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Parnassus Asia Fund Liquidation

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SAN FRANCISCO, CA, February 12, 2018

The Parnassus Asia Fund will be liquidated on March 29, 2018. While we understand that there are investment opportunities in Asian markets and believe that a socially responsible investment strategy in Asia can be successful, the Fund did not grow as expected. As a result, the Parnassus Funds Board of Trustees decided that closing the Asia Fund is in the best interest of our shareholders. This closure will allow Parnassus to shift more resources to the firm’s core competencies in the U.S. market.

The Fund will be closed to new purchases on February 21 to prepare for the closing and liquidation of the Fund. The Fund’s portfolio manager will increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, after February 21, 2018, the Fund is expected to deviate from its stated investment strategies and policies and will no longer be managed to meet its investment objective.

We thank you for your investment in the Parnassus Asia Fund.

More information is available in the Supplement to the Parnassus Funds Prospectus.

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.

Parnassus Investments is the investment advisor to the Parnassus Funds. The Parnassus Funds are distributed by Parnassus Funds Distributor, an affiliate of Parnassus Investments and a FINRA member.

Mutual Fund investing involves risk, and loss of principal is possible.