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Billy J. Hwan Promoted to Sole Portfolio Manager for Parnassus Asia Fund

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SAN FRANCISCO, CA, May 3, 2017

We are pleased to announce that Billy J. Hwan was promoted to sole portfolio manager of the Parnassus Asia Fund on May 1, 2017. On the same date, Parnassus Investments founder and CEO Jerome L. Dodson relinquished his position as lead portfolio manager of the Asia Fund to focus on managing two other Parnassus funds. The Asia Fund’s strategy is unchanged.

Mr. Dodson commented on Mr. Hwan’s promotion, stating that “Billy has demonstrated keen investment insights across Asian markets, and I have full confidence in his ability to take on full responsibility for the Asia Fund.” Benjamin E. Allen, president of Parnassus Investments, added that “Parnassus is proud to have launched the first socially responsible Asian fund for U.S. investors in 2013, and to have a fund manager with deep expertise in Asian markets to guide our Asia Fund in the years ahead.”

Mr. Hwan was appointed co-manager of the Asia Fund in 2014 after joining Parnassus in 2012 as a senior research analyst following an internship in 2011. Mr. Hwan’s prior experience includes equity research at Dodge & Cox in San Francisco and at the Government of Singapore Investment Corporation. He speaks both Mandarin and Japanese.

Mr. Hwan received his bachelor’s degree in engineering from Stanford University and a master’s degree in accountancy from the University of Houston. He then graduated with honors from the University of California, Berkeley, with a master's degree in business administration. Mr. Hwan holds the CPA and CFA designations.

The Parnassus Asia Fund is an equity mutual fund that invests in developed and emerging markets across Asia. The Fund also may hold stocks in non-Asian countries that do substantial business in Asia. Companies are selected based on their competitive advantages, relevance and management quality. In addition, each investment must meet Parnassus’s firm-wide ESG (environmental, social and governance) criteria.

About Parnassus Investments

Founded in 1984, Parnassus Investments is a pioneer in socially responsible investments. Based in San Francisco, the firm invests responsibly to build wealth for its clients by selecting businesses that the investment team believes have increasingly relevant products or services, sustainable competitive advantages and quality management teams for their high conviction portfolios. Every investment must meet rigorous fundamental and environmental, social and governance (ESG) criteria.

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 or summary prospectus, which contains this information. A prospectus or summary prospectus can be obtained on the website, www.parnassus.com , or by calling (800) 999-3505.