Overview Parnassus Investments, LLC is an investment management company based in San Francisco, California. Parnassus Investments, LLC is the successor to the investment advisory business of Parnassus Investments. Parnassus Investments was founded in 1984. Parnassus Investments, the predecessor corporation, transferred all of its assets to Parnassus Investments, LLC in 2021 in connection with the acquisition of a majority equity interest in Parnassus Investments, LLC by Affiliated Managers Group, Inc. (“AMG”) effective October 1, 2021. As used in this brochure, “Parnassus Investments” or “Parnassus” refers to the successor entity, Parnassus Investments, LLC. Parnassus Investments seeks to invest in high quality businesses that have increasingly relevant products or services, clear and sustainable competitive advantages and quality management teams and that meet Parnassus’ sustainable investment expectations. Parnassus Investments aims to provide clients with investment strategies that will enable them to build wealth responsibly. Parnassus Investments provides investment advisory services to two registered investment companies, the Parnassus Funds trust (which contains four funds: the Parnassus Mid Cap Fund, the Parnassus Value Equity Fund, the Parnassus Growth Equity Fund and the Parnassus Mid Cap Growth Fund) and the Parnassus Income Funds trust (which contains two funds: the Parnassus Core Equity Fund and the Parnassus Fixed Income Fund). These funds are collectively known as the “Parnassus Funds” and are also referenced in this document as the “Funds.” Parnassus Investments also provides investment advisory services to a variety of separate accounts and institutional accounts, including collective investment funds or sub-funds sponsored by other financial institutions, a trustee of a collective investment trust and European UCITS funds. Parnassus Investments also provides model portfolio and sub-advisory services

to third party financial advisory firms. Parnassus Investments’ advisory services for separately managed accounts and the Funds are provided on a discretionary basis. Our advice to the Funds is tailored based on each Fund’s respective investment objective, investment policies and restrictions. Our advice to separately managed account clients is tailored based on the respective strategy guidelines and the clients’ objectives. Clients may impose reasonable restrictions on investing in certain securities or types of securities, as agreed to by Parnassus Investments. Parnassus Investments follows responsible investment criteria for all clients, including the Funds. Our advice to advisory clients is limited to the six investment strategies described in Item 5, below. Parnassus Investments provides non-discretionary model portfolio sub-advisory services to other financial institutions (“Model Services”) whereby Parnassus Investments provides a model portfolio that is based on an investment strategy offered by Parnassus Investments. Parnassus Investments also provides Model Services as part of unified managed account (“UMA”) programs. In Model Services programs, Parnassus provides model portfolio recommendations and periodically communicates portfolio changes to the program sponsors. As Parnassus Investments’ institutional partner, AMG, a publicly-traded global asset management company (NYSE: AMG), holds a majority equity interest in Parnassus Investments. Parnassus Investments operates independently and autonomously, and members of its management team hold the balance of the equity interest in the firm. AMG also holds equity interests in other investment management firms (“AMG Affiliates”). Further information on AMG and the AMG Affiliates is provided in Item 10. Discretionary Assets Under Management As of December 31, 2023, Parnassus Investments managed $46,521,005,302 of client assets on a discretionary basis.