Statement on Financial Times Report

When the Financial Times reached out to us earlier this September, we were actively engaged in a review of our relationship with the manager of this fund. At that time, our contract restricted us from commenting further on its individual investment choices.

Our examination swiftly discovered that in 2016 this fund manager, one of our approximately 350 fund accounts, had invested in what was described by the manager as 'online media distribution.' That investment, without our knowledge, related to a firm associated with exploitive online pornography.

Although that same review determined that this investment had been removed from our portfolio in May 2018, within days of learning of this past relationship and confirming this past unacceptable investment decision, Cornell immediately moved to sever its relationship with this manager and terminate this account.

John Carberry
Senior Director of Media Relations and News