Our Funds

Parnassus Fixed Income Fund

Ten Largest Holdings1 as of 11/30/2014

U.S. Treasury
1.88%, due 06/30/15
U.S. Treasury
1.75%, due 05/15/22
Int'l Finance Corp.
0.50%, due 05/16/16
U.S. Treasury
2.75%, due 11/15/23
U.S. Treasury
2.75%, due 02/15/24
U.S. Treasury
2.50%, due 08/15/23
U.S. Treasury
0.38%, due 11/15/15
Pentair Finance SA
3.15%, due 09/15/22
Mondelez Intl Inc.
5.38%, due 02/10/20
Discover Financial
5.20%, due 04/27/22
Total 23.2%

Full Quarterly Holdings

Portfolio Composition2 as of 9/30/14

Corporate Bonds 47% U.S. Treasury Bonds 27% Federal Agency MBS 19% Supranational Bonds 4% Commercial MBS 3%

Quality Ratings3 as of as of September 30, 2014

U.S. Gov't/Agency & AAA 53 %
AA 5 %
A 19 %
BBB 21 %
BB 2 %
B 0 %
Below B 0 %
Not Rated/Not Available 0 %

As a % of total portfolio excluding cash.

Maturity Diversification as of as of September 30, 2014

Fixed Income
Barclays U.S. Aggregate Bond
0-3 23.9 % 24.9 %
3-5 4.4 % 20.0 %
5-10 50.0 % 41.7 %
Over 10 21.7 % 13.4 %

1 The Ten Largest Holdings and Full Quarterly Holdings are not taken from the Fund's annual, semiannual or quarterly reports and have not been audited. This holdings information represents the diversity of areas in which the Fund may invest and may not be representative of the Fund's current or future investments.

The Fund may participate in securities lending. The portfolio holdings information provided herein excludes any securities held by the Fund as collateral for securities on loan by the Fund. Complete holdings information, including securities held as collateral for securities on loan, can be obtained in the Funds' most recent annual and semiannual reports as of the date of such report.

2 Percent of total net assets.

3 Quality Ratings for all securities except for those labeled "U.S. Gov't/Agency" are stated as Standard & Poor's ("S&P") ratings for consistency in reporting. S&P is a Nationally Recognized Statistical Rating Organization ("NRSRO"), as are Moody's and Fitch. For securities rated only by an NRSRO other than S&P, the Adviser converts that rating to the equivalent S&P rating. S&P ratings range from AAA (highest) to D (lowest). If NRSRO ratings differ, the security will be considered to have received the highest of those ratings. Securities not rated by an NRSRO appear in the "Not Rated/Unavailable" category. Ratings are subject to change.

Fund industry breakdown, asset allocation and holdings are subject to change and should not be considered a recommendation to buy or sell any securities.