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.
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, 1.25% 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
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.