Schedule of Investments
April 30, 2025 (Unaudited)
City National Rochdale Select Strategies Fund
| Description | Cost (000) | Value (000) | ||||||
| Structured Investments Equity Linked Notes*†‡(A) [94.6%] | ||||||||
| Earthquake [3.4%] | ||||||||
| Delancey Segregated Account | $ | 5,431 | $ | 7,651 | ||||
| Efficiency [41.2%] | ||||||||
| Broadway Segregated Account | $ | 26,644 | 46,596 | |||||
| Hollywood Segregated Account | $ | 28,871 | 47,086 | |||||
| Total Efficiency | 93,682 | |||||||
| Frequency [14.2%] | ||||||||
| Atlantic Segregated Account | $ | 5,197 | 8,188 | |||||
| Jay Segregated Account | $ | 2,819 | 4,479 | |||||
| Ocean Segregated Account | $ | 4,350 | 7,800 | |||||
| Park Segregated Account | $ | 5,017 | 7,827 | |||||
| Sunset Segregated Account | $ | 2,344 | 4,165 | |||||
| Total Frequency | 32,459 | |||||||
| Multi Peril [9.5%] | ||||||||
| Carmelia Segregated Account | $ | 5,309 | 7,961 | |||||
| Nassau Segregated Account | $ | 3,816 | 7,398 | |||||
| Venice Segregated Account | $ | 3,165 | 6,012 | |||||
| Total Multi Peril | 21,371 | |||||||
| Non-Florida [2.6%] | ||||||||
| Lexington Segregated Account | $ | 3,972 | 5,998 | |||||
| Opportunistic [5.5%] | ||||||||
| Elevado Segregated Account | $ | 4,445 | 7,741 | |||||
| Trinity Segregated Account | $ | 2,777 | 4,813 | |||||
| Total Opportunistic | 12,554 | |||||||
| Wind [18.2%] | ||||||||
| Fulton Segregated Account | $ | 3,807 | 5,885 | |||||
| Glendale Segregated Account | $ | 5,141 | 8,540 | |||||
| King Segregated Account | $ | 5,335 | 7,814 | |||||
| Madison Segregated Account | $ | 4,739 | 8,300 | |||||
| Rodeo Segregated Account | $ | 2,370 | 4,349 | |||||
| Wilshire Segregated Account | $ | 4,352 | 6,449 | |||||
| Total Wind | 41,337 | |||||||
| Total Structured Investments Equity Linked Notes | ||||||||
| (Cost $129,901) | 215,052 | |||||||
| Total Investments [94.6%] | ||||||||
| (Cost $129,901) | $ | 215,052 | ||||||
Percentages are based on net assets of $227,352 (000).
| * | Non-income producing securities |
| † | Securities considered illiquid. The total value of such securities as of April 30, 2025, was $215,052 (000) and represented 94.6% of the net assets of the Fund. |
| ‡ | Securities considered restricted. The total value of such securities as of April 30, 2025, was $215,052 (000) and represented 94.6% of the net assets of the Fund. For each restricted security there are various acquisition dates. It is the Fund’s intent to continue to periodically invest in restricted securities. |
| (A) | Level 3 security in accordance with the fair value hierarchy. |
As of April 30, 2025, structured investments in equity linked notes with a fair value of $215,052 (000) were valued using the Special Purpose Entities’ NAV.
A list of the restricted securities, excluding 144a, held by the Fund at April 30,
2025, is as follows:
| Description | Acquisition Date Range | Cost (000) | Value (000) | |||||||
| Delancey Segregated Account | 8/2/2017 - 5/10/2023 | $ | 5,431 | $ | 7,651 | |||||
| Broadway Segregated Account | 8/2/2017 - 5/23/2022 | 26,644 | 46,596 | |||||||
| Hollywood Segregated Account | 8/2/2017 - 5/10/2023 | 28,871 | 47,086 | |||||||
| Atlantic Segregated Account | 8/2/2017 - 5/10/2023 | 5,197 | 8,188 | |||||||
| Jay Segregated Account | 8/2/2017 - 8/11/2021 | 2,819 | 4,479 | |||||||
| Ocean Segregated Account | 8/2/2017 - 8/11/2021 | 4,350 | 7,800 | |||||||
| Park Segregated Account | 8/2/2017 - 8/11/2021 | 5,017 | 7,827 | |||||||
| Sunset Segregated Account | 8/2/2017 - 5/23/2022 | 2,344 | 4,165 | |||||||
| Carmelia Segregated Account | 8/2/2017 - 5/10/2023 | 5,309 | 7,961 | |||||||
| Nassau Segregated Account | 8/2/2017 - 8/11/2021 | 3,816 | 7,398 | |||||||
| Venice Segregated Account | 8/2/2017 - 5/10/2023 | 3,165 | 6,012 | |||||||
| Lexington Segregated Account | 8/2/2017 - 8/11/2021 | 3,972 | 5,998 | |||||||
| Elevado Segregated Account | 8/2/2017 - 8/11/2021 | 4,445 | 7,741 | |||||||
| Trinity Segregated Account | 8/2/2017 - 5/23/2022 | 2,777 | 4,813 | |||||||
| Fulton Segregated Account | 8/2/2017 - 8/11/2021 | 3,807 | 5,885 | |||||||
| Glendale Segregated Account | 8/2/2017 - 5/10/2023 | 5,141 | 8,540 | |||||||
| King Segregated Account | 8/2/2017 - 8/11/2021 | 5,335 | 7,814 | |||||||
| Madison Segregated Account | 8/2/2017 - 5/10/2023 | 4,739 | 8,300 | |||||||
| Rodeo Segregated Account | 8/2/2017 - 5/23/2022 | 2,370 | 4,349 | |||||||
| Wilshire Segregated Account | 8/2/2017 - 8/11/2021 | 4,352 | 6,449 | |||||||
| $ | 129,901 | $ | 215,052 | |||||||
CITY NATIONAL ROCHDALE SELECT STRATEGIES FUND | PAGE 1
Summary of Segregated Accounts
April 30, 2025 (Unaudited)
City National Rochdale Select Strategies Fund
A summary of the Segregated Accounts that the Fund holds in the NB Reinsurance, Ltd. (“NB RE, Ltd.”) Portfolio is as follows:
| Description | Status | Maturity Range | Market Value of NB RE, Ltd. (000)* | |||||
| Earthquake | ||||||||
| Delancey | $ | 99,762 | ||||||
| United States | ||||||||
| 5 Contracts (5 Cat Bonds) | Live | 6/2025 - 1/2027 | ||||||
| 23 Contracts (7 Cat Bonds) | Matured | 8/2017 - 1/2025 | ||||||
| Efficiency | ||||||||
| Broadway | 583,554 | |||||||
| North America, Europe, Australia, Japan | ||||||||
| 30 Contracts (4 Cat Bonds) | Live | 6/2025 - 1/2029 | ||||||
| 455 Contracts (26 Cat Bonds) | Matured | 12/2017 - 4/2025 | ||||||
| Hollywood | 632,655 | |||||||
| North America, Europe, Australia | ||||||||
| 30 Contracts (4 Cat Bonds) | Live | 6/2025 - 1/2029 | ||||||
| 463 Contracts (32 Cat Bonds) | Matured | 12/2017 - 4/2025 | ||||||
| Frequency | ||||||||
| Atlantic | 113,258 | |||||||
| United States | ||||||||
| 5 Contracts (3 Cat Bonds) | Live | 5/2025 - 6/2028 | ||||||
| 17 Contracts (2 Cat Bonds) | Matured | 12/2017 - 1/2025 | ||||||
| Jay | 55,315 | |||||||
| United States | ||||||||
| 5 Contracts (5 Cat Bonds) | Live | 5/2025 - 1/2029 | ||||||
| 14 Contracts (5 Cat Bonds) | Matured | 4/2018 - 12/2024 | ||||||
| Ocean | 97,399 | |||||||
| North America | ||||||||
| 5 Contracts (4 Cat Bonds) | Live | 5/2025 - 4/2028 | ||||||
| 29 Contracts (7 Cat Bonds) | Matured | 9/2017 - 4/2025 | ||||||
| Park | 97,138 | |||||||
| North America | ||||||||
| 3 Contracts (3 Cat Bonds) | Live | 6/2025 - 1/2028 | ||||||
| 32 Contracts (7 Cat Bonds) | Matured | 12/2017 - 4/2025 | ||||||
| Sunset | 51,864 | |||||||
| United States | ||||||||
| 10 Contracts (8 Cat Bonds) | Live | 5/2025 - 2/2029 | ||||||
| 24 Contracts (10 Cat Bonds) | Matured | 12/2018 - 3/2025 | ||||||
| Multi Peril | ||||||||
| Carmelia | 111,380 | |||||||
| United States, Japan, Europe, Australia, | New Zealand | |||||||
| 2 Contract (1 Cat Bond) | Live | 6/2025 - 1/2028 | ||||||
| 15 Contracts (4 Cat Bonds) | Matured | 12/2017 - 1/2025 | ||||||
| Nassau | 93,637 | |||||||
| United States | ||||||||
| 10 Contracts (9 Cat Bonds) | Live | 6/2025 - 1/2029 | ||||||
| 28 Contracts (11 Cat Bonds) | Matured | 12/2017 - 1/2025 | ||||||
| Venice | 75,142 | |||||||
| United States | ||||||||
| 2 Contracts (1 Cat Bond) | Live | 6/2025 - 1/2028 | ||||||
| 17 Contracts (2 Cat Bonds) | Matured | 7/2018 - 6/2024 | ||||||
| Description | Status | Maturity Range | Market Value of NB RE, Ltd. (000)* | |||||
| Non-Florida | ||||||||
| Lexington | $ | 76,170 | ||||||
| United States, Japan | ||||||||
| 8 Contracts (7 Cat Bonds) | Live | 5/2025 - 1/2028 | ||||||
| 29 Contracts (13 Cat Bonds) | Matured | 12/2017 - 12/2024 | ||||||
| Opportunistic | ||||||||
| Elevado | 102,256 | |||||||
| United States | ||||||||
| 3 Contracts (2 Cat Bonds) | Live | 7/2025 - 1/2027 | ||||||
| 22 Contracts (5 Cat Bonds) | Matured | 12/2017 - 12/2024 | ||||||
| Trinity | 59,907 | |||||||
| United States | ||||||||
| 6 Contracts (6 Cat Bonds) | Live | 5/2025 - 2/2028 | ||||||
| 21 Contracts (5 Cat Bonds) | Matured | 12/2017 - 4/2025 | ||||||
| Wind | ||||||||
| Fulton | 73,607 | |||||||
| United States - Florida | ||||||||
| 8 Contracts (7 Cat Bonds) | Live | 6/2025 - 4/2028 | ||||||
| 19 Contracts (6 Cat Bonds) | Matured | 11/2017 - 2/2025 | ||||||
| Glendale | 118,460 | |||||||
| United States | ||||||||
| 2 Contracts (1 Cat Bonds) | Live | 6/2025 - 3/2026 | ||||||
| 14 Contracts (3 Cat Bonds) | Matured | 12/2017 - 2/2025 | ||||||
| King | 97,789 | |||||||
| United States | ||||||||
| 1 Contracts (1 Cat Bonds) | Live | 1/2028 | ||||||
| 26 Contracts (6 Cat Bonds) | Matured | 12/2017 - 4/2025 | ||||||
| Madison | 103,568 | |||||||
| United States | ||||||||
| 2 Contracts (1 Cat Bonds) | Live | 12/2025 - 1/2028 | ||||||
| 31 Contracts (9 Cat Bonds) | Matured | 11/2017 - 2/2025 | ||||||
| Rodeo | 53,841 | |||||||
| United States, Japan, Europe | ||||||||
| 6 Contracts (5 Cat Bonds) | Live | 5/2025 - 2/2029 | ||||||
| 9 Contracts (1 Cat Bond) | Matured | 12/2018 - 12/2024 | ||||||
| Wilshire | 81,781 | |||||||
| United States | ||||||||
| 7 Contracts (6 Cat Bonds) | Live | 7/2025 - 1/2028 | ||||||
| 35 Contracts (7 Cat Bonds) | Matured | 12/2017 - 4/2025 |
Disclosures
| * | During the period from July 27, 2017 through April 30, 2025, the Fund owned between 2.1% and 8.3% of the assets represented in the NB RE, Ltd. Portfolio. |
Earthquake — Predominately exposed to damage incurred by earthquakes
Efficiency — Exposure to both industry loss warranties and catastrophe bonds
Frequency — Exposure to contracts that are triggered by multiple events or loss window
Live — Contract is currently in force
Matured —Contract was in force until agreed upon termination date
Multi Peril — Exposure to contracts with multiple perils
Non-Florida — Exposure to contracts with no Florida exposure
Opportunistic — Exposure to contracts with opportunistic deal metrics
Triggered — Contract was impaired and removed from cell before maturity
Wind — Predominately exposed to damage incurred by wind in the United States, Japan and Europe
CNR-QH-003-1600
CITY NATIONAL ROCHDALE SELECT STRATEGIES FUND | PAGE 2