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PARNASSUS FUNDS PARNASSUS INCOME FUNDS Parnassus Fund^SM Investor Shares: PARNX \| Institutional Shares: PFPRX Parnassus Core Equity Fund^SM Investor Shares: PRBLX \| Institutional Shares: PRILX Parnassus Endeavor Fund^SM Investor Shares: PARWX \| Institutional Shares: PFPWX Parnassus Mid Cap Fund^SM Investor Shares: PARMX \| Institutional Shares: PFPMX Parnassus Fixed Income Fund^SM Investor Shares: PRFIX \| Institutional Shares: PFPLX March 17, 2020 Supplement dated March 17, 2020 to the Currently Effective Summary Prospectuses and Statutory Prospectus, all dated May 1, 2019 Stock Market Risk/Market Risk The “Stock Market Risk” of each equity Fund and “Market Risk” of the Fixed Income Fund is hereby supplemented with the following disclosure: Risks associated with epidemic and pandemic diseases (such as COVID-19), including, without limitation, travel restrictions, closed international borders, quarantines, disruptions to supply chains and lower consumer demand; a rise in protectionist trade policies; slowing global economic growth; risks associated with the United Kingdom’s departure from the European Union; and the risk of trade disputes and the possibility of changes to some international trade agreements could affect the economies of many nations, including the United States, in ways that cannot be foreseen at the present time, and may adversely impact the markets in which the Fund invests. A shareholder may obtain additional information by contacting the Parnassus Funds at 1 (800) 999-3505.

Total

PARNASSUS FUNDS

PARNASSUS INCOME FUNDS

Parnassus Fund^SM

Investor Shares: PARNX | Institutional Shares: PFPRX

Parnassus Core Equity Fund^SM

Investor Shares: PRBLX | Institutional Shares: PRILX

Parnassus Endeavor Fund^SM

Investor Shares: PARWX | Institutional Shares: PFPWX

Parnassus Mid Cap Fund^SM

Investor Shares: PARMX | Institutional Shares: PFPMX

Parnassus Fixed Income Fund^SM

Investor Shares: PRFIX | Institutional Shares: PFPLX

March 17, 2020

Supplement dated March 17, 2020 to the

Currently Effective Summary Prospectuses and Statutory Prospectus, all dated May 1, 2019

Stock Market Risk/Market Risk

The “Stock Market Risk” of each equity Fund and “Market Risk” of the Fixed Income Fund is hereby supplemented with the following disclosure:

Risks associated with epidemic and pandemic diseases (such as COVID-19), including, without limitation, travel restrictions, closed international borders, quarantines, disruptions to supply chains and lower consumer demand; a rise in protectionist trade policies; slowing global economic growth; risks associated with the United Kingdom’s departure from the European Union; and the risk of trade disputes and the possibility of changes to some international trade agreements could affect the economies of many nations, including the United States, in ways that cannot be foreseen at the present time, and may adversely impact the markets in which the Fund invests.

A shareholder may obtain additional information by contacting the Parnassus Funds at 1 (800) 999-3505.