PARNASSUS INCOME FUNDS
EXPENSE CAP AGREEMENT
Agreement made this 24th day of March 2020, between Parnassus Investments, as investment adviser (the "Adviser"), and the Parnassus Income Funds (the "Trust").
WHEREAS, the Trust is comprised of the following two portfolios: the Core Equity Fund and the Fixed Income Fund (collectively, the "Funds"); and
WHEREAS, the Adviser has been reimbursing the Funds for expenses that exceed certain voluntary expense limits; and
WHEREAS, the Adviser wishes to change its voluntary agreement to limit expenses of the Funds and commit to those 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:
Expense Limit Effective 5/1/20 (as a
percentage of average net assets)
Core Equity Fund
Fixed Income Fund
The Adviser agrees to continue the foregoing expense limits through April 30, 2021.
IN WITNESS WHEREOF, the parties have signed this agreement as of the day and year first above written.
By: /s/ Xxxxxxxx X. Xxxxx
THE PARNASUSS INCOME TRUST
By: /s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
March 24, 2020