# EDGAR Filing Document

**Accession Number:** 0000747546
**File Stem:** 0001193125-26-053438
**Filing Date:** 2026-2
**Character Count:** 212609
**Document Hash:** b08734d7454f026699ef187d811cf1d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-053438.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001193125-26-053438

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARNASSUS FUNDS
- **CENTRAL INDEX KEY:** 0000747546

**ORGANIZATION NAME:**
- **EIN:** 946579180
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04044
- **FILM NUMBER:** 26637524

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MARKET #1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 4157780200

**MAIL ADDRESS:**
- **STREET 1:** ONE MARKET #1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARNASSUS FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RENAISSANCE FUND/MA
- **DATE OF NAME CHANGE:** 19841206

## Series and Classes Contracts Data

### Parnassus Mid Cap Growth Fund (Series ID: S000000852)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000002467 | Investor Shares      | PARNX           |
| C000156022 | Institutional Shares | PFPRX           |

### Parnassus Mid Cap Fund (Series ID: S000000853)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000002468 | Investor Shares      | PARMX           |
| C000156023 | Institutional Shares | PFPMX           |

### Parnassus Value Equity Fund (Series ID: S000000855)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000002470 | Investor Shares      | PARWX           |
| C000156024 | Institutional Shares | PFPWX           |

### Parnassus Growth Equity Fund (Series ID: S000079321)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240326 | Investor Shares      | PFGEX           |
| C000240327 | Institutional Shares | PFPGX           |

### Parnassus International Equity Fund (Series ID: S000091873)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000259717 | Investor Shares      | PRBRX           |
| C000259718 | Institutional Shares | PFPEX           |

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number:

#### Parnassus Funds (811-04044) and Parnassus Funds II (811-06673)

## Parnassus Funds

## Parnassus Funds II

#### (Exact name of registrant as specified in charter)

#### 1 Market Street, Suite 1600, San Francisco, California 94105

#### (Address of principal executive offices) (Zip Code)

#### Marc C. Mahon

#### Parnassus Funds

#### Parnassus Funds II

#### 1 Market Street, Suite 1600, San Francisco, California 94105

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (415) 778-0200

#### Date of fiscal year end: December 31

#### Date of reporting period: December 31, 2025

------

#### Item 1. Report to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

(b) Not applicable.

# Parnassus Growth Equity Fund

#### Ticker - PFGEX

# Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Growth Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Investor Shares | $92 | 0.84% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 28, 2022.

![A line chart as described in the following paragraph.](g46584g17u11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Growth Equity Fund** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Dec-22** | $9960 | $10151 | $10194 |
| **Jun-23** | $12813 | $11866 | $13152 |
| **Dec-23** | $14434 | $12819 | $14545 |
| **Jun-24** | $16908 | $14779 | $17556 |
| **Dec-24** | $18310 | $16026 | $19397 |
| **Jun-25** | $19912 | $17020 | $20579 |
| **Dec-25** | $21893 | $18892 | $22997 |

---

The chart shows the growth in value of a hypothetical $10,000 investment since inception and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The share class commenced operations on December 28, 2022.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Investor Shares) returned 19.56% (net of fees), outperforming the Russell 1000 Growth Index's 18.56% and the S&P 500 Index's 17.88%.

The portfolio's large overweight to Health Care and favorable stock selection in the sector boosted performance, as did holdings in Industrials and Information Technology.

In contrast, holdings in Financials and an overweight in Materials hindered relative results.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $86335807 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 43.62% |
| Advisory Fees Paid | $198845 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Parnassus Growth Equity Fund - Investor Shares (Inc: December 28, 2022) | 19.56% | 29.75% |
| S&P 500 Index | 17.88% | 23.55% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 31.89% |

---

## What did the Fund invest in?
Parnassus Growth Equity Fund invests selectively in about 40 U.S. large-cap equity securities. The Fund pursues high quality companies with increasing relevancy, durable competitive advantages, strong management teams and sustainable business practices. It favors leading, innovative companies positioned to capitalize on secular trends.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g36i61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.4% |
| Consumer Staples | 1.4% |
| Materials | 2.0% |
| Industrials | 5.6% |
| Communication Services | 6.6% |
| Financials | 8.7% |
| Consumer Discretionary | 10.8% |
| Health Care | 14.4% |
| Information Technology | 50.1% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Microsoft Corp. | 9.2% |
| NVIDIA Corp. | 8.8% |
| Amazon.com Inc. | 6.2% |
| Alphabet Inc., Class A | 4.7% |
| Apple Inc. | 4.6% |
| Broadcom Inc. | 4.2% |
| Eli Lilly & Co. | 4.1% |
| Visa Inc., Class A | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| ASML Holding NV | 2.7% |

---

## Additional Information

#### Parnassus Growth Equity Fund

#### Ticker - PFGEX

#### Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFGEX2025-DEC

# Parnassus Growth Equity Fund

#### Ticker - PFPGX

# Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Growth Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Institutional Shares | $69 | 0.63% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 28, 2022.

![A line chart as described in the following paragraph.](g46584g40c03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Growth Equity Fund** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Dec-22** | $9960 | $10151 | $10194 |
| **Jun-23** | $12827 | $11866 | $13152 |
| **Dec-23** | $14460 | $12819 | $14545 |
| **Jun-24** | $16959 | $14779 | $17556 |
| **Dec-24** | $18384 | $16026 | $19397 |
| **Jun-25** | $20017 | $17020 | $20579 |
| **Dec-25** | $22030 | $18892 | $22997 |

---

The chart shows the growth in value of a hypothetical $10,000 investment since inception and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The share class commenced operations on December 28, 2022.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Institutional Shares) returned 19.83% (net of fees), outperforming the Russell 1000 Growth Index's18.56% and the S&P 500 Index's 17.88%.

The portfolio's large overweight to Health Care and favorable stock selection in the sector boosted performance, as did holdings in Industrials and Information Technology.

In contrast, holdings in Financials and an overweight in Materials hindered relative results.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $86335807 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 43.62% |
| Advisory Fees Paid | $198845 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Parnassus Growth Equity Fund - Institutional Shares (Inc: December 28, 2022) | 19.83% | 30.02% |
| S&P 500 Index | 17.88% | 23.55% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 31.89% |

---

## What did the Fund invest in?
Parnassus Growth Equity Fund invests selectively in about 40 U.S. large-cap equity securities. The Fund pursues high quality companies with increasing relevancy, durable competitive advantages, strong management teams and sustainable business practices. It favors leading, innovative companies positioned to capitalize on secular trends.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g36i61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.4% |
| Consumer Staples | 1.4% |
| Materials | 2.0% |
| Industrials | 5.6% |
| Communication Services | 6.6% |
| Financials | 8.7% |
| Consumer Discretionary | 10.8% |
| Health Care | 14.4% |
| Information Technology | 50.1% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Microsoft Corp. | 9.2% |
| NVIDIA Corp. | 8.8% |
| Amazon.com Inc. | 6.2% |
| Alphabet Inc., Class A | 4.7% |
| Apple Inc. | 4.6% |
| Broadcom Inc. | 4.2% |
| Eli Lilly & Co. | 4.1% |
| Visa Inc., Class A | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| ASML Holding NV | 2.7% |

---

## Additional Information

#### Parnassus Growth Equity Fund

#### Ticker - PFPGX

#### Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFPGX2025-DEC

# Parnassus Value Equity Fund

#### Ticker - PARWX

# Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Value Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Investor Shares | $96 | 0.88% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g76l47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Value Equity Fund** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12142 | $11196 | $11734 |
| **2017** | $14547 | $13640 | $13337 |
| **2018** | $12585 | $13042 | $12235 |
| **2019** | $16774 | $17149 | $15482 |
| **2020** | $21374 | $20304 | $15915 |
| **2021** | $28025 | $26132 | $19919 |
| **2022** | $24154 | $21399 | $18418 |
| **2023** | $27463 | $27025 | $20529 |
| **2024** | $30761 | $33786 | $23478 |
| **2025** | $36618 | $39827 | $27213 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
The Fund (Investor Shares) returned 19.04% (net of fees) for the year, outperforming the Russell 1000 Value Index's 15.91% and the S&P 500 Index's 17.88%.

The portfolio's Information Technology sector holdings significantly contributed to the strong performance, supported by continued positive sentiment toward the latest AI developments.

The relative gains were partially offset by holdings in the Health Care, Consumer Discretionary and Materials sectors.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4798323137 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 34.25% |
| Advisory Fees Paid | $27157762 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Value Equity Fund - Investor Shares | 19.04% | 11.37% | 13.86% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## What did the Fund invest in?
Parnassus Value Equity Fund invests selectively in about 40-45 U.S. large-cap equity securities trading at a discount. The Fund pursues companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g67v33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.8% |
| Materials | 1.8% |
| Utilities | 3.5% |
| Real Estate | 3.6% |
| Consumer Staples | 4.1% |
| Consumer Discretionary | 4.7% |
| Communication Services | 7.0% |
| Industrials | 11.4% |
| Information Technology | 15.8% |
| Health Care | 17.0% |
| Financials | 30.3% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 4.4% |
| Bank of America Corp. | 3.6% |
| CBRE Group Inc., Class A | 3.6% |
| S&P Global Inc. | 3.4% |
| The Bank of New York Mellon Corp. | 3.4% |
| JPMorgan Chase & Co. | 3.4% |
| Deere & Co. | 3.1% |
| Cummins Inc. | 3.0% |
| Mastercard Inc., Class A | 2.9% |
| The Charles Schwab Corp. | 2.7% |

---

## Additional Information

#### Parnassus Value Equity Fund

#### Ticker - PARWX

#### Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PARWX2025-DEC

# Parnassus Value Equity Fund

#### Ticker - PFPWX

# Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Value Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Institutional Shares | $71 | 0.65% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g00l02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Value Equity Fund** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $12168 | $11196 | $11734 |
| **2017** | $14605 | $13640 | $13337 |
| **2018** | $12670 | $13042 | $12235 |
| **2019** | $16922 | $17149 | $15482 |
| **2020** | $21613 | $20304 | $15915 |
| **2021** | $28393 | $26132 | $19919 |
| **2022** | $24530 | $21399 | $18418 |
| **2023** | $27950 | $27025 | $20529 |
| **2024** | $31379 | $33786 | $23478 |
| **2025** | $37440 | $39827 | $27213 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
The Fund (Institutional Shares) returned 19.32% (net of fees) for the year, outperforming the Russell 1000 Value Index's 15.91% and the S&P 500 Index's 17.88%.

The portfolio's Information Technology sector holdings significantly contributed to the strong performance, supported by continued positive sentiment toward the latest AI developments.

The relative gains were partially offset by holdings in the Health Care, Consumer Discretionary and Materials sectors.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4798323137 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 34.25% |
| Advisory Fees Paid | $27157762 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Value Equity Fund - Institutional Shares | 19.32% | 11.62% | 14.11% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

## What did the Fund invest in?
Parnassus Value Equity Fund invests selectively in about 40-45 U.S. large-cap equity securities trading at a discount. The Fund pursues companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g67v33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.8% |
| Materials | 1.8% |
| Utilities | 3.5% |
| Real Estate | 3.6% |
| Consumer Staples | 4.1% |
| Consumer Discretionary | 4.7% |
| Communication Services | 7.0% |
| Industrials | 11.4% |
| Information Technology | 15.8% |
| Health Care | 17.0% |
| Financials | 30.3% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 4.4% |
| Bank of America Corp. | 3.6% |
| CBRE Group Inc., Class A | 3.6% |
| S&P Global Inc. | 3.4% |
| The Bank of New York Mellon Corp. | 3.4% |
| JPMorgan Chase & Co. | 3.4% |
| Deere & Co. | 3.1% |
| Cummins Inc. | 3.0% |
| Mastercard Inc., Class A | 2.9% |
| The Charles Schwab Corp. | 2.7% |

---

## Additional Information

#### Parnassus Value Equity Fund

#### Ticker - PFPWX

#### Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFPWX2025-DEC

# Parnassus Mid Cap Fund

#### Ticker - PARMX

# Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Investor Shares | $101 | 0.95% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g80a90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Mid Cap Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11607 | $11205 | $11380 |
| **2017** | $13440 | $13636 | $13487 |
| **2018** | $12548 | $12983 | $12265 |
| **2019** | $16156 | $17063 | $16012 |
| **2020** | $18560 | $20640 | $18750 |
| **2021** | $21603 | $26101 | $22984 |
| **2022** | $16945 | $21108 | $19004 |
| **2023** | $19092 | $26708 | $22278 |
| **2024** | $21000 | $33255 | $25697 |
| **2025** | $23698 | $39030 | $28420 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Investor Shares) returned 12.85% (net of fees), outperforming the Russell Midcap Index's 10.60% return. However, the Fund lagged behind the Russell 1000 Index's 17.37% return.

Our holdings in the Information Technology sector significantly boosted performance. Holdings in the Consumer Staples and Real Estate sectors also contributed.

Conversely, holdings in the Industrials, Communication Services and Health Care sectors detracted. Within those sectors, the upturn in the freight cycle didn't materialize as we expected. In addition, the sluggish housing market was a headwind, while defensive stocks in general underperformed for much of the year.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2440189353 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 52.63% |
| Advisory Fees Paid | $17347121 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Mid Cap Fund - Investor Shares | 12.85% | 5.01% | 9.01% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap Index | 10.60% | 8.67% | 11.01% |

---

## What did the Fund invest in?
Parnassus Mid Cap Fund invests selectively in about 35-45 U.S. mid-cap equity securities. The Fund pursues high quality companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g52z30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.7% |
| Materials | 2.4% |
| Consumer Staples | 2.5% |
| Utilities | 5.2% |
| Real Estate | 5.6% |
| Consumer Discretionary | 8.0% |
| Health Care | 8.7% |
| Financials | 16.3% |
| Information Technology | 24.1% |
| Industrials | 26.5% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 4.6% |
| Lam Research Corp. | 4.5% |
| KLA Corp. | 4.3% |
| CBRE Group Inc., Class A | 4.1% |
| Cboe Global Markets Inc. | 3.3% |
| TransUnion | 3.1% |
| Brookfield Renewable Corp. | 3.1% |
| Ferguson Enterprises Inc. | 3.1% |
| Hubbell Inc., Class B | 2.8% |
| Synopsys Inc. | 2.7% |

---

## Additional Information

#### Parnassus Mid Cap Fund

#### Ticker - PARMX

#### Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PARMX2025-DEC

# Parnassus Mid Cap Fund

#### Ticker - PFPMX

# Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Institutional Shares | $80 | 0.75% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g28m89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Mid Cap Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11628 | $11205 | $11380 |
| **2017** | $13493 | $13636 | $13487 |
| **2018** | $12631 | $12983 | $12265 |
| **2019** | $16296 | $17063 | $16012 |
| **2020** | $18766 | $20640 | $18750 |
| **2021** | $21889 | $26101 | $22984 |
| **2022** | $17202 | $21108 | $19004 |
| **2023** | $19424 | $26708 | $22278 |
| **2024** | $21408 | $33255 | $25697 |
| **2025** | $24208 | $39030 | $28420 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Institutional Shares) returned 13.08% (net of fees), outperforming the Russell Midcap Index's 10.60% return. However, the Fund lagged behind the Russell 1000 Index's 17.37% return.

Our holdings in the Information Technology sector significantly boosted performance. Holdings in the Consumer Staples and Real Estate sectors also contributed.

Conversely, holdings in the Industrials, Communication Services and Health Care sectors detracted. Within those sectors, the upturn in the freight cycle didn't materialize as we expected. In addition, the sluggish housing market was a headwind, while defensive stocks in general underperformed for much of the year.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2440189353 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 52.63% |
| Advisory Fees Paid | $17347121 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Mid Cap Fund - Institutional Shares | 13.08% | 5.22% | 9.24% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap Index | 10.60% | 8.67% | 11.01% |

---

## What did the Fund invest in?
Parnassus Mid Cap Fund invests selectively in about 35-45 U.S. mid-cap equity securities. The Fund pursues high quality companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g52z30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.7% |
| Materials | 2.4% |
| Consumer Staples | 2.5% |
| Utilities | 5.2% |
| Real Estate | 5.6% |
| Consumer Discretionary | 8.0% |
| Health Care | 8.7% |
| Financials | 16.3% |
| Information Technology | 24.1% |
| Industrials | 26.5% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 4.6% |
| Lam Research Corp. | 4.5% |
| KLA Corp. | 4.3% |
| CBRE Group Inc., Class A | 4.1% |
| Cboe Global Markets Inc. | 3.3% |
| TransUnion | 3.1% |
| Brookfield Renewable Corp. | 3.1% |
| Ferguson Enterprises Inc. | 3.1% |
| Hubbell Inc., Class B | 2.8% |
| Synopsys Inc. | 2.7% |

---

## Additional Information

#### Parnassus Mid Cap Fund

#### Ticker - PFPMX

#### Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFPMX2025-DEC

# Parnassus Mid Cap Growth Fund

#### Ticker - PARNX

# Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Investor Shares | $84 | 0.80% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g39l34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Mid Cap Growth Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11346 | $11205 | $10733 |
| **2017** | $13170 | $13636 | $13445 |
| **2018** | $11889 | $12983 | $12805 |
| **2019** | $15434 | $17063 | $17347 |
| **2020** | $19849 | $20640 | $23520 |
| **2021** | $21708 | $26101 | $26514 |
| **2022** | $14431 | $21108 | $19429 |
| **2023** | $19569 | $26708 | $24460 |
| **2024** | $21633 | $33255 | $29867 |
| **2025** | $23621 | $39030 | $32452 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Investor Shares) returned 9.19% (net of fees), outperforming the Russell Midcap Growth Index's 8.66% return. However, the Fund lagged behind the Russell 1000 Index's 17.37% return.

Holdings in the Information Technology sector were the dominant contributors for the year as a result of exposure to the ongoing AI megatrend, while the Financials sector also aided relative performance.

Holdings in the Industrials, Communication Services and Health Care sectors hampered relative returns.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $805948005 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 61.51% |
| Advisory Fees Paid | $4856914 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Mid Cap Growth Fund - Investor Shares | 9.19% | 3.54% | 8.98% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## What did the Fund invest in?
Parnassus Mid Cap Growth Fund invests selectively in about 35-45 U.S. mid-cap growth equity securities. The Fund pursues best-in-class, high quality companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in a downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g58u36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.2% |
| Materials | 1.4% |
| Real Estate | 2.3% |
| Financials | 6.6% |
| Consumer Discretionary | 15.4% |
| Health Care | 16.0% |
| Industrials | 27.0% |
| Information Technology | 31.1% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Hilton Worldwide Holdings Inc. | 4.2% |
| BILL Holdings Inc. | 3.9% |
| Teradyne Inc. | 3.6% |
| Rockwell Automation Inc. | 3.1% |
| WW Grainger Inc. | 3.1% |
| Monolithic Power Systems Inc. | 3.0% |
| Cloudflare Inc., Class A | 2.9% |
| Datadog Inc., Class A | 2.9% |
| IDEXX Laboratories Inc. | 2.8% |
| StandardAero Inc. | 2.8% |

---

## Additional Information

#### Parnassus Mid Cap Growth Fund

#### Ticker - PARNX

#### Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PARNX2025-DEC

# Parnassus Mid Cap Growth Fund

#### Ticker - PFPRX

# Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Institutional Shares | $71 | 0.68% |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on December 31, 2015.

![A line chart as described in the following paragraph.](g46584g84n42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Parnassus Mid Cap Growth Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $11359 | $11205 | $10733 |
| **2017** | $13205 | $13636 | $13445 |
| **2018** | $11941 | $12983 | $12805 |
| **2019** | $15521 | $17063 | $17347 |
| **2020** | $19992 | $20640 | $23520 |
| **2021** | $21892 | $26101 | $26514 |
| **2022** | $14570 | $21108 | $19429 |
| **2023** | $19781 | $26708 | $24460 |
| **2024** | $21893 | $33255 | $29867 |
| **2025** | $23939 | $39030 | $32452 |

---

The chart shows the growth in value of a hypothetical $10,000 investment over the last 10 years and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
For the one-year period, the Fund (Institutional Shares) returned 9.34% (net of fees), outperforming the Russell Midcap Growth Index's 8.66% return. However, the Fund lagged behind the Russell 1000 Index's 17.37% return.

Holdings in the Information Technology sector were the dominant contributors for the year as a result of exposure to the ongoing AI megatrend, while the Financials sector also aided relative performance.

Holdings in the Industrials, Communication Services and Health Care sectors hampered relative returns.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $805948005 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 61.51% |
| Advisory Fees Paid | $4856914 |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Parnassus Mid Cap Growth Fund - Institutional Shares | 9.34% | 3.67% | 9.12% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## What did the Fund invest in?
Parnassus Mid Cap Growth Fund invests selectively in about 35-45 U.S. mid-cap growth equity securities. The Fund pursues best-in-class, high quality companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in a downturn.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g46584g58u36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.2% |
| Materials | 1.4% |
| Real Estate | 2.3% |
| Financials | 6.6% |
| Consumer Discretionary | 15.4% |
| Health Care | 16.0% |
| Industrials | 27.0% |
| Information Technology | 31.1% |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Hilton Worldwide Holdings Inc. | 4.2% |
| BILL Holdings Inc. | 3.9% |
| Teradyne Inc. | 3.6% |
| Rockwell Automation Inc. | 3.1% |
| WW Grainger Inc. | 3.1% |
| Monolithic Power Systems Inc. | 3.0% |
| Cloudflare Inc., Class A | 2.9% |
| Datadog Inc., Class A | 2.9% |
| IDEXX Laboratories Inc. | 2.8% |
| StandardAero Inc. | 2.8% |

---

## Additional Information

#### Parnassus Mid Cap Growth Fund

#### Ticker - PFPRX

#### Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and chart above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFPRX2025-DEC

# Parnassus International Equity Fund

#### Ticker - PRBRX

# Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus International Equity Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Investor Shares | $35 | 0.49%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized, except certain non-recurring expenses. |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on April 28, 2025.

![A line chart as described in the following paragraph.](g46584g16s98.jpg)

---

| | | |
|:---|:---|:---|
| | **Parnassus International Equity Fund** | **MSCI EAFE Index (net)** |
| **2025** | $10000 | $10000 |
| **2025** | $10920 | $11844 |

---

The chart shows the growth in value of a hypothetical $10,000 investment since inception and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The share class commenced operations on April 28, 2025.

***The Fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
The Fund (Investor Shares) returned 9.20% (net of fees) during the inception-to-date period ended December 31, 2025, underperforming the MSCI EAFE Index's 18.44% return.

Our holdings in the Financials, Industrials and Consumer Discretionary sectors held back relative performance, while our holdings in the Consumer Staples, Information Technology and Utilities sectors lifted relative returns.

By country, our U.K. holdings and off-benchmark allocations to Canada and China hurt performance, somewhat offset by beneficial off-benchmark exposure to Taiwan and a position in Belgium.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $14287568 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 27.90% |
| Advisory Fees Paid | $- |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | Since Inception |
| Parnassus International Equity Fund - Investor Shares (Inc: April 28, 2025) | 9.20% |
| MSCI EAFE Index (net) | 18.44% |

---

## What did the Fund invest in?
Parnassus International Equity Fund invests selectively in about 45-55 non-U.S. equity securities of large-cap companies, primarily in developed markets countries through common stock, preferred stock and American Depository Receipts ("ADRs"). The Fund pursues high quality companies with sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NEC Corp. | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.1% |
| Danone SA | 3.1% |
| Iberdrola SA | 3.0% |
| Willis Towers Watson plc | 2.9% |
| CaixaBank SA | 2.9% |
| Siemens Energy AG | 2.8% |
| NatWest Group plc | 2.7% |
| RELX plc, ADR | 2.6% |
| Tesco plc | 2.5% |

---

### Country Weightings (%)\*
![A graphical representation of Investments made.](g46584g28h02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.9% |
| Uruguay | 1.6% |
| Sweden | 1.7% |
| China | 1.7% |
| Ireland | 2.5% |
| Belgium | 2.5% |
| Italy | 2.5% |
| Taiwan | 3.1% |
| Netherlands | 3.3% |
| Singapore | 3.5% |
| Denmark | 3.8% |
| France | 4.1% |
| United States | 4.7% |
| Canada | 5.2% |
| Spain | 7.9% |
| Japan | 8.9% |
| Germany | 16.0% |
| United Kingdom | 25.1% |

---

## Additional Information

#### Parnassus International Equity Fund

#### Ticker - PRBRX

#### Class - Investor Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and charts above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PRBRX2025-DEC

# Parnassus International Equity Fund

#### Ticker - PFPEX

# Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
![Image](g46584g63o24.jpg)

## Fund Overview
This annual shareholder report contains important information about Parnassus International Equity Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.parnassus.com/literature-and-forms/fund-information. You can also request this information by contacting us at 800-999-3505.

## What was the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Institutional Shares | $20 | 0.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized, except certain non-recurring expenses. |

---

## Fund Performance
Value on December 31, 2025 of $10,000 invested on April 28, 2025.

![A line chart as described in the following paragraph.](g46584g82l88.jpg)

---

| | | |
|:---|:---|:---|
| | **Parnassus International Equity Fund** | **MSCI EAFE Index (net)** |
| **2025** | $10000 | $10000 |
| **2025** | $10935 | $11844 |

---

The chart shows the growth in value of a hypothetical $10,000 investment since inception and does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The share class commenced operations on April 28, 2025.

***The Fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

## How did the Fund perform?
The Fund (Institutional Shares) returned 9.35% (net of fees) during the inception-to-date period ended December 31, 2025, underperforming the MSCI EAFE Index's 18.44% return.

Our holdings in the Financials, Industrials and Consumer Discretionary sectors held back relative performance, while our holdings in the Consumer Staples, Information Technology and Utilities sectors lifted relative returns.

By country, our U.K. holdings and off-benchmark allocations to Canada and China hurt performance, somewhat offset by beneficial off-benchmark exposure to Taiwan and a position in Belgium.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $14287568 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 27.90% |
| Advisory Fees Paid | $- |
|  | $- |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | Since Inception |
| Parnassus International Equity Fund - Institutional Shares (Inc: April 28, 2025) | 9.35% |
| MSCI EAFE Index (net) | 18.44% |

---

## What did the Fund invest in?
Parnassus International Equity Fund invests selectively in about 45-55 non-U.S. equity securities of large-cap companies, primarily in developed markets countries through common stock, preferred stock and American Depository Receipts ("ADRs"). The Fund pursues high quality companies with sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic downturn.

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NEC Corp. | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.1% |
| Danone SA | 3.1% |
| Iberdrola SA | 3.0% |
| Willis Towers Watson plc | 2.9% |
| CaixaBank SA | 2.9% |
| Siemens Energy AG | 2.8% |
| NatWest Group plc | 2.7% |
| RELX plc, ADR | 2.6% |
| Tesco plc | 2.5% |

---

### Country Weightings (%)\*
![A graphical representation of Investments made.](g46584g28h02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.9% |
| Uruguay | 1.6% |
| Sweden | 1.7% |
| China | 1.7% |
| Ireland | 2.5% |
| Belgium | 2.5% |
| Italy | 2.5% |
| Taiwan | 3.1% |
| Netherlands | 3.3% |
| Singapore | 3.5% |
| Denmark | 3.8% |
| France | 4.1% |
| United States | 4.7% |
| Canada | 5.2% |
| Spain | 7.9% |
| Japan | 8.9% |
| Germany | 16.0% |
| United Kingdom | 25.1% |

---

## Additional Information

#### Parnassus International Equity Fund

#### Ticker - PFPEX

#### Class - Institutional Shares

#### Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including, but not limited to, its prospectus, proxy voting information, financial statements or holdings, please call us or visit our website:

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.parnassus.com/literature-and-forms/fund-information](g46584g25s90.jpg)

Phone: 800-999-3505

Website: www.parnassus.com/literature-and-forms/fund-information

**Sign up for insights from our investment team**

**www.parnassus.com/subscribe**

For purposes of categorizing securities for diversification requirements under the Investment Company Act, the Fund uses industry classifications that are more specific than those used for the chart.

Portfolio characteristics and holdings are subject to change periodically.

\* The holding table and charts above represent percentage based on Total Net Assets.

## Material Fund Changes
No material changes to the Fund in the last reporting year.

## Change in or Disagreements with Accountants
There have been no changes to or disagreements with the accountants in the last reporting year.

![Image](g46584g63o24.jpg)© 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

## Householding
If you wish to receive a copy of this document at a new address, contact 800-999-3505.

PFPEX2025-DEC

------

#### Item 2. Code of Ethics.
The Registrant has adopted a code of ethics dated July 22, 2003 that applies to the Registrant's principal executive officer (President) and principal financial officer (Treasurer) for the fiscal year ending December 31, 2025. During the fiscal year ending December 31, 2025 there were no amendments to any provisions of this code of ethics.

#### Item 3. Audit Committee Financial Expert.
The Boards of Trustees of the Parnassus Funds and the Parnassus Funds II (formerly known as Parnassus Income Funds) (the "Board") determined that Kay Yun, Chair of the Board's Audit Committee (the "Audit Committee"), qualified as an "independent audit committee financial expert" as defined by Form N-CSR. The Trustees' decision was based on Ms. Yun's understanding of generally accepted accounting principles (GAAP); her ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; her experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Registrant's financial statements; an understanding of internal controls and procedures for financial reporting; and understanding of audit committee functions.

Kay Yun is currently a Partner and the Chief Financial Officer at Health Evolution Partners. She is also an emeritus trustee at the American Conservatory Theater and was previously a trustee at University High School. Prior to joining Health Evolution Partners, Kay was Co-Founder and Chief Executive Officer of YuniNetworks. She also served as an investment banker with Goldman Sachs for almost 10 years. Kay received her bachelor's degree in business administration from the Leeds School of Business at the University of Colorado, Boulder, and her MBA from the Wharton School, University of Pennsylvania.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended (the "Securities Act"), as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

#### Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2024 and 2025 were (i) $95,000 and $252,000 respectively, for the Parnassus Funds trust and (ii) $78,000 and $168,000 respectively, for the Parnassus Funds II trust.

(b) Audit-Related Fees

There were no aggregate fees billed for the last two fiscal years for assurance and related services rendered by the principal accountants that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning for the fiscal years ended December 31, 2024 and 2025 were (i) $15,412 and $39,805 respectively, for the Parnassus Funds trust and (ii) $7,706 and $30,390 respectively, for the Parnassus Funds II trust.

------

(d) All Other Fees

There were no fees billed in each of the last two fiscal years for products and services by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The Audit Committee's pre-approval policies and procedures are as follows: The audit committee is required to pre-approve all audit services and permitted non-audit services provided by the independent accountants for the Parnassus Funds, affiliated funds, and other service affiliates. Explicit pre-approval by the Audit Committee Chair shall be required for any individual non-audit engagement to be performed by the independent accountants with estimated fees of $10,000 or less and the Audit Committee Chair shall report such approval to the full audit committee at the next regularly scheduled meeting. Explicit pre-approval by the full Audit Committee shall be required for any individual non-audit engagement to be performed by the independent accountants with estimated fees in excess of $10,000. Officers of the Funds shall furnish the audit committee at least annually with a listing of all fees paid to the independent accountants including non-audit services performed. For certain non-audit services which are no more than five percent of the total fees paid by the Trust, such fees may be exempted from the required pre-approval process specified above subject to limitations and prompt disclosure of such services are identified, and in all cases approval is required prior to completion.

(e)(2) None.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser, as set forth in 4(b) and (c) of this Item, for the fiscal years ended December 31, 2024 and 2025 were (i) $— and $— respectively, for the Parnassus Funds trust and (ii) $— and $— respectively, for the Parnassus Funds II trust.

(h) The Audit Committee has considered and determined that the provision of non-audit services, if any, that were rendered to the Registrant's investment adviser that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) The Parnassus Funds II trust includes two exchange-traded funds. Accordingly, Parnassus Funds II is subject to this Item 5. Parnassus Funds II has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. All of the Board's independent Trustees are members of the Audit Committee.

(b) Not applicable.

#### Item 6. Investments.
(a) Included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![LOGO](g46584g59o64.jpg)

## Parnassus Funds Audited Financial Statements
December 31, 2025

Parnassus Core Equity Fund<sup>SM</sup>

Investor Shares: PRBLX \| Institutional Shares: PRILX

Parnassus Growth Equity Fund<sup>SM</sup>

Investor Shares: PFGEX \| Institutional Shares: PFPGX

Parnassus Value Equity Fund<sup>SM</sup>

Investor Shares: PARWX \| Institutional Shares: PFPWX

Parnassus Mid Cap Fund<sup>SM</sup>

Investor Shares: PARMX \| Institutional Shares: PFPMX

Parnassus Mid Cap Growth Fund<sup>SM</sup>

Investor Shares: PARNX \| Institutional Shares: PFPRX

Parnassus International Equity Fund<sup>SM</sup>

Investor Shares: PRBRX \| Institutional Shares: PFPEX

![LOGO](g46584g70k48.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| **[Portfolios of Investments](#toc46584_10)** |  |
| [Parnassus Core Equity Fund](#toc46584_11) | 4 |
| [Parnassus Growth Equity Fund](#toc46584_11a) | 6 |
| [Parnassus Value Equity Fund](#toc46584_12) | 8 |
| [Parnassus Mid Cap Fund](#toc46584_13) | 10 |
| [Parnassus Mid Cap Growth Fund](#toc46584_14) | 12 |
| [Parnassus International Equity Fund](#toc46584_15) | 14 |
| [Financial Statements](#toc46584_16) | 16 |
| [Notes to Financial Statements](#toc46584_17) | 22 |
| [Financial Highlights](#toc46584_18) | 34 |
| [Report of Independent Registered Public Accounting Firm](#toc46584_101) | 38 |
| [Additional Information](#toc46584_19) | 40 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus Core Equity Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Banks (2.4%) |  |  |
| Bank of America Corp. | 11235531 | 617954205 |
| Capital Markets (5.3%) |  |  |
| Intercontinental Exchange Inc. | 4576702 | 741242656 |
| S&P Global Inc. | 1208190 | 631388012 |
|  |  | 1372630668 |
| Chemicals (3.3%) |  |  |
| Linde plc | 1357208 | 578699919 |
| The Sherwin-Williams Co. | 850269 | 275512664 |
|  |  | 854212583 |
| Commercial Services &<br>Supplies (3.6%) |  |  |
| Waste Management Inc. | 4200356 | 922860217 |
| Diversified Financial Services (2.9%) |  |  |
| Mastercard Inc., Class A | 1316474 | 751548677 |
| Equity Real Estate Investment Trusts (2.7%) |  |  |
| Realty Income Corp. | 12182640 | 686735417 |
| Food & Staples Retailing (1.9%) |  |  |
| Costco Wholesale Corp. | 558544 | 481654833 |
| Health Care Equipment & Supplies (4.4%) |  |  |
| Boston Scientific Corp. <sup>q</sup> | 6636318 | 632772921 |
| Stryker Corp. | 1458085 | 512473135 |
|  |  | 1145246056 |
| Hotels, Restaurants &<br>Leisure (1.6%) |  |  |
| Marriott International Inc., Class A | 1319077 | 409230448 |
| Household Products (1.2%) |  |  |
| The Procter & Gamble Co. | 2200312 | 315326713 |
| Insurance (2.9%) |  |  |
| Brown & Brown Inc. | 5213391 | 415507263 |
| Marsh & McLennan Companies Inc. | 1834281 | 340295811 |
|  |  | 755803074 |
| Interactive Media &<br>Services (6.3%) |  |  |
| Alphabet Inc., Class A | 5225330 | 1635528290 |
| Life Sciences Tools &<br>Services (5.8%) |  |  |
| Danaher Corp. | 3607925 | 825926191 |
| Thermo Fisher Scientific Inc. | 1184219 | 686195700 |
|  |  | 1512121891 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Machinery (3.5%) |  |  |
| Deere & Co. | 1951937 | 908763309 |
| Multiline Retail (5.5%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 6178989 | 1426234241 |
| Pharmaceuticals (3.5%) |  |  |
| Eli Lilly & Co. | 850704 | 914234575 |
| Professional Services (1.1%) |  |  |
| Verisk Analytics Inc., Class A | 1265698 | 283123986 |
| Semiconductors & Semiconductor<br>Equipment (14.3%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 1758126 | 376520264 |
| Applied Materials Inc. | 2414997 | 620630079 |
| Broadcom Inc. | 1902420 | 658427562 |
| KLA Corp. | 442150 | 537247622 |
| NVIDIA Corp. | 8046099 | 1500597463 |
|  |  | 3693422990 |
| Software (14.6%) |  |  |
| Microsoft Corp. | 3583092 | 1732854953 |
| Oracle Corp. | 1550881 | 302282216 |
| Salesforce Inc. | 2155705 | 571067812 |
| ServiceNow Inc. <sup>q</sup> | 1937252 | 296767634 |
| Synopsys Inc. <sup>q</sup> | 1090291 | 512131488 |
| Workday Inc., Class A <sup>q</sup> | 1632660 | 350662715 |
|  |  | 3765766818 |
| Specialty Retail (4.3%) |  |  |
| AutoZone Inc. <sup>q</sup> | 177912 | 603388548 |
| The Home Depot Inc. | 1486442 | 511484692 |
|  |  | 1114873240 |
| Technology Hardware, Storage & Peripherals (4.5%) |  |  |
| Apple Inc. | 4244249 | 1153841533 |
| Trading Companies & Distributors (3.6%) |  |  |
| Ferguson Enterprises Inc. | 1869634 | 416236617 |
| WW Grainger Inc. | 520081 | 524787733 |
|  |  | 941024350 |
| Total investment in equities (99.2%)<br>(cost $18,822,430,157) | Total investment in equities (99.2%)<br>(cost $18,822,430,157) | 25662138114 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

Parnassus Core Equity Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.9%) | Time Deposits (0.9%) | Time Deposits (0.9%) |  |  |
| Citibank, New York | 2.98% | 01/02/2026 | 199999998 | 199999998 |
| JPMorgan Chase, New York | 2.98% | 01/02/2026 | 30417621 | 30417621 |
|  |  |  |  | 230417619 |
| **Total short-term securities (0.9%)**<br> (cost $230,417,619) |  |  |  | **230417619** |
| **Total securities (100.1%)**<br> (cost $19,052,847,776) |  |  |  | **25892555733** |
| Other assets and liabilities (-0.1%) |  |  |  | (17724436) |
| Total net assets (100.0%) |  |  |  | 25874831297 |
|  <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. |
|  **plc** Public Limited Company |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus Growth Equity Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Aerospace & Defense (1.6%) |  |  |
| StandardAero Inc. <sup>q</sup> | 47722 | 1368667 |
| Biotechnology (4.0%) |  |  |
| Insmed Inc. <sup>q</sup> | 9325 | 1622923 |
| Natera Inc. <sup>q</sup> | 7787 | 1783924 |
|  |  | 3406847 |
| Capital Markets (3.5%) |  |  |
| Ares Management Corp., Class A | 9363 | 1513342 |
| S&P Global Inc. | 2911 | 1521259 |
|  |  | 3034601 |
| Chemicals (2.0%) |  |  |
| Linde plc | 2286 | 974728 |
| The Sherwin-Williams Co. | 2296 | 743973 |
|  |  | 1718701 |
| Diversified Financial Services (3.8%) |  |  |
| Visa Inc., Class A | 9291 | 3258447 |
| Electrical Equipment (2.3%) |  |  |
| GE Vernova Inc. | 3043 | 1988813 |
| Entertainment (2.0%) |  |  |
| Netflix Inc. <sup>q</sup> | 18031 | 1690587 |
| Food & Staples Retailing (1.4%) |  |  |
| Costco Wholesale Corp. | 1372 | 1183130 |
| Health Care Equipment &<br>Supplies (5.1%) |  |  |
| Boston Scientific Corp. <sup>q</sup> | 17677 | 1685502 |
| Insulet Corp. <sup>q</sup> | 3795 | 1078691 |
| Intuitive Surgical Inc. <sup>q</sup> | 2868 | 1624320 |
|  |  | 4388513 |
| Hotels, Restaurants & Leisure (3.0%) |  |  |
| Chipotle Mexican Grill Inc., Class A <sup>q</sup> | 26538 | 981906 |
| DoorDash Inc., Class A <sup>q</sup> | 6941 | 1571998 |
|  |  | 2553904 |
| Insurance (1.4%) |  |  |
| Brown & Brown Inc. | 15314 | 1220526 |
| Interactive Media & Services (4.7%) |  |  |
| Alphabet Inc., Class A | 12863 | 4026119 |
| IT Services (1.4%) |  |  |
| Cloudflare Inc., Class A <sup>q</sup> | 6195 | 1221344 |
| Life Sciences Tools & Services (1.2%) |  |  |
| Thermo Fisher Scientific Inc. | 1758 | 1018673 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Multiline Retail (7.8%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 23099 | 5331711 |
| MercadoLibre Inc. <sup>q</sup> | 712 | 1434153 |
|  |  | 6765864 |
| Pharmaceuticals (4.1%) |  |  |
| Eli Lilly & Co. | 3328 | 3576535 |
| Semiconductors & Semiconductor Equipment (23.7%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 9048 | 1937720 |
| Applied Materials Inc. | 8500 | 2184415 |
| ASML Holding NV | 2189 | 2341924 |
| Broadcom Inc. | 10355 | 3583865 |
| NVIDIA Corp. | 40947 | 7636615 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9220 | 2801866 |
|  |  | 20486405 |
| Software (20.3%) |  |  |
| Appfolio Inc., Class A <sup>q</sup> | 7834 | 1822580 |
| Atlassian Corp., Class A <sup>q</sup> | 5082 | 823995 |
| Datadog Inc., Class A <sup>q</sup> | 6668 | 906781 |
| Microsoft Corp. | 16468 | 7964254 |
| PTC Inc. <sup>q</sup> | 8515 | 1483398 |
| Salesforce Inc. | 6680 | 1769599 |
| Synopsys Inc. <sup>q</sup> | 3275 | 1538333 |
| Workday Inc., Class A <sup>q</sup> | 5884 | 1263766 |
|  |  | 17572706 |
| Technology Hardware, Storage & Peripherals (4.6%) |  |  |
| Apple Inc. | 14742 | 4007760 |
| Trading Companies &<br>Distributors (1.7%) |  |  |
| Ferguson Enterprises Inc. | 6763 | 1505647 |
| Total investment in equities (99.6%)<br>(cost $68,501,069) | Total investment in equities (99.6%)<br>(cost $68,501,069) | 85993789 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

Parnassus Growth Equity Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.2%) |  |  |  |  |
| Royal Bank of Canada, Toronto | 2.98% | 01/02/2026 | 194883 | 194883 |
| **Total short-term securities (0.2%)**<br> (cost $194,883) |  |  |  | **194883** |
| **Total securities (99.8%)**<br> (cost $68,695,952) |  |  |  | **86188672** |
| Other assets and liabilities (0.2%) |  |  |  | 147135 |
| Total net assets (100.0%) |  |  |  | 86335807 |
|  <br> q This security is non-income producing. |  |  |  |  |
|  **plc** Public Limited Company |  |  |  |  |
|  **NV** Naamloze Vennootschap |  |  |  |  |
|  **ADR** American Depositary Receipt |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus Value Equity Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Air Freight & Logistics (1.8%) |  |  |
| FedEx Corp. | 295041 | 85225543 |
| Banks (9.3%) |  |  |
| Bank of America Corp. | 3116283 | 171395565 |
| Citigroup Inc. | 989173 | 115426597 |
| JPMorgan Chase & Co. | 499359 | 160903457 |
|  |  | 447725619 |
| Biotechnology (1.6%) |  |  |
| Regeneron Pharmaceuticals Inc. | 96545 | 74520189 |
| Capital Markets (11.5%) |  |  |
| CME Group Inc., Class A | 353308 | 96481349 |
| S&P Global Inc. | 310468 | 162247472 |
| The Bank of New York Mellon Corp. | 1394698 | 161910491 |
| The Charles Schwab Corp. | 1292228 | 129106500 |
|  |  | 549745812 |
| Chemicals (1.8%) |  |  |
| Linde plc | 202721 | 86438207 |
| Commercial Services &<br>Supplies (1.3%) |  |  |
| Waste Management Inc. | 287909 | 63256486 |
| Diversified Financial Services (4.9%) |  |  |
| Mastercard Inc., Class A | 245543 | 140175588 |
| Visa Inc., Class A | 267423 | 93787920 |
|  |  | 233963508 |
| Diversified Telecommunication Services (2.6%) |  |  |
| Verizon Communications Inc. | 3062665 | 124742345 |
| Equity Real Estate Investment Trusts (3.6%) |  |  |
| CBRE Group Inc., Class A <sup>q</sup> | 1061047 | 170605747 |
| Food & Staples Retailing (4.1%) |  |  |
| Sysco Corp. | 1606833 | 118407524 |
| Walmart Inc. | 716625 | 79839191 |
|  |  | 198246715 |
| Health Care Equipment &<br>Supplies (3.2%) |  |  |
| Abbott Laboratories | 614399 | 76978051 |
| Stryker Corp. | 216872 | 76224002 |
|  |  | 153202053 |
| Health Care Providers &<br>Services (3.3%) |  |  |
| The Cigna Group | 335611 | 92370216 |
| UnitedHealth Group Inc. | 198924 | 65666802 |
|  |  | 158037018 |
| Independent Power & Renewable Electricity Producers (2.4%) |  |  |
| Brookfield Renewable Corp. | 3046726 | 116811475 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Insurance (4.6%) |  |  |
| The Progressive Corp. | 455850 | 103806162 |
| Willis Towers Watson plc | 355367 | 116773596 |
|  |  | 220579758 |
| Interactive Media &<br>Services (4.4%) |  |  |
| Alphabet Inc., Class A | 673830 | 210908790 |
| Life Sciences Tools &<br>Services (5.5%) |  |  |
| Bio-Rad Laboratories Inc., Class A <sup>q</sup> | 251176 | 76103816 |
| Danaher Corp. | 374753 | 85788457 |
| Thermo Fisher Scientific Inc. | 180880 | 104810916 |
|  |  | 266703189 |
| Machinery (6.1%) |  |  |
| Cummins Inc. | 279024 | 142427801 |
| Deere & Co. | 322205 | 150008982 |
|  |  | 292436783 |
| Multiline Retail (2.5%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 519172 | 119835281 |
| Multi-Utilities (1.1%) |  |  |
| CMS Energy Corp. | 746362 | 52193095 |
| Pharmaceuticals (3.4%) |  |  |
| AstraZeneca plc, ADR | 1227628 | 112855842 |
| Novo Nordisk, ADR | 964103 | 49053561 |
|  |  | 161909403 |
| Road & Rail (2.2%) |  |  |
| Union Pacific Corp. | 465002 | 107564263 |
| Semiconductors & Semiconductor<br>Equipment (9.9%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 370208 | 79283745 |
| Applied Materials Inc. | 335591 | 86243531 |
| Broadcom Inc. | 199616 | 69087098 |
| Intel Corp. <sup>q</sup> | 1251981 | 46198099 |
| Micron Technology Inc. | 293686 | 83820921 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 364085 | 110641791 |
|  |  | 475275185 |
| Software (4.6%) |  |  |
| Microsoft Corp. | 229362 | 110924050 |
| NICE Ltd., ADR <sup>q,l</sup> | 522524 | 59066113 |
| Oracle Corp. | 260064 | 50689074 |
|  |  | 220679237 |
| Specialty Retail (2.2%) |  |  |
| The Home Depot Inc. | 312414 | 107501657 |
| Technology Hardware, Storage & Peripherals (1.3%) |  |  |
| Western Digital Corp. | 363164 | 62562262 |
| Total investment in equities (99.2%)<br>(cost $3,488,389,243) | Total investment in equities (99.2%)<br>(cost $3,488,389,243) | 4760669620 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

Parnassus Value Equity Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| **Securities Purchased with Cash Collateral from Securities Lending** | **Securities Purchased with Cash Collateral from Securities Lending** | **Securities Purchased with Cash Collateral from Securities Lending** |  |  |
| Registered Investment Companies (0.1%) | Registered Investment Companies (0.1%) | Registered Investment Companies (0.1%) |  |  |
| Invesco Aim Government & Agency Portfolio Short-Term<br>Investments Trust, Institutional Class | 3.71% |  |  | 5128200 |
| Time Deposits (0.8%) |  |  |  |  |
| JPMorgan Chase, New York | 2.98% | 01/02/2026 | 39628219 | 39628219 |
| **Total short-term securities (0.9%)**<br> (cost $44,756,419) |  |  |  | **44756419** |
| **Total securities (100.1%)**<br> (cost $3,533,145,662) |  |  |  | **4805426039** |
| Payable upon return of securities loaned (-0.1%) |  |  |  | (5128200) |
| Other assets and liabilities (0.0%) |  |  |  | (1974702) |
| Total net assets (100.0%) |  |  |  | 4798323137 |
|  q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. |
|  l This security, or partial position of this security, was on loan at December 31, 2025. The total value of the securities on loan at December 31, 2025 was 5,018,088. | l This security, or partial position of this security, was on loan at December 31, 2025. The total value of the securities on loan at December 31, 2025 was 5,018,088. | l This security, or partial position of this security, was on loan at December 31, 2025. The total value of the securities on loan at December 31, 2025 was 5,018,088. | l This security, or partial position of this security, was on loan at December 31, 2025. The total value of the securities on loan at December 31, 2025 was 5,018,088. | l This security, or partial position of this security, was on loan at December 31, 2025. The total value of the securities on loan at December 31, 2025 was 5,018,088. |
|  **plc** Public Limited Company |  |  |  |  |
|  **ADR** American Depositary Receipt |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus Mid Cap Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Aerospace & Defense (2.0%) |  |  |
| StandardAero Inc. <sup>q</sup> | 1674781 | 48032719 |
| Banks (2.6%) |  |  |
| Truist Financial Corp. | 1309976 | 64463919 |
| Capital Markets (9.6%) |  |  |
| Ares Management Corp., Class A | 270917 | 43788315 |
| Cboe Global Markets Inc. | 316018 | 79320518 |
| The Bank of New York Mellon Corp. | 964742 | 111996899 |
|  |  | 235105732 |
| Commercial Services & Supplies (2.7%) |  |  |
| Republic Services Inc., Class A | 312695 | 66269451 |
| Construction Materials (2.4%) |  |  |
| Vulcan Materials Co. | 202619 | 57790991 |
| Electrical Equipment (2.8%) |  |  |
| Hubbell Inc., Class B | 156340 | 69432157 |
| Equity Real Estate Investment Trusts (5.6%) |  |  |
| CBRE Group Inc., Class A <sup>q</sup> | 629627 | 101237725 |
| Realty Income Corp. | 646776 | 36458763 |
|  |  | 137696488 |
| Food & Staples Retailing (2.5%) |  |  |
| US Foods Holding Corp. <sup>q</sup> | 808109 | 60866770 |
| Health Care Equipment & Supplies (4.7%) |  |  |
| Alcon AG | 435222 | 34299846 |
| Edwards Lifesciences Corp. <sup>q</sup> | 586760 | 50021290 |
| Insulet Corp. <sup>q</sup> | 105956 | 30116933 |
|  |  | 114438069 |
| Hotels, Restaurants & Leisure (3.9%) |  |  |
| Chipotle Mexican Grill Inc., Class A <sup>q</sup> | 1300998 | 48136926 |
| Hilton Worldwide Holdings Inc. | 166775 | 47906119 |
|  |  | 96043045 |
| Household Durables (2.1%) |  |  |
| D.R. Horton Inc. | 357953 | 51555971 |
| Independent Power & Renewable Electricity Producers (3.1%) |  |  |
| Brookfield Renewable Corp. | 1973528 | 75665063 |
| Insurance (4.0%) |  |  |
| The Allstate Corp. | 201460 | 41933899 |
| W R Berkley Corp. | 793698 | 55654104 |
|  |  | 97588003 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Life Sciences Tools & Services (4.1%) |  |  |
| Agilent Technologies Inc. | 420968 | 57281116 |
| IQVIA Holdings Inc. <sup>q</sup> | 183977 | 41470256 |
|  |  | 98751372 |
| Machinery (6.4%) |  |  |
| Ingersoll Rand Inc. | 620664 | 49169002 |
| Pentair plc | 456104 | 47498671 |
| Xylem Inc. | 445104 | 60614263 |
|  |  | 157281936 |
| Multi-Utilities (2.1%) |  |  |
| CMS Energy Corp. | 726297 | 50789949 |
| Professional Services (7.8%) |  |  |
| Broadridge Financial Solutions Inc. | 271682 | 60631272 |
| TransUnion | 892724 | 76551083 |
| Verisk Analytics Inc., Class A | 239059 | 53475108 |
|  |  | 190657463 |
| Road & Rail (1.7%) |  |  |
| Old Dominion Freight Line Inc. | 265865 | 41687632 |
| Semiconductors & Semiconductor Equipment (10.9%) |  |  |
| KLA Corp. | 86315 | 104879630 |
| Lam Research Corp. | 645926 | 110569613 |
| NXP Semiconductors NV | 231599 | 50270879 |
|  |  | 265720122 |
| Software (10.9%) |  |  |
| Autodesk Inc. <sup>q</sup> | 221118 | 65453139 |
| BILL Holdings Inc. <sup>q</sup> | 891253 | 48608939 |
| Roper Technologies Inc. | 109628 | 48798712 |
| Synopsys Inc. <sup>q</sup> | 141792 | 66602538 |
| Workday Inc., Class A <sup>q</sup> | 168367 | 36161864 |
|  |  | 265625192 |
| Specialty Retail (1.9%) |  |  |
| O'Reilly Automotive Inc. <sup>q</sup> | 517707 | 47220055 |
| Technology Hardware, Storage & Peripherals (2.4%) |  |  |
| Sandisk Corp. <sup>q</sup> | 125421 | 29772437 |
| Western Digital Corp. | 160333 | 27620566 |
|  |  | 57393003 |
| Trading Companies & Distributors (3.1%) |  |  |
| Ferguson Enterprises Inc. | 335867 | 74774070 |
| Total investment in equities (99.3%)<br>(cost $1,817,580,690) | Total investment in equities (99.3%)<br>(cost $1,817,580,690) | 2424849172 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

Parnassus Mid Cap Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.8%) | Time Deposits (0.8%) | Time Deposits (0.8%) |  |  |
| JPMorgan Chase, New York | 2.98% | 01/02/2026 | 18491178 | 18491178 |
| **Total short-term securities (0.8%)**<br> (cost $18,491,178) |  |  |  | **18491178** |
| **Total securities (100.1%)**<br> (cost $1,836,071,868) |  |  |  | **2443340350** |
| Other assets and liabilities (-0.1%) |  |  |  | (3150997) |
| Total net assets (100.0%) |  |  |  | 2440189353 |
|  <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. |
|  **AG** Aktiengesellschaft | **AG** Aktiengesellschaft | **AG** Aktiengesellschaft | **AG** Aktiengesellschaft |  |
|  **plc** Public Limited Company |  |  |  |  |
|  **NV** Naamloze Vennootschap |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus Mid Cap Growth Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Aerospace & Defense (2.8%) |  |  |
| StandardAero Inc. <sup>q</sup> | 786031 | 22543369 |
| Biotechnology (4.9%) |  |  |
| Alnylam Pharmaceuticals Inc. <sup>q</sup> | 44560 | 17719284 |
| Insmed Inc. <sup>q</sup> | 41598 | 7239716 |
| Natera Inc. <sup>q</sup> | 62442 | 14304838 |
|  |  | 39263838 |
| Building Products (2.0%) |  |  |
| Trane Technologies plc | 40502 | 15763378 |
| Capital Markets (6.6%) |  |  |
| Ares Management Corp., Class A | 121571 | 19649521 |
| MSCI Inc., Class A | 23467 | 13463722 |
| Robinhood Markets Inc., Class A <sup>q</sup> | 180334 | 20395775 |
|  |  | 53509018 |
| Chemicals (1.4%) |  |  |
| The Sherwin-Williams Co. | 34200 | 11081826 |
| Commercial Services & Supplies (1.7%) |  |  |
| Waste Connections Inc. | 79789 | 13991799 |
| Construction & Engineering (2.5%) |  |  |
| Quanta Services Inc. | 47313 | 19968925 |
| Distributors (1.6%) |  |  |
| Pool Corp. | 57094 | 13060252 |
| Electrical Equipment (5.2%) |  |  |
| Hubbell Inc., Class B | 38608 | 17146199 |
| Rockwell Automation Inc. | 64815 | 25217572 |
|  |  | 42363771 |
| Equity Real Estate Investment Trusts (2.3%) |  |  |
| CoStar Group Inc. <sup>q</sup> | 272688 | 18335541 |
| Health Care Equipment & Supplies (4.8%) |  |  |
| IDEXX Laboratories Inc. <sup>q</sup> | 33651 | 22765911 |
| Insulet Corp. <sup>q</sup> | 56863 | 16162739 |
|  |  | 38928650 |
| Hotels, Restaurants & Leisure (10.4%) |  |  |
| Chipotle Mexican Grill Inc., Class A <sup>q</sup> | 504987 | 18684519 |
| DoorDash Inc., Class A <sup>q</sup> | 37475 | 8487338 |
| Hilton Worldwide Holdings Inc. | 118388 | 34006953 |
| Royal Caribbean Cruises Ltd. | 80810 | 22539525 |
|  |  | 83718335 |
| IT Services (2.9%) |  |  |
| Cloudflare Inc., Class A <sup>q</sup> | 120267 | 23710639 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Life Sciences Tools & Services (6.3%) |  |  |
| Agilent Technologies Inc. | 159971 | 21767254 |
| Mettler-Toledo International Inc. <sup>q</sup> | 13822 | 19270494 |
| West Pharmaceutical Services Inc. | 34387 | 9461239 |
|  |  | 50498987 |
| Multiline Retail (2.3%) |  |  |
| MercadoLibre Inc. <sup>q</sup> | 9022 | 18172654 |
| Professional Services (7.4%) |  |  |
| Broadridge Financial Solutions Inc. | 92941 | 20741643 |
| Equifax Inc. | 98891 | 21457369 |
| Verisk Analytics Inc., Class A | 76334 | 17075152 |
|  |  | 59274164 |
| Road & Rail (2.3%) |  |  |
| Old Dominion Freight Line Inc. | 117622 | 18443130 |
| Semiconductors & Semiconductor Equipment (8.7%) |  |  |
| KLA Corp. | 14025 | 17041497 |
| Monolithic Power Systems Inc. | 26590 | 24100112 |
| Teradyne Inc. | 148827 | 28806954 |
|  |  | 69948563 |
| Software (17.7%) |  |  |
| Autodesk Inc. <sup>q</sup> | 62862 | 18607781 |
| BILL Holdings Inc. <sup>q</sup> | 572538 | 31226223 |
| Cadence Design Systems Inc. <sup>q</sup> | 49244 | 15392690 |
| Datadog Inc., Class A <sup>q</sup> | 170061 | 23126595 |
| Guidewire Software Inc. <sup>q</sup> | 99502 | 20000897 |
| Procore Technologies Inc. <sup>q</sup> | 232594 | 16918888 |
| PTC Inc. <sup>q</sup> | 98370 | 17137038 |
|  |  | 142410112 |
| Specialty Retail (1.1%) |  |  |
| O'Reilly Automotive Inc. <sup>q</sup> | 101644 | 9270949 |
| Technology Hardware, Storage & Peripherals (1.8%) |  |  |
| Sandisk Corp. <sup>q</sup> | 62351 | 14800880 |
| Trading Companies & Distributors (3.1%) |  |  |
| WW Grainger Inc. | 24655 | 24878128 |
| Total investment in equities (99.8%)<br>(cost $612,277,057) |  | 803936908 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

Parnassus Mid Cap Growth Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.4%) | Time Deposits (0.4%) | Time Deposits (0.4%) |  |  |
| JPMorgan Chase, New York | 2.98% | 01/02/2026 | 3409321 | 3409321 |
| **Total short-term securities (0.4%)**<br> (cost $3,409,321) |  |  |  | **3409321** |
| **Total securities (100.2%)**<br> (cost $615,686,378) |  |  |  | **807346229** |
| Other assets and liabilities (-0.2%) |  |  |  | (1398224) |
| Total net assets (100.0%) |  |  |  | 805948005 |
|  <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. | <br> q This security is non-income producing. |
|  **plc** Public Limited Company | **plc** Public Limited Company | **plc** Public Limited Company | **plc** Public Limited Company |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

---

| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Parnassus International Equity Fund

Portfolio of Investments as of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Belgium (2.5%) |  |  |
| UCB SA | 1270 | 353856 |
| Canada (5.2%) |  |  |
| Brookfield Corp. | 6129 | 281410 |
| Topicus.com Inc. <sup>q</sup> | 1934 | 179162 |
| Waste Connections Inc. | 1609 | 282154 |
|  |  | 742726 |
| China (1.7%) |  |  |
| Full Truck Alliance Co. Ltd., ADR | 23076 | 247605 |
| Denmark (3.8%) |  |  |
| DSV A/S | 1138 | 286613 |
| Novo Nordisk, ADR | 4912 | 249923 |
|  |  | 536536 |
| France (4.1%) |  |  |
| Danone SA | 4931 | 444772 |
| LVMH Moet Hennessy Louis Vuitton SE | 194 | 146225 |
|  |  | 590997 |
| Germany (16.0%) |  |  |
| Deutsche Boerse AG | 829 | 217879 |
| Deutsche Telekom AG | 7838 | 255135 |
| Fresenius Medical Care AG | 3862 | 184471 |
| Fresenius SE & Co. KGaA | 5634 | 322782 |
| Infineon Technologies AG | 3888 | 169637 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 333 | 219143 |
| SAP SE, ADR | 784 | 190441 |
| Siemens AG | 1120 | 313686 |
| Siemens Energy AG <sup>q</sup> | 2891 | 405574 |
|  |  | 2278748 |
| Ireland (2.5%) |  |  |
| CRH plc | 2834 | 353683 |
| Italy (2.5%) |  |  |
| UniCredit SpA | 4295 | 355741 |
| Japan (8.9%) |  |  |
| Komatsu Ltd. | 8969 | 284608 |
| NEC Corp. | 15565 | 526650 |
| Nintendo Co. Ltd. | 3066 | 207000 |
| Sony Group Corp. | 9839 | 252380 |
|  |  | 1270638 |
| Netherlands (3.3%) |  |  |
| AerCap Holdings NV | 1229 | 176681 |
| ASML Holding NV | 274 | 295241 |
|  |  | 471922 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Singapore (3.5%) |  |  |
| DBS Group Holdings Ltd. | 8000 | 350437 |
| Sea Ltd., ADR <sup>q</sup> | 1132 | 144409 |
|  |  | 494846 |
| Spain (7.9%) |  |  |
| Aena SME SA <sup>l</sup> | 10139 | 283292 |
| CaixaBank SA | 33351 | 407753 |
| Iberdrola SA | 20063 | 434432 |
|  |  | 1125477 |
| Sweden (1.7%) |  |  |
| Spotify Technology SA <sup>q</sup> | 410 | 238091 |
| Taiwan (3.1%) |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1465 | 445199 |
| United Kingdom (25.1%) |  |  |
| 3i Group plc | 5112 | 224155 |
| AstraZeneca plc, ADR | 3830 | 352092 |
| CNH Industrial NV | 21529 | 198497 |
| Coca-Cola Europacific Partners plc | 3133 | 284163 |
| Haleon plc | 32156 | 162497 |
| Linde plc | 660 | 281417 |
| National Grid plc | 18502 | 283793 |
| NatWest Group plc | 44366 | 389191 |
| RELX plc, ADR | 9265 | 374491 |
| Tesco plc | 60123 | 357541 |
| Unilever plc | 4202 | 274547 |
| Willis Towers Watson plc | 1256 | 412722 |
|  |  | 3595106 |
| United States (4.7%) |  |  |
| Arch Capital Group Ltd. <sup>q</sup> | 2268 | 217547 |
| Booking Holdings Inc. | 55 | 294543 |
| Ferguson Enterprises Inc. | 748 | 166527 |
|  |  | 678617 |
| Uruguay (1.6%) |  |  |
| MercadoLibre Inc. <sup>q</sup> | 116 | 233654 |
| Total investment in equities (98.1%)<br>(cost $13,111,289) | Total investment in equities (98.1%)<br>(cost $13,111,289) | 14013442 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

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| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

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Parnassus International Equity Fund

Portfolio of Investments as of December 31, 2025 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** |  | **Market<br>Value ($)** |  |
| Time Deposits (1.2%) | Time Deposits (1.2%) | Time Deposits (1.2%) |  |  |  |  |  |
| Brown Brothers Harriman | 0.40% | 01/02/2026 | SGD | 0 | <sup>ß</sup> | 0 | <sup>ß</sup> |
| Brown Brothers Harriman | 0.81% | 01/02/2026 | EUR | 1 |  | 1 |  |
| Brown Brothers Harriman | 1.08% | 01/02/2026 | CAD | 0 | <sup>ß</sup> | 0 | <sup>ß</sup> |
| Citibank, London | 2.66% | 01/02/2026 | GBP | 1 |  | 2 |  |
| Sumitomo, Tokyo | 2.98% | 01/02/2026 | USD | 176421 |  | 176422 |  |
|  |  |  |  |  |  | 176425 |  |
| **Total short-term securities (1.2%)**<br> (cost $176,425) |  |  |  |  |  | **176425** |  |
| **Total securities (99.3%)**<br> (cost $13,287,714) |  |  |  |  |  | **14189867** |  |
| Other assets and liabilities (0.7%) |  |  |  |  |  | 97701 |  |
| Total net assets (100.0%) |  |  |  |  |  | 14287568 |  |
|  q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. | q This security is non-income producing. |  |
|  l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. | l Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds' Board of Trustees. At December 31, 2025, the aggregate value is $283,292, which is 1.98% of net assets. |  |
|  ß Amount less than $0.5. | ß Amount less than $0.5. | ß Amount less than $0.5. | ß Amount less than $0.5. | ß Amount less than $0.5. | ß Amount less than $0.5. | ß Amount less than $0.5. |  |
|  **SA** Société Anonyme | **SA** Société Anonyme | **SA** Société Anonyme | **SA** Société Anonyme | **SA** Société Anonyme |  |  |  |
|  **ADR** American Depositary Receipt |  |  |  |  |  |  |  |
|  **SE** Societas Europaea |  |  |  |  |  |  |  |
|  **AG** Aktiengesellschaft |  |  |  |  |  |  |  |
|  **KGaA** Kommanditgesellschaft auf Aktien |  |  |  |  |  |  |  |
|  **plc** Public Limited Company |  |  |  |  |  |  |  |
|  **SpA** Società per Azioni |  |  |  |  |  |  |  |
|  **NV** Naamloze Vennootschap |  |  |  |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

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| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

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Statement of Assets and Liabilities

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Parnassus<br>Core Equity<br>Fund** | **Parnassus<br>Growth Equity<br>Fund** | **Parnassus<br>Value Equity<br>Fund** |
| **Assets** |  |  |  |
|  Investments in stocks and exchange-traded funds, at market value – Unaffiliated (cost $18,822,430,157, $68,501,069, $3,488,389,243, $1,817,580,690, $612,277,057 and $13,111,289) | $25662138114 | $85993789 | $4760669620 |
|  Investments in short-term securities |  |  |  |
|  (at cost which approximates market value) | 230417619 | 194883 | 44756419 |
|  Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  | 128537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 16951837 | 9272 | 3126108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 16455965 | 34308 | 2109971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Parnassus Investments |  | 18262 |  |
|  Offering Costs |  |  |  |
|  Other assets | 114533 |  | 12129 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**25926078068** | $**86379051** | $**4810674247** |
| **Liabilities** |  |  |  |
|  Payable upon return of loaned securities |  |  | 5128200 |
|  Capital shares redeemed | 30968666 | 6511 | 2980534 |
|  Fees payable to Parnassus Investments | 13961682 |  | 2001702 |
|  Accounts payable and accrued expenses | 6316423 | 36733 | 2240674 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**51246771** | $**43244** | $**12351110** |
|  **Net assets** | $**25874831297** | $**86335807** | $**4798323137** |
| **Net assets consist of** |  |  |  |
|  Capital paid-in | 17919797087 | 67361666 | 3478102876 |
|  Total Distributable Earnings | 7955034210 | 18974141 | 1320220261 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**25874831297** | $**86335807** | $**4798323137** |
| **Net asset value and offering per share** |  |  |  |
|  Net assets Investor Shares | $11771422802 | $29449494 | $3066034074 |
|  Net assets Institutional Shares | $14103408495 | $56886313 | $1732289063 |
|  Shares outstanding Investor Shares | 210567869 | 1050713 | 55123598 |
|  Shares outstanding Institutional Shares | 251225408 | 2019087 | 31036504 |
|  **Net asset values and redemption price per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Net asset value divided by shares outstanding)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investor Shares** | $**55.90** | $**28.03** | $**55.62** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares** | $**56.14** | $**28.17** | $**55.81** |

---

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| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Parnassus<br>Mid Cap<br>Fund** | **Parnassus<br>Mid Cap Growth<br>Fund** | **Parnassus<br>International Equity<br>Fund** |
| $2424849172 | $803936908 | $14013442 |
| 18491178 | 3409321 | 176425 |
| 1060935 | 239169 | 8859 |
| 1267553 | 51096 | 1525 |
|  |  | 77338 |
|  |  | 53119 |
| 21094 |  | 674 |
| $**2445689932** | $**807636494** | $**14331382** |
| 2749005 | 924457 |  |
| 1456263 | 454166 |  |
| 1295311 | 309866 | 43814 |
| $**5500579** | $**1688489** | $**43814** |
| $**2440189353** | $**805948005** | $**14287568** |
| 1761841959 | 586596913 | 13606427 |
| 678347394 | 219351092 | 681141 |
| $**2440189353** | $**805948005** | $**14287568** |
| $1117999381 | $620039115 | $3046980 |
| $1322189972 | $185908890 | $11240588 |
| 29175374 | 11554059 | 188232 |
| 34313856 | 3434152 | 696343 |
| $**38.32** | $**53.66** | $**16.19** |
| $**38.53** | $**54.14** | $**16.14** |

---

*The accompanying notes are an integral part of these financial statements.* 

------

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| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

---

Statement of Operations

Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Parnassus<br>Core Equity<br>Fund** | **Parnassus<br>Growth Equity<br>Fund** | **Parnassus<br>Value Equity<br>Fund** |
| **Investment income** |  |  |  |
|  Dividends – Affiliated | $5090431 | $- | $1286850 |
|  Dividends – Unaffiliated | 241319266 | 313383 | 75095765 |
|  Non-cash dividend |  |  |  |
|  Interest | 7731491 | 15318 | 1174851 |
|  Securities lending | 418 | 3 | 35780 |
|  Other income | 31986 |  | 34 |
|  Foreign withholding tax |  | (5919) | (1180920) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | $**254173592** | $**322785** | $**76412360** |
| **Expenses** |  |  |  |
|  Investment advisory fees | 158260448 | 512742 | 30889868 |
|  Transfer agent fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 199357 | 35723 | 144908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 87581 | 29677 | 66464 |
|  Fund administration | 8689816 | 22221 | 1453816 |
|  Service provider fees | 29483367 | 38698 | 7390460 |
|  Reports to shareholders | 449847 | 1164 | 145028 |
|  Registration fees and expenses | 337027 | 80813 | 164022 |
|  Custody fees | 659528 | 10338 | 179972 |
|  Overdraft charges | 181 | 211 |  |
|  Professional fees | 715134 | 58003 | 165031 |
|  Trustee fees and expenses | 1035437 | 2771 | 171214 |
|  Proxy voting fees | 4676 | 4676 | 4675 |
|  Pricing service fees | 9734 | 9767 | 9724 |
|  Amortization of offering costs |  |  |  |
|  Other expenses | 348683 | 9155 | 67131 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | $**200280816** | $**815959** | $**40852313** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and expenses reimbursed by Parnassus Investments | (4861578) | (313897) | (3732106) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | $**195419238** | $**502062** | $**37120207** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | $**58754354** | $**(179277)** | $**39292153** |
| **Realized and unrealized gain (loss) on investments** |  |  |  |
|  Net realized gain (loss) from securities transactions – Affiliated | (276414141) |  | (18798241) |
|  Net realized gain (loss) from securities transactions – Unaffiliated | 4621630678 | 9068755 | 529228368 |
|  Net realized (loss) from foreign currency transactions |  |  |  |
|  Net change in unrealized appreciation (depreciation) of securities – Unaffiliated | (1486789774) | 4031311 | 254370809 |
|  Net change in unrealized appreciation of securities – Affiliated | 211865243 |  | 6336523 |
|  Net change in unrealized appreciation of securities – Foreign currency transactions |  |  |  |
|  **Net realized and unrealized gain on securities** | $**3070292006** | $**13100066** | $**771137459** |
|  **Net increase in net assets resulting from operations** | $**3129046360** | $**12920789** | $**810429612** |

---

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| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Parnassus<br>Mid Cap<br>Fund** | **Parnassus<br>Mid Cap Growth<br>Fund** | **Parnassus<br>International Equity<br>Fund\*** |
| $- | $- | $- |
| 30574981 | 3694920 | 135775 |
|  |  | 9654 |
| 708854 | 251237 | 7764 |
| 34446 | 1169 |  |
| 122337 | 38394 | 37 |
| (556328) | (11569) | (10799) |
| $**30884290** | $**3974151** | $**142431** |
| 18606327 | 5001765 | 76065 |
| 92579 | 178177 | 20451 |
| 46135 | 46972 | 21600 |
| 812746 | 252683 | 2641 |
| 2960064 | 744845 | 742 |
| 244471 |  | 6457 |
| 106099 | 70553 | 17207 |
| 47412 | 14250 | 34097 |
|  |  | 12 |
| 80575 | 56867 | 57726 |
| 97707 | 30045 | 589 |
| 4675 | 4676 | 2695 |
| 9730 | 6133 | 17670 |
|  |  | 111188 |
| 46400 | 21315 | 10312 |
| $**23154920** | $**6428281** | $**379452** |
| (1259206) | (144851) | (316643) |
| $**21895714** | $**6283430** | $**62809** |
| $**8988576** | $**(2309279)** | $**79622** |
| (4783898) |  |  |
| 296697172 | 120523571 | (71588) |
|  |  | (18974) |
| <br>8784984 | (47900671) | 902153 |
| 2861650 |  |  |
| <br>- |  | 173 |
| $**303559908** | $**72622900** | $**811764** |
| $**312548484** | $**70313621** | $**891386** |

---

\* For the period from April 28, 2025 (commencement of operations) through December 31, 2025.

*The accompanying notes are an integral part of these financial statements.* 

------

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| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

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Statement of Changes in Net Assets

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** | **<br>Parnassus Value Equity Fund** | **<br>Parnassus Value Equity Fund** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
| **Investment income from operations** |  |  |  |  |  |  |
|  Net investment income (loss) | $58754354 | $130143266 | $(179277) | $(56468) | $39292153 | $53351464 |
|  Net realized gain (loss) from securities transactions | 4345216537 | 3791106618 | 9068755 | 3933390 | 510430127 | 468355294 |
|  Net realized (loss) from foreign currency transactions |  |  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) of securities | (1274924531) | 1152208741 | 4031311 | 6878480 | 260707332 | 51653115 |
|  Net change in unrealized appreciation of securities – Foreign currency transactions |  |  |  |  |  |  |
|  **Increase in net assets resulting from operations** | $**3129046360** | $**5073458625** | $**12920789** | $**10755402** | $**810429612** | $**573359873** |
| **Net Dividends and Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1990803491) | (1249928135) | (2668014) | (1111785) | (341241863) | (244642673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2411831221) | (1504581349) | (5046349) | (2012799) | (196943721) | (137513890) |
|  **Distributions to shareholders** | $**(4402634712)** | $**(2754509484)** | $**(7714363)** | $**(3124584)** | $**(538185584)** | $**(382156563)** |
| **Capital share transactions** |  |  |  |  |  |  |
|  Investor Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 893508750 | 1185905654 | 10140714 | 16920128 | 281058587 | 380278384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 1972032975 | 1239789740 | 2654950 | 1094552 | 333820281 | 239679370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (3823089323) | (3105781656) | (8370697) | (5411110) | (844605257) | (898939078) |
|  Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 2311944777 | 2600890321 | 15611971 | 12516237 | 290121579 | 328377689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 2245130503 | 1403587617 | 5024487 | 2012799 | 171612513 | 119635361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (5467532507) | (4425251268) | (7634625) | (1596263) | (531119520) | (455424142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital share transactions | (1868004825) | (1100859592) | 17426800 | 25536343 | (299111817) | (286392416) |
|  **Increase (decrease) in net assets** | $**(3141593177)** | $**1218089549** | $**22633226** | $**33167161** | $**(26867789)** | $**(95189106)** |
| **Net Assets** |  |  |  |  |  |  |
|  Beginning of year/period | 29016424474 | 27798334925 | 63702581 | 30535420 | 4825190926 | 4920380032 |
|  **End of year** | $**25874831297** | $**29016424474** | $**86335807** | $**63702581** | $**4798323137** | $**4825190926** |
| **Shares issued and redeemed** |  |  |  |  |  |  |
|  Investor Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14592614 | 19551553 | 380076 | 695630 | 5184243 | 7048138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through dividend reinvestment | 34794727 | 20010422 | 93673 | 40965 | 6000984 | 4346120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (62263288) | (50716521) | (316242) | (219336) | (15524907) | (16585105) |
|  Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 37965310 | 42889201 | 539568 | 510879 | 5267933 | 6033600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through dividend reinvestment | 39421295 | 22580225 | 176405 | 75129 | 3069559 | 2162863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (88994676) | (71700023) | (276603) | (63742) | (9750693) | (8387342) |
|  **Net increase (decrease) in shares outstanding** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investor Shares** | **(12875947)** | **(11154546)** | **157507** | **517259** | **(4339680)** | **(5190847)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares** | **(11608071)** | **(6230597)** | **439370** | **522266** | **(1413201)** | **(190879)** |

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| | |
|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Growth Fund** | **Parnassus Mid Cap Growth Fund** | **Parnassus International<br>Equity Fund** |
| **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>December 31,<br>2025\*** |
| $8988576 | $9205432 | $(2309279) | $(2572487) | $79622 |
| <br>291913274 | 416518278 | 120523571 | 93276829 | (71588) |
| <br>- |  |  |  | (18974) |
| <br>11646634 | (105540101) | (47900671) | (5005645) | 902153 |
| <br>- |  |  |  | 173 |
| $**<br>312548484** | $**320183609** | $**70313621** | $**85698697** | $**891386** |
| (108461080) | (119700643) | (94244298) | (45276787) | (34820) |
| (132377493) | (152885979) | (28163074) | (13512059) | (178490) |
| $**(240838573)** | $**(272586622)** | $**(122407372)** | $**(58788846)** | $**(213310)** |
| 96660648 | 112382786 | 20222689 | 27067157 | 3284706 |
| 106877311 | 117978275 | 92117834 | 44272513 | 33321 |
| (382943366) | (458248133) | (99896059) | (90484658) | (326542) |
| 180344193 | 230699125 | 15366193 | 21005542 | 10991768 |
| 118428639 | 132926972 | 26965899 | 12595641 | 178490 |
| (593329756) | (2739694715) | (38695090) | (27685781) | (552251) |
| (473962331) | (2603955690) | 16081466 | (13229586) | 13609492 |
| $**(402252420)** | $**(2556358703)** | $**(36012285)** | $**13680265** | $**14287568** |
| 2842441773 | 5398800476 | 841960290 | 828280025 |  |
| $**2440189353** | $**2842441773** | $**805948005** | $**841960290** | $**14287568** |
| 2506682 | 2833761 | 357441 | 457586 | 206271 |
| <br>2721093 | 2960505 | 1679756 | 715573 | 2068 |
| (9881569) | (11620763) | (1742838) | (1525494) | (20107) |
| 4605134 | 5867469 | 267411 | 351648 | 719101 |
| <br>2995498 | 3320012 | 487541 | 202307 | 11114 |
| (15239911) | (72036254) | (685906) | (467419) | (33872) |
| **(4653794)** | **(5826497)** | **294359** | **(352335)** | **188232** |
| **(7639279)** | **(62848773)** | **69046** | **86536** | **696343** |

---

\* For the period from April 28, 2025 (commencement of operations) through December 31, 2025.

*The accompanying notes are an integral part of these financial statements.* 

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Notes to Financial Statements

1. Organization

The Parnassus Funds are comprised of two Trusts, the Parnassus Funds trust and the Parnassus Funds II trust (formerly known as Parnassus Income Funds trust) (collectively the "Trusts"), organized as Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as diversified, open-end management investment companies. The Parnassus Funds are comprised of five separate funds (each a "Fund" and, collectively, the "Funds"). The Parnassus Funds trust includes the Parnassus Mid Cap Growth Fund, which commenced operations on December 27, 1984, the Parnassus Value Equity Fund and the Parnassus Mid Cap Fund, both of which commenced operations on April 29, 2005, the Parnassus Growth Equity Fund, which commenced operations on December 28, 2022, and the Parnassus International Equity Fund, which commenced operations on April 28, 2025. The Parnassus Funds II trust includes the Parnassus Core Equity Fund, which commenced operations on August 31, 1992, as well as the Parnassus ETFs which are presented in separate financial statements. Each Fund has distinct investment objectives and investment strategies. In general, each of the Funds seeks capital appreciation.

2. Significant Accounting Policies

Each Fund operates as a separate investment company that applies the accounting and reporting guidance issued in Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies issued by the Financial Accounting Standards Board ("FASB"). The presentation of the financial statements is made using specialized accounting principles applicable to investment companies.

Short-Term Securities

Short-term securities represent investments of excess cash and consist of time deposits, community development loans, certificates of deposit and money market funds.

Security Transactions and Related Investment Income and Expenses

Securities transactions are recorded on the date the securities are purchased or sold (trade date). Realized gains and losses on securities transactions are determined on the basis of first-in-first-out for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the constant yield method, which approximates the interest method. Expenses are recorded on an accrual basis.

Class Allocations

Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as broker service fees, and administrative and shareholder service fees, are charged directly to the respective share class.

Dividends and Distributions to Shareholders

Dividends and distributions to shareholders are recorded on the ex-dividend date to shareholders of record on the record date. The Parnassus Core Equity Fund pays income dividends quarterly and capital-gain dividends annually. The other Funds pay income and capital-gain dividends annually.

Organization and Offering Costs

Organization costs were expensed as incurred. Offering costs are amortized on a straight line basis.

3. Securities Valuations

Methods and Inputs

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When market quotations are not readily available the Funds' Valuation Designee (as defined below) determines the fair value pursuant to duly adopted fair value methodologies. In compliance with Rule 2a-5 under the 1940 Act, the Board of Trustees of each Trust (collectively, the "Board") has designated the Funds' investment manager, Parnassus Investments, LLC ("Parnassus Investments" or the "Adviser"), as its valuation designee (the "Valuation Designee"), meaning the Adviser has day-to-day responsibility for fair valuation of the Funds' portfolio investments, subject to the Board's oversight.

Equity securities and exchange-traded funds that are listed or traded on a national securities exchange are stated at market value, based on recorded closing sales on the exchange or at the NASDAQ's National Market official closing price. In the absence of a recorded sale,

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Notes to Financial Statements (continued)

and for over-the-counter securities, equity securities are stated at the mean between the last recorded bid and asked prices (unless the spread between the bid and ask is so large that the Adviser believes using the mean would overstate the value of the security, in which case the security will be "fair valued"). Investments in registered investment companies that are not listed or traded on a national securities exchange are valued at their net asset value ("NAV").

Fixed-income securities with an active market are valued at the "bid" price where such quotes are readily available from brokers and dealers and are representative of the actual market for such securities. Other fixed-income securities experiencing a less active market are valued as determined by the pricing services selected by the Valuation Designee, based on methods which include consideration of trading in securities of comparable yield, quality, coupon, maturity and type, as well as indications as to values from dealers and other market data without exclusive reliance upon quoted prices or over-the-counter prices, since such valuations are believed to reflect more accurately the value of such securities.

As noted above, investments where market quotations are not readily available are priced at their fair value, in accordance with fair value methodologies established by the Valuation Designee. These investments include certificates of deposit and community development loans. These investments carry interest rates ranging from 0.05% to 4.60% with maturities of one year or less. In determining fair value, the Valuation Designee may consider a variety of information including, but not limited to, the following: price based upon a multiple of earnings or sales, fundamental analytical data and an evaluation of market conditions. A valuation adjustment is applied to certificates of deposit, community development loans and other community development investments as an estimate of potential penalties for early withdrawal.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts (ADRs) or futures contracts. The effect of using fair value pricing is that the Funds' NAV will reflect the affected portfolio securities' value as determined in the judgment of the Board or its designee instead of being determined by the market.

The Funds follow ASC Topic 820, Fair Value Measurements and Disclosure issued by the FASB, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Various inputs are used in determining the value of the Funds' portfolio investments. These inputs are summarized in three levels, Level 1–unadjusted quoted prices in active markets for identical investments, Level 2–other significant observable inputs (including quoted prices for similar investments) and Level 3–significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

Securities Lending

The Parnassus Funds participate in a securities lending program pursuant to a securities lending agreement originally entered into with Brown Brothers Harriman & Co., which agreement was subsequently assigned and assumed by Mitsubishi UFJ Trust and Banking Corporation, New York branch, effective June 24, 2025 (the "Agreement"). Mitsubishi UFJ Trust and Banking Corporation provides securities lending services to the Funds pursuant to the Agreement. Under this program, the proceeds (cash collateral) received from borrowers are used to invest in money market funds.

Under the Agreement, the borrowers pay the Funds negotiated lenders' fees and the Funds receive cash or other collateral in an amount equal to at least 102% of the market value of the loaned securities. The borrower of securities is at all times required to post collateral to the portfolio in an amount equal to 100% of the market value of the securities loaned based on the previous day's market value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. If the borrower defaults on its obligations to return the securities loaned because of insolvency or other reasons, the portfolio could experience delays and costs in recovering the securities loaned.

The Agreement provides the right in the event of default for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left

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Notes to Financial Statements (continued)

with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a counterparty's bankruptcy or insolvency. Under the Agreement, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest applicable collateral, or, upon an event of default, resell or re-pledge the collateral.

The Funds retained beneficial ownership and all economic benefits in the securities they have loaned and continue to receive interest paid by the securities and payments equivalent to dividends, and to participate in any changes in their market value, but do not have the proxy voting rights with respect to loaned securities. The portfolio managers of the Funds have the responsibility to request that the securities lending agent call back securities which are out on loan to vote on material matters and it is the Funds' policy that the portfolio managers vote on all material matters.

However, the ability to timely recall shares for proxy voting purposes typically is not entirely within the control of the portfolio managers, the Funds or their securities lending agent. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

Income generated from securities lending is presented in the Statement of Operations. Cash collateral received by the Funds is reflected as an asset in the Portfolio of Investments (securities purchased with cash collateral from securities lending). The related liability (payable upon return of securities loaned) is presented in the Statement of Assets and Liabilities.

At December 31, 2025, the following tables are a summary of the Funds' securities lending agreements by counterparty, which are subject to offset under the Agreement:

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| | | | |
|:---|:---|:---|:---|
| **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** |
| **Counterparty** | **Securities Loaned at Value** | **Cash Collateral<br>Received<sup>1</sup>** | **Net<br>Amount** |
| National Financial Services LLC | 5018088 | (5018088) |  |
|  **Total** | **5018088** | **(5018088)** |  |

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<sup>1</sup> Collateral value of $5,128,200 has been received in connection with securities lending agreements for Parnassus Value Equity Fund. Collateral received in excess of the value of the securities loaned from the individual counterparty is shown for financial reporting purposes in the Funds' financial statements.

As of December 31, 2025, the contractual maturity date is overnight and continuous for the gross obligation of the equity securities on loan in the Parnassus Value Equity Fund of $5,128,200.

Community Development Investment Programs

The Parnassus Funds may each invest up to 2% of their assets in community investments and community-development loan funds. Each of the Funds may invest in obligations issued by community loan funds at below-market interest rates if the projects financed have a positive social impact, as determined by the Adviser. Generally, there is no secondary market on loan funds and thus loan funds are considered illiquid.

Use of Estimates

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles

("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

4. Risk Factors

Investing in the Parnassus Funds may involve certain risks including, but not limited to those identified below. Please refer to the Funds' current prospectus and statement of additional information for more information on the risks associated with investing in the Funds.

Market Conditions

The prices of, and the income generated by, the common stocks and other securities held by the Funds may decline in response to certain events taking place

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Notes to Financial Statements (continued)

around the world, including those directly involving the companies whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; public health emergencies (such as the spread of infectious disease); and currency, interest rate and commodity price fluctuations. Additionally, the values of, and the income generated by, most debt securities held by the Funds may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these debt securities. The Adviser attempts to reduce these risks through diversification of each portfolio and ongoing credit analysis as well as by monitoring economic and legislative developments, but there can be no assurance that it will be successful at doing so. Investments in securities issued by entities based outside the U.S. may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; different securities market structures and higher transaction costs.

Foreign (Non-U.S.) Securities Risk

Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of political, social, economic or market developments or instability in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investment outside the U.S. may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the U.S. The risks of investing outside the U.S. may be heightened in connection with investments in emerging and developing countries.

Contractual Obligations

Under the Trusts' organizational documents, the officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trusts. Additionally, the Trusts have a variety of indemnification obligations under contracts with service providers. The Trusts' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trusts that have not yet occurred.

5. Taxation and Distributions

Federal Income Taxes

The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income and capital gains to shareholders. Therefore, no federal income tax provision is required. Income distributions and capital-gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

The Funds follow ASC 740, Income Taxes, relating to uncertainty in income taxes and disclosures. ASC 740 establishes a minimum threshold for income tax benefits to be recognized in the financial statements. These tax benefits must meet a "more likely than not" threshold, which means that based on technical merits, they have a more than 50% likelihood of being sustained upon examination by the tax authority. Tax benefits meeting this threshold are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority. As of and during the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur interest or penalties. As of December 31, 2025, the Funds had no tax examinations or audits in progress.

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Notes to Financial Statements (continued)

Tax Matters and Distributions

As of December 31, 2025, the costs of investments in securities and net unrealized appreciation/depreciation for income tax purposes were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Core<br>Equity Fund** | **Parnassus Growth<br>Equity Fund** | **Parnassus Value<br>Equity Fund** | **Parnassus<br>Mid Cap Fund** | **Parnassus<br>Mid Cap<br>Growth Fund** | **Parnassus<br>International<br>Equity Fund** |
| Cost of investment | $19070253332 | $68805301 | $3556202829 | $1845150788 | $616506896 | $13416490 |
| Gross unrealized appreciation | $7241041471 | $18911984 | $1448534995 | $632633113 | $212213630 | $1641501 |
| Gross unrealized depreciation | $(418739070) | $(1528613) | $(199311785) | $(34443551) | $(21374297) | $(868124) |
| Net unrealized appreciation (depreciation) | $6822302401 | $17383371 | $1249223210 | $598189562 | $190839333 | $773377 |
| Distributable earnings – ordinary income | $18415149 | $– | $2238294 | $781547 | $– | $(149094) |
| Distributable earnings – long-term capital gains | $1096911104 | $1481421 | $45701614 | $70297366 | $27691242 | $(72091) |
| Undistributed earnings – ordinary income | $– | $– | $21652745 | $17495418 | $6613570 | $– |
| Undistributed earnings – long-term capital gains | $1132731809 | $1590770 | $49344330 | $62662415 | $21898190 | $– |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Core<br>Equity Fund** | **Parnassus Core<br>Equity Fund** | **Parnassus Growth<br>Equity Fund** | **Parnassus Growth<br>Equity Fund** | **Parnassus Value<br>Equity Fund** | **Parnassus Value<br>Equity Fund** |
| **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Ordinary Income | $246176711 | $141221060 | $127330 | $584753 | $52452315 | $71781455 |
| Long-term capital gains | $4156458001 | $2613288424 | $7587033 | $2539831 | $485733269 | $310375108 |
|  **Total distributions** | $**4402634712** | $**2754509484** | $**7714363** | $**3124584** | $**538185584** | $**382156563** |

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|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Mid<br>Cap Fund** | **Parnassus Mid<br>Cap Fund** | **Parnassus Mid<br>Cap Growth Fund** | **Parnassus Mid<br>Cap Growth Fund** | **Parnassus<br>International<br>Equity Fund** | **Parnassus<br>International<br>Equity Fund** |
| **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Ordinary Income | $57572669 | $139846151 | $– | $– | $213310 | $– |
| Long-term capital gains | $183265904 | $132740471 | $122407372 | $58788846 | $– | $– |
|  **Total distributions** | $**240838573** | $**272586622** | $**122407372** | $**58788846** | $**213310** | $**–** |

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For the year ended December 31, 2025, the Parnassus International Equity Fund had the short-term net capital loss carryforwards remaining of $54,849.

Net unrealized gain/loss differ for financial statement and income tax purposes primarily due to differing treatments of wash sales and return of capital distributions from real estate investment trusts ("REITS"). Reclassifications as shown in the following

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Notes to Financial Statements (continued)

table have been made in each Fund's capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of December 31, 2025. Additional permanent book to tax adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, primarily relate to the utilization of earnings and profits distributed to shareholders on redemption of shares, net operating losses, and certain

differences in the computation of distributable income and capital gains under federal tax rules versus GAAP.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

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| | | |
|:---|:---|:---|
| **Fund** | **Increase/Decrease<br>in Total<br>Distributable<br>Earnings** | **Increase/Decrease in<br>Aggregate Capital<br>Paid-In** |
| Parnassus Core Equity Fund | $(455960025) | $455960025 |
| Parnassus Growth Equity Fund | (443437) | 443437 |
| Parnassus Value Equity Fund | (54837106) | 54837106 |
| Parnassus Mid Cap Fund | (46929048) | 46929048 |
| Parnassus Mid Cap Growth Fund | (8774428) | 8774428 |
| Parnassus International Equity Fund | 3065 | (3065) |

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In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes

paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. As of December 31, 2025, the ASU was adopted and there was no material impact to the financial statements.

6. Fair Value Measurements

The following table summarizes the Funds' financial assets as of December 31, 2025, that are valued at fair value on a recurring basis:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1635528290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1635528290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2950337929 |  |  | 2950337929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 796981546 |  |  | 796981546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3497936624 |  |  | 3497936624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3571602522 |  |  | 3571602522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3055771862 |  |  | 3055771862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 8613031341 |  |  | 8613031341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 854212583 |  |  | 854212583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 686735417 |  |  | 686735417 |
|  Short-Term Investments | 230417619 |  |  | 230417619 |
|  **Total** | $**25892555733** | $**-** | $**-** | $**25892555733** |

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Notes to Financial Statements (continued)

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|:---|:---|:---|:---|:---|
| **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $5716706 | $- | $- | $5716706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 9319768 |  |  | 9319768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1183130 |  |  | 1183130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 7513574 |  |  | 7513574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 12390568 |  |  | 12390568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4863127 |  |  | 4863127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 43288215 |  |  | 43288215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1718701 |  |  | 1718701 |
|  Short-Term Investments | 194883 |  |  | 194883 |
|  **Total** | $**86188672** | $**-** | $**-** | $**86188672** |
| **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $335651135 | $- | $- | $335651135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 227336938 |  |  | 227336938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 198246715 |  |  | 198246715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1452014697 |  |  | 1452014697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 814371852 |  |  | 814371852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 548483075 |  |  | 548483075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 758516684 |  |  | 758516684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 86438207 |  |  | 86438207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 170605747 |  |  | 170605747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 169004570 |  |  | 169004570 |
|  Short-Term Investments | 44756419 |  |  | 44756419 |
|  **Total** | $**4805426039** | $**-** | $**-** | $**4805426039** |
| **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $194819071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $194819071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 60866770 |  |  | 60866770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 397157654 |  |  | 397157654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 213189441 |  |  | 213189441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 648135428 |  |  | 648135428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 588738317 |  |  | 588738317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 57790991 |  |  | 57790991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 137696488 |  |  | 137696488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 126455012 |  |  | 126455012 |
|  Short-Term Investments | 18491178 |  |  | 18491178 |
|  **Total** | $**2443340350** | $**-** | $**-** | $**2443340350** |

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Notes to Financial Statements (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parnassus Mid Cap Growth Fund** | **Parnassus Mid Cap Growth Fund** | **Parnassus Mid Cap Growth Fund** | **Parnassus Mid Cap Growth Fund** | **Parnassus Mid Cap Growth Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $124222190 | $- | $- | $124222190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 53509018 |  |  | 53509018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 128691475 |  |  | 128691475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 217226664 |  |  | 217226664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 250870194 |  |  | 250870194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 11081826 |  |  | 11081826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 18335541 |  |  | 18335541 |
|  Short-Term Investments | 3409321 |  |  | 3409321 |
|  **Total** | $**807346229** | $**-** | $**-** | $**807346229** |
| **Parnassus International Equity Fund** | **Parnassus International Equity Fund** | **Parnassus International Equity Fund** | **Parnassus International Equity Fund** | **Parnassus International Equity Fund** |
| **Investment Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | $- | $353856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $353856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 742726 |  |  | 742726 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 247605 |  |  | 247605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 249923 | 286613 |  | 536536 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 590997 |  | 590997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 190441 | 2088307 |  | 2278748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 353683 |  |  | 353683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 355741 |  | 355741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1270638 |  | 1270638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 176681 | 295241 |  | 471922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 144409 | 350437 |  | 494846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1125477 |  | 1125477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 238091 |  |  | 238091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 445199 |  |  | 445199 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1903382 | 1691724 |  | 3595106 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 678617 |  |  | 678617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 233654 |  |  | 233654 |
|  Short-Term Investments | 176425 |  |  | 176425 |
|  **Total** | $**5780836** | $**8409031** | $**-** | $**14189867** |

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The following table reconciles the valuation of the Funds' Level 3 investment securities and related transactions as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Parnassus Core<br>Equity Fund** | **Parnassus Value<br>Equity Fund** | **Parnassus<br>Mid Cap<br>Fund** | **Parnassus Mid Cap<br>Growth Fund** |
|  | **Certificates of Deposit** | **Certificates of Deposit** | | **Certificates of Deposit** |
|  | **Community<br>Development Loans** | **Community<br>Development Loans** | **Certificates of<br>Deposit** | **Community<br>Development Loans** |
| Balance as of December 31, 2024 | $3676658 | $1090435 | $746032 | $1044924 |
| Discounts/premiums amortization | 23342 | 9565 | 3968 | 5076 |
| Purchases |  |  |  |  |
| Sales | (3700000) | (1100000) | (750000) | (1050000) |
| Balance as of December 31, 2025 | $- | $- | $- | $- |

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Notes to Financial Statements (continued)

The Valuation Designee has adopted fair value pricing methodologies to fair value each Fund's securities when market prices are not "readily available" or are unreliable. Determination of a fair value by the Valuation Designee may include significant unobservable inputs and therefore such financial instruments would be reflected within Level 3 of the fair value hierarchy. Fair value determinations are made in good faith in accordance with the duly adopted fair value pricing methodologies. The Valuation Designee provides quarterly and annual reports to the Board in

connection with the Board's obligation to oversee the Valuation Designee.

7. Capital Stock

Capital stock consists of an unlimited number of authorized shares of capital stock with no par value.

8. Purchases and Sales of Securities

Purchases and proceeds from sales of securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Affiliated<br>Purchases** | **Unaffiliated<br>Purchases** | **Affiliated<br>Sales** | **Unaffiliated<br>Sales** |
| Parnassus Core Equity Fund | $3208609 | $7875619705 | $620942031 | $13454539767 |
| Parnassus Growth Equity Fund |  | 40752798 |  | 30966836 |
| Parnassus Value Equity Fund | 6765205 | 1587457110 | 121552844 | 2277710806 |
| Parnassus Mid Cap Fund |  | 1368905292 | 44225366 | 2022336762 |
| Parnassus Mid Cap Growth Fund |  | 496258257 |  | 601248827 |
| Parnassus International Equity Fund |  | 16556670 |  | 3383447 |

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9. Investment Advisory Agreement and Transactions with Affiliates

Under terms of an agreement which provides for furnishing investment management and advice to a Fund, the Adviser is entitled to receive fees, payable monthly, based on such Fund's average daily net assets for the month, at the following annual rates:

Parnassus Growth Equity Fund: 0.75% of the first $30,000,000, 0.70% of the next $70,000,000, 0.65% of the next $400,000,000, 0.60% of the next $9,500,000,000 and 0.55% of the amount above $10,000,000,000. For the year ended December 31, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.84% of the net assets of the Parnassus Growth Equity Fund – Investor Shares and to 0.63% of net assets for the Parnassus Growth Equity Fund – Institutional Shares.

Parnassus Value Equity Fund: 0.85% of the first $100,000,000, 0.80% of the next $100,000,000, 0.75% of the next $300,000,000 and 0.65% of the amount above $500,000,000. For the year ended December 31, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.88% of net assets for the Parnassus Value Equity Fund – Investor Shares and to 0.65% of net assets for the Parnassus Value Equity Fund – Institutional Shares.

Parnassus Mid Cap Fund: 0.85% of the first $100,000,000, 0.80% of the next $100,000,000, 0.75% of the next $300,000,000 and 0.70% of the amount above $500,000,000. For the year ended December 31, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% (as of April 30, 2025) or 0.96% (prior to April 30, 2025) of the net assets of the Parnassus Mid Cap Fund – Investor Shares and to 0.75% of net assets for the Parnassus Mid Cap Fund – Institutional Shares.

Parnassus Mid Cap Growth Fund: 0.70% of the first $100,000,000, 0.65% of the next $100,000,000 and 0.60% of the amount above $200,000,000. For the year ended December 31, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.80% of the net assets of the Parnassus Mid Cap Growth Fund – Investor Shares and to 0.68% of the net assets of the Parnassus Mid Cap Growth Fund – Institutional Shares.

Parnassus Core Equity Fund: 0.75% of the first $30,000,000, 0.70% of the next $70,000,000, 0.65% of the next $400,000,000, 0.60% of the next $9,500,000,000 and 0.55% of the amount above $10,000,000,000. For the year ended December 31, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.81% (as of

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Notes to Financial Statements (continued)

April 30, 2025) or 0.82% (prior to April 30, 2025) of net assets of the Parnassus Core Equity Fund – Investor Shares and to 0.61% of net assets for the Parnassus Core Equity Fund – Institutional Shares.

Parnassus International Equity Fund: 0.90% of the first $30,000,000, 0.85% of the next $70,000,000, 0.75% of the next $400,000,000, 0.65% of the next $9,500,000,000 and 0.60% of the amount above $10,000,000,000. Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% of the net assets of the Parnassus International Equity Fund – Investor Shares and to 0.70% of the net assets of the Parnassus International Equity Fund – Institutional Shares.

The Adviser also serves as the fund accounting and fund administration agent for the Funds. The fund administration fee reflects annual rates based on net assets for all funds managed by Parnassus Investments, including the Funds, and was allocated based on respective Fund net assets at the following annual rates: 0.08% of the first $500,000,000, 0.07% of the next $500,000,000 and 0.03% of the amount above $1,000,000,000. The fund administration services fee was 0.03% of average net assets under this agreement for the year ended December 31, 2025.

The Adviser has appointed Brown Brothers Harriman as a sub-administrator to the Funds. Brown Brothers Harriman provides day-to-day operational services to each Fund including, but not limited to fund accounting services. The fees payable to Brown Brothers Harriman for sub-administrative services are paid by the Adviser and not the Funds. Custodian fees are paid by the Funds.

The Funds have a shareholder services agreement with Ultimus Financial Solutions under which the Funds compensate Ultimus Financial Solutions for providing transfer agent services to each of the Funds' share classes. These services include recordkeeping, shareholder communications and transaction processing.

10. Holdings of 5% Voting Securities of Portfolio Companies

The 1940 Act defines "affiliated companies" to include investments in portfolio companies in which a fund and/or funds under common control own 5% or more of the outstanding voting securities. Additionally, under the 1940 Act, an investment is presumed to be a "controlled affiliate" of a fund when a fund owns, either directly or indirectly, 25% or more of the affiliated company's outstanding shares or has the power to exercise control over management or policies of such company.

During the year ended December 31, 2025, investments in "affiliated companies" were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at<br>Beginning of<br>Year** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value at End<br>of Year** | **Number of<br>Shares<br>Held at<br>End of Year** | **Investment<br>Income** |
| **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** |  |  |  |  |  |  |
|  **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | **Non-Controlled Affiliates** |  |  |  |  |  | **Dividends** |
| Ball Corp.\* | $682282320 | $3208609 | $620942031 | $(276414141) | $211865243 | $– |  | $5090431 |
|  **Total Affiliates** | $**682282320** | $**3208609** | $**620942031** | $**(276414141)** | $**211865243** | $**–** |  | $**5090431** |
| **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** |  |  |  |  |  |  |
|  **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | **Non-Controlled Affiliates** |  |  |  |  |  | **Dividends** |
| Ball Corp.\* | $127249357 | $6765205 | $121552844 | $(18798241) | $6336523 | $– |  | $1286850 |
|  **Total Affiliates** | $**127249357** | $**6765205** | $**121552844** | $**(18798241)** | $**6336523** | $**–** |  | $**1286850** |
| **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** | **Parnassus Mid Cap Fund** |  |  |  |  |  |  |
|  **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | **Non-Controlled Affiliates** |  |  |  |  |  | **Dividends** |
| Ball Corp.\* | $46147614 | $– | $44225366 | $(4783898) | $2861650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | $– |
|  **Total Affiliates** | $**46147614** | $**–** | $**44225366** | $**(4783898)** | $**2861650** | $**–** |  | $**–** |

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\* As of December 31, 2025, this company is no longer an "affiliated company" of the fund, as the fund has sold all of its holdings in this investment.

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Notes to Financial Statements (continued)

11. Segment Reporting

Subject to the oversight and, when applicable, approval of the Board, the Management Committee of the Funds' Adviser acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is determined in accordance with the terms of each Funds' prospectus, based on a

defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or additional disclosure in the financial statements.

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Financial Highlights

Selected data for each share of capital stock outstanding, total return and ratios/supplement data for the year ended December 31, 2025 and each of the five years ended December 31 are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share<br>Outstanding<br>for the Year<br>Ended** | **Net Asset<br>Value<br>Beginning<br>of Year** | **Net Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized and<br>Unrealized<br>Gain (Loss) on<br>Securities<sup>(a)</sup>** | **Total from<br>Investment<br>Operations<sup>(a)</sup>** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains on<br>Securities** | **Total<br>Dividends and<br>Distributions** |
| **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** | **Parnassus Core Equity Fund – Investor Shares** |
| 2025 | $59.57 | $0.06 | $6.93 | $6.99 | $(0.05) | $(10.61) | $(10.66) |
| 2024 | 55.11 | 0.20 | 10.22 | 10.42 | (0.23) | (5.73) | (5.96) |
| 2023 | 46.92 | 0.29 | 11.21 | 11.50 | (0.31) | (3.00) | (3.31) |
| 2022 | 63.41 | 0.23 | (11.97) | (11.74) | (0.23) | (4.52) | (4.75) |
| 2021 | 53.65 | 0.23 | 14.46 | 14.69 | (0.53) | (4.40) | (4.93) |
| **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** | **Parnassus Core Equity Fund – Institutional Shares** |
| 2025 | 59.75 | 0.19 | 6.96 | 7.15 | (0.14) | (10.62) | (10.76) |
| 2024 | 55.26 | 0.32 | 10.25 | 10.57 | (0.35) | (5.73) | (6.08) |
| 2023 | 47.03 | 0.40 | 11.25 | 11.65 | (0.42) | (3.00) | (3.42) |
| 2022 | 63.55 | 0.34 | (12.00) | (11.66) | (0.34) | (4.52) | (4.86) |
| 2021 | 53.75 | 0.36 | 14.49 | 14.85 | (0.65) | (4.40) | (5.05) |
| **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** | **Parnassus Growth Equity Fund – Investor Shares** |
| 2025 | 25.72 | (0.11) | 5.17 | 5.06 |  | (2.75) | (2.75) |
| 2024 | 21.30 | (0.06) | 5.82 | 5.76 |  | (1.34) | (1.34) |
| 2023 | 14.95 | 0.02 | 6.68 | 6.70 | (0.35) |  | (0.35) |
|  For the period ended<br>December 31, 2022<sup>(g)</sup> | 15.00 | 0.00 <sup>(i)</sup> | (0.05) | (0.05) |  |  |  |
| **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** | **Parnassus Growth Equity Fund – Institutional Shares** |
| 2025 | 25.78 | (0.05) | 5.19 | 5.14 |  | (2.75) | (2.75) |
| 2024 | 21.30 | (0.01) | 5.83 | 5.82 |  | (1.34) | (1.34) |
| 2023 | 14.95 | 0.05 | 6.68 | 6.73 | (0.38) |  | (0.38) |
|  For the period ended<br>December 31, 2022<sup>(g)</sup> | 15.00 | 0.00 <sup>(i)</sup> | (0.05) | (0.05) |  |  |  |
| **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** | **Parnassus Value Equity Fund – Investor Shares** |
| 2025 | 52.45 | 0.42 | 9.50 | 9.92 | (0.42) | (6.33) | (6.75) |
| 2024 | 50.54 | 0.54 | 5.70 | 6.24 | (0.56) | (3.77) | (4.33) |
| 2023 | 45.27 | 0.59 | 5.57 | 6.16 | (0.60) | (0.29) | (0.89) |
| 2022 | 54.03 | 0.53 | (7.99) | (7.46) | (0.54) | (0.76) | (1.30) |
| 2021 | 48.31 | 0.69 | 14.08 | 14.77 | (0.97) | (8.08) | (9.05) |
| **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** | **Parnassus Value Equity Fund – Institutional Shares** |
| 2025 | 52.59 | 0.55 | 9.54 | 10.09 | (0.54) | (6.33) | (6.87) |
| 2024 | 50.64 | 0.66 | 5.72 | 6.38 | (0.66) | (3.77) | (4.43) |
| 2023 | 45.36 | 0.70 | 5.58 | 6.28 | (0.71) | (0.29) | (1.00) |
| 2022 | 54.10 | 0.64 | (8.00) | (7.36) | (0.62) | (0.76) | (1.38) |
| 2021 | 48.36 | 0.80 | 14.11 | 14.91 | (1.09) | (8.08) | (9.17) |
| **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** | **Parnassus Mid Cap Fund – Investor Shares** |
| 2025 | 37.41 | 0.09 | 4.75 | 4.84 | (0.09) | (3.84) | (3.93) |
| 2024 | 37.25 | 0.07 | 3.80 | 3.87 | (0.08) | (3.63) | (3.71) |
| 2023 | 33.88 | 0.10 | 4.13 | 4.23 | (0.14) | (0.72) | (0.86) |
| 2022 | 45.20 | 0.03 | (9.78) | (9.75) |  | (1.57) | (1.57) |
| 2021 | 40.78 | (0.04) | 6.66 | 6.62 | (0.01) | (2.19) | (2.20) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset<br>Value<br>End of<br>Year** | **Total<br>Overall<br>Return** | **Net Assets<br>End of<br>Year<br>(000s)** | **Ratio of<br>Gross<br>Expenses to<br>Average<br>Net Assets** | **Ratio of Net Expenses<br>to Average Net Assets<br>(Net of Waiver and<br>Expense<br>Offset Arrangements)<sup>(b)(c)(d)</sup>** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average Net<br>Assets** | **Portfolio<br>Turnover<br>Rate** |
| $55.90 | 11.64% | $11771423 | 0.85% | 0.81% | 0.10% | 28.45% |
| 59.57 | 18.52 | 13311327 | 0.81 | 0.81 | 0.33 | 34.20 |
| 55.11 | 24.93 | 12929826 | 0.82 | 0.82 | 0.56 | 29.01 |
| 46.92 | (18.61) | 11173977 | 0.85 | 0.82 | 0.42 | 39.63 |
| 63.41 | 27.55 | 15405636 | 0.82 | 0.82 | 0.38 | 25.82 |
| 56.14 | 11.88 | 14103408 | 0.61 | 0.61 | 0.30 | 28.45 |
| 59.75 | 18.75 | 15705097 | 0.61 | 0.61 | 0.53 | 34.20 |
| 55.26 | 25.21 | 14868509 | 0.62 | 0.61 | 0.77 | 29.01 |
| 47.03 | (18.45) | 12736208 | 0.62 | 0.61 | 0.64 | 39.63 |
| 63.55 | 27.81 | 16869763 | 0.61 | 0.61 | 0.60 | 25.82 |
| 28.03 | 19.56 | 29449 | 1.29 | 0.84 | (0.38) | 43.62 |
| 25.72 | 26.85 | 22970 | 1.40 | 0.84 | (0.25) | 34.89 |
| 21.30 | 44.82 | 8006 | 2.89 | 0.84 | 0.10 | 34.94 |
| <br>14.95 | (0.33)<sup>(e)</sup> | 227 | 7.83 <sup>(f)</sup> | 0.84 <sup>(f)</sup> | 3.52 <sup>(f)</sup> |  |
| 28.17 | 19.83 | 56886 | 1.07 | 0.63 | (0.18) | 43.62 |
| 25.78 | 27.13 | 40733 | 1.18 | 0.63 | (0.04) | 34.89 |
| 21.30 | 45.09 | 22529 | 1.86 | 0.63 | 0.30 | 34.94 |
| <br>14.95 | (0.33)<sup>(e)</sup> | 10573 | 2.30 <sup>(f)</sup> | 0.63 <sup>(f)</sup> | 3.11 <sup>(f)</sup> |  |
| 55.62 | 19.04 | 3066034 | 0.97 | 0.88 | 0.76 | 34.25 |
| 52.45 | 12.01 | 3118642 | 0.91 | 0.88 | 0.99 | 24.08 |
| 50.54 | 13.70 | 3267439 | 0.93 | 0.88 | 1.26 | 30.19 |
| 45.27 | (13.81) | 3008001 | 0.92 | 0.88 | 1.11 | 32.36 |
| 54.03 | 31.12 | 3768904 | 0.90 | 0.90 | 1.20 | 37.22 |
| 55.81 | 19.32 | 1732289 | 0.72 | 0.65 | 0.99 | 34.25 |
| 52.59 | 12.27 | 1706549 | 0.71 | 0.65 | 1.22 | 24.08 |
| 50.64 | 13.94 | 1652941 | 0.72 | 0.65 | 1.49 | 30.19 |
| 45.36 | (13.61) | 1518273 | 0.72 | 0.65 | 1.35 | 32.36 |
| 54.10 | 31.37 | 1654506 | 0.71 | 0.71 | 1.39 | 37.22 |
| 38.32 | 12.85 | 1117999 | 1.03 | 0.95 | 0.23 | 52.63 |
| 37.41 | 9.99 | 1265449 | 0.95 | 0.95 | 0.17 | 43.55 |
| 37.25 | 12.67 | 1477106 | 0.98 | 0.96 | 0.28 | 42.45 |
| 33.88 | (21.56) | 1974198 | 0.97 | 0.96 | 0.09 | 47.52 |
| 45.20 | 16.39 | 3155696 | 0.96 | 0.96 | (0.08) | 34.76 |

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| | |
|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

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Financial Highlights (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share<br>Outstanding<br>for the Year<br>Ended** | **Net Asset<br>Value<br>Beginning<br>of Year** | **Net Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized and<br>Unrealized<br>Gain (Loss) on<br>Securities<sup>(a)</sup>** | **Total from<br>Investment<br>Operations<sup>(a)</sup>** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains on<br>Securities** | **Total<br>Dividends and<br>Distributions** |
| **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** | **Parnassus Mid Cap Fund – Institutional Shares** |
| 2025 | $37.59 | $0.17 | $4.78 | $4.95 | $(0.17) | $(3.84) | $(4.01) |
| 2024 | 37.42 | 0.14 | 3.83 | 3.97 | (0.17) | (3.63) | (3.80) |
| 2023 | 34.02 | 0.17 | 4.16 | 4.33 | (0.21) | (0.72) | (0.93) |
| 2022 | 45.39 | 0.11 | (9.83) | (9.72) | (0.08) | (1.57) | (1.65) |
| 2021 | 40.87 | 0.05 | 6.69 | 6.74 | (0.03) | (2.19) | (2.22) |
| **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** | **Parnassus Mid Cap Growth Fund – Investor Shares** |
| 2025 | 57.49 | (0.18) | 5.66 | 5.48 |  | (9.31) | (9.31) |
| 2024 | 55.57 | (0.19) | 6.35 | 6.16 |  | (4.24) | (4.24) |
| 2023 | 42.28 | (0.15) | 15.03 | 14.88 |  | (1.59) | (1.59) |
| 2022 | 64.36 | (0.17) | (21.39) | (21.56) |  | (0.52) | (0.52) |
| 2021 | 61.44 | (0.34) | 6.16 | 5.82 | (0.94) | (1.96) | (2.90) |
| **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** | **Parnassus Mid Cap Growth Fund – Institutional Shares** |
| 2025 | 57.85 | (0.11) | 5.71 | 5.60 |  | (9.31) | (9.31) |
| 2024 | 55.83 | (0.12) | 6.38 | 6.26 |  | (4.24) | (4.24) |
| 2023 | 42.42 | (0.09) | 15.09 | 15.00 |  | (1.59) | (1.59) |
| 2022 | 64.50 | (0.11) | (21.45) | (21.56) |  | (0.52) | (0.52) |
| 2021 | 61.49 | (0.26) | 6.17 | 5.91 | (0.94) | (1.96) | (2.90) |
| **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** | **Parnassus International Equity Fund – Investor Shares** |
|  For the period ended<br>December 31, 2025<sup>(h)</sup> | 15.00 | 0.05 | 1.33 | 1.38 | (0.19) |  | (0.19) |
| **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** | **Parnassus International Equity Fund – Institutional Shares** |
|  For the period ended<br>December 31, 2025<sup>(h)</sup> | 15.00 | 0.12 | 1.28 | 1.40 | (0.26) |  | (0.26) |

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|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset<br>Value<br>End of<br>Year** | **Total<br>Overall<br>Return** | **Net Assets<br>End of<br>Year<br>(000s)** | **Ratio of<br>Gross<br>Expenses to<br>Average<br>Net Assets** | **Ratio of Net Expenses<br>to Average Net Assets<br>(Net of Waiver and<br>Expense<br>Offset Arrangements)<sup>(b)(c)(d)</sup>** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average Net<br>Assets** | **Portfolio<br>Turnover<br>Rate** |
| $38.53 | 13.08% | $1322190 | 0.77% | 0.75% | 0.44% | 52.63% |
| 37.59 | 10.21 | 1576993 | 0.78 | 0.75 | 0.34 | 43.55 |
| 37.42 | 12.92 | 3921694 | 0.76 | 0.75 | 0.49 | 42.45 |
| 34.02 | (21.41) | 4103007 | 0.76 | 0.75 | 0.30 | 47.52 |
| 45.39 | 16.63 | 5518086 | 0.75 | 0.75 | 0.13 | 34.76 |
| 53.66 | 9.19 | 620039 | 0.82 | 0.80 | (0.31) | 61.51 |
| 57.49 | 10.55 | 647286 | 0.81 | 0.80 | (0.33) | 41.45 |
| 55.57 | 35.60 | 645243 | 0.81 | 0.80 | (0.30) | 47.49 |
| 42.28 | (33.52) | 514193 | 0.80 | 0.80 | (0.36) | 58.11 |
| 64.36 | 9.37 | 880724 | 0.80 | 0.80 | (0.52) | 28.73 |
| 54.14 | 9.34 | 185909 | 0.70 | 0.68 | (0.19) | 61.51 |
| 57.85 | 10.68 | 194674 | 0.70 | 0.68 | (0.21) | 41.45 |
| 55.83 | 35.77 | 183037 | 0.71 | 0.68 | (0.18) | 47.49 |
| 42.42 | (33.45) | 144292 | 0.70 | 0.68 | (0.24) | 58.11 |
| 64.50 | 9.50 | 237137 | 0.68 | 0.68 | (0.40) | 28.73 |
| 16.19 | 9.20 <sup>(e)</sup> | 3047 | 5.19 <sup>(f)</sup> | 0.49 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 27.90 |
| <br>16.14 | 9.35 <sup>(e)</sup> | 11241 | 3.83 <sup>(f)</sup> | 0.28 <sup>(f)</sup> | 1.47 <sup>(f)</sup> | 27.90 |

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<sup>(a)</sup> Income (loss) from operations per share is based on average daily shares outstanding.

<sup>(b)</sup> Parnassus Investments has contractually limited expenses to an annualized rate of 0.84% for the Parnassus Growth Equity Fund – Investor Shares, 0.88% for the Parnassus Value Equity Fund – Investor Shares, 0.80% for the Parnassus Mid Cap Growth Fund – Investor Shares and 0.95% for the Parnassus International Equity Fund – Investor Shares.

<sup>(c)</sup> The ratio of gross expenses to average net assets for the Parnassus Core Equity Fund – Investor Shares and the Parnassus Mid Cap Fund – Investor Shares is a blended rate. For the period January 1, 2025, through April 30, 2025, the contractually limited rate was 0.82% for the Parnassus Core Equity Fund – Investor Shares and 0.96% for the Parnassus Mid Cap Fund – Investor Shares. As of May 1, 2025, the contractually limited rate is 0.81% for the Parnassus Core Equity Fund – Investor Shares and 0.95% for the Parnassus Mid Cap Fund – Investor Shares.

<sup>(d)</sup> Parnassus Investments has contractually limited expenses to an annualized rate of 0.61% for the Parnassus Core Equity Fund – Institutional Shares, 0.63% for the Parnassus Growth Equity Fund – Institutional Shares, 0.65% for the Parnassus Value Equity Fund – Institutional Shares, 0.75% for the Parnassus Mid Cap Fund – Institutional Shares, 0.68% for the Parnassus Mid Cap Growth Fund – Institutional Shares and 0.70% for the Parnassus International Equity Fund – Institutional Shares.

<sup>(e)</sup> Total Return is not annualized for periods less than one year.

<sup>(f)</sup> Annualized, except certain non-recurring expenses.

<sup>(g)</sup> The Parnassus Growth Equity Fund commenced operations on December 28, 2022, and the period shown is from December 28, 2022 through December 31, 2022.

<sup>(h)</sup> The Parnassus International Equity Fund commenced operations on April 28, 2025, and the period shown is from April 28, 2025 through December 31, 2025.

<sup>(i)</sup> Amount less than $0.01.

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|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Parnassus Funds and Parnassus Funds II and Shareholders of Parnassus Core Equity Fund, Parnassus Growth Equity Fund, Parnassus Value Equity Fund, Parnassus Mid Cap Fund, Parnassus Mid Cap Growth Fund and Parnassus International Equity Fund** 

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Parnassus Core Equity Fund (one of the funds constituting Parnassus Funds II) and Parnassus Growth Equity Fund, Parnassus Value Equity Fund, Parnassus Mid Cap Fund, Parnassus Mid Cap Growth

Fund and Parnassus International Equity Fund (constituting Parnassus Funds), (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights**** for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statement of Operations** | **Statement of Changes in Net Assets** | **Financial Highlights** |
| Parnassus Core Equity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Parnassus Growth Equity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, and the period from December 28, 2022 (commencement of operations) through December 31, 2022 |
| Parnassus Value Equity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Parnassus Mid Cap Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Parnassus Mid Cap Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Parnassus International Equity Fund | For the period April 28, 2025 (commencement of operations) through December 31, 2025 | For the period April 28, 2025 (commencement of operations) through December 31, 2025 | For the period April 28, 2025 (commencement of operations) through December 31, 2025 |

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Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

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|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

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Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, CA

February 10, 2026

We have served as the auditor of one or more investment companies in Parnassus Investments Group of Funds since 2021.

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|:---|:---|
| ![LOGO](g46584g68i37.jpg) | Audited Financial Statements • 2025 |

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Additional Information (unaudited)

Proxy Disclosures

Parnassus proxy voting policies and procedures are available, without charge, on our website (www.parnassus.com), on the Securities and Exchange Commission's website (www.sec.gov) and by calling us at (800) 999-3505. The Funds file a proxy voting record with the Securities and Exchange Commission for the 12 months ended June 30. The most recent report is available by calling Parnassus or it may be obtained from the Securities and Exchange Commission's website or the Parnassus website.

Quarterly Portfolio Schedule

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds'

Form N-PORT reports are available on the Securities and Exchange Commission's website at http://www.sec.gov. The Funds publish their entire portfolio holdings information as of the end of each month and quarter on the Parnassus Funds' website (www.parnassus.com). This information is available to anyone who visits the website and is updated on or about ten business days following the end of each month. Holdings information will remain on the website until updated for the subsequent time period.

Federal Income Tax Information

For the year ended December 31, 2025, the following percentages of ordinary income distributed by the Funds that qualify for the individual qualified dividend income deduction (QDI) and the corporate dividends received deduction (DRD) are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **QDI** | **DRD** |
|  Parnassus Core Equity Fund | 78.54% | 75.69% |
|  Parnassus Growth Equity Fund | 100% | 100% |
|  Parnassus Value Equity Fund | 100% | 100% |
|  Parnassus Mid Cap Fund | 45.97% | 37.47% |
|  Parnassus Mid Cap Growth Fund | 0% | 0% |
|  Parnassus International Equity Fund | 49.44% | 1.12% |

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As of December 31, 2025, the per share long term capital gains were as follows:

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| | |
|:---|:---|
| **Fund** | **Long Term Capital<br>Gain Designation** |
| Parnassus Core Equity Fund | $9.00 |
| Parnassus Growth Equity Fund | 2.47 |
| Parnassus Value Equity Fund | 5.64 |
| Parnassus Mid Cap Fund | 2.89 |
| Parnassus Mid Cap Growth Fund | 8.17 |
| Parnassus International Equity Fund |  |

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Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Core<br>Equity Fund** | **Parnassus Growth<br>Equity Fund** | **Parnassus Value<br>Equity Fund** | **Parnassus Mid<br>Cap Fund** | **Parnassus Mid Cap<br>Growth Fund** | **Parnassus<br>International<br>Equity Fund** |
|  Long-term capital gains | $4612418026 | $8209747 | $540570375 | $230194952 | $131181800 | $– |

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|:---|:---|
| Audited Financial Statements • 2025 | ![LOGO](g46584g68i37.jpg) |

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Additional Information (unaudited) (continued)

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2026, to determine the calendar year amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.

Foreign Tax Credit

For the year ended December 31, 2025, the Parnassus International Equity Fund earned foreign source income of $142,911 which amounts to $0.17 per share, and paid foreign taxes of $10,799 which amounts to $0.01 per share, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

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Earnings growth is not representative of the fund's future performance.

Mutual fund investing involves risk, and loss of principal is possible. 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 Growth Equity Fund and Parnassus Mid Cap Growth Fund: The adviser may be wrong in its assessment of a company's potential for growth, and the growth stocks the fund holds may not grow as the advisor anticipates. In addition, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.

Parnassus Mid Cap and Parnassus Mid Cap Growth Funds: The Fund invests in small and/or mid cap growth companies, which are generally riskier than larger companies, and the Fund's share price may be more volatile than funds that invest in larger companies.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE GUIDELINES: The Funds evaluate ESG factors as part of the investment decision-making process, considering a range of impacts they may have on future revenues, expenses, assets, liabilities and overall risk. The Funds also utilize active ownership to encourage more sustainable business policies and practices and greater ESG transparency. Active ownership strategies include proxy voting, dialogue with company management and sponsorship of shareholder resolutions, and public policy advocacy. There is no guarantee that the ESG strategy will be successful.

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 current performance information to the most recent month end is available on the Parnassus website (www.parnassus.com). Investment returns and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original principal cost.

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 and other information. The prospectus or summary prospectus can be obtained on the Parnassus website or by calling (800) 999-3505.

The Parnassus Funds are distributed by Parnassus Funds Distributor, LLC.

<sup>©</sup>2026 Parnassus Investments. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC. All rights reserved.

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Investment Adviser

Parnassus Investments, LLC

1 Market Street, Suite 1600

San Francisco, CA 94105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

405 Howard Street, Suite 600

San Francisco, CA 94105

Legal Counsel

Ropes & Gray LLP

3 Embarcadero Center

San Francisco, CA 94111

Distributor

Parnassus Funds Distributor, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

![LOGO](g46584g47i41.jpg)

Sign up for electronic delivery of prospectuses, shareholder reports

and account statements at www.parnassus.com

If you do not hold your account directly with Parnassus, please contact

the firm that holds your account to inquire about electronic delivery.

![LOGO](g46584g36o59.jpg)

**<sup>©</sup> 2026 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC. The Parnassus Funds are distributed by Parnassus Funds Distributor, LLC.** 

**1 Market Street, Suite 1600 San Francisco, CA 94105**<sub>^</sub>**(800) 999-3505**<sub>^</sub>**www.parnassus.com**

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Companies.
This information is included in the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16. Controls and Procedures.
(a) The Registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the Registrant is made known to them by others, particularly during the period in which this report is being prepared. The Registrant's certifying officers have determined that the Registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no significant changes in the Registrant's internal controls over financial reporting, or in other factors that could significantly affect these controls, that occurred during the Registrant's fiscal year, including any corrective actions with regard to significant deficiencies and material weaknesses.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) [Code of Ethics.](d46584dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certification for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) – Filed as an attachment to this filing.](d46584dex99cert.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the Registrant's independent public accountant during the reporting period.

(b) [Certifications required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference—Filed as an attachment to this filing.](d46584dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant)<br> Parnassus Funds and Parnassus Funds II | (Registrant)<br> Parnassus Funds and Parnassus Funds II |
| By: | (Signature and Title) |
| <br> /s/ Benjamin E. Allen | <br> /s/ Benjamin E. Allen |
| Benjamin E. Allen | Benjamin E. Allen |
| Title: | President and Principal Executive Officer |
| Date: | February 17, 2026 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | (Signature and Title) |
| <br> /s/ Benjamin E. Allen | <br> /s/ Benjamin E. Allen |
| Benjamin E. Allen | Benjamin E. Allen |
| Title: | President and Principal Executive Officer |
| Date: | February 17, 2026 |
| <br> By: | <br> (Signature and Title) |
| <br> /s/ Marc C. Mahon | <br> /s/ Marc C. Mahon |
| Marc C. Mahon | Marc C. Mahon |
| Title: | Treasurer and Principal Financial Officer |
| Date: | February 17, 2026 |

---

## Ex-99.Code

**EXHIBIT 99.CODE OF ETHICS** 

**THE PARNASSUS FUNDS** 

**SARBANES-OXLEY** 

**CODE OF ETHICS FOR THE PRINCIPAL EXECUTIVE OFFICER,** 

**PRINCIPAL FINANCIAL OFFICER AND PRINCIPAL ACCOUNTING OFFICER** 

**(Adopted July 22, 2003)** 

**Introduction** 

The Parnassus Funds and the Parnassus Income Funds (collectively the "Funds") expect all of their officers to maintain high ethical standards of conduct and to comply with applicable laws and governmental regulations. Officers include, without limitation, the Funds' principal executive officer, principal financial officer and principal accounting officer (the principal executive officer, principal financial officer and principal accounting officer of the Funds are collectively referred to herein as the "Senior Financial Officers"). (The Funds anticipate that most of the time the Senior Financial Officers will consist of only one or two persons.) In this regard, the Funds require all of its officers, including the Senior Financial Officers, to adhere to such other rules, codes and guidelines as the Funds may adopt from time to time, including, without limitation, the code of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (collectively, the "Fund Guidelines"). To deter wrongdoing and to promote honest and ethical conduct, compliance with applicable laws and regulations, avoidance of conflicts of interest and full, fair, accurate, timely and understandable disclosure in the Funds' public filings and communications, the Funds have approved this Sarbanes-Oxley Code of Ethics to codify certain standards to which the Senior Financial Officers will be held accountable and certain specific duties and responsibilities applicable to the Senior Financial Officers. As the professional and ethical conduct of the Senior Financial Officers is essential to the proper conduct and success of the Funds' business, the Senior Financial Officers must adhere to the standards, duties and responsibilities set forth in this Sarbanes-Oxley Code of Ethics in addition to adhering to the Fund Guidelines. To the fullest extent possible, the Fund Guidelines and this Sarbanes-Oxley Code of Ethics should be read to supplement one another. If there is a conflict between the Fund Guidelines and this Sarbanes-Oxley Code of Ethics, then this Sarbanes-Oxley Code of Ethics will control.

**Code of Ethics** 

*General Standards* 

The Funds and the Funds' Board of Directors will hold each Senior Financial Officer accountable for adhering to and advocating the following standards to the best of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act in an honest and ethical manner, including in connection with the handling and avoidance of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Comply with all applicable laws, rules and regulations of federal, state and local governments (both United States and foreign) and other applicable regulatory agencies (collectively, the "Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Proactively promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission (the "SEC") and in other public communications the Funds make; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proactively promote ethical and honest behavior within the Funds, including, without limitation, the prompt reporting of violations of, and being accountable for adherence to, this Sarbanes-Oxley Code of Ethics.

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*Specific Duties and Responsibilities* 

In adhering to and advocating the standards set forth above, each Senior Financial Officer shall fulfill the following duties and responsibilities to the test of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Senior Financial Officer shall handle all conflicts of interest between his or her personal and professional relationships in an ethical and honest manner, and shall disclose in advance to the Audit Committee of the Funds' Board of Directors ("Audit Committee") the relevant details of any transaction or relationship that reasonably could be expected to give rise to an actual or apparent conflict of interest between the Funds and such Senior Financial Officer. The Audit Committee shall thereafter take such action with respect to the conflict of interest as it shall deem appropriate. It is the general policy of the Funds that conflicts of interest should be avoided whenever practicable. For purposes of this Sarbanes-Oxley Code of Ethics, a "conflict of interest" will be deemed to be present when an individual's private interest interferes in any way, or even appears to interfere, with the interests of the Funds as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Senior Financial Officer will use his or her best efforts to ensure the timely and understandable disclosure of information that, in all material respects, is accurate, complete, objective and relevant in all reports and documents the Funds file with, or submit to, the SEC or in other public communications that the Funds make. As part of this undertaking, each Senior Financial Officer will periodically consider the adequacy and effectiveness of the Funds' "internal controls" and "disclosure controls and procedures" (as such terms are defined or used in rules proposed or adopted by the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Senior Financial Officer will use his or her best efforts to ensure compliance in all material respects by such Senior Financial Officer and the Funds with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Senior Financial Officer shall respect the confidentiality of information acquired in the course of his or her work and shall not disclose such information, except when the Senior Financial Officer believes he or she is authorized or legally obligated to disclose the information. No Senior Financial Officer may use confidential information acquired in the course of his or her work for his or her personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No Senior Financial Officer may take or direct or allow any other person to take or direct any action to fraudulently influence, coerce, manipulate or mislead the Funds' independent auditing firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No Senior Financial Officer may engage the Funds' auditing firm to perform audit or non-audit services without the Audit Committee's (or its designee's) preapproval in accordance with the Audit Committee's charter.

**Reporting Violations** 

If any person believes that a Senior Financial Officer has violated this Sarbanes-Oxley Code of Ethics or the Funds have or are about to violate a Law, or a Senior Financial Officer believes that he or she is being asked to violate this Sarbanes-Oxley Code of Ethics or any Law in the performance of his or her duties for the Funds, then the matter should be promptly reported to the Audit Committee. The Audit Committee will take appropriate steps to maintain the confidentiality of the reporting person's identity, to the extent consistent with the Funds' obligations to investigate and remedy the matter and, if appropriate, to report the matter to government officials. Persons may report violations of this Sarbanes-Oxley Code of Ethics on an anonymous basis. No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Sarbanes-Oxley Code of Ethics.

**Interpretation and Enforcement** 

The Audit Committee is responsible for overseeing the interpretation and enforcement of this Sarbanes-Oxley Code of Ethics. When the Audit Committee considers any matter relating to this Sarbanes-Oxley Code of Ethics, it shall act in executive session.

------

Each Senior Financial Officer will be held accountable for his or her adherence to this Sarbanes-Oxley Code of Ethics by the Funds' Board of Directors. A Senior Financial Officer's failure to adhere to this Sarbanes-Oxley Code of Ethics will be subject to appropriate disciplinary action, ranging from warnings to possible termination or removal.

Only the Audit Committee may waive or amend this Sarbanes-Oxley Code of Ethics. All waivers and amendments of this Sarbanes-Oxley Code of Ethics must be publicly disclosed in a manner that complies with the requirements of the SEC and other applicable Laws.

## Ex-99.Cert

**EXHIBIT 99.CERT** 

CERTIFICATIONS BY PRESIDENT

AND TREASURER OF

PARNASSUS FUNDS AND THE PARNASSUS FUNDS II

PURSUANT TO RULE 30a-2 OF

THE INVESTMENT COMPANY ACT OF 1940

I, Benjamin E. Allen and Marc C. Mahon, Principal Executive Officer and Principal Financial Officer respectively of the Parnassus Funds and the Parnassus Funds II, certify that:

1. We have reviewed this report on Form N-CSR of the Parnassus Funds and the Parnassus Funds II;

2. Based on our knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on our knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. We are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. We have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: February 17, 2026 | /s/ Benjamin E. Allen |
|  | Benjamin E. Allen |
|  | President and Principal Executive Officer |
| <br> Date: February 17, 2026 | <br> /s/ Marc C. Mahon |
|  | Marc C. Mahon |
|  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**EXHIBIT 99.906CERT** 

CERTIFICATIONS BY PRESIDENT AND TREASURER OF

PARNASSUS FUNDS AND THE PARNASSUS FUNDS II

PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

Pursuant to 18 U.S.C. § 1350, the undersigned officers of the Parnassus Funds and the Parnassus Funds II (the "Registrant"), hereby certify, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: February 17, 2026 | /s/ Benjamin E. Allen |
|  | Benjamin E. Allen |
|  | President and Principal Executive Officer |
| <br> Date: February 17, 2026 | <br> /s/ Marc C. Mahon |
|  | Marc C. Mahon |
|  | Treasurer and Principal Financial Officer |

---