INTERNAL CONTROL RPT 3 auditletterpifs2022.htm PIFS AUDIT LETTER 2022 PDFtoHTML Conversion Output
 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Parnassus Funds and Parnassus Income Funds, and Shareholders of Parnassus Mid Cap Fund, Parnassus Value Equity Fund, Parnassus Mid Cap Growth Fund, Parnassus Growth Equity Fund, Parnassus Core Equity Fund and Parnassus Fixed Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolio of investments, of Parnassus Mid Cap Growth Fund, Parnassus Mid Cap Fund, Parnassus Growth Equity Fund and Parnassus Value Equity Fund (constituting the Parnassus Funds), and Parnassus Core Equity Fund and Parnassus Fixed Income Fund (constituting the Parnassus Income Funds) (hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations and the changes in each of their net assets and each of the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

 

Fund

 

Statement of Operations

 

Statement of Changes in

 

Financial Highlights

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Parnassus Fixed Income

 

For the year ended

 

For each of the two years in

 

For each of the two years in

 

 

 

 

 

 

 

Fund

 

December 31, 2022

 

the period ended December

 

the period ended December

 

 

 

 

 

31, 2022

31, 2022

 

 

 

 

 

 

 

 

 

 

 

Parnassus Core Equity

 

For the year ended

 

For each of the two years in

 

For each of the two years in

 

 

 

 

 

 

 

Fund

 

December 31, 2022

 

the period ended December

 

the period ended December

 

 

 

 

 

31, 2022

31, 2022

 

 

 

 

 

 

 

 

 

 

 

Parnassus Value Equity

 

For the year ended

 

For each of the two years in

 

For each of the two years in

 

 

 

 

 

 

 

Fund

 

December 31, 2022

 

the period ended December

 

the period ended December

 

 

 

 

 

31, 2022

31, 2022

 

 

 

 

 

 

 

 

 

 

 

Parnassus Mid Cap Fund

 

For the year ended

 

For each of the two years in

 

For each of the two years in

 

 

 

 

 

 

 

 

 

December 31, 2022

 

the period ended December

 

the period ended December

 

 

 

 

 

31, 2022

31, 2022

 

 

 

 

 

 

 

 

 

 

 

Parnassus Mid Cap Growth

 

For the year ended

 

For each of the two years in

 

For each of the two years in

 

 

 

 

 

 

 

Fund

 

December 31, 2022

 

the period ended December

 

the period ended December

 

 

 

 

 

31, 2022

31, 2022

 

 

 

 

 

 

 

 

 

 

 

Parnassus Growth Equity

 

For the period December

 

For the period December

 

For the period December

 

 

Fund

 

28, 2022 (commencement

 

28, 2022 (commencement

 

28, 2022 (commencement

 

 

 

 

of operations) through

 

of operations) through

 

of operations) through

 

 

 

 

December 31, 2022

 

December 31, 2022

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

The financial statements of Parnassus Mid Cap Growth Fund, Parnassus Mid Cap Fund, Parnassus Core Equity Fund, Parnassus Value Equity Fund and Parnassus Fixed Income Fund as of and for the year ended December 31, 2020 and the financial highlights for each of the periods ended on or prior to December 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 28, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and broker; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, CA

January 27, 2023

We have served as the auditor of one or more investment companies in Parnassus Funds and Parnassus Income Funds since 2021.

PricewaterhouseCoopers LLP, 405 Howard Street, Suite 600, San Francisco, CA 94105

T: (415) 498 5000, www .pwc.com/us