EX-99.(D)(2) 3 d331304dex99d2.htm EXPENSE LIMITATION AGREEMENT Expense Limitation Agreement

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PARNASSUS FUNDS

EXPENSE CAP AGREEMENT

Agreement made this 23rd day of March 2022, 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 05/01/2022 (as a
      percentage of average net assets)

        
 

Parnassus Mid Cap Growth Fund

      
 

  Investor Class

  Institutional Class

   

0.80%

0.68%

   
 

Mid Cap Fund

      
 

  Investor Class

  Institutional Class

   

0.96%

0.75%

   
  Endeavor Fund      
 

  Investor Class

  Institutional Class

   

0.88%

0.65%

   

The Adviser agrees to continue the foregoing expense limits through April 30, 2023.

IN WITNESS WHEREOF, the parties have signed this agreement as of the day and year first above written.

 

 

PARNASSUS INVESTMENTS

  By: /s/ Benjamin E. Allen
 

Name:                     Benjamin E. Allen                     

 

Title:                        CEO                                          

 

Date:                       March 23, 2022                        

 

PARNASUSS FUNDS

  By: /s/ John V. Skidmore II
 

Name:                    John V. Skidmore II                

 

Title:                        Secretary                                

 

Date:                       March 23, 2022