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POLITICAL INTERNS ADAPT TO COVID-19 AS ELECTION APPROACHES

MAY 13, 2020 SIXTH WEEK VOL. 132, ISSUE 25

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UChicago’s Investments are Tied to Fossil Fuels, Deforestation, and Weapons Manufacturers By ATMAN MEHTA News Reporter In April of last year, CareNotCops rallied outside Levi Hall, demanding that the University release its budget and information about funds allocated to the University of Chicago Police Department. In February, IfNotNow called for information about the endowment’s investments. For years, Fair Budget UChicago has pressed for the budget to be made public. These demonstrations are part of the rising tide of student demands that the University increase its financial transparency. Based on filings with the Securities and Exchange Commission (SEC) from 201820 and documents compiled by Preqin, an independent database for research on financial markets, The Maroon found that the University’s finances have exposure to fossil fuels, deforestation, and weapons manufacturers through its investments in hedge funds, exchange-traded funds (ETFs), and private equities. ETFs are funds traded on the stock market which themselves hold a range of assets, allowing investors access to certain industries without directly holding assets in them. This is known as holding “indirect equities.” The University has more than $33 million invested in three ETFs managed by BlackRock, an investment management firm, the University’s February 2020 SEC filings show. In the past, the University had invested more in the funds: Altogether, it had $355 million in them in April 2018. The University invests in three BlackRock funds: iShares Core S&P 500, iShares Core MSCI EAFE, and iShares Core MSCI

EMKT. These funds primarily hold investments in the 500 largest companies listed on stock exchanges in the U.S., in European and Asian companies, and in companies in developing countries, respectively. At least 29 percent of the portfolio of Core S&P 500, 26 percent of Core MSCI

EAFE, and 14 percent of Core MSCI EMKT has exposure to deforestation, fossil fuels, and weapons manufacturers, according to reports sponsored by As You Sow, a nonprofit promoting corporate accountability. “The University’s investment goal is to supply a steady source of income to help

support University programs over the long term, to safeguard the future of the University. University investments are diversified to offer the potential for gains while mitigating investment risks,” Gerald McSwiggan, assistant director for public affairs at UChicago, CONTINUED ON PG. 4

Miles Burton

Graduating Seniors Express Mixed Feelings Over Postponed Convocation By YIWEN LU Senior News Reporter On Tuesday, an email sent to fourthyears graduating from the College announced that there would be an in-person celebration for the Class of 2020 during June 3–6, 2021. The festivities will take place during Alumni Weekend and the Class of 2020 will have the chance to participate in events such as Senior Prom. On June 5, 2021, a full graduation cere-

VIEWPOINTS: Our Student Government System Has Wilted PAGE 10

mony for the Class of 2020 will be held. On April 7, a campus-wide email confirmed that a virtual convocation would be held in place of the in-person event for the Class of 2020—which had been planned for June 13, 2020—due to the ongoing COVID-19 pandemic. In the email, fourth-years were also invited to participate in the convocation of the Class of 2021. Now, both a virtual convocation and in-person graduation ceremony in 2021 will be held.

GREY CITY: Campus Sustainability on Paper and in Practice

Fourth-years expressed mixed feelings when they first learned about the convocation turning virtual. “[That] is not the best outcome, but it’s not the worst possible,” fourth-year Claire Schultz said. “The fact that they’re still trying to give us something was kind of heartening.” Schultz told The Maroon that she sent emails to the administration to ask to delay the convocation to the fall. SimiCONTINUED ON PG. 2

VIEWPOINTS: Professor Kimberly Hoang’s Partial Portrait of A Jobs Crisis

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