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, 2014.
1 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
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, 2013. 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.