Our Funds

Parnassus Fixed Income Fund - Investor Shares

Ten Largest Holdings1 as of 11/30/2018

Sempra Energy
6.00% 01/15/21 PFD
MasterCard Inc.
3.38%, due 04/01/24
4.25%, due 01/15/26
Microsoft Corp.
2.40%, due 08/08/26
FG Q52093
3.50%, due 11/01/47
Intl Bk Recon & Dev
3.13%, due 11/20/25
VF Corp.
3.50%, due 09/01/21
U.S. Treasury
2.88%, due 09/30/23
Autodesk Inc.
4.38%, due 06/15/25
Pentair Finance SA
3.15%, due 09/15/22
Total 19.1%

Full Monthly Holdings

Portfolio Composition2 as of 9/30/18

Corporate Bonds 65% U.S. Treasury Bonds 16% Federal Agency MBS 8% Cash and Other 4% Preferred Stock 4% Supranational Bonds 2% Commercial MBS 1%

Quality Ratings3 as of 9/30/18

U.S. Gov't/Agency & AAA 30 %
AA 8 %
A 23 %
BBB 28 %
BB 9 %
B 2 %
Below B 0 %
Not Rated/Not Available 0 %

As a % of total portfolio excluding cash.

Maturity Diversification as of 9/30/18

Fixed Income
Barclays U.S. Aggregate Bond
0-3 11.9 % 21.0 %
3-5 10.8 % 15.3 %
5-10 63.1 % 20.8 %
Over 10 14.2 % 42.9 %

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.