| SCHEDULE L, PART IV |
NAME OF PERSON: GLENAIR, INC. ("GLENAIR") RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: PETER D. KAUFMAN, A TRUSTEE OF THE INSTITUTE, IS ALSO CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF GLENAIR. AMOUNT OF TRANSACTION: AGGREGATE $992,984 FOR THE YEAR ENDED SEPTEMBER 30, 2020. DESCRIPTION OF TRANSACTION: GLENAIR IS A U.S. - BASED COMPANY THAT SPECIALIZES IN THE MANUFACTURING OF ELECTRONIC COMPONENTS. THE INSTITUTE HAS PROCURED COMPONENTS FROM GLENAIR IN THE NORMAL COURSE OF BUSINESS, AT ARM'S LENGTH AND IN ACCORDANCE WITH INSTITUTE PROCUREMENT POLICIES AND PROCEDURES. MR. KAUFMAN DID NOT PARTICIPATE IN, AND WAS EXCLUDED FROM, THE INSTITUTE'S DELIBERATIONS AND DECISIONS WITH RESPECT TO THESE PROCUREMENTS. NAME OF PERSON: CANYON CAPITAL ADVISORS, LLC ("CANYON") RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: JOSHUA S. FRIEDMAN, A TRUSTEE OF THE INSTITUTE, IS ALSO A FOUNDING PARTNER, CO-CHAIRMAN, AND CO-CEO OF CANYON. AMOUNT OF TRANSACTION: MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES OF $522,341 FOR THE YEAR ENDED SEPTEMBER 30, 2020. DESCRIPTION OF TRANSACTION: THE INSTITUTE IS AN INVESTOR IN TWO FUNDS MANAGED BY CANYON. THE INVESTMENT WITH CANYON ("THE TRANSACTION") WAS MADE DURING THE INSTITUTE'S FISCAL YEAR 2012 AFTER AN INDEPENDENT COMMITTEE OF TRUSTEES CONSIDERED THE TRANSACTION IN ACCORDANCE WITH INSTITUTE POLICY AND DETERMINED THAT: THE TRANSACTION WAS FAIR AND REASONABLE AS TO THE INSTITUTE AND THE ECONOMIC BENEFIT PROVIDED BY THE INSTITUTE DID NOT EXCEED THE FAIR MARKET VALUE OF THE CONSIDERATION RECEIVED BY THE INSTITUTE; THE TRANSACTION WAS ENTERED INTO SOLELY FOR THE BENEFIT OF THE INSTITUTE; AND THE INSTITUTE COULD NOT HAVE OBTAINED A MORE ADVANTAGEOUS ARRANGEMENT WITH REASONABLE EFFORT UNDER THE CIRCUMSTANCES. DURING THE YEAR ENDED SEPTEMBER 30, 2020, THE INSTITUTE'S INVESTMENTS IN CANYON FUNDS INCURRED $522,341 IN MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES. AS OF SEPTEMBER 30, 2020, ACCRUED AND UNPAID MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES TOTALED $76,486. AS OF SEPTEMBER 30, 2020, CANYON HAD TOTAL ASSETS UNDER MANAGEMENT OF APPROXIMATELY $26 BILLION. NAME OF PERSON: HIMALAYA CAPITAL MANAGEMENT, LLC ("HIMALAYA") RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: LI LU, A TRUSTEE OF THE INSTITUTE, IS ALSO A FOUNDER AND CHAIRMAN OF HIMALAYA. AMOUNT OF TRANSACTION: MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES OF $1,185,159 FOR THE YEAR ENDED SEPTEMBER 30, 2020. DESCRIPTION OF TRANSACTION: THE INSTITUTE HAS BEEN AN INVESTOR IN A FUND MANAGED BY HIMALAYA SINCE SEPTEMBER 2014. MR. LI LU DID NOT JOIN THE INSTITUTE'S BOARD OF TRUSTEES UNTIL JULY 2018. THE INVESTMENT WAS ENTERED INTO SOLEY FOR THE BENEFIT OF THE INSTITUTE WITHOUT REGARD TO ANY POSSIBILITY OF MR. LI LU JOINING THE BOARD IN THE FUTURE. DURING THE YEAR ENDING SEPTEMBER 30, 2020, THE INSTITUTE'S INVESTMENTS IN HIMALAYA INCURRED $1,185,159 IN MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES. AS OF SEPTEMBER 30, 2020, ACCRUED AND UNPAID MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES TOTALED $145,492. AS OF SEPTEMBER 30, 2020, HIMALAYA HAD TOTAL ASSETS UNDER MANAGEMENT OF APPROXIMATELY $14.1 BILLION. NAME OF PERSON: VIDA VENTURES, LLC ("VIDA") RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: REBECKA BELLDEGRUN, A TRUSTEE OF THE INSTITUTE, IS THE SPOUSE OF ARIE BELLDEGRUN, CO-FOUNDER AND SENIOR MANAGING DIRECTOR OF VIDA. AMOUNT OF TRANSACTION: MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES OF $125,183 FOR THE YEAR ENDED SEPTEMBER 30, 2020. DESCRIPTION OF TRANSACTION: THE INSTITUTE IS AN INVESTOR IN ONE FUND MANAGED BY VIDA. THE INVESTMENT WITH VIDA ("THE TRANSACTION") WAS MADE DURING THE INSTITUTE'S FISCAL YEAR 2019. DURING THE YEAR ENDING SEPTEMBER 30, 2020, THE INSTITUTE'S INVESTMENTS IN VIDA INCURRED $125,183 IN MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES. AS OF SEPTEMBER 30, 2020, ACCRUED AND UNPAID MANAGEMENT FEES, PERFORMANCE FEES AND EXPENSES TOTALED $40,629. AS OF SEPTEMBER 30, 2020, VIDA HAD TOTAL ASSETS UNDER MANAGEMENT OF APPROXIMATELY $619.5 MILLION. NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: ORGANIZATION IS A SUBSTANTIAL CONTRIBUTOR TO THE INSTITUTE THAT IS REPORTED ON SCHEDULE B. AMOUNT OF TRANSACTION: AGGREGATE $11,587,174 FOR THE YEAR ENDED SEPTEMBER 30, 2020. DESCRIPTION OF TRANSACTION: THE ORGANIZATION IS A US-BASED ONLINE RETAILER. THE INSTITUTE HAS PROCURED SUPPLIES AND SERVICES FROM THE ORGANIZATION IN THE NORMAL COURSE OF BUSINESS, AT ARM'S LENGTH, AND IN ACCORDANCE WITH INSTITUTE PROCUREMENT POLICIES AND PROCEDURES. NO PERSONNEL FROM THE ORGANIZATION PARTICIPATED IN THE INSTITUTE'S DELIBERATIONS WITH RESPECT TO THESE PROCUREMENTS. |