PARNASSUS FUNDS
Exhibit (d)(2)
Agreement made this 24th day of March 2020, 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 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
Parnassus Fund
Investor Class
Institutional Class
Mid Cap Fund
Investor Class
Institutional Class
Endeavor Fund
Investor Class
Institutional Class
Expense Limit Effective 5/1/20 (as a percentage of average net assets)
0.84%
0.68%
0.99%
0.75%
0.95%
0.71%
The Adviser agrees to continue the foregoing expense limits through April 30, 2021.
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
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Name: |
Xxxxxxxx X. Xxxxx |
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Title: |
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CEO |
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Date: |
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March 24, 2020 |
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PARNASUSS FUNDS
By: /s/ Xxxx X. Xxxxxxxx
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Name: |
Xxxx X. Xxxxxxxx |
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Title: |
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Secretary |
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Date: |
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March 24, 2020 |
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