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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
S&P 500 Index 1.81 1.81 21.85 14.61 21.12 7.41 11.21 NA NA
Parnassus Equity Income Fund
Investor Shares
0.79 0.79 19.85 15.17 20.41 9.55 10.78 0.90 0.90
S&P 500 Index 1.81 1.81 21.85 14.61 21.12 7.41 9.38 NA NA
Parnassus Equity Income Fund
Institutional Shares
0.86 0.86 20.03 15.39 20.62 9.71 10.21 0.68 0.68
S&P 500 Index 1.81 1.81 21.85 14.61 21.12 7.41 6.86 NA NA
Parnassus Mid-Cap Fund 0.04 0.04 16.85 12.41 22.51 NA 9.16 1.23 1.20
Russell Midcap Index 3.53 3.53 23.51 14.39 25.55 NA 10.10 NA NA
Parnassus Small-Cap Fund (3.83) (3.83) 17.67 5.99 21.46 NA 9.70 1.23 1.20
Russell 2000 Index 1.12 1.12 24.90 13.18 24.31 NA 9.68 NA NA
Parnassus Workplace Fund 2.78 2.78 24.46 15.26 24.39 NA 11.35 1.14 1.14
S&P 500 Index 1.81 1.81 21.85 14.61 21.12 NA 7.79 NA NA
Parnassus Asia Fund 6.57 6.57 NA NA NA NA 11.33 5.00 1.45
MSCI AC Asia Pacific Index (1.70) (1.70) NA NA NA NA (0.13) NA NA
Parnassus Fixed-Income Fund 1.86 1.86 (0.48) 2.69 4.49 4.18 5.51 0.79 0.68
Barclays U.S. Aggregate Bond Index 1.84 1.84 (0.10) 3.74 4.80 4.46 5.92 NA NA

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 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 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.

Performance data quoted represent past performance and are no guarantee of future returns. Current performance may be lower or higher than the performance data quoted, and the most current month-end performance information is available on the Parnassus Investments website (www.parnassus.com) Investment return and principal will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their principle cost. The S&P 500 Index, the Russell Midcap Index and the Russell 2000 Index are widely recognized indexes of common stock prices. The Barclays Capital U.S. Government/Credit Bond Index is a widely recognized index of fixed-income security prices. An individual cannot invest directly in an index. An index reflects no deductions for fees, expenses or taxes. Returns shown for the Funds do not reflect the declaration of taxes a shareholder would pay on the fund distributions or the redemption of fund shares. Prior to March 31, 1998, the Parnassus Equity Income Fund was a balanced fund. 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.

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.

Common stock prices fluctuate based on changes to a company’s financial condition and on overall market and economic conditions. Small-and mid-cap companies can be particularly sensitive to changing economic conditions and have fewer financial resources than large-cap companies. 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 Fund’s holdings.

Mutual fund investing involves risk, and loss of principal is possible.

The Parnassus Funds are underwritten and distributed by Parnassus Funds Distributor, a subsidiary of Parnassus Investments and a FINRA member.

Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the fund and should carefully read the prospectus, which contains this information. A prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.