Our Funds

Parnassus Fund

Annual Returns as of

Growth of $10,000 as of 2

1 All returns greater than one year are annualized.

2 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 cost.

The Standard & Poor's 500 Composite Stock Price Index (also known as "he S&P 500 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.

In addition to large-cap companies, the Fund may invest in small- and/or mid-cap companies, which can be particularly sensitive to changing economic conditions and have fewer financial resources or the well-established businesses of large-cap companies. Relative to stocks of large-cap companies, the stocks of small- and mid-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.

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.

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.