PARNASSUS INCOME FUNDS EXPENSE CAP AGREEMENT
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Exhibit (d)(4) |
This Expense Cap Agreement, made and effective as of December 10, 2024, is between Parnassus Investments, LLC, as investment adviser (the “Adviser”), and Parnassus Income Funds (the “Trust”) (the Trust will be renamed “Parnassus ETFs” after the close of business on December 31, 2024).
WHEREAS, this Expense Cap Agreement relates to the following two series of the Trust: the Parnassus Core Select ETF and Parnassus Value Select ETF (collectively, the “Funds”); and
WHEREAS, the Adviser agrees to reimburse the Funds for expenses that exceed certain voluntary expense 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 total annual operating expenses of the Funds, as follows:
| Fund |
Expense Limits | |
| Parnassus Core Select ETF | 0.58% (as a percentage of average net assets) | |
| Parnassus Value Select ETF | 0.59% (as a percentage of average net assets) |
The Adviser agrees to continue these expense limits through April 30, 2026.
IN WITNESS WHEREOF, the parties have signed this agreement as of the day and year first above written.
| PARNASSUS INVESTMENTS, LLC | ||
| By: | /s/ Xxxxxxxx X. Xxxxx | |
| Name: | Xxxxxxxx X. Xxxxx | |
| Title: | CEO | |
| Date: | December 10, 2024 | |
| PARNASUSS INCOME FUNDS | ||
| By: | /s/ Xxxx X. Xxxxxxxx XX | |
| Name: | Xxxx X. Xxxxxxxx XX | |
| Title: | Secretary | |
| Date: | December 10, 2024 | |
