All the Parnassus Funds are no-load funds, meaning there's no up-front sales charge
on our funds. Expense ratios include gross expenses and expenses net of contractual
waivers as described in the Funds current prospectus dated May 1, 2012.
1 As described in Funds current prospectus dated May 1, 2012, Parnassus
Investments has contractually agreed to limit the total operating expenses (exclusive
of acquired fund fees and expenses) to 0.99%, 0.99%, 0.78%, 1.20%, 1.20%, 1.20%
and 0.75% of the net assets of the Parnassus Fund, the Parnassus Equity Income Fund-Investor
Shares, the Parnassus Equity Income Fund-Institutional Shares, the Parnassus Mid-Cap
Fund, the Parnassus Small-Cap Fund, the Parnassus Workplace Fund, and the Parnassus
Fixed-Income Fund, respectively. These limitations continue until May 1, 2013, and
may be continued indefinitely by the Adviser on a year-to-year basis.
2 The fund category average benchmarks shown are the mean total expense
ratios of each fund's peer group as classified by Lipper as of April 30, 2012. Lipper's
data and analyses are for informational purposes only, and do not constitute investment
advice or an offer to sell or the solicitation of an offer to buy any security of
any entity in any jurisdiction.