About Parnassus Investments About the Author Parnassus Investments is an independent and employee-owned investment management company based in San Francisco, California. The firm seeks to invest in good 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 arise when companies with good business fundamentals become temporarily undervalued. Our goal is to provide value to our shareholders by generating attractive risk-adjusted returns over the longterm.

The firm was founded in 1984, and currently manages five fundamental, U.S., core equity strategies across multiple market capitalizations, one Asia Pacific equity strategy and one U.S., fixed income strategy. Samantha D. Palm is the Portfolio Manager of the Parnassus Fixed-Income Fund. Prior to joining Parnassus Investments in 2013, she was a Vice President within Wells Fargo Securities’ fixedincome group. Previously, Ms.

Palm was at Robert W. Baird & Co. where she was an equity research analyst. Ms. Palm graduated with honors from the University of Wisconsin, Madison with a bachelor’s degree in agricultural and applied economics. 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 these securities. The views expressed in this Parnassus White Paper are subject to change at any time in response to changing circumstances in the markets and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or the Parnassus Funds.

Any specific securities discussed may or may not be current or future holdings of the Fund. Investing involves risk, including possible loss of principal. Diversification and asset allocation strategies do not ensure a profit or protect against loss in a declining market. Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the Funds 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. 6 .