two portfolio法中，basic要求overfunded，variants不要求overfunded

NO.PZ2022122801000041 问题如下 PZ is the sponsor of a $1.25 billionlega plan, whiis now frozen. The funratio is 0.8. The plsponsor, receives three asset allocation approachesrecommentions: • a surplus optimization approach.• integrateasset–liability approach.• a heing/return-seeking portfolios approach.When evaluate asset allocation choices, consir the plansponsor’s costs. termine whiasset allocation approawoulmost appropriate for the pension fun Justify yourresponse. Surplus optimization approais the most appropriate.Surplus optimization es not require overfunstatus, while implementation of the basic two-portfolio approapen on having overfunplan.Integrating the liability portfolio with the asset portfolio, is the most comprehensive of the three approaches, but increasecomplexity. 不是很明白，integrateasset–liability approach也是不能unr fun？还是只是因为复杂而被排除（题干中也没看到关于复杂程度的描述啊）？

NO.PZ2022122801000041问题如下 PZ is the sponsor of a $1.25 billionlega plan, whiis now frozen. The funratio is 0.8. The plsponsor, receives three asset allocation approachesrecommentions: • a surplus optimization approach.• integrateasset–liability approach.• a heing/return-seeking portfolios approach.When evaluate asset allocation choices, consir the plansponsor’s costs. termine whiasset allocation approawoulmost appropriate for the pension fun Justify yourresponse. Surplus optimization approais the most appropriate.Surplus optimization es not require overfunstatus, while implementation of the basic two-portfolio approapen on having overfunplan.Integrating the liability portfolio with the asset portfolio, is the most comprehensive of the three approaches, but increasecomplexity. 这种如果不meet liability penalty 会很高，再加上 pllong term 而不是single perio 所以综合考虑 最全面的方式最好。Integrateapproacassess the probability of not being able to pfuture liabilities when they come e.

NO.PZ2022122801000041 问题如下 PZ is the sponsor of a $1.25 billionlega plan, whiis now frozen. The funratio is 0.8. The plsponsor, receives three asset allocation approachesrecommentions: • a surplus optimization approach.• integrateasset–liability approach.• a heing/return-seeking portfolios approach.When evaluate asset allocation choices, consir the plansponsor’s costs. termine whiasset allocation approawoulmost appropriate for the pension fun Justify yourresponse. Surplus optimization approais the most appropriate.Surplus optimization es not require overfunstatus, while implementation of the basic two-portfolio approapen on having overfunplan.Integrating the liability portfolio with the asset portfolio, is the most comprehensive of the three approaches, but increasecomplexity. 可以mol transaction costs进去吗？题目不是说了需要考虑costs，其中不包含transaction costs吗？

NO.PZ2022122801000041 问题如下 PZ is the sponsor of a $1.25 billionlega plan, whiis now frozen. The funratio is 0.8. The plsponsor, receives three asset allocation approachesrecommentions: • a surplus optimization approach.• integrateasset–liability approach.• a heing/return-seeking portfolios approach.When evaluate asset allocation choices, consir the plansponsor’s costs. termine whiasset allocation approawoulmost appropriate for the pension fun Justify yourresponse. Surplus optimization approais the most appropriate.Surplus optimization es not require overfunstatus, while implementation of the basic two-portfolio approapen on having overfunplan.Integrating the liability portfolio with the asset portfolio, is the most comprehensive of the three approaches, but increasecomplexity. 答案解析里说heing return-seeking不选是因为要求有over-funstatus，这是基本形式的要求，可是如果考虑到heing return-seeking 方法的变形，unrfun是可以的啊，为什么不选 heing-return seeking 呢。