PARNASSUS FIXED INCOME FUND
Portfolio of Investments as of March 31, 2024 (unaudited)
| Exchange-Traded Funds | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||
Mortgage Real Estate Investment Trusts (7.7%) | ||||||||
iShares MBS ETF | 232,752 | 21,510,940 | ||||||
Total investment in exchange-traded funds (7.7%) | ||||||||
(cost $21,099,805) | 21,510,940 | |||||||
| ||||||||
| Preferred Stocks | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||
Capital Markets (1.4%) | ||||||||
Morgan Stanley | 4.25% | 01/15/2027 | 100,000 | 2,014,000 | ||||
Truist Financial Corp. | 5.13% | 12/15/2027 | 2,250,000 | 2,032,047 | ||||
Total investment in preferred stocks (1.4%) | ||||||||
(cost $4,071,836) | 4,046,047 | |||||||
| ||||||||
| Convertible Bonds | Interest Rate | Maturity Date | Shares | Market Value ($) | ||||
Mortgage Real Estate Investment Trusts (1.0%) | ||||||||
Block Inc. | 0.00% | 05/01/2026 | 3,000,000 | 2,679,300 | ||||
Total investment in convertible bonds (1.0%) | ||||||||
(cost $2,667,931) | 2,679,300 | |||||||
| ||||||||
| Corporate Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||
Air Freight & Logistics (2.4%) | ||||||||
C.H. Robinson Worldwide Inc. | 4.20% | 04/15/2028 | 3,500,000 | 3,399,481 | ||||
FedEx Corp. | 4.25% | 05/15/2030 | 1,750,000 | 1,693,824 | ||||
FedEx Corp. | 4.75% | 11/15/2045 | 1,750,000 | 1,551,983 | ||||
| 6,645,288 | ||||||||
Airlines (2.0%) | ||||||||
Alaska Airlines 2020-1, Class B | 8.00% | 08/15/2025 | 2,447,850 | 2,481,362 | ||||
Southwest Airlines Co. | 5.13% | 06/15/2027 | 3,000,000 | 2,995,297 | ||||
| 5,476,659 | ||||||||
Auto Components (0.9%) | ||||||||
APTIV plc | 5.40% | 03/15/2049 | 2,000,000 | 1,827,650 | ||||
APTIV plc | 4.15% | 05/01/2052 | 1,000,000 | 766,369 | ||||
| 2,594,019 | ||||||||
Banks (2.5%) | ||||||||
Bank of America Corp. | 1.53% | 12/06/2025 | 2,000,000 | 1,943,922 | ||||
Bank of America Corp. | 3.85% | 03/08/2037 | 2,000,000 | 1,768,933 | ||||
Citigroup Inc. | 2.01% | 01/25/2026 | 3,500,000 | 3,393,035 | ||||
| 7,105,890 | ||||||||
Building Products (1.0%) | ||||||||
Masco Corp. | 4.50% | 05/15/2047 | 3,260,000 | 2,778,046 | ||||
Capital Markets (3.5%) | ||||||||
Ares Finance Co. | 4.13% | 06/30/2051 | 2,500,000 | 2,319,357 | ||||
Morgan Stanley | 2.72% | 07/22/2025 | 2,500,000 | 2,474,791 | ||||
The Bank of NY Mellon Corp. | 3.75% | 12/20/2026 | 2,000,000 | 1,833,217 | ||||
The Charles Schwab Corp. | 4.00% | 06/01/2026 | 3,500,000 | 3,274,458 | ||||
| 9,901,823 | ||||||||
Chemicals (1.6%) | ||||||||
International Flavor & Fragrances Inc. | 5.00% | 09/26/2048 | 3,300,000 | 2,812,954 | ||||
The Sherwin-Williams Co. | 4.50% | 06/01/2047 | 2,000,000 | 1,749,638 | ||||
| 4,562,592 | ||||||||
Consumer Finance (3.4%) | ||||||||
American Express Co. | 4.05% | 05/03/2029 | 3,500,000 | 3,395,762 | ||||
Capital One Financial Corp. | 2.36% | 07/29/2032 | 1,500,000 | 1,154,572 | ||||
Capital One Financial Corp. | 2.62% | 11/02/2032 | 2,000,000 | 1,618,664 | ||||
Discover Financial Services | 4.50% | 01/30/2026 | 3,500,000 | 3,439,650 | ||||
| 9,608,648 | ||||||||
Diversified Financial Services (2.4%) | ||||||||
Fiserv Inc. | 5.60% | 03/02/2033 | 1,500,000 | 1,530,478 | ||||
Fiserv Inc. | 4.40% | 07/01/2049 | 2,000,000 | 1,696,791 | ||||
Global Payments Inc. | 5.95% | 08/15/2052 | 3,500,000 | 3,495,216 | ||||
| 6,722,485 | ||||||||
Diversified Telecommunication Services (1.0%) | ||||||||
Verizon Communications Inc. | 2.85% | 09/03/2041 | 3,750,000 | 2,705,934 | ||||
Electric Utilities (1.3%) | ||||||||
Public Service Co. of Oklahoma | 2.20% | 08/15/2031 | 4,500,000 | 3,680,600 | ||||
Electronic Equipment, Instruments & Components (0.9%) | ||||||||
Trimble Inc. | 6.10% | 03/15/2033 | 2,500,000 | 2,613,813 | ||||
Equity Real Estate Investment Trusts (4.7%) | ||||||||
Alexandria Real Estate Equities Inc. | 2.00% | 05/18/2032 | 2,500,000 | 1,961,341 | ||||
Alexandria Real Estate Equities Inc. | 4.85% | 04/15/2049 | 1,750,000 | 1,538,598 | ||||
American Tower Corp. | 3.70% | 10/15/2049 | 4,000,000 | 2,968,712 | ||||
Regency Centers LP | 5.25% | 01/15/2034 | 2,000,000 | 1,989,612 | ||||
Regency Centers LP | 4.40% | 02/01/2047 | 1,500,000 | 1,232,526 | ||||
SBA Communications Corp. | 3.88% | 02/15/2027 | 3,500,000 | 3,331,681 | ||||
| 13,022,470 | ||||||||
Food & Staples Retailing (1.4%) | ||||||||
Sysco Corp. | 2.40% | 02/15/2030 | 4,500,000 | 3,896,967 | ||||
Food Products (1.2%) | ||||||||
McCormick & Co., Inc. | 2.50% | 04/15/2030 | 4,000,000 | 3,477,640 | ||||
Health Care Equipment & Supplies (2.0%) | ||||||||
Baxter International Inc. | 2.54% | 02/01/2032 | 3,000,000 | 2,487,412 | ||||
Becton, Dickinson and Co. | 4.69% | 12/15/2044 | 3,500,000 | 3,171,933 | ||||
| 5,659,345 | ||||||||
Hotels, Restaurants & Leisure (1.9%) | ||||||||
Hilton Domestic Operating Company Inc. | 3.75% | 05/01/2029 | 3,684,000 | 3,379,432 | ||||
Yum! Brands Inc. | 4.63% | 01/31/2032 | 2,000,000 | 1,846,199 | ||||
| 5,225,631 | ||||||||
Insurance (0.5%) | ||||||||
The Progressive Corp. | 3.20% | 03/26/2030 | 1,500,000 | 1,369,421 | ||||
Interactive Media & Services (0.3%) | ||||||||
Alphabet Inc. | 2.05% | 08/15/2050 | 1,500,000 | 895,979 | ||||
Life Sciences Tools & Services (1.2%) | ||||||||
Agilent Technologies Inc. | 2.75% | 09/15/2029 | 3,750,000 | 3,372,778 | ||||
Machinery (2.4%) | ||||||||
Pentair Finance SA | 4.50% | 07/01/2029 | 3,500,000 | 3,389,279 | ||||
Xylem Inc. | 2.25% | 01/30/2031 | 4,000,000 | 3,374,013 | ||||
| 6,763,292 | ||||||||
Media (0.6%) | ||||||||
CCO Holdings Capital Corp. | 4.75% | 03/01/2030 | 2,000,000 | 1,721,339 | ||||
Pharmaceuticals (1.0%) | ||||||||
Merck & Co., Inc. | 1.90% | 12/10/2028 | 3,250,000 | 2,884,034 | ||||
Real Estate Investment Trust (0.7%) | ||||||||
Prologis LP | 2.88% | 11/15/2029 | 2,135,000 | 1,929,358 | ||||
Road & Rail (1.3%) | ||||||||
Canadian Pacific Railway Co. | 2.88% | 11/15/2029 | 1,500,000 | 1,345,266 | ||||
Canadian Pacific Railway Co. | 4.70% | 05/01/2048 | 2,500,000 | 2,222,362 | ||||
| 3,567,628 | ||||||||
Semiconductors & Semiconductor Equipment (3.6%) | ||||||||
Intel Corp. | 4.15% | 08/05/2032 | 2,500,000 | 2,376,338 | ||||
Intel Corp. | 3.20% | 08/12/2061 | 1,500,000 | 978,209 | ||||
Micron Technology Inc. | 2.70% | 04/15/2032 | 4,000,000 | 3,342,162 | ||||
Qorvo Inc. | 3.38% | 04/01/2031 | 3,750,000 | 3,224,253 | ||||
| 9,920,962 | ||||||||
Software (4.4%) | ||||||||
Autodesk Inc. | 2.40% | 12/15/2031 | 3,500,000 | 2,931,834 | ||||
Oracle Corp. | 6.13% | 07/08/2039 | 3,500,000 | 3,664,504 | ||||
Roper Technologies Inc. | 2.95% | 09/15/2029 | 3,500,000 | 3,150,745 | ||||
Salesforce Inc. | 1.50% | 07/15/2028 | 3,000,000 | 2,639,610 | ||||
| 12,386,693 | ||||||||
Specialty Retail (3.3%) | ||||||||
Lowe’s Companies Inc. | 2.80% | 09/15/2041 | 4,250,000 | 3,025,317 | ||||
O’Reilly Automotive Inc. | 4.20% | 04/01/2030 | 3,500,000 | 3,346,981 | ||||
Ross Stores Inc. | 4.80% | 04/15/2030 | 3,000,000 | 2,902,859 | ||||
| 9,275,157 | ||||||||
Textiles, Apparel & Luxury Goods (1.1%) | ||||||||
VF Corp. | 6.00% | 10/15/2033 | 2,000,000 | 1,956,702 | ||||
VF Corp. | 6.45% | 11/01/2037 | 1,000,000 | 974,563 | ||||
| 2,931,265 | ||||||||
Transportation Infrastructure (1.2%) | ||||||||
Avantor Funding Inc. | 4.63% | 07/15/2028 | 3,500,000 | 3,316,116 | ||||
Wireless Telecommunication Services (1.1%) | ||||||||
T-Mobile USA Inc. | 4.38% | 04/15/2040 | 3,500,000 | 3,113,639 | ||||
Total investment in corporate bonds (56.8%) | ||||||||
(cost $168,526,131) | 159,125,511 | |||||||
Federal Agency Mortgage-Backed Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||
Fannie Mae Pool MA4709 | 5.00% | 07/01/2052 | 1,751,431 | 1,711,771 | ||||
Fannie Mae Pool BY0205 | 5.50% | 05/01/2053 | 1,869,606 | 1,861,467 | ||||
Fannie Mae Pool FS6916 | 5.00% | 06/01/2053 | 1,992,995 | 1,948,170 | ||||
Fannie Mae Pool DA0007 | 5.50% | 09/01/2053 | 3,903,440 | 3,886,447 | ||||
Freddie Mac Pool SD8315 | 5.00% | 04/01/2053 | 2,833,756 | 2,768,087 | ||||
Total investment in U.S. government agency bonds (4.3%) | ||||||||
(cost $12,230,489) | 12,175,942 | |||||||
| Supranational Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||
European Bank for Reconstruction & Development | 1.50% | 02/13/2025 | 2,000,000 | 1,938,188 | ||||
European Investment Bank | 1.63% | 10/09/2029 | 2,000,000 | 1,736,591 | ||||
European Investment Bank | 0.75% | 09/23/2030 | 2,000,000 | 1,604,462 | ||||
International Bank for Reconstruction & Development | 3.13% | 11/20/2025 | 4,000,000 | 3,896,563 | ||||
International Bank for Reconstruction & Development | 1.63% | 11/03/2031 | 5,000,000 | 4,130,782 | ||||
International Finance Corp. | 2.13% | 04/07/2026 | 6,000,000 | 5,704,267 | ||||
International Finance Corp. | 4.38% | 01/15/2027 | 4,000,000 | 3,985,330 | ||||
Total investment in supranational bonds (8.2%) | ||||||||
(cost $25,108,059) | 22,996,183 | |||||||
| - | ||||||||
| U.S. Government Treasury Bonds | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||
U.S. Treasury | 2.50% | 05/31/2024 | 2,000,000 | 1,990,800 | ||||
U.S. Treasury | 2.25% | 11/15/2024 | 1,500,000 | 1,472,812 | ||||
U.S. Treasury | 3.88% | 03/31/2025 | 2,000,000 | 1,977,578 | ||||
U.S. Treasury | 0.25% | 06/30/2025 | 2,000,000 | 1,888,359 | ||||
U.S. Treasury | 2.25% | 11/15/2025 | 3,000,000 | 2,882,344 | ||||
U.S. Treasury | 0.38% | 12/31/2025 | 2,000,000 | 1,855,391 | ||||
U.S. Treasury | 3.63% | 05/15/2026 | 3,000,000 | 2,941,289 | ||||
U.S. Treasury | 1.88% | 07/31/2026 | 2,000,000 | 1,882,891 | ||||
U.S. Treasury | 4.63% | 10/15/2026 | 3,500,000 | 3,511,074 | ||||
U.S. Treasury | 3.63% | 03/31/2028 | 2,500,000 | 2,438,379 | ||||
U.S. Treasury | 4.63% | 09/30/2028 | 3,000,000 | 3,044,883 | ||||
U.S. Treasury | 3.75% | 05/31/2030 | 2,500,000 | 2,436,133 | ||||
U.S. Treasury | 4.13% | 11/15/2032 | 2,500,000 | 2,485,059 | ||||
U.S. Treasury | 3.50% | 02/15/2033 | 3,000,000 | 2,843,672 | ||||
U.S. Treasury | 3.38% | 05/15/2033 | 1,500,000 | 1,406,484 | ||||
U.S. Treasury | 3.25% | 05/15/2042 | 4,000,000 | 3,405,625 | ||||
U.S. Treasury | 4.00% | 11/15/2042 | 4,500,000 | 4,245,293 | ||||
U.S. Treasury | 4.38% | 08/15/2043 | 3,500,000 | 3,463,359 | ||||
U.S. Treasury | 4.75% | 11/15/2043 | 2,000,000 | 2,077,813 | ||||
U.S. Treasury | 2.00% | 02/15/2050 | 2,000,000 | 1,255,234 | ||||
U.S. Treasury | 1.25% | 05/15/2050 | 3,500,000 | 1,794,160 | ||||
Total investment in U.S. government treasury bonds (18.3%) | ||||||||
(cost $53,913,918) | 51,298,632 | |||||||
Total investment in long-term securities (97.7%) | ||||||||
(cost $287,618,169) | 273,832,555 | |||||||
| Short-Term Securities | Interest Rate | Maturity Date | Principal Amount ($) | Market Value ($) | ||||
Certificates of Deposit (0.2%) α | ||||||||
Beneficial State Bank | 4.00% | 10/23/2024 | 250,000 | 244,399 | ||||
Citizens Trust Bank | 1.00% | 10/06/2024 | 250,000 | 244,864 | ||||
| 489,263 | ||||||||
Time Deposits (2.7%) | ||||||||
Citibank, New York | 4.68% | 04/01/2024 | 7,719,287 | 7,719,287 | ||||
Total short-term securities (2.9%) | ||||||||
(cost $8,208,550) | 8,208,550 | |||||||
Total securities (100.6%) | ||||||||
(cost $295,826,719) | 282,041,105 | |||||||
Other assets and liabilities (-0.6%) | (1,722,083) | |||||||
Total net assets (100.0%) | 280,319,022 | |||||||
| a | Market value adjustments have been applied to these securities to reflect potential early withdrawal. Such securities have been classified as level 3. |
MBS Mortgage-Backed Securities
ETF Exchange-Traded Fund
plc Public Limited Company
LP Limited Partnership
SA Société Anonyme