City National Rochdale Seeks to Convert Municipal Bond Fund Into ETF

City National Rochdale Funds is seeking shareholder approval to reorganize its City National Rochdale Municipal High Income Fund into the existing American Beacon Aberdeen Municipal High Income ETF. The proposed transaction would transfer the mutual fund's assets and liabilities to the ETF, managed by American Beacon Advisors and sub-advised by Aberdeen. Both funds primarily invest in tax-exempt municipal bonds, although their investment strategies and risk disclosures differ. The ETF currently has lower annual operating expenses than all share classes of the mutual fund. Shareholders will vote on the proposal on November 10, 2026, with the reorganization expected to close around March 12, 2027, subject to approval and other conditions. Investors would receive ETF shares of equivalent aggregate net asset value, except for fractional shares paid in cash.