1 All returns greater than one year are annualized.
2 The inception date for the Parnassus Fund is December
31, 1984. The inception date for the Parnassus Core Equity Fund and Parnassus Fixed
Income Fund is August 31, 1992. The inception date for the Parnassus Mid Cap Fund,
Parnassus Small Cap Fund and Parnassus Endeavor Fund is April 29, 2005. The inception
date for the Institutional Shares of the Parnassus Core Equity Fund is April 28,
2006. The inception date for the Parnassus Asia Fund is April 30, 2013.
a As described in the Fund's current prospectus dated May 1, 2014, Parnassus
Investments has contractually agreed to reduce its investment advisory fee to the
extent necessary to limit total operating expenses to 0.95% of net assets for the
Parnassus Endeavor Fund, 1.20% of net assets for the Parnassus Small Cap Fund, 1.25%
of net assets for the Parnassus Asia Fund and 0.68% of net assets for the Parnassus
Fixed Income Fund. These limitations continue until May 1, 2015, and may be continued
indefinitely by the Adviser on a year-to-year basis. The computation of advisory
fees is based on the average daily net assets for each class of shares in each Fund
Performance shown prior to the inception of the Institutional Shares reflects the
performance of the Parnassus Core Equity Fund - Investor Shares and includes expenses
that are not applicable to and are higher than those of the Institutional Shares.
Performance data quoted represent past performance and are no guarantee of future
returns. Current performance may be lower or higher than the performance data quoted,
and the most current month-end performance information is available on the Parnassus
Investments website (www.parnassus.com) Investment return
and principal will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their principle cost. The S&P 500 Index, the Russell
Midcap Index and the Russell 2000 Index are widely recognized indexes of common
stock prices. The Barclays Capital U.S. Government/Credit Bond Index is a widely
recognized index of fixed-income security prices. An individual cannot invest directly
in an index. An index reflects no deductions for fees, expenses or taxes. Returns
shown for the Funds do not reflect the declaration of taxes a shareholder would
pay on the fund distributions or the redemption of fund shares. Prior to March 31,
1998, the Parnassus Core Equity Fund was a balanced fund. Prior to May 1, 2004,
the Parnassus Fund charged a sales load of a maximum of 3.5%, which is not reflected
in the total return figures.
The Parnassus Core Equity Fund - Institutional Shares were incepted on April 28,
2006. Performance shown prior to the inception of the Institutional Shares reflects
the performance of the Parnassus Core Equity Fund - Investor Shares and includes
expenses that are not applicable to and are higher than those of the Institutional
Common stock prices fluctuate based on changes to a company’s financial condition
and on overall market and economic conditions. Small-and mid-cap companies can be
particularly sensitive to changing economic conditions and have fewer financial
resources than large-cap companies. Investments in fixed-income securities are subject
to interest rate risk, credit risk and market risk, each of which could have a negative
impact on the value of the Fund’s holdings.
Mutual fund investing involves risk, and loss of principal is possible.
The Parnassus Funds are underwritten and distributed by Parnassus Funds Distributor,
a subsidiary of Parnassus Investments and a FINRA member.
Before investing, an investor should carefully consider the investment objectives,
risks, charges and expenses of the fund and should carefully read the prospectus,
which contains this information. A prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.