Exhibit 99-1

CHUBB GROUP OF INSURANCE COMPANIES

15 Mountain View Road

Warren, New Jersey 07059

INVESTMENT COMPANY BLANKET BOND

POLICYHOLDER

DISCLOSURE NOTICE OF

TERRORISM INSURANCE COVERAGE

(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective 

December 26, 2007, this policy makes available to you insurance for losses arising out of 

certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the 

Treasury, in concurrence with the Secretary of State and the Attorney General of the 

United States, to be an act of terrorism; to be a violent act or an act that is dangerous to 

human life, property or infrastructure; to have resulted in damage within the United 

States, or outside the United States in the case of an air carrier or vessel or the premises 

of a United States Mission; and to have been committed by an individual or individuals as 

part of an effort to coerce the civilian population of the United States or to influence the 

policy or affect the conduct of the United States Government by coercion. 

You should know that the insurance provided by your policy for losses caused by acts of 

terrorism is partially reimbursed by the United States under the formula set forth in the 

Act. Under this formula, the United States pays 85% of covered terrorism losses that 

exceed the statutorily established deductible to be paid by the insurance company 

providing the coverage. 

However, if aggregate insured losses attributable to terrorist acts certified under the Act 

exceed $100 billion in a Program Year (January 1 through December 31), the Treasury 

shall not make any payment for any portion of the amount of such losses that exceeds 

$100 billion. 

10-02-1281 (Ed. 1/2003)

If aggregate insured losses attributable to terrorist acts certified under the Act exceed 

$100 billion in a Program Year (January 1 through December 31) and we have met our 

insurer deductible under the Act, we shall not be liable for the payment of any portion of 

the amount of such losses that exceeds $100 billion, and in such case insured losses up 

to that amount are subject to pro rata allocation in accordance with procedures 

established by the Secretary of the Treasury. 

The portion of your policy’s annual premium that is attributable to insurance for such acts 

of terrorism is: $ -0-. 

If you have any questions about this notice, please contact your agent or broker. 

10-02-1281 (Ed. 1/2003)

IMPORTANT NOTICE TO POLICYHOLDERS

                   All of the members of the Chubb Group of Insurance companies doing business in the United 

States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents 

(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on 

US insurance transactions is available under the Producer Compensation link located at the bottom of the 

page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from 

your producer. 

                   Thank you for choosing Chubb. 

10-02-1295 (ed. 6/2007)

IMPORTANT POLICYHOLDER INFORMATION 

Inquiries concerning your policy should be directed to your insurance agent. The name, 

address and telephone number of your agent, if one is involved, is shown on the policy and/or 

in the material accompanying the policy. 

If you require additional information you may contact the California Insurance Department at 

either the following address or phone number: 

                                                                         California Insurance Department 

                                                                         300 South Spring Street 

                                                                         Los Angeles, CA 90012 

                                                                         1-800-927-HELP 

Form 14-02-1495 (Ed. 1/94)

Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy 

Your company is now required to file an electronic copy of your fidelity insurance coverage 

(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to 

rules adopted by the SEC on June 12, 2006. 

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance 

policy as well as instructions on how to submit this proof of fidelity insurance coverage to the 

SEC. You can expect to receive this information from your agent/broker shortly. 

The electronic copy of your policy is provided by Chubb solely as a convenience and does not 

affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. 

The terms and conditions of the policy mailed to you, which are the same as those set forth in 

the electronic copy, constitute the entire agreement between your company and Chubb. 

If you have any questions, please contact your agent or broker. 

Form 14-02-12160 (ed. 7/2006)

			Chubb Group of Insurance Companies				DECLARATIONS
							FINANCIAL INSTITUTION INVESTMENT
			15 Mountain View Road, Warren, New Jersey 07059				COMPANY ASSET PROTECTION BOND
NAME OF ASSURED (including its Subsidiaries):							Bond Number: 82053051
PARNASSUS INVESTMENTS
							FEDERAL INSURANCE COMPANY
1 MARKET STREET SUITE 1600							Incorporated under the laws of Indiana
SAN FRANCISCO, CA 94105							a stock insurance company herein called the COMPANY
							Capital Center, 251 North Illinois, Suite 1100
							Indianapolis, IN 46204-1927
ITEM 1.	BOND PERIOD:			from	12:01 a.m. on	April 15, 2009
				to	12:01 a.m. on	April 15, 2010
ITEM 2.	LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
	If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
	and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any
	loss under INSURING CLAUSE 1. sustained by any Investment Company.
									DEDUCTIBLE
	INSURING CLAUSE						LIMIT OF LIABILITY		AMOUNT
	1	.	Employee				$	2,500,000	$	25,000
	2	.	On Premises				$	2,500,000	$	25,000
	3	.	In Transit				$	2,500,000	$	25,000
	4	.	Forgery or Alteration				$	2,500,000	$	25,000
	5	.	Extended Forgery				$	2,500,000	$	25,000
	6	.	Counterfeit Money				$	2,500,000	$	25,000
	7	.	Threats to Person				$	2,500,000	$	25,000
	8	.	Computer System				$	2,500,000	$	25,000
	9	.	Voice Initiated Funds Transfer Instruction				$	2,500,000	$	25,000
	10	.	Uncollectible Items of Deposit				$	25,000	$	25,000
	11	.	Audit Expense				$	25,000	$	25,000
ITEM 3.	THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
	ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
	1 - 9
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized representative of the Company.

ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98)	Page 1 of 1

	The COMPANY, in consideration of payment of the required premium, and in reliance
	on the APPLICATION and all other statements made and information furnished to the
	COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
	Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
	for:
Insuring Clauses
Employee	1	.	Loss resulting directly from Larceny or Embezzlement committed by any
Employee, alone or in collusion with others.
On Premises	2	.	Loss of Property resulting directly from robbery, burglary, false pretenses,
			common law or statutory larceny, misplacement, mysterious unexplainable
			disappearance, damage, destruction or removal, from the possession, custody or
			control of the ASSURED, while such Property is lodged or deposited at premises
			located anywhere.
In Transit	3	.	Loss of Property resulting directly from common law or statutory larceny,
			misplacement, mysterious unexplainable disappearance, damage or destruction,
			while the Property is in transit anywhere:
			a.	in an armored motor vehicle, including loading and unloading thereof,
			b.	in the custody of a natural person acting as a messenger of the ASSURED,
				or
			c.	in the custody of a Transportation Company and being transported in a
				conveyance other than an armored motor vehicle provided, however, that
				covered Property transported in such manner is limited to the following:
				(1	)	written records,
				(2	)	securities issued in registered form, which are not endorsed or are
restrictively endorsed, or
				(3	)	negotiable instruments not payable to bearer, which are not endorsed
						or are restrictively endorsed.
			Coverage under this INSURING CLAUSE begins immediately on the receipt of
			such Property by the natural person or Transportation Company and ends
			immediately on delivery to the premises of the addressee or to any representative
			of the addressee located anywhere.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 1 of 19

Insuring Clauses
(continued)
Forgery Or Alteration	4	.	Loss resulting directly from:
			a.	Forgery on, or fraudulent material alteration of, any bills of exchange,
				checks, drafts, acceptances, certificates of deposits, promissory notes, due
				bills, money orders, orders upon public treasuries, letters of credit, other
				written promises, orders or directions to pay sums certain in money, or
				receipts for the withdrawal of Property, or
			b.	transferring, paying or delivering any funds or other Property, or establishing
				any credit or giving any value in reliance on any written instructions, advices
				or applications directed to the ASSURED authorizing or acknowledging the
				transfer, payment, delivery or receipt of funds or other Property, which
				instructions, advices or applications fraudulently purport to bear the
				handwritten signature of any customer of the ASSURED, or shareholder or
				subscriber to shares of an Investment Company, or of any financial
				institution or Employee but which instructions, advices or applications either
				bear a Forgery or have been fraudulently materially altered without the
				knowledge and consent of such customer, shareholder, subscriber, financial
				institution or Employee;
			excluding, however, under this INSURING CLAUSE any loss covered under
			INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
			CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
			For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
			signature is treated the same as a handwritten signature.
Extended Forgery	5	.	Loss resulting directly from the ASSURED having, in good faith, and in the
			ordinary course of business, for its own account or the account of others in any
			capacity:
			a.	acquired, accepted or received, accepted or received, sold or delivered, or
				given value, extended credit or assumed liability, in reliance on any original
				Securities, documents or other written instruments which prove to:
				(1)	bear a Forgery or a fraudulently material alteration,
				(2)	have been lost or stolen, or
				(3)	be Counterfeit, or
			b.	guaranteed in writing or witnessed any signatures on any transfer,
				assignment, bill of sale, power of attorney, guarantee, endorsement or other
				obligation upon or in connection with any Securities, documents or other
				written instruments.
			Actual physical possession, and continued actual physical possession if taken as
			collateral, of such Securities, documents or other written instruments by an
			Employee, Custodian, or a Federal or State chartered deposit institution of the
			ASSURED is a condition precedent to the ASSURED having relied on such items.
			Release or return of such collateral is an acknowledgment by the ASSURED that it
			no longer relies on such collateral.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 2 of 19

Insuring Clauses
Extended Forgery			For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)			signature is treated the same as a handwritten signature.
Counterfeit Money	6	.	Loss resulting directly from the receipt by the ASSURED in good faith of any
			Counterfeit money.
Threats To Person	7	.	Loss resulting directly from surrender of Property away from an office of the
			ASSURED as a result of a threat communicated to the ASSURED to do bodily
			harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
			invitee of such Employee, or a resident of the household of such Employee, who
			is, or allegedly is, being held captive provided, however, that prior to the surrender
			of such Property:
			a.	the Employee who receives the threat has made a reasonable effort to
				notify an officer of the ASSURED who is not involved in such threat, and
			b.	the ASSURED has made a reasonable effort to notify the Federal Bureau of
				Investigation and local law enforcement authorities concerning such threat.
			It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
			ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
			ASSURED hereunder, but only with respect to the surrender of money, securities
			and other tangible personal property in which such Employee has a legal or
			equitable interest.
Computer System	8	.	Loss resulting directly from fraudulent:
			a.	entries of data into, or
			b.	changes of data elements or programs within,
			a Computer System, provided the fraudulent entry or change causes:
				(1	)	funds or other property to be transferred, paid or delivered,
				(2	)	an account of the ASSURED or of its customer to be added, deleted,
debited or credited, or
				(3	)	an unauthorized account or a fictitious account to be debited or
						credited.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 3 of 19

Insuring Clauses
(continued)
Voice Initiated Funds	9	.	Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction			to the ASSURED authorizing the transfer of dividends or redemption proceeds of
			Investment Company shares from a Customer's account, provided such Voice
			Initiated Funds Transfer Instruction was:
			a.	received at the ASSURED'S offices by those Employees of the ASSURED
				specifically authorized to receive the Voice Initiated Funds Transfer
				Instruction,
			b.	made by a person purporting to be a Customer, and
			c.	made by said person for the purpose of causing the ASSURED or Customer
				to sustain a loss or making an improper personal financial gain for such
				person or any other person.
			In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
			Funds Transfer Instructions must be received and processed in accordance with
			the Designated Procedures outlined in the APPLICATION furnished to the
			COMPANY.
Uncollectible Items of	10	.	Loss resulting directly from the ASSURED having credited an account of a
Deposit			customer, shareholder or subscriber on the faith of any Items of Deposit which
			prove to be uncollectible, provided that the crediting of such account causes:
			a.	redemptions or withdrawals to be permitted,
			b.	shares to be issued, or
			c.	dividends to be paid,
from an account of an Investment Company.
			In order for coverage to apply under this INSURING CLAUSE, the ASSURED
			must hold Items of Deposit for the minimum number of days stated in the
			APPLICATION before permitting any redemptions or withdrawals, issuing any
			shares or paying any dividends with respect to such Items of Deposit.
			Items of Deposit shall not be deemed uncollectible until the ASSURED'S
			standard collection procedures have failed.
Audit Expense	11	.	Expense incurred by the ASSURED for that part of the cost of audits or
			examinations required by any governmental regulatory authority or self-regulatory
			organization to be conducted by such authority, organization or their appointee by
			reason of the discovery of loss sustained by the ASSURED and covered by this
			Bond.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 4 of 19

General Agreements
Additional Companies	A.	If more than one corporation, or Investment Company, or any combination of
Included As Assured		them is included as the ASSURED herein:
		(1	)	The total liability of the COMPANY under this Bond for loss or losses
				sustained by any one or more or all of them shall not exceed the limit for
				which the COMPANY would be liable under this Bond if all such loss were
				sustained by any one of them.
		(2	)	Only the first named ASSURED shall be deemed to be the sole agent of the
				others for all purposes under this Bond, including but not limited to the giving
				or receiving of any notice or proof required to be given and for the purpose of
				effecting or accepting any amendments to or termination of this Bond. The
				COMPANY shall furnish each Investment Company with a copy of the
				Bond and with any amendment thereto, together with a copy of each formal
				filing of claim by any other named ASSURED and notification of the terms of
				the settlement of each such claim prior to the execution of such settlement.
		(3	)	The COMPANY shall not be responsible for the proper application of any
				payment made hereunder to the first named ASSURED.
		(4	)	Knowledge possessed or discovery made by any partner, director, trustee,
				officer or supervisory employee of any ASSURED shall constitute knowledge
				or discovery by all the ASSUREDS for the purposes of this Bond.
		(5	)	If the first named ASSURED ceases for any reason to be covered under this
				Bond, then the ASSURED next named on the APPLICATION shall thereafter
				be considered as the first named ASSURED for the purposes of this Bond.
Representation Made By	B.	The ASSURED represents that all information it has furnished in the
Assured		APPLICATION for this Bond or otherwise is complete, true and correct. Such
		APPLICATION and other information constitute part of this Bond.
		The ASSURED must promptly notify the COMPANY of any change in any fact or
		circumstance which materially affects the risk assumed by the COMPANY under
		this Bond.
		Any intentional misrepresentation, omission, concealment or incorrect statement of
		a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
		this Bond.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 5 of 19

General Agreements
(continued)
Additional Offices Or	C.	If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,		merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or		another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or		Bond for loss which has:
Liabilities - Notice To		(1	)	occurred or will occur on premises, or
Company
		(2	)	been caused or will be caused by an employee, or
		(3	)	arisen or will arise out of the assets or liabilities,
		of such institution, unless the ASSURED:
		a.		gives the COMPANY written notice of the proposed consolidation, merger or
				purchase or acquisition of assets or liabilities prior to the proposed effective
				date of such action, and
		b.		obtains the written consent of the COMPANY to extend some or all of the
				coverage provided by this Bond to such additional exposure, and
		c.		on obtaining such consent, pays to the COMPANY an additional premium.
Change Of Control -	D.	When the ASSURED learns of a change in control (other than in an Investment
Notice To Company		Company), as set forth in Section 2(a) (9) of the Investment Company Act of
		1940,		the ASSURED shall within sixty (60) days give written notice to the
		COMPANY setting forth:
		(1	)	the names of the transferors and transferees (or the names of the beneficial
				owners if the voting securities are registered in another name),
		(2	)	the total number of voting securities owned by the transferors and the
				transferees (or the beneficial owners), both immediately before and after the
				transfer, and
		(3	)	the total number of outstanding voting securities.
		Failure to give the required notice shall result in termination of coverage for any
		loss involving a transferee, to be effective on the date of such change in control.
Court Costs And	E.	The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees		attorneys' fees incurred and paid by the ASSURED in defense, whether or not
		successful, whether or not fully litigated on the merits and whether or not settled,
		of any claim, suit or legal proceeding with respect to which the ASSURED would
		be entitled to recovery under this Bond. However, with respect to INSURING
		CLAUSE 1., this Section shall only apply in the event that:
		(1	)	an Employee admits to being guilty of Larceny or Embezzlement,
		(2	)	an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 6 of 19

General Agreements
Court Costs And	(3)	in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees		an agreed statement of facts between the COMPANY and the ASSURED,
(continued)		that an Employee would be found guilty of Larceny or Embezzlement if
		such Employee were prosecuted.
	The ASSURED shall promptly give notice to the COMPANY of any such suit or
	legal proceeding and at the request of the COMPANY shall furnish copies of all
	pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
	sole option, elect to conduct the defense of all or part of such legal proceeding.
	The defense by the COMPANY shall be in the name of the ASSURED through
	attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
	information and assistance as required by the COMPANY for such defense.
	If the COMPANY declines to defend the ASSURED, no settlement without the
	prior written consent of the COMPANY nor judgment against the ASSURED shall
	determine the existence, extent or amount of coverage under this Bond.
	If the amount demanded in any such suit or legal proceeding is within the
	DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
	costs and attorney's fees incurred in defending all or part of such suit or legal
	proceeding.
	If the amount demanded in any such suit or legal proceeding is in excess of the
	LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
	INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
	incurred in defending all or part of such suit or legal proceedings is limited to the
	proportion of such court costs and attorney's fees incurred that the LIMIT OF
	LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
	CLAUSE bears to the total of the amount demanded in such suit or legal
	proceeding.
	If the amount demanded is any such suit or legal proceeding is in excess of the
	DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
	2.	of the DECLARATIONS for the applicable INSURING CLAUSE, the
	COMPANY'S liability for court costs and attorney's fees incurred in defending all or
	part of such suit or legal proceedings shall be limited to the proportion of such
	court costs or attorney's fees that the amount demanded that would be payable
	under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
	amount demanded.
	Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
	addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 7 of 19

Conditions And
Limitations
Definitions	1	.	As used in this Bond:
			a.	Computer System means a computer and all input, output, processing,
				storage, off-line media libraries, and communication facilities which are
				connected to the computer and which are under the control and supervision
				of the operating system(s) or application(s) software used by the ASSURED.
			b.	Counterfeit means an imitation of an actual valid original which is intended
				to deceive and be taken as the original.
			c.	Custodian means the institution designated by an Investment Company to
				maintain possession and control of its assets.
			d.	Customer means an individual, corporate, partnership, trust customer,
				shareholder or subscriber of an Investment Company which has a written
				agreement with the ASSURED for Voice Initiated Funds Transfer
				Instruction.
			e.	Employee means:
				(1	)	an officer of the ASSURED,
				(2	)	a natural person while in the regular service of the ASSURED at any of
						the ASSURED'S premises and compensated directly by the ASSURED
						through its payroll system and subject to the United States Internal
						Revenue Service Form W-2 or equivalent income reporting plans of
						other countries, and whom the ASSURED has the right to control and
						direct both as to the result to be accomplished and details and means
						by which such result is accomplished in the performance of such
						service,
				(3	)	a guest student pursuing studies or performing duties in any of the
ASSURED'S premises,
				(4	)	an attorney retained by the ASSURED and an employee of such
						attorney while either is performing legal services for the ASSURED,
				(5	)	a natural person provided by an employment contractor to perform
						employee duties for the ASSURED under the ASSURED'S supervision
						at any of the ASSURED'S premises,
				(6	)	an employee of an institution merged or consolidated with the
						ASSURED prior to the effective date of this Bond,
				(7	)	a director or trustee of the ASSURED, but only while performing acts
						within the scope of the customary and usual duties of any officer or
						other employee of the ASSURED or while acting as a member of any
						committee duly elected or appointed to examine or audit or have
						custody of or access to Property of the ASSURED, or

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 8 of 19

Conditions And
Limitations
Definitions	(8	)	each natural person, partnership or corporation authorized by written
(continued)			agreement with the ASSURED to perform services as electronic data
			processor of checks or other accounting records related to such checks but
			only while such person, partnership or corporation is actually performing
			such services and not:
			a.	creating, preparing, modifying or maintaining the ASSURED'S
				computer software or programs, or
			b.	acting as transfer agent or in any other agency capacity in issuing
				checks, drafts or securities for the ASSURED,
	(9	)	any partner, officer or employee of an investment advisor, an underwriter
			(distributor), a transfer agent or shareholder accounting recordkeeper, or an
			administrator, for an Investment Company while performing acts coming
			within the scope of the customary and usual duties of an officer or employee
			of an Investment Company or acting as a member of any committee duly
			elected or appointed to examine, audit or have custody of or access to
			Property of an Investment Company.
			The term Employee shall not include any partner, officer or employee of a
			transfer agent, shareholder accounting recordkeeper or administrator:
			a.	which is not an "affiliated person" (as defined in Section 2(a) of the
				Investment Company Act of 1940) of an Investment Company or of
				the investment advisor or underwriter (distributor) of such Investment
				Company, or
			b.	which is a "bank" (as defined in Section 2(a) of the Investment
Company Act of 1940).
				This Bond does not afford coverage in favor of the employers of
				persons as set forth in e. (4), (5) and (8) above, and upon payment to
				the ASSURED by the COMPANY resulting directly from Larceny or
				Embezzlement committed by any of the partners, officers or
				employees of such employers, whether acting alone or in collusion with
				others, an assignment of such of the ASSURED'S rights and causes of
				action as it may have against such employers by reason of such acts
				so committed shall, to the extent of such payment, be given by the
				ASSURED to the COMPANY, and the ASSURED shall execute all
				papers necessary to secure to the COMPANY the rights provided for
				herein.
			Each employer of persons as set forth in e.(4), (5) and (8) above and the
			partners, officers and other employees of such employers shall collectively
			be deemed to be one person for all the purposes of this Bond; excepting,
			however, the fifth paragraph of Section 13.
			Independent contractors not specified in e.(4), (5) or (8) above,
			intermediaries, agents, brokers or other representatives of the same general
			character shall not be considered Employees.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 9 of 19

Conditions And
Limitations
Definitions	f.	Forgery means the signing of the name of another natural person with the
(continued)		intent to deceive but does not mean a signature which consists in whole or in
		part of one's own name, with or without authority, in any capacity for any
		purpose.
	g.	Investment Company means any investment company registered under the
		Investment Company Act of 1940 and listed under the NAME OF ASSURED
		on the DECLARATIONS.
	h.	Items of Deposit means one or more checks or drafts drawn upon a
		financial institution in the United States of America.
	i.	Larceny or Embezzlement means larceny or embezzlement as defined in
		Section 37 of the Investment Company Act of 1940.
	j.	Property means money, revenue and other stamps; securities; including any
		note, stock, treasury stock, bond, debenture, evidence of indebtedness,
		certificate of deposit, certificate of interest or participation in any profit-
		sharing agreement, collateral trust certificate, preorganization certificate or
		subscription, transferable share, investment contract, voting trust certificate,
		certificate of deposit for a security, fractional undivided interest in oil, gas, or
		other mineral rights, any interest or instruments commonly known as a
		security under the Investment Company Act of 1940, any other certificate of
		interest or participation in, temporary or interim certificate for, receipt for,
		guarantee of, or warrant or right to subscribe to or purchase any of the
		foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
		orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
		policies, deeds, mortgages on real estate and/or upon chattels and interests
		therein; assignments of such policies, deeds or mortgages; other valuable
		papers, including books of accounts and other records used by the
		ASSURED in the conduct of its business (but excluding all electronic data
		processing records); and, all other instruments similar to or in the nature of
		the foregoing in which the ASSURED acquired an interest at the time of the
		ASSURED'S consolidation or merger with, or purchase of the principal
		assets of, a predecessor or which are held by the ASSURED for any
		purpose or in any capacity and whether so held gratuitously or not and
		whether or not the ASSURED is liable therefor.
	k.	Relative means the spouse of an Employee or partner of the ASSURED
		and any unmarried child supported wholly by, or living in the home of, such
		Employee or partner and being related to them by blood, marriage or legal
		guardianship.
	l.	Securities, documents or other written instruments means original
		(including original counterparts) negotiable or non-negotiable instruments, or
		assignments thereof, which in and of themselves represent an equitable
		interest, ownership, or debt and which are in the ordinary course of business
		transferable by delivery of such instruments with any necessary
		endorsements or assignments.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 10 of 19

Conditions And
Limitations
Definitions			m.	Subsidiary means any organization that, at the inception date of this Bond,
(continued)				is named in the APPLICATION or is created during the BOND PERIOD and
				of which more than fifty percent (50%) of the outstanding securities or voting
				rights representing the present right to vote for election of directors is owned
				or controlled by the ASSURED either directly or through one or more of its
				subsidiaries.
			n.	Transportation Company means any organization which provides its own
				or its leased vehicles for transportation or which provides freight forwarding
				or air express services.
			o.	Voice Initiated Election means any election concerning dividend options
				available to Investment Company shareholders or subscribers which is
				requested by voice over the telephone.
			p.	Voice Initiated Redemption means any redemption of shares issued by an
				Investment Company which is requested by voice over the telephone.
			q.	Voice Initiated Funds Transfer Instruction means any Voice Initiated
				Redemption or Voice Initiated Election.
			For the purposes of these definitions, the singular includes the plural and the
			plural includes the singular, unless otherwise indicated.
General Exclusions -	2	.	This bond does not directly or indirectly cover:
Applicable to All Insuring			a.	loss not reported to the COMPANY in writing within sixty (60) days after
Clauses				termination of this Bond as an entirety;
			b.	loss due to riot or civil commotion outside the United States of America and
				Canada, or any loss due to military, naval or usurped power, war or
				insurrection. This Section 2.b., however, shall not apply to loss which occurs
				in transit in the circumstances recited in INSURING CLAUSE 3., provided
				that when such transit was initiated there was no knowledge on the part of
				any person acting for the ASSURED of such riot, civil commotion, military,
				naval or usurped power, war or insurrection;
			c.	loss resulting from the effects of nuclear fission or fusion or radioactivity;
			d.	loss of potential income including, but not limited to, interest and dividends
				not realized by the ASSURED or by any customer of the ASSURED;
			e.	damages of any type for which the ASSURED is legally liable, except
				compensatory damages, but not multiples thereof, arising from a loss
				covered under this Bond;
			f.	costs, fees and expenses incurred by the ASSURED in establishing the
				existence of or amount of loss under this Bond, except to the extent covered
				under INSURING CLAUSE 11.;
			g.	loss resulting from indirect or consequential loss of any nature;

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 11 of 19

Conditions And
Limitations
General Exclusions -			h.	loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring				or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses				alone or in collusion with others;
(continued)			i.	loss, or that part of any loss, resulting solely from any violation by the
ASSURED or by any Employee:
				(1	)	of any law regulating:
						a.	the issuance, purchase or sale of securities,
						b.	securities transactions on security or commodity exchanges or
							the over the counter market,
						c.	investment companies,
						d.	investment advisors, or
				(2	)	of any rule or regulation made pursuant to any such law; or
			j.	loss of confidential information, material or data;
			k.	loss resulting from voice requests or instructions received over the
				telephone, provided however, this Section 2.k. shall not apply to INSURING
				CLAUSE 7. or 9.
Specific Exclusions -	3	.	This Bond does not directly or indirectly cover:
Applicable To All Insuring			a.	loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring				apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.				directly from misplacement, mysterious unexplainable disappearance, or
damage or destruction of Property;
			b.	loss through the surrender of property away from premises of the ASSURED
				as a result of a threat:
				(1	)	to do bodily harm to any natural person, except loss of Property in
						transit in the custody of any person acting as messenger of the
						ASSURED, provided that when such transit was initiated there was no
						knowledge by the ASSURED of any such threat, and provided further
						that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
				(2	)	to do damage to the premises or Property of the ASSURED;
			c.	loss resulting from payments made or withdrawals from any account
				involving erroneous credits to such account;
			d.	loss involving Items of Deposit which are not finally paid for any reason
				provided however, that this Section 3.d. shall not apply to INSURING
				CLAUSE 10.;
			e.	loss of property while in the mail;

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 12 of 19

Conditions And
Limitations
Specific Exclusions -			f.	loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring				institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring				Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.				apply to loss of Property resulting directly from robbery, burglary,
(continued)				misplacement, mysterious unexplainable disappearance, damage,
				destruction or removal from the possession, custody or control of the
				ASSURED.
			g.	loss of Property while in the custody of a Transportation Company,
				provided however, that this Section 3.g. shall not apply to INSURING
				CLAUSE 3.;
			h.	loss resulting from entries or changes made by a natural person with
				authorized access to a Computer System who acts in good faith on
				instructions, unless such instructions are given to that person by a software
				contractor or its partner, officer, or employee authorized by the ASSURED to
				design, develop, prepare, supply, service, write or implement programs for
				the ASSURED's Computer System; or
			i.	loss resulting directly or indirectly from the input of data into a Computer
				System terminal, either on the premises of the customer of the ASSURED
				or under the control of such a customer, by a customer or other person who
				had authorized access to the customer's authentication mechanism.
Specific Exclusions -	4	.	This bond does not directly or indirectly cover:
Applicable To All Insuring			a.	loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring				loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.				fraud or false pretenses; provided, however, this Section 4.a. shall not apply
				to INSURING CLAUSE 8.;
			b.	loss resulting from forgery or any alteration;
			c.	loss involving a counterfeit provided, however, this Section 4.c. shall not
				apply to INSURING CLAUSE 5. or 6.
Limit Of Liability/Non-	5	.	At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-			the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability			notwithstanding any previous loss for which the COMPANY may have paid or be
			liable to pay under this Bond provided, however, that the liability of the COMPANY
			under this Bond with respect to all loss resulting from:
			a.	any one act of burglary, robbery or hold-up, or attempt thereat, in which no
				Employee is concerned or implicated, or
			b.	any one unintentional or negligent act on the part of any one person
				resulting in damage to or destruction or misplacement of Property, or
			c.	all acts, other than those specified in a. above, of any one person, or

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 13 of 19

Conditions And
Limitations
Limit Of Liability/Non-			d.	any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-			shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability			LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)			the total amount of such loss or losses and shall not be cumulative in amounts
			from year to year or from period to period.
			All acts, as specified in c. above, of any one person which
			i.	directly or indirectly aid in any way wrongful acts of any other person or
				persons, or
			ii.	permit the continuation of wrongful acts of any other person or persons
			whether such acts are committed with or without the knowledge of the wrongful
			acts of the person so aided, and whether such acts are committed with or without
			the intent to aid such other person, shall be deemed to be one loss with the
			wrongful acts of all persons so aided.
Discovery	6	.	This Bond applies only to loss first discovered by an officer of the ASSURED
			during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
			ASSURED being aware of:
			a.	facts which may subsequently result in a loss of a type covered by this Bond,
				or
			b.	an actual or potential claim in which it is alleged that the ASSURED is liable
				to a third party,
			regardless of when the act or acts causing or contributing to such loss occurred,
			even though the amount of loss does not exceed the applicable DEDUCTIBLE
			AMOUNT, or the exact amount or details of loss may not then be known.
Notice To Company -	7	.	a.	The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings				practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company				an amount that is in excess of 50% of the applicable DEDUCTIBLE
				AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
			b.	The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
				with full particulars within six (6) months after such discovery.
			c.	Securities listed in a proof of loss shall be identified by certificate or bond
				numbers, if issued with them.
			d.	Legal proceedings for the recovery of any loss under this Bond shall not be
				brought prior to the expiration of sixty (60) days after the proof of loss is filed
				with the COMPANY or after the expiration of twenty-four (24) months from
				the discovery of such loss.
			e.	This Bond affords coverage only in favor of the ASSURED. No claim, suit,
				action or legal proceedings shall be brought under this Bond by anyone
				other than the ASSURED.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 14 of 19

Conditions And
Limitations
Notice To Company -			f.	Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings				include electronic recordings of such instructions.
Against Company
(continued)
Deductible Amount	8	.	The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
			on account of loss unless the amount of such loss, after deducting the net amount
			of all reimbursement and/or recovery obtained or made by the ASSURED, other
			than from any Bond or policy of insurance issued by an insurance company and
			covering such loss, or by the COMPANY on account thereof prior to payment by
			the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
			ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
			for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
			DECLARATIONS.
			There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
			sustained by any Investment Company.
Valuation	9	.	BOOKS OF ACCOUNT OR OTHER RECORDS
			The value of any loss of Property consisting of books of account or other records
			used by the ASSURED in the conduct of its business shall be the amount paid by
			the ASSURED for blank books, blank pages, or other materials which replace the
			lost books of account or other records, plus the cost of labor paid by the
			ASSURED for the actual transcription or copying of data to reproduce such books
			of account or other records.
			The value of any loss of Property other than books of account or other records
			used by the ASSURED in the conduct of its business, for which a claim is made
			shall be determined by the average market value of such Property on the
			business day immediately preceding discovery of such loss provided, however,
			that the value of any Property replaced by the ASSURED with the consent of the
			COMPANY and prior to the settlement of any claim for such Property shall be the
actual market value at the time of replacement.
			In the case of a loss of interim certificates, warrants, rights or other securities, the
			production of which is necessary to the exercise of subscription, conversion,
			redemption or deposit privileges, the value of them shall be the market value of
			such privileges immediately preceding their expiration if said loss is not discovered
			until after their expiration. If no market price is quoted for such Property or for
			such privileges, the value shall be fixed by agreement between the parties.
			OTHER PROPERTY
			The value of any loss of Property, other than as stated above, shall be the actual
			cash value or the cost of repairing or replacing such Property with Property of
			like quality and value, whichever is less.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 15 of 19

Conditions And
Limitations
(continued)
Securities Settlement	10	.	In the event of a loss of securities covered under this Bond, the COMPANY may,
			at its sole discretion, purchase replacement securities, tender the value of the
			securities in money, or issue its indemnity to effect replacement securities.
			The indemnity required from the ASSURED under the terms of this Section
			against all loss, cost or expense arising from the replacement of securities by the
			COMPANY'S indemnity shall be:
			a.	for securities having a value less than or equal to the applicable
				DEDUCTIBLE AMOUNT - one hundred (100%) percent;
			b.	for securities having a value in excess of the DEDUCTIBLE AMOUNT but
				within the applicable LIMIT OF LIABILITY - the percentage that the
				DEDUCTIBLE AMOUNT bears to the value of the securities;
			c.	for securities having a value greater than the applicable LIMIT OF LIABILITY
				- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
				the applicable LIMIT OF LIABILITY bears to the value of the securities.
			The value referred to in Section 10.a., b., and c. is the value in accordance with
			Section 9, VALUATION, regardless of the value of such securities at the time the
			loss under the COMPANY'S indemnity is sustained.
			The COMPANY is not required to issue its indemnity for any portion of a loss of
			securities which is not covered by this Bond; however, the COMPANY may do so
			as a courtesy to the ASSURED and at its sole discretion.
			The ASSURED shall pay the proportion of the Company's premium charge for the
			Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
			LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
			purchased by the ASSURED to obtain replacement securities.
Subrogation - Assignment - 11.			In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery			all of the ASSURED'S rights of recovery against any person or entity to the extent
			of such payment. On request, the ASSURED shall deliver to the COMPANY an
			assignment of the ASSURED'S rights, title and interest and causes of action
			against any person or entity to the extent of such payment.
			Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
			applied net of the expense of such recovery in the following order:
			a.	first, to the satisfaction of the ASSURED'S loss which would otherwise have
				been paid but for the fact that it is in excess of the applicable LIMIT OF
				LIABILITY,
			b.	second, to the COMPANY in satisfaction of amounts paid in settlement of
				the ASSURED'S claim,
			c.	third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
				AMOUNT, and

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 16 of 19

Conditions And
Limitations
Subrogation - Assignment -			d.	fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery				ASSURED which was not covered under this Bond.
(continued)			Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
			recovery under this section.
Cooperation Of Assured	12	.	At the COMPANY'S request and at reasonable times and places designated by
			the COMPANY, the ASSURED shall:
			a.	submit to examination by the COMPANY and subscribe to the same under
				oath,
			b.	produce for the COMPANY'S examination all pertinent records, and
			c.	cooperate with the COMPANY in all matters pertaining to the loss.
			The ASSURED shall execute all papers and render assistance to secure to the
			COMPANY the rights and causes of action provided for under this Bond. The
			ASSURED shall do nothing after loss to prejudice such rights or causes of action.
Termination	13	.	If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
			shall have been given by the acting party to the affected party and to the
			Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
			days prior to the effective date of such termination.
			If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
			shall have been given by the acting party to the affected party, and by the
			COMPANY to all ASSURED Investment Companies and to the Securities and
			Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
			the effective date of such termination.
			This Bond will terminate as to any one ASSURED, other than an Investment
			Company:
			a.	immediately on the taking over of such ASSURED by a receiver or other
				liquidator or by State or Federal officials, or
			b.	immediately on the filing of a petition under any State or Federal statute
				relative to bankruptcy or reorganization of the ASSURED, or assignment for
				the benefit of creditors of the ASSURED, or
			c.	immediately upon such ASSURED ceasing to exist, whether through merger
				into another entity, disposition of all of its assets or otherwise.
			The COMPANY shall refund the unearned premium computed at short rates in
			accordance with the standard short rate cancellation tables if terminated by the
			ASSURED or pro rata if terminated for any other reason.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 17 of 19

Conditions And
Limitations
Termination			If any partner, director, trustee, or officer or supervisory employee of an
(continued)			ASSURED not acting in collusion with an Employee learns of any dishonest act
			committed by such Employee at any time, whether in the employment of the
			ASSURED or otherwise, whether or not such act is of the type covered under this
			Bond, and whether against the ASSURED or any other person or entity, the
			ASSURED:
			a.	shall immediately remove such Employee from a position that would enable
				such Employee to cause the ASSURED to suffer a loss covered by this
				Bond; and
			b.	within forty-eight (48) hours of learning that an Employee has committed
				any dishonest act, shall notify the COMPANY, of such action and provide full
particulars of such dishonest act.
			The COMPANY may terminate coverage as respects any Employee sixty (60)
			days after written notice is received by each ASSURED Investment Company
			and the Securities and Exchange Commission, Washington, D.C. of its desire to
			terminate this Bond as to such Employee.
Other Insurance	14	.	Coverage under this Bond shall apply only as excess over any valid and collectible
			insurance, indemnity or suretyship obtained by or on behalf of:
			a.	the ASSURED,
			b.	a Transportation Company, or
			c.	another entity on whose premises the loss occurred or which employed the
				person causing the loss or engaged the messenger conveying the Property
				involved.
Conformity	15	.	If any limitation within this Bond is prohibited by any law controlling this Bond's
			construction, such limitation shall be deemed to be amended so as to equal the
			minimum period of limitation provided by such law.
Change or Modification	16	.	This Bond or any instrument amending or affecting this Bond may not be changed
			or modified orally. No change in or modification of this Bond shall be effective
			except when made by written endorsement to this Bond signed by an authorized
			representative of the COMPANY.
			If this Bond is for a sole ASSURED, no change or modification which would
			adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
			days after written notice has been furnished to the Securities and Exchange
			Commission, Washington, D.C., by the acting party.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 18 of 19

Conditions And
Limitations
Change or Modification	If this Bond is for a joint ASSURED, no charge or modification which would
(continued)	adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
	days after written notice has been furnished to all insured Investment Companies
	and to the Securities and Exchange Commission, Washington, D.C., by the
	COMPANY.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 19 of 19

Effective date of
this endorsement: April 15, 2009	FEDERAL INSURANCE COMPANY
	Endorsement No.: 1
	To be attached to and form a part of Bond
	Number:	82053051
Issued to: PARNASSUS INVESTMENTS
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws
or regulations prohibit the coverage provided by this insurance.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

Form 14-02-9228 (Ed. 4/2004)

FEDERAL INSURANCE COMPANY
Endorsement No:	2
Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
Parnassus Fund
Parnassus Mid-Cap Fund
Parnassus Small-Cap Fund
Parnassus Workplace Fund
Parnassus Equity Income Fund
Parnassus Fixed-Income Fund
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond
Form 17-02-0949 (Rev. 1-97)	Page 1

				FEDERAL INSURANCE COMPANY
				Endorsement No. 3
				Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
REVISE ITEM 2. ENDORSEMENT
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and
substituting the following:
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:
If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There
shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any
Investment Company.
			SINGLE LOSS		DEDUCTIBLE
INSURING CLAUSE			LIMIT OF LIABILITY		AMOUNT
1	.	Employee	$	2,500,000	$	25,000
2	.	On Premises	$	2,500,000	$	25,000
3	.	In Transit	$	2,500,000	$	25,000
4	.	Forgery or Alteration	$	2,500,000	$	25,000
5	.	Extended Forgery	$	2,500,000	$	25,000
6	.	Counterfeit Money	$	2,500,000	$	25,000
7	.	Threats to Person	$	2,500,000	$	25,000
8	.	Computer System	$	2,500,000	$	25,000
9	.	Voice Initiated Funds Transfer Instruction	$	2,500,000	$	25,000
10	.	Uncollectible Items of Deposit	$	25,000	$	25,000
11	.	Audit Expense	$	25,000	$	25,000
12. Automated Telephone Transaction Endt			$	2,500,000	$	25,000
13. Stop Payment Order or Refusal to Pay Check Endt			$	25,000	$	0
14. Telefacsimile Instruction Endt			$	2,500,000	$	25,000
15. Unauthorized Signature Endt			$	2,500,000	$	25,000
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

				FEDERAL INSURANCE COMPANY
				Endorsement No.: 4
				Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT
It is agreed that this Bond is amended as follows:
1	.	By adding the following INSURING CLAUSE:
		12. Automated Telephone System Transaction
		Loss resulting directly from the ASSURED having transferred funds on the faith of any
		Automated Phone System (APS) Transaction, where the request for such APS
		Transaction is unauthorized or fraudulent and is made with the intent to deceive. In order for
		coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all
		APS Designated Procedures. A single failure of the ASSURED to maintain and follow a
		particular APS Designated Procedure in a particular APS Transaction will not preclude
		coverage under this INSURING CLAUSE.
2	.	By adding to Section 1., Definitions, the following:
		r. APS Designated Procedures means all of the following procedures:
		(1	)	No APS Transaction shall be executed unless the shareholder or unitholder to whose
				account such an APS Transaction relates has previously elected to APS
				Transactions. (Election in Application)
		(2	)	All APS Transactions shall be logged or otherwise recorded and the records shall be
				retained for at least six (6) months. (Logging)
				Information contained in the records shall be capable of being retrieved and produced
				within a reasonable time after retrieval of specific information is requested, at a success
				rate of no less than 85 percent.
		(3	)	The caller in any request for an APS Transaction, before executing that APS
				Transaction must enter a personal identification number (PIN), social security number
				and account number. (Identity Test)
				If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be
				allowed additional attempts during the same telephone call to enter the PIN. The caller
				may either be instructed to redial a customer service representative or may be
				immediately connected to such a representative. (Limited attempts to Enter PIN)

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 1

			(4	)	A written confirmation of any APS Transaction or change of address shall be mailed to
					the shareholder or unitholder to whose account such transaction relates, at the record
					address, by the end of the insured's next regular processing cycle, but in no event later
					than five (5) business days following such APS Transaction. (Written Confirmation)
			(5	)	Access to the equipment which permits the entity receiving the APS Transaction
					request to process and effect the transaction shall be limited in the following manner:
					(Access to APS Equipment)
		s.	APS Election means any election concerning various account features available to the
			shareholder or unitholder which is made through the Automated Phone System by means of
			information transmitted by an individual caller through use of a Automated Phone System.
			These features include account statements, auto exchange, auto asset builder, automatic
			withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and
			change of address.
		t.	APS Exchange means any exchange of shares or units in a registered account of one fund
			into shares or units in an account with the same tax identification number and same
			ownership-type code of another fund in the same complex pursuant to exchange privileges of
			the two funds, which exchange is requested through the Automated Phone System by
			means of information transmitted by an individual caller through use of an Automated Phone
			System.
		u.	APS Purchase means any purchase of shares or units issued by an Investment Company
			which is requested through an Automated Phone System.
		v.	APS Redemption means any redemption of shares or units issued by an Investment
			Company which it requested through the telephone by means of information transmitted by
			an individual caller through use of a Automated Phone System.
		w.	APS Transaction means any APS Purchase, APS Redemption, APS Election or APS
			Exchange.
		x.	Automated Phone System means an automated system which receives and converts to
			executable instructions transmissions through the Automated Phone System through use of
			a touch-tone keypad or other tone system; and always excluding transmissions from a
			computer system or part thereof.
3	.	By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring
		Clauses Except 1., 4., 5.:
		Section 4.A Specific Exclusion-Applicable to Insuring Clause 12
		This Bond does not directly or indirectly cover under Insuring Clause 12:
		Loss resulting from:
		a.	the redemption of shares or units, where the proceeds of such redemption are made payable
			to other than:
			(1	)	the shares or units of record,
			(2	)	a person designated to receive redemption proceeds, or
			(3	)	a bank account designated to receive redemption proceeds, or
		b.	the redemption of shares or units, where the proceeds of such redemption are paid by check
			mailed to any address, unless such address has either been designated the shareholder or
			unitholder by voice through an Automated Phone System or in writing, at least thirty (30)
			days prior to such redemption, or

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 2

c.	the redemption of shares or units, where shareholder or unitholder	of	the	ASSURED
	designated bank account of record.
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 3

							FEDERAL INSURANCE COMPANY
							Endorsement No.:	5
							Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
It is agreed that this Bond is amended as follows:
1	.		By adding the following INSURING CLAUSE:
		“	13	.	Stop Payment Order or Refusal to Pay Check
					Loss resulting directly from the ASSURED being legally liable to pay compensatory damages
					for:
					a.		complying or failing to comply with notice from any customer of the ASSURED or any
							authorized representative of such customer, to stop payment on any check or draft made or
							drawn upon or against the ASSURED by such customer or by any authorized
							representative of such customer, or
					b.		refusing to pay any check or draft made or drawn upon or against the ASSURED by any
							customer of the ASSURED or by any authorized representative of such customer.”
2	.		By adding the following Specific Exclusion:
			“Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 13
			This Bond does not directly or indirectly cover:
			a.		liability assumed by the ASSURED by agreement under any contract, unless such liability would
					have attached to the ASSURED even in the absence of such agreement,
			b.		loss arising out of:
					(1	)	libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,
							malicious prosecution, assault or battery,
					(2	)	sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of
							any person, or
					(3	)	discrimination.”
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond

Form 17-02-2365 (Ed. 10-00)

					FEDERAL INSURANCE COMPANY
					Endorsement No.: 6
					Bond Number:	82053051
NAME OF ASSURED:					PARNASSUS INVESTMENTS
TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
It is agreed that this Bond is amended as follows:
1	.	By adding the following INSURING CLAUSE:
		14	.	Telefacsimile Instruction
				Loss resulting directly from the ASSURED having transferred, paid or delivered any
				funds or other Property or established any credit, debited any account or given any
				value on the faith of any fraudulent instructions sent by a Customer, financial institution
				or another office of the ASSURED by Telefacsimile directly to the ASSURED authorizing
				or acknowledging the transfer, payment or delivery of funds or Property or the
				establishment of a credit or the debiting of an account or the giving of value by the
				ASSURED where such Telefacsimile instructions:
				a.	bear a valid test key exchanged between the ASSURED and a Customer or
					another financial institution with authority to use such test key for Telefacsimile
					instructions in the ordinary course of business, but which test key has been
					wrongfully obtained by a person who was not authorized to initiate, make,
					validate or authenticate a test key arrangement, and
				b.	fraudulently purport to have been sent by such Customer or financial institution
					when such Telefacsimile instructions were transmitted without the knowledge
					or consent of such Customer or financial institution by a person other than such
					Customer or financial institution and which bear a Forgery of a signature,
					provided that the Telefacsimile instruction was verified by a direct call back to
					an employee of the financial institution, or a person thought by the ASSURED to
					be the Customer, or an employee of another financial institution.
2	.	By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting
		the following:
		d.		Customer means an individual, corporate, partnership, trust customer, shareholder or
				subscriber of an Investment Company which has a written agreement with the ASSURED
				for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction.

ICAP Bond
Form 17-02-2367 (Rev. 10-03)	Page 1

3	.	By adding to Section 1., Definitions, the following:
		y.	Telefacsimile means a system of transmitting written documents by electronic signals
			over telephone lines to equipment maintained by the ASSURED for the purpose of
			reproducing a copy of said document. Telefacsimile does not mean electronic
			communication sent by Telex or similar means of communication, or through an
electronic communication system or through an automated clearing house.
4	.	By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring
		Clause 1. the following:
		j.	loss resulting directly or indirectly from Telefacsimile instructions provided, however, this
			exclusion shall not apply to this INSURING CLAUSE.
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond
Form 17-02-2367 (Rev. 10-03)	Page 2

						FEDERAL INSURANCE COMPANY
						Endorsement No.: 7
						Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1	.	By adding the following INSURING CLAUSE:
		15	.	Unauthorized Signature
				Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
				Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which
				bears the signature or endorsement of one other than a person whose name and signature is on
				file with the ASSURED as a signatory on such account.
				It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
				CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
				on such account.
2	.	By adding to Section 1., Definitions, the following:
		z.		Instruction means a written order to the issuer of an Uncertificated Security requesting that the
				transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
		aa.		Uncertificated Security means a share, participation or other interest in property of or an
				enterprise of the issuer or an obligation of the issuer, which is:
				(1	)	not represented by an instrument and the transfer of which is registered on books
						maintained for that purpose by or on behalf of the issuer, and
				(2	)	of a type commonly dealt in on securities exchanges or markets, and
				(3	)	either one of a class or series or by its terms divisible into a class or series of shares,
						participations, interests or obligations.

ICAP Bond
Form 17-02-5602 (Ed. 10-03)	Page 1

bb.	Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a
	customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the
	amount of funds stated therein.
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond
Form 17-02-5602 (Ed. 10-03)	Page 2

			FEDERAL INSURANCE COMPANY
			Endorsement No.:	8
			Bond Number:	82053051
NAME OF ASSURED: PARNASSUS INVESTMENTS
AMEND DISCOVERY ENDORSEMENT
It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the
following:
6	.	Discovery
		This Bond applies only to loss first discovered by the CEO, CFO or Chairman of the Board of the
		ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the CEO, CFO or
		Chairman of the Board of the ASSURED being aware of:
		a.	facts which may subsequently result in a loss of a type covered by this Bond, or
		b.	an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
		regardless of when the act or acts causing or contributing to such loss occurred, even though the
		amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or
		details of loss may not then be known.
This Endorsement applies to loss discovered after 12:01 a.m. on April 15, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: May 14, 2009

ICAP Bond

Form 17-02-6260 (Ed. 6-04)

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: April 15, 2009	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	9
	To be attached to and
	form a part of Bond No.	82053051
Issued to: PARNASSUS INVESTMENTS
RELIANCE ENDORSEMENT
In consideration of the premium charged, it is agreed that the ICI Investment Company Blanket Bond
Renewal application form signed and dated 3/9/2009, and any attachments and other materials submitted
therewith or incorporated therein, may have terms or phrases that differ in certain respects from the defined
terms set forth in this bond. The use of that application was for the convenience of the persons and entities
seeking coverage under this bond, and no inconsistency between any of the terms or phrases used in such
application and the defined terms set forth in the bond is intended, nor shall it be construed, to vary, alter or
amend any of the terms, conditions and limitations of or endorsements to this bond.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.

17-02-7074 (12/2008)

Page 1