Parnassus Endeavor Fund OVERALL MORNINGSTAR RATINGTM SM ï‚«ï‚«ï‚«ï‚«ï‚« Fourth Quarter 2015 Overall rating out of 1,542 Large Growth funds as of 12/31/2015. All information, unless otherwise indicated, is as of 12/31/2015 Objective Total % Returns 10 Years Since Inception 4/29/05 Since Inception 4/30/15 Gross Expense Ratio(a) Net Expense Ratio(a) 11.61 11.21 NA 1.02 0.95 14.04 11.62 NA -0.22 0.87 0.83 12.55 7.30 7.87 NA NA NA Capital appreciation As of 12/31/2015 3 Months YTD 1 Year 3 Years 5 Years Strategy Parnassus Endeavor Fund -- Investor Shares 6.45 3.25 3.25 17.08 14.01 Parnassus Endeavor Fund -- Institutional Shares 6.47 3.38 3.38 17.12 S&P 500 Index 7.04 1.39 1.39 15.12 The Parnassus Endeavor Fund invests with low turnover and high conviction in approximately 30 holdings. The Fund focuses on identifying companies with: • Wide moats or strong competitive advantages that protect market share and profitability • Quality management teams that will act in the best interest of shareholders • Favorable three-year investment horizon All returns greater than one year are annualized. (a) As described in the Fund’s current prospectus dated May 1, 2015, Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund—Investor Shares and 0.83 for the Parnassus Endeavor Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2016, and may be continued indefinitely by the Adviser on a year-to-year basis. Performance shown prior to April 30, 2015 (the inception of the Institutional Shares), reflects the performance of the Parnassus Endeavor Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

The performance of the Institutional Shares differs from that shown for the Investor Shares to the extent that the classes do not have the same expenses. Annual % Returns The Fund invests in large-capitalization companies that represent Parnassus’ clearest expression of ESG investing: portfolio companies must offer outstanding workplaces, and must not be engaged in the production, manufacturing, or refining of fossil fuels. This focus provides investors with significant exposure to technology companies, many of which are leaders in offering positive and innovative workplaces. The Fund should outperform when the technology sector outperforms the broader equity market. 62.13 26.47 80% 60% 40% 20% Annual Growth of $10,0001 Parnassus Endeavor - Investor Shares S&P 500 Index 14.84 15.79 0% 5.64 5.49 12.96 15.08 -29.94 -37.00 2.62 4.91 -20% -1.62 2.09 22.03 16.00 31.15 32.38 30,000 18.51 13.68 $20,241 20,000 15,000 10,000 5,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 0 2006 ESG Integration For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance.

The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The Fund was rated against the following numbers of U.S.

- domiciled Large Growth funds over the following time periods: 1,542 in the last 3 years, 1,326 in the last 5 years and 933 in the last 10 years. With respect to these Large Growth funds, $29,990 25,000 3.25 1.39 -40% 2006 At Parnassus Investments, the investment team follows a responsible investment approach to understand the full impact of a company. The investment team carefully considers a company’s environmental, social and governance (ESG) factors.

By incorporating ESG factors into the fundamental investment process, the investment team often identifies risks and opportunities that the market may have ignored and could impact the performance of investments. Parnassus Endeavor Fund - Investor Shares S&P 500 Index 35,000 Ten Largest Holdings2 Applied Materials Inc. ............................................................. 5.6% SanDisk Corp. ........................................................................... 5.5% Whole Foods Market Inc. ........................................................

5.1% Ciena Corp. ............................................................................... 4.8% American Express Co. .............................................................. 4.8% International Business Machines Corp...................................

4.8% Intel Corp. ................................................................................. 4.7% Deere & Co. .............................................................................. 4.4% Cummins Inc. ............................................................................

4.3% Autodesk Inc. ............................................................................ 4.1% Total........................................................................................ 48.1% the Fund received a Morningstar Rating of 4, 4 and 5 stars for the 3-, 5- and 10-year periods, respectively.

Other classes may have different performance characteristics. Past performance is no guarantee of future results. 1 The chart shows the growth of a hypothetical $10,000 investment since inception date and does not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. 2 Percent based on total net assets as of date indicated. 3 Excluding cash and cash equivalents. Performance data quoted represents past performance and are no guarantee of future returns. Current performance may be lower or higher than the performance data quoted, and 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 is a widely recognized index of common stock prices. 2007 2008 2009 2010 Sector Weightings3 0% 3% 0% 3% 0% 2% 2012 2013 2014 2015 Parnassus Endeavor Fund S&P 500 Index Consumer Discretionary Consumer Staples Energy Utilities Financials Health Care Industrials Materials Information Technology Telecom Services 2011 0% 7% 0% 13% 7% 10% 13% 16% 8% 15% 19% 10% 53% 21% An individual cannot invest directly in an index. An index reflects no deductions for fees, expenses or taxes. Returns shown for the fund do not reflect the declaration of taxes a shareholder would pay on the fund distributions or the redemption of fund shares. 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 contain this information.

A prospectus or summary prospectus can be obtained on the website, www. parnassus.com, or by calling (800) 999-3505. PARNASSUS INVESTMENTS® . Parnassus Endeavor Fund SM Fourth Quarter 2015 All information, unless otherwise indicated, is as of 12/31/2015 Portfolio Manager Fund Characteristics Fund S&P 500 Index Jerome L. Dodson Ave Weighted Mkt Cap ($Bn) $69.3 $139.5 P/E Ratio 17.8x P/B Ratio • President, Portfolio Manager • With firm since 1984 • Investment industry since 1976 • Portfolio Manager since 2005 • M.B.A., Harvard Business School 1971 • B.S., Political Science, University of California, Berkeley 1965 Firm Overview Parnassus Investments® is an independent and employee-owned investment management company based in San Francisco, CA. Founded in 1984, the firm seeks to invest in businesses that have increasingly relevant products or services, sustainable competitive advantages, quality management teams and ethical business practices. We believe the most attractive opportunities for investments are when companies with good business fundamentals become temporarily undervalued due to market sentiment. Ticker PARWX PFPWX 19.5x CUSIP 701765869 701765406 2.5x Minimum Investment $2,000 $100,000 28 504 Gross Expense Ratio 1.02% 0.87% 63.2% Portfolio Turnover (2015 Annual) Institutional Shares 3.3x Number of Holdings Investor Shares - Net Expense Ratio 0.95% 0.83% 4/29/2005 4/30/2015 Average Weighted Market Cap is the average capitalization of all stocks in the portfolio, weighted by each holding’s size in the portfolio.

Price/Earnings (P/E) Ratio is a ratio of a stock’s current price to its per-share earnings over the past 12 months (or “trailing” 12 months). Price/Book (P/B) Ratio is the ratio of a stock’s latest closing price divided by its book value per share. Fund Statistics (5 Year) Investor Shares S&P 500 Index Alpha 1.01% - Beta 1.03 1.00 0.90 1.00 Sharpe Ratio 1.11 1.08 Standard Deviation 12.70% 11.70% Downside Risk 7.13% Distribution Frequency Annually Total Net Assets $1,372.6MM 3.97% - Active Share 92.17% Style 6.53% Tracking Error Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index.

The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta of 1.00 means that the share price moves exactly in line with the market.

A beta over 1.00 suggests that the share price will typically be more volatile than the market, and conversely, a beta below 1.00 indicates that the share price will typically be less volatile than the market. R-Squared is a measurement of how closely the portfolio’s performance correlates with the performance of a benchmark index such as the S&P 500 Index. Standard Deviation is a calculation used to measure variability (risk) of a portfolio’s performance.

Sharpe Ratio is a ratio used to measure risk-adjusted performance. It is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio Inception Date E  xpenses based on total net assets, net of reimbursement. As described in the Fund’s current prospectus dated May 1, 2015, Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% of net assets for the for the Parnassus Endeavor Fund—Investor Shares and to 0.83% of net assets for the Parnassus Endeavor Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2016, and may be continued indefinitely by the Adviser on a year-to-year basis. R-Squared Total Assets Under Management: $15.6 billion Fund Facts - returns.

Downside Risk is a statistical measurement of a portfolio’s dispersion below the mean return of a benchmark. Tracking Error is the standard deviation of the difference between the portfolio return and the desired investment benchmark return. Active Share measures the percentage amount your portfolio differs from a passive benchmark. The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Parnassus Investments.

Copyright © 2014 by S&P Dow Jones Indices LLC, a subsidiary of McGraw-Hill Financial, Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any Parnassus Funds’ equity style box is based on the portfolio’s overall targeted capitalization range and relative valuation. Large Cap Mid Cap Lipper Category: Multi-Cap Core Small Cap Value Core Growth representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Risks: The Fund’s share price 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, the Fund 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 PARNASSUS INVESTMENTS® 1 Market Street, Suite 1600 San Francisco, CA 94105 www.parnassus.com (800) 999-3505 .