Fund Fact Sheet
Parnassus Small Cap Fund
a 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% of net assets for the Parnassus Small Cap Fund. 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.
1 All returns greater than one year are annualized.
2 Since inception on April 29, 2005
3 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
The Russell 2000 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.
The fund invests primarily in small-cap companies, which can be particularly sensitive
to changing economic conditions and have fewer financial resources that large-cap
companies. Relative to stocks of large-cap companies, the stocks of small -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.
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.