Part 2A of Form ADV: Firm Brochure Item 1 Cover Page ROCHDALE ...

Part 2A of Form ADV: Firm Brochure
Item 1
Cover Page
ROCHDALE INVESTMENT MANAGEMENT, LLC
570 Lexington Avenue, 9 th Floor
New York, NY 10022
Telephone: (212) 702-3500
Facsimile: (212) 702-3535
Internet: www.rochdale.com
March 31, 2012
This Brochure provides information about the qualifications and business practices of Rochdale
Investment Management, LLC (“Adviser” or “Rochdale”). If you have any questions about the contents
of this Brochure, please contact us at by telephone at (212) 702-3500 or by email at bam@rochdale.com.
The information in this Brochure has not been approved or verified by the United States Securities and
Exchange Commission (the “SEC”) or by any state securities authority.
Additional information about Rochdale is also available on the SEC’s website at
www.adviserinfo.sec.gov.
Rochdale is a registered investment adviser with the SEC. Registration of an investment adviser with the
SEC or with any state securities authority does not imply any level of skill or training.
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Item 2
Material Changes
MATERIAL CHANGES
Rochdale continues to conduct its business activities and to provide investment advisory services in
substantially the same manner as described in the Firm’s last update, which was made on March 28, 2012.
This Brochure, however, has been prepared in accordance with rules adopted by the Securities and
Exchange Commission. Accordingly, the content and presentation of our Brochure is not materially
different from the brochure used by Rochdale last year.
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Item 3
Table of Contents
Item 1 Cover Page ..............................................................................................................................i
Item 2 Material Changes ..................................................................................................................ii
Item 3 Table of Contents .................................................................................................................iii
Item 4 Advisory Business..................................................................................................................1
A. General Description of Advisory Firm ....................................................................... 1
B. Description of Advisory Services ............................................................................... 1
C. Client Assets Under Management............................................................................... 3
Item 5 Fees and Compensation ........................................................................................................4
A. Advisory Fees and Compensation............................................................................... 4
B. Payment of Fees.......................................................................................................... 5
C. Prepayment of Fees..................................................................................................... 5
Item 6 Performance-Based Fees and Side-By-Side Management.................................................6
Item 7 Types of Clients .....................................................................................................................7
Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ..........................................8
A. Methods of Analysis and Investment Strategies......................................................... 8
B. Material Risks (Including Significant, or Unusual Risks) Relating to Investment
Strategies..................................................................................................................... 8
C. Risks Associated with Types of Securities that are Primarily Recommended ........... 9
Item 9 Disciplinary Information ....................................................................................................11
Item 10 Other Financial Industry Activities and Affiliations .......................................................12
Item 11 Code of Ethics, Participation or Interest in Client Transactions and
Personal Trading.................................................................................................................13
A. Code of Ethics........................................................................................................... 13
B. Client Transactions in Securities where Adviser has a Material Financial Interest.. 13
C. Investing in Securities Recommended to Clients ..................................................... 14
D. Conflicts of Interest Created by Contemporaneous Trading .................................... 14
Item 12 Brokerage Practices ............................................................................................................15
A. Factors Considered in Selecting or Recommending Broker-Dealers for Client
Transactions .............................................................................................................. 15
1. Research and Other Soft Dollar Benefits.................................................................. 15
2. Brokerage for Client Referrals.................................................................................. 16
3. Directed Brokerage ................................................................................................... 16
B. Order Aggregation .................................................................................................... 16
Item 13 Review of Accounts .............................................................................................................18
A. Frequency and Nature of Review ............................................................................. 18
B. Factors Prompting an Immediate Review of Accounts. ........................................... 18
C. Content and Frequency of Regular Account Report................................................. 18
Item 14 Client Referrals and Other Compensation........................................................................19
A. Economic Benefits Received from Non-Clients for Providing Services to Clients . 19
B. Compensation to Non-Supervised Persons for Client Referrals............................... 19
Item 15 Custody.................................................................................................................................20
Item 16 Investment Discretion .........................................................................................................21
Item 17 Voting Client Securities.......................................................................................................23
Item 18 Financial Information.........................................................................................................24
Item 19 Requirements for State-Registered Advisers....................................................................25
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Item 4
Advisory Business
A. General Description of Advisory Firm
Rochdale Investment Management (the “Adviser” or “Rochdale”), a limited liability company organized
under the laws of the State of Delaware, was formed on October 10, 2001. The Adviser’s principal place
of business is in New York, New York.
B. Description of Advisory Services
Rochdale provides money management services to clients with portfolios of $1M and above, primarily on
a discretionary basis. Rochdale works with each client to determine their portfolio needs and limitations
and designs an asset allocation and investment objective plan to meet their goals. Thereafter, Rochdale
portfolio managers implement each plan, working directly with the client and their financial advisor, on a
one-on-one basis. A typical client relationship will also have a third party financial advisor to assist the
client through the implementation process and work with Rochdale with on-going portfolio management
of the clients assets. Rochdale intelligently personalizes and allows for customization of client portfolios.
This includes working with a client’s already existing portfolio to build out an appropriate Rochdale
portfolio (i.e. utilizing existing securities where appropriate), managing across multiple accounts (IRA’s,
trust, personal, joint, etc.), allowing clients to place restrictions on securities (industry, sector, etc.), or
types of securities (options, derivatives, etc.) or investment strategies (Large Cap, international,
alternative, etc.), and managing a clients portfolio to meet a clients specific distribution needs and tax
goals. To the extent the client elects to invest in pooled vehicles to implement an asset allocation
program, such restrictions may not be appropriate. Except for the portion of each client’s account that is
invested in pooled vehicles, each client’s account is managed separate from other clients of Rochdale
(i.e., not commingled, securities are purchased in their personal accounts).
Clients may chose from a variety of programs, depending on their investment objectives, financial
position and level of assets to be placed with Rochdale. In working with clients to implement
individualized investment programs, Rochdale may recommend the use of various investment funds
managed by Rochdale or its affiliates to capture potential return from specified assets classes. These
funds include the several investment portfolios of Rochdale Investment Trust, an open-end investment
company registered under the Investment Company Act of 1940. As of the date of this update, these
portfolios include: Rochdale Large Growth, Rochdale Large Value, Rochdale Dividend and Income,
Rochdale Intermediate Fixed Income, Rochdale Emerging Markets and Rochdale Fixed Income
Opportunities Portfolios (collectively "RIT Funds"). Rochdale also makes available to its clients
interests in other registered investment vehicles who satisfy the suitability requirements specified in
offering documents relating to such vehicles. As of the date of this Brochure, these include Rochdale
Core Alternative Strategies Master Fund, Rochdale Core Alternative Strategies Fund and Rochdale Core
Alternative Strategies Fund TEI (collectively "RCAS"), Rochdale International Trade Fixed Income Fund
("RITFI"), Rochdale Structured Claims Fixed Income Fund ("RSCFIF"), Rochdale Alternative Total
Return Fund (“RATRF”) and Rochdale Royalty Rights Fund (“RRRF”). All of these vehicles are
managed by Rochdale.
Rochdale also makes available to its clients interests in other investment vehicles that are not registered
under the Investment Company Act, who satisfy the suitability requirements specified in offering
documents relating to such vehicles. As of the date of this Brochure, these include Rochdale Offshore
Global Opportunities Fund (“ROGOF), Rochdale Offshore Global Diversified Fund (“ROGDF”),
Rochdale GML Trade Finance Income Fund, (“RGTFIF”) Rochdale Alternative Total Return Offshore
Fund (RATROF), Rochdale Royalty Rights Offshore Fund (“RRROF”) and Long Point Investors. All of
the RIT Funds, together with RCAS, RITFI, RSCFIF, RATRF, RRRF, ROGOF, ROGDF, RGTFIF,
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RATROF and RRROF (“Alternative Funds”) are collectively referred to as the “Funds". Rochdale may
organize other investment funds in the future. Rochdale receives fees for services to such vehicles.
Advisory programs available through Rochdale are described below. Note that the fees and expenses
associated with each program may differ (“See “Fees and Compensation” in this Brochure.)
• Money Management Program. Intelligently personalized and customized portfolio
implementation and management for clients that meet Rochdale’s minimum net worth
requirements ($1M portfolio value and above across all accounts managed).
• FCA Rochdale Customized Advisory Services. Through its division, FCA Rochdale, Rochdale
provides customized investment management services and coordinated oversight of HNW client's
estate, business and benefits planning. As with the Money Management Program, Clients who
participants in this program generally have portfolios above $1M.
• Rochdale “Wrap Fee” Programs. This Program bundles Money Management services with
brokerage services for a single consolidated fee. Under this Program, which may be managed by
Rochdale directly or, for clients through FCA Rochdale, Accounts are continuously managed on a
fully discretionary basis and securities transactions are executed through RIM Securities, LLC
(“RIM”), a broker deal registered with the Securities and Exchange Commission and affiliated
with Rochdale. Clients participating in these Programs are required to direct the use of RIM as
their broker-dealer. No commissions are charged for securities transactions. For a further
discussion of Rochdale and/or FCA Rochdale's wrap fee program, including fees and expenses,
please refer to Rochdale’s separate Wrap Fee Brochure.
• Galaxy TM Asset Allocation Program (“GAAP”). Clients electing to participate in this program
will have their accounts managed by way of Rochdale's proprietary Galaxy TM Asset Allocation
Program ("GAAP"). These are clients that generally do not meet the dollar threshold of the
programs above (with some exceptions). GAAP enables risk profiling, target asset class
allocation, standard mutual fund implementation of target asset class allocation, customization of
mutual fund implementation, proposal generation, portfolio implementation based on
implementation model, and portfolio management through periodic and/or event driven
rebalancing. Some of the Funds are managed by Rochdale, which receives investment advisory
fees for such services.
Rochdale may utilize GAAP directly with its mid net worth clients for which it has entered into
an investment advisory relationship with directly through Rochdale, an affiliated adviser or
through access provided by another broker dealer or registered investment adviser that has
entered into an agreement with Rochdale to offer GAAP on their platform. Rochdale charges a
flat platform fee of between 25 and 35 basis points, depending on the account value, for use of
this service.
Other Rochdale Activities. The investment advisory programs described above are available to Accounts
maintained off-shore, although differing fee schedules may apply (see “Fees and Compensation” in this
Brochure). Rochdale also provides investment advisory services to the RIT Funds and the Alternative
Funds. A small percentage of Rochdale’s assets under management are represented by sub-advisory
relationships. Where Rochdale acts as a sub-advisor, Rochdale is retained by an investment advisor who,
in turn, has entered into a contract directly with the client. Under a sub-advisory arrangement, Rochdale
may have limited contact with clients and will manage accounts according to the instructions of the
investment adviser who has retained Rochdale to act in a sub-advisory capacity. Securities trades under a
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sub-advisory arrangement may be executed by RIM, or alternatively, broker/dealers that are not affiliated
with Rochdale. Typically, the investment advisor that has retained Rochdale to act in a sub-advisory
capacity directs the broker/dealer through whom Rochdale must execute trades. If this is the case,
Rochdale does not have the authority to select brokers. When Rochdale acts in a sub-advisory capacity
the fee it receives is determined by the agreement entered into between Rochdale and the investment
advisory firm that has retained Rochdale. Please refer to “Brokerage Practices” in this Brochure.
Services provided by Rochdale are governed under the terms of an advisory agreement between Rochdale
and each client. The agreement may be terminated at any time upon 30 days written notice by either
party, without penalty. See “Fees and Compensation” in this Brochure.
Rochdale acquires clients in a variety of ways. The majority of clients are introduced to Rochdale by third
parties including independent financial planners, investment advisors, consultants, CPAs, attorneys, and
representatives of broker-dealers (sometimes referred to as “Referring Partners”), including organizations
that may be afforded access to GAAP, as noted above. Please refer to Item 14 in this Brochure for a
further discussion of Referring Partners' activities and referral fee arrangements.
C. Client Assets Under Management
As of February 29, 2012, the Adviser had $4.7 billion in client assets under management. As of that date,
the Adviser managed $4.7 billion on a discretionary basis and $0 on a non-discretionary basis.
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Item 5
Fees and Compensation
A. Advisory Fees and Compensation
Money Management Program.
The table below sets forth Rochdale’s basic fee schedule. Rochdale provides investment advisory
services and charges an investment management fee of up to 1.00% per annum, depending on the type
and market value of the account, as noted in the table below.
Value of Account
Rochdale Fee
First $2 Million 1.00%
Next $3 Million 0.80%
Next $5 Million 0.60%
Amount Over $10 Million 0.50%
Rochdale’s fees may be negotiable, at Rochdale’s sole discretion, and thus may vary from the above
schedule, depending on the size of the account, referral fee arrangements affecting individual client
accounts and other factors. For the most part, fees are payable quarterly, in advance. However, few
clients do pay fees in arrears, based usually on the broker dealer custodian for their account.
FCA Rochdale Customized Advisory Services
Advisory Services for Clients through FCA Rochdale The table below sets forth FCA Rochdale’s basic
fee for High Net Worth Accounts.
Value of Account
Fee
$1,000,000 to $2,000,000 1.95%
$2,000,001 to $ 3,000,000 1.80%
$3,000,001 to $ 4,000,000 1.75%
$4,000,001 to $ 5,000,000 1.70%
$5,000,001 to $7,000,000 1.40%
$7,000,001 to $10,000,000 1.20%
$10,000,001 to $15,000,000 1.10%
$15,000,001 to $20,000,000 .90%
Above $20,000,000 .80%
Fees set forth in the above schedule may be negotiable, at Rochdale’s sole discretion, and thus may vary
from the above schedule, depending on the size of the account, referral fee arrangements affecting
individual client accounts and other factors. For FCA Rochdale accounts the fee for each quarter is paid
in arrears. The initial fee shall be due in full on the date the Account is opened with FCA Rochdale, shall
be based on the market value of the Account on that date and shall be withdrawn from the assets in the
Account automatically. The initial fee payment will cover the period from the opening date through the
last day of the then current calendar quarter and shall be pro-rated on a daily basis accordingly.
Galaxy Asset Allocation Program Fee Schedule
Clients that elect to participate in this program will have their accounts managed by way of Rochdale's
proprietary Galaxy TM Asset Allocation Program ("GAAP"). GAAP enables risk profiling, target asset
class allocation, standard mutual fund implementation of target asset class allocation, customization of
mutual fund implementation, proposal generation, portfolio implementation based on implementation
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model, and portfolio management through periodic and/or event driven rebalancing.
For GAAP accounts, Rochdale will charge a platform fee according to the following schedule:
Value of Account
Fee
On the first $100,000 0.35%
On the next $250,000 0.30%
On assets over $350,000 0.25%
Additionally, and in connection with GAAP accounts, Referring Partners generally charge a fee, which
ranges from 0.25%-1.25%, and is based on services provided. The services Referring Partners may
provide include: risk profiling, asset allocation, portfolio analysis, insurance services, retirement and
estate planning. RIT Funds and Alternative Funds may be used in the implementation of the client's
portfolio. Please refer to Item 14 in this Brochure to learn more about Rochdale’s Referring Partners.
Offshore Fees
Rochdale has a separate fee, a portion of which is remitted to the custodian to cover custodial fees. Fees
on these accounts are paid each quarter primarily in arrears and will be calculated at one fourth (1/4) of
the rates set forth below:
Account Assets Value Income Only Accounts Equity or Balanced Accounts Fixed Income
First $1,000,000 to $2,500,000 1.250% 0.750%
On the next $2,500,000 1.000% 0.600%
On the next $2,500,000 0.850% 0.500%
On the next $2,500,000 0.700% 0.400%
On the next $5,000,000 0.550% 0.325%
On assets over $15,000,000 0.500% 0.300%
Rochdale collects a commission (retrocession) for clients that use RBS Coutts to custody their assets.
Such retrocession includes a portion of the custodial, trading, and other fees charged.
B. Payment of Fees
The Client agrees in its agreement with the Adviser to authorize the Advisor to deduct Management Fee
the from client accounts by instructing the client’s custodian. In general, the Adviser deducts client
accounts for Management Fees quarterly.
C. Prepayment of Fees
For the most part, clients pay Management Fees to the Adviser quarterly in advance (this may vary with
offshore clients and some domestic clients). Upon the termination of a client account during a calendar
quarter, the Management Fee will be prorated for the days remaining in that calendar quarter and any
prepaid, unearned fees will be refunded to the relevant client.
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Item 6 Performance-Based Fees and Side-By-Side Management
As indicated above, Rochdale’s fees are calculated based on the level of assets under
management in an Account. Performance fees are not charged at the account level. However
some of the Alternative Funds are subject to the payment of performance fee once certain minimum
performance benchmarks are met; all such arrangements are described in the offering documents
associated with such vehicles. These arrangements do not, however result in the receipt by any
Rochdale employee of performance or incentive compensation and, accordingly, Rochdale does
not believe that these arrangements give rise to any conflict of interest or offer any incentive for any of
the firm’s investment personnel to favor any vehicle over any other Account.
Rochdale may recommend to clients that they purchase shares of the Funds. Rochdale serves as the
investment adviser for the Funds and receives a management fee for its services. If Rochdale invests a
client into RIT Funds, Rochdale may not charge an advisory fee at the portfolio level for the assets of a
client’s portfolio that are invested in RIT Funds, in addition to the management fees it receives from the
mutual funds. In some cases Rochdale may credit back to the client the management fees that would have
otherwise been earned through the mutual fund.
Rochdale may also recommend to clients that they purchase shares of products other than the RIT Funds,
for which Rochdale may collect a fee at the account level as well as at the product level. Such products
include but are not limited to LPI, RCAS, ROGOF, ROGDF, RITFI, Rochdale GML Trade Finance
Income Fund, RSCFI, RATRF, RRRF and the Federated Intercontinental Fund. Rochdale does not collect
a fee from RATROF or RRROF, as they are feeders into their onshore counterparts, RATRF and RRRF,
where Rochdale collects a fee.
RIM acts as the broker for a majority of the client accounts that purchase shares of the Funds. Therefore,
RIM receives additional compensation in the form of 12b-1 fees, service fees or other trails, which are
fees that are charged to clients that maintain shares of the Funds.
Members of Rochdale's management, its financial advisers, and members of management and advisers of
their affiliates may receive additional compensation for assets invested into the Funds.
Allocation of IPO's: Rochdale may from time to time participate in IPO's. Rochdale's policy and practice
is to allocate IPO shares fairly and equitably among our advisory clients according to a specific and
consistent basis so as not to advantage any firm personnel or related account and so as not to favor or
disfavor any client or group of clients over any other. To ensure fair and equitable treatment, Rochdale
will allocate the amount of IPO received among all accounts in which it falls within that accounts asset
class allocation. The percentage an account will receive will vary and depend upon the accounts' specific
investment objectives.
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Item 7
Types of Clients
Rochdale’s clients consist primarily of individuals and pooled investment vehicles, such as the RIT Fund
and the Alternative Funds. Other clients include institutional clients, such as pensions and profit sharing
plans, charitable organizations and a limited number of municipalities. Rochdale generally requires a
minimum of $1,000,000 of assets under management for a separately managed relationship, but may
waive this minimum in its sole and absolute discretion. If the account size falls below the minimum
requirement due to market fluctuations only, a client will not be required to invest additional funds with
the Adviser to meet the minimum account size. With respect to investments in the RIT Funds or
Alternative Funds, initial and additional subscription minimums are disclosed in the offering documents
relating to such funds.
The Adviser may request clients to provide proof of authority, directed trading letters, qualified client or
qualified purchaser status, accredited investor certifications, and/or other information to allow the Adviser
to manage client assets.
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Item 8
Methods of Analysis, Investment Strategies and Risk of Loss
A. Methods of Analysis and Investment Strategies
The Adviser utilizes a variety of methods and strategies to make investment decisions and
recommendations. These methods entail an evaluation of investment opportunities using fundamental,
technical, quantitative and qualitative analyses to determine the intrinsic value of securities and other
types of instruments.
The Adviser employs the following investment strategies:
Dynamic Equity Risk Management. The Adviser engages in a Dynamic Equity Risk Management
investment strategy wherein the Adviser is allowed to manage excessive and extreme risk as it relates to
individual client risk profiles. The Adviser manages portfolio risks proactively to avoid historical Buy &
Hold traps. As well as relating client specific Investment Policy Statement goals to Rochdale’s portfolio
strategy, recession monitor and fundamental outlook
Equity. The Adviser’s equity strategy focuses on a broad range of equity investment styles, including
growth, core, and value, as well as portfolios designed to be “style-neutral”. Some client accounts focus
on specific ranges on the capitalization scale, from micro-cap, through small-cap, mid-cap and large-cap,
to mega-cap. Other client accounts will focus on investment opportunities in more than one capitalization
category or across all capitalization levels.
Fundamental Value. The Adviser engages in a fundamental value investment strategy wherein the
Adviser attempts to invest in asset-oriented securities the Adviser believes are undervalued by the market.
Growth. The Adviser engages in a growth investment strategy wherein the Adviser attempts to select
securities of a company whose earnings the Adviser expects to grow at an above-average rate compared
to the company’s specific industry or the overall market.
Hedging. The Adviser utilizes a variety of financial instruments such as derivatives and options for risk
management purposes.
Relative Value. The Adviser pursues relative value strategies by taking long positions in securities
believed to be undervalued.
High Dividend and Income. The Adviser pursues high dividend and income strategies by taking long
positions in company with high dividend growth potential.
Galaxy TM . The Adviser using a proprietary modeling system to design asset allocation models specific to
clients risk return requirements. Please refer to Item 4 in this Brochure for a discussion of Galaxy. TM
These methods, strategies and investments involve risk of loss to clients and clients must be prepared to
bear the loss of their entire contribution/investment.
B. Material Risks (Including Significant, or Unusual Risks) Relating to Investment Strategies
Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of security or issuer, and changes in
general economic or political conditions can increase the risk of default by an issuer or counterparty,
which can affect a security’s or instrument’s value. The value of securities of smaller, less well-known
issuers can be more volatile than that of larger issuers. Smaller issuers can have more limited product
lines, markets, or financial resources.
Relative Value Risk. In the event that the perceived mispricings underlying the Adviser’s relative value
trading positions were to fail to converge toward, or were to diverge further from, relationships expected
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y the Adviser, client accounts may incur a loss.
Leverage. Performance may be more volatile if a client’s account employs leverage.
Hedging. There can be no assurances that a particular hedge is appropriate, or that certain risk is
measured properly. Further, while the Adviser may enter into hedging transactions to seek to reduce risk,
such transactions may result in poorer overall performance and increased (rather than reduced) risk for the
Adviser’s investment portfolios than if the Adviser did not engage in any such hedging transactions.
Frequent Trading. The Adviser’s primary strategy uses frequent trading which results in significantly
higher commissions and charges to client accounts due to increased brokerage, which will offset client
profits.
C. Risks Associated with Types of Securities that are Primarily Recommended
Equity Securities. The value of equity securities fluctuates in response to issuer, political, market, and
economic developments. Fluctuations can be dramatic over the short as well as long term, and different
parts of the market and different types of equity securities can react differently to these developments. For
example, large cap stocks can react differently from small cap stocks, and “growth” stocks can react
differently from “value” stocks. Issuer, political, or economic developments can affect a single issuer,
issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in
the financial condition of a single issuer can impact the market as a whole. Terrorism and related geopolitical
risks have led, and may in the future lead, to increased short-term market volatility and may have
adverse long-term effects on world economies and markets generally.
Fixed-Income and Debt Securities. Investment in fixed-income and debt securities such as bonds, notes
and asset-backed securities, subject a client’s portfolios to the risk that the value of these securities overall
will decline because of rising interest rates. Similarly, portfolios that hold such securities are subject to
the risk that the portfolio’s income will decline because of falling interest rates. Investments in these
types of securities will also be subject to the credit risk created when a debt issuer fails to pay interest and
principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments
will cause the price of that debt to decline. Lastly, investments in debt securities will also subject the
investments to the risk that the securities may fluctuate more in price, and are less liquid than higher-rated
securities because issuers of such lower-rated debt securities are not as strong financially, and are more
likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy.
Security Futures and Options. In connection with the use of futures contracts and options, there may be
an imperfect correlation between the change in market value of a security and the prices of the futures
contracts and options in the client’s account. In addition, the Adviser’s investments in security futures
and options may encounter a lack of a liquid secondary market for a futures contract and the resulting
inability to close a futures position prior to its maturity date.
Offshore. As with all investment strategies, there are risks associated with its implementation. Applicable
risks include, but are not limited to, market risk, unexpected volatility of stock prices, inflation risk, credit
risk, and government policy risk. While these risks are monitored regularly by Rochdale Offshore
Investment Management, they are still inherent in most investment strategies, including the one being
implemented. Additionally, holding monies offshore in custody adds a risk factor in dealing with and
being subject to a foreign jurisdiction. These rules and regulations may provide more or less protection
that what is afforded an investor who funds remain in the United States. Please consult with your
investment or financial advisor to get a complete understanding of the risks that may affect your
investment.
Alternative Investments and Hedge Funds. Hedge funds and alternative investments are speculative and
may entail substantial risks. Investing in small and medium-size companies and REITs may carry
9

additional risks such as limited liquidity and increased volatility. Investing in international companies
carries risks such as currency fluctuation, interest rate fluctuation, and economic and political instability.
Investing in a non-diversified fund involves greater risk than investing in a diversified fund. Short sales
may increase volatility and potential for loss. As with all investments, there is no guarantee that
investment objectives will be met. For Alternative Funds, these risks include the fact that it may be
difficult to correctly value all of the investments held and the fact that investments in the Fund may be
illiquid. With respect to RIT Fund, the risk relates to the underlying investment objectives and strategies
of the specific portfolio in which an investment is made and is described in the prospectus relating to each
such portfolio.
As indicated above, Rochdale may recommend the use of the Fund in implementing its asset allocation
strategies. As is the case with respect to any investment in securities, Accounts managed by Rochdale
using any or all of the strategies described above involve the risk that investment losses may be
experienced by the Account. Investment in the Funds can involve certain risks.
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Item 9
Disciplinary Information
Neither Rochdale nor any of its employees have been involved in any legal or disciplinary events in the
past 10 years that would be material to a client’s evaluation of the company or its personnel.
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Item 10
Other Financial Industry Activities and Affiliations
Certain officers and/or directors associated with Rochdale serve as officers, directors, analysts and/or
portfolio managers of one or more the following entities: Symphonic Financial Advisors LLC, an SEC
registered investment adviser, Symphonic Securities LLC, a FINRA registered broker/dealer, Symphonic
Insurance LLC, a state registered insurance agency, RIM Securities LLC, a FINRA registered
broker/dealer, Rochdale Capital Management LLC, an SEC registered investment adviser, and Rochdale
Securities LLC, a FINRA registered broker/dealer. Please take note, Rochdale’s only affiliation with
Rochdale Capital Management LLC and Rochdale Securities LLC is through the common ownership
of Carl Acebes, Founder. Rochdale does not, follow or endorse the decisions, positions, analyses,
opinions, research or recommendations made by Rochdale Capital Management LLC or Rochdale
Securities LLC. Rochdale is a clear and distinct entity from both Rochdale Capital Management LLC
and Rochdale Securities LLC. There is no overlap of personnel, systems, services, etc., nor is there any
business arrangement or dealings between the entities. Rochdale’s relationship as an investment advisor
to the several Alternative Funds and to RIT Funds is material to Rochdale’s advisory business. As
described above, clients may invest in RIT Funds and/or Alternative Funds. Rochdale and/or its officers,
employees and directors may also be investors in these vehicles. Although there is some potential for
conflict of interest, Rochdale believes these are not material in light of the requirements of the Code of
Ethics adopted by Rochdale and in light of the fact that, to the extent that Rochdale or any employee,
director or officer is an investor in RIT Funds or Alternative fund, each shares in any gains or losses
proportionally with all other investors.
12

Item 11
Code of Ethics, Participation or Interest in Client Transactions and Personal
Trading
A. Code of Ethics
Rochdale has adopted a Code of Ethics (the "Code") expressing the firm's commitment to ethical conduct.
Rochdale's Code of Ethics describes the firm's fiduciary duties and responsibilities to clients (which
includes Rochdale Investment Trust, Rochdale Core Alternative Strategies Fund, Rochdale International
Trade Fixed Income Fund, Rochdale Structured Claims Fixed Income Fund, RIM, Symphonic Financial
Advisors LLC, Symphonic Securities LLC and Symphonic Insurance LLC), and sets forth the practice of
supervising personal securities transactions of employees. Individuals associated with Rochdale may buy
or sell securities for their personal accounts identical to or different than those recommended to clients. It
is the expressed policy of Rochdale that no person employed by Rochdale shall prefer his or her own
interest to that of an advisory client or make personal investment decisions based on the investment
decisions of advisory clients.
To supervise compliance with the Code, Rochdale requires that employees with access to advisory
recommendations, or other inside information provide quarterly securities holdings reports and quarterly
transactions reports to the Compliance Department. Rochdale also requires all such employees receive
prior approval from the Compliance Department prior to effecting transactions meeting certain criteria.
All individuals employed by or affiliated with Rochdale must sign, no less than annually, an attestation
confirming their receipt and comprehension of the Code.
Rochdale requires that all individuals must act in accordance with all applicable federal and state
regulations governing registered investment advisory, broker dealer or other professional designation
practices. Rochdale's Code further includes the firm's policy prohibiting the use of material non-public
information. Any individual not in observance of the Code may be subject to discipline.
Rochdale will provide a complete copy of its Code of Ethics to any client upon request.
B. Client Transactions in Securities where Adviser has a Material Financial Interest
Rochdale has discretionary authority over its clients' investment accounts and initiates the transactions in
such accounts. RIM receives commissions for executing transactions for most of Rochdale's clients.
These commissions are assessed at rates which are believed to be competitive with those representative
assisted rates charged by the major national discount brokerage firms. Rochdale follows specific
procedures to assure that its fiduciary responsibilities are carried out with the highest degree of care and
professionalism.
Rochdale and RIM may, from time to time, facilitate the purchase and sale of a security between two or
more clients without either Rochdale or RIM being the seller or the buyer. This is known as an "internal
cross" transaction and is only performed under client authorization. Prior to engaging in an internal cross
transaction, Rochdale and RIM will ensure that the transaction is in the best interest of all client parties
involved by ensuring the price is fair and properly disclosing all known potential conflicts. Neither
Rochdale nor its affiliates will receive compensation for effecting internal cross transactions.
Rochdale and RIM may, from time to time, enter into transactions where client securities are purchased
from or sold to brokerage customers of RIM in what is known as an "agency cross" transaction. Rochdale
or RIM will engage in these cross transactions when it is determined that doing so may provide a better
execution opportunity though such a result is not guaranteed. If an agency cross transaction occurs, RIM
may receive commissions from both sides of the transaction. Due to the method of trade execution for an
13

agency cross transaction, there is a potential conflicting division of loyalties and responsibilities. In no
event will Rochdale or RIM act as a principal in such transactions.
C. Investing in Securities Recommended to Clients
Rochdale and/or related persons may purchase, sell or hold positions in certain investments that are
recommended to, or implemented for, any of its clients. If Rochdale holds securities for itself that it also
recommends to or implements for clients, the following restrictions and disclosure procedures are
maintained for the protection of clients.
1) Rochdale will recommend to or implement for its clients the purchase or sale of the same securities
held, purchased or sold by Rochdale or any associated person only if such transaction is consistent with
the objectives of the client.
2) The clients' interest will be placed before Rochdale in such purchases and sales to assure that, on any
given day, (a) the timing of the transaction will not put the client at a disadvantage, and (b) the price
obtained for the client will be the same or more advantageous than that obtained for Rochdale or any
associated person.
3) Employees deemed to have knowledge of client trading activities will be regarded as “Trust Access”
persons and will be required to gain approval for all securities transactions.
D. Conflicts of Interest Created by Contemporaneous Trading
See C(1) of this Item 11 above and Item 10, in this Brochure.
14

Item 12
Brokerage Practices
A. Factors Considered in Selecting or Recommending Broker-Dealers for Client Transactions
Rochdale considers a number of factors in selecting a broker-dealer to execute transactions (or series of
transactions) and determining the reasonableness of the broker-dealer’s compensation. Such factors
include net price, reputation, financial strength and stability, efficiency of execution and error resolution,
offering to Rochdale on-line access to computerized data regarding a client’s accounts. In selecting a
broker-dealer to execute transactions (or series of transactions) and determining the reasonableness of the
broker-dealer’s compensation, the Adviser need not solicit competitive bids and does not have an
obligation to seek the lowest available commission cost. It is not Rochdale’s practice to negotiate
“execution only” commission rates, thus a client may be deemed to be paying for research, brokerage or
other services provided by a broker-dealer which are included in the commission rate.
1. Research and Other Soft Dollar Benefits
Rochdale receives research or other products or services other than execution from a broker-dealer and/or
a third party in connection with client securities transactions. This is known as a “soft dollar” relationship.
Rochdale will limit the use of “soft dollars” to obtain research and brokerage services to services that
constitute research and brokerage within the meaning of Section 28(e) of the Securities Exchange Act of
1934, as amended (“Section 28(e)”). Research services within Section 28(e) may include, but are not
limited to, research reports (including market research); certain financial newsletters and trade journals;
software providing analysis of securities portfolios; corporate governance research and rating services;
attendance at certain seminars and conferences; discussions with research analysts; meetings with
corporate executives; consultants’ advice on portfolio strategy; data services (including services providing
market data, company financial data and economic data); advice from broker-dealers on order execution;
and certain proxy services. Brokerage services within Section 28(e) may include, but not limited to,
services related to the execution, clearing and settlement of securities transactions and functions
incidental thereto (i.e., connectivity services between an adviser and a broker-dealer and other relevant
parties such as custodians); trading software operated by a broker-dealer to route orders; software that
provides trade analytics and trading strategies; software used to transmit orders; clearance and settlement
in connection with a trade; electronic communication of allocation instructions; routing settlement
instructions; post trade matching of trade information; and services required by the SEC or a self
regulatory organization such as comparison services, electronic confirms or trade affirmations.
The Chief Compliance Officer will periodically review and evaluate Rochdale’s soft dollar practices and
to determine in good faith whether, with respect to any research or other products or services received
from a broker-dealer, the commissions used to obtain those products and services were reasonable in
relation to the value of the brokerage, research or other products or services provided by the brokerdealer.
This determination will be viewed in terms of either the specific transaction or the Adviser’s
overall responsibilities to the accounts or portfolios over which the Adviser exercises investment
discretion.
The use of client commissions (or markups or markdowns) to obtain research and brokerage products and
services raises conflicts of interest. For example, the Adviser will not have to pay for the products and
services itself. This creates an incentive for Rochdale to select or recommend a broker-dealer based on its
interest in receiving those products and services.
Rochdale may cause clients to pay commissions (or markups or markdowns) higher than those charged by
other broker-dealers in return for soft dollar benefits (known as paying-up), resulting in higher transaction
costs for clients.
Research and brokerage services obtained by the use of commissions arising from a client’s portfolio
transactions may be used by Rochdale in its other investment activities, including, for the benefit of other
15

client accounts. Rochdale does not seek to allocate soft dollar benefits to client accounts proportionately
to the soft dollar credits the accounts generate.
Rochdale may participate in “client commission arrangements” pursuant to which Rochdale may execute
transactions through a broker-dealer and request that the broker-dealer allocate a portion of the
commissions or commission credits to another firm that provides research and other products to
Rochdale. Rochdale excludes from use under these arrangements those products and services that are not
eligible under Section 28(e) and applicable regulatory interpretations.
2. Brokerage for Client Referrals
In selecting or recommending broker-dealers, Rochdale may consider whether Rochdale or a related
person receives client referrals from a broker-dealer or third party. Rochdale may have an incentive to
select or recommend a broker-dealer based on its interests to receive client referrals rather than on the
client’s interests to receive most favorable execution. To address this conflict of interest, Rochdale will
execute client trades through broker-dealers that refer clients to Rochdale only if it is determined by the
Chief Compliance Officer that client trades with such broker-dealers are otherwise consistent with
seeking best execution.
3. Directed Brokerage
Under certain circumstances, clients may direct Rochdale to execute the client’s trades with a specified
broker-dealer. When a client directs Rochdale to use a specified broker-dealer to execute all or a portion
of the client’s securities transactions, Rochdale treats the client direction as a decision by the client to
retain, to the extent of the direction, the discretion Rochdale would otherwise have in selecting brokerdealers
to effect transactions and in negotiating commissions for the client’s account. Although Rochdale
attempts to effect such transactions in a manner consistent with its policy of seeking best execution, there
may be occasions where it is unable to do so, in which case Rochdale will continue to comply with the
client’s instructions. Transactions in the same security for accounts that have directed the use of the same
broker will be aggregated. When the directed broker-dealer is unable to execute a trade, Rochdale will
select broker-dealers other than the directed broker-dealer to effect client securities transactions. A client
who directs Rochdale to use a particular broker-dealer to effect transactions should consider whether such
direction may result in certain costs or disadvantages to the client. Such costs may include higher
brokerage commissions (because Rochdale may not be able to aggregate orders to reduce transaction
costs), less favorable execution of transactions, and the potential of exclusion from the client's portfolio of
certain foreign ordinary shares and/or small capitalization or illiquid securities due to the inability of the
particular broker-dealer in question to provide adequate price and execution of all types of securities
transactions. By permitting a client to direct Rochdale to execute the client’s trades through a specified
broker-dealer, Rochdale will make no attempt to negotiate commissions on behalf of the client and, as a
result, in some transactions such clients may pay materially disparate commissions depending on their
commission arrangement with the specified broker-dealer and upon other factors such as number of
shares, round and odd lots and the market for the security. The commissions charged to clients that direct
Rochdale to execute the client’s trades through a specified broker-dealer may in some transactions be
materially different than those of clients who do not direct the execution of their trades. Client’s that
direct Rochdale to execute the client’s trades through a specified broker-dealer may also lose the ability to
negotiate volume commission discounts on batched transactions that may otherwise be available to other
clients of Rochdale.
B. Order Aggregation
Rochdale often purchases or sells the same security for many clients contemporaneously (or near the
same time) and using the same executing broker. It is Rochdale’s practice, where possible, to aggregate
client orders for the purchase or sale of the same security submitted contemporaneously (or near the same
16

time) for execution using the same executing broker. Rochdale will also aggregate in the same
transaction, the same securities for accounts where Rochdale has brokerage discretion. Such aggregation
may enable Rochdale to obtain for clients a more favorable price or a better commission rate based upon
the volume of a particular transaction. However, in cases where the client has negotiated the commission
rate directly with the broker, Rochdale will not be able to obtain more favorable commission rates based
on an aggregated trade. In such cases, the client will be precluded from receiving the benefit of any
possible commission discounts that might otherwise be available as a result of the aggregated trade. In
cases where trading or investment restrictions are placed on a client’s account, Rochdale may be
precluded from aggregating that client’s transaction with others. In such a case, the client may pay a
higher commission rate and/or receive less favorable prices than clients who are able to participate in an
aggregated order. When an aggregated order is completely filled, Rochdale allocates the securities
purchased or proceeds of sale pro rata among the participating accounts, based on the purchase or sale
order. Adjustments or changes may be made under certain circumstances, such as to avoid odd lots or
excessively small allocations. If the order at a particular broker is filled at several different prices,
through multiple trades, generally all such participating accounts will receive the average price and pay
the average commission, subject to odd lots, rounding, and market practice. If an aggregated order is only
partially filled, Rochdale’s procedures provide that the securities or proceeds are to be allocated in a
manner deemed fair and equitable to clients. Depending on the investment strategy pursued and the type
of security, this may result in a pro rata allocation to all participating clients. Rochdale or its related
persons may also participate in an aggregate order.
17

Item 13
Review of Accounts
A. Frequency and Nature of Review
Each client account is reviewed by their portfolio manager or his designee on an ongoing and regular
basis to determine whether securities positions should be maintained in view of current market conditions.
Matters reviewed include specific securities held, adherence to investment guidelines and the
performance of each client account.
B. Factors Prompting an Immediate Review of Accounts.
Significant market events affecting the prices of one or more securities in client accounts, changes in the
investment objectives or guidelines of a particular client, or specific arrangements with particular clients
may trigger reviews of client accounts on an immediate basis.
C. Content and Frequency of Regular Account Report
Each client that is a separate account will receive monthly statements and trade confirmations from the
client’s broker-dealer and will receive quarterly reports from the Adviser. The reports will include a
summary of assets, realized and unrealized capital gains and losses, and anticipated and actual income
generated by the portfolio. Such reports may be delivered electronically to the client in accordance with
the client’s agreement with the Adviser.
18

Item 14
Client Referrals and Other Compensation
A. Economic Benefits Received from Non-Clients for Providing Services to Clients
Rochdale receives certain research or other products or services from broker-dealers through “soft-dollar”
arrangements. These “soft-dollar” arrangements create an incentive for Rochdale to select or recommend
broker-dealers based on Rochdale’s interest in receiving the research or other products or services and
may result in the selection of a broker-dealer on the basis of considerations that are not limited to the
lowest commission rates and may result in higher transaction costs than would otherwise be obtainable by
Rochdale on behalf of its clients. Please see Item 12 for further information on Rochdale’s “soft-dollar”
practices, including Rochdale’s procedures for addressing conflicts of interest that arise from such
practices.
B. Compensation to Non-Supervised Persons for Client Referrals
Rochdale may make cash payments to third-party solicitors for client referrals, provided that, to the extent
required, each such solicitor has entered into a written agreement with the Adviser pursuant to which the
solicitor will provide each prospective client with a copy of Rochdale’s Form ADV Part 2, and a
disclosure document setting forth the terms of the solicitation arrangement, including the nature of the
relationship between the solicitor and Rochdale and any fees to be paid to the solicitor. Where applicable,
cash payments for client solicitations will be structured to comply fully with the requirements of Rule
206(4)-3 under the Investment Advisers Act of 1940, as amended, and related SEC staff interpretations. \
The majority of clients are introduced to Rochdale by third parties including independent financial
planners, investment advisors, consultants, CPAs, attorneys, and representatives of broker-dealers
(“Referring Partners”). Clients referred to Rochdale by a Referring Partner, enter into an investment
advisory contract directly with Rochdale. Referring Partners may provide to client (but are not required
by Rochdale to do so) other services (hereinafter “Additional Services”), such as researching money
management services, assisting clients with financial planning and investment objective-setting,
coordinating communications between the client and the manager, and monitoring performance and
services to insure that clients’ needs are being met. Referring Partners may or may not provide these
services and clients should review with Referring Partners those Additional Services that are being
provided by Referring Partners and the fee assessed for those Additional Services, which may be
deducted by Rochdale for remittance to Referring Partners. Any such Additional Services are provided
solely by Referring Partners and not by, or on behalf of, Rochdale. Referring Partners charge a fee in
addition to Rochdale fees.
19

Item 15
Custody
Custody of all Accounts is maintained by Pershing LLC, a qualified custodian. Pershing LLC has agreed
to provide account statements directly to clients at their address of record on a monthly basis. This
quarterly statement also lists information relating to advisory fees paid to Rochdale, which fees are
generally paid directly from the Account. Client should carefully review these statements and should
compare these statements, including fees and expenses charged to the client’s Account, to the monthly
summary provided to each client by Rochdale.
Rochdale does not maintain physical custody of any client assets. Because Rochdale or related persons of
Rochdale serves as the general partner and/or investment manager for ROGOF and ROGDF, we are
deemed to have custody of such assets pursuant to the Investment Advisers Act of 1940 and certain
reporting obligations to investors apply. These requirements are satisfied by having each such fund
undergo an annual audit by a PCAOB qualified independent audit firm and providing the audited
financial statements to each investor in the fund within 180 days of its fiscal year end. [Transactions in
each such fund are also listed on the quarterly statement sent directly to each investor during such
quarter.]
20

Item 16
Investment Discretion
Pursuant to the terms of the Investment Advisory Agreement, Rochdale is not required to obtain specific
client consent regarding securities to be bought or sold or its amounts thereof. However, Rochdale buys
securities for a client's account in accordance with the client's stated investment objectives. Rochdale
assumes all investment duties with respect to assets held in the investment management account and has
all investment powers including sole investment authority, except that Rochdale is not authorized to
withdraw any money or securities from the account without specific authority from the client. If assets
are to be withdrawn in any name other than that of the account, the client must provide written
instructions and authority.
For client accounts that Rochdale has not been granted discretion, Rochdale's ability to provide the best
possible services may be impaired and as such, client's account may be at a detriment.
Rochdale suggests that most clients direct RIM, in its capacity as a Financial Industry Regulatory
Authority (FINRA) registered broker-dealer, to act as broker for the account. RIM is an affiliate of
Rochdale. In these cases, custody services are provided by Pershing LLC under a fully disclosed clearing
agreement with RIM. If client assets are custodied through RIM, at Pershing LLC, the client does not
have the option of having outside broker dealers effecting securities transactions. Commission rates are
set by RIM. Certain clients elect to custody their assets offshore, in these instances, executions are
primarily done through the offshore bank's broker dealer arm. The commission rates are normally not
negotiable but may be depending upon the size of the account, the client's relationship with the firm's
representative, and other factors.
Commission schedules are available upon request. Generally Rochdale requires that transactions be
executed through RIM because of its belief that this achieves greater operational efficiencies. Clients
may instruct Rochdale to use brokers other than RIM.
Some of Rochdale's clients are referred by independent investment advisors or representatives of nonaffiliated
brokerage firms. In these cases, the client may designate the non-affiliated brokerage firm to
effect transactions directed by Rochdale and to provide custodial and other brokerage services. Rochdale
will follow the client's instructions as contained in the Investment Advisory Agreement. For these clients,
Rochdale does not negotiate commission rates with the designated brokerage firm or any representative of
the firm. If they wish to do so, clients may negotiate these rates independently. The factors involved in
such negotiation may include the size of the account, the brokerage firm's policy with respect to
discounts, the client's relationship with the firm's representative, and other factors. Unless a lower rate is
negotiated, the client should expect that the designated brokerage firm will charge on the basis of its nondiscounted
commission schedule.
In those situations where the client has directed Rochdale to place trades with a non-affiliated
broker/dealer, Rochdale may not be free to seek the best price, volume discounts or best execution by
placing transactions with other broker-dealers. Additionally, as a result of directing Rochdale to place
trades with a particular broker/dealer, a disparity in commission charges and services provided may exist
between the commissions charged to clients who direct Rochdale to use a particular broker/dealer and
those clients who may not direct Rochdale to use a particular broker/dealer as well as a disparity among
the brokers to which different clients have directed trades.
Typically, under a sub-advisory arrangement the investment advisor that has retained Rochdale to act in a
sub-advisory capacity directs the broker/dealer through whom Rochdale must execute trades. If this is the
case, Rochdale does not have the authority to select brokers.
21

RIM executes transactions for the majority of Rochdale's advisory clients. Clients who have not entered
into an investment advisory agreement with Rochdale and who do not pay an investment advisory fee
may incur a higher rate of commissions on transactions according to a separate commission schedule for
non-fee accounts. With respect to OTC transactions effected on behalf of clients, RIM does not act as a
market-maker or principal. These transactions are effected on an agency basis only.
RIM may route its orders to other broker/dealers for execution at its discretion. In those situations where
Rochdale has not been directed by a client to execute trades with a particular broker/dealer, Rochdale is
free to determine the broker/dealer utilized. Factors taken into consideration by RIM in choosing
broker/dealers for execution, and the reasonableness of their commissions, include execution quality,
quality of service, payments which may be received by RIM for directing order flow, clearing
relationships and products or research services provided. RIM presently receives research services for
directing its trades to a particular broker. These research services are usually in the form of written
research reports and market analysis. Research services may be used in servicing all of Rochdale's clients,
not just those clients whose commissions enabled Rochdale to obtain the research. While RIM may pay a
higher commission rate to brokers in exchange for research services, those increased commissions do not
affect the commissions charged by RIM to Rochdale's clients and are absorbed by RIM, except for RIT
Funds. If RIT Funds trade their underlying securities through RIM and RIM provides research services or
routes orders to another broker dealer for research services, the RIT Funds may pay a higher commission,
which is directly assessed to the RIT Fund. Please see Rochdale Investment Trust's prospectus for more
information.
Rochdale may aggregate orders in a given security for a number of clients if it believes doing so may
result in a better execution, however there is no guarantee that this will be achieved. When orders for
different clients are forwarded to Rochdale’s traders within the same general time period during the
trading day, the trader will endeavor to combine those orders. Orders in the same security for different
clients forwarded to Rochdale’s trader that are separated by large periods of time will most likely not be
aggregated. The time an order is forwarded to Rochdale’s trader is dependent on a number of factors
including, but not limited to, portfolio adjustments required by Rochdale’s proprietary software, decisions
by individual portfolio managers, the type of client and the individual needs or circumstances surrounding
a particular clients' account.
When an aggregate order is executed at more than one price, each client receives the weighted average price
at which the completed order was filled. Commissions are not reduced by such grouping of orders. Each
client incurs its regular commission pursuant to the designated broker's commission schedule.
Trades executed for clients with assets custodied at unaffiliated broker/dealers will not, because of
operational limitations, be aggregated, but may be aggregated with other Rochdale clients utilizing the same
custodian.
In deciding the execution priority for client accounts who have directed Rochdale to place trades with RIM or
those clients who have directed Rochdale to place trades with unaffiliated brokers, Rochdale shall seek to
take a fair an equitable approach and rotate the time priority given to these accounts so that no one group of
clients consistently receives executions prior to any other. The rotation sequence shall alternate daily
between trades executed with RIM, and all other unaffiliated brokers so that RIM is never given priority in
any two consecutive days. Additionally, trades will be rotated among outside brokers in a uniform sequence.
This procedure may be altered during extreme market conditions if it is determined that following such
procedures is likely to be detrimental to a large number of clients.
22

Item 17
Voting Client Securities
As a registered investment adviser with the SEC, Rochdale owes its clients a duty of care and a duty of
loyalty at all times. This means that if granted the authority to vote proxies we must always vote in your best
interest. We must maintain copies of all proxy votes we cast on your behalf and will provide this information
upon request.
Upon opening an account with Rochdale, clients are given the option to delegate proxy-voting discretion to
Rochdale by completing the appropriate documents. Rochdale will only exercise proxy-voting discretion over
the client shares in the instances where clients give Rochdale discretionary authority to vote on their behalf.
When voting on behalf of clients, we currently utilize the services of a neutral third party proxy voting
service. This service provides Rochdale with a neutral recommendation on how a client's proxy should be
voted. In most instances, we will cast clients votes in accordance with their recommendation. However, in the
event we feel that the suggestion provided by the proxy voting services is not in not in the clients best interest
we may vote against such recommendation. In the instances we decide not to go with the recommendation
provided, we keep an internal memorandum detailing our reasons for doing so.
Rochdale also has authorization to vote the underlying shares of Rochdale Investment Trust.
Clients may obtain a copy of the Adviser’s proxy voting policies and procedures and information about how
the Adviser voted a client’s proxies by contacting Barbara Hawkesworth (Chief Compliance Officer) by
email at bam@rochdale.com or by telephone at (212) 702-3500.
23

Item 18
Financial Information
This Item is not applicable as Rochdale uses Pershing LLC as its Qualified Custodian.
24

Item 19
Requirements for State-Registered Advisers
This Item is not applicable.
25

Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure
Item 1
Cover Page
Rochdale Investment Mangement LLC
570 Lexington Avenue, Floor 9
New York, NY 10009
Telephone: 212-702-3500
Facsimile: 212-702-3535
Internet: www.rochdale.com
March 31, 2012
This Brochure provides information about certain Comprehensive Investment Advisory Programs (“Wrap
Programs”) available through Rochdale Investment Management, LLC (“Rochdale” or “Adviser”) and
Rochdale’s qualifications and business practices. If you have any questions about the contents of this
Brochure, please contact us by telephone at (212) 702-3500 or by email at bam@rochdale.com. The
information in this Brochure has not been approved or verified by the United States Securities and
Exchange Commission (the “SEC”) or by any state securities authority.
Additional information about Rochdale also is available on the SEC’s website at
www.adviserinfo.sec.gov.
Rochdale is a registered investment adviser with the SEC. Registration of an investment adviser with the
SEC or with any state securities authority does not imply any level of skill or training.
i

Item 2 Material Changes
Material Changes -- Rochdale continues to conduct its business activities and to provide investment
advisory services in substantially the same manner as described in the Firm’s last update, which was
made on March 28, 2012. This Wrap Fee Brochure, however, has been prepared in accordance with
rules newly adopted by the Securities and Exchange Commission. Accordingly, the content and
presentation of our Brochure is materially different from brochures used by Rochdale in prior years.
ii

Item 3 Table of Contents
Item 1 Cover Page……………………………………………………………………….....i
Item 2 Material Changes………………………………………………………………….ii
Item 3 Table of Contents…………………………………………………………………iii
Item 4 Services and Compensation………………………………………………………1
Item 5 Account Requirements and Types of Clients…………………………………….5
Item 6 Portfolio Manager Selection and Evaluation…………………………………….6
Item 7 Client Information Provided to Portfolio Managers…………………………...10
Item 8 Client Contact with Portfolio Managers………………………………………...11
Item 9 Additional Information....………………………………………………………...12
Item 10 Requirements for State Registered Investment Advisers………………………15
iii

Item 4 Services, Fees and Compensation
The Advisor’s Comprehensive Investment Advisory Programs (“Wrap Programs”) are advisory programs that
bundle high net worth investment advisory services with brokerage services for a consolidated fee.
Wrap Fee Services.
Both the Wrap Program offered directly through Rochdale (“Rochdale Wrap Program”) and the Wrap Fee
Program provided through FCA Rochdale (“FCA Rochdale Wrap Program”), offer continuous management of
client accounts (“Account(s)”) on a fully discretionary basis making all security purchase and sale decisions.
Securities transactions are executed through Advisor’s brokerage affiliate, RIM Securities LLC (“RIM”), a
member of the Financial Industry Regulatory Authority (“FINRA”). Clients participating in the Wrap Programs
are required to direct the use of RIM as their broker/dealer. RIM clears all of its transactions on a fully
disclosed basis through Pershing LLC (“Pershing”), but separate commissions are not charged for securities
transactions under the Wrap Fee Programs. Pershing also serves as the custodian for all client Accounts that
participate in the Wrap Fee Programs. Pershing provides account insurance coverage through the Securities
Insurance Protection Corporation (“SIPC”) of up to $500,000 including up to $100,000 in cash. Additionally,
Pershing has obtained excess account protection of up to an overall aggregate level of $1 billion, including up to
$1.9 million in cash through Lloyd's of London
In addition to actively managing client accounts, the Wrap Fee Programs offer assistance to clients in setting
investment objectives, as well as determining appropriate asset allocations. A variety of investment styles may
be employed, with client consultation, with a view to establishing the investment style most appropriate for the
client’s investment objectives. Nevertheless, there can be no guarantee that a client’s objectives will be
achieved. FCA Rochdale Wrap Fee Program makes available to participating Accounts assistance in connection
with specialized areas such as risk profiling, asset allocation, portfolio analysis, and insurance services.
The Wrap Fee Programs also offer the following services and reports:
a) Meetings with Advisor’s Portfolio Managers;
b) Confirmations provided by RIM through Pershing of all purchases and sales in the Account;
c) Monthly statements provided by RIM through Pershing showing activity in the Account, securities held
and month-end valuations;
d) Detailed quarterly reports provided by Advisor/FCA Rochdale showing securities held and Account
performance;
e) A comprehensive year-end tax information statement (1099B, Div, Int.) provided by Pershing; and such
other reports or information that Clients may reasonably request.
Fee Schedules for Wrap Fee Programs.
Advisor’s fee for its services under the Wrap Programs is based upon the market value of the assets in the
Account determined as of the close of business on the last business day of the previous calendar quarter. Fee
arrangements relating to the Rochdale Wrap Fee Program, including the applicable fee schedule, are set forth
below.
Annual Asset Value
*Advisor Fee
Portion of
Wrap
Annual Asset Value
**Transaction Fee
Portion of Wrap
First $750,000 to $1,000,000 1.00% $750,000 to $1,000,000 0.19%
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Next $1,000,000 to
1.00% $1,000,000 to $2,000,000 0.14%
$2,000,000
Next $2,000,000 to
0.80% $2,000,000 to $3,000,000 0.14%
$3,000,000
Next $3,000,000 to
0.80% $3,000,000 to $5,000,000 0.09%
$5,000,000
Next $5,000,000 to
0.60% $5,000,000 to $10,000,000 0.07%
$10,000,000
Next $10,000,000 and above 0.50% $10,000,000 and above 0.05%
*The Investment Management Fee hereof is based on a tiered schedule (cumulative). Therefore, at each level you
will be charged the respective fee listed (e.g. on your first $2 million you will be charged 1.00%, on the next $3
million you will be charged 0.80% etc.).
**The Transaction Fee, although based on assets, is not based on a tiered schedule but fixed with respect to the
aggregate assets in the Account. Therefore, if your account value is under $1 million, you will be charged 0.19%, if
your account value is $1 million to $2 million, you will be charged 0.14% on the entire account and so forth.
Under certain circumstances, the fees shown may be negotiated on a case-by-case basis and may be different
from, but not higher than, the above schedule.
Clients who participate in this program will not be charged commissions on a transaction by transaction basis in
connection with purchases and sales for their Account(s). Securities transactions are effected “net,” i.e., without
transaction based commissions, and a portion of the Wrap Fee is generally considered as being in lieu of
commissions. This program may cost the client more or less than if management fees and commissions were
charged separately. Custody fees payable to Pershing are not separately charged to client Accounts under the
Rochdale Wrap Fee Program. Client are responsible, however, for miscellaneous administrative fees that may
charged by Pershing (e.g. retirement account custodial fees, safekeeping fees, wire transfer fees and any other
administrative fees, a list of which is available upon request). Additionally, clients who are invested in any
pooled investment vehicle or mutual fund will bear the expenses of that fund. Fund expenses vary depending
upon the fund selected. (See, “Types of Investments” below.)
FCA Rochdale Wrap Fee Program.
The FCA Rochdale Wrap Fee Program provides a separate fee option, as set forth below:
Account Asset Value
Annual Fee to Client
$1,000,000 to $2,000,000 2.10%
$2,000,001 to $3,000,000 1.95%
$3,000,001 to $4,000,000 1.90%
$4,000,001 to $5,000,000 1.85%
$5,000,001 to $7,000,000 1.50%
$7,000,001 to $10,000,000 1.25%
$10,000,001 to $15,000,000 1.15%
$15,000,001 to $20,000,000 0.95%
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$20,000,000 and above 0.85%
Under certain circumstances, the fees shown may be negotiated on a case-by-case basis and may be different
from, but not higher than, the above schedule.
Clients who participate in this program will be charged a single asset based fee; commissions on a transaction by
transaction basis in connection with purchases and sales for their Account(s) will not be charged. Securities
transactions are effected “net,” i.e., without transaction based commissions, and a portion of the Wrap Fee is
generally considered as being in lieu of commissions. This program may cost the client more or less than if
management fees and commissions were charged separately. Custody fees payable to Pershing are not
separately charged to client Accounts. Client are responsible, however, for miscellaneous administrative fees
that may charged by Pershing (e.g. retirement account custodial fees, safekeeping fees, wire transfer fees and any
other administrative fees a list of which is available upon request). Additionally, clients who are invested in any
pooled investment vehicle or mutual fund will bear the expenses of that fund. Fund expenses vary depending
upon the fund selected. (See, “Types of Investments” below.)
Types of Investments
In providing services under the Wrap Fee Programs, Rochdale may invest in a variety of asset classes including
large company, mid/small company, international and fixed income. Depending on the objectives of a particular
client, Rochdale may recommend the use of various investment funds managed by Rochdale or its affiliates to
capture potential return from specified assets classes. These funds include the several investment portfolios of
Rochdale Investment Trust, an open-end investment company registered under the Investment Company Act of
1940. As of the date of this update, these portfolios include: Rochdale Large Growth, Rochdale Large Value,
Rochdale Dividend and Income, Rochdale Intermediate Fixed Income, Rochdale Emerging Markets and
Rochdale Fixed Income Opportunities Portfolios (collectively "RIT Funds"). Rochdale also makes available to
its clients, interests in other registered investment vehicles who satisfy the suitability requirements specified in
offering documents relating to such vehicles. As of the date of this Brochure, these include Rochdale Core
Alternative Strategies Master Fund, Rochdale Core Alternative Strategies Fund and Rochdale Core Alternative
Strategies Fund TEI (collectively "RCAS"), Rochdale International Trade Fixed Income Fund ("RITFI"),
Rochdale Structured Claims Fixed Income Fund ("RSCFIF"), Rochdale Alternative Total Return Fund
(“RATRF”) and Rochdale Royalty Rights Fund (“RRRF”). All of these vehicles are managed by Rochdale.
Rochdale also makes available to its clients interests in other investment vehicles that are not registered under
the Investment Company Act, who satisfy the suitability requirements specified in offering documents relating to
such vehicles. As of the date of this Brochure, these include Rochdale Offshore Global Opportunities Fund
(“ROGOF), Rochdale Offshore Global Diversified Fund (“ROGDF”), Rochdale GML Trade Finance Income
Fund, (“RGTFIF”) Rochdale Alternative Total Return Offshore Fund (RATROF) Rochdale Royalty Rights
Offshore Fund (“RRROF”) and Long Point Investors. All of the RIT Funds, together with RCAS, RITFI,
RSCFIF, RATRF, RRRF, ROGOF, ROGDF, RGTFIF, RRROF and RATROF (“Alternative Funds”) are
collectively referred to as the “Funds". Rochdale may organize other investment funds in the future. Rochdale
receives fees for services to such vehicles.
General Information Regarding “Wrap fees” or “all-inclusive fees”
In establishing the Wrap Fee schedules set forth above, Rochdale has taken into consideration a variety of factors
including costs associated with investment management services, direct communication with the Portfolio
Managers, detailed client reporting, custody of client assets through Pershing, as well as trading and clearing
costs for trades executed through RIM. Depending, however, upon the level of the fee charged by Rochdale, the
amount of portfolio activity in the client’s account, the value of custodial and other services which are provided
under the arrangement, and other factors, the cost of participating in the Wrap Fee Program may exceed the
aggregate cost of such services if they were to be separately purchased. Under the Wrap Fee Programs described
3

above, securities transactions will be executed through RIM without commission. This may result in the receipt
by the Advisor of investment advisory fees that are different than those received in connection with other
investment advisory services provided by the Adviser and, in some cases, will be higher than fees paid by clients
who bear their own commission costs. Similarly, fees retained by RIM may also be higher than those received
under traditional commission based arrangements. This is so because RIM will receive a fee as described above
regardless of the number of transactions performed during the quarter. In evaluating any wrap fee arrangement,
a client should recognize that brokerage commissions or the execution terms of transactions in the client’s
accounts are not negotiated by Advisor or FCA Rochdale. Although generally the best price can be offered for
listed transactions, no assurance can be given that such will continue to be the case.
Rochdale acquires clients in a variety of ways. The majority of clients, including clients that participate in the
Wrap Fee Programs, are introduced to Rochdale by affiliated and unaffiliated third parties, including
independent financial planners, investment advisors, consultants, CPAs, attorneys, and representatives of brokerdealers
(sometimes referred to as “Referring Partners”). Referring Partners may or may not provide services
directly to clients and clients may be responsible for fees relating to any such services. Any such services are
provided solely by Referring Partners and not by, or on behalf of, Advisor. Additionally, Referring Partners may
be compensated for introductions to Rochdale. (See, Item 9 in this Wrap Fee Brochure for further information
about the activities of Referring Partners.)
4

Item 5 Account Requirements and Types of Clients
Rochdale’s clients consist primarily of individuals and pooled investment vehicles, such as the RIT Fund
and the Alternative Funds. Other clients include institutional clients, such as pensions and profit sharing
plans, charitable organizations and a limited number of municipalities. Rochdale generally requires a
minimum of $1,000,000 of assets under management for a separately managed relationship, but may
waive this minimum in its sole and absolute discretion. If the account size falls below the minimum
requirement due to market fluctuations only, a client will not be required to invest additional funds with
the Adviser to meet the minimum account size. With respect to investments in the RIT Funds or
Alternative Funds, initial and additional subscription minimums are disclosed in the offering documents
relating to such funds.
The Adviser may request clients to provide proof of authority, directed trading letters, qualified client or
qualified purchaser status, accredited investor certifications, and/or other information to allow the Adviser
to manage client assets.
5

Item 6 Portfolio Manager Selection and Evaluation
All of the portfolio managers responsible for client Accounts that participate in the Wrap Fee Programs
are Rochdale professionals. Portfolio Managers are selected to handle Accounts based on Rochdale’s
assessment of the client’s individual circumstances, taking into consideration such factors as the type of
client, age of the client, time horizon for investments, investment goals, cash flow needs, tax concerns and
sensitivity to risk.
Clients receive regular and continuous communications concerning the activity and status of their
Accounts. Clients receive trade confirmations for every security transaction that occurs as well as a
monthly summary account statement showing all activity in the account during the previous month as
well as the month-end market value, in each case distributed by RIM Securities. In addition to this
brokerage information, Rochdale provides a quarterly evaluation report that details the cost basis and
current market value for each security in the portfolio and each asset class. This quarterly report also
summarize gains, losses, income and expenses, and provides the time-weighted net return of the portfolio.
Clients also have the ability to view their Accounts at Rochdale’s Web site, www.rochdale.com. Various
other reports may also be made available through the Web site from time to time. In appropriate cases,
and as directed by clients, Referring Partners may receive copies of confirms, statements, and quarterly
performance reports and may also be afforded access to portfolio managers assigned to specific client
Accounts.
In-person or telephonic conferences with clients are generally conducted at least annually. Clients are
strongly encouraged to contact their portfolio manager directly; Rochdale also maintains a knowledgeable
client service department with the capacity to answer a wide range of inquiries relating to the clients
Accounts. Clients are also encouraged to notify Rochdale immediately, either through the client service
department or by contact their portfolio manager, if there is any change in their investment objectives or
financial condition.
In general, Rochdale hires professionals internally as portfolio managers on client accounts. Rochdale
generally requires that portfolio managers hold an MBA (or equivalent advanced degree) and/or CFA (in
most cases both) and have substantial industry experience. Portfolio managers are trained in all areas of
a client’s portfolio (stocks, bonds, alternatives). Therefore, a critical part of the Portfolio Manager
selection process is based on individual style and compatibility with the client and, as a result. The
performance of client portfolios is evaluated against appropriate benchmarks and Lipper averages for
their specific securities class (Large Cap, Mid Small Cap, Fixed Income, Dividend & Income).
Additionally, adherence to client established risk parameters are factors in performance expectations. An
annual GIPS verification is conducted with respect to all equity portfolios and used in establishing the
Adviser’s overall performance models.
Securities positions are subject to constant re-evaluation and accounts are reviewed frequently on a not
less than monthly basis. Review of portfolio management assignments and the handling of a client
Account may be triggered by any one of a number of events including, but not limited to: 1) changes in
general economic or investment market conditions; 2) a change in Rochdale’s portfolio strategy or its
outlook regarding the prospects of a particular portfolio holding or the consideration of the purchase of a
new portfolio holding; 3) changes in the client’s investment objectives or financial condition; and/or 4)
the deposit or withdrawal of funds from a client’s Account. Consideration will be given to replacing a
portfolio manager if it is determined that the client is not satisfied with the performance of the Account or
level of service provided by the existing portfolio manager.
6

Other Aspects of Rochdale’s Investment Advisory Business.
Rochdale provides investment management programs other than the Wrap Fee Programs. Portfolio
Managers responsible for Wrap Fee Accounts are also involved in providing investment management
services to Accounts that are outside of the Wrap Fee Program. Advisory programs available through
Rochdale are described below. In managing Accounts in the Wrap Fee Programs and in providing
services in connection with the Advisory programs noted below, Rochdale seeks to intelligently
personalize and customize client portfolios, based upon the individual circumstances and requirements of
the client and taking into consideration such factors as the type of client, age of the client, time horizon
for investments, investment goals, cash flow needs, tax concerns and sensitivity to risk. Each is described
in more detail in the Adviser’s “Firm Brochure.”
Rochdale provides money management services to clients with portfolios of $1 million and above,
primarily on a discretionary basis. Rochdale works with each client to determine their portfolio needs and
limitations and designs an asset allocation and investment objective plan to meet their goals. Thereafter,
Rochdale portfolio managers implement each plan, working directly with the client and their financial
advisor, on a one-on-one basis. A typical client relationship will also have a third party financial advisor
to assist the client through the implementation process and work with Rochdale with on-going portfolio
management of the client’s assets. Rochdale intelligently personalizes and allows for customization of
client portfolios, based upon the individual circumstances and requirements of the client and taking into
consideration such factors as the type of client, age of the client, time horizon for investments, investment
goals, cash flow needs, tax concerns and sensitivity to risk. This includes working with a client’s already
existing portfolio to build out an appropriate Rochdale portfolio (i.e. utilizing existing securities where
appropriate), managing across multiple accounts (IRAs, trust, personal, joint, etc.), allowing clients to
place restrictions on securities (industry, sector, etc.), or types of securities (options, derivatives, etc.) or
investment strategies (Large Cap, international, alternative, etc.), and managing a client’s portfolio to
meet a client’s specific distribution needs and tax goals. To the extent the client elects to invest in pooled
vehicles to implement an asset allocation program, such restrictions may not be appropriate. Except for
the portion of each client’s account that is invested in pooled vehicles, the account is managed separate
from other clients of Rochdale (i.e., not commingled, securities are purchased in their personal accounts).
• Money Management Program. Intelligently personalized and customized portfolio
implementation and management for clients that meet Rochdale’s minimum net worth
requirements ($1M portfolio value and above across all accounts managed).
• FCA Rochdale Customized Advisory Services. Through its division, FCA Rochdale, Rochdale
provides customized investment management services and coordinated oversight of HNW client's
estate, business and benefits planning. As with the Money Management Program, clients who
participate in this program generally have portfolios above $1M.
• Galaxy TM Asset Allocation Program (“GAAP”). Clients electing to participate in this program
will have their accounts managed by way of Rochdale's proprietary Galaxy TM Asset Allocation
Program ("GAAP"). These are clients that generally do not meet the dollar threshold of the
programs above (with some exceptions). GAAP enables risk profiling, target asset class
allocation, standard mutual fund implementation of target asset class allocation, customization of
mutual fund implementation, proposal generation, portfolio implementation based on
implementation model, and portfolio management through periodic and/or event driven
rebalancing. Some of the Funds are managed by Rochdale, which receives investment advisory
7

fees for such services. Rochdale may utilize GAAP directly with its mid net worth clients for
which it has entered into an investment advisory relationship directly through Rochdale, an
affiliated adviser, or through access provided by another broker dealer or registered investment
adviser that has entered into an agreement with Rochdale to offer GAAP on their platform.
Rochdale charges a flat platform fee of between 25 and 35 basis points, depending on the account
value, for use of this service.
• Sub-advisory Services. Rochdale also provides investment advisory services to the RIT Funds
and the Alternative Funds. A small percentage of Rochdale’s assets under management are
represented by sub-advisory relationships. Where Rochdale acts as a sub-advisor, Rochdale is
retained by an investment advisor who, in turn, has entered into a contract directly with the client.
Under a sub-advisory arrangement, Rochdale may have limited contact with clients and will
manage accounts according to the instructions of the investment adviser who has retained
Rochdale to act in a sub-advisory capacity.
None of the investment advisory programs offered by Rochdale involve receipt of performance fees or
other incentive compensation. Rochdale does provide investment advisory services to certain pooled
investment vehicles and, in connection with such services, may receive performance compensation if
certain minimum performance benchmarks are met. These arrangements do not, however result in the
receipt by any Rochdale employee of performance or incentive compensation and, accordingly, Rochdale
does not believe that these arrangements give rise to any conflict of interest or offer any incentive for any
of the firm’s investment personnel, including the portfolio manager responsible for managing client
Accounts in the Wrap Fee Program to favor any vehicle over any other Account.
Methods of Analysis, Investment Strategies and Risk of Loss
The Adviser utilizes a variety of methods and strategies to make investment decisions and
recommendations in connection with client Accounts in the Wrap Fee Program, as well as in connection
with other investment advisory programs. These methods entail an evaluation of investment
opportunities using fundamental, technical, quantitative and qualitative analyses to determine the intrinsic
value of securities and other types of instruments. These methods, strategies and investments involve risk
of loss to clients and clients must be prepared to bear the loss of their entire contribution/investment. The
Adviser employs the following investment strategies:
Dynamic Equity Risk Management. The Adviser engages in a Dynamic Equity Risk Management
investment strategy wherein the Adviser is allowed to manage excessive and extreme risk as it relates to
individual client risk profiles. The Adviser manages portfolio risks proactively to avoid historical Buy &
Hold traps. As well as relating client specific Investment Policy Statement goals to Rochdale’s portfolio
strategy, recession monitor and fundamental outlook.
Equity. The Adviser’s equity strategy focuses on a broad range of equity investment styles, including
growth, core, and value, as well as portfolios designed to be “style-neutral”. Some client accounts focus
on specific ranges on the capitalization scale, from micro-cap, through small-cap, mid-cap and large-cap,
to mega-cap. Other client accounts will focus on investment opportunities in more than one capitalization
category or across all capitalization levels.
Fundamental Value. The Adviser engages in a fundamental value investment strategy wherein the
Adviser attempts to invest in asset-oriented securities the Adviser believes are undervalued by the market.
Growth. The Adviser engages in a growth investment strategy wherein the Adviser attempts to select
8

securities of a company whose earnings the Adviser expects to grow at an above-average rate compared
to the company’s specific industry or the overall market.
Hedging. The Adviser utilizes a variety of financial instruments such as derivatives and options for risk
management purposes.
Relative Value. The Adviser pursues relative value strategies by taking long positions in securities
believed to be undervalued.
High Dividend and Income. The Adviser pursues high dividend and income strategies by taking long
positions in company with high dividend growth potential.
Galaxy TM . The Adviser using a proprietary modeling system to design asset allocation models specific to
a client’s risk return requirements. Please refer to the description of Galaxy. TM above.
Voting Client Securities
As a registered investment adviser with the SEC, Rochdale owes its clients a duty of care and a duty of
loyalty at all times. This means that if granted the authority to vote proxies, Rochdale must always vote in its
clients’ best interest. Rochdale must maintain copies of all proxy votes cast on client’s behalf and will
provide this information upon request. Upon opening an account with Rochdale, clients are given the option
to delegate proxy-voting discretion to Rochdale by completing the appropriate documents. Rochdale will
only exercise proxy-voting discretion over the client shares in the instances where clients give Rochdale
discretionary authority to vote on their behalf. When voting on behalf of clients, Rochdale currently utilizes
the services of a neutral third party proxy voting service. This service provides Rochdale with a neutral
recommendation on how a client's proxy should be voted. In most instances, Rochdale will cast client’s votes
in accordance with their recommendation. However, in the event Rochdale feels that the suggestion provided
by the proxy voting service is not in the clients’ best interest, Rochdale may vote against such
recommendation. In the instance Rochdale decides not to go with the recommendation provided, Rochdale
shall keep an internal memorandum detailing its reasons for doing so. Rochdale also has authorization to
vote the underlying shares of Rochdale Investment Trust. Clients may obtain a copy of the Adviser’s proxy
voting policies and procedures and information about how the Adviser voted a client’s proxies by contacting
Barbara Hawkesworth (Chief Compliance Officer) by email at bam@rochdale.com or by telephone at (212)
702-3500.
9

Item 7 Client Information Provided to Portfolio Managers
Each client fills out a comprehensive questionnaire and provides proof of financial means. Information
regarding each client’s risk tolerance and financial well being is documented and followed closely. As
well each client is contacted on a regular basis to determine how to proceed in the future. As indicated
above, In-person or telephonic conferences with clients are generally conducted at least annually. Clients
are strongly encouraged to contact their portfolio manager directly; Rochdale also maintains a
knowledgeable client service department with the capacity to answer a wide range of inquiries relating to
the client’s Accounts. Clients are also encouraged to notify Rochdale immediately, either through the
client service department or by contacting their portfolio manager, if there is any change in their
investment objectives or financial condition.
10

Item 8 Client Contact with Portfolio Managers
Clients are strongly encouraged to contact their portfolio managers directly and portfolio managers are
available during business hours: Rochdale imposes no additional restriction or limitation on a client’s
access to their portfolio mangers. Rochdale also maintains a knowledgeable client service department
with the capacity to answer a wide range of inquiries relating to the client’s Accounts, current investments
or Rochdale’s overall investment philosophy. Clients are also encouraged to notify Rochdale
immediately, either through the client service department or by contacting their portfolio manager, if there
is any change in their investment objectives or financial condition.
11

Item 9 Additional Information
Disciplinary Information -- Neither Rochdale nor any of its employees have been involved in any legal
or disciplinary events in the past 10 years that would be material to a client’s evaluation of the company
or its personnel.
Other Financial Industry Activities and Affiliations -- Certain officers and/or directors associated with
Rochdale serve as officers, directors, analysts and/or portfolio managers of one or more the following
entities: Rochdale Investment Management, an SEC registered investment advisor, Symphonic Financial
Advisors LLC, an SEC registered investment adviser, Symphonic Securities LLC, a FINRA registered
broker/dealer, Symphonic Insurance LLC, a state registered insurance agency and/or RIM Securities
LLC, a FINRA registered broker/dealer. Rochdale’s relationship as an investment advisor to the several
Alternative Funds and to RIT Funds are material to Rochdale’s advisory business. As described above,
clients may invest in RIT Funds and/or Alternative Funds. Rochdale and/or its officers, employees and
directors may also be investors in these vehicles. Although there is some potential for conflict of interest,
Rochdale believes these are not material in light of the requirements of the Code of Ethics adopted by
Rochdale and in light of the fact that, to the extent that Rochdale or any employee, director or officer is an
investor in RIT Funds or Alternative fund, each shares in any gains or losses proportionally with all other
investors.
Code of Ethics, Participation or Interest in Client Transaction and Personal Trading -- Rochdale has
adopted a Code of Ethics (the "Code") expressing the firm's commitment to ethical conduct. Rochdale's
Code of Ethics describes the firm's fiduciary duties and responsibilities to clients (which includes
Rochdale Investment Trust, Rochdale Core Alternative Strategies Fund, Rochdale International Trade
Fixed Income Fund, Rochdale Structured Claims Fixed Income Fund, RIM Securities LLC, Symphonic
Financial Advisors LLC, Symphonic Securities LLC and Symphonic Insurance LLC), and sets forth the
practice of supervising personal securities transactions of employees. Individuals associated with
Rochdale may buy or sell securities for their personal accounts identical to or different than those
recommended to clients. It is the expressed policy of Rochdale that no person employed by Rochdale
shall prefer his or her own interest to that of an advisory client or make personal investment decisions
based on the investment decisions of advisory clients.
To supervise compliance with the Code, Rochdale requires that employees with access to advisory
recommendations, or other inside information provide quarterly securities holdings reports and quarterly
transactions reports to the Compliance Department. Rochdale also requires all such employees receive
prior approval from the Compliance Department prior to effecting transactions meeting certain criteria.
All individuals employed by or affiliated with Rochdale must sign, no less than annually, an attestation
confirming their receipt and comprehension of the Code.
Rochdale requires that all individuals must act in accordance with all applicable federal and state
regulations governing registered investment advisory, broker dealer or other professional designation
practices. Rochdale's Code further includes the firm's policy prohibiting the use of material non-public
information. Any individual not in observance of the Code may be subject to discipline. Rochdale will
provide a complete copy of its Code of Ethics to any client upon request.
Client Transactions in Securities where Adviser has a Material Financial Interest -- Rochdale has
discretionary authority over its clients' investment accounts and initiates the transactions in such accounts.
12

RIM receives commissions for executing transactions for most of Rochdale’s clients. These commissions
are assessed at rates which are believed to be competitive with those charged by the major national
discount brokerage firms. Rochdale follows specific procedures to assure that its fiduciary
responsibilities are carried out with the highest degree of care and professionalism.
Rochdale and RIM may, from time to time, facilitate the purchase and sale of a security between two or
more clients without either Rochdale or RIM being the seller or the buyer. This is known as an "internal
cross" transaction and is only performed under client authorization. Prior to engaging in an internal cross
transaction, Rochdale and RIM will ensure that the transaction is in the best interest of all client parties
involved by ensuring the price is fair, and properly disclosing all known potential conflicts. Neither
Rochdale nor its affiliates will receive compensation for effecting internal cross transactions.
Rochdale and RIM may, from time to time, enter into transactions where client securities are purchased
from or sold to brokerage customers of RIM in what is known as an "agency cross" transaction.
Rochdale or RIM will engage in these cross transactions when it is determined that doing so may provide
a better execution opportunity though such a result is not guaranteed. If an agency cross transaction
occurs, RIM may receive commissions from both sides of the transaction. Due to the method of trade
execution for an agency cross transaction, there is a potential conflicting division of loyalties and
responsibilities. In no event will Rochdale or RIM act as a principal in such transactions.
Investing in Securities Recommended to Clients -- Rochdale and/or related persons may purchase, sell
or hold positions in certain investments that are recommended to, or implemented for, any of its clients.
If Rochdale holds securities for itself that it also recommends to or implements for clients, the following
restrictions and disclosure procedures are maintained for the protection of clients:
• Rochdale will recommend to or implement for its clients the purchase or sale of the same
securities held, purchased or sold by Rochdale or any associated person only if such transaction
is consistent with the objectives of the client.
• The clients' interest will be placed before Rochdale in such purchases and sales to assure
that, on any given day, (a) the timing of the transaction will not put the client at a disadvantage,
and (b) the price obtained for the client will be the same or more advantageous than that
obtained for Rochdale or any associated person.
• Employees deemed to have knowledge of client trading activities will be regarded as
“Trust Access” persons and will be required to gain approval for all securities transactions.
Review of Accounts -- Each client account is reviewed by their portfolio manager or his designee on an
ongoing and regular basis to determine whether securities positions should be maintained in view of
current market conditions. Matters reviewed include specific securities held, adherence to investment
guidelines and the performance of each client account. Factors prompting an immediate review of
Accounts include significant market events affecting the prices of one or more securities in clients
accounts, changes in the investment objectives or guidelines of a particular client, or specific
arrangements with particular clients may trigger reviews of a client’s Accounts on an immediate basis.
Clients receive regular and continuous communications concerning the activity and status of their
Accounts. Clients receive trade confirmations for every security transaction that occurs, as well as a
monthly summary account statement, showing all activity in the account during the previous month as
13

well as the month-end market value, in each case distributed by RIM. In addition to this brokerage
information, Rochdale provides a quarterly evaluation report that details the cost basis and current market
value for each security in the portfolio and each asset class. This quarterly report also summarize gains,
losses, income and expenses, and provides the time-weighted net return of the portfolio. Clients also have
the ability to view their Accounts at Rochdale’s Web site, www.rochdale.com. Various other reports may
also be made available through the Web site from time to time. In appropriate cases, and as directed by
clients, Referring Partners may receive copies of confirms, statements, and quarterly performance reports
and may also be afforded access to portfolio managers assigned to specific client Accounts.
Client Referrals and Other Compensation -- Rochdale may make cash payments to third-party
solicitors for client referrals, provided that, to the extent required, each such solicitor has entered into a
written agreement with the Adviser pursuant to which the solicitor will provide each prospective client
with a copy of Rochdale’s Form ADV Part 2, and a disclosure document setting forth the terms of the
solicitation arrangement, including the nature of the relationship between the solicitor and Rochdale and
any fees to be paid to the solicitor. Where applicable, cash payments for client solicitations will be
structured to comply fully with the requirements of Rule 206(4)-3 under the Investment Advisers Act of
1940, as amended, and related SEC staff interpretations.
The majority of clients are introduced to Rochdale by affiliated and unaffiliated third parties including
independent financial planners, investment advisors, consultants, CPAs, attorneys, and representatives of
broker-dealers (previously referred to in this Wrap Fee Brochure as “Referring Partners”). Clients
referred to Rochdale by a Referring Partner, enter into an investment advisory contract directly with
Rochdale. Referring Partners may provide to client (but are not required by Rochdale to do so) other
services such as researching money management services, assisting clients with financial planning and
investment objective-setting, coordinating communications between the client and the manager, and
monitoring performance and other such services to insure that clients’ needs are being met. Referring
Partners may or may not provide these services and clients should review with Referring Partners those
Additional Services that are being provided by Referring Partners and the fee assessed for those
Additional Services, which may be deducted by Rochdale for remittance to Referring Partners. Any such
services are provided solely by Referring Partners and not by, or on behalf of, Rochdale. Referring
Partners charge a fee in addition to Rochdale fees.
Financial Information – Not Applicable.
14

Item 10 Requirements for State-Registered Advisers
Not applicable
15

Item 1 Cover Page
Part 2B of Form ADV: Brochure Supplement
Carl Acebes
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Carl Acebes that supplements Rochdale Investment
Management LLC’s (“Rochdale”) brochure. You should have received a copy of that brochure. Please
contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not receive Rochdale’s
disclosure brochure or if you have any questions about the contents of this supplement.
Additional information about Carl Acebes is available on the SEC’s website at www.adviserinfo.sec.gov

Carl Acebes (Year of birth – 1946)
Item 2 Educational Background and Business Experience
Mr. Acebes studied engineering at Cornell University and economics at Columbia University.
Mr. Acebes is the Chairman and Co-Chief Investment Officer of Rochdale and its affiliated entities, RIM Securities,
Symphonic Financial Advisors LLC and Symphonic Securities LLC. Mr. Acebes also serves as Chairman and as
Portfolio Manager to the majority of the funds of Rochdale Investment Trust.
On or about July 1986, Mr. Acebes became a member of the Board of Directors of Rochdale Investment
Management Inc. and the Director of Research for Rochdale. He was also the President and Chief Executive Officer,
Chief Financial Officer and Director of Rochdale Securities Corporation. Mr. Acebes also serves as Chairman of the
Board of Rochdale Corporation, Rochdale Alternative Strategies Fund, Rochdale International Trade Fixed Income
Fund, Rochdale Structured Claims Fixed Income Fund and Rochdale Alternative Total Return Fund.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Acebes.
Item 4 Other Business Activities
Mr. Acebes is a controlling owner of a holding company Rochdale Corporation that is a part owner of an
institutional trading firm where the holding company receives earnings as well as a consultant fee.
Mr. Acebes is also an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of
Rochdale and affiliates, thus Mr. Acebes receives a portion of ADA’s earnings.
Item 5 Additional Compensation
As an owner, Mr. Acebes also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale Investment Trust’s Board of Directors, Chief Executive Officer Garrett D’ Alessandro and Chief
Compliance Officer, Barbara Hawkesworth, Esq. supervise and monitor the activities of Mr. Acebes as it relates to
the Firm and its clients. Such is done through various channels including the review of documents related to his
clients and monitoring of accounts through automated reports generated directly to the Compliance Department.
The Firm’s Chief Compliance Officer, Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Garrett R. D’Alessandro, CFA, CAIA, AIF®
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Garrett R. D’Alessandro that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Garrett R. D’Alessandro is available on the SEC’s website at
www.adviserinfo.sec.gov

Garrett R. D’Alessandro, CFA, CAIA, AIF® (Year of birth – 1957)
Item 2 Educational Background and Business Experience
Mr. D'Alessandro received his Bachelor of Science degree from Montclair State University and his Master’s of
Business Administration in finance from New York University’s Stern School of Business.
Mr. D’Alessandro is the President, Chief Executive Officer (“CEO”) and Co-Chief Investment Officer of Rochdale.
He is also the CEO and President of Rochdale’s affiliated entities, Rim Securities LLC, Symphonic Financial
Advisors LLC and Symphonic Securities LLC. Mr. D'Alessandro also serves on the Board of Directors of these
organizations.
Mr. D'Alessandro also serves as the President of Rochdale Core Alternative Strategies Fund, Rochdale International
Trade Fixed Income Fund, Rochdale Structured Claims Fixed Income Fund and Rochdale Alternative Total Return
Fund.
Mr. D'Alessandro joined these organizations in 1986. Since 1998 he also serves as President of Rochdale Investment
Trust (the “Trust”), and as Portfolio Manager to all funds of the Trust.
Prior to joining Rochdale Mr. D'Alessandro was a Vice President and Controller of Yipkon Corporation, a New
Jersey based computer company and an audit manager and Certified Public Accountant with Peat Marwick Mitchell
& Co., a public accounting firm.
Mr. D'Alessandro holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the
CFA Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional
experience involving investment decision making or 4 years of full-time qualified non-investment related work
experience. It is a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All
three levels are then achieved through a course exam. There are no continuing education requirements.
Mr. D’Alessandro holds the Chartered Alternative Investment Analyst (“CAIA”) designation. This designation is
issued by the CAIA Association. The prerequisites or experience required is over one year of professional
experience and a U.S. bachelor’s degree (or equivalent) or four years of professional experience. CAIA candidates
must pass both Level I and Level II of the CAIA exam to qualify for the designation. Qualifying candidates must
complete the online Member Agreement, provide two professional references, and submit annual membership dues.
Mr. D’Alessandro holds the Accredited Investment Fiduciary® (“AIF®”) designation. AIF® designees have
successfully completed a specialized program on investment fiduciary standards of care. After the training program
they must successfully pass an examination, conform to a code of ethics and complete 6 hours of continuing
education requirements on a yearly basis.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. D’Alessandro.
Item 4 Other Business Activities
Mr. D’Alessandro is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of
Rochdale and affiliates, thus Mr. D’Alessandro receives a portion of ADA’s earnings.

Item 5 Additional Compensation
As an owner, Mr. D’Alessandro also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale Investment Trust’s Board of Directors, including Chairman Carl Acebes, and Chief Compliance Officer
Barbara Hawkesworth, Esq. supervise and monitor the activities of Mr. D’Alessandro relative to the Firm and its
clients. Such is done through various channels including the review of documents related to his clients and
monitoring of accounts through automated reports generated directly to the Compliance Department. The Firm’s
Chief Compliance Officer, Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
John T. Buckley, CFA
Rochdale Investment Management
455 Market Street, Suite 970
San Francisco, CA 94105
(415) 477-2544
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about John T. Buckley that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about John T. Buckley is available on the SEC’s website at
www.adviserinfo.sec.gov

John T. Buckley, CFA (Year of birth – 1961)
Item 2 Educational Background and Business Experience
Mr. Buckley received his Bachelor of Science degree from the University of California at Davis and his Master’s of
Business Administration from the University of California at Berkeley.
Mr. Buckley joined Rochdale in 1994 as Regional Marketing Director for the western region of the country, and was
subsequently promoted to Vice President in 1995 and Senior Vice President in January 2000. In his current role as
Executive Vice President and Western Regional Director, Mr. Buckley is responsible for all business development
activities for Rochdale in the western half of the United States.
For the five years prior to joining Rochdale, Mr. Buckley was Vice President and Senior Vice President for
Liquidity Fund Investment Corp., an investment manager specializing in real estate securities and a pioneer in the
secondary market for partnership units. Mr. Buckley is also a member of The Security Analysts of San Francisco.
Mr. Buckley holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Buckley.
Item 4 Other Business Activities
Mr. Buckley is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale
and affiliates, thus Mr. Buckley receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Mr. Buckley may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Mr. Buckley may also receive compensation from fees
collected from Rochdale products.
As an owner, Mr. Buckley also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Buckley as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
David M. Coiro
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about David M. Coiro that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about David M. Coiro is available on the SEC’s website at
www.adviserinfo.sec.gov

David M. Coiro (Year of birth – 1946)
Item 2 Educational Background and Business Experience
Mr. Coiro received his Bachelor of Science degree from Boston College and studied developmental economics at
Georgetown University's graduate school.
In July 1986, Mr. Coiro became Vice President and Senior Portfolio Manager at Rochdale. Mr. Coiro joined
Rochdale in 1983. He has thirty-six years of diversified investment management experience.
Mr. Coiro began his career in 1973 in Washington, D.C., with the New York Stock Exchange member firm Folger,
Nolan Fleming, Douglas, where he gained valuable experience trading municipal bonds and working with
substantial institutional investors. In 1979, he joined R.W. Corby & Co., a prominent Washington investment
banking and institutional municipal bond firm, where he expanded his interests and experience in private and limited
partnership investments. He led and participated in the organization and financing of several private investments.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Coiro.
Item 4 Other Business Activities
Mr. Coiro is a part owner of a holding company Rochdale Corporation that is a part owner of an institutional trading
firm where the holding company receives earnings as well as a consultant fee.
Item 5 Additional Compensation
In addition to salary, Mr. Coiro may receive additional compensation from the firm based on the assets he brings to
the firm and the fees collected by the firm on those assets. Mr. Coiro may also receive compensation from fees
collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Coiro as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Neal Rubin
Rochdale Offshore Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Neal Rubin that supplements Rochdale Investment
Management LLC’s (“Rochdale”) brochure. You should have received a copy of that brochure. Please
contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not receive Rochdale’s
disclosure brochure or if you have any questions about the contents of this supplement.
Additional information about Neal Rubin is available on the SEC’s website at www.adviserinfo.sec.gov

Neal Rubin (Year of birth – 1956)
Item 2 Educational Background and Business Experience
Mr. Rubin received his Bachelor of Arts degree in Economics from Brandeis University and his Master’s of
Business Administration from Harvard Business School.
Mr. Rubin is a Managing Director of Rochdale Offshore Investment Management ("ROIM"), a division of
Rochdale. Mr. Rubin joined Rochdale in 2004.
Prior to joining Rochdale, Mr. Rubin was employed by Credit Suisse Private Advisors as Director National Sales
Manager North America.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Rubin.
Item 4 Other Business Activities
Mr. Rubin is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale and
affiliates, thus Mr. Rubin receives a portion of ADA’s earnings.
Item 5 Additional Compensation
Mr. Rubin may receive compensation based on the total assets he manages or generates and the management fees
generated by those accounts. In addition, Mr. Rubin may also receive compensation from fees collected from
Rochdale products.
As an owner, Mr. Ruben also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Rubin as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Jeffrey L. Gage, AIF®
FCA Rochdale
10220 River Road, Suite 105
Potomac, MD 20854
(301) 983-8898
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Jeffrey L. Gage that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Jeffrey L. Gage is available on the SEC’s website at
www.adviserinfo.sec.gov

Jeffrey L. Gage, AIF® (Year of birth – 1960)
Item 2 Educational Background and Business Experience
Mr. Gage received his Artium Baccalaureus degree in engineering from Lafayette College.
Mr. Gage is the President of FCA Rochdale and a Senior Vice President of Rochdale. He brings to Rochdale over 25
years of expertise managing sophisticated clients using a comprehensive HNW service.
Mr. Gage began his career with Peat Marwick Mitchell & Company and Cigna Financial Services before founding
his own firm, FCA, in 1992. Mr. Gage has been president and owner of FCA since its founding. He is also a
designated FINRA expert witness.
Mr. Gage holds the Accredited Investment Fiduciary® (“AIF®”) designation. AIF® designees have successfully
completed a specialized program on investment fiduciary standards of care. After the training program they must
successfully pass an examination, conform to a code of ethics and complete 6 hours of continuing education
requirements on a yearly basis.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Gage.
Item 4 Other Business Activities
Mr. Gage is also the sole owner of FCA Associates LLC where he provides insurance and financial planning
services to which he collects fees.
Mr. Gage is also an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale
and affiliates, thus Mr. Gage receives a portion of ADA’s earnings.
Item 5 Additional Compensation
Mr. Gage may receive compensation based on the total assets he manages or generates and the management fees
generated by those accounts.
As an owner, Mr. Gage also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Gage as it relates to the Firm and its clients. Such is done through
various channels including compliance meetings and reviews of documents related to his clients and monitoring of
accounts through automated reports generated directly to the Compliance Department. The Firm’s Chief
Compliance Officer, Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Ted Cox, CFA
Rochdale Investment Management
7275 Glen forest Drive, Suite 205
Richmond, VA 23226
(804) 282-3022
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Ted Cox that supplements Rochdale Investment
Management LLC’s (“Rochdale”) brochure. You should have received a copy of that brochure. Please
contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not receive Rochdale’s
disclosure brochure or if you have any questions about the contents of this supplement.
Additional information about Ted Cox is available on the SEC’s website at www.adviserinfo.sec.gov

Ted Cox, CFA (Year of birth – 1966)
Item 2 Educational Background and Business Experience
Mr. Cox received his Bachelor of Arts degree from Cornell University and his Master’s of Business Administration
from Columbia University.
Mr. Cox, currently a Senior Vice President – Investment Consulting, joined Rochdale in 2001 and has 20 years of
diversified financial industry experience. Located in Richmond, VA, he is responsible for business development
throughout the Southeast.
Prior to Rochdale, Mr. Cox spent twelve years at Marsh & McLennan as a managing account executive in the
reinsurance division. In this role, Mr. Cox was an advisor to senior executives of client insurance companies on
financial management strategies.
Mr. Cox holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Cox.
Item 4 Other Business Activities
Mr. Cox is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale and
affiliates, thus Mr. Cox receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Mr. Cox may receive additional compensation from the firm based on the assets he brings to
the firm and the fees collected by the firm on those assets. Mr. Cox may also receive compensation from fees
collected from Rochdale products.
As an owner, Mr. Cox also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Cox as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
John T. Fulgham, AIF®
Rochdale Investment Management
605 Crescent Executive Drive, Suite 320
Lake Mary, FL 32746
(407) 333-1677
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about John T. Fulgham that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about John T. Fulgham is available on the SEC’s website at
www.adviserinfo.sec.gov

John T. Fulgham, AIF® (Year of birth – 1956)
Item 2 Educational Background and Business Experience
Mr. Fulgham received both a Bachelor of Science and a Master’s of Business Administration from California Coast
University.
Mr. Fulgham joined Rochdale in 2004 and has seventeen years of experience in financial planning and personal
asset management. He currently serves as the Regional Vice President, Florida/Midwest Regions.
Mr. Fulgham’s previous positions include Financial Consultant with Merrill Lynch and senior level positions in the
Private Banking and Wealth Management Groups of First Union National Bank, SunTrust Bank, and Bank of
America. Prior to embarking on a career in wealth management, Mr. Fulgham was a professional athlete with the
St. Louis Cardinals baseball team.
Mr. Fulgham holds the Accredited Investment Fiduciary® (“AIF®”) designation. AIF® designees have successfully
completed a specialized program on investment fiduciary standards of care. After the training program they must
successfully pass an examination, conform to a code of ethics and complete 6 hours of continuing education
requirements on a yearly basis.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Fulgham.
Item 4 Other Business Activities
Mr. Fulgham is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale
and affiliates, thus Mr. Fulgham receives a portion of ADA’s earnings.
Item 5 Additional Compensation
Additionally, Mr. Fulgham receives compensation from the assets brought to the firm by sales persons that work
directly under his supervision. Mr. Fulgham may also receive compensation from fees collected from Rochdale
products. Mr. Fulgham may also receive compensation based on the sales efforts of the sales employees he manages.
As an owner, Mr. Fulgham also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Fulgham as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Kashif S. Ahmad, CFA
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Kashif S. Ahmad that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Kashif S. Ahmad is available on the SEC’s website at
www.adviserinfo.sec.gov

Kashif S. Ahmad, CFA (Year of birth – 1972)
Item 2 Educational Background and Business Experience
Mr. Ahmad received a Bachelor of Science in finance from the Wharton School of the University of Pennsylvania
and his Master’s of Business Administration with concentrations in finance and strategy from the Yale School of
Management.
Mr. Ahmad joined Rochdale in 1999. He currently serves as Vice President – Investment Consulting.
Previously, Mr. Ahmad worked at PricewaterhouseCoopers in its Corporate Finance Group, where he was
responsible for company valuations and due diligence regarding acquisitions by private equity investment firms.
Prior to that, while at M. Sagheer & Co., Mr. Ahmad was involved in investment analyses and recommended
investment strategies to high net worth individuals.
Mr. Ahmad holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Ahmad.
Item 4 Other Business Activities
Mr. Ahmad is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale and
affiliates, thus Mr. Ahmad receives a portion of ADA’s earnings.
Item 5 Additional Compensation
Mr. Ahmad receives compensation on the total assets he manages on the account level and for management fees
generated by those accounts. Mr. Ahmad may also receive compensation from fees collected from Rochdale
products.
As an owner, Mr. Ahmad also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s, Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Ahmad as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Harry Martin, AIF®
Rochdale Investment Management
100 Crescent Court, Suite 700
Dallas, TX 75201
(212)702-3523
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Harry Martin that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Harry Martin is available on the SEC’s website at www.adviserinfo.sec.gov

Harry Martin, AIF® (Year of birth – 1949)
Item 2 Educational Background and Business Experience
Mr. Martin earned his Bachelor of Science with Highest Honors from the U.S. Merchant Marine Academy and his
Master’s of Business Administration from Harvard Business School.
Mr. Martin joined Rochdale in January of 2008. Based in Dallas, Texas, Mr. Martin fosters relationships with
financial advisors, CPAs, attorneys, and their clients. He is responsible for business development throughout the
Mid-America Southern region.
Prior to joining Rochdale, Mr. Martin held several senior level positions at Brown Brothers Harriman. In his final
role as a Managing Director, Mr. Martin led a team that provided portfolio management, client relations, and
marketing to clients including high net worth individuals, endowments, and foundations. Early in his wealth
management career, Mr. Martin was also a U.S. Naval Reserve Officer and ultimately obtained the rank of
Commander, USNR. He served as the Director and Treasurer of the U.S. Merchant Marine Academy Foundation
and was meritoriously awarded for his outstanding service.
Mr. Martin is also a member of the Foundation Board of the Dallas Symphony Orchestra.
Mr. Martin holds the Accredited Investment Fiduciary® (“AIF®”) designation. AIF® designees have successfully
completed a specialized program on investment fiduciary standards of care. After the training program they must
successfully pass an examination, conform to a code of ethics and complete 6 hours of continuing education
requirements on a yearly basis.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Martin.
Item 4 Other Business Activities
Mr. Martin is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
Mr. Martin receives compensation on the total assets he manages on the account level and for management fees
generated by those accounts. Mr. Martin may also receive compensation from fees collected from Rochdale
products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Martin as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Derek A. Roy, AIF®
Rochdale Investment Management
605 Crescent Executive Drive, Suite 320
Lake Mary, FL 32746
(407) 333-1677
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Derek A. Roy that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Derek A. Roy is available on the SEC’s website at www.adviserinfo.sec.gov

Derek A. Roy, AIF® (Year of birth – 1975)
Item 2 Educational Background and Business Experience
Mr. Roy earned his Bachelor of Science in business management from North Carolina State University.
Mr. Roy joined Rochdale in 2008 as Vice President – Investment Consulting.
In previous positions at Jackson National Life and Kaufman Brothers, he gained extensive high net worth sales and
business development experience. At Capital Strategies, Mr. Roy was a member of the Investment Policy
Committee where he developed the firm’s separate account platform and was responsible for the management of
individual portfolios.
Mr. Roy holds the Accredited Investment Fiduciary® (“AIF®”) designation. AIF® designees have successfully
completed a specialized program on investment fiduciary standards of care. After the training program they must
successfully pass an examination, conform to a code of ethics and complete 6 hours of continuing education
requirements on a yearly basis.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Roy.
Item 4 Other Business Activities
Mr. Roy is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
Mr. Roy receives compensation on the total assets he manages on the account level and for management fees
generated by those accounts. Mr. Roy may also receive compensation from fees collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro , Chief Compliance Officer, Barbara Hawkesworth, Esq.
and Regional Director – Senior Vice President, John Fulgham supervise and monitor the activities of Mr. Roy as it
relates to the Firm and its clients. Such is done through various channels including the review of documents related
to his clients and monitoring of accounts through automated reports generated directly to the Compliance
Department. The Firm’s Chief Compliance Officer, Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Jonathan Doyle, CIMA®
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Jonathan Doyle that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Jonathan Doyle is available on the SEC’s website at
www.adviserinfo.sec.gov

Jonathan Doyle, CIMA® (Year of birth – 1973)
Item 2 Educational Background and Business Experience
Mr. Doyle received his Bachelor of Arts in Psychology from the University of Arizona and his Master’s of Business
Administration from the F.W. Olin Graduate School of Business at Babson College. Additionally, he has completed
the Certificate in Advanced Financial Planning from the Wharton School of the University of Pennsylvania.
Mr. Doyle joined Rochdale in 2010 with over ten years of experience in the financial services industry. As a Senior
Sales Consultant Mr. Doyle fosters relationships with financial professionals and their clients. He is responsible for
business development in the Midwest Region.
Prior to joining Rochdale, he worked at Placemark Investments as an Associate Regional Consultant where he
worked with financial advisors analyzing client portfolios and creating tax efficient asset transition strategies.
Previously, Mr. Doyle was a Relationship Manager at Bank of America where he worked directly with the bank’s
clients to provide solutions for their complex credit and investment needs. Mr. Doyle began his career at Sun Life
Financial as a Sales Consultant where he assisted financial advisors in providing financial planning solutions.
Mr. Doyle holds the Certified Investment Management Analyst® (“CIMA®”) designation. The CIMA® credential
is awarded by the Investment Management Consultants Association to professionals who pass a pre-qualifying and a
certifying exam, complete coursework at the Wharton School, University of Pennsylvania, have a minimum of three
years experience in investment consulting and fulfill continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Doyle.
Item 4 Other Business Activities
Mr. Doyle is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
Mr. Doyle receives compensation on the total assets he manages on the account level and for management fees
generated by those accounts. Mr. Doyle may also receive compensation from fees collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro, Chief Compliance Officer, Barbara Hawkesworth, Esq.
and Regional Director – Senior Vice President, John Fulgham supervise and monitor the activities of Mr. Doyle as
it relates to the Firm and its clients. Such is done through various channels including the review of documents
related to his clients and monitoring of accounts through automated reports generated directly to the Compliance
Department. The Firm’s Chief Compliance Officer, Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Kevin Barlow
Rochdale Investment Management
455 Market Street, Suite 970
San Francisco, CA 94105
(415) 477-2544
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Kevin Barlow that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Kevin Barlow is available on the SEC’s website at www.adviserinfo.sec.gov

Kevin Barlow (Year of birth – 1982)
Item 2 Educational Background and Business Experience
Mr. Barlow received his Bachelor of Arts from the University of Michigan.
Mr. Barlow joined Rochdale in 2011 as a Sales and Marketing Associate. In 2012 Mr. Barlow was promoted to
Sales Investment Consultant. Prior to joining Rochdale Mr. Barlow was a solicitor for Forward Pro, LLC, a Senior
Account Executive with Yammer Inc., a Group Sales Representative with Sun Life Financial, an Investment
Counselor with Fisher Investments and the Director of Business Development with Leisure Intelligence.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Barlow.
Item 4 Other Business Activities
Mr. Barlow is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
Mr. Barlow receives compensation on the total assets he manages on the account level and for management fees
generated by those accounts. Mr. Barlow may also receive compensation from fees collected from Rochdale
products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Barlow as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Paul Guerney, CFA
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Paul Guerney that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Paul Guerney is available on the SEC’s website at www.adviserinfo.sec.gov

Paul Guerney, CFA (Year of birth – 1973)
Item 2 Educational Background and Business Experience
Mr. Guerney received his Bachelor of Arts in economics and psychology from Fairfield University and his Master’s
of Business Administration in finance and management from New York University, Stern School of Business. He
also completed a Certificate Program in the Digital Economy at New York University.
Mr. Guerney is a Vice President and Senior Portfolio Manager for Rochdale Investment Management. Mr. Guerney
joined Rochdale in 2001 and is responsible for the management of client portfolios.
Prior to joining Rochdale, Mr. Guerney worked as an Investment Officer at Envest Net PMC Advisory, where he
advised financial planners and private clients on portfolio structure and strategy. Other responsibilities included
researching both hedge funds and traditional money managers and developing strategic new product initiatives.
From 1996 to 1999, prior to business school, he worked as an analyst at Goldman Sachs & Co., where he was
involved in both Corporate Treasury - Cash Management and Institutional Fixed Income - Sales and Trading. Mr.
Guerney began his career in 1995 as a junior auditor for Price Waterhouse Coopers in the Entertainment/Media
practice.
Mr. Guerney holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Guerney.
Item 4 Other Business Activities
Mr. Guerney is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale
and affiliates, thus Mr. Guerney receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Mr. Guerney may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Mr. Guerney may also receive compensation from fees
collected from Rochdale products.
As an owner, Mr. Guerney also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Guerney as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Poul Erik Olsen, CFA
Rochdale Investment Management
455 Market Street, Suite 970
San Francisco, CA 94105
(415) 477-2544
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Poul Erik Olsen that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Poul Erik Olsen is available on the SEC’s website at
www.adviserinfo.sec.gov

Poul Erik Olsen, CFA (Year of birth – 1966)
Item 2 Educational Background and Business Experience
Mr. Olsen received his Bachelor of Science in economics from the Aarhus Business School in Denmark and his
Master’s of Business Administration in finance from the University of California at Berkeley, where he specialized
in finance and international business.
Mr. Olsen is a Vice President and Senior Portfolio Manager for Rochdale Investment Management. Mr. Olsen
joined Rochdale Investment Management in 2003.
Mr. Olsen’s career in finance began in his native Denmark, where he worked as a lending officer for Savings Bank
Nordiylland. He has more than eighteen years of experience in international finance and client management
including nine years with public and private U.S. equity investments in the brokerage and investment banking
industry. While at Bank of America Securities and Robertson, Stephens & Co., Mr. Olsen was responsible for
account management of the largest pension and mutual funds in Scandinavia and the Benelux.
Mr. Olsen holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Olsen.
Item 4 Other Business Activities
Mr. Olsen is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale and
affiliates, thus Mr. Olsen receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Mr. Olsen may receive additional compensation from the firm based on the assets he brings to
the firm and the fees collected by the firm on those assets. Mr. Olsen may also receive compensation from fees
collected from Rochdale products.
As an owner, Mr. Olsen also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Olsen as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Charles P. Alberton, CFA, CAIA
Rochdale Investment Management
455 Market Street, Suite 970
San Francisco, CA 94105
(415) 477-2544
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Charles P. Alberton that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Charles P. Alberton is available on the SEC’s website at
www.adviserinfo.sec.gov

Charles P. Alberton, CFA, CAIA (Year of birth – 1973)
Item 2 Educational Background and Business Experience
Mr. Alberton earned his Bachelor of Science in business administration from California State University, Chico and
his Master’s of Business Administration in finance from the University of Notre Dame.
Mr. Alberton is a Vice President and Senior Portfolio Manager for Rochdale Investment Management. Mr. Alberton
joined Rochdale Investment Management in 2000.
Prior to Rochdale, Mr. Alberton was employed with Wells Fargo in their Private Client Services group, where he
designed and implemented investment strategies for high net worth individuals. Mr. Alberton began his career at
Lehman Brothers on the Institutional Fixed Income desk, where he gained valuable experience trading and
analyzing various tiers of commercial paper, corporate bonds, municipal bonds, mortgages, asset-backed securities,
and other fixed income instruments for institutional investors. He has over eleven years of institutional fixed income
and private client investment management experience.
Mr. Alberton holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Mr. Alberton holds the Chartered Alternative Investment Analyst (“CAIA”) designation. This designation is issued
by the CAIA Association. The prerequisites or experience required is over one year of professional experience and a
U.S. bachelor’s degree (or equivalent) or four years of professional experience. CAIA candidates must pass both
Level I and Level II of the CAIA exam to qualify for the designation. Qualifying candidates must complete the
online Member Agreement, provide two professional references, and submit annual membership dues.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Alberton.
Item 4 Other Business Activities
Mr. Alberton is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale
and affiliates, thus Mr. Alberton receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Mr. Alberton may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Mr. Alberton may also receive compensation from fees
collected from Rochdale products.
As an owner, Mr. Alberton also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,

Esq. supervise and monitor the activities of Mr. Alberton as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Elizabeth T. Dooley, CFA
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Elizabeth T. Dooley that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Elizabeth T. Dooley is available on the SEC’s website at
www.adviserinfo.sec.gov

Elizabeth T. Dooley, CFA (Year of birth – 1971)
Item 2 Educational Background and Business Experience
Ms. Dooley received her Bachelor of Business Studies in Finance from Dublin City University in Dublin, Ireland.
Ms. Dooley is a Portfolio Manager for Rochdale Investment Management. Ms. Dooley joined Rochdale in 2000 and
is responsible for the management of client portfolios.
Prior to joining Rochdale, Ms. Dooley was employed by Citibank as a trader where she traded various fixed income
securities. From 1995 to 1996 Ms. Dooley was employed as a Junior Trader with Mitsubishi Trust & Banking Corp.
in their finance/treasury and securities lending department. Ms. Dooley began her career in 1994 as a Trading
Assistant with Fukuoka Citibank where she assisted traders in the trading and settlement Federal Funds.
Ms. Dooley holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relevant to Ms. Dooley.
Item 4 Other Business Activities
Ms. Dooley is an owner of Acebes, D’Alessandro and Associates (“ADA”), the controlling member of Rochdale and
affiliates, thus Mr. Alberton receives a portion of ADA’s earnings.
Item 5 Additional Compensation
In addition to salary, Ms. Dooley may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Ms. Dooley may also receive compensation from fees
collected from Rochdale products.
As an owner, Ms. Dooley also receives a portion of profits earned by the firm.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activitiesof Ms. Dooley as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to her clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Sheldon C. Brandau, CFA
Rochdale Investment Management
605 Crescent Executive Drive, Suite 320
Lake Mary, FL 32746
(407) 333-1677
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Sheldon C. Brandau that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Sheldon C. Brandau is available on the SEC’s website at
www.adviserinfo.sec.gov

Sheldon C. Brandau, CFA (Year of birth – 1971)
Item 2 Educational Background and Business Experience
Mr. Brandau received his Bachelor of Science in Management from Purdue University and his Master’s of Business
Administration in Finance and Statistics from New York University, Stern School of Business.
Mr. Brandau is a Portfolio Manager for Rochdale Investment Management. Mr. Brandau joined Rochdale in 2009
and is responsible for the management of client portfolios.
Previously he worked as a Financial Advisor and Portfolio Manager within Merrill Lynch's Private Banking and
Investment Group, designing and implementing investment strategies for affluent clients. Prior to joining Merrill
Lynch, Mr. Brandau worked at State Street Corporation where he was a Senior Officer, managing the investment
analysis and performance reporting for the firm's Section 529 College Savings Plans. Mr. Brandau began his
investment and financial career at Sanford C. Bernstein & Co. Inc., serving as the firm's Investment Planning
Analyst for the Southeast region. Mr. Brandau is also a member of the CFA Institute and the CFA Society of South
Florida.
Mr. Brandau holds the Chartered Financial Analyst (“CFA”) designation. This designation is issued by the CFA
Institute. The prerequisites or experience required is an undergraduate degree, 4 years of professional experience
involving investment decision making or 4 years of full-time qualified non-investment related work experience. It is
a self-study program, approximately 250 recommended hours of study for each of the 3 levels. All three levels are
then achieved through a course exam. There are no continuing education requirements.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Brandau.
Item 4 Other Business Activities
Mr. Brandau is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
In addition to salary, Mr. Brandau may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Mr. Brandau may also receive compensation from fees
collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Brandau as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
John Geraghty
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about John Geraghty that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about John Geraghty is available on the SEC’s website at
www.adviserinfo.sec.gov

John Geraghty (Year of birth – 1973)
Item 2 Educational Background and Business Experience
Mr. Geraghty earned his Bachelor of Arts in finance from Fordham University and his Master’s of Business
Administration in finance from the Stern School of Business at New York University.
Mr. Geraghty joined Rochdale in 2005. As Portfolio Management Associate he is responsible for the
implementation and monitoring of private client portfolios for Rochdale's Offshore Investment Management
division.
Prior to joining Rochdale, Mr. Geraghty worked in the Private Client Group at Citigroup Asset Management, where
he managed equity and fixed income portfolios for individual clients. Additionally, he was employed with Deutsche
Asset Management, where he implemented and monitored the investments of client portfolios.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Geraghty.
Item 4 Other Business Activities
Mr. Geraghty is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
There are no arrangements where a non-client provides an economic benefit to Mr. Geraghty for providing advisory
services.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro, the Managing Director of Rochdale Offshore Investment
Management, Neal Rubin, and Chief Compliance Officer, Barbara Hawkesworth, Esq. supervise and monitor the
activities of Mr. Geraghty as it relates to the Firm and its clients. Such is done through various channels including
the review of documents related to his clients and monitoring of accounts through automated reports generated
directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara Hawkesworth may be
contacted at 212-702-3500.

Item 1 Cover Page
Robert DeLong
Rochdale Investment Management
455 Market Street, Suite 970
San Francisco, CA 94105
(415) 477-2544
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Robert DeLong that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Robert DeLong is available on the SEC’s website at
www.adviserinfo.sec.gov

Robert DeLong (Year of birth – 1965)
Item 2 Educational Background and Business Experience
Mr. DeLong received his Bachelor of Sciences degree from the University of Virginia’s McIntire School of
Commerce and earned his Master’s of Business Administration from the Kellogg Graduate School of Management
at Northwestern University where he specialized in finance and management strategy.
Mr. DeLong joined Rochdale in 2011 as a Portfolio Manager.
Mr. DeLong’s financial career began over 20 years ago as an investment banker with Morgan Stanley where he
worked for eight years in both Mergers and Acquisitions and Corporate Finance. He later worked with Banc of
America Securities where he specialized in debt and equity financing and provided strategic transaction advice to his
clients. Additionally, Mr. DeLong spent five years working with high net worth clients as a Portfolio Manager &
Research Analyst at Grand-Jean Capital Management where he was responsible for due diligence, security selection
and portfolio performance analysis. Mr. DeLong did some proprietary trading and provided some consultant work
for Vulcan Capital from 2006-2010.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. DeLong.
Item 4 Other Business Activities
Mr. DeLong is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
In addition to salary, Mr. DeLong may receive additional compensation from the firm based on the assets he brings
to the firm and the fees collected by the firm on those assets. Mr. DeLong may also receive compensation from fees
collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. DeLong as it relates to the Firm and its clients. Such is done
through various channels including the review of documents related to his clients and monitoring of accounts
through automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer,
Barbara Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Adam Elover
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Adam Elover that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Adam Elover is available on the SEC’s website at www.adviserinfo.sec.gov

Adam Elover (Year of birth – 1980)
Item 2 Educational Background and Business Experience
Mr. Elover received his Bachelor of Science from the University of Maryland and his Master’s of Business
Administration, emphasis in Finance, from the University of Baltimore.
Mr. Elover joined Rochdale in 2006 as a Portfolio Management Associate. Currently a Junior Portfolio Manager he
is responsible for the implementation and monitoring of private client portfolios for Rochdale.
Prior to joining Rochdale Mr. Elover was a Portfolio Analyst for Mercantile Bank, from 2003 to 2006 and a
Reconciliation Specialist with Legg Mason from 2002 to 2003.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Elover.
Item 4 Other Business Activities
Mr. Elover is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
There are no arrangements where a non-client provides an economic benefit to Mr. Elover for providing advisory
services.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Elover as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Thomas A. Galvin
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Thomas A. Galvin that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Thomas A. Galvin is available on the SEC’s website at
www.adviserinfo.sec.gov

Thomas A. Galvin (Year of birth – 1955)
Item 2 Educational Background and Business Experience
Mr. Galvin received his Bachelor of Arts from Queens College and his Master’s of Business Administration from
Fordham University.
Mr. Galvin joined Rochdale in 2012 as the Director of US Equity and Research. Mr. Galvin works directly with the
CEO and President to guide the firm’s investment research and portfolio development functions. He is solely
responsible for leading the equity research team and will focus primarily on the large and mid cap asset classes.
Prior to joining Rochdale Mr. Galvin was the Managing Partner for High Net Worth Clients at Galvin Asset
Management from 2008 to 2012. From 2006 to 2007 Mr. Galvin was the Executive Director, Large Cap Growth
with UBS Global Asset Management and from 1991 to 2006 Mr. Galvin moved within a number of roles with
Forstmann Leff Associates, including Portfolio Manager, Chief Investment Officer and Senior Managing Director.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Mr. Galvin.
Item 4 Other Business Activities
Mr. Galvin is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
In addition to salary, Mr. Galvin may receive additional compensation from the firm based on the assets she brings
to the firm and the fees collected by the firm on those assets. Mr. Galvin may also receive compensation from fees
collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Mr. Galvin as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.

Item 1 Cover Page
Lindsey Cook
March 31, 2012
Rochdale Investment Management
570 Lexington Avenue, 9 th Floor
New York, NY 10022
(212) 702-3500
www.rochdale.com
This brochure supplement provides information about Lindsey Cook that supplements Rochdale
Investment Management LLC’s (“Rochdale”) brochure. You should have received a copy of that
brochure. Please contact Rochdale’s Compliance Department by calling (212) 702-3500 if you did not
receive Rochdale’s disclosure brochure or if you have any questions about the contents of this
supplement.
Additional information about Lindsey Cook is available on the SEC’s website at www.adviserinfo.sec.gov

Lindsey Cook (Year of birth – 1984)
Item 2 Educational Background and Business Experience
Ms. Cook received her bachelors degree and her Master’s of Business Administration from Loyola Marymount
University.
Ms. Cook joined Rochdale in 2010 as a Portfolio Management Associate. Currently as a Junior Portfolio Manager
she is responsible for the implementation and monitoring of private client portfolios for Rochdale.
Prior to joining Rochdale Ms. Cook was an Investment Associate with AXA Advisors from 2007 to 2010 and a
Junior Associate with Bank of America in 2006.
Item 3 Disciplinary Information
Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events
that would be material to your evaluation of each supervised person providing investment advice.
There are no legal or disciplinary events to report relative to Ms. Cook.
Item 4 Other Business Activities
Ms. Cook is not actively engaged in any other investment-related business or occupation.
Item 5 Additional Compensation
In addition to salary, Ms. Cook may receive additional compensation from the firm based on the assets she brings to
the firm and the fees collected by the firm on those assets. Ms. Cook may also receive compensation from fees
collected from Rochdale products.
Item 6 Supervision
Rochdale’s Chief Executive Officer Garrett D’ Alessandro and Chief Compliance Officer, Barbara Hawkesworth,
Esq. supervise and monitor the activities of Ms. Cook as it relates to the Firm and its clients. Such is done through
various channels including the review of documents related to his clients and monitoring of accounts through
automated reports generated directly to the Compliance Department. The Firm’s Chief Compliance Officer, Barbara
Hawkesworth may be contacted at 212-702-3500.