PARNASSUS FIXED INCOME FUND
Portfolio of Investments as of September 30, 2019 (unaudited)
Preferred Stocks | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||||||||||
Equity Real Estate Investment Trusts (1.0%) | ||||||||||||||||
Public Storage | 5.15 | % | 06/02/2022 | 91,127 | 2,364,746 | |||||||||||
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Total investment in preferred stocks (1.0%) (cost $2,285,483) | 2,364,746 | |||||||||||||||
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Commercial Mortgage-Backed Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
JP Morgan Mortgage Trust Series2011-C4, Class A4 | 4.39 | % | 07/15/2046 | 974,669 | 999,232 | |||||||||||
UBS-Barclays Mortgage Trust Series2012-C2, Class A3 | 3.06 | % | 05/10/2063 | 506,167 | 510,906 | |||||||||||
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Total investment in commercial mortgage-backed securities (0.6%) |
| 1,510,138 | ||||||||||||||
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Corporate Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Air Freight & Logistics (1.1%) | ||||||||||||||||
FedEx Corp. | 4.75 | % | 11/15/2045 | 2,500,000 | 2,689,972 | |||||||||||
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Airlines (0.4%) | ||||||||||||||||
Southwest Air07-1 Trust | 6.15 | % | 08/01/2022 | 803,758 | 849,548 | |||||||||||
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Apparel & Luxury Goods (2.2%) | ||||||||||||||||
Hanesbrands Inc. | 4.63 | % | 05/15/2024 | 2,000,000 | 2,105,000 | |||||||||||
VF Corp. | 3.50 | % | 09/01/2021 | 3,000,000 | 3,073,608 | |||||||||||
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5,178,608 | ||||||||||||||||
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Auto Components (1.3%) | ||||||||||||||||
APTIV plc | 4.25 | % | 01/15/2026 | 3,000,000 | 3,197,883 | |||||||||||
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Building Products (1.1%) | ||||||||||||||||
Masco Corp. | 4.45 | % | 04/01/2025 | 2,500,000 | 2,707,745 | |||||||||||
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Capital Markets (1.3%) | ||||||||||||||||
Charles Schwab Corp. | 3.45 | % | 02/13/2026 | 3,000,000 | 3,172,827 | |||||||||||
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Chemicals (1.3%) | ||||||||||||||||
Praxair Inc. | 3.20 | % | 01/30/2026 | 2,977,000 | 3,149,708 | |||||||||||
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Commercial Services & Supplies (1.4%) | ||||||||||||||||
Waste Management Inc. | 3.50 | % | 05/15/2024 | 1,500,000 | 1,580,601 | |||||||||||
Waste Management Inc. | 3.15 | % | 11/15/2027 | 1,500,000 | 1,578,617 | |||||||||||
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3,159,218 | ||||||||||||||||
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Consumer Finance (1.3%) | ||||||||||||||||
Mastercard Inc. | 3.38 | % | 04/01/2024 | 3,000,000 | 3,186,222 | |||||||||||
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Containers & Packaging (1.1%) | ||||||||||||||||
Sealed Air Corp. | 5.25 | % | 04/01/2023 | 2,500,000 | 2,662,500 | |||||||||||
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Equity Real Estate Investment Trusts (1.7%) | ||||||||||||||||
Iron Mountain Inc. | 6.00 | % | 08/15/2023 | 2,000,000 | 2,047,200 | |||||||||||
Regency Centers LP | 3.75 | % | 06/15/2024 | 2,000,000 | 2,101,708 | |||||||||||
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4,148,908 | ||||||||||||||||
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Food & Staples Retailing (2.5%) | ||||||||||||||||
Costco Wholesale Corp. | 3.00 | % | 05/18/2027 | 3,000,000 | 3,179,016 | |||||||||||
Mondelez International Inc. | 4.13 | % | 05/07/2028 | 2,500,000 | 2,785,870 | |||||||||||
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5,964,886 | ||||||||||||||||
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Health Care Equipment (2.4%) | ||||||||||||||||
Danaher Corp. | 3.35 | % | 09/15/2025 | 3,000,000 | 3,186,639 | |||||||||||
Hologic Inc. | 4.38 | % | 10/15/2025 | 2,500,000 | 2,562,500 | |||||||||||
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5,749,139 | ||||||||||||||||
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Hotel Restaurant & Leisure (0.9%) | ||||||||||||||||
Hilton Worldwide Finance LLC | 4.63 | % | 04/01/2025 | 2,000,000 | 2,060,000 | |||||||||||
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Household Products (2.2%) | ||||||||||||||||
The Clorox Company | 3.50 | % | 12/15/2024 | 2,500,000 | 2,658,707 | |||||||||||
The Procter & Gamble Co. | 2.85 | % | 08/11/2027 | 2,500,000 | 2,642,885 | |||||||||||
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5,301,592 | ||||||||||||||||
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Industrial Conglomerates (1.3%) | ||||||||||||||||
Pentair Finance SA | 3.15 | % | 09/15/2022 | 3,050,000 | 3,094,600 | |||||||||||
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Interactive Media & Services (1.0%) | ||||||||||||||||
Alphabet Inc. | 2.00 | % | 08/15/2026 | 2,500,000 | 2,507,113 | |||||||||||
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Life Sciences Tools & Services (1.3%) | ||||||||||||||||
Agilent Technologies Inc. | 3.05 | % | 09/22/2026 | 3,000,000 | 3,063,750 | |||||||||||
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Machinery (1.9%) | ||||||||||||||||
Fortive Corp. | 3.15 | % | 06/15/2026 | 2,000,000 | 2,030,456 | |||||||||||
Xylem Inc. | 3.25 | % | 11/01/2026 | 2,500,000 | 2,577,538 | |||||||||||
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4,607,994 | ||||||||||||||||
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Media (1.1%) | ||||||||||||||||
The Walt Disney Co.l | 2.95 | % | 06/15/2027 | 2,500,000 | 2,661,440 | |||||||||||
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Multiline Retail (0.8%) | ||||||||||||||||
Nordstrom Inc. | 4.00 | % | 03/15/2027 | 2,000,000 | 2,040,854 | |||||||||||
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Pharmaceuticals (1.1%) | ||||||||||||||||
Merck & Co., Inc. | 3.40 | % | 03/07/2029 | 2,500,000 | 2,711,897 | |||||||||||
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Snack & Juice Bars (1.0%) | ||||||||||||||||
Starbucks Corp. | 2.45 | % | 06/15/2026 | 2,500,000 | 2,518,265 | |||||||||||
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Software (4.9%) | ||||||||||||||||
Adobe Systems Inc. | 3.25 | % | 02/01/2025 | 2,500,000 | 2,636,118 | |||||||||||
Autodesk Inc. | 4.38 | % | 06/15/2025 | 2,500,000 | 2,705,570 | |||||||||||
Cadence Design Systems Inc. | 4.38 | % | 10/15/2024 | 2,500,000 | 2,693,292 | |||||||||||
Microsoft Corp. | 2.40 | % | 08/08/2026 | 1,500,000 | 1,527,683 | |||||||||||
Microsoft Corp. | 4.25 | % | 02/06/2047 | 2,000,000 | 2,481,246 | |||||||||||
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12,043,909 | ||||||||||||||||
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Technology Hardware (1.4%) | ||||||||||||||||
Apple Inc. | 2.85 | % | 02/23/2023 | 2,000,000 | 2,058,892 | |||||||||||
Apple Inc. | 4.38 | % | 05/13/2045 | 1,000,000 | 1,210,594 | |||||||||||
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3,269,486 | ||||||||||||||||
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Transportation & Infrastructure (1.1%) | ||||||||||||||||
Burlington Northern Santa Fe Corp. | 3.85 | % | 09/01/2023 | 2,500,000 | 2,652,077 | |||||||||||
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Total investment in corporate bonds (39.1%) (cost $89,802,038) | 94,350,141 | |||||||||||||||
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Supranational Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
International Bank for Reconstruction & Development | 3.13 | % | 11/20/2025 | 4,000,000 | 4,336,472 | |||||||||||
International Finance Corp. | 2.00 | % | 10/24/2022 | 5,000,000 | 5,056,360 | |||||||||||
International Finance Corp. | 2.13 | % | 04/07/2026 | 4,000,000 | 4,114,472 | |||||||||||
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Total investment in supranational bonds (5.6%) (cost $12,713,993) | 13,507,304 | |||||||||||||||
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U.S. Government Treasury Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
U.S. Treasury | 1.38 | % | 12/15/2019 | 2,000,000 | 1,997,890 | |||||||||||
U.S. Treasury | 1.88 | % | 06/30/2020 | 2,000,000 | 2,000,156 | |||||||||||
U.S. Treasury | 2.88 | % | 10/31/2020 | 2,000,000 | 2,022,500 | |||||||||||
U.S. Treasury | 2.25 | % | 03/31/2021 | 3,000,000 | 3,022,032 | |||||||||||
U.S. Treasury | 2.38 | % | 03/15/2022 | 3,000,000 | 3,057,189 | |||||||||||
U.S. Treasury | 1.75 | % | 07/15/2022 | 3,000,000 | 3,011,835 | |||||||||||
U.S. Treasury | 1.88 | % | 08/31/2022 | 2,000,000 | 2,016,796 | |||||||||||
U.S. Treasury | 2.50 | % | 03/31/2023 | 2,000,000 | 2,062,890 | |||||||||||
U.S. Treasury | 2.88 | % | 10/31/2023 | 3,000,000 | 3,153,867 | |||||||||||
U.S. Treasury | 2.50 | % | 01/31/2024 | 5,000,000 | 5,193,555 | |||||||||||
U.S. Treasury | 2.38 | % | 02/29/2024 | 2,000,000 | 2,069,140 | |||||||||||
U.S. Treasury | 2.13 | % | 03/31/2024 | 3,000,000 | 3,072,540 | |||||||||||
U.S. Treasury | 1.75 | % | 07/31/2024 | 3,000,000 | 3,026,484 | |||||||||||
U.S. Treasury | 1.25 | % | 08/31/2024 | 2,000,000 | 1,971,954 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2024 | 3,000,000 | 3,098,085 | |||||||||||
U.S. Treasury | 2.00 | % | 02/15/2025 | 3,000,000 | 3,063,165 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2025 | 3,000,000 | 3,111,210 | |||||||||||
U.S. Treasury | 2.63 | % | 01/31/2026 | 2,000,000 | 2,121,172 | |||||||||||
U.S. Treasury | 2.25 | % | 03/31/2026 | 2,000,000 | 2,078,126 | |||||||||||
U.S. Treasury | 1.88 | % | 07/31/2026 | 4,000,000 | 4,065,936 | |||||||||||
U.S. Treasury | 2.00 | % | 11/15/2026 | 3,000,000 | 3,076,524 | |||||||||||
U.S. Treasury | 2.25 | % | 02/15/2027 | 2,000,000 | 2,086,640 | |||||||||||
U.S. Treasury | 2.38 | % | 05/15/2027 | 3,000,000 | 3,161,133 | |||||||||||
U.S. Treasury | 2.25 | % | 08/15/2027 | 3,000,000 | 3,136,290 | |||||||||||
U.S. Treasury | 2.75 | % | 02/15/2028 | 6,000,000 | 6,514,218 | |||||||||||
U.S. Treasury | 2.88 | % | 05/15/2028 | 3,000,000 | 3,292,734 | |||||||||||
U.S. Treasury | 2.88 | % | 08/15/2028 | 3,000,000 | 3,298,593 | |||||||||||
U.S. Treasury | 3.13 | % | 11/15/2028 | 4,000,000 | 4,490,624 | |||||||||||
U.S. Treasury | 2.63 | % | 02/15/2029 | 5,000,000 | 5,411,525 |
U.S. Treasury | 2.38 | % | 05/15/2029 | 3,000,000 | 3,185,859 | |||||||||||
U.S. Treasury | 1.63 | % | 08/15/2029 | 4,000,000 | 3,981,564 | |||||||||||
U.S. Treasury | 3.50 | % | 02/15/2039 | 2,000,000 | 2,505,312 | |||||||||||
U.S. Treasury | 3.13 | % | 11/15/2041 | 2,000,000 | 2,383,204 | |||||||||||
U.S. Treasury | 2.50 | % | 02/15/2045 | 2,000,000 | 2,152,032 | |||||||||||
U.S. Treasury | 3.00 | % | 08/15/2048 | 2,000,000 | 2,378,438 | |||||||||||
U.S. Treasury | 3.00 | % | 02/15/2049 | 4,000,000 | 4,769,220 | |||||||||||
U.S. Treasury | 2.88 | % | 05/15/2049 | 3,000,000 | 3,498,867 | |||||||||||
U.S. Treasury | 2.25 | % | 08/15/2049 | 1,000,000 | 1,028,477 | |||||||||||
U.S. Treasury (TIPS) | 0.63 | % | 07/15/2021 | 1,138,310 | 1,141,808 | |||||||||||
U.S. Treasury (TIPS) | 0.13 | % | 01/15/2022 | 1,133,530 | 1,122,213 | |||||||||||
U.S. Treasury (TIPS) | 0.38 | % | 07/15/2025 | 1,081,860 | 1,095,431 | |||||||||||
U.S. Treasury (TIPS) | 1.75 | % | 01/15/2028 | 1,224,640 | 1,374,557 | |||||||||||
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Total investment in U.S. government treasury bonds (49.9%) (cost $114,044,281) |
| 120,301,785 | ||||||||||||||
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Total investment in long-term securities (96.2%) (cost $220,344,904) | 232,034,114 | |||||||||||||||
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Short-Term Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Time Deposits (2.3%) | ||||||||||||||||
BBH Cash Management Service | ||||||||||||||||
Sumitomo, Tokyo | 1.25 | % | 10/01/2019 | 5,515,782 | 5,515,782 | |||||||||||
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U.S. Treasury Bill (1.2%) | ||||||||||||||||
U.S. Treasury Bill | 2.01 | % | 03/26/2020 | 3,000,000 | 2,964,779 | |||||||||||
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Securities Purchased with Cash Collateral from Securities Lending |
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Registered Investment Companies (1.1%) | ||||||||||||||||
Invesco Aim Government & Agency Portfolio | ||||||||||||||||
Short-Term Investments Trust, Institutional Class | 2.01 | % | 2,703,939 | |||||||||||||
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Total short-term securities (4.6%) (cost $11,184,500) | 11,184,500 | |||||||||||||||
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Total securities (100.8%) (cost $231,529,404) | 243,218,614 | |||||||||||||||
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Payable upon return of securities loaned(-1.1%) | (2,703,939 | ) | ||||||||||||||
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Other assets and liabilities (0.3%) | 832,529 | |||||||||||||||
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Total net assets (100.0%) | 241,347,204 | |||||||||||||||
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l | This security, or partial position of this security, was on loan at September 30, 2019. The total value of the securities on loan at September 30, 2019 was $2,649,783. |
plc | Public Limited Company |
LP | Limited Partnership |
TIPS | Treasury Inflation Protected Security |