PARNASSUS FUNDS EXPENSE CAP AGREEMENT
Agreement made this 24th day of March 2021, between Parnassus Investments, as investment adviser (the “Adviser”), and the Parnassus Funds (the “Trust”).
WHEREAS, the Trust is comprised of the following three funds: the Parnassus Mid Cap Growth Fund, the Parnassus Mid Cap Fund, the Parnassus Endeavor Fund; and
WHEREAS, the Adviser intends to reimburse the Funds for expenses that exceed certain expense limits and to commit to those limits for a period of time; and
WHEREAS, shareholders of the Funds benefit from any expense limits agreed to by the Adviser.
NOW, THEREFORE, the Trust and the Adviser agree to expense limits on the annual operating expenses of the Funds, as follows:
| Fund |
Expense Limit Effective 5/1/21 (as a percentage of average net assets) | |
| Parnassus Mid Cap Growth Fund |
||
| Investor Class |
0.83% | |
| Institutional Class |
0.68% | |
| Mid Cap Fund |
||
| Investor Class |
0.98% | |
| Institutional Class |
0.75% | |
| Endeavor Fund |
||
| Investor Class |
0.94% | |
| Institutional Class |
0.71% |
The Adviser agrees to continue the foregoing expense limits through April 30, 2022.
IN WITNESS WHEREOF, the parties have signed this agreement as of the day and year first above written.
| PARNASSUS INVESTMENTS | ||
| By: | /s/ Xxxxxxxx X. Xxxxx | |
| Name: | Xxxxxxxx X. Xxxxx | |
| Title: | CEO | |
| Date: | March 24, 2021 | |
| PARNASUSS FUNDS | ||
| By: | /s/ Xxxx X. Xxxxxxxx XX | |
| Name: | Xxxx X. Xxxxxxxx XX | |
| Title: | Secretary | |
| Date: | March 24, 2021 | |
