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Parnassus Funds Announces Changes in Board of Trustees

San Francisco, California – January 1, 2014

Parnassus Funds announces the retirement of Herbert A. Houston as an Independent Trustee and the appointment of Alecia A. DeCoudreaux to the Funds’ board as a new Independent Trustee.

Herbert A. Houston has retired as an Independent Trustee of the Parnassus Funds effective December 31, 2013. He has served as a Trustee of the Funds since 1992. Jerome L. Dodson, founder and President of Parnassus Investments as well as President of the Parnassus Funds, says “Herb Houston has been the Rock of Gibraltar for the Parnassus Funds, serving over 20 years, the most in our firm’s history. His steadfast leadership has guided the Funds through good times and bad—mostly good. He has seen the Funds grow from less than $100 million to over $10 billion in assets.” Parnassus Funds would like to thank Herbert A. Houston for his many years of service to the fund family, and we wish him the best in his retirement. Mr. Houston had served as Lead Independent Trustee of the Funds. The remaining Independent Trustees have named Donald V. Potter, a Trustee of the Funds since 1992, as the new Lead Independent Trustee.

Alecia A. DeCoudreaux, President of Mills College, was appointed as a new Independent Trustee effective December 10, 2013 at a meeting held on that date. She was selected from a list of many qualified candidates. Jerome L. Dodson says, “We’re delighted to welcome Alecia DeCoudreaux to the Board of Trustees of the Parnassus Funds. She’s a woman of many talents, including a background in law, business and education.” Her list of accomplishments include extensive executive leadership positions at Eli Lilly and Company, most recently Vice President and Deputy General Counsel, Specialty Legal Team, as well as community involvement and volunteerism. Parnassus Funds is fortunate to have such a distinguished individual join our Board of Trustees, and we look forward to working with Ms. DeCoudreaux.