PARNASSUS FIXED INCOME FUND
Portfolio of Investments as of September 30, 2022 (unaudited)
Preferred Stocks | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||||||||||
Banks (2.7%) | ||||||||||||||||
Bank of America l | 5.00 | % | 09/17/2024 | 223,739 | 4,579,937 | |||||||||||
First Republic Bank | 4.50 | % | 12/31/2026 | 250,000 | 4,632,500 | |||||||||||
|
| |||||||||||||||
9,212,437 | ||||||||||||||||
Capital Markets (1.9%) | ||||||||||||||||
Morgan Stanley | 4.25 | % | 01/15/2027 | 240,000 | 4,312,800 | |||||||||||
The Charles Schwab Corp. l | 4.45 | % | 06/01/2026 | 107,835 | 2,056,413 | |||||||||||
|
| |||||||||||||||
6,369,213 | ||||||||||||||||
Consumer Finance (0.4%) | ||||||||||||||||
Capital One Financial Corp. | 5.00 | % | 12/01/2024 | 50,000 | 981,500 | |||||||||||
Capital One Financial Corp. l | 4.63 | % | 12/01/2025 | 22,285 | 401,799 | |||||||||||
|
| |||||||||||||||
1,383,299 | ||||||||||||||||
Equity Real Estate Investment Trusts (2.0%) |
| |||||||||||||||
Digital Realty Trust Inc. | 5.20 | % | 10/10/2024 | 114,608 | 2,412,498 | |||||||||||
Public Storage l | 3.88 | % | 10/06/2025 | 40,000 | 648,000 | |||||||||||
Public Storage | 4.00 | % | 06/16/2026 | 140,549 | 2,399,171 | |||||||||||
Public Storage | 4.10 | % | 01/13/2027 | 70,000 | 1,220,100 | |||||||||||
|
| |||||||||||||||
6,679,769 | ||||||||||||||||
Total investment in preferred stocks (7.0%) |
| 23,644,718 | ||||||||||||||
|
| |||||||||||||||
Convertible Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Electrical Equipment (0.6%) | ||||||||||||||||
Sunrun Inc. | 0.00 | % | 02/01/2026 | 2,800,000 | 1,979,506 | |||||||||||
|
| |||||||||||||||
Total investment in convertible bonds (0.6%) |
| 1,979,506 | ||||||||||||||
|
| |||||||||||||||
Corporate Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Air Freight & Logistics (2.2%) | ||||||||||||||||
C.H. Robinson Worldwide Inc. | 4.20 | % | 04/15/2028 | 5,000,000 | 4,652,787 | |||||||||||
FedEx Corp. | 4.25 | % | 05/15/2030 | 1,750,000 | 1,583,302 | |||||||||||
FedEx Corp. | 4.75 | % | 11/15/2045 | 1,750,000 | 1,414,825 | |||||||||||
|
| |||||||||||||||
7,650,914 | ||||||||||||||||
Airlines (2.6%) | ||||||||||||||||
Alaska Airlines 2020-1, Class B | 8.00 | % | 08/15/2025 | 4,130,952 | 4,090,766 | |||||||||||
Alaska Airlines 2020-1, Class A | 4.80 | % | 08/15/2027 | 843,223 | 793,875 | |||||||||||
Southwest Airlines Co. | 5.13 | % | 06/15/2027 | 4,000,000 | 3,917,816 | |||||||||||
|
| |||||||||||||||
8,802,457 | ||||||||||||||||
Auto Components (1.4%) | ||||||||||||||||
APTIV plc | 2.40 | % | 02/18/2025 | 3,000,000 | 2,799,810 | |||||||||||
APTIV plc | 5.40 | % | 03/15/2049 | 2,500,000 | 2,012,388 | |||||||||||
|
| |||||||||||||||
4,812,198 |
Banks (0.8%) | ||||||||||||||||
Citigroup Inc. | 2.01 | % | 01/25/2026 | 3,000,000 | 2,757,159 | |||||||||||
|
| |||||||||||||||
Biotechnology (0.5%) | ||||||||||||||||
Gilead Sciences Inc. | 4.80 | % | 04/01/2044 | 1,750,000 | 1,521,914 | |||||||||||
|
| |||||||||||||||
Building Products (1.5%) | ||||||||||||||||
Masco Corp. | 3.50 | % | 11/15/2027 | 3,000,000 | 2,723,717 | |||||||||||
Masco Corp. | 4.50 | % | 05/15/2047 | 3,000,000 | 2,307,662 | |||||||||||
|
| |||||||||||||||
5,031,379 | ||||||||||||||||
Capital Markets (1.3%) | ||||||||||||||||
Morgan Stanley | 2.51 | % | 10/20/2032 | 2,000,000 | 1,527,606 | |||||||||||
The Charles Schwab Corp. | 3.75 | % | 04/01/2024 | 3,000,000 | 2,963,910 | |||||||||||
|
| |||||||||||||||
4,491,516 | ||||||||||||||||
Commercial Services & Supplies (0.9%) | ||||||||||||||||
Waste Management Inc. | 3.15 | % | 11/15/2027 | 3,500,000 | 3,202,243 | |||||||||||
|
| |||||||||||||||
Consumer Finance (2.7%) | ||||||||||||||||
American Express Co. | 4.05 | % | 05/03/2029 | 3,000,000 | 2,752,640 | |||||||||||
Capital One Financial Corp. | 2.62 | % | 11/02/2032 | 3,000,000 | 2,244,027 | |||||||||||
Discover Financial Services | 4.50 | % | 01/30/2026 | 3,500,000 | 3,320,389 | |||||||||||
Discover Financial Services | 4.10 | % | 02/09/2027 | 1,000,000 | 919,813 | |||||||||||
|
| |||||||||||||||
9,236,869 | ||||||||||||||||
Containers & Packaging (1.7%) | ||||||||||||||||
Ball Corp. | 4.88 | % | 03/15/2026 | 6,000,000 | 5,692,260 | |||||||||||
|
| |||||||||||||||
Electronic Equipment, Instruments & Components (1.4%) |
| |||||||||||||||
Trimble Inc. | 4.90 | % | 06/15/2028 | 5,000,000 | 4,757,660 | |||||||||||
|
| |||||||||||||||
Equity Real Estate Investment Trusts (5.8%) |
| |||||||||||||||
Alexandria Real Estate Equities Inc. | 2.00 | % | 05/18/2032 | 3,750,000 | 2,759,734 | |||||||||||
Alexandria Real Estate Equities Inc. | 4.85 | % | 04/15/2049 | 1,750,000 | 1,463,338 | |||||||||||
American Tower Corp. | 2.40 | % | 03/15/2025 | 3,000,000 | 2,785,718 | |||||||||||
American Tower Corp. | 2.70 | % | 04/15/2031 | 2,250,000 | 1,764,816 | |||||||||||
Digital Realty Trust Inc. | 3.70 | % | 08/15/2027 | 2,000,000 | 1,853,799 | |||||||||||
Digital Realty Trust Inc. | 3.60 | % | 07/01/2029 | 1,000,000 | 876,255 | |||||||||||
Regency Centers LP | 3.75 | % | 06/15/2024 | 2,000,000 | 1,939,354 | |||||||||||
Regency Centers LP | 4.40 | % | 02/01/2047 | 1,847,000 | 1,434,468 | |||||||||||
SBA Communications Corp. | 3.88 | % | 02/15/2027 | 5,500,000 | 4,912,325 | |||||||||||
|
| |||||||||||||||
19,789,807 | ||||||||||||||||
Food Products (1.4%) | ||||||||||||||||
McCormick & Co., Inc. | 2.50 | % | 04/15/2030 | 6,000,000 | 4,875,576 | |||||||||||
|
| |||||||||||||||
Health Care Equipment & Supplies (1.0%) |
| |||||||||||||||
Becton, Dickinson and Co. | 3.36 | % | 06/06/2024 | 2,000,000 | 1,944,030 | |||||||||||
Becton, Dickinson and Co. | 4.69 | % | 12/15/2044 | 1,500,000 | 1,281,235 | |||||||||||
|
| |||||||||||||||
3,225,265 | ||||||||||||||||
Hotels, Restaurants & Leisure (0.9%) |
| |||||||||||||||
Hilton Domestic Operating Company Inc. | 3.75 | % | 05/01/2029 | 3,684,000 | 3,048,510 | |||||||||||
|
| |||||||||||||||
Household Products (0.5%) | ||||||||||||||||
The Clorox Co. | 1.80 | % | 05/15/2030 | 2,050,000 | 1,580,913 | |||||||||||
|
| |||||||||||||||
Industrial Conglomerates (1.4%) | ||||||||||||||||
Roper Technologies Inc. | 2.95 | % | 09/15/2029 | 3,500,000 | 2,945,394 | |||||||||||
Roper Technologies Inc. | 2.00 | % | 06/30/2030 | 2,500,000 | 1,913,356 | |||||||||||
|
| |||||||||||||||
4,858,750 | ||||||||||||||||
Insurance (1.1%) | ||||||||||||||||
Marsh & McLennan Co., Inc. | 3.50 | % | 03/10/2025 | 3,730,000 | 3,599,650 | |||||||||||
|
| |||||||||||||||
Interactive Media & Services (1.1%) | ||||||||||||||||
Alphabet Inc. | 3.38 | % | 02/25/2024 | 3,000,000 | 2,962,299 | |||||||||||
Alphabet Inc. | 1.90 | % | 08/15/2040 | 1,250,000 | 802,501 | |||||||||||
|
| |||||||||||||||
3,764,800 |
Internet & Direct Marketing Retail (0.8%) |
| |||||||||||||||
Booking Holdings Inc. | 4.63 | % | 04/13/2030 | 3,000,000 | 2,818,444 | |||||||||||
|
| |||||||||||||||
IT Services (1.3%) | ||||||||||||||||
Fiserv Inc. | 3.85 | % | 06/01/2025 | 2,500,000 | 2,400,945 | |||||||||||
Fiserv Inc. | 4.40 | % | 07/01/2049 | 2,500,000 | 1,939,253 | |||||||||||
|
| |||||||||||||||
4,340,198 | ||||||||||||||||
Life Sciences Tools & Services (1.5%) | ||||||||||||||||
Agilent Technologies Inc. | 2.75 | % | 09/15/2029 | 5,250,000 | 4,408,662 | |||||||||||
Danaher Corp. | 2.60 | % | 10/01/2050 | 1,250,000 | 768,565 | |||||||||||
|
| |||||||||||||||
5,177,227 | ||||||||||||||||
Machinery (3.8%) | ||||||||||||||||
CNH Industrial Capital LLC | 1.45 | % | 07/15/2026 | 4,500,000 | 3,894,525 | |||||||||||
Pentair Finance SA | 4.50 | % | 07/01/2029 | 5,000,000 | 4,519,232 | |||||||||||
Xylem Inc. | 2.25 | % | 01/30/2031 | 5,500,000 | 4,395,470 | |||||||||||
|
| |||||||||||||||
12,809,227 | ||||||||||||||||
Media (1.1%) | ||||||||||||||||
Comcast Corp. | 4.25 | % | 10/15/2030 | 4,000,000 | 3,702,036 | |||||||||||
|
| |||||||||||||||
Multiline Retail (0.7%) | ||||||||||||||||
Macy’s Retail Holdings LLC | 5.88 | % | 04/01/2029 | 3,000,000 | 2,446,800 | |||||||||||
|
| |||||||||||||||
Pharmaceuticals (1.1%) | ||||||||||||||||
Merck & Co., Inc. | 3.40 | % | 03/07/2029 | 4,000,000 | 3,667,475 | |||||||||||
|
| |||||||||||||||
Road & Rail (1.5%) | ||||||||||||||||
Kansas City Southern | 2.88 | % | 11/15/2029 | 4,000,000 | 3,398,340 | |||||||||||
Kansas City Southern | 4.70 | % | 05/01/2048 | 2,000,000 | 1,712,840 | |||||||||||
|
| |||||||||||||||
5,111,180 | ||||||||||||||||
Semiconductors & Semiconductor Equipment (2.4%) |
| |||||||||||||||
Micron Technology Inc. | 2.70 | % | 04/15/2032 | 5,000,000 | 3,631,443 | |||||||||||
Qorvo Inc. | 1.75 | % | 12/15/2024 | 2,500,000 | 2,304,531 | |||||||||||
Qorvo Inc. | 3.38 | % | 04/01/2031 | 3,000,000 | 2,273,100 | |||||||||||
|
| |||||||||||||||
8,209,074 | ||||||||||||||||
Software (2.7%) | ||||||||||||||||
Autodesk Inc. | 4.38 | % | 06/15/2025 | 3,630,000 | 3,574,478 | |||||||||||
Autodesk Inc. | 2.85 | % | 01/15/2030 | 2,250,000 | 1,887,233 | |||||||||||
Cadence Design Systems Inc. | 4.38 | % | 10/15/2024 | 3,940,000 | 3,895,586 | |||||||||||
|
| |||||||||||||||
9,357,297 | ||||||||||||||||
Specialty Retail (3.1%) | ||||||||||||||||
Lowe’s Companies Inc. | 4.50 | % | 04/15/2030 | 3,000,000 | 2,800,864 | |||||||||||
O’Reilly Automotive Inc. | 4.20 | % | 04/01/2030 | 5,500,000 | 5,022,746 | |||||||||||
Ross Stores Inc. | 4.80 | % | 04/15/2030 | 3,000,000 | 2,815,670 | |||||||||||
|
| |||||||||||||||
10,639,280 | ||||||||||||||||
Textiles, Apparel & Luxury Goods (2.4%) |
| |||||||||||||||
Hanesbrands Inc. | 4.88 | % | 05/15/2026 | 5,000,000 | 4,494,750 | |||||||||||
VF Corp. | 2.40 | % | 04/23/2025 | 2,000,000 | 1,868,930 | |||||||||||
VF Corp. | 6.00 | % | 10/15/2033 | 2,000,000 | 1,944,053 | |||||||||||
|
| |||||||||||||||
8,307,733 | ||||||||||||||||
Transportation Infrastructure (1.0%) |
| |||||||||||||||
Avantor Funding Inc. | 4.63 | % | 07/15/2028 | 4,000,000 | 3,541,376 | |||||||||||
|
| |||||||||||||||
Wireless Telecommunication Services (1.3%) |
| |||||||||||||||
T-Mobile USA Inc. | 2.25 | % | 02/15/2026 | 5,000,000 | 4,473,900 | |||||||||||
|
| |||||||||||||||
Total investment in corporate bonds (54.9%) |
| 187,301,087 | ||||||||||||||
|
|
Supranational Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
European Bank for Reconstruction & Development | 1.50 | % | 02/13/2025 | 2,000,000 | 1,872,234 | |||||||||||
European Investment Bank | 1.63 | % | 10/09/2029 | 2,000,000 | 1,706,220 | |||||||||||
European Investment Bank | 0.75 | % | 09/23/2030 | 2,000,000 | 1,554,185 | |||||||||||
International Bank for Reconstruction & Development | 3.13 | % | 11/20/2025 | 4,000,000 | 3,859,920 | |||||||||||
International Bank for Reconstruction & Development | 1.63 | % | 11/03/2031 | 5,000,000 | 4,102,423 | |||||||||||
International Finance Corp. | 2.00 | % | 10/24/2022 | 3,000,000 | 2,997,986 | |||||||||||
International Finance Corp. | 2.13 | % | 04/07/2026 | 6,000,000 | 5,569,500 | |||||||||||
|
| |||||||||||||||
Total investment in supranational bonds (6.3%) |
| 21,662,468 | ||||||||||||||
|
| |||||||||||||||
U.S. Government Agency Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Fannie Mae | 0.88 | % | 12/18/2026 | 5,000,000 | 4,328,815 | |||||||||||
Federal Home Loan Bank | 3.05 | % | 12/30/2024 | 3,000,000 | 2,901,525 | |||||||||||
Federal Home Loan Bank | 3.33 | % | 06/27/2025 | 4,000,000 | 3,857,900 | |||||||||||
Federal Home Loan Bank | 0.50 | % | 07/28/2025 | 5,000,000 | 4,466,585 | |||||||||||
Federal Home Loan Bank | 0.68 | % | 02/24/2026 | 5,075,000 | 4,475,318 | |||||||||||
Federal Home Loan Bank | 2.75 | % | 06/29/2027 | 4,000,000 | 3,845,132 | |||||||||||
Federal Home Loan Bank | 3.00 | % | 06/30/2027 | 4,000,000 | 3,831,816 | |||||||||||
Freddie Mac | 0.80 | % | 10/28/2026 | 4,000,000 | 3,469,136 | |||||||||||
|
| |||||||||||||||
Total investment in U.S. government agency bonds (9.1%) |
| 31,176,227 | ||||||||||||||
|
| |||||||||||||||
U.S. Government Treasury Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
U.S. Treasury | 1.63 | % | 11/15/2022 | 3,000,000 | 2,994,654 | |||||||||||
U.S. Treasury | 2.50 | % | 03/31/2023 | 2,000,000 | 1,987,031 | |||||||||||
U.S. Treasury | 0.88 | % | 01/31/2024 | 2,500,000 | 2,388,867 | |||||||||||
U.S. Treasury | 2.50 | % | 01/31/2024 | 2,000,000 | 1,953,047 | |||||||||||
U.S. Treasury | 2.38 | % | 02/29/2024 | 3,000,000 | 2,921,250 | |||||||||||
U.S. Treasury | 2.13 | % | 03/31/2024 | 2,000,000 | 1,936,875 | |||||||||||
U.S. Treasury | 2.50 | % | 04/30/2024 | 6,000,000 | 5,834,531 | |||||||||||
U.S. Treasury | 2.50 | % | 05/31/2024 | 4,000,000 | 3,885,156 | |||||||||||
U.S. Treasury | 2.00 | % | 05/31/2024 | 1,000,000 | 963,359 | |||||||||||
U.S. Treasury | 1.75 | % | 06/30/2024 | 2,000,000 | 1,915,313 | |||||||||||
U.S. Treasury | 1.25 | % | 08/31/2024 | 2,000,000 | 1,890,859 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2024 | 3,000,000 | 2,878,711 | |||||||||||
U.S. Treasury | 1.50 | % | 11/30/2024 | 2,000,000 | 1,887,422 | |||||||||||
U.S. Treasury | 2.00 | % | 02/15/2025 | 3,000,000 | 2,847,188 | |||||||||||
U.S. Treasury | 0.25 | % | 06/30/2025 | 2,000,000 | 1,795,625 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2025 | 3,000,000 | 2,825,742 | |||||||||||
U.S. Treasury | 0.38 | % | 12/31/2025 | 2,000,000 | 1,768,828 | |||||||||||
U.S. Treasury | 1.88 | % | 07/31/2026 | 4,000,000 | 3,678,281 | |||||||||||
U.S. Treasury | 2.00 | % | 11/15/2026 | 3,000,000 | 2,756,250 | |||||||||||
U.S. Treasury | 2.38 | % | 02/15/2042 | 2,000,000 | 1,532,813 | |||||||||||
U.S. Treasury | 3.25 | % | 05/15/2042 | 5,000,000 | 4,438,281 | |||||||||||
U.S. Treasury | 2.00 | % | 02/15/2050 | 4,000,000 | 2,749,219 | |||||||||||
U.S. Treasury | 1.25 | % | 05/15/2050 | 4,500,000 | 2,519,473 | |||||||||||
U.S. Treasury | 1.38 | % | 08/15/2050 | 2,000,000 | 1,158,750 | |||||||||||
U.S. Treasury | 1.63 | % | 11/15/2050 | 2,000,000 | 1,241,875 | |||||||||||
U.S. Treasury | 1.88 | % | 11/15/2051 | 6,000,000 | 3,967,969 | |||||||||||
U.S. Treasury (TIPS) | 0.38 | % | 07/15/2025 | 1,249,350 | 1,194,423 | |||||||||||
U.S. Treasury (TIPS) | 1.75 | % | 01/15/2028 | 1,414,230 | 1,400,088 | |||||||||||
U.S. Treasury (TIPS) | 0.63 | % | 02/15/2043 | 2,577,320 | 1,974,335 | |||||||||||
|
| |||||||||||||||
Total investment in U.S. government treasury bonds (21.0%) |
| 71,286,215 | ||||||||||||||
|
| |||||||||||||||
Total investment in long-term securities (98.9%) |
| 337,050,221 | ||||||||||||||
|
|
Short-Term Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Certificates of Deposit (0.1%) α | ||||||||||||||||
Beneficial State Bank | 0.30 | % | 10/23/2022 | 250,000 | 249,279 | |||||||||||
Citizens Trust Bank | 0.05 | % | 10/06/2022 | 250,000 | 249,863 | |||||||||||
|
| |||||||||||||||
499,142 | ||||||||||||||||
Time Deposits (0.5%) | ||||||||||||||||
Sumitomo, Tokyo | 2.43 | % | 10/03/2022 | 1,625,542 | 1,625,541 | |||||||||||
|
| |||||||||||||||
Securities Purchased with Cash Collateral from Securities Lending |
| |||||||||||||||
Registered Investment Companies (0.3%) |
| |||||||||||||||
Invesco Aim Government & Agency Portfolio |
| |||||||||||||||
Short-Term Investments Trust, Institutional Class | 2.44 | % | 1,008,680 | |||||||||||||
|
| |||||||||||||||
Total short-term securities (0.9%) | ||||||||||||||||
(cost $3,133,363) | 3,133,363 | |||||||||||||||
|
| |||||||||||||||
Total securities (99.8%) | ||||||||||||||||
(cost $393,298,992) | 340,183,584 | |||||||||||||||
|
| |||||||||||||||
Payable upon return of securities loaned (-0.3%) |
| (1,008,680 | ) | |||||||||||||
|
| |||||||||||||||
Other assets and liabilities (0.5%) | 1,758,763 | |||||||||||||||
|
| |||||||||||||||
Total net assets (100.0%) | 340,933,667 | |||||||||||||||
|
|
λ | This security, or partial position of this security, was on loan at September 30, 2022. The total value of the securities on loan at September 30, 2022 was $987,020. |
α | Market value adjustments have been applied to these securities to reflect potential early withdrawal. Such securities have been classified as level 3. |
plc | Public Limited Company |
LP | Limited Partnership |
TIPS | Treasury Inflation Protected Security |