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.
aAs described in the Fund’s current prospectus dated May 1, 2016,
Parnassus Investments has contractually agreed to limit total operating expenses
to 0.99% of net assets for the Parnassus Fund--Investor Shares and to 0.94% of
net assets for the Parnassus Fund—Institutional Shares, 0.87% of net assets for
the Parnassus Core Equity Fund—Investor Shares, 0.78% of net assets for the
Parnassus Core Equity Fund—Institutional Shares, 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 net assets for the
Parnassus Mid Cap Fund—Investor Shares, 0.85% of net assets for 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 to 0.58% of net assets
for the Parnassus Fixed Income Fund—Institutional Shares. This agreement
will not be terminated prior to May 1, 2017, and may be continued
indefinitely by the Adviser on a year-to-year basis. The net expense ratio is what investors pay.
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 principal 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 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.
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.