Fred Jensen
About Fred Jensen
Fred Jensen (born 1963) is Chief Compliance Officer (CCO) of MMU, serving since 2020. He is Director – Global Compliance at Franklin Templeton (since 2020), after serving as Managing Director and Director of Compliance at Legg Mason & Co. from 2006–2020, and earlier as CCO at several investment advisers and fund complexes, including The Reserve Funds (2004) and Ambac Financial Group (2000–2003) . As CCO, he reports directly to the Board; the Board meets regularly with the CCO as part of risk oversight, including discussions of compliance policies, procedures, and controls . Officers receive no compensation from the Fund, and proxies do not disclose Jensen’s education or executive-specific TSR/operating metrics tied to pay .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | 2020–Present | Leads global compliance; serves as Fund CCO reporting to Board on risk oversight |
| Legg Mason & Co. | Managing Director; Director of Compliance (Office of the CCO) | 2006–2020 | Senior compliance leadership across Legg Mason funds and affiliates |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | CCO for asset allocation affiliate |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | CCO for private portfolio affiliate |
| The Reserve Funds | Chief Compliance Officer | 2004 | CCO for investment adviser, funds, and broker-dealer |
| Ambac Financial Group | Chief Compliance Officer | 2000–2003 | CCO for investment adviser, funds, and broker-dealer |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | 2020–Present | Primary employer; address updated to One Madison Ave, NYC in 2025 proxy |
Fixed Compensation
Officers receive no compensation from the Fund; they may be reimbursed for reasonable out‑of‑pocket travel expenses for attending Board meetings.
| Item | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Cash compensation from Fund | None | None | None | None | None |
| Travel reimbursement policy | Allowed for Board meeting travel | Allowed | Allowed | Allowed | Allowed |
Performance Compensation
No incentive compensation is paid by the Fund to officers; thus, no performance metrics, weighting, targets, payouts, or vesting schedules are disclosed.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (officers receive no compensation from Fund) | — | — | — | — | — |
Equity Ownership & Alignment
- Officers and Directors as a group beneficially owned less than 1% of outstanding shares at each referenced date; individual officer holdings for Jensen are not itemized in the Fund’s proxy statements .
| Metric | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2024 | Aug 29, 2025 |
|---|---|---|---|---|---|
| Group beneficial ownership (% of outstanding) | <1% | <1% | <1% | <1% | <1% |
| Individual officer ownership detail (Jensen) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Shares pledged/hedged | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Additional alignment and compliance notes:
- Section 16(a) compliance: The Fund believes all required ownership filings were made for the fiscal year ended May 31, 2025 .
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Start date & tenure | Disclosed | CCO since 2020; birth year 1963 |
| Appointment & term | Disclosed | Officers are chosen annually by the Board; hold office until successors are elected and qualified |
| Compensation from Fund | Disclosed | Officers receive no compensation; travel expenses may be reimbursed |
| Reporting line | Disclosed | CCO reports directly to the Board; regular meetings as part of risk oversight |
| Severance & change‑of‑control | Not disclosed | No Fund‑level severance or CoC terms disclosed for officers |
| Non‑compete / non‑solicit | Not disclosed | Not addressed in Fund filings |
| Clawbacks / ownership guidelines | Not disclosed | Not addressed for officers |
Investment Implications
- Pay‑for‑performance analysis at the Fund level is not applicable to Jensen: officers receive no Fund compensation and have no Fund‑granted equity or options, eliminating near‑term insider selling pressure or vesting‑related trading signals tied to Fund awards .
- Alignment hinges on his role as Franklin Templeton’s Director – Global Compliance; retention risk is more dependent on adviser‑level employment terms than Fund governance, given annual Board appointment and absence of Fund‑level severance/CoC economics .
- Governance and compliance risk appears well‑managed: the Board regularly meets with the CCO for risk oversight, and Section 16(a) filings were in compliance for FY ended May 31, 2025, reducing red‑flag risk indicators tied to reporting lapses .
- Lack of disclosed individual officer holdings, pledging, or hedging limits precision of “skin‑in‑the‑game” analysis; group ownership consistently below 1% suggests minimal direct economic alignment via Fund stock, typical for externally‑managed closed‑end funds .