PARNASSUS FIXED INCOME FUND
Portfolio of Investments as of March 31, 2023 (unaudited)
Preferred Stocks | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||||||||||
Capital Markets (1.4%) | ||||||||||||||||
Morgan Stanley | 4.25 | % | 01/15/2027 | 100,000 | 1,895,000 | |||||||||||
The Charles Schwab Corp. l | 4.45 | % | 06/01/2026 | 103,049 | 1,990,907 | |||||||||||
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3,885,907 | ||||||||||||||||
Equity Real Estate Investment Trusts (1.4%) | ||||||||||||||||
Public Storage | 3.88 | % | 10/06/2025 | 22,966 | 417,981 | |||||||||||
Public Storage l | 4.00 | % | 06/16/2026 | 136,587 | 2,522,762 | |||||||||||
Public Storage | 4.10 | % | 01/13/2027 | 48,626 | 900,067 | |||||||||||
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3,840,810 | ||||||||||||||||
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Total investment in preferred stocks (2.8%) | 7,726,717 | |||||||||||||||
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Convertible Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Electrical Equipment (0.7%) | ||||||||||||||||
Sunrun Inc. | 0.00 | % | 02/01/2026 | 2,800,000 | 1,849,400 | |||||||||||
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Total investment in convertible bonds (0.7%) | 1,849,400 | |||||||||||||||
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Corporate Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||
Air Freight & Logistics (2.6%) | ||||||||||||||
C.H. Robinson Worldwide Inc. | 4.20 | % | 04/15/2028 | 4,000,000 | 3,842,825 | |||||||||
FedEx Corp. | 4.25 | % | 05/15/2030 | 1,750,000 | 1,699,100 | |||||||||
FedEx Corp. | 4.75 | % | 11/15/2045 | 1,750,000 | 1,578,693 | |||||||||
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| |||||||||||||
7,120,618 | ||||||||||||||
Airlines (2.4%) | ||||||||||||||
Alaska Airlines 2020-1, Class B | 8.00 | % | 08/15/2025 | 3,569,918 | 3,625,507 | |||||||||
Alaska Airlines 2020-1, Class A | 4.80 | % | 08/15/2027 | 126,053 | 122,232 | |||||||||
Southwest Airlines Co. | 5.13 | % | 06/15/2027 | 3,000,000 | 2,987,368 | |||||||||
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6,735,107 | ||||||||||||||
Auto Components (1.4%) | ||||||||||||||
APTIV plc | 2.40 | % | 02/18/2025 | 1,000,000 | 952,084 | |||||||||
APTIV plc | 5.40 | % | 03/15/2049 | 2,000,000 | 1,785,672 | |||||||||
APTIV plc | 4.15 | % | 05/01/2052 | 1,500,000 | 1,169,383 | |||||||||
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| |||||||||||||
3,907,139 | ||||||||||||||
Banks (2.3%) | ||||||||||||||
Bank of America Corp. | 1.53 | % | 12/06/2025 | 2,000,000 | 1,868,971 | |||||||||
Bank of America Corp. | 3.85 | % | 03/08/2037 | 1,000,000 | 851,979 | |||||||||
Citigroup Inc. | 2.01 | % | 01/25/2026 | 4,000,000 | 3,764,237 | |||||||||
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6,485,187 | ||||||||||||||
Building Products (1.4%) | ||||||||||||||
Masco Corp. | 3.50 | % | 11/15/2027 | 2,000,000 | 1,884,612 | |||||||||
Masco Corp. | 4.50 | % | 05/15/2047 | 2,500,000 | 2,083,484 | |||||||||
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| |||||||||||||
3,968,096 | ||||||||||||||
Capital Markets (1.4%) | ||||||||||||||
Morgan Stanley | 2.72 | % | 07/22/2025 | 2,500,000 | 2,411,070 | |||||||||
The Charles Schwab Corp. | 3.75 | % | 04/01/2024 | 1,500,000 | 1,471,063 | |||||||||
|
| |||||||||||||
3,882,133 | ||||||||||||||
Chemicals (1.3%) | ||||||||||||||
The Sherwin-Williams Co. | 4.50 | % | 06/01/2047 | 4,000,000 | 3,516,873 | |||||||||
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Consumer Finance (3.7%) | ||||||||||||||
American Express Co. | 4.05 | % | 05/03/2029 | 4,000,000 | 3,897,121 | |||||||||
Capital One Financial Corp. | 2.62 | % | 11/02/2032 | 3,000,000 | 2,284,525 | |||||||||
Discover Financial Services | 4.50 | % | 01/30/2026 | 3,500,000 | 3,375,008 | |||||||||
Discover Financial Services | 4.10 | % | 02/09/2027 | 1,000,000 | 944,381 | |||||||||
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10,501,035 | ||||||||||||||
Containers & Packaging (1.6%) | ||||||||||||||
Ball Corp. | 4.88 | % | 03/15/2026 | 4,500,000 | 4,471,200 | |||||||||
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Electronic Equipment, Instruments & Components (1.4%) |
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Trimble Inc. | 4.90 | % | 06/15/2028 | 4,000,000 | 3,971,625 | |||||||||||
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Equity Real Estate Investment Trusts (5.8%) | ||||||||||||||||
Alexandria Real Estate Equities Inc. | 2.00 | % | 05/18/2032 | 3,000,000 | 2,306,585 | |||||||||||
Alexandria Real Estate Equities Inc. | 4.85 | % | 04/15/2049 | 1,750,000 | 1,512,758 | |||||||||||
American Tower Corp. | 2.40 | % | 03/15/2025 | 2,000,000 | 1,899,103 | |||||||||||
American Tower Corp. | 2.70 | % | 04/15/2031 | 2,250,000 | 1,874,428 | |||||||||||
Digital Realty Trust Inc. | 3.60 | % | 07/01/2029 | 1,000,000 | 896,913 | |||||||||||
Regency Centers LP | 3.75 | % | 06/15/2024 | 2,000,000 | 1,953,313 | |||||||||||
Regency Centers LP | 4.40 | % | 02/01/2047 | 2,400,000 | 1,950,492 | |||||||||||
SBA Communications Corp. | 3.88 | % | 02/15/2027 | 4,000,000 | 3,757,341 | |||||||||||
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16,150,933 | ||||||||||||||||
Food & Staples Retailing (1.9%) | ||||||||||||||||
Sysco Corp. | 2.40 | % | 02/15/2030 | 6,000,000 | 5,214,500 | |||||||||||
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Food Products (1.5%) | ||||||||||||||||
McCormick & Co., Inc. | 2.50 | % | 04/15/2030 | 5,000,000 | 4,264,718 | |||||||||||
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Health Care Equipment & Supplies (2.1%) | ||||||||||||||||
Baxter International Inc. | 2.54 | % | 02/01/2032 | 3,000,000 | 2,440,599 | |||||||||||
Becton, Dickinson and Co. | 3.36 | % | 06/06/2024 | 2,000,000 | 1,962,502 | |||||||||||
Becton, Dickinson and Co. | 4.69 | % | 12/15/2044 | 1,500,000 | 1,393,284 | |||||||||||
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5,796,385 | ||||||||||||||||
Hotels, Restaurants & Leisure (1.2%) | ||||||||||||||||
Hilton Domestic Operating Company Inc. | 3.75 | % | 05/01/2029 | 3,684,000 | 3,287,970 | |||||||||||
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Industrial Conglomerates (1.1%) | ||||||||||||||||
Roper Technologies Inc. | 2.95 | % | 09/15/2029 | 3,500,000 | 3,127,317 | |||||||||||
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Interactive Media & Services (0.7%) | ||||||||||||||||
Alphabet Inc. | 1.10 | % | 08/15/2030 | 1,500,000 | 1,227,375 | |||||||||||
Alphabet Inc. | 2.05 | % | 08/15/2050 | 1,500,000 | 949,542 | |||||||||||
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2,176,917 | ||||||||||||||||
Internet & Direct Marketing Retail (1.1%) | ||||||||||||||||
Booking Holdings Inc. | 4.63 | % | 04/13/2030 | 3,000,000 | 2,996,859 | |||||||||||
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IT Services (3.6%) | ||||||||||||||||
Fiserv Inc. | 3.85 | % | 06/01/2025 | 2,500,000 | 2,446,899 | |||||||||||
Fiserv Inc. | 4.40 | % | 07/01/2049 | 1,500,000 | 1,272,980 | |||||||||||
Global Payments Inc. | 5.95 | % | 08/15/2052 | 4,000,000 | 3,791,364 | |||||||||||
Visa Inc. | 0.75 | % | 08/15/2027 | 2,500,000 | 2,157,995 | |||||||||||
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9,669,238 | ||||||||||||||||
Life Sciences Tools & Services (1.5%) | ||||||||||||||||
Agilent Technologies Inc. | 2.75 | % | 09/15/2029 | 4,750,000 | 4,244,498 | |||||||||||
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Machinery (4.1%) | ||||||||||||||||
CNH Industrial Capital LLC | 1.45 | % | 07/15/2026 | 4,500,000 | 4,026,036 | |||||||||||
Pentair Finance SA | 4.50 | % | 07/01/2029 | 4,500,000 | 4,256,956 | |||||||||||
Xylem Inc. | 2.25 | % | 01/30/2031 | 4,000,000 | 3,335,942 | |||||||||||
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11,618,934 |
Multiline Retail (1.0%) | ||||||||||||||
Macy’s Retail Holdings LLC l | 5.88 | % | 04/01/2029 | 3,000,000 | 2,774,970 | |||||||||
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Pharmaceuticals (0.9%) | ||||||||||||||
Merck & Co. Inc. | 1.90 | % | 12/10/2028 | 2,750,000 | 2,435,869 | |||||||||
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Road & Rail (1.6%) | ||||||||||||||
Kansas City Southern | 2.88 | % | 11/15/2029 | 2,000,000 | 1,790,721 | |||||||||
Kansas City Southern | 4.70 | % | 05/01/2048 | 3,000,000 | 2,738,047 | |||||||||
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4,528,768 | ||||||||||||||
Semiconductors & Semiconductor Equipment (2.3%) |
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Micron Technology Inc. | 2.70 | % | 04/15/2032 | 5,000,000 | 4,001,346 | |||||||||
Qorvo Inc. | 3.38 | % | 04/01/2031 | 3,000,000 | 2,481,780 | |||||||||
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6,483,126 | ||||||||||||||
Software (3.9%) | ||||||||||||||
Autodesk Inc. | 2.85 | % | 01/15/2030 | 1,250,000 | 1,102,107 | |||||||||
Autodesk Inc. | 2.40 | % | 12/15/2031 | 3,500,000 | 2,909,588 | |||||||||
Oracle Corp. | 6.13 | % | 07/08/2039 | 4,000,000 | 4,156,565 | |||||||||
PTC Inc. | 4.00 | % | 02/15/2028 | 3,000,000 | 2,803,398 | |||||||||
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10,971,658 | ||||||||||||||
Specialty Retail (3.5%) | ||||||||||||||
Lowe’s Companies Inc. | 4.50 | % | 04/15/2030 | 3,000,000 | 2,963,230 | |||||||||
O’Reilly Automotive Inc. | 4.20 | % | 04/01/2030 | 4,000,000 | 3,843,916 | |||||||||
Ross Stores Inc. | 4.80 | % | 04/15/2030 | 3,000,000 | 2,888,179 | |||||||||
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9,695,325 | ||||||||||||||
Textiles, Apparel & Luxury Goods (2.6%) | ||||||||||||||
Hanesbrands Inc. | 4.88 | % | 05/15/2026 | 4,500,000 | 4,263,750 | |||||||||
VF Corp. | 6.00 | % | 10/15/2033 | 2,000,000 | 1,973,033 | |||||||||
VF Corp. | 6.45 | % | 11/01/2037 | 1,000,000 | 1,030,856 | |||||||||
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7,267,639 | ||||||||||||||
Transportation Infrastructure (1.4%) | ||||||||||||||
Avantor Funding Inc. | 4.63 | % | 07/15/2028 | 4,000,000 | 3,796,360 | |||||||||
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Wireless Telecommunication Services (1.3%) | ||||||||||||||
T-Mobile USA Inc. | 2.25 | % | 02/15/2026 | 1,500,000 | 1,395,279 | |||||||||
T-Mobile USA Inc. | 4.38 | % | 04/15/2040 | 2,500,000 | 2,237,406 | |||||||||
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3,632,685 | ||||||||||||||
Total investment in corporate bonds (62.6%) | 174,693,682 | |||||||||||||
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Supranational Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
European Bank for Reconstruction & Development | 1.50 | % | 02/13/2025 | 2,000,000 | 1,903,985 | |||||||||||
European Investment Bank | 1.63 | % | 10/09/2029 | 2,000,000 | 1,762,640 | |||||||||||
European Investment Bank | 0.75 | % | 09/23/2030 | 2,000,000 | 1,627,703 | |||||||||||
International Bank for Reconstruction & Development | 3.13 | % | 11/20/2025 | 4,000,000 | 3,914,120 | |||||||||||
International Bank for Reconstruction & Development | 1.63 | % | 11/03/2031 | 5,000,000 | 4,256,379 | |||||||||||
International Finance Corp. | 2.13 | % | 04/07/2026 | 6,000,000 | 5,693,399 | |||||||||||
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Total investment in supranational bonds (6.9%) | 19,158,226 | |||||||||||||||
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U.S. Government Agency Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Federal Home Loan Bank | 3.33 | % | 06/27/2025 | 4,000,000 | 3,906,683 | |||||||||||
Federal Home Loan Bank | 0.50 | % | 07/28/2025 | 5,000,000 | 4,601,193 | |||||||||||
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Total investment in U.S. government agency bonds (3.1%) |
| 8,507,876 | ||||||||||||||
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U.S. Government Treasury Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
U.S. Treasury | 2.50 | % | 01/31/2024 | 2,000,000 | 1,963,984 | |||||||||||
U.S. Treasury | 2.13 | % | 03/31/2024 | 2,000,000 | 1,951,328 | |||||||||||
U.S. Treasury | 2.50 | % | 05/31/2024 | 4,000,000 | 3,908,906 | |||||||||||
U.S. Treasury | 2.00 | % | 05/31/2024 | 1,000,000 | 971,719 | |||||||||||
U.S. Treasury | 1.75 | % | 06/30/2024 | 2,000,000 | 1,935,234 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2024 | 3,000,000 | 2,904,727 | |||||||||||
U.S. Treasury | 1.50 | % | 11/30/2024 | 2,000,000 | 1,912,031 | |||||||||||
U.S. Treasury | 2.00 | % | 02/15/2025 | 3,000,000 | 2,882,695 | |||||||||||
U.S. Treasury | 3.88 | % | 03/31/2025 | 4,000,000 | 3,985,781 | |||||||||||
U.S. Treasury | 0.25 | % | 06/30/2025 | 2,000,000 | 1,842,109 | |||||||||||
U.S. Treasury | 2.25 | % | 11/15/2025 | 3,000,000 | 2,875,664 | |||||||||||
U.S. Treasury | 0.38 | % | 12/31/2025 | 2,000,000 | 1,821,563 | |||||||||||
U.S. Treasury | 1.88 | % | 07/31/2026 | 2,000,000 | 1,880,078 | |||||||||||
U.S. Treasury | 3.25 | % | 05/15/2042 | 5,000,000 | 4,606,055 | |||||||||||
U.S. Treasury | 4.00 | % | 11/15/2042 | 4,500,000 | 4,615,313 | |||||||||||
U.S. Treasury | 2.00 | % | 02/15/2050 | 4,000,000 | 2,823,281 | |||||||||||
U.S. Treasury | 1.25 | % | 05/15/2050 | 2,500,000 | 1,446,387 | |||||||||||
U.S. Treasury | 1.88 | % | 11/15/2051 | 2,000,000 | 1,355,547 | |||||||||||
U.S. Treasury | 3.00 | % | 08/15/5052 | 4,000,000 | 3,498,125 | |||||||||||
U.S. Treasury (TIPS) | 0.38 | % | 07/15/2025 | 1,262,260 | 1,233,951 | |||||||||||
U.S. Treasury (TIPS) | 1.75 | % | 01/15/2028 | 1,428,840 | 1,461,249 | |||||||||||
U.S. Treasury (TIPS) | 0.63 | % | 02/15/2043 | 2,603,940 | 2,195,309 | |||||||||||
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Total investment in U.S. government treasury bonds (19.6%) |
| 54,071,036 | ||||||||||||||
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Total investment in long-term securities (95.7%) |
| 266,006,937 | ||||||||||||||
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Short-Term Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||||||||||
Certificates of Deposit (0.2%) α | ||||||||||||||||
Beneficial State Bank | 1.10 | % | 10/23/2023 | 250,000 | 243,512 | |||||||||||
Citizens Trust Bank | 0.05 | % | 10/06/2023 | 250,000 | 244,849 | |||||||||||
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488,361 | ||||||||||||||||
Time Deposits (2.3%) | ||||||||||||||||
Citibank, New York | 3.69 | % | 04/03/2023 | 6,480,133 | 6,480,133 | |||||||||||
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Securities Purchased with Cash Collateral from Securities Lending |
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Registered Investment Companies (1.2%) | ||||||||||||||||
Invesco Aim Government & Agency Portfolio | ||||||||||||||||
Short-Term Investments Trust, Institutional Class | 4.58 | % | 3,462,587 | |||||||||||||
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Total short-term securities (3.7%) | 10,431,081 | |||||||||||||||
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Total securities (99.4%) | 276,438,018 | |||||||||||||||
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Payable upon return of securities loaned (-1.2%) | (3,462,587 | ) | ||||||||||||||
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Other assets and liabilities (1.8%) | 4,981,436 | |||||||||||||||
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Total net assets (100.0%) | 277,956,867 | |||||||||||||||
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λ | This security, or partial position of this security, was on loan at March 31, 2023. The total value of the securities on loan at March 31, 2023 was $3,552,058 |
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 |
LLC | Limited Liability Company |
LP | Limited Partnership |
TIPS | Treasury Inflation Protected Security |