A constraint references a deleted or invalid custom field. If the constraint referencing the deleted or invalid custom field ...

A constraint references a deleted or invalid custom field. 
If the constraint referencing the deleted or invalid custom field is the primary constraint, delete any existing portfolio selection scenarios and specify a valid custom field for the analysis primary constraint. Then try your portfolio selection scenario recalculation again.
If the constraint referencing the deleted or invalid custom field is not the primary constraint, remove the constraint from the Modify Constraints page. Then try your portfolio selection scenario recalculation again.
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