Money Market Funds

12 Months Ended

Dec. 31, 2016

Cash and Cash Equivalents [Abstract]

Money Market Funds

3. Money Market Funds

Money market funds at December 31, 2016 totaled $10,336,000 and consisted of $218,000 in the City National Rochdale Government Fund Class S, $9,995,000 in the FFI Institutional Fund, and $123,000 held in a deposit account in Switzerland as security for the performance of contracts. Money market funds at December 31, 2015 totaled $15,721,000 and consisted of $555,000 in the City National Rochdale Government Fund Class S, $14,948,000 in the FFI Institutional Fund, and $218,000 held in a deposit account in Switzerland as security for the performance of a contract.

The investment objective of the City National Rochdale Government Money Market Fund is to preserve principal and maintain a high degree of liquidity while providing current income through a portfolio of liquid, high quality, short-term U.S. Government bonds and notes, at least 80% of which is in U.S. Government securities. The City National Rochdale Government Money Market Fund is managed by City National Rochdale, LLC. The investment objective of the FFI Institutional Fund, managed by Merrill Lynch, is to seek maximum current income consistent with liquidity and the maintenance of a portfolio of high-quality, short-term money market securities.

The following table presents money market funds at their level within the fair value hierarchy at December 31, 2016 and 2015 (in thousands).

	Total		Level 1		Level 2		Level 3
December 31, 2016:
Money market funds	$	10,336	$	10,336	$	—	$	—
December 31, 2015:
Money market funds	$	15,721	$	15,721	$	—	$	—