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The board unanimously approved reducing equity investments by $26 million and holding the proceeds in cash to return the portfolio to its asset-allocation target.
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The approved changes reduce investments in four equity funds: $8 million from the SSGA Russell 3000, $10 million from the SSGA EAFE Index, and $4 million each from two emerging-markets funds. The board cited rising oil prices and increased recession risks related to the situation in Iran. The trades will occur at the next available trade date, with proceeds held in cash at MMDT.
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