Name Changes to Two Parnassus Funds
San Francisco, California – April 10, 2014
Effective May 1, 2014, the Parnassus Equity Income Fund (PRBLX / PRILX) will be renamed the Parnassus Core Equity Fund. The name change reflects the Fund’s consistent focus to principally invest in undervalued equity securities of large-capitalization companies that have good prospects for the future. Apart from the name change, the Fund will not undergo any structural changes. The Fund will retain the same philosophy, process, risk management and ticker symbol. By prospectus, the Fund will continue to invest 75% of its total assets in securities that pay dividends. Todd C. Ahlsten and Benjamin E. Allen will continue to manage the strategy.
Also effective May 1, 2014, the Parnassus Workplace Fund (PARWX) will be renamed the Parnassus Endeavor Fund. The name change more accurately reflects the goal for the Fund to be a leader in environmental, social and governance issues. In addition to principally investing in undervalued equity securities of large-capitalization companies with outstanding workplaces, the Parnassus Endeavor Fund will be a fossil-free portfolio by avoiding investments in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels. The Fund will continue to be managed by Jerome L. Dodson.
Past performance is not a guarantee of future results. Mutual fund investing involves risk, and loss of principal is possible.
The Funds’ share prices may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the asset levels of individual companies and in response to general U.S. and international market and economic conditions. In addition to large-cap companies, these Funds may invest in small- and/or mid-cap companies, which can be more volatile than large-cap firms. Security holdings in the fund can vary significantly from broad market indexes.
Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of a fund and should carefully read the prospectus or summary prospectus, which contain this and other information. The prospectus or summary prospectus can be found at www.parnassus.com or by calling (800) 999-3505. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original principal cost and you could lose money.
The Parnassus Funds are distributed by Parnassus Funds Distributor, an affiliate of Parnassus Investments and a FINRA member.
P: (415) 778-2634