The Parnassus Fund Goes No-Load.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--April 5, 2004 Parnassus Investments today announced that it will eliminate the sales charge Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select on the Parnassus Fund effective May 1, 2004. Since inception in 1984, the Parnassus Fund has charged a maximum 3.5% sales load Sales load See: Sales charge sales load See load. . "Our sales charge has always been a low one," said Parnassus Fund President, Jerome L. Dodson, "but our investors will now benefit from having a no-load fund A type of Mutual Fund that does not impose extra charges for administrative and selling expenses incurred in offering its shares for sale to the public. ." The Parnassus Fund was one of the first socially responsible mutual funds. It takes social and environmental factors into account in making investment decisions. It avoids companies that have a negative social impact such as those that produce alcohol, tobacco or are involved with gambling. Instead, it invests in companies that are good places to work, have good community relations 1. The relationship between military and civilian communities. 2. Those public affairs programs that address issues of interest to the general public, business, academia, veterans, Service organizations, military-related associations, and other non-news media entities. and are equal opportunity employers equal opportunity employer An employer or enterprise that does not discriminate against a job candidate, or subject him/her to adverse exclusionary criteria, based on race, sex, religion, or national origin. See Equal employment opportunity. . The three other funds in the Parnassus family are already no-load: the Parnassus Equity Income Fund, the Parnassus Fixed-Income Fund and the Parnassus California Tax-Exempt Fund. There is no 12b-1 marketing fee associated with any of the Parnassus funds. Total fund expenses for all four funds are lower than the median for funds of a similar size and investment objective according to a study by Lipper, Inc. For more information, visit www.parnassus.com. |
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