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, 2015.
1As described in the Fund's current prospectus dated May 1, 2015, 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-Investor Shares, 0.83% of net assets for the Parnassus Endeavor
Fund-Institutional Shares, 0.99% of the net assets of the Parnassus Mid-Cap Fund-Investor
Shares, 0.85% of the net assets of the Parnassus Mid-Cap Fund-Institutional Shares,
1.25% of net assets for the Parnassus Asia Fund-Investor Shares, 1.22% of net assets
for the Parnassus Asia Fund-Institutional Shares, 0.68% of net assets for the Parnassus
Fixed Income Fund-Investor Shares and 0.58% of net assets for the Parnassus Fixed
Income Fund-Institutional Shares. These limitations continue until May 1, 2016 for
the Parnassus Endeavor Fund, Parnassus Asia Fund and Parnassus Fixed Income Fund
and until May 1, 2017 for the Parnassus Mid Cap, 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 independently.
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.