City National Rochdale Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07923

City National Rochdale Funds

(Exact name of registrant as specified in charter)

________

400 North Roxbury Drive

Beverly Hills, California 90210

(Address of principal executive offices) (Zip code)

Don Andrews, Esq.

400 North Roxbury Drive

Beverly Hills, CA 90210

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2021

Date of reporting period: March 31, 2021

Item 1. Reports to Stockholders.

The Registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

TABLE OF CONTENTS

City National Rochdale Funds Semi-Annual Report


2	Letter to Our Shareholders
3	Schedule of Investments/Consolidated Schedule of Investments
129	Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
132	Statements of Operations/Consolidated Statement of Operations
136	Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets
140	Consolidated Statement of Cash Flows
142	Financial Highlights/Consolidated Financial Highlights
145	Notes to Financial Statements/Consolidated Notes to Financial Statements
160	Disclosure of Fund Expenses

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Funds’ Form N-PORT and Form N-Q filings are available on the Commission’s website at http://www.sec.gov. The most current Form N-PORT filing is also available on the Funds’ website at www.citynationalrochdalefunds.com and without charge, upon request, by calling 1-888-889-0799.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Commission’s website at www.sec.gov.

CITY NATIONAL ROCHDALE FUNDS | PAGE 1

letter to our shareholders (Unaudited)

March 31, 2021

Dear Shareholders,

This report covers the semi-annual period ended March 31, 2021.

U.S. equity markets continue to hit record highs, with optimism over reopening and further fiscal stimulus currently outweighing concerns over rising interest rates, higher inflation, and potential tax increases. Fundamentals remain positive, but investors should brace for more volatility ahead.

To date, the March economic data that we’ve seen has been explosively strong, including data related to consumer confidence, manufacturing, labor, the service sector, and household spending. It is creating a wave of powerful momentum that we believe will continue for several months.

Since the worst of the pandemic, about 14 million jobs have been created, representing a 63% recovery from the 22 million jobs lost. There is still a lot of ground to make up, as 8.5 million Americans remain unemployed from last year’s peak.

In regards to COVID-19, cases and hospitalization have flattened in the United States, as a whole. We are seeing evidence that vaccinations are beginning to have their desired effect and we expect more widespread availability to drive U.S. COVID-19 cases and hospitalizations downward. While the virus is still a concern, it’s not as alarming as it once was. Cases have ticked up a notch (due to public schools reopening, spring break travel, etc.), and hospitalizations are up sharply in a few states, but those statistics have hardly budged nationally. Deaths continue on a downward trend, as well.

The improving public health situation (increasing percentage of the population that has received at least one vaccination), the hold on Federal Reserve monetary policy, the amount of cash sitting in bank accounts and warmer weather are all contributing to the public getting out and spending money, leading to a more substantial rate of economic growth.

With the liftoff of the economy behind us, the focus is on how strong and long the economic recovery/expansion will last. For the economy to be sustainable, it can’t be just pent-up demand and money in the bank from federal stimulus checks. Instead, a feedback loop needs to be established in which an increase in consumer spending leads to a boost in corporate profits, which leads to companies hiring more and investing in their business, which gets us back to more consumer spending.

In the economic expansion before the pandemic, the pace of GDP growth was relatively anemic due to weakness in companies investing in their business. This recovery doesn’t seem to be on that path, mainly because there is greater access to credit.

We expect to see plenty of investment opportunities ahead as some uncertainties fade or market reactions create attractive entry points and highlight the value of active management. Until then, we believe we have the right portfolio positioning, and we remain focused on high-quality durable assets that can withstand uncertainty and minimize risk to client portfolios.

As always, we thank you for your trust and confidence in our abilities to continue to serve you well through your investment in the City National Rochdale Funds.

Sincerely,

Garrett R. D’Alessandro

President and Chief Executive Officer
City National Rochdale Funds

CITY NATIONAL ROCHDALE FUNDS | PAGE 2

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Government Money Market Fund

Description	Face Amount (000)			Value (000)
U.S. Treasury Obligations [40.6%]
U.S. Treasury Notes
2.250%, 07/31/21		$	25,000	$	25,184
1.750%, 07/31/21			50,000		50,284
2.875%, 11/15/21			50,000		50,874
United States Cash Management Bills
0.079%, 05/25/21(A)			50,000		49,994
0.041%, 06/01/21(A)			100,000		99,993
0.083%, 06/08/21(A)			75,000		74,988
0.044%, 07/06/21(A)			100,000		99,988
0.037%, 07/20/21(A)			50,000		49,995
United States Treasury Bills
0.036%, 04/06/21(A)			50,000		50,000
0.097%, 04/08/21(A)			150,000		149,997
0.081%, 04/13/21(A)			75,000		74,998
0.113%, 04/15/21(A)			50,000		49,998
0.087%, 04/20/21(A)			100,000		99,995
0.088%, 04/27/21(A)			50,000		49,997
0.090%, 05/04/21(A)			50,000		49,996
0.085%, 05/06/21(A)			75,000		74,994
0.066%, 05/11/21(A)			50,000		49,996
0.078%, 05/18/21(A)			50,000		49,995
0.066%, 06/03/21(A)			150,000		149,983
0.037%, 08/12/21(A)			100,000		99,986
0.041%, 08/19/21(A)			100,000		99,984
0.052%, 08/26/21(A)			50,000		49,990
0.026%, 09/16/21(A)			100,000		99,988

Total U.S. Treasury Obligations
(Cost $1,701,197)					1,701,197

U.S. Government Agency Obligations [39.9%]
FFCB
0.177%, VAR ICE LIBOR USD 1 Month+0.070%, 06/24/21			50,000		49,999
0.100%, VAR United States Secured Overnight Financing Rate+0.090%, 07/15/21			50,000		50,000
0.100%, VAR US Federal Funds Effective Rate+0.030%, 03/09/23			50,000		50,000
FFCB DN
0.040%, 08/13/21(A)			20,000		19,997
0.060%, 08/23/21(A)			10,000		9,998
FHLB
0.605%, 04/21/21(A)			50,000		49,998
0.045%, 06/08/21			50,000		50,000
0.130%, 06/17/21			25,000		25,000
0.121%, VAR ICE LIBOR USD 1 Month+0.015%, 07/13/21			50,000		50,000
0.060%, VAR United States Secured Overnight Financing Rate+0.050%, 07/16/21			25,000		25,000
0.320%, VAR United States Secured Overnight Financing Rate+0.310%, 09/24/21			50,000		50,000
0.040%, 09/29/21			50,000		49,998
0.060%, 10/15/21			50,000		49,999
0.180%, VAR United States Secured Overnight Financing Rate+0.170%, 11/12/21			50,000		50,000
0.070%, VAR United States Secured Overnight Financing Rate+0.060%, 12/15/22			50,000		50,000
FHLB DN
0.723%, 05/19/17(A)			100,000		99,995
0.105%, 04/05/21(A)			65,000		64,999
0.539%, 04/07/21(A)			53,325		53,324
0.083%, 04/16/21(A)			37,000		36,999
0.080%, 04/23/21(A)			25,000		24,999
0.499%, 04/28/21(A)			50,000		49,997
0.106%, 04/30/21(A)			50,000		49,996
0.658%, 05/12/21(A)			50,000		49,994
0.104%, 05/14/21(A)			30,000		29,996
0.699%, 05/26/21(A)			15,000		14,998
0.300%, 06/02/21(A)			29,000		28,996
0.090%, 06/09/21(A)			50,000		49,991
0.037%, 06/11/21(A)			50,000		49,996
0.090%, 07/14/21(A)			25,000		24,993
0.856%, 07/21/21(A)			75,000		74,978
0.048%, 08/06/21(A)			30,000		29,995
0.646%, 08/11/21(A)			25,840		25,836
0.056%, 08/27/21(A)			40,000		39,991
0.045%, 09/24/21(A)			19,000		18,996
FHLMC
0.080%, VAR United States Secured Overnight Financing Rate+0.070%, 08/12/22			50,000		50,000
FNMA
0.370%, VAR United States Secured Overnight Financing Rate+0.360%, 01/20/22			50,000		50,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 3

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Government Money Market Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
0.400%, VAR United States Secured Overnight Financing Rate+0.390%, 04/15/22		$	50,000	$	50,000
0.250%, VAR United States Secured Overnight Financing Rate+0.240%, 05/05/22			25,000		25,000
0.210%, VAR United States Secured Overnight Financing Rate+0.200%, 05/09/22			50,000		50,000

Total U.S. Government Agency Obligations
(Cost $1,674,058)					1,674,058

Short-Term Investment [7.4%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%**			312,149,014		312,149

Total Short-Term Investment
(Cost $312,149)					312,149

Repurchase Agreements [13.0%]
Barclays (B)
0.010%, dated 03/31/21, repurchased on 04/01/20, repurchase price $50,000,014 (collateralized by various U.S. Treasury obligations, par values ranging from $19,467,600 to $20,180,700, 3.125% - 5.000%, 05/15/37 — 02/15/43; with a total market value of $51,000,056			50,000		50,000
Daiwa (B)
0.010%, dated 03/31/21, repurchased on 04/01/20, repurchase price $18,000,005 (collateralized by various U.S. Treasury obligations, par values ranging from $1,000 to $6,034,735, 0.000% - 2.000%, 12/31/21 — 05/15/23; with a total market value of $18,360,008			18,000		18,000
Goldman Sachs (B)
0.005%, dated 03/31/21, repurchased on 04/01/20, repurchase price $125,000,017 (collateralized by various U.S. Government obligations, par value $97,036, 1.000%, 02/15/49; with a total market value of $127,500,065			125,000		125,000
Wells Fargo (B)
0.010%, dated 03/31/21, repurchased on 04/01/20, repurchase price $350,000,097 (collateralized by various U.S. Government obligations, par values ranging from $1,000 to $164,946,969, 2.000% - 5.000%, 08/15/45 — 03/20/51; with a total market value of $357,000,000			350,000		350,000

Total Repurchase Agreements
(Cost $543,000)					543,000

Total Investments [100.9%]
(Cost $4,230,404)				$	4,230,404

Percentages are based on net assets of $4,191,302 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Zero coupon security. The rate reported is the effective yield at time of purchase.

(B)	Tri-party Repurchase Agreement.

DN — Discount Note

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rates

USD — U.S. Dollar

VAR — Variable

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	1,674,058	$	—	$	1,674,058
U.S. Treasury Obligations		—		1,701,197		—		1,701,197
Short-Term Investment		312,149		—		—		312,149
Repurchase Agreements		—		543,000		—		543,000
Total Investments in Securities	$	312,149	$	3,918,255	$	—	$	4,230,404

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 4

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Government Bond Fund

Description	Face Amount (000)			Value (000)
U.S. Treasury Obligations [48.7%]
U.S. Treasury Notes
2.875%, 09/30/23		$	350	$	373
2.750%, 07/31/23			1,175		1,244
2.750%, 08/31/23			1,255		1,331
2.750%, 08/31/25			600		651
2.625%, 02/28/23			1,700		1,780
2.625%, 12/31/25			1,600		1,731
2.375%, 04/30/26			330		353
2.000%, 11/30/22			1,500		1,546
1.875%, 05/31/22			365		373
1.875%, 07/31/22			1,115		1,141
1.875%, 08/31/24			2,805		2,937
1.750%, 07/31/24			800		834
1.625%, 08/15/22			1,400		1,429
1.625%, 04/30/23			1,225		1,261

Total U.S. Treasury Obligations
(Cost $16,514)					16,984

U.S. Government Agency Obligations [31.8%]
FFCB
0.200%, 10/02/23			1,250		1,248
FHLB
3.375%, 09/08/23			1,585		1,705
3.125%, 09/09/22			1,610		1,678
FNMA
2.625%, 09/06/24			1,400		1,504
2.500%, 02/05/24			1,445		1,535
2.125%, 04/24/26			955		1,010
1.625%, 01/07/25			1,280		1,329
Tennessee Valley Authority
2.875%, 09/15/24			1,000		1,076

Total U.S. Government Agency Obligations
(Cost $10,752)					11,085

U.S. Government Mortgage-Backed Obligations [10.1%]
FHLMC, Ser 2016-4635, Cl EG, Pool FHR 4635 EG
2.500%, 12/15/46			1,359		1,429
FNMA, Pool AL5866
2.544%, 08/01/22(A)			1,031		1,049
FNMA, Pool AS4877
3.000%, 04/01/30			859		909
FNMA ARM, Pool 766620
2.769%, VAR ICE LIBOR USD 12 Month+1.677%, 03/01/34			39		39
GNMA, Pool 329656
8.000%, 08/15/22			—		1
GNMA, Pool 497411
6.000%, 01/15/29			2		2
GNMA ARM, Pool G2 81318
2.875%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 04/20/35			53		56
GNMA ARM, Pool G2 81447
2.250%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.500%, 08/20/35			13		14

Total U.S. Government Mortgage-Backed Obligations
(Cost $3,396)					3,499

Municipal Bonds [8.7%]
California [3.1%]
California State, GO
3.000%, 11/01/25			1,000		1,089

Florida [2.4%]
Florida State, Board of Administration Finance, Ser A, RB
1.258%, 07/01/25			810		818

Texas [3.2%]
Harris County, Port Authority of Houston, Ser B, GO
2.250%, 10/01/26			1,075		1,128

Total Municipal Bonds
(Cost $3,067)					3,035

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 5

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Government Bond Fund (concluded)

Description	Shares		Value (000)
Short-Term Investment [0.1%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**		47,941	$	48

Total Short-Term Investment
(Cost $48)				48

Total Investments [99.4%]
(Cost $33,777)			$	34,651

Percentages are based on net assets of $34,848 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

ARM — Adjustable Rate Mortgage

Cl — Class

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rates

RB — Revenue Bond

Ser — Series

USD — U.S. Dollar

VAR — Variable

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	16,984	$	—	$	16,984
U.S. Government Agency Obligations		—		11,085		—		11,085
U.S. Government Mortgage-Backed Obligations		—		3,499		—		3,499
Municipal Bonds		—		3,035		—		3,035
Short-Term Investment		48		—		—		48
Total Investments in Securities	$	48	$	34,603	$	—	$	34,651

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 6

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Corporate Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [76.9%]
Air Transportation [2.0%]
FedEx
4.000%, 01/15/24		$	2,350	$	2,554

Automotive [6.3%]
American Honda Finance, MTN
1.700%, 09/09/21			2,500		2,516
General Motors Financial
5.250%, 03/01/26			2,215		2,537
Toyota Motor Credit, MTN
2.250%, 10/18/23			3,000		3,130

Total Automotive					8,183

Banks [6.7%]
BPCE
4.000%, 04/15/24			1,800		1,968
Cooperatieve Rabobank UA
4.375%, 08/04/25			1,500		1,661
Standard Chartered
3.950%, 01/11/23(A)			2,250		2,355
Wells Fargo, MTN
3.300%, 09/09/24			2,500		2,700

Total Banks					8,684

Broadcasting & Cable [1.3%]
Comcast
3.700%, 04/15/24			1,500		1,638

Chemicals [4.0%]
Dow Chemical
3.500%, 10/01/24			2,250		2,427
DuPont de Nemours
2.169%, 05/01/23			2,850		2,862

Total Chemicals					5,289

Computer System Design & Services [2.9%]
Apple
3.450%, 05/06/24			3,450		3,749

Electric Utilities [3.2%]
Duke Energy
3.150%, 08/15/27			2,575		2,741
Exelon
2.450%, 04/15/21			1,445		1,446

Total Electric Utilities					4,187

Fiduciary Banks [1.8%]
State Street
2.825%, VAR United States Secured Overnight Financing Rate+2.690%, 03/30/23			2,250		2,305

Financial Services [1.9%]
American Express
3.375%, 05/17/21			2,520		2,522

Food, Beverage & Tobacco [3.8%]
Anheuser-Busch
3.650%, 02/01/26			2,250		2,473
General Mills
2.600%, 10/12/22			2,450		2,528

Total Food, Beverage & Tobacco					5,001

Industrials [1.2%]
Penske Truck Leasing LP
3.450%, 07/01/24(A)			1,500		1,616

Investment Bank/Broker-Dealer [1.9%]
Jefferies Group
4.850%, 01/15/27			2,125		2,444

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 7

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Medical Labs and Testing Srv [2.2%]
Laboratory Corp of America Holdings
3.600%, 02/01/25		$	2,600	$	2,813

Medical Products & Services [2.1%]
Gilead Sciences
3.700%, 04/01/24			2,500		2,692

Medical-HMO [2.4%]
UnitedHealth Group
2.875%, 03/15/23			3,000		3,143

Petroleum & Fuel Products [6.2%]
Energy Transfer Operating
5.200%, 02/01/22			2,425		2,487
Shell International Finance BV
3.400%, 08/12/23			2,900		3,106
Sunoco Logistics Partners Operations
4.650%, 02/15/22			2,400		2,482

Total Petroleum & Fuel Products					8,075

Real Estate Investment Trusts [1.9%]
Prologis
3.250%, 10/01/26			2,300		2,516

Security Brokers & Dealers [19.5%]
Banco Santander
2.746%, 05/28/25			2,600		2,716
Bank of America, MTN
4.250%, 10/22/26			2,500		2,801
Citigroup
1.621%, VAR ICE LIBOR USD 3 Month+1.430%, 09/01/23			3,000		3,048
Credit Suisse Group
3.574%, 01/09/23(A)			2,500		2,551
Goldman Sachs Group
3.000%, 04/26/22			2,500		2,504
JPMorgan Chase
3.300%, 04/01/26			3,000		3,263
Mitsubishi UFJ Financial Group
3.218%, 03/07/22			2,765		2,838
Morgan Stanley, MTN
3.125%, 07/27/26			3,000		3,231
Natwest Group
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/24			2,300		2,486

Total Security Brokers & Dealers					25,438

Semi-Conductors [2.2%]
Applied Materials
3.900%, 10/01/25			2,600		2,896

Telephones & Telecommunications [3.4%]
Verizon Communications
3.500%, 11/01/24			2,300		2,496
0.750%, 03/22/24			2,000		2,002

Total Telephones & Telecommunications					4,498

Total Corporate Bonds
(Cost $98,457)					100,243

Municipal Bonds [10.1%]
California [1.9%]
California Municipal Finance Authority, RB
2.072%, 12/01/27			300		302
California State, Various Purpose, GO
3.500%, 04/01/28			2,000		2,231

Total California					2,533

New York [8.2%]
New York City, Build America Bonds, GO
5.424%, 03/01/25			2,500		2,922
New York City, Transitional Finance Authority Future Tax Secured Revenue, RB
2.880%, 11/01/26			2,000		2,180
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser, RB
5.008%, 08/01/27			3,000		3,574

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)/Shares			Value (000)
New York State, Urban Development, Ser D-2, RB
Callable 09/15/27 @ 100
3.320%, 03/15/29		$	1,850	$	1,988

Total New York					10,664

Total Municipal Bonds
(Cost $12,206)					13,197

Commercial Paper [4.0%]
AT&T
0.280%, 09/21/21			2,250		2,247
Exxon Mobil
0.110%, 05/25/21			3,000		3,000

Total Commercial Paper
(Cost $5,246)					5,247

Affiliated Registered Investment Company [2.8%]
City National Rochdale Fixed Income Opportunities Fund, Cl N‡			157,077		3,649

Total Affiliated Registered Investment Company
(Cost $4,000)					3,649

Asset-Backed Security [1.9%]
Carmax Auto Owner Trust, Ser 2018-4, Cl A3
3.360%, 09/15/23			2,419		2,465

Total Asset-Backed Security
(Cost $2,419)					2,465

Closed-End Fund [0.0%]
Stone Ridge Reinsurance Risk Premium Interval Fund*			1,456		58

Total Closed-End Fund
(Cost $64)					58

Short-Term Investment [3.4%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**			4,385,866		4,386

Total Short-Term Investment
(Cost $4,386)					4,386

Total Investments [99.1%]
(Cost $126,778)				$	129,245

Percentages are based on net assets of $130,413 (000).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2021.

‡	Investment in Affiliate.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2021, the value of these securities amounted to $6,522,000 (000), representing 5.0% of the net assets of the Fund.

Cl — Class

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

USD — U.S. Dollar

VAR — Variable Rate

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	100,243	$	—	$	100,243
Municipal Bonds		—		13,197		—		13,197
Commercial Paper		—		5,247		—		5,247
Affiliated Registered Investment Company		3,649		—		—		3,649
Asset-Backed Security		—		2,465		—		2,465
Closed-End Fund		58		—		—		58
Short-Term Investment		4,386		—		—		4,386
Total Investments in Securities	$	8,093	$	121,152	$	—	$	129,245

For the period ended March 31, 2021, there have been no transfers in to or out of Level 3.

The following is a summary of the transactions with affiliates for the period ended March 31, 2021:

	City National Rochdale Fixed Income Opportunities Fund, Class N (000)
Beginning balance as of October 1, 2020	$	3,545
Purchases at Cost		—
Proceeds from Sales		—
Realized Gain (Loss)		—
Unrealized Gain (Loss)		104
Ending balance as of March 31, 2021	$	3,649
Dividend Income	$	—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 9

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Corporate Bond Fund (concluded)

	City National Rochdale Fixed Income Opportunities Fund, Class N (Shares)
Beginning balance as of October 1, 2020		157,077
Purchases		—
Sales		—
Ending balance as of March 31, 2021		157,077

Amounts designated as “—” are $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 10

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [98.1%]
California [95.9%]
Alameda County, Joint Powers Authority, RB
Callable 12/01/26 @ 100
5.000%, 12/01/30		$	300	$	363
Anaheim Housing & Public Improvements Authority, Ser B, RB
Callable 04/01/23 @ 100
5.000%, 10/01/27			220		240
Bay Area, Water Supply & Conservation Agency, Ser A, RB
Callable 04/01/23 @ 100
5.000%, 10/01/23			645		707
Brea, Redevelopment Agency Successor, Redevelopment Project, TA
Callable 08/01/23 @ 100
5.000%, 08/01/25			500		553
California County, Tobacco Securitization Agency, RB
5.000%, 06/01/30			300		396
California State University, Ser B, RB
1.766%, 11/01/25			1,000		1,030
California State, Department of Water Resources, RB
0.920%, 12/01/26			500		490
California State, Department of Water Resources, Ser AX, RB
Callable 12/01/27 @ 100
5.000%, 12/01/29			500		637
California State, Educational Facilities Authority, Ser A, RB
5.000%, 04/01/25			400		471
California State, GO
5.250%, 09/01/22			1,085		1,163
California State, GO
5.000%, 12/01/21			1,000		1,032
California State, GO
5.000%, 10/01/22			1,000		1,072
California State, GO
5.000%, 11/01/24			1,000		1,165
California State, GO
5.000%, 08/01/26			1,000		1,232
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/26			1,000		1,122
California State, GO
Callable 11/01/23 @ 100
5.000%, 11/01/27			500		559
California State, GO
4.000%, 04/01/23			1,000		1,076
California State, Health Facilities Financing Authority, RB
Callable 11/15/25 @ 100
5.000%, 11/15/26			100		120
California State, Health Facilities Financing Authority, RB
5.000%, 10/01/39(A)			1,000		1,194
California State, Health Facilities Financing Authority, Ser A, RB
Callable 11/15/22 @ 100
5.000%, 11/15/25			665		713
California State, Health Facilities Financing Authority, Ser A, RB
Callable 07/01/23 @ 100
5.000%, 07/01/28			1,000		1,105
California State, Health Facilities Financing Authority, Ser A, RB
Callable 11/15/27 @ 100
5.000%, 11/15/30			400		501
California State, Health Facilities Financing Authority, Ser A-2, RB
Pre-Refunded @ 100
5.250%, 11/15/21(B)			1,000		1,032
California State, Infrastructure & Economic Development Bank, Ser B, RB
5.000%, 07/01/23			1,150		1,232

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 11

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Municipal Finance Authority, RB
5.000%, 06/01/23		$	200	$	220
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
5.000%, 09/01/22			1,000		1,068
California State, Public Works Board, Judicial Council, Ser B, RB
5.000%, 10/01/23			475		531
California State, Public Works Board, RB
5.000%, 09/01/25			1,500		1,795
California State, Public Works Board, Ser B, RB
5.000%, 10/01/25			225		270
California State, Public Works Board, Ser C, RB
Callable 03/01/27 @ 100
5.000%, 03/01/28			500		620
California State, Public Works Board, Ser S, RB
Callable 04/01/27 @ 100
5.000%, 04/01/28			800		995
California State, Statewide Communities Development Authority, Cottage Health System, RB
Pre-Refunded @ 100
5.000%, 11/01/24(B)			350		408
California State, University Systemwide Revenue, Ser A, RB
5.000%, 11/01/24			940		1,095
California State, University Systemwide Revenue, Ser A, RB
Callable 05/01/26 @ 100
5.000%, 11/01/27			240		292
California State, University Systemwide Revenue, Ser B-1, RB
Callable 05/01/26 @ 100
1.600%, 11/01/47(A)			1,000		1,040
Chula Vista Elementary School District, RB
1.553%, 08/01/23(C)			2,000		1,981
Contra Costa Community College District, GO
1.450%, 08/01/27			750		737
Contra Costa, Transportation Authority, Ser A, RB
5.000%, 03/01/27			420		524
Culver Redevelopment Agency Successor Agency, RB
5.000%, 11/01/24			350		407
Desert Community College District, GO
4.000%, 08/01/26			110		130
East Bay, Municipal Utility District, Water System Revenue, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/29			850		1,007
El Dorado Irrigation District, Ser A, RB
Callable 03/01/30 @ 100
5.000%, 03/01/32			200		263
Fremont, Public Financing Authority, RB
5.000%, 10/01/25			1,000		1,196
Gilroy, Public Facilities Financing Authority, RB
5.000%, 11/01/21			940		966
Golden State Tobacco Securitization, Ser A, RB
5.000%, 06/01/21			1,050		1,058
Jurupa, Unified School District, GO, AGM
5.000%, 08/01/22			1,000		1,061
Long Beach, Harbor Revenue, Ser A, RB, AMT
5.000%, 05/15/27			500		616
Long Beach, Unified School District, GO
5.000%, 08/01/26			1,000		1,235
Los Angeles County Metropolitan Transportation Authority, RB
5.000%, 06/01/26			100		123
Los Angeles County Metropolitan Transportation Authority, Ser A, RB
5.000%, 07/01/24			500		576
Los Angeles County Public Works Financing Authority, Ser E-1, RB
5.000%, 12/01/25			200		241
Los Angeles County, Disney Parking Hall Project, COP
5.000%, 09/01/22			500		532

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 12

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Los Angeles County, Metropolitan Transportation Authority, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/26		$	500	$	595
Los Angeles County, Public Works Financing Authority, Ser E-2, RB
4.000%, 12/01/28			500		610
Los Angeles County, Redevelopment Refunding Authority Redev Agency Successor Agy, RB, AGM
Callable 12/01/24 @ 100
5.250%, 12/01/26			365		426
Los Angeles Department of Airports, Sub-Ser E, RB
4.000%, 05/15/24			175		195
Los Angeles Department of Water & Power Power System Revenue, Ser A, RB
5.000%, 07/01/24			110		127
Los Angeles, Department of Airports, Ser B, RB
5.000%, 05/15/25			1,030		1,220
Los Angeles, Department of Airports, Ser C, RB
5.000%, 05/15/25			660		781
Los Angeles, Department of Airports, Sub-Ser, RB, AMT
Callable 05/15/26 @ 100
5.000%, 05/15/29			400		475
Los Angeles, Department of Water & Power, Power System Project, Ser C, RB
5.000%, 07/01/23			500		554
Los Angeles, Department of Water, Ser C, RB
Callable 07/01/30 @ 100
5.000%, 07/01/32			1,000		1,333
Los Angeles, Sanitation Districts Financing Authority, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/28			525		628
Metropolitan Water District of Southern California, Sub-Ser A, RB
5.000%, 07/01/25			210		250
Metropolitan Water District of Southern California, Sub-Ser A, RB
5.000%, 07/01/27			500		632
Orange County, Airport Revenue, Ser A, RB
5.000%, 07/01/23			310		343
Orange County, Airport Revenue, Ser B, RB
5.000%, 07/01/22			500		530
Orange County, Redevelopment Agency Successor Agency, TA, AGM
5.000%, 09/01/23			320		356
Redding, Electric System Revenue, RB
5.000%, 06/01/24			600		687
Redding, Electric System Revenue, RB
5.000%, 06/01/25			575		680
Riverside County, Infrastructure Financing Authority, Ser A, RB
Callable 11/01/26 @ 100
4.000%, 11/01/29			500		578
Riverside County, Public Financing Authority, RB
Callable 11/01/25 @ 100
5.000%, 11/01/26			100		119
Riverside County, Transportation Commission, Ser A, RB
Pre-Refunded @ 100
5.250%, 06/01/23(B)			500		554
Riverside, Electric System Revenue, Ser A, RB
5.000%, 10/01/23			1,000		1,116
Riverside, Public Financing Authority, Ser A, RB
5.000%, 11/01/21			1,100		1,131
Sacramento County Water Financing Authority, RB
5.000%, 06/01/24			100		115
San Diego County Regional Transportation Commission, Sub-Ser B, RB
5.000%, 04/01/28			250		321
San Diego County Regional Transportation Commission, Sub-Ser B, RB
5.000%, 04/01/29			250		327
San Diego County, Ser A, RB
Callable 10/15/24 @ 100
5.000%, 10/15/28			125		145
San Diego County, Water Authority, Ser A, RB
1.531%, 05/01/30			2,000		1,923

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 13

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB
Callable 07/01/27 @ 100
5.000%, 07/01/28		$	350	$	432
San Francisco City & County, Airport Comm-San Francisco International Airport, RB, AMT
Callable 05/01/23 @ 100
5.250%, 05/01/33			500		546
San Francisco City & County, Airport Comm-San Francisco International Airport, Ser E, RB, AMT
Callable 05/01/29 @ 100
5.000%, 05/01/34			330		411
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/27			1,000		1,194
San Francisco City & County, Public Utilities Commission, Water Revenue, Ser A, RB
Callable 11/01/24 @ 100
5.000%, 11/01/28			500		578
San Francisco City & County, San Francisco International Airport, RB, AMT
5.000%, 05/01/27			2,000		2,480
San Joaquin Hills, Transportation Corridor Agency, Ser Senior, RB, ETM
1.272%, 01/01/26(C)			400		386
San Jose, International Airport, Ser A, RB, AMT
5.000%, 03/01/24			500		565
San Mateo County, Joint Powers Financing Authority, Maple Street Correctional Center, RB
Callable 06/15/24 @ 100
5.000%, 06/15/26			1,035		1,183
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
5.000%, 06/15/21			480		484
Santa Clara County, Financing Authority, Ser A, RB
5.000%, 05/01/29			1,000		1,311
Santa Clara County, Financing Authority, Ser A, RB
Callable 04/01/28 @ 100
4.000%, 04/01/34			1,000		1,169
Santa Clara Valley, Transportation Authority, Ser B, RB
5.000%, 06/01/26			200		246
Santa Cruz County, Redevelopment Successor Agency, Ser A, RB, BAM
Callable 09/01/25 @ 101
5.000%, 09/01/26			120		143
Silicon Valley, Ser A, RB
Callable 09/01/23 @ 100
3.000%, 03/01/24			1,000		1,063
Tahoe-Truckee, Unified School District, Ser B, GO
Callable 08/01/26 @ 100
5.000%, 08/01/27			200		246
Tahoe-Truckee, Unified School District, Ser B, GO
Callable 08/01/26 @ 100
5.000%, 08/01/28			200		245
Tobacco Securitization Authority of Northern California, RB
5.000%, 06/01/29			500		648
Tustin, Unified School District, SPL Tax, BAM
5.000%, 09/01/24			525		605
University of California, RB
Pre-Refunded @ 100
5.000%, 05/15/22(B)			10		11
University of California, Regents of the University of California Medical Center Pooled Revenue, Ser J, RB
Pre-Refunded @ 100
5.000%, 05/15/23(B)			565		622
University of California, Regents of the University of California Medical Center Pooled Revenue, Ser J, RB
Callable 05/15/23 @ 100
5.000%, 05/15/26			110		121
University of California, Ser AJ, RB
3.639%, 05/15/23			455		486
University of California, Ser AY, RB
Callable 05/15/27 @ 100
5.000%, 05/15/28			1,000		1,251

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 14

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
University of California, Ser G, RB
Pre-Refunded @ 100
5.000%, 05/15/22(B)		$	230	$	242
University of California, Ser S, RB
Callable 05/15/22 @ 100
5.000%, 05/15/26			260		274
Westlands, Water District, Ser A, RB, AGM
Callable 09/01/26 @ 100
5.000%, 09/01/27			1,000		1,227

Total California					75,112

Georgia [0.5%]
Georgia State, Road & Tollway Authority, RB
Callable 06/01/30 @ 100
5.000%, 06/01/31			300		397

Illinois [1.7%]
State of Illinois, Ser C, GO
4.000%, 03/01/24			1,250		1,358

Total Municipal Bonds
(Cost $74,353)					76,867

Short-Term Investment [1.2%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**			988,160		988

Total Short-Term Investment
(Cost $988)					988

Total Investments [99.3%]
(Cost $75,341)				$	77,855

Percentages are based on net assets of $78,367 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.

(B)	Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(C)	Zero coupon security. The rate reported is the effective yield at time of purchase.

AGM — Assured Guarantee Municipal

AMT — Alternative Minimum Tax (subject to)

BAM — Build America Mutual

Cl — Class

COP — Certificate of Participation

ETM — Escrowed to Maturity

GO — General Obligation

RB — Revenue Bond

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	76,867	$	—	$	76,867
Short-Term Investment		988		—		—		988
Total Investments in Securities	$	988	$	76,867	$	—	$	77,855

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 15

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund

Description

Face Amount (000)

Value (000)

Municipal Bonds [94.8%]

Alabama [1.9%]

Alabama State, Southeast Gas Supply District, Ser A, RB

Callable 03/01/24 @ 100

4.000%, 06/01/49(A)

5,000

5,500

Black Belt Energy Gas District, Ser A-1, RB

Callable 09/01/25 @ 100

4.000%, 12/01/49(A)

5,000

5,702

Jefferson County, Sewer Revenue, Ser D, RB

Callable 10/01/23 @ 105

6.000%, 10/01/42

9,000

10,456

Jefferson County, Sewer Revenue, Sub-Ser, RB

Callable 10/01/23 @ 105

0.836%, 7.750%, 10/01/23, 10/01/46(B)

2,500

2,539

Lower Alabama Gas District, Ser A, RB

5.000%, 09/01/46

500

711

Tuscaloosa County, Industrial Development Authority, Ser A, RB

Callable 05/01/29 @ 100

5.250%, 05/01/44(C)

8,500

9,660

Total Alabama

34,568

Alaska [0.5%]

Northern Arkansas, Tobacco Securitization, Ser A, RB

Callable 04/21/21 @ 100

5.000%, 06/01/46

9,500

9,609

Arizona [0.8%]

Arizona State, Industrial Development Authority, RB

Callable 07/01/29 @ 100

5.000%, 01/01/54

375

364

Arizona State, Industrial Development Authority, Ser A, RB

Callable 07/15/28 @ 100

4.000%, 07/15/30(C)

625

675

Arizona State, Industrial Development Authority, Ser A, RB

Callable 07/15/28 @ 100

4.000%, 07/15/40(C)

925

967

Glendale, Industrial Development Authority, Glencroft Retirement Community, RB

Callable 11/15/26 @ 100

5.250%, 11/15/46

1,000

1,002

Glendale, Industrial Development Authority, Glencroft Retirement Community, RB

Callable 11/15/26 @ 100

5.250%, 11/15/51

1,850

Glendale, Industrial Development Authority, Glencroft Retirement Community, RB

Callable 11/15/26 @ 100

5.000%, 11/15/36

600

604

Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB

5.750%, 07/01/24(C)

1,150

1,234

Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB

Callable 07/01/25 @ 100

5.000%, 07/01/45(C)

3,300

3,508

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 16

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Pima County, Industrial Development Authority, Noah Webster School Project, RB
Callable 12/15/23 @ 100
7.000%, 12/15/43		$	1,500	$	1,662
Tempe, Industrial Development Authority, Mirrabella at ASU Project, Ser A, RB
Callable 10/01/27 @ 100
6.125%, 10/01/52(C)			1,200		1,288
Yavapai County, Industrial Development Authority, Ser A, RB
Callable 03/01/25 @ 100
5.000%, 09/01/34(C)			2,015		2,181

Total Arizona					15,335

Arkansas [0.5%]
Arkansas State, Development Finance Authority, RB, AMT
Callable 09/01/26 @ 103
4.500%, 09/01/49(C)			8,500		9,228

California [5.9%]
California Community Housing Agency, Ser A, RB
Callable 02/01/31 @ 100
4.000%, 02/01/56(C)			5,100		5,380
California Community Housing Agency, Ser NITY, RB
Callable 02/01/30 @ 100
5.000%, 02/01/50(C)			6,875		7,779
California Community Housing Agency, Ser S, RB
Callable 08/01/29 @ 100
5.000%, 08/01/49(C)			3,500		3,938
California County, Tobacco Securitization Agency, Ser A, RB
Callable 06/01/30 @ 100
4.000%, 06/01/49			1,000		1,147
California County, Tobacco Securitization Agency, Sub-Ser A, RB
Callable 04/21/21 @ 20
0.000%, 06/01/46(D)			10,000		2,002
California Municipal Finance Authority, Ser A, RB
Callable 12/01/30 @ 100
5.000%, 12/01/46(C)			625		686
California Municipal Finance Authority, Ser A, RB
Callable 12/01/30 @ 100
5.000%, 12/01/54(C)			875		954
California Pollution Control Financing Authority, RB, AMT
7.500%, 07/01/32(C) (E)			1,275		1,167
California School Finance Authority, Ser A, RB
5.000%, 07/01/30(C)			70		90
California State, Community Housing Agency, Ser A, RB
Callable 08/01/30 @ 100
5.000%, 08/01/50(C)			4,500		5,121
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/31			1,500		1,681
California State, Health Facilities Financing Authority, Ser A, RB
Callable 11/15/27 @ 100
4.000%, 11/15/40			5,000		5,706
California State, Municipal Finance Authority, California Baptist University, Ser A, RB
Callable 11/01/25 @ 100
5.500%, 11/01/45(C)			4,000		4,466
California State, Municipal Finance Authority, RB
Callable 06/01/27 @ 100
5.000%, 06/01/43			3,620		4,334
California State, Municipal Finance Authority, Ser A, RB
Callable 11/01/26 @ 100
5.250%, 11/01/36			255		293
California State, Municipal Finance Authority, Ser A, RB
Callable 11/01/26 @ 100
5.000%, 11/01/47			1,005		1,115
California State, Pollution Control Financing Authority, Calplant I Project, RB, AMT
Callable 07/01/27 @ 100
8.000%, 07/01/39(C) (E)			5,000		3,250
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
Callable 09/01/24 @ 100
5.000%, 09/01/31			5,000		5,740

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 17

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Public Works Board, Various Capital Projects, Ser A, RB
Callable 04/01/22 @ 100
5.000%, 04/01/37		$	1,000	$	1,046
California State, School Finance Authority, KIPP LA Project, Ser A, RB
Callable 07/01/27 @ 100
5.000%, 07/01/47(C)			500		579
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
6.000%, 10/01/49			1,120		1,226
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.875%, 10/01/44			1,000		1,090
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.625%, 10/01/34			575		626
California State, Statewide Communities Development Authority, RB
Callable 06/01/28 @ 100
5.250%, 12/01/43(C)			500		586
California State, Statewide Communities Development Authority, RB
Callable 12/01/24 @ 100
5.250%, 12/01/44			5,380		5,958
California State, Statewide Communities Development Authority, RB
Callable 06/01/28 @ 100
5.250%, 12/01/48(C)			2,000		2,329
California State, Statewide Communities Development Authority, Ser A, RB
Callable 06/01/26 @ 100
5.250%, 12/01/56(C)			1,500		1,680
Central Basin, Municipal Water District, Ser A, RB
Callable 08/01/28 @ 100
5.000%, 08/01/44			2,000		2,124
CSCDA Community Improvement Authority, RB
Callable 08/01/31 @ 100
4.000%, 08/01/56(C)			750		794
Folsom Ranch, Financing Authority, SPL Tax
Callable 09/01/27 @ 100
5.000%, 09/01/37			1,435		1,673
Folsom Ranch, Financing Authority, SPL Tax
Callable 09/01/27 @ 100
5.000%, 09/01/47			2,000		2,292
Foothill-Eastern Transportation Corridor Agency, Ser A, RB
Callable 01/15/31 @ 100
4.000%, 01/15/46			1,500		1,732
Golden State, Tobacco Securitization, Ser A-1, RB
Callable 06/01/22 @ 100
5.000%, 06/01/47			2,000		2,069
Golden State, Tobacco Securitization, Ser A-1, RB
Callable 06/01/22 @ 100
3.500%, 06/01/36			8,890		9,051
Inland Empire, Tobacco Securitization Authority, RB
Callable 04/21/21 @ 37
0.000%, 06/01/36(D)			12,500		4,657
Orange County, Community Facilities District, SPL Tax
Callable 08/15/28 @ 100
5.000%, 08/15/47			1,000		1,169
Oroville City, RB
Callable 04/01/29 @ 100
5.250%, 04/01/39			750		868
Oroville City, RB
Callable 04/01/29 @ 100
5.250%, 04/01/49			3,000		3,398
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.500%, 12/01/41			1,000		1,037
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.000%, 12/01/26			1,000		1,036

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 18

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

San Mateo, Community Facilities District, Community Facilities District No. 2008-1-Bay, SPL Tax

Callable 09/01/22 @ 100

5.500%, 09/01/44

1,000

1,047

Tobacco Securitization Authority of Northern California, RB

Callable 12/01/30 @ 33

0.037%, 06/01/60(D)

9,900

2,353

University of California, Ser BE, RB

Callable 05/15/30 @ 100

4.000%, 05/15/40

2,500

2,974

Total California

108,243

Colorado [8.0%]

9th Avenue Metropolitan District No. 2, GO

Callable 12/01/23 @ 103

5.000%, 12/01/48

1,000

1,066

Amber Creek, Metropolitan District, Ser A, GO

Callable 12/01/22 @ 103

5.125%, 12/01/47

1,041

1,092

Amber Creek, Metropolitan District, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/37

750

790

Base Village Metropolitan District No. 2, Ser A, GO

Callable 12/01/21 @ 103

5.750%, 12/01/46

3,055

3,184

Belleview Station Metropolitan District No. 2, GO

Callable 12/01/21 @ 103

5.125%, 12/01/46

3,375

3,505

Belleview Station Metropolitan District No. 2, GO

Callable 12/01/21 @ 103

5.000%, 12/01/36

1,500

1,559

Big Dry Creek Metropolitan District, Ser A, GO

Callable 12/01/22 @ 103

5.750%, 12/01/47

2,910

3,087

Brighton Crossing Metropolitan District No. 4, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/37

525

555

Brighton Crossing Metropolitan District No. 4, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/47

1,720

1,811

Brighton Crossing Metropolitan District No. 6, Ser A, GO

Callable 12/01/25 @ 103

5.000%, 12/01/35

525

582

Brighton Crossing Metropolitan District No. 6, Ser A, GO

Callable 12/01/25 @ 103

5.000%, 12/01/50

4,180

4,542

Broadway Park North Metropolitan District No. 2, GO

Callable 12/01/25 @ 103

5.000%, 12/01/40(C)

1,100

1,202

Broadway Park North Metropolitan District No. 2, GO

Callable 12/01/25 @ 103

5.000%, 12/01/49(C)

1,265

1,372

Broadway Station Metropolitan District No. 2, Ser A, GO

Callable 06/01/24 @ 103

5.125%, 12/01/48

1,500

1,622

Broadway Station Metropolitan District No. 2, Ser A, GO

Callable 06/01/24 @ 103

5.000%, 12/01/35

730

796

Buffalo Highlands Metropolitan District, Ser A, GO

Callable 12/01/23 @ 103

5.375%, 12/01/48

1,775

1,892

Canyons Metropolitan District No. 5, Ser A, GO

Callable 12/01/22 @ 103

6.125%, 12/01/47

1,000

1,058

Canyons Metropolitan District No. 5, Ser A, GO

Callable 12/01/22 @ 103

6.000%, 12/01/37

2,000

2,116

City & County of Denver Colorado, RB, AMT

Callable 10/01/23 @ 100

5.000%, 10/01/32

2,000

2,127

Clear Creek Station, Metropolitan District No. 2, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/47

1,000

1,050

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 19

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
Callable 07/01/25 @ 100
5.250%, 07/01/46(C)		$	1,930	$	2,076
Colorado State, Educational & Cultural Facilities Authority, Aspen Ridge School Project, RB
Callable 07/01/25 @ 100
5.000%, 07/01/36(C)			915		988
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.250%, 04/01/45(C)			2,655		2,741
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.125%, 04/01/35(C)			1,515		1,577
Colorado State, Health Facilities Authority, Common Spirit Health, Ser A, RB
Callable 08/01/29 @ 100
4.000%, 08/01/49			8,120		8,966
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT
Callable 01/01/23 @ 100
5.750%, 01/01/44			2,000		2,156
Constitution Heights Metropolitan District, GO
Callable 06/01/25 @ 103
5.000%, 12/01/49			1,260		1,366
Cottonwood Highlands Metropolitan District No. 1, Ser A, GO
Callable 06/01/24 @ 103
5.000%, 12/01/49			1,400		1,492
Denver County, Health & Hospital Authority, Ser A, RB
Callable 12/01/27 @ 100
4.000%, 12/01/35(C)			1,835		2,073
Denver County, Health & Hospital Authority, Ser A, RB
Callable 12/01/27 @ 100
4.000%, 12/01/36(C)			2,305		2,597
Denver County, Health & Hospital Authority, Ser A, RB
Callable 12/01/29 @ 100
4.000%, 12/01/38			1,250		1,425
Denver County, Health & Hospital Authority, Ser A, RB
Callable 12/01/29 @ 100
4.000%, 12/01/39			1,000		1,137
Denver County, Health & Hospital Authority, Ser A, RB
Callable 12/01/29 @ 100
4.000%, 12/01/40			750		851
Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO
Callable 06/01/24 @ 103
6.000%, 12/01/48			2,290		2,479
Denver, International Business Center, RB
4.000%, 12/01/48			350		363
Erie Highlands, Metropolitan District No. 1, GO, BAM
Callable 12/01/30 @ 100
3.000%, 12/01/45			500		535
Erie Highlands, Metropolitan District No. 1, GO, BAM
Callable 12/01/30 @ 100
2.250%, 12/01/40			900		895
Erie Highlands, Metropolitan District No. 2, Ser A, GO
Callable 12/01/23 @ 103
5.250%, 12/01/48			5,725		6,086
First Creek Village Metropolitan District, Ser A, GO
Callable 09/01/24 @ 103
5.000%, 12/01/39			595		655
First Creek Village Metropolitan District, Ser A, GO
Callable 09/01/24 @ 103
5.000%, 08/01/49			1,085		1,181
First Creek Village Metropolitan District, Ser A, GO
Callable 09/01/24 @ 103
3.000%, 12/01/29			500		531
Flatiron Meadows, Metropolitan District, GO
Callable 12/01/21 @ 103
5.125%, 12/01/46			2,000		2,077
Great Western Park, Metropolitan District No. 2, Ser A, GO
Callable 12/01/21 @ 100
5.000%, 12/01/46			1,825		1,894

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 20

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Green Gables, Metropolitan District No. 1, Ser A, GO
Pre-Refunded @ 100
5.300%, 12/01/21(F)		$	2,500	$	2,653
Green Valley Ranch East Metropolitan District No. 6, Ser A, GO
Callable 09/01/25 @ 103
5.875%, 12/01/50			1,195		1,306
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB
Callable 12/01/23 @ 103
4.375%, 12/01/47			750		793
Jefferson Center, Metropolitan District No. 1, Ser A-2, RB
Callable 12/01/23 @ 103
4.125%, 12/01/40			575		608
Karl’s Farm Metropolitan District No. 2, Ser A, GO
Callable 09/01/25 @ 103
5.625%, 12/01/50(C)			1,900		2,061
Karl’s Farm Metropolitan District No. 2, Ser A, GO
Callable 09/01/25 @ 103
5.375%, 12/01/40(C)			645		702
Lewis Pointe, Metropolitan District, Ser A, GO
Callable 05/06/21 @ 100
6.000%, 12/01/44			2,590		2,590
Leyden Rock Metropolitan District No. 10, Ser A, GO
Callable 12/01/21 @ 103
5.000%, 12/01/45			2,500		2,599
Leyden Rock Metropolitan District No. 10, Ser A, GO
Callable 12/01/21 @ 103
4.375%, 12/01/33			1,500		1,559
Meadowlark Metropolitan District, Ser A-SENIOR-LIMITED, GO
Callable 09/01/25 @ 103
5.125%, 12/01/50			750		806
Mirabelle Metropolitan District No. 2, Ser A, GO
Callable 03/01/25 @ 103
5.000%, 12/01/49			1,950		2,085
North Holly, Metropolitan District, Ser A, GO
Callable 12/01/23 @ 103
5.500%, 12/01/48			1,755		1,876
Overlook Metropolitan District, GO
Callable 12/01/21 @ 103
5.500%, 12/01/46			1,230		1,279
Peak Metropolitan District No. 1, Ser A, GO
Callable 03/01/26 @ 103
5.000%, 12/01/51(C)			1,150		1,224
Regional Transportation District, RB
4.000%, 07/15/39			525		650
Serenity Ridge, Metropolitan District No. 2, Ser A, GO
Callable 12/01/23 @ 103
5.125%, 12/01/37			550		589
Serenity Ridge, Metropolitan District No. 2, Ser A, GO
Callable 12/01/23 @ 103
5.125%, 12/01/43			1,000		1,065
Sierra Ridge, Metropolitan District No. 2, Ser A, GO
Callable 12/01/21 @ 103
5.500%, 12/01/46			1,500		1,562
Solaris, Metropolitan District No. 3, Ser A, GO
5.000%, 12/01/36			700		734
Solaris, Metropolitan District No. 3, Ser A, GO
Callable 12/01/21 @ 103
5.000%, 12/01/46			2,530		2,648
Southglenn, Metropolitan District, GO
Callable 12/01/21 @ 103
5.000%, 12/01/46			3,675		3,815
Southglenn, Metropolitan District, GO
Callable 12/01/21 @ 103
3.500%, 12/01/26			1,750		1,802
Southlands, Metropolitan District No. 1, Ser A-1, GO
Callable 12/01/27 @ 100
5.000%, 12/01/37			500		565
Southlands, Metropolitan District No. 1, Ser A-1, GO
Callable 12/01/27 @ 100
5.000%, 12/01/47			3,000		3,337
Stone Creek Metropolitan District, Ser A, GO
Callable 12/01/23 @ 103
5.625%, 12/01/47			2,000		2,146

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 21

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Trails at Crowfoot Metropolitan District No. 3, Ser ES, GO

Callable 09/01/24 @ 103

5.000%, 12/01/49

3,620

3,855

Verve Metropolitan District No. 1, GO

Callable 03/01/26 @ 103

5.000%, 12/01/51

5,000

5,311

Village at Dry Creek Metropolitan District No. 2, GO

Callable 09/01/24 @ 103

4.375%, 12/01/44

1,870

1,942

Villas Metropolitan District, Ser A, GO

Callable 12/01/23 @ 103

5.125%, 12/01/48

1,250

1,328

Water Valley, Metropolitan District No. 01, GO

Callable 12/01/26 @ 100

5.250%, 12/01/40

545

596

Water Valley, Metropolitan District No. 01, GO

Callable 12/01/26 @ 100

5.000%, 12/01/35

100

109

Water Valley, Metropolitan District No. 01, GO

Callable 12/01/26 @ 100

4.000%, 12/01/33

375

392

Water Valley, Metropolitan District No. 02, GO

Callable 12/01/26 @ 100

5.250%, 12/01/40

1,045

1,146

Water Valley, Metropolitan District No. 02, GO

Callable 12/01/26 @ 100

4.000%, 12/01/33

250

260

Westcreek Metropolitan District No. 2, Ser A, GO

Callable 06/01/24 @ 103

5.375%, 12/01/48

1,300

1,395

Whispering Pines Metropolitan District No. 1, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/37

1,556

1,642

Whispering Pines Metropolitan District No. 1, Ser A, GO

Callable 12/01/22 @ 103

5.000%, 12/01/47

2,500

2,625

Wild Plum Metropolitan District, Ser A, GO

Callable 12/01/24 @ 103

5.000%, 12/01/49

595

642

Willow Bend Metropolitan District, Ser A, GO

Callable 09/01/24 @ 103

5.000%, 12/01/39

600

645

Willow Bend Metropolitan District, Ser A, GO

Callable 09/01/24 @ 103

5.000%, 12/01/49

1,000

1,069

Wyndham Hill Metropolitan District No. 2, Ser A, GO, BAM

Callable 12/01/28 @ 100

4.000%, 12/01/49

1,500

1,678

Total Colorado

146,838

Connecticut [0.6%]

Connecticut State, Health & Educational Facilities Authority, Ser A, RB

Callable 01/01/26 @ 102

5.000%, 01/01/45(C)

500

544

Connecticut State, Health & Educational Facilities Authority, Ser A, RB

Callable 01/01/26 @ 102

5.000%, 01/01/55(C)

750

809

Connecticut State, Health & Educational Facilities Authority, Ser R, RB

Callable 07/01/27 @ 100

4.000%, 07/01/47

4,000

4,413

Tender Option Bond Trust Receipts, Ser 2016-XM0449, RB

Callable 06/01/26 @ 100

11.708%, 12/01/45(A) (C) (G)

3,335

5,149

Total Connecticut

10,915

Delaware [0.1%]

Delaware State, Economic Development Authority, Ser V, RB

Callable 10/01/25 @ 100

1.250%, 10/01/45(A)

2,000

1,990

District of Columbia [0.8%]

District of Columbia, RB

Callable 07/01/29 @ 100

4.000%, 07/01/39

730

811

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 22

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

District of Columbia, RB

Callable 07/01/29 @ 100

4.000%, 07/01/49

2,000

2,191

Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB

Callable 10/01/29 @ 100

5.000%, 10/01/47

1,540

1,868

Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB

Callable 10/01/29 @ 100

4.000%, 10/01/36

2,060

2,381

Metropolitan Washington, Airports Authority Dulles Toll Road Revenue, Sub-Ser, RB

Callable 10/01/29 @ 100

4.000%, 10/01/44

4,965

5,606

Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB

Callable 10/01/28 @ 100

6.500%, 10/01/44

2,000

2,627

Total District of Columbia

15,484

Florida [8.0%]

Alachua County, Health Facilities Authority, RB

Callable 11/15/24 @ 100

6.375%, 11/15/49

5,190

5,014

Alachua County, Health Facilities Authority, RB

Callable 12/01/29 @ 100

5.000%, 12/01/37

8,095

10,086

Capital Projects Finance Authority, Ser A-1, RB

Callable 10/01/30 @ 100

5.000%, 10/01/31

500

607

Capital Projects Finance Authority, Ser A-1, RB

Callable 10/01/30 @ 100

5.000%, 10/01/33

500

603

Capital Projects Finance Authority, Ser A-1, RB

Callable 10/01/30 @ 100

5.000%, 10/01/34

375

450

Capital Trust Agency, RB

Callable 01/01/29 @ 100

5.375%, 07/01/54(C)

1,500

1,654

Capital Trust Agency, RB

Callable 01/01/29 @ 100

5.125%, 07/01/39(C)

1,500

1,662

Capital Trust Agency, RB

Callable 06/15/26 @ 100

5.000%, 06/15/39(C)

3,610

3,909

Capital Trust Agency, RB

Callable 07/01/30 @ 100

5.000%, 01/01/55(C)

3,000

3,297

Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB

Callable 03/18/21 @ 103

8.250%, 01/01/44

3,390

Florida State, Capital Trust Agency, Silver Creek St. Augustine, Ser A, RB

Callable 03/18/21 @ 103

8.250%, 01/01/49

1,000

Florida State, Department of Transportation Turnpike System Revenue, Ser B, RB

Callable 07/01/29 @ 100

3.000%, 07/01/36

6,310

6,958

Florida State, Department of Transportation Turnpike System Revenue, Ser B, RB

Callable 07/01/29 @ 100

3.000%, 07/01/37

6,050

6,648

Florida State, Development Finance, RB

Callable 06/01/27 @ 103

5.250%, 06/01/50(C)

750

833

Florida State, Development Finance, RB

Callable 09/15/27 @ 100

5.000%, 09/15/40(C)

1,045

1,154

Florida State, Development Finance, RB

Callable 09/15/27 @ 100

5.000%, 09/15/50(C)

1,950

2,126

Florida State, Development Finance, RB, AMT

Callable 01/01/24 @ 107

7.375%, 01/01/49(C)

19,875

19,533

Florida State, Development Finance, RB, AMT

Callable 05/06/21 @ 104

6.500%, 01/01/49(A) (C)

7,995

7,707

Florida State, Development Finance, RB, AMT

Callable 05/01/22 @ 105

5.000%, 05/01/29(C)

3,500

3,775

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 23

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Florida State, Development Finance, Renaissance Charter School Project, RB

Callable 06/15/25 @ 100

6.125%, 06/15/46(C)

4,930

5,521

Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB

Callable 06/15/22 @ 100

6.125%, 06/15/43(C)

1,000

1,033

Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB

Callable 06/15/24 @ 100

6.125%, 06/15/44

3,000

3,251

Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB

Callable 06/15/24 @ 100

6.000%, 06/15/34

2,110

2,302

Florida State, Development Finance, Ser A, RB

Callable 06/15/27 @ 100

��

5.000%, 06/15/50

1,000

1,124

Florida State, Development Finance, Ser A, RB

Callable 06/15/27 @ 100

5.000%, 06/15/55

1,500

1,675

Lakewood Ranch, Stewardship District, SAB

Callable 05/01/27 @ 100

5.250%, 05/01/37

1,810

2,007

Miami-Dade County, Educational Facilities Authority, Ser A, RB

Callable 04/01/28 @ 100

4.000%, 04/01/53

1,500

1,643

Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB

Callable 09/15/24 @ 100

5.250%, 09/15/44

4,550

4,905

Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB

Callable 09/15/25 @ 100

5.750%, 09/15/35(C)

1,605

1,752

Miami-Dade County, Water & Sewer System Revenue, Ser B, RB

Callable 10/01/29 @ 100

4.000%, 10/01/49

5,000

5,789

Mid-Bay, Bridge Authority, Ser A, RB

Pre-Refunded @ 100

7.250%, 10/01/21(F)

5,200

5,381

Mid-Bay, Bridge Authority, Ser A, RB

Callable 10/01/25 @ 100

5.000%, 10/01/29

1,660

1,918

Mid-Bay, Bridge Authority, Ser A, RB

Callable 10/01/25 @ 100

5.000%, 10/01/35

5,000

5,702

Osceola County, Finance Authority, Poinciana Parkway Project, Ser A, RB

Pre-Refunded @ 100

5.375%, 10/01/24(F)

5,000

5,867

Osceola County, Transportation Revenue, Ser A-1, RB

Callable 10/01/29 @ 100

5.000%, 10/01/44

250

305

Osceola County, Transportation Revenue, Ser A-1, RB

Callable 10/01/29 @ 100

5.000%, 10/01/49

500

607

Osceola County, Transportation Revenue, Ser A-1, RB

Callable 10/01/29 @ 100

4.000%, 10/01/54

800

892

Palm Beach County, Health Facilities Authority, RB

Callable 06/01/25 @ 103

5.000%, 06/01/55

2,300

2,423

Palm Beach County, Health Facilities Authority, Ser B, RB

Callable 11/15/27 @ 103

5.000%, 11/15/42

500

595

Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB

Callable 06/01/22 @ 102

7.500%, 06/01/49

2,000

2,149

Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB

Callable 06/01/22 @ 102

7.250%, 06/01/34

500

537

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 24

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Village Community Development District No. 10, Village Community Development District No. 10, SAB
Callable 05/01/23 @ 100
6.000%, 05/01/44		$	835	$	909
Village Community Development District No. 12, SAB
Callable 05/01/28 @ 100
4.250%, 05/01/43(C)			2,425		2,667
Village Community Development District No. 12, SAB
Callable 05/01/28 @ 100
4.000%, 05/01/33(C)			1,450		1,611
Village Community Development District No. 12, Village Community Development District No. 12, SAB
Callable 05/01/26 @ 100
3.875%, 05/01/47			2,885		3,039
Village Community Development District No. 8, SAB, AGM
Callable 05/01/30 @ 100
4.500%, 05/01/39			2,420		2,739
Village Community Development District No. 8, SAB, AGM
Callable 05/01/30 @ 100
4.500%, 05/01/40			2,495		2,818

Total Florida					147,265

Georgia [1.8%]
Atlanta, Airport Passenger Facility Charge, Sub-Ser, RB, AMT
Callable 07/01/29 @ 100
4.000%, 07/01/38			2,560		2,916
Atlanta, Department of Aviation, Ser A, RB
Callable 01/01/24 @ 100
5.000%, 01/01/31			2,500		2,799
Atlanta, Department of Aviation, Ser B, RB, AMT
Callable 07/01/29 @ 100
4.000%, 07/01/49			3,885		4,332
Burke County, Development Authority, RB
2.925%, 11/01/53(A)			5,000		5,330
Gainesville & Hall County, Development Authority, Riverside Military Academy, RB
Callable 03/01/27 @ 100
5.000%, 03/01/47			4,000		3,757
George L Smith II Congress Center Authority, RB
Callable 01/01/31 @ 100
5.000%, 01/01/54(C)			1,000		1,090
George L Smith II Congress Center Authority, RB
Callable 01/01/31 @ 100
4.000%, 01/01/54			1,000		1,109
Main Street Natural Gas, Ser A, RB
Callable 05/15/29 @ 100
5.000%, 05/15/43			600		711
Main Street Natural Gas, Ser A, RB
5.000%, 05/15/49			6,000		8,682
Rockdale County, Development Authority, Pratt Paper Project, RB, AMT
Callable 01/01/28 @ 100
4.000%, 01/01/38(C)			1,000		1,098
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
Pre-Refunded @ 100
7.250%, 01/01/24(F)			810		959

Total Georgia					32,783

Illinois [9.2%]
Aurora, Tax Increase Revenue, Ser A, RB
5.000%, 12/30/27			800		836
Bridgeview Village, Ser A, GO
Callable 12/01/25 @ 100
5.750%, 12/01/35			2,000		2,016
Bridgeview Village, Ser A, GO
Callable 06/01/24 @ 100
5.500%, 12/01/43			4,880		4,781
Chicago Board of Education, GO
6.138%, 12/01/39			5,000		5,711
Chicago Board of Education, Ser A, GO
Callable 12/01/30 @ 100
5.000%, 12/01/40			2,300		2,777

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 25

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Chicago, Board of Education, Ser A, GO
Callable 12/01/28 @ 100
5.000%, 12/01/34		$	1,000	$	1,188
Chicago, Board of Education, Ser A, GO
Callable 12/01/28 @ 100
5.000%, 12/01/35			1,250		1,480
Chicago, Board of Education, Ser B, GO
Callable 12/01/27 @ 100
7.000%, 12/01/42(C)			5,000		6,389
Chicago, Board of Education, Ser D, GO
Callable 12/01/28 @ 100
5.000%, 12/01/46			2,000		2,311
Chicago, Board of Education, Ser G, GO
Callable 12/01/27 @ 100
5.000%, 12/01/34			2,000		2,335
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/24 @ 100
5.000%, 01/01/35			3,000		3,317
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/23 @ 100
5.000%, 01/01/35			2,000		2,145
Chicago, Ser A, GO
Callable 01/01/27 @ 100
6.000%, 01/01/38			9,000		10,818
Chicago, Ser A, GO
Callable 01/01/29 @ 100
5.500%, 01/01/35			5,000		6,148
Chicago, Ser A, GO
5.000%, 01/01/27			1,750		2,065
Chicago, Ser A, GO
Callable 01/01/24 @ 100
5.000%, 01/01/30			1,000		1,081
Chicago, Ser A, GO
Callable 01/01/29 @ 100
5.000%, 01/01/40			1,500		1,757
Chicago, Ser C, GO
5.000%, 01/01/26			2,000		2,312
County of Cook Illinois Sales Tax Revenue, Ser A, RB
Callable 11/15/30 @ 100
4.000%, 11/15/39			1,000		1,170
County of Cook Illinois Sales Tax Revenue, Ser A, RB
Callable 11/15/30 @ 100
4.000%, 11/15/40			1,000		1,166
County of Cook Illinois, Ser A, GO
Callable 11/15/26 @ 100
5.000%, 11/15/31			2,400		2,924
Illinois Finance Authority, RB
Callable 05/15/28 @ 103
5.000%, 05/15/41			310		354
Illinois Finance Authority, RB
Callable 05/15/28 @ 103
5.000%, 05/15/51			1,000		1,122
Illinois Finance Authority, RB
Callable 05/15/28 @ 103
5.000%, 05/15/56			515		574
Illinois Finance Authority, RB
Callable 04/01/31 @ 100
4.000%, 10/01/32			400		421
Illinois Finance Authority, RB
Callable 04/01/31 @ 100
4.000%, 10/01/33			350		366
Illinois Finance Authority, RB
Callable 04/01/31 @ 100
4.000%, 10/01/38			230		237
Illinois Finance Authority, Ser A, RB
Callable 10/01/28 @ 101
6.125%, 04/01/58(C)			5,000		5,892
Illinois State, Finance Authority, Columbia College Chicago, Ser S, RB
Callable 12/01/25 @ 100
4.125%, 12/01/30			1,505		1,614
Illinois State, Finance Authority, Presence Health Network, Ser C, RB
Callable 02/15/27 @ 100
5.000%, 02/15/36			4,535		5,421
Illinois State, Finance Authority, Presence Health Network, Ser C, RB
Callable 02/15/27 @ 100
5.000%, 02/15/41			1,000		1,181
Illinois State, Finance Authority, RB
Callable 09/01/29 @ 100
5.000%, 09/01/38			250		304
Illinois State, Finance Authority, RB
Callable 09/01/29 @ 100
5.000%, 09/01/40			250		302

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 26

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Illinois State, Finance Authority, RB
Callable 12/01/29 @ 100
5.000%, 12/01/49		$	5,595	$	6,454
Illinois State, Finance Authority, RB
Callable 05/15/26 @ 100
5.000%, 05/15/50(A)			1,200		1,435
Illinois State, Finance Authority, RB
Callable 09/01/29 @ 100
4.000%, 09/01/37			350		392
Illinois State, Finance Authority, RB
Callable 09/01/29 @ 100
4.000%, 09/01/41			500		553
Illinois State, Finance Authority, RB
Callable 10/01/30 @ 100
4.000%, 10/01/50			3,130		3,470
Illinois State, Finance Authority, RB
Callable 10/01/30 @ 100
4.000%, 10/01/55			3,500		3,862
Illinois State, Finance Authority, Ser A, RB
Callable 11/01/26 @ 103
5.000%, 11/01/49			2,000		2,193
Illinois State, Finance Authority, Ser B-1, RB
Callable 05/15/24 @ 100
5.000%, 05/15/50(A)			1,500		1,701
Illinois State, Finance Authority, Wesleyan University, RB
Callable 09/01/26 @ 100
4.000%, 09/01/41			6,640		7,171
Illinois State, GO
Callable 05/01/24 @ 100
5.000%, 05/01/27			6,500		7,190
Illinois State, GO
Callable 05/01/24 @ 100
5.000%, 05/01/31			5,000		5,449
Illinois State, GO
Callable 05/01/24 @ 100
5.000%, 05/01/35			5,000		5,412
Illinois State, Housing Development Authority, Stonebridge Gurnee Project, Ser A, RB
Callable 01/01/26 @ 100
5.600%, 01/01/56(C)			5,200		4,732
Illinois State, Ser D, GO
3.250%, 11/01/26			8,175		8,946
Milton Grove, Tax Increment Revenue, RB
Callable 01/01/26 @ 100
5.000%, 01/01/39			2,000		2,033
Milton Grove, Tax Increment Revenue, RB
Callable 01/01/26 @ 100
4.250%, 01/01/29			880		891
Romeoville Village, Lewis University, Ser B, RB
Callable 04/01/25 @ 100
4.125%, 10/01/41			1,250		1,301
Romeoville Village, Lewis University, Ser B, RB
Callable 04/01/25 @ 100
4.125%, 10/01/46			1,500		1,553
Southern Illinois University, Ser B, RB
Callable 10/01/22 @ 100
5.000%, 04/01/26			2,105		2,176
Southwestern Illinois, Development Authority, Collinsville Project, RB
Callable 05/06/21 @ 100
5.350%, 03/01/31			75		49
State of Illinois, Ser A, GO
Callable 03/01/31 @ 100
5.000%, 03/01/46			1,750		2,081
State of Illinois, Ser A, GO
Callable 03/01/31 @ 100
4.000%, 03/01/41			1,000		1,097
University of Illinois, Ser B, COP
Callable 10/01/26 @ 100
5.000%, 10/01/27			1,500		1,809
Upper Illinois, River Valley Development Authority, RB
Callable 12/01/28 @ 100
5.000%, 12/01/43			2,000		2,365
Village of Bolingbrook, Special Service Area No. 1, SPL Tax
Callable 03/01/28 @ 100
5.250%, 03/01/41			3,500		3,633
Village of Gilberts, RB
Callable 04/21/21 @ 100
5.000%, 11/15/34			2,883		3,067

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 27

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Village of Hodgkins, Redevelopment Project Area #4, TA
Callable 01/01/27 @ 100
5.625%, 01/01/37		$	5,050	$	5,276
Village of Matteson Illinois, GO
Callable 12/01/26 @ 100
6.500%, 12/01/35			975		1,063

Total Illinois					169,869

Indiana [1.2%]
Anderson Indiana, RB
Callable 01/01/27 @ 102
5.375%, 01/01/40			2,745		2,817
Anderson Indiana, RB
5.000%, 01/01/25			250		251
Anderson Indiana, RB
4.180%, 01/01/23			850		852
Indiana State, Finance Authority, RB, AMT
Callable 11/01/30 @ 100
6.750%, 05/01/39			1,750		2,197
Indiana State, Finance Authority, Republic Services Project, RB, AMT
0.200%, 05/01/34(A)			5,750		5,749
Indianapolis, Ritter Affordable Assisted Living Project, RB
Callable 12/01/22 @ 102
6.900%, 12/01/33			4,000		3,796
Lafayette City, Finance Authority, Glasswater Creek Project, RB
Callable 07/01/26 @ 101
5.800%, 01/01/37			3,310		3,450
Terre Haute, Westminster Village Project, RB
Callable 08/01/22 @ 100
6.000%, 08/01/39			2,355		2,399

Total Indiana					21,511

Iowa [0.4%]
Iowa State, Finance Authority, Child Serve Project, Ser B, RB
Callable 06/01/25 @ 100
5.000%, 06/01/36			2,000		2,057
Iowa State, Finance Authority, RB
Callable 04/26/21 @ 103
3.125%, 12/01/22			495		504
Iowa State, Finance Authority, Ser A, RB
Callable 05/15/27 @ 100
5.000%, 05/15/43			2,000		2,268
Iowa State, Tobacco Settlement Authority, Ser C, RB
Callable 05/06/21 @ 100
5.625%, 06/01/46			1,665		1,688
Iowa State, Tobacco Settlement Authority, Ser C, RB
Callable 05/06/21 @ 100
5.500%, 06/01/42			1,180		1,196

Total Iowa					7,713

Kansas [0.9%]
Kansas State, Development Finance Authority, Village Shalom Project, Ser A, RB
Callable 11/15/23 @ 104
5.500%, 11/15/38			500		519
Kansas State, Development Finance Authority, Village Shalom Project, Ser A, RB
Callable 11/15/23 @ 104
5.250%, 11/15/53			4,190		4,138
University of Kansas, Hospital Authority, Ser A, RB
Callable 03/01/27 @ 100
4.000%, 03/01/42			5,000		5,542
Wichita City, Masonic Home, Ser II-A, RB
Callable 12/01/26 @ 100
5.375%, 12/01/46			1,500		1,508
Wichita City, Masonic Home, Ser II-A, RB
Callable 12/01/26 @ 100
5.250%, 12/01/36			500		506
Wyandotte County, Kansas City Unified Government, RB
Callable 09/01/25 @ 100
5.750%, 09/01/32			4,080		4,091

Total Kansas					16,304

Kentucky [1.5%]
County of Trimble Kentucky, RB, AMT
1.300%, 09/01/44(A)			1,000		989

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 28

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Kentucky State, Economic Development Finance Authority, Masonic Home Independent Living, RB
Callable 05/15/26 @ 100
5.000%, 05/15/46		$	4,500	$	4,520
Kentucky State, Economic Development Finance Authority, RB
1.650%, 04/01/31(A)			6,045		6,045
Kentucky State, Economic Development Finance Authority, Ser A-, RB
Callable 08/01/29 @ 100
5.000%, 08/01/44			1,000		1,213
Kentucky State, Public Energy Authority, Ser B, RB
Callable 10/01/24 @ 100
4.000%, 01/01/49(A)			2,500		2,766
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, RB
Callable 07/01/23 @ 100
5.750%, 07/01/49			5,650		6,187
Kentucky State, Public Transportation Infrastructure Authority, Ser C, RB
Callable 11/01/27 @ 100
4.000%, 02/01/50(A)			5,000		5,860

Total Kentucky					27,580

Louisiana [1.0%]
Juban Crossing, Economic Development District, General Infrastructure Project, Ser C, RB
Callable 03/15/25 @ 100
7.000%, 09/15/44(C)			5,565		5,342
Louisiana State, Public Facilities Authority, Loyola University Project, RB
Callable 10/01/21 @ 100
5.000%, 10/01/41			5,000		5,040
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
Callable 07/01/23 @ 100
10.500%, 07/01/39(E)			1,435		—
Louisiana State, Public Facilities Authority, Pellets Project, RB, AMT
7.000%, 07/01/24(C) (E)			1,319		—
Louisiana State, Public Facilities Authority, Pellets Project, Ser A, RB, AMT
Callable 07/01/24 @ 100
8.375%, 07/01/39(E)			3,474		—
Parish of State John the Baptist Louisiana, RB
2.375%, 06/01/37(A)			4,000		4,161
Parish of State John the Baptist Louisiana, RB
2.100%, 06/01/37(A)			3,770		3,874

Total Louisiana					18,417

Maine [0.1%]
Maine State, Financing Authority, Casella Waste Systems Project, RB, AMT
4.375%, 08/01/35(A) (C)			1,000		1,097

Maryland [1.5%]
Baltimore, Harbor Point Project, RB
Callable 06/01/26 @ 100
5.000%, 06/01/36			1,000		1,078
Baltimore, RB
Callable 06/01/29 @ 100
3.625%, 06/01/46(C)			1,370		1,396
Baltimore, RB
Callable 06/01/29 @ 100
3.500%, 06/01/39(C)			650		661
Baltimore, Sub-Ser B, RB
Callable 06/01/23 @ 100
3.875%, 06/01/46(C)			350		352
Baltimore, Sub-Ser B, RB
Callable 06/01/23 @ 100
3.700%, 06/01/39(C)			200		201
Brunswick, RB
Callable 01/01/29 @ 100
5.000%, 07/01/36			1,550		1,828
Brunswick, RB
Callable 01/01/29 @ 100
4.000%, 07/01/29			950		1,095
Frederick County, RB
Callable 07/01/29 @ 100
3.750%, 07/01/39			1,410		1,459
Frederick County, RB
3.250%, 07/01/29			890		926

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 29

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Howard County, Annapolis Junction Town Center Project, TA

Callable 02/15/24 @ 100

6.100%, 02/15/44

1,425

1,407

Howard County, Annapolis Junction Town Center Project, TA

Callable 02/15/24 @ 100

5.800%, 02/15/34

725

722

Howard County, Downtown Columbia Project, Ser A, TA

Callable 02/15/26 @ 100

4.500%, 02/15/47(C)

1,250

1,302

Howard County, Downtown Columbia Project, Ser A, TA

Callable 02/15/26 @ 100

4.375%, 02/15/39(C)

1,000

1,047

Maryland Health & Higher Educational Facilities Authority, RB

Callable 06/01/31 @ 100

4.000%, 06/01/55

2,000

2,188

Maryland State, Economic Development, GO

Callable 09/01/30 @ 100

4.000%, 09/01/40

875

965

Maryland State, Economic Development, GO

Callable 09/01/30 @ 100

4.000%, 09/01/50

875

943

Prince George’s County, RB

Callable 07/01/28 @ 100

5.250%, 07/01/48(C)

2,000

2,193

Prince George’s County, RB

Callable 07/01/28 @ 100

5.125%, 07/01/39(C)

1,000

1,098

Westminster, Luther Village Millers Grant Project, RB

Callable 07/01/24 @ 100

6.250%, 07/01/44

3,780

4,085

Westminster, Luther Village Millers Grant Project, RB

Callable 07/01/24 @ 100

6.125%, 07/01/39

750

810

Westminster, Luther Village Millers Grant Project, RB

Callable 07/01/24 @ 100

6.000%, 07/01/34

1,205

1,303

Total Maryland

27,059

Massachusetts [0.7%]

Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB

Callable 10/01/26 @ 100

5.000%, 10/01/36

2,305

2,656

Massachusetts State, Development Finance Agency, Emmanuel College, Ser A, RB

Callable 10/01/26 @ 100

4.000%, 10/01/46

4,120

4,405

Massachusetts State, Development Finance Agency, Ser A, RB

Callable 10/01/26 @ 100

5.000%, 10/01/43

2,000

2,274

Massachusetts State, Development Finance Agency, Ser A, RB

Callable 01/01/29 @ 100

5.000%, 07/01/44

500

599

Massachusetts State, Development Finance Agency, Ser S, RB

Callable 07/15/30 @ 100

5.000%, 07/15/46(C)

750

852

Massachusetts State, Development Finance Agency, Western New England University, RB

Callable 09/01/28 @ 100

5.000%, 09/01/43

2,000

2,351

Total Massachusetts

13,137

Michigan [1.4%]

Detroit City, GO

Callable 04/01/28 @ 100

5.000%, 04/01/38

625

723

Detroit Michigan, Ser A, GO

Callable 04/01/31 @ 100

5.000%, 04/01/50

1,000

1,194

Kalamazoo Economic Development, RB

Callable 05/15/27 @ 103

5.000%, 05/15/55

3,750

4,128

Michigan State, Finance Authority, Hospital Presbyterian Village, RB

Callable 11/15/25 @ 100

5.250%, 11/15/35

2,340

2,472

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 30

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Michigan State, Finance Authority, Old Redford School Project, Ser A, RB

Callable 05/06/21 @ 100

6.500%, 12/01/40

3,745

3,749

Michigan State, Finance Authority, Ser A, RB

Callable 11/02/29 @ 100

5.000%, 11/15/48

6,800

8,347

Michigan State, Finance Authority, Ser A-2, RB

Callable 12/01/30 @ 100

5.000%, 06/01/40

1,770

2,236

Michigan State, Finance Authority, Ser B-1-CLASS, RB

Callable 12/01/30 @ 100

5.000%, 06/01/49

750

906

Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB

Callable 05/06/21 @ 100

5.875%, 12/01/30

2,000

2,002

Total Michigan

25,757

Minnesota [0.7%]

Anoka, Housing Revenue Authority, Homestead Project, RB

Callable 11/01/24 @ 103

4.750%, 11/01/35

3,000

3,188

Bethel, Senior Housing Revenue, Lodge at Lakes at Stillwater Project, RB

Callable 06/01/23 @ 102

5.250%, 06/01/58

2,840

2,908

Bethel, Senior Housing Revenue, RB

Callable 05/01/24 @ 102

4.500%, 05/01/49

1,355

1,376

Minneapolis State, Riverton Community Housing Project, RB

Callable 08/01/24 @ 102

5.000%, 08/01/53(C)

500

521

Minneapolis State, Riverton Community Housing Project, RB

Callable 08/01/24 @ 102

4.750%, 08/01/43(C)

1,600

1,651

Rochester, RB

Callable 05/15/28 @ 100

4.000%, 11/15/48

2,000

2,273

West Saint Paul, Walker Westwood Ridge Camp, RB

Callable 11/01/25 @ 100

5.000%, 11/01/49

1,150

1,161

Total Minnesota

13,078

Missouri [2.5%]

Blue Springs, Improvement Adams Farm Project, TA

Callable 06/01/24 @ 100

5.250%, 06/01/39

3,400

3,434

Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB

Callable 05/06/21 @ 100

4.000%, 03/01/42

1,000

Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB

Callable 05/06/21 @ 100

3.625%, 03/01/33

500

Hanley, Transportation Development, Eager Road Transportation Development District, Ser A, SAB

Callable 05/06/21 @ 100

3.000%, 03/01/26

500

Kansas City, Industrial Development Authority, RB, AGM, AMT

Callable 03/01/30 @ 100

5.000%, 03/01/57

250

304

Kansas City, Industrial Development Authority, RB, AMT

Callable 03/01/30 @ 100

4.000%, 03/01/45

5,000

5,616

Kansas City, Industrial Development Authority, RB, AMT

Callable 03/01/30 @ 100

4.000%, 03/01/50

4,750

5,304

Kansas City, Industrial Development Authority, Ser A, RB

Callable 04/01/26 @ 100

5.000%, 04/01/36(C)

2,000

2,082

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 31

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, RB
Callable 05/15/27 @ 100
5.250%, 05/15/37		$	2,000	$	2,210
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB
Callable 08/15/24 @ 102
5.000%, 08/15/46			2,000		2,132
Lees Summit, Industrial Development Authority, John Knox Village, Ser A, RB
Callable 08/15/24 @ 102
5.000%, 08/15/51			500		531
Lees Summit, Industrial Development Authority, RB
Callable 08/15/25 @ 103
5.000%, 08/15/42			2,400		2,622
Maryland Heights Missouri, GO
Callable 11/01/29 @ 100
4.125%, 11/01/38			1,950		2,049
Poplar Bluff, Ser A, TA
Callable 11/01/23 @ 100
5.125%, 11/01/35(C)			5,000		5,045
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB
Callable 09/01/24 @ 100
5.250%, 09/01/45(C)			3,000		3,037
St. Louis County, Industrial Development Authority, Manchester Ballas Community, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(C)			2,000		2,027
St. Louis County, Industrial Development Authority, RB
Callable 09/01/25 @ 103
5.250%, 09/01/53			2,000		2,217
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB
Callable 11/15/26 @ 100
4.375%, 11/15/35			2,250		2,148
St. Louis, Industrial Development Authority, Ballpark Village Development Project, RB
Callable 11/15/26 @ 100
3.875%, 11/15/29			1,315		1,281
St. Louis, Industrial Development Authority, Innovation District Project, TA
Callable 05/15/24 @ 100
4.375%, 05/15/36			2,500		2,525

Total Missouri					46,564

Nebraska [0.8%]
Central Plains Energy Project, Project No. 3, RB
Callable 09/01/22 @ 100
5.250%, 09/01/37			1,000		1,065
Central Plains Energy Project, Project No. 3, RB
Callable 09/01/22 @ 100
5.000%, 09/01/42			5,500		5,840
Central Plains Energy Project, Ser A, RB
5.000%, 09/01/42			5,500		7,703

Total Nebraska					14,608

Nevada [0.9%]
Clark County, Department of Aviation, Sub-Ser A-2, RB
Callable 07/01/24 @ 100
5.000%, 07/01/35			3,000		3,408
Las Vegas, Finance Authority, RB
Callable 06/15/21 @ 100
4.375%, 06/15/35(C)			3,500		3,503
Las Vegas, Special Improvement District No. 611, RB
Callable 06/01/30 @ 100
4.125%, 06/01/50			875		922
Las Vegas, Special Improvement District No. 612 Skye Hills, GO
Callable 06/01/30 @ 100
3.750%, 06/01/42			750		775
Las Vegas, Special Improvement District No. 612 Skye Hills, GO
Callable 06/01/30 @ 100
3.500%, 06/01/35			200		207
Las Vegas, Special Improvement District No. 812, SAB
Callable 12/01/25 @ 100
5.000%, 12/01/35			970		1,058

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 32

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Las Vegas, Special Improvement District No. 814, GO
Callable 06/01/29 @ 100
4.000%, 06/01/44		$	750	$	793
Las Vegas, Special Improvement District No. 815, GO
Callable 12/01/30 @ 100
4.750%, 12/01/40			750		836
Nevada State, Department of Business & Industry, Green-Fulcrum Sierra Biofuels, RB, AMT
Callable 12/15/27 @ 100
6.250%, 12/15/37(C)			100		97
Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB
Callable 12/15/25 @ 100
5.000%, 12/15/35(C)			1,595		1,700
Nevada State, Department of Business & Industry, Sumerset Academy, Ser A, RB
Callable 12/15/25 @ 100
5.000%, 12/15/48(C)			1,000		1,049
Sparks Nevada, Ser A, RB
2.750%, 06/15/28(C)			1,000		1,021
Sparks Nevada, Ser A, RB
2.500%, 06/15/24(C)			900		908

Total Nevada					16,277

New Hampshire [0.3%]
New Hampshire Business Finance Authority, RB
Callable 01/01/26 @ 103
4.000%, 01/01/41			1,000		1,098
New Hampshire Business Finance Authority, RB
Callable 01/01/26 @ 103
4.000%, 01/01/51			1,000		1,086
New Hampshire, Business Finance Authority, Ser A, RB
Callable 07/01/25 @ 103
5.750%, 07/01/54(C)			1,250		1,251
New Hampshire, Business Finance Authority, Ser A, RB
Callable 07/01/25 @ 103
5.625%, 07/01/46(C)			500		498
New Hampshire, Business Finance Authority, Ser A, RB
Callable 07/01/25 @ 100
3.625%, 07/01/43(A) (C)			1,000		1,032
New Hampshire, Business Finance Authority, Ser B, RB, AMT
Callable 07/01/25 @ 100
3.750%, 07/01/45(A) (C)			1,000		1,033

Total New Hampshire					5,998

New Jersey [2.6%]
County of Essex New Jersey, GO
Callable 09/01/28 @ 100
2.125%, 09/01/49			3,900		3,696
County of Essex New Jersey, GO
Callable 09/01/28 @ 100
2.125%, 09/01/50			900		849
New Jersey Economic Development Authority, Ser S, RB
Callable 12/15/30 @ 100
4.000%, 06/15/46			500		558
New Jersey Economic Development Authority, Ser S, RB
Callable 12/15/30 @ 100
4.000%, 06/15/50			450		500
New Jersey State, Economic Development Authority, Port Newark Container, RB, AMT
Callable 10/01/27 @ 100
5.000%, 10/01/47			6,000		6,789
New Jersey State, Economic Development Authority, RB
Callable 11/01/29 @ 100
4.000%, 11/01/37			1,100		1,237
New Jersey State, Economic Development Authority, RB, AMT
Callable 03/05/24 @ 101
5.625%, 11/15/30			1,000		1,119
New Jersey State, Economic Development Authority, Ser A, RB
Callable 12/15/27 @ 100
5.000%, 06/15/42			1,155		1,356
New Jersey State, Economic Development Authority, Ser A, RB
Callable 12/15/27 @ 100
5.000%, 06/15/47			1,230		1,433

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 33

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
New Jersey State, Economic Development Authority, Ser EEE, RB
Callable 12/15/28 @ 100
5.000%, 06/15/43		$	1,000	$	1,192
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB
Callable 06/15/25 @ 100
5.250%, 06/15/41			5,245		5,964
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB
Callable 12/15/30 @ 100
4.000%, 06/15/45			2,000		2,235
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB
Callable 12/15/30 @ 100
4.000%, 06/15/50			1,000		1,111
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB
Callable 12/15/28 @ 100
4.000%, 06/15/37			3,500		3,930
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB
Callable 12/15/28 @ 100
4.000%, 06/15/50			8,500		9,310
New Jersey State, Transportation Trust Fund Authority, Ser S, RB
Callable 12/15/28 @ 100
5.000%, 06/15/46			1,000		1,185
New Jersey State, Transportation Trust Fund Authority, Ser S, RB
Callable 12/15/28 @ 100
4.500%, 06/15/49			4,015		4,553

Total New Jersey					47,017

New Mexico [0.7%]
Farmington New Mexico, RB
1.150%, 06/01/40(A)			3,500		3,537
Farmington New Mexico, RB
1.100%, 06/01/40(A)			3,000		3,028
Lower Petroglyphs, Public Improvement District, RB
Callable 10/01/27 @ 100
5.000%, 10/01/33			500		547
Lower Petroglyphs, Public Improvement District, RB
Callable 10/01/27 @ 100
5.000%, 10/01/38			500		542
Lower Petroglyphs, Public Improvement District, RB
Callable 10/01/27 @ 100
5.000%, 10/01/48			1,750		1,885
New Mexico State, Hospital Equipment Loan Council, RB
Callable 07/01/22 @ 100
5.500%, 07/01/42			3,110		3,269

Total New Mexico					12,808

New York [6.8%]
Dutchess County Local Development, Ser A, RB
Callable 07/01/30 @ 100
5.000%, 07/01/45(C)			875		1,021
Dutchess County Local Development, Ser A, RB
Callable 07/01/30 @ 100
5.000%, 07/01/51(C)			875		1,016
Jefferson County, Civic Facility Development, RB
Callable 11/01/27 @ 100
4.000%, 11/01/47			4,875		5,098
Metropolitan Transportation Authority, Ser C-1, RB
Callable 05/15/30 @ 100
5.250%, 11/15/55			10,000		12,164
Metropolitan Washington, Transportation Authority, Ser C-1, RB
Callable 05/15/30 @ 100
5.000%, 11/15/50			1,750		2,099
Metropolitan Washington, Transportation Authority, Ser C-1, RB
Callable 05/15/30 @ 100
4.750%, 11/15/45			2,000		2,349
Monroe County Industrial Development, RB
Callable 06/01/28 @ 100
5.000%, 06/01/50(C)			1,100		1,264
Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser A, RB
Callable 01/01/25 @ 101
6.700%, 01/01/49(E)			4,789		2,634

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 34

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Nassau County, Industrial Development Agency, Amsterdam at Harborside, Ser C, RB
Callable 05/06/21 @ 100
2.000%, 01/01/49		$	1,914	$	191
Nassau County, Tobacco Settlement, RB
Callable 04/21/21 @ 100
5.125%, 06/01/46			1,345		1,365
New York Counties, Tobacco Trust IV, Ser A, RB
Callable 04/21/21 @ 100
5.000%, 06/01/45			5,800		5,847
New York State, Dormitory Authority, Ser A, RB
Callable 09/15/30 @ 100
3.000%, 03/15/49			10,000		10,322
New York State, Environmental Facilities, RB, AMT
Callable 06/02/25 @ 100
2.750%, 09/01/50(A)			750		772
New York State, Liberty Development, Bank of America Tower, RB
Callable 03/15/29 @ 100
2.800%, 09/15/69			1,000		988
New York State, Liberty Development, World Trade Center, RB
Callable 11/15/24 @ 100
5.000%, 11/15/44(C)			5,000		5,456
New York State, Thruway Authority, Sub-Ser B, RB
Callable 01/01/30 @ 100
4.000%, 01/01/50			5,000		5,617
New York State, Transportation Development, LaGuardia Airport Terminal B, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/41			1,500		1,680
New York State, Transportation Development, RB
Callable 12/01/30 @ 100
4.000%, 12/01/39			1,500		1,673
New York State, Transportation Development, RB
Callable 12/01/30 @ 100
4.000%, 12/01/41			850		948
New York State, Transportation Development, RB, AMT
Callable 08/01/30 @ 100
5.250%, 08/01/31			2,000		2,427
New York State, Transportation Development, RB, AMT
5.000%, 01/01/22			3,420		3,523
New York State, Transportation Development, RB, AMT
Callable 01/01/28 @ 100
5.000%, 01/01/36			5,000		5,918
New York State, Transportation Development, RB, AMT
Callable 10/01/30 @ 100
4.375%, 10/01/45			4,750		5,421
New York State, Urban Development, RB
Callable 09/15/28 @ 100
4.000%, 03/15/48			7,000		7,822
New York Transportation Development, RB, AMT
Callable 10/31/31 @ 100
4.000%, 04/30/53			3,000		3,333
Niagara, Area Development, Ser A, RB, AMT
Callable 07/01/23 @ 100
4.750%, 11/01/42(C)			4,750		4,964
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/34			1,000		1,102
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/40			1,000		1,092
Suffolk, Tobacco Asset Securitization, Ser C, RB
Callable 06/01/22 @ 100
6.625%, 06/01/44			6,000		6,183
TSASC, Ser A, RB
Callable 06/01/27 @ 100
5.000%, 06/01/41			2,000		2,316
TSASC, Ser B, RB
Callable 06/01/27 @ 100
5.000%, 06/01/48			5,750		6,214
TSASC, Sub-Ser, RB
Callable 06/01/27 @ 100
5.000%, 06/01/45			1,250		1,362
Westchester, Tobacco Asset Securitization, Ser B, RB
Callable 06/01/27 @ 100
5.000%, 06/01/41			2,485		2,936

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 35

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Westchester, Tobacco Asset Securitization, Sub-Ser C, RB

Callable 06/01/27 @ 100

5.125%, 06/01/51

7,000

7,944

Total New York

125,061

North Carolina [0.5%]

North Carolina State, Department of Transportation, I-77 Hot Lanes Project, RB, AMT

Callable 06/30/25 @ 100

5.000%, 12/31/37

1,405

1,557

North Carolina State, Medical Care Commission, Ser A, RB

Callable 09/01/27 @ 100

4.000%, 09/01/50

3,750

3,925

North Carolina State, Turnpike Authority, RB

5.000%, 02/01/24

1,000

1,126

North Carolina State, Turnpike Authority, RB

Callable 01/01/30 @ 100

5.000%, 01/01/44

1,500

1,814

North Carolina State, Turnpike Authority, RB

Callable 01/01/30 @ 100

5.000%, 01/01/49

500

600

Total North Carolina

9,022

North Dakota [0.5%]

Burleigh County, Educational Facilities Revenue, Education Facilities, University of Mary Project, RB

Callable 04/15/26 @ 100

5.200%, 04/15/46

2,000

2,082

County of Grand Forks North Dakota, RB, AMT

Callable 09/15/26 @ 103

6.375%, 12/15/43

2,410

2,157

Ward County, Ser C, RB

Callable 06/01/28 @ 100

5.000%, 06/01/48

2,500

2,776

Ward County, Ser C, RB

Callable 06/01/28 @ 100

5.000%, 06/01/53

1,500

1,659

Total North Dakota

8,674

Ohio [4.5%]

Buckeye Tobacco Settlement Financing Authority, Ser A-2-Class, RB

Callable 06/01/30 @ 100

4.000%, 06/01/48

7,000

7,806

Buckeye Tobacco Settlement Financing Authority, Ser A-2-Class, RB

Callable 06/01/30 @ 100

3.000%, 06/01/48

6,630

6,715

Buckeye Tobacco Settlement Financing Authority, Ser B-2, RB

Callable 06/01/30 @ 100

5.000%, 06/01/55

10,500

11,829

County of Cuyahoga Ohio, RB

Callable 02/15/27 @ 100

5.000%, 02/15/57

5,000

5,681

Cuyahoga County, Hospital Revenue, Metrohealth System, RB

Callable 02/15/27 @ 100

5.250%, 02/15/47

3,800

4,397

Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB

Callable 02/15/23 @ 100

5.000%, 02/15/33

1,000

1,046

Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB

Callable 02/15/23 @ 100

5.000%, 02/15/44

1,000

1,038

Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB

Callable 02/15/23 @ 100

5.000%, 02/15/48

4,000

4,147

Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT

Callable 01/15/28 @ 100

4.500%, 01/15/48(C)

3,020

3,352

Ohio State, Air Quality Development Authority, Pratt Paper Project, RB, AMT

Callable 01/15/28 @ 100

4.250%, 01/15/38(C)

3,280

3,623

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 36

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Ohio State, Air Quality Development Authority, RB, AMT
Callable 07/01/29 @ 100
5.000%, 07/01/49(C)		$	12,000	$	13,179
Ohio State, Housing Finance Agency, Sanctuary at Springboro Project, RB
Callable 10/01/25 @ 101
5.450%, 01/01/38(C)			2,500		2,473
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
Callable 12/01/22 @ 100
6.000%, 12/01/42			7,000		7,214
Southern Ohio Port Authority, Ser A, RB, AMT
Callable 12/01/27 @ 103
7.000%, 12/01/42(C)			6,000		6,809
Southern Ohio Port Authority, Ser A, RB, AMT
Callable 12/01/27 @ 103
6.500%, 12/01/30(C)			3,000		3,408

Total Ohio					82,717

Oklahoma [0.7%]
Oklahoma County, Development Finance Authority, Ser B, RB
Callable 08/15/28 @ 100
5.500%, 08/15/52			500		607
Oklahoma County, Finance Authority, Epworth Village Project, Ser A, RB
Callable 04/01/22 @ 100
5.125%, 04/01/42			4,000		3,453
Oklahoma State, Development Finance Authority, Inverness Village Community, RB
Callable 01/01/22 @ 100
6.000%, 01/01/32(E)			1,278		15
Oklahoma State, Development Finance Authority, RB
5.450%, 08/15/28			5,000		5,549
Oklahoma State, Development Finance Authority, RB
Callable 08/01/27 @ 100
5.250%, 08/01/57			5,000		3,575
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB
Callable 11/01/26 @ 100
6.875%, 11/01/46(E)			3,843		19
Payne County, Economic Development Authority, Epworth Living at the Ranch, RB
Callable 11/01/26 @ 100
6.625%, 11/01/36(E)			1,664		9

Total Oklahoma					13,227

Oregon [0.8%]
Clackamas County, Hospital Facility Authority, Ser A, RB
Callable 11/15/25 @ 102
5.375%, 11/15/55			875		938
Clackamas County, Hospital Facility Authority, Ser A, RB
Callable 11/15/25 @ 102
5.250%, 11/15/50			1,000		1,070
Medford Hospital Facilities Authority, Ser A, RB
Callable 08/15/30 @ 100
4.000%, 08/15/50			7,000		7,901
Oregon State, Business Development Commission, RB, AMT
5.000%, 03/01/49(A)			5,000		5,205

Total Oregon					15,114

Pennsylvania [2.7%]
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB
Callable 05/01/28 @ 100
5.000%, 05/01/33(C)			500		591
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB
Callable 05/01/28 @ 100
5.000%, 05/01/42(C)			2,000		2,345
Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB
Callable 05/01/28 @ 100
5.375%, 05/01/42(C)			3,000		3,486

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 37

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Allentown, Neighborhood Improvement Zone Development Authority, Sub-Ser, RB

Callable 05/01/28 @ 100

5.125%, 05/01/32(C)

1,000

1,170

Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB

Callable 03/01/28 @ 100

5.125%, 03/01/48(C)

1,000

1,027

Chester County, Industrial Development Authority, Woodlands at Graystone Project, RB

Callable 03/01/28 @ 100

5.000%, 03/01/38(C)

525

545

Dauphin County, General Authority, Harrisburg University of Science and Technology Project, RB

Callable 10/15/27 @ 100

5.125%, 10/15/41(C)

1,135

1,110

Dauphin County, General Authority, RB

Callable 10/15/27 @ 100

5.000%, 10/15/34(C)

8,470

8,445

DuBois, Hospital Authority, RB

Callable 01/15/28 @ 100

4.000%, 07/15/43

2,370

2,539

Franklin County, Industrial Development Authority, RB

Callable 12/01/25 @ 103

5.000%, 12/01/49

1,530

1,613

Pennsylvania State, Turnpike Commission, Convertible Capital Appreciation Project, Sub-Ser E, RB

Callable 12/01/27 @ 100

6.375%, 12/01/38

2,000

2,631

Pennsylvania State, Turnpike Commission, Ser A, RB

Callable 12/01/24 @ 100

5.000%, 12/01/33

1,500

1,732

Pennsylvania State, Turnpike Commission, Ser A, RB

Callable 12/01/29 @ 100

5.000%, 12/01/49

2,975

3,691

Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB

Pre-Refunded @ 100

7.625%, 12/15/21(F)

1,000

1,052

Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB

Pre-Refunded @ 100

7.150%, 12/15/21(F)

2,280

2,390

Philadelphia, Authority for Industrial Development, RB

Callable 06/15/28 @ 100

5.000%, 06/15/40(C)

900

1,039

Philadelphia, Authority for Industrial Development, RB

Callable 06/15/28 @ 100

5.000%, 06/15/50(C)

1,450

1,650

Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health Systems Project, Ser A, RB

Callable 07/01/22 @ 100

5.625%, 07/01/42

3,000

3,155

Philadelphia, Ser B, GO

Callable 08/01/29 @ 100

5.000%, 02/01/39

4,385

5,480

Pottsville, Hospital Authority, Schuykill Health System Project, RB

Pre-Refunded @ 100

6.500%, 07/01/24(C) (F)

3,000

3,548

Washington County, Redevelopment Authority, TA

Callable 01/01/28 @ 100

5.000%, 07/01/35

1,235

1,335

Total Pennsylvania

50,574

Rhode Island [0.2%]

Rhode Island State, Health & Educational Building, RB

Callable 05/15/26 @ 100

5.000%, 05/15/39

1,000

1,139

Tobacco Settlement Financing, Ser B, RB

Callable 04/21/21 @ 15

0.000%, 06/01/52(D)

21,270

3,247

��

Total Rhode Island

4,386

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 38

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
South Carolina [0.8%]
Berkeley County, RB
Callable 11/01/29 @ 100
4.375%, 11/01/49		$	2,500	$	2,748
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB
Callable 11/15/24 @ 103
5.250%, 11/15/47			3,830		4,088
South Carolina State, Jobs-Economic Development Authority, The Woodlands at Furman, RB
Callable 11/15/24 @ 103
5.250%, 11/15/52			6,950		7,405

Total South Carolina					14,241

Tennessee [0.8%]
Chattanooga, Health Educational & Housing Facility Board, RB
Callable 10/01/25 @ 100
5.000%, 10/01/35			1,000		1,080
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Ser S, RB
Callable 11/01/25 @ 102
4.000%, 11/01/55			4,750		4,908
Metropolitan Nashville Airport Authority, Sub-Ser B, RB, AMT
Callable 07/01/30 @ 100
5.000%, 07/01/54			5,675		6,854
Nashville, Metropolitan Development & Housing Agency, RB
Callable 06/01/28 @ 100
5.125%, 06/01/36(C)			900		1,017
Nashville, Metropolitan Development & Housing Agency, RB
4.500%, 06/01/28(C)			650		712

Total Tennessee					14,571

Texas [7.2%]
Alvin Independent School District, Ser B-REMK, GO, PSF-GTD
0.450%, 02/15/36(A)			2,000		1,997
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.125%, 03/01/44			2,300		2,488
Arlington, Higher Education Finance, Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.000%, 03/01/34			400		436
Board of Regents of the University of Texas System, Ser B, RB
5.000%, 08/15/49			5,500		8,341
Celina, Cambridge Crossing Public Improvement Project, SAB
Callable 09/01/28 @ 100
5.250%, 09/01/47(C)			500		574
Celina, Cambridge Crossing Public Improvement Project, SAB
Callable 09/01/28 @ 100
5.125%, 09/01/38(C)			1,500		1,738
Celina, Sutton Fields II Public Improvement Project, SAB
Callable 03/01/23 @ 103
7.250%, 09/01/45			475		501
Central Texas Regional Mobility Authority, Ser B, RB
Callable 01/01/31 @ 100
4.000%, 01/01/51			1,000		1,130
Central Texas Regional Mobility Authority, Ser B-SENIOR, RB
Callable 01/01/30 @ 100
5.000%, 01/01/45			250		306
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Pre-Refunded @ 100
5.000%, 01/01/23(F)			1,000		1,085
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Pre-Refunded @ 100
5.000%, 01/01/23(F)			1,000		1,084

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 39

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Clifton, Higher Education Finance, International Leadership Project, Ser D, RB
Callable 08/15/25 @ 100
6.125%, 08/15/48		$	4,245	$	4,881
Grand Parkway, Transportation, Toll Revenue, Sub-Ser B, RB
Pre-Refunded @ 100
5.000%, 10/01/23(F)			2,000		2,239
Houston Texas Airport System Revenue, Sub-Ser A, RB, AMT
Callable 07/01/30 @ 100
4.000%, 07/01/47			1,250		1,398
Houston, Airport System Revenue, RB, AMT
5.000%, 07/01/27			500		586
Houston, Airport System Revenue, RB, AMT
4.750%, 07/01/24			3,000		3,145
Houston, Airport System Revenue, Ser B-1, RB, AMT
Callable 07/15/25 @ 100
5.000%, 07/15/35			3,000		3,302
Houston, Airport System Revenue, Ser C, RB, AMT
5.000%, 07/15/27			4,500		5,277
Houston, Airport System Revenue, United Airlines Project, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/29			7,000		7,623
Houston, Higher Education Finance, Cosmos Foundation Project, Ser A, RB
Pre-Refunded @ 100
6.875%, 05/15/21(F)			5,300		5,340
Lago Vista Texas, RB
Callable 09/01/30 @ 100
4.875%, 09/01/50(C)			275		289
Matagorda County Navigation District No. 1, RB, AMT
0.900%, 05/01/30(A)			1,750		1,753
Mission, Economic Development, RB, AMT
Callable 10/01/21 @ 105
4.625%, 10/01/31(C)			3,250		3,454
New Hope, Cultural Education Facilities Finance, Carillon LifeCare Community Project, RB
Callable 07/01/24 @ 102
5.000%, 07/01/36			4,660		4,836
New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB
Callable 08/15/21 @ 100
5.500%, 08/15/46			1,000		1,009
New Hope, Cultural Education Facilities Finance, E Grand Preparatory Academy, RB
Callable 08/15/21 @ 100
5.500%, 08/15/51			2,500		2,521
New Hope, Cultural Education Facilities Finance, Jubilee Academic Center Project, Ser A, RB
Callable 08/15/21 @ 100
5.000%, 08/15/36(C)			1,500		1,509
New Hope, Cultural Education Facilities Finance, RB
5.000%, 08/15/46			7,000		7,035
New Hope, Cultural Education Facilities Finance, Ser A, RB
Callable 08/15/25 @ 100
5.000%, 08/15/50(C)			4,750		5,014
Newark, Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.750%, 08/15/45(C)			1,700		1,881
Newark, Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.500%, 08/15/35(C)			900		1,003
North Texas, Tollway Authority, Convertible Capital Appreciation Project, Ser C, RB
Pre-Refunded @ 100
0.558%, 7.000%, 09/01/23, 09/01/31(B) (F)			5,000		6,810
Port Beaumont Navigation District, RB
Callable 01/01/22 @ 103
6.000%, 01/01/25(C)			1,525		1,565
Port Beaumont Navigation District, RB, AMT
Callable 01/01/22 @ 103
4.000%, 01/01/50(C)			6,330		6,489
Port Beaumont Navigation District, RB, AMT
Callable 01/01/22 @ 103
3.625%, 01/01/35(C)			1,000		1,022

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 40

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description

Face Amount (000)

Value (000)

Sanger, Industrial Development Authority, Texas Pellets Project, Ser B, RB, AMT

Callable 07/01/22 @ 100

8.000%, 07/01/38(E)

4,950

1,238

Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB

Callable 11/15/25 @ 100

5.500%, 11/15/45(E)

5,315

2,405

Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB

Callable 05/06/21 @ 100

4.500%, 11/15/21(E)

2,310

1,045

Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, Ser Senior, RB

Callable 05/06/21 @ 100

5.750%, 11/15/37(E)

6,000

2,715

Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB

Callable 05/15/27 @ 100

6.750%, 11/15/47

1,000

1,103

Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB

Callable 05/15/27 @ 100

6.750%, 11/15/52

2,200

2,420

Tarrant County, Cultural Education Facilities Finance, Buckner Senior Living Ventana Project, Ser Senior, RB

Callable 05/15/27 @ 100

6.625%, 11/15/37

3,500

3,889

Tarrant County, Cultural Education Facilities Finance, Northwest Senior Housing Edgemere Project, RB

Callable 05/15/27 @ 100

5.250%, 11/15/47

3,720

3,333

Tarrant County, Cultural Education Facilities Finance, RB

Callable 02/15/27 @ 100

6.375%, 02/15/52

9,000

7,160

Temple, Ser A-REV, RB

Callable 08/01/25 @ 100

5.000%, 08/01/38(C)

2,000

2,189

Texas State, Private Activity Bond Surface Transportation, RB, AMT

Callable 06/30/29 @ 100

5.000%, 06/30/58

1,500

1,789

Texas State, Private Activity Bond Surface Transportation, SH 288 Toll Lanes Project, RB, AMT

Callable 12/31/25 @ 100

5.000%, 12/31/45

2,635

2,953

Texas State, Transportation Commission, RB

Callable 02/01/29 @ 73

0.000%, 08/01/36(D)

1,000

587

Total Texas

132,487

Utah [0.1%]

Utah Charter School Finance Authority, RB

Callable 06/15/28 @ 102

5.000%, 06/15/55(C)

1,750

1,881

Vermont [0.1%]

Vermont State, Economic Development Authority, Casella Waste Systems Project, RB, AMT

4.625%, 04/01/36(A) (C)

1,000

1,135

Virginia [1.2%]

Cherry Hill, Community Development Authority, Potomac Shores Project, SAB

Callable 03/01/25 @ 100

5.400%, 03/01/45(C)

2,000

2,077

Cherry Hill, Community Development Authority, Potomac Shores Project, SAB

Callable 03/01/25 @ 100

5.150%, 03/01/35(C)

1,000

1,041

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 41

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Farmville, Industrial Development Authority, RB
Callable 01/01/29 @ 100
5.000%, 01/01/48		$	2,000	$	2,268
Halifax County, Industrial Development Authority, Virginia Electric & Power Project, RB
0.450%, 12/01/41(A)			1,750		1,750
Lower Magnolia Green, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.000%, 03/01/45(C)			4,005		4,125
Peninsula Town Center, Community Development Authority, RB
Callable 09/01/27 @ 100
5.000%, 09/01/37(C)			2,750		2,972
Peninsula Town Center, Community Development Authority, RB
Callable 09/01/27 @ 100
5.000%, 09/01/45(C)			3,700		3,987
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
Callable 07/01/22 @ 100
6.000%, 01/01/37			820		867
Wise County Industrial Development Authority, Ser A-RE, RB
0.750%, 10/01/40(A)			2,500		2,491

Total Virginia					21,578

Washington [0.8%]
Kalispel Tribe of Indians, Ser A, RB
Callable 01/01/28 @ 100
5.250%, 01/01/38(C)			400		454
Washington State, Health Care Facilities Authority, RB
Callable 01/01/28 @ 100
4.000%, 07/01/42			3,500		3,825
Washington State, Housing Finance Commission, Judson Park Project, RB
Callable 07/01/25 @ 102
5.000%, 07/01/38(C)			325		349
Washington State, Housing Finance Commission, Judson Park Project, RB
Callable 07/01/25 @ 102
5.000%, 07/01/48(C)			2,400		2,557
Washington State, Housing Finance Commission, RB
Callable 01/01/25 @ 102
5.000%, 01/01/51(C)			4,330		4,606
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/24 @ 100
7.500%, 01/01/49(C)			2,000		2,138

Total Washington					13,929

West Virginia [0.4%]
Tobacco Settlement Finance Authority, RB
Callable 12/01/30 @ 100
4.875%, 06/01/49			2,000		2,031
West Virginia Economic Development Authority, RB, AMT
Callable 01/01/25 @ 100
4.125%, 07/01/45(A)			1,650		1,687
West Virginia, Economic Development Authority, RB, AMT
Callable 01/01/25 @ 100
5.000%, 07/01/45(A)			1,190		1,253
West Virginia, Economic Development Authority, Ser S, RB
0.625%, 12/01/38(A)			2,500		2,471

Total West Virginia					7,442

Wisconsin [4.2%]
Hartford, Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(C)			1,580		1,687
Piedmont, Public Finance Authority, RB
Callable 06/15/29 @ 100
5.000%, 06/15/49			500		572
Pine Lake, Public Finance Authority, RB
Callable 03/01/25 @ 100
5.500%, 03/01/45(C)			3,460		3,711

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 42

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Pine Lake, Public Finance Authority, RB
Callable 03/01/25 @ 100
5.250%, 03/01/35(C)		$	1,250	$	1,347
Wisconsin State, Health & Educational Facilities Authority, Dickson Hollow Project, RB
Callable 10/01/22 @ 102
5.500%, 10/01/49			2,500		2,603
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 08/15/26 @ 100
5.000%, 02/15/51(A)			1,000		1,192
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 08/15/24 @ 100
5.000%, 02/15/52(A)			1,500		1,703
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 04/01/27 @ 100
4.000%, 04/01/39			2,500		2,800
Wisconsin State, Health & Educational Facilities Authority, Woodland Hill Senior Housing Project, RB
Callable 12/01/22 @ 102
5.250%, 12/01/49			5,000		5,193
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB
Callable 06/01/26 @ 100
5.000%, 06/01/36(C)			6,125		6,648
Wisconsin State, Public Finance Authority, Bancroft Neurohealth Project, RB
Callable 06/01/26 @ 100
4.625%, 06/01/36(C)			3,275		3,489
Wisconsin State, Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.625%, 07/01/44			3,500		3,805
Wisconsin State, Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/34			2,000		2,181
Wisconsin State, Public Finance Authority, Cornerstone Christian Project, RB
Callable 02/01/26 @ 100
5.000%, 02/01/36(C)			3,000		3,199
Wisconsin State, Public Finance Authority, Las Ventanas Retirement Community Project, RB
Callable 05/06/21 @ 102
7.000%, 10/01/42			5,400		5,468
Wisconsin State, Public Finance Authority, National Gypsum, RB, AMT
Callable 08/01/26 @ 100
4.000%, 08/01/35			3,000		2,990
Wisconsin State, Public Finance Authority, RB
Callable 03/01/30 @ 100
5.250%, 03/01/45(C)			1,500		1,650
Wisconsin State, Public Finance Authority, RB
Callable 03/01/30 @ 100
5.250%, 03/01/55(C)			2,500		2,730
Wisconsin State, Public Finance Authority, RB
Callable 04/01/30 @ 100
5.000%, 04/01/40(C)			1,175		1,357
Wisconsin State, Public Finance Authority, RB
Callable 11/15/27 @ 103
5.000%, 11/15/41			1,000		1,194
Wisconsin State, Public Finance Authority, RB
Callable 04/01/30 @ 100
5.000%, 04/01/50(C)			1,675		1,902
Wisconsin State, Public Finance Authority, Roseman University Health Sciences, RB
Callable 04/01/25 @ 100
5.875%, 04/01/45			6,000		6,752
Wisconsin State, Public Finance Authority, Senior Trips Obligation Group Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/42			1,000		1,039
Wisconsin State, Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/35(C)			3,000		3,253

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 43

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Wisconsin State, Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/45(C)		$	4,280	$	4,578
Wisconsin State, Public Finance Authority, Ser C, RB, AMT
5.000%, 07/01/22			505		528
Wisconsin State, Public Finance Authority, Ser E, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/23			2,745		2,821

Total Wisconsin					76,392

American Samoa [0.2%]
American Samoa, Economic Development Authority, Ser A, RB
Callable 09/01/25 @ 100
6.625%, 09/01/35			3,000		3,444

Guam [0.3%]
Territory of Guam, Ser A, RB
Callable 12/01/26 @ 100
5.000%, 12/01/34			2,500		2,841
Territory of Guam, Ser A, RB
Callable 05/01/31 @ 100
5.000%, 11/01/35			1,000		1,239
Territory of Guam, Ser A, RB
Callable 05/01/31 @ 100
5.000%, 11/01/40			1,000		1,220

Total Guam					5,300

Puerto Rico [6.5%]
Commonwealth of Puerto Rico, Ser A, GO
Callable 07/01/22 @ 100
5.750%, 07/01/28(E)			1,555		1,302
Commonwealth of Puerto Rico, Ser A, GO
Callable 05/06/21 @ 100
5.500%, 07/01/23(E)			3,000		2,644
Commonwealth of Puerto Rico, Ser A, GO
Callable 07/01/22 @ 100
5.500%, 07/01/26(E) (H)			3,200		2,672
Commonwealth of Puerto Rico, Ser A, GO
Callable 07/01/22 @ 100
5.500%, 07/01/39(E)			3,100		2,596
Commonwealth of Puerto Rico, Ser A, GO
Callable 07/01/22 @ 100
5.125%, 07/01/37(E)			2,500		2,047
Commonwealth of Puerto Rico, Ser C, GO
Callable 07/01/21 @ 100
6.500%, 07/01/40(E)			2,215		1,841
Commonwealth of Puerto Rico, Ser E, GO
Callable 05/06/21 @ 100
5.625%, 07/01/33(E)			2,570		2,217
Puerto Rico Public Buildings Authority, Ser N, RB, COMWLTH GTD
Callable 05/06/21 @ 100
5.000%, 07/01/37(E)			1,400		1,349
Puerto Rico Public Buildings Authority, Ser P, RB, COMWLTH GTD
Callable 05/06/21 @ 100
6.500%, 07/01/30(E)			5,045		5,045
Puerto Rico, Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/42			12,000		12,630
Puerto Rico, Commonwealth, Ser A, GO
Callable 05/06/21 @ 100
8.000%, 07/01/35(E)			2,150		1,688
Puerto Rico, Electric Power Authority, Ser 2013A-RSA-1, RB
Callable 07/01/23 @ 100
6.750%, 07/01/36(E)			2,605		2,416
Puerto Rico, Electric Power Authority, Ser AAA-RSA-1, RB
Callable 05/06/21 @ 100
5.250%, 07/01/30(E)			1,625		1,475
Puerto Rico, Electric Power Authority, Ser A-RSA-1, RB
Callable 07/01/22 @ 100
5.000%, 07/01/42(E)			2,000		1,810
Puerto Rico, Electric Power Authority, Ser CCC-RSA-1, RB
Callable 05/06/21 @ 100
5.250%, 07/01/28(E)			2,145		1,947
Puerto Rico, Electric Power Authority, Ser E-1-RSA-1, RB
10.000%, 01/01/21(E)			3,957		3,813

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 44

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)			Value (000)
Puerto Rico, Electric Power Authority, Ser E-2-RSA-1, RB
10.000%, 07/01/21(E)		$	1,500	$	1,447
Puerto Rico, Electric Power Authority, Ser E-2-RSA-1, RB
10.000%, 01/01/22(E)			500		482
Puerto Rico, Electric Power Authority, Ser XX-RSA-1, RB
Callable 05/06/21 @ 100
5.250%, 07/01/40(E)			7,000		6,353
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
Callable 07/01/28 @ 100
5.000%, 07/01/58			11,572		12,743
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
Callable 07/01/28 @ 100
4.750%, 07/01/53			5,276		5,729
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
Callable 07/01/25 @ 100
4.500%, 07/01/34			19,005		20,502
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
Callable 07/01/28 @ 30
0.050%, 07/01/51(D)			2,945		648
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
Callable 07/01/28 @ 41
0.047%, 07/01/46(D)			7,170		2,188
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-1, RB
0.000%, 07/01/24(D)			2,000		1,877
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-2, RB
Callable 07/01/28 @ 100
4.784%, 07/01/58			19,108		20,677
Puerto Rico, Sales Tax Financing Sales Tax Revenue, Ser A-2, RB
Callable 07/01/28 @ 100
4.536%, 07/01/53			31		33

Total Puerto Rico					120,171

Description	Face Amount (000)/Shares			Value (000)
Virgin Islands [0.2%]
Virgin Islands, Public Finance Authority, Ser Senior, RB
Callable 05/06/21 @ 100
5.000%, 10/01/25		$	3,155	$	3,162
Virgin Islands, Public Finance Authority, Sub-Ser, RB
Callable 05/06/21 @ 100
5.000%, 10/01/22			1,365		1,359

Total Virgin Islands					4,521

Total Municipal Bonds
(Cost $1,651,653)					1,742,919

Corporate Bonds [0.9%]
Electric Utilities [0.2%]
Talen Energy Supply
6.625%, 01/15/28(C)			3,000		2,997

Medical Products & Services [0.4%]
Tower Health
4.451%, 02/01/50			9,000		7,470

Steel & Steel Works [0.2%]
United States Steel
6.875%, 03/01/29			2,000		2,050
6.250%, 03/15/26			2,500		2,537

Total Steel & Steel Works					4,587

Waste Disposal [0.1%]
Waste Pro USA
5.500%, 02/15/26(C)			1,500		1,536

Total Corporate Bonds
(Cost $15,841)					16,590

Short-Term Investment [3.5%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**			64,821,240		64,821

Total Short-Term Investment
(Cost $64,821)					64,821

Total Investments [99.2%]
(Cost $1,732,315)				$	1,824,330

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 45

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Municipal High Income Fund (concluded)

Percentages are based on net assets of $1,839,839 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.

(B)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

(C)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2021, the value of these securities amounted to $379,469 (000), representing 20.6% of the net assets of the Fund.

(D)	Zero coupon security. The rate reported is the effective yield at time of purchase.

(E)	In default on interest payments. Rate shown represents the last coupon rate prior to default.

(F)	Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(G)

Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2021.

(H)	Level 3 security in accordance with fair value hierarchy.

AGM — Assured Guarantee Municipal

AMT — Alternative Minimum Tax (subject to)

BAM — Build America Mutual

Cl — Class

COP — Certificate of Participation

GO — General Obligation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2021, is valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Municipal Bonds	$	—	$	1,740,247	$	2,672	$	1,742,919
Corporate Bonds		—		16,590		—		16,590
Short-Term Investment		64,821		—		—		64,821
Total Investments in Securities	$	64,821	$	1,756,837	$	2,672	$	1,824,330

(1)	A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—“ are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 46

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [43.1%]
Communication Services [4.6%]
America Movil
3.125%, 07/16/22		$	4,000	$	4,133
Verizon Communications
1.450%, 03/20/26			1,000		1,000

Total Communication Services					5,133

Consumer Discretionary [2.5%]
General Motors Financial
4.350%, 01/17/27			2,500		2,775

Financials [20.0%]
Allstate
0.823%, VAR ICE LIBOR USD 3 Month+0.630%, 03/29/23			1,400		1,411
American Express
0.840%, VAR ICE LIBOR USD 3 Month+0.650%, 02/27/23			1,605		1,618
Banco Santander
2.746%, 05/28/25			2,000		2,089
Barclays
4.375%, 01/12/26			1,500		1,672
Capital One Financial
4.200%, 10/29/25			1,000		1,106
Citigroup
3.500%, 05/15/23			2,000		2,115
Credit Suisse Group Funding Guernsey
4.550%, 04/17/26			2,500		2,796
Jefferies Group
5.125%, 01/20/23			1,200		1,294
4.850%, 01/15/27			1,100		1,265
JPMorgan Chase
3.125%, 01/23/25			2,200		2,356
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(A)			400		4
Mitsubishi UFJ Financial Group
0.928%, VAR ICE LIBOR USD 3 Month+0.740%, 03/02/23			1,100		1,108
Morgan Stanley, MTN
3.750%, 02/25/23			3,000		3,180

Total Financials					22,014

Health Care [4.2%]
AbbVie
2.850%, 05/14/23			2,500		2,608
CVS Health
4.300%, 03/25/28			1,750		1,987

Total Health Care					4,595

Industrials [4.2%]
John Deere Capital, MTN
2.800%, 09/08/27			2,500		2,661
Penske Truck Leasing LP
4.250%, 01/17/23(B)			300		319
3.450%, 07/01/24(B)			1,500		1,616

Total Industrials					4,596

Information Technology [2.5%]
KLA-Tencor
4.650%, 11/01/24			2,500		2,793

Petroleum & Fuel Products [2.6%]
Shell International Finance BV
2.375%, 04/06/25			1,500		1,578
Sunoco Logistics Partners Operations
5.950%, 12/01/25			1,100		1,280

Total Petroleum & Fuel Products					2,858

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 47

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Utilities [2.5%]
Duke Energy
3.400%, 06/15/29		$	2,020	$	2,158
Korea Electric Power
6.750%, 08/01/27			75		97
Puget Energy
6.000%, 09/01/21			500		511

Total Utilities					2,766

Total Corporate Bonds
(Cost $45,627)					47,530

U.S. Treasury Obligations [27.4%]
U.S. Treasury Notes
2.625%, 01/31/26			1,850		2,002
1.625%, 11/15/22			9,440		9,666
1.625%, 08/15/29			3,300		3,309
0.875%, 11/15/30			5,000		4,619
0.250%, 11/15/23			2,000		1,999
0.125%, 12/15/23			4,250		4,231
0.125%, 01/15/24			4,350		4,328

Total U.S. Treasury Obligations
(Cost $30,684)					30,154

Municipal Bonds [21.2%]
California [3.7%]
University of California, Ser BD, RB
3.349%, 07/01/29			2,400		2,650
University of California, Ser BF, RB
1.714%, 05/15/30			1,460		1,405

Total California					4,055

Florida [2.5%]
Florida State, Board of Administration Finance, Ser A, RB
1.705%, 07/01/27			2,800		2,810

New York [15.0%]
New York City, Transitional Finance Authority Future Tax Secured Revenue, RB
Callable 05/01/29 @ 100
3.350%, 11/01/30			3,840		4,167
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser C-5, RB
Callable 05/01/28 @ 100
3.800%, 05/01/29			2,500		2,741
New York State, Sub-Ser D-2, GO
3.760%, 12/01/27			3,020		3,387
New York State, Urban Development, Ser B, RB
2.550%, 03/15/29			820		838
New York State, Urban Development, Ser D-2, RB
Callable 09/15/27 @ 100
3.270%, 03/15/28			5,000		5,405

Total New York					16,538

Total Municipal Bonds
(Cost $22,546)					23,403

U.S. Government Mortgage-Backed Obligations [3.4%]
FHLMC, Pool 1B2677
2.275%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35			2		2
FHLMC, Pool 1B2683
2.309%, VAR ICE LIBOR USD 12 Month+1.900%, 01/01/35			1		1
FHLMC, Pool 1B2692
2.153%, VAR ICE LIBOR USD 12 Month+1.770%, 12/01/34			4		4
FHLMC, Pool A93505
4.500%, 08/01/40			10		11
FHLMC, Pool A93996
4.500%, 09/01/40			15		17
FHLMC, Pool C03490
4.500%, 08/01/40			72		80
FHLMC, Pool C09015
3.000%, 10/01/42			83		87
FHLMC, Pool G02940
5.500%, 05/01/37			2		3
FHLMC, Pool G04222
5.500%, 04/01/38			4		5
FHLMC, Pool G04913
5.000%, 03/01/38			18		21
FHLMC, Pool G08003
6.000%, 07/01/34			6		7
FHLMC, Pool G18124
6.000%, 06/01/21			—		—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 48

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FHLMC, Pool J19197
3.000%, 05/01/27		$	37	$	39
FHLMC, Pool Q08998
3.500%, 06/01/42			56		60
FHLMC, Pool Q10378
3.000%, 08/01/42			76		80
FNMA, Pool 252570
6.500%, 07/01/29			2		2
FNMA, Pool 253183
7.500%, 04/01/30			—		—
FNMA, Pool 253398
8.000%, 08/01/30			1		1
FNMA, Pool 254949
5.000%, 11/01/33			4		5
FNMA, Pool 255814
5.500%, 08/01/35			6		7
FNMA, Pool 303168
9.500%, 02/01/25			—		—
FNMA, Pool 725424
5.500%, 04/01/34			6		7
FNMA, Pool 735060
6.000%, 11/01/34			4		5
FNMA, Pool 735228
5.500%, 02/01/35			3		4
FNMA, Pool 735230
5.500%, 02/01/35			8		10
FNMA, Pool 745275
5.000%, 02/01/36			29		34
FNMA, Pool 745418
5.500%, 04/01/36			33		38
FNMA, Pool 827223
3.215%, VAR ICE LIBOR USD 12 Month+1.465%, 04/01/35			10		10
FNMA, Pool 844809
5.000%, 11/01/35			12		14
FNMA, Pool AD0454
5.000%, 11/01/21			—		—
FNMA, Pool AD8522
4.000%, 08/01/40			11		13
FNMA, Pool AE0828
3.500%, 02/01/41			102		110
FNMA, Pool AH0621
3.500%, 01/01/41			24		26
FNMA, Pool AJ1407
4.000%, 09/01/41			17		18
FNMA, Pool AJ7689
4.000%, 12/01/41			62		68
FNMA, Pool AK0971
3.000%, 02/01/27			32		34

Description	Face Amount (000)/Shares			Value (000)
FNMA, Pool AL5866
2.544%, 08/01/22(C)		$	2,469	$	2,512
FNMA, Pool AO2970
3.000%, 05/01/42			71		75
FNMA, Pool AO4137
3.500%, 06/01/42			59		64
FNMA, Pool MA1277
2.500%, 12/01/27			36		37
GNMA, Pool G2 4696
4.500%, 05/20/40			32		35
GNMA, Pool G2 4747
5.000%, 07/20/40			13		15
GNMA, Pool G2 4923
4.500%, 01/20/41			21		24
GNMA, Pool G2 MA0155
4.000%, 06/20/42			50		56
GNMA, Pool G2 MA0392
3.500%, 09/20/42			64		70

Total U.S. Government Mortgage-Backed Obligations
(Cost $3,584)					3,711

Affiliated Registered Investment Company [2.7%]
City National Rochdale Fixed Income Opportunities Fund, Cl N			127,551		2,963

Total Affiliated Registered Investment Company
(Cost $2,500)					2,963

Mortgage-Backed Obligations [0.7%]
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
3.147%, 08/15/45			125		128
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
5.310%, 07/25/35			—		—
GS Mortgage Securities II, Ser 2012-GCJ9, Cl A3
2.773%, 11/10/45			267		274
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
2.960%, 04/15/46			150		156
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4
2.858%, 11/15/45			218		223

Total Mortgage-Backed Obligations
(Cost $768)					781

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 49

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares/Face Amount (000)			Value (000)
Closed-End Fund [0.1%]
Stone Ridge Reinsurance Risk Premium Interval Fund			3,276	$	130

Total Closed-End Fund
(Cost $145)					130

Asset-Backed Security [0.0%]
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4
7.500%, 07/25/28(A)		$	5		2

Total Asset-Backed Security
(Cost $5)					2

Residential Mortgage-Backed Securities [0.0%]
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 08/25/27(C)			—		—
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19			—		—
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(C)			13		13

Total Residential Mortgage-Backed Securities
(Cost $13)					13

Short-Term Investment [0.5%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**			581,962		582

Total Short-Term Investment
(Cost $582)					582

Total Investments [99.1%]
(Cost $106,454)				$	109,269

Percentages are based on net assets of $110,232 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	In default on interest payments. Rate shown represents the last coupon rate prior to default.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2021, the value of these securities amounted to $4,596 (000), representing 4.2% of the net assets of the Fund.

(C)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rates

LP — Limited Partnership

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

USD — U.S. Dollar

VAR — Variable

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	47,530	$	—	$	47,530
U.S. Treasury Obligations		—		30,154		—		30,154
Municipal Bonds		—		23,403		—		23,403
U.S. Government Mortgage-Backed Obligations		—		3,711		—		3,711
Affiliated Registered Investment Company		2,963		—		—		2,963
Mortgage-Backed Obligations		—		781		—		781
Closed-End Fund		130		—		—		130
Asset-Backed Security		—		2		—		2
Residential Mortgage-Backed Securities		—		13		—		13
Short-Term Investment		582		—		—		582
Total Investments in Securities	$	3,675	$	105,594	$	—	$	109,269

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 50

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (concluded)

The following is a summary of the transactions with the affiliates for the period ended March 31, 2021.

	City National Rochdale Fixed Income Opportunities Fund, Class N
Beginning balance as of October 1, 2020	$	2,879
Purchases at Cost		—
Proceeds from Sales		—
Realized Gain (Loss)		—
Unrealized Gain (Loss)		84
Ending balance as of March 31, 2021	$	2,963
Dividend Income	$	108

Amounts designated as “—” are $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 51

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description	Face Amount (000)⁽¹⁾			Value (000)
Corporate Bonds [55.9%]
Aerospace / Defense [0.5%]
Rolls-Royce
3.625%, 10/14/25(A)		$	1,000	$	1,004
Rolls-Royce
5.750%, 10/15/27(A)			900		958
Spirit AeroSystems
4.600%, 06/15/28			405		397
TransDigm
6.500%, 05/15/25			2,275		2,318
TransDigm
6.250%, 03/15/26(A)			3,325		3,524
TransDigm
6.375%, 06/15/26			800		827
TransDigm
5.500%, 11/15/27			3,775		3,902
TransDigm
4.625%, 01/15/29(A)			830		817
TransDigm UK Holdings
6.875%, 05/15/26			4,200		4,421

Total Aerospace / Defense					18,168

Agricultural [0.1%]
Japfa Comfeed Indonesia
5.500%, 03/31/22			2,743		2,772
Mriya Recovery Certificates
0.000%, 12/31/49		EUR	3,224		5

Total Agricultural					2,777

Air Transportation [0.1%]
Simpar Europe
5.200%, 01/26/31(A)			2,035		1,997

Airlines [0.6%]
Aerovias de Mexico
7.000%, 02/05/25(B)			21,220		11,512
American Airlines
11.750%, 07/15/25(A)			815		1,008
American Airlines
5.500%, 04/20/26(A)			3,615		3,769
American Airlines
5.750%, 04/20/29(A)			2,005		2,137
Avianca Holdings
8.375%, 07/10/20(B)			39		5
EA Partners I
6.875%, 09/28/20(B)			5,617		112
EA Partners II
6.750%, 06/01/21(B)			8,245		3,628
Gol Finance
7.000%, 01/31/25			1,210		992
Hawaiian Brand Intellectual Property
5.750%, 01/20/26(A)			200		213
Spirit Loyalty Cayman
8.000%, 09/20/25(A)			900		1,017

Total Airlines					24,393

Airport Develop/Maint [0.6%]
Delhi International Airport
6.125%, 02/03/22			13,460		13,679
International Airport Finance
12.000%, 03/15/33			9,688		9,419

Total Airport Develop/Maint					23,098

Applications Software [0.0%]
Brunello Bidco
3.750%, VAR Euribor 3 Month+3.750%, 02/15/28		EUR	1,000		1,172

Auto Rent & Lease [0.2%]
Kapla Holding SAS
3.250%, VAR Euribor 3 Month+3.250%, 12/15/26		EUR	300		349
Kapla Holding SAS
3.375%, 12/15/26		EUR	769		893

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 52

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Movida Europe
5.250%, 02/08/31		$	2,220	$	2,138
Rent-A-Center
6.375%, 02/15/29(A)			2,875		3,047

Total Auto Rent & Lease					6,427

Automotive [1.3%]
Adient Global Holdings
4.875%, 08/15/26(A)			2,450		2,514
Adient US
9.000%, 04/15/25(A)			400		444
Adient US
7.000%, 05/15/26(A)			2		2
American Axle & Manufacturing
6.500%, 04/01/27			1,625		1,686
Clarios Global
6.750%, 05/15/25(A)			175		187
Dana
5.500%, 12/15/24			100		102
Dana
5.375%, 11/15/27			175		184
Dana
5.625%, 06/15/28			475		508
Dana Financing Luxembourg Sarl
5.750%, 04/15/25(A)			450		463
Dana Financing Luxembourg Sarl
6.500%, 06/01/26(A)			1,075		1,115
Ford Motor
9.000%, 04/22/25			1,325		1,605
Ford Motor Credit
3.813%, 10/12/21			950		960
Ford Motor Credit
3.339%, 03/28/22			1,300		1,315
Ford Motor Credit
4.250%, 09/20/22			1,000		1,031
Ford Motor Credit
4.140%, 02/15/23			475		491
Ford Motor Credit
3.096%, 05/04/23			850		864
Ford Motor Credit
5.584%, 03/18/24			3,450		3,724
Ford Motor Credit
4.063%, 11/01/24			2,200		2,301
Ford Motor Credit
5.125%, 06/16/25			4,750		5,125
Ford Motor Credit
3.375%, 11/13/25			2,400		2,441
Ford Motor Credit
4.271%, 01/09/27			925		960
Ford Motor Credit
4.125%, 08/17/27			1,700		1,755
Ford Motor Credit
5.113%, 05/03/29			1,500		1,607
Ford Motor Credit
4.000%, 11/13/30			2,475		2,455
Ford Motor Credit, MTN
4.389%, 01/08/26			2,100		2,207
IAA
5.500%, 06/15/27(A)			200		210
IHO Verwaltungs GmbH
4.750%cash/5.500% PIK, 09/15/26(A)			1,325		1,361
IHO Verwaltungs GmbH
6.000%cash/6.750% PIK, 05/15/27(A)			850		892
IHO Verwaltungs GmbH
6.375%cash/7.125% PIK, 05/15/29(A)			775		847
JB Poindexter
7.125%, 04/15/26(A)			2,400		2,535
KAR Auction Services
5.125%, 06/01/25(A)			2,200		2,225
Panther BF Aggregator 2
6.250%, 05/15/26(A)			450		478
Panther BF Aggregator 2
8.500%, 05/15/27(A)			4,875		5,249
Real Hero Merger Sub 2
6.250%, 02/01/29(A)			2,425		2,504

Total Automotive					52,347

Banks [2.2%]
Access Bank, MTN
10.500%, 10/19/21			3,353		3,469
Akbank T.A.S.
6.797%, VAR USD Swap Semi 30/360 5 Yr Curr+4.029%, 04/27/28			3,227		3,017
Akbank T.A.S., MTN
7.200%, VAR USD Swap Semi 30/360 5 Yr Curr+5.026%, 03/16/27			755		733
Banco do Brasil
6.250%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+4.398%, 10/15/69			6,430		6,335

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 53

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Banco Mercantil del Norte
7.625%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.353%, 10/06/67		$	1,815	$	1,992
Banco Mercantil del Norte
6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.035%, 10/06/69			3,800		3,888
Bank Nadra Via NDR Finance
8.250%, 06/22/17(B)			631		3
BBVA Bancomer
5.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.650%, 01/18/33			3,960		4,084
CorpGroup Banking
6.750%, 03/15/23			4,750		1,876
Credit Bank of Moscow Via CBOM Finance
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.416%, 10/05/27			11,325		11,479
Credit Bank of Moscow Via CBOM Finance
8.875%, VAR USD Swap Semi 30/360 5 Yr Curr+6.942%, 08/10/68			2,245		2,246
Fidelity Bank
10.500%, 10/16/22			3,300		3,507
10.500%, 10/16/22(A)			500		532
Freedom Mortgage
8.250%, 04/15/25(A)			387		403
Freedom Mortgage
7.625%, 05/01/26(A)			1,090		1,144
ING Bank, MTN
2.571%, 01/01/28		JPY	421,737		2,552
Itau Unibanco Holding, MTN
6.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.981%, 06/12/69			4,340		4,364
Sovcombank Via SovCom Capital DAC
8.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.427%, 04/07/30			5,605		5,904
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.220%, 05/24/27			3,265		3,153
Turkiye Is Bankasi
7.000%, VAR USD Swap Semi 30/360 5 Yr Curr+5.117%, 06/29/28			2,647		2,551
United Bank for Africa
7.750%, 06/08/22			17,804		18,405
Vietnam Prosperity JSC Bank, MTN
6.250%, 07/17/22			2,487		2,544
Yapi ve Kredi Bankasi
7.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.415%, 01/22/31			3,100		3,029

Total Banks					87,210

Beauty Products [0.1%]
Coty
6.500%, 04/15/26(A)			1,225		1,234
Walnut Bidco
9.125%, 08/01/24			4,040		4,314

Total Beauty Products					5,548

Broadcasting & Cable [0.6%]
Altice Financing
7.500%, 05/15/26			3,670		3,840
Altice Financing
5.000%, 01/15/28(A)			7,200		7,119
Cable One
4.000%, 11/15/30(A)			2,910		2,879
LCPR Senior Secured Financing DAC
5.125%, 07/15/29(A)			1,005		1,023
Liberty Interactive
8.500%, 07/15/29			1,000		1,140
Liberty Interactive
8.250%, 02/01/30			2,415		2,741
Telegraph Columbus
3.875%, 05/02/25		EUR	1,000		1,190
Virgin Media Secured Finance
4.250%, 01/15/30		GBP	900		1,241
Virgin Media Vendor Financing Notes III DAC
4.875%, 07/15/28		GBP	100		142

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 54

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
VTR Comunicaciones
4.375%, 04/15/29(A)		$	1,590	$	1,601
VTR Finance
6.375%, 07/15/28			2,575		2,788

Total Broadcasting & Cable					25,704

Building & Construction [0.9%]
Brundage-Bone Concrete Pumping Holdings
6.000%, 02/01/26(A)			1,970		2,054
Cemex
7.375%, 06/05/27			1,170		1,326
Cemex
5.450%, 11/19/29			2,700		2,963
Cemex
5.200%, 09/17/30			2,000		2,171
Cemex
3.875%, 07/11/31			3,320		3,242
Century Communities
5.875%, 07/15/25			1,716		1,776
HTA Group
7.000%, 12/18/25			2,150		2,292
Installed Building Products
5.750%, 02/01/28(A)			1,130		1,181
InterCement Financial Operations BV
5.750%, 07/17/24			6,390		5,575
New Home
7.250%, 10/15/25(A)			2,640		2,733
Shea Homes
4.750%, 02/15/28(A)			1,750		1,782
Summit Materials
6.500%, 03/15/27(A)			2,000		2,102
TRI Pointe Group
5.875%, 06/15/24			2,100		2,320
US Concrete
5.125%, 03/01/29(A)			3,500		3,605
Victoria
3.750%, 03/15/28		EUR	690		821
Winnebago Industries
6.250%, 07/15/28(A)			1,820		1,950
Yuksel Insaat
9.500%, 11/10/15(B)			12,655		190

Total Building & Construction					38,083

Building Materials [0.7%]
American Builders & Contractors Supply
5.875%, 05/15/26(A)			3,675		3,795
American Builders & Contractors Supply
4.000%, 01/15/28(A)			350		350
Core & Main
6.125%, 08/15/25(A)			3,575		3,669
Cornerstone Building Brands
8.000%, 04/15/26(A)			2,500		2,604
Cornerstone Building Brands
6.125%, 01/15/29(A)			825		878
CP Atlas Buyer
7.000%, 12/01/28(A)			1,600		1,682
Foundation Building Materials
6.000%, 03/01/29(A)			3,125		3,086
Interface
5.500%, 12/01/28(A)			225		233
Masonite International
5.750%, 09/15/26(A)			425		442
Standard Industries
5.000%, 02/15/27(A)			1,725		1,798
Standard Industries
4.750%, 01/15/28(A)			1,275		1,321
Standard Industries
4.375%, 07/15/30(A)			1,075		1,085
Standard Industries
3.375%, 01/15/31(A)			1,625		1,540
White Capital Buyer
6.875%, 10/15/28(A)			3,120		3,313
White Capital Parent
8.250%cash/0.000% PIK, 03/15/26(A)			925		964

Total Building Materials					26,760

Building-Heavy Construct [0.9%]
Andrade Gutierrez International
11.000%, 08/20/21			200		110
Andrade Gutierrez International
9.500%, 12/30/24			59,446		34,331
Arcosa
4.375%, 04/15/29(A)			970		970
Dycom Industries
4.500%, 04/15/29(A)			205		205
Odebrecht Holdco Finance
0.000%, 09/10/58(C)			18,384		474

Total Building-Heavy Construct					36,090

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 55

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Cable Satellite [1.6%]
Cablevision Systems
5.875%, 09/15/22		$	850	$	898
CCO Holdings
4.000%, 03/01/23(A)			1,500		1,515
CCO Holdings
5.750%, 02/15/26(A)			1,131		1,167
CCO Holdings
5.500%, 05/01/26(A)			875		902
CCO Holdings
5.125%, 05/01/27(A)			2,375		2,511
CCO Holdings
5.875%, 05/01/27(A)			1,900		1,961
CCO Holdings
5.000%, 02/01/28(A)			900		952
CCO Holdings
4.750%, 03/01/30(A)			2,125		2,202
CCO Holdings
4.500%, 08/15/30(A)			2,800		2,854
4.500%, 05/01/32(A)			575		582
CCO Holdings
4.250%, 02/01/31(A)			2,525		2,530
CSC Holdings
5.250%, 06/01/24			875		944
CSC Holdings
5.500%, 05/15/26(A)			775		799
5.500%, 04/15/27(A)			1,550		1,628
CSC Holdings
7.500%, 04/01/28(A)			900		993
CSC Holdings
5.750%, 01/15/30(A)			3,125		3,291
CSC Holdings
4.125%, 12/01/30(A)			4,300		4,271
CSC Holdings
4.625%, 12/01/30(A)			3,675		3,615
CSC Holdings
3.375%, 02/15/31(A)			400		377
DISH DBS
5.875%, 11/15/24			3,215		3,365
DISH DBS
7.750%, 07/01/26			1,550		1,707
DISH DBS
7.375%, 07/01/28			5,325		5,586
Dolya Holdco 18 DAC
5.000%, 07/15/28(A)			1,275		1,299
Intelsat Jackson Holdings
5.500%, 08/01/23(B)			725		444
Intelsat Jackson Holdings
8.500%, 10/15/24(A) (B)			875		549
Intelsat Jackson Holdings
9.750%, 07/15/25(A) (B)			525		324
Sirius XM Radio
3.875%, 08/01/22(A)			600		602
Sirius XM Radio
4.625%, 07/15/24(A)			725		747
Sirius XM Radio
5.375%, 07/15/26(A)			525		542
Sirius XM Radio
5.500%, 07/01/29(A)			2,450		2,649
Sirius XM Radio
4.125%, 07/01/30(A)			2,175		2,178
Telenet Finance Luxembourg Notes Sarl
5.500%, 03/01/28(A)			2,800		2,940
Virgin Media Finance
5.000%, 07/15/30(A)			650		649
Virgin Media Secured Finance
5.500%, 08/15/26(A)			400		415
5.500%, 05/15/29(A)			900		955
Virgin Media Secured Finance
4.500%, 08/15/30(A)			825		832
Vmed O2 UK Financing I
4.250%, 01/31/31(A)			1,725		1,677
Ziggo Bond BV
6.000%, 01/15/27(A)			2,825		2,945
Ziggo Bond BV
5.125%, 02/28/30(A)			350		358
Ziggo BV
5.500%, 01/15/27(A)			1,325		1,380
Ziggo BV
4.875%, 01/15/30(A)			200		204

Total Cable Satellite					66,339

Chemicals [1.2%]
Axalta Coating Systems
4.750%, 06/15/27(A)			250		261
Axalta Coating Systems
3.375%, 02/15/29(A)			775		756
Braskem Idesa SAPI
7.450%, 11/15/29			6,060		6,030
Braskem Netherlands Finance BV
5.875%, 01/31/50			2,010		2,023

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 56

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Braskem Netherlands Finance BV
8.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.220%, 01/23/81		$	4,540	$	5,153
Compass Minerals International
4.875%, 07/15/24(A)			1,200		1,244
Compass Minerals International
6.750%, 12/01/27(A)			1,200		1,284
Element Solutions
3.875%, 09/01/28(A)			1,975		1,951
Fire BC
4.750%, VAR Euribor 3 Month+4.750%, 09/30/24		EUR	2,341		2,636
HB Fuller
4.250%, 10/15/28			775		787
Hexion
7.875%, 07/15/27(A)			2,550		2,742
Illuminate Buyer
9.000%, 07/01/28(A)			1,450		1,632
INEOS Quattro Finance 2
3.375%, 01/15/26(A)			200		200
Koppers
6.000%, 02/15/25(A)			4,075		4,200
PQ
5.750%, 12/15/25(A)			500		513
Sasol Financing USA
4.375%, 09/18/26			1,400		1,432
Sasol Financing USA
6.500%, 09/27/28			3,605		3,886
Sasol Financing USA
5.500%, 03/18/31			2,600		2,554
Starfruit Finco BV
8.000%, 10/01/26(A)			3,575		3,798
Trinseo Materials Operating SCA
5.125%, 04/01/29(A)			190		196
Unigel Luxembourg
8.750%, 10/01/26			3,720		4,022
WR Grace & -Conn
4.875%, 06/15/27(A)			950		983

Total Chemicals					48,283

Coal Mining [1.2%]
DTEK Finance
10.750%cash/0.000% PIK, 12/31/24(B)			47,975		39,355
Eterna Capital Pte
8.000%, 12/11/22			4,763		2,249
Mongolian Mining
9.250%, 04/15/24			3,325		3,144
Mongolian Mining
0.000%, 10/01/69			5,787		2,864
New World Resources
8.000%, 04/07/20(B)		EUR	1,101		39

Total Coal Mining					47,651

Commercial Serv-Finance [0.0%]
Sabre GLBL
9.250%, 04/15/25(A)			725		865

Commercial Services [0.3%]
Legends Hospitality Holding
5.000%, 02/01/26(A)			2,256		2,296
Live Nation Entertainment
4.875%, 11/01/24(A)			1,860		1,893
Live Nation Entertainment
5.625%, 03/15/26(A)			1,150		1,194
SD International Sukuk, MTN
6.300%, 05/09/22			6,484		6,479

Total Commercial Services					11,862

Computer System Design & Services [0.1%]
Austin BidCo
7.125%, 12/15/28(A)			1,685		1,714
Dell International
8.100%, 07/15/36(A)			675		988
Dell International
8.350%, 07/15/46(A)			1,295		1,966
Unisys
6.875%, 11/01/27(A)			420		460

Total Computer System Design & Services					5,128

Computers-Memory Devices [0.0%]
Seagate HDD Cayman
4.125%, 01/15/31(A)			480		487

Construction Machinery [0.2%]
H&E Equipment Services
3.875%, 12/15/28(A)			2,325		2,261
Terex
5.000%, 05/15/29(A)			1,155		1,196

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 57

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
United Rentals North America
5.875%, 09/15/26		$	575	$	602
United Rentals North America
5.500%, 05/15/27			850		907
United Rentals North America
4.875%, 01/15/28			600		632
United Rentals North America
5.250%, 01/15/30			325		353
United Rentals North America
4.000%, 07/15/30			700		712
United Rentals North America
3.875%, 02/15/31			700		705

Total Construction Machinery					7,368

Consumer Cyclical Services [0.5%]
Allied Universal Holdco
6.625%, 07/15/26			1,575		1,670
Allied Universal Holdco
9.750%, 07/15/27(A)			5,375		5,898
Brink’s
5.500%, 07/15/25(A)			250		264
Garda World Security
4.625%, 02/15/27(A)			1,700		1,700
Go Daddy Operating
5.250%, 12/01/27(A)			1,475		1,541
GW B-CR Security
9.500%, 11/01/27(A)			4,018		4,448
Signal Parent
6.125%, 04/01/29(A)			5,397		5,343

Total Consumer Cyclical Services					20,864

Consumer Products [0.1%]
Edgewell Personal Care
5.500%, 06/01/28(A)			875		924
Edgewell Personal Care
4.125%, 04/01/29(A)			900		895
Energizer Holdings
4.750%, 06/15/28(A)			550		567
Energizer Holdings
4.375%, 03/31/29(A)			1,450		1,455
Prestige Brands
5.125%, 01/15/28(A)			475		498
Prestige Brands
3.750%, 04/01/31(A)			600		572

Total Consumer Products					4,911

Containers & Packaging [0.2%]
Graham Packaging
7.125%, 08/15/28(A)			500		532
Guala Closures
3.500%, VAR Euribor 3 Month+3.500%, 04/15/24		EUR	250		293
Klabin Austria GmbH
3.200%, 01/12/31			1,665		1,593
Klabin Austria GmbH
7.000%, 04/03/49			3,245		3,886
TriMas
4.125%, 04/15/29(A)			380		380

Total Containers & Packaging					6,684

Dialysis Centers [0.0%]
DaVita
3.750%, 02/15/31(A)			1,500		1,437

Diversified Manufacturing [0.3%]
Colfax
6.000%, 02/15/24(A)			250		258
Colfax
6.375%, 02/15/26(A)			200		213
Entegris
4.625%, 02/10/26(A)			575		595
Gates Global
6.250%, 01/15/26(A)			4,450		4,661
Stevens Holding
6.125%, 10/01/26(A)			425		455
Titan Acquisition
7.750%, 04/15/26(A)			300		312
WESCO Distribution
5.375%, 06/15/24			775		790
WESCO Distribution
7.125%, 06/15/25(A)			825		902
WESCO Distribution
7.250%, 06/15/28(A)			2,250		2,518

Total Diversified Manufacturing					10,704

Diversified Minerals [0.0%]
Volcan Cia Minera SAA
5.375%, 02/02/22			860		879

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 58

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Drugs [0.7%]
Cheplapharm Arzneimittel GmbH
4.375%, 01/15/28		EUR	200	$	245
Diocle Spa
3.875%, VAR Euribor 3 Month+3.875%, 06/30/26		EUR	315		370
Teva Pharmaceutical Finance
6.150%, 02/01/36		$	7,560		8,172
Teva Pharmaceutical Finance Netherlands III BV
6.000%, 04/15/24			1,850		1,970
Teva Pharmaceutical Finance Netherlands III BV
3.150%, 10/01/26			2,085		1,994
Teva Pharmaceutical Finance Netherlands III BV
6.750%, 03/01/28			12,945		14,564

Total Drugs					27,315

E-Commerce/Products [0.0%]
B2W Digital Lux Sarl
4.375%, 12/20/30			1,690		1,654

E-Commerce/Services [0.2%]
GrubHub Holdings
5.500%, 07/01/27(A)			3,863		4,018
TripAdvisor
7.000%, 07/15/25(A)			1,820		1,968
Uber Technologies
6.250%, 01/15/28(A)			1,750		1,892

Total E-Commerce/Services					7,878

Educational Services [0.1%]
Adtalem Global Education
5.500%, 03/01/28(A)			1,975		1,950

Electric Utilities [1.5%]
AES Gener
7.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.644%, 03/26/79			4,715		5,073
AES Panama Generation Holdings SRL
4.375%, 05/31/30			2,040		2,115
Empresa Electrica Guacolda
4.560%, 04/30/25			3,200		2,693
Eskom Holdings SOC
7.125%, 02/11/25			335		347
GCL New Energy Holdings
7.100%, 01/30/21(B)			8,021		6,707
Genneia
8.750%, 01/20/22			825		739
Instituto Costarricense de Electricidad
6.950%, 11/10/21			11,875		12,035
Pampa Energia
7.375%, 07/21/23			2,152		1,998
Perusahaan Listrik Negara
5.500%, 11/22/21			626		646
Perusahaan Listrik Negara, MTN
5.250%, 05/15/47			316		348
Perusahaan Listrik Negara, MTN
6.150%, 05/21/48			519		633
Stoneway Capital
10.000%, 03/01/27(B)			66,142		24,473
Talen Energy Supply
10.500%, 01/15/26(A)			645		577

Total Electric Utilities					58,384

Electric-Distribution [0.1%]
Comision Federal de Electricidad
4.875%, 01/15/24			590		646
Comision Federal de Electricidad
5.750%, 02/14/42			715		782
Energia Group NI FinanceCo
4.750%, 09/15/24		GBP	2,000		2,785

Total Electric-Distribution					4,213

Energy & Power [0.3%]
Dtek Renewables Finance BV
8.500%, 11/12/24		EUR	2,000		2,311
Greenko Dutch BV
4.875%, 07/24/22			562		568
Greenko Solar Mauritius
5.950%, 07/29/26			1,435		1,538
India Green Energy Holdings
5.375%, 04/29/24			1,060		1,102

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 59

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Neerg Energy
6.000%, 02/13/22		$	6,756	$	6,847
Sheridan Production Partners
0.000%			11		1

Total Energy & Power					12,367

Engineering/R and D Services [0.1%]
Fluor
3.500%, 12/15/24			22		23
Fluor
4.250%, 09/15/28			1,915		1,937

Total Engineering/R and D Services					1,960

Enterprise Software/Serv [0.0%]
Boxer Parent
6.500%, 10/02/25		EUR	118		147

Entertainment & Gaming [0.2%]
Gamma Bidco
5.125%, 07/15/25		EUR	800		940
NagaCorp
9.375%, 05/21/21			8,859		8,895

Total Entertainment & Gaming					9,835

Export/Import Bank [0.1%]
Development Bank of Mongolia
7.250%, 10/23/23			204		221
Export-Import Bank of India
3.375%, 08/05/26			284		301
Export-Import Bank of India, MTN
4.000%, 01/14/23			415		437
Ukreximbank Via Biz Finance
9.625%, 04/27/22			1,500		1,548

Total Export/Import Bank					2,507

Finance Companies [0.5%]
LD Holdings Group
6.125%, 04/01/28(A)			3,740		3,803
Navient
6.500%, 06/15/22			600		630
Navient
7.250%, 09/25/23			525		568
Navient
5.875%, 10/25/24			1,575		1,654
Navient
6.750%, 06/25/25			925		1,005
6.750%, 06/15/26			200		217
Navient
5.000%, 03/15/27			750		752
Navient
4.875%, 03/15/28			975		954
Navient, MTN
5.500%, 01/25/23			150		155
Navient, MTN
6.125%, 03/25/24			425		449
Quicken Loans
5.250%, 01/15/28(A)			1,575		1,658
Quicken Loans
3.625%, 03/01/29(A)			1,325		1,282
Quicken Loans
3.875%, 03/01/31(A)			1,925		1,857
United Wholesale Mortgage
5.500%, 11/15/25(A)			3,300		3,440
5.500%, 04/15/29(A)			3,505		3,501

Total Finance Companies					21,925

Financial Services [1.3%]
Alliance Data Systems
4.750%, 12/15/24(A)			3,775		3,874
Alliance Data Systems
7.000%, 01/15/26(A)			3,815		4,083
Credit Acceptance
5.125%, 12/31/24(A)			735		750
Encore Capital Group
5.375%, 02/15/26		GBP	470		675
Encore Capital Group
4.250%, VAR Euribor 3 Month+4.250%, 01/15/28		EUR	800		957
Garfunkelux Holdco 3
6.750%, 11/01/25		EUR	900		1,091
Garfunkelux Holdco 3
7.750%, 11/01/25		GBP	900		1,282
Genworth Mortgage Holdings
6.500%, 08/15/25(A)			1,178		1,273
India Infoline Finance, MTN
5.875%, 04/20/23			4,200		4,158
LD Holdings Group
6.500%, 11/01/25(A)			390		408

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 60

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
MGIC Investment
5.250%, 08/15/28		$	3,090	$	3,217
Nationstar Mortgage Holdings
6.000%, 01/15/27(A)			6,530		6,775
NT Rig Holdco Pte
12.000%, 12/20/21			2,674		2,661
OEC Finance
4.375%, 10/25/29			60		10
OEC Finance
5.250%, 12/27/33			6,962		1,114
OEC Finance
7.125%, 12/26/46			6,059		969
OEC Finance
7.500%, 03/14/70			1,011		187
Oilflow SPV 1 DAC
12.000%, 01/13/22			5,001		5,057
OneMain Finance
6.875%, 03/15/25			1,500		1,706
PennyMac Financial Services
5.375%, 10/15/25(A)			1,129		1,170
PennyMac Financial Services
4.250%, 02/15/29(A)			1,675		1,602
Radian Group
6.625%, 03/15/25			3,725		4,174
Russian Standard
13.000%cash/0.000% PIK, 10/27/22(B)			—		—
Shriram Transport Finance, MTN
5.700%, 02/27/22			5,594		5,663

Total Financial Services					52,856

Food & Beverage [0.6%]
Aramark Services
5.000%, 04/01/25(A)			625		640
5.000%, 02/01/28(A)			2,850		2,958
Aramark Services
6.375%, 05/01/25(A)			125		132
B&G Foods
5.250%, 04/01/25			725		745
Kraft Heinz Foods
4.250%, 03/01/31			1,175		1,294
Kraft Heinz Foods
5.200%, 07/15/45			200		231
Kraft Heinz Foods
4.375%, 06/01/46			4,400		4,587
Lamb Weston Holdings
4.625%, 11/01/24(A)			375		389
Lamb Weston Holdings
4.875%, 11/01/26(A)			1,025		1,061
4.875%, 05/15/28(A)			275		295
Post Holdings
5.750%, 03/01/27(A)			1,400		1,473
Post Holdings
5.625%, 01/15/28(A)			2,800		2,946
Post Holdings
5.500%, 12/15/29(A)			850		910
Post Holdings
4.625%, 04/15/30(A)			325		326
Post Holdings
4.500%, 09/15/31(A)			2,640		2,611
US Foods
4.750%, 02/15/29(A)			2,340		2,340

Total Food & Beverage					22,938

Food, Beverage & Tobacco [0.4%]
BRF
5.750%, 09/21/50			3,935		3,887
CEDC Finance International
10.000%, 12/31/22(A)			7,230		5,377
MARB BondCo
3.950%, 01/29/31			2,400		2,294
Simmons Foods
4.625%, 03/01/29(A)			960		968
Turning Point Brands
5.625%, 02/15/26(A)			1,735		1,800
Vector Group
10.500%, 11/01/26(A)			1,085		1,163
Vector Group
5.750%, 02/01/29(A)			1,925		1,985

Total Food, Beverage & Tobacco					17,474

Footwear and Related Apparel [0.0%]
Crocs
4.250%, 03/15/29(A)			1,491		1,458

Gaming [0.9%]
Affinity Gaming
6.875%, 12/15/27(A)			1,475		1,554
Bally’s
6.750%, 06/01/27(A)			925		992
Boyd Gaming
8.625%, 06/01/25(A)			175		195
Boyd Gaming
6.375%, 04/01/26			1,875		1,933

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 61

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Boyd Gaming
6.000%, 08/15/26		$	1,175	$	1,223
Boyd Gaming
4.750%, 12/01/27			1,100		1,121
Caesars Resort Collection
5.250%, 10/15/25(A)			1,825		1,841
CCM Merger
6.375%, 05/01/26(A)			225		239
Colt Merger Sub
5.750%, 07/01/25(A)			475		501
Colt Merger Sub
6.250%, 07/01/25(A)			1,150		1,223
Colt Merger Sub
8.125%, 07/01/27(A)			2,150		2,372
MGM Growth Properties Operating Partnership
5.625%, 05/01/24			425		456
MGM Growth Properties Operating Partnership
4.625%, 06/15/25(A)			400		422
MGM Growth Properties Operating Partnership
4.500%, 09/01/26			875		916
MGM Growth Properties Operating Partnership
3.875%, 02/15/29(A)			250		249
MGM Resorts International
6.000%, 03/15/23			500		536
MGM Resorts International
6.750%, 05/01/25			1,075		1,156
MGM Resorts International
4.625%, 09/01/26			782		820
MGM Resorts International
5.500%, 04/15/27			762		819
MGM Resorts International
4.750%, 10/15/28			775		800
Mohegan Gaming & Entertainment
7.875%, 10/15/24(A)			950		991
Mohegan Gaming & Entertainment
8.000%, 02/01/26(A)			3,600		3,632
Scientific Games International
8.625%, 07/01/25(A)			75		82
Scientific Games International
8.250%, 03/15/26(A)			125		134
Scientific Games International
7.250%, 11/15/29(A)			825		895
Stars Group Holdings BV
7.000%, 07/15/26(A)			4,750		4,964
Station Casinos
5.000%, 10/01/25(A)			1,365		1,382
Station Casinos
4.500%, 02/15/28(A)			2,450		2,438
Sugarhouse HSP Gaming Prop Mezz
5.875%, 05/15/25(A)			200		195
VICI Properties
3.500%, 02/15/25(A)			75		76
VICI Properties
4.250%, 12/01/26(A)			900		921
VICI Properties
3.750%, 02/15/27(A)			100		100
VICI Properties
4.625%, 12/01/29(A)			1,800		1,867
VICI Properties
4.125%, 08/15/30(A)			275		278

Total Gaming					37,323

Gas-Distribution [0.0%]
China Oil & Gas Group
4.625%, 04/20/22			100		101

Health Insurance [0.2%]
Centene
5.375%, 06/01/26(A)			1,825		1,909
5.375%, 08/15/26(A)			2,650		2,796
Centene
4.250%, 12/15/27			1,075		1,130
Centene
4.625%, 12/15/29			500		541
Centene
3.375%, 02/15/30			250		252
Centene
3.000%, 10/15/30			1,225		1,223
Molina Healthcare
3.875%, 11/15/30(A)			325		333

Total Health Insurance					8,184

Healthcare [1.5%]
Acadia Healthcare
5.500%, 07/01/28(A)			875		921
Acadia Healthcare
5.000%, 04/15/29(A)			250		260

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 62

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
AdaptHealth
4.625%, 08/01/29(A)		$	650	$	647
Avantor Funding
4.625%, 07/15/28(A)			2,550		2,663
Charles River Laboratories International
4.250%, 05/01/28(A)			100		103
Charles River Laboratories International
3.750%, 03/15/29(A)			475		476
Charles River Laboratories International
4.000%, 03/15/31(A)			475		483
CHS
6.625%, 02/15/25(A)			725		765
CHS
8.000%, 03/15/26(A)			750		811
8.000%, 12/15/27(A)			300		329
CHS
5.625%, 03/15/27(A)			750		789
CHS
6.000%, 01/15/29(A)			250		264
CHS
6.875%, 04/15/29(A)			2,500		2,613
DaVita
4.625%, 06/01/30(A)			2,520		2,563
Global Medical Response
6.500%, 10/01/25(A)			3,575		3,700
HCA
5.875%, 05/01/23			700		762
5.875%, 02/15/26			1,575		1,805
5.875%, 02/01/29			175		204
HCA
5.375%, 02/01/25			1,975		2,203
5.375%, 09/01/26			375		423
HCA
5.625%, 09/01/28			150		173
HCA
3.500%, 09/01/30			4,800		4,855
IQVIA
5.000%, 10/15/26(A)			1,475		1,532
5.000%, 05/15/27(A)			325		343
LifePoint Health
6.750%, 04/15/25(A)			1,250		1,328
LifePoint Health
4.375%, 02/15/27(A)			400		392
LifePoint Health
5.375%, 01/15/29(A)			4,650		4,580
MEDNAX
6.250%, 01/15/27(A)			1,125		1,203
MPH Acquisition Holdings
5.750%, 11/01/28(A)			5,539		5,432
RegionalCare Hospital Partners Holdings
9.750%, 12/01/26(A)			2,350		2,544
Team Health Holdings
6.375%, 02/01/25(A)			2,525		2,225
Teleflex
4.875%, 06/01/26			675		692
Teleflex
4.625%, 11/15/27			125		132
Teleflex
4.250%, 06/01/28(A)			100		104
Tenet Healthcare
6.750%, 06/15/23			950		1,027
Tenet Healthcare
4.625%, 07/15/24			625		635
Tenet Healthcare
5.125%, 05/01/25			1,025		1,039
5.125%, 11/01/27(A)			2,075		2,170
Tenet Healthcare
4.875%, 01/01/26(A)			550		572
Tenet Healthcare
6.250%, 02/01/27(A)			1,800		1,901
Tenet Healthcare
6.125%, 10/01/28(A)			3,525		3,671
Vizient
6.250%, 05/15/27(A)			1,600		1,698

Total Healthcare					61,032

Hotels and Motels [0.2%]
Marriott Ownership Resorts
4.750%, 01/15/28			4,595		4,641
Travel + Leisure
6.625%, 07/31/26(A)			600		681
Travel + Leisure
4.625%, 03/01/30(A)			955		990

Total Hotels and Motels					6,312

Human Resources [0.0%]
House of Finance
4.375%, 07/15/26		EUR	230		274

Independent Energy [1.5%]
Antero Resources
5.625%, 06/01/23			2,105		2,112
Antero Resources
5.000%, 03/01/25			1,130		1,131
Antero Resources
8.375%, 07/15/26(A)			1,290		1,422

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 63

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Antero Resources
7.625%, 02/01/29(A)		$	125	$	133
Apache
4.625%, 11/15/25			250		257
Apache
4.875%, 11/15/27			875		897
Ascent Resources Utica Holdings
7.000%, 11/01/26(A)			725		725
Ascent Resources Utica Holdings
9.000%, 11/01/27(A)			276		350
Ascent Resources Utica Holdings
8.250%, 12/31/28(A)			2,695		2,803
Berry Petroleum
7.000%, 02/15/26(A)			550		532
Callon Petroleum
6.125%, 10/01/24			1,155		982
Callon Petroleum
6.375%, 07/01/26			175		138
Carrizo Oil & Gas
6.250%, 04/15/23			575		512
Carrizo Oil & Gas
8.250%, 07/15/25			325		276
Centennial Resource Production
6.875%, 04/01/27(A)			1,300		1,157
Chesapeake Energy
7.000%, 10/01/24(B)			575		21
Chesapeake Energy
5.500%, 02/01/26(A)			1,330		1,384
Chesapeake Energy
5.875%, 02/01/29(A)			225		239
Comstock Resources
6.750%, 03/01/29(A)			1,750		1,794
Continental Resources
4.375%, 01/15/28			650		687
Continental Resources
5.750%, 01/15/31(A)			1,750		1,977
CrownRock
5.625%, 10/15/25(A)			2,400		2,448
Double Eagle III Midco 1
7.750%, 12/15/25(A)			3,395		3,625
Endeavor Energy Resources
6.625%, 07/15/25(A)			2,445		2,613
Endeavor Energy Resources
5.750%, 01/30/28(A)			900		951
EQT Corp
7.625%, 02/01/25			675		777
EQT Corp
8.500%, 02/01/30			1,200		1,530
EQT Corp
3.900%, 10/01/27			375		383
EQT Corp
5.000%, 01/15/29			300		321
Occidental Petroleum
2.900%, 08/15/24			875		865
Occidental Petroleum
3.500%, 06/15/25			2,265		2,242
Occidental Petroleum						��
8.000%, 07/15/25			750		861
Occidental Petroleum
5.875%, 09/01/25			2,550		2,719
Occidental Petroleum
3.200%, 08/15/26			1,275		1,222
Occidental Petroleum
8.875%, 07/15/30			1,400		1,765
Occidental Petroleum
6.625%, 09/01/30			1,050		1,180
Occidental Petroleum
6.450%, 09/15/36			4,550		5,024
Occidental Petroleum
4.300%, 08/15/39			1,575		1,327
Occidental Petroleum
4.100%, 02/15/47			425		340
Occidental Petroleum
4.400%, 08/15/49			750		623
PDC Energy
6.125%, 09/15/24			775		795
PDC Energy
5.750%, 05/15/26			1,050		1,089
Range Resources
5.000%, 03/15/23			187		190
Range Resources
4.875%, 05/15/25			847		838
Range Resources
9.250%, 02/01/26			1,275		1,385
Range Resources
8.250%, 01/15/29(A)			150		161
SM Energy
5.000%, 01/15/24			300		282
SM Energy
5.625%, 06/01/25			500		463
SM Energy
6.750%, 09/15/26			1,075		993
SM Energy
6.625%, 01/15/27			400		370
Southwestern Energy
7.750%, 10/01/27			375		401

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 64

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Ultra Resources Inc
7.125%, 04/15/25		$	400	$	—
WPX Energy
5.250%, 10/15/27			825		879
WPX Energy
4.500%, 01/15/30			145		156

Total Independent Energy					58,347

Industrial - Other [0.1%]
Booz Allen Hamilton
3.875%, 09/01/28(A)			300		301
Cushman & Wakefield US Borrower
6.750%, 05/15/28(A)			725		784
Vertical Holdco GmbH
7.625%, 07/15/28(A)			1,100		1,183

Total Industrial - Other					2,268

Industrial Services [0.2%]
Prime Security Services Borrower
5.250%, 04/15/24(A)			2,865		3,056
Prime Security Services Borrower
5.750%, 04/15/26			4,000		4,317
Verisure Holding
3.875%, 07/15/26		EUR	1,100		1,330

Total Industrial Services					8,703

Insurance - P&C [0.9%]
Alliant Holdings Intermediate
6.750%, 10/15/27(A)			4,075		4,373
AmWINS Group
7.750%, 07/01/26(A)			3,900		4,173
Ardonagh Midco 2
11.500%, 01/15/27(A)			1,836		1,964
AssuredPartners
7.000%, 08/15/25(A)			2,325		2,398
AssuredPartners
5.625%, 01/15/29(A)			1,975		2,013
GTCR AP Finance
8.000%, 05/15/27(A)			1,900		2,040
HUB International
7.000%, 05/01/26(A)			9,075		9,423
NFP
7.000%, 05/15/25(A)			300		322
NFP
6.875%, 08/15/28(A)			5,575		5,790
USI
6.875%, 05/01/25(A)			4,275		4,350

Total Insurance - P&C					36,846

Internet Connectiv Svcs [0.1%]
Northwest Fiber
6.000%, 02/15/28(A)			1,975		1,970
United Group
4.875%, 07/01/24		EUR	650		775
United Group BV
4.125%, VAR Euribor 3 Month+4.125%, 05/15/25		EUR	1,500		1,750
United Group BV
3.250%, VAR Euribor 3 Month+3.250%, 02/15/26		EUR	400		458
United Group BV
3.625%, 02/15/28		EUR	300		341

Total Internet Connectiv Svcs					5,294

Internet Telephony [0.1%]
Cablevision Lightpath
3.875%, 09/15/27(A)			1,500		1,485
Cablevision Lightpath
5.625%, 09/15/28(A)			2,040		2,070

Total Internet Telephony					3,555

Investment Companies [0.5%]
Cliffton
6.250%, 10/25/25			10,250		10,189
Compass Group Diversified Holdings
5.250%, 04/15/29(A)			1,881		1,970
Icahn Enterprises
4.750%, 09/15/24			3,700		3,842
Icahn Enterprises
4.375%, 02/01/29(A)			3,060		2,990

Total Investment Companies					18,991

Leisure [0.1%]
SeaWorld Parks & Entertainment
9.500%, 08/01/25(A)			2,025		2,201
Six Flags Entertainment
4.875%, 07/31/24(A)			250		252

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 65

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Six Flags Entertainment
5.500%, 04/15/27(A)		$	1,750	$	1,814
Six Flags Theme Parks
7.000%, 07/01/25(A)			200		216
VOC Escrow
5.000%, 02/15/28(A)			475		469

Total Leisure					4,952

Lodging [0.1%]
Hilton Domestic Operating
5.750%, 05/01/28(A)			300		323
Hilton Domestic Operating
3.750%, 05/01/29(A)			925		915
Hilton Domestic Operating
4.875%, 01/15/30			375		398
Hilton Domestic Operating
3.625%, 02/15/32(A)			1,300		1,262
RHP Hotel Properties
4.750%, 10/15/27			700		717
Wyndham Hotels & Resorts
5.375%, 04/15/26(A)			375		383
Wyndham Hotels & Resorts
4.375%, 08/15/28(A)			475		481

Total Lodging					4,479

Machinery [0.0%]
BWX Technologies
4.125%, 04/15/29(A)			205		208
Manitowoc
9.000%, 04/01/26(A)			325		350

Total Machinery					558

Media Entertainment [2.0%]
AMC Networks
5.000%, 04/01/24			1,172		1,187
AMC Networks
4.750%, 08/01/25			450		462
AMC Networks
4.250%, 02/15/29			1,875		1,823
Cumulus Media New Holdings
6.750%, 07/01/26(A)			1,373		1,399
Diamond Sports Group
5.375%, 08/15/26(A)			6,805		4,898
Diamond Sports Group
6.625%, 08/15/27(A)			1,850		971
Entercom Media
7.250%, 11/01/24(A)			1,250		1,294
Entercom Media
6.500%, 05/01/27(A)			4,175		4,316
Entercom Media
6.750%, 03/31/29(A)			725		753
Gray Television
5.875%, 07/15/26(A)			1,400		1,451
Gray Television
7.000%, 05/15/27(A)			1,300		1,413
Gray Television
4.750%, 10/15/30(A)			2,885		2,860
iHeartCommunications
6.375%, 05/01/26			444		471
iHeartCommunications
8.375%, 05/01/27			7,654		8,219
iHeartCommunications
5.250%, 08/15/27(A)			375		386
iHeartCommunications
4.750%, 01/15/28(A)			1,350		1,360
Lamar Media
3.750%, 02/15/28			450		449
Lamar Media
4.875%, 01/15/29			1,525		1,596
Match Group
5.000%, 12/15/27(A)			1,225		1,283
Match Group
4.625%, 06/01/28(A)			550		562
Match Group
4.125%, 08/01/30(A)			1,275		1,279
Nexstar Broadcasting
5.625%, 07/15/27(A)			4,325		4,547
Nexstar Broadcasting
4.750%, 11/01/28(A)			4,030		4,072
Nielsen Finance
5.000%, 04/15/22(A)			1,361		1,361
Nielsen Finance
5.625%, 10/01/28(A)			825		868
Nielsen Finance
5.875%, 10/01/30(A)			925		999
Nielsen Luxembourg SARL
5.000%, 02/01/25(A)			550		562
Outfront Media Capital
4.250%, 01/15/29(A)			975		939
Outfront Media Capital
4.625%, 03/15/30(A)			75		72
Scripps Escrow
5.875%, 07/15/27(A)			1,750		1,802
Scripps Escrow II
3.875%, 01/15/29(A)			450		442

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 66

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Scripps Escrow II
5.375%, 01/15/31(A)		$	1,345	$	1,339
Sinclair Television Group
5.875%, 03/15/26(A)			1,825		1,857
Sinclair Television Group
5.125%, 02/15/27(A)			5,000		4,881
Sinclair Television Group
5.500%, 03/01/30(A)			525		512
TEGNA
5.500%, 09/15/24(A)			42		42
TEGNA
4.750%, 03/15/26(A)			225		239
TEGNA
4.625%, 03/15/28			2,805		2,854
TEGNA
5.000%, 09/15/29			4,950		5,137
Terrier Media Buyer
8.875%, 12/15/27(A)			6,575		7,075
Townsquare Media
6.875%, 02/01/26(A)			650		692
Urban One
7.375%, 02/01/28(A)			1,275		1,320
WMG Acquisition
3.875%, 07/15/30(A)			375		379

Total Media Entertainment					80,423

Medical Labs and Testing Srv [0.0%]
Synlab Bondco
4.750%, VAR Euribor 3 Month+4.750%, 07/01/25		EUR	310		369
US Acute Care Solutions
6.375%, 03/01/26(A)			1,100		1,141

Total Medical Labs and Testing Srv					1,510

Medical Products & Services [0.2%]
3AB Optique Developpement SAS
4.125%, VAR Euribor 3 Month+4.125%, 10/01/23		EUR	217		253
AHP Health Partners
9.750%, 07/15/26(A)			2,150		2,330
Cidron Aida Finco Sarl
6.250%, 04/01/28		GBP	1,300		1,810
Rede D’or Finance Sarl
4.500%, 01/22/30			2,080		2,045

Total Medical Products & Services					6,438

Medical-HMO [0.1%]
Molina Healthcare
4.375%, 06/15/28(A)			1,985		2,043

Medical-Whsle Drug Dist [0.0%]
Owens & Minor
4.500%, 03/31/29(A)			1,575		1,583

Metal-Copper [0.4%]
First Quantum Minerals
7.250%, 04/01/23			7,880		8,030
First Quantum Minerals
6.875%, 03/01/26			6,185		6,413
6.875%, 10/15/27			2,680		2,878

Total Metal-Copper					17,321

Metal-Iron [0.9%]
Cleveland-Cliffs
5.750%, 03/01/25			1,145		1,181
Cleveland-Cliffs
9.875%, 10/17/25(A)			1,222		1,431
PJSC Koks via IMH Capital DAC
5.900%, 09/23/25			2,040		2,180
Samarco Mineracao
4.125%, 11/01/22(B)			2,500		1,957
Samarco Mineracao
5.750%, 10/24/23(B)			17,562		14,847
Samarco Mineracao
5.375%, 09/26/24(B)			15,980		13,546

Total Metal-Iron					35,142

Metals & Mining [2.1%]
Cleveland-Cliffs
4.625%, 03/01/29(A)			2,560		2,556
Cleveland-Cliffs
4.875%, 03/01/31(A)			1,800		1,769
Coeur Mining
5.875%, 06/01/24			—		—
Coeur Mining
5.125%, 02/15/29(A)			1,350		1,291
Freeport-McMoRan
5.000%, 09/01/27			475		505
Freeport-McMoRan
4.125%, 03/01/28			300		315
Freeport-McMoRan
4.375%, 08/01/28			625		663
Freeport-McMoRan
5.250%, 09/01/29			400		437

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 67

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Freeport-McMoRan
4.625%, 08/01/30		$	2,100	$	2,285
Freeport-McMoRan
5.400%, 11/14/34			875		1,042
Indonesia Asahan Aluminium Persero
5.710%, 11/15/23			376		415
Indonesia Asahan Aluminium Persero
5.450%, 05/15/30			251		286
Indonesia Asahan Aluminium Persero
6.757%, 11/15/48			802		1,002
Indonesia Asahan Aluminium Persero
5.800%, 05/15/50			217		249
Novelis Sheet Ingot GmbH
3.375%, 04/15/29(A)		EUR	300		362
TiZir
9.500%, 07/19/22(A)			15		15
Vedanta Resources
8.250%, 06/07/21			24,990		25,052
Vedanta Resources
6.375%, 07/30/22			24,410		23,195
Vedanta Resources Finance II
8.000%, 04/23/23			1,060		970
Vedanta Resources Finance II
13.875%, 01/21/24			1,285		1,385
Vedanta Resources Finance II
8.950%, 03/11/25			15,400		14,715
8.950%, 03/11/25(A)			4,820		4,612

Total Metals & Mining					83,121

Midstream [1.6%]
AmeriGas Partners
5.500%, 05/20/25			375		408
AmeriGas Partners
5.875%, 08/20/26			1,175		1,293
AmeriGas Partners
5.750%, 05/20/27			925		1,008
Antero Midstream Partners
5.375%, 09/15/24			2,365		2,391
Antero Midstream Partners
7.875%, 05/15/26(A)			675		726
Antero Midstream Partners
5.750%, 03/01/27(A)			4,025		4,026
5.750%, 01/15/28(A)			1,800		1,798
Buckeye Partners
4.125%, 03/01/25(A)			600		612
Buckeye Partners
4.500%, 03/01/28(A)			725		727
Cheniere Energy
4.625%, 10/15/28(A)			1,300		1,352
Cheniere Energy Partners
5.625%, 10/01/26			100		104
Cheniere Energy Partners
4.500%, 10/01/29			1,300		1,352
Cheniere Energy Partners
4.000%, 03/01/31(A)			1,875		1,908
CNX Midstream Partners
6.500%, 03/15/26(A)			2,750		2,798
EQM Midstream Partners
4.500%, 01/15/29(A)			600		585
EQM Midstream Partners
4.750%, 01/15/31(A)			1,450		1,406
EQT Midstream Partners
4.750%, 07/15/23			245		254
EQT Midstream Partners
6.000%, 07/01/25(A)			675		726
EQT Midstream Partners
6.500%, 07/01/27(A)			3,370		3,664
6.500%, 07/15/48			925		923
EQT Midstream Partners
5.500%, 07/15/28			2,425		2,546
Hess Midstream Operations
5.625%, 02/15/26(A)			575		594
Hess Midstream Operations
5.125%, 06/15/28(A)			825		834
Holly Energy Partners
5.000%, 02/01/28(A)			1,550		1,570
NuStar Logistics
5.750%, 10/01/25			300		321
NuStar Logistics
6.000%, 06/01/26			800		862
NuStar Logistics
5.625%, 04/28/27			2,400		2,511
NuStar Logistics
6.375%, 10/01/30			600		648
Oasis Midstream Partners
8.000%, 04/01/29(A)			1,125		1,156
Rattler Midstream
5.625%, 07/15/25(A)			1,350		1,410
Solaris Midstream Holdings
7.625%, 04/01/26(A)			400		409
Suburban Propane Partners
5.500%, 06/01/24			1,225		1,244
Suburban Propane Partners
5.750%, 03/01/25			850		864

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 68

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Suburban Propane Partners
5.875%, 03/01/27		$	1,775	$	1,846
Summit Midstream Holdings
5.500%, 08/15/22			1,200		1,161
Summit Midstream Holdings
5.750%, 04/15/25			2,225		1,813
Sunoco
5.500%, 02/15/26			725		745
Targa Resources Partners
5.875%, 04/15/26			825		864
Targa Resources Partners
5.375%, 02/01/27			1,075		1,115
Targa Resources Partners
6.500%, 07/15/27			2,050		2,228
Targa Resources Partners
5.000%, 01/15/28			1,875		1,952
Targa Resources Partners
5.500%, 03/01/30			1,475		1,549
Targa Resources Partners
4.875%, 02/01/31			875		886
Targa Resources Partners
4.000%, 01/15/32(A)			375		353
TransMontaigne Partners
6.125%, 02/15/26			700		703
Western Midstream Operating
4.000%, 07/01/22			800		820
Western Midstream Operating
4.350%, 02/01/25			500		518
Western Midstream Operating
4.650%, 07/01/26			150		157
Western Midstream Operating
4.500%, 03/01/28			1,050		1,080
Western Midstream Operating
4.750%, 08/15/28			200		209
Western Midstream Operating
5.300%, 02/01/30			200		217
5.300%, 03/01/48			2,475		2,484
Western Midstream Operating
5.450%, 04/01/44			400		410
Western Midstream Operating
5.500%, 08/15/48			800		787
Western Midstream Operating
6.500%, 02/01/50			900		973

Total Midstream					65,900

Miscellaneous Manufacturing [0.2%]
Anolis Capital Markets PCC
4.150%, 01/01/28		EUR	1,287		1,185
Hilong Holding
7.250%, 06/22/20(B)			7,850		6,123
TMK OAO Via TMK Capital
4.300%, 02/12/27			1,990		2,008

Total Miscellaneous Manufacturing					9,316

Non-Ferrous Metals [0.1%]
Nacional del Cobre de Chile
4.250%, 07/17/42			401		435
Nacional del Cobre de Chile
5.625%, 10/18/43			582		750
Nacional del Cobre de Chile
4.875%, 11/04/44			1,101		1,298
Nacional del Cobre de Chile
4.500%, 08/01/47			400		452
Nacional del Cobre de Chile
4.375%, 02/05/49			575		638
Nacional del Cobre de Chile
3.150%, 01/15/51(A)			346		317

Total Non-Ferrous Metals					3,890

Oil Field Services [0.3%]
Archrock Partners
6.875%, 04/01/27(A)			2,075		2,163
Archrock Partners
6.250%, 04/01/28(A)			1,750		1,778
Nabors Industries
7.250%, 01/15/26(A)			1,400		1,162
Nabors Industries
7.500%, 01/15/28(A)			400		329
Precision Drilling
7.750%, 12/15/23			775		777

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 69

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Precision Drilling
5.250%, 11/15/24		$	425	$	393
Precision Drilling
7.125%, 01/15/26(A)			200		194
Shelf Drilling Holdings
8.250%, 02/15/25(A)			850		621
USA Compression Partners
6.875%, 04/01/26			4,365		4,477
6.875%, 09/01/27			1,475		1,519

Total Oil Field Services					13,413

Oil-Field Services [0.1%]
ChampionX
6.375%, 05/01/26			1,883		1,972
Oceaneering International
4.650%, 11/15/24			1,165		1,124
Oceaneering International
6.000%, 02/01/28			750		718
Transocean Proteus
6.250%, 12/01/24(A)			960		912

Total Oil-Field Services					4,726

Packaging [1.1%]
ARD Finance
6.500%cash/7.250% PIK, 06/30/27(A)			4,300		4,514
Ardagh Metal Packaging Finance USA
4.000%, 09/01/29(A)			1,275		1,272
Ardagh Packaging Finance
6.000%, 02/15/25(A)			1,550		1,597
Ardagh Packaging Finance
5.250%, 08/15/27(A)			3,125		3,200
Ball
2.875%, 08/15/30			1,900		1,830
Berry Global
5.125%, 07/15/23			1,059		1,071
Berry Global Escrow
4.875%, 07/15/26(A)			900		952
Berry Global Escrow
5.625%, 07/15/27(A)			525		555
Crown Americas
4.750%, 02/01/26			1,450		1,504
Flex Acquisition
6.875%, 01/15/25(A)			4,475		4,543
Flex Acquisition
7.875%, 07/15/26(A)			3,975		4,169
Mauser Packaging Solutions Holding
5.500%, 04/15/24(A)			1,325		1,345
Mauser Packaging Solutions Holding
7.250%, 04/15/25(A)			3,300		3,300
Owens-Brockway Glass Container
5.375%, 01/15/25(A)			975		1,027
Owens-Brockway Glass Container
6.375%, 08/15/25(A)			1,875		2,072
Owens-Brockway Glass Container
6.625%, 05/13/27(A)			675		734
Reynolds Group Issuer
4.000%, 10/15/27			2,800		2,744
Sealed Air
4.875%, 12/01/22(A)			1,125		1,170
Sealed Air
5.125%, 12/01/24(A)			425		460
Sealed Air
4.000%, 12/01/27(A)			1,150		1,177
Trident TPI Holdings
9.250%, 08/01/24(A)			1,600		1,696
Trident TPI Holdings
6.625%, 11/01/25(A)			1,525		1,552
Trivium Packaging Finance BV
5.500%, 08/15/26(A)			700		734
Trivium Packaging Finance BV
8.500%, 08/15/27(A)			2,425		2,632

Total Packaging					45,850

Paper [0.1%]
Clearwater Paper
5.375%, 02/01/25(A)			1,850		1,961
Clearwater Paper
4.750%, 08/15/28(A)			1,000		1,008
Graphic Packaging International
4.750%, 07/15/27(A)			300		328
Graphic Packaging International
3.500%, 03/15/28(A)			600		597
3.500%, 03/01/29(A)			525		510

Total Paper					4,404

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 70

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Paper & Related Products [0.5%]
Eldorado International Finance GmbH
8.625%, 06/16/21		$	11,348	$	11,325
Eldorado International. Finance GmbH
8.625%, 06/16/21(A)			1,000		998
Fabric BC
4.125%, VAR Euribor 3 Month+4.125%, 08/31/26		EUR	200		235
Holdings 3 Oy
3.625%, 02/04/28		EUR	300		356
Sappi Papier Holding GmbH
3.625%, 03/15/28		EUR	200		235
Schweitzer-Mauduit International
6.875%, 10/01/26(A)			1,203		1,275
Suzano Austria GmbH
7.000%, 03/16/47			3,060		3,946

Total Paper & Related Products					18,370

Petroleum & Fuel Products [6.8%]
ADES International Holding
8.625%, 04/24/24			4,915		5,095
California Resources
7.125%, 02/01/26(A)			3,565		3,628
Comstock Resources
7.500%, 05/15/25(A)			930		965
Constellation Oil
0.000%cash/10.000% PIK, 11/09/24			20,882		5,795
DNO
8.750%, 05/31/23(A)			6,700		6,826
DNO
8.375%, 05/29/24(A)			6,535		6,649
Ecopetrol
6.875%, 04/29/30			3,142		3,831
Empresa Nacional del Petroleo
3.750%, 08/05/26			430		453
Empresa Nacional del Petroleo
4.500%, 09/14/47			576		578
Energy Transfer
5.800%, 06/15/38			265		300
Ensign Drilling
9.250%, 04/15/24(A)			1,660		1,345
Frontera Energy
9.700%, 06/25/23			4,900		4,883
Geopark
5.500%, 01/17/27			1,200		1,220
Georgian Oil and Gas JSC
6.750%, 04/26/21			5,053		5,027
Hilcorp Energy I
5.750%, 10/01/25(A)			500		501
Hilcorp Energy I
6.250%, 11/01/28(A)			1,746		1,799
HKN Energy
11.000%, 03/06/24			5,000		5,112
Hunt Oil of Peru Sucursal Del Peru
6.375%, 06/01/28			3,710		4,038
KazMunayGas National JSC
5.375%, 04/24/30			589		699
KazMunayGas National JSC
3.500%, 04/14/33			279		286
KazMunayGas National JSC
6.375%, 10/24/48			486		623
Latina Offshore
8.875%, 10/15/22(A)			24,902		15,501
Leviathan Bond
5.750%, 06/30/23(A)			895		940
Leviathan Bond
6.125%, 06/30/25(A)			2,060		2,236
Leviathan Bond
6.500%, 06/30/27(A)			2,061		2,261
Leviathan Bond
6.750%, 06/30/30(A)			4,075		4,486
Magnolia Oil & Gas Operating
6.000%, 08/01/26(A)			2,245		2,321
Nabors Industries
9.000%, 02/01/25(A)			200		205
NAK Naftogaz Ukraine via Kondor Finance
7.375%, 07/19/22			3,500		3,600
New Fortress Energy
6.750%, 09/15/25(A)			2,780		2,856
New Fortress Energy
6.500%, 09/30/26(A)			1,055		1,062
Nostrum Oil & Gas Finance BV
7.000%, 02/16/25			25,009		5,306
NT Rig Holdco PTE
7.500%, 12/20/21			25,338		5,068

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 71

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Occidental Petroleum
5.500%, 12/01/25		$	1,115	$	1,177
Occidental Petroleum
5.550%, 03/15/26			1,160		1,230
Occidental Petroleum
7.500%, 05/01/31			335		389
Occidental Petroleum
7.875%, 09/15/31			310		364
Offshore Drilling Holding
8.375%, 10/19/20			38,575		3,472
Oil and Gas Holding BSCC
7.625%, 11/07/24			421		470
Oil and Gas Holding BSCC
8.375%, 11/07/28			377		437
Oleoducto Central
4.000%, 07/14/27			1,605		1,702
Oro Negro Drilling Pte
0.000%, (B) (D)			3,683		—
Oro Negro Drilling Pte
7.500%, 12/31/49(A) (B)			23,137		1,157
Pan American Energy
7.875%, 05/07/21			2,179		2,144
Pertamina Persero
6.000%, 05/03/42			216		256
Pertamina Persero, MTN
6.450%, 05/30/44			200		250
Pertamina Persero, MTN
6.500%, 11/07/48			373		479
Pertamina Persero, MTN
4.175%, 01/21/50			371		360
Peru LNG Srl
5.375%, 03/22/30			4,725		4,249
Petroamazonas EP
4.625%, 12/06/21			1,178		1,089
Petrobras Global Finance
6.875%, 01/20/40			6,960		7,811
Petrobras Global Finance
6.850%, 06/05/15			14,488		14,959
Petroleos de Venezuela
8.500%, 10/27/20			10,470		2,879
Petroleos de Venezuela
9.750%, 05/17/35(B)			8,689		418
Petroleos del Peru
5.625%, 06/19/47			268		282
5.625%, 06/19/47(A)			450		473
Petroleos Mexicanos
6.875%, 10/16/25(A)			1,300		1,410
Petroleos Mexicanos
6.350%, 02/12/48			577		482
Petroleos Mexicanos
7.690%, 01/23/50			2,073		1,937
Petroleos Mexicanos
6.950%, 01/28/60			1,952		1,688
Petroleos Mexicanos, MTN
6.875%, 08/04/26			1,820		1,948
Petroleos Mexicanos, MTN
6.750%, 09/21/47			2,761		2,374
Petronas Capital, MTN
4.550%, 04/21/50			999		1,187
Petronas Capital, MTN
4.800%, 04/21/60			493		624
Puma International Financing
5.000%, 01/24/26			8,530		8,394
Rockies Express Pipeline
4.950%, 07/15/29(A)			1,750		1,787
SEPLAT Petroleum Development
9.250%, 04/01/23			220		225
ShaMaran Petroleum
12.000%, 07/05/23(A)			18,001		16,865
Sinopec Group Overseas Development 2012
4.875%, 05/17/42			224		268
Sinopec Group Overseas Development 2018
2.700%, 05/13/30			410		408
Sinopec Group Overseas Development 2018
3.350%, 05/13/50			238		229
Southern Gas Corridor CJSC
6.875%, 03/24/26			1,227		1,454
State Oil of the Azerbaijan Republic
6.950%, 03/18/30			784		972
Tallgrass Energy Partners
7.500%, 10/01/25(A)			1,630		1,754
Transocean Pontus
6.125%, 08/01/25(A)			870		822
Tullow Oil Jersey
6.625%, 07/12/21			59,400		57,766
YPF
9.000%, 01/01/23(E)			21,487		17,523
9.000%, 01/01/23(A) (E)			5,353		3,786

Total Petroleum & Fuel Products					275,445

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 72

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Pharmaceuticals [0.9%]
Bausch Health
7.000%, 03/15/24(A)		$	383	$	392
Bausch Health
6.125%, 04/15/25(A)			3,875		3,973
Bausch Health
5.500%, 11/01/25(A)			900		925
Bausch Health
9.000%, 12/15/25(A)			550		597
Bausch Health
5.750%, 08/15/27(A)			275		296
Bausch Health
5.000%, 01/30/28(A)			950		968
5.000%, 02/15/29(A)			225		222
Bausch Health
6.250%, 02/15/29(A)			3,150		3,343
Bausch Health
7.250%, 05/30/29(A)			1,950		2,177
Bausch Health
5.250%, 01/30/30(A)			375		376
5.250%, 02/15/31(A)			225		224
Bausch Health Americas
9.250%, 04/01/26(A)			750		831
Bausch Health Americas
8.500%, 01/31/27(A)			3,150		3,494
Emergent BioSolutions
3.875%, 08/15/28(A)			1,120		1,095
Endo Dac
9.500%, 07/31/27(A)			1,545		1,678
Endo Dac
6.000%, 06/30/28(A)			3,347		2,711
Endo Luxembourg Finance I Sarl
6.125%, 04/01/29(A)			625		631
Jaguar Holding II
4.625%, 06/15/25(A)			1,825		1,898
Jaguar Holding II
5.000%, 06/15/28(A)			600		625
Mallinckrodt International Finance
5.625%, 10/15/23(A) (B)			750		527
Mallinckrodt International Finance
5.500%, 04/15/25(A) (B)			2,575		1,809
Par Pharmaceutical
7.500%, 04/01/27(A)			2,870		3,051
Syneos Health
3.625%, 01/15/29(A)			3,540		3,443

Total Pharmaceuticals					35,286

Printing & Publishing [0.1%]
Cimpress
7.000%, 06/15/26(A)			4,837		5,106

Property/Casualty Ins [0.1%]
Markel
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.662%, 12/01/69			2,500		2,719

Public Thoroughfares [0.1%]
India Toll Roads, MTN
5.500%, 08/19/24			3,120		3,070

Radio [0.0%]
Spanish Broadcasting System
9.750%, 03/01/26(A)			1,225		1,204

Real Estate [0.0%]
Flamingo Lux II SCA
5.000%, 03/31/29		EUR	100		117
Foncia Management SASU
3.375%, 03/31/28		EUR	200		234

Total Real Estate					351

Real Estate Investment Trusts [0.3%]
Brookfield Property REIT
5.750%, 05/15/26			2,705		2,783
Emirates Reit Sukuk
5.125%, 12/12/22			1,000		620
New Residential Investment
6.250%, 10/15/25(A)			4,270		4,286
RHP Hotel Properties
4.500%, 02/15/29(A)			1,340		1,345
Trust Fibra Uno
6.390%, 01/15/50			1,850		2,043
Uniti Group
6.500%, 02/15/29(A)			1,990		1,978

Total Real Estate Investment Trusts					13,055

Real Estate Oper/Develop [2.7%]
Alam Sutera Realty
6.000%cash/0.000% PIK, 05/02/24			21,706		18,125

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 73

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Alam Sutera Realty
6.250%cash/0.000% PIK, 11/02/25		$	3,615	$	2,892
Alam Synergy Pte
11.500%, 04/22/21			1,739		1,735
Alam Synergy Pte
6.625%, 04/24/22			500		445
Alpha Star Holding III
6.250%, 04/20/22			3,255		3,222
Arabian Centres Sukuk II
5.625%, 10/07/26(A)			5,400		5,400
CFLD Cayman Investment
8.625%, 02/28/21(B)			729		284
CFLD Cayman Investment
8.600%, 04/08/24			10,690		4,029
China Evergrande Group
11.500%, 01/22/23			2,230		2,090
China Evergrande Group
10.000%, 04/11/23			2,390		2,193
China Evergrande Group
9.500%, 03/29/24			2,495		2,127
China Evergrande Group
8.750%, 06/28/25			5,455		4,336
Dar Al-Arkan Sukuk
6.750%, 02/15/25			3,215		3,279
Fantasia Holdings Group
12.250%, 10/18/22			4,075		4,126
Fantasia Holdings Group
10.875%, 01/09/23			2,555		2,552
Fantasia Holdings Group
11.875%, 06/01/23			1,965		1,948
Global Prime Capital Pte
7.250%, 04/26/21			1,000		1,001
Haya Finance 2017
5.250%, 11/15/22		EUR	645		654
Hong Kong Red Star Macalline Universal Home Furnishings
3.375%, 09/21/22			1,500		1,298
Howard Hughes
4.125%, 02/01/29(A)			2,015		1,970
IRSA Propiedades Comerciales
8.750%, 03/23/23			890		762
Kaisa Group Holdings
8.500%, 06/30/22			3,836		3,912
Kaisa Group Holdings
10.875%, 07/23/23			2,065		2,153
Kaisa Group Holdings
9.375%, 06/30/24			5,325		5,125
Kaisa Group Holdings
11.250%, 04/16/25			1,940		1,906
Radiance Capital Investments
8.800%, 09/17/23			6,375		6,550
Redco Properties Group, MTN
9.900%, 02/17/24			2,905		2,770
Redsun Properties Group
7.300%, 01/13/25			2,230		2,160
Scenery Journey
12.000%, 10/24/23			6,705		5,900
Sunac China Holdings
7.500%, 02/01/24			2,085		2,194
Sunac China Holdings
6.500%, 01/10/25			3,315		3,386
Yuzhou Group Holdings
6.350%, 01/13/27			1,000		834
Zhenro Properties Group
8.650%, 01/21/23			1,398		1,444
Zhenro Properties Group
9.150%, 05/06/23			1,920		2,011
Zhenro Properties Group
8.350%, 03/10/24			2,830		2,897
Zhenro Properties Group
7.875%, 04/14/24			2,110		2,139

Total Real Estate Oper/Develop					109,849

Regional Banks-Non US [0.0%]
Banco del Estado de Chile, MTN
3.875%, 02/08/22			262		269

Resorts/Theme Parks [0.0%]
Cedar Fair
5.250%, 07/15/29			1,680		1,730

Restaurants [0.3%]
1011778 BC ULC
4.250%, 05/15/24(A)			207		209
1011778 BC ULC
4.375%, 01/15/28(A)			1,175		1,181
1011778 BC ULC
3.500%, 02/15/29(A)			400		390
1011778 BC ULC
4.000%, 10/15/30(A)			6,025		5,814
KFC Holding
5.250%, 06/01/26			625		644
KFC Holding
4.750%, 06/01/27(A)			975		1,024

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 74

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Yum! Brands
4.750%, 01/15/30(A)		$	925	$	978
Yum! Brands
3.625%, 03/15/31			825		793
Yum! Brands Inc
4.625%, 01/31/32			850		868

Total Restaurants					11,901

Retail [0.9%]
Bed Bath & Beyond
4.915%, 08/01/34			1,315		1,230
Carvana
5.625%, 10/01/25(A)			4,145		4,252
Carvana
5.500%, 04/15/27(A)			680		684
eG Global Finance
6.250%, 10/30/25		EUR	1,200		1,432
Eurotorg Via Bonitron DAC
9.000%, 10/22/25			1,335		1,443
FirstCash
4.625%, 09/01/28(A)			1,895		1,941
Golden Nugget
6.750%, 10/15/24(A)			1,900		1,919
Grupo Famsa
9.750%, 12/15/24(A) (B)			799		168
Guitar Center
8.500%, 01/15/26(A)			1,126		1,191
JSM Global Sarl
4.750%, 10/20/30			4,490		4,512
L Brands
6.625%, 10/01/30(A)			785		889
L Brands
6.950%, 03/01/33			1,008		1,124
L Brands
6.750%, 07/01/36			1,615		1,906
LBM Acquisition
6.250%, 01/15/29(A)			1,190		1,226
Michaels Stores
4.750%, 10/01/27(A)			845		919
Nordstrom
4.000%, 03/15/27			1,790		1,844
Nordstrom
4.375%, 04/01/30			525		536
Park River Holdings
5.625%, 02/01/29(A)			3,035		2,940
PetSmart
7.750%, 02/15/29(A)			935		1,016
QVC
5.450%, 08/15/34			3,425		3,425
Sonic Automotive
6.125%, 03/15/27			1,883		1,958

Total Retail					36,555

Retailers [0.1%]
Academy
6.000%, 11/15/27(A)			865		911
Hanesbrands
4.875%, 05/15/26(A)			250		268
Levi Strauss
3.500%, 03/01/31(A)			225		217
Michaels Stores
8.000%, 07/15/27(A)			1,650		1,823
NMG Holding
7.125%, 04/01/26(A)			975		994
Party City Holdings
5.750%, VAR ICE LIBOR USD 6 Month+5.000%, 07/15/25(A)			528		486
William Carter
5.500%, 05/15/25(A)			375		400
William Carter
5.625%, 03/15/27(A)			125		132

Total Retailers					5,231

Security Brokers & Dealers [0.1%]
Societe Generale
5.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.514%, 05/18/69(A)			1,900		1,955
UBS Group
4.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.313%, 08/10/69(A)			1,005		991

Total Security Brokers & Dealers					2,946

Semi-Conductors [0.0%]
Tunghsu Venus Holdings
7.000%, 06/12/20(B)			4,275		1,709

Steel & Steel Works [0.6%]
CSN Islands XI
6.750%, 01/28/28			5,715		6,063

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 75

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
CSN Resources
7.625%, 04/17/26		$	3,110	$	3,312
Metinvest BV
8.500%, 04/23/26			6,578		7,362
Metinvest BV
7.750%, 10/17/29			4,275		4,550
United States Steel
6.875%, 03/01/29			1,440		1,476

Total Steel & Steel Works					22,763

Supermarkets [0.1%]
Albertsons
3.500%, 02/15/23(A)			300		306
3.500%, 03/15/29(A)			1,025		975
Albertsons
5.750%, 03/15/25			336		347
Albertsons
3.250%, 03/15/26(A)			625		623
Albertsons
7.500%, 03/15/26(A)			1,075		1,187
Albertsons
5.875%, 02/15/28			950		1,010
Albertsons
4.875%, 02/15/30			375		386

Total Supermarkets					4,834

Technology [1.6%]
Ams
7.000%, 07/31/25(A)			1,950		2,087
Banff Merger Sub
9.750%, 09/01/26(A)			1,400		1,492
Black Knight InfoServ
3.625%, 09/01/28(A)			700		688
BY Crown Parent
4.250%, 01/31/26(A)			800		827
Cars.com
6.375%, 11/01/28(A)			1,850		1,926
CDW
5.500%, 12/01/24			325		356
CDW
4.250%, 04/01/28			450		466
CDW
3.250%, 02/15/29			675		667
Dell International
7.125%, 06/15/24(A)			6,870		7,072
Diebold Nixdorf
9.375%, 07/15/25(A)			325		362
Dun & Bradstreet
6.875%, 08/15/26(A)			255		272
Dun & Bradstreet
10.250%, 02/15/27(A)			1,590		1,775
Fair Isaac
4.000%, 06/15/28(A)			150		154
Gartner
4.500%, 07/01/28(A)			625		645
Gartner
3.750%, 10/01/30(A)			550		544
Logan Merger Sub
5.500%, 09/01/27(A)			1,725		1,806
Microchip Technology
4.250%, 09/01/25(A)			750		783
NCR
8.125%, 04/15/25(A)			100		110
NCR
5.750%, 09/01/27(A)			300		317
NCR
5.000%, 10/01/28(A)			2,041		2,061
NCR
5.125%, 04/15/29(A)			3,410		3,449
NCR
6.125%, 09/01/29(A)			1,350		1,429
NCR
5.250%, 10/01/30(A)			1,800		1,823
Nuance Communications
5.625%, 12/15/26			700		734
ON Semiconductor
3.875%, 09/01/28(A)			500		514
Open Text
3.875%, 02/15/28(A)			1,500		1,508
PTC
3.625%, 02/15/25(A)			550		564
PTC
4.000%, 02/15/28(A)			250		254
Qorvo
4.375%, 10/15/29			1,000		1,067
Qorvo
3.375%, 04/01/31(A)			750		735
Rackspace Technology Global
3.500%, 02/15/28(A)			1,800		1,730
Rackspace Technology Global
5.375%, 12/01/28(A)			950		966
Rocket Software
6.500%, 02/15/29(A)			2,175		2,195
RP Crown Parent
7.375%, 10/15/24(A)			1,850		1,880
Science Applications International
4.875%, 04/01/28(A)			1,575		1,628

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 76

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Seagate HDD Cayman
3.125%, 07/15/29(A)		$	1,575	$	1,521
Seagate HDD Cayman
3.375%, 07/15/31(A)			1,075		1,034
Sensata Technologies
5.000%, 10/01/25(A)			75		83
Sensata Technologies
4.375%, 02/15/30(A)			225		236
Sensata Technologies
3.750%, 02/15/31(A)			425		419
Sensata Technologies BV
4.000%, 04/15/29(A)			1,295		1,318
SS&C Technologies
5.500%, 09/30/27(A)			3,100		3,298
Synaptics
4.000%, 06/15/29(A)			1,541		1,529
Tempo Acquisition
6.750%, 06/01/25(A)			6,175		6,310
TTM Technologies
4.000%, 03/01/29(A)			675		666
Veritas US
7.500%, 09/01/25(A)			2,400		2,496

Total Technology					63,796

Telecommunication Equip [0.1%]
CommScope
8.250%, 03/01/27(A)			1,800		1,926
CommScope Technologies
5.000%, 03/15/27(A)			1,500		1,486
Plantronics
4.750%, 03/01/29(A)			201		197

Total Telecommunication Equip					3,609

Telephones & Telecommunications [2.4%]
Altice France Holding
10.500%, 05/15/27(A)			2,000		2,252
C&W Senior Financing DAC
7.500%, 10/15/26(A)			1,600		1,694
C&W Senior Financing DAC
6.875%, 09/15/27			1,990		2,125
Consolidated Communications
5.000%, 10/01/28(A)			995		1,003
Consolidated Communications
6.500%, 10/01/28(A)			1,925		2,079
Digicel
6.750%, 03/01/23			2,835		2,602
Digicel Group 0.5
10.000%, 04/01/24			3,827		3,730
Digicel Group 0.5
8.000%, 04/01/25			5		4
Digicel International Finance
8.000%, 12/31/26			1		1
Frontier Communications
5.000%, 05/01/28(A)			1,840		1,872
Frontier Communications
6.750%, 05/01/29(A)			1,250		1,319
HC2 Holdings
8.500%, 02/01/26(A)			985		976
Internap Holdings LLC
0.000%			61		6
Level 3 Financing
4.625%, 09/15/27(A)			1,975		2,033
Liquid Telecommunications Financing
5.500%, 09/04/26(A)			3,475		3,666
Lorca Telecom Bondco SAU
4.000%, 09/18/27		EUR	390		469
Lumen Technologies
7.500%, 04/01/24			3,450		3,867
Matterhorn Telecom
3.125%, 09/15/26		EUR	900		1,049
Mauritius Investments
6.500%, 10/13/26			3,000		3,366
Maxcom Telecomunicaciones
8.000%, 10/25/24			4,950		990
Maxcom Telecomunicaciones
15.000%, 10/25/69			2,002		20
Millicom International Cellular
6.625%, 10/15/26			2,169		2,316
Millicom International Cellular
6.250%, 03/25/29			1,933		2,154
Millicom International Cellular
4.500%, 04/27/31			1,910		1,990
Network i2i
3.975%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.390%, 06/03/69(A)			3,320		3,337
Oi
8.000%cash/4.000%, 07/27/25			16,136		17,037

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 77

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
PLT VII Finance Sarl
4.625%, 01/05/26		EUR	400	$	488
Sixsigma Networks Mexico
7.500%, 05/02/25		$	3,670		3,211
Telecom Argentina
6.500%, 06/15/21			13,754		13,699
Telecom Argentina
8.500%, 08/06/25			6,999		6,347
VF Ukraine PAT via VFU Funding
6.200%, 02/11/25			4,345		4,505
Viasat
5.625%, 09/15/25(A)			1,250		1,271
Viasat
6.500%, 07/15/28(A)			2,250		2,369
Vmed O2 UK Financing I
3.250%, 01/31/31		EUR	500		589
VTR Comunicaciones
5.125%, 01/15/28			1,280		1,340
Windstream Escrow
7.750%, 08/15/28(A)			1,155		1,174

Total Telephones & Telecommunications					96,950

Textile-Products [0.3%]
Golden Legacy Pte. Ltd.
6.875%, 03/27/24			11,750		3,936
Prime Bloom Holdings
6.950%, 07/05/22			16,500		3,135
Sri Rejeki Isman
7.250%, 01/16/25			15,739		5,509

Total Textile-Products					12,580

Transportation Services [0.7%]
Alfa
6.875%, 03/25/44			1,650		2,045
Carnival
11.500%, 04/01/23(A)			1,700		1,949
Carnival
9.875%, 08/01/27(A)			690		812
Danaos
8.500%, 03/01/28(A)			755		807
DP World Crescent, MTN
3.875%, 07/18/29			362		381
DP World Crescent, MTN
3.750%, 01/30/30			299		311
Empresa de Transporte de Pasajeros Metro
4.700%, 05/07/50			615		703
Global Liman Isletmeleri
8.125%, 11/14/21			10,814		9,211
Kazakhstan Temir Zholy Finance BV
6.950%, 07/10/42			418		559
NCL Finance
6.125%, 03/15/28(A)			1,015		1,034
Royal Caribbean Cruises
10.875%, 06/01/23(A)			1,625		1,869
Royal Caribbean Cruises
5.500%, 04/01/28(A)			205		206
Stena International
6.125%, 02/01/25(A)			1,450		1,464
Ukraine Railways via Shortline
9.875%, 09/15/21			5,144		5,221
Watco
6.500%, 06/15/27(A)			1,825		1,924

Total Transportation Services					28,496

Utility - Electric [0.5%]
Calpine
5.250%, 06/01/26(A)			587		605
Calpine
4.500%, 02/15/28(A)			925		933
Calpine
5.125%, 03/15/28(A)			1,375		1,381
Calpine
4.625%, 02/01/29(A)			475		463
Calpine
5.000%, 02/01/31(A)			475		463
Calpine
3.750%, 03/01/31(A)			825		786
Enviva Partners
6.500%, 01/15/26(A)			3,050		3,195
NRG Energy
7.250%, 05/15/26			800		832
NRG Energy
6.625%, 01/15/27			775		806
NRG Energy
5.750%, 01/15/28			1,950		2,072
NRG Energy
3.375%, 02/15/29(A)			550		537
NRG Energy
5.250%, 06/15/29(A)			600		642
NRG Energy
3.625%, 02/15/31(A)			200		195
Pattern Energy Operations
4.500%, 08/15/28(A)			600		609
TerraForm Power Operating
4.250%, 01/31/23(A)			925		955

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 78

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
TerraForm Power Operating
5.000%, 01/31/28(A)		$	1,125	$	1,214
TerraForm Power Operating
4.750%, 01/15/30(A)			1,000		1,038
Vistra Operations
5.500%, 09/01/26(A)			1,800		1,865
Vistra Operations
5.625%, 02/15/27(A)			1,850		1,923
Vistra Operations
5.000%, 07/31/27(A)			725		748

Total Utility - Electric					21,262

Wireless Communications [0.5%]
Altice France
7.375%, 05/01/26(A)			3,625		3,770
Altice France
8.125%, 02/01/27(A)			1,665		1,825
Sprint
7.875%, 09/15/23			1,075		1,228
Sprint
7.125%, 06/15/24			100		115
Sprint
7.625%, 02/15/25			4,200		4,992
7.625%, 03/01/26			800		980
Sprint Capital
6.875%, 11/15/28			550		693
Sprint Communications
6.000%, 11/15/22			1,525		1,632
T-Mobile USA
6.000%, 03/01/23			1,200		1,208
6.000%, 04/15/24			550		554
T-Mobile USA
4.500%, 02/01/26			1,125		1,151
T-Mobile USA
4.750%, 02/01/28			325		347
T-Mobile USA
2.625%, 02/15/29			1,175		1,141

Total Wireless Communications					19,636

X-Ray Equipment [0.0%]
Varex Imaging
7.875%, 10/15/27(A)			125		139

Total Corporate Bonds
Cost ($2,385,031)					2,259,257

Loan Participations [18.0%]
Aerospace and Defense [0.2%]
Ducommun Incorporated, Term B Loan, 1st Lien
4.118%, VAR LIBOR+4.000%, 11/21/25			2,023		2,000
MB Aerospace Term Loan
4.500%, VAR LIBOR+3.500%, 12/13/24			678		628
Peraton Corp., Term B Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 02/01/28			560		559
0.000%, 02/01/28(F)			985		985
Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc and Onex Wind Finance LP.), Initial Term Loan, 1st Lien
6.000%, VAR LIBOR+5.250%, 01/15/25			850		852
TransDigm Inc., Tranche F Refinancing Term Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 12/09/25			3,054		2,988
WP CPP Holdings, Term B Loan
4.750%, VAR LIBOR+3.750%, 04/30/25			1,296		1,259

Total Aerospace and Defense					9,271

Air Transport [0.1%]
AMR, Term Loan, 1st Lien
0.000%, 04/20/28(F)			2,115		2,165

Automobile [0.2%]
Adient US LLC, Initial Term Loan, 1st Lien
4.443%, VAR LIBOR+4.250%, 05/06/24			1,718		1,716

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 79

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
American Axle & Manufacturing, Inc., Tranche B Term Loan, 1st Lien
3.000%, VAR LIBOR+2.250%, 04/06/24		$	474	$	471
CWGS Group, LLC, Term Loan, 1st Lien
3.500%, VAR LIBOR+2.750%, 11/08/23			3,480		3,463
PAI Holdco, Inc., Term B Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 10/28/27			1,000		1,003
RVR Dealership Holdings, LLC, Term Loan, 1st Lien
6.250%, VAR Prime Rate by Country+3.000%, 02/08/28			1,000		996
Truck Hero, Inc., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 01/31/28			645		643

Total Automobile					8,292

Automotive [0.2%]
Abra Auto Body, Term Loan, 1st Lien
3.115%, 02/05/26			921		909
American Trailer World, Tem Loan, 1st Lien
4.500%, 03/03/28			795		789
Autokiniton US Holdings (L&W) Incremental Term Loan B
5.865%, 05/22/25			858		856
Autokiniton US Holdings (L&W), Term Loan B
6.490%, VAR LIBOR+4.000%, 05/17/25			429		428
Autokiniton US Holdings (L&W), Term Loan, 1st Lien
0.000%, 03/26/28(F)			1,200		1,201
BCA Marketplace Term Loan B1
4.839%, 09/24/26		GBP	1,000		1,371
Clarios Global LP, Term Loan, 1st Lien
3.250%, 04/30/26			2,900		3,374
TI Automotive, Term Loan B, 1st Lien
4.004%, 12/16/24			623		621

Total Automotive					9,549

Banking [0.1%]
Nexus Buyer LLC, Term Loan, 1st Lien
3.861%, VAR LIBOR+3.750%, 11/09/26			2,405		2,392

Beverage, Food and Tobacco [0.0%]
Woof Holdings, Inc., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 12/21/27			1,240		1,234

Broadcasting [0.1%]
IHeartcommunications, Inc., Term Loan
4.750%, 05/01/26			1,298		1,299
Quincy Newspapers Term Loan B
5.250%, VAR LIBOR+3.000%, 10/19/22			292		290
Sinclair Broadcasting Group Term Loan B-2
2.400%, 01/31/24			1,515		1,504

Total Broadcasting					3,093

Broadcasting and Entertainment [0.8%]
Altice Financing S.A., October 2017 USD Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 01/31/26			2,138		2,093
Banijay Entertainment S.A.S. , Facility B (USD), 1st Lien
3.874%, VAR LIBOR+3.750%, 03/01/25			698		689

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 80

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Cablevision Lightpath LLC, Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+3.250%, 11/30/27		$	973	$	970
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien
1.870%, VAR LIBOR+1.750%, 02/01/27			2,963		2,946
CSC Holdings, LLC, March 2017 Refinancing Term Loan, 1st Lien
2.361%, VAR LIBOR+2.250%, 07/17/25			2,619		2,580
Diamond Sports Group, LLC, Term Loan, 1st Lien
3.370%, VAR LIBOR+3.250%, 08/24/26			1,975		1,348
Dorna Sports, S.L., B2 (EUR) Term Loan Facility, 1st Lien
3.250%, VAR Euribor+3.250%, 05/03/24		EUR	1,000		1,162
Gray Television, Inc., Term B-2 Loan, 1st Lien
2.373%, VAR LIBOR+2.250%, 02/07/24			950		943
Gray Television, Inc., Term C Loan, 1st Lien
2.623%, VAR LIBOR+2.500%, 01/02/26			1,588		1,576
NewCo I B.V., Facility AW1, 1st Lien
3.500%, VAR Euribor+3.500%, 01/31/29			750		881
Nexstar Broadcasting, Inc., Term B-3 Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 01/17/24			1,764		1,752
Numericable U.S. LLC, USD TLB-[12] Term Loan, 1st Lien
3.800%, VAR LIBOR+3.688%, 01/31/26			2,364		2,340
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 07/31/25			746		731
Stage Entertainment B.V., Facility B2, 1st Lien
3.250%, VAR Euribor+3.250%, 06/02/26			1,000		1,078
Technicolor S.A., Tranche 1 Loan, 1st Lien
3.000%, VAR Euribor+3.000%, 12/31/24			2,093		2,297
Tele Columbus AG, Facility A2, 1st Lien
3.000%, VAR Euribor+3.000%, 10/15/24		EUR	1,248		1,457
UPC Broadband Holding B.V., Facility AW, 1st Lien
3.500%, VAR Euribor+3.500%, 01/31/29			750		881
Virgin Media Bristol LLC, N Facility, 1st Lien
2.612%, VAR LIBOR+2.500%, 01/31/28			3,591		3,556
Ziggo Financing Partnership, Term Loan I Facility, 1st Lien
2.612%, VAR LIBOR+2.500%, 04/30/28			2,850		2,819

Total Broadcasting and Entertainment					32,099

Buildings and Real Estate [0.1%]
Blackstone Mortgage Trust, Inc., 2019 New Term Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 04/23/26(D)			995		983
Foundation Building Materials, Inc., Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+3.250%, 01/31/28			1,055		1,044

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 81

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
KREF Holdings X LLC, Initial Term Loan, 1st Lien
5.750%, VAR LIBOR+4.750%, 09/01/27		$	450	$	451
Mannington Mills, Inc., Initial Loan, 1st Lien
4.254%, VAR LIBOR+4.000%, 08/06/26			1,308		1,302

Total Buildings and Real Estate					3,780

Business Equipment and Services [0.5%]
Civica Term Loan
4.776%, 10/10/24(G)		GBP	2,000		2,742
Colour Bidco (NGA UK) Term Loan B
5.530%, VAR LIBOR+5.250%, 11/22/24		GBP	1,521		1,908
Exact Software Term Loan B
3.750%, 04/10/26		EUR	1,000		1,172
First Names Group Term Loan B (EUR)
3.750%, VAR Euribor+3.750%, 03/07/25		EUR	2,000		2,333
PlusServer Covenant-Lite Term Loan
3.750%, VAR Euribor+3.750%, 09/13/24		EUR	1,000		790
Proxiserve (aka Persea) Term Loan
3.750%, 02/27/26		EUR	1,000		1,172
QA Term Loan
5.130%, VAR LIBOR+4.750%, 07/26/24		GBP	3,000		3,913
Trescal Term Loan B
3.250%, VAR Euribor+3.250%, 03/14/25		EUR	1,000		1,158
Universidad Europea Facility B
3.500%, 02/25/26		EUR	2,000		2,328
ZPG (aka Zoopla) Term Loan B
4.800%, 06/06/25		GBP	2,000		2,717

Total Business Equipment and Services					20,233

Cable & Satellite Television [0.1%]
DeltaFiber (Gamma Infrastructure III B.V.) Term Loan B
3.500%, 01/09/25		EUR	2,595		3,026

Cable/Wireless Video [0.1%]
Altice Financing Term Loan B (2017)
2.856%, VAR LIBOR+2.750%, 07/15/25			2,187		2,141

Cargo Transport [0.2%]
Boluda Towage, S.L., Facility B1, 1st Lien
3.500%, VAR Euribor+3.500%, 07/30/26		EUR	1,000		1,170
Dynasty Acquisition Co., Inc., 2020 Term B-1 Loan, 1st Lien
3.754%, VAR LIBOR+3.500%, 04/06/26			922		892
Dynasty Acquisition Co., Inc., 2020 Term B-2 Loan, 1st Lien
3.754%, VAR LIBOR+3.500%, 04/06/26			496		479
Silk Bidco AS, Facility B, 1st Lien
4.000%, VAR Euribor+4.000%, 02/24/25		EUR	2,500		2,648
White Cap Buyer, LLC, Initial Closing Date Term Loan, 1st Lien
4.500%, VAR LIBOR+4.000%, 10/19/27			1,232		1,229

Total Cargo Transport					6,418

Chemicals [0.4%]
Consolidated Energy Limited Term Loan B
2.618%, VAR LIBOR+2.500%, 05/07/25			1,844		1,798
Ferro Corp, Term Loan B-1
2.504%, VAR LIBOR+2.250%, 02/14/24			875		868

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 82

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Ineos Group Holdings PLC Term Loan B
2.115%, VAR LIBOR+2.000%, 04/01/24		$	5,676	$	5,607
Minerals Technologies Inc. Term Loan B (2017)
3.000%, VAR LIBOR+2.250%, 02/14/24			1,737		1,735
Momentive Performance Term Loan B
3.370%, 05/15/24			2,349		2,308
PQ Corporation Term Loan B
2.462%, VAR LIBOR+2.500%, 02/07/27			1,732		1,717
Styrolution, Term Loan, 1st Lien
2.254%, 01/22/27			817		806
Vantage Specialty Chemicals Term Loan B
4.500%, VAR LIBOR+3.500%, 10/28/24			616		581

Total Chemicals					15,420

Chemicals, Plastics and Rubber [0.5%]
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien
2.004%, VAR LIBOR+1.750%, 06/01/24			2		—
Colouroz Investment 1 GMBH, Initial Euro Term Loan, 1st Lien
0.750%, VAR PIK Interest+0.750%, 09/21/23			995		1,137
Colouroz Investment 1 GMBH, Initial Term C Loan, 1st Lien
0.750%, VAR PIK Interest+0.750%, 09/21/23			400		390
Colouroz Investment 2, LLC, Initial Term B-2 Loan, 1st Lien
0.750%, VAR PIK Interest+0.750%, 09/21/23			2,421		2,360
CPC Acquisition Corp., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 12/29/27			405		405
Dealer Tire, LLC, Term B-1 Loan, 1st Lien
4.365%, VAR LIBOR+4.250%, 12/12/25			495		495
Emerald Performance Materials, LLC, Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 08/12/25			1,238		1,238
INEOS Enterprises Holdings Limited, Refinancing Tranche B Dollar Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 08/28/26			1,959		1,960
INEOS Enterprises Holdings Limited, Refinancing Tranche B Euro Term Loan, 1st Lien
3.250%, VAR Euribor+3.250%, 08/28/26			1,000		1,170
INEOS Styrolution Group GmbH, 2026 Tranche B Dollar Term Loan, 1st Lien
3.250%, VAR LIBOR+2.750%, 01/29/26			785		782
INEOS Styrolution Group GmbH, 2026 Tranche B Euro Term Loan, 1st Lien
2.750%, VAR Euribor+2.750%, 01/29/26			1,500		1,744

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 83

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
LSF11 Skyscraper Holdco S.a r.l., Facility B1 (EUR), 1st Lien
4.500%, VAR Euribor+4.500%, 09/29/27		$	1,000	$	1,170
New Arclin U.S. Holding Corp., Replacement Term Loan (2021), 1st Lien
5.000%, VAR LIBOR+4.000%, 02/28/26			490		489
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien
3.111%, VAR LIBOR+3.000%, 10/01/25			2,063		2,030
Nouryon Finance B.V., Initial Euro Term Loan, 1st Lien
3.250%, VAR Euribor+3.250%, 10/01/25		EUR	944		1,101
Novacap Facility B
3.500%, VAR Euribor+3.500%, 04/28/23		EUR	2,180		2,540
Novacap Facility B3
3.500%, VAR Euribor+3.500%, 06/22/23		EUR	319		371
Specialty Chemicals International B.V., Facility B-1, 1st Lien
4.500%, VAR Euribor+4.500%, 03/15/27			1,500		1,763
Vantage Specialty Chemicals, Inc., Initial Loan, 2nd Lien
9.250%, VAR LIBOR+8.250%, 10/27/25			790		733

Total Chemicals, Plastics and Rubber					21,878

Communications Services [0.0%]
Go Daddy Operating Company LLC, Term Loan, 1st Lien
2.098%, 08/10/27			2		—

Red Ventures, Term Loan B, 1st Lien
4.250%, 11/08/24			620		619

Total Communications Services					619

Conglomerates [0.1%]
Socotec Term Loan (EUR)
3.750%, VAR Euribor+3.500%, 07/20/24		EUR	1,000		1,166
Socotec Term Loan (GBP)
4.526%, VAR LIBOR+4.250%, 07/20/24		GBP	1,000		1,358

Total Conglomerates					2,524

Consumer Discretionary [0.2%]
Academy Ltd, Term Loan, 1st Lien
5.750%, 11/05/27			1,250		1,250
American Public Education, Term Loan B, 1st Lien
0.000%, 03/29/27(F)			250		246
Canada Goose, Term Loan, 1st Lien
5.000%, 10/01/27			935		935
Eagle Bidco Limited, Term Loan, 1st Lien
0.000%, 03/10/28(F)			1,500		2,063
Nord Anglia, Term Loan, 1st Lien
3.250%, 08/30/24			1,500		1,743
Spin Holdco, Term Loan, 1st Lien
4.750%, 03/01/28			855		847

Total Consumer Discretionary					7,084

Consumer Durables [0.0%]
Justrite (Safety Products) Delay Draw
4.615%, 06/28/26			108		103
Justrite (Safety Products) Term Loan B
4.615%, 06/28/26			878		839

Total Consumer Durables					942

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 84

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Consumer NonDurables [0.1%]
Coty Inc., Term A USD Loan, 1st Lien
1.874%, 04/05/23		$	1,670	$	1,603
Guadarrama Proyectors Educativos SL, Term Loan, 1st Lien
4.250%, 07/10/26			993		1,166

Total Consumer NonDurables					2,769

Consumer Staples [0.1%]
City Brewing Company, LLC, Term Loan B, 1st Lien
0.000%, 03/31/28(F)			640		637
Labeyrie Fine Foods, Term Loan, 1st Lien
0.000%, 05/23/23(F)			1,000		1,168
Signature Foods, Term Loan, 1st Lien
3.500%, 01/29/28			1,000		1,171
United Petfood, Term Loan, 1st Lien
0.000%, 03/19/28(F)			1,000		1,167
Whole Earth, Term Loan B, 1st Lien
4.702%, 02/02/28			1,500		1,485

Total Consumer Staples					5,628

Containers and glass products [0.0%]
Weener Plastics Group Term Loan B
3.750%, VAR Euribor+3.750%, 06/20/25		EUR	1,500		1,752

Containers, Packaging and Glass [0.1%]
Graham Packaging Company Inc., Initial Term Loan (2021), 1st Lien
3.750%, VAR LIBOR+3.000%, 08/04/27			1,905		1,892
Packaging Coordinators Midco, Inc., Term B Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 11/30/27			1,165		1,164
Pregis TopCo LLC, Initial Term Loan, 1st Lien
3.865%, VAR LIBOR+3.750%, 07/31/26			1,975		1,957

Total Containers, Packaging and Glass					5,013

Diversified Media [0.2%]
Deluxe Entertainment Services Group Inc.
0.000%, (F)			19		—
Ew Scripps Cov-Lite
3.313%, 05/01/26			648		644
Harland Clarke Holdings Term Loan B7
5.750%, VAR LIBOR+4.750%, 11/03/23			1,616		1,430
Lions Gate Entertainment Term Loan A (2018)
1.865%, 03/22/23			915		903
Melita, Term Loan
3.750%, 07/30/26			1,000		1,166
RR Donnelley & Sons Co Term Loan B
5.115%, VAR LIBOR+5.000%, 01/15/24			683		679
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien
2.870%, VAR LIBOR+2.750%, 05/18/25			4,550		4,284

Total Diversified Media					9,106

Diversified/Conglomerate Manufacturing [0.1%]
Dedalus Finance GmbH, Senior Facility B, 1st Lien
4.500%, VAR Euribor+4.500%, 05/04/27			2,500		2,937

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 85

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Diversified/Conglomerate Service [0.7%]
Amentum Government Services Holdings LLC, Tranche 1 Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 01/29/27		$	2,198	$	2,174
APX Group, Inc., Initial Loan, 1st Lien
5.115%, VAR LIBOR+5.000%, 12/31/25			1,403		1,401
Arches Buyer Inc., Refinancing Term Loan, 1st Lien
3.750%, VAR LIBOR+3.250%, 12/06/27			850		843
Boels Topholding B.V., Facility B, 1st Lien
4.000%, VAR Euribor+4.000%, 02/06/27			3,000		3,523
Buzz Finco L.L.C., Initial Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 01/29/27			744		739
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.500%, VAR LIBOR+2.500%, 03/01/24			1,849		1,846
Crestwood Holdings LLC, Term Loan, 1st Lien
7.620%, VAR LIBOR+7.500%, 03/06/23			1,569		1,565
DG Investment Intermediate Holdings 2, Inc., Initial Term Loan, 2nd Lien
7.500%, VAR LIBOR+6.750%, 02/02/26			75		75
Freshworld Holding IV GmbH, Facility B Loan, 1st Lien
3.500%, VAR Euribor+3.500%, 10/02/26		EUR	1,000		1,168
Guidehouse LLP, Initial Term Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 05/01/25			2,341		2,339
Inspired Finco Holdings Limited, Facility B2, 1st Lien
3.250%, VAR Euribor+3.250%, 05/28/26		EUR	1,000		1,165
Marnix SAS, Facility B (EUR), 1st Lien
3.250%, VAR Euribor+3.250%, 11/19/26		EUR	2,500		2,920
Mermaid Bidco Inc., Facility B (EUR), 1st Lien
4.250%, VAR Euribor+4.250%, 12/22/27			1,000		1,171
Mermaid Bidco Inc., Facility B (USD), 1st Lien
5.000%, VAR LIBOR+4.250%, 12/22/27			1,050		1,048
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 06/07/23			375		373
Penney Borrower LLC, Initial Loan, 1st Lien
9.500%, VAR LIBOR+8.500%, 12/07/26			26		25
PI UK Holdco II Limited, Facility B2, 1st Lien
3.250%, VAR Euribor+3.250%, 01/03/25		EUR	2,000		2,335
Refficiency Holdings LLC, Initial DDTL, 1st Lien
2.000%, VAR UNFND+2.000%, 12/16/27			154		154
Refficiency Holdings LLC, Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/16/27			801		800

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 86

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
RXB Holdings, Inc., Initial Term Loan, 1st Lien
6.000%, VAR LIBOR+5.250%, 12/20/27		$	1,010	$	1,005
Sector Alarm Holding AS, Facility B1, 1st Lien
3.000%, VAR Euribor+3.000%, 06/12/26			1,000		1,168

Total Diversified/Conglomerate Service					27,837

Drugs [0.2%]
Ethypharm Facility B1
4.526%, VAR LIBOR+4.750%, 07/21/23		GBP	1,000		1,374
HRA Term Loan
3.500%, VAR Euribor+3.500%, 07/31/24		EUR	2,000		2,215
Unilabs Term Loan B2
3.000%, VAR Euribor+2.750%, 04/19/24		EUR	2,500		2,907

Total Drugs					6,496

Ecological [0.1%]
Array Technologies, Inc., Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 10/14/27			1,145		1,143
Sapphire Bidco B.V., Facility B, 1st Lien
3.250%, VAR Euribor+3.250%, 05/05/25		EUR	2,000		2,317

Total Ecological					3,460

Ecological Services & Equipment [0.0%]
GFL Environmental, Term Loan, 1st Lien
3.500%, 05/30/25			805		805

Electronics [1.5%]
Allegro MicroSystems, Inc., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+4.000%, 09/30/27			86		86
Aretec Group, Inc. (fka RCS Capital Corporation), Initial Loan, 2nd Lien
8.365%, VAR LIBOR+8.250%, 10/01/26			505		497
Aretec Group, Inc. (fka RCS Capital Corporation), Initial Term Loan, 1st Lien
4.365%, VAR LIBOR+4.250%, 10/01/25			2,305		2,300
athenahealth, Inc., Term B-1 Loan, 1st Lien
4.453%, VAR LIBOR+4.250%, 02/11/26			1,785		1,786
Barracuda Networks, Inc., 2020 Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 02/12/25			1,232		1,230
Brave Parent Holdings, Inc., Initial Term Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 04/18/25			718		718
Cardtronics USA, Inc., Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 06/29/27			1,097		1,094
Cloudera, Inc., Term Loan, 1st Lien
3.250%, VAR LIBOR+2.500%, 12/22/27			845		843
CommerceHub, Inc., Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/29/27			1,005		1,006

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 87

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
ConvergeOne Holdings, Corp., Initial Term Loan
5.115%, VAR LIBOR+5.000%, 01/04/26		$	881	$	849
Cornerstone OnDemand, Inc., Term Loan, 1st Lien
4.361%, VAR LIBOR+4.250%, 04/22/27			1,696		1,697
Dell International L.L.C. (EMC Corporation), Refinancing Term B-2 Loan, 1st Lien
2.000%, VAR LIBOR+1.750%, 09/19/25			4,056		4,050
Digicert Holdings Inc, Term Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 10/16/26			400		399
Endurance International Group Holdings, Inc., Initial Term Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 02/10/28			950		939
Gigamon Inc., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 12/27/24			1,838		1,839
GoodRx, Inc., Initial Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 10/10/25			960		956
Grab Holdings, Inc., Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.500%, 01/29/26			585		594
ION Trading Finance, Term Loan, 1st Lien
0.000%, 03/26/28(F)			4,000		4,681
ION Trading Technologies S.a r.l., Initial Euro Term Loan (2018), 1st Lien
4.250%, VAR Euribor+3.250%, 11/21/24		EUR	2,538		2,974
Ivanti Software, Inc., Initial Term Loan, 1st Lien
5.750%, VAR LIBOR+4.750%, 12/01/27			1,110		1,113
4.750%, 12/01/27			320		318
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 03/01/27			859		847
LogMeIn, Inc., Initial Term Loan, 1st Lien
4.874%, VAR LIBOR+4.750%, 08/31/27			1,985		1,978
MA Financeco., LLC, Euro Tranche B-1 Term Loan, 1st Lien
4.500%, VAR Euribor+4.500%, 06/05/25			1,975		2,350
MA Financeco., LLC, Tranche B-3 Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 06/21/24			198		196
Mavenir Systems, Inc., Initial Term Loan, 1st Lien
7.000%, VAR LIBOR+6.000%, 05/08/25			2,038		2,033
MH Sub I, LLC (Micro Holding Corp.), 2020 June New Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 09/13/24			1,410		1,408
MH Sub I, LLC (Micro Holding Corp.), Amendment No. 2 Initial Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 09/13/24			2,281		2,253
Orion Advisor Solutions, Inc., Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 09/24/27			1,791		1,788

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 88

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Perforce Software, Inc., New Term Loan, 1st Lien
3.865%, VAR LIBOR+3.750%, 07/01/26		$	2,123	$	2,100
Planview Parent, Inc., Closing Date Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/17/27			938		936
Redstone HoldCo 2 LP, Initial Term Loan, 1st Lien
6.000%, VAR LIBOR+5.000%, 09/01/27			1,137		1,140
Renaissance Holding Corp., Initial Term Loan, 1st Lien
3.365%, VAR LIBOR+3.250%, 05/30/25			750		731
SCS Holdings I Inc. (Sirius Computer Solutions, Inc.), Tranche B Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 07/01/26			1,084		1,080
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 06/21/24			1,338		1,323
SolarWinds Holdings, Inc., 2018 Refinancing Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 02/05/24			1,000		980
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 04/16/25			443		438
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 04/16/25			337		334
Surf Holdings S.a r.l., Dollar Tranche Term Loan, 1st Lien
3.726%, VAR LIBOR+3.500%, 03/05/27			1,702		1,684
Symplr Software, Inc., Initial Term Loan, 1st Lien
5.250%, VAR LIBOR+4.500%, 12/22/27			735		736
Tech Data Corporation, Non-FILO Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 06/30/25			1,257		1,259
TIBCO Software Inc., Term B-3 Loan, 1st Lien
3.870%, VAR LIBOR+3.750%, 06/30/26			741		730
UKG Inc., 2021 Incremental Term Loan, 1st Lien
4.000%, VAR LIBOR+3.250%, 05/04/26			574		574
UKG Inc., Initial Term Loan, 1st Lien
3.865%, VAR LIBOR+3.750%, 05/04/26			844		842
Vero Parent, Inc. (Sahara Parent, Inc.), 2021 Refinancing Term Loan, 1st Lien
5.500%, VAR LIBOR+4.750%, 08/16/24			1,490		1,485
0.000%, 03/19/28(F)			1,000		992
Virtusa Corporation, Closing Date Term Loan, 1st Lien
5.000%, VAR LIBOR+4.250%, 02/11/28			1,385		1,386

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 89

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Xperi Holding Corporation, Initial Term B Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 06/02/25		$	176	$	176

Total Electronics					61,748

Electronics/Electric [0.1%]
Oberthur Technologies Facility B
3.750%, VAR Euribor+3.750%, 01/10/24		EUR	3,000		3,501

Energy [0.1%]
Eagleclaw (BCP Raptor) Term Loan B
5.250%, VAR LIBOR+4.250%, 06/24/24			979		940
Invenergy Thermal Operating I LLC, Term Loan B
3.115%, VAR LIBOR+3.000%, 08/28/25			918		909

Total Energy					1,849

Entertainment & Leisure [0.0%]
PortAventra World, Term Loan, 1st Lien
3.500%, 06/13/24			1,000		1,116

Finance (Including Structured Products) [0.6%]
AI Convoy (Luxembourg) S.a r.l., Facility B (USD), 1st Lien
4.500%, VAR LIBOR+3.500%, 01/18/27			1,273		1,270
AI Sirona (Luxembourg) Acquisition S.a r.l., Additional Facility B1 (EUR), 1st Lien
3.750%, VAR Euribor+3.750%, 09/29/25			2,000		2,340
ASP Navigate Acquisition Corp., Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.500%, 10/06/27			1,165		1,162
CCI Buyer, Inc., Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/17/27			1,000		1,001
Clay Holdco B.V., Facility B, 1st Lien
4.750%, VAR Euribor+4.750%, 10/30/26			1,000		1,169
Everest Bidco SAS, Facility B, 1st Lien
3.250%, VAR Euribor+3.250%, 07/04/25		EUR	1,000		1,146
IFCO Management GmbH, Facility B1A, 1st Lien
3.250%, VAR Euribor+3.250%, 05/29/26			2,500		2,925
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 01/26/28			1,810		1,789
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 03/24/25			2,238		2,201
Marcel LUX IV S.a.r.l., Original Facility, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/31/27			1,400		1,401
Peer Holding III B.V., Facility B, 1st Lien
3.250%, VAR Euribor+3.250%, 03/07/25		EUR	1,000		1,169
RPI Intermediate Finance Trust, Term B-1 Term Facility, 1st Lien
1.865%, VAR LIBOR+1.750%, 02/11/27			906		904

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 90

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Starwood Property Mortgage, L.L.C., Term B-2 Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 07/26/26		$	500	$	497
Summer (BC) Bidco B LLC, Facility B (EUR), 1st Lien
4.750%, VAR Euribor+4.750%, 12/04/26			1,000		1,170
Techem Verwaltungsgesellschaft 675 mbH, Facility B4, 1st Lien
2.625%, VAR Euribor+2.625%, 07/15/25			1,479		1,725
Titan Acquisitionco New Zealand Limited, 2020 Refinancing Term Loan, 1st Lien
4.254%, VAR LIBOR+4.000%, 05/01/26			337		336
Valkyr Purchaser, LLC, Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 11/05/27			1,000		1,000
VFH Parent LLC, Initial Term Loan, 1st Lien
3.111%, VAR LIBOR+3.000%, 03/01/26			2,094		2,087

Total Finance (including structured products)					25,292

Financial [0.8%]
Altisource Term Loan B (2018)
5.000%, 03/29/24(G)			537		456
Ameos Cov-Lite Lien1
3.500%, 06/14/24		EUR	1,000		1,168
Amwins Group Inc, Term Loan B, 1st Lien
3.000%, 02/19/28			915		908
Apollo Commercial Real Estate Term Loan B
2.861%, 05/15/26			1,202		1,172
Broadstreet Partners, Term Loan, 1st Lien
3.365%, 01/27/27			990		978
CCP Lux Holding, Term Loan, 1st Lien
4.250%, 01/10/25			1,920		2,222
Citadel Securities LP, Term Loan
2.615%, 02/02/28			2,200		2,174
Ditech Holding Corporation (fka Walter Investment Management Corp.), Tranche B Term Loan, 1st Lien
10.250%, VAR Prime Rate by Country+7.000%, 06/30/22			408		72
Dlg Acquisitions Limited
3.500%, 05/15/26		EUR	1,000		1,168
EVO Payments International, Term B Loan
3.370%, VAR LIBOR+3.250%, 12/22/23			1,319		1,315
First Eagle Holdings, Inc., Refinancing Term Loan
2.754%, 02/01/27			831		819
Infinitas Learn Cov-Lite Lien1
4.250%, 05/03/24(C)		EUR	2,938		3,451
iStar Financial Inc. Term Loan B
2.853%, VAR LIBOR+2.750%, 07/01/22			2,543		2,537
Japan Paris Club, Term Loan, 1st Lien
0.000%, 01/10/28(F)		JPY	233,333		1,538
Russell Investment, Term Loan, 1st Lien
4.000%, 06/02/25			2,517		2,502
Stalk Goup, Term Loan, 1st Lien
3.750%, 07/30/26			939		1,094
Taurus Midco Ltd., Term Loan, 1st Lien
3.500%, 09/29/24			645		741
3.500%, 09/29/24			165		189
3.500%, 09/29/24			385		443
3.500%, 09/29/24			305		351

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 91

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Tronox Finance, Term Loan B, 1st Lien
0.000%, 03/02/28(F)		$	1,300	$	1,292
Vistra, Term Loan
3.750%, 10/27/25			953		1,112
Winterfell Financing, Term Loan, 1st Lien
0.000%, 02/18/28(F)			3,000		3,490

Total Financial					31,192

Financial Intermediaries [0.0%]
Optimal Payments aka Paysafe Term Loan 2nd Lien
7.000%, VAR Euribor+7.000%, 11/15/22		EUR	1,000		1,175

Financial Services [0.0%]
DRW, Term Loan, 1st Lien
3.865%, 03/01/28			1,565		1,561

Food and Drug [0.0%]
United Natural Foods Term Loan B
3.615%, VAR LIBOR+4.250%, 10/22/25			1,031		1,030

Food Service [0.1%]
Solina Term Loan B
3.750%, 12/16/22(G)		EUR	1,980		2,307
WSH Term Loan
5.104%, 02/27/26		GBP	1,000		1,330
WSH Term Loan 2nd Lien
8.854%, 03/01/27		GBP	1,000		1,316

Total Food Service					4,953

Food/Tobacco [0.0%]
Golden Nugget (fka Landry’s), Term Loan B
3.250%, VAR LIBOR+3.250%, 10/04/23			950		934

Gaming/Leisure [0.0%]
Global Cash Access Term Loan B (2017)
3.500%, VAR LIBOR+3.000%, 05/09/24			627		622
Golden Entertainment Inc. Term Loan B
3.750%, VAR LIBOR+3.000%, 08/15/24			384		378

Total Gaming/Leisure					1,000

Healthcare [1.2%]
Ardent Health Partners, Term Loan
4.750%, 06/30/25			2,745		2,747
Avantor, Inc, Term Loan, 1st Lien
3.500%, 10/29/27			1,050		1,049
Cerba Facility B
2.500%, VAR Euribor+3.000%, 03/21/24		EUR	1,000		1,164
Cerba Term Loan B
3.000%, VAR Euribor+3.500%, 04/22/24		EUR	1,000		1,168
Diaverum Holding S.a.r.l. (fka Velox Bidco S.a.r.l.), Facility B
3.250%, VAR Euribor+3.250%, 05/24/24		EUR	1,500		1,737
Diaverum Holding S.a.r.l. (fka Velox Bidco S.a.r.l.), Second Lien Facility
8.000%, VAR Euribor+8.000%, 05/24/24		EUR	1,500		1,741
Elivie Term Loan B
4.000%, VAR Euribor+4.000%, 10/16/25		EUR	1,000		1,170
Endo Luxembourg, Term Loan, 1st Lien
5.750%, 03/27/28			870		860
Envision Healthcare Corporation, Term Loan
0.000%, 10/10/25(F)			810		649
Gesundheits GmbH Term Loan
4.000%, 07/30/26		EUR	2,000		2,338
Greatbatch Ltd, Term Loan B
3.500%, 10/27/22			1,771		1,771
Hca B13 Lien 1
1.865%, 03/18/26			2,675		2,672

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 92

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Homevi Inc., Term Loan, 1st Lien
3.750%, 10/31/26		$	1,000	$	1,171
Indivior Finance S.Ãƒ r.l. Term Loan
5.500%, VAR LIBOR+4.500%, 12/19/22(D)			1,457		1,449
Invent Farma, Term Loan, 1st Lien
0.000%, 02/12/28(F)			1,000		1,170
4.250%, 10/29/27			634		745
4.250%, 12/15/27			366		430
IVC Acquisitions, Term Loan, 1st Lien
4.059%, 02/13/26			1,000		1,372
Kindred Healthcare Inc., Term B Loan
4.625%, VAR LIBOR+5.000%, 06/23/25			1,741		1,741
Lannett Company, Inc Term Loan B
6.375%, 11/25/22			1,448		1,382
Mediq BV, Term Loan, 1st Lien
0.000%, 03/03/28(F)			2,000		2,337
Midwest Physician, Term Loan, 1st Lien
4.000%, 03/05/28			760		755
National Mentor, Term Loan, 1st Lien
4.500%, 03/02/28			560		556
4.500%, 03/02/28			19		19
4.500%, 02/18/28			62		61
Onex TSG Intermediate Corp, Term Loan, 1st Lien
5.500%, 02/28/28			470		465
Option Care Health, Inc., Term B Loan, 1st Lien
3.865%, VAR LIBOR+3.750%, 08/06/26			970		966
Prophylaxis B.V., Term Loan
0.500%, 06/30/25			227		266
Prophylaxis, Term Loan
4.500%, 06/30/25			590		679
SCP Eye Care, Term Loan, 1st Lien
5.250%, 03/15/28			643		643
0.000%, 03/15/28(F)			112		111
Sotera Health Holdings, LLC, Term Loan, 1st Lien
3.250%, 12/11/26			1,045		1,041
Syneos Health Inc Term Loan A-2
1.365%, 03/25/24			4,301		4,250
Synlab, Term Loan, 1st Lien
3.250%, 07/01/26			2,000		2,332
Theramex, Term Loan, 1st Lien
4.000%, 01/31/25			1,000		1,148
Universal Hospital, Incremental Term Loan, 1st Lien
3.500%, 01/04/26(G)			1,660		1,639
Vizient Cov-Lite, Term Loan A, Lien 1
1.365%, 05/06/24			2,848		2,827
Vizient Cov-Lite, Term Loan B, Lien 1
2.121%, 05/06/26			167		165

Total Healthcare					48,786

Healthcare, Education and Childcare [1.0%]
Aenova Holding GmbH, Facility B, 1st Lien
5.000%, VAR Euribor+5.000%, 03/06/25			1,500		1,764
Amneal Pharmaceuticals LLC, Initial Term Loan, 1st Lien
3.625%, VAR LIBOR+3.500%, 05/04/25			2,409		2,362
Auris Luxembourg III S.a r.l., Facility B1A, 1st Lien
4.000%, VAR Euribor+4.000%, 02/27/26		EUR	3,000		3,476
Bausch Health Companies Inc., Initial Term Loan, 1st Lien
3.115%, VAR LIBOR+3.000%, 06/02/25			1,830		1,823
CAB, Facility B, 1st Lien
3.500%, VAR Euribor+3.500%, 02/09/28			2,500		2,912

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 93

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Cano Health, LLC, Delayed Draw Term Loan, 1st Lien
4.750%, VAR UNFND+4.750%, 11/23/27		$	267	$	267
Cano Health, LLC, Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.750%, 11/23/27			733		732
Cidron Ollopa Holding B.V., Facility B, 1st Lien
3.250%, VAR Euribor+3.250%, 04/16/25		EUR	2,437		2,817
CNT Holdings I Corp, Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 11/08/27			1,160		1,157
Elsan SAS (fka Vedici Investissements), Facility B3, 1st Lien
3.000%, VAR Euribor+3.000%, 10/30/24		EUR	3,000		3,506
Financiere Mendel, Facility B, 1st Lien
4.500%, VAR Euribor+4.500%, 04/13/26		EUR	2,000		2,343
Gentiva Health Services, Inc., Term B-1 Loan, 1st Lien
2.875%, VAR LIBOR+2.750%, 07/02/25			1,067		1,060
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
2.090%, VAR LIBOR+2.000%, 11/15/27			1,975		1,952
HCA Inc., Tranche B-12 Term Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 03/13/25			1,778		1,776
Loire UK Midco 3 Limited, Facility B (EUR), 1st Lien
2.750%, VAR Euribor+2.750%, 04/21/27			2,500		2,913
Milano Acquisition Corp., Term B Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 10/01/27			1,675		1,667
Nidda Healthcare Holding GmbH, Facility F (EUR), 1st Lien
3.500%, VAR Euribor+3.500%, 08/21/26			1,500		1,745
Nidda Healthcare Holding GmbH, Facility F (GBP), 1st Lien
4.560%, VAR LIBOR+4.500%, 08/21/26			1,000		1,372
Ortho-Clinical Diagnostics, Inc., 2020 Incremental Euro Term Loan, 1st Lien
3.500%, VAR Euribor+3.500%, 06/30/25			1,985		2,326
Parexel International Corporation, Initial Term Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 09/27/24			1,216		1,201
St. George’s University Scholastic Services LLC, Term Loan, 1st Lien
3.370%, VAR LIBOR+3.250%, 07/17/25			471		466

Total Healthcare, Education and Childcare					39,637

Home and Office Furnishings, Housewares and Durable Consumer Products [0.1%]
ACProducts, Inc., Initial Term Loan, 1st Lien
7.500%, VAR LIBOR+6.500%, 08/18/25			994		1,013

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 94

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Ozark Holdings LLC, 2020 Refinancing Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 12/16/27		$	735	$	735
Pactiv Evergreen Inc., Tranche B-2 U.S. Term Loan, 1st Lien
3.365%, VAR LIBOR+3.250%, 02/05/26			1,395		1,378
Weber-Stephen Products LLC, Initial Term B Loan, 1st Lien
4.000%, VAR LIBOR+3.250%, 10/30/27			1,017		1,016

Total Home and Office Furnishings, Housewares and Durable Consumer Products					4,142

Hotels, Motels, Inns and Gaming [0.4%]
Aimbridge Acquisition Co., Inc., 2020 Incremental Term Loan, 1st Lien
6.750%, VAR LIBOR+6.000%, 02/02/26			577		577
Caesars Resort Collection, LLC, Term B Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 12/23/24			4,570		4,499
Compass III Limited, Incremental Facility, 1st Lien
4.250%, VAR Euribor+4.250%, 05/09/25		EUR	2,000		2,325
IGT Holding IV AB, Facility B1, 1st Lien
3.000%, VAR Euribor+3.000%, 07/29/24		EUR	2,000		2,338
Marriott Ownership Resorts, Inc., 2019 Refinancing Term Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 08/29/25			685		665
PCI Gaming Authority, Term B Facility Loan, 1st Lien
2.615%, VAR LIBOR+2.500%, 05/29/26			703		697
Scientific Games International, Inc., Initial Term B-5 Loan, 1st Lien
2.865%, VAR LIBOR+2.750%, 08/14/24			1,827		1,790
Travelport Finance (Luxembourg) S.a r.l., Initial Term Loan (Priority), 1st Lien
9.000%, VAR LIBOR+8.000%, 02/28/25			968		985
Travelport Finance (Luxembourg) S.a r.l., Initial Term Loan, 1st Lien
5.254%, VAR LIBOR+5.000%, 05/29/26			709		575

Total Hotels, Motels, Inns and Gaming					14,451

Housing [0.2%]
Beacon Roofing Supply, Inc. Term Loan B
2.365%, 01/02/25(G)			408		406
DTZ Cushman & Wakefield
2.865%, 08/21/25			2,187		2,140
GGP (Brookfield Residential Property) Term Loan A2
3.115%, 08/28/23			1,700		1,655
GGP (Brookfield Residential Property) Term Loan B
2.615%, VAR LIBOR+2.500%, 08/27/25			3,289		3,137
GGP (Brookfield Residential Property) Term Loan, 1st Lien
3.250%, 08/01/25			2,036		2,017

Total Housing					9,355

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 95

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Industrial Equipment [0.2%]
ADB Safegate, Cov-Lite, 1st Lien
3.500%, 10/03/24(G)		EUR	1,000	$	1,092
Ahlsell, Term Loan, 1st Lien
3.500%, 02/16/26		$	2,000		2,336
Flender, Term Loan, 1st Lien
3.750%, 01/21/28			1,000		1,178
Gates Global, Term Loan, 1st Lien
3.500%, 02/19/27			544		542
Granite Acquisition, Inc., Term Loan, 1st Lien
3.250%, 03/24/28			690		687
Ravago, Term Loan B, 1st Lien
2.610%, 02/18/28			1,770		1,761
Triton Water Holdings, Term Loan, 1st Lien
4.000%, 03/31/28			1,110		1,105

Total Industrial Equipment					8,701

Industrial Services [0.1%]
AlixPartners, Term Loan B, 1st Lien
3.250%, 01/28/28			1,000		996
Assystem Technologies, Term Loan, 1st Lien
4.250%, 09/27/24			1,000		1,129
Daseke, Term Loan B, 1st Lien
4.750%, 03/03/28			1,900		1,900
Packers Holdings, LLC, Term Loan, 1st Lien
4.000%, 03/09/28			725		716

Total Industrial Services					4,741

Industrials [0.1%]
Harsco, Term Loan, 1st Lien
2.750%, 03/05/28			670		664
Infinite Electronics, Term Loan, 1st Lien
4.250%, 03/02/28			565		560
Interior Logic, Term Loan B, 1st Lien
0.000%, 03/25/28(F)			500		496
Pacific Architects Inc, Term Loan, 1st Lien
5.250%, 10/19/27			1,400		1,399
Pods, Inc., Term Loan, 1st Lien
3.750%, 03/17/28			730		726
The Hillman Group, Inc., Term Loan B, 1st Lien
0.000%, 02/24/28(F)			648		645
The Hillman Group, Inc., Term Loan, 1st Lien
0.000%, 02/24/28(F)			132		131
Verisure Holdings, Term Loan, 1st Lien
0.000%, 01/15/28(F)			1,000		1,167

Total Industrials					5,788

Information Technology [0.2%]
Brooks Automation, Term Loan B, 1st Lien
2.740%, 10/04/24(G)			1,000		981
Informatica, Term Loan, 1st Lien
3.250%, 02/14/27			993		1,154
MaxLinear Term Loan A, 1st Lien
4.365%, 04/05/23			788		787
McAfee Term B USD Loans
3.865%, VAR LIBOR+3.750%, 09/30/24			1,084		1,084
Mks Instruments B6
1.865%, 02/26/26			215		214
Ultra Clean Holdings, Term Loan B, 1st Lien
4.615%, 08/27/25			1,287		1,289
Ultra Clean Holdings, Term Loan, 1st Lien
0.000%, 08/27/25(F)			735		736

Total Information Technology					6,245

Insurance [0.1%]
Acrisure, LLC, 2020 Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 02/15/27			600		592

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 96

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Asurion, LLC, New B-3 Term Loan, 2nd Lien
5.365%, VAR LIBOR+5.250%, 01/31/28		$	1,550	$	1,577
Asurion, LLC, New B-8 Term Loan, 1st Lien
3.365%, VAR LIBOR+3.250%, 12/23/26			1,400		1,390
Asurion, LLC, New B-9 Term Loan, 1st Lien
3.365%, VAR LIBOR+3.250%, 07/31/27			1,100		1,092

Total Insurance					4,651

Land Transportation [0.0%]
Transplace Holdings. Inc. Term Loan B
4.750%, VAR LIBOR+3.750%, 09/29/24			582		582

Leisure Goods/Activities/Movies [0.2%]
GVC Term Loan B
2.500%, 03/29/24		EUR	1,000		1,168
Premier Lotteries Cov-Lite Term Loan B
3.000%, 06/26/24(G)		EUR	2,431		2,775
Stiga Facility B
4.250%, 08/30/24		EUR	3,084		3,466

Total Leisure Goods/Activities/Movies					7,409

Leisure, Amusement, Motion Pictures, Entertainment [0.1%]
Formula One Management Limited, Facility B3 (USD), 1st Lien
3.500%, VAR LIBOR+2.500%, 02/01/24			1,980		1,958
Piolin II S.a.r.l., Facility B, 1st Lien
3.750%, VAR Euribor+3.750%, 09/16/26		EUR	3,000		3,302

Total Leisure, Amusement, Motion Pictures, Entertainment					5,260

Lodging & Casinos [0.1%]
Enterprise Development Authority, Term Loan, 1st Lien
0.000%, 02/18/28(F)			490		491
Playtika, Term Loan B, 1st Lien
0.000%, 03/13/28(F)			1,950		1,938
The Stars Group (fka Amaya) Euro Term Loan
3.750%, VAR Euribor+3.750%, 07/10/25		EUR	1,193		1,404
Vacalians Term Loan B
4.000%, VAR Euribor+4.000%, 10/30/25		EUR	1,000		1,056

Total Lodging & Casinos					4,889

Machinery [0.0%]
Graftech International Ltd., Initial Term Loan, 1st Lien
3.500%, VAR LIBOR+3.000%, 02/12/25			1,460		1,458

Machinery (Non-Agriculture, Non-Construction and Non-Electronic) [0.1%]
Advanced Drainage Systems, Inc., Initial Term Loan, 1st Lien
2.375%, VAR LIBOR+2.250%, 07/31/26			630		631
Alliance Laundry Systems LLC, Initial Term B Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 10/08/27			690		688
MHI Holdings, LLC, Initial Term Loan, 1st Lien
5.115%, VAR LIBOR+5.000%, 09/21/26			1,973		1,977

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 97

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Navistar, Inc., Tranche B Term Loan, 1st Lien
3.620%, VAR LIBOR+3.500%, 11/06/24		$	810	$	810

Total Machinery (Non-Agriculture, Non-Construction and Non-Electronic)					4,106

Manufacturing [0.3%]
Alpha Bidco, Term Loan, 1st Lien
3.750%, 07/30/25			3,000		3,486
Alpha BV, Term Loan, 1st Lien
3.000%, 03/05/28			1,045		1,041
Delachaux, Term Loan, 1st Lien
3.750%, 04/16/26			3,000		3,502
Lumileds (Bright Bidco) Term Loan B (2018)
4.500%, VAR LIBOR+3.500%, 06/30/24			971		739
MTS System, Term Loan B, 1st Lien
4.000%, 07/05/23			1,750		1,748

Total Manufacturing					10,516

Materials [0.4%]
Anchor Packaging, LLC, Initial Term Loan, 1st Lien
4.115%, 07/18/26(D)			893		893
Aruba Investments, Term Loan, 1st Lien
4.000%, 10/28/27			1,000		1,175
4.750%, 11/24/27(G)			835		833
Asplundh Tree Expert, LLC, Term Loan
1.853%, 09/07/27			938		935
Berlin Packaging, Term Loan B, 1st Lien
3.750%, 03/11/28			1,140		1,128
Ineos Group Holdings Ltd, Term Loan, 1st Lien
3.500%, 10/23/27			1,000		1,171
Kersia, Term Loan, 1st Lien
4.000%, 11/25/27			1,000		1,170
Klockner Pentaplast, Term Loan, 1st Lien
4.750%, 02/04/26			1,000		1,153
5.250%, 02/12/26			700		697
Schweitzer-Mauduit, Term Loan, 1st Lien
0.000%, 01/27/28(F)			765		762
Skyscraper Holdco, Term Loan, 1st Lien
0.000%, 09/29/27(F)			500		585
Tricorbraun, Delayed Term Loan, 1st Lien
0.000%, 01/29/28(F)			104		103
Tricorbraun, Term Loan, 1st Lien
3.750%, 01/29/28			461		456
Xella Cov-Lite
4.000%, 10/12/26		EUR	2,889		3,379

Total Materials					14,440

Media [0.1%]
Liberty Latin, Term Loan B, 1st Lien
3.843%, 10/23/26			1,200		1,201
Springer Nature Deutschland, Term Loan, 1st Lien
3.500%, 08/14/26			3,359		3,925

Total Media					5,126

Metals/Minerals [0.1%]
Atkore International, Inc. Term Loan (2016)
3.750%, VAR LIBOR+2.750%, 12/22/23			2,369		2,371
Consol Energy Inc. Term Loan B
4.620%, 10/31/22(G)			1,339		1,254

Total Metals/Minerals					3,625

Mining [0.1%]
Samarco Mineracao, 1st Lien
5.192%, 11/01/22			5,000		3,600

Mining, Steel, Iron and Nonprecious Metals [0.0%]
NWR Holdings B.V., Super Senior Term Facility, 1st Lien
16.500%, VAR Euribor+16.500%, 04/14/21		EUR	407		—

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 98

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Oxbow Carbon LLC, Tranche B Term Loan, 1st Lien
5.000%, VAR LIBOR+4.250%, 10/17/25		$	1,234	$	1,234

Total Mining, Steel, Iron and Nonprecious Metals					1,234

Oil and Gas [0.1%]
Ascent Resources Utica Holdings, LLC, Term Loan, 2nd Lien
10.000%, VAR LIBOR+9.000%, 11/01/25			574		634
BCP Raptor II, LLC, Initial Term Loan, 1st Lien
4.865%, VAR LIBOR+4.750%, 11/03/25			1,068		1,016
BlackBrush Oil & Gas, L.P., Closing Date Commitment (Term Loan), 1st Lien
8.000%, VAR LIBOR+5.000%, 09/03/25			426		426
ChampionX Holding Inc., Term Loan, 1st Lien
6.000%, VAR LIBOR+5.000%, 06/03/27			1,531		1,558
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 05/22/26			1,024		998

Total Oil and Gas					4,632

Personal and Non-Durable Consumer Products (Manufacturing Only) [0.1%]
ABG Intermediate Holdings 2 LLC, 2021 Refinancing Term Loan, 1st Lien
4.000%, VAR LIBOR+3.250%, 09/27/24			1,007		1,003
ABG Intermediate Holdings 2 LLC, Amendment No. 5 Incremental Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 09/27/24			1,159		1,159
Coty Inc., Term B USD Loan, 1st Lien
2.374%, VAR LIBOR+2.250%, 04/07/25			614		589

Total Personal and Non-Durable Consumer Products (Manufacturing Only)					2,751

Personal Transportation [0.1%]
American Airlines, Inc., 2017 Class B Term Loans, 1st Lien
2.115%, VAR LIBOR+2.000%, 04/28/23			1,824		1,736
Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 06/21/27			1,105		1,173
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 10/20/27			2,560		2,685

Total Personal Transportation					5,594

Personal, Food and Miscellaneous Services [0.1%]
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien
1.865%, VAR LIBOR+1.750%, 11/19/26			1,039		1,019

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 99

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
IRB Holding Corp., Fourth Amendment Incremental Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 12/15/27		$	800	$	796
Pax Midco Spain, S.L.U., Facility B, 1st Lien
4.750%, VAR Euribor+4.750%, 07/01/26		EUR	1,000		1,058

Total Personal, Food and Miscellaneous Services					2,873

Pharmaceuticals [0.1%]
Antigua Bidco Ltd, Term Loan, 1st Lien
4.000%, 08/07/26			917		1,073
Cheplapharm Arzneimittel GmbH
3.500%, 07/14/25			1,000		1,167

Total Pharmaceuticals					2,240

Printing, Publishing and Broadcasting [0.2%]
Applovin Corporation, Initial Term Loan, 1st Lien
3.615%, VAR LIBOR+3.500%, 08/15/25			1,282		1,280
Cambium Learning Group, Inc., Initial Term Loan, 1st Lien
4.754%, VAR LIBOR+4.500%, 12/18/25			457		457
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, 1st Lien
4.000%, VAR LIBOR+3.000%, 10/30/26			1,600		1,599
Dun & Bradstreet Corporation, The, Initial Term Borrowing, 1st Lien
3.365%, VAR LIBOR+3.250%, 02/06/26			580		576
LABL, Inc., Euro Term B Loan, 1st Lien
4.250%, VAR Euribor+4.250%, 07/01/26			2,000		2,344
Recorded Books Inc., 2021 Replacement Term Loan, 1st Lien
4.113%, VAR LIBOR+4.000%, 08/29/25			400		398

Total Printing, Publishing and Broadcasting					6,654

Publishing [0.1%]
Axel Springer Se Lien1
5.000%, 10/30/26		EUR	1,500		1,756
Liftoff Moblie, Term Loan, 1st Lien
4.250%, 03/17/28			655		652
Meredith Corporation, Tranche B-3 Term Loan, 1st Lien
5.250%, VAR LIBOR+4.250%, 01/31/25			1,990		2,018

Total Publishing					4,426

Real Estate [0.2%]
Foncia, Term Loan, 1st Lien
0.000%, 03/17/28(F)			2,000		2,321
Realogy, Term Loan, 1st Lien
0.000%, 02/08/23(F)			1,670		1,659
Spa Holdings, Term Loan, 1st Lien
0.000%, 03/10/28(F)			1,000		1,169
0.000%, 03/10/28(F)			665		663

Total Real Estate					5,812

Refining [0.1%]
Karpower, Term Loan
8.751%, 11/16/23			3,343		3,310

Retail and Wholesale [0.0%]
Storable, Term Loan B, 1st Lien
0.000%, 02/26/28(F)			390		386

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 100

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Retail Stores [0.6%]
84 Lumber, Term Loan B, 1st Lien
3.750%, 11/13/26		$	999	$	997
American Residential Services L.L.C., Closing Date Term Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 10/15/27			660		657
Ascena Retail Group, Inc. (Anntaylor Retail, Inc.), Tranche B Term Loan, 1st Lien
5.250%, VAR LIBOR+4.500%, 08/21/22			233		36
Ascend Learning, LLC, Amendment No. 2 Incremental Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 07/12/24			990		989
Bass Pro Group, Term Loan B, 1st Lien
5.000%, 03/06/28			2,200		2,201
Belfor Holdings Inc., Initial Term Loan, 1st Lien
4.115%, VAR LIBOR+4.000%, 04/06/26			1,276		1,276
Belk, Term Loan, 1st Lien
8.500%, 07/31/25			135		134
0.000%, 07/31/25(F)			584		374
CD&R Firefly Bidco Limited, Facility B1, 1st Lien
4.307%, VAR LIBOR+4.250%, 06/23/25		GBP	2,000		2,741
J.C. Penney Corporation, Inc. , Loan (2016), 1st Lien
5.250%, VAR LIBOR+4.250%, 06/23/23			794		2
Jo-Ann Stores, LLC, Initial Loan, 1st Lien
6.000%, 10/20/23			940		936
LBM Acquisition, LLC, Delayed Term Loan, 1st Lien
0.000%, 12/17/27(F)			219		218
LBM Acquisition, LLC, Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 12/17/27			986		981
Michaels Stores, Inc., 2020 Refinancing Term B Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 10/01/27			1,504		1,502
New Trojan Parent, Inc., Initial Term Loan, 1st Lien
4.250%, VAR LIBOR+3.750%, 01/06/28			605		601
Obol France 3 SAS, Amended Facility B, 1st Lien
3.500%, VAR Euribor+3.500%, 04/11/23		EUR	1,500		1,713
Petco Helath and Wellness, Term Loan, 1st Lien
4.000%, 03/03/28			1,600		1,593
PetSmart LLC, Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.750%, 02/11/28			930		928
Prime Security Services Borrower, LLC, 2021 Refinancing Term B-1 Loan, 1st Lien
3.500%, VAR LIBOR+2.750%, 09/23/26			2,172		2,162
Rent-A-Center, Inc., Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+4.000%, 02/17/28			950		954
Resideo Funding Inc., Initial Term Loan, 1st Lien
2.750%, VAR LIBOR+2.250%, 02/11/28			810		807
THG Operations Holdings Limited, Facility B, 1st Lien
4.500%, VAR Euribor+4.500%, 12/11/26		EUR	2,000		2,351

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 101

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Toys ‘R’ Us Property Company I, LLC, Term Loan
0.000%, 03/20/22(F)		$	9	$	208
Weight Watchers International, Inc., Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.750%, 11/29/24			1,476		1,473

Total Retail Stores					25,834

Retailers (Other than Food/Drug) [0.2%]
AS Adventure Additional Facility (GBP)
6.464%, VAR LIBOR+5.250%, 04/12/22		GBP	1,006		637
AS Adventure Facility B
5.000%, VAR Euribor+5.000%, 04/01/22		EUR	2,014		1,084
Cd&R Firefly Bidco Ltd Lien1
3.250%, 06/23/25		EUR	500		583
Euro Garage Limited (EG Group) (GBP) Term Loan B
4.776%, VAR LIBOR+4.750%, 02/07/25		GBP	1,950		2,626
Peer Holding Iii B.V
3.500%, 11/27/26		EUR	2,000		2,340

Total Retailers (Other than Food/Drug)					7,270

Service [0.4%]
Addison Group Term Loan B
4.865%, 04/10/26			217		215
Adtalem Global Education Term Loan B
3.115%, VAR LIBOR+3.000%, 04/09/25			491		486
Adtalem Global, Term Loan B, 1st Lien
0.000%, 02/12/28(F)			2,645		2,616
APi Group Term Loan B
2.615%, 10/01/26			757		753
Ascend Learning LLC Term Loan B
4.000%, VAR LIBOR+3.000%, 07/12/24			976		971
Conservice, Term Loan B, 1st Lien
4.503%, 05/13/27			948		946
Convergint (Gopher Sub Inc) Term Loan B
3.750%, VAR LIBOR+3.000%, 02/01/25			958		954
Convergint, Delayed Term Loan, 1st Lien
0.000%, 03/18/28(F)			101		101
Convergint, Term Loan, 1st Lien
0.000%, 03/18/28(F)			484		481
Evertec Group, LLC Term A Loan
1.871%, 11/27/23			1,095		1,083
Evertec Group, LLC Term Loan B (2018)
3.615%, VAR LIBOR+3.500%, 11/20/24			988		984
Exela Term Loan B (2018)
7.500%, VAR LIBOR+6.500%, 07/12/23			556		211
National Intergovernmental Purchasing Alliance, Term Loan B
4.004%, VAR LIBOR+3.750%, 05/19/25			1,470		1,461
Paysafe Group PLC Term Loan B-1
4.500%, VAR LIBOR+3.500%, 01/03/25			935		933
Ventia (LS Deco LLC Leighton) Term Loan B
5.000%, VAR LIBOR+3.500%, 05/21/22			3,630		3,630

Total Service					15,825

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 102

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Shipping [0.0%]
PS Logistics LLC Term Loan
5.750%, VAR LIBOR+4.750%, 03/06/25		$	888	$	886

Software and Tech Services [0.2%]
Liaison, Term Loan B, 1st Lien
4.500%, 03/04/28			750		752
Mediware Information, Term Loan, 1st Lien
4.000%, 03/03/28			740		737
NielsenIQ, Term Loan B, 1st Lien
4.103%, 03/06/28			1,000		995
Rackspace Technology Global, Inc., Term Loan, 1st Lien
3.500%, 02/15/28			1,950		1,931
Realpage Inc., Term Loan, 1st Lien
0.000%, 02/18/28(F)			965		960
Thoughtworks, Term Loan, 1st Lien
3.750%, 03/17/28			715		713
Wex, Term Loan B, 1st Lien
0.000%, 03/19/28(F)			375		373

Total Software and Tech Services					6,461

Technology [0.4%]
AI Avocado B.V., Term Loan
4.250%, 09/17/24			2,827		3,314
AQA Acquisition/Smartbear, Term Loan, 1st Lien
4.750%, 11/19/27			800		800
CEP, Term Loan, 1st Lien
4.000%, 06/03/27			3,000		3,528
Constant Contact, Delayed Term Loan, 1st Lien
0.000%, 02/10/28(F)			130		129
Constant Contact, Term Loan, 1st Lien
4.500%, 02/10/28			485		482
Digicert Buyer Inc, Term Loan, 1st Lien
7.115%, 02/19/29			380		382
E2open, Term Loan B, 1st Lien
4.000%, 10/29/27			1,075		1,073
Flexera Software, Term Loan B, 1st Lien
4.500%, 01/26/28			399		399
Helios Software Hold, Term Loan, 1st Lien
3.750%, 03/05/28			1,500		1,757
Technicolor, Term Loan, 1st Lien
12.235%, 06/03/24			773		846
6.000%, 06/03/24			507		652
6.000%, 06/03/24			585		747

Total Technology					14,109

Technology Hardware [0.0%]
Pitney Bowes, Term Loan B, 1st Lien
4.120%, 03/12/28			455		454

Telecommunications [0.9%]
Altice France S.A. (Ypso France SAS), EUR TLB-11 Term Loan, 1st Lien
3.000%, VAR Euribor+3.000%, 07/31/25		EUR	2,406		2,777
Avaya Inc., Tranche B-1 Term Loan, 1st Lien
4.362%, VAR LIBOR+4.250%, 12/15/27			808		807
Avaya Inc., Tranche B-2 Term Loan, 1st Lien
4.106%, 12/15/27			450		450
Cincinnati Bell Inc., Tranche B Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 10/02/24			2,305		2,301
Circet Group Circet (Odyssey Investissement)
3.250%, 04/28/25		EUR	2,000		2,334
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 12/11/26			2,054		2,046

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 103

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Consolidated Communications, Inc., Initial Term Loan, 1st Lien
5.750%, VAR LIBOR+4.750%, 10/02/27		$	785	$	785
Coral-US Co-Borrower LLC, Term B-5 Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 01/31/28			1,000		984
Greeneden U.S. Holdings I, LLC, Initial Dollar Term Loan (2020), 1st Lien
4.750%, VAR LIBOR+4.000%, 12/01/27			1,620		1,619
Greeneden U.S. Holdings I, LLC, Initial Euro Term Loan (2020), 1st Lien
4.250%, VAR Euribor+4.250%, 12/01/27			1,000		1,174
Hargray Communications Group, Inc., Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 05/16/24			317		316
Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan, 1st Lien
8.000%, VAR Prime Rate by Country+4.750%, 11/27/23			4,440		4,506
Iridium Satellite LLC, Term B-1 Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 11/04/26			1,346		1,348
Lorca Holdco Limited, Facility B, 1st Lien
4.250%, VAR Euribor+4.250%, 09/17/27			2,500		2,933
Lumen Technologies Inc., Term B Loan, 1st Lien
2.365%, VAR LIBOR+2.250%, 03/15/27			1,554		1,536
Neustar Term Loan B-4
4.500%, VAR LIBOR+3.500%, 08/08/24			1,526		1,450
Neustar Term Loan B-5
5.500%, 08/08/24			288		277
Numericable U.S. LLC (SFR) Term Loan B-13
4.198%, VAR LIBOR+4.000%, 08/14/26			2,242		2,234
Radiate Holdco, LLC, Term B Loan, 1st Lien
4.250%, VAR LIBOR+3.500%, 09/25/26			1,922		1,920
Windstream Services II, LLC, Initial Term Loan, 1st Lien
7.250%, VAR LIBOR+6.250%, 09/21/27			1,165		1,164
Zacapa (Ufinet), Term Loan B
4.769%, VAR LIBOR+4.500%, 07/02/25			1,208		1,209
Ziggo B.V., Term Loan H Facility, 1st Lien
3.000%, VAR Euribor+3.000%, 01/31/29		EUR	3,000		3,494

Total Telecommunications					37,664

Transportation [0.1%]
Superior Industries, Closing Date Term Loan
4.115%, VAR LIBOR+4.000%, 05/22/24			909		904
Tenneco Inc, Term Loan B
3.115%, VAR LIBOR+3.000%, 10/01/25			1,886		1,835
Wabash National, Term Loan B, 1st Lien
4.000%, 09/17/27			1,018		1,015

Total Transportation					3,754

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 104

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Utilities [0.3%]
Calpine Term Loan B-9
2.120%, VAR LIBOR+2.250%, 04/05/26		$	1,840	$	1,819
Eastern Power, LLC (Eastern Covert Midco, LLC), Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 10/02/25			1,608		1,513
EFS Cogen Holdings I LLC, Term B Advance, 1st Lien
4.500%, VAR LIBOR+3.500%, 10/01/27			—		—
Granite Generation LLC, Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 11/09/26			2,803		2,797
Longview Power LLC, Term Loan
11.500%, 04/14/25			438		441
MGroup Term Loan B
4.557%, 07/25/25		GBP	2,700		3,703
Talen Energy Supply Term Loan B (2019)
3.865%, 06/26/26			2,565		2,488

Total Utilities					12,761

Total Loan Participations
(Cost $726,020)					725,752

Mortgage-Backed Securities [9.8%]
522 Funding CLO 2021-7, Ser 2021-7A, Cl E
6.420%, VAR ICE LIBOR USD 3 Month+6.220%, 04/23/34(A)			1,700		1,666
Adagio IV CLO, Ser 2015-X, Cl F
6.650%, VAR Euribor 3 Month+6.650%, 10/15/29		EUR	1,250		1,295
Anchorage Capital CLO 9, Ser 2019-9A, Cl ER
6.651%, VAR ICE LIBOR USD 3 Month+6.410%, 07/15/32(A)			3,330		3,298
Anchorage Capital Europe CLO 2021-4 DAC, Ser 2021-4X, Cl E
5.710%, VAR Euribor 3 Month+5.710%, 04/25/34		EUR	1,000		1,146
Arbour CLO VII DAC, Ser 2020-7X, Cl E
6.400%, VAR Euribor 3 Month+6.400%, 03/15/33		EUR	3,500		4,062
Ares European CLO VIII DAC, Ser 2019-8X, Cl ER
6.320%, VAR Euribor 3 Month+6.320%, 04/17/32		EUR	1,500		1,757
Ares European CLO XIII BV, Ser 2020-13X, Cl E
6.350%, VAR Euribor 3 Month+6.350%, 07/20/32		EUR	3,250		3,806
Armada Euro CLO II DAC, Ser 2018-2X, Cl E
4.820%, VAR Euribor 3 Month+4.820%, 11/15/31		EUR	1,500		1,698
Armada Euro CLO II DAC, Ser 2018-2X, Cl F
6.450%, VAR Euribor 3 Month+6.450%, 11/15/31		EUR	1,000		991
Aurium CLO VII DAC, Ser 2021-7X, Cl E
0.000%, 05/15/34		EUR	2,125		2,430
BABSN, Ser 2018-IA, Cl ER
5.724%, VAR ICE LIBOR USD 3 Month+5.500%, 01/20/31(A)		$	2,000		1,768
Bain Capital Euro CLO 2018-1 DAC, Ser 2018-1X, Cl E
4.970%, VAR Euribor 3 Month+4.970%, 04/20/32		EUR	1,690		1,774
Barings CLO 2019-III, Ser 2019-3A, Cl E
7.004%, VAR ICE LIBOR USD 3 Month+6.780%, 04/20/31(A)			1,500		1,497

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 105

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾				Value (000)
Barings Euro CLO 2018-1 BV, Ser 2018-1X, Cl C
1.500%, VAR Euribor 3 Month+1.500%, 04/15/31			EUR	1,100	$	1,267
Barings Euro CLO 2018-1 BV, Ser 2018-1X, Cl E
4.120%, VAR Euribor 3 Month+4.120%, 04/15/31			EUR	4,275		4,253
Barings Euro CLO 2018-2 BV, Ser 2018-2X, Cl E
5.050%, VAR Euribor 3 Month+5.050%, 10/15/31			EUR	3,000		3,204
Barings Euro CLO 2018-3 BV, Ser 2018-3X, Cl E
5.790%, VAR Euribor 3 Month+5.790%, 07/27/31			EUR	2,900		3,160
Barings Euro CLO DAC, Ser 2020-2X, Cl E
6.500%, VAR Euribor 3 Month+6.500%, 07/24/32			EUR	2,475		2,862
Battalion CL XVIII
8.181%, 10/15/32(D)			$	2,000		1,994
Battalion CLO X, Ser 2021-10A, Cl DR2
6.733%, VAR ICE LIBOR USD 3 Month+6.610%, 01/25/35(A)				2,750		2,743
Battalion Clo XIV, Ser 2019-14A, Cl E
6.904%, VAR ICE LIBOR USD 3 Month+6.680%, 04/20/32(A)				3,450		3,414
Black Diamond CLO, Ser 2017-1A, Cl C
4.168%, VAR ICE LIBOR USD 3 Month+3.950%, 04/24/29(A)		��		5,000		4,909
Black Diamond CLO DAC, Ser 2015-1X, Cl F
6.500%, VAR Euribor 3 Month+6.500%, 10/03/29			EUR	1,220		1,269
Black Diamond CLO DAC, Ser 2018-1A, Cl BR
2.195%, VAR ICE LIBOR USD 3 Month+1.980%, 04/26/31(A)				4,000		3,776
Black Diamond CLO DAC, Ser 2018-1X, Cl DR
2.650%, VAR Euribor 3 Month+2.650%, 10/03/29			EUR	5,000		5,714
Black Diamond CLO DAC, Ser 2019-1X, Cl D
4.100%, VAR Euribor 3 Month+4.100%, 05/15/32			EUR	3,000		3,445
Blackrock European CLO DAC, Ser 2018-1X, Cl ER
4.420%, VAR Euribor 3 Month+4.420%, 03/15/31			EUR	3,000		3,333
Blackrock European CLO DAC, Ser 2018-1X, Cl FR
6.600%, VAR Euribor 3 Month+6.600%, 03/15/31			EUR	1,750		1,832
Blackrock European CLO IX DAC, Ser 2019-9X, Cl F
8.920%, VAR Euribor 3 Month+8.920%, 12/15/32			EUR	1,250		1,438
Bosphorus CLO IV DAC, Ser 2018-4X, Cl E
4.630%, VAR Euribor 3 Month+4.630%, 12/15/30			EUR	2,000		2,228
Bosphorus CLO VI DAC, Ser 2021-6X, Cl E
5.800%, VAR Euribor 3 Month+5.800%, 05/25/34			EUR	2,500		2,836
Cairn CLO VIII BV, Ser 2017-8X, Cl E
5.050%, VAR Euribor 3 Month+5.050%, 10/30/30			EUR	2,000		2,269

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 106

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Cairn CLO XI DAC, Ser 2019-11X, Cl E
6.770%, VAR Euribor 3 Month+6.770%, 07/15/35		EUR	5,850	$	6,837
Carlyle Euro CLO 2017-1 DAC, Ser 2017-1X, Cl D
5.000%, VAR Euribor 3 Month+5.000%, 07/15/30		EUR	3,014		3,360
Carlyle Euro CLO 2017-3 DAC, Ser 2017-3X, Cl D
4.580%, VAR Euribor 3 Month+4.580%, 01/15/31		EUR	2,000		2,152
Carlyle Global Market Strategies CLO 2012-4, Ser 2019-4A, Cl ERR
7.512%, VAR ICE LIBOR USD 3 Month+7.290%, 04/22/32(A)		$	2,000		1,986
Carlyle Global Market Strategies CLO 2014-4-R, Ser 2018-4RA, Cl C
3.141%, VAR ICE LIBOR USD 3 Month+2.900%, 07/15/30(A)			1,800		1,704
Carlyle Global Market Strategies Euro CLO 2014-1 DAC, Ser 2018-1X, Cl ER
4.930%, VAR Euribor 3 Month+4.930%, 07/15/31		EUR	3,300		3,597
Carlyle Global Market Strategies Euro CLO 2014-3 DAC, Ser 2018-3X, Cl DR
4.580%, VAR Euribor 3 Month+4.580%, 01/25/32		EUR	2,400		2,516
Carlyle Global Market Strategies Euro CLO 2015-1, Ser 2020-1X, Cl DR
5.500%, VAR Euribor 3 Month+5.500%, 01/16/33		EUR	2,000		2,166
Catamaran CLO 2018-1, Ser 2018-1A, Cl E
6.588%, VAR ICE LIBOR USD 3 Month+6.370%, 10/25/31(A)			3,500		3,174
Cifc Funding, Ser 2018-4RA, Cl D
5.923%, VAR ICE LIBOR USD 3 Month+5.700%, 10/17/30(A)			2,200		2,136
CIFC Funding 2013-II, Ser 2017-2A, Cl B2LR
6.746%, VAR ICE LIBOR USD 3 Month+6.520%, 10/18/30(A)			1,300		1,242
Crestline Denali CLO XIV, Ser 2018-1A, Cl DR
3.568%, VAR ICE LIBOR USD 3 Month+3.350%, 10/23/31(A)			2,000		1,901
Crestline Denali CLO XVI, Ser 2018-1A, Cl C
2.074%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/30(A)			4,500		4,361
Crestline Denali CLO XVII, Ser 2018-1A, Cl D
3.491%, VAR ICE LIBOR USD 3 Month+3.250%, 10/15/31(A)			2,250		2,057
CRNPT, Ser 2018-4A, Cl D
2.974%, VAR ICE LIBOR USD 3 Month+2.750%, 04/20/31(A)			3,000		2,904
Crown Point CLO 8, Ser 2019-8A, Cl E
7.324%, VAR ICE LIBOR USD 3 Month+7.100%, 10/20/32(A)			4,000		3,961
CVC Cordatus Loan Fund IV, Ser 2021-4X, Cl ERRR
5.860%, VAR Euribor 3 Month+5.860%, 02/22/34		EUR	1,200		1,390

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 107

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
CVC Cordatus Loan Fund IV, Ser 2021-4X, Cl FRRR
8.060%, VAR Euribor 3 Month+8.060%, 02/22/34		EUR	615	$	696
CVC Cordatus Loan Fund XVI DAC, Ser 2019-16X, Cl E
6.700%, VAR Euribor 3 Month+6.700%, 06/17/32		EUR	1,000		1,171
Dryden 29 Euro CLO 2013 BV, Ser 2018-29X, Cl ERR
4.750%, VAR Euribor 3 Month+4.750%, 07/15/32		EUR	911		1,011
Dryden 32 Euro CLO 2014 B.V., Ser 2018-32X, Cl FR
7.270%, VAR Euribor 3 Month+7.270%, 08/15/31		EUR	1,250		1,339
DRYDEN 35 EURO CLO 2014 BV, Ser 2020-35X, Cl ER
6.330%, VAR Euribor 3 Month+6.330%, 01/17/33		EUR	4,200		4,776
Dryden 48 Euro CLO 2016 BV, Ser 2019-48X, Cl ER
6.670%, VAR Euribor 3 Month+6.670%, 10/15/32		EUR	2,640		3,093
Dryden 56 Euro CLO 2017 BV, Ser 2017-56X, Cl E
4.720%, VAR Euribor 3 Month+4.720%, 01/15/32		EUR	3,225		3,533
Dryden 73 Euro CLO 2019 BV, Ser 2019-73X, Cl E
6.820%, VAR Euribor 3 Month+6.820%, 01/15/34		EUR	2,000		2,324
Elevation CLO 2013-1, Ser 2019-1A, Cl D1R2
7.844%, VAR ICE LIBOR USD 3 Month+7.650%, 08/15/32(A)		$	2,210		2,191
Euro-Galaxy III CLO DAC, Ser 2021-3X, Cl FRRR
7.980%, VAR Euribor 3 Month+7.980%, 04/24/34		EUR	500		563
Euro-Galaxy V CLO BV, Ser 2021-5X, Cl ERR
5.820%, VAR Euribor 3 Month+5.820%, 02/15/34		EUR	1,350		1,535
Euro-Galaxy VII CLO DAC, Ser 2019-7X, Cl E
6.160%, VAR Euribor 3 Month+6.160%, 04/25/32		EUR	2,000		2,335
Galaxy XV CLO, Ser 2017-15A, Cl ER
6.886%, VAR ICE LIBOR USD 3 Month+6.645%, 10/15/30(A)			2,725		2,653
GoldenTree Loan Management EUR CLO 3 DAC, Ser 2019-3X, Cl E
5.910%, VAR Euribor 3 Month+5.910%, 01/20/32		EUR	3,550		4,159
Greywolf CLO II, Ser 2021-1A, Cl DRR
7.272%, VAR ICE LIBOR USD 3 Month+7.050%, 04/15/34(A)			3,000		2,902
Greywolf CLO III, Ser 2020-3RA, Cl DR
7.142%, VAR ICE LIBOR USD 3 Month+6.920%, 04/15/33(A)			5,000		4,958
Grosvenor Place CLO BV, Ser 2018-1X, Cl DRR
5.400%, VAR Euribor 3 Month+5.400%, 10/30/29		EUR	3,800		4,400
Halsey Point CLO I, Ser 2019-1A, Cl E
7.924%, VAR ICE LIBOR USD 3 Month+7.700%, 01/20/33(A)			2,000		1,992

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 108

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
HalseyPoint CLO 3, Ser 2020-3A, Cl E
8.519%, VAR ICE LIBOR USD 3 Month+8.340%, 11/30/32(A)		$	1,500	$	1,513
Harvest CLO IX DAC, Ser 2017-9X, Cl ER
5.120%, VAR Euribor 3 Month+5.120%, 02/15/30		EUR	1,000		1,131
Harvest CLO VIII DAC, Ser 2018-8X, Cl DRR
2.550%, VAR Euribor 3 Month+2.550%, 01/15/31		EUR	1,800		2,059
Harvest CLO XIV DAC, Ser 2015-14X, Cl F
6.300%, VAR Euribor 3 Month+6.300%, 11/18/29		EUR	3,250		3,519
Harvest CLO XVI DAC, Ser 2018-16X, Cl ER
5.570%, VAR Euribor 3 Month+5.570%, 10/15/31		EUR	3,000		3,422
Harvest CLO XXIII DAC, Ser 2020-23X, Cl F
8.310%, VAR Euribor 3 Month+8.310%, 10/20/32		EUR	1,500		1,544
Holland Park CLO DAC, Ser 2019-1X, Cl DRR
7.030%, VAR Euribor 3 Month+7.030%, 11/14/32		EUR	2,300		2,709
Jamestown CLO XIV, Ser 2019-14A, Cl D
7.264%, VAR ICE LIBOR USD 3 Month+7.040%, 10/20/32(A)			3,600		3,613
KKR CLO 14, Ser 2018-14, Cl ER
6.391%, VAR ICE LIBOR USD 3 Month+6.150%, 07/15/31(A)			2,000		1,945
KKR CLO 25, Ser 2019-25, Cl E
6.781%, VAR ICE LIBOR USD 3 Month+6.540%, 04/15/32(A)			1,250		1,229
KKR CLO 26, Ser 2019-26, Cl E
7.241%, VAR ICE LIBOR USD 3 Month+7.000%, 07/15/32(A)			4,000		3,943
Laurelin 2016-1 DAC, Ser 2018-1X, Cl ER
5.430%, VAR Euribor 3 Month+5.430%, 10/20/31		EUR	2,500		2,720
LCM 29, Ser 2019-29A, Cl E
7.141%, VAR ICE LIBOR USD 3 Month+6.900%, 04/15/31(A)			1,750		1,746
Madison Park Euro Funding IX DAC, Ser 2017-9X, Cl E
4.900%, VAR Euribor 3 Month+4.900%, 07/15/30		EUR	1,640		1,804
Madison Park Euro Funding VII BV, Ser 2018-7X, Cl ER
4.700%, VAR Euribor 3 Month+4.700%, 05/25/31		EUR	1,150		1,220
Madison Park Euro Funding VIII DAC, Ser 2019-8X, Cl ER
7.150%, VAR Euribor 3 Month+7.150%, 04/15/32		EUR	2,500		2,878
Madison Park Euro Funding XI DAC, Ser 2018-11X, Cl D
2.800%, VAR Euribor 3 Month+2.800%, 02/15/31		EUR	3,000		3,438
Madison Park Euro Funding XI DAC, Ser 2018-11X, Cl E
4.860%, VAR Euribor 3 Month+4.860%, 02/15/31		EUR	3,650		3,840
Madison Park Euro Funding XII DAC, Ser 2018-12X, Cl E
5.200%, VAR Euribor 3 Month+5.200%, 10/15/31		EUR	3,000		3,346

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 109

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Madison Park Euro Funding XII DAC, Ser 2018-12X, Cl EN
5.200%, VAR Euribor 3 Month+5.200%, 10/15/31		EUR	151	$	168
Madison Park Funding XI, Ser 2017-11A, Cl ER
6.668%, VAR ICE LIBOR USD 3 Month+6.450%, 07/23/29(A)		$	3,500		3,439
Madison Park Funding XXXII, Ser 2021-32A, Cl ER
6.388%, VAR ICE LIBOR USD 3 Month+6.200%, 01/22/31(A)			3,000		2,992
Man GLG Euro CLO I DAC, Ser 2018-1X, Cl ERR
4.850%, VAR Euribor 3 Month+4.850%, 10/15/30		EUR	1,000		1,052
Man GLG Euro CLO II DAC, Ser 2016-2X, Cl F
8.750%, VAR Euribor 3 Month+8.750%, 01/15/30		EUR	2,000		2,075
Man GLG Euro CLO IV DAC, Ser 2018-4X, Cl C
1.600%, VAR Euribor 3 Month+1.600%, 05/15/31		EUR	3,450		3,904
Man GLG Euro CLO V DAC, Ser 2018-5X, Cl E
5.860%, VAR Euribor 3 Month+5.860%, 12/15/31		EUR	900		983
Man GLG Euro CLO VI DAC, Ser 2020-6X, Cl E
5.390%, VAR Euribor 3 Month+5.390%, 10/15/32		EUR	1,300		1,437
Marathon CLO 14, Ser 2019-2A, Cl C2
6.194%, VAR ICE LIBOR USD 3 Month+5.970%, 01/20/33(A)			2,000		1,997
Marathon CLO XIII, Ser 2019-1A, Cl C
4.311%, VAR ICE LIBOR USD 3 Month+4.070%, 04/15/32(A)			3,000		2,889
Marble Point CLO XII, Ser 2018-1A, Cl D
3.223%, VAR ICE LIBOR USD 3 Month+3.000%, 07/16/31(A)			5,000		4,572
MidOcean Credit CLO III, Ser 2018-3A, Cl DR
3.484%, VAR ICE LIBOR USD 3 Month+3.260%, 04/21/31(A)			1,500		1,373
Midocean Credit CLO IX, Ser 2018-9A, Cl E
6.274%, VAR ICE LIBOR USD 3 Month+6.050%, 07/20/31(A)			1,000		947
Montmartre Euro CLO 2020-2 DAC, Ser 2020-2X, Cl E
6.430%, VAR Euribor 3 Month+6.430%, 07/15/33		EUR	563		665
Montmartre Euro CLO 2020-2 DAC, Ser 2020-2X, Cl F
6.920%, VAR Euribor 3 Month+6.920%, 07/15/33		EUR	263		294
Mountain View CLO, Ser 2018-9A, Cl CR
3.361%, VAR ICE LIBOR USD 3 Month+3.120%, 07/15/31(A)			2,500		2,339
Northwoods Capital 19 Euro DAC, Ser 2020-21X, Cl F
8.090%, VAR Euribor 3 Month+8.090%, 06/16/33		EUR	1,000		1,166
Northwoods Capital 20, Ser 2021-20A, Cl ER
8.068%, VAR ICE LIBOR USD 3 Month+7.850%, 01/25/32(A)			2,438		2,369

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 110

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Northwoods Capital 22, Ser 2020-22A, Cl E
9.011%, VAR ICE LIBOR USD 3 Month+8.820%, 09/01/31(A)		$	5,000	$	5,075
Oak Hill European Credit Partners IV Designated Activity, Ser 2018-4X, Cl DR
2.500%, VAR Euribor 3 Month+2.500%, 01/20/32		EUR	3,000		3,456
OAK Hill European Credit Partners V Designated Activity, Ser 2017-5X, Cl E
6.200%, VAR Euribor 3 Month+6.200%, 02/21/30		EUR	1,500		1,733
OAK Hill European Credit Partners V Designated Activity, Ser 2017-5X, Cl F
7.300%, VAR Euribor 3 Month+7.300%, 02/21/30		EUR	1,100		1,167
OAK Hill European Credit Partners VIII DAC, Ser 2021-8X, Cl D
3.500%, VAR Euribor 3 Month+3.500%, 04/18/35		EUR	960		1,124
OAK Hill European Credit Partners VIII DAC, Ser 2021-8X, Cl E
5.670%, VAR Euribor 3 Month+5.670%, 04/18/35		EUR	4,455		5,168
Ocean Trails CLO VII, Ser 2019-7A, Cl E
7.103%, VAR ICE LIBOR USD 3 Month+6.880%, 04/17/30(A)			3,000		2,696
OZLM IX, Ser 2018-9A, Cl CRR
3.474%, VAR ICE LIBOR USD 3 Month+3.250%, 10/20/31(A)			1,500		1,475
OZLM IX, Ser 2018-9A, Cl DRR
6.344%, VAR ICE LIBOR USD 3 Month+6.120%, 10/20/31(A)			2,000		1,831
OZLM VI, Ser 2018-6A, Cl DS
6.273%, VAR ICE LIBOR USD 3 Month+6.050%, 04/17/31(A)			3,550		3,104
OZLM XI, Ser 2017-11A, Cl DR
7.205%, VAR ICE LIBOR USD 3 Month+7.000%, 10/30/30(A)			3,000		2,725
OZLM XXII, Ser 2018-22A, Cl B
2.023%, VAR ICE LIBOR USD 3 Month+1.800%, 01/17/31(A)			3,500		3,475
OZLM XXII, Ser 2018-22A, Cl D
5.523%, VAR ICE LIBOR USD 3 Month+5.300%, 01/17/31(A)			1,800		1,529
OZLM XXIV, Ser 2019-24A, Cl D
7.274%, VAR ICE LIBOR USD 3 Month+7.050%, 07/20/32(A)			4,000		3,910
Palmer Square European Loan Funding 2020-1 DAC, Ser 2020-1X, Cl F
7.700%, VAR Euribor 3 Month+7.700%, 01/15/30		EUR	3,200		3,681
Parallel, Ser 2018-1A, Cl C
3.024%, VAR ICE LIBOR USD 3 Month+2.800%, 04/20/31(A)			2,000		1,871
Parallel 2018-1, Ser 2018-1A, Cl D
5.474%, VAR ICE LIBOR USD 3 Month+5.250%, 04/20/31(A)			1,250		1,024

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 111

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Pikes Peak CLO 5, Ser 2020-5A, Cl E
6.924%, VAR ICE LIBOR USD 3 Month+6.700%, 04/20/33(A)		$	2,500	$	2,496
Purple Finance CLO 2 DAC, Ser 2019-2X, Cl E
6.400%, VAR Euribor 3 Month+6.400%, 04/20/32		EUR	1,000		1,124
Regatta XIV Funding, Ser 2018-3A, Cl E
6.168%, VAR ICE LIBOR USD 3 Month+5.950%, 10/25/31(A)			3,600		3,394
Regatta XV Funding, Ser 2018-4A, Cl D
6.718%, VAR ICE LIBOR USD 3 Month+6.500%, 10/25/31(A)			1,750		1,695
Rockford Tower Europe CLO 2019-1 DAC, Ser 2019-1X, Cl E
6.030%, VAR Euribor 3 Month+6.030%, 01/20/33		EUR	2,000		2,342
Saranac CLO III, Ser 2018-3A, Cl CR
2.537%, VAR ICE LIBOR USD 3 Month+2.350%, 06/22/30(A)			5,000		4,927
Sculptor European CLO VII DAC, Ser 2020-7X, Cl D
4.500%, VAR Euribor 3 Month+4.500%, 01/15/34		EUR	1,025		1,208
Sculptor European CLO VII DAC, Ser 2020-7X, Cl F
8.380%, VAR Euribor 3 Month+8.380%, 01/15/34		EUR	255		292
Sorrento Park CLO DAC, Ser 2014-1X, Cl E
5.709%, VAR Euribor 3 Month+6.250%, 11/16/27		EUR	3,000		3,367
Sound Point CLO V-R, Ser 2018-1RA, Cl D
3.323%, VAR ICE LIBOR USD 3 Month+3.100%, 07/18/31(A)			1,000		953
Sound Point CLO XXIII, Ser 2019-2A, Cl E
6.951%, VAR ICE LIBOR USD 3 Month+6.710%, 04/15/32(A)			3,000		2,867
Sound Point CLO XXIV, Ser 2019-3A, Cl E
7.528%, VAR ICE LIBOR USD 3 Month+7.310%, 10/25/32(A)			3,000		2,979
Sound Point CLO XXVII, Ser 2020-2A, Cl E
7.480%, VAR ICE LIBOR USD 3 Month+7.240%, 10/25/31(A)			3,000		3,015
St. Paul’s CLO III-R DAC, Ser 2018-3RX, Cl CR
1.600%, VAR Euribor 3 Month+1.600%, 01/15/32		EUR	1,750		2,014
St. Paul’s CLO III-R DAC, Ser 2018-3RX, Cl ER
4.430%, VAR Euribor 3 Month+4.430%, 01/15/32		EUR	5,650		5,947
St. Paul’s CLO V, Ser 2017-5X, Cl ER
5.150%, VAR Euribor 3 Month+5.150%, 02/20/30		EUR	1,500		1,673
St. Paul’s CLO VIII DAC, Ser 2017-8X, Cl E
4.600%, VAR Euribor 3 Month+4.600%, 01/17/30		EUR	2,800		3,016
St. Paul’s CLO X DAC, Ser 2019-10X, Cl E
6.250%, VAR Euribor 3 Month+6.250%, 04/22/32		EUR	1,000		1,170
St. Paul’s CLO X DAC, Ser 2021-10X, Cl ER
6.360%, VAR Euribor 3 Month+6.360%, 04/22/35		EUR	2,000		2,273

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 112

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
THL Credit Wind River 2019-3 CLO, Ser 2019-3A, Cl E
6.791%, VAR ICE LIBOR USD 3 Month+6.550%, 04/15/31(A)		$	3,500	$	3,467
Toro European CLO 2 DAC, Ser 2018-2X, Cl ER
5.600%, VAR Euribor 3 Month+5.600%, 10/15/30		EUR	1,670		1,904
Toro European CLO 3 DAC, Ser 2017-3X, Cl D
3.320%, VAR Euribor 3 Month+3.320%, 04/15/30		EUR	2,000		2,326
Toro European CLO 6 DAC, Ser 2019-6X, Cl E
6.490%, VAR Euribor 3 Month+6.490%, 01/12/32		EUR	1,207		1,354
Tralee CLO V, Ser 2018-5A, Cl D
3.424%, VAR ICE LIBOR USD 3 Month+3.200%, 10/20/28(A)			3,000		2,984
Trimaran Cavu 2019-1, Ser 2019-1A, Cl E
7.264%, VAR ICE LIBOR USD 3 Month+7.040%, 07/20/32(A)			1,800		1,783
Trimaran CAVU 2019-2, Ser 2019-2A, Cl D
7.173%, VAR ICE LIBOR USD 3 Month+6.950%, 11/26/32(A)			1,750		1,733
Trimaran Cavu 2021-1, Ser 2021-1A, Cl E
6.629%, VAR ICE LIBOR USD 3 Month+6.500%, 04/23/32(A)			4,000		3,990
Venture CDO, Ser 2018-31A, Cl C1
2.174%, VAR ICE LIBOR USD 3 Month+1.950%, 04/20/31(A)			4,000		3,880
Vesey Park CLO DAC, Ser 2020-1X, Cl D
7.160%, VAR Euribor 3 Month+7.160%, 11/16/32		EUR	2,000		2,363
VIBR, Ser 2018-8A, Cl D
5.974%, VAR ICE LIBOR USD 3 Month+5.750%, 01/20/31(A)			2,000		1,748
Voya CLO 2013-3, Ser 2018-3A, Cl DR
6.123%, VAR ICE LIBOR USD 3 Month+5.900%, 10/18/31(A)			2,500		2,295
Voya Euro CLO II DAC, Ser 2019-2X, Cl E
5.900%, VAR Euribor 3 Month+5.900%, 07/15/32		EUR	1,500		1,757
Voya Euro CLO IV DAC, Ser 2020-4X, Cl E
6.650%, VAR Euribor 3 Month+6.650%, 01/15/34		EUR	690		804
Voya Euro CLO IV DAC, Ser 2020-4X, Cl F
8.530%, VAR Euribor 3 Month+8.530%, 01/15/34		EUR	305		336
York CLO-5, Ser 2018-1A, Cl E
6.232%, VAR ICE LIBOR USD 3 Month+6.010%, 10/22/31(A)			2,500		2,369
Zais CLO 5, Ser 2016-2A, Cl B
3.541%, VAR ICE LIBOR USD 3 Month+3.300%, 10/15/28(A)			4,500		4,436
Zais CLO 8, Ser 2018-1A, Cl C
1.991%, VAR ICE LIBOR USD 3 Month+1.750%, 04/15/29(A)			4,000		3,788

Total Mortgage-Backed Securities
Cost ($382,447)					393,602

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 113

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Sovereign Debt [6.4%]
Abu Dhabi Government International Bond, MTN
3.875%, 04/16/50		$	991	$	1,079
3.125%, 09/30/49			797		762
Angolan Government International Bond
9.500%, 11/12/25			485		509
9.375%, 05/08/48			1,324		1,252
9.125%, 11/26/49			343		320
8.250%, 05/09/28			518		498
8.000%, 11/26/29			239		225
Argentina Paris Club
2.910%, 05/30/21		CHF	2,244		1,544
Argentine Republic Government International Bond
10.250%, 02/06/03(B)		EUR	12		—
10.000%, 12/07/04(B)		EUR	1,244		—
10.000%, 01/07/05(B)		EUR	132		—
10.000%, 02/22/07(B)		EUR	25		—
9.500%, 03/04/04(B)		EUR	27		48
9.000%, 11/19/08(B)		EUR	15		—
8.750%, 02/04/03(B)		EUR	30		—
8.500%, 02/23/05(B)		EUR	630		—
8.500%, 07/30/10(B)		EUR	34		—
8.125%, 10/04/04(B)		EUR	119		—
8.125%, 04/21/08(B)		EUR	85		—
8.000%, 02/25/02(B)		EUR	2,033		—
8.000%, 02/26/08(B) (E)		EUR	114		—
8.000%, 10/30/09(B)		EUR	366		643
7.625%, 12/31/49(B) (E)		EUR	13		—
7.500%, 05/23/02(B)		EUR	52		—
7.125%, 06/10/02(B)		EUR	97		—
7.000%, 03/18/04(B)		EUR	141		—
5.870%, 03/31/23		EUR	28		49
2.500%, 07/09/41			2,233		775
2.000%, 0.00%, 0, 01/09/38(E)			1,283		473
0.125%, 1.500%, 07/09/29, 01/09/38(E)		EUR	—		—
0.125%, 1.125%, 07/09/21, 07/09/35(E)			6,118		1,839
1.000%, 07/09/29			910		329
0.500%, 07/09/29		EUR	—		—
0.125%, 0.500%, 07/09/21, 07/09/30(E)			8,104		2,729
0.000%, 07/22/03(B)		EUR	66		—
0.000%, VAR Euribor 3 Month+5.100%, 12/22/04(B)		EUR	29		—
Bahrain Government International Bond
7.500%, 09/20/47			453		474
Brazilian Government International Bond
8.250%, 01/20/34			374		497
7.125%, 01/20/37			530		650
6.000%, 04/07/26			474		545
5.625%, 01/07/41			246		256
5.625%, 02/21/47			360		367
5.000%, 01/27/45			550		523
4.625%, 01/13/28			393		416
Chile Government International Bond
3.240%, 02/06/28			203		219
Colombia Government International Bond
8.125%, 05/21/24			708		846
7.375%, 09/18/37			537		712
6.125%, 01/18/41			878		1,042
5.625%, 02/26/44			756		859
4.125%, 05/15/51			501		477
3.875%, 04/25/27			697		748
Cordoba City
7.875%, 09/29/27			8,546		4,807
Costa Rica Government International Bond
6.125%, 02/19/31			223		225
5.625%, 04/30/43			368		322
Croatia Government International Bond
6.000%, 01/26/24			1,258		1,440
Development Bank of Kazakhstan JSC
4.125%, 12/10/22			966		1,006
Dominican Republic International Bond
7.450%, 04/30/44			604		713
6.875%, 01/29/26			1,324		1,540
6.850%, 01/27/45			989		1,097
6.500%, 02/15/48			280		297
6.400%, 06/05/49			274		288
6.000%, 07/19/28			259		292
5.875%, 01/30/60			2,403		2,310
5.500%, 01/27/25			425		467
5.300%, 01/21/41(A)			604		596
4.875%, 09/23/32			2,073		2,120
Ecuador Government International Bond
0.500%, 5.000%, 07/31/21, 07/31/30(A) (E)			5,700		3,349

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 114

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
0.500%, 1.000%, 07/31/21, 07/31/21(E)		$	1,411	$	642
0.500%, 1.000%, 07/31/21, 07/31/35(A) (E)			12,719		5,851
0.500%, 0.500%, 07/31/21, 07/31/40(A) (E)			3,342		1,454
0.000%, 07/31/30(A) (C)			578		234
Egypt Government International Bond
8.875%, 05/29/50			1,387		1,420
8.700%, 03/01/49			611		614
8.500%, 01/31/47			1,318		1,317
7.903%, 02/21/48			1,314		1,241
7.625%, 05/29/32			493		506
7.600%, 03/01/29			496		529
6.588%, 02/21/28			314		323
5.875%, 02/16/31(A)			658		618
El Salvador Government International Bond
9.500%, 07/15/52			343		366
8.625%, 02/28/29			715		763
8.250%, 04/10/32			216		224
7.650%, 06/15/35			167		165
7.625%, 02/01/41			680		658
7.125%, 01/20/50			525		471
6.375%, 01/18/27			349		347
Export-Import Bank of India, MTN
2.250%, 01/13/31(A)			572		523
Gabon Government International Bond
6.625%, 02/06/31			745		722
6.375%, 12/12/24			603		627
Georgia Government International Bond
6.875%, 04/12/21			1,646		1,646
Ghana Government International Bond
8.950%, 03/26/51			577		548
8.875%, 05/07/42(A)			455		438
8.625%, 04/07/34(A)			578		567
8.125%, 03/26/32			401		389
7.875%, 02/11/35			295		275
7.625%, 05/16/29			447		441
0.000%, 04/07/25(C)			4,000		3,090
Guatemala Government Bond
6.125%, 06/01/50			489		568
Hungary Government International Bond
5.375%, 03/25/24			758		860
Indonesia Government International Bond, MTN
8.500%, 10/12/35			353		553
7.750%, 01/17/38			604		892
6.625%, 02/17/37			365		487
5.950%, 01/08/46			341		450
5.250%, 01/17/42			447		536
5.250%, 01/08/47			633		768
5.125%, 01/15/45			1,109		1,317
4.750%, 07/18/47			474		536
Iraq International Bond
5.800%, 01/15/28			288		273
Ivory Coast Government International Bond
6.875%, 10/17/40		EUR	894		1,102
5.875%, 10/17/31		EUR	681		845
4.875%, 01/30/32(A)		EUR	609		698
Jamaica Government International Bond
7.875%, 07/28/45			496		675
Kazakhstan Government International Bond, MTN
6.500%, 07/21/45			736		1,046
Kenya Government International Bond
8.000%, 05/22/32			550		586
Lao People’s Democratic Republic International Bond
6.875%, 06/30/21			16,560		13,248
Lebanon Government International Bond, MTN
8.250%, 04/12/21(B)			2,657		319
7.250%, 03/23/37(B)			1		—
7.050%, 11/02/35(B)			157		19
7.000%, 03/23/32(B)			898		110
6.850%, 03/23/27(B)			1,262		154
6.600%, 11/27/26(B)			624		77
6.375%, 03/09/20(B)			1,502		180
6.150%, 06/19/20(B)			1,760		211
6.100%, 10/04/22(B)			3,210		386
6.000%, 01/27/23(B)			448		55
5.800%, 04/14/20(B)			928		111
Mexico Government International Bond
6.050%, 01/11/40			276		331
5.750%, 10/12/10			550		611

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 115

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
5.550%, 01/21/45		$	455	$	525
4.750%, 03/08/44			382		403
3.771%, 05/24/61			1,931		1,706
3.750%, 04/19/71			1,768		1,538
2.659%, 05/24/31			452		427
Mongolia Government International Bond
5.625%, 05/01/23			216		226
5.125%, 04/07/26			288		309
Morocco Government International Bond
5.500%, 12/11/42			265		292
4.250%, 12/11/22			538		565
4.000%, 12/15/50(A)			300		266
Nigeria Government International Bond, MTN
9.248%, 01/21/49			313		345
7.696%, 02/23/38			445		438
7.625%, 11/28/47			523		508
6.500%, 11/28/27			505		522
Oman Government International Bond
7.000%, 01/25/51(A)			496		491
6.750%, 01/17/48			923		884
6.500%, 03/08/47			1,721		1,624
6.250%, 01/25/31(A)			205		215
4.750%, 06/15/26			296		304
Pakistan Government International Bond
8.875%, 04/08/51(A)			406		422
8.250%, 04/15/24			1,282		1,409
8.250%, 09/30/25			378		420
7.375%, 04/08/31(A)			940		961
6.875%, 12/05/27			985		1,031
Panama Government International Bond
9.375%, 04/01/29			356		522
8.875%, 09/30/27			375		518
7.125%, 01/29/26			110		136
6.700%, 01/26/36			630		850
4.500%, 05/15/47			344		381
4.300%, 04/29/53			750		806
4.000%, 09/22/24			265		289
Paraguay Government International Bond
5.400%, 03/30/50			410		464
4.700%, 03/27/27			291		326
Perusahaan Penerbit SBSN Indonesia III
4.550%, 03/29/26			620		700
4.325%, 05/28/25			233		260
Peruvian Government International Bond
8.750%, 11/21/33			1,205		1,876
7.350%, 07/21/25			770		954
5.625%, 11/18/50			567		750
3.230%, 07/28/21			355		288
2.780%, 12/01/60			858		709
Philippine Government International Bond
10.625%, 03/16/25			367		503
9.500%, 02/02/30			795		1,238
7.750%, 01/14/31			747		1,088
6.375%, 10/23/34			535		735
3.950%, 01/20/40			753		811
2.950%, 05/05/45			290		272
2.650%, 12/10/45			217		196
Province of Salta
9.500%, 03/16/22			21		18
Provincia de Buenos Aires
9.950%, 06/09/21			5,328		2,011
9.125%, 03/16/24(B)			16,145		6,135
7.875%, 06/15/27			15,850		6,043
6.500%, 02/15/23			6,500		2,389
4.000%, 0.00%, 0, 06/01/20(B) (E)		EUR	4,082		1,654
0.000%, 0.00%, 0, 05/15/35(E)			3,000		1,110
Provincia de Cordoba
3.000%, 12/10/25(B)			43,976		30,014
3.000%, 02/01/29			5,988		3,383
Provincia de Entre Rios
5.000%, 08/08/28			23,776		14,741
Qatar Government International Bond
5.103%, 04/23/48			1,008		1,277
4.817%, 03/14/49			1,864		2,288
4.400%, 04/16/50			288		335
3.250%, 06/02/26			1,152		1,254
Republic of Belarus International Bond
7.625%, 06/29/27			298		306
6.200%, 02/28/30			242		225
Republic of South Africa Government International Bond
5.875%, 05/30/22			267		282
5.875%, 06/22/30			259		278
5.750%, 09/30/49			541		500
5.650%, 09/27/47			660		609
5.000%, 10/12/46			342		295
4.300%, 10/12/28			1,129		1,114

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 116

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)⁽¹⁾			Value (000)
Romanian Government International Bond
6.750%, 02/07/22		$	670	$	706
6.125%, 01/22/44			118		150
4.375%, 08/22/23			1,026		1,115
4.000%, 02/14/51			2,190		2,126
3.624%, 05/26/30		EUR	310		418
3.375%, 01/28/50		EUR	753		927
3.000%, 02/14/31			182		182
Russian Foreign Bond - Eurobond
5.250%, 06/23/47			1,200		1,427
4.375%, 03/21/29			800		876
4.250%, 06/23/27			400		439
Saudi Government International Bond
5.250%, 01/16/50			1,422		1,747
5.000%, 04/17/49			1,110		1,317
4.625%, 10/04/47			323		363
4.500%, 04/22/60			462		517
3.750%, 01/21/55			813		799
3.450%, 02/02/61(A)			527		486
Sri Lanka Government International Bond
7.850%, 03/14/29			760		470
7.550%, 03/28/30			624		386
6.825%, 07/18/26			308		191
6.750%, 04/18/28			273		168
6.250%, 07/27/21			6,043		5,786
State Oil of the Azerbaijan Republic, MTN
4.750%, 03/13/23			203		215
Third Pakistan International Sukuk
5.625%, 12/05/22			604		621
Turkey Government International Bond
6.875%, 03/17/36			212		202
6.350%, 08/10/24			361		363
6.125%, 10/24/28			305		289
6.000%, 03/25/27			247		238
6.000%, 01/14/41			301		256
5.875%, 06/26/31			946		858
5.750%, 03/22/24			566		562
5.750%, 05/11/47			757		617
5.600%, 11/14/24			255		250
4.875%, 04/16/43			988		758
3.250%, 03/23/23			323		311
Ukraine Government International Bond
9.750%, 11/01/28			581		678
8.994%, 02/01/24			296		329

Description	Face Amount (000)⁽¹⁾/Acquisition Cost (000)			Value (000)
7.750%, 09/01/21		$	1,517	$	1,545
7.750%, 09/01/23			730		788
7.750%, 09/01/24			325		352
7.750%, 09/01/25			805		877
7.750%, 09/01/26			885		962
7.750%, 09/01/27			201		216
7.375%, 09/25/32			2,643		2,665
7.253%, 03/15/33			755		753
0.000%, 05/31/40(G)			9,463		9,747
Uruguay Government International Bond
7.875%cash/0.00% PIK, 01/15/33			674		1,015
7.625%, 03/21/36			527		807
5.100%, 06/18/50			541		670
4.975%, 04/20/55			1,729		2,118
4.125%, 11/20/45			448		500
Vertical US Newco
5.250%, 07/15/27(A)			1,400		1,466
Vietnam Government International Bond
4.800%, 11/19/24			578		649
Zambia Government International Bond
8.970%, 07/30/27			1,035		588

Total Sovereign Debt
Cost ($296,384)					257,212

Life Settlement Contracts [2.8%](D)(H)(I)
American General Life #460L, Acquired 05/30/2014			303		860
American General Life #508L, Acquired 05/30/2014			2,595		2,232
American General Life #542L, Acquired 07/30/2015			83		299
American General Life #906L, Acquired 07/30/2015			479		3,058
American General Life #964L, Acquired 07/30/2015			1,459		2,187
AXA Equitable Life #0474, Acquired 11/04/2013			7,290		8,198
AXA Equitable Life #1616, Acquired 05/30/2014			3,254		3,584
AXA Equitable Life #1898, Acquired 11/04/2013			441		956
AXA Equitable Life #7233, Acquired 11/04/2013			395		2,184

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 117

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Acquisition Cost (000)			Value (000)
AXA Equitable Life #7578, Acquired 11/04/2013			2,104	$	3,888
AXA Equitable Life #7857, Acquired 11/04/2013			2,297		1,300
AXA Equitable Life #8538, Acquired 11/04/2013			1,333		2,121
BlackBrush Oil & Gas, L.P., Acquired			—		—
Guardian Insurance #0346, Acquired 11/04/2013			646		2,350
Hartford Life #4700, Acquired 11/24/2015			81		212
ING Reliastar #1234, Acquired 12/05/2013			1,067		5,183
ING Reliastar #3394, Acquired 05/30/2014			3,687		6,932
ING Reliastar #4842, Acquired 11/20/2013			921		3,270
ING Reliastar #776H, Acquired 05/30/2014			1,518		1,611
John Hancock #0430, Acquired 05/30/2014			2,418		4,161
John Hancock #1929, Acquired 05/30/2014			3,812		3,737
John Hancock #5072, Acquired 05/30/2014			1,409		3,834
John Hancock #5080, Acquired 11/19/2013			313		3,829
John Hancock #5885, Acquired 05/30/2014			894		1,983
John Hancock #6686, Acquired 05/30/2014			3,035		2,857
John Hancock #6912, Acquired 05/30/2014			1,065		1,668
Lincoln National #4754, Acquired 09/17/2015			1,029		5,512
Lincoln National #4754, Acquired 09/17/2015			610		3,584
Lincoln National #5658, Acquired 09/17/2015			329		1,430
Lincoln National #7099, Acquired 09/17/2015			1,254		3,275
Lincoln National #8558, Acquired 09/17/2015			1,659		2,680
Mass Mutual #1849, Acquired 11/05/2013			2,926		4,687
Mass Mutual #5167, Acquired 05/30/2014			63		2,009
Mass Mutual #5681, Acquired 11/05/2013			288		2,857
Met Life #8MLU, Acquired 05/20/2014			1,413		989
Penn Life #8183, Acquired 10/18/2016			46		129

Description	Acquisition Cost (000)/Shares/			Value (000)
Penn Mutual #3106, Acquired 05/30/2014			1,294	$	1,294
Phoenix Life #5715, Acquired 10/18/2016			569		2,583
Phoenix Life #6157, Acquired 10/18/2016			569		2,619
Phoenix Life #8499, Acquired 05/30/2014			756		1,422
Phoenix Life #8509, Acquired 05/30/2014			761		1,422
Principal Financial #6653, Acquired 10/30/2013			306		131
Security Mutual Life #5380, Acquired 10/28/2013			410		—
Transamerica #1708, Acquired 10/28/2013			957		1,642
Transamerica #8205, Acquired 10/28/2013			714		856

Total Life Settlement Contracts
(Cost $58,852)					111,615

Exchange-Traded Fund [1.5%]
iShares iBoxx High Yield Corporate Bond ETF			709,500		61,854

Total Exchange-Traded Fund
(Cost $62,247)					61,854

Convertible Bonds [0.4%]
Broadcasting & Cable [0.1%]
Cable One CV to 0.439
1.125%, 03/15/28(A)			245		247
DISH Network CV to 15.343
3.375%, 08/15/26			1,030		990
Liberty Interactive CV to 1.000
4.000%, 11/15/29			1,450		1,109

Total Broadcasting & Cable					2,346

Building & Construction [0.3%]
HTA Group CV to 68,231.440
2.875%, 03/18/27			12,200		13,471

Coal Mining [0.0%]
New World Resources CV to 1.000
4.000%cash or 8.000% PIK, 10/07/20(B)		EUR	380		11

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Shares/Acquisition Cost (000)			Value (000)
Telephones & Telecommunications [0.0%]
Digicel Group 0.5 CV to 1.000
7.000%, 10/01/69		$	1,715	$	1,260

Total Convertible Bonds
Cost ($15,863)					17,088

Limited Partnership [0.3%]
Cartesian LP*			10,000		11,992

Total Limited Partnership
(Cost $10,000)					11,992

Common Stock [0.2%]
Agricultural [0.0%]
Mriya Farming PLC *			2,903		—

Chemicals [0.0%]
Hexion Holdings *			21,096		316

Consumer Cyclical [0.0%]
TruKid *			232		579

Diversified Minerals [0.0%]
New World Resources, Cl A *			44,276,198		—

Energy [0.0%]
Templar Energy, Cl A *			105,419		1

Energy Equipment & Services [0.0%]
FTS International, Cl A *			26,754		662

Health Care [0.1%]
Novartex			180,000		80
Oberland Capital Healthcare Solutions LP			1,905,789		1,906

Total Health Care					1,986

Independent Energy [0.1%]
Oasis Petroleum			18,564		1,103
Whiting Petroleum *			6,967		247

Total Independent Energy					1,350

Description	Acquisition Cost (000)/ Number of Warrants			Value (000)
Manufacturing [0.0%]
Vivarte			6,000		3

Media Entertainment [0.0%]
iHeartMedia *			12,136	$	220

Oil Field Services [0.0%]
Superior Energy			30,620		980

Oil, Gas & Consumable Fuels [0.0%]
Summit Midstream Partners			11,456		270

Retailers [0.0%]
Belk, Inc.			81		2
Party City Holdings *			32,495		189
Penney Borrower LLC			4,293		71

Total Retailers			��		262

Services [0.0%]
A’ayan Leasing & Investment KSCP			1,169,438		333
Wayne Services Legacy *			257		—

Total Services					333

Utilities [0.0%]
Longview Power LLC			64,904		146

Total Common Stock
(Cost $9,550)					7,108

Warrants [0.0%]
Chesapeake Energy,
Expires 02/12/26, Strike Price *			15,372		293
Prophylaxis,
Expires 10/07/22, Strike Price *			293		—
Toys ‘R’ Us/Hill Street
Expires 06/21/21* (J)			14,795		6

Total Warrants
(Cost $384)					299

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 119

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Shares		Value (000)
Closed-End Fund [0.0%]
Stone Ridge Reinsurance Risk Premium Interval Fund		7,310	$	289

Total Closed-End Fund
(Cost $323)				289

Preferred Stock [0.0%]
[0.0%]
BlackBrush Oil & Gas, L.P.		1,265,625		367

Total Preferred Stock
(Cost $367)				367

Short-Term Investment [4.5%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**		182,462,550		182,462

Total Short-Term Investment
(Cost $182,462)				182,462

Total Investments [99.8%]
(Cost $4,129,930)			$	4,028,897

Percentages are based on net assets of $4,038,602 (000).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(1)	U.S. Dollars unless otherwise indicated.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2021, the value of these securities amounted to $1,122,617 (000), representing 27.8% of the net assets of the Fund.

(B)	In default on interest payments. Rate shown represents the last coupon rate prior to default.

(C)	Zero coupon security. The rate reported is the effective yield at time of purchase.

(D)	Level 3 security in accordance with fair value hierarchy.

(E)	Step Bond — The rate reported is the rate in effect on March 31, 2021. The coupon on a step bond changes on a specific date.

(F)	Unsettled bank loan, Interest rate may not be available.

(G)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(H)	Security is considered illiquid. The total market value of such security as of March 31, 2021, was $111,615 (000) and represented 2.8% of the net assets of the Fund.

(I)	Security is considered restricted. The total market value of such securities as of March 31, 2021, was $111,615 (000) and represented 2.8% of the net assets of the Fund.

(J)	Strike Price is unavailable.

CDO — Collateralized Debt Obligation

CHF — Swiss Franc

Cl — Class

CLO — Collateralized Loan Obligation

CV — Convertible Security

DAC — Designated Activity Company

EUR — Euro

Euribor — Euro Interbank Offered Rate

GBP — British Pound Sterling

ICE — Intercontinental Exchange

JPY — Japanese Yen

JSC — Joint Stock Company

LIBOR — London Interbank Offered Rates

LLC — Limited Liability Company

LLP — Limited Liability Partnership

LP — Limited Partnership

LTD — Limited

MTN — Medium Term Note

PIK — Paid-in Kind

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Ser — Series

ULC — Unlimited Liability Company

USD — U.S. Dollar

VAR — Variable

A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:

Counterparty	Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
U.S. Bank	04/21/21	USD	1,373	GBP	1,000	$	6
U.S. Bank	04/09/21	USD	5,547	GBP	4,000		(33	)
U.S. Bank	04/09/21	USD	11,903	EUR	10,000		(173	)
U.S. Bank	04/09/21	GBP	33,045	USD	45,828		270
U.S. Bank	04/21/21	GBP	1,000	USD	1,374		(5	)
U.S. Bank	04/09/21 - 04/21/21	EUR	406,912	USD	484,708		7,425
U.S. Bank	04/21/21	CHF	1,500	USD	1,695		107
U.S. Bank	04/21/21	JPY	450,000	USD	4,345		280
						$	7,877

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

The following is a list of the inputs used as of March 31, 2021, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Corporate Bonds	$	—	$	2,259,257	$	—	$	2,259,257
Loan Participations		—		722,428		3,324		725,752
Mortgage-Backed Securities		—		391,608		1,994		393,602
Sovereign Debt		—		257,212		—		257,212
Life Settlement Contracts		—		—		111,615		111,615
Exchange-Traded Fund		61,854		—		—		61,854
Convertible Bonds		—		17,088		—		17,088
Limited Partnership		—		11,992		—		11,992
Common Stock		5,910		1,198		—		7,108
Warrants		—		299		—		299
Closed-End Fund		289		—		—		289
Preferred Stock		—		367		—		367
Affiliated Equity Fund		—		—		—		—
Short-Term Investment		182,462		—		—		182,462
Total Investments in Securities	$	250,515	$	3,661,449	$	116,933	$	4,028,897

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	8,088		$	—	$	8,088
Unrealized Depreciation		—		(211	)		—		(211	)
Total Other Financial Instruments	$	—	$	7,877		$	—	$	7,877

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

(1)

Of the $116,933 (000) in Level 3 securities as of December 31, 2020, $111,615 (000) or 95.5% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party vendors or broker quotes.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of March 31, 2021:

	Investments in Loan Participations			Investments in Life Settlement Contracts			Investments in Sovereign Debt
Beginning balance as of October 1, 2020	$	2,180		$	128,281		$	2
Accrued discounts/ premiums		—			—			—
Realized gain/(loss)		—			—			—
Change in unrealized appreciation/(depreciation)		1,144			(16,666	)		(2	)
Purchases		—			—			—
Sales/paydowns		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Ending balance as of March 31, 2021	$	3,324		$	111,615		$	—
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(1,149	)	$	23,793		$	2

	Investments in Mortgage-Backed Securities			Investments in Warrants
Beginning balance as of October 1, 2020	$	—		$	2,241
Accrued discounts/ premiums		—			—
Realized gain/(loss)		—			—
Change in unrealized appreciation/(depreciation)		34			—
Purchases		—			—
Sales/paydowns		—			—
Transfers into Level 3		1,960			—
Transfers out of Level 3		—			(2,241	)
Ending balance as of March 31, 2021	$	1,994		$	—
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(34	)	$	—

	Investments in Corporate Bonds			Total
Beginning balance as of October 1, 2020	$	2		$	132,706
Accrued discounts/ premiums		—			—
Realized gain/(loss)		—			—
Change in unrealized appreciation/(depreciation)		(2	)		(15,492	)
Purchases		—			—
Sales/paydowns		—			—
Transfers into Level 3		—			1,960
Transfers out of Level 3		—			(2,241	)
Ending balance as of March 31, 2021	$	—		$	116,933
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(14	)	$	22,598

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

consolidated schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (concluded)

Amounts designated as “—” are either $0 or have been rounded to $0.

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

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2021. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2021 (000)	Valuation Techniques
Life Settlement Contracts	$111,615	Discounted Cash Flow Model

		Observable Inputs
		Maturity Value

		Unobservable Inputs	Range
		Discount Rate	13.5%
		Expected Maturity (months)	6-130 months

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and the interrelationship between them could result in significantly higher or lower fair value measurements. Increases in projected collection rates in isolation would result in a higher fair value measurement, while increases in expected discount rates, projected default rates, and maturities of life settlement contracts, in isolation, would result in a lower fair value measurement.

For the period ended March 31, 2021, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

At March 31, 2021, the Fund had the following investments in life settlement contracts:

Year	Number of Contracts		Fair Value (000)		Face Value (Death Benefits) (000)
2022		3	$	15,852,029	$	23,500,000
2023		4		8,649,502		17,250,000
2024		14		48,884,743		110,000,000
2025		8		16,762,502		53,500,000
Thereafter		15		21,465,868		78,830,801
		44	$	111,614,644	$	283,080,801

For the period ended March 31, 2021, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Consolidated Statement of Operations, as part of the unrealized appreciation/(depreciation) on investments, consisted of a net negative change to fair value on life settlement contracts of $7,757,079, offset by $11,347,804 in premiums paid and continuing costs associated with its investment in the policies. For the period ended March 31, 2021, the Fund realized gains of $5,069,618 on matured life settlement contracts, which are disclosed in the Consolidated Statement of Operations, as part of the realized gain/(loss) on investments.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Short Term Emerging Markets Debt Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [64.3%]
Banks [4.7%]
Access Bank, MTN
10.500%, 10/19/21		$	9,895	$	10,237
Banco Nacional de Costa Rica
5.875%, 04/25/21			400		400
Industrial Subordinated Trust
8.250%, 07/27/21			200		200

Total Banks					10,837

Building-Heavy Construct [0.0%]
Andrade Gutierrez International
11.000% cash/12.000% PIK, 08/20/21			201		111
11.000%, 08/20/21(A)			1		—

Total Building-Heavy Construct					111

Electric Utilities [2.7%]
Instituto Costarricense de Electricidad
6.950%, 11/10/21			6,190		6,274

Entertainment & Gaming [5.6%]
NagaCorp
9.375%, 05/21/21			12,641		12,693

Paper & Related Products [5.8%]
Eldorado International Finance GmbH
8.625%, 06/16/21			13,177		13,151

Petroleum & Fuel Products [24.2%]
Georgian Oil and Gas JSC
6.750%, 04/26/21			13,342		13,273
Pan American Energy
7.875%, 05/07/21			2,175		2,139
Tullow Oil Jersey
6.625%, 07/12/21			32,800		31,898
YPF
9.000%, 01/01/23			9,558		7,795

Total Petroleum & Fuel Products					55,105

Real Estate Oper/Develop [9.2%]
Alam Sutera Realty
6.000%cash/0.000% PIK, 05/02/24			10,399		8,683
Global Prime Capital Pte
7.250%, 04/26/21			12,308		12,321

Total Real Estate Oper/Develop					21,004

Telephones & Telecommunications [8.6%]
Telecom Argentina
6.500%, 06/15/21			19,636		19,557

Transportation Services [3.5%]
Global Liman Isletmeleri
8.125%, 11/14/21			5,147		4,384
Ukraine Railways via Shortline
9.875%, 09/15/21			3,578		3,632

Total Transportation Services					8,016

Total Corporate Bonds
(Cost $149,373)					146,748

Sovereign Debt [23.3%]
Lao People’s Democratic Republic International Bond
6.875%, 06/30/21			15,000		12,000
Namibia International Bonds
5.500%, 11/03/21			2,800		2,837
Oman Government International Bond
3.625%, 06/15/21			629		630
Provincia de Buenos Aires
4.000%, 06/01/20(B)		EUR	9,491		4,007
Provincia de Cordoba
3.000%, 12/10/25(B)			12,375		8,446
Provincia de Neuquen Argentina
7.875%, 04/26/21			167		88
Senegal Government International Bond
8.750%, 05/13/21			1,400		1,400
Sri Lanka Government International Bond
6.250%, 07/27/21			13,300		12,735
Third Pakistan International Sukuk
5.500%, 10/13/21			8,806		8,889

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 123

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Short Term Emerging Markets Debt Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Ukraine Government International Bond
7.750%, 09/01/21		$	2,000	$	2,035

Total Sovereign Debt
(Cost $65,281)					53,067

Short-Term Investment [10.8%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**			24,609,653		24,610

Total Short-Term Investment
(Cost $24,610)					24,610

Total Investments [98.4%]
(Cost $239,264)				$	224,425

Percentages are based on net assets of $228,126 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2021, the value of these securities amounted to $0 (000), representing 0.0% of the net assets of the Fund.

(B)	In default on interest payments. Rate shown represents the last coupon rate prior to default.

Cl — Class

EUR — Euro

JSC — Joint Stock Company

MTN — Medium Term Note

PIK — Payment In-Kind

USD — U.S. Dollar

A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:

Counterparty	Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
U.S. Bank	04/21/21	USD	7,995	EUR	6,700	$	(135	)
U.S. Bank	04/21/21	EUR	10,200	USD	12,414		448
						$	313

The following is a list of the inputs used as of March 31, 2021, is valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	146,748	$	—	$	146,748
Sovereign Debt		—		53,067		—		53,067
Short-Term Investment		24,610		—		—		24,610
Total Investments in Securities	$	24,610	$	199,815	$	—	$	224,425

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	448		$	—	$	448
Unrealized Depreciation		—		(135	)		—		(135	)
Total Other Financial Instruments	$	—	$	313		$	—	$	313

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

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 124

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [96.6%]
Communication Services [6.4%]
AT&T		188,500	$	5,706
BCE		70,000		3,160
Verizon Communications		119,167		6,929

Total Communication Services				15,795

Consumer Staples [16.8%]
Altria Group		144,550		7,395
Clorox		29,700		5,729
Coca-Cola		81,772		4,310
General Mills		72,780		4,463
Hershey		25,400		4,017
Kimberly-Clark		21,200		2,948
Philip Morris International		69,300		6,150
Procter & Gamble		49,349		6,683

Total Consumer Staples				41,695

Energy [4.2%]
Chevron		44,500		4,663
ConocoPhillips		30,000		1,589
Marathon Petroleum		76,000		4,065

Total Energy				10,317

Financials [18.8%]
Ares Capital		165,100		3,089
Arthur J Gallagher		29,400		3,668
Cincinnati Financial		60,650		6,253
Citizens Financial Group		105,500		4,658
Compass Diversified Holdings (A)		198,000		4,584
Fifth Third Bancorp		163,400		6,119
Hartford Financial Services Group		69,700		4,655
JPMorgan Chase		22,700		3,455
KeyCorp		212,800		4,252
MetLife		97,000		5,897

Total Financials				46,630

Health Care [5.8%]
Bristol-Myers Squibb		69,400		4,381
Merck		73,150		5,639
Pfizer		119,444		4,328

Total Health Care				14,348

Industrials [8.0%]
Eaton		30,000		4,148
Emerson Electric		52,000		4,692
Lockheed Martin		30,117		11,128

Total Industrials				19,968

Information Technology [11.8%]
Cisco Systems		133,800		6,919
Intel		146,000		9,344
Paychex		68,200		6,685
Qualcomm		48,700		6,457

Total Information Technology				29,405

Materials [4.3%]
International Paper		89,500		4,839
Sonoco Products		84,650		5,358
Westrock		11,000		573

Total Materials				10,770

REITs [9.1%]
Crown Castle International		25,600		4,407
Healthcare Trust of America, Cl A		141,200		3,894
Mid-America Apartment Communities		36,000		5,197
National Retail Properties		69,800		3,076
Prologis		56,689		6,009

Total REITs				22,583

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 125

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale Dividend & Income Fund (concluded)

Description	Shares			Value (000)
Utilities [11.4%]
American Electric Power		34,900		$	2,956
Avangrid		67,600			3,367
Dominion Energy		47,300			3,593
Duke Energy		68,006			6,565
Entergy		47,800			4,755
Eversource Energy		44,542			3,857
Pinnacle West Capital		38,235			3,110
			��
Total Utilities					28,203

Total Common Stock
(Cost $172,296)					239,714

Exchange-Traded Fund [1.8%]
Invesco Preferred ETF		291,000			4,365

Total Exchange-Traded Fund
(Cost $4,264)					4,365

Preferred Stock [1.0%]
Financials [0.3%]
AmTrust Financial Services, 7.500%		10,000			210
MetLife, 5.625%		10,000			273
Truist Financial, 4.750%		10,000			258

Total Financials					741

REITs [0.6%]
Brookfield Property Partners, 5.750%		7,500			186
National Retail Properties, 5.200%		10,000			256
National Storage Affiliates Trust, 6.000%		20,000			528
PS Business Parks, 5.200%		10,000			260
Public Storage, 5.150%		10,000			260

Total REITs					1,490

Utilities [0.1%]
Brookfield Renewable Partners, 5.250%		10,000			261
Dominion Energy, 5.250%		5,000			128

Total Utilities					389

Total Preferred Stock
(Cost $2,563)					2,620

Short-Term Investment [0.3%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**		653,350		$	653

Total Short-Term Investment
(Cost $653)					653

Total Investments [99.7%]
(Cost $179,776)				$	247,352

Percentages are based on net assets of $248,141 (000).

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Security is a Master Limited Partnership. At March 31, 2021, such securities amounted to $4,584 (000), or 1.8% of the net assets of the Fund.

Cl — Class

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

As of March 31, 2021, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [97.1%]
Aerospace & Defense [1.6%]
L3Harris Technologies		10,000	$	2,027
Northrop Grumman		12,000		3,883

Total Aerospace & Defense				5,910

Beverages [1.8%]
PepsiCo		49,000		6,931

Capital Markets [4.6%]
Blackstone Group, Cl A (A)		87,000		6,484
CME Group, Cl A		36,000		7,352
S&P Global		10,000		3,529

Total Capital Markets				17,365

Chemicals [1.5%]
Sherwin-Williams		7,700		5,683

Commercial Banks [2.7%]
JPMorgan Chase		68,000		10,352

Commercial Services & Supplies [2.4%]
Cintas		27,000		9,215

Consumer Finance [2.9%]
Ally Financial		165,000		7,459
Synchrony Financial		86,000		3,497

Total Consumer Finance				10,956

Diversified Financial Services [1.8%]
Berkshire Hathaway, Cl B *		27,000		6,898

Electric Utilities [1.6%]
NextEra Energy		80,000		6,049

Food & Staples Retailing [3.6%]
Costco Wholesale		21,000		7,402
Walmart		46,000		6,248

Total Food & Staples Retailing				13,650

Health Care Equipment & Supplies [2.7%]
Danaher		18,000		4,051
Edwards Lifesciences *		75,000		6,273

Total Health Care Equipment & Supplies				10,324

Health Care Providers & Services [4.6%]
HCA Healthcare		18,000		3,390
UnitedHealth Group		38,000		14,139

Total Health Care Providers & Services				17,529

Hotels, Restaurants & Leisure [5.7%]
Expedia Group *		28,000		4,819
McDonald’s		33,000		7,397
Starbucks		86,000		9,397

Total Hotels, Restaurants & Leisure				21,613

Industrial Conglomerates [0.7%]
Roper Technologies		7,000		2,823

Insurance [1.9%]
Aon, Cl A		32,000		7,364

Interactive Media & Services [3.5%]
Alphabet, Cl A *		4,200		8,663
Facebook, Cl A *		16,000		4,712

Total Interactive Media & Services				13,375

Internet & Catalog Retail [3.0%]
Alibaba Group Holding ADR *		28,000		6,348
Amazon.Com *		1,600		4,951

Total Internet & Catalog Retail				11,299

IT Services [9.3%]
Accenture, Cl A		36,000		9,945

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 127

schedule of investments

March 31, 2021 (Unaudited)

City National Rochdale U.S. Core Equity Fund (concluded)

Description	Shares		Value (000)
Mastercard, Cl A		34,000	$	12,106
Visa, Cl A		63,000		13,339

Total IT Services				35,390

Life Sciences Tools & Services [3.7%]
Charles River Laboratories International *		22,000		6,376
Thermo Fisher Scientific		17,000		7,759

Total Life Sciences Tools & Services				14,135

Machinery [1.9%]
Trane Technologies		44,000		7,285

Media [1.8%]
Comcast, Cl A		126,000		6,818

Pharmaceuticals [2.5%]
Johnson & Johnson		20,000		3,287
Zoetis, Cl A		40,000		6,299

Total Pharmaceuticals				9,586

Professional Services [0.9%]
TransUnion		39,000		3,510

Real Estate Investment Trusts [1.3%]
Equinix		7,000		4,757

Road & Rail [1.1%]
Old Dominion Freight Line		17,000		4,087

Semiconductors & Semiconductor Equipment [5.0%]
Applied Materials		31,000		4,142
ASML Holding, Cl G		11,000		6,791
NXP Semiconductors		41,000		8,255

Total Semiconductors & Semiconductor Equipment				19,188

Software [8.6%]
Adobe *		20,000		9,507
Microsoft		98,000		23,106

Total Software				32,613

Specialty Retail [4.2%]
Home Depot		40,000		12,210
TJX		54,000		3,572

Total Specialty Retail				15,782

Technology Hardware, Storage & Peripherals [4.8%]
Apple		148,000		18,078

Telephones & Telecommunications [2.3%]
Walt Disney *		48,000		8,857

Water Utilities [1.3%]
American Water Works		32,000		4,797

Wireless Telecommunication Services [1.8%]
T-Mobile US *		55,000		6,891

Total Common Stock
(Cost $184,459)				369,110

Short-Term Investment [2.7%]
SEI Daily Income Trust Government Fund, Cl F, 0.010%**		10,148,001		10,148

Total Short-Term Investment
(Cost $10,148)				10,148

Total Investments [99.8%]
(Cost $194,607)			$	379,258

Percentages are based on net assets of $380,086 (000).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2021.

(A)	Security is a Master Limited Partnership. At March 31, 2021, such securities amounted to $6,484 (000), or 1.7% of the net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

As of March 31, 2021, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 128

statements of assets and liabilities (000)

March 31, 2021 (Unaudited)

	City National Rochdale Government Money Market Fund		City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund		City National Rochdale California Tax Exempt Bond Fund
ASSETS:
Cost of securities (including repurchase agreements)	$	4,230,404	$	33,777		$	126,778	$	75,341
Investments in securities, at value	$	3,687,404	$	34,651		$	125,596	$	77,855
Repurchase agreements, at value		543,000		—			—		—
Affiliated Investments, at value		—		—			3,649		—
Dividend and interest receivable		958		127			961		955
Receivable for investment securities sold		—		—			—		—
Receivable for capital shares sold		47,863		109			400		190
Foreign tax reclaim receivable		—		—			9		—
Receivable due from investment adviser		—		13			—		6
Prepaid expenses		976		6			8		7
Total Assets	$	4,280,201	$	34,906		$	130,623	$	79,013

LIABILITIES:
Payable for income distributions	$	13	$	22		$	92	$	54
Payable for capital shares redeemed		87,757		1			32		61
Payable for investment securities purchased		—		—			—		471
Investment advisory fees payable		142		—			24		—
Shareholder servicing and distribution fees payable		885		—			28		17
Administrative fees payable		69		15			17		16
Trustee fees payable		—		7			2		1
Audit expense payable		—		9			—		—
Accrued expenses		33		4			15		26
Total Liabilities	$	88,899	$	58		$	210	$	646
Net Assets	$	4,191,302	$	34,848		$	130,413	$	78,367

NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	4,191,288	$	34,597		$	127,580	$	75,871
Total distributable earnings/(loss)		14		251			2,833		2,496
Net Assets	$	4,191,302	$	34,848		$	130,413	$	78,367

Class N Shares:
Net Assets	$	443,519	$	2,841		$	12,633	$	7,316
Total shares outstanding at end of year		443,509		264			1,181		675
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	1.00	$	10.77	*	$	10.70	$	10.83	*

Class S Shares:
Net Assets	$	542,073	$	—		$	—	$	—
Total shares outstanding at end of year		542,063		—			—		—
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	1.00	$	—		$	—	$	—

Servicing Class Shares:
Net Assets	$	3,205,710	$	32,007		$	117,780	$	71,051
Total shares outstanding at end of year		3,205,720		2,976			11,027		6,580
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	1.00	$	10.75	*	$	10.68	$	10.80	*

*	NAV per share as of March 31, 2021 does not calculate to the stated NAV per share due to rounding of net assets and shares.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 129

statements of assets and liabilities (000)/
consolidated statement of assets and liabilities (000)

March 31, 2021 (Unaudited)

	City National Rochdale Municipal High Income Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund (Consolidated)			City National Rochdale Short Term Emerging Markets Debt Fund
ASSETS:
Cost of securities (including affiliated investments and repurchase agreements)	$	1,732,315		$	106,454		$	4,129,930		$	239,264
Investments in securities, at value	$	1,824,330		$	106,306		$	4,028,897		$	224,425
Affilliated investments, at value		—			2,963			—			—
Cash		1			—			5,323			3
Foreign currency⁽¹⁾		—			—			5,714			—
Dividend and interest receivable		21,743			651			42,187			4,240
Foreign tax reclaim receivable		—			22			427			26
Receivable for capital shares sold		5,335			8,184			13,882			—
Receivable for investment securities sold		—			—			102,265			—
Unrealized gain on forward foreign currency contracts		—			—			8,088			448
Prepaid expenses		41			7			87			13
Total Assets	$	1,851,450		$	118,133		$	4,206,870		$	229,155

LIABILITIES:
Payable for investment securities purchased	$	5,323		$	—		$	157,168		$	—
Payable for income distributions		2,833			—			—			467
Payable for capital shares redeemed		1,893			7,790			6,835			240
Unrealized loss on forward foreign currency contracts		—			—			211			135
Investment advisory fees payable		775			16			1,712			89
Shareholder servicing and distribution fees payable		637			20			1,720			50
Trustee fees payable		3			2			5			2
Custodian fees payable		—			24			—			—
Administrative fees payable		66			16			69			18
Accrued expenses		81			33			548			28
Total Liabilities	$	11,611		$	7,901		$	168,268		$	1,029
Net Assets	$	1,839,839		$	110,232		$	4,038,602		$	228,126

NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	1,807,394		$	106,093		$	4,452,991		$	287,774
Total distributable earnings/(loss)		32,445			4,139			(414,389	)		(59,648	)
Net Assets	$	1,839,839		$	110,232		$	4,038,602		$	228,126

Institutional Class Shares:
Net Assets	$	—		$	10,755		$	—		$	—
Total shares outstanding at end of year		—			397			—			—
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	—		$	27.12	*	$	—		$	—

Class N Shares:
Net Assets	$	1,158,819		$	99,477		$	4,038,602		$	—
Total shares outstanding at end of year		106,251			3,667			173,497			—
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	10.91		$	27.13		$	23.28		$	—

Servicing Class Shares:
Net Assets	$	681,020		$	—		$	—		$	228,126
Total shares outstanding at end of year		62,409			—			—			29,256
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	10.91	*	$	—		$	—		$	7.80

(1)	Cost of foreign currency $5,716 (000).

*	NAV per share as of March 31, 2021, does not calculate to the stated NAV per share due to rounding of Net Assets and Shares.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 130

statements of assets and liabilities (000)

March 31, 2021 (Unaudited)

	City National Rochdale Dividend & Income Fund		City National Rochdale U.S. Core Equity Fund
ASSETS:
Cost of securities	$	179,776	$	194,607
Investments in securities, at value	$	247,352	$	379,258
Cash		18		—
Dividend and interest receivable		572		53
Foreign tax reclaim receivable		35		20
Receivable for capital shares sold		435		1,181
Prepaid expenses		10		12
Total Assets	$	248,422	$	380,524

LIABILITIES:
Payable for capital shares redeemed	$	38	$	152
Investment advisory fees payable		104		126
Shareholder servicing and distribution fees payable		104		119
Administrative fees payable		18		20
Payable to custodian		—		5
Trustee fees payable		2		2
Accrued expenses		15		14
Total Liabilities	$	281	$	438
Net Assets	$	248,141	$	380,086

NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	183,691	$	178,080
Total distributable earnings/(loss)		64,450		202,006
Net Assets	$	248,141	$	380,086

Institutional Class Shares:
Net Assets	$	—	$	4,287
Total shares outstanding at end of year		—		180
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	—	$	23.79	*

Class N Shares:
Net Assets	$	248,141	$	198,292
Total shares outstanding at end of year		6,263		8,441
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	39.62	$	23.49

Servicing Class Shares:
Net Assets	$	—	$	177,507
Total shares outstanding at end of year		—		7,540
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)	$	—	$	23.54

*	NAV per share as of March 31, 2021 does not calculate to the stated NAV per share due to rounding of net assets and shares.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 131

statements of operations (000)

For the six months ended March 31, 2021 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund
INVESTMENT INCOME:
Dividend Income	$	—		$	—		$	4		$	1
Dividend Income from Affiliated Investments		—			—			133			—
Interest Income		2,259			307			1,306			725
Total Investment Income		2,259			307			1,443			726

EXPENSES:
Investment Advisory Fees		5,418			82			264			107
Shareholder Servicing Fees — Class N⁽¹⁾		1,308			7			30			18
Shareholder Servicing Fees — Class S⁽¹⁾		1,673			—			—			—
Shareholder Servicing Fees — Servicing Class		4,018			44			150			90
Administration Fees		416			90			98			94
Transfer Agent Fees		111			1			4			2
Trustee Fees		75			16			18			17
Professional Fees		144			8			11			12
Custody Fees		81			1			2			1
Registration Fees		82			1			3			2
Printing Fees		37			—			1			1
Insurance and Other Expenses		195			8			16			8
Total Expenses		13,558			258			597			352
Less, Waivers of:
Investment Advisory Fees		(4,584	)		(82	)		(78	)		(96	)
Shareholder Servicing Fees — Class N⁽¹⁾		(1,301	)		—			—			—
Shareholder Servicing Fees — Class S⁽¹⁾		(1,670	)		—			—			—
Shareholder Servicing Fees — Servicing Class		(4,110	)		—			—			—
Reimbursement of Expenses from Investment Advisor		—			(25	)		—			—
Net Expenses		1,893			151			519			256

Net Investment Income		366			156			924			470
Net Realized Gain (Loss):
Investments		—			151			1,165			(23	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(604	)		(2,266	)		(779	)
Affiliated Investments		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations	$	366		$	(297	)	$	(177	)	$	(332	)

(1)	Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 132

statements of operations (000)/
consolidated statement of operations (000)

For the six months ended March 31, 2021 (Unaudited)

	City National Rochdale Municipal High Income Fund		City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund (Consolidated)			City National Rochdale Short Term Emerging Markets Debt Fund
INVESTMENT INCOME:
Dividend Income	$	4	$	—		$	1,812		$	1
Dividend Income from Affiliated Investments		—		108
Interest Income		35,823		1,149			132,845			11,521
Less: Foreign Taxes Withheld		—		2			—			—
Total Investment Income		35,827		1,259			134,657			11,522

EXPENSES:
Investment Advisory Fees		4,377		213			9,837			637
Shareholder Servicing Fees — Class N⁽¹⁾		2,771		243			9,837			—
Shareholder Servicing Fees — Servicing Class		803		—			—			318
Administration Fees		253		96			437			108
Transfer Agent Fees		47		3			106			7
Trustee Fees		41		17			101			20
Professional Fees		64		10			167			15
Custody Fees		31		2			316			23
Registration Fees		35		2			78			6
Printing Fees		16		1			36			2
Insurance and Other Expenses		144		13			402			32
Total Expenses		8,582		600			21,317			1,168
Less, Waivers of:
Investment Advisory Fees		—		(86	)		(6	)		9
Net Expenses		8,582		514			21,311			1,177

Net Investment Income		27,245		745			113,346			10,345
Net Realized Gain (Loss) from:
Securities Transactions		1,333		1,405			(2,978	)		(3,031	)
Forward Foreign Currency Contracts		—		—			(3,963	)		(413	)
Foreign Currency Transactions		—		—			6,025			335
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		48,077		(2,944	)		145,002			18,763
Affiliated Investments				(295	)		—			—
Forward Foreign Currency Contracts		—		—			3,138			297
Foreign Currency Translations		—		—			551			—
Net Increase (Decrease) in Net Assets Resulting from Operations	$	76,655	$	(1,089	)	$	261,121		$	26,296

(1)	Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 133

statements of operations (000)

For the six months ended March 31, 2021 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund
INVESTMENT INCOME:
Dividend Income	$	4,211		$	2,267
Interest Income		—			—
Less: Foreign Taxes Withheld		(12	)		(2	)
Total Investment Income		4,199			2,265

EXPENSES:
Investment Advisory Fees		589			710
Shareholder Servicing Fees — Class N⁽¹⁾		589			231
Shareholder Servicing Fees — Servicing Class		—			207
Administration Fees		106			116
Transfer Agent Fees		6			10
Trustee Fees		19			21
Professional Fees		15			18
Custody Fees		4			6
Registration Fees		5			6
Printing Fees		2			3
Insurance and Other Expenses		14			23
Total Expenses		1,349			1,351
Less, Waivers of:
Recovery of Investment Advisory Fees Previously Waived⁽²⁾		—			231
Net Expenses		1,349			1,582

Net Investment Income (Loss)		2,850			683
Net Realized Loss from:
Securities Transactions		5,771			18,488
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		20,769			25,784
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,390		$	44,955

(1)	Includes class specific distribution expenses.

(2)	See Note 5 for advisory fees recovered.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 134

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CITY NATIONAL ROCHDALE FUNDS | PAGE 135

statements of changes in net assets (000)

For the six months ended March 31, 2021 (Unaudited) and year ended September 30, 2020

	City National Rochdale Government Money Market Fund						City National Rochdale Government Bond Fund
	2021			2020			2021			2020
OPERATIONS:
Net Investment Income	$	366		$	15,014		$	156		$	429
Net Realized Gain (Loss) from Security Transactions		—			—			151			114
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		—			—			(604	)		1,157
Net Increase (Decrease) in Net Assets Resulting from Operations		366			15,014			(297	)		1,700

DISTRIBUTIONS:
Class N		(25	)		(1,077	)		(9	)		(24	)
Class S		(25	)		(1,124	)		—			—
Servicing Class		(329	)		(12,791	)		(155	)		(434	)
Total Distributions		(379	)		(14,992	)		(164	)		(458	)

CAPITAL SHARE TRANSACTIONS:⁽¹⁾
Institutional Class:
Shares Issued		—			—			—			11
Shares Redeemed		—			—			—			(13	)
(Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—			(2	)

Class N:
Shares Issued		244,570			920,464			125			271
Shares Issued in Lieu of Dividends and Distributions		25			1,077			7			20
Shares Redeemed		(324,638	)		(618,068	)		(145	)		(313	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(80,043	)		303,473			(13	)		(22	)

Class S:
Shares Issued		1,116,741			1,321,522			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(995,822	)		(1,186,148	)		—			—
Increase (Decrease) in Net Assets from Class S Share Transactions		120,919			135,374			—			—

Servicing Class:
Shares Issued		3,225,296			7,218,391			2,052			4,277
Shares Issued in Lieu of Dividends and Distributions		243			10,485			21			54
Shares Redeemed		(3,235,907	)		(6,049,690	)		(6,787	)		(9,016	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		(10,368	)		1,179,186			(4,714	)		(4,685	)

Net Increase (Decrease) in Net Assets from Share Transactions		30,508			1,618,033			(4,727	)		(4,709	)
Total Increase (Decrease) in Net Assets		30,495			1,618,055			(5,188	)		(3,467	)

NET ASSETS:
Beginning of Year/Period		4,160,807			2,542,752			40,036			43,503
End of Year/Period	$	4,191,302		$	4,160,807		$	34,848		$	40,036

(1)	See Note 9 for shares issued and redeemed.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 136

City National Rochdale Corporate Bond Fund						City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Municipal High Income Fund
2021			2020			2021			2020			2021			2020

$	924		$	2,525		$	470		$	1,108		$	27,245		$	52,834
	1,165			873			(23	)		427			1,333			(38,887	)
	(2,266	)		2,143			(779	)		673			48,077			(9,731	)
	(177	)		5,541			(332	)		2,208			76,655			4,216


	(70	)		(172	)		(46	)		(88	)		(18,022	)		(32,117	)
	—			—			—			—			—			—
	(844	)		(2,376	)		(552	)		(1,021	)		(11,254	)		(20,716	)
	(914	)		(2,548	)		(598	)		(1,109	)		(29,276	)		(52,833	)



	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—


	2,037			3,821			907			1,075			182,979			332,651
	61			146			27			50			11,241			19,769
	(1,190	)		(1,330	)		(948	)		(1,996	)		(119,405	)		(163,321	)
	908			2,637			(14	)		(871	)		74,815			189,099


	—			18,867			—			—			—			—
	—			251			—			—			—			—
	—			(24,751	)		—			—			—			—
	—			(5,633	)		—			—			—			—


	13,238			—			10,501			15,197			102,975			148,790
	95			—			83			164			1,581			2,539
	(16,391	)		—			(9,625	)		(22,467	)		(49,547	)		(94,095	)
	(3,058	)		—			959			(7,106	)		55,009			57,234

	(2,150	)		(2,996	)		945			(7,977	)		129,824			246,333
	(3,241	)		(3	)		15			(6,878	)		177,203			197,716


	133,654			133,657			78,352			85,230			1,662,636			1,464,920
$	130,413		$	133,654		$	78,367		$	78,352		$	1,839,839		$	1,662,636

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 137

statements of changes in net assets (000)/
consolidated statement of changes in net assets (000)

For the six months ended March 31, 2021 (Unaudited) and year ended September 30, 2020

	City National Rochdale Intermediate Fixed Income Fund						City National Rochdale Fixed Income Opportunities Fund (Consolidated)
	2021			2020			2021			2020
OPERATIONS:
Net Investment Income (Loss)	$	745		$	2,071		$	113,346		$	237,259
Net Realized Gain (Loss) from:
Security Transactions and Purchased Options		1,405			2,437			(2,978	)		(92,760	)
Foreign Currency Transactions		—			—			2,062			(39,113	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments and Swap Contracts		(3,239	)		1,986			145,002			(185,067	)
Foreign Currency Translations		—			—			3,689			631
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,089	)		6,494			261,121			(79,050	)

DISTRIBUTIONS:
Institutional Class		(109	)		(121	)		—			—
Class N		(662	)		(1,938	)		(144,249	)		(211,921	)
Servicing Class		—			—			—			—
Class Y		—			—			—			—
Return of Capital:
Class N		—			—			—			—
Servicing Class		—			—			—			—
Class Y		—			—			—			—
Total Distributions		(771	)		(2,059	)		(144,249	)		(211,921	)

CAPITAL SHARE TRANSACTIONS:⁽¹⁾
Institutional Class:
Shares Issued		13,914			2,333			—			—
Shares Issued in Lieu of Dividends and Distributions		29			50			—			—
Shares Redeemed		(8,457	)		(1,332	)		—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		5,486			1,051			—			—

Class N:
Shares Issued		17,708			25,669			636,865			1,621,835
Shares Issued in Lieu of Dividends and Distributions		649			1,894			110,925			162,832
Shares Redeemed		(17,055	)		(46,759	)		(565,161	)		(1,170,706	)
Increase (Decrease) in Net Assets from Class N Share Transactions		1,302			(19,196	)		182,629			613,961

Servicing Class:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		—			—			—			—

Class Y:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Redemption Fees		—			—			—			—
Shares Redeemed		—			—			—			—
Increase in Net Assets from Class Y Share Transactions		—			—			—			—
Net Increase (Decrease) in Net Assets from Share Transactions		6,788			(18,145	)		182,629			613,961
Total Increase (Decrease) in Net Assets		4,928			(13,710	)		299,501			322,990

NET ASSETS:
Beginning of Year/Period		105,304			119,014			3,739,101			3,416,111
End of Year/Period	$	110,232		$	105,304		$	4,038,602		$	3,739,101

(1)	See Note 9 for shares issued and redeemed.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 138

City National Rochdale Short Term Emerging Markets Debt Fund						City National Rochdale Dividend & Income Fund						City National Rochdale U.S. Core Equity Fund
2021			2020			2021			2020			2021			2020

$	10,345		$	26,591		$	2,850		$	4,496		$	683		$	1,224

	(3,031	)		(4,122	)		5,771			(9,768	)		18,488			(1,138	)
	(78	)		(838	)		—			—			—			—

	18,763			(27,702	)		20,769			(20,233	)		25,784			32,839
	297			(46	)		—			—			—			—
	26,296			(6,117	)		29,390			(25,505	)		44,955			32,925


	—			—			—			—			(15	)		(22	)
	—			—			(3,517	)		(6,933	)		(235	)		(4,592	)
	—			—			—			—			(414	)		(4,920	)
	(47,809	)		(26,735	)		—			—			—			—

	—			—			—			(2,077	)		—			(10	)
	—			—			—			—			—			(16	)
	—			(3,741	)		—			—			—			—
	(47,809	)		(30,476	)		(3,517	)		(9,010	)		(664	)		(9,560	)



	—			—			—			—			114			5,254
	—			—			—			—			2			17
	—			—			—			—			(2,077	)		(550	)
	—			—			—			—			(1,961	)		4,721


	—			—			35,294			58,381			19,651			35,598
	—			—			2,301			5,846			175			4,013
	—			—			(37,424	)		(54,769	)		(15,905	)		(37,715	)
	—			—			171			9,458			3,921			1,896


	—			—			—			—			15,474			19,982
	—			—			—			—			38			370
	—			—			—			—			(14,068	)		(40,980	)
	—			—			—			—			1,444			(20,628	)


	6			83,486			—			—			—			—
	28,718			17,969			—			—			—			—
	—			8			—			—			—			—
	(36,483	)		(28,584	)		—			—			—			—
	(7,759	)		72,879			—			—			—			—
	(7,759	)		72,879			171			9,458			3,404			(14,011	)
	(29,272	)		36,286			26,044			(25,057	)		47,695			9,354


	257,398			221,112			222,097			247,154			332,391			323,037
$	228,126		$	257,398		$	248,141		$	222,097		$	380,086		$	332,391

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 139

consolidated statement of cash flows (000)

For the period ended March 31, 2021 (Unaudited)

	City National Rochdale Fixed Income Opportunities Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets from operations	$	261,103
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchase of investment securities		(4,461,762	)
Proceeds from disposition of investment securities		4,407,592
Amortization (accretion of market discount)		(29,722	)
Premium payments		(68,211	)
Net realized loss on investments		(13,623	)
Net change in unrealized appreciation on investments		(101,001	)

Changes in assets:
Dividend and interest receivable		2,059
Reclaim receivable		(85	)
Receivable for investment securities sold		(60,286	)
Unrealized gain on forward foreign currency contracts		(2,459	)
Prepaid expenses		(31	)

Changes in liabilities:
Payable for investment securities purchased		40,162
Unrealized loss on forward foreign currency contracts		(678	)
Trustee fees payable		5
Investment advisory fees payable		178
Shareholder servicing and distribution fees payable		130
Administrative fees payable		5
Accrued expenses		58
Net Cash Used in Operating Activities		(26,566	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued		634,072
Cost of shares redeemed		99,549
Distributions		(709,410	)
Net cash provided by financing activities		24,211
Net change in cash		(2,355	)
Cash at beginning of period		13,392
Cash at end of period	$	11,037

NON-CASH FINANCING ACTIVITIES:
Reinvestments of dividends and distributions	$	144,249

The following table provides a reconciliation of cash and foreign currency reported on the statement of assets and liabilities to the total of such amounts shown in this statement of cash flows.

Balance at the end of the period
Cash	$	5,323
Foreign Currency		5,714
Total Cash and Foreign Currency	$	11,037

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 140

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CITY NATIONAL ROCHDALE FUNDS | PAGE 141

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2021 (Unaudited) and the year or period ended September 30,

	Net Asset Value Beginning of Period	Net Investment Income^†	Net Realized and Unrealized Gains (Losses) on Securities^†	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Net Asset Value End of Period	Total Return^‡	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Net Investment Income to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)⁽¹⁾	Portfolio Turnover Rate
City National Rochdale Government Money Market Fund
Class N (commenced operations on June 21, 1999)
2021	$ 1.00	$ 0.000*	$ 0.000*	$ (0.000)*	$ —	$ 1.00	0.01%	$ 443,519	0.10%	0.01%	0.86%	—%
2020	1.00	0.003	0.001	(0.004)	—	1.00	0.42	523,559	0.38	0.27	0.88	—
2019	1.00	0.016	0.000*	(0.016)	—	1.00	1.58	220,083	0.76	1.55	0.87	—
2018	1.00	0.007	0.000*	(0.007)	—	1.00	0.71	994,591	0.88	0.69	0.86	—
2017	1.00	0.001	0.000*	(0.001)	—	1.00	0.06	1,099,005	0.60	0.05	0.86	—
2016	1.00	0.000*	0.000*	(0.000)*	—	1.00	0.02	3,870,786	0.30	0.02	0.86	—
Class S (commenced operations on October 6, 1999)
2021	$ 1.00	$ 0.000*	$ 0.000*	$ (0.000)*	$ —	$ 1.00	0.01%	$ 542,073	0.09%	0.02%	0.56%	—%
2020	1.00	0.003	0.000*	(0.003)	—	1.00	0.35	421,153	0.50	0.31	1.03	—
2019	1.00	0.014	0.000*	(0.014)	—	1.00	1.43	285,778	0.91	1.43	1.02	—
2018	1.00	0.006	0.000*	(0.006)	—	1.00	0.62	1,070,474	0.95	0.64	1.03	—
2017	1.00	0.001	0.000*	(0.001)	—	1.00	0.06	841,246	0.67	0.06	1.06	—
2016	1.00	0.000*	0.000*	(0.000)*	—	1.00	0.02	882,925	0.31	0.02	1.06	—
Servicing Class (commenced operations on April 3, 2000)^^
2021	$ 1.00	$ 0.000*	$ 0.000*	$ (0.000)*	$ —	$ 1.00	0.01%	$ 3,205,710	0.10%	0.01%	1.02%	—%
2020	1.00	0.005	0.001	(0.006)	—	1.00	0.57	3,216,095	0.31	0.46	0.57	—
2019	1.00	0.019	0.000*	(0.019)	—	1.00	1.89	2,036,891	0.46	1.87	0.57	—
2018	1.00	0.011	0.000*	(0.011)	—	1.00	1.11	2,942,980	0.46	1.12	0.56	—
2017	1.00	0.002	0.000*	(0.002)	—	1.00	0.17	2,301,962	0.53	0.24	0.56	—
2016	1.00	0.000*	0.000*	(0.000)*	—	1.00	0.02	981,967	0.31	0.02	0.56	—
City National Rochdale Government Bond Fund
Class N (commenced operations on April 13, 2000)
2021	$ 10.91	$ 0.03	$ (0.14)	$ (0.03)	$ —	$ 10.77	(0.97)%	$ 2,841	1.03%	0.58%	1.60%	13%
2020	10.59	0.08	0.33	(0.09)	—	10.91	3.90	2,890	1.03	0.78	1.50	25
2019	10.27	0.09	0.33	(0.10)	—	10.59	4.12	2,827	1.03	0.87	1.35	60
2018	10.49	0.07	(0.19)	(0.09)	(0.01)	10.27	(1.21)	1,984	1.03	0.72	1.25	14
2017	10.62	0.05	(0.12)	(0.05)	(0.01)	10.49	(0.68)	1,743	1.03	0.43	1.13	55
2016	10.60	0.03	0.03	(0.04)	—	10.62	0.58	1,453	1.03	0.33	1.08	37
Servicing Class (commenced operations on January 14, 2000)
2021	$ 10.89	$ 0.04	$ (0.13)	$ (0.05)	$ —	$ 10.75	(0.85)%	$ 32,007	0.78%	0.84%	1.35%	13%
2020	10.57	0.11	0.33	(0.12)	—	10.89	4.17	37,146	0.78	1.04	1.24	25
2019	10.26	0.11	0.33	(0.13)	—	10.57	4.28	40,675	0.78	1.10	1.11	60
2018	10.48	0.10	(0.20)	(0.11)	(0.01)	10.26	(0.98)	53,746	0.78	0.97	1.00	14
2017	10.60	0.07	(0.10)	(0.08)	(0.01)	10.48	(0.34)	56,911	0.78	0.68	0.88	55
2016	10.58	0.06	0.03	(0.07)	—	10.60	0.84	83,184	0.78	0.59	0.83	37
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
2021	$ 10.79	$ 0.06	$ (0.09)	$ (0.06)	$ —	$ 10.70	(0.26)%	$ 12,633	1.01%	1.18%	1.13%	24%
2020	10.53	0.18	0.26	(0.18)	—	10.79	4.21	11,827	1.01	1.66	1.12	35
2019	10.20	0.21	0.33	(0.21)	—	10.53	5.36	8,947	1.01	2.04	1.06	21
2018	10.43	0.18	(0.24)	(0.17)	—	10.20	(0.55)	7,065	1.01	1.72	1.12	29
2017	10.52	0.16	(0.09)	(0.16)	—	10.43	0.68	5,626	1.01	1.53	1.13	26
2016	10.45	0.16	0.08	(0.15)	(0.02)	10.52	2.39	3,783	1.01	1.52	1.09	30
Servicing Class (commenced operations on January 14, 2000)
2021	$ 10.77	$ 0.08	$ (0.09)	$ (0.08)	$ —	$ 10.68	(0.14)%	$ 117,780	0.76%	1.43%	0.88%	24%
2020	10.52	0.20	0.26	(0.21)	—	10.77	4.38	121,827	0.76	1.93	0.87	35
2019	10.19	0.24	0.33	(0.24)	—	10.52	5.63	124,710	0.76	2.30	0.81	21
2018	10.41	0.20	(0.22)	(0.20)	—	10.19	(0.22)	132,532	0.76	1.95	0.87	29
2017	10.51	0.19	(0.10)	(0.19)	—	10.41	0.84	131,477	0.76	1.79	0.88	26
2016	10.44	0.18	0.09	(0.18)	(0.02)	10.51	2.69	124,717	0.76	1.75	0.84	30

*	Amount represents less than $0.001.

†	Per share calculations are based on Average Shares outstanding throughout the period.

‡	Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^^	Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1)	Annualized for periods less than one year.

(2)	Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 142

	Net Asset Value Beginning of Period	Net Investment Income^†	Net Realized and Unrealized Gains (Losses) on Securities^†	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Net Asset Value End of Period	Total Return^‡	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Net Investment Income to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)⁽¹⁾	Portfolio Turnover Rate
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
2021	$ 10.96	$ 0.05	$ (0.11)	$ (0.05)	$ (0.02)	$ 10.83	(0.56)%	$ 7,316	0.88%	0.95%	1.13%	16%
2020	10.80	0.12	0.16	(0.12)	—	10.96	2.65	7,417	0.88	1.14	1.10	23
2019	10.43	0.14	0.37	(0.14)	—	10.80	4.90	8,185	0.88	1.29	1.06	24
2018	10.64	0.13	(0.21)	(0.13)	—	10.43	(0.78)	7,760	0.88	1.21	1.08	26
2017	10.82	0.12	(0.12)	(0.12)	(0.06)	10.64	0.05	9,344	0.88	1.11	1.05	45
2016	10.71	0.12	0.11	(0.12)	—^^	10.82	2.20	7,444	0.88	1.14	0.99	25
Servicing Class (commenced operations on January 14, 2000)
2021	$ 10.93	$ 0.07	$ (0.12)	$ (0.06)	$ (0.02)	$ 10.80	(0.43)%	$ 71,051	0.63%	1.21%	0.88%	16%
2020	10.77	0.15	0.16	(0.15)	—	10.93	2.91	70,935	0.63	1.40	0.86	23
2019	10.40	0.16	0.37	(0.16)	—	10.77	5.17	77,045	0.63	1.55	0.81	24
2018	10.61	0.15	(0.21)	(0.15)	—	10.40	(0.53)	78,830	0.63	1.46	0.83	26
2017	10.79	0.14	(0.12)	(0.14)	(0.06)	10.61	0.31	80,435	0.63	1.36	0.80	45
2016	10.68	0.15	0.11	(0.15)	—^^	10.79	2.48	90,694	0.63	1.39	0.74	25
City National Rochdale Municipal High Income Fund
Class N (commenced operations on December 30, 2013)
2021	$ 10.61	$ 0.16	$ 0.32	$ (0.18)	$ —	$ 10.91	4.50%	$ 1,158,819	1.07%	3.02%	1.07%	11%
2020	10.95	0.35	(0.34)	(0.35)	—	10.61	0.17	1,053,948	1.08	3.33	1.08	45
2019	10.57	0.38	0.39	(0.39)	—	10.95	7.47	894,519	1.08	3.60	1.08	33
2018	10.76	0.40	(0.22)	(0.37)	—	10.57	1.73	754,819	1.07	3.76	1.07	24
2017	11.14	0.38	(0.38)	(0.38)	—	10.76	0.16	686,922	1.07	3.62	1.07	50
2016	10.67	0.41	0.46	(0.40)	—^^	11.14	8.34	595,221	1.04	3.76	1.04	28
Servicing Class (commenced operations on December 30, 2013)
2021	$ 10.62	$ 0.18	$ 0.30	$ (0.19)	$ —	$ 10.91	4.53%	$ 681,020	0.82%	3.27%	0.82%	11%
2020	10.95	0.38	(0.33)	(0.38)	—	10.62	0.52	608,688	0.83	3.58	0.83	45
2019	10.57	0.41	0.39	(0.42)	—	10.95	7.74	570,401	0.83	3.85	0.83	33
2018	10.77	0.43	(0.23)	(0.40)	—	10.57	1.89	511,454	0.82	4.01	0.82	24
2017	11.14	0.41	(0.37)	(0.41)	—	10.77	0.50	489,095	0.83	3.87	0.83	50
2016	10.68	0.44	0.45	(0.43)	—^^	11.14	8.50	443,830	0.79	4.01	0.79	28
City National Rochdale Intermediate Fixed Income Fund
Institutional Class (commenced operations on December 20, 2013)
2021	$ 27.57	$ 0.25	$ (0.44)	$ (0.19)	$ (0.07)	$ 27.12	(0.71)%	$ 10,755	0.51%	1.82%	0.67%	25%
2020	26.52	0.62	1.06	(0.63)	—	27.57	6.45	5,609	0.51	2.31	0.66	49
2019	25.33	0.68	1.24	(0.73)	—	26.52	7.66	4,359	0.51	2.61	0.58	35
2018	26.18	0.63	(0.81)	(0.67)	—	25.33	(0.70)	4,528	0.51	2.45	0.55	30
2017	26.56	0.64	(0.38)	(0.64)	—	26.18	1.02	4,589	0.51	2.43	0.53	2
2016	26.12	0.63	0.45	(0.64)	—	26.56	4.20	7,249	0.51	2.38	0.51	25
Class N (commenced operations on December 31, 1999)
2021	$ 27.58	$ 0.19	$ (0.45)	$ (0.12)	$ (0.07)	$ 27.13	(0.96)%	$ 99,477	1.01%	1.35%	1.17%	25%
2020	26.52	0.49	1.07	(0.50)	—	27.58	5.95	99,695	1.01	1.83	1.15	49
2019	25.33	0.55	1.23	(0.59)	—	26.52	7.11	114,655	1.01	2.13	1.08	35
2018	26.17	0.50	(0.81)	(0.53)	—	25.33	(1.18)	179,392	1.01	1.95	1.05	30
2017	26.56	0.51	(0.39)	(0.51)	—	26.17	0.48	241,891	1.01	1.95	1.03	2
2016	26.11	0.50	0.46	(0.51)	—	26.56	3.72	253,083	1.01	1.90	1.01	25
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
2021	$ 22.57	$ 0.67	$ 0.89	$ (0.85)	$ —	$ 23.28	6.93%	$ 4,038,602	1.08%⁽⁶⁾	5.75%	1.08%⁽⁶⁾	71%
2020	24.22	1.53	(1.83)	(1.35)	—	22.57	(0.94)	3,739,101	1.10⁽⁵⁾	6.66	1.11⁽⁵⁾	143
2019	24.72	1.36	(0.45)	(1.41)	—	24.22	3.83	3,416,111	1.09⁽⁵⁾	5.53	1.10⁽⁵⁾	180
2018	25.81	1.19	(0.92)	(1.36)	—	24.72	1.09	3,002,607	1.09⁽⁴⁾	4.65	1.09⁽⁴⁾	162
2017	25.36	1.30	0.67	(1.52)	—	25.81	7.99	2,740,248	1.10⁽¹⁾⁽³⁾	5.04	1.09⁽³⁾	140
2016	25.22	1.28	0.65	(1.79)	—	25.36	8.04	2,162,580	1.10⁽²⁾	5.15	1.10⁽²⁾	124

†	Per share calculations are based on Average Shares outstanding throughout the period.

‡	Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^^	Amount represents less than $0.01.

(1)	Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(2)	The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

(3)	The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.08%, respectively.

(4)	The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

(5)	The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

(6)	The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.07% and 1.07%, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 143

financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2021 (Unaudited) and the year or period ended September 30,

	Net Asset Value Beginning of Period	Net Investment Income^†	Net Realized and Unrealized Gains (Losses) on Securities^†	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Redemption Fees	Distributions from Return of Capital	Net Asset Value End of Period	Total Return^‡	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Net Investment Income to Average Net Assets⁽¹⁾⁽²⁾	Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)⁽¹⁾	Portfolio Turnover Rate
City National Rochdale Short Term Emerging Markets Debt Fund
Class Y (commenced operations on May 14, 2019)
2021	$ 8.55	$ 0.34	$ 0.53	$ (1.62)	$ —	$ —	$ —	$ 7.80	10.43%	$ 228,126	0.92%	8.11%	0.92%	12%
2020	9.71	0.91	(1.03)	(0.87)	(0.04)	—⁽³⁾	(0.13)	8.55	(1.16)	257,398	0.92	10.00	0.93	129
2019	10.00	0.24	(0.30)	(0.23)	—	—	—	9.71	(0.61)	221,112	0.98	6.41	1.01	121
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
2021	$ 35.52	$ 0.45	$ 4.44	$ (0.79)	$ —	$ —	$ —	$ 39.62	10.18%	$ 248,141	1.15%	2.43%	1.15%	10%
2020	41.01	0.73	(4.73)	(0.79)	(0.36)	—	(0.34)	35.52	(9.80)	222,097	1.15	1.95	1.15	20
2019	39.32	0.93	3.18	(1.12)	(1.30)	—	—	41.01	11.25	247,154	1.14	2.40	1.14	3
2018	40.40	1.10	0.12	(1.12)	(1.18)	—	—	39.32	3.10	239,439	1.14	2.79	1.14	10
2017	39.68	0.94	0.90	(1.12)	—	—	—	40.40	4.66	253,209	1.13	2.33	1.13	15
2016	34.22	0.94	5.67	(0.97)	(0.03)	—	(0.15)	39.68	19.50	236,957	1.11	2.49	1.12	5
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
2021	$ 20.99	$ 0.08	$ 2.80	$ (0.08)	$ —	$ —	$ —^	$ 23.79	13.75%	$ 4,287	0.51%	0.75%	0.51%	11%
2020	19.32	0.10	2.21	(0.14)	(0.50)	—	—^	20.99	12.20	5,633	0.56	0.52	0.56	14
2019	18.21	0.20	1.79	(0.19)	(0.69)	—	—	19.32	12.01	443	0.52	1.07	0.52	22
2018	15.83	0.17	2.60	(0.18)	(0.21)	—	—	18.21	17.71	34	0.52	0.97	0.52	18
2017	14.00	0.17	2.43	(0.17)	(0.60)	—	—	15.83	19.40	17	0.53	1.19	0.53	25
2016	13.04	0.13	1.07	(0.15)	(0.09)	—	—	14.00	9.25	14	0.52	0.93	0.52	31
Class N (commenced operations on December 3, 2012)
2021	$ 20.73	$ 0.03	$ 2.76	$ (0.03)	$ —	$ —	$ —^	$ 23.49	13.46%	$ 198,292	1.02%	0.26%	1.02%	11%
2020	19.10	0.05	2.14	(0.06)	(0.50)	—	—^	20.73	11.64	171,355	1.04	0.26	1.04	14
2019	18.01	0.10	1.78	(0.10)	(0.69)	—	—	19.10	11.49	157,700	1.02	0.57	1.02	22
2018	15.66	0.09	2.56	(0.09)	(0.21)	—	—	18.01	17.12	146,533	1.02	0.51	1.02	18
2017	13.86	0.10	2.40	(0.10)	(0.60)	—	—	15.66	18.81	127,086	1.03	0.70	1.03	25
2016	12.92	0.08	1.03	(0.08)	(0.09)	—	—	13.86	8.63	108,807	1.02	0.58	1.02	31
Servicing Class (commenced operations on December 3, 2012)
2021	$ 20.77	$ 0.06	$ 2.77	$ (0.06)	$ —	$ —	$ —^	$ 23.54	13.61%	$ 177,507	0.77%	0.52%	0.77%	11%
2020	19.13	0.10	2.14	(0.10)	(0.50)	—	—^	20.77	11.91	155,403	0.78	0.52	0.78	14
2019	18.04	0.15	1.77	(0.14)	(0.69)	—	—	19.13	11.74	164,894	0.77	0.83	0.77	22
2018	15.69	0.13	2.56	(0.13)	(0.21)	—	—	18.04	17.71	154,589	0.77	0.76	0.77	18
2017	13.88	0.14	2.40	(0.13)	(0.60)	—	—	15.69	19.14	130,372	0.78	0.95	0.78	25
2016	12.93	0.11	1.04	(0.11)	(0.09)	—	—	13.88	8.97	111,013	0.77	0.83	0.77	31

†	Per share calculations are based on Average Shares outstanding throughout the period.

‡	Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^	Amount represents less than $0.01 per share.

(1)	Annualized for periods less than one year.

(2)	Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3)	See Note 2 for Redemption Fees.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 144

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

1.	ORGANIZATION:

City National Rochdale Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company currently offering the following 10 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”); City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) and City National Rochdale Short Term Emerging Markets Debt Fund (“Short Term Emerging Markets Debt Fund”) (collectively, the “Fixed Income Funds”); and City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”) and City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”) (collectively, the “Equity Funds”).

The investment objective of the Government Money Market Fund is to provide capital preservation. The investment objective of the Government Bond Fund and Corporate Bond Fund is to provide current income as a primary part of a total return intermediate duration strategy. The investment objective of the California Tax Exempt Bond Fund is to provide current income exempt from federal and California state income tax. The investment objective of the Municipal High Income Fund is to provide a high level of current income that is not subject to federal income tax. The investment objective of the Intermediate Fixed Income Fund is to provide current income and capital appreciation. The investment objective of the Fixed Income Opportunities Fund is to provide a high level of current income. The investment objective of the Short Term Emerging Markets Debt Fund is to provide interest income and capital preservation in order to achieve positive total returns. The investment objective of the Dividend & Income Fund is to provide significant income and a secondary focus on long-term capital appreciation. The investment objective of the U.S. Core Equity Fund is to provide long-term capital appreciation.

The Trust is registered to offer: Class N shares of the Funds except for Short Term Emerging Markets Debt Fund; Servicing Class shares of the Funds except for Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Short Term Emerging Markets Debt Fund and Dividend & Income Fund; Institutional Class shares of Intermediate Fixed Income and U.S. Core Equity Fund; Class S shares of the Government Money Market Fund; Class Y shares of the Short Term Emerging Markets Debt Fund.

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund, which is non-diversified.

2.	SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of significant accounting policies followed by the Funds.

Use of Estimates – The Funds are investment companies that conform with accounting principles generally accepted in the United States of America (“GAAP”). Therefore the Funds follow the accounting and reporting guidance for investment companies. 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Funds’ Fair Value Committee concludes it approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. Dollars using currency exchange

CITY NATIONAL ROCHDALE FUNDS | PAGE 145

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.

Securities for which market prices are not “readily available” are valued in accordance with the Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; for international securities, market events that occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Investments in life settlement policies (“Policies”) are valued using a probabilistic method, for an actuarially derived valuation approach, in order to determine the fair value of each Policy. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the probabilistic method, two life expectancies are obtained from established life expectancy providers on the insured(s) of the Policy and an actuarial table is used to determine the probability of survival in each year going forward for the insured(s) for each of the two life expectancies. The probabilities associated with each life expectancy are then utilized, along with the premiums due and the death benefit of the Policy for each year of the Policy, to determine expected cash flows. These cash flows are then discounted at a rate that accounts for the risks associated with the Policy and various other factors. The valuations from each life expectancy are then typically averaged to obtain the desired market valuation for the investor. Life settlement policies are included in Level 3 of the fair value hierarchy.

In accordance with GAAP, the objective of a fair value measurement is to determine the price 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 (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

●

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

●

Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

●

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended March 31, 2021, there have been no changes to the Funds’ fair value methodologies. For more details on the investment classifications, refer to the Schedules of Investments/Consolidated Schedule of Investments.

Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining the net realized capital gains or losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Government Money Market Fund, which uses a straight line basis which is not materially different from the scientific method.

Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by BNY Mellon until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreements. Provisions of the agreements require that the market value of the collateral,

CITY NATIONAL ROCHDALE FUNDS | PAGE 146

including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by a Fund may be delayed or limited.

TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds record TBA securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased.

Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, (iii) equally, or (iv) based upon a combination of the above, depending on the nature of the expenditure.

Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.

Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Government Money Market Fund and Fixed Income Funds, except for the Intermediate Fixed Income Fund and Fixed Income Opportunities Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Equity Funds. Distributions from net realized capital gains are distributed to shareholders at least annually.

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 transactions. The Funds do not isolate the portion of gains and losses on investments that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investments. 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 as an unrealized gain/(loss) on forward foreign currency contracts in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. When a contract is closed, a Fund 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, which is included within the realized gain/(loss) on foreign currency transactions in the Statements of Operations/Consolidated Statement of Operations. A Fund 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.

To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund have entered into master netting arrangements, established within the Fixed Income Opportunities Fund’s and the Short Term Emerging Markets Debt Fund’s International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these agreements, the cash and/or securities will be made available to the Fixed Income Opportunities Fund and/or the Short Term Emerging Markets Debt Fund.

For financial reporting purposes, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities.

Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

CITY NATIONAL ROCHDALE FUNDS | PAGE 147

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the marked to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund, or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund, if any, is reported separately on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund, if any, is noted in the Schedules of Investments/Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent the amounts due to the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund from the Funds’ counterparties are not fully collateralized, contractually or otherwise, the Fixed Income Opportunities Fund and the Short Term Emerging Markets Debt Fund bear the risk of loss from counterparty nonperformance.

Futures Contracts – To the extent consistent with their investment objective and strategies, certain Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains or losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures contract and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. As of March 31, 2021, there were no open futures contracts.

Swap Agreements – A Fund may invest in swap agreements as a non-principal investment strategy. A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon measures such as prices, interest rates or indices. The nominal amount on which these cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, a swap agreement has a fixed maturity date that is agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund will cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of the Fund’s accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other

CITY NATIONAL ROCHDALE FUNDS | PAGE 148

than a net basis, it will segregate assets with a value equal to the full amount of the Fund’s accrued obligations under the agreement.

Options Contracts – A Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When purchasing an option, a Fund will pay a premium which is included on the Fund’s Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

The net realized gain or loss on options contracts is reflected in the Statements of Operations/Consolidated Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statements of Operations/Consolidated Statement of Operations. Realized and changes in unrealized gains or losses on options contracts during the period as disclosed in the Statements of Operations/Consolidated Statement of Operations, serve as indicators of the volume of derivative activity for a Fund. As of March 31, 2021 and for the period then ended, there were no open options contracts.

Restricted Securities – 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 Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. While restricted securities are generally presumed to be illiquid, it may be determined that a particular restricted security is liquid. 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 a Fund 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.

Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. Federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from certain mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities, and gains from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sectors.

Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a wholly-owned subsidiary of the Fund under the laws of Ireland (the “Subsidiary”).

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notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

The principal purpose of investment in the Subsidiary is to allow the Fixed Income Opportunities Fund to gain exposure to life insurance policies within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is a company organized under the laws of Ireland and is overseen by its own board of directors. Although the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the Fund. The Subsidiary is not an investment company registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act.

Information regarding the Fixed Income Opportunities Fund and the Subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights.

The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at March 31, 2021, were $182,817,150, which represented 4.5% of the net assets of the Fixed Income Opportunities Fund.

Investments in Affiliated Securities – The Fixed Income Funds and Equity Funds may invest excess cash in the Government Money Market Fund, the Municipal High Income Fund and / or the Fixed Income Opportunities Fund.

Redemption Fees – The Short Term Emerging Markets Debt Fund retains a redemption fee of 2.00% on redemptions of capital shares held for less than 90 days. For the period ended March 31, 2021, the Fund retained $0 (000) in such fees. Any such fees would be retained by the Fund for the benefit of the remaining shareholders and would be recorded as additions to fund capital.

3.	DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk from derivatives held throughout the year. For Funds that held derivatives throughout the year with exposure to only one type of risk, additional information can be found on the Schedule of Investments/Consolidated Schedule of Investments and the Statements of Operations/Consolidated Statement of Operations.

The following table discloses the volume of the Fixed Income Opportunities Fund’s forward foreign currency contracts activity during the period ended March 31, 2021 (000):

Fixed Income Opportunities Fund
Forwards:
Average Notional Balance Long	$	6,070
Average Notional Balance Short		465,164
Ending Notional Balance Long		36,419
Ending Notional Balance Short		2,790,981

The following tables present, by derivative type, the Fixed Income Opportunities Fund’s OTC derivative assets and liabilities net of the related collateral posted for the benefit of the Fixed Income Opportunities Fund at March 31, 2021 (000):

Derivative Type	Derivative Assets Subject to a Netting Agreement or Similar Arrangement		Derivative Available for Offset			Collateral Received		Net Amount
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts
U.S. Bank	$	8,088	$	(211	)	$	—	$	7,877

Derivative Type	Derivative Liabilities Subject to a Netting Agreement or Similar Arrangement			Derivative Available for Offset		Collateral Pledged		Net Amount
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts
U.S. Bank	$	(211	)	$	211	$	—	$	—

4.	ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:

Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee based on the average daily net assets of the Trust, subject to a minimum annual fee.

The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) may receive a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of

CITY NATIONAL ROCHDALE FUNDS | PAGE 150

the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Government Money Market Fund and 0.25% of the Class N Shares of the Fixed Income Funds and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities. Pursuant to a Distribution Coordination Agreement, the entirety of the fees received by the Distributor pursuant to the Plan is transmitted to CNR Securities, LLC (“CNR Securities”) as Sub-Distribution Coordinator. CNR Securities then reallows those fees to broker-dealers and service providers, including City National Rochdale, LLC (“City National Rochdale” or the “Adviser”) and other affiliates, for payments for distribution services of the type identified in the Plan, and retains any undistributed balance of fees received from the Distributor.

The Government Money Market Fund has contractually agreed to limit the distribution fee payable by Class S shares of the Fund to 0.45% through January 31, 2022. Anytime prior to January 31, 2022, the arrangement may be terminated without penalty by the Fund’s Board of Trustees.

U.S. Bank Global Fund Services (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.

The Trust has entered into a Shareholder Services Agreement that permits payment of compensation to City National Bank (“CNB”), its affiliates (including City National Rochdale) and others, which provide certain specified shareholder services to shareholders of all classes of each Fund, except for the Class Y shares of the Short Term Emerging Markets Debt Fund and Institutional Class shares. As compensation for the provision of such services, each Fund will pay CNB a fee of 0.25% of the average daily net assets of the applicable classes on an annual basis, payable monthly.

The Board has adopted, on behalf of Class Y shares of the Short Term Emerging Markets Debt Fund, a Shareholder Service Plan (the “Service Plan”) under which the Adviser will provide, or arrange for others (such as banks, trust companies, broker-dealers and other financial intermediaries (each, a “Service Organization”)) to provide, certain specified non-distribution shareholder servicing functions for Class Y shares of the Short Term Emerging Markets Debt Fund owned by its respective customers. The Class Y shares of the Short Term Emerging Markets Debt Fund will pay the Adviser or Service Organizations, as applicable, at an annual rate of up to 0.25% of the average daily net assets of Class Y shares owned by its respective customers, payable monthly.

CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the period ended March 31, 2021, CNB and City National Rochdale received $13,800,154 in shareholder servicing fees from the Trust.

Certain officers of the Trust are also officers or employees of City National Rochdale, CNB or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.

5.	INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:

Under the terms of the current investment management agreements, City National Rochdale receives an annual fee equal to a percentage of the average daily net assets of each Fund, as follows:

Fund	Fee
Government Money Market Fund	0.26%
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Municipal High Income Fund	0.50
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Short Term Emerging Markets Debt Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40

City National Rochdale has contractually agreed to waive the management fee for the Government Money Market Fund such that the fee charged is 0.15% through January 31, 2022. Anytime prior to January 31, 2022, the arrangement may be terminated without penalty (a) by the Fund’s Board of Trustees, or (b) by the Adviser effective no earlier than January 31, 2022, upon at least 60 days’ prior written notice. Management fees waived by the Adviser pursuant to this arrangement will not be eligible for reimbursement by the Fund to the Adviser.

City National Rochdale has contractually agreed to waive its fees and/or pay for the operating expenses of the Short Term Emerging Markets Debt Fund to ensure total fund operating expenses do not exceed 1.00% of the average daily net assets of Class Y shares.

Alcentra LTD, Alcentra NY, LLC, AllFinancial Partners II LLC, Ashmore Investment Management Limited, Federated Investment Management Company, GML Capital LLP and Seix Investment Advisors LLC act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

GML Capital LLP acts as the investment sub-adviser with respect to the Short Term Emerging Markets Debt Fund.

Sub-adviser fees are paid by City National Rochdale.

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notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of the average daily net assets) are as follows:

	Government Bond Fund	Corporate Bond Fund
Institutional Class	n/a	n/a
Class N	1.03%	1.01%
Class S	n/a	n/a
Servicing Class	0.78%	0.76%

	California Tax Exempt Bond Fund	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	n/a	0.51%	n/a
Class N	0.88%	1.01%	1.09%
Servicing Class	0.63%	n/a	n/a

Any fee reductions or expense reimbursements may be repaid by a Fund to City National Rochdale, within three years after occurrence if such repayments can be achieved within the Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2021, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Bond Fund	$	175		2021
		161		2022
		196		2023
Corporate Bond Fund		159		2021
		75		2022
		144		2023
California Tax Exempt Bond Fund		177		2021
		150		2022
		181		2023
Intermediate Fixed Income Fund		93		2021
		113		2022
		160		2023
Fixed Income Opportunities Fund		—		2021
		105		2022
		384		2023
Short Term Emerging Markets Debt Fund		—		2021
		15		2022
		32		2023

During the period ended March 31, 2021, City National Rochdale did not recover previously waived fees for the Dividend & Income Fund.

6.	INVESTMENT TRANSACTIONS:

The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the period ended March 31, 2021, were as follows for the Fixed Income Funds and Equity Funds:

	Purchases				Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)		U.S. Gov’t (000)		Other (000)
Government Bond Fund	$	—	$	5,041	$	—	$	9,653
Corporate Bond Fund		—		26,614		—		29,280
California Tax Exempt Bond Fund		—		15,166		—		12,637
Municipal High Income Fund		—		329,273		—		184,663
Intermediate Fixed Income Fund		32,171		3,561		9,480		14,435
Fixed Income Opportunities Fund		—		2,111,807		—		1,934,893
Short Term Emerging Markets Debt Fund		—		17,258		—		62,728
Dividend & Income Fund		—		37,803		—		21,292
U.S. Core Equity		—		50,850		—		38,246

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

7.	FEDERAL TAX INFORMATION:

Each Fund intends to qualify or continue to qualify as a regulated investment company for U.S. Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for U.S. Federal income taxes are required.

Management has analyzed the Funds’ tax positions taken on U.S. Federal income tax returns for all open tax years and has concluded that as of September 30, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ U.S. Federal and state income and U.S. Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with U.S. Federal tax regulations, which may differ from accounting

CITY NATIONAL ROCHDALE FUNDS | PAGE 152

principles generally accepted in the United States of America. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, reclassification of long term capital gain distribution on REITs, distribution reclassification, defaulted bond basis adjustments, market discount basis adjustments, investments in swaps and foreign currency translations. The permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings as of September 30, 2020 is primarily related to excise tax paid and partnership adjustment:

	Distributable Earnings (Loss) (000)		Paid-in Capital (000)
Corporate Bond Fund	$	3	$	(3	)
Dividend & Income Fund		7		(7	)

The tax character of dividends and distributions declared during the years ended September 30, 2020, and September 30, 2019, unless otherwise indicated were as follows:

Fund	Tax Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Return of Capital (000)		Total (000)
Government Money Market Fund
2020	$	—	$	14,992	$	—	$	—	$	14,992
2019		—		65,002		—		—		65,002
Government Bond Fund
2020	$	—	$	458	$	—	$	—	$	458
2019		—		593		—		—		593
Corporate Bond Fund
2020	$	—	$	2,548	$	—	$	—	$	2,548
2019		—		3,079		—		—		3,079
California Tax Exempt Bond Fund
2020	$	1,064	$	45	$	—	$	—	$	1,109
2019		1,253		27		—		—		1,280
Municipal High Income Fund
2020	$	52,096	$	737	$	—	$	—	$	52,833
2019		48,946		671		—		—		49,617
Intermediate Fixed Income Fund
2020	$	—	$	2,059	$	—	$	—	$	2,059
2019		—		3,337		—		—		3,337
Fixed Income Opportunities Fund
2020	$	—	$	211,921	$	—	$	—	$	211,921
2019		—		182,595		—		—		182,595
Short Term Emerging Markets Debt Fund
2020	$	—	$	26,735	$	—	$	3,741	$	30,476
2019		—		3,667		—		—		3,667
Dividend & Income Fund
2020	$	—	$	4,753	$	2,180	$	2,077	$	9,010
2019		—		5,534		8,936		—		14,470
U.S. Core Equity Fund
2020	$	—	$	1,257	$	8,277	$	26	$	9,560
2019		—		2,095		11,614		—		13,709

CITY NATIONAL ROCHDALE FUNDS | PAGE 153

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

As of September 30, 2020, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforwards (000)			Post-October Losses (000)			Unrealized Appreciation (Depreciation) (000)			Other Temporary Differences (000)*			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	111	$	—	$	—		$	—		$	—		$	(84	)	$	27
Government Bond Fund		—		33		—		(768	)		—			1,478			(31	)		712
Corporate Bond Fund		—		197		—		(848	)		—			4,726			(151	)		3,924
California Tax Exempt Bond Fund		84		—		134		—			—			3,293			(85	)		3,426
Municipal High Income Fund		4,663		—		—		(20,740	)		(36,575	)		42,006			(4,288	)		(14,934	)
Intermediate Fixed Income Fund		—		58		—		(90	)		—			6,035			(4	)		5,999
Fixed Income Opportunities Fund		—		25,601		—		(27,723	)		(77,949	)		(451,193	)		3			(531,261	)
Short Term Emerging Markets Debt Fund		—		—		—		—			(1,767	)		(36,067	)		(301	)		(38,135	)
Dividend & Income Fund		—		—		—		(180	)		(8,269	)		47,034			(8	)		38,577
U.S. Core Equity Fund		—		��		—		—			(1,152	)		158,867			—			157,715

*	Other temporary differences primarily consist of dividend payable.

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2019, through September 30, 2020, that, in accordance with U.S. Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

The Funds have capital losses carried forward as follows:

Fund	Short-Term Loss (000)			Long-Term Loss (000)			Total (000)
Government Bond Fund	$	(52	)	$	(716	)	$	(768	)
Corporate Bond Fund		—			(848	)		(848	)
Municpal High Income Fund		(17,657	)		(3,083	)		(20,740	)
Intermediate Fixed Income Fund		—			(90	)		(90	)
Fixed Income Opportunities Fund		—			(27,723	)		(27,723	)
Dividend & Income Fund		—			(180	)		(180	)

During the year ended September 30, 2020, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Corporate Bond Fund	$	389
California Tax Exempt Bond Fund		294
Intermediate Fixed Income Fund		1,753
Fixed Income Opportunities Fund		3,259

The aggregate gross unrealized appreciation on investments, the aggregate gross unrealized depreciation on investments and the net unrealized appreciation/(depreciation) for tax purposes as of March 31, 2021, for each of the Fixed Income Funds’ and Equity Funds’ investments were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (Depreciation) (000)
Government Bond Fund	$	33,777	$	962	$	(88	)	$	874
Corporate Bond Fund		126,778		3,412		(945	)		2,467
California Tax Exempt Bond Fund		75,341		2,729		(215	)		2,514
Municipal High Income Fund		1,732,315		133,255		(41,240	)		92,015
Intermediate Fixed Income Fund		106,454		3,942		(1,127	)		2,815
Fixed Income Opportunities Fund		4,129,930		155,440		(256,473	)		(101,033	)
Short Term Emerging Markets Debt Fund		239,264		392		(15,231	)		(14,839	)
Dividend & Income Fund		179,776		68,566		(990	)		67,576
U.S. Core Equity Fund		194,607		184,867		(216	)		184,651

At March 31, 2021, the Government Money Market Fund’s cost of securities for U.S. Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

8.	CONCENTRATION OF RISK

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims

CITY NATIONAL ROCHDALE FUNDS | PAGE 154

that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund and the Dividend & Income Fund may invest in exchange-traded notes (“ETNs”), each as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Funds will generally invest in ETNs which are linked to commodities indexes. A Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return expected and may suffer a loss.

The Municipal High Income Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Short Term Emerging Markets Debt Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and investors are subject to a greater risk that the issuer may not be able to pay interest or dividends, or repay the principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in 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, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

The Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance Policies. A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or for other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or may refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board of Trustees. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.

California Tax Exempt Bond Fund – Specific Risks

The ability of issuers to pay interest on, and repay the principal of, California municipal securities may be affected by economic and political developments in the State of California.

Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should

CITY NATIONAL ROCHDALE FUNDS | PAGE 155

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

deteriorate, it could cause the individual security’s credit quality to change. Additionally, if the Fund concentrates its letters of credit in any one financial institution, the risk of credit quality deterioration increases.

Short Term Emerging Markets Debt Fund – Specific Risks

Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

As long as the Short Term Emerging Markets Debt Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the United States or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Short Term Emerging Markets Debt Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

A more complete description of risks is included in the Funds’ prospectus and statement of additional information.

CITY NATIONAL ROCHDALE FUNDS | PAGE 156

9.	CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the period ended March 31, 2021, and the year ended September 30, 2020, were as follows (000):

	Government Money Market Fund						Government Bond Fund						Corporate Bond Fund
	2021			2020			2021			2020			2021			2020
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			—			1			—			—
Shares issued in lieu of dividends and distributions		—			—			—	^(a)		—	^(a)		—			—
Shares redeemed		—			—			—			(1	)		—			—
Net Institutional Class transactions		—			—			—			—			—			—
Class N:
Shares issued		244,571			920,464			11			25			188			359
Shares issued in lieu of dividends and distributions		25			1,077			1			2			6			14
Shares redeemed		(324,638	)		(618,068	)		(13	)		(29	)		(110	)		(126	)
Net Class N transactions		(80,042	)		303,473			(1	)		(2	)		84			247
Class S:
Shares issued		1,116,741			1,321,522			—			—			—			—
Shares issued in lieu of dividends and distributions		—			—			—			—			—			—
Shares redeemed		(995,823	)		(1,186,148	)		—			—			—			—
Net Class S transactions		120,918			135,374			—			—			—			—
Servicing Class:
Shares issued		3,225,297			7,218,391			189			399			1,227			1,780
Shares issued in lieu of dividends and distributions		243			10,485			2			5			9			24
Shares redeemed		(3,235,907	)		(6,049,690	)		(627	)		(839	)		(1,522	)		(2,350	)
Net Servicing Class transactions		(10,367	)		1,179,186			(436	)		(435	)		(286	)		(546	)

^(a)	Less than 1,000.

	California Tax Exempt Bond Fund						Municipal High Income Fund
	2021			2020			2021			2020
CAPITAL SHARES ISSUED AND REDEEMED:
Class N:
Shares issued		83			99			16,872			31,405
Shares issued in lieu of dividends and distributions		2			5			1,037			1,862
Shares redeemed		(87	)		(185	)		(11,000	)		(15,632	)
Net Class N transactions		(2	)		(81	)		6,909			17,635
Servicing Class:
Shares issued		963			1,400			9,487			14,008
Shares issued in lieu of dividends and distributions		8			15			146			239
Shares redeemed		(884	)		(2,078	)		(4,566	)		(8,981	)
Net Servicing Class transactions		87			(663	)		5,067			5,266

CITY NATIONAL ROCHDALE FUNDS | PAGE 157

notes to financial statements/
consolidated notes to financial statements

March 31, 2021 (Unaudited)

	Intermediate Fixed Income Fund						Fixed Income Opportunities Fund						Short Term Emerging Markets Debt Fund^(b)
	2021			2020			2021			2020			2021			2020
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		504			86			—			—			—			—
Shares issued in lieu of dividends and distributions		1			2			—			—			—			—
Shares redeemed		(311	)		(49	)		—			—			—			—
Net Institutional Class transactions		194			39			—			—			—			—
Class N:
Shares issued		647			955			27,259			70,559			—			—
Shares issued in lieu of dividends and distributions		24			71			4,767			7,451			—			—
Shares redeemed		(619	)		(1,734	)		(24,177	)		(53,434	)		—			—
Net Class N transactions		52			(708	)		7,849			24,576			—			—
Class Y:
Shares issued		—			—			—			—			1			8,472
Shares issued in lieu of dividends and distributions		—			—			—			—			3,646			2,019
Shares redeemed		—			—			—			—			(4,505	)		(3,142	)
Net Class Y transactions		—			—			—			—			(858	)		7,349

	Dividend & Income Fund						U.S. Core Equity Fund
	2021			2020			2021			2020
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			5			274
Shares issued in lieu of dividends and distributions		—			—			—	^(a)		1
Shares redeemed		—			—			(93	)		(30	)
Net Institutional Class transactions		—			—			(88	)		245
Class N:
Shares issued		946			1,572			876			1,869
Shares issued in lieu of dividends and distributions		61			161			8			206
Shares redeemed		(996	)		(1,507	)		(710	)		(2,066	)
Net Class N transactions		11			226			174			9
Servicing Class:
Shares issued		—			—			690			1,037
Shares issued in lieu of dividends and distributions		—			—			2			19
Shares redeemed		—			—			(633	)		(2,195	)
Net Servicing Class transactions		—			—			59			(1,139	)

^(a)	Less than 1,000.

^(b)	Commenced operations on May 14, 2019.

CITY NATIONAL ROCHDALE FUNDS | PAGE 158

10.

LINE OF CREDIT

The Funds, except for the Government Money Market Fund, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund are limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.

Borrowing activity under the LOC for the period ended March 31, 2021, was as follows:

Fund	Maximum Amount of Line of Credit (000)		Interest Expense (000)		Average Rate			Average Borrowings (000)		Maximum Amount Outstanding (000)
Fixed Income Opportunities Fund	$	200,000	$	4		2.75	%	$	6,538	$	33,768
Dividend & Income Fund		200,000		1		2.75			849		1,253

Amounts shown as “—“ have been rounded to zero.

11. OTHER MATTERS

The outbreak of a novel strain of coronavirus (COVID-19) and subsequent global pandemic began significantly impacting the U.S. and global markets and economies in early 2020. There is significant uncertainty with respect to the breadth and duration of business disruptions related to COVID-19, as well as its long-term impact on the U.S. and global markets and economies. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such developments may negatively affect the value of the Funds’ investments and could lead to losses. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management continues to monitor and evaluate this situation.

In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR very likely will cease to be published after that time, although it is possible that all or a part of the phase out may be delayed. Various financial industry groups have begun planning for that transition, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise, but there are obstacles to converting certain securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for the Fund. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the completion of the phase out. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect the Fund’s performance or NAV.

12.

SUBSEQUENT EVENTS

The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2021, and no issues were noted to disclose.

CITY NATIONAL ROCHDALE FUNDS | PAGE 159

disclosure of fund expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees, acquired fund fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (October 1, 2020 to March 31, 2021).

The table below illustrates each Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that each Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in each Fund, and the “Ending Account Value” number is derived from deducting that expense cost from each Fund’s gross investment return.

You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for the Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare each Fund’s costs with those of other mutual funds. It assumes that each Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess each Fund’s comparative cost by comparing the hypothetical result for each Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT each Fund’s actual return – the account values shown do not apply to your specific investment.

CITY NATIONAL ROCHDALE FUNDS | PAGE 160

	Beginning Account Value 10/1/2020		Ending Account Value 3/31/2021		Annualized Expense Ratios			Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.10		0.10	%	$	0.50
Class S		1,000.00		1,000.10		0.09	%		0.45
Servicing Class		1,000.00		1,000.10		0.10	%		0.50

Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.43		0.10	%	$	0.50
Class S		1,000.00		1,024.48		0.09	%		0.45
Servicing Class		1,000.00		1,024.43		0.10	%		0.50

City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class
Class N	$	1,000.00	$	990.30		1.03	%	$	5.11
Servicing Class		1,000.00		991.50		0.78	%		3.87

Hypothetical 5% Return
Institutional Class
Class N	$	1,000.00	$	1,019.80		1.03	%	$	5.19
Servicing Class		1,000.00		1,021.04		0.78	%		3.93

City National Rochdale Corporate Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	997.40		1.01	%	$	5.03
Servicing Class		1,000.00		998.60		0.76	%		3.79

Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.90		1.01	%	$	5.09
Servicing Class		1,000.00		1,021.14		0.76	%		3.83

City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	994.40		0.88	%	$	4.38
Servicing Class		1,000.00		995.70		0.63	%		3.13

Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.54		0.88	%	$	4.43
Servicing Class		1,000.00		1,021.79		0.63	%		3.18

City National Rochdale Municipal High Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,045.00		1.07	%	$	5.46
Servicing Class		1,000.00		1,045.30		0.82	%		4.18

Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.60		1.07	%	$	5.39
Servicing Class		1,000.00		1,020.84		0.82	%		4.13

City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	992.90		0.51	%	$	2.53
Class N		1,000.00		990.40		1.01	%		5.01

Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.39		0.51	%	$	2.57
Class N		,000.00		1,019.90		1.01	%		5.09

City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$	1,000.00	$	1,069.30		1.08	%	$	5.52

Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.60		1.08	%	$	5.39

City National Rochdale Short Term Emerging Markets Debt Fund
Actual Fund Return
Class Y	$	1,000.00	$	1,104.30		0.92	%	$	4.83

Hypothetical 5% Return
Class Y	$	1,000.00	$	1,020.34		0.92	%	$	4.63

City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,131.90		1.15	%	$	6.11

Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.20		1.15	%	$	5.79

City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,137.50		0.51	%	$	2.72
Class N		1,000.00		1,134.60		1.02	%		5.43
Servicing Class		1,000.00		1,136.10		0.77	%		4.10

Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.39		0.51	%	$	2.57
Class N		1,000.00		1,019.90		1.02	%		5.14
Servicing Class		1,000.00		1,021.14		0.77	%		3.88

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

None.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during 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.

Items 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Items 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

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

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

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

(Registrant)	City National Rochdale Funds

By (Signature and Title)	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer

Date: June 9, 2021

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

By (Signature and Title)	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer

Date: June 9, 2021

By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger, Treasurer (Principal Financial and
	Accounting Officer and Controller)

Date: June 9, 2021

City National Rochdale Funds N-CSRSCertified semi-annual shareholder report (management investment company)