Jane Trust
About Jane Trust
Jane E. Trust, CFA, is Director, President and Chief Executive Officer of Western Asset Mortgage Opportunity Fund Inc. (DMO), and an “interested person” under the 1940 Act due to her roles within Franklin Templeton and affiliates; birth year 1962; she has served as a Director and in executive roles at the Fund since 2015 . DMO reported a six-month total return through June 30, 2025 of 5.84% on NAV and 8.02% on market price; the Fund’s benchmark returned 2.66% over the same period, and distributions were estimated to be 66% net investment income and 34% return of capital during the period . Ms. Trust provides CEO certifications under SOX 302 and 906 for the Fund’s Form N-CSR, underscoring accountability for disclosure controls and financial reporting .
Past Roles
| Organization | Role | Years | Strategic/Organizational Context |
|---|---|---|---|
| Western Asset Mortgage Opportunity Fund Inc. (DMO) | Director; President & CEO | Since 2015 | Board oversight and fund leadership as set forth in the proxy; Directors oversee service providers, performance, and valuation processes . |
| DMO Board | Chairman | Through Nov 15, 2024 (then transitioned to Chair Eileen A. Kamerick) | Chair role transferred to an independent director effective Nov 15, 2024, enhancing separation of management and Board leadership . |
| Franklin Templeton Fund Adviser (FTFA) | President & CEO (FTFA); Senior Vice President, Fund Board Management | FTFA President & CEO since 2015; SVP since 2020 | Executive leadership at the adviser; role confirms “interested” status under the 1940 Act . |
| Legg Mason & Co., LLC | Managing Director; Senior Managing Director | 2016–2020 | Senior leadership positions at legacy platform prior to full Franklin integration . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton fund complex | Officer and/or Trustee/Director of funds | Since 2015 | Officer and/or Trustee/Director across 119 portfolios . |
| Putnam Family of Funds | Trustee | Not specified | Trustee across 105 portfolios . |
| Other public company boards | — | — | None disclosed . |
Board Governance (service history, committees, dual-role implications)
- Independence status: Ms. Trust is an “interested” Director because she is an officer of FTFA and certain affiliates .
- Committee roles: All standing committees (Audit; Nominating; Compensation; Pricing and Valuation) are composed of Independent Directors; Ms. Trust is not listed as a member. For 2024, the Audit Chair was Nisha Kumar; Pricing and Valuation Chair was Carol L. Colman; Compensation Chair was Paolo M. Cucchi; Nominating Chair was Daniel P. Cronin . In 2024 the Board held four regular meetings; each Director attended at least 75% of aggregate Board and committee meetings for which they were eligible .
- Leadership structure: Effective November 15, 2024, Eileen A. Kamerick became Chair of the Board, while Ms. Trust continued as CEO and Director, reducing CEO/Chair concentration and addressing potential dual-role governance concerns .
- Committee scope and activity: Compensation Committee and Pricing & Valuation Committee are comprised entirely of Independent Directors and met during FY2024 to set Independent Director pay and oversee valuation processes; Compensation Committee chaired by Peter Mason in 2024–2025; charters are posted on the Fund’s website .
- Director compensation framework (independents): The Fund discloses Independent Director compensation; Ms. Trust, as an interested Director, received no remuneration from the Fund in FY2023 and FY2024 .
Fixed Compensation
Officers of the Fund receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses for Board meetings. Compensation (salary/bonus) is not disclosed at the Fund level for Ms. Trust, who is employed by FTFA.
| Component | FY2023 | FY2024 | Notes |
|---|---|---|---|
| Base Salary | Not disclosed by DMO | Not disclosed by DMO | Officers receive no compensation from the Fund . |
| Target Bonus % | Not disclosed by DMO | Not disclosed by DMO | Not disclosed at Fund level . |
| Actual Bonus Paid | Not disclosed by DMO | Not disclosed by DMO | Not disclosed at Fund level . |
| Perquisites (aircraft, security, etc.) | Not disclosed | Not disclosed | Not disclosed at Fund level . |
Officers of the Fund receive no compensation from the Fund; therefore, cash pay elements for Ms. Trust are not included in DMO’s proxy disclosures .
Performance Compensation
No short- or long-term incentive plans (RSUs/PSUs/options) are disclosed at the Fund level for Ms. Trust.
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting | Notes |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Not disclosed | — | — | — | — | Not disclosed at Fund level; officers receive no Fund compensation . |
| Equity (RSUs/PSUs) | Not disclosed | — | — | — | — | No equity awards disclosed by DMO . |
| Stock Options | Not disclosed | — | — | — | — | No option grants disclosed by DMO . |
| Clawback | Not disclosed | — | — | — | — | No clawback policy disclosure for officers at Fund level . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership in DMO | Dollar range “A” = None as of Dec 31, 2024 . |
| Aggregate beneficial ownership (Directors/officers as a group) | Less than 1% of outstanding shares as of Aug 29, 2025 . |
| Aggregate holdings across Fund Complex (for Ms. Trust) | Dollar range “E” = Over $100,000 . |
| Shares pledged/hedged | Not disclosed . |
| Ownership guidelines (directors/executives) | Not disclosed in the cited proxy sections . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date with DMO (executive/Director) | Since 2015 . |
| Contract term, auto-renewal | Not disclosed at Fund level . |
| Severance/Change-of-Control | Not disclosed at Fund level; no Fund-level officer compensation . |
| Non-compete/Non-solicit | Not disclosed at Fund level . |
| Post-termination consulting/Garden leave | Not disclosed at Fund level . |
Director Compensation (Ms. Trust)
| Fiscal Year | Aggregate Compensation from DMO | Notes |
|---|---|---|
| 2023 | $0 | “No remuneration was paid during FY2023 by the Fund to Ms. Trust (interested person)” . |
| 2024 | $0 | “No remuneration was paid during FY2024 by the Fund to Ms. Trust (interested person)” . |
Fund Performance Context (during Ms. Trust’s tenure)
| Period End | NAV Total Return | Market Price Total Return | Benchmark Return | Notes |
|---|---|---|---|---|
| 6 months ended Jun 30, 2025 | 5.84% | 8.02% | 2.66% (ICE BofA U.S. FR HEL ABS Index) | Distributions estimated 66% NII / 34% ROC in period . |
Additional Disclosures Relevant to Governance and Trading Dynamics
- Control Share Act: The Fund has opted into the Maryland Control Share Acquisition Act (MCSAA), which can limit voting rights for holders acquiring specified thresholds absent shareholder reinstatement—relevant for activism/arbitrage dynamics in closed-end funds .
- Certifications: Ms. Trust executed SOX 302 and 906 certifications for the June 30, 2025 N-CSR, indicating responsibility over disclosure controls and fair presentation of financials .
- Board operations: Independent committees oversee auditing and valuation processes; PwC serves as independent auditor; Audit Committee reports its oversight and independence assessments in the proxy .
Investment Implications
- Pay-for-performance alignment: Because officers receive no compensation from the Fund and no incentive equity is disclosed at the Fund level, there is limited direct alignment via DMO-specific equity or bonuses for Ms. Trust; her DMO beneficial ownership is “None,” suggesting negligible insider selling pressure at the Fund level .
- Governance checks: The 2024 transition to an independent Chair mitigates CEO/Chair dual-role concerns and may improve perceived governance quality; committee independence remains robust .
- Retention and change-of-control risk: Employment contracts, severance, and non-compete terms are not disclosed at the Fund level for Ms. Trust, leaving limited visibility into retention economics or CoC accelerators; investors should monitor adviser-level disclosures for these elements .
- Trading signals for DMO: Low insider ownership and MCSAA adoption can influence activism probabilities and discount dynamics in closed-end funds; near-term performance has improved with positive NAV and market returns over the latest semiannual period, but distribution composition (ROC component) warrants ongoing monitoring for sustainability .