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Quarter-End Performance

Total % Returns as of 9/30/20141
3 Mo. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since
Inception2
Expense Ratio
Grossa Neta
Parnassus Fund (1.74) 6.22 15.70 28.23 15.96 9.45 10.17 0.86 0.86
Parnassus Core Equity Fund
Investor Shares
(0.55) 7.70 18.32 22.74 15.42 10.20 10.86 0.87 0.87
Parnassus Core Equity Fund
Institutional Shares
(0.50) 7.87 18.51 22.94 15.64 10.37 10.46 0.69 0.69
Parnassus Endeavor Fund 1.36 10.37 20.33 26.09 16.30 NA 11.56 1.07 0.95
Parnassus Mid Cap Fund (2.57) 4.06 12.13 21.31 16.13 NA 9.11 1.14 1.14
Parnassus Small Cap Fund (8.33) (6.83) 1.80 16.10 11.15 NA 8.79 1.20 1.20
Parnassus Asia Fund (3.40) 6.89 10.56 NA NA NA 8.10 5.08 1.25
Parnassus Fixed Income Fund (0.11) 3.31 2.53 1.19 3.29 4.37 5.44 0.78 0.68

1 All returns greater than one year are annualized.

2 The inception date for the Parnassus Fund is December 31, 1984. The inception date for the Parnassus Core Equity Fund and Parnassus Fixed Income Fund is August 31, 1992. The inception date for the Parnassus Mid Cap Fund, Parnassus Small Cap Fund and Parnassus Endeavor Fund is April 29, 2005. The inception date for the Institutional Shares of the Parnassus Core Equity Fund is April 28, 2006. The inception date for the Parnassus Asia Fund is April 30, 2013.

a As described in the Fund's current prospectus dated May 1, 2014, Parnassus Investments has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund, 1.20% of net assets for the Parnassus Small Cap Fund, 1.25% of net assets for the Parnassus Asia Fund and 0.68% of net assets for the Parnassus Fixed Income Fund. These limitations continue until May 1, 2015, and may be continued indefinitely by the Adviser on a year-to-year basis. The computation of advisory fees is based on the average daily net assets for each class of shares in each Fund independently.

Performance data quoted represent past performance and are no guarantee of future returns. All performance assumes reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

The Parnassus Core Equity Fund - Institutional Shares were incepted on April 28, 2006. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Core Equity Fund - Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

Prior to May 1, 2004, the Parnassus Fund charged a sales load of a maximum of 3.5%, which is not reflected in the total return figures. Prior to March 31, 1998, the Parnassus Core Equity Fund was a balanced fund.