PARNASSUS INCOME FUNDS FORM OF EXPENSE CAP AGREEMENT
Exhibit (d)(4)
FORM OF EXPENSE CAP AGREEMENT
This Expense Cap Agreement, made and effective as of December ___, 2024, is between Parnassus Investments, LLC, as investment adviser (the “Adviser”), and Parnassus Income Funds (the “Trust”).
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 annual operating expenses of the Funds, as follows:
| Fund |
Expense Limits | |
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Parnassus Core Select ETF
Parnassus Value Select ETF |
% (as a percentage of average net assets)
% (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 |
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By: |
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| Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
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Title: CEO |
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| Date: December , 2024 |
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| PARNASUSS INCOME FUNDS |
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| By: |
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| Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇ |
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| Title: Secretary |
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| Date: December , 2024 |
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