Fund Facts  

Inception Date: Sep 1, 1992
Ticker Symbol: PRFIX
Morningstar Category:Intermediate-Term Bond
As of Sep 30, 2016
Fund Net Assets ($millions) $223

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income consistent with safety and preservation of capital.

Principal Investment Strategies  

The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of bonds and other fixed income instruments. Fixed income instruments may include, but are not limited to, U.S. Treasuries and Agency debt, debt of government-related entities, corporate bonds, commercial and residential mortgage-backed securities, convertible bonds and asset-backed securities. The fund invests mainly in domestic securities, and to a lesser extent may also invest in U.S. dollar denominated foreign securities.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Sep 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Parnassus Fixed-Incomea0.87%5.24%4.83%3.20%2.12%4.10%5.28%
Bloomberg Barclays U.S. Aggregate Bond Indexa,b0.46%5.80%5.19%4.03%3.08%4.79%N/A
Morningstar Intermediate-Term Bonda,c0.98%5.96%5.27%3.72%3.44%4.53%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total annual fund operating expensesa0.79%
Fee waiver and/or expense reimbursement0.11%
Total Expenses0.68%

A contractual expense waiver exists for this fund and will expire on 05-01-2017.

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg Barclays U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Nov 30, 2016Nov 30, 2016$0.032600000
Nov 22, 2016Nov 22, 2016$0.064900000
Oct 31, 2016Oct 31, 2016$0.016300000
Sep 30, 2016Sep 30, 2016$0.046700000
Aug 31, 2016Aug 31, 2016$0.032300000
Jul 29, 2016Jul 29, 2016$0.029000000
Jun 30, 2016Jun 30, 2016$0.030000000
May 31, 2016May 31, 2016$0.025500000
Apr 29, 2016Apr 29, 2016$0.029000000
Mar 31, 2016Mar 31, 2016$0.031300000
Feb 29, 2016Feb 29, 2016$0.028200000
Jan 29, 2016Jan 29, 2016$0.026000000
Dec 30, 2015Dec 30, 2015$0.012100000
Nov 30, 2015Nov 30, 2015$0.025700000
Nov 24, 2015Nov 24, 2015$0.011500000
Oct 30, 2015Oct 30, 2015$0.014900000
Sep 30, 2015Sep 30, 2015$0.048600000
Aug 31, 2015Aug 31, 2015$0.028000000
 

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2016
Period Stars Category Size
Overall 2 Stars956
3-Year 2 Stars956
5-Year 2 Stars844
10-Year 2 Stars602

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Sep 30, 2016
Fixed Income Stylebox
Medium Moderate
Allocation of Assets As of Aug 31, 2016
Type of Asset Percent
Equity0%
Fixed Income88%
Cash/Other12%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Aug 31, 2016
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond80.0%
Foreign Bond5.9%
Preferred1.3%
Convertible0.8%
Cash12.0%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Aug 31, 2016
SectorPercent
Corporate46.3%
Securitized23.3%
Government18.4%
Cash & Equivalents12.0%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Aug 31, 2016
Quality LevelPercent
AAA49.4%
AA4.5%
A19.0%
BBB23.7%
BB3.4%
B0.0%
Below B0.0%
Not Rated0.0%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Aug 31, 2016
Holding NamePercent
US Treasury Note 2.75%2.0%
US Treasury Note 2.25%2.0%
Motorola Solutions 3.75%1.9%
Euro Bk Recon & Dev Euro Mtn 1.625%1.9%
Pentair Fin Sa 3.15%1.9%
US Treasury Note 0.875%1.9%
Agilent Tech 3.2%1.8%
Altera 4.1%1.6%
Autodesk 4.375%1.6%
Whole Foods Mkt 144A 5.2%1.5%
 

Statistics

Duration and Maturity As of Aug 31, 2016
StatisticValue
Average Effective Duration4.35 years
Average Effective Maturity5.46 years
Portfolio Statistics As of Sep 30, 2016
Statistic3-Year5-Year
Beta0.850.92
Alpha-0.23-0.71
Standard Deviation2.272.61
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.