The CIO will have primary responsibility for executing The Tactical Opportunities portfolio’s investment strategy. The portfolio may be invested in any investment that is authorized in this policy, including private market opportunities, publicly traded markets, or a mix of public and private opportunities. Investments in this portfolio, due to prevailing market conditions at the time of investments, should have appealing equity-like expected returns. At the time of investment, the expected returns for this portfolio should exceed the expected returns of passive investments in domestic equity investments as measured by the S&P 500.