EX-99.(H)(9) 2 d32064dex99h9.htm FUND EXPENSE CAP ARRANGEMENTS RESOLUTIONS Fund expense cap arrangements resolutions

Exhibit (h)(9)

BOARD RESOLUTIONS REGARDING EXPENSE LIMITATION ARRANGEMENTS

In connection with the agreement by Legg Mason Partners Fund Advisor, LLC to waive fees and/or reimburse operating expenses of the funds to the amounts presented to and described to the Board of Trustees (as summarized below), the following resolutions were duly adopted by the Board of Trustees of the Registrant and have not been modified or rescinded:

FUND EXPENSE CAP ARRANGEMENTS

 

RESOLVED:

With respect to the Trust, on behalf of each applicable Fund of the Trust, that the waiver of fees and/or reimbursement, as applicable, of operating expenses to the extent necessary to limit total operating expenses (other than the exceptions disclosed in the Summary Prospectus, the Prospectus and the Statement of Additional Information for a Fund) to the amounts as presented to and described at this meeting, subject to recapture terms as presented to and described at this meeting and in such Summary Prospectus, the Prospectus and the Statement of Additional Information, are hereby approved; and further

 

RESOLVED:

That the officers of the Trust, acting singly or jointly, are hereby authorized, empowered and directed to update the Summary Prospectus, the Prospectus and the Statement of Additional Information, with such amendments or applicable filings to include such other revisions as such officers may deem appropriate; and further

 

RESOLVED:

That the officers of the Trust, acting singly or jointly, are hereby authorized, empowered and directed to take all actions and to execute all documents necessary to give full effect to the foregoing resolutions in such manner or such forms as such officers shall approve in their reasonable discretion, in each case as conclusively evidenced by their actions or signatures


LEGG MASON PARTNERS EQUITY TRUST

ETF Funds:

 

Fund Name   

Share

Class

   Cap Level   

Expiration

Date

ClearBridge All Cap Growth ETF

   A    None    N/A

ClearBridge Dividend Strategy ESG ETF

   A    None    N/A

ClearBridge Large Cap Growth ESG ETF

   A    None    N/A

ClearBridge Focus Value ETF (launched May 2020)1

   A    None    N/A

Legg Mason Global Infrastructure ETF

   A    0.40    03/01/22

Legg Mason International Low Volatility High Dividend ETF

   A    None    N/A

Legg Mason Low Volatility High Dividend ETF

   A    None    N/A

Legg Mason Small-Cap Quality Value ETF

   A    None    N/A

Western Asset Short Duration Income ETF

   A    None    N/A

Western Asset Total Return ETF

   A    0.45    05/01/21

 

1 

The ActiveShare ETF is different from traditional ETFs in that it does not disclose its holdings daily. Precidian is the manager and ClearBridge the sub-adviser.

The expense cap arrangements will continue for the applicable Fund until the date specified above, unless modified or terminated prior to that date by agreement of LMPFA and the Board, and that this arrangement may be terminated at any time after such date by LMPFA; The expense cap arrangement is subject to the following: that the arrangement may be modified by LMPFA to decrease total annual operating expenses of a class or Fund at any time; that LMPFA is permitted to recapture amounts waived or reimbursed to the Fund within the fiscal year in which


LMPFA earned the fee or incurred the expense if the Fund’s total annual operating expenses have fallen to a level below the limit described above; and that in no case will LMPFA recapture any amount that would result, on any particular business day of the Fund, in the Fund’s total annual operating expenses exceeding the limit described above or any other limit then in effect. In addition, for ClearBridge Funds (excluding ETFs), the Fund’s management fee will be waived to an extent sufficient to offset any net management fee payable in connection with an investment in an affiliated money market fund. This management fee waiver is not subject to the recapture provision.