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Expense Ratio Information

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.

Fund Name	Gross Expense Ratio1 (%)	Net Expense Ratio1 (%)	Category Average2 (%)
Parnassus Fund	0.90	0.90	1.33
Parnassus Equity Income Fund Investor Shares	0.90	0.90	1.26
Parnassus Equity Income Fund Institutional Shares	0.68	0.68	1.26
Parnassus Mid-Cap Fund	1.23	1.20	1.33
Parnassus Small-Cap Fund	1.23	1.20	1.35
Parnassus Workplace Fund	1.14	1.14	1.16
Parnassus Asia Fund	5.00	1.45	NA
Parnassus Fixed-Income Fund	0.79	0.68	0.97

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.