employees generally. The Fund’s 401(k) plan allows
employees to contribute up to 100% of their compensation (within
the limits prescribed by the Internal Revenue Code). The Fund
matches such employee contributions at a rate of 6%, up to an
annual limit of $19,000 ($25,000 for Mr. McInerney and
Mr. Chong) (subject to increase in the event that the employee
makes eligible catch-up
contributions). Employee and Fund contributions vest immediately.
Participants in the Fund’s 401(k) plan may receive distributions
from their respective accounts upon the occurrence of certain
events, including a termination of employment and reaching normal
retirement age (59 1/2 years old), subject to the terms and
conditions of the Fund’s 401(k) plan.
The following table shows the dollar range of
equity securities of the Fund beneficially owned by each of the
executive officers of the Fund based on the net asset value per
share of common stock as of December 31, 2019.
Dollar Range of Equity
Securities of the Fund
Thomas J. McInerney
Alexi A. Wellman
BlackRock has a principal place of business located
at 100 Bellevue Parkway, Wilmington, Delaware 19809. BlackRock is
registered as an investment adviser with the Securities and
Exchange Commission and is a wholly owned subsidiary of BlackRock,
Inc., a publicly traded company. The following BlackRock employees
share primary responsibility for the management of the portion of
the Marketable Debt Securities Portfolio managed by BlackRock.
Frank C. Gianatasio, Jr., CFA, Director and Portfolio
Frank C. Gianatasio, Jr. is a member of BlackRock’s
Cash Management Group, within BlackRock’s Trading and Liquidity
Strategies. He is a Senior Portfolio Manager responsible for
managing active short-term fixed income portfolios for corporate,
financial, and insurance clients.
Mr. Gianatasio, Jr. joined BlackRock in 2016
from BofA Global Capital Management (“BACM”) at the time
when BACM transferred investment responsibility for certain assets
of BACM to BlackRock. At BACM, Mr. Gianatasio was a Managing
Director, Senior Portfolio Manager, Trader and Analyst responsible
for managing active short-term fixed income portfolios, trading
cash and short term fixed income instruments and leading the
securitized products research effort across the BACM platform.
Prior to joining BACM, Mr. Gianatasio was a Managing Director,
Senior Portfolio Manager and Analyst at State Street Global
Advisors where he was responsible for MBS, ABS and CMBS research
across various total return and index funds, and was the lead
portfolio manager for the firm’s ABS CDO business. Prior to that he
held securitized products structuring and research roles at
FleetBoston Robertson Stephens, Inc. and Fitch, Inc.
Mr. Gianatasio earned a BS in Finance from Bentley College and
an MBA from the F.W. Olin Graduate School of Business at Babson
College. Mr. Gianatasio is a CFA Charterholder.
Rich Mejzak, CFA, Managing Director and Portfolio
Rich Mejzak is head of Global Portfolio Management
for the Cash Management Group and is the head of BlackRock’s
Philadelphia office. He is primarily responsible for liquidity and
short duration portfolios, including securities lending collateral,
mutual funds, separate accounts and ETFs.
Mr. Mejzak’s service with the firm dates back
to 1990, including his years with Merrill Lynch Investment Managers
(“MLIM”), which merged with BlackRock in 2006.
Mr. Mejzak is a member of the CFA Institute and the CFA
Society of Philadelphia. He earned a BS degree in accounting from
Villanova University and serves on the Villanova School of Business
Finance Department Advisory Council.
Mr. Giantasio will oversee the investment
strategy of the Fund’s Marketable Debt Securities Portfolio;
further, Mr. Mejzak, has overall responsibility for ensuring
strategies are implemented consistently across all liquidity
portfolios within his team. Additional oversight for the Fund is
provided by the BlackRock Cash Management Investment Strategy Group
and Risk Committees. The groups meet bi-weekly and are chaired by
BlackRock’s approach to compensation reflects the
value senior management places on its employees and its client
relationships. The compensation structure has been designed to
attract and retain the best talent, reinforce stability throughout
the organization, encourage teamwork, and align our interests with
those of our clients.
The predominant compensation model includes a
salary and a discretionary bonus reflecting firm, business area,
and individual performance. For most investment professionals,
compensation reflects investment performance and the success of the
business or product area. As professionals become more senior, the
discretionary bonus becomes a higher percentage of total
compensation. At senior levels, a significant percentage of the
annual bonus is paid in the form of restricted stock awards that
vest ratably over three years from the date of the award.