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

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

A graphical representation of Investments made.

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	$69,513,030
# of Portfolio Holdings	40
Portfolio Turnover Rate	25.02%
Advisory Fees Paid	$95,816

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PFGEX2025-JUNE

Parnassus Growth Equity Fund

Ticker - PFPGX

Class - Institutional Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$69,513,030
# of Portfolio Holdings	40
Portfolio Turnover Rate	25.02%
Advisory Fees Paid	$95,816

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PFPGX2025-JUNE

Parnassus Value Equity Fund

Ticker - PARWX

Class - Investor Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$4,548,231,407
# of Portfolio Holdings	45
Portfolio Turnover Rate	19.13%
Advisory Fees Paid	$13,712,435

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PARWX2025-JUNE

Parnassus Value Equity Fund

Ticker - PFPWX

Class - Institutional Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$4,548,231,407
# of Portfolio Holdings	45
Portfolio Turnover Rate	19.13%
Advisory Fees Paid	$13,712,435

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PFPWX2025-JUNE

Parnassus Mid Cap Fund

Ticker - PARMX

Class - Investor Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$2,572,935,557
# of Portfolio Holdings	42
Portfolio Turnover Rate	28.79%
Advisory Fees Paid	$8,867,778

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PARMX2025-JUNE

Parnassus Mid Cap Fund

Ticker - PFPMX

Class - Institutional Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$2,572,935,557
# of Portfolio Holdings	42
Portfolio Turnover Rate	28.79%
Advisory Fees Paid	$8,867,778

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PFPMX2025-JUNE

Parnassus Mid Cap Growth Fund

Ticker - PARNX

Class - Investor Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$801,825,791
# of Portfolio Holdings	46
Portfolio Turnover Rate	33.89%
Advisory Fees Paid	$2,359,647

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PARNX2025-JUNE

Parnassus Mid Cap Growth Fund

Ticker - PFPRX

Class - Institutional Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

¹ Annualized.

Sector Allocation (%)*

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	$801,825,791
# of Portfolio Holdings	46
Portfolio Turnover Rate	33.89%
Advisory Fees Paid	$2,359,647

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PFPRX2025-JUNE

Parnassus International Equity Fund

Ticker - PRBRX

Class - Investor Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Sector Allocation (%)*

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	$12,053,669
# of Portfolio Holdings	49
Portfolio Turnover Rate	1.21%
Advisory Fees Paid	$(56,991)

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 (%)*

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

PRBRX2025-JUNE

Parnassus International Equity Fund

Ticker - PFPEX

Class - Institutional Shares

Semi-Annual Shareholder Report - June 30, 2025

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%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Sector Allocation (%)*

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	$12,053,669
# of Portfolio Holdings	49
Portfolio Turnover Rate	1.21%
Advisory Fees Paid	$(56,991)

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 (%)*

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

Phone: 800-999-3505

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

www.parnassus.com/subscribe

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

Parnassus Funds Semiannual Financial Statements and Other Information

June 30, 2025

Parnassus Core Equity Fund^SM

Investor Shares: PRBLX | Institutional Shares: PRILX

Parnassus Growth Equity Fund^SM

Investor Shares: PFGEX | Institutional Shares: PFPGX

Parnassus Value Equity Fund^SM

Investor Shares: PARWX | Institutional Shares: PFPWX

Parnassus Mid Cap Fund^SM

Investor Shares: PARMX | Institutional Shares: PFPMX

Parnassus Mid Cap Growth Fund^SM

Investor Shares: PARNX | Institutional Shares: PFPRX

Parnassus International Equity Fund^SM

Investor Shares: PRBRX | Institutional Shares: PFPEX

LOGO



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus Core Equity Fund

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



Equities	Shares		Market Value ($)

Banks (2.2%)
Bank of America Corp.		13,044,001		617,242,127



Biotechnology (2.2%)
Vertex Pharmaceuticals Inc. ^q		1,375,555		612,397,086



Capital Markets (6.0%)
Intercontinental Exchange Inc.		5,317,026		975,514,760
S&P Global Inc.		1,375,428		725,249,430


				1,700,764,190



Chemicals (3.8%)
Linde plc		1,576,622		739,719,510
The Sherwin-Williams Co.		988,917		339,554,541


				1,079,274,051



Commercial Services & Supplies (3.6%)
Waste Management Inc.		4,579,744		1,047,937,022



Containers & Packaging (1.6%)
Ball Corp.		8,019,271		449,800,910



Diversified Financial Services (5.0%)
Fiserv Inc. ^q		3,375,065		581,894,957
Mastercard Inc., Class A		1,511,683		849,475,145


				1,431,370,102



Equity Real Estate Investment Trusts (2.8%)
Realty Income Corp.		14,003,125		806,720,031



Food & Staples Retailing (1.3%)
Costco Wholesale Corp.		373,814		370,053,431



Health Care Equipment & Supplies (2.0%)
Stryker Corp.		1,435,087		567,763,470



Hotels, Restaurants & Leisure (1.5%)
Marriott International Inc., Class A		1,572,277		429,561,799



Household Products (1.4%)
The Procter & Gamble Co.		2,570,626		409,552,134



Insurance (3.6%)
Brown & Brown Inc.		5,095,027		564,885,644
Marsh & McLennan Companies Inc.		2,136,280		467,076,259


				1,031,961,903



Interactive Media & Services (4.5%)
Alphabet Inc., Class A		7,352,999		1,295,819,014



Equities	Shares		Market Value ($)

Life Sciences Tools & Services (5.5%)
Danaher Corp.		4,754,621		939,227,832
Thermo Fisher Scientific Inc.		1,585,080		642,686,537


				1,581,914,369



Machinery (4.0%)
Deere & Co.		2,238,226		1,138,115,539



Multiline Retail (6.1%)
Amazon.com Inc. ^q		7,865,539		1,725,620,601



Pharmaceuticals (1.9%)
Eli Lilly & Co.		678,026		528,541,608



Professional Services (2.2%)
Equifax Inc.		1,316,292		341,406,656
Verisk Analytics Inc., Class A		911,942		284,069,933


				625,476,589



Semiconductors & Semiconductor Equipment (13.8%)
Advanced Micro Devices Inc. ^q		2,786,624		395,421,946
Applied Materials Inc.		2,312,676		423,381,595
Broadcom Inc.		3,337,777		920,058,230
KLA Corp.		430,715		385,808,654
NVIDIA Corp.		11,511,602		1,818,718,000


				3,943,388,425



Software (18.2%)
Intuit Inc.		910,162		716,870,896
Microsoft Corp.		3,954,435		1,966,975,513
Oracle Corp.		1,795,800		392,615,754
Salesforce Inc.		1,981,666		540,380,502
ServiceNow Inc. ^q		510,769		525,111,394
Synopsys Inc. ^q		1,096,213		562,006,481
Workday Inc., Class A ^q		2,049,980		491,995,200


				5,195,955,740



Specialty Retail (2.6%)
AutoZone Inc. ^q		202,410		751,392,474



Technology Hardware, Storage & Peripherals (2.1%)
Apple Inc.		2,884,711		591,856,156



Trading Companies & Distributors (1.7%)
Ferguson Enterprises Inc.		2,209,612		481,143,013



Total investment in equities (99.6%) (cost $19,946,720,558)				28,413,621,784



Semiannual Financial Statements (Unaudited) • 2025

Parnassus Core Equity Fund

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



Short-Term Securities	Interest Rate			Maturity Date		Principal Amount ($)		Market Value ($)

Time Deposits (0.6%)
Citibank, New York		3.68	%		07/01/2025		140,721,014		140,721,014
SEB, Stockholm		3.68	%		07/01/2025		26,669,220		26,669,220


									167,390,234



Total short-term securities (0.6%) (cost $167,390,234)									167,390,234



Total securities (100.2%) (cost $20,114,110,792)									28,581,012,018



Other assets and liabilities (-0.2%)									(46,597,780	)



Total net assets (100.0%)									28,534,414,238


q This security is non-income producing.

plc Public Limited Company



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus Growth Equity Fund

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



Equities	Shares		Market Value ($)

Biotechnology (4.6%)
Insmed Inc. ^q		7,295		734,169
Natera Inc. ^q		7,678		1,297,121
Vertex Pharmaceuticals Inc. ^q		2,573		1,145,500


				3,176,790



Capital Markets (3.7%)
Ares Management Corp., Class A		7,573		1,311,644
S&P Global Inc.		2,407		1,269,187


				2,580,831



Chemicals (2.2%)
Linde plc		1,954		916,778
The Sherwin-Williams Co.		1,794		615,988


				1,532,766



Diversified Financial Services (4.0%)
Visa Inc., Class A		7,781		2,762,644



Electrical Equipment (1.8%)
GE Vernova Inc.		2,424		1,282,660



Entertainment (2.3%)
Netflix Inc. ^q		1,196		1,601,599



Food & Staples Retailing (1.7%)
Costco Wholesale Corp.		1,188		1,176,049



Health Care Equipment & Supplies (4.2%)
Boston Scientific Corp. ^q		14,705		1,579,464
Intuitive Surgical Inc. ^q		2,497		1,356,895


				2,936,359



Hotels, Restaurants & Leisure (3.4%)
Chipotle Mexican Grill Inc., Class A ^q		17,930		1,006,769
DoorDash Inc., Class A ^q		5,547		1,367,391


				2,374,160



Insurance (1.9%)
Brown & Brown Inc.		11,896		1,318,909



Interactive Media & Services (5.0%)
Alphabet Inc., Class A		19,702		3,472,083



IT Services (1.4%)
Cloudflare Inc., Class A ^q		4,854		950,559



Life Sciences Tools & Services (1.1%)
Thermo Fisher Scientific Inc.		1,940		786,592



Machinery (1.7%)
Deere & Co.		2,278		1,158,340



Equities	Shares		Market Value ($)

Multiline Retail (6.9%)
Amazon.com Inc. ^q		15,164		3,326,830
MercadoLibre Inc. ^q		551		1,440,110


				4,766,940



Pharmaceuticals (2.6%)
Eli Lilly & Co.		2,335		1,820,203



Semiconductors & Semiconductor Equipment (22.5%)
Advanced Micro Devices Inc. ^q		8,291		1,176,493
Applied Materials Inc.		7,326		1,341,171
ASML Holding NV		1,288		1,032,190
Broadcom Inc.		12,765		3,518,672
NVIDIA Corp.		43,200		6,825,168
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,884		1,785,647


				15,679,341



Software (23.3%)
Appfolio Inc., Class A ^q		6,307		1,452,376
Atlassian Corp., Class A ^q		3,357		681,773
Datadog Inc., Class A ^q		4,941		663,725
Intuit Inc.		2,313		1,821,788
Microsoft Corp.		13,517		6,723,491
PTC Inc. ^q		7,075		1,219,305
Salesforce Inc.		5,011		1,366,450
Synopsys Inc. ^q		1,839		942,819
Workday Inc., Class A ^q		5,557		1,333,680


				16,205,407



Technology Hardware, Storage & Peripherals (3.4%)
Apple Inc.		11,516		2,362,738



Trading Companies & Distributors (1.8%)
Ferguson Enterprises Inc.		5,620		1,223,755



Total investment in equities (99.5%) (cost $53,488,409)				69,168,725



Semiannual Financial Statements (Unaudited) • 2025

Parnassus Growth Equity Fund

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

Short-Term Securities

Interest
Rate

Maturity
Date

Principal
Amount ($)

Market
Value ($)

Time Deposits (0.6%)

ANZ, London

3.68

07/01/2025

421,714

Total short-term securities (0.6%)
(cost $421,714)

421,714

Total securities (100.1%)
(cost $53,910,123)

69,590,439

Other assets and liabilities (-0.1%)

(77,409

)

Total net assets (100.0%)

69,513,030

q This security is non-income producing.

plc Public Limited Company

NV Naamloze Vennootschap

ADR American Depositary Receipt



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus Value Equity Fund

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



Equities	Shares		Market Value ($)

Air Freight & Logistics (1.9%)
FedEx Corp.		384,194		87,331,138



Banks (8.5%)
Bank of America Corp.		3,229,051		152,798,693
Citigroup Inc.		1,021,369		86,938,929
JPMorgan Chase & Co.		518,049		150,187,586


				389,925,208



Biotechnology (1.2%)
Regeneron Pharmaceuticals Inc.		101,084		53,069,100



Capital Markets (11.2%)
CME Group Inc., Class A		314,138		86,582,716
S&P Global Inc.		319,781		168,617,324
The Bank of New York Mellon Corp.		1,460,234		133,041,920
The Charles Schwab Corp.		1,303,272		118,910,537


				507,152,497



Chemicals (1.8%)
Linde plc		172,806		81,077,119



Containers & Packaging (2.3%)
Ball Corp.		1,839,016		103,150,407



Diversified Financial Services (5.1%)
Mastercard Inc., Class A		253,594		142,504,612
Visa Inc., Class A		256,686		91,136,364


				233,640,976



Diversified Telecommunication Services (2.7%)
Verizon Communications Inc.		2,798,241		121,079,888



Equity Real Estate Investment Trusts (3.3%)
CBRE Group Inc., Class A ^q		1,077,618		150,995,834



Food & Staples Retailing (3.6%)
Sysco Corp.		1,561,290		118,252,105
Walmart Inc.		466,056		45,570,956


				163,823,061



Health Care Providers & Services (3.5%)
The Cigna Group		285,917		94,518,442
UnitedHealth Group Inc.		207,960		64,877,281


				159,395,723



Hotels, Restaurants & Leisure (2.0%)
Airbnb Inc., Class A ^q		697,804		92,347,381



Household Durables (2.5%)
D.R. Horton Inc.		886,570		114,296,604



Independent Power & Renewable Electricity Producers (2.2%)
Brookfield Renewable Corp.		3,029,290		99,300,126



Equities	Shares		Market Value ($)

Insurance (4.6%)
The Progressive Corp.		392,685		104,791,919
Willis Towers Watson plc		340,315		104,306,548


				209,098,467



Interactive Media & Services (2.7%)
Alphabet Inc., Class A		700,500		123,449,115



Life Sciences Tools & Services (5.1%)
Bio-Rad Laboratories Inc., Class A ^q		316,361		76,344,237
Danaher Corp.		392,218		77,478,744
Thermo Fisher Scientific Inc.		192,274		77,959,416


				231,782,397



Machinery (6.2%)
Cummins Inc.		341,308		111,778,370
Deere & Co.		333,911		169,790,404


				281,568,774



Media (1.6%)
Comcast Corp., Class A		1,983,592		70,794,398



Multiline Retail (2.5%)
Amazon.com Inc. ^q		520,918		114,284,200



Pharmaceuticals (3.5%)
AstraZeneca plc, ADR		1,279,561		89,415,723
Novo Nordisk, ADR		1,011,546		69,816,905


				159,232,628



Road & Rail (2.4%)
Union Pacific Corp.		482,963		111,120,127



Semiconductors & Semiconductor Equipment (10.2%)
Advanced Micro Devices Inc. ^q		510,214		72,399,367
Applied Materials Inc.		438,001		80,184,843
Broadcom Inc.		372,260		102,613,469
Intel Corp.		1,956,351		43,822,262
Micron Technology Inc.		534,277		65,849,640
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		445,843		100,978,981


				465,848,562



Software (7.6%)
Microsoft Corp.		295,492		146,980,676
NICE Ltd., ADR ^q		464,927		78,530,820
Oracle Corp.		546,685		119,521,742


				345,033,238



Technology Hardware, Storage & Peripherals (1.5%)
Western Digital Corp.		1,034,771		66,214,996



Total investment in equities (99.7%) (cost $3,520,690,998)				4,535,011,964



Semiannual Financial Statements (Unaudited) • 2025

Parnassus Value Equity Fund

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

Short-Term Securities

Interest
Rate

Maturity
Date

Principal
Amount ($)

Market
Value ($)

Time Deposits (0.8%)

Citibank, New York

3.68

07/01/2025

35,034,763

Total short-term securities (0.8%)
(cost $35,034,763)

35,034,763

Total securities (100.5%)
(cost $3,555,725,761)

4,570,046,727

Other assets and liabilities (-0.5%)

(21,815,320

)

Total net assets (100.0%)

4,548,231,407

q This security is non-income producing.

plc Public Limited Company

ADR American Depositary Receipt



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus Mid Cap Fund

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



Equities	Shares		Market Value ($)

Banks (2.5%)
Truist Financial Corp.		1,476,432		63,471,812



Capital Markets (9.1%)
Ares Management Corp., Class A		305,324		52,882,117
Cboe Global Markets Inc.		356,111		83,048,646
The Bank of New York Mellon Corp.		1,087,187		99,053,608


				234,984,371



Commercial Services & Supplies (5.1%)
Copart Inc. ^q		881,799		43,269,877
Republic Services Inc., Class A		352,433		86,913,502


				130,183,379



Construction Materials (2.0%)
Vulcan Materials Co.		197,796		51,589,153



Distributors (1.6%)
Pool Corp.		141,418		41,220,519



Diversified Financial Services (3.9%)
Fidelity National Information Services		1,234,774		100,522,951



Electrical Equipment (2.6%)
Hubbell Inc., Class B		163,487		66,769,726



Equity Real Estate Investment Trusts (7.3%)
CBRE Group Inc., Class A ^q		709,668		99,438,680
CoStar Group Inc. ^q		424,315		34,114,926
Realty Income Corp.		928,600		53,496,646


				187,050,252



Food & Staples Retailing (2.7%)
US Foods Holding Corp. ^q		910,863		70,145,560



Health Care Equipment & Supplies (2.8%)
Alcon AG		808,108		71,339,774



Hotels, Restaurants & Leisure (2.0%)
Hilton Worldwide Holdings Inc.		187,936		50,054,874



Household Durables (2.0%)
D.R. Horton Inc.		403,471		52,015,481



Independent Power & Renewable Electricity Producers (2.8%)
Brookfield Renewable Corp.		2,223,962		72,901,474



Insurance (7.1%)
Brown & Brown Inc.		644,224		71,425,115
The Allstate Corp.		227,045		45,706,429
W R Berkley Corp.		894,317		65,705,470


				182,837,014



Equities	Shares		Market Value ($)

Life Sciences Tools & Services (3.7%)
Agilent Technologies Inc.		524,333		61,876,537
IQVIA Holdings Inc. ^q		207,331		32,673,292


				94,549,829



Machinery (4.3%)
Pentair plc		443,547		45,534,535
Xylem Inc.		501,727		64,903,405


				110,437,940



Media (1.2%)
The Trade Desk Inc., Class A ^q		413,962		29,801,124



Professional Services (6.3%)
Broadridge Financial Solutions Inc.		306,178		74,410,439
TransUnion		1,006,054		88,532,752


				162,943,191



Road & Rail (4.5%)
J.B. Hunt Transport Services Inc.		510,743		73,342,695
Old Dominion Freight Line Inc.		258,012		41,875,348


				115,218,043



Semiconductors & Semiconductor Equipment (6.1%)
KLA Corp.		96,725		86,640,451
Lam Research Corp.		728,028		70,866,246


				157,506,697



Software (12.5%)
Atlassian Corp., Class A ^q		227,241		46,150,375
Autodesk Inc. ^q		249,208		77,147,321
Guidewire Software Inc. ^q		127,536		30,028,351
Roper Technologies Inc.		97,083		55,030,528
Synopsys Inc. ^q		113,159		58,014,356
Workday Inc., Class A ^q		234,918		56,380,320


				322,751,251



Specialty Retail (2.0%)
O’Reilly Automotive Inc. ^q		583,470		52,588,151



Technology Hardware, Storage & Peripherals (2.1%)
Sandisk Corp. ^q		631,458		28,636,620
Western Digital Corp.		402,850		25,778,372


				54,414,992



Trading Companies & Distributors (3.2%)
Ferguson Enterprises Inc.		378,558		82,431,004



Total investment in equities (99.4%) (cost $2,024,753,756)				2,557,728,562



Semiannual Financial Statements (Unaudited) • 2025

Parnassus Mid Cap Fund

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

Short-Term Securities

Interest
Rate

Maturity
Date

Principal
Amount ($)

Market
Value ($)

Time Deposits (0.7%)

JPMorgan Chase, New York

3.68

07/01/2025

18,075,990

Total short-term securities (0.7%)
(cost $18,075,990)

18,075,990

Total securities (100.1%)
(cost $2,042,829,746)

2,575,804,552

Other assets and liabilities (-0.1%)

(2,868,995

)

Total net assets (100.0%)

2,572,935,557

q This security is non-income producing.

AG Aktiengesellschaft

plc Public Limited Company



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus Mid Cap Growth Fund

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



Equities	Shares		Market Value ($)

Aerospace & Defense (2.0%)
StandardAero Inc.^q		515,929		16,329,153



Biotechnology (2.8%)
Alnylam Pharmaceuticals Inc.^q		37,412		12,199,679
Natera Inc.^q		61,303		10,356,529


				22,556,208



Building Products (4.2%)
Builders FirstSource Inc.^q		127,693		14,900,496
Trane Technologies plc		42,208		18,462,201


				33,362,697



Capital Markets (7.8%)
Ares Management Corp., Class A		108,774		18,839,657
Morningstar Inc.		42,955		13,484,863
MSCI Inc., Class A		21,982		12,677,899
Robinhood Markets Inc., Class A^q		187,827		17,586,242


				62,588,661



Chemicals (1.5%)
The Sherwin-Williams Co.		35,642		12,238,037



Distributors (2.1%)
Pool Corp.		56,293		16,408,284



Diversified Financial Services (1.0%)
Block Inc., Class A^q		121,910		8,281,346



Electrical Equipment (2.5%)
Rockwell Automation Inc.		60,824		20,203,908



Equity Real Estate Investment Trusts (2.3%)
CoStar Group Inc.^q		231,083		18,579,073



Health Care Equipment & Supplies (3.4%)
Alcon AG		108,693		9,595,418
IDEXX Laboratories Inc.^q		33,237		17,826,333


				27,421,751



Hotels, Restaurants & Leisure (9.0%)
Chipotle Mexican Grill Inc., Class A^q		365,651		20,531,304
Hilton Worldwide Holdings Inc.		123,306		32,841,320
Royal Caribbean Cruises Ltd.		60,358		18,900,504


				72,273,128



Household Durables (1.0%)
SharkNinja Inc.^q		84,343		8,349,113



IT Services (3.1%)
Cloudflare Inc., Class A^q		125,290		24,535,541



Equities	Shares		Market Value ($)

Life Sciences Tools & Services (7.0%)
Agilent Technologies Inc.		149,715		17,667,867
ICON plc^q		52,773		7,675,833
Mettler-Toledo International Inc.^q		13,685		16,076,043
West Pharmaceutical Services Inc.		69,248		15,151,462


				56,571,205



Media (2.1%)
The Trade Desk Inc., Class A^q		233,389		16,801,674



Multiline Retail (3.1%)
MercadoLibre Inc.^q		9,400		24,568,122



Professional Services (7.3%)
Broadridge Financial Solutions Inc.		86,620		21,051,259
Equifax Inc.		142,982		37,085,241


				58,136,500



Road & Rail (6.0%)
J.B. Hunt Transport Services Inc.		152,347		21,877,029
Old Dominion Freight Line Inc.		160,240		26,006,952


				47,883,981



Semiconductors & Semiconductor Equipment (7.7%)
KLA Corp.		22,740		20,369,128
Monolithic Power Systems Inc.		27,712		20,268,002
Teradyne Inc.		232,935		20,945,515


				61,582,645



Software (20.1%)
AppLovin Corp., Class A^q		22,845		7,997,578
Atlassian Corp., Class A^q		73,226		14,871,468
Autodesk Inc.^q		65,494		20,274,978
BILL Holdings Inc.^q		310,646		14,370,484
Cadence Design Systems Inc.^q		51,321		15,814,566
Datadog Inc., Class A^q		177,201		23,803,410
Guidewire Software Inc.^q		103,655		24,405,570
Procore Technologies Inc.^q		142,822		9,771,881
PTC Inc.^q		102,461		17,658,129
Workday Inc., Class A^q		50,193		12,046,320


				161,014,384



Specialty Retail (1.2%)
O’Reilly Automotive Inc.^q		105,943		9,548,643



Technology Hardware, Storage & Peripherals (2.2%)
Sandisk Corp.^q		387,703		17,582,331



Total investment in equities (99.4%) (cost $632,288,927)				796,816,385



Semiannual Financial Statements (Unaudited) • 2025

Parnassus Mid Cap Growth Fund

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



Short-Term Securities	Interest Rate			Maturity Date		Principal Amount ($)		Market Value ($)

Time Deposits (3.0%)
Citibank, New York		3.68	%		07/01/2025		24,044,697		24,044,697



Total short-term securities (3.0%) (cost $24,044,697)									24,044,697



Total securities (102.4%) (cost $656,333,624)									820,861,082



Other assets and liabilities (-2.4%)									(19,035,291	)



Total net assets (100.0%)									801,825,791


q This security is non-income producing.

plc Public Limited Company
AG Aktiengesellschaft



				Semiannual Financial Statements (Unaudited) • 2025

Parnassus International Equity Fund

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



Equities	Shares		Market Value ($)

Belgium (1.0%)
UCB SA		619		121,793



Canada (5.8%)
Brookfield Corp.		4,155		257,157
Constellation Software Inc.		62		227,339
Waste Connections Inc.		1,130		210,994


				695,490



China (3.5%)
BYD Co. Ltd., Class H		12,985		202,177
Full Truck Alliance Co. Ltd., Sponsored ADR		19,214		226,917


				429,094



Denmark (2.0%)
DSV A/S		989		237,216



France (6.2%)
Compagnie de Saint-Gobain SA		2,014		236,595
Danone SA		3,868		316,493
Sanofi SA, ADR		4,189		202,371


				755,459



Germany (18.7%)
Deutsche Boerse AG		708		231,296
Deutsche Telekom AG		9,349		342,207
Fresenius Medical Care AG		5,489		315,371
Infineon Technologies AG		3,320		141,671
Muenchener Rueckversicherungs-Gesellschaft AG		487		316,226
SAP SE, ADR		1,113		338,463
Siemens AG		958		246,070
Siemens Energy AG^q		2,778		324,695


				2,255,999



Ireland (2.7%)
CRH plc		2,370		217,566
ICON plc^q		766		111,415


				328,981



Italy (2.1%)
UniCredit SpA		3,681		246,934



Japan (9.6%)
Komatsu Ltd.		7,641		252,104
NEC Corp.		14,571		425,110
Nintendo Co. Ltd.		2,756		264,658
Sony Group Corp.		8,358		217,311


				1,159,183



Equities	Shares		Market Value ($)

Netherlands (5.1%)
Adyen NV ^q,l		71		130,394
AerCap Holdings NV		2,118		247,806
ASML Holding NV		168		134,625
Koninklijke Philips NV		4,378		105,126


				617,951



Singapore (5.4%)
DBS Group Holdings Ltd.		6,852		241,890
Sea Ltd., ADR^q		2,569		410,886


				652,776



Spain (2.1%)
CaixaBank SA		28,457		246,574



Sweden (2.6%)
Spotify Technology SA^q		405		310,773



Switzerland (0.9%)
Roche Holding AG		338		110,330



Taiwan (2.6%)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,374		311,197



United Kingdom (21.0%)
3i Group plc		5,907		334,290
AstraZeneca plc, ADR		3,084		215,510
CNH Industrial NV		18,511		239,903
Haleon plc		43,789		225,059
Linde plc		487		228,491
London Stock Exchange Group plc		1,439		210,450
RELX plc, Sponsored ADR		5,207		282,948
Tesco plc		45,103		248,676
Unilever plc		3,497		213,409
Willis Towers Watson plc		1,099		336,843


				2,535,579



United States (5.1%)
Arch Capital Group Ltd.		2,317		210,963
Booking Holdings Inc.		45		260,516
Ferguson Enterprises Inc.		639		139,142


				610,621



Uruguay (2.1%)
MercadoLibre Inc.^q		96		250,908



Total investment in equities (98.5%) (cost $11,111,443)				11,876,858



Semiannual Financial Statements (Unaudited) • 2025

Parnassus International Equity Fund

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



Short-Term Securities	Interest Rate			Maturity Date		Principal Amount			Market Value ($)

Time Deposits (1.4%)
Brown Brothers Harriman, New York		0.46	%		07/01/2025		SGD 0	^ß		0	^ß
Brown Brothers Harriman, New York		0.67	%		07/01/2025		DKK 0	^ß		0	^ß
Citibank, London		0.86	%		07/01/2025		EUR 4			5
Citibank, London		3.17	%		07/01/2025		GBP 3,368			4,623
JPMorgan Chase, New York		3.68	%		07/01/2025		$ 164,373			164,373


										169,001



Total short-term securities (1.4%) (cost $169,001)										169,001



Total securities (99.9%) (cost $11,280,444)										12,045,859



Other assets and liabilities (0.1%)										7,810



Total net assets (100.0%)										12,053,669


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



				Semiannual Financial Statements (Unaudited) • 2025

Statement of Assets and Liabilities

June 30, 2025 (unaudited)



	Parnassus Core Equity Fund		Parnassus Growth Equity Fund		Parnassus Value Equity Fund

Assets

Investments in stocks and exchange-traded funds at market 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)	$	28,413,621,784	$	69,168,725	$	4,535,011,964

Investments in short-term securities

(at cost which approximates market value)		167,390,234		421,714		35,034,763

Receivables

Dividends and interest		16,826,445		16,169		2,828,819

Capital shares sold		15,279,960		3,251		1,329,889

Due from Parnassus Investments		-		-		-

Offering Costs		-		-		-

Other assets		158,404		19,038		53,750

Total assets	$	28,613,276,827	$	69,628,897	$	4,574,259,185

Liabilities

Payable for investment securities purchased		-		-		-

Capital shares redeemed		59,030,707		62,254		22,430,120

Fees payable to Parnassus Investments		14,517,500		19,540		2,630,520

Offering Costs		-		-		-

Distributions payable		981,539		-		-

Accounts payable and accrued expenses		4,332,843		34,073		967,138

Total liabilities	$	78,862,589	$	115,867	$	26,027,778

Net assets	$	28,534,414,238	$	69,513,030	$	4,548,231,407

Net assets consist of

Capital paid-in		16,944,677,249		49,752,863		3,222,187,033

Total Distributable Earnings		11,589,736,989		19,760,167		1,326,044,374

Total net assets	$	28,534,414,238	$	69,513,030	$	4,548,231,407

Net asset value and offering per share

Net assets Investor Shares	$	13,055,927,735	$	25,476,627	$	2,936,653,815

Net assets Institutional Shares	$	15,478,486,503	$	44,036,403	$	1,611,577,592

Shares outstanding Investor Shares		204,741,837		910,927		53,263,046

Shares outstanding Institutional Shares		241,994,605		1,568,727		29,116,273

Net asset values and redemption price per share

(Net asset value divided by shares outstanding)

Investor Shares	$	63.77	$	27.97	$	55.13

Institutional Shares	$	63.96	$	28.07	$	55.35



Semiannual Financial Statements (Unaudited) • 2025



Parnassus Mid Cap Fund		Parnassus Mid Cap Growth Fund		Parnassus International Equity Fund



$	2,557,728,562	$	796,816,385	$	11,876,858

	18,075,990		24,044,697		169,001



	1,546,263		146,888		12,079

	1,353,746		115,303		9,126

	-		-		22,291

	-		-		135,946

	25,225		9,233		-

$	2,578,729,786	$	821,132,506	$	12,225,301



	-		18,435,216		7

	3,258,940		129,462		-

	1,693,105		463,763		-

	-		-		135,946

	-		-		-

	842,184		278,274		35,679

$	5,794,229	$	19,306,715	$	171,632

$	2,572,935,557	$	801,825,791	$	12,053,669



	1,776,901,430		507,946,111		11,243,751

	796,034,127		293,879,680		809,918

$	2,572,935,557	$	801,825,791	$	12,053,669



$	1,176,863,252	$	618,554,978	$	2,043,617

$	1,396,072,305	$	183,270,813	$	10,010,052

	29,745,896		10,549,922		125,394

	35,079,456		3,104,326		613,950





$	39.56	$	58.63	$	16.30

$	39.80	$	59.04	$	16.30



				Semiannual Financial Statements (Unaudited) • 2025

Statement of Operations

Period Ended June 30, 2025 (unaudited)



	Parnassus Core Equity Fund			Parnassus Growth Equity Fund			Parnassus Value Equity Fund

Investment income

Dividends – Unaffiliated	$	133,982,661		$	156,038		$	43,042,453

Interest		3,622,932			5,852			549,856

Securities lending		–			–			33,773

Other income		–			–			34

Foreign withholding tax		–			(1,963	)		(608,714	)

Total investment income	$	137,605,593		$	159,927		$	43,017,402

Expenses

Investment advisory fees		78,379,388			226,646			15,103,353

Transfer agent fees

Investor Shares		80,093			17,278			60,525

Institutional Shares		42,695			15,338			30,946

Fund administration		4,303,641			9,786			710,617

Service provider fees		14,249,306			18,326			3,216,228

Reports to shareholders		419,761			2,206			104,526

Registration fees and expenses		140,432			26,202			64,800

Custody fees		301,369			3,937			89,672

Overdraft charges		–			134			–

Professional fees		234,897			23,193			58,788

Trustee fees and expenses		506,387			1,092			84,509

Proxy voting fees		1,980			1,980			1,980

Pricing service fees		3,743			3,743			3,743

Amortization of Offering Costs		-			-			-

Other expenses		137,813			2,463			27,788

Total expenses	$	98,801,505		$	352,324		$	19,557,475

Fees waived and expenses reimbursed by Parnassus Investments		(1,730,826	)		(130,830	)		(1,390,918	)

Net expenses	$	97,070,679		$	221,494		$	18,166,557

Net investment income (loss)	$	40,534,914		$	(61,567	)	$	24,850,845

Realized and unrealized gain (loss) on investments

Net realized gain from securities transactions – Unaffiliated		1,549,604,395			3,391,675			195,632,269

Net realized (loss) from foreign currency transactions		–			–			–

Net change in unrealized appreciation (depreciation) of securities – Unaffiliated		140,403,495			2,218,907			(3,588,602	)

Net change in unrealized appreciation of securities – Affiliated		211,865,243			–			6,336,523

Net change in unrealized appreciation of securities – Foreign currency transactions		–			–			–

Net realized and unrealized gain on securities	$	1,901,873,133		$	5,610,582		$	198,380,190

Net increase in net assets resulting from operations	$	1,942,408,047		$	5,549,015		$	223,231,035

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



Semiannual Financial Statements (Unaudited) • 2025



Parnassus Mid Cap Fund			Parnassus Mid Cap Growth Fund			Parnassus International Equity Fund*



$	16,206,625		$	1,788,245		$	69,804

	346,419			120,436			3,993

	32,885			708			–

	34			34			–

	(258,288	)		(11,569	)		(7,092	)

$	16,327,675		$	1,897,854		$	66,705



	9,330,216			2,420,892			15,828



	36,579			78,508			5,410

	21,290			22,840			5,195

	407,656			122,206			550

	1,238,818			328,126			553

	218,744			12,355			313

	57,574			32,162			208

	34,008			9,520			9,933

	–			–			–

	42,510			28,707			15,842

	50,604			14,876			–

	1,980			1,980			–

	3,743			3,743			2,071

	-			-			28,360

	15,025			4,959			1,380

$	11,458,747		$	3,080,874		$	85,643

	(462,438	)		(61,245	)		(72,819	)

$	10,996,309		$	3,019,629		$	12,824

$	5,331,366		$	(1,121,775	)	$	53,881



	199,783,272			89,815,248			6,648

	–			–			(16,238	)

	(65,508,692	)		(75,033,064	)		765,415

	2,861,650			–			–

	–			–			212

$	137,136,230		$	14,782,184		$	756,037

$	142,467,596		$	13,660,409		$	809,918



				Semiannual Financial Statements (Unaudited) • 2025

Statement of Changes in Net Assets

June 30, 2025 (unaudited)



	Parnassus Core Equity Fund						Parnassus Growth Equity Fund						Parnassus Value Equity Fund
	Period Ended June 30, 2025			Year Ended December 31, 2024			Period Ended June 30, 2025			Year Ended December 31, 2024			Period Ended June 30, 2025			Year Ended December 31, 2024

Investment income from operations

Net investment income (loss)	$	40,534,914		$	130,143,266		$	(61,567	)	$	(56,468	)	$	24,850,845		$	53,351,464

Net realized gain from securities transactions		1,549,604,395			3,791,106,618			3,391,675			3,933,390			195,632,269			468,355,294

Net realized (loss) from foreign currency transactions		–			–			–			–			–			–

Net change in unrealized appreciation (depreciation) of securities		352,268,738			1,152,208,741			2,218,907			6,878,480			2,747,921			51,653,115

Net change in unrealized appreciation of securities – Foreign currency transactions		–			–			–			–			–			–

Increase in net assets resulting from operations	$	1,942,408,047		$	5,073,458,625		$	5,549,015		$	10,755,402		$	223,231,035		$	573,359,873

Net Dividends and Distributions

Investor Shares		(10,285,592	)		(1,249,928,135	)		–			(1,111,785	)		–			(244,642,673	)

Institutional Shares		(26,968,053	)		(1,504,581,349	)		–			(2,012,799	)		–			(137,513,890	)

Distributions to shareholders	$	(37,253,645	)	$	(2,754,509,484	)	$	–		$	(3,124,584	)	$	–		$	(382,156,563	)

Capital share transactions

Investor Shares

Proceeds from sale of shares		488,939,480			1,185,905,654			5,465,895			16,920,128			161,911,476			380,278,384

Reinvestment of dividends		10,187,991			1,239,789,740			–			1,094,552			–			239,679,370

Shares repurchased		(1,621,207,408	)		(3,105,781,656	)		(5,036,408	)		(5,411,110	)		(486,504,885	)		(898,939,078	)

Institutional Shares

Proceeds from sale of shares		967,569,976			2,600,890,321			2,793,690			12,516,237			134,975,975			328,377,689

Reinvestment of dividends		24,952,639			1,403,587,617			–			2,012,799			–			119,635,361

Shares repurchased		(2,257,607,316	)		(4,425,251,268	)		(2,961,743	)		(1,596,263	)		(310,573,120	)		(455,424,142	)

Increase (decrease) in net assets from capital share transactions		(2,387,164,638	)		(1,100,859,592	)		261,434			25,536,343			(500,190,554	)		(286,392,416	)

Increase (decrease) in net assets	$	(482,010,236	)	$	1,218,089,549		$	5,810,449		$	33,167,161		$	(276,959,519	)	$	(95,189,106	)

Net Assets

Beginning of year/period		29,016,424,474			27,798,334,925			63,702,581			30,535,420			4,825,190,926			4,920,380,032

End of year/period	$	28,534,414,238		$	29,016,424,474		$	69,513,030		$	63,702,581		$	4,548,231,407		$	4,825,190,926

Shares issued and redeemed

Investor Shares

Shares sold		8,246,142			19,551,553			219,382			695,630			3,131,292			7,048,138

Shares issued through dividend reinvestment		168,324			20,010,422			–			40,965			–			4,346,120

Shares repurchased		(27,116,445	)		(50,716,521	)		(201,661	)		(219,336	)		(9,331,524	)		(16,585,105	)

Institutional Shares

Shares sold		16,312,812			42,889,201			108,205			510,879			2,605,473			6,033,600

Shares issued through dividend reinvestment		410,377			22,580,225			–			75,129			–			2,162,863

Shares repurchased		(37,562,063	)		(71,700,023	)		(119,195	)		(63,742	)		(5,938,905	)		(8,387,342	)

Net increase (decrease) in shares outstanding

Investor Shares		(18,701,979	)		(11,154,546	)		17,721			517,259			(6,200,232	)		(5,190,847	)

Institutional Shares		(20,838,874	)		(6,230,597	)		(10,990	)		522,266			(3,333,432	)		(190,879	)

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



Semiannual Financial Statements (Unaudited) • 2025



Parnassus Mid Cap Fund						Parnassus Mid Cap Growth Fund						Parnassus International Equity Fund
Period Ended June 30, 2025			Year Ended December 31, 2024			Period Ended June 30, 2025			Year Ended December 31, 2024			Period Ended June 30, 2025*



$	5,331,366		$	9,205,432		$	(1,121,775	)	$	(2,572,487	)	$	53,881

	199,783,272			416,518,278			89,815,248			93,276,829			6,648

	–			–			–			–			(16,238	)

	(62,647,042	)		(105,540,101	)		(75,033,064	)		(5,005,645	)		765,415

	–			–			–			–			212

	$ 142,467,596		$	320,183,609		$	13,660,409		$	85,698,697		$	809,918



	–			(119,700,643	)		–			(45,276,787	)		–

	–			(152,885,979	)		–			(13,512,059	)		–

$	–		$	(272,586,622	)	$	–		$	(58,788,846	)	$	–





	56,806,249			112,382,786			11,950,172			27,067,157			2,090,357

	–			117,978,275			–			44,272,513			–

	(209,326,406	)		(458,248,133	)		(51,597,819	)		(90,484,658	)		(121,042	)



	85,079,111			230,699,125			9,839,317			21,005,542			9,274,436

	–			132,926,972			–			12,595,641			–

	(344,532,766	)		(2,739,694,715	)		(23,986,578	)		(27,685,781	)		–

	(411,973,812	)		(2,603,955,690	)		(53,794,908	)		(13,229,586	)		11,243,751

$	(269,506,216	)	$	(2,556,358,703	)	$	(40,134,499	)	$	13,680,265		$	12,053,669



	2,842,441,773			5,398,800,476			841,960,290			828,280,025			–

$	2,572,935,557		$	2,842,441,773		$	801,825,791		$	841,960,290		$	12,053,669





	1,525,310			2,833,761			220,281			457,586			132,954

	–			2,960,505			–			715,573			–

	(5,608,582	)		(11,620,763	)		(930,059	)		(1,525,494	)		(7,560	)



	2,271,858			5,867,469			177,541			351,648			613,950

	–			3,320,012			–			202,307			–

	(9,145,537	)		(72,036,254	)		(438,321	)		(467,419	)		–



	(4,083,272	)		(5,826,497	)		(709,778	)		(352,335	)		125,394

	(6,873,679	)		(62,848,773	)		(260,780	)		86,536			613,950



				Semiannual Financial Statements (Unaudited) • 2025

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



Semiannual Financial Statements (Unaudited) • 2025

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



				Semiannual Financial Statements (Unaudited) • 2025

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.



Semiannual Financial Statements (Unaudited) • 2025

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:



	Parnassus Core Equity Fund			Parnassus Growth Equity Fund			Parnassus Value Equity Fund			Parnassus Mid Cap Fund			Parnassus Mid Cap Growth Fund			Parnassus International Equity Fund
Cost of investment	$	20,114,110,792		$	53,910,123		$	3,555,725,761		$	2,042,829,746		$	656,333,624		$	11,280,444
Gross unrealized appreciation	$	8,728,100,389		$	16,099,051		$	1,180,309,064		$	597,700,032		$	195,677,921		$	928,187
Gross unrealized depreciation	$	(261,199,163	)	$	(418,735	)	$	(165,988,098	)	$	(64,725,226	)	$	(31,150,463	)	$	(162,772	)
Net unrealized appreciation	$	8,466,901,226		$	15,680,316		$	1,014,320,966		$	532,974,806		$	164,527,458		$	765,415

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.



				Semiannual Financial Statements (Unaudited) • 2025

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:



Parnassus Core Equity Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Communication Services	$	1,295,819,014	$	-	$	-	$	1,295,819,014

Consumer Discretionary		2,906,574,874		-		-		2,906,574,874

Consumer Staples		779,605,565		-		-		779,605,565

Financials		4,781,338,322		-		-		4,781,338,322

Health Care		3,290,616,533		-		-		3,290,616,533

Industrials		3,292,672,163		-		-		3,292,672,163

Information Technology		9,731,200,321		-		-		9,731,200,321

Materials		1,529,074,961		-		-		1,529,074,961

Real Estate		806,720,031		-		-		806,720,031

Short-Term Investments		167,390,234		-		-		167,390,234
Total	$	28,581,012,018	$	-	$	-	$	28,581,012,018

Parnassus Growth Equity Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Communication Services	$	5,073,682	$	-	$	-	$	5,073,682

Consumer Discretionary		7,141,100		-		-		7,141,100

Consumer Staples		1,176,049		-		-		1,176,049

Financials		6,662,384		-		-		6,662,384

Health Care		8,719,944		-		-		8,719,944

Industrials		3,664,755		-		-		3,664,755

Information Technology		35,198,045		-		-		35,198,045

Materials		1,532,766		-		-		1,532,766

Short-Term Investments		421,714		-		-		421,714
Total	$	69,590,439	$	-	$	-	$	69,590,439



Semiannual Financial Statements (Unaudited) • 2025

Notes to Financial Statements (continued)



Parnassus Value Equity Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Communication Services	$	315,323,401	$	-	$	-	$	315,323,401

Consumer Discretionary		320,928,185		-		-		320,928,185

Consumer Staples		163,823,061		-		-		163,823,061

Financials		1,339,817,148		-		-		1,339,817,148

Health Care		603,479,848		-		-		603,479,848

Industrials		480,020,039		-		-		480,020,039

Information Technology		877,096,796		-		-		877,096,796

Materials		184,227,526		-		-		184,227,526

Real Estate		150,995,834		-		-		150,995,834

Utilities		99,300,126		-		-		99,300,126

Short-Term Investments		35,034,763		-		-		35,034,763
Total	$	4,570,046,727	$	-	$	-	$	4,570,046,727

Parnassus Mid Cap Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Communication Services	$	29,801,124	$	-	$	-	$	29,801,124

Consumer Discretionary		195,879,025		-		-		195,879,025

Consumer Staples		70,145,560		-		-		70,145,560

Financials		581,816,148		-		-		581,816,148

Health Care		165,889,603		-		-		165,889,603

Industrials		667,983,283		-		-		667,983,283

Information Technology		534,672,940		-		-		534,672,940

Materials		51,589,153		-		-		51,589,153

Real Estate		187,050,252		-		-		187,050,252

Utilities		72,901,474		-		-		72,901,474

Short-Term Investments		18,075,990		-		-		18,075,990
Total	$	2,575,804,552	$	-	$	-	$	2,575,804,552

Parnassus Mid Cap Growth Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Communication Services	$	16,801,674	$	-	$	-	$	16,801,674

Consumer Discretionary		131,147,290		-		-		131,147,290

Financials		70,870,007		-		-		70,870,007

Health Care		106,549,164		-		-		106,549,164

Industrials		175,916,239		-		-		175,916,239

Information Technology		264,714,901		-		-		264,714,901

Materials		12,238,037		-		-		12,238,037

Real Estate		18,579,073		-		-		18,579,073

Short-Term Investments		24,044,697		-		-		24,044,697
Total	$	820,861,082	$	-	$	-	$	820,861,082



				Semiannual Financial Statements (Unaudited) • 2025

Notes to Financial Statements (continued)



Parnassus International Equity Fund

Investment Securities	Level 1		Level 2		Level 3		Total
Equities:

Belgium	$	-	$	121,793	$	-	$	121,793

Canada		695,490		-		-		695,490

China		226,917		202,177		-		429,094

Denmark		-		237,216		-		237,216

France		202,371		553,088		-		755,459

Germany		338,463		1,917,536		-		2,255,999

Ireland		328,981		-		-		328,981

Italy		-		246,934		-		246,934

Japan		-		1,159,183		-		1,159,183

Netherlands		247,806		370,145		-		617,951

Singapore		410,886		241,890		-		652,776

Spain		-		246,574		-		246,574

Sweden		310,773		-		-		310,773

Switzerland		-		110,330		-		110,330

Taiwan		311,197		-		-		311,197

United Kingdom		1,303,695		1,231,884		-		2,535,579

United States		610,621		-		-		610,621

Uruguay		250,908		-		-		250,908

Short-Term Investments		169,001		-		-		169,001
Total	$	5,407,109	$	6,638,750	$	-	$	12,045,859

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


	Parnassus Core Equity Fund			Parnassus Value Equity Fund			Parnassus Mid Cap Fund			Parnassus Mid Cap Growth Fund
	Certificates of Deposit			Certificates of Deposit			Certificates of Deposit			Certificates of Deposit
	Community Development Loans			Community Development Loans						Community Development Loans

Balance as of December 31, 2024	$	3,676,658		$	1,090,435		$	746,032		$	1,044,924

Discounts/premiums amortization		23,342			9,565			3,968			5,076

Purchases		-			-			-			-

Sales		(3,700,000	)		(1,100,000	)		(750,000	)		(1,050,000	)
Balance as of June 30, 2025	$	-		$	-		$	-		$	-

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



Semiannual Financial Statements (Unaudited) • 2025

Notes to Financial Statements (continued)

Valuation Designee may include significant unobservable inputs and therefore such financial instruments would be reflected within Level 3 of the fair value hierarchy. Fair value determinations are made in good faith in accordance with the duly adopted fair value pricing methodologies. The Valuation Designee provides quarterly and annual reports to the Board in connection with the Board’s obligation to oversee the Valuation Designee.

7. Capital Stock

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

8. Purchases and Sales of Securities

Purchases and proceeds from sales of securities, excluding short-term securities, for the six-month period ended June 30, 2025 were as follows:



Fund	Affiliated Purchases		Unaffiliated Purchases		Affiliated Sales		Unaffiliated Sales
Parnassus Core Equity Fund	$	-	$	3,108,125,831	$	-	$	5,384,876,770
Parnassus Growth Equity Fund		-		16,343,507		-		15,893,126
Parnassus Value Equity Fund		-		881,057,140		-		1,338,998,860
Parnassus Mid Cap Fund		-		761,439,818		-		1,159,793,585
Parnassus Mid Cap Growth Fund		-		268,107,631		-		322,378,008
Parnassus International Equity Fund		-		11,206,913		-		102,119

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



				Semiannual Financial Statements (Unaudited) • 2025

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.

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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				Semiannual Financial Statements (Unaudited) • 2025

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:



For a Share Outstanding for the Six-Month Period Ended June 30, 2025 (unaudited)	Net Asset Value Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gain (Loss) on Securities^(a)			Total from Investment Operations^(a)			Dividends from Net Investment Income			Distributions from Net Realized Gains on Securities			Total Dividends and Distributions
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
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
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 December 31, 2022^(g)		15.00		0.00	⁽ⁱ⁾		(0.05	)		(0.05	)		-			-			-
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 December 31, 2022^(g)		15.00		0.00	⁽ⁱ⁾		(0.05	)		(0.05	)		-			-			-
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	)



Semiannual Financial Statements (Unaudited) • 2025



Net Asset Value End of Period		Total Overall Return			Net Assets End of Period (000s)		Ratio of Gross Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (Net of Waiver and Expense Offset Arrangements)^(b)(c)(d)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate

	$63.77		7.14	%^(e)		$13,055,928		0.84	%^(f)		0.82	%^(f)		0.18	%^(f)		11.16	%
	59.57		18.52			13,311,327		0.81			0.81			0.33			34.20
	55.11		24.93			12,929,826		0.82			0.82			0.56			29.01
	46.92		(18.61	)		11,173,977		0.85			0.82			0.42			39.63
	63.41		27.55			15,405,636		0.82			0.82			0.38			25.82
	53.65		21.19			11,906,386		0.84			0.84			0.69			37.15

	63.96		7.24	^(e)		15,478,487		0.61	^(f)		0.61	^(f)		0.39	^(f)		11.16
	59.75		18.75			15,705,097		0.61			0.61			0.53			34.20
	55.26		25.21			14,868,509		0.62			0.61			0.77			29.01
	47.03		(18.45	)		12,736,208		0.62			0.61			0.64			39.63
	63.55		27.81			16,869,763		0.61			0.61			0.60			25.82
	53.75		21.47			11,320,933		0.62			0.62			0.91			37.15

	27.97		8.75	^(e)		25,477		1.27	^(f)		0.84	^(f)		(0.33	)^(f)		25.02
	25.72		26.85			22,970		1.40			0.84			(0.25	)		34.89
	21.30		44.82			8,006		2.89			0.84			0.10			34.94
	14.95		(0.33	)^(e)		227		7.83	^(f)		0.84	^(f)		3.52	^(f)		-

	28.07		8.88	^(e)		44,036		1.04	^(f)		0.63	^(f)		(0.12	)^(f)		25.02
	25.78		27.13			40,733		1.18			0.63			(0.04	)		34.89
	21.30		45.09			22,529		1.86			0.63			0.30			34.94
	14.95		(0.33	)^(e)		10,573		2.30	^(f)		0.63	^(f)		3.11	^(f)		-

	55.13		5.11	^(e)		2,936,654		0.94	^(f)		0.88	^(f)		1.01	^(f)		19.13
	52.45		12.01			3,118,642		0.91			0.88			0.99			24.08
	50.54		13.70			3,267,439		0.93			0.88			1.26			30.19
	45.27		(13.81	)		3,008,001		0.92			0.88			1.11			32.36
	54.03		31.12			3,768,904		0.90			0.90			1.20			37.22
	48.31		27.42			2,238,344		0.94			0.94			0.75			52.77



				Semiannual Financial Statements (Unaudited) • 2025

Financial Highlights (continued)



For a Share Outstanding for the Six-Month Period Ended June 30, 2025 (unaudited)	Net Asset Value Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gain (Loss) on Securities^(a)			Total from Investment Operations^(a)			Dividends from Net Investment Income			Distributions from Net Realized Gains on Securities			Total Dividends and Distributions
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
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
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
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
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	)



Semiannual Financial Statements (Unaudited) • 2025



Net Asset Value End of Period		Total Overall Return			Net Assets End of Period (000s)		Ratio of Gross Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (Net of Waiver and Expense Offset Arrangements)^(b)(c)(d)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate

	$55.35		5.25	%^(e)		$1,611,578		0.72	%^(f)		0.65	%^(f)		1.24	%^(f)		19.13	%
	52.59		12.27			1,706,549		0.71			0.65			1.22			24.08
	50.64		13.94			1,652,941		0.72			0.65			1.49			30.19
	45.36		(13.61	)		1,518,273		0.72			0.65			1.35			32.36
	54.10		31.37			1,654,506		0.71			0.71			1.39			37.22
	48.36		27.72			1,025,590		0.73			0.71			0.96			52.77

	39.56		5.75	^(e)		1,176,863		1.00	^(f)		0.96	^(f)		0.30	^(f)		28.79
	37.41		9.99			1,265,449		0.95			0.95			0.17			43.55
	37.25		12.67			1,477,106		0.98			0.96			0.28			42.45
	33.88		(21.56	)		1,974,198		0.97			0.96			0.09			47.52
	45.20		16.39			3,155,696		0.96			0.96			(0.08	)		34.76
	40.78		14.88			2,749,355		0.98			0.98			0.34			41.00

	39.80		5.88	^(e)		1,396,072		0.78	^(f)		0.75	^(f)		0.50	^(f)		28.79
	37.59		10.21			1,576,993		0.78			0.75			0.34			43.55
	37.42		12.92			3,921,694		0.76			0.75			0.49			42.45
	34.02		(21.41	)		4,103,007		0.76			0.75			0.30			47.52
	45.39		16.63			5,518,086		0.75			0.75			0.13			34.76
	40.87		15.16			4,211,267		0.76			0.75			0.58			41.00

	58.63		1.98	^(e)		618,555		0.81	^(f)		0.80	^(f)		(0.31	)^(f)		33.89
	57.49		10.55			647,286		0.81			0.80			(0.33	)		41.45
	55.57		35.60			645,243		0.81			0.80			(0.30	)		47.49
	42.28		(33.52	)		514,193		0.80			0.80			(0.36	)		58.11
	64.36		9.37			880,724		0.80			0.80			(0.52	)		28.73
	61.44		28.61			860,120		0.83			0.83			(0.05	)		82.46

	59.04		2.06	^(e)		183,271		0.70	^(f)		0.68	^(f)		(0.19	)^(f)		33.89
	57.85		10.68			194,674		0.70			0.68			(0.21	)		41.45
	55.83		35.77			183,037		0.71			0.68			(0.18	)		47.49
	42.42		(33.45	)		144,292		0.70			0.68			(0.24	)		58.11
	64.50		9.50			237,137		0.68			0.68			(0.40	)		28.73
	61.49		28.81			218,962		0.68			0.68			0.09			82.46



				Semiannual Financial Statements (Unaudited) • 2025

Financial Highlights (continued)



For a Share Outstanding for the Six-Month Period Ended June 30, 2025 (unaudited)	Net Asset Value Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gain (Loss) on Securities^(a)		Total from Investment Operations^(a)		Dividends from Net Investment Income		Distributions from Net Realized Gains on Securities		Total Dividends and Distributions
Parnassus International Equity Fund – Investor Shares
For the period ended June 30, 2025^(h)		$15.00		$0.05		$1.25		$1.30		$-		$-		$-
Parnassus International Equity Fund – Institutional Shares
For the period ended June 30, 2025^(h)		15.00		0.09		1.21		1.30		-		-		-



Semiannual Financial Statements (Unaudited) • 2025



Net Asset Value End of Period		Total Overall Return			Net Assets End of Period (000s)		Ratio of Gross Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (Net of Waiver and Expense Offset Arrangements)^(b)(c)(d)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate

	$16.30		8.67	%^(e)		$2,044		8.15	%^(f)		0.95	%^(f)		1.79	%^(f)		1.21	%

	16.30		8.67	^(e)		10,010		4.44	^(f)		0.70	^(f)		3.23	^(f)		1.21

^(a) Income (loss) from operations per share is based on average daily shares outstanding.

^(b) 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.

^(c) 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.

^(d) 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.

^(e) Total Return is not annualized for periods less than one year.

^(f) Annualized.

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

^(h) The Parnassus International Equity Fund commenced operations on April 28, 2025, and the period shown is from April 28, 2025 through June 30, 2025.

⁽ⁱ⁾ Amount less than $0.01.



				Semiannual Financial Statements (Unaudited) • 2025

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

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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.

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^© 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_^(800) 999-3505_^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.

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.

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.


(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.

(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.

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) Parnassus Funds and Parnassus Funds II

By: (Signature and Title)

/s/ 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)

/s/ Benjamin E. Allen
Benjamin E. Allen
Title:		President and Principal Executive Officer
Date:		August 13, 2025

By: (Signature and Title)

/s/ Marc C. Mahon
Marc C. Mahon
Title:		Treasurer and Principal Financial Officer
Date:		August 13, 2025



Portfolios of Investments

Parnassus Core Equity Fund		4

Parnassus Growth Equity Fund		6

Parnassus Value Equity Fund		8

Parnassus Mid Cap Fund		10

Parnassus Mid Cap Growth Fund		12

Parnassus International Equity Fund		14

Financial Statements		16

Notes to Financial Statements		22

Financial Highlights		32

Additional Information		38