LOS ANGELES, Jan. 21, 2014 (GLOBE NEWSWIRE) -- City National Rochdale has launched a new open-end mutual fund that is designed to generate high levels of tax-exempt income primarily from a diversified portfolio of sub-investment grade and unrated municipal bonds. Securities will be selected by the fund's sub-advisor, Waddell & Reed Investment Management Co., a specialist in this area of municipal finance. The fund is a new addition to the firm's investment strategies and adds to the growing family of nearly 20 mutual funds that City National Rochdale currently provides. The City National Rochdale Municipal High Income Fund may be suitable for clients looking for higher levels of tax-exempt income than is typically available from traditional municipal bond portfolios. Specifically, the fund may:
- Identify inefficiently priced, credit-worthy municipal securities within a risk-managed framework.
- Employ a research-intensive investment process, investing primarily in sub-investment grade and unrated bonds.
- Provide a portfolio diversified across individual securities, geographies and sectors.