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 independently.
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 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
recent month-end performance is available on the Parnassus 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 original principal cost. The S&P 500 Index, the Russell Midcap
Index, the Russell 2000 Index and the MSCI AC Asia Pacific Index are widely recognized indexes of
common stock prices. The Barclays U.S. Aggregate 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.
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 the Parnassus Asia Fund
are subject to the above risks, plus additional risks associated with foreign investments, such as increased
market volatility, a lower level of government oversight in emerging markets, risks associated with focusing
on a specific geographic region and exposure to fluctuations in foreign currencies. 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.
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 or summary prospectus, which contains this information.
A prospectus or summary prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.