PARNASSUS FUNDS II
PARNASSUS CORE EQUITY FUND
AMENDED AND RESTATED EXPENSE CAP AGREEMENT
This Amended and Restated Expense Cap Agreement, made and effective as of April 30, 2025, is between Parnassus Investments, LLC, as investment adviser (the “Adviser’’), and Parnassus Funds II (the “Trust”).
WHEREAS, the Trust is comprised of the following Funds: the Parnassus Core Equity Fund, the Parnassus Core Select ETF, the Parnassus Value Select ETF, and the Parnassus Fixed Income Fund, and
WHEREAS, the Parnassus Core Select ETF and Parnassus Value Select ETF are subject to a separate expense cap agreement, and the Parnassus Fixed Income Fund is being liquidated, and as a result this agreement is limited to the Parnassus Core Equity Fund, and
WHEREAS, the Adviser has been reimbursing the Fund for expenses that exceed certain voluntary expense limits; and
WHEREAS, the Adviser wishes to change its voluntary agreement to limit expenses of the Fund and waive certain fees, and commit to those limits for a period of time; and
WHEREAS, shareholders of the Fund benefit from any expense limits agreed to by the Adviser.
NOW, THEREFORE, the Trust and the Adviser agree to expense limits and fee waiver on the annual operating expenses of the Funds, as follows:
| Fund |
Expense Limits and Fee Waiver | |
| Parnassus Core Equity Fund | (Expense Limits Effective as of 4/30/2025) | |
| Investor Class | 0.81% (as a percentage of average net assets) | |
| Institutional Class | 0.61% (as a percentage of average net assets) |
The Adviser agrees to continue the foregoing expense limits through April 30, 2026.