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Quarter-End Performance

Total % Returns as of 6/30/20151
3 Mo. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since
Inception2
Expense Ratio
Grossa Neta
Parnassus Fund
Investor Shares
0.47 3.27 9.56 21.47 19.06 10.59 10.30 0.84 0.84
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 11.17 NA NA
Parnassus Fund
Institutional Shares
0.48 3.29 9.58 21.48 19.06 10.59 0.47 0.77 0.77
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 11.17 NA NA
Parnassus Core Equity Fund
Investor Shares
(0.41) (1.19) 4.46 17.97 16.29 10.20 10.72 0.87 0.87
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 9.44 NA NA
Parnassus Core Equity Fund
Institutional Shares
(0.36) (1.08) 4.67 18.16 16.50 10.40 10.17 0.67 0.67
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 7.32 NA NA
Parnassus Endeavor Fund
Investor Shares
1.62 4.61 13.85 22.00 19.48 12.08 11.94 1.02 0.95
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 8.09 NA NA
Parnassus Endeavor Fund
Institutional Shares
1.65 4.64 13.88 22.01 19.49 12.09 1.00 0.87 0.83
S&P 500 Index 0.28 1.23 7.41 17.29 17.32 7.88 (0.67) NA NA
Parnassus Mid Cap Fund
Investor Shares
(2.37) (0.58) 3.53 15.07 16.25 9.05 9.06 1.09 0.99
Russell Midcap Index (1.54) 2.35 6.64 19.26 18.23 9.40 10.02 NA NA
Parnassus Mid Cap Fund
Institutional Shares
(2.26) (0.47) 3.65 15.11 16.28 9.07 (1.12) 0.94 0.85
Russell Midcap Index (1.54) 2.35 6.64 19.26 18.23 9.40 (0.63) NA NA
Parnassus Asia Fund
Investor Shares
(2.32) 0.54 (2.03) NA NA NA 5.91 3.53 1.25
MSCI AC Asia Pacific Index 0.71 7.54 3.12 NA NA NA 4.19 NA NA
Parnassus Asia Fund
Institutional Shares
(2.27) 0.60 (1.96) NA NA NA (6.09) 3.48 1.22
MSCI AC Asia Pacific Index 0.71 7.54 3.12 NA NA NA (4.01) NA NA
Parnassus Fixed Income Fund
Investor Shares
(1.35) 0.09 1.11 0.68 2.43 4.16 5.32 0.78 0.68
Barclays U.S. Aggregate Bond Index (1.68) (0.10) 1.86 1.83 3.35 4.44 5.77 NA NA
Parnassus Fixed Income Fund
Institutional Shares
(1.32) 0.11 1.14 0.69 2.43 4.16 (1.05) 0.65 0.58
Barclays U.S. Aggregate Bond Index (1.68) (0.10) 1.86 1.83 3.35 4.44 (1.33) NA NA

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 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. The inception date for the Institutional Shares of the Parnassus Fund, Parnassus Endeavor Fund, Parnassus Mid Cap Fund, Parnassus Asia Fund and Parnassus Fixed Income Fund is April 30, 2015.

a As described in the Fund's current prospectus dated May 1, 2015, 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—Investor Shares, 0.83% of net assets for the Parnassus Endeavor Fund—Institutional Shares, 0.99% of the net assets of the Parnassus Mid-Cap Fund—Investor Shares, 0.85% of the net assets of the Parnassus Mid-Cap Fund—Institutional Shares, 1.25% of net assets for the Parnassus Asia Fund— Investor Shares, 1.22% of net assets for the Parnassus Asia Fund— Institutional Shares, 0.68% of net assets for the Parnassus Fixed Income Fund—Investor Shares and 0.58% of net assets for the Parnassus Fixed Income Fund—Institutional Shares. These limitations continue until May 1, 2016 for the Parnassus Endeavor Fund, Parnassus Asia Fund and Parnassus Fixed Income Fund and until May 1, 2017 for the Parnassus Mid Cap, 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 independently.

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.

Performance shown for the Parnassus Core Equity Fund - Institutional Shares prior to the inception date of April 28, 2006 reflects the performance of the Parnassus Core Equity Fund -Investor Shares. Performance shown for the Institutional Shares of the Parnassus Fund, Parnassus Endeavor Fund, Parnassus Mid Cap Fund, Parnassus Asia Fund and Parnassus Fixed Income Fund prior to the inception date of April 30, 2015 reflect the performance of the Investor Shares, and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

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.

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