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Quarter-End Performance

Total % Returns as of 3/31/20141
3 Mo. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since
Inception2
Expense Ratio
Grossa Neta
Parnassus Fund 3.14 3.14 30.86 16.45 23.71 9.23 10.24 0.90 0.90
Parnassus Equity Income Fund
Investor Shares
0.79 0.79 19.85 15.17 20.41 9.55 10.78 0.90 0.90
Parnassus Equity Income Fund
Institutional Shares
0.86 0.86 20.03 15.39 20.62 9.71 10.21 0.68 0.68
Parnassus Mid-Cap Fund 0.04 0.04 16.85 12.41 22.51 NA 9.16 1.23 1.20
Parnassus Small-Cap Fund (3.83) (3.83) 17.67 5.99 21.46 NA 9.70 1.23 1.20
Parnassus Workplace Fund 2.78 2.78 24.46 15.26 24.39 NA 11.35 1.14 1.14
Parnassus Asia Fund 6.57 6.57 NA NA NA NA 11.33 5.00 1.45
Parnassus Fixed-Income Fund 1.86 1.86 (0.48) 2.69 4.49 4.18 5.51 0.79 0.68

1 All returns greater than one year are annualized.

2 The inception date for the Parnassus Fund is December 31, 1984. The inception date for the Parnassus Equity Income Fund and Parnassus Fixed-Income Fund is August 31, 1992. The inception date for the Parnassus Mid-Cap Fund, Parnassus Small-Cap Fund and Parnassus Workplace Fund is April 29, 2005. The inception date for the Institutional Shares of the Parnassus Equity Income Fund is April 28, 2006.

a As described in the Funds 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 0.90%, 0.90%, 0.68%, 1.20%, 1.20%, 1.14%, 1.45% and 0.68% of the net assets of the Parnassus Fund, the Parnassus Equity Income Fund-Investor Shares, the Parnassus Equity Income Fund-Institutional Shares, the Parnassus Mid-Cap Fund, the Parnassus Small-Cap Fund, the Parnassus Workplace Fund, Parnassus Asia Fund and the Parnassus Fixed-Income Fund, respectively. These limitations continue until May 1, 2014, and may be continued indefinitely by the Adviser on a year-to-year basis.

Performance data quoted represent past performance and are no guarantee of future returns. All performance assumes reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal 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.

Prior to May 1, 2004, the Parnassus Fund charged a sales load of a maximum of 3.5%, which is not reflected in the total return figures. Prior to March 31, 1998, the Parnassus Equity Income Fund was a balanced fund.