Fund Fact Sheet
Parnassus Equity Income Fund - Institutional Shares
a As described in the Fund's current prospectus dated May 1, 2013, Parnassus
Investments has contractually agreed to limit the total operating expenses (exclusive
of acquired fund fees and expenses) to 0.68 of the net assets of the Parnassus Equity
Income Fund-Investor Shares. This limitation continues until May 1, 2014, and may
be continued indefinitely by the Adviser on a year-to-year basis.
1 All returns greater than one year are annualized.
2 The chart shows the growth in value of a hypothetical
$10,000 investment over the last 10 years and does not reflect the deduction of
taxes a shareholder would pay on fund distributions or the redemption of fund shares.
Performance data quoted represent past performance and are no guarantee of future
returns. All performance assumes reinvestment of dividends and capital gains. The
investment return and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost.
The Parnassus Equity Income 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 Equity Income Fund - Investor Shares and includes
expenses that are not applicable to and are higher than those of the Institutional
Shares.
The Standard & Poors 500 Composite Stock Price Index (also known as "the S&P
500 Index") is a widely recognized index of common stock prices. An individual cannot
invest directly in an index. An index reflects no deductions for fees, expenses
or taxes, but mutual fund returns do.
Common stock prices fluctuate based on changes to a companys financial condition
and on overall market and economic conditions.
In addition to large-cap companies, the Fund may invest in small- and/or mid-cap
companies, which can be particularly sensitive to changing economic conditions and
have fewer financial resources or the well-established businesses of large-cap companies.
Relative to stocks of large-cap companies, the stocks of small- and mid-cap companies
are often thinly traded, and purchases and sales may result in higher transaction
costs. Also, small-cap companies tend to perform poorly during times of economic
stress. Investment return and principal will fluctuate, so that an investors shares,
when redeemed, may be worth more or less than their original principal cost.
Prior to March 31, 1998, the Parnassus Equity Income Fund was a balanced fund.
Returns shown for the Fund do not reflect the declaration of taxes a shareholder
would pay on the fund distributions or redemption of fund shares.