PARNASSUS FUNDS AMENDED AND RESTATED EXPENSE CAP AGREEMENT
Exhibit (d)(4)
AMENDED AND RESTATED EXPENSE CAP AGREEMENT
Agreement made this 28th day of December 2022, between Parnassus Investments, LLC as investment adviser (the “Adviser”), and the Parnassus Funds (the “Trust”).
WHEREAS, the Trust is comprised of the following four funds: the Parnassus Mid Cap Growth Fund, the Parnassus Mid Cap Fund, the Parnassus Endeavor Fund (to be renamed the Parnassus Value Equity Fund effective as of December 30, 2022), the Parnassus Growth Equity 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 5/1/24 (as a percentage of average net assets) |
|||
| Parnassus Mid Cap Growth Fund |
||||
| Investor Class |
0.80 | % | ||
| Institutional Class |
0.68 | % | ||
| Parnassus Mid Cap Fund |
||||
| Investor Class |
0.96 | % | ||
| Institutional Class |
0.75 | % | ||
| Parnassus Endeavor Fund |
||||
| Investor Class |
0.88 | % | ||
| Institutional Class |
0.65 | % | ||
| Parnassus Growth Equity Fund |
||||
| Investor Class |
0.84 | % | ||
| Institutional Class |
0.63 | % | ||
The Adviser agrees to continue the foregoing expense limits through April 30, 2024.
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: | December 28, 2022 | |
| PARNASUSS FUNDS | ||
| By: | /s/ Xxxx X. Xxxxxxxx XX | |
| Name: | Xxxx X. Xxxxxxxx XX | |
| Title: | Secretary | |
| Date: | December 28, 2022 | |
