# EDGAR Filing Document

**Accession Number:** 0000747546
**File Stem:** 0001193125-25-179735
**Filing Date:** 2025-8
**Character Count:** 170658
**Document Hash:** bf124c215764f3b6d3b372b2e6b305dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-179735.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001193125-25-179735

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04044
- **FILM NUMBER:** 251210918

**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-CSRS

### 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: June 30, 2025

------

#### Item 1. Report to Stockholders.

# Parnassus Growth Equity Fund

#### Ticker - PFGEX

# Class - Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i869c6427082348261133.jpg)

This semi-annual shareholder report contains important information about Parnassus Growth Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $43 | 0.84%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673idcdaa69724a5794c957f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.5% |
| Consumer Staples | 1.7% |
| Materials | 2.2% |
| Industrials | 5.3% |
| Communication Services | 7.3% |
| Financials | 9.6% |
| Consumer Discretionary | 10.3% |
| Health Care | 12.6% |
| Information Technology | 50.5% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69513030 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 25.02% |
| Advisory Fees Paid | $95816 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Microsoft Corp. | 9.7% |
| Broadcom Inc. | 5.1% |
| Alphabet Inc., Class A | 5.0% |
| Amazon.com Inc. | 4.8% |
| Visa Inc., Class A | 4.0% |
| Apple Inc. | 3.4% |
| Intuit Inc. | 2.6% |
| Eli Lilly & Co. | 2.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.6% |

---

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.

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

## Additional Information
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](g75673ib84dbc636b0a303551bf.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**

![Image](g75673i869c6427082348261133.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFGEX2025-JUNE

# Parnassus Growth Equity Fund

#### Ticker - PFPGX

# Class - Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i54a131bb4ac53e76fad5.jpg)

This semi-annual shareholder report contains important information about Parnassus Growth Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $33 | 0.63%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673if8a5aa7374141b695683.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.5% |
| Consumer Staples | 1.7% |
| Materials | 2.2% |
| Industrials | 5.3% |
| Communication Services | 7.3% |
| Financials | 9.6% |
| Consumer Discretionary | 10.3% |
| Health Care | 12.6% |
| Information Technology | 50.5% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69513030 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 25.02% |
| Advisory Fees Paid | $95816 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Microsoft Corp. | 9.7% |
| Broadcom Inc. | 5.1% |
| Alphabet Inc., Class A | 5.0% |
| Amazon.com Inc. | 4.8% |
| Visa Inc., Class A | 4.0% |
| Apple Inc. | 3.4% |
| Intuit Inc. | 2.6% |
| Eli Lilly & Co. | 2.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.6% |

---

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.

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

## Additional Information
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](g75673i41b02e6ae83abef1fb59.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**

![Image](g75673i54a131bb4ac53e76fad5.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFPGX2025-JUNE

# Parnassus Value Equity Fund

#### Ticker - PARWX

# Class - Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673ic0edb88e2c00e56b5d58.jpg)

This semi-annual shareholder report contains important information about Parnassus Value Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $45 | 0.88%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i206845677215d668a55c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.3% |
| Utilities | 2.2% |
| Real Estate | 3.3% |
| Consumer Staples | 3.6% |
| Materials | 4.1% |
| Communication Services | 6.9% |
| Consumer Discretionary | 7.1% |
| Industrials | 10.6% |
| Health Care | 13.3% |
| Information Technology | 19.2% |
| Financials | 29.4% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4548231407 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 19.13% |
| Advisory Fees Paid | $13712435 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Deere & Co. | 3.7% |
| S&P Global Inc. | 3.7% |
| Bank of America Corp. | 3.4% |
| CBRE Group Inc., Class A | 3.3% |
| JPMorgan Chase & Co. | 3.3% |
| Microsoft Corp. | 3.2% |
| Mastercard Inc., Class A | 3.1% |
| The Bank of New York Mellon Corp. | 2.9% |
| Alphabet Inc., Class A | 2.7% |
| Verizon Communications Inc. | 2.7% |

---

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.

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

## Additional Information
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](g75673i470a2000c2e18e4feae9.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**

![Image](g75673ic0edb88e2c00e56b5d58.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PARWX2025-JUNE

# Parnassus Value Equity Fund

#### Ticker - PFPWX

# Class - Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i715e58eb105fb187b684.jpg)

This semi-annual shareholder report contains important information about Parnassus Value Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i2c17ff3b2d730bd7f1ad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.3% |
| Utilities | 2.2% |
| Real Estate | 3.3% |
| Consumer Staples | 3.6% |
| Materials | 4.1% |
| Communication Services | 6.9% |
| Consumer Discretionary | 7.1% |
| Industrials | 10.6% |
| Health Care | 13.3% |
| Information Technology | 19.2% |
| Financials | 29.4% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4548231407 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 19.13% |
| Advisory Fees Paid | $13712435 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Deere & Co. | 3.7% |
| S&P Global Inc. | 3.7% |
| Bank of America Corp. | 3.4% |
| CBRE Group Inc., Class A | 3.3% |
| JPMorgan Chase & Co. | 3.3% |
| Microsoft Corp. | 3.2% |
| Mastercard Inc., Class A | 3.1% |
| The Bank of New York Mellon Corp. | 2.9% |
| Alphabet Inc., Class A | 2.7% |
| Verizon Communications Inc. | 2.7% |

---

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.

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

## Additional Information
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](g75673i5db93985479773cde6e5.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**

![Image](g75673i715e58eb105fb187b684.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFPWX2025-JUNE

# Parnassus Mid Cap Fund

#### Ticker - PARMX

# Class - Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i8183037121bb657c875d.jpg)

This semi-annual shareholder report contains important information about Parnassus Mid Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $49 | 0.96%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i6c66a47d07760cf739da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.6% |
| Communication Services | 1.2% |
| Materials | 2.0% |
| Consumer Staples | 2.7% |
| Utilities | 2.8% |
| Health Care | 6.4% |
| Real Estate | 7.3% |
| Consumer Discretionary | 7.6% |
| Information Technology | 20.8% |
| Financials | 22.6% |
| Industrials | 26.0% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2572935557 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 28.79% |
| Advisory Fees Paid | $8867778 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Fidelity National Information Services | 3.9% |
| CBRE Group Inc., Class A | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| TransUnion | 3.4% |
| Republic Services Inc., Class A | 3.4% |
| KLA Corp. | 3.4% |
| Cboe Global Markets Inc. | 3.2% |
| Ferguson Enterprises Inc. | 3.2% |
| Autodesk Inc. | 3.0% |
| Broadridge Financial Solutions Inc. | 2.9% |

---

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.

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

## Additional Information
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](g75673ia45a2eee8395a821c7a7.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**

![Image](g75673i8183037121bb657c875d.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PARMX2025-JUNE

# Parnassus Mid Cap Fund

#### Ticker - PFPMX

# Class - Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673ie4d8be47859c7da3e5d1.jpg)

This semi-annual shareholder report contains important information about Parnassus Mid Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i070d771d4bb2ba61d1ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.6% |
| Communication Services | 1.2% |
| Materials | 2.0% |
| Consumer Staples | 2.7% |
| Utilities | 2.8% |
| Health Care | 6.4% |
| Real Estate | 7.3% |
| Consumer Discretionary | 7.6% |
| Information Technology | 20.8% |
| Financials | 22.6% |
| Industrials | 26.0% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2572935557 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 28.79% |
| Advisory Fees Paid | $8867778 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Fidelity National Information Services | 3.9% |
| CBRE Group Inc., Class A | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| TransUnion | 3.4% |
| Republic Services Inc., Class A | 3.4% |
| KLA Corp. | 3.4% |
| Cboe Global Markets Inc. | 3.2% |
| Ferguson Enterprises Inc. | 3.2% |
| Autodesk Inc. | 3.0% |
| Broadridge Financial Solutions Inc. | 2.9% |

---

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.

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

## Additional Information
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](g75673if09e538a61c6c0358d41.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**

![Image](g75673ie4d8be47859c7da3e5d1.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFPMX2025-JUNE

# Parnassus Mid Cap Growth Fund

#### Ticker - PARNX

# Class - Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673ifebce5a4b539ae910b4f.jpg)

This semi-annual shareholder report contains important information about Parnassus Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $40 | 0.80%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i210117e4235ba26c30bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.6% |
| Materials | 1.5% |
| Communication Services | 2.1% |
| Real Estate | 2.3% |
| Financials | 8.8% |
| Health Care | 13.3% |
| Consumer Discretionary | 16.4% |
| Industrials | 22.0% |
| Information Technology | 33.0% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $801825791 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33.89% |
| Advisory Fees Paid | $2359647 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Equifax Inc. | 4.6% |
| Hilton Worldwide Holdings Inc. | 4.1% |
| Old Dominion Freight Line Inc. | 3.3% |
| MercadoLibre Inc. | 3.1% |
| Cloudflare Inc., Class A | 3.1% |
| Guidewire Software Inc. | 3.0% |
| Citibank, New York | 3.0% |
| Datadog Inc., Class A | 3.0% |
| J.B. Hunt Transport Services Inc. | 2.7% |
| Broadridge Financial Solutions Inc. | 2.7% |

---

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.

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

## Additional Information
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](g75673if749f15abcfd040573f2.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**

![Image](g75673ifebce5a4b539ae910b4f.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PARNX2025-JUNE

# Parnassus Mid Cap Growth Fund

#### Ticker - PFPRX

# Class - Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i29ab44c01e67bbb753cb.jpg)

This semi-annual shareholder report contains important information about Parnassus Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 period?
(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 | $34 | 0.68%<sup>Footnote Reference1</sup> |

---

<sup>1</sup> Annualized.

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673ie4dfc5850556eb29b248.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 0.6% |
| Materials | 1.5% |
| Communication Services | 2.1% |
| Real Estate | 2.3% |
| Financials | 8.8% |
| Health Care | 13.3% |
| Consumer Discretionary | 16.4% |
| Industrials | 22.0% |
| Information Technology | 33.0% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $801825791 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33.89% |
| Advisory Fees Paid | $2359647 |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| Equifax Inc. | 4.6% |
| Hilton Worldwide Holdings Inc. | 4.1% |
| Old Dominion Freight Line Inc. | 3.3% |
| MercadoLibre Inc. | 3.1% |
| Cloudflare Inc., Class A | 3.1% |
| Guidewire Software Inc. | 3.0% |
| Citibank, New York | 3.0% |
| Datadog Inc., Class A | 3.0% |
| J.B. Hunt Transport Services Inc. | 2.7% |
| Broadridge Financial Solutions Inc. | 2.7% |

---

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.

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

## Additional Information
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](g75673ia39515c18a7251cd3760.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**

![Image](g75673i29ab44c01e67bbb753cb.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFPRX2025-JUNE

# Parnassus International Equity Fund

#### Ticker - PRBRX

# Class - Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i3640404bdbe377b78345.jpg)

This semi-annual shareholder report contains important information about Parnassus International Equity Fund (the "Fund") for the period of April 28, 2025 to June 30, 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 period?
(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 | $17 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i6565734d28645ce6f411.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.5% |
| Materials | 3.7% |
| Consumer Staples | 6.5% |
| Consumer Discretionary | 7.7% |
| Communication Services | 11.0% |
| Health Care | 11.7% |
| Information Technology | 13.1% |
| Industrials | 21.9% |
| Financials | 22.9% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12053669 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 1.21% |
| Advisory Fees Paid | $(56991) |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NEC Corp. | 3.5% |
| Sea Ltd., ADR | 3.4% |
| Deutsche Telekom AG | 2.8% |
| SAP SE, ADR | 2.8% |
| Willis Towers Watson plc | 2.8% |
| 3i Group plc | 2.8% |
| Siemens Energy AG | 2.7% |
| Danone SA | 2.6% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.6% |
| Fresenius Medical Care AG | 2.6% |

---

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.

### Country Weightings (%)\*
![A graphical representation of Investments made.](g75673i203a1a9952121ad9c169.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.5% |
| Switzerland | 0.9% |
| Belgium | 1.0% |
| Denmark | 2.0% |
| Italy | 2.1% |
| Spain | 2.1% |
| Uruguay | 2.1% |
| Sweden | 2.6% |
| Taiwan | 2.6% |
| Ireland | 2.7% |
| China | 3.5% |
| United States | 5.1% |
| Netherlands | 5.1% |
| Singapore | 5.4% |
| Canada | 5.8% |
| France | 6.2% |
| Japan | 9.6% |
| Germany | 18.7% |
| United Kingdom | 21.0% |

---

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

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

## Additional Information
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](g75673i28efed307231a6fce78e.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**

![Image](g75673i3640404bdbe377b78345.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PRBRX2025-JUNE

# Parnassus International Equity Fund

#### Ticker - PFPEX

# Class - Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g75673i19707590fbe1bae1636e.jpg)

This semi-annual shareholder report contains important information about Parnassus International Equity Fund (the "Fund") for the period of April 28, 2025 to June 30, 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 period?
(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 | $13 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Sector Allocation (%)\*
![A graphical representation of Investments made.](g75673i918885ffd6f6d735d277.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.5% |
| Materials | 3.7% |
| Consumer Staples | 6.5% |
| Consumer Discretionary | 7.7% |
| Communication Services | 11.0% |
| Health Care | 11.7% |
| Information Technology | 13.1% |
| Industrials | 21.9% |
| Financials | 22.9% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12053669 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 1.21% |
| Advisory Fees Paid | $(56991) |

---

### Top Ten Holdings (%)\*

---

| | |
|:---|:---|
| NEC Corp. | 3.5% |
| Sea Ltd., ADR | 3.4% |
| Deutsche Telekom AG | 2.8% |
| SAP SE, ADR | 2.8% |
| Willis Towers Watson plc | 2.8% |
| 3i Group plc | 2.8% |
| Siemens Energy AG | 2.7% |
| Danone SA | 2.6% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.6% |
| Fresenius Medical Care AG | 2.6% |

---

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.

### Country Weightings (%)\*
![A graphical representation of Investments made.](g75673i9345f25175706885413e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments, Other Assets & Liabilities | 1.5% |
| Switzerland | 0.9% |
| Belgium | 1.0% |
| Denmark | 2.0% |
| Italy | 2.1% |
| Spain | 2.1% |
| Uruguay | 2.1% |
| Sweden | 2.6% |
| Taiwan | 2.6% |
| Ireland | 2.7% |
| China | 3.5% |
| United States | 5.1% |
| Netherlands | 5.1% |
| Singapore | 5.4% |
| Canada | 5.8% |
| France | 6.2% |
| Japan | 9.6% |
| Germany | 18.7% |
| United Kingdom | 21.0% |

---

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

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

## Additional Information
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](g75673icb5d7ddb851db0468247.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**

![Image](g75673i19707590fbe1bae1636e.jpg)© 2025 Parnassus Investments, LLC. All rights reserved. PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

PFPEX2025-JUNE

------

#### Item 2. Code of Ethics.
Not applicable for semi-annual reports. The information required by this Item is only required in an annual report on Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports. The information required by this Item is only required in an annual report on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports. The information required by this Item is only required in an annual report on Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports. The information required by this Item is only required in an annual report on Form N-CSR.

#### 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](g75673g59o64.jpg)

## Parnassus Funds Semiannual Financial Statements and Other Information
June 30, 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](g75673g70k48.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| **Portfolios of Investments** |  |
| [Parnassus Core Equity Fund](#toc75673_11) | 4 |
| [Parnassus Growth Equity Fund](#toc75673_11a) | 6 |
| [Parnassus Value Equity Fund](#toc75673_12) | 8 |
| [Parnassus Mid Cap Fund](#toc75673_13) | 10 |
| [Parnassus Mid Cap Growth Fund](#toc75673_14) | 12 |
| [Parnassus International Equity Fund](#toc75673_15) | 14 |
| [Financial Statements](#toc75673_16) | 16 |
| [Notes to Financial Statements](#toc75673_17) | 22 |
| [Financial Highlights](#toc75673_18) | 32 |
| [Additional Information](#toc75673_19) | 38 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus Core Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Banks (2.2%) |  |  |
| Bank of America Corp. | 13044001 | 617242127 |
| Biotechnology (2.2%) |  |  |
| Vertex Pharmaceuticals Inc. <sup>q</sup> | 1375555 | 612397086 |
| Capital Markets (6.0%) |  |  |
| Intercontinental Exchange Inc. | 5317026 | 975514760 |
| S&P Global Inc. | 1375428 | 725249430 |
|  |  | 1700764190 |
| Chemicals (3.8%) |  |  |
| Linde plc | 1576622 | 739719510 |
| The Sherwin-Williams Co. | 988917 | 339554541 |
|  |  | 1079274051 |
| Commercial Services & Supplies (3.6%) |  |  |
| Waste Management Inc. | 4579744 | 1047937022 |
| Containers & Packaging (1.6%) |  |  |
| Ball Corp. | 8019271 | 449800910 |
| Diversified Financial Services (5.0%) |  |  |
| Fiserv Inc. <sup>q</sup> | 3375065 | 581894957 |
| Mastercard Inc., Class A | 1511683 | 849475145 |
|  |  | 1431370102 |
| Equity Real Estate Investment Trusts (2.8%) |  |  |
| Realty Income Corp. | 14003125 | 806720031 |
| Food & Staples Retailing (1.3%) |  |  |
| Costco Wholesale Corp. | 373814 | 370053431 |
| Health Care Equipment & Supplies (2.0%) |  |  |
| Stryker Corp. | 1435087 | 567763470 |
| Hotels, Restaurants & Leisure (1.5%) |  |  |
| Marriott International Inc., Class A | 1572277 | 429561799 |
| Household Products (1.4%) |  |  |
| The Procter & Gamble Co. | 2570626 | 409552134 |
| Insurance (3.6%) |  |  |
| Brown & Brown Inc. | 5095027 | 564885644 |
| Marsh & McLennan Companies Inc. | 2136280 | 467076259 |
|  |  | 1031961903 |
| Interactive Media & Services (4.5%) |  |  |
| Alphabet Inc., Class A | 7352999 | 1295819014 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Life Sciences Tools & Services (5.5%) |  |  |
| Danaher Corp. | 4754621 | 939227832 |
| Thermo Fisher Scientific Inc. | 1585080 | 642686537 |
|  |  | 1581914369 |
| Machinery (4.0%) |  |  |
| Deere & Co. | 2238226 | 1138115539 |
| Multiline Retail (6.1%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 7865539 | 1725620601 |
| Pharmaceuticals (1.9%) |  |  |
| Eli Lilly & Co. | 678026 | 528541608 |
| Professional Services (2.2%) |  |  |
| Equifax Inc. | 1316292 | 341406656 |
| Verisk Analytics Inc., Class A | 911942 | 284069933 |
|  |  | 625476589 |
| Semiconductors & Semiconductor Equipment (13.8%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 2786624 | 395421946 |
| Applied Materials Inc. | 2312676 | 423381595 |
| Broadcom Inc. | 3337777 | 920058230 |
| KLA Corp. | 430715 | 385808654 |
| NVIDIA Corp. | 11511602 | 1818718000 |
|  |  | 3943388425 |
| Software (18.2%) |  |  |
| Intuit Inc. | 910162 | 716870896 |
| Microsoft Corp. | 3954435 | 1966975513 |
| Oracle Corp. | 1795800 | 392615754 |
| Salesforce Inc. | 1981666 | 540380502 |
| ServiceNow Inc. <sup>q</sup> | 510769 | 525111394 |
| Synopsys Inc. <sup>q</sup> | 1096213 | 562006481 |
| Workday Inc., Class A <sup>q</sup> | 2049980 | 491995200 |
|  |  | 5195955740 |
| Specialty Retail (2.6%) |  |  |
| AutoZone Inc. <sup>q</sup> | 202410 | 751392474 |
| Technology Hardware, Storage & Peripherals (2.1%) |  |  |
| Apple Inc. | 2884711 | 591856156 |
| Trading Companies & Distributors (1.7%) |  |  |
| Ferguson Enterprises Inc. | 2209612 | 481143013 |
| Total investment in equities (99.6%)<br>(cost $19,946,720,558) | Total investment in equities (99.6%)<br>(cost $19,946,720,558) | 28413621784 |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

Parnassus Core Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.6%) | Time Deposits (0.6%) | Time Deposits (0.6%) |  |  |
| Citibank, New York | 3.68% | 07/01/2025 | 140721014 | 140721014 |
| SEB, Stockholm | 3.68% | 07/01/2025 | 26669220 | 26669220 |
|  |  |  |  | 167390234 |
| **Total short-term securities (0.6%)**<br> (cost $167,390,234) |  |  |  | **167390234** |
| **Total securities (100.2%)**<br> (cost $20,114,110,792) |  |  |  | **28581012018** |
| Other assets and liabilities (-0.2%) |  |  |  | (46597780) |
| Total net assets (100.0%) |  |  |  | 28534414238 |
|  <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 |  |  |  |  |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus Growth Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Biotechnology (4.6%) |  |  |
| Insmed Inc. <sup>q</sup> | 7295 | 734169 |
| Natera Inc. <sup>q</sup> | 7678 | 1297121 |
| Vertex Pharmaceuticals Inc. <sup>q</sup> | 2573 | 1145500 |
|  |  | 3176790 |
| Capital Markets (3.7%) |  |  |
| Ares Management Corp., Class A | 7573 | 1311644 |
| S&P Global Inc. | 2407 | 1269187 |
|  |  | 2580831 |
| Chemicals (2.2%) |  |  |
| Linde plc | 1954 | 916778 |
| The Sherwin-Williams Co. | 1794 | 615988 |
|  |  | 1532766 |
| Diversified Financial Services (4.0%) |  |  |
| Visa Inc., Class A | 7781 | 2762644 |
| Electrical Equipment (1.8%) |  |  |
| GE Vernova Inc. | 2424 | 1282660 |
| Entertainment (2.3%) |  |  |
| Netflix Inc. <sup>q</sup> | 1196 | 1601599 |
| Food & Staples Retailing (1.7%) |  |  |
| Costco Wholesale Corp. | 1188 | 1176049 |
| Health Care Equipment & Supplies (4.2%) |  |  |
| Boston Scientific Corp. <sup>q</sup> | 14705 | 1579464 |
| Intuitive Surgical Inc. <sup>q</sup> | 2497 | 1356895 |
|  |  | 2936359 |
| Hotels, Restaurants & Leisure (3.4%) |  |  |
| Chipotle Mexican Grill Inc., Class A <sup>q</sup> | 17930 | 1006769 |
| DoorDash Inc., Class A <sup>q</sup> | 5547 | 1367391 |
|  |  | 2374160 |
| Insurance (1.9%) |  |  |
| Brown & Brown Inc. | 11896 | 1318909 |
| Interactive Media & Services (5.0%) |  |  |
| Alphabet Inc., Class A | 19702 | 3472083 |
| IT Services (1.4%) |  |  |
| Cloudflare Inc., Class A <sup>q</sup> | 4854 | 950559 |
| Life Sciences Tools & Services (1.1%) |  |  |
| Thermo Fisher Scientific Inc. | 1940 | 786592 |
| Machinery (1.7%) |  |  |
| Deere & Co. | 2278 | 1158340 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Multiline Retail (6.9%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 15164 | 3326830 |
| MercadoLibre Inc. <sup>q</sup> | 551 | 1440110 |
|  |  | 4766940 |
| Pharmaceuticals (2.6%) |  |  |
| Eli Lilly & Co. | 2335 | 1820203 |
| Semiconductors & Semiconductor Equipment (22.5%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 8291 | 1176493 |
| Applied Materials Inc. | 7326 | 1341171 |
| ASML Holding NV | 1288 | 1032190 |
| Broadcom Inc. | 12765 | 3518672 |
| NVIDIA Corp. | 43200 | 6825168 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7884 | 1785647 |
|  |  | 15679341 |
| Software (23.3%) |  |  |
| Appfolio Inc., Class A <sup>q</sup> | 6307 | 1452376 |
| Atlassian Corp., Class A <sup>q</sup> | 3357 | 681773 |
| Datadog Inc., Class A <sup>q</sup> | 4941 | 663725 |
| Intuit Inc. | 2313 | 1821788 |
| Microsoft Corp. | 13517 | 6723491 |
| PTC Inc. <sup>q</sup> | 7075 | 1219305 |
| Salesforce Inc. | 5011 | 1366450 |
| Synopsys Inc. <sup>q</sup> | 1839 | 942819 |
| Workday Inc., Class A <sup>q</sup> | 5557 | 1333680 |
|  |  | 16205407 |
| Technology Hardware, Storage & Peripherals (3.4%) |  |  |
| Apple Inc. | 11516 | 2362738 |
| Trading Companies & Distributors (1.8%) |  |  |
| Ferguson Enterprises Inc. | 5620 | 1223755 |
| Total investment in equities (99.5%)<br>(cost $53,488,409) | Total investment in equities (99.5%)<br>(cost $53,488,409) | 69168725 |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

Parnassus Growth Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.6%) |  |  |  |  |
| ANZ, London | 3.68% | 07/01/2025 | 421714 | 421714 |
| **Total short-term securities (0.6%)**<br> (cost $421,714) |  |  |  | **421714** |
| **Total securities (100.1%)**<br> (cost $53,910,123) |  |  |  | **69590439** |
| Other assets and liabilities (-0.1%) |  |  |  | (77409) |
| Total net assets (100.0%) |  |  |  | 69513030 |
|  <br> q This security is non-income producing. |  |  |  |  |
|  **plc** Public Limited Company |  |  |  |  |
|  **NV** Naamloze Vennootschap |  |  |  |  |
|  **ADR** American Depositary Receipt |  |  |  |  |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus Value Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Air Freight & Logistics (1.9%) |  |  |
| FedEx Corp. | 384194 | 87331138 |
| Banks (8.5%) |  |  |
| Bank of America Corp. | 3229051 | 152798693 |
| Citigroup Inc. | 1021369 | 86938929 |
| JPMorgan Chase & Co. | 518049 | 150187586 |
|  |  | 389925208 |
| Biotechnology (1.2%) |  |  |
| Regeneron Pharmaceuticals Inc. | 101084 | 53069100 |
| Capital Markets (11.2%) |  |  |
| CME Group Inc., Class A | 314138 | 86582716 |
| S&P Global Inc. | 319781 | 168617324 |
| The Bank of New York Mellon Corp. | 1460234 | 133041920 |
| The Charles Schwab Corp. | 1303272 | 118910537 |
|  |  | 507152497 |
| Chemicals (1.8%) |  |  |
| Linde plc | 172806 | 81077119 |
| Containers & Packaging (2.3%) |  |  |
| Ball Corp. | 1839016 | 103150407 |
| Diversified Financial Services (5.1%) |  |  |
| Mastercard Inc., Class A | 253594 | 142504612 |
| Visa Inc., Class A | 256686 | 91136364 |
|  |  | 233640976 |
| Diversified Telecommunication Services (2.7%) |  |  |
| Verizon Communications Inc. | 2798241 | 121079888 |
| Equity Real Estate Investment Trusts (3.3%) |  |  |
| CBRE Group Inc., Class A <sup>q</sup> | 1077618 | 150995834 |
| Food & Staples Retailing (3.6%) |  |  |
| Sysco Corp. | 1561290 | 118252105 |
| Walmart Inc. | 466056 | 45570956 |
|  |  | 163823061 |
| Health Care Providers & Services (3.5%) |  |  |
| The Cigna Group | 285917 | 94518442 |
| UnitedHealth Group Inc. | 207960 | 64877281 |
|  |  | 159395723 |
| Hotels, Restaurants & Leisure (2.0%) |  |  |
| Airbnb Inc., Class A <sup>q</sup> | 697804 | 92347381 |
| Household Durables (2.5%) |  |  |
| D.R. Horton Inc. | 886570 | 114296604 |
| Independent Power & Renewable Electricity Producers (2.2%) |  |  |
| Brookfield Renewable Corp. | 3029290 | 99300126 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Insurance (4.6%) |  |  |
| The Progressive Corp. | 392685 | 104791919 |
| Willis Towers Watson plc | 340315 | 104306548 |
|  |  | 209098467 |
| Interactive Media & Services (2.7%) |  |  |
| Alphabet Inc., Class A | 700500 | 123449115 |
| Life Sciences Tools & Services (5.1%) |  |  |
| Bio-Rad Laboratories Inc., Class A <sup>q</sup> | 316361 | 76344237 |
| Danaher Corp. | 392218 | 77478744 |
| Thermo Fisher Scientific Inc. | 192274 | 77959416 |
|  |  | 231782397 |
| Machinery (6.2%) |  |  |
| Cummins Inc. | 341308 | 111778370 |
| Deere & Co. | 333911 | 169790404 |
|  |  | 281568774 |
| Media (1.6%) |  |  |
| Comcast Corp., Class A | 1983592 | 70794398 |
| Multiline Retail (2.5%) |  |  |
| Amazon.com Inc. <sup>q</sup> | 520918 | 114284200 |
| Pharmaceuticals (3.5%) |  |  |
| AstraZeneca plc, ADR | 1279561 | 89415723 |
| Novo Nordisk, ADR | 1011546 | 69816905 |
|  |  | 159232628 |
| Road & Rail (2.4%) |  |  |
| Union Pacific Corp. | 482963 | 111120127 |
| Semiconductors & Semiconductor <br>Equipment (10.2%) |  |  |
| Advanced Micro Devices Inc. <sup>q</sup> | 510214 | 72399367 |
| Applied Materials Inc. | 438001 | 80184843 |
| Broadcom Inc. | 372260 | 102613469 |
| Intel Corp. | 1956351 | 43822262 |
| Micron Technology Inc. | 534277 | 65849640 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 445843 | 100978981 |
|  |  | 465848562 |
| Software (7.6%) |  |  |
| Microsoft Corp. | 295492 | 146980676 |
| NICE Ltd., ADR <sup>q</sup> | 464927 | 78530820 |
| Oracle Corp. | 546685 | 119521742 |
|  |  | 345033238 |
| Technology Hardware, Storage & Peripherals (1.5%) |  |  |
| Western Digital Corp. | 1034771 | 66214996 |
| Total investment in equities (99.7%)<br>(cost $3,520,690,998) | Total investment in equities (99.7%)<br>(cost $3,520,690,998) | 4535011964 |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

Parnassus Value Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.8%) |  |  |  |  |
| Citibank, New York | 3.68% | 07/01/2025 | 35034763 | 35034763 |
| **Total short-term securities (0.8%)**<br> (cost $35,034,763) |  |  |  | **35034763** |
| **Total securities (100.5%)**<br> (cost $3,555,725,761) |  |  |  | **4570046727** |
| Other assets and liabilities (-0.5%) |  |  |  | (21815320) |
| Total net assets (100.0%) |  |  |  | 4548231407 |
|  <br> q This security is non-income producing. |  |  |  |  |
|  **plc** Public Limited Company |  |  |  |  |
|  **ADR** American Depositary Receipt |  |  |  |  |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus Mid Cap Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Banks (2.5%) |  |  |
| Truist Financial Corp. | 1476432 | 63471812 |
| Capital Markets (9.1%) |  |  |
| Ares Management Corp., Class A | 305324 | 52882117 |
| Cboe Global Markets Inc. | 356111 | 83048646 |
| The Bank of New York Mellon Corp. | 1087187 | 99053608 |
|  |  | 234984371 |
| Commercial Services & Supplies (5.1%) |  |  |
| Copart Inc. <sup>q</sup> | 881799 | 43269877 |
| Republic Services Inc., Class A | 352433 | 86913502 |
|  |  | 130183379 |
| Construction Materials (2.0%) |  |  |
| Vulcan Materials Co. | 197796 | 51589153 |
| Distributors (1.6%) |  |  |
| Pool Corp. | 141418 | 41220519 |
| Diversified Financial Services (3.9%) |  |  |
| Fidelity National Information Services | 1234774 | 100522951 |
| Electrical Equipment (2.6%) |  |  |
| Hubbell Inc., Class B | 163487 | 66769726 |
| Equity Real Estate Investment Trusts (7.3%) |  |  |
| CBRE Group Inc., Class A <sup>q</sup> | 709668 | 99438680 |
| CoStar Group Inc. <sup>q</sup> | 424315 | 34114926 |
| Realty Income Corp. | 928600 | 53496646 |
|  |  | 187050252 |
| Food & Staples Retailing (2.7%) |  |  |
| US Foods Holding Corp. <sup>q</sup> | 910863 | 70145560 |
| Health Care Equipment & Supplies (2.8%) |  |  |
| Alcon AG | 808108 | 71339774 |
| Hotels, Restaurants & Leisure (2.0%) |  |  |
| Hilton Worldwide Holdings Inc. | 187936 | 50054874 |
| Household Durables (2.0%) |  |  |
| D.R. Horton Inc. | 403471 | 52015481 |
| Independent Power & Renewable Electricity Producers (2.8%) |  |  |
| Brookfield Renewable Corp. | 2223962 | 72901474 |
| Insurance (7.1%) |  |  |
| Brown & Brown Inc. | 644224 | 71425115 |
| The Allstate Corp. | 227045 | 45706429 |
| W R Berkley Corp. | 894317 | 65705470 |
|  |  | 182837014 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Life Sciences Tools & Services (3.7%) |  |  |
| Agilent Technologies Inc. | 524333 | 61876537 |
| IQVIA Holdings Inc. <sup>q</sup> | 207331 | 32673292 |
|  |  | 94549829 |
| Machinery (4.3%) |  |  |
| Pentair plc | 443547 | 45534535 |
| Xylem Inc. | 501727 | 64903405 |
|  |  | 110437940 |
| Media (1.2%) |  |  |
| The Trade Desk Inc., Class A <sup>q</sup> | 413962 | 29801124 |
| Professional Services (6.3%) |  |  |
| Broadridge Financial Solutions Inc. | 306178 | 74410439 |
| TransUnion | 1006054 | 88532752 |
|  |  | 162943191 |
| Road & Rail (4.5%) |  |  |
| J.B. Hunt Transport Services Inc. | 510743 | 73342695 |
| Old Dominion Freight Line Inc. | 258012 | 41875348 |
|  |  | 115218043 |
| Semiconductors & Semiconductor Equipment (6.1%) |  |  |
| KLA Corp. | 96725 | 86640451 |
| Lam Research Corp. | 728028 | 70866246 |
|  |  | 157506697 |
| Software (12.5%) |  |  |
| Atlassian Corp., Class A <sup>q</sup> | 227241 | 46150375 |
| Autodesk Inc. <sup>q</sup> | 249208 | 77147321 |
| Guidewire Software Inc. <sup>q</sup> | 127536 | 30028351 |
| Roper Technologies Inc. | 97083 | 55030528 |
| Synopsys Inc. <sup>q</sup> | 113159 | 58014356 |
| Workday Inc., Class A <sup>q</sup> | 234918 | 56380320 |
|  |  | 322751251 |
| Specialty Retail (2.0%) |  |  |
| O'Reilly Automotive Inc. <sup>q</sup> | 583470 | 52588151 |
| Technology Hardware, Storage & Peripherals (2.1%) |  |  |
| Sandisk Corp. <sup>q</sup> | 631458 | 28636620 |
| Western Digital Corp. | 402850 | 25778372 |
|  |  | 54414992 |
| Trading Companies & Distributors (3.2%) |  |  |
| Ferguson Enterprises Inc. | 378558 | 82431004 |
| Total investment in equities (99.4%)<br>(cost $2,024,753,756) | Total investment in equities (99.4%)<br>(cost $2,024,753,756) | 2557728562 |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

Parnassus Mid Cap Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (0.7%) |  |  |  |  |
| JPMorgan Chase, New York | 3.68% | 07/01/2025 | 18075990 | 18075990 |
| **Total short-term securities (0.7%)**<br> (cost $18,075,990) |  |  |  | **18075990** |
| **Total securities (100.1%)**<br> (cost $2,042,829,746) |  |  |  | **2575804552** |
| Other assets and liabilities (-0.1%) |  |  |  | (2868995) |
| Total net assets (100.0%) |  |  |  | 2572935557 |
|  <br> q This security is non-income producing. |  |  |  |  |
|  **AG** Aktiengesellschaft |  |  |  |  |
|  **plc** Public Limited Company |  |  |  |  |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus Mid Cap Growth Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Aerospace & Defense (2.0%) |  |  |
| StandardAero Inc. <sup>q</sup> | 515929 | 16329153 |
| Biotechnology (2.8%) |  |  |
| Alnylam Pharmaceuticals Inc. <sup>q</sup> | 37412 | 12199679 |
| Natera Inc. <sup>q</sup> | 61303 | 10356529 |
|  |  | 22556208 |
| Building Products (4.2%) |  |  |
| Builders FirstSource Inc. <sup>q</sup> | 127693 | 14900496 |
| Trane Technologies plc | 42208 | 18462201 |
|  |  | 33362697 |
| Capital Markets (7.8%) |  |  |
| Ares Management Corp., Class A | 108774 | 18839657 |
| Morningstar Inc. | 42955 | 13484863 |
| MSCI Inc., Class A | 21982 | 12677899 |
| Robinhood Markets Inc., Class A <sup>q</sup> | 187827 | 17586242 |
|  |  | 62588661 |
| Chemicals (1.5%) |  |  |
| The Sherwin-Williams Co. | 35642 | 12238037 |
| Distributors (2.1%) |  |  |
| Pool Corp. | 56293 | 16408284 |
| Diversified Financial Services (1.0%) |  |  |
| Block Inc., Class A <sup>q</sup> | 121910 | 8281346 |
| Electrical Equipment (2.5%) |  |  |
| Rockwell Automation Inc. | 60824 | 20203908 |
| Equity Real Estate Investment Trusts (2.3%) |  |  |
| CoStar Group Inc. <sup>q</sup> | 231083 | 18579073 |
| Health Care Equipment &<br>Supplies (3.4%) |  |  |
| Alcon AG | 108693 | 9595418 |
| IDEXX Laboratories Inc. <sup>q</sup> | 33237 | 17826333 |
|  |  | 27421751 |
| Hotels, Restaurants & Leisure (9.0%) |  |  |
| Chipotle Mexican Grill Inc., Class A <sup>q</sup> | 365651 | 20531304 |
| Hilton Worldwide Holdings Inc. | 123306 | 32841320 |
| Royal Caribbean Cruises Ltd. | 60358 | 18900504 |
|  |  | 72273128 |
| Household Durables (1.0%) |  |  |
| SharkNinja Inc. <sup>q</sup> | 84343 | 8349113 |
| IT Services (3.1%) |  |  |
| Cloudflare Inc., Class A <sup>q</sup> | 125290 | 24535541 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Life Sciences Tools & Services (7.0%) |  |  |
| Agilent Technologies Inc. | 149715 | 17667867 |
| ICON plc <sup>q</sup> | 52773 | 7675833 |
| Mettler-Toledo International Inc. <sup>q</sup> | 13685 | 16076043 |
| West Pharmaceutical Services Inc. | 69248 | 15151462 |
|  |  | 56571205 |
| Media (2.1%) |  |  |
| The Trade Desk Inc., Class A <sup>q</sup> | 233389 | 16801674 |
| Multiline Retail (3.1%) |  |  |
| MercadoLibre Inc. <sup>q</sup> | 9400 | 24568122 |
| Professional Services (7.3%) |  |  |
| Broadridge Financial Solutions Inc. | 86620 | 21051259 |
| Equifax Inc. | 142982 | 37085241 |
|  |  | 58136500 |
| Road & Rail (6.0%) |  |  |
| J.B. Hunt Transport Services Inc. | 152347 | 21877029 |
| Old Dominion Freight Line Inc. | 160240 | 26006952 |
|  |  | 47883981 |
| Semiconductors & Semiconductor Equipment (7.7%) |  |  |
| KLA Corp. | 22740 | 20369128 |
| Monolithic Power Systems Inc. | 27712 | 20268002 |
| Teradyne Inc. | 232935 | 20945515 |
|  |  | 61582645 |
| Software (20.1%) |  |  |
| AppLovin Corp., Class A <sup>q</sup> | 22845 | 7997578 |
| Atlassian Corp., Class A <sup>q</sup> | 73226 | 14871468 |
| Autodesk Inc. <sup>q</sup> | 65494 | 20274978 |
| BILL Holdings Inc. <sup>q</sup> | 310646 | 14370484 |
| Cadence Design Systems Inc. <sup>q</sup> | 51321 | 15814566 |
| Datadog Inc., Class A <sup>q</sup> | 177201 | 23803410 |
| Guidewire Software Inc. <sup>q</sup> | 103655 | 24405570 |
| Procore Technologies Inc. <sup>q</sup> | 142822 | 9771881 |
| PTC Inc. <sup>q</sup> | 102461 | 17658129 |
| Workday Inc., Class A <sup>q</sup> | 50193 | 12046320 |
|  |  | 161014384 |
| Specialty Retail (1.2%) |  |  |
| O'Reilly Automotive Inc. <sup>q</sup> | 105943 | 9548643 |
| Technology Hardware, Storage & Peripherals (2.2%) |  |  |
| Sandisk Corp. <sup>q</sup> | 387703 | 17582331 |
| Total investment in equities (99.4%)<br>(cost $632,288,927) |  | 796816385 |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

Parnassus Mid Cap Growth Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount ($)** | **Market<br>Value ($)** |
| Time Deposits (3.0%) | Time Deposits (3.0%) | Time Deposits (3.0%) |  |  |
| Citibank, New York | 3.68% | 07/01/2025 | 24044697 | 24044697 |
| **Total short-term securities (3.0%)**<br> (cost $24,044,697) |  |  |  | **24044697** |
| **Total securities (102.4%)**<br> (cost $656,333,624) |  |  |  | **820861082** |
| Other assets and liabilities (-2.4%) |  |  |  | (19035291) |
| Total net assets (100.0%) |  |  |  | 801825791 |

---

---

| | |
|:---|:---|
|  q This security is non-income producing. | q This security is non-income producing. |
|  **plc** Public Limited Company |  |
|  **AG** Aktiengesellschaft |  |

---

------

---

| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

---

Parnassus International Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Belgium (1.0%) |  |  |
| UCB SA | 619 | 121793 |
| Canada (5.8%) |  |  |
| Brookfield Corp. | 4155 | 257157 |
| Constellation Software Inc. | 62 | 227339 |
| Waste Connections Inc. | 1130 | 210994 |
|  |  | 695490 |
| China (3.5%) |  |  |
| BYD Co. Ltd., Class H | 12985 | 202177 |
| Full Truck Alliance Co. Ltd., Sponsored ADR | 19214 | 226917 |
|  |  | 429094 |
| Denmark (2.0%) |  |  |
| DSV A/S | 989 | 237216 |
| France (6.2%) |  |  |
| Compagnie de Saint-Gobain SA | 2014 | 236595 |
| Danone SA | 3868 | 316493 |
| Sanofi SA, ADR | 4189 | 202371 |
|  |  | 755459 |
| Germany (18.7%) |  |  |
| Deutsche Boerse AG | 708 | 231296 |
| Deutsche Telekom AG | 9349 | 342207 |
| Fresenius Medical Care AG | 5489 | 315371 |
| Infineon Technologies AG | 3320 | 141671 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 487 | 316226 |
| SAP SE, ADR | 1113 | 338463 |
| Siemens AG | 958 | 246070 |
| Siemens Energy AG <sup>q</sup> | 2778 | 324695 |
|  |  | 2255999 |
| Ireland (2.7%) |  |  |
| CRH plc | 2370 | 217566 |
| ICON plc <sup>q</sup> | 766 | 111415 |
|  |  | 328981 |
| Italy (2.1%) |  |  |
| UniCredit SpA | 3681 | 246934 |
| Japan (9.6%) |  |  |
| Komatsu Ltd. | 7641 | 252104 |
| NEC Corp. | 14571 | 425110 |
| Nintendo Co. Ltd. | 2756 | 264658 |
| Sony Group Corp. | 8358 | 217311 |
|  |  | 1159183 |

---

---

| | | |
|:---|:---|:---|
| **Equities** | **Shares** | **Market<br>Value ($)** |
| Netherlands (5.1%) |  |  |
| Adyen NV <sup>q,l</sup> | 71 | 130394 |
| AerCap Holdings NV | 2118 | 247806 |
| ASML Holding NV | 168 | 134625 |
| Koninklijke Philips NV | 4378 | 105126 |
|  |  | 617951 |
| Singapore (5.4%) |  |  |
| DBS Group Holdings Ltd. | 6852 | 241890 |
| Sea Ltd., ADR <sup>q</sup> | 2569 | 410886 |
|  |  | 652776 |
| Spain (2.1%) |  |  |
| CaixaBank SA | 28457 | 246574 |
| Sweden (2.6%) |  |  |
| Spotify Technology SA <sup>q</sup> | 405 | 310773 |
| Switzerland (0.9%) |  |  |
| Roche Holding AG | 338 | 110330 |
| Taiwan (2.6%) |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1374 | 311197 |
| United Kingdom (21.0%) |  |  |
| 3i Group plc | 5907 | 334290 |
| AstraZeneca plc, ADR | 3084 | 215510 |
| CNH Industrial NV | 18511 | 239903 |
| Haleon plc | 43789 | 225059 |
| Linde plc | 487 | 228491 |
| London Stock Exchange Group plc | 1439 | 210450 |
| RELX plc, Sponsored ADR | 5207 | 282948 |
| Tesco plc | 45103 | 248676 |
| Unilever plc | 3497 | 213409 |
| Willis Towers Watson plc | 1099 | 336843 |
|  |  | 2535579 |
| United States (5.1%) |  |  |
| Arch Capital Group Ltd. | 2317 | 210963 |
| Booking Holdings Inc. | 45 | 260516 |
| Ferguson Enterprises Inc. | 639 | 139142 |
|  |  | 610621 |
| Uruguay (2.1%) |  |  |
| MercadoLibre Inc. <sup>q</sup> | 96 | 250908 |
| Total investment in equities (98.5%)<br>(cost $11,111,443) |  | 11876858 |

---

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|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

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Parnassus International Equity Fund

Portfolio of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short-Term Securities** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** |  | **Market<br>Value ($)** |  |
| Time Deposits (1.4%) | Time Deposits (1.4%) | Time Deposits (1.4%) |  |  |  |  |
| Brown Brothers Harriman, New York | 0.46% | 07/01/2025 | SGD 0 | <sup>ß</sup> | 0 | <sup>ß</sup> |
| Brown Brothers Harriman, New York | 0.67% | 07/01/2025 | DKK 0 | <sup>ß</sup> | 0 | <sup>ß</sup> |
| Citibank, London | 0.86% | 07/01/2025 | EUR 4 |  | 5 |  |
| Citibank, London | 3.17% | 07/01/2025 | GBP 3,368 |  | 4623 |  |
| JPMorgan Chase, New York | 3.68% | 07/01/2025 | $164373 |  | 164373 |  |
|  |  |  |  |  | 169001 |  |
| **Total short-term securities (1.4%)**<br> (cost $169,001) |  |  |  |  | **169001** |  |
| **Total securities (99.9%)**<br> (cost $11,280,444) |  |  |  |  | **12045859** |  |
| Other assets and liabilities (0.1%) |  |  |  |  | 7810 |  |
| Total net assets (100.0%) |  |  |  |  | 12053669 |  |

---

---

| |
|:---|
|  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 June 30, 2025, the aggregate value is $130,394, which is 1.08% of net assets. |
|  ß Amount less than $0.5. |
|  **SA** Société Anonyme |
|  **ADR** American Depositary Receipt |
|  **AG** Aktiengesellschaft |
|  **plc** Public Limited Company |
|  **SpA** Società per Azioni |
|  **NV** Naamloze Vennootschap |

---

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| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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Statement of Assets and Liabilities

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **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 <br>value – Unaffiliated (cost $19,946,720,558, $53,488,409, $3,520,690,998, $2,024,753,756, $632,288,927 and $11,111,443) | $28413621784 | $69168725 | $4535011964 |
|  Investments in short-term securities |  |  |  |
|  (at cost which approximates market value) | 167390234 | 421714 | 35034763 |
|  Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 16826445 | 16169 | 2828819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 15279960 | 3251 | 1329889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Parnassus Investments |  |  |  |
|  Offering Costs |  |  |  |
|  Other assets | 158404 | 19038 | 53750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**28613276827** | $**69628897** | $**4574259185** |
| **Liabilities** |  |  |  |
|  Payable for investment securities purchased |  |  |  |
|  Capital shares redeemed | 59030707 | 62254 | 22430120 |
|  Fees payable to Parnassus Investments | 14517500 | 19540 | 2630520 |
|  Offering Costs |  |  |  |
|  Distributions payable | 981539 |  |  |
|  Accounts payable and accrued expenses | 4332843 | 34073 | 967138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**78862589** | $**115867** | $**26027778** |
|  **Net assets** | $**28534414238** | $**69513030** | $**4548231407** |
| **Net assets consist of** |  |  |  |
|  Capital paid-in | 16944677249 | 49752863 | 3222187033 |
|  Total Distributable Earnings | 11589736989 | 19760167 | 1326044374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**28534414238** | $**69513030** | $**4548231407** |
| **Net asset value and offering per share** |  |  |  |
|  Net assets Investor Shares | $13055927735 | $25476627 | $2936653815 |
|  Net assets Institutional Shares | $15478486503 | $44036403 | $1611577592 |
|  Shares outstanding Investor Shares | 204741837 | 910927 | 53263046 |
|  Shares outstanding Institutional Shares | 241994605 | 1568727 | 29116273 |
|  **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** | $**63.77** | $**27.97** | $**55.13** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares** | $**63.96** | $**28.07** | $**55.35** |

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|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

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| | | |
|:---|:---|:---|
| **Parnassus<br>Mid Cap<br>Fund** | **Parnassus<br>Mid Cap Growth<br>Fund** | **Parnassus<br>International Equity<br>Fund** |
| $2557728562 | $796816385 | $11876858 |
| 18075990 | 24044697 | 169001 |
| 1546263 | 146888 | 12079 |
| 1353746 | 115303 | 9126 |
|  |  | 22291 |
|  |  | 135946 |
| 25225 | 9233 |  |
| $**2578729786** | $**821132506** | $**12225301** |
|  | 18435216 | 7 |
| 3258940 | 129462 |  |
| 1693105 | 463763 |  |
|  |  | 135946 |
| 842184 | 278274 | 35679 |
| $**5794229** | $**19306715** | $**171632** |
| $**2572935557** | $**801825791** | $**12053669** |
| 1776901430 | 507946111 | 11243751 |
| 796034127 | 293879680 | 809918 |
| $**2572935557** | $**801825791** | $**12053669** |
| $1176863252 | $618554978 | $2043617 |
| $1396072305 | $183270813 | $10010052 |
| 29745896 | 10549922 | 125394 |
| 35079456 | 3104326 | 613950 |
| $**39.56** | $**58.63** | $**16.30** |
| $**39.80** | $**59.04** | $**16.30** |

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|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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Statement of Operations

Period Ended June 30, 2025 (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | **Parnassus<br>Core Equity<br>Fund** | **Parnassus<br>Growth Equity<br>Fund** | **Parnassus<br>Value Equity<br>Fund** |
| **Investment income** |  |  |  |
|  Dividends – Unaffiliated | $133982661 | $156038 | $43042453 |
|  Interest | 3622932 | 5852 | 549856 |
|  Securities lending |  |  | 33773 |
|  Other income |  |  | 34 |
|  Foreign withholding tax |  | (1963) | (608714) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | $**137605593** | $**159927** | $**43017402** |
| **Expenses** |  |  |  |
|  Investment advisory fees | 78379388 | 226646 | 15103353 |
|  Transfer agent fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 80093 | 17278 | 60525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 42695 | 15338 | 30946 |
|  Fund administration | 4303641 | 9786 | 710617 |
|  Service provider fees | 14249306 | 18326 | 3216228 |
|  Reports to shareholders | 419761 | 2206 | 104526 |
|  Registration fees and expenses | 140432 | 26202 | 64800 |
|  Custody fees | 301369 | 3937 | 89672 |
|  Overdraft charges |  | 134 |  |
|  Professional fees | 234897 | 23193 | 58788 |
|  Trustee fees and expenses | 506387 | 1092 | 84509 |
|  Proxy voting fees | 1980 | 1980 | 1980 |
|  Pricing service fees | 3743 | 3743 | 3743 |
|  Amortization of Offering Costs |  |  |  |
|  Other expenses | 137813 | 2463 | 27788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | $**98801505** | $**352324** | $**19557475** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and expenses reimbursed by Parnassus Investments | (1730826) | (130830) | (1390918) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | $**97070679** | $**221494** | $**18166557** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | $**40534914** | $**(61567)** | $**24850845** |
| **Realized and unrealized gain (loss) on investments** |  |  |  |
|  Net realized gain from securities transactions – Unaffiliated | 1549604395 | 3391675 | 195632269 |
|  Net realized (loss) from foreign currency transactions |  |  |  |
|  Net change in unrealized appreciation (depreciation) of securities – Unaffiliated | 140403495 | 2218907 | (3588602) |
|  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** | $**1901873133** | $**5610582** | $**198380190** |
|  **Net increase in net assets resulting from operations** | $**1942408047** | $**5549015** | $**223231035** |

---

\* For the period from April 28, 2025 (commencement of operations) through June 30, 2025.

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| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

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---

| | | |
|:---|:---|:---|
| **Parnassus<br>Mid Cap<br>Fund** | **Parnassus<br>Mid Cap Growth<br>Fund** | **Parnassus<br>International Equity<br>Fund\*** |
| $16206625 | $1788245 | $69804 |
| 346419 | 120436 | 3993 |
| 32885 | 708 |  |
| 34 | 34 |  |
| (258288) | (11569) | (7092) |
| $**16327675** | $**1897854** | $**66705** |
| 9330216 | 2420892 | 15828 |
| 36579 | 78508 | 5410 |
| 21290 | 22840 | 5195 |
| 407656 | 122206 | 550 |
| 1238818 | 328126 | 553 |
| 218744 | 12355 | 313 |
| 57574 | 32162 | 208 |
| 34008 | 9520 | 9933 |
| 42510 | 28707 | 15842 |
| 50604 | 14876 |  |
| 1980 | 1980 |  |
| 3743 | 3743 | 2071 |
|  |  | 28360 |
| 15025 | 4959 | 1380 |
| $**11458747** | $**3080874** | $**85643** |
| (462438) | (61245) | (72819) |
| $**10996309** | $**3019629** | $**12824** |
| $**5331366** | $**(1121775)** | $**53881** |
| 199783272 | 89815248 | 6648 |
|  |  | (16238) |
| (65508692) | (75033064) | 765415 |
| 2861650 |  |  |
| – |  | 212 |
| $**137136230** | $**14782184** | $**756037** |
| $**142467596** | $**13660409** | $**809918** |

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|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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Statement of Changes in Net Assets

June 30, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parnassus Core Equity Fund** | **Parnassus Core Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Growth Equity Fund** | **Parnassus Value Equity Fund** | **Parnassus Value Equity Fund** |
|  | **Period Ended<br>June 30,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>June 30,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>June 30,<br>2025** | **Year Ended<br>December 31,<br>2024** |
| **Investment income from operations** |  |  |  |  |  |  |
|  Net investment income (loss) | $40534914 | $130143266 | $(61567) | $(56468) | $24850845 | $53351464 |
|  Net realized gain from securities transactions | 1549604395 | 3791106618 | 3391675 | 3933390 | 195632269 | 468355294 |
|  Net realized (loss) from foreign currency transactions |  |  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) of securities | 352268738 | 1152208741 | 2218907 | 6878480 | 2747921 | 51653115 |
|  Net change in unrealized appreciation of securities – Foreign currency transactions |  |  |  |  |  |  |
|  **Increase in net assets resulting from operations** | $**1942408047** | $**5073458625** | $**5549015** | $**10755402** | $**223231035** | $**573359873** |
| **Net Dividends and Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (10285592) | (1249928135) |  | (1111785) |  | (244642673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (26968053) | (1504581349) |  | (2012799) |  | (137513890) |
|  **Distributions to shareholders** | $**(37253645)** | $**(2754509484)** | $**–** | $**(3124584)** | $**–** | $**(382156563)** |
| **Capital share transactions** |  |  |  |  |  |  |
|  Investor Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 488939480 | 1185905654 | 5465895 | 16920128 | 161911476 | 380278384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 10187991 | 1239789740 |  | 1094552 |  | 239679370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1621207408) | (3105781656) | (5036408) | (5411110) | (486504885) | (898939078) |
|  Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 967569976 | 2600890321 | 2793690 | 12516237 | 134975975 | 328377689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 24952639 | 1403587617 |  | 2012799 |  | 119635361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (2257607316) | (4425251268) | (2961743) | (1596263) | (310573120) | (455424142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital share transactions | (2387164638) | (1100859592) | 261434 | 25536343 | (500190554) | (286392416) |
|  **Increase (decrease) in net assets** | $**(482010236)** | $**1218089549** | $**5810449** | $**33167161** | $**(276959519)** | $**(95189106)** |
| **Net Assets** |  |  |  |  |  |  |
|  Beginning of year/period | 29016424474 | 27798334925 | 63702581 | 30535420 | 4825190926 | 4920380032 |
|  **End of year/period** | $**28534414238** | $**29016424474** | $**69513030** | $**63702581** | $**4548231407** | $**4825190926** |
| **Shares issued and redeemed** |  |  |  |  |  |  |
|  Investor Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8246142 | 19551553 | 219382 | 695630 | 3131292 | 7048138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through dividend reinvestment | 168324 | 20010422 |  | 40965 |  | 4346120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (27116445) | (50716521) | (201661) | (219336) | (9331524) | (16585105) |
|  Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16312812 | 42889201 | 108205 | 510879 | 2605473 | 6033600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through dividend reinvestment | 410377 | 22580225 |  | 75129 |  | 2162863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (37562063) | (71700023) | (119195) | (63742) | (5938905) | (8387342) |
|  **Net increase (decrease) in shares outstanding** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investor Shares** | **(18701979)** | **(11154546)** | **17721** | **517259** | **(6200232)** | **(5190847)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares** | **(20838874)** | **(6230597)** | **(10990)** | **522266** | **(3333432)** | **(190879)** |

---

\* For the period from April 28, 2025 (commencement of operations) through June 30, 2025.

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|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.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 Equity Fund** |
| **Period Ended<br>June 30,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>June 30,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>June 30,<br>2025\*** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |
| $5331366 | $9205432 | $(1121775) | $(2572487) | $53881 |
| 199783272 | 416518278 | 89815248 | 93276829 | 6648 |
| – |  |  |  | (16238) |
| (62647042) | (105540101) | (75033064) | (5005645) | 765415 |
| – |  |  |  | 212 |
| **$142467596** | $**320183609** | $**13660409** | $**85698697** | $**809918** |
|  | (119700643) |  | (45276787) |  |
|  | (152885979) |  | (13512059) |  |
| $**–** | $**(272586622)** | $**–** | $**(58788846)** | $**–** |
| 56806249 | 112382786 | 11950172 | 27067157 | 2090357 |
|  | 117978275 |  | 44272513 |  |
| (209326406) | (458248133) | (51597819) | (90484658) | (121042) |
| 85079111 | 230699125 | 9839317 | 21005542 | 9274436 |
|  | 132926972 |  | 12595641 |  |
| (344532766) | (2739694715) | (23986578) | (27685781) |  |
| (411973812) | (2603955690) | (53794908) | (13229586) | 11243751 |
| $**(269506216)** | $**(2556358703)** | $**(40134499)** | $**13680265** | $**12053669** |
| 2842441773 | 5398800476 | 841960290 | 828280025 |  |
| $**2572935557** | $**2842441773** | $**801825791** | $**841960290** | $**12053669** |
| 1525310 | 2833761 | 220281 | 457586 | 132954 |
| – | 2960505 |  | 715573 |  |
| (5608582) | (11620763) | (930059) | (1525494) | (7560) |
| 2271858 | 5867469 | 177541 | 351648 | 613950 |
| – | 3320012 |  | 202307 |  |
| (9145537) | (72036254) | (438321) | (467419) |  |
| **(4083272)** | **(5826497)** | **(709778)** | **(352335)** | **125394** |
| **(6873679)** | **(62848773)** | **(260780)** | **86536** | **613950** |

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|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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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 six 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 operation 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.

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, and for over-the-counter securities, equity securities are stated at the mean between the last recorded bid and asked prices. Investments in

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Notes to Financial Statements (continued)

registered investment companies that are not listed or traded on a national securities exchange are valued at their net asset value.

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. Mortgage-backed and asset-backed securities are valued as determined by the pricing services selected by the Valuation Designee, based on methods which include standard inputs and cashflows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information.

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.

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 have entered into an agreement with Brown Brothers Harriman & Co. (the "Agreement"), to provide securities lending services to the Funds. 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 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

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Notes to Financial Statements (continued)

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.

As of June 30, 2025, The Parnassus Funds did not have any securities on loan.

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.

As part of our community development investment program, the Parnassus Core Equity Fund, Parnassus Value Equity Fund and Parnassus Mid Cap Growth Fund have entered into an agreement for fund investments through the Certificate of Deposit Account Registry Service ("CDARS") network. The CDARS network allows members to place funds in time deposits with depository institutions whose accounts are insured by the Federal Deposit Insurance Corporation ("FDIC"). Provisions stipulate that participating institutions are FDIC insured; however, in the event of default or bankruptcy by any party to the agreement, the proceeds of the investment may be delayed or subject to legal proceedings and are subject to FDIC limits. While certain investments of the

Funds may be bank deposits and may be covered by FDIC insurance, the Funds are themselves not covered by FDIC insurance.

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 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; and 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.

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Notes to Financial Statements (continued)

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 six-month period ended June 30, 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 period, the Funds did not incur interest or penalties. As of June 30, 2025, the Funds had no tax examinations or audits in progress.

Tax Matters and Distributions

As of June 30, 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 | $20114110792 | $53910123 | $3555725761 | $2042829746 | $656333624 | $11280444 |
| Gross unrealized appreciation | $8728100389 | $16099051 | $1180309064 | $597700032 | $195677921 | $928187 |
| Gross unrealized depreciation | $(261199163) | $(418735) | $(165988098) | $(64725226) | $(31150463) | $(162772) |
| Net unrealized appreciation | $8466901226 | $15680316 | $1014320966 | $532974806 | $164527458 | $765415 |

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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 table have been made in each Fund's capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of June 30, 2025.

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Notes to Financial Statements (continued)

Additional permanent book to tax adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the net asset value 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.

6. Fair Value Measurements

The following table summarizes the Funds' financial assets as of June 30, 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 | $1295819014 | $&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;- | $1295819014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2906574874 |  |  | 2906574874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 779605565 |  |  | 779605565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4781338322 |  |  | 4781338322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3290616533 |  |  | 3290616533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3292672163 |  |  | 3292672163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 9731200321 |  |  | 9731200321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1529074961 |  |  | 1529074961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 806720031 |  |  | 806720031 |
|  Short-Term Investments | 167390234 |  |  | 167390234 |
|  **Total** | $**28581012018** | $**-** | $**-** | $**28581012018** |
| **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 | $5073682 | $&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;- | $5073682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 7141100 |  |  | 7141100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1176049 |  |  | 1176049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 6662384 |  |  | 6662384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 8719944 |  |  | 8719944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3664755 |  |  | 3664755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 35198045 |  |  | 35198045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1532766 |  |  | 1532766 |
|  Short-Term Investments | 421714 |  |  | 421714 |
|  **Total** | $**69590439** | $**-** | $**-** | $**69590439** |

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Notes to Financial Statements (continued)

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|:---|:---|:---|:---|:---|
| **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 | $315323401 | $&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;- | $315323401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 320928185 |  |  | 320928185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 163823061 |  |  | 163823061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1339817148 |  |  | 1339817148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 603479848 |  |  | 603479848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 480020039 |  |  | 480020039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 877096796 |  |  | 877096796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 184227526 |  |  | 184227526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 150995834 |  |  | 150995834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 99300126 |  |  | 99300126 |
|  Short-Term Investments | 35034763 |  |  | 35034763 |
|  **Total** | $**4570046727** | $**-** | $**-** | $**4570046727** |
| **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; Communication Services | $29801124 | $&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;- | $29801124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 195879025 |  |  | 195879025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 70145560 |  |  | 70145560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 581816148 |  |  | 581816148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 165889603 |  |  | 165889603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 667983283 |  |  | 667983283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 534672940 |  |  | 534672940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 51589153 |  |  | 51589153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 187050252 |  |  | 187050252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 72901474 |  |  | 72901474 |
|  Short-Term Investments | 18075990 |  |  | 18075990 |
|  **Total** | $**2575804552** | $**-** | $**-** | $**2575804552** |
| **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; Communication Services | $16801674 | $&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;- | $16801674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 131147290 |  |  | 131147290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 70870007 |  |  | 70870007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 106549164 |  |  | 106549164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 175916239 |  |  | 175916239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 264714901 |  |  | 264714901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 12238037 |  |  | 12238037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 18579073 |  |  | 18579073 |
|  Short-Term Investments | 24044697 |  |  | 24044697 |
|  **Total** | $**820861082** | $**-** | $**-** | $**820861082** |

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Notes to Financial Statements (continued)

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| **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 | $- | $121793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $121793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 695490 |  |  | 695490 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 226917 | 202177 |  | 429094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 237216 |  | 237216 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 202371 | 553088 |  | 755459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 338463 | 1917536 |  | 2255999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 328981 |  |  | 328981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 246934 |  | 246934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1159183 |  | 1159183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 247806 | 370145 |  | 617951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 410886 | 241890 |  | 652776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 246574 |  | 246574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 310773 |  |  | 310773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 110330 |  | 110330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 311197 |  |  | 311197 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1303695 | 1231884 |  | 2535579 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 610621 |  |  | 610621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 250908 |  |  | 250908 |
|  Short-Term Investments | 169001 |  |  | 169001 |
|  **Total** | $**5407109** | $**6638750** | $**-** | $**12045859** |

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The following table reconciles the valuation of the Funds' Level 3 investment securities and related transactions as of June 30, 2025:

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|:---|:---|:---|:---|:---|
|  | **Parnassus Core<br>Equity Fund** | **Parnassus Value<br>Equity Fund** | **Parnassus<br>Mid Cap Fund** | **Parnassus Mid Cap<br>Growth Fund** |
|  | **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
|  | **Community<br>Development Loans** | **Community<br>Development Loans** | | **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 June 30, 2025 | $- | $- | $- | $- |

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The significant unobservable inputs used in fair value measurement of the Fund's Certificates of Deposits are a discount for lack of marketability. The significant unobservable inputs used in the fair value measurement of the Fund's Community Development Loans are a discount for lack of marketability and a discount for the probability of default. Significant increases in any of these inputs in isolation would result in a lower fair value measurement. Generally, a change

in the assumption used for probability of default should be accompanied by a directionally-similar change in the assumption used for the lack of marketability.

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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 six-month period ended June 30, 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 | $– $| 3108125831 | $– $| 5384876770 |
| Parnassus Growth Equity Fund | – | 16343507 | – | 15893126 |
| Parnassus Value Equity Fund | – | 881057140 | – | 1338998860 |
| Parnassus Mid Cap Fund | – | 761439818 | – | 1159793585 |
| Parnassus Mid Cap Growth Fund | – | 268107631 | – | 322378008 |
| Parnassus International Equity Fund | – | 11206913 | – | 102119 |

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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 six-month period ended June 30, 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 six-month period ended June 30, 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 six-month period ended June 30, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% (as of April 28, 2025) or 0.96% (prior to April 28, 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 six-month period ended June 30, 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 six-month period ended June 30, 2025, Parnassus Investments has contractually agreed to limit total operating expenses to 0.81% (as of April 28, 2025) or 0.82% (prior to April 28, 2025) of net

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Notes to Financial Statements (continued)

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 six-month period ended June 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 six-month period ended June 30, 2025, there were no investments in "affiliated companies".

11. Segment Reporting

The Funds recently adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or its results of operations. Subject to the oversight and, when applicable, approval of the Board, 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 six-month period ended June 30, 2025 and each of the five years ended December 31 are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding<br>for the Six-Month Period<br>Ended June 30, 2025<br>(unaudited)** | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized and<br>Unrealized Gain<br>(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** |
|  Six-Month Period Ended June 30, 2025 | $59.57 | $0.05 | $4.20 | $4.25 | $(0.05) | $- | $(0.05) |
| 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) |
| 2020 | 47.03 | 0.33 | 9.44 | 9.77 | (0.31) | (2.84) | (3.15) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 59.75 | 0.12 | 4.20 | 4.32 | (0.11) |  | (0.11) |
| 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) |
| 2020 | 47.10 | 0.44 | 9.46 | 9.90 | (0.41) | (2.84) | (3.25) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 25.72 | (0.04) | 2.29 | 2.25 |  |  |  |
| 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** |
|  Six-Month Period Ended June 30, 2025 | 25.78 | (0.02) | 2.31 | 2.29 |  |  |  |
| 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** |
|  Six-Month Period Ended June 30, 2025 | 52.45 | 0.26 | 2.42 | 2.68 |  |  |  |
| 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) |
| 2020 | 38.18 | 0.28 | 10.19 | 10.47 | (0.34) |  | (0.34) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset<br>Value<br>End of<br>Period** | **Total<br>Overall<br>Return** | **Net Assets<br>End of<br>Period<br>(000s)** | **Ratio of<br>Gross<br>Expenses to<br>Average<br>Net Assets** | **Ratio of Net Expenses to<br>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** |
| <br>$63.77 | 7.14 %<sup>(e)</sup> | $13055928 | 0.84 %<sup>(f)</sup> | 0.82 %<sup>(f)</sup> | 0.18 %<sup>(f)</sup> | 11.16% |
| 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 |
| 53.65 | 21.19 | 11906386 | 0.84 | 0.84 | 0.69 | 37.15 |
| <br>63.96 | 7.24 <sup>(e)</sup> | 15478487 | 0.61 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 0.39 <sup>(f)</sup> | 11.16 |
| 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 |
| 53.75 | 21.47 | 11320933 | 0.62 | 0.62 | 0.91 | 37.15 |
| <br>27.97 | 8.75 <sup>(e)</sup> | 25477 | 1.27 <sup>(f)</sup> | 0.84 <sup>(f)</sup> | (0.33)<sup>(f)</sup> | 25.02 |
| 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 |
| 14.95 | (0.33)<sup>(e)</sup> | 227 | 7.83 <sup>(f)</sup> | 0.84 <sup>(f)</sup> | 3.52 <sup>(f)</sup> |  |
| <br>28.07 | 8.88 <sup>(e)</sup> | 44036 | 1.04 <sup>(f)</sup> | 0.63 <sup>(f)</sup> | (0.12)<sup>(f)</sup> | 25.02 |
| 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 |
| 14.95 | (0.33)<sup>(e)</sup> | 10573 | 2.30 <sup>(f)</sup> | 0.63 <sup>(f)</sup> | 3.11 <sup>(f)</sup> |  |
| <br>55.13 | 5.11 <sup>(e)</sup> | 2936654 | 0.94 <sup>(f)</sup> | 0.88 <sup>(f)</sup> | 1.01 <sup>(f)</sup> | 19.13 |
| 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 |
| 48.31 | 27.42 | 2238344 | 0.94 | 0.94 | 0.75 | 52.77 |

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| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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Financial Highlights (continued)

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding<br>for the Six-Month Period<br>Ended June 30, 2025<br>(unaudited)** | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized and<br>Unrealized Gain<br>(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 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** |
|  Six-Month Period Ended June 30, 2025 | $52.59 | $0.32 | $2.44 | $2.76 | $- | $- | $- |
| 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) |
| 2020 | 38.19 | 0.36 | 10.22 | 10.58 | (0.41) |  | (0.41) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 37.41 | 0.06 | 2.09 | 2.15 |  |  |  |
| 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) |
| 2020 | 35.63 | 0.12 | 5.18 | 5.30 | (0.08) | (0.07) | (0.15) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 37.59 | 0.09 | 2.12 | 2.21 |  |  |  |
| 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) |
| 2020 | 35.68 | 0.20 | 5.20 | 5.40 | (0.14) | (0.07) | (0.21) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 57.49 | (0.09) | 1.23 | 1.14 |  |  |  |
| 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) |
| 2020 | 50.47 | (0.02) | 14.19 | 14.17 | (0.06) | (3.14) | (3.20) |
| **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** |
|  Six-Month Period Ended June 30, 2025 | 57.85 | (0.05) | 1.24 | 1.19 |  |  |  |
| 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) |
| 2020 | 50.43 | 0.05 | 14.21 | 14.26 | (0.06) | (3.14) | (3.20) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset<br>Value<br>End of<br>Period** | **Total<br>Overall<br>Return** | **Net Assets<br>End of<br>Period<br>(000s)** | **Ratio of<br>Gross<br>Expenses to<br>Average<br>Net Assets** | **Ratio of Net Expenses to<br>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** |
| <br>$55.35 | 5.25 %<sup>(e)</sup> | $1611578 | 0.72 %<sup>(f)</sup> | 0.65 %<sup>(f)</sup> | 1.24 %<sup>(f)</sup> | 19.13% |
| 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 |
| 48.36 | 27.72 | 1025590 | 0.73 | 0.71 | 0.96 | 52.77 |
| <br>39.56 | 5.75 <sup>(e)</sup> | 1176863 | 1.00 <sup>(f)</sup> | 0.96 <sup>(f)</sup> | 0.30 <sup>(f)</sup> | 28.79 |
| 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 |
| 40.78 | 14.88 | 2749355 | 0.98 | 0.98 | 0.34 | 41.00 |
| <br>39.80 | 5.88 <sup>(e)</sup> | 1396072 | 0.78 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 28.79 |
| 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 |
| 40.87 | 15.16 | 4211267 | 0.76 | 0.75 | 0.58 | 41.00 |
| <br>58.63 | 1.98 <sup>(e)</sup> | 618555 | 0.81 <sup>(f)</sup> | 0.80 <sup>(f)</sup> | (0.31)<sup>(f)</sup> | 33.89 |
| 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 |
| 61.44 | 28.61 | 860120 | 0.83 | 0.83 | (0.05) | 82.46 |
| <br>59.04 | 2.06 <sup>(e)</sup> | 183271 | 0.70 <sup>(f)</sup> | 0.68 <sup>(f)</sup> | (0.19)<sup>(f)</sup> | 33.89 |
| 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 |
| 61.49 | 28.81 | 218962 | 0.68 | 0.68 | 0.09 | 82.46 |

---

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| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 2025 |

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding<br>for the Six-Month Period<br>Ended June 30, 2025<br>(unaudited)** | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized and<br>Unrealized Gain<br>(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 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 June 30, 2025<sup>(h)</sup> | $15.00 | $0.05 | $1.25 | $1.30 | $- | $- | $- |
| **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 June 30, 2025<sup>(h)</sup> | 15.00 | 0.09 | 1.21 | 1.30 |  |  |  |

---

------

---

| | |
|:---|:---|
| Semiannual Financial Statements (Unaudited) • 2025 | ![LOGO](g75673g68i37.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset<br>Value<br>End of<br>Period** | **Total<br>Overall<br>Return** | **Net Assets<br>End of<br>Period<br>(000s)** | **Ratio of<br>Gross<br>Expenses to<br>Average<br>Net Assets** | **Ratio of Net Expenses to<br>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** |
| $16.30 | 8.67 %<sup>(e)</sup> | $2044 | 8.15 %<sup>(f)</sup> | 0.95 %<sup>(f)</sup> | 1.79 %<sup>(f)</sup> | 1.21% |
| 16.30 | 8.67 <sup>(e)</sup> | 10010 | 4.44 <sup>(f)</sup> | 0.70 <sup>(f)</sup> | 3.23 <sup>(f)</sup> | 1.21 |

---

<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.

<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 June 30, 2025.

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

------

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| | |
|:---|:---|
| ![LOGO](g75673g68i37.jpg) | Semiannual Financial Statements (Unaudited) • 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.

------

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 Fund evaluates 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 Fund also utilizes 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.

------

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](g75673g47i41.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](g75673g36o59.jpg)

**<sup>©</sup> 2025 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**

------

#### 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.
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that the Boards of Trustees (the "Board" and the members thereof referred to herein as the "Trustees") of the Parnassus Funds and Parnassus Funds II (formerly, Parnassus Income Funds) (the "Trusts") meet to review and consider the continuance of the investment advisory agreements (the "Investment Advisory Agreements") by and between each of the Trusts, on behalf of the series of each Trust (each, a "Fund") and Parnassus Investments, LLC ("Parnassus Investments" or the "Adviser") and the approval of the investment advisory agreement (the "New Fund Advisory Agreement" and together with the Investment Advisory Agreements, the "Advisory Agreements") by and between Parnassus Funds, on behalf of the Parnassus International Equity Fund (the "New Fund" and, collectively with each other Fund, the "Funds"), and the Adviser. In this regard, the Trustees who are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), met on March 10, 2025 and March 25, 2025 to review and evaluate the continuance of the Investment Advisory Agreements and the approval of the New Fund Advisory Agreement, and all of the Trustees, including the Independent Trustees, met on March 26, 2025 to review and evaluate the continuance of the Investment Advisory Agreements and the approval of the New Fund Advisory Agreement. The Trustees, including the Independent Trustees, were provided with relevant information by the Adviser, as described below, and the Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received assistance and advice, including a written memorandum, regarding the legal standards applicable to the consideration of advisory arrangements and with whom they met separately in executive session on March 10, 2025 and March 25, 2025. In addition, the Trustees considered matters bearing on the management of the Funds and other arrangements at regular meetings throughout the year, including reviews of investment results and performance data at each regular meeting and periodic presentations from the Adviser.

Prior to approving the continuation of the Investment Advisory Agreements and approving the New Fund Advisory Agreement, the Trustees, including the Independent Trustees, considered, where applicable:

• The nature and quality of the investment advisory services provided or to be provided by the Adviser, including the Adviser's organization and operations, financial condition and stability and ownership structure; and the terms of the Advisory Agreements and how the services performed or to be performed by the Adviser under the Advisory Agreements differ from those performed for other funds and accounts.

• A comparison of the current or proposed fees and expenses of the Funds to other similar funds, including a comparison of the Funds' total expenses and the total expense ratios.

• A comparison of the fee structures of other funds and accounts managed by the Adviser.

• Whether economies of scale will be or are recognized by the Funds, and whether advisory fee breakpoints are appropriate.

• The actual or projected costs and profitability of the Funds to the Adviser.

------

• Short-term and long-term investment performance of the Funds, except for the New Fund which had not yet commenced operations and therefore had no investment performance available.

• The other benefits to the Adviser from serving as investment adviser to the Funds (in addition to the advisory fee).

The material considerations and determinations of the Trustees, including all of the Independent Trustees, are as follows:

*Nature and Quality of Investment Advisory Services* 

The Trustees considered the nature of the investment process employed or to be employed by Parnassus Investments, including the interplay of sustainable business factors in the process of selecting investments.

The Trustees considered the experience of senior management; the adequacy of succession plans in place; and the qualifications, tenure, background and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

In considering the nature, extent and quality of the services provided or to be provided by Parnassus Investments, the Trustees reviewed written and oral reports and written responses prepared by Parnassus Investments describing the portfolio management, shareholder communication and servicing, prospective shareholder assistance and regulatory compliance services provided or to be provided by Parnassus Investments to the Funds. With respect to the existing Funds, the Trustees also considered a written report prepared by Broadridge, an independent provider of investment company data, comparing aspects of the portfolio management services provided by Parnassus Investments to similar services provided to a universe of comparable funds (the "Universe"). The Trustees considered the differences and similarities between the funds included in the Universe and the Funds. Based on this review, the Trustees determined that Parnassus Investments will provide or continue to provide high quality services to the Funds, as the existing Funds generally compare favorably to the Universe and have generally performed well.

The Independent Trustees evaluated the ability of Parnassus Investments, based on its financial condition, resources, reputation and other attributes to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Independent Trustees further considered the compliance program of Parnassus Investments, noting that the Trusts have a robust compliance program. In addition, the Independent Trustees took into account the administrative services provided or to be provided to the Funds by Parnassus Investments.

Overall, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory and administrative services to be provided to the New Fund and provided to the Funds by Parnassus Investments, and that the nature and extent of the services to be provided or provided by Parnassus Investments are appropriate.

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*Comparative Fees and Expenses* 

The Trustees considered the current and proposed fee structures of the Funds. They considered the variables, in addition to the advisory fees, that impact costs to the shareholders of the Funds. They reviewed reports comparing the advisory fees paid or to be paid by each Fund and each Fund's expense ratio to that of the applicable peer group and concluded overall that the advisory fee paid or to be paid by each Fund was appropriate and that each Fund's expense ratio was within a reasonable range of its respective peer group.

The Trustees considered the distinction between the services performed by Parnassus Investments for other funds and accounts and those performed or to be performed by Parnassus Investments for the Funds. The Trustees concluded that the services performed or to be performed by Parnassus Investments for the Funds require a different level of service and oversight than the services performed by Parnassus Investments for institutional separate accounts. The Board also considered the differences in portfolio construction and other unique aspects of the Funds as compared to institutional separate accounts managed by Parnassus Investments. The Trustees concluded that the fee rates charged or to be charged to each Fund are reasonable.

*Comparison of Fee Structures of Other Accounts* 

The Trustees considered that the management of the Funds involves more comprehensive and substantive duties than the management of institutional separate accounts. Specifically:

• Parnassus Investments provides tailored investment advisory services to the Funds in order to accommodate the cash flow volatility presented by the purchases and redemptions of shareholders.

• With regard to the Funds, Parnassus Investments attempts to serve the needs of thousands of accounts, ranging from direct accounts holding a few thousand dollars to the large omnibus accounts of intermediaries who in turn service thousands of large and small accounts.

• Parnassus Investments maintains a robust shareholder communication effort for the Funds to reach shareholders through direct contact, through intermediaries, or via the financial press.

• Parnassus Investments coordinates with the Funds' Chief Compliance Officer and other service providers to ensure compliance with regulatory regimens imposed by applicable law and the Internal Revenue Code.

• Separate accounts do not require the same level of services and oversight, nor do they present the same compliance risk.

*Economies of Scale* 

The Trustees noted that the current or proposed investment advisory fee for each Fund contains a number of breakpoints in an effort to reflect economies of scale that might be realized as each such Fund grows. The Independent Trustees also noted that actual or potential economies of scale will be reasonably shared with Fund shareholders through these breakpoints, as well as through any fee waivers and expense reimbursement arrangements applicable to such Funds. The Trustees concluded that the current and proposed fees and breakpoints were appropriate. They also concluded that the Adviser's ongoing and significant investments in the Funds' portfolio management, research, technology and compliance teams result in a sharing of economies of scale that benefits the Funds and their shareholders.

------

*Costs and Profitability* 

The Trustees reviewed a report of the actual and projected costs of services provided or to be provided, and the actual and projected profits realized or to be realized, by Parnassus Investments from its relationship with each Fund and concluded, on a Fund-by-Fund basis, that such profits were or were expected to be reasonable and not excessive, including when compared to profitability guidelines set forth in relevant case law.

*Performance* 

With the exception of the New Fund, which had not commenced operations and therefore had no investment performance available, the Trustees compared the performance of each of the Funds to benchmark indices over various periods of time ended December 31, 2024 and to the Universe of comparable funds as determined by Broadridge. They noted, on a comparative basis, that the Parnassus Value Equity Fund overperformed its benchmark over the 5 and 10 year periods and underperformed its benchmark over the 1 year period; the Parnassus Growth Equity Fund underperformed its benchmark over the 1 year period; and each of the Parnassus Core Equity Fund, the Parnassus Mid Cap Growth Fund and the Parnassus Mid Cap Fund each underperformed their respective benchmark over the 1, 5 and 10 year periods. The Trustees also reviewed how each Fund's performance compared to its comparable funds in the Universe and determined that each Fund's performance has been within a reasonable range of its comparable funds in the Universe.

The Trustees noted that at each quarterly meeting, the Trustees review reports comparing the investment performance of the Funds to various indices. Based on the information provided at the Meeting and the information and quarterly discussions regarding the Funds' investment performance, the Trustees believe that Parnassus Investments manages the Funds in a manner that is materially consistent with their stated investment objective and style. The Trustees concluded that each Fund's investment performance was reasonable.

The Trustees considered that the New Fund is newly formed and as such does not have a record of prior performance. However, based on the Trustees' knowledge of the Adviser and its personnel and the operations of the other Funds, as well as on the New Fund's investment strategies and the Adviser's written and oral presentation, the Trustees concluded, within the context of their full deliberations, that they were satisfied that the Adviser has the capability of providing satisfactory investment performance for the New Fund.

Based on the information provided, the Trustees believe that Parnassus Investments would manage the New Fund in a manner that is materially consistent with its stated investment objective and strategies.

------

*Fall-Out Benefits* 

The Trustees then considered other benefits to Parnassus Investments from serving as adviser to the Funds (in addition to the advisory fee). The Trustees noted that Parnassus Investments derives ancillary benefits from its association with the Funds in the form of proprietary and third-party research products and services received from broker dealers that execute portfolio trades for the Funds. The Trustees determined such products and services have been used for legitimate purposes relating to the Funds by providing assistance in the investment decision-making process. The Trustees concluded that the other benefits realized or to be realized by Parnassus Investments from its relationship with the Funds were reasonable.

*Conclusion* 

After reviewing the 15(c) Materials, management's presentation, as well as other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by Parnassus Investments, the performance of the Funds, expense information, regulatory compliance matters, trading information and related matters and other factors deemed relevant by the Trustees, the Trustees, including all of the Independent Trustees, approved the New Fund Advisory Agreement and the continuance of the Investment Advisory Agreements.

The Trustees noted that all of the factors above were considered by the Board as a whole, and separately by the Independent Trustees meeting in executive sessions. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Board's determination of whether to approve the New Fund Advisory Agreement and the continuance of the Investment Advisory Agreements.

#### 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.

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#### 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 half-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.

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| | |
|:---|:---|
| (a)(1) | Code of Ethics – Not applicable for semi-annual reports. |
| (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.](d75673dex99cert.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). – Filed as an attachment to this filing.](d75673dex99906cert.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.

---

| | |
|:---|:---|
| (Registrant)<br> Parnassus Funds and Parnassus Funds II | (Registrant)<br> Parnassus Funds and Parnassus Funds II |
| By: (Signature and Title) | By: (Signature and Title) |
| /s/ Benjamin E. Allen | /s/ Benjamin E. Allen |
| Benjamin E. Allen | Benjamin E. Allen |
| Title: | President and Principal Executive Officer |
| Date: | August 13, 2025 |

---

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.

---

| | |
|:---|:---|
| By: (Signature and Title) | By: (Signature and Title) |
| /s/ Benjamin E. Allen | /s/ Benjamin E. Allen |
| Benjamin E. Allen | Benjamin E. Allen |
| Title: | President and Principal Executive Officer |
| Date: | August 13, 2025 |
| By: (Signature and Title) | By: (Signature and Title) |
| /s/ Marc C. Mahon | /s/ Marc C. Mahon |
| Marc C. Mahon | Marc C. Mahon |
| Title: | Treasurer and Principal Financial Officer |
| Date: | August 13, 2025 |

---

## 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.

---

| | |
|:---|:---|
| Date: August 13, 2025 | /s/ Benjamin E. Allen |
|  | Benjamin E. Allen |
|  | President and Principal Investment Officer |
| Date: August 13, 2025 | /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 June 30, 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: August 13, 2025 | /s/ Benjamin E. Allen |
|  | Benjamin E. Allen |
|  | President and Principal Investment Officer |
| Date: August 13, 2025 | /s/ Marc C. Mahon |
|  | Marc C. Mahon |
|  | Treasurer and Principal Financial Officer |

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