Fill in the blank for each definition using the best term - Asset-Only ‘AO’, Asset-Liability Management ‘ALM’, Tactical Asset Allocation ‘TAA’, & Strategic Asset Allocation ‘SAA’:

a. ____________________________ Managing a portfolio such that expected legally required Liabilities can be paid when needed

b. ____________________________Managing a portfolio so that allocations are made in light of the investor’s Risk Tolerance and expected long-term Capital Market conditions

c. ____________________________Managing a portfolio so that allocation changes are made in response to current or near-term expected Capital Market conditions

d. ____________________________ Managing a portfolio such that desired Liquidity items [large, 1-time expenses and/or periodic income] can be paid if needed and if funds are available.