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<h2>September 9, 2022:  We recommend the following trades in our Model Fund Portfolio:</h2>
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<ul><li><strong>Exit the 2% position in the MSCI ACWI Ex-U.S. SPDR ETF (symbol: CWI).</strong></li><li><strong>Initiate a 2% position in the Utilities Select Sector SPDR ETF (symbol: XLU).</strong></li></ul>
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<p><strong>With a rising risk of recession and continued weakness in our technical indicators, we have made the above changes to further bolster the defenses of the Model Fund Portfolio. With mounting global risks, we are exiting our international position which is facing major economic and geopolitical challenges in exchange for a more defensively-oriented Utilities holding. The net invested allocation of the Model Fund Portfolio remains unchanged at 44% after these changes.</strong></p>
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