Fund Fact Sheet
Parnassus Fixed-Income Fund
a As described in Fund's current prospectus dated May 1, 2011, Parnassus
Investments is contractually obliged to limit the total operating expenses 0.75%
through May 1, 2012, for the Parnassus Fixed-Income Fund, exclusive of acquired
fund fees. This limitation may be continued indefinitely by the Adviser on a year-to-year
basis. Without these fee waivers and/or expense reimbursements, the Fund's returns
would have been lower.
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 Barclays Capital U.S. Government/Credit Bond 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.
Investments in fixed-income securities are subject to interest rate risk, credit
risk and market risk, each of which could have a negative impact on the value of
the Funds holdings.
Up to 20% of the Funds assets may be invested in convertible securities, and these
securities may not have an investment-grade rating, which would make them riskier
than securities with an investment-grade rating.
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.