Parnassus Investments

Parnassus Funds

Parnassus offers seven no-load mutual funds to meet your investment needs. The Parnassus investment team invests according to our research process, looking for undervalued companies with good businesses.

All the Parnassus Funds are no-load. More on the costs of investing.

• Parnassus Fund looks for companies that are deeply undervalued from their intrinsic value.
• Parnassus Equity Income Fund invests primarily in large companies that generate dividend and interest income.
• Parnassus Mid-Cap Fund invests primarily in the stock of medium-sized companies.
• Parnassus Small-Cap Fund invests in small, emerging companies.
• Parnassus Workplace Fund invests in companies with exceptional workplaces.
• Parnassus Fixed-Income Fund invests mainly in bonds rated A or higher.

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Fund Performance

Fund Name	Year to Date as of 5/9/08	Annualized Returns as of 4/30/08
		1 year	3 years	5 years	10 years	Since Inception*
Parnassus Fund	0.03%	(2.44)%	8.51%	6.41%	4.68%	9.91%
Equity Income Fund Investor Shares	(1.33)%	4.47%	11.11%	9.92%	9.37%	11.08%
Equity Income Fund Institutional Shares	(1.24)%	4.67%	NA	NA	NA	10.16%
Mid-Cap Fund	(0.75)%	(5.55)%	6.16%	NA	NA	6.15%
Small-Cap Fund	1.36%	(8.80)%	6.38%	NA	NA	6.37%
Workplace Fund	0.80%	0.96%	7.90%	NA	NA	7.89%
Fixed Income Fund	1.87%	5.83%	5.74%	4.26%	5.27%	6.10%

Current Fund Prices - NAVs

Fund Name	Symbol	Current Price As of 5/9/2008	Previous Price As of 5/8/2008	Price Change	Price Change
Parnassus Fund	PARNX	$ 36.67	$ 36.75	$ (0.08)	(0.22) %
Equity Income Fund Investor Shares	PRBLX	$ 24.91	$ 25.05	$ (0.14)	(0.56) %
Equity Income Fund Institutional Shares	PRILX	$ 24.96	$ 25.10	$ (0.14)	(0.56) %
Mid-Cap Fund	PARMX	$ 17.26	$ 17.33	$ (0.07)	(0.40) %
Small-Cap Fund	PARSX	$ 17.14	$ 17.04	$ 0.10	0.59 %
Workplace Fund	PARWX	$ 17.74	$ 17.82	$ (0.08)	(0.45) %
Fixed Income Fund	PRFIX	$ 16.41	$ 16.41	$ 0.00	0.00 %

Recent Dividends and Distributions
Historical Fund Prices (NAVs)
Expense Ratio Information

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. Investment return and principal will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
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.
Capital gains from capital appreciation of tax-exempt bonds are not exempt from federal income tax and also may be subject to state and local taxes.