The investment seeks to achieve long-term capital appreciation. The Portfolio is a "fund-of-funds." This means that the Portfolio invests substantially all of its assets in one or more mutual funds in accordance with the Portfolio's asset allocation strategy, with a portion of the Portfolio also invested pursuant to the liquidity strategy. Under normal circumstances, the Underlying Portfolios of the Portfolio in the aggregate will invest approximately 85% of their assets in equity and equity-related securities, and approximately 15% of their assets in fixed income and fixed income-related securities including the liquidity strategy. It is non-diversified.