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, 2013.
1 As described in Fund's current prospectus dated May 1, 2013, Parnassus
Investments has contractually agreed to reduce its investment advisory fee to the
extent necessary to limit total operating expenses to 1.20%, 1.20%, 1.45% and 0.68%
of net assets for the Parnassus Mid-Cap Fund, Parnassus Small-Cap Fund, Parnassus
Asia Fund and Parnassus Fixed-Income Fund, respectively. This agreement will not
be terminated prior to May 1, 2014, and may be continued indefinitely by the investment
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, 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.