Schedule of Investments (Unaudited)
February 28, 2025
City National Rochdale Strategic Credit Fund
| Description | Face Amount (000) | Value (000) | ||||||
| Asset-Backed Securities [91.2%] | ||||||||
| Other ABS [91.2%] | ||||||||
| AIMCO CLO 17, Ser 2024-17A, Cl FR | ||||||||
| 10.793%, TSFR3M + 6.500%, 07/20/37(A)(B) | $ | 502 | $ | 487 | ||||
| AIMCO CLO 17 Equity, Ser 2022-17A, Cl SUB | ||||||||
| 12.050%, 07/20/37(C) | 10,250 | 7,716 | ||||||
| AIMCO CLO 21, Ser 2024-21A, Cl F | ||||||||
| 10.793%, TSFR3M + 6.500%, 04/18/37(A)(B) | 1,250 | 1,214 | ||||||
| AIMCO CLO Equity, Ser 2021-15A, Cl SUB | ||||||||
| 10.560%, 10/17/34(B)(C) | 9,750 | 5,331 | ||||||
| ALM 2020 CLO Equity, Ser 2020-1A, Cl SUB | ||||||||
| 0.000%, 10/15/29(B)(C)(D) | 5,025 | 63 | ||||||
| Apidos CLO XL Equity, Ser 2022-40A, Cl SUB | ||||||||
| 12.350%, 07/15/37(C) | 2,250 | 1,873 | ||||||
| Apidos CLO XXVIII Equity, Ser 2017-28A, Cl SUB | ||||||||
| 22.120%, 01/20/31(B)(C) | 2,000 | 560 | ||||||
| Apidos CLO XXXII, Ser 2024-32A, Cl ER | ||||||||
| 9.793%, TSFR3M + 5.500%, 01/20/33(A)(B) | 750 | 752 | ||||||
| Apidos CLO XXXII Equity, Ser 2019-32A, Cl SUB | ||||||||
| 14.760%, 01/20/33(B)(C) | 4,400 | 3,140 | ||||||
| Apidos CLO XXXV Equity, Ser 2021-35A, Cl SUB | ||||||||
| 18.690%, 04/20/34(B)(C) | 500 | 236 | ||||||
| Ares LXII CLO Equity, Ser 2021-62A, Cl SUB | ||||||||
| 14.440%, 01/25/34(B)(C) | 1,500 | 863 | ||||||
| Barings CLO, Ser 2018-3A, Cl F | ||||||||
| 11.915%, TSFR3M + 7.622%, 07/20/29(A)(B) | 2,750 | 2,736 | ||||||
| Barings CLO Equity, Ser 2020-4A, Cl SUB | ||||||||
| 16.020%, 10/20/37(B)(C) | 11,812 | 5,197 | ||||||
| Battalion CLO XVI Equity, Ser 2019-16A, Cl SUB | ||||||||
| 19.390%, 01/20/38(B)(C) | 5,971 | 2,515 | ||||||
| Benefit Street Partners CLO XXXVI Equity, Ser 2024-36A, Cl SUB | ||||||||
| 14.690%, 01/25/38(B)(C) | 6,000 | 5,129 | ||||||
| BlueMountain CLO XXII Equity, Ser 2018-22A, Cl SUB | ||||||||
| 30.420%, 07/15/31(B)(C) | 3,500 | 507 | ||||||
| BlueMountain CLO XXIII Equity, Ser 2018-23A, Cl SUB | ||||||||
| 18.890%, 07/20/37(B)(C) | 9,500 | 3,844 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
| BlueMountain Fuji US CLO II Equity, Ser 2017-2A, Cl SUB | ||||||||
| 41.280%, 10/20/30(B)(C) | $ | 1,500 | $ | 142 | ||||
| BlueMountain Fuji US CLO III Equity, Ser 2017-3A, Cl SUB | ||||||||
| 23.560%, 01/15/30(B)(C) | 4,225 | 638 | ||||||
| Burnham Park CLO Equity, Ser 2016-1A, Cl SUB | ||||||||
| 0.000%, 10/20/29(C)(D) | 16,576 | 41 | ||||||
| Carlyle Global Market Strategies CLO, Ser 2013-3A, Cl DR | ||||||||
| 10.418%, TSFR3M + 5.762%, 10/15/30(A)(B) | 400 | 399 | ||||||
| Carlyle Global Market Strategies CLO, Ser 2014-1A, Cl ER | ||||||||
| 10.309%, TSFR3M + 5.662%, 04/17/31(A)(B) | 3,400 | 3,359 | ||||||
| Carlyle Global Market Strategies CLO Equity, Ser 2014-1A, Cl INC | ||||||||
| 63.670%, 04/17/31(B)(C) | 500 | 30 | ||||||
| Carlyle Global Market Strategies CLO Equity, Ser 2015-1A, Cl SUB | ||||||||
| 0.000%, 07/20/31(B)(C)(D) | 613 | 4 | ||||||
| Carlyle Global Market Strategies CLO Equity, Ser 2021-5A, Cl SUB | ||||||||
| 11.050%, 07/20/34(C) | 7,250 | 3,659 | ||||||
| Carlyle US CLO Equity, Ser 2017-2A, Cl SUB | ||||||||
| 16.660%, 07/20/37(B)(C) | 12,750 | 2,231 | ||||||
| Carlyle US CLO Equity, Ser 2017-5A, Cl SUB | ||||||||
| 0.000%, 01/20/30(B)(C)(D) | 13,500 | 945 | ||||||
| Carlyle US CLO Equity, Ser 2018-1A, Cl SUB | ||||||||
| 0.000%, 04/20/31(B)(C)(D) | 600 | 9 | ||||||
| Clover CLO Equity, Ser 2019-2A, Cl SUB | ||||||||
| 15.450%, 01/25/38(B)(C)(D) | 3,000 | 2,464 | ||||||
| Dryden 40 Senior Loan Fund CLO, Ser 2018-40A, Cl FR | ||||||||
| 12.445%, TSFR3M + 8.122%, 08/15/31(A)(B) | 500 | 285 | ||||||
| Dryden 64 CLO, Ser 2018-64A, Cl E | ||||||||
| 10.155%, TSFR3M + 5.862%, 04/18/31(A)(B) | 500 | 492 | ||||||
| Dryden 75 CLO Equity, Ser 2019-75A, Cl SUB | ||||||||
| 13.930%, 04/14/34(B)(C)(D) | 500 | 200 | ||||||
CITY NATIONAL ROCHDALE STRATEGIC CREDIT FUND
Schedule of Investments (Unaudited)
February 28, 2025
City National Rochdale Strategic Credit Fund
| Description | Face Amount (000) | Value (000) | ||||||
| Dryden 93 CLO Equity, Ser 2021-93A, Cl SUB | ||||||||
| 18.580%, 01/15/38(B)(C)(D) | $ | 18,963 | $ | 8,307 | ||||
| Dryden 95 CLO Equity, Ser 2021-95A, Cl SUB | ||||||||
| 16.510%, 08/20/34(B)(C) | 3,250 | 1,335 | ||||||
| Eaton Vance CLO Equity, Ser 2020-1A, Cl SUB | ||||||||
| 17.450%, 10/15/37(B)(C) | 6,920 | 3,566 | ||||||
| Eaton Vance CLO Equity, Ser 2022-1A, Cl SUB | ||||||||
| 9.740%, 04/22/33(B)(C)(D) | 2,285 | 1,222 | ||||||
| Eaton Vance CLO Equity, Ser 2024-21A, Cl SUB | ||||||||
| 10.440%, 04/18/37(B)(C)(D) | 10,750 | 8,061 | ||||||
| Elmwood IX CLO Equity, Ser 2021-2A, Cl SUB | ||||||||
| 9.710%, 07/20/34(B)(C) | 11,505 | 7,095 | ||||||
| Flatiron CLO 18 Equity, Ser 2018-1A, Cl SUB | ||||||||
| 11.870%, 04/17/31(B)(C) | 750 | 315 | ||||||
| Flatiron CLO 23 Equity, Ser 2023-1A, Cl SUB | ||||||||
| 5.200%, 04/17/36(B)(C) | 1,100 | 906 | ||||||
| Flatiron CLO 25, Ser 2024-2A, Cl F | ||||||||
| 10.270%, TSFR3M + 6.000%, 10/17/37(A)(B) | 1,650 | 1,557 | ||||||
| Flatiron CLO 25 Equity, Ser 2024-2A, Cl SUB | ||||||||
| 13.730%, 10/17/37(B)(C) | 15,500 | 12,878 | ||||||
| Flatiron RR CLO 22 Equity, Ser 2021-2A, Cl SUB | ||||||||
| 21.230%, 10/15/34(B)(C) | 8,750 | 6,084 | ||||||
| Generate CLO Equity, Ser 2024-15A, Cl SUB | ||||||||
| 11.640%, 07/20/37(B)(C) | 5,000 | 3,659 | ||||||
| Generate CLO Equity, Ser 2024-16A, Cl SUB | ||||||||
| 12.980%, 07/20/37(B)(C) | 2,500 | 1,951 | ||||||
| Greenwood Park CLO Equity, Ser 2018-1A, Cl SUB | ||||||||
| 21.990%, 04/15/31(B)(C) | 12,075 | 2,536 | ||||||
| Grippen Park CLO Equity, Ser 2017-1A, Cl SUB | ||||||||
| 0.000%, 01/20/30(B)(C)(D) | 500 | 20 | ||||||
| LCM XV CLO, Ser 2014-15, Cl ER | ||||||||
| 11.055%, TSFR3M + 6.762%, 07/20/30(A)(B) | 4,250 | 3,996 | ||||||
| LCM XXII CLO, Ser 2018-22A, Cl DR | ||||||||
| 10.055%, TSFR3M + 5.762%, 10/20/28(A)(B) | 1,250 | 1,128 | ||||||
| LCM XXIII CLO, Ser 2016-23A, Cl D | ||||||||
| 11.605%, TSFR3M + 7.312%, 10/20/29(A)(B) | 500 | 387 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
| LCM XXV CLO, Ser 2017-25A, Cl E | ||||||||
| 10.955%, TSFR3M + 6.662%, 07/20/30(A)(B) | $ | 750 | $ | 564 | ||||
| Magnetite XL CLO, Ser 2024-40A, Cl F | ||||||||
| 10.802%, TSFR3M + 6.500%, 07/15/37(A)(B) | 500 | 490 | ||||||
| Magnetite XL CLO Equity, Ser 2024-40A, Cl SUB | ||||||||
| 8.550%, 07/15/37(B)(C) | 20,136 | 15,732 | ||||||
| Magnetite XVI CLO Equity, Ser 2015-16A, Cl SUB | ||||||||
| 10.370%, 01/18/28(B)(C) | 750 | 23 | ||||||
| Midocean Credit CLO IX, Ser 2018-9A, Cl E | ||||||||
| 10.605%, TSFR3M + 6.312%, 07/20/31(A)(B) | 750 | 746 | ||||||
| Midocean Credit CLO IX Equity, Ser 2018-9A, Cl INC | ||||||||
| 0.000%, 07/20/31(B)(C)(D) | 750 | — | ||||||
| Morgan Stanley Eaton Vance CLO Equity, Ser 2021-1A, Cl SUB | ||||||||
| 16.590%, 10/23/34(B)(C) | 12,000 | 5,399 | ||||||
| Morgan Stanley Eaton Vance CLO Equity, Ser 2022-16A, Cl SUB | ||||||||
| 12.420%, 04/15/35(B)(C) | 8,750 | 5,250 | ||||||
| Neuberger Berman CLO Equity, Ser 2021-42A, Cl SUB | ||||||||
| 18.060%, 07/16/35(C) | 2,000 | 1,270 | ||||||
| Neuberger Berman Loan Advisers CLO 26 Equity, Ser 2017-26A, Cl INC | ||||||||
| 15.750%, 10/18/38(B)(C)(D) | 1,032 | 433 | ||||||
| Neuberger Berman Loan Advisers CLO 27 Equity, Ser 2018-27A, Cl INC | ||||||||
| 14.770%, 07/15/36(B)(C)(D) | 1,070 | 364 | ||||||
| Neuberger Berman Loan Advisers CLO 40 Equity, Ser 2021-40A, Cl SUB | ||||||||
| 11.210%, 04/16/33(B)(C) | 500 | 272 | ||||||
| Neuberger Berman Loan Advisers CLO 46 Equity, Ser 2021-46A, Cl SUB | ||||||||
| 15.790%, 01/20/37(B)(C) | 9,250 | 5,933 | ||||||
| Octagon 55 CLO Equity, Ser 2021-1A, Cl SUB | ||||||||
| 18.540%, 07/20/34(B)(C) | 1,250 | 558 | ||||||
| Octagon Investment Partners 26 CLO, Ser 2016-1A, Cl ER | ||||||||
| 9.964%, TSFR3M + 5.662%, 07/15/30(A)(B) | 3,125 | 3,093 | ||||||
CITY NATIONAL ROCHDALE STRATEGIC CREDIT FUND
Schedule of Investments (Unaudited)
February 28, 2025
City National Rochdale Strategic Credit Fund
| Description | Face Amount (000) | Value (000) | ||||||
| Octagon Investment Partners CLO, Ser 2018-18A, Cl D | ||||||||
| 10.079%, TSFR3M + 5.772%, 04/16/31(A)(B) | $ | 500 | $ | 489 | ||||
| Octagon Investment Partners CLO 47 Equity, Ser 2020-1A, Cl SUB | ||||||||
| 14.970%, 01/22/38(B)(C) | 2,964 | 1,453 | ||||||
| Octagon Investment Partners CLO Equity, Ser 2018-1A, Cl SUB | ||||||||
| 24.510%, 01/20/31(B)(C) | 2,250 | 306 | ||||||
| Octagon Investment Partners XVII CLO, Ser 2013-1A, Cl ER2 | ||||||||
| 9.712%, TSFR3M + 5.412%, 01/25/31(A)(B) | 1,081 | 1,053 | ||||||
| Octagon Investment Partners XXII CLO, Ser 2014-1A, Cl ERR | ||||||||
| 10.002%, TSFR3M + 5.712%, 01/22/30(A)(B) | 3,400 | 3,378 | ||||||
| Regatta XI Funding CLO Equity, Ser 2018-1A, Cl SUB | ||||||||
| 15.790%, 07/17/37(B)(C) | 500 | 160 | ||||||
| Rockford Tower CLO Equity, Ser 2018-1A, Cl SUB | ||||||||
| 22.990%, 05/20/31(B)(C) | 2,500 | 425 | ||||||
| Rockford Tower CLO Equity, Ser 2021-1A, Cl SUB | ||||||||
| 16.620%, 07/20/34(B)(C) | 4,100 | 2,050 | ||||||
| Rockford Tower CLO Equity, Ser 2021-2A, Cl SUB | ||||||||
| 18.980%, 07/20/34(B)(C) | 4,750 | 2,178 | ||||||
| RR 3 CLO Equity, Ser 2018-3A, Cl PREF | ||||||||
| 47.730%, 01/15/30(C) | 3,750 | 184 | ||||||
| Shackleton CLO, Ser 2013-3A, Cl ER | ||||||||
| 10.444%, TSFR3M + 6.142%, 07/15/30(A)(B) | 3,000 | 2,970 | ||||||
| Shackleton CLO, Ser 2013-IV-R, Cl D | ||||||||
| 10.401%, TSFR3M + 6.112%, 04/13/31(A)(B) | 1,350 | 1,333 | ||||||
| Shackleton CLO, Ser 2014-5RA, Cl E | ||||||||
| 10.714%, TSFR3M + 6.412%, 05/07/31(A)(B) | 2,100 | 2,032 | ||||||
| Shackleton CLO, Ser 2017-11A, Cl E | ||||||||
| 10.885%, TSFR3M + 6.562%, 08/15/30(A)(B) | 3,250 | 3,112 | ||||||
| Shackleton CLO Equity, Ser 2019-14A, Cl SUB | ||||||||
| 17.200%, 07/20/34(B)(C) | 3,000 | 1,753 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
| Sound Point CLO II, Ser 2013-1A, Cl B2R | ||||||||
| 10.062%, TSFR3M + 5.762%, 01/26/31(A)(B) | $ | 599 | $ | 540 | ||||
| Sound Point CLO III-R, Ser 2013-2RA, Cl E | ||||||||
| 10.564%, TSFR3M + 6.262%, 04/15/29(A)(B) | 3,800 | 3,657 | ||||||
| Sound Point CLO VIII-R, Ser 2019-1RA, Cl E | ||||||||
| 11.164%, TSFR3M + 6.862%, 04/15/30(A)(B) | 1,250 | 922 | ||||||
| Sound Point CLO V-R, Ser 2018-1RA, Cl E | ||||||||
| 10.655%, TSFR3M + 6.362%, 07/18/31(A)(B) | 1,438 | 1,210 | ||||||
| Sound Point CLO XIX, Ser 2018-1A, Cl E | ||||||||
| 10.214%, TSFR3M + 5.912%, 04/15/31(A)(B) | 3,900 | 3,573 | ||||||
| Sound Point CLO XIX Equity, Ser 2018-1A, Cl SUB | ||||||||
| 0.000%, 04/15/31(B)(C) | 4,500 | 90 | ||||||
| Sound Point CLO XVI, Ser 2017-2A, Cl E | ||||||||
| 10.662%, TSFR3M + 6.362%, 07/25/30(A)(B) | 3,063 | 2,617 | ||||||
| Sound Point CLO XVII Equity, Ser 2017-3A, Cl SUB | ||||||||
| 17.730%, 10/20/30(B)(C) | 8,500 | 784 | ||||||
| Sound Point CLO XVIII, Ser 2017-4A, Cl D | ||||||||
| 10.055%, TSFR3M + 5.762%, 01/20/31(A)(B) | 3,500 | 2,909 | ||||||
| Sound Point CLO XX, Ser 2018-2A, Cl E | ||||||||
| 10.562%, TSFR3M + 6.262%, 07/26/31(A)(B) | 3,000 | 2,568 | ||||||
| Sound Point CLO XXI Equity, Ser 2018-3A, Cl SUB | ||||||||
| 55.900%, 10/26/31(B)(C) | 1,000 | 30 | ||||||
| Sounds Point CLO IV-R, Ser 2013-3RA, Cl E | ||||||||
| 10.805%, TSFR3M + 6.512%, 04/18/31(A)(B) | 1,000 | 685 | ||||||
| Southwick Park CLO Equity, Ser 2019-4A, Cl SUB | ||||||||
| 18.840%, 07/20/32(B)(C) | 2,000 | 892 | ||||||
| Steele Creek CLO, Ser 2016-1A, Cl ER | ||||||||
| 10.370%, TSFR3M + 6.012%, 06/15/31(A)(B) | 1,500 | 1,285 | ||||||
| Steele Creek CLO, Ser 2017-1A, Cl E | ||||||||
| 10.764%, TSFR3M + 6.462%, 10/15/30(A)(B) | 1,900 | 1,761 | ||||||
CITY NATIONAL ROCHDALE STRATEGIC CREDIT FUND
Schedule of Investments (Unaudited)
February 28, 2025
City National Rochdale Strategic Credit Fund
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| Steele Creek CLO, Ser 2018-1A, Cl E | ||||||||
| 10.314%, TSFR3M + 6.012%, 04/15/31(A)(B) | $ | 4,000 | $ | 3,297 | ||||
| Steele Creek CLO Equity, Ser 2014-1RA, Cl SUB | ||||||||
| 0.000%, 04/21/31(B)(C) | 21,168 | 2 | ||||||
| Steele Creek CLO Equity, Ser 2017-1A, Cl SUB | ||||||||
| 0.000%, 10/15/30(B)(C) | 2,500 | 20 | ||||||
| Symphony CLO XXVI Equity, Ser 2021-26A, Cl SUB | ||||||||
| 25.430%, 04/20/33(B)(C) | 6,500 | 1,093 | ||||||
| Tallman Park CLO Equity, Ser 2021-1A, Cl SUB | ||||||||
| 14.380%, 04/20/34(B)(C) | 12,765 | 6,761 | ||||||
| TCW CLO Equity, Ser 2021-1A, Cl SUB | ||||||||
| 19.340%, 01/20/38(B)(C) | 12,980 | 6,502 | ||||||
| Upland CLO Equity, Ser 2016-1A, Cl SUB | ||||||||
| 22.910%, 04/20/31(C)(D) | 2,500 | 514 | ||||||
| Voya CLO, Ser 2017-1A, Cl D | ||||||||
| 11.009%, TSFR3M + 6.362%, 04/17/30(A)(B) | 1,500 | 1,488 | ||||||
| Wehle Park CLO Equity, Ser 2014-1RA, Cl SUB | ||||||||
| 15.660%, 04/21/35(C)(D) | 17,250 | 10,181 | ||||||
| Wellfleet CLO, Ser 2015-1A, Cl ER3 | ||||||||
| 11.605%, TSFR3M + 7.312%, 07/20/29(A)(B) | 1,017 | 757 | ||||||
| Wellfleet CLO Equity, Ser 2020-2A, Cl SUB | ||||||||
| 10.080%, 07/15/34(C) | 5,000 | 1,727 | ||||||
| York CLO 2 Equity, Ser 2015-1A, Cl SUB | ||||||||
| 14.170%, 10/22/37(B)(C) | 750 | 311 | ||||||
| Description | Face Amount (000)/Shares | Value (000) | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $340,907) | 241,243 | |||||||
| Short-Term Investment [8.8%] | ||||||||
| SEI Daily Income Trust Government Fund, Cl Institutional, 4.280%** | 23,190,770 | 23,191 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $23,191) | 23,191 | |||||||
| Total Investments [100.0%] | ||||||||
| (Cost $364,098) | $ | 264,434 | ||||||
Percentages are based on net assets of $264,325 (000).
| ** | The rate reported is the 7-day effective yield as of February 28, 2025. |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (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 February 28, 2025, the value of these securities amounted to $214,078 (000), representing 81.0% of the net assets of the Fund. |
| (C) | Level 3 security in accordance with fair value hierarchy. The rate reported is the effective yield as of August 31, 2024. |
| (D) | As of February 28, 2025, the investment has been called. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any amortized cost, and/or, realized gain for any amounts received in excess of such amortized cost. |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| Ser — Series |
| TSFR3M — 3 Month Term Secured Overnight Financing Rate |
| SUMMARY OF GEOGRAPHIC DIVERSIFICATION | ||||
| February 28, 2025† | ||||
| Cayman Islands | 83.9 | % | ||
| Jersey | 12.6 | % | ||
| United States | 3.5 | % | ||
| Total | 100.0 | % | ||
| † | Percentages based on total investments |
CNR-QH-004-1300
CITY NATIONAL ROCHDALE STRATEGIC CREDIT FUND