Virginia's 529 Plan Offers Socially Targeted Investment Option.
SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- The Virginia College This article or section is written like an .
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Mark blatant advertising for , using . Savings Plan is now offering the Parnassus Equity Income Fund, a responsible investment strategy applying social criteria screens, as an investment option under its VEST college savings program to help people save tax-free for qualified higher education expenses Qualified Higher Education Expense
Expenses such as tuition and tuition related expenses that an individual, spouse, or child must pay to an eligible post-secondary institution. . Responsible investment strategies seek companies with a strong commitment to ethical business practices, strong corporate governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. policies and protecting the environment.
"A growing number of our Virginia Education Savings Trust ("VEST") account owners have indicated an interest in a socially targeted investment option," said Mary G. Morris, Chief Executive Officer of the Virginia College Savings Plan. "After reviewing socially targeted funds, the Board selected the Parnassus Equity Income Fund because of its history of solid returns, active management and low expense ratio in conjunction with its social criteria screens."
Jerome L. Dodson, Parnassus Investments Chairman and Chief Executive Officer, added, "We are pleased to work with the Virginia College Savings Plan, which shares our philosophy that responsible investing does not mean sacrificing financial discipline. At the same time, just because a company has a positive benefit to society does not make it a good financial investment. This is why, after applying our social criteria, we select companies strictly based on our investment process."
VEST, an Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. Section 529 program, offers account owners a choice of 16 different investment options, including age-based and static investment portfolios with a varying mix of equity and fixed income investments to appeal to individuals with different investment objectives, investment styles and college savings time horizons. VEST allows participants to save for a designated beneficiary's cost of qualified higher education expenses including tuition, mandatory fees, room and board, textbooks, supplies and computers. VEST has no state residency A duration of stay required by state and local laws that entitles a person to the legal protection and benefits provided by applicable statutes.
States have required state residency for a variety of rights, including the right to vote, the right to run for public office, the requirements, no age limits and accounts may be opened at any time. VEST is one of four 529 programs offered by the Virginia College Savings Plan - the country's largest 529 plan. In 2008 and again in 2009, Morningstar Inc., a leading provider of independent investment research, ranked Virginia's VEST and CollegeAmerica programs among the "Best Five" 529 options in the country.
Parnassus Investments, based in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation).
The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , conducts fundamental research to determine a company's financial health and its business prospects, and also takes social factors into account in making investment decisions. It does not invest in companies that derive significant revenues from the manufacture of alcohol or tobacco products or from direct involvement with gambling. Parnassus Investments does not invest in companies that derive significant revenues from the manufacture of weapons or the generation of electricity from nuclear power.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Parnassus Investments, the return on the Parnassus Equity Income Fund over the ten-year period ended June 30, 2009 was 5.55% versus -2.22% for the S&P 500 Index. Generally, at least 75% of the Fund's total assets will be invested in equity securities that pay interest or dividends, while the remaining 25% may be invested in non-income producing equity securities, fixed-income securities Fixed-income securities
Investments that have specific interest rates, such as bonds. and money-market instruments.
(a) Expense ratios include gross expenses and expenses net of contractual waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished.
The term waiver is used in many legal contexts. as described in the Fund's current prospectus dated May 1, 2009. Parnassus Investments is contractually obligated ob·li·gate
tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates
1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force.
2. To cause to be grateful or indebted; oblige. to limit the total operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to 0.78% through May 1, 2010, exclusive of acquired fund fees.
Performance quoted represents past performance and is no guarantee of future returns. Current performance may be lower or higher than the performance data quoted. Investment return and principal will fluctuate, so that an investor's shares, when redeemed re·deem
tr.v. re·deemed, re·deem·ing, re·deems
1. To recover ownership of by paying a specified sum.
2. To pay off (a promissory note, for example).
3. , may be worth more or less than their original principal cost. Performance shown prior to April 28, 2006 (the inception of the Institutional Shares), reflects the performance of the Parnassus Equity Income Fund - Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares. The S&P 500 index is a widely recognized index of common stock prices. An individual cannot invest directly in an index. An index reflects no deductions for fees, expenses or taxes. On March 31, 1998, the Fund changed its investment objective from a balanced portfolio to an equity income portfolio. Returns shown for the fund do not reflect the declaration of taxes a shareholder would pay on the fund distributions or the redemption of fund shares. Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the fund and should read the prospectus carefully, which contains this information. A prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.
The Parnassus Funds are distributed by Parnassus Funds Distributor.