The Parnassus Workplace Fund^®

Investment Objective

The Parnassus Workplace Fund has the overall investment objective of capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Workplace Fund.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Parnassus Workplace Fund
Management Fees	0.85%
Distribution (12b-1) Fees	None
Other Expenses	0.51%
Service Fees	0.18%
All remaining other expenses	0.33%
Total Annual Fund Operating Expenses	1.36%
Expense Reimbursement	0.16%	1
Total Annual Fund Operating Expenses After Expense Reimbursement	1.20%

¹ The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 1.20% of net assets for the Parnassus Workplace Fund. This limitation continues until May 1, 2011, and may be continued indefinitely by the investment adviser on a year-to-year basis.

For additional information about the Parnassus Workplace Fund’s expenses, please see Financial Highlights in the prospectus.

Example

This example is intended to help you compare the cost of investing in the Parnassus Workplace Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

1 Year	3 Years		5 Years		10 Years
$122	$	415	$	729	$	1,621

Portfolio Turnover

The Parnassus Workplace Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.7% of the average value of its whole portfolio.

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Principal Investment Strategies

The Parnassus Workplace Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in companies believed by the Fund’s investment adviser (Adviser) to provide good workplaces for their employees. These companies must, in the Adviser’s opinion, be undervalued, but they must also have good prospects for long-term capital appreciation and an identifiable catalyst that could move the stock price higher over the course of the expected holding period. The Parnassus Workplace Fund is a “multi-cap” fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies with market capitalizations below $1 billion. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s competitive position and management team. Upon initial investment, stocks must be trading below their intrinsic value, which means that the Adviser seeks to purchase stocks trading at large discounts to the Adviser’s assessment of the companies’ estimated value as calculated by the Adviser. The Adviser also takes environmental, social and governance factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate or if it believes a company’s stock has little potential for appreciation.

Principal Risks

All investments involve risk, and investing in the Parnassus Workplace Fund is no exception. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:

n You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time.

n The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the United States and abroad. The Fund’s holdings can vary significantly from broad stock market indices.

n This is a “multi-cap” fund. 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 since they do not have the financial resources or the well-established businesses of large-cap companies. Relative to the 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.

n The Fund may incur high portfolio turnover. High portfolio turnover necessarily results in correspondingly greater transaction costs (such as brokerage commissions or markups or markdowns), which the Fund must pay, and increased realized gains (or losses) to investors. Distributions to shareholders of short-term capital gains are taxed as ordinary income under Federal tax laws.

n The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.

n The Fund adheres to “responsible investing” guidelines, which may limit the investment opportunities available to the Fund.

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Performance Information

The bar chart and table that follow contain information that allows you to evaluate the Parnassus Workplace Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. During the period shown in the bar chart, the highest return for a quarter was 26.7% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 24.4% (quarter ended December 31, 2008). Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at 800-999-3505.

Below is a table comparing the
performance of the Parnassus
Workplace Fund with that of the
S&P 500 Index and the Lipper
Multi-Cap Core Average. Figures
are average annual returns for
one year and since inception
from April 29, 2005 to the period
ended December 31, 2009. The
table and the bar chart are
intended to demonstrate the risk
of investing in the Fund by

showing how the Fund’s average annual total returns, before and after taxes, compare with a stock index and a group of similar mutual funds, and also how the Fund’s performance varies from year to year.

Average Annual Total Returns for Parnassus Workplace Fund

(all periods ended December 31, 2009)

	One Year	Since Inception
PARNASSUS WORKPLACE FUND
Return before Taxes	62.13%	7.92%
Return after Taxes on Distributions	61.68%	7.37%
Return after Taxes on Distributions and Sale of Fund Shares	40.98%	6.60%
S&P 500 Index	26.47%	1.33%
Lipper Multi-Cap Core Average	32.01%	2.08%

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

The Adviser

Parnassus Investments is the investment adviser to the Parnassus Workplace Fund. For more information on the Adviser, please see “Management of the Funds” in the prospectus and “The Adviser” in the statement of additional information.

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Portfolio Manager

Jerome L. Dodson has been the portfolio manager of the Parnassus Workplace Fund since its inception in 2005. Mr. Dodson is the President and Chairman of Parnassus Investments, and is also President and a Trustee of the Funds. For more information, please see “Management of the Funds” in the prospectus and “Portfolio Managers” in the statement of additional information.

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