings International Ltd.		3,053,581
	799,200	Man Wah Holdings Ltd.		666,099
	6,394,600	NagaCorp Ltd.		3,877,590
	579,500	Ping An Insurance (Group) Co. of China Ltd.		4,852,313
	1,846,779	Skyworth Digital Holdings Ltd.		945,924
	88,000	Tencent Holdings Ltd.		2,827,045
	10,489,500	Xtep International Holdings Ltd.		4,506,607

				41,949,978

	INDIA: 21.4%
	73,568	Axis Bank Ltd.		1,821,476
	179,819	CESC Ltd.		1,042,845
	152,067	Cipla Ltd.		1,149,731
	433,342	Coal India Ltd.		2,806,164
	22,500	Cognizant Technology Solutions Corp. ^(a)		1,666,125
	65,638	Crisil Ltd.		1,297,486
	42,000	Dr. Reddy’s Laboratories Ltd. - ADR		1,398,180
	138,034	Eros International Media Ltd. ^(a)		516,462
	73,000	Federal Bank Ltd./The		717,076
	63,703	ICICI Bank Ltd.		1,323,416
	51,800	ICICI Bank Ltd. - ADR		2,258,998
	429,781	ITC Ltd.		2,249,702
	245,000	KPIT Cummins Infosystems Ltd.		495,902
	193,675	PC Jeweller Ltd. ^(a)		529,169
	29,300	Persistent Systems Ltd.		273,909
	148,369	Petronet LNG Ltd.		425,556
	88,000	Rural Electrification Corp. Ltd.		393,824
	320,000	Satyam Computer Services Ltd. ^(a)		625,224
	313,000	Sobha Developers Ltd.		2,169,691
	418,500	Tata Global Beverages Ltd.		1,221,739
	98,000	Tata Motors Ltd. - ADR		2,814,560
	20,000	Tech Mahindra Ltd.		340,299
	16,000	United Spirits Ltd.		554,481
	301,291	Zee Entertainment Enterprises Ltd.		1,213,632

				29,305,647

	INDONESIA: 7.6%
	14,675,000	PT ACE Hardware Indonesia Tbk		1,248,612
	2,117,500	PT Bank Mandiri Tbk		1,779,689

The accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Shares			Value

	INDONESIA, Continued
	5,300,000	PT BW Plantation Tbk	$	758,911
	26,166,000	PT Ciputra Development Tbk		2,172,016
	3,500,000	PT Global Mediacom Tbk		871,595
	10,805,500	PT Media Nusantara Citra Tbk		2,802,983
	680,000	PT Nippon Indosari Corpindo Tbk		486,848
	1,335,000	PT Surya Citra Media Tbk		311,673

				10,432,327

	MALAYSIA: 5.9%
	1,673,000	Genting Malaysia Berhad		1,942,168
	743,125	Malayan Banking Berhad		2,235,693
	3,094,200	Multi-Purpose Holdings Berhad		3,531,314
	125,000	Sime Darby Berhad		389,143

				8,098,318

	PHILIPPINES: 4.9%
	93,000	GT Capital Holdings Inc.		1,404,201
	13,150,000	Megaworld Corp.		887,075
	8,511,000	Metro Pacific Investments Corp.		922,349
	400,000	Metropolitan Bank and Trust Co.		993,607
	490,160	San Miguel Corp.		1,258,152
	2,964,375	SM Prime Holdings Inc.		1,191,164

				6,656,548

	THAILAND: 8.2%
	900,000	Charoen Pokphand Foods Public Company Ltd.		992,972
	4,743,750	Krung Thai Bank Public Co. Ltd.		3,039,474
	2,200,000	L.P.N. Development Public Co. Ltd.		1,287,349
	1,000,000	Minor International Public Company Ltd.		640,732
	430,212	PTT Exploration & Production Public Co. Ltd.		2,306,465
	192,000	Siam Cement Public Co. Ltd./The		2,937,430

				11,204,422


	TOTAL COMMON STOCKS
	(Cost $103,160,811)			123,895,094


	SHORT TERM INVESTMENT: 8.0%
	MONEY MARKET INVESTMENT: 8.0%
	10,964,479	First American Government Obligations Fund, 0.02% ^(b)		10,964,479


	TOTAL SHORT TERM INVESTMENT
	(Cost $10,964,479)			10,964,479


	TOTAL INVESTMENTS
	(Cost $114,125,290), 98.6%			134,859,573
	OTHER ASSETS IN EXCESS OF LIABILITIES, 1.4%			1,978,765

	TOTAL NET ASSETS, 100.0%		$	136,838,338

(a)

Non Income Producing.

(b)

7-Day Yield.

ADR American Depository Receipt.

The accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued


Sector	% of Net Assets
Consumer Discretionary		31.0	%
Consumer Staples		6.8	%
Energy		4.9	%
Financials		28.1	%
Health Care		2.9	%
Industrials		3.6	%
Information Technology		7.7	%
Materials		3.8	%
Telecommunication Services		1.0	%
Utilities		0.8	%
Short Term Investment		8.0	%

TOTAL INVESTMENTS		98.6	%
Other Assets in Excess of Liabilities		1.4	%

TOTAL NET ASSETS		100.0	%

The accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s investments as of December 31, 2012:


	Level 1		Level 2		Level 3		Total
Common Stocks
China	$	16,247,854	$	—	$	—	$	16,247,854
Hong Kong		41,949,978		—		—		41,949,978
India		29,305,647		—		—		29,305,647
Indonesia		—		10,432,327		—		10,432,327
Malaysia		8,098,318		—		—		8,098,318
Philippines		—		6,656,548		—		6,656,548
Thailand		—		11,204,422		—		11,204,422

Total Common Stocks		95,601,797		28,293,297		—		123,895,094

Short Term Investment		10,964,479		—		—		10,964,479


Total Investments	$	106,566,276	$	28,293,297	$	—	$	134,859,573

There were no transfers into or out of Level 3 fair value measurement during the reporting period, as compared to their classification from the most recent annual report.

The accompanying notes are an integral part of these financial statements.

ROCHDALE EMERGING MARKETS PORTFOLIO

SCHEDULE OF INVESTMENTS at December 31, 2012, Continued

See below for transfers into or out of Level 1 and Level 2.


	Country		Market Value
Transfers into Level 2		Indonesia	$	10,432,327
		Philippines		6,656,548
		Thailand		11,204,422
Transfers out of Level 2		None		—

Net transfers into Level 2			$	28,293,297


	Country		Market Value
Transfers into Level 1 .		None	$	—
Transfers out of Level 1		Indonesia		(10,432,327	)
		Philippines		(6,656,548	)
		Thailand		(11,204,422	)

Net transfers out of Level 1 .			$	(28,293,297	)

Transfers were made out of Level 1 due to the Indonesia, Philippines and Thailand markets being closed on 12/31/2012. Transfers between Levels are recognized at December 31, 2012, the end of the reporting period.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2012


	Dividend & Income Portfolio			Intermediate Fixed Income Portfolio


ASSETS
Investments in securities at cost	$	104,006,927		$	140,032,536

Investments in securities at value	$	127,773,799		$	145,230,555	⁽¹⁾
Cash		7,500			—
Receivables:
Fund shares sold		107,107			496,115
Securities sold		4,503,939			—
Dividends and interest		304,632			1,506,669
Prepaid expenses		10,948			7,805

Total assets		132,707,925			147,241,144


LIABILITIES
Payable upon return of securities loaned (Note 2)		—			16,498,362
Payables:
Custodian		6,033			5,094
Fund shares redeemed		13,718,353			174,812
Securities purchased		2,606,360			—
Advisory fees		71,873			43,751
Service fees		16,586			16,407
Administration fees		22,935			20,726
Distribution fees		82,468			79,280
Accrued expenses		45,127			43,347

Total liabilities		16,569,735			16,881,779

NET ASSETS	$	116,138,190		$	130,359,365

Number of shares, $0.01 par value, issued and outstanding (unlimited number of shares authorized)		3,994,493			4,871,416


Net asset value per share*	$	29.07		$	26.76


COMPONENTS OF NET ASSETS
Paid in capital	$	106,270,580		$	127,433,259
Undistributed net investment income		502,292			173,400
Accumulated net realized loss on investments		(14,401,544	)		(2,445,313	)
Net unrealized appreciation (depreciation) on:
Investments		23,766,872			5,198,019
Foreign currency		(10	)		—

Net assets	$	116,138,190		$	130,359,365

Redemption price per share is equal to net asset value less any applicable redemption fee.

(1)

Includes securities out on loan to brokers with a market value of $16,063,876 for Intermediate Fixed Income Portfolio.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2012


	Fixed Income Opportunities Portfolio			Emerging Markets Portfolio


ASSETS
Investments in securities at cost	$	634,688,905		$	114,125,290

Investments in securities at value	$	648,636,792		$	134,859,573
Cash		93,146			—
Foreign Currency**		782,355			2,448,958
Receivables:
Fund shares sold		2,557,283			565,490
Securities sold		5,806,938			—
Dividends and interest		10,173,613			114,958
Prepaid expenses		14,358			13,311
Unrealized gain on forward foreign currency contracts		8,257			—

Total assets		668,072,742			138,002,290


LIABILITIES
Payables:
Custodian		63,106			24,146
Fund shares redeemed		678,975			125,748
Securities purchased		12,029,070			709,739
Advisory fees		272,763			110,856
Service fees		69,375			16,629
Administration fees		49,157			27,125
Distribution fees		398,743			77,420
Accrued expenses		109,191			72,289
Unrealized loss on forward foreign currency contracts		307,339			—

Total liabilities		13,977,719			1,163,952

NET ASSETS	$	654,095,023		$	136,838,338

Number of shares, $0.01 par value, issued and outstanding (unlimited number of shares authorized)		24,048,080			4,234,803


Net asset value per share*	$	27.20		$	32.31


COMPONENTS OF NET ASSETS
Paid in capital	$	640,364,067		$	118,520,942
Undistributed (distributions in excess of) net investment income		698,890			(124,832	)
Accumulated net realized loss on investments		(646,408	)		(2,280,613	)
Net unrealized appreciation (depreciation) on:
Investments		13,947,887			20,734,283
Foreign currency		(269,413	)		(11,442	)

Net assets	$	654,095,023		$	136,838,338

Redemption price per share is equal to net asset value less any applicable redemption fee.

Cost of Foreign Currency is $768,065 and $2,460,328, respectively.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2012


	Dividend & Income Portfolio			Intermediate Fixed Income Portfolio


INVESTMENT INCOME
Income
Dividends	$	5,692,557	⁽¹⁾	$	380,243
Interest		109,835			4,960,425
Income from securities lending		—			28,945

Total income		5,802,392			5,369,613

Expenses
Advisory fees		828,073			455,479
12b-1 fees (Note 3)		318,490			284,674
Service fees		191,094			170,805
Fund accounting fees		55,985			78,841
Administration fees		148,866			134,164
Transfer agent fees		63,685			32,845
Registration expense		30,659			28,281
Audit fees		14,929			14,704
Custody fees		44,803			42,156
Legal fees		17,640			16,551
Reports to shareholders		19,050			10,384
Trustee fees		8,659			7,400
Insurance expense		3,172			3,480
Miscellaneous		1,365			1,248

Total expenses		1,746,470			1,281,012
Add: expenses recouped by Advisor (Note 3)		5,751			5,028
Add: interest expenses (Note 7)		156			112

Net expenses		1,752,377			1,286,152

Net investment income		4,050,015			4,083,461


REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments		(2,661,290	)		473,285
Capital gain distributions from regulated investment companies		116,238			—
Foreign currency transactions		(6,065	)		—
Change in net unrealized appreciation/depreciation on:
Investments		7,410,908			4,018,675
Foreign currency translations		(13	)		—

Net realized and unrealized gain on investments and foreign currency		4,859,778			4,491,960

Net increase in net assets resulting from operations	$	8,909,793		$	8,575,421

(1)

Net of foreign tax withheld of $40,350 for Dividend & Income Portfolio.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2012


	Fixed Income Opportunities Portfolio			Emerging Markets Portfolio


INVESTMENT INCOME
Income ⁽¹⁾
Dividends	$	—		$	1,812,547
Interest		42,979,013			975

Total income		42,979,013			1,813,522


Expenses
Advisory fees		2,901,612			857,924
12b-1 fees (Note 3)		1,450,806			214,481
Service fees		755,318			128,689
Fund accounting fees		313,564			72,638
Administration fees		439,981			125,435
Transfer agent fees		108,850			32,812
Registration expense		59,024			44,827
Audit fees		15,506			16,992
Custody fees		210,050			140,150
Legal fees		138,625			11,688
Reports to shareholders		50,718			6,912
Trustee fees		37,654			10,614
Insurance expense		14,773			—
Miscellaneous		2,418			5,198

Total expenses		6,498,899			1,668,360
Add: expenses recouped by Advisor (Note 3)		—			17,988

Net expenses		6,498,899			1,686,348

Net investment income		36,480,114			127,174


REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments		1,021,344			(2,280,613	)
Foreign currency transactions		(344,968	)		(358,711	)
Change in net unrealized appreciation/depreciation on:
Investments		21,697,949			20,671,168
Foreign currency translations		(312,142	)		(11,062	)

Net realized and unrealized gain on investments and foreign currency		22,062,183			18,020,782

Net increase in net assets resulting from operations	$	58,542,297		$	18,147,956

(1)

Net of foreign tax withheld of $3,233 for Fixed Income Opportunities Portfolio and $130,236 for Emerging Markets Portfolio.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS


	Dividend & Income Portfolio						Intermediate Fixed Income Portfolio
	Year Ended 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2012			Year Ended 12/31/2011



INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS
Net investment income	$	4,050,015		$	2,679,001		$	4,083,461		$	3,298,590
Net realized gain (loss) on:
Investments		(2,661,290	)		(1,399,383	)		473,285			815,878
Capital gain distributions from regulated investment companies		116,238			—			—			—
Foreign currency		(6,065	)		1,213			—			—
Change in net unrealized appreciation/depreciation on investments and foreign currency transactions		7,410,895			5,848,773			4,018,675			(1,574,380	)

Net increase in net assets resulting from operations		8,909,793			7,129,604			8,575,421			2,540,088


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(4,044,060	)		(2,680,214	)		(4,064,806	)		(3,317,162	)
From paid in capital		(727,360	)		(502,299	)		—			—

Total distributions to shareholders		(4,771,420	)		(3,182,513	)		(4,064,806	)		(3,317,162	)


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		49,255,985			49,570,720			52,861,225			66,170,191
Proceeds from reinvestment of distribution		4,440,304			2,937,873			3,347,968			3,005,607
Cost of shares redeemed		(48,715,271	)		(20,226,432	)		(38,322,770	)		(36,350,191	)
Redemption fees		7,168			20,499			4,907			5,365

Net increase in net assets resulting from share transactions		4,988,186			32,302,660			17,891,330			32,830,972


Total increase in net assets		9,126,559			36,249,751			22,401,945			32,053,898


NET ASSETS
Beginning of year		107,011,631			70,761,880			107,957,420			75,903,522

End of year	$	116,138,190		$	107,011,631		$	130,359,365		$	107,957,420


Undistributed net investment income	$	502,292		$	554,989		$	173,400		$	153,854


CHANGE IN SHARES
Shares sold		1,705,776			1,802,340			1,994,644			2,543,831
Shares issued on reinvestment of distribution		152,447			107,354			126,819			115,788
Shares redeemed		(1,676,900	)		(743,554	)		(1,453,654	)		(1,387,721	)


Net increase		181,323			1,166,140			667,809			1,271,898

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS


	Fixed Income Opportunities Portfolio						Emerging Markets Portfolio
	Year Ended 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2012			December 15, 2011 ⁽¹⁾ through 12/31/2011

INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS
Net investment income (loss)	$	36,480,114		$	21,098,834		$	127,174		$	(5,173	)
Net realized gain (loss) on:
Investments		1,021,344			3,393,550			(2,280,613	)		1,366
Foreign currency		(344,968	)		30,776			(358,711	)		(5,094	)
Change in net unrealized appreciation/depreciation on investments and foreign currency transactions		21,385,807			(18,353,657	)		20,660,106			62,735

Net increase in net assets resulting from operations		58,542,297			6,169,503			18,147,956			53,834


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(35,978,044	)		(20,481,874	)		—			—
From net realized gain		(1,347,909	)		(5,263,681	)		—			—
From paid in capital		—			—			(67,263	)		—

Total distributions to shareholders		(37,325,953	)		(25,745,555	)		(67,263	)		—


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		204,737,927			297,254,203			125,948,949			5,887,865
Proceeds from reinvestment of distribution		34,854,665			23,867,798			62,708			—
Cost of shares redeemed		(104,410,335	)		(61,814,837	)		(13,210,619	)		(7,492	)
Redemption fees		12,882			15,387			22,250			150

Net increase in net assets resulting from share transactions		135,195,139			259,322,551			112,823,288			5,880,523


Total increase in net assets		156,411,483			239,746,499			130,903,981			5,934,357


NET ASSETS
Beginning of year		497,683,540			257,937,041			5,934,357			—

End of year	$	654,095,023		$	497,683,540		$	136,838,338		$	5,934,357

Undistributed (distributions in excess of) net investment income	$	698,890		$	541,859		$	(124,832	)	$	(5,094	)


CHANGE IN SHARES
Shares sold		7,602,476			10,961,285			4,463,804			235,069
Shares issued on reinvestment of distribution		1,296,625			897,878			1,973			—
Shares redeemed		(3,875,194	)		(2,270,555	)		(465,746	)		(297	)


Net increase		5,023,907			9,588,608			4,000,031			234,772

(1)

Commencement of operations.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS


For a capital share outstanding throughout each Period
	Dividend & Income Portfolio
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08

Net asset value, beginning of period	$	28.06		$	26.73		$	23.71		$	20.87		$	28.69


Income from investment operations:
Net investment income		0.92	⁽¹⁾		0.90	⁽¹⁾		0.82	⁽¹⁾		0.90			0.93
Net realized and unrealized gain (loss) on investments		1.17			1.46			3.24			2.94			(7.73	)

Total from investment operations		2.09			2.36			4.06			3.84			(6.80	)


Less distributions:
From net investment income		(0.92	)		(0.88	)		(0.81	)		(0.87	)		(0.93	)
Return of capital		(0.16	)		(0.16	)		(0.23	)		(0.13	)		(0.09	)

Total distributions		(1.08	)		(1.04	)		(1.04	)		(1.00	)		(1.02	)

Paid in capital from redemption fees (Note 2)		0.00	⁽²⁾		0.01			0.00	⁽²⁾		0.00	⁽²⁾		0.00	⁽²⁾

Net asset value, end of period	$	29.07		$	28.06		$	26.73		$	23.71		$	20.87


Total return		7.49	%		9.02	%		17.48	%		19.21	%		(24.31	)%

Ratios/supplemental data:
Net assets, end of period (millions)	$	116.1		$	107.0		$	70.8		$	59.1		$	52.3

Portfolio turnover rate		13.44	%		20.60	%		16.17	%		15.69	%		6.80	%

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recouped		1.37	%		1.40	%		1.35	%		1.48	%		1.39	%
After fees waived and expenses absorbed/recouped		1.38	%⁽⁴⁾		1.40	%		1.35	%		1.47	%⁽³⁾		1.35	%

Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed/recouped		3.19	%		3.27	%		3.29	%		4.24	%		3.93	%
After fees waived and expenses absorbed/recouped		3.18	%		3.27	%		3.29	%		4.25	%		3.97	%

(1)

Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the period.

(2)

Less than $0.01 per share.

(3)

Effective February 16, 2009, the expense cap was increased from 1.35% to 1.60%.

(4)

Earlier in the fiscal year the Portfolio’s expense ratio was below the previous cap of 1.35% and therefore the Advisor was able to recoup previously waived expenses.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS


For a capital share outstanding throughout each Period
	Intermediate Fixed Income Portfolio
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08
Net asset value, beginning of period	$	25.68		$	25.89		$	25.11		$	24.68		$	26.28


Income from investment operations:
Net investment income		0.95	⁽¹⁾		0.97	⁽¹⁾		0.95			0.95			1.26
Net realized and unrealized gain (loss) on investments		1.08			(0.23	)		0.79			0.44			(1.60	)

Total from investment operations		2.03			0.74			1.74			1.39			(0.34	)


Less distributions:
From net investment income		(0.95	)		(0.95	)		(0.96	)		(0.96	)		(1.26	)

Net asset value, end of period⁽³⁾	$	26.76		$	25.68		$	25.89		$	25.11		$	24.68


Total return		7.99	%		2.88	%		7.01	%		5.77	%		(1.33	)%

Ratios/supplemental data:
Net assets, end of period (millions)	$	130.4		$	108.0		$	75.9		$	61.6		$	52.4

Portfolio turnover rate		26.06	%		58.40	%		52.39	%		70.22	%		47.41	%

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.12	%		1.15	%		1.12	%		1.22	%		1.17	%
After fees waived and expenses absorbed		1.13	%		1.15	%		1.15	%		1.12	%⁽²⁾		0.90	%

Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		3.60	%		3.74	%		3.82	%		3.89	%		4.63	%
After fees waived and expenses absorbed		3.59	%		3.74	%		3.79	%		3.99	%		4.90	%

(1)

Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the period.

(2)

Effective February 16, 2009, the expense cap was increased from 0.90% to 1.15%.

(3)

Redemption fees are less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS


For a capital share outstanding throughout each Period
	Fixed Income Opportunities Portfolio
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/10			July 1, 2009⁽¹⁾ through 12/31/09

Net asset value, beginning of period	$	26.16		$	27.34		$	26.56		$	25.00


Income from investment operations:
Net investment income⁽²⁾		1.70			1.58			1.79			0.76
Net realized and unrealized gain (loss) on investments		1.04			(1.02	)		1.07			1.38

Total from investment operations		2.74			0.56			2.86			2.14


Less distributions:
From net investment income		(1.64	)		(1.45	)		(1.79	)		(0.52	)
From net realized gain		(0.06	)		(0.29	)		(0.29	)		(0.06	)

Total distributions		(1.70	)		(1.74	)		(2.08	)		(0.58	)

Net asset value, end of period⁽⁵⁾	$	27.20		$	26.16		$	27.34		$	26.56


Total return		10.70	%		2.04	%		11.10	%		8.60	%⁽³⁾

Ratios/supplemental data:
Net assets, end of period (millions)	$	654.1		$	497.7		$	257.9		$	166.2

Portfolio turnover rate		41.07	%		59.65	%		61.60	%		22.29	%⁽³⁾

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.12	%		1.16	%		1.18	%		1.21	%⁽⁴⁾
After fees waived and expenses absorbed		1.12	%		1.16	%		1.18	%		1.21	%⁽⁴⁾

Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		6.29	%		5.80	%		6.60	%		5.82	%⁽⁴⁾
After fees waived and expenses absorbed		6.29	%		5.80	%		6.60	%		5.82	%⁽⁴⁾

(1)

Commencement of operations.

(2)

Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the period.

(3)

Not annualized.

(4)

Annualized.

(5)

Redemption fees are less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS


For a capital share outstanding throughout each Period
	Emerging Markets Portfolio
	Year Ended 12/31/12			December 15, 2011⁽¹⁾ through 12/31/11
Net asset value, beginning of period	$	25.28		$	25.00


Income from investment operations:
Net investment income (loss)		0.04	⁽³⁾		(0.02	)⁽²⁾
Net realized and unrealized gain on investments		7.00			0.30

Total from investment operations		7.04			0.28


Less distributions:
From return of capital		(0.02	)		—

Paid in capital from redemption fees (Note 2)		0.01			0.00	⁽⁴⁾

Net asset value, end of period	$	32.31		$	25.28


Total return		27.87	%		1.12	%⁽⁵⁾

Ratios/supplemental data:
Net assets, end of period (millions)	$	136.8		$	5.9

Portfolio turnover rate		69.49	%		5.77	%⁽⁵⁾

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recouped		1.94	%		9.74	%⁽⁶⁾
After fees waived and expenses absorbed/recouped		1.97	%		2.25	%⁽⁶⁾

Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recouped		0.18	%		(9.64	)%⁽⁶⁾
After fees waived and expenses absorbed/recouped		0.15	%		(2.15	)%⁽⁶⁾

(1)

Commencement of operations.

(2)

Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.

(3)

Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the period.

(4)

Less than $0.01 per share.

(5)

Not annualized.

(6)

Annualized.

The accompanying notes are an integral part of these financial statements.

ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012

NOTE 1 – ORGANIZATION

The Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio, Rochdale Fixed Income Opportunities Portfolio and Rochdale Emerging Markets Portfolio (the “Portfolios”) are series of shares of beneficial interest of Rochdale Investment Trust (the “Trust”), which is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Portfolios are diversified funds. Rochdale Investment Management LLC (the “Advisor”) is the Advisor to the Portfolios. Federated Global Investment Management Corp., Seix Investment Advisors LLC and GML Capital LLP (the “Sub-Advisors”) are the Sub-Advisors to the Fixed Income Opportunities Portfolio.

The Rochdale Intermediate Fixed Income Portfolio commenced operations on December 31, 1999. The Rochdale Dividend & Income Portfolio commenced operations on June 1, 1999. The Fixed Income Opportunities Portfolio commenced operations on July 1, 2009. The Emerging Markets Portfolio commenced operations on December 15, 2011.

The Rochdale Dividend & Income Portfolio is a dividend-paying equity securities fund. Its investment objective is significant income and, as a secondary focus, long-term capital appreciation. It seeks income primarily from a diversified portfolio of income-generating securities, including dividend-paying equity and fixed income securities.

The Rochdale Intermediate Fixed Income Portfolio is a fixed income fund with the investment objective of current income and, to the extent consistent with this goal, capital appreciation. It seeks to achieve its objective by investing primarily in investment grade fixed-income obligations and intends to have an average portfolio maturity and duration between 3 to 10 years.

The Rochdale Fixed Income Opportunities Portfolio is a high yield corporate debt/bank loan portfolio with the investment objective of high current income. It seeks to generate a high level of income through investments in fixed income securities that are rated below investment grade and generate yields and/or capital appreciation above that which is generally available from traditional fixed income investments.

The Rochdale Emerging Markets Portfolio is an equity/fixed income portfolio that contains securities domiciled in emerging market countries with the investment objective of long-term capital appreciation. It seeks to achieve its investment objective by investing in emerging market companies regardless of capitalization size.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolios. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Security Valuation. In valuing the Portfolios’ assets for calculating net asset value, readily marketable portfolio securities listed on a national securities exchange are valued at the last sale price on the business day as of which such values are being determined. If there has been no sale on such exchange on such day, the security is valued at closing bid price. Securities listed on the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). Readily marketable securities traded only in an over-the-counter market and not on NASDAQ are valued at the current or last bid price. If no bid is quoted on such day, the security is valued by such method as the Board of Trustees of the Trust shall determine in good faith to reflect the security’s fair value. All other assets of the Portfolios are valued in such manner as the Board of Trustees in good faith deems appropriate to reflect their fair value.

The Portfolios adopted fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards define fair value as the price

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NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

In May 2011, the FASB issued “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRS”). This requirement amends FASB Fair Value Measurements and Disclosures to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRS. This requirement is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. The Portfolios have disclosed the applicable requirements of this accounting standard in their financial statements.

Share Valuation. Each Portfolio’s share price (net asset value) is determined as of the close of the regular session of trading on the NASDAQ (normally 4:00 p.m., eastern time). The net asset value per share of each Portfolio is calculated by dividing the sum of the value of the securities held by the Portfolio plus cash or other assets minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Portfolio, rounded to the nearest cent. The offering and redemption price per share of each Portfolio is equal to a Portfolio’s net asset value per share. The Portfolios charge a redemption fee on shares redeemed or exchanged within 45 days of purchase. These fees are deducted from the redemption proceeds otherwise payable out of a Portfolio to the shareholder. Each Portfolio will retain the fee charged as paid-in capital and such fees become part of the Portfolio’s daily net assets value (“NAV”) calculations. See Note 9 — Subsequent Events for additional information regarding redemption fees.

Federal Income Taxes. The Portfolios intend to comply with the requirements of the Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no federal income tax provision is required. Under current tax law, capital and currency losses realized after October 31 and prior to the Portfolios’ fiscal year end may be deferred as occurring on the first day of the following fiscal year. Under recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolios may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended December 31, 2012, the Portfolio indicated below elected to defer the following late-year ordinary losses and Post October losses:


Portfolio	Post October Loss Currency		Post October Loss		Late-Year Ordinary Loss Deferral
Rochdale Dividend & Income Portfolio	$	—	$	340,981	$	109
Rochdale Intermediate Fixed Income Portfolio		—		—		—
Rochdale Fixed Income Opportunities Portfolio		—		601,970		—
Rochdale Emerging Markets Portfolio		—		183,291		27,788

The Dividend & Income Portfolio also had passive loss deferrals in the amount of $454,635.

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NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolios will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, as of December 31, 2012, which are available to offset future capital gains, if any:


	Capital losses expiring in:

Portfolio	2016		2017		2018		Short Term Unlimited		Long Term Unlimited		Total
Rochdale Dividend & Income Portfolio	$	1,513,139	$	6,396,837	$	1,455,054	$	1,001,517	$	3,411,310	$	13,777,857
Rochdale Intermediate Fixed Income Portfolio		202,368		2,240,343		—		—		—		2,442,711
Rochdale Emerging Markets Portfolio		—		—		—		1,900,858		—		1,900,858

During the year ended December 31, 2012, the Intermediate Fixed Income Portfolio utilized capital loss carryforwards of $326,956 to offset current year realized gains.

The Portfolios adopted accounting standards regarding recognition and measurement of tax positions taken on a tax return. These standards had no impact on the Portfolios’ net assets or results of operations. These standards require the Portfolios to analyze all open tax years, as defined by the Statute of Limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Major jurisdictions for the Portfolios only relate to Federal tax years. As of December 31, 2012, open Federal tax years include the tax year ended December 31, 2009 through December 31, 2012.

Security Transactions and Investment Income. Security transactions are accounted for on the date the security is purchased or sold (trade date). The cost of securities sold is determined under the identified cost method. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Purchase discounts and premiums on securities held by the Portfolios are accreted and amortized to maturity using the effective interest method.

Foreign Currency. Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. When a contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Portfolio could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

Distributions to Shareholders. Distributions from net investment income and realized gains, if any, are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from those amounts determined under GAAP. These differences are primarily due to differing treatments for foreign currency transactions, net operating losses, passive foreign investment companies and post-October capital and currency losses.

The Dividend & Income Portfolio has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is common for these dividends to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The Fund has also made certain investments in partnerships which pay dividends to their shareholders based on available funds from operations. The Fund intends to include the gross dividends from such REITs and partnerships in its distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

Option Writing. Each Portfolio may write (sell) covered call options and secured put options on securities and indices. When the Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Portfolio on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Loans of Portfolio Securities. Each Portfolio may lend its portfolio securities to banks, brokers and dealers. Lending portfolio securities exposes a Portfolio to risks such as (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, or (iii) a Portfolio may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain collateral with the Portfolios’ custodian, marked to market daily, in the form of cash and/or U.S. government obligations, in an amount at least equal to 102% of the market value of the loaned securities. Each Portfolio will limit the amount of its loans of portfolio securities to no more than 50% of its total assets.

At December 31, 2012, the following Portfolio loaned debt and equity securities having a market value and received securities collateral for the loan as follows:


Portfolio	Market Value		Collateral
Rochdale Intermediate Fixed Income Portfolio	$	16,063,876	$	16,498,362

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

Reclassification of Capital Accounts. GAAP requires certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2012, permanent differences in book and tax accounting have been reclassified to undistributed net investment income/(loss), accumulated realized gain/(loss) on investment, and paid in capital as follows:


	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid in Capital
Rochdale Dividend & Income Portfolio	$	(58,652	)	$	6,065		$	52,587
Rochdale Intermediate Fixed Income Portfolio		891			(891	)		—
Rochdale Fixed Income Opportunities Portfolio		(345,039	)		345,039			—
Rochdale Emerging Markets Portfolio		(246,912	)		358,711			(111,799	)

Securities Sold Short. To the extent the Portfolios engage in selling securities short, they are obligated to replace a security borrowed by purchasing the same security at the current market value. The Portfolios would incur a loss if the price of the security increases between the date of the short sale and the date on which the Portfolios replace the borrowed security. The Portfolios would realize a gain if the price of the security declines between those dates.

The Portfolios are required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Portfolios must also maintain a deposit with the broker consisting of cash having a value equal to a specified percentage of the value of the securities sold short.

Indemnifications. Under the Trust’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred or that would be covered by other parties.

High-Yield Bonds. The Intermediate Fixed Income Portfolio and Fixed Income Opportunities Portfolio may invest in lower-rated corporate bonds (also known as “junk bonds”). The security selection process includes an analysis of the issuer’s financial condition, business and product strength, competitive position and management expertise. Below investment grade securities involve greater risk of defaults, downgrades, price declines and volatility than investment grade securities. Below investment grade securities may also be less liquid than higher quality securities. In addition, issuers of high yield securities may be more susceptible than other issuers to economic downturns. High yield securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. High yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell. Generally, the lower the rating of a debt security, the higher its credit risk.

Floating Rate Loans and Related Instruments. These instruments — which include first and second lien senior floating rate loans and other floating rate debt securities — generally consist of loans made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates on these loans are most often floating, not fixed, and are tied to a benchmark lending rate (such as the London Interbank Offered Rate or “LIBOR”). Additionally, to the

ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

extent that the Fixed Income Opportunities Portfolio invests in senior loans to non-U.S. borrowers, the Portfolio may be subject to the risks associated with any foreign investments. The Portfolio may also acquire junior debt securities or securities with a lien on collateral lower than a senior claim on collateral. The risks associated with floating rate loans are similar to the risks of below investment grade securities. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. Difficulty in selling a floating rate loan may result in a loss. The purchase and sale of bank loans are subject to the terms and conditions of the underlying credit agreements, which may substantially limit the number of purchasers that may be eligible to purchase such bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result of these limitations, the bank loans may have relatively less liquidity than other types of fixed income assets, and the Portfolio may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may also acquire loan participations, by which the Portfolio has the right to receive payments of principal, interest and fees from an intermediary (typically a bank, financial institution or lending syndicate) that has a direct contractual relationship with a borrower. Absent a direct contractual relationship with the borrower, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Portfolio may not benefit directly from any collateral supporting the underlying loan. As a result, the Portfolio may be exposed to the credit risk of both the borrower and the intermediary offering the participation. The Portfolio may have difficulty disposing of loan participations, as the markets for such instruments are not highly liquid, and may have limited or no right to vote on changes that may be made to the underlying loan agreement. Such investments may involve risks in addition to those noted above, for example, if a loan is foreclosed, the Portfolio could become part owner of any collateral and would bear the costs and liability associated with such ownership. The Portfolio’s purchases and sales of floating rate loans and related instruments often occur with delivery or payment dates beyond the normal settlement period. At the time the Portfolio enters into a commitment to purchase or sell such loans, the transaction is recorded at the value of the loan. When these transactions settle, the buyer compensates the seller an amount related to the income opportunity cost related to the delayed settlement. Certain risks may arise upon entering into delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Asset-Backed Securities. The Portfolios may invest in asset-backed securities, which represent participations in, or are secured by and payable from, pools of assets including company receivables, truck and auto loans, leases and credit card receivables. The asset pools that back asset-backed securities are securitized through the use of privately-formed trusts, special purpose corporations or other entities. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present. Certain asset backed securities may be considered derivative instruments. Asset-backed securities may have prepayment risks, which is the risk that when interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result, the Portfolio may have to reinvest these prepayments at then-prevailing lower rates, which may, in turn, reduce income. The Portfolio may participate in arrangements designed to provide qualified borrowers with a revolving line of credit. Commonly referred to as “revolvers,” these instruments effectively require that the lenders (including participating investors such as the Portfolios) can meet this continuing obligation. Under certain circumstances, participating investors may be required to segregate assets to ensure that such obligation is satisfied.

100

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NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

Restricted Securities. Include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. A Portfolio may invest in restricted securities that are consistent with a Portfolio’s investment objective and investment strategies. A Portfolio will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% of the Portfolio’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Portfolio or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Advisor provides the Portfolios with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by the Trust. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.65% from the Dividend & Income Portfolio; 0.40% from the Intermediate Fixed Income Portfolio; 0.50% from the Fixed Income Opportunities Portfolio; and 1.00% from the Emerging Markets Portfolio, based upon the average daily net assets of each Portfolio. Federated Global Investment Management Corp., Seix Investment Advisors LLC and GML Capital LLP are the Sub-Advisors to the Fixed Income Opportunities Portfolio. As compensation for their services, Federated Global Investment Management Corp. and Seix Investment Advisors LLC are entitled to a monthly fee at the annual rate of 0.40% paid by the Advisor and GML Capital LLP is entitled to a monthly fee at the annual rate of 0.50% paid by the Advisor.

The Advisor also furnishes the Portfolios with certain administrative services and the personnel associated with the provision of those services as well as personnel to serve as executive officers of the Trust. For these services, the Advisor is paid on a per Portfolio basis a fee based upon the average daily net assets of these Portfolios at the annual rate of 0.15% for the first $250 million in assets, 0.12% for the next $250 million, 0.10% for the next $500 million, and 0.08% for assets exceeding $1 billion.

The Portfolios are responsible for their own operating expenses. The Advisor has agreed to reduce fees payable to it by the Portfolios to the extent necessary to limit each Portfolio’s aggregate annual operating expenses to a maximum of 1.60%, 1.15%, 1.50% and 2.25% of average net assets for the Rochdale Dividend & Income, Intermediate Fixed Income, Fixed Income Opportunities and Emerging Markets Portfolios, respectively. Prior to February 16, 2009, the Advisor had contractually agreed to reduce its fees and/or pay expenses for each Portfolio’s Total Annual Fund Operating Expenses (excluding interest, taxes, and acquired fund fees and expenses) to 1.35% and 0.90% for the Dividend & Income and Intermediate Fixed Income Portfolios, respectively. Any reductions made by the Advisor in its fees or payments or reimbursement of expenses which are the Portfolios’ obligation may be subject to reimbursement to the Advisor within the following three years, provided the Portfolios are able to effect such reimbursement and remain in compliance with applicable expense limitations in effect at the time the expense or fee was reduced. For the year ended December 31, 2012, the Advisor has recouped expenses previously reimbursed of $5,751 for the Dividend & Income Portfolio, $5,028 for the Intermediate Fixed Income Portfolio and $17,988 for the Emerging Markets Portfolio.

At December 31, 2012, the cumulative amounts that have been paid and/or waived by the Advisor on behalf of the Portfolios have been fully recouped or are no longer available for reimbursement.

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ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

RIM Securities LLC, an affiliate of the Advisor, which serves as the distributor of the Trust’s shares has advised the Trust that it retained net selling commission for the year ended December 31, 2012 as follows:


Portfolio	Retained Net Selling Commission
Rochdale Dividend & Income Portfolio	$	793
Rochdale Intermediate Fixed Income Portfolio		0
Rochdale Fixed Income Opportunities Portfolio		1,500
Rochdale Emerging Markets Portfolio		2,281

The Portfolios have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1. The Plan provides that the Portfolios may pay for distribution and related expenses up to an annual rate of 0.25% of each Portfolio’s average net assets to the Advisor, as the Trusts’ distribution coordinator. For the year ended December 31, 2012, the amounts paid to the Advisor were as follows:


Portfolio	Distribution Plan Expense
Rochdale Dividend & Income Portfolio	$	318,490
Rochdale Intermediate Fixed Income Portfolio		284,674
Rochdale Fixed Income Opportunities Portfolio		1,450,806
Rochdale Emerging Markets Portfolio		214,481

U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as the Trust’s Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Portfolios; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Portfolios’ custodian, transfer agent and accountants; coordinates the preparation and payment of Portfolio expenses and reviews the Portfolio’s expense accruals. For its services, the Administrator receives a monthly fee from each Portfolio at an annual rate of 0.10% for the first $200 million, 0.05% for the next $300 million and 0.03% thereafter of average net assets, with a minimum annual fee per fund of $22,500.

RIM Securities LLC also acts as the Portfolios’ principal underwriter in a continuous public offering of the Portfolios’ shares.

During the year ended December 31, 2012, RIM Securities LLC received $7,653 in brokerage fee commissions with respect to the Portfolios’ transactions executed through an affiliated broker, which constituted less than 2% of the Portfolios’ brokerage commissions during the period.

Certain officers and trustees of the Trust are also officers and/or directors of the Advisor or Distributor.

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ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

NOTE 4 – PURCHASES AND SALES OF SECURITIES

The cost of purchases and the proceeds from sales of securities, other than short-term investments and U.S. Government securities, for the year ended December 31, 2012 are as follows:


Portfolio	Purchases		Sales
Rochdale Dividend & Income Portfolio	$	42,825,732	$	16,459,351
Rochdale Intermediate Fixed Income Portfolio		39,489,570		17,439,681
Rochdale Fixed Income Opportunities Portfolio		412,495,618		214,763,296
Rochdale Emerging Markets Portfolio		153,094,171		53,024,430

The cost of purchases and the proceeds from sales of U.S. Government securities, other than short-term investments, for the year ended December 31, 2012 are as follows:


Portfolio	Purchases		Sales
Rochdale Dividend & Income Portfolio	$	—	$	—
Rochdale Intermediate Fixed Income Portfolio		11,784,376		9,805,951
Rochdale Fixed Income Opportunities Portfolio		—		—
Rochdale Emerging Markets Portfolio		—		—

NOTE 5 – DERIVATIVES AND HEDGING DISCLOSURES

Derivatives and Hedging requires enhanced disclosures about a Portfolio's derivative and hedging activities, including how such activities are accounted for and their effects on a Portfolio's financial position, performance and cash flows. The Fixed Income Opportunities Portfolio invested in forward contracts during the year ended December 31, 2012.

The effects of these derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of December 31, 2012 by risk category are as follows:


	Asset Derivatives
Derivatives not designated as hedging instruments, carried at fair value	Statement of Asset and Liabilities Location	Fair Value
Foreign currency contract	Unrealized gain on forward foreign currency contracts	$	8,257
	Unrealized loss on forward foreign currency contracts	$	(307,339	)

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ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2012 is as follows:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Forward Contract
Foreign currency contract	$	(211,587	)

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Forward Contract
Foreign currency contract	$	(299,082	)

NOTE 6 – TAX INFORMATION

As of December 31, 2012, the tax basis of the Portfolios’ components of distributable earnings were as follows:


	Dividend & Income Portfolio			Intermediate Fixed Income Portfolio			Fixed Income Opportunities Portfolio			Emerging Markets Portfolio
Cost of investments for tax purposes	$	103,787,233		$	140,035,138		$	634,733,343		$	114,418,798

Gross tax unrealized appreciation		29,861,750			5,912,407			25,385,314			21,743,753
Gross tax unrealized depreciation		(5,875,184	)		(716,990	)		(11,481,865	)		(1,302,978	)

Net tax unrealized appreciation (depreciation) on investments*		23,986,566			5,195,417			13,903,449			20,440,775
Foreign currency		(10	)		—			29,669			(11,442	)
Undistributed ordinary income		—			173,400			399,808			—
Undistributed gains		—			—			—			—
Other accumulated losses		(14,118,946	)		(2,442,711	)		(601,970	)		(2,111,937	)

Total accumulated earnings	$	9,867,610		$	2,926,106		$	13,730,956		$	18,317,396

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of wash sales, partnership income and passive foreign investment companies.

The tax composition of dividends for the year ended December 31, 2012 was as follows:


	Long-Term Capital Gains		Ordinary Income		Return of Capital
Rochdale Dividend & Income Portfolio	$	—	$	4,044,060	$	727,360
Rochdale Intermediate Fixed Income Portfolio		—		4,064,806		—
Rochdale Fixed Income Opportunities Portfolio		1,347,909		35,978,044		—
Rochdale Emerging Markets Portfolio		—		—		67,263

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ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

The tax composition of dividends for the year ended December 31, 2011 was as follows:


	Long-Term Capital Gains		Ordinary Income		Return of Capital
Rochdale Dividend & Income Portfolio	$	—	$	2,680,214	$	502,299
Rochdale Intermediate Fixed Income Portfolio		—		3,317,162		—
Rochdale Fixed Income Opportunities Portfolio		4,793,403		20,952,152		—

NOTE 7 – LINE OF CREDIT

The Dividend & Income Portfolio and Intermediate Fixed Income Portfolio each have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Portfolio were limited to either the lesser of 10% of the Portfolios’ net assets or an explicit amount on the LOC. Interest is charged to each Portfolio based on its borrowings at prime rate minus 0.50%.

Borrowing activity under the LOC for the year ended December 31, 2012, was as follows:


Portfolio	Maximum Amount of Line of Credit		Interest Expense		Average Rate			Average Borrowings		Maximum Amount Outstanding
Rochdale Dividend & Income Portfolio	$	2,000,000	$	156		2.75	%	$	186,000	$	336,000
Rochdale Intermediate Fixed Income Portfolio		2,000,000		112		2.75			146,700		414,000

Average borrowing activity was calculated using the number of days for amounts outstanding in the Dividend & Income and Intermediate Fixed Income Portfolios, respectively.

NOTE 8 – OTHER INFORMATION

Reorganization of Portfolios in the Trust

At a regular quarterly Board meeting held on December 11, 2012, the Board of Trustees of the Trust approved the reorganization of each Portfolio of the Trust into a corresponding portfolio of the CNI Charter Funds and recommended approval of the reorganization by Trust shareholders. In February 2013, a Prospectus/Proxy Statement will be mailed to Trust shareholders that will contain additional information about the reorganization and voting instructions. If each Portfolio’s shareholders approve the reorganization, each Portfolio will be merged into its corresponding CNI Charter Funds portfolio on or about March 28, 2013.

NOTE 9 – SUBSEQUENT EVENTS

In preparing these financial statements, the Trust has evaluated events after December 31, 2012 that would require adjustment to or additional disclosure in these financial statements.

Administrator

Effective January 1, 2013, SEI Investments Global Fund Services serves as the Trust’s Administrator under the terms of an Interim Administration Agreement.

105

ROCHDALE INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS at December 31, 2012, Continued

Elimination of Redemption Fee

Effective January 9, 2013, the Board of Trustees of the Trust approved the elimination of the 2.00% redemption fee relating to redemptions or exchanges of shares of the Rochdale Dividend & Income Portfolio, the Rochdale Intermediate Fixed Income Portfolio, Rochdale Fixed Income Opportunities Portfolio, and the Rochdale Emerging Markets Portfolio held less than 45 days after the purchase of such shares.

106

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and

Board of Trustees of

Rochdale Investment Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio, Rochdale Fixed Income Opportunities Portfolio, and Rochdale Emerging Markets Portfolio, each a series of shares of beneficial interest of Rochdale Investment Trust, as of December 31, 2012, and with respect to the Rochdale Dividend & Income Portfolio and Rochdale Intermediate Fixed Income Portfolio, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, with respect to the Rochdale Fixed Income Opportunities Portfolio, the statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the three years in the period then ended and for the period July 1, 2009 (commencement of operations) to December 31, 2009, with respect to the Rochdale Emerging Markets Portfolio, the statement of operations for the year then ended, and statements of changes in net assets, and financial highlights for the year then ended and for the period December 15, 2011 (commencement of operations) to December 31, 2011. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (U. S.). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochdale Dividend & Income Portfolio, Rochdale Intermediate Fixed Income Portfolio, Rochdale Fixed Income Opportunities Portfolio, and Rochdale Emerging Markets Portfolio as of December 31, 2012, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

March 1, 2013

107

ROCHDALE INVESTMENT TRUST

TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The Trustees of the Trust, who were elected for an indefinite term by the initial shareholders of the Trust, are responsible for the overall management of the Trust, including, general supervision and review of the investment activities of the Portfolios. The Trustees, in turn, elect the officers of the Trust, who are responsible for administering the day to day operations of the Trust and its separate series. The current Trustees and officers, their affiliations and principal occupations for the past five years are set forth below. The Statement of Additional Information includes additional information about the Trustees and is available, without charge, by calling 1-866-209-1967.


Interested Trustees and Officers
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Garrett R. D’Alessandro 570 Lexington Avenue New York, NY 10022 Age: 55	President, Chairman and Trustee	Since 1998 Since 2012 Since 2011	President, Chief Executive Officer and Director of Research of Rochdale Investment Management	4	*

William O’Donnell 570 Lexington Avenue New York, NY 10022 Age: 48	Treasurer	Since 2011	Chief Financial Officer of Rochdale Investment Management LLC since July 2011; Financial Consultant, October 2009 to June 2011; Financial Officer, Compliance Officer & Corporate Secretary Trustee – Clay Finlay Pension Plan of Clay Finlay LLC, October 1990 to September 2009.	N/A	N/A

William Souza City National Bank Legal Services Division 555 S. Flower Street, Eighteenth Floor Los Angeles, CA 90071 Age: 61	Interim Chief Compliance Officer	Since 2012	Senior Vice President & Senior Counsel of City National Bank	N/A	N/A

Kurt Hawkesworth 570 Lexington Avenue New York, NY 10022 Age: 41	Secretary	Since 2010	Chief Operating Officer, General Counsel, Rochdale Investment Management	N/A	N/A

108

ROCHDALE INVESTMENT TRUST

TRUSTEE AND OFFICER INFORMATION (UNAUDITED)


Independent Trustees
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Daniel A. Hanwacker, Sr. 570 Lexington Avenue New York, NY 10022 Age: 61	Trustee	Since 2011	CEO and President, Hanwacker Associates, Inc. (asset management & consulting and executive search services)	4	*

Susan Henshaw Jones 570 Lexington Avenue New York, NY 10022 Age: 65	Trustee	Since 2011	President and Director, Museum of the City of New York.	4	*

Jay C. Nadel 570 Lexington Avenue New York, NY 10022 Age: 54	Trustee	Since 2011	Financial Services Consultant	4	Lapolla Industries, Inc. (2007-present);*

Rochdale Core Alternative Strategies Fund LLC; Rochdale Core Alternative Strategies Fund TEI LLC; Rochdale Core Alternative Strategies Master Fund; Rochdale Structured Claims Fixed Income Fund LLC; Rochdale Alternative Total Return Fund LLC; Rochdale International Trade Fixed Income Fund and Rochdale Royalty Rights Fund.

109

ROCHDALE INVESTMENT TRUST

ADDITIONAL INFORMATION (UNAUDITED)

Proxy Voting Policies and Procedures

You may obtain a description of the Portfolios’ proxy voting policies and procedures and information regarding how the Portfolios voted proxies related to portfolio securities for the 12 months ended June 30, without charge, upon request by contacting the Portfolios directly at 1-800-245-9888; or on the EDGAR Database on the SEC’s website at www.sec.gov.

Quarterly Form N-Q Portfolio Schedule

Each Portfolio will file its complete portfolio schedule with the Securities and Exchange Commission (“SEC”) on Form N-Q at the end of the first and third fiscal quarters within sixty days of the end of the quarter to which it relates. The Portfolios’ Form N-Qs will be available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room. For information about the operation of the Public Reference Room, please call 1-202-942-8090.

ADDITIONAL TAX INFORMATION (UNAUDITED)

For the period ended December 31, 2012, certain dividends paid by the Portfolios may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from net investment income designated as qualified dividend income is as follows:


Dividend & Income Portfolio			100.00%
Intermediate Fixed Income Portfolio			8.70%
Fixed Income Opportunities Portfolio			0.00%
Emerging Markets Portfolio			0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2012 is as follows:


Dividend & Income Portfolio			96.00%
Intermediate Fixed Income Portfolio			8.70%
Fixed Income Opportunities Portfolio			0.00%
Emerging Markets Portfolio			0.00%

110

Advisor

Rochdale Investment Management LLC

570 Lexington Avenue

New York, New York 10022-6837

(800) 245-9888

Distributor

RIM Securities LLC

570 Lexington Avenue

New York, New York 10022-6837

(800) 245-9888

Custodian

U.S Bank, NA.

Custody Operations

1555 N. RiverCenter Dr., Suite 302

Milwaukee, WI 53212

(800) 485-8510

Transfer Agent

U.S. Bancorp Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

(866) 209-1967

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, Pennsylvania 19103

This report is intended for shareholders of the Portfolios and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change.

Rochdale Investment Trust

570 Lexington Avenue

New York, NY 10022-6837

800-245-9888

www.rochdale.com

You can discuss your questions about the Portfolios, and request other information, including the Prospectus and Statement of Additional Information (SAI), free of charge, by calling the Portfolios at 800-245-9888 or visiting our Web site at www.rochdale.com. The Prospectus and SAI provide detailed information about the Portfolios.

You can review and copy information about the Portfolios, including the Portfolios’ Prospectus and SAI, at the Public Reference Room of the Securities and Exchange Commission, or get copies for a fee, by writing or calling the Public Reference Room of the Commission, Washington, DC 20549-0102 or (202) 551-8090. You may also send an e-mail to the publicinfo@sec.gov. You can obtain the same information free of charge from the Commission’s Internet Web site at http://www.sec.gov.

(Rochdale Investment Trust’s SEC

Investment Company Act File number

is 811-08685)

LOGO

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Jay C. Nadel and Daniel A. Hanwacker are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services and tax services during the past two fiscal years. “Audit services” refer to performing an audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.


	FYE 12/31/2012		FYE 12/31/2011
Audit Fees	$	46,000	$	80,000
Audit-Related Fees	$	0	$	0
Tax Fees	$	10,000	$	16,000
All Other Fees	$	0	$	0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:


	FYE 12/31/2012			FYE 12/31/2011
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

All of the principal accountant’s hours spent on auditing the Registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the Registrant’s accountant for services to the Registrant and to the Registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.


Non-Audit Related Fees	FYE 12/31/2012		FYE 12/31/2011
Registrant	$	10,000	$	16,000
Registrant’s Investment Adviser	$	0	$	0

Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 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) Rochdale Investment Trust

By (Signature and Title) /s/ Garrett R. D’Alessandro

Garrett R. D’Alessandro, President

Date 3/6/13

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

Date 3/6/13

By (Signature and Title) /s/ William O’Donnell

William O’Donnell, Treasurer

Date March 6, 2013