Not that you have the bobility with the duration of 20 years to think about pension funds Holding the portfolio above, you are The solution to this Select se would be the 3 pts ars (e.g. think about pension funds). Holding the portfolio above, you are The solution to this [ Select] Select 1 Exposed to term structure risk Exposed to the reinvestment risk Exposed to the market price risk Completely immunized from the interest rates risk Now suppose that you have the liability with the duration of 28 years (e.g. think about pension funds). Holding the portfolio above, you are issue would be Select Select) Rebalancing your portfolio and adding securities with shorter time to maturity Making the portfolio more diversihed Festion 31 Buying more investment-grade securities to reduce the portfolio credit risk Reconsidering securities weights and adding securities with longer term to maturity Now you have only three different) bonds in your portfolio